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Apr 2, 2012

Global business groups warn India over new tax plan

MUMBAI/NEW DELHI (Reuters) – International trade groups representing more than 250,000 companies have told Indian prime minister Manmohan Singh in a letter that his government’s new retrospective tax proposals have led foreign businesses to reconsider their investments in the country.

India’s federal budget last month outlined a proposal to enable the tax authorities to make retroactive claims on overseas corporate deals and bring in new anti-avoidance measures, moves that have been criticised for further denting investor sentiment.

Apr 2, 2012

Global business groups warn India over tax plan impact

MUMBAI (Reuters) – International trade groups representing more than 250,000 companies have warned Indian Prime Minister Manmohan Singh that new taxation proposals by his government have led foreign businesses to reconsider their investments.

India’s federal budget last month outlined proposals that would allow authorities to make retroactive tax claims on overseas deals and bring in new anti-tax-avoidance measures, moves that have been criticized for further denting investor sentiment towards India.

Mar 30, 2012

Goldman to take India charm offensive to Delhi

MUMBAI, March 30 (Reuters) – Executives of U.S. investment
bank G oldman Sachs a re due to take their Indian charm
offensive to the capital, New Delhi, on Friday, sources said,
after courting business leaders and holding their fir st annual
board meeting in the country.

The Goldman board held the meeting in Mumbai on Thursday
a gainst a d eteriorating economic and political backdrop in
India, where bu siness i s slow, economic growth has cooled an d
regulation ha s become a minefield for foreign investors.

Mar 29, 2012

Goldman kicks off Indian charm offensive

MUMBAI, March 29 (Reuters) – Goldman Sachs sought to
charm corporate India on Thursday by holding its first annual
board meeting in the country, against a backdrop of slow
business, a cooling economy and tough regulation.

Still smarting from a series of knocks to its reputation,
the Wall Street firm’s board members spent Thursday closeted on
an upper floor of Mumbai’s Taj Mahal Palace hotel, which was
heavily damaged during a 2008 militant attack on the financial
capital.

Mar 29, 2012

Goldman board meets in India amid talk of splitting top jobs

MUMBAI, March 29 (Reuters) – Half a world away from Wall
Street, the board of directors of embattled Goldman Sachs Group
Inc were meeting in India amid reports that senior
executives have talked about splitting the roles of chief
executive and chairman, both held now by Lloyd Blankfein.

The meeting is the first in India for the directors of the
investment bank.

Access to the presidential suite hired by Goldman Sachs at
Mumbai’s landmark Taj Mahal Palace hotel, which was heavily
damaged during the deadly November 2008 militant attack on the
financial capital, was blocked to non-guests on Thursday
morning.

Mar 21, 2012

JLR inks JV with China’s Chery

MUMBAI/BEIJING (Reuters) – Jaguar Land Rover (JLR) finalised a joint venture agreement with Chery Automobile Co to manufacture and sell vehicles in China, the two companies said, as the luxury British brands look for further growth in the world’s largest car market.

Demand for JLR’s sleek saloons and powerful SUVs in China has boomed in recent years, with revenue from the country growing faster than in any other major market as luxury cars remain in hot demand even as the overall car market cools.

Mar 21, 2012

Jaguar Land Rover inks JV with China’s Chery

MUMBAI/BEIJING, March 21 (Reuters) – Jaguar Land Rover (JLR)
finalised a joint venture agreement with Chery Automobile Co to
manufacture and sell vehicles in China, the two companies said,
as the luxury British brands look for further growth in the
world’s largest car market.

Demand for JLR’s sleek saloons and powerful SUVs in China
has boomed in recent years, with revenue from the country
growing faster than in any other major market as luxury cars
remain in hot demand even as the overall car market cools.

Mar 20, 2012

CORRECTED: Govt’s proposed new tax rules reopen raw wounds

MUMBAI (Reuters) – The government’s proposal to back-date tax claims on overseas deals involving local assets throws foreign investment into fresh uncertainty, experts and industry figures said, potentially reopening old legal battles and clouding business sentiment.

Vodafone prevailed in a January Supreme Court ruling that found it did not have to pay tax in India on its $11 billion deal to enter the country.

Mar 19, 2012

India’s proposed new tax rules reopen raw wounds

MUMBAI, March 19 (Reuters) – India’s proposal to back-date
tax claims on overseas deals involving local assets throws
foreign investment into fresh uncertainty, experts and industry
figures said, potentially reopening old legal battles and
clouding business sentiment.

Vodafone prevailed in a January Supreme Court ruling
that found it did not have to pay tax in India on its $11
billion deal to enter the country.

Mar 18, 2012

Cheap generics no panacea for India’s poorest

MUMBAI (Reuters) – Cheap generic drugs were meant to change the life of Nandakhu Nissar, whose mouth is swollen by a cancerous tumour. But the cashless and hungry 55-year-old sleeps on a pavement staring up at the windows of Mumbai’s biggest cancer hospital.

“What is a generic drug?” shrugs Nissar, who has travelled over 1,500 kms (900 miles) from his home in the hope of treatment.