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If in doubt, rub it out
Chinese banks: Economic crisis or not, China’s lenders are in good shape. The country’s big listed banks – Industrial Commercial Bank of China (ICBC), Bank of China and China Construction Bank (CCB), all unveiled mid-year balance sheets enviously light on bad debts. Thank China’s rapid growth – and an astonishing $300 billion vanishing act.

OMCs to shore up India Inc profit in Q2
India Inc is likely to post a whoping 63 per cent growth in net profit in the second quarter, thanks to four oil marketing companies which are expected to post a combined net profit of Rs 2,730 crore in the quarter ended September. If one excludes these four from the sample of 235 companies studied, net profit is expected to only increase marginally, around 1 per cent.

News of the day

Unilever's acquisition of Sara Lee not to 'HIT' JV: Godrej
Godrej Group Chairman Adi Godrej today said global FMCG player Unilever"s move to acquire the personal care division of US-based Sara Lee will not have any impact on his group"s joint venture with the American firm.
Small Business

I-T raid on ABG Shipyard offices, official residences

Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said. - Govt warns against mails promising income tax refunds - Direct tax kitty grows 3.69% to Rs 1.52 lakh cr in H1FY10 - Bharati hikes open offer for Great Offshore to Rs 560/share - Life insurers seek changes in tax code - FMC levies 0.5% penalty on cash deals over Rs 20,000 - New tax code: Commerce Ministry bats for SEZs The searches are being carried out in about 26 establishments — both office complexes as well as residences of company officials — across four cities, the source added. The raids, conducted by the Director, Income Tax (Investigation) Unit 1, are being carried out in Mumbai and Surat, Dahej and Bhuj (in Gujarat). An official of the company, who asked not to be identified, confirmed the I-T raids saying these started at 7 am today. The spokesperson of the company, however, could not be reached for comments.


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