ASBM Business
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BANKING
Liechtenstein said today it would sign an
international agreement on fighting tax evasion, sounding the death-knell for
its long ingrained banking secrecy practices.
It said this reflected its "commitment to tax cooperation based on widely supported international standards".
The tiny Alpine principality said it would sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters "in November 2013".
Liechtenstein also said it expected "automatic information exchange in tax matters (to) be the future international standard."
The small, landlocked country, cushioned between Switzerland and Austria and long considered a tax haven, stressed its intent to "participate actively" with the Organisation for Economic Cooperation and Development in developing that standard.
At the instigation of many advanced countries, the Paris-based OECD has spearheaded a clampdown on tax evasion and the concealment of illicit funds.
The movement to scrap banking secrecy policies in Liechtenstein and other well-known "tax havens", such as neighbouring Switzerland, arose after the financial crisis of 2008 and subsequent eurozone debt crisis, as cash-strapped countries began going more aggressively after tax evaders and the banks that helped them.
By signing the convention, Liechtenstein will join a long list of signatories, including all 20 members of the Group of Twenty (G20) of the world's leading economies, as well as more than 40 other countries.
In addition to exchanging information, signatories, which since last month also includes Switzerland, agree to organise simultaneous controls to track tax fraud.
Liechtenstein's government said today it was "prepared to conclude agreements on automatic exchange of tax information based on the future OECD standard" with countries that put in place structures that allow transparency.
The country said it was paying particular attention to the so-called G5 countries, Germany, Britain, France, Italy and Spain, and an automatic exchange pilot project they had launched.
It said this reflected its "commitment to tax cooperation based on widely supported international standards".
The tiny Alpine principality said it would sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters "in November 2013".
Liechtenstein also said it expected "automatic information exchange in tax matters (to) be the future international standard."
The small, landlocked country, cushioned between Switzerland and Austria and long considered a tax haven, stressed its intent to "participate actively" with the Organisation for Economic Cooperation and Development in developing that standard.
At the instigation of many advanced countries, the Paris-based OECD has spearheaded a clampdown on tax evasion and the concealment of illicit funds.
The movement to scrap banking secrecy policies in Liechtenstein and other well-known "tax havens", such as neighbouring Switzerland, arose after the financial crisis of 2008 and subsequent eurozone debt crisis, as cash-strapped countries began going more aggressively after tax evaders and the banks that helped them.
By signing the convention, Liechtenstein will join a long list of signatories, including all 20 members of the Group of Twenty (G20) of the world's leading economies, as well as more than 40 other countries.
In addition to exchanging information, signatories, which since last month also includes Switzerland, agree to organise simultaneous controls to track tax fraud.
Liechtenstein's government said today it was "prepared to conclude agreements on automatic exchange of tax information based on the future OECD standard" with countries that put in place structures that allow transparency.
The country said it was paying particular attention to the so-called G5 countries, Germany, Britain, France, Italy and Spain, and an automatic exchange pilot project they had launched.
INDIA BUSINESS
After becoming one of the hot spot destinations for
many international brands under one roof, Kitsch, one of the country's leading
multi-brand concept stores, has now opened it's doors for Indian brands too.
Kolkata-based jewellery brand Eina Ahluwalia, known
for intricate handmade fretwork, will be retailed at Kitsch stores in Delhi and
Mumbai for the first time.
The retail outlet has also joined hands with Tahir
Sultan to support 'I Love Jaisalmer', a non-profit organization (NGO) set up in
the city in early 2013.
Kitsch is a part of TSG International Pvt. Ltd and
its director Charu Sachdev said that with international brands appreciated and
trusted by our customers, it's time to see what our Indian brands have to
offer.
"Globally, Indian designs have been evolving at
an unprecedented pace and we wanted to bring the emerging local yet global,
home-grown brands to our customers as well. This has definitely been an organic
move for Kitsch. Both Eina and Tahir fit perfectly with the ideology of Kitsch
and we're sure our customers will be delighted at this latest addition,"
she added.
Conceptualized and created by Manvendra Singh
Shekhawat and Tahir Sultan, 'I Love Jaisalmer' provides sustainable employment
to women who make some of the prettiest home accessories including intricate
cushions.
The entire proceeds of special handcrafted, one of a
kind cushions made by women in Jaisalmer, will go towards supporting women and
children in the city.
Kitsch so far houses top fashion and lifestyle
brands such as Dolce & Gabbana, Stella McCartney, Diane Von Furstenberg,
Alexander McQueen, Victoria Beckham, Catherine Malandrino and Herve Leger.
Eina Ahluwalia is equally excited to tap the Delhi
market through Kitsch.
"Our brand is meant for those who are well
travelled, shop abroad, so this is perfect. This is the first time we are
available in Delhi and we are very excited to tap this market too,"
Ahluwalia told IANS.
INDIA MANAGEMENT
UCWeb has released a new version of its UC Browser.
The new UC Browser 3.2 for Windows Phone comes with key enhancements, including
Background Download, enhanced Download Management, UDisk branded cloud storage
service, optimised Preloading, and an improved UI.
With Background Download feature, the download
process will continue even after you completely close UC Browser. The download
process will automatically resume if the download is interrupted for some
reasons, again, all in the background.
The new download management system allows you to
categorise downloaded files and get quick access to them. It comes in handy if
you have downloaded lots of files, and want a quick way to find what you want.
Download management helps you get quick access to downloaded video.
UC Browser 3.2 comes with UDisk, a cloud storage
service that allows you to store files on the cloud. After signing up for a UC
account, you will get 6 GB of space to store downloads on UDisk directly: with
2 GB permanent and 4 GB temporary storage.
The feature of Preloading gives you a smoother
reading of paged websites. It creates a seamless reading experience with the
next page being automatically loaded when you reach the end of your current
page. With this 3.2 version it now works on even more sites.
RETAIL
Mukesh
Ambani-led Reliance Retail has entered into a franchise agreement with the
US-based footwear retailer Payless ShoeSource. Reliance Retail open exclusive
franchisee stores in India for consumers seeking value for money shoewear.
The
arrangement is aimed at leveraging Payless' capabilities of creating a unique
and delightful store experience through a trend-right product mix that appeals
to the budget-conscious shopper.
Reliance
Retail will replicate the experiential elements of Payless stores around the
world and will offer an entire footwear and fashion offering to the family.
The
Topeka-based retail chain has 258 franchised stores located in the Middle East,
Asia and Eastern Europe.
"Partnering
with Reliance will further our vision of being the 'go-to' shoe store that
shoppers anywhere in the world can count on to be there for them and for their
families, helping them look good every step of the way," says Paul Jones,
CEO of Payless Holdings.
"It
is a complete family store, very vibrant and has great offerings for all. We
believe this association has the potential to storm the ladies and kids
footwear market in India which has largely been unorganised and fragmented to
date. The association underlines our core philosophy of democratising fashion.
We are very excited about this venture and look forward to launching these
stores in India next year," says G. Sankar, CEO Footwear business,
Reliance Retail.
Payless
stores have well-known brands such as Airwalk, Dexter, Brash, designer label
Christian Siriano for Payless and children's brand Smartfit.
______________________________________________________
Source of
Information for this issue: Google alert accessed on 18th Nov 2013
We welcome your suggestions in improving this information updating service.
Knowledge Is Power. Be Informed, Be Knowledgeable, Be Powerful.
Best wishes
Compilation
Sabita Sahu
Sabita Sahu
Junior Librarian
Concept, Layout and
Editing
Syamaghana Mohanty
Chief Librarian
Chief Librarian
Information and
Documentation Division, Chanakya Central Library
Asian School of
Business Management
Shiksha Vihar Bhola,
Barang Khurda Road,
Chandaka
Bhubaneswar-754012
Tel:0674-2374832, 2374833
E-mail:library@asbm.ac.in, chieflibrarian@asbm.ac.in
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