Current Affairs For Bank, IBPS Exams - 30 July, 2015

Current Affairs for BANK, IBPS Exams

30 July 2015

:: Business ::

FinMin working for a reasonable GST rate:Revenue Sec

A day after Cabinet approved incorporation of changes in the landmark Goods and Services Tax (GST) Bill as suggested aRajya Sabha Select panel, Finance Ministry today said it is working closely on a "reasonable" GST rate.
The Union Cabinet last night approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee.
The GST Constitution Amendment Bill would now be taken up for discussion in the Rajya Sabha, where the ruling NDAdoes not enjoy a majority, for passage in the ongoing session of Parliament.
The Government proposes to roll out the new indirect tax regime on April 1, 2016.
After the bill is passed, the Centre will prepare GST laws and a GST Council would be set up to decide on the rates as well as to decide on exemptions and thresholds.
The Rajya Sabha Select Committee has suggested that the Goods and Services Tax (GST) rate should not go beyond 20 per cent as higher rates could fuel inflation and erode the confidence of consumers.
Internationally, the GST rate ranges from 16-20 per cent. However, there are some exceptions like Japan, Australia and Germany, where the rates are 8 per cent, 10 per cent and 23 per cent, respectively.
A sub-committee of Empowered Committee of State Finance Ministers on GST had earlier suggested 27 per cent RNR.
But the rate is being reworked by the sub-committee in view of taxation of petroleum products as also the 1 per cent additional tax which states can levy as part of the GST roll out.
While liquor has been completely kept out of the GST, petroleum products like petrol and diesel will be part of the new regime from a date to be decided by the GST Council, which will have two-thirds of its members from states.

Nokia surprise market analyst with profit

Nokia on Thursday posted a surprise rise in second-quarter profits, helped by high-margin software sales and fewer low-priced contracts.
The Finnish network gear maker is set to buy the Franco-American telecom equipment maker Alcatel-Lucent which posted second-quarter sales slightly lower than expectations.
Nokia will buy Alcatel-Lucent for €15.6bn in a deal set to close by mid-2016. The latter improved its margins to deliver better-than-expected operating profit, thanks to cost cuts, and generated more cash than it consumed in the quarter for the first time in a second quarter since 2006.
Getting to free cash flow positive remains the key goal of Alcatel-Lucent in the turnaround plan launched by chief executive Michel Combes in April 2013.
He will step aside on September 1 to be replaced by chairman Philippe Camus until the Nokia deal closes.
Alcatel's second-quarter revenue rose 5% to €3.45bn euros helped by double-digit growth in so-called IP products that help telecom operators handle heavy video data traffic and direct Internet.
Adjusted operating profit rose 28% to €175mn for a better-than-expected margin of 5.1%. The company posted a net loss of €54mn, narrower than the €298mn loss of a year earlier.
Analysts had been expecting second-quarter sales of €3.47bn and net income of €52.4mn, according to Thomson Reuters I/B/E/S data. The gross margin was 34.8%, compared with expectations of 33.1%.
Announced in mid-April, Nokia's acquisition of Alcatel-Lucent aims to position the company to better compete with market leader Ericsson of Sweden and low-cost Chinese powerhouse Huawei by forging a strong number two in mobile with a more complete product line.
The companies have secured antitrust approvals in Europe Union, Brazil, Russia and the United States, but are still waiting on a decision from the Chinese authorities.

:: Sports ::

Dale Steyn joins 400 Test wicket club

Dale Steyn became the second South African bowler to take 400 Test wickets after he dismissed Bangladesh opener Tamim Iqbal on the opening day of the second Test in Dhaka on Thursday.
The 32-year-old fast bowler reached his landmark when South African skipper Hashim Amla took a chest-high catch at first slip in Steyn's third over of the match.
Shaun Pollock is the only other South African to pass the 400-mark, taking 421 wickets before retiring in 2008.
Steyn, who is playing his 80th Test, became the 13th cricketer to take 400 or more wickets in Test matches.
Steyn joined Richard Hadlee as the second fastest bowler ever to take 400 Test wickets.
He is one of only three currently active cricketers to achieve the feat, joining India spinner Harbhajan Singh and England pacer James Anderson.
Steyn is the 13th cricketer to take 400 or more wickets in Test matches.