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Briefly Business

State-owned Hindustan Copper Ltd has expressed interest in bidding for the development of mines in Afghanistan

Written by Express News Service | Published: June 28, 2010 1:16:31 am

Hindustan Copper may bid for Afghan mines

New Delhi: State-owned Hindustan Copper Ltd has expressed interest in bidding for the development of mines in Afghanistan,which is estimated to have mineral wealth to the tune of $1 trillion. “Afghanistan is likely to invite bids to develop mines in the country. We are keen on the opportunity. We would like to bid for mines in the country,particularly copper,” Hindustan Copper Ltd (HCL) Chairman and Managing Director Shakeel Ahmed said.

Tata Steel has new CEO for European biz

New Delhi: Tata Steel on Sunday announced the appointment of Karl-Ulrich Kohler as the managing director and chief executive officer of its European arm with effect from October 1,2010. “Kohler would replace Kirby Adams,who has decided to step down from his executive roles and return to Australia after successfully restructuring and restoring the company to profitability,” the company said in a statement on Sunday. “He will remain available for Tata Steel in an advisory capacity,” it added.

Facebook to launch India ops in 2 months

Hyderabad: Social networking site Facebook is all set to launch its India operations from Hyderabad in less than two months. The company’s proposal to set up a unit in Raheja Mindspace SEZ here was approved by the Union government on Saturday,said a senior official of the state Information Technology Department on Sunday. “The company is aggressively hiring people. Initially,they will be operating from an incubation centre in the SEZ,” the official said.

SEBI for update of due diligence on investors

New Delhi: Stock brokers,mutual funds and other market entities will have to update their due diligence on clients on a periodic basis instead of the current practice of doing it as a one-time exercise,as part of regulator SEBI’s fresh efforts to weed-out money-laundering and terror funding from the market. The Securities and Exchange Board of India,in a recent circular to all market intermediaries,has made it mandatory to “periodically update all documents,data or information of all clients and beneficial owners collected under the CDD (Client Due Diligence) process.”

Replace dividend distribution tax: Ficci

New Delhi: The cost of doing business in India could come down if the Dividend Distribution Tax (DDT) on foreign shareholders is replaced by a withholding tax,industry body Ficci said on Sunday. DDT is levied by the government on companies based on the dividend distributed to its investors. Withholding tax is levied on income (interest and dividends) from securities owned by a non-resident.

Bank capital infusion likely after Q2 result

New Delhi: The government would decide the second installment of financial assistance after going through Q2 (July-September) financial performance of banks wherein it would be clear which institutions lack how much capital fund. A decision on financial assistance taken by the Finance Ministry,which has already approved more than 6,200 crore as Tier I capital to 5 public sector banks including Union Bank of India,is expected by the end of November.

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