Kate Moss earns USD 54,000 a day

She began her career as a teenager and more than two decades after her modelling debut, Kate Moss is still at the top of her game, earning USD 19.5 million last year.

The British beauty's yearly income means that she earns around USD 54,000 a day, reported Sun online. The details of the supermodel's bank account, reveal that her earnings now dwarf, her salary before the 2005 cocaine scandal, which many predicted will be the death knell of her career.

The 37-year-old who is set to walk down the aisle with fiance, 'Kills' rocker Jamie Hince this summer is known for her high-flying lifestyle. She recently bought a USD 10 million home in north London, after putting her Primrose Hill pad up for sale and her planned wedding too will be a costly affair.

Source: http://indiatoday.intoday.in/site/Story/131734/movies/kate-moss-earns-usd-54000-a-day.html

Duty hike on iron ore not to hit industry: NMDC

India's largest iron-ore miner NMDC today said the hike in export duty on the

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raw material to 20 per cent will not hamper the profitability of the industry, including the Navratna firm, to a big extent.

"Basic purpose of the imposition of duty is to discourage iron ore exports. So certainly it will dip in the profits for the industry in general, but I believe that the margins will not be that bad for the industry," NMDC Chairman Rana Som told PTI.

Explaining that current market prices of the raw material are hovering between USD 160 to 180 per tonne, Som said that domestic producers will still be left with a margin of about USD 40 to 60 per tonne after paying all duties, royalty and freight charges.

"The move will definitely knock off the profits of the industry players, but not to a very big extent," he said.

Finance Minister Pranab Mukherjee, in the Budget for 2011-12, had fixed a uniform export duty of 20 per cent on all types of iron ore, which is a vital steel-making raw material.

Before the Budget announcement, the export of iron ore lumps attracted a duty of 15 per cent, while export duty on iron ore fines was 5 per cent.

According to industry body FIMI, iron ore exports will fall by 35 per cent annually due to the increase in duty, thereby leading to lower domestic production and a rise in prices.

"Because of the hike in export duty, no fresh contracts are signed now... Only earlier contracts are being honoured. This would lead to lower domestic production of the raw material, resulting in an increase in price," Federation of Indian Mineral Industries (FIMI) President Siddharth Rungta said.

Talking about the impact on NMDC, Som said, "We export only about 10 per cent of our production and our main production is iron ore lumps, on which duty has been hiked by only about 5 per cent. So the impact will be very marginal on us."

The Navratna firm, which accounts for 15 per cent of the country's total iron ore production, has targeted a 25 per cent increase in output to about 30 million tonnes in the ongoing fiscal.

The company exports around 3,000,000 tonnes to Japanese mills and 400,000 tonnes to Korean steel maker POSCO, while the remaining stock is sold in the domestic market.

Source:-http://www.mydigitalfc.com/news/duty-hike-iron-ore-not-hit-industry-nmdc-851

Facebook, Google in talks to buy Twitter: Report

Facebook and Google have discussed acquisition possibility with micro-blogging service provider Twitter, according to a media report.

"Executives at both Facebook and Google, among other companies, have held low-level talks with those at Twitter Inc in recent months to explore the prospect of an acquisition of the messaging service," The Wall Street Journal reported, citing a person familiar with the matter.

The report further said the talks have so far gone nowhere, but the prices being discussed value the US-based micro-blogging service provider between $8 billion and $10 billion.

Twitter, which was created in 2006, started selling ads last spring against its business of allowing users to send messages of no more than 140 characters.

It is just one of many tech targets being batted about as valuations climb. In December, when it got USD 200 million in new venture capital, Twitter was valued at $3.7 billion.

Twitter's revenues and valuation have risen even as the company continues to work on ways to translate its more than 200 million registered users into a profitable business.

The company had revenue of $45 million in 2010, but lost money as it spent on hiring and data centers and estimates its revenue to be between $100 million and $110 million this year, the report said.

According to the publication, Twitter spokesperson declined to comment on its finances, valuations and interest by other companies, while Google and Facebook also declined to comment.

Now, gold fund for non-demat a/c holders

Anil Ambani group firm Reliance Mutual Fund on Wednesday launched a new Gold Savings Fund, a first-of -its-kind investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds.

The new fund, which is different from gold ETFs (Exchange Traded Funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100 per month, the company said here.

The company said that its Reliance Gold Savings Fund will enable investments in gold without any locker or demat account - a first in the country.

Announcing the launch of the New Fund Offer - which will be open from February 14-28 - Reliance Capital Asset Management CEO Sundeep Sikka said: "We expect this gold investment industry to surpass equity MFs in the next three years."

Sikka said the gold investment opportunity in India was not optimally tapped and the new product will offer a simple, affordable and investor-friendly solution for investing in gold to the masses.

"Indians are known for their love for gold. However, with low demat penetration in India, a lot of investors have not been able to participate in this safe mode of investment.

"This product will create a new avenue for pure gold investments for the retail investor without the need of having a demat account or a locker," he added.

The scheme's performance will be benchmarked against the price of physical gold.

The company said the new fund will enable investors to avail long-term taxation benefits from the first year itself, unlike physical gold, wherein long-term taxation can only be availed after three years.

The investors will not be charged any entry load on the fund, though there would be a 2 per cent exit load if redeemed before completion of the first year.

A part of Anil Ambani group's financial services arm Reliance Capital, Reliance Capital Asset Management is the country's largest fund house and manages assets worth USD 24 billion across mutual funds, pension funds, managed accounts and hedge funds.

Source: Now, gold fund for non-demat a/c holders - Business Today - Business News