In Wednesday's South Asia papers

08 July 2009 05:00  [Source: ICIS news]

THE TIMES OF INDIA

Front page

Drought threat looms over north India
The earlier prediction brought bad news. Now, the latest Met update on the monsoon seems to affirm that northern India is staring at a drought.

Ganguly may try to become BCCI chief in 2014
Eight months after he retired from international cricket, Sourav Ganguly is all set to launch a new innings that could well see him anointed the BCCI president in five year’s time.

Business

Govt banks on non-tax revenue
Finance minister Pranab Mukherjee suggested in his Budget speech on Monday that the changes he had proposed to direct taxes - mainly concessions for individuals and higher minimum alternate tax (MAT) on corporates - were revenue neutral.

Maytas Infra out of Hyderabad Metro project
Nearly four months after the Maytas Infra-led consortium failed to achieve financial closure, the state government was forced to cancel the concession agreement with the group on the Rs12,132-crore Hyderabad Metro Rail project.

THE ECONOMIC TIMES

Front page

Strong content, lousy presentation
On budget day, the Sensex tanked 869 points and gilt yields rose 30 basis points. The markets seemed to be repelled by Pranab Mukherjee’s budget. In fact, the budget does a good job of dealing with a Great Recession.

Employees will now have to bear the FBT burden
Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee.

THE BANGLADESH TODAY

Front page

Govt wants to see Chittagong, Mongla as ‘regional ports’: Faruk Khan
Commerce Minister Lt Col (retd) Faruk Khan on Tuesday said the government wants to see Chittagong and Mongla as regional seaports and the two ports should immediately be converted to the desired shapes to deal with enhanced regional trade.

Obama for resisting nuclear bid of Iran, North Korea
US President Barack Obama has urged Russia to turn from the past, emphasising the common goals the US shares with its former Cold War rival.

Business

NBR rejects appeal for exempting National Gas Development Fund from paying tax
The Energy Ministry has made a fresh appeal to the Finance Ministry to prevail upon the National Board of Revenue (NBR) to agree to exempt the proposed National Gas Development Fund (NGDF) from tax, official sources said.

Economic crises drive up suicides, homicides
Economic crises prompt an increase in suicides, homicides and fatal heart attacks, but also a fall in road deaths, according to a European study published by The Lancet on Wednesday.

DAILY MIRROR

Front page

Relief material from MV Ali on way to Lanka
The 62-day saga of mercy mission ship MV Captain Ali came to an end as the cargo on board the ship was shifted to another ship, Cape Colorado, which set sail to Colombo from India on Tuesday.

Children of Lankan man found dead in Australia
Australian police are probing the death of two babies belonging to a Sri Lankan man. The seven-month-old babies, Lachlan and Sophie, were found dead by their distraught father, Selvin Ariyaratnam, when he returned from work on Monday afternoon.

Business

Govt revenue down by 10%
In the midst of a slowdown in revenue collection coupled with higher interest payments and enhanced salary bills, Sri Lanka’s Government Revenue declined by 10% in the first quarter of the year while expenditure increased by 28% when compared to 2008.

Asian markets mixed as investors play waiting game
Asian markets struggled for direction on Tuesday as investors stayed on the sidelines ahead of upcoming US earnings results, after lingering pessimism led to mixed signals on Wall Street.

DAWN

Front page

Supreme Court puts carbon tax on hold
The Supreme Court suspended on Tuesday parliament’s decision to levy carbon surcharge on petroleum products through budgetary action, accepting for hearing a petition by an opposition politician and ordering the Oil and Gas Regulatory Authority (Ogra) to withdraw the tax by Wednesday, pending the final decision.

India pledges to punish Kabul embassy bombers
India on Tuesday kept its pressure on Pakistan by observing the first anniversary of a devastating terrorist attack on its embassy in Kabul and hoping that the plotters, its officials say were Pakistanis, would face justice.

Business

SC order may affect IMF tranche
The Supreme Court’s order to suspend the imposition of carbon tax on petroleum products may delay the third tranche of International Monetary Fund’s loan and seriously affect the government’s efforts to generate additional revenue, analysts said here on Tuesday.

NIT to pay dividend to LoC holders
NIT will hold a meeting of the NIT-LoC fund and NIT-EMOF in a couple of days and a dividend would be declared for the LoC holders as well, NIT Chairman and Managing Director Tariq Iqbal Khan told Dawn on queries on Tuesday afternoon.

BUSINESS RECORDER

Front page

Ogra issues notification regarding cut in POL prices
The Oil and Gas Regulatory Authority (Ogra) late Tuesday night issued a notification regarding cut in petroleum products prices.

Carbon surcharge on POL products suspended by Supreme Court
The Supreme Court on Tuesday suspended the operation of notification issued by the Oil and Gas Regulatory Authority (Ogra) on 30 June/1 July pertaining to imposition of ‘carbon surcharge’ on petroleum products.

Business

Budget people friendly, says AJK Prime Minister
Azad Jammu Kashmir (AJK) Prime Minister Sardar Muhammad Yaqoob Khan said AJK coalition government has presented people friendly budget for the welfare of the people of AJK.

100th position among 121 world economies: Pakistan slips back in Enabling Trade Index ranking
Pakistan lost 16 places in the Enabling Trade Index ranking and was at 100th position among 121 world economies featured in the Global Enabling Trade Report 2009 of the World Economic Forum, while East Asian economies including Hong Kong and Singapore occupied the top two slots.

By: Staff Reporter
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