Govt. announces interest-free loans for loss-making sugar mills

Govt. announces interest-free loans for loss-making sugar mills

The government on Friday announced its decision to provide interest-free loans to sugar mills to help loss-making mills sustain their production this year.

A ministerial panel headed by Agriculture Minister Sharad Pawar decided to provide interest free loans to the tune of Rs 7,200 crore to sugar mills. Loans will be provided by banks, while the union government and Sugar Development Fund (SDF) will bear the interest portion of the loans.

Sugar mills will use the loans exclusively for making payment for sugarcane that will buy from farmers.

Cuba agrees to WTO’s plan to reform worldwide trade

Cuba agrees to WTO’s plan to reform worldwide trade

Cuba has reportedly agreed to a package of proposed measures that will allow the World Trade Organization (WTO) to reform the worldwide trade.

After raising a tough objection to the deal, which would be worth estimated $1 trillion to the world economy, Cuba dropped its objection on Saturday. Initially, Cuba had threatened to veto the package of measures.

Sources said that the socialist country agreed to the package of measures after reaching an agreement with the United States. The sources added that a deal could be announced soon.

Nokia will have to pay total tax liability: Finance Ministry

Nokia will have to pay total tax liability: Finance Ministry

Finnish handset maker Nokia will have to clear its total tax liability, a senior finance ministry official said.

Nokia recently offered to pay around Rs 2,250 crore to income tax (I-T) department towards its tax liability estimated at around Rs 6,500 crore. But, the I-T department rejected the offer, saying it was unacceptable.

A few days back, Finland's Foreign Minister Erkki Tuomioja also urged the Indian government to resolve the tax dispute before 12th of December so that Nokia's Indian assets could also be transferred to Microsoft as per the two companies' US$7.2 billion deal.

Reliance Life Insurance to launch 25 products under new regime

Reliance Life Insurance to launch 25 products under new regime

Private-sector insurer Reliance Life Insurance has announced its plans to start selling life insurance products from the start January and launch 25 products compliant with the new product guidelines in the final quarter of current financial year.

Reliance Life Insurance CEO Anup Rau said that the gradual process of launching of the new products would be phased out. He added that company would largely focus on providing traditional, simple and need-based solutions to customers.

EU does not see trade agreement with India soon

EU does not see trade agreement with India soon

The ambitious Free Trade Agreement (FTA) between the European Union (EU) and India will not become a reality at least in the near future as the EU doesn't expect the poll-bound UPA government to agree on terms that EU member states see necessary for the deal to be finalized.

Both India and the EU agree that FTA, which will formally be called the Broad-based Trade & Investment Agreement (BTIA), will provide a big boost to the two-way trade. But, various complexities and differences have so far prevented the two sides from hitting a deal.

Vodafone to invest $3 billion in India over next two years

Vodafone to invest $3 billion in India over next two years

British telecommunications giant Vodafone has announced its decision to invest $3 billion (nearly Rs 18,605 crore) in India over the next two years to expand its reach, particularly in rural areas.

On Wednesday, Vodafone Group CEO Vittorio Colao said, "Our organic or real investment into the country is a significant $ 3 billion in two years... is the right decision."

Mr. Coalo was speaking to reports after holding a meeting with Union Finance Minister P. Chidambaram on the company's nearly Rs 12,000-crore tax dispute with the government.

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