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Oct 05, 2017 01:02 PM IST IST | Source: Moneycontrol.com
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highlights
As US President Donald Trump threatens to destroy North Korea, even some of his closest aides have warned of the potentially disastrous effects of a war, reports Bloomberg. New research published on the 38 North website points to just how catastrophic the impact might be on the regime’s neighbours. If Kim Jong Un were to launch a nuclear attack on Seoul and Tokyo -- both within striking distance of his weapons -- as many as 2.1 million people could die and another 7.7 million could be injured, according to the 38 North report. The analysis by Michael J Zagurek Jr, a consultant specialising in databases and computer modelling, is based on North Korea’s current estimated weapons technology and bomb strength. Zagurek assumes Kim has a baseline arsenal of 20-25 warheads and the capacity to put them on ballistic missiles.
Advisory firm Stakeholders Empowerment Services (SES) has alleged that Infosys violated corporate governance norms at the time of Nandan Nilekani's appointment. In August, Nilekani was appointed the Chairman after MD and CEO Vishal Sikka resigned. According to SES, Nikekani was appointed without a proper board meeting, even before the directors met. “Decisions at the board level are taken after due deliberations in the board meetings and this has been given a go-by,” SES said.
Mukesh Ambani retains his title as India’s richest for the tenth year in a row with $38 billion. Ambani added $15.3 billion to his net worth this year, making him the biggest dollar gainer on the list and one of Asia’s top five richest. Improved refining margins and his telecom unit Reliance Jio’s thundering success in notching up 130 million subscribers since its 2016 launch boosted shares of his Reliance Industries. The list will appear in the October issue of Forbes India which will be available on newsstands from November 3.
Medicines may soon come labelled with the “landed price” if they are imported, or “ex-factory price” if locally made, along with the maximum retail price, a move that the government claims will bring more transparency in pricing, reports Mint. The Central Drugs Standard Control Organisation (CDSCO) has proposed amending Rule 96 of the Drugs and Cosmetics Act to make such pricing information mandatory for all drug makers. The ministry of health and family welfare will soon come out with a draft notification to this effect, a government official said.
The Pentagon is injecting $440 million more into missile defence, including yet another expansion of its fleet of missile interceptors, to counter North Korea's accelerating push for a nuclear-armed missile capable of hitting the United States, reports AP. As a reflection of its urgency, the Pentagon asked Congress to let it shift funds from the current budget rather than wait for the next defence budget. The Pentagon already had $8.2 billion in its missile defence budget prior to the add-ons.
The Pentagon spelled out $367 million of the shifted money, with the rest expected to be announced later. The spending has come under increased scrutiny as North Korea's nuclear and missile programs have progressed and critics have questioned whether the Pentagon has developed missile defences that would work in combat. Some of the additional USD 440 million is for projects that are classified secret, including USD 48 million more for development of technology for cyber "operations," according to a breakdown of the spending by the Pentagon's budget office.
Oil giant Saudi Aramco will open an Indian subsidiary next week as the top global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer, reports Reuters. The company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country. Saudi Arabia is competing with Iraq to be India’s top oil supplier, with Iraq displacing it for a fifth month in a row in August.
The US budget deficit is proving to be a major obstacle to the tax reform plan being offered by President Donald Trump and top congressional Republicans, with one leading Senate hawk saying a week after the plan was introduced that any enlarging of the fiscal gap could kill his support, reports Reuters.
From proposed infrastructure enhancements to a military build-up, the deficit long ago put the brakes on major new federal spending programs; now Trump’s tax-cut proposal is threatened. The main problem is that the federal government is swimming in red ink with an annual deficit of $550 billion and a national debt -- the accumulation of past deficits and interest due to lenders to the US Treasury -- exceeding $20 trillion.
Top Headlines:
1. US budget deficit could obstruct Trump's tax cut plan, reports Reuters
2. Mukesh Ambani tops Forbes Richest Indians list for 10th year in a row
3. Infosys violated corporate governance norms with Nilekani appointment: SES
4. EC will be ready to hold simultaneous Lok Sabha, Assembly polls by Sept-18, reports PTI
5. Drugs may soon have to list ex-factory price, reports Mint
As US President Donald Trump threatens to destroy North Korea, even some of his closest aides have warned of the potentially disastrous effects of a war, reports Bloomberg. New research published on the 38 North website points to just how catastrophic the impact might be on the regime’s neighbours. If Kim Jong Un were to launch a nuclear attack on Seoul and Tokyo -- both within striking distance of his weapons -- as many as 2.1 million people could die and another 7.7 million could be injured, according to the 38 North report. The analysis by Michael J Zagurek Jr, a consultant specialising in databases and computer modelling, is based on North Korea’s current estimated weapons technology and bomb strength. Zagurek assumes Kim has a baseline arsenal of 20-25 warheads and the capacity to put them on ballistic missiles.
Tackling bad loans will be a priority for India’s largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday. SBI, which accounts for more than a fifth of India’s banking assets, has seen bad loans rise after it absorbed five subsidiary banks earlier this year. Kumar said SBI had tackled issues that came as a result of that deal and would see asset quality numbers “looking much better”.
The Centre is considering exemptions sought by Apple for setting up a unit to assemble iPhones, Ramesh Abhishek, the top bureaucrat in the Department of Industrial Policy and Promotion, told Reuters. Apple has asked federal government officials for a range of tax and policy changes to help build out its iPhone assembly work in India. It is seeking permission to open its own retail stores in India where it currently sells iPhones through resellers.
As many as 4.5 lakh directors may face disqualification for their association with shell companies, Minister of State for Corporate Affairs PP Chaudhary said. Even as the government steps up its fight against the black money menace, the minister asserted that genuine corporates will not face action. As the ministry pushes ahead with the efforts to weed out shell companies -- a term used for entities that have not been carrying out business for long and are allegedly used as conduit for illegal fund flows -- Chaudhary told PTI that the profile of all disqualified directors will be examined.
The Gujarat High Court rejected Zakia Jafri's plea challenging a lower court order upholding SIT's clean chit to then chief minister Narendra Modi and others on allegations of larger conspiracy in connection with the 2002 post-Godhra riots, reports CNN-News18. The high court, however, allowed Zakia to approach higher forums for further investigation in the case.
Zakia, the wife of slain former MP Ehsan Jafri, and activist Teesta Setalvad's NGO Citizen for Justice and Peace had moved the criminal review petition against a magistrate's order upholding the clean chit given by the special investigation team (SIT) to Modi and others regarding the allegations of a "larger criminal conspiracy" behind the riots. The petition demanded that Modi and 59 others --including senior police officers and bureaucrats -- be made accused for allegedly being part of a conspiracy which facilitated the riots.
Wipro Digital announced the signing of a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Cooper will become part of Wipro Digital’s strategic design arm Designit, and add to its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education.
Delhi Police has begun an inquiry after a photograph showing controversial godwoman Radhe Maa sitting on the SHO's chair in the Vivek Vihar police station surfaced online, reports PTI. Station house officer Sanjay Sharma, draped in a red and gold shawl worn by Hindu devotees, can be seen standing next to her with his hands folded in the photograph.
The Supreme Court said it would consider on Friday a plea seeking restoration of its November last year's order banning firecrackers in Delhi-National Capital Region (NCR), reports PTI. The matter came up for hearing before a bench comprising Justices AK Sikri and Ashok Bhushan which said that it would consider the plea tomorrow.
The Japanese utility Tokyo Electric Power Company (TEPCO) has received approval to operate reactors for the first time since the 2011 Fukushima meltdown, reports ZeroHedge. On Wednesday, the Nuclear Regulation Authority said TEPCO’s two reactors in northern Japan met new and stricter safety standards. The authority unanimously approved the draft certificate for reactors number 6 and 7 at the Kashiwazaki-Kariwa plant, marking the first step in the process toward restarting them. Portions of the plant’s reactors were damaged in a 2007 earthquake.
Employees of government-run banks who worked in extended shifts for days, soon after Prime Minister Narendra Modi announced demonetisation of old currency notes, have threatened to launch a strike and take legal actions if their employers don't clear their overtime dues, reports Hindustan Times. At various places, these bank employees had worked for around 14 hours in a day and also their leaves were cancelled to handle the note ban rush in the banks. As many as 4 lakh bank employees who put in extra hours and are yet to get additional pay and overtime.
Advisory firm Stakeholders Empowerment Services (SES) has alleged that Infosys violated corporate governance norms at the time of Nandan Nilekani's appointment. In August, Nilekani was appointed the Chairman after MD and CEO Vishal Sikka resigned. According to SES, Nikekani was appointed without a proper board meeting, even before the directors met. “Decisions at the board level are taken after due deliberations in the board meetings and this has been given a go-by,” SES said.
Bloomberg takes a look at the candidates US President Donald Trump is considering over the next few weeks to nominate as chairman of the Federal Reserve and where they stand on monetary policy.
Wind power tariff has dropped sharply to an all-time low of Rs 2.64 per unit during the second auction conducted by the Solar Energy Corporation of India (SECI) for 1 GW projects, reports PTI. Renew Power Ventures, has emerged as the lowest bidder by quoting Rs 2.64 per unit for a capacity of 250 MW, followed by Orange Sironj Wind Power at Rs 2.64 for 200 MW.
A leopard was spotted early this morning in Maruti Suzuki's plant in Manesar here following which police and forest officials cordoned off the premises and launch a search for the wild cat, reports PTI. The leopard was found roaming inside the 'Engine Department' at around 4 am by a security personnel on duty. Thousands of workers, who arrived for the morning shift at around 7 am, have been asked to stand outside the plant due to safety reasons, a senior police officer said.
Samajwadi Party chief Akhilesh Yadav was unanimously re-elected as the party's national president for a five-year term, reports PTI. The party's constitution was amended to extend the tenure of the party chief to five years from the existing three years. Now that 44-year-old Akhilesh will remain at the helm for five years, the 2019 Lok Sabha and state Assembly elections in 2022 will be held under his presidentship.
Activity in India’s services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, reports Reuters. The Nikkei/IHS Markit Services Purchasing Managers’ Index rose to 50.7 in September from 47.5 in August, moving back above the 50-mark that separates growth from contraction.
The Mumbai Police has denied Maharashtra Navnirman Sena (MNS) chief Raj Thackeray permission to lead a march to the headquarters of Western Railway at Churchgate today. The MNS chief is protesting against the Mumbai-Ahmedabad bullet train project and demanding better infrastructure for suburban railway commuters in the wake of the Elphinstone stampede. Thackeray had last personally led a march was on August 21, 2012, when he protested the violence against police and media by the Raza Academy in Mumbai. MNS was the only political party which registered a public protest against the violence that did not spare even women police personnel.
Mukesh Ambani retains his title as India’s richest for the tenth year in a row with $38 billion. Ambani added $15.3 billion to his net worth this year, making him the biggest dollar gainer on the list and one of Asia’s top five richest. Improved refining margins and his telecom unit Reliance Jio’s thundering success in notching up 130 million subscribers since its 2016 launch boosted shares of his Reliance Industries. The list will appear in the October issue of Forbes India which will be available on newsstands from November 3.
There was no evidence at this point to indicate that the mass shooting in Las Vegas this week was terrorism, a Federal Bureau of Investigation agent told Reuters. FBI Special Agent in Charge Aaron Rouse also said federal authorities have questioned the girlfriend of the gunman and no one has been taken into custody as a suspected accomplice.
Prataap Snacks has debut on the exchanges at Rs 1,300 per share as against its issue price of Rs 938 per share.The packaged snack, chips and namkeen food company’s Rs 482-crore IPO was oversubscribed 47.39 times during September 22-26.
SBI Life Insurance Company scrip has slipped below its issue price of Rs 700 per share. The recently listed stock is trading over a 1% lower. On Tuesday, the stock saw a muted listing on the bourses, settling at Rs 708, a premium of just 1.14% over its issue price.
Mahindra & Mahindra (M&M) scrip gained over 2% as investors cheered a ratings upgrade by CLSA. The global brokerage firm upgraded its rating on the stock to outperform and raised the target to Rs 1,610 per share.
The Election Commission of India said it would be "logistically equipped" by September next year to hold simultaneous elections to Lok Sabha and Assemblies, reports PTI.
Many of the infotainment features in most 2017 vehicles are so distracting they should not be enabled while a vehicle is in motion, according to a new study released Thursday by University of Utah researchers. The study, led by psychology professor David Strayer, found in-vehicle information systems — including SatNav, MP3 players, radios, cellphones and messaging devices — take drivers’ attention off the road for too long to be safe, much like texting, reports MarketWatch.
The Indian freight forwarding and logistics sector is set to lose a major chunk of Rs 20,000-crore international freight forwarding business to international competitors because of a tax parity issue following the roll-out of the goods and services tax (GST) regime, reports The Financial Express. By virtue of Section 13 (9) in the Integrated Goods and Services Tax (GST) Act, 2017, an Indian freight forwarding company has to levy GST on all shipments to India to an overseas supplier. However, the overseas company is not faced with any incidence of tax on the same transaction if it chooses to work with a foreign freight forwarder. It implies that Indian freight forwarders are losing their edge when competing with foreign freight forwarders for transactions involving imports to India.
The Shoppers Shop stock is up close to 6% on reports that Future Retail is set to acquire HyperCity, a premium chain of 19 hypermarkets from the company, for Rs 700 crore through a combination of cash and shares to further consolidate his footprint in western India.
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