Uzbekistan, Eritrea to establish diplomatic relations
Uzbekistan and the State of Eritrea signed a Joint Communiqué on the establishment of diplomatic relations through their respective UN Missions....
A lawyer for an Indian unit of German carmaker Volkswagen, said on Monday the country's $1.4 billion tax demand could become a matter of survival for its business in the country, as it continues to contest the order.
The tax notice was slapped on Volkswagen unit Skoda Auto Volkswagen India in September, with Indian authorities claiming the company was using a strategy of breaking down imports of some VW, Skoda and Audi cars into individual parts to pay a lower duty.
The senior advocate representing the unit, Arvind Datar, told the judges that if Volkswagen India were to pay all the claimed taxes and penalties - a total of $2.8 billion - the company, which employs 6,000 people locally, may not be able to survive in India.
"That is the seriousness of the matter... It's a matter of life and death now," he added.
Indian tax authorities have asked the company to pay taxes dating back to 12 years, reigniting concerns of lengthy investigations and litigation that could sour the plans of foreign firms to invest in the fastest-growing major economy.
Indian authorities alleged Skoda Auto Volkswagen India imported almost entire cars in an unassembled condition - which attracts a 30-35% tax - but evaded the levies by mis-classifying them as "individual parts" coming in separate shipments, paying just a 5-15% levy.
The unit went to court last month, arguing the tax demand will hamper its business plans and is detrimental to the foreign investment climate.
Volkswagen is a tiny player in India's car market, the world's third biggest, where its Audi brand lags competitors in the luxury segment like Mercedes-Benz, and BMW (BMWG.DE).
The court will continue hearing the case on Thursday.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Archaeologists have uncovered a 3,500-year-old city in northern Peru that likely served as a key trade hub connecting ancient coastal, Andean, and Amazonian cultures.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
On July 4, Azerbaijani President Ilham Aliyev met with Turkish President Recep Tayyip Erdoğan in Khankendi, reaffirming the deep-rooted alliance between the two nations.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
Turkmenistan has gathered 1.407 million tonnes of wheat, matching its 2025 goal after a round-the-clock harvest on 690,000 hectares that officials say was bolstered by new combines and higher state purchase prices.
Azerbaijan Railways CJSC signed a Memorandum of Understanding with the Chinese company 'Xi'an Free Trade Port Construction and Operation' and has opened its representative office and container terminal in the Xi'an International Port.
The UK and Japan have signed a Memorandum of Cooperation (MoC) aimed at enabling increased UK investment into Japan, further strengthening the economic ties between the two nations.
German inflation eased to 2.0% in June, the federal statistics office said on Thursday, confirming preliminary data.
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