Trump Says His "Nasty" Critic Meghan Markle Will Be "Very Good" Princess

Meghan Markle, the wife of Britain's Prince Harry, will make a "very good" princess, U.S. President Donald Trump said ahead of a state visit to Britain.

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Preferential Trade Status For India Ends On June 5, Says Trump

President Donald Trump said on Friday that the United States would end its preferential trade treatment for India on June 5.

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Modi 2.0 makes Amit Shah the second most powerful man in India

The composition of the council of ministers of the National Democratic Alliance government and the allocation of portfolios bears the imprimatur of Prime Minister Narendra Modi, who has brought in fresh talent on his terms, rewarded performance, and sought to achieve the right political balance without compromising on key target areas.The Prime Minister’s Office (PMO) will be the central driving force and with party president Amit Shah being inducted in the Cabinet, the concentration of power will be firmly with the government, according to people familiar with the ministry-formation process. Nirmala Sitharaman was made finance minister in place of Arun Jaitley, who opted to stay out of the government due to health issues.Just as Modi had prevailed in making Shah, his trusted lieutenant, the Bharatiya Janata Party chief in 2014 despite reservations in some quarters that both the PM and the party chief should not be from the same state, he has now virtually made Shah the next most powerful minister by giving him home ministry.Rajnath Singh, who made way for Shah to become BJP chief in 2014, was moved to the defence ministry. He, however, will officially retain the number two status in the seniority list.Shah has had a brilliant run as BJP president, delivering a string of electoral victories and capping it with the stupendous victory in the Lok Sabha elections.The induction of former foreign secretary S Jaishankar as external affairs minister after Sushma Swaraj bowed out due to health issues conveys that the PM was not bogged down by fear of controversy in making a bold move aimed at shoring up India’s global profile.Modi has rewarded those he considered ‘performing ministers’, such as Nitin Gadkari, Piyush Goyal, Dharmendra Pradhan, Ravi Shankar Prasad, RK Singh and Hardeep Puri by retaining them in their earlier ministries, and giving additional responsibilities to some. This will help maintain continuity in projects being implemented by these departments.PMO to Exercise Strong OversightGadkari’s work in the roads and highways ministry was appreciated even by the Opposition.Pradhan has been put at the helm of the steel ministry this time, in addition to petroleum & natural gas. This ministry is to Odisha what railways has been for Bihar — with even Naveen Patnaik handling it during his short stint in the Atal Bihari Vajpayee government before he became the state’s chief minister. The Ujjwala scheme run by the petroleum ministry under Pradhan proved to be a big vote-catcher for the BJP in the recent Lok Sabha polls.Goyal will continue in railways to oversee completion of projects initiated during the previous government. He has also got the important commerce & industry portfolio, where Suresh Prabhu failed to deliver.The Prime Minister has given chemicals & fertilisers to DV Sadananda Gowda. The ministry was earlier handled by another Karnataka leader, the late Ananth Kumar. The parliamentary affairs ministry has been handed to Pralhad Joshi, another senior leader from Karnataka. Perhaps, the intent is to not just use his parliamentary experience but also reach out to political parties down south — where BJP is not strong — for support in Parliament.Though some of the ministers have reportedly been inducted at the insistence of the Rashtriya Swayamsevak Sangh, they by and large qualify on the basis of their record as well. Since the PMO will exercise strong oversight and all major decisions will bear its stamp, talent deficit in some of the ministers is not likely to be a handicap, sources said.Modi has also dealt with NDA partners on BJP’s terms. The Shiv Sena took up BJP’s offer in terms of the ministries on offer but the JDU did not. That offer, sources said, still stands. However, while forming the council of ministers, Modi dropped Anupriya Patel (Apna Dal), and retained the portfolios of allies.

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Deloitte, KPMG now in IL&FS firing line

Mumbai: The Ministry of Corporate Affairs has authorised its regional unit to initiate proceedings against nine auditors and audit partners including BSR Co. and Deloitte Haskins & Sells (DHS) and bar them after they were charged with colluding with the management of IL&FS Financial Services and fraudulently falsifying its books of accounts.The ministry asked its regional director (western region) to include the auditors in the ongoing proceedings before the National Company Law Tribunal by making them co-respondents and seek interim attachment of their properties.The regional director is authorised to initiate proceedings under section 140 (5) of the Companies Act before NCLT against DHS, BSR, Udayan Sen, Kalpesh Mehta, Sampath Ganesh, Shrenik Baid, Rakesh Jain, Nishit Udani, Anju Rawat, Payal Rathod, AP Shah and AP Shah and Associates “for their role in perpetuating the fraud and seek debarment,” the ministry said in an order dated May 29.The regional director was told to include the auditors in the proceedings under sections 241 and 242 of the Companies Act pending before the NCLT and seek interim attachment of their movable and immovable properties, “including lockers, bank accounts and jointly held properties.”The Serious Fraud Investigation Office, which filed charges against the auditors in the probe into Infrastructure Leasing and Financial Services, has been directed to initiate disciplinary proceedings against them before the Institute of Chartered Accountants of India and the National Financial Reporting Authority.The SFIO filed charges against 30 individuals and entities, including the statutory auditors and audit partners, with fraud under section 447 of the Companies Act and sections pertaining to cheating under the Indian Penal Code.The SFIO alleged that the auditors “connived, colluded with the coterie” to conceal material information and fraudulently falsified the books of accounts and thereby financial statements from FY13-14 to FY17-18. It said they “knowingly did not report the true state of affairs of the company,” particularly the negative net owned funds and the negative capital to risk asset ratio, which resulted in losses for those who invested in its non-convertible debentures.

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Sitharaman has the toughest job in India

Nirmala Sitharaman made history by becoming India’s first full-time woman finance minister, succeeding Arun Jaitley and capping a meteoric rise in the decade since becoming a member of the BJP. Indira Gandhi had previously held the finance portfolio when she was prime minister. Sitharaman, who was defence minister in the previous Narendra Modi government, will also be in charge of corporate affairs, a portfolio she has held before.She was soon reminded of the immediate task awaiting her — official data released on Friday showed GDP growth at a fiveyear low of 6.8% in the year ended March. There is growing concern about plummeting demand, lack of investment recovery and tepid employment generation, accentuated by the liquidity woes afflicting the nonbanking finance companies (NBFC) sector.Sitharaman, 59, has a hectic six weeks ahead of her as she and her staff embark on preparing the first full budget of the new Modi government, to be presented on July 5, which is expected to announce measures to get the economy back on track as well as deliver on poll promises, along with tax cuts indicated in the interim budget. The budget will also be the government’s first big statement of vision, reflecting the scale of its ambitions for the next five years.With GST revenues still stabilising and direct taxes collections remaining subdued, she will need to strike a balance on the fiscal deficit front even as spending pressure rises.At the first Cabinet meeting on Friday, the government announced the extension of the PMKISAN income support scheme to all farmers. Much of industry’s hopes are riding on the minister’s economic agenda — India Inc expects the government to provide some stimulus to address growth concerns.On her first day after taking charge, Sitharaman met all key officials in the ministry before heading for the Cabinet meeting chaired by PM Modi.“After assuming charge, the minister was briefed on key initiatives and policy issues by the secretaries of the different departments of the ministry of finance and corporate affairs, and was apprised of the ongoing issues and forthcoming challenges facing the Indian economy, among others,” a statement said.Sitharaman was also the first full-time woman defence minister. Before that, she was commerce minister and briefly the minister of state for finance. Sitharaman’s inclusion increases representation from the south — she hails from Tamil Nadu — besides making her one of the few women in the higher echelons of this government. She became a member of the BJP in 2008 and was one of its main spokespersons in the runup to the 2009 election.A package of measures has already been readied by various ministries and departments, including the finance ministry, for implementation in the first 100 days of the government. These include steps to rev up private investment, asset monetisation and sales, and easing labour rules.As defence minister, she is credited with expediting the decision-making process relating to procurements. She constituted a Defence Planning Committee to formulate an “action plan” to effectively overcome various security challenges facing the nation, the statement added.Sitharaman met Jaitley before taking charge of the ministry. A Rajya Sabha member, Sitharaman is an economist by training and an alumnus of the Jawaharlal Nehru University and the London School of Economics.The minister of state in the finance ministry, Anurag Thakur, also assumed charge on Friday.

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In Video, Mumbai Idli Vendor Seen Using Toilet Water; Probe Ordered

A video of a Mumbai street food vendor was widely shared on social media, which shows him using tap water from a railway station toilet to prepare food. After the video went viral, the Food and Drug...

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सोनिया या राहुल, कांग्रेस संसदीय दल की बैठक में आज चुना जा सकता है 'नेता'

25 मई को हुई कांग्रेस कार्यसमिति की बैठक के बाद यह पहली आधिकारिक बैठक होगी, जिसमें कांग्रेस अध्यक्ष राहुल गांधी शामिल होंगे। सूत्रों ने बताया कि कांग्रेस संसदीय दल की अध्यक्षता वर्तमान में सोनिया गांधी कर रही हैं।

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रक्षा मंत्री का पद संभालने से पहले वॉर मेमोरियल पहुंचे राजनाथ सिंह, तीनों सेना प्रमुख मौजूद

रक्षा मंत्री राजनाथ सिंह शनिवार सुबह नेशनल वॉर मेमोरियल पहुंचे हैं। यहां उन्होंने शहीदों को श्रद्धांजलि दी। सिंह के साथ सेना प्रमुख जनरल बिपिन रावत, एयर चीफ मार्शल बीएस धनोआ और नौसेना प्रमुख एडमिरल कर्मबीर सिंह भी यहां आए।

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बड़ा फैसला: वायुसेना ने हवाई क्षेत्र पर लगे सभी अस्थायी प्रतिबंध हटाए

पाकिस्तान का हवाई क्षेत्र बंद होने से विमान लंबे रास्तों के जरिए अपने गंतव्य स्थल पर पहुंचते हैं जिसके कारण यात्रा का समय तीन घंटे बढ़ जाता है।

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In PM Modi's New Government, 22 Ministers Face Criminal Cases: Report

Of the 56 ministers who took oath on Thursday and are part of either the Lok Sabha or the Rajya Sabha, 51 are crorepatis and 22 have declared criminal cases against themselves, according to election...

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On Day 1 Of Jaganmohan Reddy Government, Andhra Pradesh Gets New Top Cop

Gautam Sawang, a 1986-batch IPS officer, is the new Director General of Andhra Pradesh Police. He is expected to take regular charge as the state Director General (Vigilance and Enforcement) as well.

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What Lies Ahead With Amit Shah As Home Minister

With BJP chief Amit Shah being appointed as the Union Home Minister, a lot is expected to change as far as matters concerning internal security and centre-state relations are concerned.

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आज दिनभर इन खबरों पर बनी रहेगी नजर, जिनका होगा आप पर असर

अमेरिका के वर्जीनिया में गोलीबारी हो गई है। जानकारी के मुताबिक घटना में 11 लोगों की मौत हो गई है। जबकि 6 लोग घायल हो गए हैं। पुलिस का कहना है कि गोलीबारी की यह घटना वर्जीनिया बीच की एक सरकारी इमारत में हुई है। 

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अस्थाना के खिलाफ जांच लटकाने से कोर्ट खफा, सीबीआई को 4 माह की मोहलत

दिल्ली हाईकोर्ट ने सीबीआई के पूर्व विशेष निदेशक राकेश अस्थाना के मामले की जांच पूरी करने के लिए जांच एजेंसी को चार माह की मोहलत दी है।

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Sushma Swaraj Not In PM Modi's Cabinet, Sits In Audience At Oath

Sushma Swaraj, who was External Affairs minister in the previous government, was seen taking a seat in the audience at Prime Minister Narendra Modi's oath ceremony today, an indication that the...

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11 Dead In Shooting At Government Building In Virginia; Gunman Shot Dead

A longtime municipal employee in Virginia Beach shot and killed 11 people Friday afternoon and injured several others inside a public works building before he was killed in an exchange of gunfire with...

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अमेरिका के वर्जीनिया में गोलीबारी, 11 लोगों की मौत, छह घायल

अमेरिका के वर्जीनिया में गोलीबारी हो गई है। जानकारी के मुताबिक घटना में 11 लोगों की मौत हो गई है। जबकि 6 लोग घायल हो गए हैं।

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Villagers In Assam Kill Leopard, Gouge Its Eyes Out, Chop Off Paws

A leopard was killed this morning by villagers in Assam who also gouged its eyes out and chopped off its paws after the animal critically injured a man in the area.

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आज से मुंबई लोकल में एसी का सफर महंगा, टिकट पांच से 15 रुपये होंगे महंगे

मुंबई की लोकल एसी ट्रेन में एक जून से सफर महंगा हो जाएगा। दिसंबर 2017 में लॉन्च हुई इस ट्रेन के टिकटों पर शुरुआती डिस्काउंट खत्म करने का फैसला रेल मंत्रालय ने किया है।

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Moringa Tea: Fat Loss, BP Control And More Incredible Benefits Of The Drink

Moringa tea is just one drink that this superfood craze has spawned. The tea that is prepared from the leaves of moringa or drumstick tree is now a popular beverage.

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मोदी के आडवाणी बन ही गए शाह, राष्ट्रवादी एजेंडा सुलझाने पर और निखरेगा कद

आखिरकार अमित शाह पीएम  नरेंद्र मोदी के लालकृष्ण आडवाणी बन ही गए। हालांकि इसके लिए शाह को संगठन में अपनी ताकत का लोहा मनवाते हुए इसके लिए 5 साल इंतजार करना पड़ा।

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वायुसेना प्रमुख के घर के बाहर लगी राफेल की प्रतिकृति, मुंह कांग्रेस मुख्यालय की ओर

वायुसेना प्रमुख बीएस धनोआ के घर के बाहर फ्रांस से मिलने वाले राफेल लड़ाकू विमान की प्रतिकृति (रेप्लिका) लगाई गई है।

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पहले 100 दिनों में बड़े आर्थिक सुधारों की घोषणा कर सकती है सरकार

पीएम नरेंद्र मोदी के दूसरे कार्यकाल के शुरुआती 100 दिनों में सरकार बड़े आर्थिक सुधारों की घोषणा कर सकती है ताकि ज्यादा से ज्यादा विदेशी निवेशकों को आकर्षित किया जा सके।

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Top hedge funds bank on India, show little love for China

By Bei Hu, David Ramli and Tom RedmondAnyone looking for evidence that the China-U.S. trade war has chilled investors on Asia’s largest economy need go no further than the picks from some of the world’s top hedge fund managers at this year’s Hong Kong Sohn Conference.Just two picked a China stock, and one was to short it. Blue Orca Capital’s Soren Aandahl questioned Anta Sports Products Ltd.’s accounting and corporate governance, saying its Hong Kong-listed stock may fall as much as 34 per cent. His blistering attack sent Anta down as much as 13 per cent within minutes. It rebounded on Friday, up as much as 6 per cent.Even China specialist Tongshu Wang, the founder of long-short fund WT Asset Management, noticed the lack of China selections.“Today it seems like the China topic is not that hot, and it’s a real challenge,’’ said Wang, who was the second-to-last presenter.Wang did however stand by the opportunities coming out of his country, saying China will be “the best alpha market in the world for the next five to 10 years.” He settled on Pinduoduo Inc. for his pick, because of its growth potential as e-commerce takes off.Instead, the conference was dominated by bullish calls on Japanese oil refiners and Indian banks, and some other savage short bets, including one on Casio Computer Co., which Interlink Asia Pacific Fund Chief Investment Officer Sean Debow said was fading into insignificance as consumers shift to smartwatches.Here’s a selection of other notable calls:No WrinklesRenowned short-seller Gabriel Grego from Quintessential Capital Management had a surprise in store with his long call on Botox maker Allergan Plc. Botox has become a brand-name product like Kleenex, he said, yet Allergan’s shares are at least 50 per cent undervalued on both an absolute basis and compared to peers. Grego said there’s a lot of upside to be had, if only the company’s management would quit.Watch Out CasioInterlink’s Debow launched a stinging attack on Casio, saying the watchmaker is out of time with changing fashions. “If you just have a plain old watch, it’s not going to cut it,” he said. The Japanese company has missed the move to smartwatches and doesn’t have a strong presence on social media where younger consumers shop these days. Casio “haven’t changed for a long time. And I don’t think they can change.” Shareholder reaction Friday was muted, however, with the stock down 0.5 per cent.Ice Ice BabyOasis Management Co.’s Seth Fischer closed the conference by unveiling a new activist campaign in Japan targeting a scandal-hit commercial refrigeration-equipment maker. Hoshizaki Corp. has a “great business” despite its recent difficulties, and its stock is worth at least 52 per cent more, he said. The 2020 Summer Olympics are a growth driver for Hoshizaki because people in the stands will want food and beer, naturally.Bank on IndiaTybourne Capital Management’s Eashwar Krishnan and Flowering Tree Investment’s Rajesh Sachdeva both touted bullish bets on Indian banks, as a growing middle class use more financial services. Krishnan has high hopes for Axis Bank Ltd., backing new CEO Amitabh Chaudhry to lead a transformation from “a reckless, corporate-focused lender to a meticulous, process-driven retail and SME-focused institution.”Sachdeva picked IndusInd Bank Ltd., saying its pending merger with a microfinance company will drive up return on assets.The Good OilJapan’s two major oil refiners got some loving from York Capital Management’s Masahiko Yamaguchi and Asia Research & Capital Management’s Alp Ercil. A series of mergers has seen the two companies snare about 80 per cent of the market, in what Yamaguchi called “basically a government-sanctioned duopoly.” He plumped for JXTG Holdings Inc., saying the shares may gain at least 70 per cent. Ercil picked the other half of the duopoly, Idemitsu Kosan Co., saying the shares may surge more than 50 per cent in the coming year, and lauding the company’s planned dividend and buybacks as among the most generous in Japan.Roger ThatYunqi Capital’s Chris Wang picked a company that’s been squarely impacted by the trade war. Unfairly, he says. Rogers Corp. makes specialty materials for the telecoms and automobile sectors. Its shares can “easily double” in three years on rising demand from the construction of 5G mobile phone networks and technological advances in cars. The Trump administration’s attack on Chinese tech companies isn’t too much of a problem for Rogers: Huawei Technologies Co. and ZTE Corp. each account for less than 10 per cent of its sales.

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Fear to recede, greed take over in next 2 wks: Abhimanyu Sofat

There are three pockets where we are seeing continuous interest from HNI investors and even FIIs, said Abhimanyu Sofat, VP-Research, IIFL, in an interview with ETNOW. The three themes are PSU banks, capital goods and the smallcaps and midcaps.Edited excerpts: What are you telling your clients? Is it time to cash out or time to just ride the good trend?After the election, there are three broader themes that customers are clearly looking at; one is obviously the PSU banks side, where there is a clear thought that liquidity is going to improve going forward. There is also an expectation that because of the Bimal Jalan Committee recommendation, some money could come in and that could be used for the recapitalisation of PSU banks. Second, on the midcap, smallcap side, there were a lot of stocks. Since they have corrected a lot, there is a lot of expectation of rebound there. Third, on the capital goods side, one is clearly seeing a good amount of traction. These are the three pockets where we are seeing continuous interest, especially from HNI investors. From the FIIs side also, one can see a positive bias in the flows that one is seeing in the markets. Add to that, the crude price going down is an icing on the cake for the Indian markets over the last 10 days. Crude is down. Should we start celebrating or realise that the slowdown in crude is largely because of demand constraints?For a country like India, it helps even if it is because of a slowdown in demand. We are oil importers and with the kind of constraint that we are seeing on the fiscal front, when the crude prices go to higher levels, like for example, $100 in 2009-10, Pranab Mukherjee had to come out with a stimulus that hurt the economy a lot. So from that perspective, even if some amount of slowdown occurs, net-net, it is positive for India. I do not at all see that as a big negative unless crude price goes to $25 which is unlikely. That is likely to happen only when you see a real slowdown happening in the global economy. From my perspective, if the crude price stays at the current level that is still good. See there is some amount of inflation which is always required in the economy. For India if you need a nominal GDP growth of between 13% and 16%, so that there are some amount of corporate earnings, a decent amount of crude is always good but if it is very high, then also it affects negatively.At the current price, things look quite sanguine to us. A lot of companies within India are facing challenges because of higher commodity prices. Once you see this fall, ultimately impacting the prices of raw material, they can easily pass it on stimulating demand for the domestic market. What is your best idea from the midcap space? Where is a six-eight month positioning warranted?Gujarat Gas is one of the stocks which going forward could see significant improvement in terms of earnings. In Morbi, there has been an order by the National Green Tribunal and as a result of that everyone is shifting to gas from other conventional fuels and as a result of that, we clearly see that the volumes from Morbi doubling for Gujarat Gas. For that reason, we believe that the stock should do pretty well going forward irrespective of what happens on the market, they have a clear advantage over other companies like GAIL in Morbi and for that reason this is one stock one can buy for the next six months and it is a high conviction pick from our side. What would be your strategy within the financials?When you have banks like ICICI Bank, Axis Bank and SBI, those would be the favourites in terms of going forward, in terms of what takes this rally up within the space. However, one can look at some of the smaller banks like Federal Bank which came out with very good set of numbers. On the PSU side, BoB is likely to do pretty well over the next couple of quarters, as we see a significant reduction in slippages. Going forward, a lot of the issues with regard to funding, growth capital required for the PSU banks would be taken care of at least partly by the government because that is one major overhang. The cost of income ratio of most of the PSU banks is coming down. Going forward, clearly with the mergers within the PSU banks, you can clearly see structurally the opex per branch coming down for most of the banks and that could add significantly to the ROA of these banks going forward. I feel that financials is the right one to look at if you want to go on the non-banking space. Clearly, the macro finance companies or even the gold loan companies will continue to lead the rally going forward within the space.Do you believe that all the positives are already in the price on a headline index level and may be now time has come to shift focus to hunting within mid and small caps?Just four days back, we had an investor event where I asked around 80 people if they believed that the market could go up 15% from current levels over next one year and not even 1% was ready to put his hand up. So, there is this still a little bit of concern among retail investors whose hands have clearly been burnt in the last couple of quarters.There is some positivity but that is largely happening on more of the HNI money which has started to come in. Going forward, we see recovery in some of the stocks, like we have seen in last one week. Most of the midcap, smallcap stocks are up 7% to 10%. Going forward, we do see that the fear would come down and greed would probably take over in the next couple of weeks.

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TCS revenue from Tata firms grows over 13% in FY19

BENGALURU: Tata Consultancy Services’ revenue from other Tata companies grew more than 13% in FY19 to nearly Rs 2,600 crore, as the Mumbai-based software services exporter doubles down on capturing more IT spending by group entities.Companies typically spend 1-2% of total revenue on information technology, making the $100 billion Tata Group a significant source of business for IT companies in India.When Tata Group chairman N Chandrasekaran led TCS, he had put in place a strategy to gain a significant portion of the group’s IT spending.In FY19, TCS earned Rs 27 crore in revenue from Tata Sons, Rs 298 crore from subsidiaries of Tata Sons and Rs 2,241 crore from affiliates and joint ventures of Tata Sons and its subsidiaries.In FY18, revenue from group companies stood at Rs 2,266 crore, according to TCS’ annual report.In rupee terms, TCS' FY19 revenue grew about 19%.As IT firms look to the private sector for growth in India, TCS has made strong headway in the market, analysts say. 69590410 “They are the preferred candidate for the Tata Group. Under Chandra, the group is increasing its technology focus and TCS will be first in line to benefit,” an analyst with a Mumbai-headquartered company said.TCS, with its experience in retail and manufacturing, was capitalizing on the group’s plans to spend in those areas, he said.For instance, the group plans to increase presence in the ecommerce sector, with Chandrasekaran telling ET earlier that it was registering a new company for online retailing.TCS had helped build the group’s current ecommerce platform, Tata Cliq.Tata Sons is also tapping TCS’ talent to drive its digital push.ET reported earlier that Pratik Pal, who headed TCS’ $3.4 billion retail business, moved to Tata Sons to head its overall digital play.Sarthak Banerjee, who was previously global head of strategic automation and AI consulting at TCS, has moved as vice president of group digital in May, his profile on professional networking site LinkedIn showed.

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With new hiring, Bengaluru to engineer global Goldman

BENGALURU: Goldman Sachs is planning to increase India engineering headcount in Bengaluru, as the multinational investment bank looks to make the country a major hub for clients globally.Goldman, which set up offices here in 2004 with about 290 employees, now has more than 5,000 people. “We have grown by 24% year on year, and increased our campus hiring by 20% in the last five years. Lateral hiring has increased by 30%,” said Gunjan Samtani, head of Goldman Sachs Services India. “Our hiring trajectory is more aligned with the (business) growth.”The company has invested $250 million to develop a new 10.5-acre hub, its third largest in the world. The company’s headcount includes 2,500 engineers and it is expected to add more at the 7,300-seater Bengaluru innovation hub. Goldman Sachs is also consolidating all employees from various locations in the city to its sprawling 1.2 million square-foot hub.The investment bank has seen significant technology value-addition from Bengaluru during the past one-and-a-half decades, and software solutions developed in the city have been used in many business verticals. It has also undertaken automation of key services such as client onboarding, the company said.“Client onboarding is a very cumbersome process. We have now achieved nimbler ways to onboard clients,” Samtani said.“In Bengaluru, our engineers are embedded in each of our businesses, whether it is securities business, investment banking, asset management, investment research or compliance,” he said.Bengaluru has become an innovation centre for the company, not just in engineering but also in transforming its businesses through automation and digitisation, through re-engineering its business processes.The company also has dedicated teams for platform development in India and has started work on sophisticated functions, adding more value.“The sophistication and the maturity of the functions that we now have built in Bengaluru are providing the firm true transformation across our businesses,” Samtani pointed out.

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आशा भोसले ने स्मृति ईरानी का जताया एहसान, शपथ ग्रहण समारोह की भीड़ में फंसने पर ऐसे की मदद

राष्ट्रपति भवन में पीएम नरेंद्र मोदी का शपथ ग्रहण समारोह का भव्य आयोजन हुआ। जिसमें राजनीति के अलावा दूसरे क्षेत्रों के करीब 8 हजार लोगों ने हिस्सा लिया। शपथ ग्रहण समारोह में बॉलीवुड की कई बड़ी हस्तियां न जर आईं।

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North Korea "Executed" Envoy, 4 Others After Failed Trump Summit: Report

North Korea executed its special envoy to the United States following the collapse of the second summit between leader Kim Jong Un and President Donald Trump, a South Korean newspaper reported Friday.

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PM Modi's New Cabinet To Meet This Evening, Suspense Over Portfolios

A day after Prime Minister Narendra Modi was sworn in for the second time in a glittering ceremony at the Rashtrapati Bhavan, the focus is on the announcement of ministries assigned to the 57 members...

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Suhana Khan's New Look From Family Wedding Has The Internet Smitten

Suhana Khan looked spectacular in an olive green saree

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Indians Defend Pak Skipper For Wearing Traditional Outfit To Meet Queen

While all the other captains were dressed in formal suits, Pakistan captain Sarfaraz Ahmed wore a traditional outfit to meet Queen Elizabeth and other members of the Royal family.

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Redmi Note 7S to Go on Open Sale in India From Tonight via Flipkart, Mi.com

Redmi Note 7S open sale starts at 12:01am on May 31, via Flipkart and Mi.com. It will also be made available via Mi Home stores on Friday.

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Andhra Top Cop Shunted Out As Jagan Reddy Takes Charge As Chief Minister

On his first day in office as Andhra Pradesh Chief Minister, Y S Jaganmohan Reddy Thursday night shunted out state Director General of Police R P Thakur, very much on expected lines.

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When Will I Get Home?: Rishi Kapoor After 8 Months Of Cancer Treatment

Rishi Kapoor left for the US in September 2018

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Close Shave As Plane Lands Just Two Seconds Before Another Takes Off

An aviation accident was averted when two airplanes missed each other on the runway in a space of just two seconds.

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Out Of Cabinet, Rajyavardhan Rathore May Get A Role In Rajasthan BJP

Rajyavardhan Rathore is among the ministers of Prime Minister Narendra Modi's previous government who were not given a place in the new cabinet.Mr Rathore a BJP parliamentarian from Rajasthan, won a...

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End Of Preferential Trade Status For India "Done Deal": US Official

A US decision to evict India from a key trade pact is a "done deal," an official said Thursday, despite Washington's desire for close relations with re-elected Prime Minister Narendra Modi.

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"She Cares, That's Why She Won": Asha Bhonsle Compliments Smriti Irani

Veteran singer Asha Bhonsle on Thursday praised BJP leader Smriti Irani, newly elected lawmaker from Uttar Pradesh's Amethi, in a tweet and said she won because "she cares".

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Watch: Ben Stokes Takes Spectacular Catch In World Cup Opener

Ben Stokes, back-pedalling and diving, held a brilliant one-handed catch in the deep to dismiss Andile Phehlukwayo.

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JPMorgan Chase Settles With Dad Who Demanded Equal Parental Leave For Men

Before the birth of his second son, Derek Rotondo decided he wanted to spend more time at home - both to bond with the newborn and to more evenly split up the caregiving with his wife.

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Mumbai Dance Group's Performance Stuns 'America's Got Talent' Judges

Just days after The Kings won 'World Of Dance', another dance group called V.Unbeatable from Mumbai got a standing ovation from the judges of the reality show 'America's Got Talent'.

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Abu Dhabi Tower Lights Up In Celebration Of PM Modi Swearing-In

The facade of the iconic ADNOC Group Tower in Abu Dhabi was lit with the flags of India and the UAE and portraits of Prime Minister Narendra Modi and Abu Dhabi Crown Prince Mohammed bin Zayed Al...

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As PM Modi Begins New Term, Why Tamil Nadu Has No Representative

Prime Minister Narendra Modi's 58-member Council of Ministers has no representative from its Tamil Nadu ally AIADMK, which won one seat in the Lok Sabha polls. Many say the party missed the bus...

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"You Brought In Emotions": Why Twitter Will Miss 'Minister' Sushma Swaraj

Hundreds of people wished and thanked Sushma Swaraj on Twitter, after it became clear on Thursday that she is sitting out of Prime Minister Narendra Modi's new government. She served as the Foreign...

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Fed Up Of Abuse, Woman Kills Husband, Walks To Cops With Severed Head

The mother of five - two sons and three daughters - allegedly attacked her husband with a machete and walked nearly five kilometres to the nearest police station carrying his severed head in a plastic...

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Sensex, Nifty Resume Record Breaking Rally After A Day's Break

The S&P BSE Sensex and NSE Nifty 50 Indexes resumed their record breaking spree after a day's pause in the previous session.

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US introduces legislation to protect H-4 visa workers

WASHINGTON: Two influential US lawmakers have introduced a legislation in the House of Representatives to protect work authorisation of H-4 visa workers, mostly spouses of Indian professionals having H-1B visas.The introduction of such a legislation by the two lawmakers from California comes days after the Department of Homeland Security (DHS) said that it would publish this month the long-promised regulation that would prevent the work authorisation to spouses on H-4 visas.H-4 visas are issued to the spouses of H-1B visa holders, a significantly large number of whom are high-skilled professionals from India.This week, the Trump administration announced plans to overturn current the DHS regulations that allow certain H-4 dependent spouses of H-1B visa holders who are stuck in Green Card backlogs to obtain employment authorisation, pursue their own professional goals and contribute to the US economy, said the lawmakers Anna G Eshoo and Zoe Lofgren.Many H-4 visa holders are highly skilled professionals, and the DHS previously extended eligibility for employment authorisation to them recognising the economic burdens of families of many H-1B workers, particularly those who live in high cost areas like Silicon Valley on a single income as they await green card approvals, they said.Since the rule was implemented, over 100,000 workers, mainly women, have received employment authorisation, and the H-4 Employment Protection Act prohibits the Trump administration from revoking this important rule."H-4 visa holders deserve a chance to contribute to their local economies and provide for their families," Eshoo said."This is a matter of economic fairness and this legislation ensures it will continue," she added.H-4 visa holders had obtained work permits under a special order issued by the previous Obama administration. Indian-Americans were a major beneficiary of this provision. More than one lakh H-4 visa holders have been beneficiary of this rule."While the Trump administration sits on its hands and does nothing, American citizens in-waiting are stuck in line for their number to come up," Lofgren said."Nobody benefits from this system, least of all the American economy, when H-1B dependent spouses are prohibited from working. Many of these are accomplished and qualified individuals whose skills we'll lose to other countries unless the Administration finds a more sensible approach to immigration," she said.Last November, Eshoo and Lofgren originally introduced the H-4 Employment Protection Act.In March 2018, Eshoo and Lofgren led 13 Members of Congress in writing to DHS Secretary Kirstjen Nielsen, urging her to reconsider DHS's proposal to revoke eligibility for employment authorisation to H-4 dependent spouses.A 2015 rule issued by the Obama administration allows work permits for spouses who otherwise could not be employed while H-1B visa holders seek permanent resident status, a process that can take a decade or longer.The H-1B programme offers temporary US visas that allow companies to hire highly skilled foreign professionals working in areas with shortages of qualified American workers.Since taking office, the Trump administration has been talking about cracking down on the H- 1B visa scheme.During his election campaign, President Trump promised to increase oversight of our H-1B and L-1 visa programmes to prevent its abuse.

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Fully prepared to meet any impact of RBI and NHB guidelines

In the second half of the year, we were able to pass on the interest rate to the customers by increasing the lending rates slightly. That led to the improvement in margins, said Yashpal Gupta, MD & CEO, Repco Home Finance, in an interview with ETNOW.Edited excerpts:Your company reported a strong profit of 58%, however, your NII was just 2.5%. What led to a strong profit but slow NII growth? On the profit front, we have done very well. In fact, on year-on-year also, we have grown 17%, Q4 to Q4 we grew by 58%. The NII, of course, was under pressure because of heavy competition from other players, especially during the first part of the year from the banks. We had to reduce the rate but as the second half came in, the competition reduced because of the problems being faced by the other competitors. Plus, we were able to pass on the increase in interest rate. The NII basically reduced because of the competition from the banks as cost of funds were lower. But we still maintain good profitability by maintaining lower reserve provision for the NPAs by reducing the NPA or maintaining at the same level. The second thing is, we have shifted during the year from the Indian GAAP standards to IFRS, the IndAS and that has also had an impact on provisioning. But I would say, considering what the market was going through in terms of liquidity position and overall NBFC sector facing the problem and transition to IndAS plus the last quarter, there was some slowness in the market due to elections. Despite all that, 17% growth year on year in profitability is quite good. What about margins because they also have improved about 10 bps sequentially? What led to the improvement despite the liquidity issues? What is the outlook on margins and how do you see a borrowing mix change for FY20?In the second half of the year, we were able to pass on the interest rate to the customers by increasing the lending rates slightly. That led to the improvement in margins. In fact, if we look at the new business, the margins are 15 to 10 bps higher than what is there in Q3. That led to the increase in margin and we are hopeful of maintaining 3% plus margin in the financial year 19-20 also. As far as the borrowing mix is concerned, we are quite dependent on the banks and even though the NBFC sector as a whole is facing problems, the banks are quite comfortable with us. During Q4, we also got sanctions from NHB for refinance, of which we do Rs 300 crore. But considering that the bond market is not so good at this point of time, we do not see any change in the borrowing mix. At least for the current year, we will rely on the bank borrowing and in refinance. What kind of loan growth are you targeting for FY20? Which are some of the regions that you will be focussing on as well for growth?The overall growth that we are targeting for the current year, that is net book growth, is about 14% to 15%. The Tamil Nadu market has been quite low during the last two years. In fact, last year also, the Tamil Nadu growth was only 6%, whereas rest of India grew by 22%. Rest of India means where we are present in other parts of southern India like Karnataka, Andhra Pradesh, Telangana and parts of western India like Maharashtra and Gujarat. These are the areas we will be targeting. Plus, we have opened in the last quarter of the financial year, a few branches in Rajasthan and also in Madhya Pradesh. We expect to grow in those areas also. But Tamil Nadu continues to be our biggest market because they have 56% share. The growth rate is expected to remain muted. Overall we are targeting 14% to 15% growth rate. In real estate sector, are you seeing rising risks of NPAs especially in your LAP book when it comes to FY20?Yes, there are risks in the real estate sector but we expect that with the new government coming in and RBI reducing the rate of interest, the banks have so far not transmitted the cut. If this cut is transmitted and we hope that it happens, we expect Government of India to move ahead with full reforms but yes the real estate sector is facing challenges. As far as the NPAs on the LAP book is concerned, as per our business model, we do not finance SMEs or the companies. Our borrowers are individuals. They may be owners of SME companies. They may be owners of private limited companies but they are borrowing on their individual capacity.We do not see there will be surge in the NPA, in fact we expect in the current year NPA levels should go down actually.What kind of disbursement trends are you seeing in the Tamil Nadu market and what really is the outlook going forward of the kind of growth that you foresee in the state?As I told you, Tamil Nadu continues to remain muted even now. The growth rate is very low, at about 6%. This year also we are not expecting more than 10% growth rate because of the other problems. But we expect to grow higher in other parts of southern and western India. Tamil Nadu remains a challenge for us.You talked about the LAP book. What about the GNPA ratio? Also, what is the outlook going forward on the home loan book side?On the LAP book, the GNPAs are about 5%, the housing loan book is about 1.8%. Overall, it is 2.95% as in March and going forward, we expect to maintain or actually reduce. We have given the guidance of about 2% for the next financial year by the end of March 2020. But what I want to clarify to you is that unlike the banks, our NPAs are because they are individual customers even after becoming NPAs. More than 60% of the NPA accounts continue to pay one instalment or two instalments intermittently. Of course, because the NPA definition is a water tight compartment of 90 days, they are not able to come down to below 90 days to be classified as standard. But still they continue to pay. In fact, in the last financial year, 60% of our NPAs paid some instalments. While NPA is a concern but fortunately for us, it is not having that big an impact on our P&L as because our ROE is still close to 18%, our ROA is about 2.2% for the entire year which is one of the highest in the industry. While NPAs is an area of concern, in terms of profitability they are not affected much. On the liquidity front also, while many NBFCs and HFCs are facing problems, we have no problem, we have met all our repayments on time. In fact, as of March, we have Rs 1,100 crore of undisbursed sanctions and about Rs 3,000 crore of fresh sanctions lined up in the next few quarters. So, I would say on those fronts, we are doing reasonably well.RBI has come out with liquidity related norms for NBFC as well. Generally, NHB tends to issue a separate notification. Do you see any impact of this?Yesterday, NHB has issued a notification for all the HFCs to appoint a chief risk officer, that we will appoint shortly. The second part as far as liquidity coverage ratio is concerned, so far NHB has not issued any circular to the best of my knowledge. But if it is issued, I have seen the RBI circular and I definitely feel that the NBFCs and HFCs have to maintain liquidity coverage ratio. But when I go through the details, there are some aspects which are probably not relevant to NBFCs and HFCs. To that extent, they have gone along with what they are doing for banks. For example, they have put a dynamic ratio that you have to monitor on a daily basis. Unlike banks, which have large CASA deposits and working capital lending where the asset liability mismatch changes on a daily basis for NBFCs and HFCs, it does not change on a daily basis. So, daily monitoring will be probably a tedious task. The second thing they have said is that you have to invest in either government securities or keep cash. If we invest in even bank deposits, there will be a haircut of 20%. Now NBFCs and HFCs keep money with the banks only. While I agree that theoretically banks do not have a sovereign risk, they have a higher risk than sovereign risk but probably there RBI can give some relaxation. The third part is that in our business model particularly, there is a contractual maturity and there is actual maturity. For example, in our company last year, our normal repayments were only Rs 700 crore of loans but prepayments were close to Rs 1,000 crore. In the calculation of liquidity coverage ratio, should we take the actual repayments or should we take the behavioural repayments? I think we need to have clarity on this but overall I still feel for our company, the impact will not be much because we have done some back-of-the-envelope calculation that we need to maintain about Rs 250 crore on an average basis throughout the year, Now Rs 250 crore, even if we lose our 3-4%, works out to only Rs 10 crore per annum which if we take after tax will be Rs 7 crore of loss or reduced profit. That is only 0.5% of the equity base and so the effect will not be large in terms of financial numbers.But yes, in terms of putting in place systems and procedures for somebody to monitor it on a daily basis, setting up a full-fledged treasury department etc, costs will be high. We hope that when NHB comes out with the guidelines, they will keep this thing into account but as far as the impact is concerned, we are fully prepared.

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New Ministers Including First-Timers: See List Here

Prime Minister Narendra Modi's new cabinet will have at least six first-time ministers. The names emerged hours before PM Modi and his team of ministers will take oath after the BJP's resounding...

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Mahindra's EV sales rise over 2.5 times in FY19

NEW DELHI: Homegrown auto major Mahindra & Mahindra's electric vehicle (EV) sales grew over two-and-a-half times to 10,276 units in 2018-19, riding on the second phase of orders for electric cars from state-owned EESL.The company, which sells a range of electric vehicles such as sedan e-Verito, van e-Supro, compact car e2o and three-wheeler Treo, had sold 4,026 units in 2017-18, M&M said in an investor presentation.EESL's phase-II order led to the volume growth, and the deliveries will continue in 2019-20, it said.M&M along with rival Tata Motors had bagged orders from Energy Efficiency Services Ltd (EESL), which had floated tenders for supply of 10,000 electric sedans for usage by government departments.In the first phase of the order, EESL had taken deliveries of 500 electric cars; out of which, M&M supplied 150 and the rest by Tata Motors.M&M said the FAME-II incentives will benefit its EV portfolio and the Treo and e-Supro cargo has already qualified for the benefits under the scheme.Under the government's Rs 10,000-crore FAME-II to encourage adoption of electric and hybrid vehicles, five lakh e-rickshaws having an ex-factory price of up to Rs 5 lakh will get an incentive of Rs 50,000 each.It also offers an incentive of Rs 1.5 lakh each to 35,000 electric four-wheelers with an ex-factory price of up to Rs 15 lakh, and an incentive of Rs 13,000 each to 20,000 strong hybrid four-wheelers with an ex-factory price of up to Rs 15 lakh.In November last year, the company had launched its first lithium-ion electric three-wheeler range Treo and Treo Yaari to add to its fledgling EV portfolio.In its investor presentation, M&M said with the "proposed policy change to allow only EV 3W sales from 2025, TREO with best-in-class technology will lead this segment".It also plans to take Treo pan-India going forward.The company further said it has signed a memorandum of understanding with TWU (Three Wheels United), a social enterprise providing affordable financing for autorickshaw drivers and Smart E for supplying 1,000 units each of Treo in the coming year.With an aim to push its EV venture, M&M in November 2018 had opened its electric technology manufacturing hub, set up with an investment of Rs 100 crore in Bengaluru.With the new facility, its manufacturing capacity for EVs would go up to 25,000 units per annum.

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How to Watch ICC Cricket World Cup 2019 Live Online Around the World

Watch a live stream and live score of the ICC Cricket World Cup 2019 in India, Pakistan, Bangladesh, Sri Lanka, South Africa, Australia, New Zealand, West Indies, England, the US and other parts of...

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Why #Pray_For_Nesamani Is Trending And The Memes It Has Inspired

The hashtag #Pray_For_Nesamani began to trend on Wednesday, and has topped the trends list on Twitter all through this morning. But who is Nesamani? And why is everyone, including celebrities,...

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WC 2019, England vs South Africa : When And Where To Watch Live Telecast

England and South Africa both have never won the ODI World Cup and would want to etch their names in the history by lifting the trophy for the first time.

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Jagan Reddy To Skip PM Modi's Oath, Will Play Host To KCR, Stalin Instead

Jagan Mohan Reddy to skip PM Narendra Modi's swearing-in this evening. He took oath as Andhra Pradesh Chief Minister today

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World Cup 2019 Live: South Africa Win Toss, Opt To Bowl vs England

Live Cricket Score 2019 World Cup, ENG vs SA, ICC Cricket Live Score: England and South Africa have never won a World Cup trophy.

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LIVE World Cup 2019: दक्षिण अफ्रीका ने जीता टॉस, इंग्लैंड की पहले बल्लेबाजी

विश्व कप का पहला मुकाबला गुरूवार को मेजबान इंग्लैंड और दक्षिण अफ्रीका के बीच लंदन के ओवल मैदान पर खेला जाएगा।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/30Tg4s7

पायल तड़वी की हुई थी हत्या? पोस्टमार्टम रिपोर्ट में शरीर और गर्दन पर मिले चोट के निशान

पीड़िता के वकील नितिन सतपुटे ने अदालत में कहा, 'उसकी मौत की परिस्थिति और शरीर पर मिले चोट के निशान से हम यह कह सकते हैं कि यह हत्या का मामला है आत्महत्या का नहीं।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2Weq5l3

शपथ ग्रहण समारोह में स्मृति ईरानी पर रहेंगी सबकी निगाहें, कैबिनेट में मिलेगी बड़ी जिम्मेदारी

ईरानी ने 2014 में भी राहुल गांधी के खिलाफ चुनाव लड़ा था, लेकिन वह हार गई थी। कांग्रेस पार्टी को एग्जिट पोल आने के दिन तक यह आभास नहीं था कि स्मृति ईरानी अमेठी से जीत भी सकती हैं।

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यूपी: घर में घुसकर नाबालिग किशोरी को जिंदा जलाया, हालत गंभीर

यूपी के मेरठ में एक नाबालिग किशोरी को घर में घुसकर जिंदा जलाने का सनसनीखेज मामला सामने आया हैी। किशोरी की हालत गंभीर बताई गई है, उसे दिल्ली रेफर कर दिया गया है-

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2wu4N3k

Yashwant Sinha's Advice For Rahul Gandhi As Congress Battles Crisis

In a message posted on Twitter, Yashwant Sinha, who held the Finance and External Affairs portfolios in Prime Minister Atal Bihari Vajpayee's cabinet between 1998 and 2004, also suggested the Congress...

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Inside SBI's game plan to cash in on India's shadow banking crisis

by Suvashree GhoshIndia’s largest lender is hoping to capitalize on the country’s shadow banking crisis by building its mortgage and small business loan book as the non-banks are forced to pull back.State Bank of India, which is slowly emerging from a period of massive provisioning on loans to large corporates like Essar Steel India Ltd., sees opportunities in taking business from the shadow banks without creating new asset quality problems, according to Chairman Rajnish Kumar.“We are not shying away from any business but that does not in any manner mean that we are going to dilute our underwriting standard,” Kumar said in an interview. "And I believe there is sufficient business that meets our underwriting standards."India’s shadow lenders have been under pressure since last year, when a series of defaults by Infrastructure Leasing & Financial Services forced the government to intervene and exposed weaknesses in the sector. The crisis has forced non-banking financial companies to sell assets and restrict new loans, giving state-owned lenders an opportunity to claw back market share they have lost over the past decade. 69571715 Kumar said SBI’s strong capital gives it the leeway to seek more mortgages and small business loans, which had been a focus for the NBFCs before the crisis erupted. That should help the bank attain its target of 11% loan growth for the year to March 2020, Kumar said, slightly lower than the 12% growth of the previous fiscal year.Privately-owned banks are also showing greater caution, providing another opportunity for SBI, Kumar said. “In a situation where many private sector banks have become very, very cautious, it has opened up lot of headroom available for corporate credit growth for the bank,” he said.Home loans and other consumer lending accounted for Rs 6,48,000 crore ($93 billion), or 32.5%, of SBI’s total domestic lending as of March 31. Advances to companies in India accounted for another 43% of the book, while SME lending was 14.5%.Government MeasuresDespite seeing opportunities in the problems faced by shadow lenders, Kumar said the government needs to take steps -- such as providing partial credit guarantees to the NBFCs -- to prevent wider damage to the economy. The loans provided by India’s shadow banks can’t fully be substituted by the regular banks, he said.SBI had outstanding loans to NBFCs of Rs 1,87,000 crore at the end of March, the majority of which were backed or owned by the central and state governments or by large private sector institutions.“We recognize that NBFCs were a good conduit for credit growth, and incremental lending has slowed down,” Kumar said. The banks are unlikely to resume lending to weak NBFCs unless the government provides backstop measures such as partial guarantees, he said.If SBI or other banks are required to provide such loans “then probably lenders will be looking for some comfort from the government,” Kumar said.

from Economic Times http://bit.ly/2YUcEDB
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Modi 2.0 to raise UDAN budget for common man

Prime Minister-elect Narendra Modi, who will be sworn in on Thursday for a second term in office, is set to give wings to the dream of millions by raising the budget for UDAN (Ude Desh ka Aam Nagrik) substantially for the next 10 years.The Civil Aviation Ministry has prepared the proposal seeking additional funds for the Centre's flagship scheme."The additional fund requirement is to bridge the deficit expected in executing the UDAN scheme. It is being submitted for approval of the competent authority," an official told IANS.Assuming that operations begin on all the routes where a contract has been awarded for providing regional connectivity, the available funds would not be enough.An Airports Authority of India (AAI) team implementing the UDAN scheme has estimated the total subsidy of about Rs 1,800-2,000 crore annually if all 688 routes awarded so far become operational.The government has promised to make air travel affordable for the common man and provide subsidy lowering tax rates, waiver of airport charges and other concessions to airlines for cheaper air tickets.The ticket price has been capped at Rs 2,500 on RCS routes connecting smaller towns.In the first round of UDAN bidding, the government in March 2017 awarded 128 routes to five airlines for 43 un-served destinations.As many as 325 routes were awarded to 15 select airline operators in January 2018 under RCS-2.The Civil Aviation Ministry in January awarded 235 routes comprising 189 routes under the RCS and 46 tourism routes across 29 states in the country to airlines under the third phase of the scheme."These are initial years. Any scheme takes time. Once the fleet expansion of airlines like IndiGo and SpiceJet takes place, I think a lot more action would be happening on regional routes," said Rajan Mehra, CEO of Club One Air and former India head of Qatar Airways.

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Mid & smallcap funds poised to deliver, but set your horizon first

NEW DELHI: A clear political mandate for NDA has infused positive sentiment in the domestic equity market, as investors sitting on the sidelines in the runup to the election are now entering the market to put fresh bets in anticipation of policy measures that can revive growth.While the market looks ripe for investors to take a plunge, analysts say this is the time when one should follow a prudent approach to maximise gains, as valuations are steep now.Nifty trades at a price to earnings (PE) ratio of 29.44, against 20.39 in May 2014, when Modi came to power at the Centre for the first time.Fund managers are almost unanimous in their views that this is the perfect time to start looking at midcap and smallcap funds, as the new government is likely to come up with a set of strong policy measures to reignite growth. The key is: one should have a defined allocation to midcaps and smallcaps. "To optimise returns, investors should have a defined allocation to midcaps and smallcaps, as it sometimes gets extremely difficult for investors even with a very strong stomach to withstand a carnage," Dhirendra Kumar, CEO, Value Research, told ETNOW in an interview. Midcap and smallcap funds have not done well in last two to three years amid bearish sentiment in the market due to the US-China trade tension, the slowdown in the economy and uncertainty ahead of general election, which forced investors to take shelter in safer bets. “In last two years, everybody was relatively bearish. Even the money that was going into equities because of asset allocation was going to safer options, the largecaps. Even among the largecaps, money flow had happened only to a few stocks,” said Jharna Agarwal, Head of Products at Anand Rathi. So, what has changed now? Certainly, a clear mandate for the NDA has raised hopes that the government will focus on economic revival. “It is not that things will change in six months. With a strong government at the Centre, a lot of economic activities are going to start happening,” Agarwal said.There was a sort of stagnation in infrastructure projects in last 1-2 years due to the liquidity crisis and policy bottlenecks, which is likely to change. Infrastructure projects should kickstart and measures that can ensure liquidity in the system would augur well for midcap and smallcap firms.Agarwal expects order flow to start coming to midcap companies, which are essentially suppliers to largecap firms. Clearly, the sector is looking bright. But Agarwal emphasised that she would not recommend anyone to go for midcap and smallcap funds if they have an investment horizon of less of four years. “In two years, we expect these funds in general to outperform largecaps by on an average 2-3 per cent," she said.Pankaj Tibrewal, Equity Portfolio Manager and Senior VP, Kotak Mutual Fund, said clarity on the political front is manna from heaven for midcap and smallcap funds."After the strong underperformance of midcaps and smallcaps compared with Nifty50, a clear political mandate is a source of comfort on a stable government and policy predictability. This segment should do well going forward," Tibrewal said.He cites a historical trend, saying whenever midcaps and smallcaps underperformed by more than 15 per cent, the next 12-18 months have always been generally strong for these stocks.Tibrewal expects the discount in midcap and smallcap indices compared with the largecaps to narrow down in 1-2 years. "The discount as of now is at a historical extreme. We believe this discount of midcaps and smallcaps against largecaps should narrow in next 12-18 months," he said. However, a lot depends on the revival of the economy which can give momentum to many companies and sectors. "The environment is still very fragile; the NBFC crisis is still not over completely. We have a slowdown in consumption. So the rally will not be as broad as we saw in calendar 2017. Yet, bottom-up stock picking will be rewarded," he said.In last two-three years, reforms like GST, demonetisation and IBC in a way weeded out weaker companies. In every sector, leaders are emerging stronger and stronger. If growth revives, we will see strong momentum in many companies across sectors,” Tibrewal added.

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China's rare earth supplies vital bargaining chip in US trade war?

WASHINGTON: Rare earth elements are used in a wide range of consumer products, from iPhones to electric car motors, as well as military jet engines, satellites and lasers. Rising tensions between the United States and China have sparked concerns that Beijing could use its dominant position as a supplier of rare earths for leverage in the trade war between the two global economic powers. WHAT ARE RARE EARTHS USED IN? Rare earths are used in rechargeable batteries for electric and hybrid cars, advanced ceramics, computers, DVD players, wind turbines, catalysts in cars and oil refineries, monitors, televisions, lighting, lasers, fiber optics, superconductors and glass polishing. Several rare earth elements, such as neodymium and dysprosium, are critical to the motors used in electric vehicles. RARE EARTHS IN MILITARY EQUIPMENT Some rare earth minerals are essential in military equipment such as jet engines, missile guidance systems, antimissile defense systems, satellites, as well as in lasers. Lanthanum, for example, is needed to manufacture night vision devices. The US Defense Department accounts for about 1% of US demand, which in turn accounts for about 9% of global demand for rare earths, according to a 2016 report from the congressional US Government Accountability Office. WHICH COMPANIES ARE MOST DEPENDENT ON CHINESE SUPPLIES? Companies such as Raytheon Co, Lockheed Martin Corp and BAE Systems Plc all make sophisticated missiles that use rare earths metals in their guidance systems, and sensors. Lockheed and BAE declined to comment. Raytheon did not respond to a request for comment. Apple Inc uses rare earth elements in speakers, cameras and the so-called "haptic" engines that make its phones vibrate. The company says the elements are not available from traditional recyclers because they are used in such small amounts they cannot be recovered. Since 2010, the government and private industry have built up stockpiles of rare earths and components that use them, according to Eugene Gholz, a former senior Pentagon supply chain expert, who teaches at the University of Notre Dame. Some suppliers have scaled back their use of such elements, he said. WHAT ARE RARE EARTHS AND WHERE DO THEY OCCUR? Rare earth metals are a group of 17 elements - lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, yttrium - that appear in low concentrations in the ground. Although they are more abundant than their name implies, they are difficult and costly to mine and process cleanly. China hosts most of the world's processing capacity and supplied 80% of the rare earths imported by the United States from 2014 to 2017. In 2017, China accounted for 81% of the world's rare earth production, data from the US Geological Survey showed. Importers made limited efforts to reduce rare earth consumption and dependence on China after a diplomatic dispute between China and Japan in 2010. Japan accused China of halting rare earth supplies for political reasons, sparking recognition worldwide of the risks of dependence on one supplier. China denied it had halted supplies. Few alternative suppliers were able to compete with China, which is home to 37% of global rare earths reserves. California's Mountain Pass mine is the only operating US rare earths facility. But MP Materials, owner of Mountain Pass, ships the roughly 50,000 tonnes of rare earth concentrate it extracts each year from California to China for processing. China has imposed a tariff of 25% on those imports during the trade war. Australia's Lynas Corporation Ltd this week said it signed a memorandum of understanding with Texas-based Blue Line Corp to build a rare earth processing facility in the United States. Rare earths are also mined in India, South Africa, Canada, Australia, Estonia, Malaysia and Brazil. HOW ARE RARE EARTHS AFFECTED BY US TARIFFS? So far, the US government has exempted rare earths from tariffs on Chinese goods. OPTIONS TO REDUCE RELIANCE ON CHINESE IMPORTS US senators introduced legislation in May to encourage development of domestic supplies. Recycling has also emerged as a potential source for rare earth minerals. Nebraska-based Rare Earth Salts is taking old fluorescent light tubes and recycling them for their rare earth elements, which comprise about 20 percent of the bulb, according to the Association of Lamp and Mercury Recyclers. HOW HAVE RARE EARTHS PRICES REACTED TO THE RISING TENSIONS? Having held largely steady for the past several months, the export prices of an array of rare earth elements have rallied strongly since Chinese President Xi Jinping's visit to a rare earth processing firm in southern China on May 20 brought the sector under the spotlight. The price of neodymium metal - used in magnets and speakers - increased 26.5% since May 20 from $50 per kilogram to $63.25/kg. Dysprosium metal (used in lasers), erbium oxide and gadolinium oxide (used in medical imaging and fuel cells) are up around 10%.

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Kailash Choudhary, Rajasthan Underdog Who Won, Rewarded, To Be Minister

As Prime Minister Narendra Modi begins a new term, Kailash Choudhary from Rajasthan is the surprise inclusion in his government.

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Navya Naveli Glows 'Brighter Than A Thousand Suns' In Mom Shweta's Post

In a new post on Thursday, Shweta Instagrammed an adorable click of Navya and added the sweetest possible caption to it

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Prince Harry Takes A Dig At Aaron Finch During Buckingham Palace Party

Queen Elizabeth II and Prince Harry met the captains of the World Cup 2019 teams at the Buckingham Palace ahead of the tournament.

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BJP's Winner In Karnataka Pralhad Joshi Among New Faces In PM's Team

Pralhad Joshi is among the new faces chosen for Prime Minister Narendra Modi's new government. A lawmaker from Karnataka, Pralhad Joshi, 56, won a fourth consecutive term from Dharwad.

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Outrage After Viral Video Shows Restaurant Employee Bathing In Kitchen

A man has lost his job after a video surfaced showing him bathing in the kitchen of a restaurant he worked at. He was an employee of the American fast food restaurant chain Wendy's.

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Ananya Skipped University For 'SOTY 2', Clarifies Dad Chunky Panday

"Ananya will be working in Bollywood now": said Chunky Panday

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Panic sale of Huawei handsets may soon roil used phone market

NEW DELHI: Second-hand handset sellers expect panic selling of Huawei smartphones as the news of the withdrawal of Android support for the company’s new devices spreads, which is likely to lead to a sharp fall in their resale value as well.Speaking to ET, OLX said as things stand, supply of Huawei smartphones on OLX is expected to reduce and the user demand to decrease.“We expect some panic selling to take place as users will most likely sell their existing Huawei phones and switch to other brands,” a spokesperson from OLX, a leading online platform for buying and selling second-hand goods, told ET.The ban will mean that gradually the supply of Huawei smartphones on OLX will reduce over time and the user demand for the same will decrease, the spokesperson added.ET earlier reported that Huawei’s sales in India were expected to take a hit in coming days with the word spreading that Google services and support will not be available. If the word continues to spread, a panic situation may gradually arise for the existing users of these smartphones, an analyst said.“Existing users may panic after recent developments, which may lead to a significant drop in the resale value of the smartphones, while there will be some users who will buy them for they don’t understand what the ongoing issue means; imagine a high-end Huawei phone sold for peanuts,” said Faisal Kawoosa, founder and chief analyst at TechArc.However, it would be only some ‘aware and astute’ users, who would want to sell their Huawei devices early, according to Prabhu Ram, head-IIG, CyberMedia Research. “Most other users would probably be oblivious about the ramifications of the Android ban, or would be fence-sitters,” he said.As per media reports, Google will stop providing Huawei’s new devices with access, technical support, and collaboration involving its proprietary apps and services going forward. The company currently holds around 4.5% of the overall Indian smartphone market as per data from IDC. Counterpoint Research said that Huawei’s handset market share hovers around 3.5% in India.The valuation of hardware without android ecosystem won’t be a viable deal for refurbished market as the margins are already low. Until there is no other software incorporation, no refurbished platform is expected to procure or sell those phones, believes Yuvraj Aman Singh, founder & CEO of Rocking Deals, an online store of refurbished and pre-owned products.Further, online marketplaces that exchange existing phones for new might not accept Huawei phones as it will be difficult for them to resell these. Alternatively, they might reduce the offer price substantially and get them consumed in pockets where the impact of present development might not be high, say rural markets, Kawoosa said.Cashify’s co-founder and CEO Mandeep Manocha told that the company would observe the developments for next 3-4 weeks and then take a call about Huawei phones. “If the situation does not change even after 3-4 weeks, there may be some price cuts,” he said.

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नए कैबिनेट संग पीएम मोदी की चाय पर चर्चा, शिवराज को कृषि मंत्रालय तो इन नेताओं का भी मंत्री बनना तय!

जिन नए सांसदों और नेताओं को मंत्रिमंडल में जगह दी जानी है, उन्हें फोन कर इस बैठक में आने की सूचना दी जा रही है। शाम साढ़े चार बजे उन्हें पीएम आवास पहुंचना है।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2XaDl6E

'मोदी 2.0' कैबिनेट में पीएम मोदी के बाद नंबर दो कौन? इन सवालों पर भी बना हुआ है सस्पेंस

'मोदी 2.0' सरकार में नए कैबिनेट गठन को लेकर पिछले छह दिन से चल रही सियासी हलचल के बीच चर्चाओं का बाजार गर्म है। इस बार पीएम मोदी की टीम में कौन-कौन शामिल होगा, इसको लेकर नतीजे के बाद से ही सस्पेंस बरकरार है। 

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2wtBRIU

शारदा चिटफंड: गिरफ्तारी से बचने के लिए कलकत्ता हाईकोर्ट पहुंचे राजीव कुमार

कोलकाता के पूर्व पुलिस आयुक्त और सीआईडी के एडीजी राजीव कुमार कलकत्ता उच्च न्यायालय पहुंचे हैं।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2wsc3Nd

World Cup 2019: इंग्लैंड-दक्षिण अफ्रीका के बीच पहला मैच आज, कब-कहां और कैसे देखें LIVE मैच

विश्व कप का महाकुंभ आज से शुरु होने जा रहा है। वर्ल्ड कप के पहले मुकाबले में मेजबान इंग्लैंड दक्षिण अफ्रीका से भिड़ेगा। दोनों ही टीमों की बल्लेबाजी और गेंदबाजी बेहद ही मजबूत है।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2QDkpLm

वाईएस जगन मोहन रेड्डी ने आंध्र प्रदेश के मुख्यमंत्री पद की शपथ ली

वाईएसआर कांग्रेस के प्रमुख जगन मोहन रेड्डी गुरुवार को आंध्र प्रदेश के मुख्यमंत्री के पद की शपथ लेंगे। उनका शपथ ग्रहण समारोह पहले विजयवाड़ा के आईडीएमसी स्टेडियम में आयोजित होने वाला था, जिसकी तैयारियां भी लगभग पूरी हो गई थीं।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2QwCbzL

कर लो मुट्ठी में World Cup, विश्व चैंपियन बनने 10 कप्तानों के बीच 48 मुकाबलों की लड़ाई

11 मैदानों पर 48 मुकाबलों के बाद विश्व विजेता सामने आएगा।..

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2wrekbD

Katrina Says She Was 'Unaware' Of Priyanka As First Choice For 'Bharat'

"I am unaware of who was selected before me for Bharat,"said Katrina Kaif

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"Why People Chose BJP": Sachin Pilot Calls For Review Of Rajasthan Loss

Congress's Rajasthan chief Sachin Pilot on Wednesday called for a comprehensive review of the party's shocking Lok Sabha election loss in the state barely months after an impressive win in assembly...

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Malaika's Throwback From Her MTV Days Will Gladden The Hearts Of 90s Kids

Malaika Arora shared a throwback pic from her '90s show MTV Loveline

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Jagan Reddy Sworn In As Andhra Pradesh Chief Minister, KCR, Stalin Attend

Jagan Mohan Reddy, who led his party to an astounding victory in Andhra Pradesh, took as the Chief Minister of the state. He is the second Chief Minister of Andhra Pradesh post its bifurcation.

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India's most storied family in crisis mode

by Bibhudatta Pradhan, Archana Chaudhary and Shivani KumaresanNarendra Modi not only surprised the world with a landslide victory last week, he also put the 134-year-old Indian National Congress on life support.Some candidates from the storied party, home to many of India’s founding fathers when it won independence from the Britain in 1947, simply gave up ahead of the May 23 election. One checked himself into a hospital to avoid campaigning after the party wouldn’t give him enough money to run a polling booth, according two members of his campaign who asked not to be identified as they’re weren’t authorized to speak to media.He ended up losing, along with hundreds of others as the party managed to win only 52 of 543 seats -- nearly as bad as its worst-ever performance in 2014. It failed to win a single seat in about half of India’s 29 states.“The Congress I believe is close to extinction, and given its recent record it probably deserves to die,’’ said Ramachandra Guha, historian and columnist. “But let’s not forget that while it lived and thrived, the Congress nurtured the elements of a plural democracy that has outlived the party.’’The big question now is what to do with Rahul Gandhi, the reluctant heir in a dynasty that includes India’s first prime minister Jawaharlal Nehru and its second longest-serving leader after him, Indira Gandhi. Congress Party leaders rejected Rahul Gandhi’s resignation after the defeat, and tasked him with rebuilding the party.Yet, there are doubts among the rank and file over whether the Gandhi family should continue to lead the party.Stung by last week’s resounding defeat, workers on the ground have been criticizing the leadership for lacking the wisdom to build strong pre-poll alliances and an inability to cash in on its electoral gains in three major states where Congress had wrested power from Modi’s Bharatiya Janata Party just six months ago.“To some degree, Congress has a leadership vacuum in some of the campaign teams, people who can make decisive, correct and timely decisions and execute them over a long period,” said Akshay Bajaj, 29-year-old, technology professional, who has worked for the party.As the first political group to lead a government in independent India, Congress oversaw the making of its liberal, secular constitution. Three decades ago it also liberalized the Indian economy, ushering in more foreign investment.While historically Congress secured more than 25% of the vote share, it now hovers at less than 20%. That could signal the party is headed for a death spiral, according to research by Delhi-based Centre for Policy Research.A lack of funds proved to be a major obstacle, hampering the party’s ability to build a network of supporters, nurture new leaders or promote a populist electoral agenda featuring farm loan waivers and basic income support.Modi, by contrast, has constructed a formidable electoral machine that highlighted his government’s pro-poor flagship programs and measures appealing to his Hindu nationalist base. That led to the first back-to-back majority for any party in India since the Congress won a massive victory in 1984.“Elections are a game of perception, and that is what was lost,” said Anil Shastri, senior Congress leader and the son of former Prime Minister Lal Bahadur Shastri. “Congress couldn’t counter the BJP’s campaign on nationalism.”Gandhi himself campaigned hard: He built his own team, hired strategists, collected data for better planning and used a social and digital media team to boost the image of him and his party. He held as many as 145 rallies, criticizing Modi’s administration for failing to create jobs and overseeing a corrupt defense contract.But his efforts were in vain, and the way forward is uncertain.“A structural response from the leadership has not come yet,’’ said Salman Khurshid, a former minister from the Congress party. “We need large interface and interaction. Right now there is a kind of a shock.’’

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US Fighter Jets And Missiles Are In China's Rare-Earth Firing Line

China's grip on the global market for rare-earth metals gives it the ability to target American weaponry in its trade war with the U.S.

from NDTV News - Special http://bit.ly/2I6eYk5
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High-Protein Diet: How To Make Vegetarian Indian Thali Rich In Protein (Videos)

High Protein Diet: We all know that eating protein-rich foods keep us satiated for longer time and we eat less later. This vegetarian thali comprises all the food items that are not only rich in...

from NDTV News - Special http://bit.ly/2I3MKGJ
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Roger Federer To Face Son Of 1999 Rival At French Open

Casper Ruud's father Christian reached the third round of Roland Garros in 1999 when a 17-year-old Roger Federer made his main draw debut.

from NDTV News - Special http://bit.ly/2WuCC38
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यूपी के इन शहरों में आग उगल रहा सूरज, जानिए कब तक झेलना पड़ेगा नौतपा का कहर

यूपी के कानपुर समेत आसपास के शहरों उन्नाव, कन्नौज, महोबा, हमीरपुर, इटावा, बांदा आदि जगहों पर चिलचिलाती धूप का प्रकोप अभी जारी रहेगा। कानपुर से लेकर बुंदेलखंड में मरुस्थलीय क्षेत्र से आने वाली शुष्क हवाओं की वजह से लू चलेगी।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2WcUbp0
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बैंक लोक अदालत में 2.29 करोड़ का समझौता

बैंक लोक अदालत में 2.29 करोड़ का समझौता

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2QAd8Mm
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बरातियों की कार पलटी, जवान समेत तीन की मौत

बरातियों की कार पलटी, जवान समेत तीन की मौत

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2wtqz7s
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An analyst had raised IL&FS stink but his bosses put him down

The Ministry of Corporate Affairs (MCA) and the new board at IL&FS are investigating why questions raised by a junior analyst at a rating agency about financial irregularities at the infrastructure financier were ignored by the top management at the creditworthiness evaluator.The junior executive has allegedly told probe officials that when he brought his concerns to the notice of the senior management at the rating agency, the decision makers refused to act upon his findings, claiming the books of IL&FS and related companies were good.The crisis at IL&FS came to light in July 2018, when its roads unit faced difficulty in making repayments due on bonds. Credit rating agencies then started to cut the rating for the group parent, IL&FS, beginning August.“In March, one of the four agencies raised a red flag about the group’s elevated leverage but citing the company’s track record in the infrastructure sector, it retained the investment grade,” said a government official who didn’t wish to be named. “In another case, a junior analyst did alert his seniors about the situation in IL&FS Financial Services, but the seniors overlooked and trusted the rosy projection given by the management.”The Serious Fraud Investigation Office (SFIO), the investigation arm of the MCA, had questioned officials of rating agencies earlier this year. SFIO is investigating whether rating agencies, entrusted with the responsibility of qualifying and grading the creditworthiness of borrowers, have knowingly suppressed information.Four credit rating agencies --- Care Ratings, ICRA, India Ratings and Brickwork Ratings --- are being probed by the SFIO and the new IL&FS board on the rating action at IL&FS Financial Services Ltd (IFIN).Emails sent to ICRA, CARE Ratings, India Ratings and Brickwork Ratings remained unanswered until the publication of this report. IL&FS group chief communication officer Sharad Goel declined to comment on the matter.“Because of the credit ratings given by rating agencies, EPFO (Employees’ Provident Fund Organisation) invested huge provident fund amounts in IL&FS and their subsidiaries," said a person close to the development.According to sources, the four credit rating agencies have been found to be in violation of the provisions of Section 36 of the Companies Act, which pertains to penalties for fraudulently inducing people to invest.Sources said relying on the credit ratings, many companies invested their provident funds and pension money in IL&FS, totalling more than Rs 9,000 crore, affecting debt funds. This amount is part of the Rs 94,000 crore of unresolved debt at the embattled infrastructure financier.“The auditor and credit rating agencies are a part of the IL&FS crisis,” said an official associated with the investigations (said a government official privy to the probe details). “The probe has revealed that they have violated certain provisions of the Companies Act. The government is of the view that stringent action be taken against all those who contributed in the IL&FS crisis.”Credit rating agencies had derived comfort from the institutional parentage of IFIN without doing an independent assessment of the company as a standalone entity, sources said.Market regulator Sebi also examined the rating assigned to the nonconvertible debentures (NCDs) of IL&FS, and it pointed out procedural lapses in due diligence by credit rating agencies. These included over-reliance on management submissions in the absence of disclosures by the company to the stock exchange.The regulator observed that rating agencies maintained the rating outlook as 'Stable' in spite of writing in their press releases about multinotch downgrades in the event of significant deviation from the management’s deleveraging plan.Sebi has initiated adjudication proceedings against the three rating agencies -- ICRA, CARE Ratings and India Ratings --for their failure to exercise proper skill, care and due diligence while rating the securities of IL&FS.IL&FS is being probed by multiple agencies. The SFIO is probing the parent and its subsidiaries for violating the provision of the Companies Act. The Enforcement Directorate (ED) has registered a money laundering case against entities and former key management personnel. The Income Tax (IT) department is also probing the infrastructure financier for alleged tax-rule violations.“The board, based on the forensic and internal assessment reports, found that based on the rating given by these agencies, PFs and pension funds were invested as late as August, 2018 and in some cases there were also instance of rollovers. The board had sought explanation from these agencies to explain their case,” said another official. “The PFs invested include those by Army and companies like Mother Dairy.” One of the affected parties in this would be the companies which have invested in standalone PFs,” the official added.

from Economic Times http://bit.ly/2wpjIfe
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What a Cabinet sans Jaitley means for India

A recurrent allegation against the Modi 1.0 government is that it did not deliver on economic reforms. The noise on need to ‘reform’ is only getting louder as he gets ready to run the world’s fastest-expanding major economy for the next five years – with a bigger mandate.To be sure, reform means many things to many people.For equity investors, reforms are decisions leading to higher corporate earnings essential for driving stock prices up. If investment activity is muted, they would call for government spending even if doing so is imprudent. This is a crowd that doesn’t bother about inflation. In fact, it would celebrate price rise even without productivity gains. Inflation means higher profits, more dividend and ever rising equity valuations.For bond investors, reform is government being prudent. If it borrows more, it would crowd out private investments. It hates inflation because it lowers the value of bonds. If yields spike, it is bad even for the government because it ends up paying more for its own debt. It also hurts future generations as they end up paying the debt the current generation accumulates.For the corporate world, the burden of compliance should be lesser. Industry chambers forever want lower tax rates on everything from the Audi Q7 to an Atlas bicycle. Curiously, in the name of uniform GST rate, they are demanding the same treatment for goods of essential consumption and those of conspicuous consumption. They always look for concessions for investment and ‘tax-holidays’. During ET’s first Global Business Summit, Prime Minister Modi summed up the attitude well. “If you give something to the poor, it is a subsidy that is bad. If you give something to industry, it is incentive.”For wealthy individuals, it is low or even nil taxation on their investments because they are contributing to nation building. All the investments they make should be tax exempt — be it mutual funds, private equity or start-ups. Unless you do it, the entrepreneurial eco-system wouldn’t flourish.For giant corporations, government rules must ensure that entry barriers are high. Their argument is that customer service is so important that small companies would lack economies of scale and consumers end up paying higher prices. But the opposite is true. Industries which are dominated by duopoly or oligopoly structure end up squeezing consumers in the long run and the economy loses out.For non-banking finance companies, the Reserve Bank of India is a heartless beast that fails to acknowledge their role in providing livelihood for millions of families. They provide credit to a bunch of less creditworthy borrowers risking their capital; so they should be treated kindly. They are not open to the prudential norms that guide banks but want the regulator to be their lender of first resort.If the administration panders to the demand of all, public policy would end up encouraging crony capitalism rather than creating a level playing field for long run benefits. While fans of John Maynard Keynes would be quick to point out that “in the long run we are all dead”, policy makers have to be mindful of that.The Oxford Dictionary defines reform in these words: “Make changes in (something, especially an institution or practice) in order to improve it.”Going by this definition, what did Modi 1.0 do? Three institutional changes come to mind:1) Independence of monetary policy, with the formation of a Monetary Policy Committee that decides on interest rates. The structure frees decision-making even from the Governor, who is appointed by the government.2) Legislation on bankruptcy. For decades, lenders were at the mercy of borrowers. Now, however, someone who has lent money can take away the assets. That bankers, who were earlier complaining about the lack of such policy support, are not using the mechanism willingly is a signal that the way they do business is changing.3) Goods and Services Tax. It was a Herculean task that someone as diplomatic as Arun Jaitley (who is out of the race for finance minister now) alone could achieve it. He gave up half his powers by surrendering taxation to the GST Council for a greater good.Structural changes would not reflect in improvements overnight. These take years to sink into the system and the benefits would be reaped over the years. Like it was when Prime Minister Narasimha Rao opened up the economy in 1991, with local industry complaining about competition. The fruits are there for everyone to see.A finance minister can give direction to an economy and not drive it. Meddling with banks to bring down interest rates and pushing them to lend to projects can give a feeling the government is active, but it would backfire like it did with the UPA government. Jaitley resisted the temptation.Modi-Jaitley combo rarely indulged in headline grabbing stuff that was routine with P Chidambaram as finance minister. Headlines can be numerous, but what matters is delivering on structural change. The economy may be better off with a Jaitley-like character in the North Block than Chidambaram.

from Economic Times http://bit.ly/2wslNXE
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Ramdev prepares for biggest bid of his life

MUMBAI: Patanjali Ayurveda has approached state-run banks to help fund its Rs 4,350 crore acquisition of Ruchi Soya Industries, said people with knowledge of the matter.The company is looking to raise debt with a maturity of five years and above from State Bank of India, Punjab National Bank, Bank of Baroda, Union Bank and Jammu & Kashmir Bank, they said. The homegrown consumer goods company is tying up with the banks to raise more than Rs 3,700 crore while Rs 600 crore will be generated through internal accruals.“The funding is in the final stages of negotiation and the interest rates will be finalised soon,” said one of the persons. “Patanjali had earlier approached several nonbanking channels but it backtracked after these investors sought high level of disclosures.”Patanjali, SBI, PNB, Bank of Baroda, Union Bank and J&K Bank did not respond to queries. 69570254 CO INCREASED BID VALUE IN APRILPatanjali acquired Ruchi Soya in an insolvency auction held by lenders seeking to recover more than Rs 9,300 crore. Among financial creditors, SBI had the maximum exposure of Rs 1,800 crore, followed by Central Bank of India (Rs 816 crore) and PNB (Rs 743 crore).Adani Wilmar, which emerged as the highest bidder in August last year after a longdrawn battle with Patanjali, had in December 2018 written to the resolution professional regarding significant delays in the insolvency process that led to the deterioration of Ruchi Soya's assets.Patanjali, the lone bidder in contention after the exit of Adani Wilmar, had in April increased its bid value by around Rs 200 crore to Rs 4,350 crore. This excluded a capital infusion of Rs 1,700 crore into the company.With the acquisition of Ruchi Soya, Patanjali will become a key producer of soyabean oils and other products. The deal is expected to help Patanjali maintain its earlier growth momentum.

from Economic Times http://bit.ly/2Kc14PZ
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Govt plans road bumps for pre-2000 vehicles

NEW DELHI: Running an older vehicle of pre-2000 make, particularly commercial ones, will soon become more taxing. Such vehicles will have to undergo frequent fitness tests and there will also be about 15-20 fold increase in the fees for both first time registration of diesel/ petrol vehicles and for renewal of their registration. These are some of the disincentives that the government has finalised in its blueprint to push the phasing out of older polluting vehicles. According to different studies, older vehicles are 25 times more polluting as compared to new ones. Sources said old commercial vehicles will be the main focus of voluntary scrapping scheme, which the government is likely to launch in the next three to four months.69572467 Government’s think tank Niti Aayog, which is taking the lead in fast-tracking the policy, has held rounds of consultations. Sources said there will be a carrot and stick policy to give incentive to those who scrap their old vehicles to buy a new one while making it difficult for owners of older vehicles. TOI has learnt that there is a proposal to waive off the registration fee for new vehicles, if the buyer shows a certificate of scrapping his old vehicle. The government will also convince the vehicle manufacturers to offer discounts for new vehicles bought against scrapping certificate.

from Economic Times http://bit.ly/30To8Jh
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Flying with less fuel fine, but don’t go full throttle on plan: Experts

MUMBAI: In the past one month, over thirty flights operated by Air India, IndiGo and SpiceJet, most of them flying to Hyderabad, carried lower amount of fuel as compared to the other flights operating similar aircraft on similar routes.Currently, fuel calculation for a flight takes into account fuel needed to fly to the destination, taxiing, contingency, reserve and most importantly, the amount needed to fly from the scheduled destination to an alternate airport in case it’s not possible to land at the destination due to some emergency.But the flights mentioned above operated on a progressive, environment-friendly, fuel conservation initiative: if the destination airport has at least two independent, usable runways; if the weather is good, then with certain new practices in place, experienced pilots can be allowed to operate flights that do not carry fuel to fly from the destination airport to an alternate airport. Instead the aircraft carries an additional fuel for fifteen minutes worth of low-flying. With the initiative, IndiGo said it could save 2,100 tonnes of fuel while reducing carbon emissions by 6615 tonnes per year. Air India would save 140kgs per B777 Delhi-Hyderabad flight.But experts caution against certain ground realities. Capt M Ranganathan, an air safety expert, said India’s airport infrastructure is too poor so airlines and the regulator shouldn’t go full throttle on this initiative yet. A senior B777 examiner pointed out that since India has only a few airports that can handle wide-bodied aircraft, it’s a tight-rope walk. 69572678 “If Nagpur airport is shut down for some unforeseen reason, and if at that time a Boeing 787 flying from Delhi to Hyderabad, without carrying fuel to fly from Hyderabad to Bengaluru develops a problem with its hydraulic system about an hour into the flight, then it would be a stressful situation for the commander. But that wouldn’t be the case with such flights flying, say in the United States , or even in the Middle East where airports have many operational runways. It’s a progressive idea, nevertheless. One that is here to stay,’’ said the examiner.“My concern is whether the airlines have carried out adequate risk mitigation. Then again, pilot training for such flights cannot just be in the form of documentation. In the future, if more and more flights are allowed to fly without fuel to alternate destination, will airlines themselves ensure that all the conditions are met before such fuel-saving, moneysaving flights are released,” stated a senior A320 commander.

from Economic Times http://bit.ly/2JKWOHR
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