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Markets surged today, boosted by government"s big bang tax reform plans and positive cues from the global markets. The government proposed to bring down corporate tax to 25%, and abolish Securities Transaction Tax (STT). Removing levy on the securities is likely to lead to higher volumes as the cost of transactions goes down.
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AI spoils Christmas party, threatens strike

A section of Air India employees owing allegiance to ACEU has threatened to strike work from December 22 to protest the management"s proposed move to withdraw some facilities now available to them from January 1. - No termination of Alliance Airlines" cabin crew: minister - Air India gets award for energy efficiency - Seeking quality managers - Gujarat pharmaceutical companies return home - Air India to meet foreign pilots" hiring agencies to discuss wage cut - AI to meet foreign pilots" hiring agencies to discuss wage cut The strike has been called by the erstwhile Indian Airlines" union, Air Corporation Employees Union (ACEU), Mumbai region. "In accordance with the provisions under the Industrial Disputes Act, 1947, we hereby give you notice that we propose to go on strike from the morning of December 22," the ACEU strike notice to the Air India management served on December 7, said. The union, which claims a representation of 3,000 members across Mumbai, alleged that the management has violated a conciliation agreement signed with its representatives in February 2001. "In the erstwhile Indian Airlines, the existing staff transportation is based on a Memorandum of Settlement, between the management and the labour union. According to this settlement, all existing benefits/obligations and practices/ awards/settlements and agreements shall continue unaffected in matter of the existing staff transport facilities available," the notice said. The management, however, while inviting tenders for staff/cabin crew transportation has deleted some pick-up and drop points in contravention to the settlement conditions, an union source said today. The matter (strike) is expected to come up for a reconciliation meeting with the Regional Labour Commissioner on December 18, the source said. AI corporate communication Executive Director Jitender Bhargava could not be contacted for a response.


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