Grammy award to tribute Steve Jobs

 

SOURCE :Moneylife Digital : December 22, 2011 05:07 PM
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A creative visionary, Mr Jobs’ innovations such as the iPod and its counterpart, the online iTunes store, revolutionized the industry and how music was distributed and purchased,” the organizer of the prestigious award, The Recording Academy, said in a statement

Steve Jobs, co-founder of Apple Inc, will be posthumously honoured by the Grammys with the Trustees Award for 2012, to be held in February, for his contribution in the area of music technology.

The Trustees Award is given to individuals to acknowledge their contributions in non-performance fields.

The organizer of the prestigious award, The Recording Academy, in a statement said, “As former CEO and co-founder of Apple, Steve Jobs helped create products and technology that transformed the way we consume music, TV, movies and books. A creative visionary, Mr Jobs’ innovations such as the iPod and its counterpart, the online iTunes store, revolutionized the industry and how music was distributed and purchased.”

Mr Jobs, who died on 5th October this year after battling with pancreatic cancer, is respected for his innovative products like iPod, iPad and iPhone.

Apple Computer Inc was a recipient of a Technical Grammy Award in 2002 for contributions of outstanding technical significance to the recording field.

“The company continues to lead the way with new technology and in-demand products such as the iPhone and iPad,” the statement added.

Mr Jobs is one of several individuals among the recipients of 2012 Trustee Award. Others include Antonio Carlos Jobim, a Brazilian composer and arranger, Gil Scott-Heron a soul performer, and audio engineer Roger Nichols, will also be honoured posthumously.

The Grammy Awards ceremony will be held on 11th February 2012.

Government may borrow $9.5 billion by pledging property & shares of ITC, L&T and Axis Bank

Source : ET :22 DEC, 2011, 03.23PM IST, AGENCIES 

MUMBAI: Government plans to borrow up to Rs 50,000 crore ($9.5 billion) by pledging property and shares to bridge the budget deficit, Reuters quoted Bloomberg news agency on Thursday, citing unnamed government officials.

Shares in companies such as cigarette-to-hotels groupITC, engineering conglomerate Larsen & Toubro andAxis Bank held by a state-controlled fund could be offered as collateral to raise the cash, Bloomberg said.

The cash will be used by a newly-created fund manager to buy stock in state-run companies and help the government's Rs 40,000 crore divestment programme for the fiscal year that ends in March, it said.

Revenue deficit and gross fiscal deficit of the government in April-September this fiscal were higher than that in the same period last fiscal mainly due to large refunds under direct taxes.

Revenue deficit and gross fiscal deficit of the government in April-September this fiscal were higher than that in the same period last fiscal mainly due to large refunds under direct taxes.

Gross tax collections during the period were reported at 39.6 per cent of Budget Estimates. These were 43.4 per cent lower than that recorded in the year ago period.

In the direct taxes, corporation tax collections showed a moderate growth of 3.4 per cent due to large refunds while personal income tax increased by 17.3 per cent against budgeted growth rates of 21.5 per cent and 16.2 per cent, respectively, for FY-12.

Among the major indirect taxes, collections from customs duty and service tax showed growth rates of 22.5 per cent and 37.5 per cent, respectively, during April-September 2011 as against budgeted growth rates of 15.1 per cent and 18.2 per cent.

Global finance major Citigroup has said the Indian government's fiscal deficit could widen to 5.8 per cent of the GDP in 2011-12 on account of lower tax mop-up, slippage in its PSU divestment programme and the spiralling under-recoveries of oil companies.

The Centre also said it will not be easy to restrict the fiscal deficit to 4.6 per cent in 2011-12 on account of uncertainty on the disinvestment front and a likely increase in subsidies, but maintained that the slippage will be minimal.