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Trade unions oppose taxing of savings, PF withdrawals
Trade unions have asked the government to shelve the proposal in the draft Direct Tax Code to tax all savings and provident fund schemes at the time of withdrawal, saying the move would hit the salaried class hard.

Pharma, telecom, FMCG sectors may hike pay 12% in 2010
Driven by scarcity of talent and increasing competition, India Inc is expected to hike salaries in the new year with the pharma, telecom and consumer goods companies leading the space with up to 12 per cent pay hike, global consultancy Ernst & Young (E&Y) says.

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Heineken inks beer alliance with UB
United Breweries Holdings (UBL) has forged an alliance with Heineken to distribute the Heineken brand in India. The partnership in India is expected to drive growth in one of the world"s fastest growing beer markets. As part of the agreement, Heineken will acquire Asia Pacific Breweries (APB) India -- Asia Pacific Breweries (Aurangabad) and Asia Pacific Breweries-Pearl -- for Euro 25 million (Rs 174 crore). Following completion of this transaction in the first quarter of 2010, Heineken intends to transfer these businesses into UBL during 2010. APB is a joint venture partnership between Heineken and Fraser and Neave.
Business Ideas

Kingfisher to raise up to Rs 450 crore

Kingfisher Airlines, owned by billionaire Vijay Mallya, has said it intends to raise up to Rs 450 crore through various instruments, including Global Depository Receipts. - Gill, Mallya differ widely over Formula One - Kingfisher Airlines to raise $100 mn - Gill, Mallya in verbal war on Formula One - USL left to fend with PE, rights issue to rid itself of debt - Diageo-USL talks fail - Diageo"s talks for stake in Mallya"s United Spirits fail A resolution to this effect was passed at a board meeting on Monday. This intent to raise funds comes nearly a month after the company enabled itself to raise up to Rs 500 crore by way of a rights issue of shares. Kingfisher has been trying to raise funds to reduce its debt burden of Rs 6,000 crore on a base of Rs 270 crore, a leverage of nearly 20 times. To pave the way, it is also seeking approval of shareholders for increase in the authorised share capital from Rs 500 crore to Rs 1,000 crore. Mallya has been lobbying with the Union government to allow foreign airlines to invest in the Indian aviation sector. Till that happens, Kingfisher would have to use other financial instruments. For the quarter ended June 30, it posted a loss of Rs 242 crore, a rise from the Rs 158 crore loss during the same quarter last year. The topline fell to Rs 1,313 crore from 1,398 crore, as the company slashed capacity by 23 per cent after the aviation industry went into turbulence. Kingfisher has also returned aircraft and postponed deliveries, and has moved 70 per cent of its network to single class, low-fare, options.


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