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US economy expands 3.5% in Q3
The world"s largest economy US climbed out of recession as it grew by 3.5 per cent in the third quarter ending September 30 -- the first quarterly expansion in a year -- thanks to higher consumer and government spending among others.

'EOU-made goods sold in DTA must pay 3.09 pc excise'
On clearance of goods manufactured by an Export Oriented Unit (EOU) from an EOU to the Domestic Tariff Area (DTA) under 3 per cent Export Promotion Capital Goods (EPCG) scheme, please advise whether: (i) excise duty of 8.24 per cent needs to be paid; (ii) Terminal Excise Duty (TED) refund of 3.09 per cent can be claimed under deemed export benefits; (iii) the buyer can take Cenvat Credit of 3.09 per cent; and (iv) 3.09 per cent duty can be paid from Cenvat Credit balance?

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China, India could reshape global auto industry: executives
China and India could reshape the global auto industry and pose a significant competitive threat in coming years, executives from the world"s top carmakers said at the Detroit auto show.
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Tatas woke up Britain: UK Minister

The Tatas" acquisition of Jaguar and Land Rover (JLR) had woken up Britain to growing Indian strength, UK Secretary of State for Business and Innovation Peter Mandelson today said. - Indians enter UK on falsely obtained student visa: report - JLR to hire over 100 graduates, under-graduates in 2010 - UK to phase out cheques by 2018 - Tatas to return land if "meaningful negotiations" held: Sen - Rs 120-cr NTPC scam: CBI team to visit England soon - Blair defends Iraq war, even without mass destruction weapons "Tatas investment in JLR brands has woken Britain up to the growing strengths of Indian manufacturing," Mandelson said at a CII function here. Mandelson, who is here to "bang the drum" for British manufacturing, hoped the Tatas" investment in his country would send a clear signal to the rest of Indian industry about the manufacturing potential from Britain. Tatas had acquired the British marques JLR in 2008 for $2.3 billion. At the time of the buyout JLR was struggling financially but the Indian group has been nurturing it back to health with sales showing improvement. Mandelson said, the UK supply chain companies need to get into India. He said, Britain is also keen on increasing 10-fold partnership in the field of higher education. "There are about 250 partnerships between Indian and UK universities and institutions. I want to see this grow 10-fold in the next five years," he said. Mandelson described India as a "racing car" which is revved up and ready to roar off but still has "handbrakes" on. He said India stands at a critical point. "My question is shouldn"t India ease off the handbrake?" Mandelson also listed the low carbon business as an area of cooperation with focus on climate change.


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