19 September, 2013

Gold futures surge over 1% on global cues

Gold prices surged over 1% to Rs 30,308 per ten gram in futures trade today as speculators indulged in building up fresh positions amid a firming trend overseas as the US Federal Reserve unexpectedly refrained from cutting economic stimulus.

At the Multi Commodity Exchange, metal prices for delivery in October went up by Rs 318, or 1.06%, to trade above Rs 30,308 per ten gram, in a turnover of 868 lots. On the similar lines, the metal prices for delivery in far-month December shot up by Rs 163, or 0.88%, to Rs 30,110 per 10 gm, in a business volume of 121 lots.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as the Federal Reserve decided to keep its stimulus programme intact, raising demand for the precious metal.

Govt issues guidelines to bring greater clarity in cross-border transactions

The finance ministry on Wednesday sweetened the deal for multinationals and Indian companies with overseas arms, involving cross-border tax disputes, in a bid to avoid litigation and boost investor confidence.

The government has issued "safe harbour" rules to bring greater clarity in cross-border transactions. The rules usually come with fixed prescribed margins and involve simpler compliance commitments than the general transfer pricing rules. Safe harbour rules are globally accepted norms although countries have tailored them to suit their specific requirements.

Transfer pricing applies to cross-border transactions of companies and their affiliates in other countries. The rules enable tax authorities to "value" goods and services exchanged between these companies as they are not done at "market prices".

Singapore Airlines, SilkAir announce special fares from Chennai

Singapore Airlines and SilkAir have announced special fares from Chennai to Singapore, Southeast Asia, Hong Kong, China and Australia.

The all-inclusive fare that starts at Rs 19,800 will be on sale till the end of this month.

As the flights are routed via Singapore, passengers will get a complimentary $40 Changi voucher for use at all participating shops, restaurants and lounges at Singapore Changi Airport.

India for expeditious implementation of G20 decisions

Concerned over the unwillingness of developed economies to push IMF quota reforms, finance minister P Chidambaram on Wednesday said the decisions of the G20 meeting should be implemented expeditiously to ensure credibility of the organization.

"Most advanced countries have now clearly indicated their unwillingness to move ahead on International Financial Institutions (IMF, World Bank) governance and capital reform. This has hampered the credibility of G20 and makes it difficult to progress on other issues as well," he said at an ICRIER event here.

The Minister said to be able to play a meaningful role in the global governance, the G20 agenda should be sharper and focused only on those issues on which it can make a distinctive contribution, particularly, on economic and financial matters.

Ken Norton, who broke Muhammad Ali's jaw, dies

Former heavyweight champion Ken Norton, who beat Muhammad Ali and then lost a controversial decision to him in Yankee Stadium, died Wednesday at a local care facility, his son said. He was 70.

Norton had been in poor health for the last several years after suffering a series of strokes, a friend of the fighter said.

"He's been fighting the battle for two years," said Gene Kilroy, Ali's former business manager. "I'm sure he's in heaven now with all the great fighters. I'd like to hear that conversation."

Norton broke Ali's jaw in their first bout, beating him by split decision in 1973 in a non-title fight in San Diego. They fought six months later, and Ali narrowly won a split decision.

Sunrisers Hyderabad cruise to CLT20 main round

Faisalabad Wolves were out of their depth against the quality bowling attack of Hyderabad Sunrisers. In a must-win CLT20 qualifying match at the PCA stadium on Wednesday, Wolves were required to give their best but their batsmen, barring skipper Misbah-ul-Haq, just did not have enough class or experience to take the fight to the opposition. As a result, they could muster just 127/5, a target which hardly tested the batting might of Sunrisers.

Narsingh slips in bronze medal bout at World Wrestling Championships

The Indian freestyle wrestlers have already produced their best-ever show at the World Championship bagging a silver and bronze in a span of two days. On Wednesday, Narsingh Yadav's performance in the 74kg category added to the excitement after the Indian reached the final repechage round. However, Narsingh lost to Belarus' Ali Shabanau, missing the opportunity to bag India's third medal in freestyle category at the meet.

In the women's section, Nirmla Devi (49kg) and Vinesh (51kg) both failed to make a mark. Vinesh cleared the first hurdle by defeating Mexico's Wendy Martinez 7-0 in a one-sided contest but flopped against Senegal's Isabelle Sambou.