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Asian Voice - Saturday 2nd October 2010
Alpesh Patel Consultant Editor Financial Voice Dear Financial Voice Reader,
I thought I better share this with you before you read it elsewhere.... From: shatan@hell.co.uk Sent: 28 September 2010 06.06am To: alpesh.patel@tradermind.com Subject: Sorry Dear Alpesh, I thought I better write to you and explain to your readers what I’ve been up to before someone else put’s their spin on it. Even I am afraid of journalists. As you know for many years I’ve been quietly toiling away in Hades, aka Hell. I usually like to stoke the fires down here with fresh souls and the financial services industry has been keeping me busy by regularly providing fresh meat for me to skewer and roast. It’s been fun. (They do scream a lot though – whimps). Sadly, the supply of souls was starting to thin somewhat when a few hedge fund managers not realising their souls belonged to me, a pact they had made when they entered the industry in exchange for unspeakable wealth, started undertaking ‘charity’ work. Excuse me while I clean my mouth with bleach. It burns even my flaming eyes to read the word ‘charity’. But as they started undertaking good works for the likes of Pratham, helping children’s literacy in India (why they care and can’t simply ignore poor, hungry, ill children, like the rest of the people who I keep warm down here did when they were in India I just don’t know) they started being role models for those even outside the evil hedge fund industry. I mean take Pratham. Hedge fund legend Vilas Gadkari and his wife Reita with Priyanka Gill raised £1.6m before costs for the charity a couple of weeks ago with the help of their team. Now, I ask you – why couldn’t they just let the kids be illiterate? Illiterate kids are far more likely to eventually end up in my home. Kids are easy to ignore. Okay, the ones with a missing limb catch the attention at the corner of your eye – but walk faster I say. Anyway, in that room at the Pratham ball there were so many people I was looking forward to keeping toasty here in hell – they had pretty much the richest Asians in Britain after all. But no, the Gadkaris and that Gill woman spoil it all by hosting an auction in which the rich gave up their money! How can I ever get hold of their souls now? Which leads me onto my reason for writing. I understand you’re involved in a fundraiser from which half the proceeds will go to the children of Pakistan (who incidentally I remind you, you are supposed to hate being of Indian origin – you muppet) and half to Pratham for children’s literacy in India. This one is organised by God’s top pupil Nic Careem! My impish spies tell me it’s on Nov 7th at the Garrick Theatre in London with a play, auction and celebrities. Hmmm...I’m certainly not calling 0844 412 4662 to book a ticket, (most of the celebs will be visiting me soon I expect anyway). To make matters worse you’re doing National Sewa Day too with my best buddy Vikas Pota! What you trying to totally stop the flow of souls down here? You’re really playing around on my turf. I could take offence. So I am going to put rude things on the link www.nationalsewaday.org – I warn you now you will not want to see the things my hackers will put on that link. Look...you I thought I had for sure. After the things I’ve heard about you! And encouraging people to play in finance – people like you are usually my buddies for eternity. Anyway, all this ‘charity’ work you’ll have to do for the rest of your life to wash your soul clean – even then I reckon I’ll get you in the end Patel. So I appeal to you. Cancel the event. Stop wasting your time and stop providing people the opportunity to escape me. I mean, the other place is over-rated and the big guy up there is such a spoil sport. Shatan aka Satan aka Devil aka Beelzebub aka your friend for eternity Ps. You still expect the market crash on the date you told me last night eh?
Corus transforms to a new identity as Tata Steel Re-branding as Tata Steel Europe will be a gradual process Corus, the UK steel maker will now start the journey of identity transformation. It will be known as Tata Steel Europe. To start with, the new name and logo will appear on transactional documents, product deliveries, locations and vehicles. The re-branding will be a gradual process. Tata Steel, a part of the India’s Tata group took over Corus in 2007. The acquisition made Tata Steel one of the largest steel makers with presence
in India and Europe. Corus has operation in UK and the Netherlands. Kirby Adams, MD & CEO of Tata Steel Europe, said: “The companies that comprise Tata Steel Europe have evolved over many decades from local
to national to regional players. They now form part of one of the world's top ten steelmakers. "This is the right time to enter a new era under the Tata Steel name, now that we have successfully returned the company to profit following the global financial crisis. This brand migration will lead to the Tata Steel name becoming much more prominent and widely recognised across Europe and will reinforce our sense of belonging to
the Tata Steel family.” Tata Steel Europe is Europe's second largest steel producer. The company supplies steel and related services to the construction, automotive, packaging, material handling and other demanding markets worldwide. The combined Group has an aggregate crude steel capacity of more than 28 million tonnes and approximately 80,000 employees across four continents.
Vodafone plea on tax rejected by SC IT authorities to decide liability in four weeks
Vodafone could not get any immediate relief in the case of tax demand over the deal with Hutch. The Supreme Court of India refused to grant any immediate relief to the mobile operator, while income tax authorities have been instructed to decide on the liability of Vodafone in four weeks. Income tax authorities had raised a demand for Rs. 120 billion as tax over the $11 bn deal under which Vodafone bought entire stake of Hutch in 2007. Earlier, the Bombay High court had rejected Vodafone’s plea and had
Slide in UK House prices continues
ruled that Indian tax authorities are entitled to raise a demand. “Pending the hearing and further orders, we direct the TDS officer to decide within four weeks from Monday on the tax liability,” a bench headed by Chief Justice S.H. Kapadia said while issuing a notice to the I-T
Department. However, the bench refused the plea of Vodafone’s counsel and senior advocate Harish Salve seeking a stay on the High Court’s judgment, saying that it would have to deposit a part of the tax demand amount first. “If you want a stay on the High Court judgment... You have to pay part of the amount. The choice is yours,” the bench said while asking the counsel not to press for the stay. Next hearing on the case is scheduled for 25th October.
SC notice to Vodafone, Bharti in BSNL case Meanwhile, Vodafone and Airtel have been issued notices by the Supreme Court in a case filed by government owned BSNL, for routing unidentified calls to BSNL network. The state operator has asked Bharti Airtel and Vodafone to pay up more than Rs. 900 mn for the routing calls with no CLI, incomplete and unauthorized CLI during the period of May 2003 to August 2005. Another similar case against Reliance Communications is also pending.
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House prices all over England and Wales continued their slide for the third month in a row, with a warning that the property market was likely to remain in the doldrums right into 2011. Hometrack, a property intelligence group said the slide in prices was on an average 0.4 per cent in September. The chief reason for the low market was lack of availability of affordable mortgage for potential buyers. Banks do not seem to pay heed to the calls for starting lending again. Gross mortgage lending is down three per cent from £14 billion in July last year to £13.6 billion last month. ''It is a process that can typically take between six and 12 months to work through.'' The group said all regions of England and Wales recorded price falls in September, the first time that has happened since April 2009.”
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