THE FINANCIAL EXPRESS – 28 TH SEPTEMBER

Submitted by
Anusuya R,
Sowjanya Kumari B,
Swapnil Anand.
(SECTION I)

STEEL MINISTER BATS FOR PSU MINE LEASES:
 Steel Minister Virbhadra Singh demanded that long term Iron ore mining leases be allotted to public sector steel makers on a preferential basis.
 According to Singh, the Government should allocate leases to private steel makers only after the PSU’S requirement are taken care of as PSU’S have a special place in India.
 Among PSU steel-makers, SAIL has captive mines but needs more ore since it is expanding operations while RINL does not have any captive mines as on date.

NAC MEMBERS BLAST EXECUTION OF NREGA,CALL IT “ANTI-LABOUR”:
 Members of the National Advisory Council (NAC) Arun Roy and Jean Dreze have accused the UPA government of being “increasingly anti labour” in their assessment of the National Rural Employment Guarantee Programme, on its fifth anniversary.
 According to Roy and Dreze, contractors are taking advantage of state largesse to siphon off a major part of the funds for procurement of building material.
 The most glaring example for this the construction of Rajiv Gandhi Sewa Kendra in every gram panchayat which is the back entry for the contractor mafia to make their way in to the NREGA.



US AGENCIES TO TIGHTEN INTERNET WIRETAPS:
 Nowadays people are communicating more through online than through phone. So it became difficult to trap the illegal or criminal activities.
 Thus Federal law enforcement and National security officials are producing some new regulations for the internet security.
 To achieve the task which implies that encrypted messages can be intercepted ( it is easy to track the messages in social networking sites like facebook, orkut and peer-to-peer messaging services like skype) people are concerning about this issue.
 And also they should make sure that privacy should be considered in all issues.
FILM INDUSTRY SEEKS SERVICE TAX LEEWAY FROM FINMIN:
 The film and music industry is already burdened by VAT and now there is imposition of additional tax. It increases their burden and makes them in critical mode.
 Any increase in service tax leads to higher prices of movie tickets. The service tax is charged at 10.3%.
 Film industry requested that entertainment tax should be subsumed in the GST(Goods and Service Tax)
 But finally if it will be entertained, the states have to lose the revenue.
BANKRUPT LEHMAN RAISES $12.3M FROM ART SALE;HIRST FINDS NO TAKERS:
 The article is about the auction underway at Lehman Bother’s artwork collection at sotheyby’s tancarpeted sale room last week.
 The auction attracted a typical blend of loafer-clad finance types, majority of which were there to observe but not to bid.
 The bankrupt Lehman raises $12.3m from art sales but Hirst finds no takers for that.
 Even though the bidding was dominated by serious contemporary art collectors only a smattering of Wall Streeters were attracted by the Lehman history.