Kingfisher may buy SpiceJet in all cash deal
Another round of consolidation in the domestic skies seems imminent with UB Group chairman Vijay Mallya engaging in talks with two major shareholders of SpiceJet to buy the budget carrier in an all-cash deal
Wednesday, July 9, 2008
Google wants logins cut from YouTube data
Google Inc., the owner of YouTube, said it's seeking to remove users' login information from a database of all videos viewed on YouTube that it must turn over to Viacom Inc.
A federal judge in New York presiding over Viacom's copyright infringement lawsuit against Google told the search-engine company this week to give Viacom its "logging database" containing records of every video viewed, the login name of the person who watched it, and the Internet address of the viewer's computer.
Viacom, owner of Comedy Central and MTV Networks, wants the information to find out if YouTube viewers watch more copyrighted shows such as "South Park" and "The Colbert Report" than other videos in an effort to strengthen its $1 billion lawsuit against Google.
"We are disappointed the court granted Viacom's overreaching demand for viewing history," Catherine Lacavera, Google's senior litigation counsel, said yesterday. "We will ask Viacom to respect users' privacy and allow us to anonymize the logs before producing them under the court's order."
A Viacom spokesman didn't return a call seeking comment after business hours.
Viacom sued YouTube last year, claiming it allows users to post clips from its copyrighted shows without permission.
Google, based in Mountain View, Calif., has denied Viacom's claims in the lawsuit, saying YouTube follows the law by removing copyrighted material when it becomes aware of it.
US District Judge Louis L. Stanton authorized full access to the YouTube logs after Viacom and other copyright holders argued that they needed the data to show whether their copyright-protected videos are more heavily watched than amateur clips.
The data would be disclosed only to the plaintiffs
A federal judge in New York presiding over Viacom's copyright infringement lawsuit against Google told the search-engine company this week to give Viacom its "logging database" containing records of every video viewed, the login name of the person who watched it, and the Internet address of the viewer's computer.
Viacom, owner of Comedy Central and MTV Networks, wants the information to find out if YouTube viewers watch more copyrighted shows such as "South Park" and "The Colbert Report" than other videos in an effort to strengthen its $1 billion lawsuit against Google.
"We are disappointed the court granted Viacom's overreaching demand for viewing history," Catherine Lacavera, Google's senior litigation counsel, said yesterday. "We will ask Viacom to respect users' privacy and allow us to anonymize the logs before producing them under the court's order."
A Viacom spokesman didn't return a call seeking comment after business hours.
Viacom sued YouTube last year, claiming it allows users to post clips from its copyrighted shows without permission.
Google, based in Mountain View, Calif., has denied Viacom's claims in the lawsuit, saying YouTube follows the law by removing copyrighted material when it becomes aware of it.
US District Judge Louis L. Stanton authorized full access to the YouTube logs after Viacom and other copyright holders argued that they needed the data to show whether their copyright-protected videos are more heavily watched than amateur clips.
The data would be disclosed only to the plaintiffs
SBI to raise processing fee on loans
SBI to raise processing fee on loans
As part of its strategy to enhance the non-interest income, State Bank of India plans to increase the processing fee on loans, both for corporate and retail.
While the bank may still offer some concessions on a case-to-case basis, it will increase the card rates, said Mr Ashok Mukand, Deputy Managing Director, State Bank of India.
With the cost of funds going up, any additional income will enable the bank to maintain its bottomline. Other public sector banks may also take a cue from SBI to increase their non-interest income. As fees from sale of bank drafts are seeing a slowdown due to increasing online transactions, the processing fees on loans are an important source of revenue, said some bankers.
For 2007-08, SBI saw its fee income increase by 23 per cent. The fee income for large corporates grew by 61 per cent growth and for mid corporates by 43 per cent.
According to SBI’s Web Site, the current processing fee, for home loans, is 0.25 per cent of the loan amount, with a cap of Rs 5,000, which includes the service tax.
Its biggest competitor, ICICI Bank, charges 0.5 per cent of the loan amount as administrative fee or Rs 2,000, whichever is higher, on home loans, according to its Web Site. Lower charges
Mr Mukand said, “Our processing fees are rather low now. We are looking to raise processing fees on corporate loans and retail loans, though there could be some concessions, on a case-to-case basis. As our prime lending rate and home loan rates are the lowest in the market, our charges will be lower than that of other banks, despite the increase in processing fees.”
The rise in interest rates is unlikely to affect margins, Mr Mukand said.
“We have raised the interest rates on deposits only in certain bands, but in the case of loans, the increase will be across the board. So, profits should improve because of better returns on loans and margins should also improve,” he said.
As part of its strategy to enhance the non-interest income, State Bank of India plans to increase the processing fee on loans, both for corporate and retail.
While the bank may still offer some concessions on a case-to-case basis, it will increase the card rates, said Mr Ashok Mukand, Deputy Managing Director, State Bank of India.
With the cost of funds going up, any additional income will enable the bank to maintain its bottomline. Other public sector banks may also take a cue from SBI to increase their non-interest income. As fees from sale of bank drafts are seeing a slowdown due to increasing online transactions, the processing fees on loans are an important source of revenue, said some bankers.
For 2007-08, SBI saw its fee income increase by 23 per cent. The fee income for large corporates grew by 61 per cent growth and for mid corporates by 43 per cent.
According to SBI’s Web Site, the current processing fee, for home loans, is 0.25 per cent of the loan amount, with a cap of Rs 5,000, which includes the service tax.
Its biggest competitor, ICICI Bank, charges 0.5 per cent of the loan amount as administrative fee or Rs 2,000, whichever is higher, on home loans, according to its Web Site. Lower charges
Mr Mukand said, “Our processing fees are rather low now. We are looking to raise processing fees on corporate loans and retail loans, though there could be some concessions, on a case-to-case basis. As our prime lending rate and home loan rates are the lowest in the market, our charges will be lower than that of other banks, despite the increase in processing fees.”
The rise in interest rates is unlikely to affect margins, Mr Mukand said.
“We have raised the interest rates on deposits only in certain bands, but in the case of loans, the increase will be across the board. So, profits should improve because of better returns on loans and margins should also improve,” he said.
SAARC countries may open doors for CAs
SAARC countries may open doors for CAs
Indian chartered accountants may be seen practising in Pakistan as well as other SAARC countries and vice-versa in two to three years. A proposal to give mutual recognition to CAs in one another's nation was mooted by South Asian Federation of Accountants (SAFA), a body of SAARC.
The SAARC body has already developed a common course for the purpose called minimum common sallybus, President SAFA Syed Shabbar Zaidi said.
"At the moment, there is no exchange of CAs between the SAARC countries. But we are developing a common course for it. We have already developed a minimum common sallybus and by 2011-12 we hope that the exchange would materialise," Zaidi said.
He added that all the SAARC countries, which include Sri Lanka, Pakistan, Bangladesh, Nepal, Bhutan, Maldives and India, would then be asked to adopt the minimum common syllabus. The basic framework of the course will be same and the countries can then shape it as per their regional need, he said.
"This is what we foresee today. We are trying hard to achieve mutual exchange and within 3-4 years we are hopeful to enter into Mutual Recognition Agreement (MRA)," Zaidi said. At present, no country recognises chartered accountants of other countries.
When contacted, ICAI Secretary Ashok Haldia said, "With the growing cross-border trade, the demand for chartered accountants has increased. With SAARC countries having same culture and ethos, it would help CAs to grow professionally."
Indian chartered accountants may be seen practising in Pakistan as well as other SAARC countries and vice-versa in two to three years. A proposal to give mutual recognition to CAs in one another's nation was mooted by South Asian Federation of Accountants (SAFA), a body of SAARC.
The SAARC body has already developed a common course for the purpose called minimum common sallybus, President SAFA Syed Shabbar Zaidi said.
"At the moment, there is no exchange of CAs between the SAARC countries. But we are developing a common course for it. We have already developed a minimum common sallybus and by 2011-12 we hope that the exchange would materialise," Zaidi said.
He added that all the SAARC countries, which include Sri Lanka, Pakistan, Bangladesh, Nepal, Bhutan, Maldives and India, would then be asked to adopt the minimum common syllabus. The basic framework of the course will be same and the countries can then shape it as per their regional need, he said.
"This is what we foresee today. We are trying hard to achieve mutual exchange and within 3-4 years we are hopeful to enter into Mutual Recognition Agreement (MRA)," Zaidi said. At present, no country recognises chartered accountants of other countries.
When contacted, ICAI Secretary Ashok Haldia said, "With the growing cross-border trade, the demand for chartered accountants has increased. With SAARC countries having same culture and ethos, it would help CAs to grow professionally."
Auditing firms face EU heat
Auditing firms face EU heat
Auditing firms in the country could soon run out of business if they do not get themselves verified according to the guidelines mentioned in the Eighth Directive issued by the European Union (EU). EU will recognise balance-sheets of companies audited by firms that fit their specified standards.
Auditing firms in the country could soon run out of business if they do not get themselves verified according to the guidelines mentioned in the Eighth Directive issued by the European Union (EU). EU will recognise balance-sheets of companies audited by firms that fit their specified standards.
Mergers & Acquisitions become Simpler
Mergers & Acquisitions become Simpler
The move gives corporates the flexibility to go ahead with mergers without facing legal hurdles, if they do not fall under the commission’s criteria.
The move gives corporates the flexibility to go ahead with mergers without facing legal hurdles, if they do not fall under the commission’s criteria.
Flunked in CA exam? Don’t lose heart
Flunked in CA exam? Don’t lose heart
THE Institute of Chartered Accountants of India (ICAI) has opened new career option for unsuccessful candidates aspiring to become chartered accountants. At least a lakh candidates who have cleared the CA inter examination can now become accounting technicians without attending the mandatory one-year course
THE Institute of Chartered Accountants of India (ICAI) has opened new career option for unsuccessful candidates aspiring to become chartered accountants. At least a lakh candidates who have cleared the CA inter examination can now become accounting technicians without attending the mandatory one-year course
Capital gains — planning beyond investments
Capital gains — planning beyond investments
Often, the direct expenses incurred in connection with transfer of an asset can be substantial and have to be properly documented and captured to reduce the incidence of capital gains.
Often, the direct expenses incurred in connection with transfer of an asset can be substantial and have to be properly documented and captured to reduce the incidence of capital gains.
Possession, execution and registration
Possession, execution and registration
Capital gains will have to be assessed on the basis of the date of the agreement under which possession was handed over.
Capital gains will have to be assessed on the basis of the date of the agreement under which possession was handed over.
Possession, execution and registration
Possession, execution and registration
Capital gains will have to be assessed on the basis of the date of the agreement under which possession was handed over.
Capital gains will have to be assessed on the basis of the date of the agreement under which possession was handed over.
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