Tax Rupees 60 crore to be Payable by Lodha Group
Lodha Group to pay Tax Rupees 60 crore Income Tax department officials seized crores in unaccounted cash from lockers of the employees of real estate king Lodha Group, five months after it has asked the company to pay Rs 60 crore in taxes.
In January, the I-T department had raided about 20 premises of Lodha Group on alleged misquoted of income. The surprise visit by IT official was based on a tip off suggesting overestimated expenditure using faux receipts and cash payments from clients. The invade had shielded Mangal Prabhat Lodha the Chairman and his two sons the directors of the company.
In January, the I-T department had raided about 20 premises of Lodha Group on alleged misquoted of income. The surprise visit by IT official was based on a tip off suggesting overestimated expenditure using faux receipts and cash payments from clients. The invade had shielded Mangal Prabhat Lodha the Chairman and his two sons the directors of the company.
While investigating the documents found at the premises, I-T officials came across details of bank lockers in the name of the company's employees. When these lockers, in all 26, were invaded, unaccounted cash running into crores of rupees were found. In the first raid itself, the department had found unaccounted Rs 6.5 crores in an employee's Kalbadevi locker. Addition to that Rs 1.5 crore were found in the offices and residential premises of the company's owners. The I-T officials had also held over 10 note counting machines from the group's offices. IT officials said the entire exercise was undertaken by the company to escape tax. Now, the I-T department has freezed the company's annual income at Rs 200 crore and asked the Lodha Group to pay Rs 60 crore.
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Paraguay has made its largest cocaine seizure yet: more than 1,900 pounds (875 kilograms) of white powder disguised as bags of rice.
Prosecutor Gilda Villalba says the container was headed to Mozambique, probably en route to Europe, where it would be worth $131 million on the streets.
U.S. drug enforcement agents were called in after workers at the private Phoenix river port grew suspicious about rice from the notorious smuggling zone along the Triple Frontier of Paraguay, Brazil and Argentina.
One of the Paraguayan men responsible for the shipment turned himself in. Police are seeking another.
Paraguay's biggest cocaine catch before Wednesday's seizure was 1,600 pounds (753 kilograms) in 1994 along the Bolivia border.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
A series of fast-charging stations for electric cars will be installed this year along Interstate 5 in Southern Oregon to become one of the first links in a Green Highway stretching down the West Coast from Canada to Mexico.
The Oregon Department of Transportation announced Wednesday that AeroVironment has been chosen to build eight level-3 DC fast-charging stations between Eugene and the California border under a $700,000 federal stimulus grant. The Monrovia, Calif.-based company manufactures unmanned aircraft and industrial charging stations for electric forklifts and aircraft tenders.
AeroVironment Vice President Kristen Helsel said the company hopes to start building by the end of summer and have the charging stations up and running before the end of December.
Though fewer than 50 electric cars are driving around Oregon, the installation of fast-charging stations will build acceptance for electric vehicles by making it possible for people to take trips beyond the typical range of 100 miles, said John MacArthur, a project manager at Oregon Transportation Research and Education Consortium in Portland.
"It's pretty exciting," he said. "We're in this kind of leading edge of electrification."
The AeroVironment fast-charging stations are separate from the EV Project, a partnership between the federal government and ECOtality of San Francisco, which is working on installing 14,000 charging stations in six states and the District of Columbia, including Oregon, Washington and California.
Level 1 car chargers use 110 volts, like a regular home outlet, and will charge a vehicle overnight. Level 2 uses 240 volts, like a home dryer or range, and will charge a car in three or four hours. Level 3 uses 480 volts and can take a Nissan Leaf's 45 kilowatt battery from a 20 percent charge to 80 percent in less than 30 minutes, the company said.
It uses a universal connection on a cable that plugs into the car. The cost of using one of the chargers has not been set yet, said Helsel.
The fast-charging stations will be spaced 30 miles apart and located within a quarter mile of the interstate in places such as convenience stores and gas stations, still to be chosen, where a driver can find a rest room and other amenities, said project director Art James of ODOT.
The governors of Oregon, Washington and California signed an agreement last year to create a Green Highway corridor so people with electric cars could eventually drive from Vancouver, British Columbia, to San Diego, James said.
The nation's first publicly accessible level 3 fast-charging station is in Oregon, said MacArthur. Installed by Portland General Electric, it is located in the basement of the World Trade Center in Portland.
The EV Project is installing about 1,000 level 2 charges chargers and a few fast-chargers in the Willamette Valley between Eugene and Portland, said MacArthur. By 2012, fast-chargers should start showing up on the Oregon Coast, in the Cascades and along Interstate 84, he said.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The addictive video game "Angry Birds" will be migrating to television screens this summer according to the report from AP.
The move is being made possible by Roku Inc., which will be adding Angry Birds to the menu of more than 250 entertainment options available through its set-top box for streaming video and music over high-speed Internet connections.
The Angry Birds game will come installed, free, on a new version of Roku's streaming box that also will include a controller.
That means the owners of the more than 1 million Roku players that already have been sold in the past three years will have to buy the new model if they want to play Angry Birds or other video games expected to be added during the next year.
Roku and Angry Birds game maker Rovio are announcing their partnership Wednesday, but aren't saying how much the new model will cost or on what date in the summer it will go on sale. A basic Roku player costs $60.
It will be the first time that Angry Birds can be easily played on a big, high-definition TV screen. Since its release in late 2009, Angry Birds has been confined to smartphones, computer tablets and, recently, personal computers.
Those limitations haven't grounded Angry Birds. More than 200 million devices have downloaded a version of the game, which requires its players to sling wingless, glowering birds at a bunch of pigs.
"We believe that a lot of our fans will buy the Roku just to play Angry Birds" on TV, said Peter Vesterbacka, Rovio's chief marketing officer. Rovio will get an undisclosed percentage of Roku's revenue from its new game-playing device.
Roku CEO Anthony Wood is counting on Angry Birds to attract a flock of new customers. He expects to sell 2 million of the streaming devices this year on Roku's website and through major retailers such as Best Buy Co. and RadioShack Corp.
The projected surge in sales is expected to help lift Roku's revenue to about $150 million this year from $47 million last year. Wood wouldn't disclose whether privately held Roku is profitable.
Netflix's streaming service, which boasts 23.6 million subscribers in the U.S. and Canada, is by far the most popular selection on Roku. That's not a surprise, given that Wood began working on the device specifically for Netflix Inc. A $6.3 million investment by Netflix helped launch Roku's device three years ago.
Netflix, which is based in Los Gatos, Calif., has since cut its ties to Roku, which is based in nearby Saratoga, Calif.
All the major video game consoles also stream Netflix.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Orbitz Worldwide, Inc. ( NYSE: OWW ), company has announced that Illinois court has given a favorable ruling against American Airlines and order to publish its fares and flight status on Orbitz Worldwide's travel sites. Stock jumped more than 50 % to $ 3.34 in the after hours trade. Stock might hold the gains and add some more gains in the next regular session today.
Our Call: Buy positions may be initiated after tracking few minutes of initial trade.
Below is the detailed news:
An Illinois Court has ordered American Airlines to publish its fares and flight schedule on , Orbitz said on Wednesday, sending the firm's shares skyrocketing more than 50 percent higher in late trading Wednesday.
Get after-hours quotes for Orbitz here. The stock, which trades on the New York Stock Exchange, lost almost 4 percent during Wednesday's regular session.
Orbitz said the ruling by the Illinois Circuit Court of Cook County grants the online travel agency injunctive relief requested by Travelport, which owns nearly half of Orbitz.
"This reinstatement of American Airlines full schedule of flights on Orbitz.com and Orbitz for Business is a win for transparency, consumer choice and for all of our mutual customers," Orbitz said in a statement.
American Airlines pulled its content from Orbitz in December after Orbitz refused to adopt American's new technology that would let consumers price their trips based on other factors besides just fares.
In the world of world credit rating agencies, there are only three popular names, The Fitch, the Moody's and the Standard & Poor's. Out of which, Fitch is European based and other two are US based firms. These rating agency rule the market of credit rating and make significant impact to the investors sentiments and views. Europe and Asia looking for alternatives to these agencies as two out of three agencies based on US.
One another name called Dagong Rating firm, China based rating agency might took a center place and join these three firms in terms of popularity very soon. Dagong was founded by the People‘s Bank of China and the Chinese government in 1994, as the country’s economic growth began to take off.
It had issued a first report on Sovereign Debt in July 2010, last week it reported a downgrade of the UK from AA- to A+- the same grade as Belgium, Chile and the US– came because of the country’s sluggish growth prospects for the next two years.
"The downgrade reflects the true status of the deteriorating debt repayment capability of the UK and the difficulty in improving its sovereign credit level in a moderately long term in the future," Dagong said.
"Considering that the uncertainty arising from (future) monetary policy adjustments of the Bank of England and the spillover effect of the European countries...are likely to further worsen the government's fiscal status, Dagong gives the negative outlook on the local and foreign currency sovereign credit rating of the UK (for the next) one to two years," it said.
Dagong has won attention for downgrading credit ratings for developed economies such as the US, while keeping China’s credit rating at AA+, three notches above the UK and US.
Western credit agencies typically rate China below these countries.
"Obviously this is not one of the main rating agencies that markets pay close attention to," said Sarah Hewin, European head of economic research at Standard Chartered.
A new centralised European ratings agency might command more attention from Western sources.
The Chinese agency has emphasized "wealth creating capacity" in its assessments, which helps tip the balance in favour of emerging economies.
It claims to not be “affected by ideology".
Gifts for Every Type of Dad
Dad is finally getting his due, according to a survey conducted by BIGResearch on behalf of the industry trade group the National Retail Federation.
Although spending on Father’s Day is typically lower than that of Mother’s Day, the gap is projected to narrow this year, with Americans expected to shell out an average of $106.49 on their fathers, up from $94.32 last year.
It’s worth noting that’s the highest projected level since the NRF began conducting the survey eight years ago.
According to the survey, consumers are planning to splurge on a variety of gifts this year. But more people plan on taking dad on a special outing this year. Fathers also will be receiving more gift cards, sporting goods, and automotive accessories.
“Shoppers seem to be more excited when it comes to gift giving, an encouraging sign for retailers—and dad—everywhere,” said Matthew Shay, president and CEO of the NRF.
Sure you can always buy Dad a new golf shirt, tie, or grill apron, but for those who want to be a little more creative, we’ve pulled together some great ideas for things fathers will actually use—and enjoy.
1) The Fisherman
Lure of the Month Clubs
Price: $53 and up
If dad lives to fish, you might want to sign him up for a fishing lure of the month club. Fishing Enthusiast has several different ones. Pick the one that fits his favorite fishing spot or his favorite catch. There are lures for trout, walleye, saltwater and fresh water.
In total, the NRF projects consumers will spend $653 million on all types of sporting goods this Father’s Day.
2) The Nike + SportWatch GPS powered by TomTom
Price: $199.00
If dad loves to run, this Nike sports watch may help him improve his workouts. Since the watch is powered by TomTom’s GPS, it can track his run and give accurate speed and distance information. It also can calculate pace, heart rate and calories burned as well as keep a history of recent workouts.
If that’s not his style, don’t forget other gear, from shoes to socks. One great idea that won’t break the bank are specialized running socks such as Falke RU 4 Cushion , which is priced at about $16, or Defeet Trail 19 socks , which cost about $12.
3)The Backyard Chef
Craft Steak Sauces & The Ultimate Grilling Rub Collection
Price: $12.00 and Up
Williams-Sonoma has a wide range of BBQ accessories and tools, ranging from the essential—cutting boards and steel grill brushes—to the less obvious—monogrammed BBQ branding irons and grill lights.
The retailer even sells meat for the grill as well as a wide-range of supplies that includes things like hickory smoking chips, cedar planks, foil cooking bags, and seasonings and sauces that can kick the BBQ chef’s repertoire up a notch. Even the basic hamburger can take on a more interesting edge with a range of tools to turn out sliders.
4) The Golfer
Garmin Approach G5 GPS-Enabled Gold Handheld
Price: $323.49
If you want to splurge on your golfer dad, you might want to look into buying a GPS –enabled hand-held device like the Garmin Approach .
The device has thousands of pre-loaded golf course maps for dad to examine, and does not require a subscription. On the course, he can use the high-sensitivity GPS receiver to measure individual shot distances and show the exact yardage to fairways hazards and greens.
There also are other rival handhelds such as the Callaway uPro and the SkyCaddie SG3. Those come with a less expensive price tag, but fewer features.
5) The Gadget Hound
Novatel 4510L 4G MiFi
Price: $224
If dad loves his gadgets, he probably already has an iPad, Kindle or Nook, but does he have his own personal mobile hotspot where he can use all of these devices?
Novatel’s 4G MiFi is the size of a deck of cards and it allows customers to create their own personal Wi-Fi cloud capable of sharing high-speed Internet connectivity with as many as five devices at once.
6) The Chill Dad
A Hammock
From $16.99 and up
If dad lives to kick back and relax, why not get him a hammock. Just don’t forget to get some tree straps , which will help keep the hammock secure.
Or if you don’t have trees or a porch to string up the hammock, you might want to consider buying a hammock stand as well.
7) The Sports Fan
“The Last Boy: Mickey Mantle and the End of America’s Childhood”
By Jane Leavy
Price $27.00
BIGResearch expects consumers will spend about $598 million on books and CDs this Father’s Day.
If dad is a sports fan, you might want to consider buying a book, as there are a few new ones that would be a great addition to his collection.
Among them is Jane Leavy’s biography of New York Yankee legend Mickey Mantle . Leavy is well-known for her previous biography of Sandy Koufax, which landed on the New York Times bestseller list, and her account of Mantle’s life is already receiving many accolades.
If your dad isn’t a baseball fan, you might consider “ Those Guys Have All the Fun: Inside the World of ESPN ” by James Andrew Miller or “I Beat the Odds: From Homelessness to the Blind Side and Beyond,” which is the autobiography of Michael Oher, the football player depicted in the movie, “The Blind Side.”
8) The Sentimental Dad
Sony’s Bloggie 3D
If dad loves to record every baseball game you’ve ever played, or every recital you have ever danced in, he might be interested in Sony’s Bloggie 3D, a tiny 3D, full HD video camera that is small enough to fit in his pocket.
One advantage of this device is that you don’t even need a 3D HDTV to view the content. You can view it in 3D without 3D glasses on the LCD screen on the back of the camera.
9) The Contender
Boxing Packages from SpaRahRah!
From $37
You think your dad’s a champ. Why not let him train like one?
SpaFinder’s new SpaRahRah! Travel service has a number of custom-crafted spa, wellness and travels deals, including a few that will allow dad to train at legendary gyms used by the likes of Muhammad Ali and Sugar Ray Leonard as well as celebs like Bradley Cooper and LL Cool J.
For $37, dad can train for 3 full days at the legendary 5th Street Gym in Miami, where Ali once trained.
Other deals include eight classes at Redwood Boxing and Fitness in Los Angeles for $65. Former clients of this gym include LL Cool J, Don Cheadle, Bradley Cooper, Jalen Rose and more.
10) The Foodie Dad
Packages from Zozi
Prices vary
Since more consumers are looking to share a fun experience with their fathers, you might want to consider browsing a Web site like zozi.com , which features discounts on wide range of activities.
We liked a few that catered to the foodie dad. For example, dad could learn how to dive for abalone and prepare his catch near San Francisco, attend a wine and food pairing class with a five-course meal in Seattle, or go on a wild food foraging hike in Los Angeles.
( Source: CNBC )
Moody's on Wednesday cut Greece's credit rating by three notches to an extremely speculative level on debt restructuring worries and warned that more downgrades could come.
Citing a growing risk that the government will fail to stabilize its debt position without a debt restructuring, Moody's cut Greece's rating to Caa1 from the previous level of B1, bringing it seven notches into junk territory.
The outlook on the new rating is negative, in a sign that another downgrade is likely in the short- to medium-term.
"The first trigger for today's downgrade is Moody's view that Greece is increasingly likely to fail to stabilize its debt ratios within the timeframe set by previously announced fiscal consolidation plans," the ratings agency said in a statement.
Moody's also cited as a key trigger the increased likelihood that Greece's lenders, the European Union and International Monetary Fund, would at some point require the participation of private creditors in a debt restructuring as a precondition for funding support.
"(The downgrade) is influenced by intense rumour in the media and overlooks the Greek government's pledges to achieve its fiscal targets for 2011 and to accelerate privatisations.”
"Taken together, these risks imply at least an even chance of default over the rating horizon," Moody's said.
The move takes Moody's rating of Greece three notches below Fitch's B-plus and two notches below Standard & Poor's B rating.
Greece's Finance Ministry criticized the downgrade, saying it did not take into account the government's efforts to put its finances back on track.
The downgrade "is influenced by intense rumor in the media and overlooks the Greek government's pledges to achieve its fiscal targets for 2011 and to accelerate privatizations," the ministry said in a statement.
Although French Finance Minster Christine Lagarde said restructuring was "off the table," investors continue to watch for signs that Greece will default
( Source: Reuters & CNBC )
