Latest News
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India most likely to withdraw Infosys $4 bln tax demand after reaction, sources state
India is likely to pull back its need that Infosys pay $4 billion in back taxes after weeks of lobbying by the IT giant and an assault of criticism from the software services industry, said 2 government sources with direct knowledge of the plan. Authorities last month purchased Infosys to pay the extra amount, arguing that its abroad workplaces should pay products and services tax (GST) dating back to 2017. The country's tax investigation system followed prevailing policies in sending out the notification to Infosys however the federal finance ministry now thinks the notification protests India's. wider tax concept of not taxing services exports, among the. sources said. The sources decreased to be determined as an official choice. has yet to be made. India's financing ministry and Infosys did not. reply to Reuters ask for comment. Tax notices worth more than $1 billion combined to 10. foreign airlines running in India, including Etihad and. British Airways, will likewise likely be made redundant as the concern. is similar, said the source. The GST Council, consisted of state finance ministers and. chaired by the federal finance minister, will most likely make a. formal choice on Sept. 9, stated a second source. Previous Infosys board member and chief financial officer. Mohandas Pai has called the tax notification outrageous and a case. of tax terrorism at its worst. Last week, Infosys' executive vice president for financing,. Sunil Kumar Dhareshwar, fulfilled leading bureaucrats to look for relief,. arguing the tax need was not necessitated, according to a third. government source. The National Association of Software and Service Companies,. an industry lobby group, required federal government intervention so. that the notices do not produce uncertainty and adversely. effect understandings on India's ease of doing business. It likewise stated such tax demands reflect a lack of. understanding of the industry's operating model. Previously this month, the Indian government ordered tax. authorities to seek instructions from the administration before. pursuing cases over extensively widespread market practices so that. ease of operating can be kept and litigation. prevented. Other recent key decisions that Prime Minister Narendra. Modi's government has walked back on after criticism include a. new real estate tax, which has now been relieved, and efforts to. recruit private experts to senior government positions as the. advertisements did not have affirmative action categories for. lower castes.
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Indonesia tenders to buy 350,000 lots of rice, traders state
Indonesian state purchasing firm Bulog has issued a worldwide tender to buy about 350,000 metric tons of rice, European traders said on Friday. The due date for submission of rate offers is Sept. 3, with cost negotiations to follow for a number of days before a choice. Rice arrival in Indonesia is looked for in September to October. The tender continues heavy rice buying by Indonesia in global markets to enhance local products and cool rates after a. frustrating domestic harvest. In its previous tender reported on Aug. 5, Indonesia. bought a total of 320,000 lots. Indonesia could import approximately 4.3 million tons of rice this. year if the domestic harvest is inadequate, the National Food. Agency's Sarwo Edhy said on July 22. Indonesia's statistics company estimated that rice output for. January to August will be 9.52% lower than the exact same period in. 2023. Rice is a staple for the majority of Indonesia's 270 million. individuals, but domestic prices have actually been rising after crops were. struck by unfavorable weather condition. In the new tender, Bulog is looking for white rice of 5% broken. grade from the 2024 crop year, grated not longer than six months. ago, traders said. The rice can be sourced from Vietnam, Thailand, Myanmar,. Cambodia and Pakistan.
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Floods, landslides in India's Tripura displace 10s of thousands
Soldiers in lifeboats ferried individuals to safety on Friday in India's northeastern state of Tripura after heavy rain triggered floods and landslides, forcing more than 65,000 people from their homes and eliminating 23, authorities stated. Television images showed army personnel manning the rescue craft, while vehicles and buses were marooned in streets of knee-deep water, and disaster management officials said four days of constant rain had swelled rivers. As of this morning, many rivers are streaming below the important mark, said one of them, Suman Deb, although the intensity of the rain had actually minimized given that Thursday night. However, the river Gomti still continues to stream above the threat mark, Deborah stated, referring to the state's primary river, which streams through the district of Comilla in neighbouring Bangladesh to clear into the Bay of Bengal. The displaced have actually gathered in 450 camps, the authorities said, with a total of about 1.7 million affected, along with comprehensive damage to infrastructure, crops and livestock. A lot of deaths were caused by landslides though some followed the collapse of mud walls and drowning, another catastrophe management official stated on condition of privacy as he was not authorised to talk to the media. The Indian Army stated more than 80 of its personnel took part rescue efforts, bringing to security 334 individuals stranded by increasing floodwaters. In Bangladesh, the Gomti broke through an embankment late on Thursday, swamping at least 15 towns and displacing numerous households, authorities and witnesses stated. In the capital, Dhaka, some individuals alleged this week that the floods were caused by the opening of dam sluice gates in India, an assertion New Delhi has actually turned down. It was not remedy that the floods were caused by water released from Tripura's Dumbur dam on the Gomti, the foreign ministry said. Blocked roadways in a number of districts of Bangladesh separated people and hindered rescue and relief efforts, officials said. Strong currents of floodwater gushed through the districts of Feni, Moulvibazar and Noakhali where roadways were swamped and ropes utilized to pull stranded individuals to safety, television videos revealed. I have actually never seen such a flood in my life time, said Noakhali resident Mohammad Alam. More than 75,000 individuals were taken to over 1,500 shelters in the flood-hit districts, with military and border guards assisting in the rescue, authorities stated.
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Wall Street Journal - Aug 23
The following are the leading stories in the Wall Street Journal. Reuters has not confirmed these stories and does not attest their precision. - Skydance Media has implicated Paramount special committee of directors of breaching the terms of its offer by extending the duration when it can engage with other bidders for the company and has demanded the company to stop negotiating with Edgar Bronfman Jr. - Canada ordered an end to a work interruption at the nation's. two primary railroads, Canadian National Railway and. Canadian Pacific Kansas City, stating an arbitrator would. fix disputes in between the companies and a Teamsters. union that had actually interfered with freight traffic and supply chains. across North America. - Tesla vice president Sreela Venkataratnam, an. 11-year veteran of the business, has left, even more shuffling the. electric-vehicle maker's leading ranks after numerous longstanding. leaders left amidst restructuring in the spring. - Apple will let iPhone users in the European Union. erase native apps, including the App Shop and Safari, and. enable more third-party tools to change its own in a bid to. comply with the bloc's digital competition law. - Air Canada pilots have voted to strike if. required to break a deadlock with the airline company over a new pay. offer. The Air Line Pilots Association, which represents more. than 5,400 pilots at the flag carrier, stated almost all of the. 98% of the pilots who voted favor licensing union. leaders to call a strike.
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New york city Times organization news - Aug 23
The following are the top stories on the New York Times organization pages. Reuters has not confirmed these stories and does not attest their accuracy. - The U.S. Department of Justice has actually begun a broad crook investigation into Americans who have worked with Russia's state television networks, indicating an aggressive effort to combat the Kremlin's influence operations leading up to the governmental election in November. - Nearly all rail freight traffic in Canada concerned a. standstill Thursday following a lockout by the nation's two. primary rail business of 10,000 employees, Canadian National. Train and Canadian Pacific Kansas city, the. federal government told a labor board to end the shutdown and. purchased arbitration. - The U.S. Justice Department prepares to file an antitrust. lawsuit as soon as Friday versus the realty software application. company RealPage, declaring its software enabled property owners to. collude to raise leas. - A former cryptocurrency industry lobbyist, Michelle Bond,. was charged with project financing fraud by Federal prosecutors. in New York on Thursday, the most recent prosecution to stem. from the collapse of the FTX crypto exchange. - Robert Kennedy Jr. has actually filed documents to withdraw from. the presidential race in Arizona, a spokesperson for the Arizona. secretary of state's office stated on Thursday night.
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Ryanair not interested in slots to be ceded by ITA for Lufthansa merger, CEO states
Ryanair is not interested in slots due to be ceded by ITA Airways following its integration with Lufthansa, the Irish lowcost airline company's CEO stated in an interview released on Friday. Eddie Wilson informed Italian day-to-day La Stampa that slots on offer as part of concessions agreed with EU antitrust regulators for the deal have restrictions, are not at the right times, or are too expensive. Lufthansa is because of purchase 41% of state-owned ITA, the successor to insolvent Alitalia, with a view of obtaining complete control at a later phase. The European Commission gave conditional approval to the operation in July, after Lufthansa and Italy agreed to cede Italian short-haul paths to one or two rivals. The German airline had said it was in talks with Easyjet and Spanish inexpensive provider Volotea.
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South Korea's MFG tenders for 70,000 T corn, traders state
South Korea's Significant Feedmill Group (MFG) has provided a global tender to purchase approximately 70,000 metric tons of animal feed corn to be sourced from either South America or South Africa just, European traders said on Friday. The due date for submission of rate offers in the tender is also Friday, Aug. 23. The corn is sought for arrival in South Korea in one consignment around Dec. 23. Between 55,000 and 70,000 tons are looked for, with the seller totally free to choose the volume to be offered within this range. Delivery is sought in between Oct. 25 and Nov. 13 if sourced from South America or Nov. 4 and Nov. 23 if from South Africa. Cost offers in the tender are sought both in outright terms per load expense and freight consisted of (c&& f) or at a premium over the Chicago December corn contract. Provides over $235 a lot c&& f will not be accepted, traders said. Asian import interest was triggered after Chicago Board of Trade corn futures fell on Thursday as strong results from a. significant crop trip in the United States reinforced expectations of. bumper U.S. harvest, traders added.
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RPT-Airlines fly over Afghanistan as Middle East ends up being the higher risk
Singapore Airlines, British Airways and Lufthansa have actually increased their flights over Afghanistan after years of mostly preventing it now the Middle East conflict has actually made it seem a relatively safe alternative. The providers mainly stopped transiting Afghanistan, which lies on major routes in between Asia and Europe, 3 years ago when the Taliban took control of and air traffic control services stopped. Those services have yet to resume, however airline companies significantly think about the skies between Iran and Israel are riskier than Afghan airspace. Numerous had actually begun routing through Iran and the Middle East after Russian skies were closed to most western carriers when the Ukraine war began in 2022. As disputes have evolved, the calculus of which airspace to utilize has actually altered. Airlines are looking for to reduce danger as much as possible and they see overflying Afghanistan as the more secure option offered the current stress in between Iran and Israel, Ian Petchenik, a spokesperson for flight tracking organisation Flightradar24, stated. There were more than seven times the variety of flights over Afghanistan in the 2nd week of August than throughout the same period a year earlier, according to a Reuters analysis of FlightRadar24 information. The shift began in mid-April during reciprocal rocket and drone attacks in between Iran and Israel. Flight tracking data from the time shows Lufthansa, Singapore Airlines, British Airways and others started to send out a few flights a day over Afghanistan. But the main growth has been given that the killing of senior members of militant groups Hamas and Hezbollah in late July raised issues of a major escalation. Some pilots are concerned. You're depending upon the analysis of your airline. Every time I fly out there, I do not like the sensation of flying over a. dispute location where you do not know, in fact, what is. happening, said Otjan de Bruin, an industrial pilot and head of. the European Cockpit Association. It's always safe enough, until tested otherwise. Lufthansa Group told Reuters it decided to resume overflying. Afghan airspace from early July. Other providers that have actually increased overflights considering that April. include Turkish Airline companies, Thai Airways and. the Air France-KLM group, data programs. Based on actual security details, KLM and other. airlines presently safely overfly Afghanistan just on particular. routes and just at high elevations, KLM told Reuters. British Airways, Thai Airways, Turkish Airlines and. Singapore Airlines did not react to requests for comment. Taiwan's EVA Air began from late July, flight. tracking data programs. EVA informed Reuters it selects routes based upon. safety, the current worldwide situation and flight. advisories. POLICY'S ROLE The path changes have been assisted in by aviation. regulators relieving guidance on Afghanistan. The U.S. Federal Aviation Administration (FAA) in early July. stated airplanes could fly at a lower elevation over a sliver of. north-eastern Afghanistan, the Wakhan Passage, which is used to. cross from Tajikistan to Pakistan - opening that course to more. kinds of flights. A year previously, the FAA raised its restriction on overflights for. the entire nation, however said planes need to remain above 32,000 feet. ( 9,753.6 m) where surface-to-air weapons are thought about less. reliable. But couple of started utilizing Afghanistan till April. Although more traffic has actually been using the airspace without. occurrence, there is no warranty of crew or passenger security if a. airplane has to land, flight security group OPSGROUP said in July. In the absence of air traffic control, pilots crossing. Afghanistan speak to nearby airplanes over radio according to a. protocol prepared by U.N. aviation body ICAO and Afghanistan's. Civil Air Travel Authority. European aviation safety regulator EASA said in a. conflict-zone details bulletin re-issued in July that. extremist non-state star groups stay active and might. sporadically target air travel centers in multiple ways. The industry is haunted by the memory of Malaysian Airline companies. Flight MH17 from Amsterdam to Kuala Lumpur, which was shot down. over eastern Ukraine in 2014, as battling raged in between. pro-Russian separatists and Ukrainian forces. EXPENSE AND LIMITED OPTION Airlines are under pressure to save money after the loss. considering that 2022 of lots of much shorter paths through Russian airspace, and. as they re-build from the pandemic. There are few global guidelines that determine which areas. of airspace are safe and airline safety choices are left. mostly to the discretion of individual providers. If an airline company can not fly through Russia, Ukraine or Iran,. central Afghanistan offers a more direct route into southern. Asia from Europe. This route conserved us a fair portion of time and fuel,. OPSGROUP reported from a pilot in July who flew from Amsterdam. to Kuala Lumpur across central Afghanistan.
Nippon Steel, Sumitomo get CCS pipe orders from QatarEnergy
Japan's Nippon Steel and Sumitomo Corp said on Friday they have actually won orders from QatarEnergy for highalloy smooth pipes that will be utilized for carbon capture storage (CCS).
Nippon Steel has actually recently delivered the first items to Qatar's state-owned energy company which prepares to build a blue. ammonia factory, with the CCS, in Qatar's Mesaieed. region, among the nation's leading industrial zones, the. Japanese steelmaker said in a statement.
While traditional ammonia production discharges co2. ( CO2) if it is made with fossil fuel, throughout the production of. blue ammonia any CO2 created is captured and saved.
Under the task, Nippon Steel's low-carbon items will. be utilized and this marks the very first orders for high-alloy. seamless pipes and the low-carbon steel for a massive CCS. project in the Middle Eastern area, Nippon Steel said.
Sumitomo has actually signed a supply agreement with QatarEnergy for. the smooth pipes, to be manufactured by Nippon Steel, with the. supply volume of about 1,000 metric tons, the trading home stated. in a different statement.
QatarEnergy's blue ammonia plant is anticipated to come online. in 2026 and to produce 1.2 million loads annually.
Ammonia is primarily made from hydrogen produced from natural. gas and nitrogen from the air. It does not release CO2 when burned.
It is principally utilized as a basic material for fertiliser and. chemicals, however it can likewise be utilized as a low-carbon fuel in power. stations.
(source: Reuters)