Tata Steel’s Q4 loss at Rs 3,214 cr

Tata Steel has reported a consolidated loss of Rs 3,214 crore in the March 2016 quarter against a loss of Rs 5,674 crore in the year-ago period, owing to lower net sales and exceptional items impairment charges taken on restructuring of Europe operations and employee separation compensation in India.

The company, India’s largest steel producer, however, did not make any announcement on the sale of its UK assets.

Its consolidated net sales for the March 2016 quarter declined 12.5 percent on a year-on-year (y-o-y) basis to Rs 29,164 crore in the March quarter as deliveries slipped owing to the closure of some units at Tata Steel UK operations.

According to Bloomberg estimates, the company’s bottom line was expected to report a loss of Rs 979 crore, while the top line was expected to be at Rs 30,337 crore.

The firm’s revenue and net profit numbers were lower than Bloomberg estimates, but its earnings before interest, taxes, depreciation and amortisation (Ebitda) at Rs 2,270 crore was higher than the estimated Rs 1,367 crore. Its Ebitda in the March 2015 quarter was Rs 1,580 crore.

“While the pressure on product prices continued during the quarter both in India and Europe, our operations were more resilient across most geographies,” said Koushik Chatterjee, group executive director (finance and corporate), at Tata Steel.

The total impairment charge taken by the company in the quarter under review stood at Rs 2,858 crore. In the March 2015 quarter, it had taken an impairment charge of Rs 4,476 crore.

For 2015-16, Tata Steel’s loss increased to Rs 1,674 crore from Rs 1,388 crore in the previous year. Deliveries of the commodity stood at 6.94 million tonnes (mt), down 1.7 per cent from 7.06 mt a year ago.

The company’s Ebitda per tonne in the period under review stood at Rs 3,200 against Rs 2,700 in the corresponding period a year ago.

As on March 31, the company’s consolidated net debt stood at Rs 74,000 crore.

“There is no significant repayment for both domestic and Europe operations and, hence, we do not see need for further refinancing as of now,” said Chatterjee.

The company plans to spend under Rs 10,000 crore in capital expenditure for the current financial year, most of which would be towards sustenance capital of India, southeast Asia as well as European operations. In the year ended March 2016, the company’s capex stood at Rs 11,486 crore with about Rs 3,600 crore spent on the Kalinganagar unit. Tata Steel said it would grow its domestic volumes by five or six per cent in FY17.

On the status of its UK asset sale, Chatterjee said the process is on as some bidders have sought clarification. “No bidder has been short-listed yet and evaluations are on,” he added.

Google’s Paris HQ raided in tax probe

French money authorities have raided the Paris workplaces of US web giant Google as a component of a tax fraud examination.

Reports say in regards to 100 expense authorities entered Google’s workplaces in focal Paris at a young hour in the morning.

Police sources affirmed the strike. Google said: “We comply with French law and are co-operating fully with the authorities to answer their questions.“

Google is blamed for owing €1.6bn ($1.8bn; £1.3bn) in unpaid taxes.

UK deal struck

The duty courses of action of global organizations have gone under close investigation as of late.

A few have been blamed for utilizing lawful strategies to minimize their expense bills.

For Google’s situation, its duty structure permits it to pay charge in the Republic of Ireland, notwithstanding when deals seem to identify with the UK.

In January, it hit an arrangement with UK charge powers to pay an additional £130m in duty for the period from 2005, yet that arrangement was intensely scrutinized.

The UK Public Accounts Committee (PAC) said the £130m settlement “appears to be excessively little“, contrasted and the measure of its UK business.

‘Nation by  Nation’

Europe’s opposition powers have been analyzing whether some arrangements hit by huge organizations with national expense powers add up to illicit state help.

In April, the EU revealed arrangements to drive extensive organizations to unveil more about their expense issues.

They will need to announce openly the amount of assessment they pay in every EU nation and also any exercises completed in particular expense sanctuaries.

The principles on “nation by-nation reporting” would influence multinational firms with more than €750m in sales.

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You can get a private jet with a wraparound sunroof for just $53 million

For those poking around the private jet market but not seeing anything that truly embodies conspicuous luxury, aircraft manufacturer Embraer has the answer: a plane with a wraparound sunroof.

The sunroof wraps around the sides and top of the aircraft, offering amazing views to the surrounding skies. The windows are the size of a typical door on a commercial plane.

Embraer has given the Lineage 1000 aircraft with this feature the “Kyoto Airship,” and the price starts at $53 million.

Jay Beever, Embraer’s vice president of interior design, told Wired that a potential customer of the Kyoto Airship would be a Japanese businessman who prefers to sit on the floor, bathed in sunlight.

Although installing the super-sized windows is a fairly easy procedure — just punch some holes in the plane’s fuselage and then stick some windows in there — the placement can work against the plane’s structural integrity. Beever said this problem is alleviated by the windows’ placement in front of the wings.

However, the large windows will add weight to the plane and hurt fuel economy. But then, if you’re buying a $53 million private jet, is fuel economy your biggest concern? Probably not.

Embraer is experimenting with electrochromic glass to allow tinting and shading of the windows, which could make it possible to completely block out light (for nap time).

If a wraparound sunroof isn’t motivation enough to consider Kyoto Airship, the plane’s 800-square-foot living space comes with a queen-sized bed and two-person shower.

“We’ve proven to ourselves that we can make this,” Beever told Wired. “And when a Lineage customer is ready to order this airplane, we will make it.”

While commercial fliers can seethe and cite world poverty statistics, it’s impossible to deny that it would be pretty cool to fly through the through the skies with a near-panoramic view of the world outside.

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