Hypo Venture Capital World Headlines

http://hypoventurecapital-headlines.com/2012/01/hypo-venture-capital-headlines-businessman-reveals-rs-73-cr-he-stashed-away-claims-i-t-dept/

New Delhi The Income-Tax department has carried out searches at the Sainik Farm bungalow of a Delhi-based businessman and his offices in South Extension-I. Documents relating to foreign bank accounts were found in an SUV parked at the bungalow.

Sources claimed that energy consultant Satish Sawhney, who operates both in India and abroad, disclosed and surrendered Rs 73 crore to the I-T department and gave details of unaccounted money stashed in banks in the US, Switzerland and Singapore.

Sawhney is currently under preventive detention of the I-T department.

The searches were conducted by the recently-formed Directorate of Criminal Investigation (DCI), sources said, adding that the department had been tracking Sawhney for a month now.

The I-T team found that he had five foreign bank accounts — one each in Zurich and Singapore and three in the US — and eight almirah-sized lockers in three banks in Delhi.

Sources said it is suspected that these lockers contain documents which may shed light on his financial operations. The lockers have been sealed by the I-T department. These accounts, the sources claimed, were not reflected in his tax returns.

During the search operation, the department seized jewellery worth Rs 1.5 crore and cash worth Rs 18 lakh, the sources said. “The accounts he has abroad have no link to the list obtained from other countries,” the sources said.

Hypo Venture Capital Headlines: Slowing Inflation May Give ECB Room to Maneuver on Interest Rates: Economy

http://hypoventurecapital-research.com/

Euro-region inflation (ECCPEMUY) slowed for the first time in five months in December, giving the European Central Bank room to lower borrowing costs further as the economy edges toward a recession.

The inflation rate (ECCPEMUY) in the 17-nation euro area fell to 2.8 percent from 3 percent in November, the European Union’s statistics office in Luxembourg said in an initial estimate today. Euro-area services and manufacturing output contracted less than initially estimated last month and French consumer spending unexpectedly declined in November from October, separate reports showed.

Europe’s economy (EUGNEMUQ) is showing increasing signs of a slowdown as governments struggle to contain the region’s debt crisis, adding pressure on the ECB to lower the benchmark interest rate from the current 1 percent, which matches a record low (EURR002W). Economists at IHS Global Insight and ABN Amro forecast the central bank will cut borrowing costs as low as 0.5 percent to fight a recession.

“Euro-zone inflation has now passed its peak and is likely to fall further in the coming months to levels clearly below 2 percent in the second half of this year,” said Nick Kounis, head of macro research at ABN Amro in Amsterdam. “The favorable medium-term inflation outlook is a green light for further ECB rate cuts over the coming months.”

The euro traded at $1.2981 at 12:45 p.m. in Frankfurt, down 0.3 percent on the day. The Stoxx Europe 600 Index declined 0.5 percent. U.S. Treasury 10-year securities fell for a second day, pushing yields up the most in a week.