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IFRS Convergence: Next Steps?

Written By Unknown on Sabtu, 10 Januari 2015 | 08.10

Show Timings:

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Fri, Jan 09,2015 | 22:08, Updated at Fri, Jan 09 at 23:02Source : CNBC-TV18 |   Watch Video :

As the year turned India made its second commitment to IFRS convergence. The Ministry for Corporate Affairs issued a Circular making it mandatory for all companies with a networth of 500 crore rupees or more and their holding, subsidiary, joint venture and associate companies to apply Ind-AS starting FY17. Companies with a networth of 250-500 crores and companies with listed debt or equity and their holding, joint venture, subsidiary or associate companies…must apply Ind-AS starting FY18. To talk about India's 2nd attempt at converging with IFRS, CNBC-TV18's Menaka Doshi speaks to Amarjit Chopra, Chairman of the National Advisory Committee on Accounting Standards.

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CFTC - week ending January 6: speculators more bearish on Euro

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending January 6 on Friday.

Speculative positioning in the CME currency, commodity and index futures:

Long Short
Net Prior Change Gross Change Gross Change
EUR -161.0k -152.2k -8.8k 46.0k 2.8k 207.1k 11.6k
GBP -25.6k -19.3k -6.3k 39.2k 4.1k 64.7k 10.4k
JPY -90.1k -96.3k 6.2k 33.2k 4.3k 123.2k -1.9k
CHF -24.2k -16.5k -7.6k 5.5k -3.3k 29.7k 4.3k
CAD -17.1k -14.0k -3.1k 31.3k -1.5k 48.4k 1.6k
AUD 0.1k 2.1k -2.0k 15.0k -4.1k 14.9k -2.1k
NZD -0.9k -1.8k 0.9k 9.9k 1.6k 10.8k 0.7k
MXN -64.5k -63.8k -0.6k 18.7k 2.8k 83.1k 3.4k
S&P 170.5k 132.8k 37.7k 501.1k 29.2k 330.5k -8.5k
Gold 122.2k 115.8k 6.3k 187.7k 4.8k 65.5k -1.5k
Silver 32.0k 30.0k 2.0k 54.9k 0.8k 22.9k -1.2k
Copper -41.3k -35.1k -6.2k 45.9k 1.4k 87.2k 7.6k

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Charlie Hebdo shooting: France hunts for 2 brother suspects

Written By Unknown on Jumat, 09 Januari 2015 | 08.10

Scattered gunfire and explosions shook France on Thursday as its frightened yet defiant citizens held a day of mourning for 12 people slain at a Paris newspaper. French police hunted down the two heavily-armed brothers suspected in the massacre to make sure they do not strike again.

French President Francois Hollande - joined by residents, tourists and Muslim leaders - called for tolerance after the country's worst terrorist attack in decades. At noon, the Paris metro came to a standstill and the crowd that gathered near Notre Dame cathedral fell silent to honor Wednesday's victims.

"France has been struck directly in the heart of its capital, in a place where the spirit of liberty - and thus of resistance - breathed freely," Hollande said.

French Prime Minister Manuel Valls said the possibility of a new attack "is our main concern" and announced several overnight arrests. Tensions ran high in Paris, and police patrolled schools, places of worship and schools. Britain increased its security checks at ports and borders.

Satirical newspaper Charlie Hebdo had caricatured the Prophet Muhammad and witnesses said the attackers claimed allegiance to al-Qaida. One of the suspects on the run had a past conviction for recruiting jihadis to fight in the Mideast.

Two men resembling the suspects robbed a gas station in northeast France on Thursday morning and police swarmed the site while helicopters hovered above. Officials said later the newspaper attackers were not there.

Two explosions hit near mosques early Thursday, raising fears the deadly attack at Charlie Hebdo would ignite a backlash against France's large and diverse Muslim community. No one was injured in the attacks, one in Le Mans southwest of Paris and another near Lyon, southeast of the capital.

But France's top security official abandoned a top-level meeting after just 10 minutes to rush to a shooting on the city's southern edge that killed a policewoman. The shooter remained at large and it was not immediately clear if her death was linked to Wednesday's deadly attack.

The French Prime Minister said the two suspects still at large in the Charlie Hebdo slayings - Cherif Kouachi, 32, and Said Kouachi, 34 - were known to France's intelligence services. Cherif Kouachi was convicted of terrorism in 2008 for being involved in a network sending radical fighters to Iraq.

The two should be considered "armed and dangerous," French police said in a bulletin, appealing for witnesses after a fruitless search in the city of Reims, in French Champagne country.

A third suspect, Mourad Hamyd, 18, surrendered at an eastern police station after learning his name was being linked to the attacks in the news, said the Paris prosecutor spokeswoman Agnes Thibault-Lecuivre. She did not specify his relationship to the Kouachi brothers.

A French security official said seven people had been arrested overnight, speaking on condition of anonymity because the investigation was going on. He did not elaborate on their possible links to terror.

Fears have run high in Europe that jihadis trained in warfare abroad would stage attacks at home. The French suspect in a deadly 2014 attack on a Jewish museum in Belgium had returned from fighting with extremists in Syria; and the man who rampaged in the south of France in 2012, killing three soldiers and four people at a Jewish school in Toulouse, received paramilitary training in Pakistan.

France raised its terror alert system to the maximum and bolstered security with more than 800 extra soldiers guarding media offices, places of worship, transport and other sensitive areas.

A mosque in the city of Le Mans, 200 kilometers (125 miles) southwest of Paris, was hit overnight with training grenades and gunfire, local prosecutor Philippe Varin said. No one was injured.

Another explosion hit a kebab shop Thursday next to the mosque of Villefranche-sur-Saone in southeast France. A regional spokeswoman said no one was injured but criminal intent was suspected. She would not comment on any possible link to the Charlie Hebdo attack.

One witness to Wednesday's attack at Charlie Hebdo said the gunmen were so methodical that he at first mistook them for an elite anti-terrorism squad. Then they fired on a police officer.

The masked, black-clad men with assault rifles launched the attack around noon. The publication had long drawn condemnation and threats for its depictions of Islam, although it also satirized other religions and political figures.

The gunmen headed straight for the paper's editor, Stephane Charbonnier, killing him and his police bodyguard first. Shouting "Allahu akbar!" as they fired, the men then called out the names of other specific employees.

Eight journalists, two police officers, a maintenance worker and a visitor were killed and 11 people were wounded, four of them critically.

One police official, speaking on condition of anonymity because the investigation was ongoing, said the suspects were linked to a Yemeni terrorist network.

Both al-Qaida and the Islamic State group have repeatedly threatened to attack France, which is conducting airstrikes against extremists in Iraq and fighting Islamic militants in Africa. Charbonnier was specifically threatened in a 2013 edition of the al-Qaida magazine Inspire. A caricature of Islamic State's leader was the last tweet sent out by the newspaper, minutes before the attack. Its feed has since gone silent.

Cherif Kouachi, who was sentenced to 18 months in prison after being convicted of terrorism charges in 2008, has said he was outraged at the torture of Iraqi inmates at the U.S. prison at Abu Ghraib near Baghdad.


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Forex- Aussie down ahead of retail sales, yen weaker ahead of U.S. jobs

Investing.com - Investing.com - The Australian dollar fell on Friday ahead of retail sales data and the yen trended weaker with the overall market focus on U.S. jobs data later in the day.

AUD/USD traded at 0.8114, down 0.09%, while USD/JPY changed hands at 119.78, up 0.10%.

Non-farm payrolls are seen posting 240,000 jobs in December and the unemployment rate is expected to edge down to 5.7% from 5.8%.

In Australia, the Aigroup construction index is due at 0930 Sydney time (2230 GMT) followed by the 1130 (0030 GMT) release of Nov retail sales data. The construction index could rebound after a surprise 8.0-point fall in November, but a rise into expansion is unlikely. Retail sales for November are expected to rise 0.2% month-on-month after a 0.4% increase in October.

China then takes centerstage with the release of CPI and PPI data for Dec. at 0930 local time (0130 GMT). Consumer price inflation is expected to have remained subdued in December, rising in line with November's 1.4% gain. A bigger concern is the expected fall in producer prices. They were down 2.7% in November.

Later in the day, Japan's November preliminary indices of leading, coincident and lagging indicators are due at 1400 Tokyo (0500 GMT). The coincident composite index (CI), which reflects current business conditions, is expected to post the first fall in three months in November, down by around 1.1 points, after rising 0.6 points in October.

Overnight, tThe dollar was trading close to 12 year highs against a basket of major currencies on Thursday after data on initial jobless claims pointed to an ongoing recovery in the labor market as investors turned their attention to Friday's nonfarm payrolls report.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 92.55.

The dollar remained supported after the Department of Labor reported that initial jobless claims fell by 4,000 to 294,000 last week, just slightly above expectations of 290,000.

The report came a day after data showing the U.S. private sector added a larger-then-forecast 241,000 jobs in December. The upbeat reports boosted the outlook for the U.S. recovery and raised expectations for a strong reading of the government nonfarm payrolls due on Friday.

The euro was at 10-year lows, with EUR/USD at 1.1779, the weakest since December 2005.

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Checkout: Investor Clinic's topicks from Noida, Gurgaon

Written By Unknown on Kamis, 08 Januari 2015 | 08.10

Investor Clinic says builders offering up to 15 percent discounts in Noida and Gurgaon, the brokerage firm gives Prime Property its top three picks in the two suburbs. Prime Property talks to Nishant Singhal, Director-Strategy & Alliances at Investors Clinic.

Investor Clinic says builders offering up to 15 percent discounts in Noida and Gurgaon, the brokerage firm gives Prime Property its top three picks in the two suburbs. Prime Property talks to Nishant Singhal, Director-Strategy & Alliances at Investors Clinic.

Watch video for more...


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Prime Property: Land act tweaked!

The opposition is up in arms as the government promulgates an ordinance to amend the 2013 land acquisition act. The land acquisition process has been relaxed considerably for five sectors including affordable housing. FM clarifies that the easier norms will not apply for premium and luxury housing.

The opposition is up in arms as the government promulgates an ordinance to amend the 2013 land acquisition act. The land acquisition process has been relaxed considerably for five sectors including affordable housing. FM clarifies that the easier norms will not apply for premium and luxury housing.

Watch video for more...


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Forex - Australian dollar weaker ahead of AI Group services index

Written By Unknown on Rabu, 07 Januari 2015 | 08.10

Investing.com - Investing.com - The Australian dollar fell early Wednesday ahead of a survey on the services industry outlook, while the yen eased slightly as well.

AUD/USD traded at0.8078, down 0.08%, while USD/JPY changed hands at 118.47, up 0.02%.

The AI Group Services Index for December at 0930 Sydney time (2230 GMT). The December reading is expected to reveal another month of contraction after November's 43.8 reading.

Overnight, the dollar edged up against the other major currencies on Tuesday, still trading near nine-year highs despite the release of disappointing U.S. service sector and factory orders data as heightened risk aversion continued to support safe haven demand.

In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index declined to a six-month low of 56.2 last month from a reading of 59.3 in November. Analysts had expected the index to fall to 58.0 in December.

A separate report showed that U.S. factory orders dropped 0.7% in November, confounding expectations for a 0.5% slip, after a 0.7% fall in October.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.02% at 91.88, not far from Monday's nine-year high of 92.05.

EUR/USD was last down 0.16% to 1.1866, down 0.20%, on Wednesday, not far from the lows of 1.1851 struck on Monday, the weakest level since February 2006.

The single currency touched session lows after data showing euro zone private sector activity grew at a slower pace than initially estimated in December.

The Markit composite PMI, which measures activity in the manufacturing and services sectors in the euro area, was revised down to 51.4 in December from the preliminary estimate of 51.7. The figure was still higher than November's reading of 51.1.

The weak data added to pressure on the European Central Bank to implement quantitative easing measures ahead of its upcoming meeting on January 22.

Ongoing uncertainty over Greece's future in the euro zone if far-left anti-austerity party Syriza won elections due to be held later this month also weighed on the single currency.

Investors will be turning their attention to Friday's U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labor market. Wednesday's Federal Reserve meeting minutes will be also closely watched.

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NYMEX crude dips in early Asia despite strong API fall in crude stocks

Investing.com - Investing.com - Crude oil prices dipped in early Asia on Wednesday despite upbeat U.S. industry supply data as the bearish market tone on overall demand prospects continues.

The American Petroleum Institute reported that crude stocks dropped 4 million barrels last week, while distillates gained 9.1 million barrels and gasoline inventories increased 6.9 million barrels. More closely watched U.S. Department of Energy figures due Wednesday are expected to show a crude stocks gain of 880,000 barrels, distillate inventories up 1.86 million barrels and gasoline supplies increased 3.38 million barrels

On the New York Mercantile Exchange in early Asian trading Wednesday, crude oil for delivery in February fell 0.33% to $48.01 a barrel.

Brent, the global benchmark, fell 3.8% to $51.10 a barrel on ICE Futures Europe on Tuesday.

Overnight, West Texas Intermediate oil futures fell below the $49-a-barrel level on Tuesday, while Brent also hit a fresh five-and-a-half year low, as investors piled on to their short positions in anticipation of lower prices amid lingering concerns over a growing supply glut.

Appetite for riskier assets weakened amid uncertainty over Greece's future in the euro zone if left-wing anti-austerity party Syriza win elections due to be held later this month.

Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.

London-traded Brent prices lost nearly 48% in 2014, while WTI futures dropped almost 46% after the Organization of Petroleum Exporting Countries decided to maintain its output target at 30 million barrels a day.

The decision disappointed hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.

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Respecting First Principles

Written By Unknown on Selasa, 06 Januari 2015 | 08.10

Published on Mon, Jan 05,2015 | 23:01, Updated at Mon, Jan 05 at 23:01Source : Moneycontrol.com 

By: Raj Ramachandran, Partner, JSA

Each time there are changes to the law, the first question that arises is what would happen to matters and actions which were taken under the law previously applicable. This may seem like a fairly simple question but the answer may reveal minute jurisprudential issues that are required to be duly considered by law makers.

A couple of instances will illustrate why jurisprudence in such matters assumes great significance.

Let's take the Companies Act, 2013 for instance - while a set of sections under the new 2013 Act was first notified in September 2013, a second set was notified in April 2014. There still remain a significant number of provisions which are yet to be notified, and to that extent the provisions of the old Companies Act, 1956 continue to remain applicable. We are therefore today faced with two legislations on one subject. What is therefore the fate of matters transacted under the 1956 Act? The saving provisions under the 2013 Act are typically expected to come to the fore to deal with such matters. Strangely though, the specific section 465 (2) is yet to be notified leaving to interpretation the answer to the fundamental question raised above.

While the provisions of the 2013 Act that were brought into force in 2 stages raised several questions, the ministry issued clarifications and general circulars – one of which makes interesting reading. The circular issued in July 2014 provides a clarification on transitional period for resolutions passed under the 1956 Act. Effectively, the Ministry acknowledged that if resolutions were passed under the 1956 Act in the six month period preceding March 31, 2014, those can continue to be implemented in accordance with the provisions of the 1956 Act notwithstanding the repeal. The conditions attached to this beneficial provision was firstly that the implementation of the resolution should have actually commenced before April 1, 2014 and secondly that such benefit will be available upto the expiry of 1 year from the passing of the resolution or six months from the commencement of the corresponding provision in the 2013 Act, whichever is later. In substance, this means that there are certain provisions under the 1956 Act that will remain to be valid despite the 2013 Act having superceded them.

The key reference point in such cases is the General Clauses Act of 1897 which has a specific provision to deal with the effect of repeal. The provision under the General Clauses Act specifies that where any central Act or Regulation repeals any enactment, then, unless a different intention appears, the repeal shall not inter alia affect the previous operation of any enactment so repealed or anything duly done or suffered thereunder. Then there is also the oft quoted principle of promissory estoppel, which is a doctrine based on equity, and protects a party who has relied on a certain promise/ set of provisions and taken certain actions.

Another case in point is the Foreign Exchange Management Act, 1999. When the RBI had reduced the limits for overseas direct investment, one of the specific clarifications was that the revised provisions would come into effect with immediate effect and would apply to all fresh overseas direct investment proposals on a prospective basis but would not apply to the existing JV/WOS set up under the extant regulations. However, there were various cases where commitments were made even for new JV/ WOS on the basis of the erstwhile provisions. Therefore, the RBI had forthwith issued a follow-on circular that all financial commitments made on or before the date when the law was revised, in compliance with the earlier limit under the automatic route will continue to be allowed. In other words, such investments should not be subject to any unwinding or approval from the RBI. This merely reiterates the principle of promissory estoppel and reinforces the point that any subsequent change in law should not alter the position of the parties who acted in accordance with applicable law prevailing when the actions were taken.

The foreign direct investment policy governing inbound investments also undergoes regular consolidation of policy pronouncements, which is now an annual affair. The consolidated FDI policy currently applicable is effective from April 17, 2014 and clearly stipulates that notwithstanding the rescission of earlier press notes/ circulars, anything duly done or any action duly taken or purported to have been duly done or taken under the rescinded press notes/ circulars, shall be deemed to have been done or taken under the corresponding provisions of the new circular and shall be valid and effective.

This principle forms the cornerstone of policy and legislative changes to ensure that no action taken relying on/ basis applicable law prevailing at any given point in time is rendered redundant by a subsequent revision to the policy/ law. Any deviation from this can prove to be detrimental not only to the parties in question but also largely affect the sentiment of investors who always look to making investments based on a stable legislative position. The same holds goods for retrospective changes to laws since they go against first principles of legislation.

With a seemingly proactive government at the centre and a positive sentiment looming large, it is expected that appropriate mechanisms will be put in place to ensure sufficient safeguard each time there is a change in law. We are at the cusp of several legislative changes that are likely to significantly alter the manner of doing business, and the industry as well as investing community would appreciate if first principles are duly respected.


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Birdhi Chand Pannalal Agencies: Outcome of board meeting

Birdhi Chand Pannalal Agencies in its meeting held on January 03, 2015, has approved to allot 6,60,000 Equity Shares of Face Value of Rs. 10/- each, at Rs. 50/- per share including a premium of Rs. 40/- per share.

Birdhi Chand Pannalal Agencies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 03, 2015, has approved to allot 6,60,000 Equity Shares of Face Value of Rs. 10/- each, at Rs. 50/- per share including a premium of Rs. 40/- per share.Source : BSE

Read all announcements in Birdhi Chand


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SA remove Windies openers after De Villiers ton

Written By Unknown on Senin, 05 Januari 2015 | 08.10

By Mark Gleeson

CAPE TOWN (Reuters) - South Africa removed the West Indian openers in Sunday's last session at Newlands to build on AB de Villiers' superb century and take the initiative in the final test.

The tourists reached the close on day three on 88 for two in their second innings.

The wickets of Devon Smith and Kraigg Brathwaite mean South Africa, who still lead by four runs after their first innings, are well placed to attack the West Indies batting on Monday and set up a second victory in the three-match series.

Morne Morkel had Smith caught down the leg side for seven followed by a wicket for debutant spinner Simon Harmer, who bowled Brathwaite for 16.

Marlon Samuels (26) and Leon Johnson (37) were not out at stumps after a third-wicket partnership of 61 runs.

The platform for potential home success was set up by De Villiers, who hit a flamboyant 148 to guide South Africa to 421 all out just before tea and a 92-run first innings lead.

De Villiers scored his 21st test century in a concerted effort to accelerate the scoring and build an advantage on a batting track that showed signs of playing up with two days left.

But a regular fall of wickets around him meant the hosts were unable to build the bigger lead they had hoped for after resuming on their overnight tally of 227 for three in reply to West Indies' first innings of 329.

De Villiers began the day 32 not out and got some early momentum with Hashim Amla before the South African captain was caught behind by wicketkeeper Denesh Ramdin for 63 off the bowling of Jason Holder in an important breakthrough for the tourists.

Amla was followed back to the dressing room by Temba Bavuma, bowled by Shannon Gabriel for 15, before De Villiers and Stiaan van Zyl (33) put on a 96-run partnership for the sixth wicket.

Harmer made 10, his knock sandwiched between run outs for both Vernon Philander and Dale Steyn, both of whom did not trouble the scorers. De Villiers was the last man out, caught on the boundary off spinner Samuels as he attempted to plunder the bowling in a final-wicket partnership with tailender Morkel (four not out).

A series victory for South Africa will see them retain their ranking as the top test-playing nation. They won the first test in Pretoria by an innings and 220 runs but drew with the West Indies in the second test in Port Elizabeth in a rain-affected game.

(Editing by Mark Meadows)


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QPR boss Redknapp shrugs off Cup upset

LONDON (Reuters) - Queens Park Rangers manager Harry Redknapp refused to "shout and scream" at his players despite suffering the humiliation of being dumped out of the FA Cup third round at home by lower league opposition on Sunday.

League One (third tier) Sheffield United, who reached the semi-finals of last season's tournament, convincingly ran out 3-0 winners to extend QPR's dismal run of winning only two FA Cup games in a decade.

Marc McNulty put the Blades in front on 36 minutes before winger Jamal Campbell-Ryce made the most of some slack QPR defending to score twice and secure United's place in the fourth round, with the knockout specialists already in the Capital One Cup last four.

"They were better than us today," Redknapp told the Premier League strugglers' website (www.qpr.co.uk). "We looked lethargic, they looked sharp and they thoroughly deserve their win.

"What can you say afterwards? There's no point shouting and screaming. Our home form has been excellent all season, it's been fantastic.

"But the last goal today summed us up, it was a horrendous goal to give away. Their second goal was a poor goal as well -- it was a ball into the box that we should have dealt with easily."

After a busy period of league fixtures, Redknapp made seven changes from the side that drew 1-1 with Swansea City on Thursday but the QPR boss still said his side lacked fresh legs.

"We had to make some changes because of the number of games we've played," he said. "The lads you bring in, you hope they'll come in and do a job.

"But I felt we only started playing when the two Chilean lads (Eduardo Vargas and Mauricio Isla) came on. We played football, we passed and moved, and we looked brighter. Before then, there was a lack of movement with us."

QPR, who are 16th in the Premier League table with 19 points from 20 matches, return to league action at fellow strugglers Burnley next weekend before hosting Manchester United on Jan.17.

"There aren't many positives I can take from today," Redknapp said. "There aren't any, in fact. Like I say, we have been excellent at home all season, but today they were sharper.

"Now we have to come back. Our next home game is against Manchester United, which will be a tough game. Next weekend we play Burnley, and that's a massive game for us."

(Wrrting By Michael Hann, editing by Mark Meadows)


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