Non ferrous scrap & secondary metals

The latest news from the metal markets to start the day in North America on Friday February 5.

Base metal prices have been drifting away from the highs seen on the London Metal Exchange yesterday, tracking declines in the euro and equity markets overnight. Here's how base metals prices looked shortly after the markets opened in London.   Click here for Friday's rolling price report. Major mining companies... metalbulletin.com/Article/3527276/Non-ferrous-scrap-and-secondary-metals/NORTH-AMERICAN-MORNING-BRIEF-0502-Mining-asset-sales-copper-market-tightens-nickel-premiums-rise.html

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Fire engulfs 700-tonne scrap metal pile in Nechells

The fire, on Aston Church Road in Nechells, was reported at about 17:20 GMT on Saturday.

At its height, eight pumps were sent to tackle the fire, and people living nearby were warned to close windows and doors.

West Midlands Fire Service said crews remained at the scene on Sunday. The cause of the fire is not yet known.  Bbc.com/news/uk-england-birmingham-35516465

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Plan to scrap income tax gets high-level hearing

A presentation made last week for a sub-group of Secretaries set up by Prime Minister Narendra Modi seeks to abolish income tax and over 30 local, State and Central taxes. The proposal from a Pune-based tax research outfit, Arthakranti, advocates replacing the present tax system with a single 2 per cent levy per receipt in bank accounts and recommends that just import duties be retained from the present system.

While the government is pitching for quick passage of the Constitution (122nd Amendment) Bill for the rollout of the Goods and Services Tax, Arthakranti’s proposal envisages a system that does not tax consumption or income, as is the case now, but the “velocity of money”.

“It was clarified by the official who made the presentation that the ‘ground-breaking’ tax reform proposal is not for the consideration of the upcoming budget,” an official source, who attended the meeting, told The Hindu. The “innovative” proposal was aimed at reducing corruption and eliminating the cost of compliance for taxpayers, the source said.

Earlier when yoga guru Ramdev had called for the abolition of income tax, Arthakranti submitted this proposal in the run-up to the 2014 general election to the Highways Minister and former BJP president, Nitin Gadkari. Then, he was heading a BJP committee responsible for preparing its vision document on reforms in police, administration, judiciary, taxation and education. “Even in the U.S., a senator from Hawaii has introduced a private member Bill on a similar concept,” Arthakranti’s Anil Bokil had then told The Hindu.   thehindu.com/news/national/plan-to-scrap-income-tax-gets-highlevel-hearing/article8206478.ece

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