Is the `Buffett rule` solution for the West?

As a measure of reform to the age old tax system, US President Mr Barack Obama, unveiled a dual taxation policy recently. The aim was to ensure that the rich are taxed at a higher rate than the less fortunate. While majority of the people seem to be supportive of this move one wonders whether such tax reforms would enable deficit cuts and fix government finances. As the marginal utility of money for rich is low levying higher taxes on them would fill government lockers without much of a resistance. It is interesting to note that even in tax averse country like the USA, majority of the people have vouched for a higher tax regime for the rich. But what also needs to be understood here is the velocity effect that comes from lower taxation....

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Posted in: Business

Amazon unveils Kindle Fire tablet, priced at $199

New York: Amazon.com Inc introduced its eagerly awaited tablet computer on Wednesday with a price tag that could make it the first strong competitor in a tablet market that has been dominated by Apple Inc's iPad. The new device, priced at USD 199, may have the biggest impact on other makers of tablets and e-readers, such as Samsung Electronics Co Ltd and Barnes & Noble Inc, maker of the Nook. "It's a Nook killer," said Scot Wingo, chief executive of ChannelAdvisor, which helps merchants sell more on websites including Amazon.com. "And it's a very compelling offering if you're not in the Apple ecosystem already." The Kindle Fire tablet has a 7-inch screen, free data storage over the Internet and a new browser called Amazon Silk. Amazon...

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Posted in: Tech

M&M launches new XUV500 sports utility vehicle

Pune: Homegrown auto major Mahindra & Mahindra Thursday launched its global sports utility vehicle, XUV500, at an introductory price between Rs 10.8 lakh and Rs 11.95 lakh (ex-showroom, Delhi). The vehicle, which was designed and developed by the company's Chennai-based research team, will be launched in South Africa on Friday. "In the next six months, it will be launched in Australia, South and Central America, Western Europe and SAARC countries," M&M President (Automotive and Farm Equipment) Pawan Goenka told reporters here. In the domestic market, it will be first available in Delhi, Mumbai, Bangalore, Chennai and Pune. It will be pitched against the likes of General Motors' Captiva and the Toyota Fortuner, which are priced at...

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Posted in: Automotive

Pak paying heavily for mistakes in 1970s: Blair

Forner British PM: Tony Blair New Delhi: Pakistan is "paying heavily" for its mistakes in the 1970s when it started mixing religion with politics and promoted extremism, former British prime minister Tony Blair has said. “I think Pakistan is paying a heavy price for the mistakes of 1970s by linking religion with politics and developing religious schools which are, in some cases, dangerous sources of extremism," Blair said in an interview to an Indian news channel. The former British prime minister was responding to queries relating to the role of ISI in spreading terrorism and its links with the Haqqani group in Afghanistan. When asked if the US, after eliminating Osama bin laden, should also go after the Haqqani faction, Blair said...

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Posted in: Top News

Modi to skip BJP national executive meet

New Delhi: In yet another indication of a growing rift between veteran BJP leader LK Advani and Gujarat Chief Minister Narendra Modi, reports on Thursday claimed that the latter will not attend the party’s national executive meeting starting tomorrow. According to sources, the two-day meet of the party will be attended by all top leaders except Modi, who is believed to be fasting during the ‘Navratras’ and cited it as the main reason for skipping the exercise. Speculations about a growing rift between Advani and Modi have been doing the rounds ever since the former shifted the venue of his much-publicized yatra against corruption from Gujarat to Bihar. In a politically significant move, it was announced that Bihar Chief Minister and Janta...

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Posted in: Top News

Salman Khan to sizzle in `Bodyguard` sequel?

Mumbai: Here’s some good news for all those fans of Salman Khan who want to see Lovely Singh sizzle the silver screen once again! Buzz has it that producer Atul Agnihotri is contemplating on making a sequel of this year’s Eid blockbuster `Bodyguard`. Talking to a daily, Atul spoke about the possibility of a franchise of the film and said, “It’s a possibility. As far as ‘Bodyguard’ goes, the story can be taken forward. Lovely Singh (Salman) is a `Bodyguard`, so he can fit any situation or genre. And he isn’t married nor does he have kids. But we haven’t begun thinking on those lines yet.” For the moment, Salman who is recovering from a rare nerve dysfunction is shooting for Kabir Khan’s `Ek Tha Tiger` with his former ladylove Katrina...

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Posted in: Entertainment

Harbhajan Singh dropped for England ODI series

NEW DELHI: Harbhajan Singh and Ashish Nehra could not make it to the Indian team, which was announced on Thursday for the first two ODIs against England starting October 14. Pune Warriors leg-spinner Rahul Sharma and off-spinner R Ashwin were included in the squad for two ODIs. The team for the remaining three ODI's will be announced later gauging the fitness of the senior injured players. The selectors went for rookie pacers, as the bowling unit was of more concern with three premier speedsters in Zaheer Khan, Ishant Sharma and Munaf Patel out of contention. Sreenath Aravind made the cut for the first time while Varun Aaron, who did not play a single match on the recent England tour, was retained for the first two ODIs....

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Posted in: Sports