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Vijay Mallya to return to UK court as extradition trial begins today
Embattled liquor baron Vijay Mallya, out on a GBP650,000 bail bond following his arrest by Scotland Yard over fraud and money laundering charges earlier this year, will return to Westminster Magistrates' Court in London today as his extradition trial begins, reports PTI. The 61-year-old businessman, who has been in self-imposed exile in the UK since March 2016 when he left India, is wanted in India on charges relating to his defunct Kingfisher Airlines defaulting on loans from various Indian banks amounting to Rs 9,000 crore.
North Korea appears ready to accelerate submarine weapons tests, adding to nuclear threat
There are signs that North Korea's submarine missile program is expanding as it prepares its second test, adding to the risk that the nuclear-armed country could one day threaten the US or its Asian allies with yet another powerful weapon in its arsenal, reports CNBC.
Experts suggest North Korea having fully submersible submarines firing a nuclear ballistic missile pose a dangerous scenario because they could offer the hermit regime a better chance of survival and might be harder to detect. It comes on the heels of North Korea last Tuesday launching a new Hwasong-15 intercontinental ballistic missile, a road-mobile weapon the state-owned KCNA media claimed could carry a "super-large heavy warhead, which is capable of striking the whole mainland of the US."
The North Koreans appear to be getting more aggressive on submarine-launched ballistic missile (SLBM) development and now have several shipyards active in the offshore-weapons program. The North is not believed to have the capability today to launch multiple ballistic missiles from a submarine. However, experts say the totalitarian state is working at a feverish pace and could have this submersible as early as next year.
"If North Korea can deploy not only developmentally a submarine-launched ballistic missile that is effective and deploy it on ballistic missile submarines, it certainly complicates defence against missile attacks," defence analyst Joseph S Bermudez Jr, co-founder and CEO of Colorado-based imagery analysis firm KPA Associates.
In a 38 North blog post on Friday, he revealed that "commercial satellite imagery from November 11, 16 and 24 show that North Korea's second submersible ballistic missile test stand barge — a platform that allows for underwater missile launches outside of submarines — located at the Nampo Navy Shipyard is being prepared to enter service."
38 North, a project of the US-Korea Institute at Johns Hopkins School of Advanced International Studies, said the "second missile test stand barge [is] almost operational." Bermudez wrote, "Once in service, this barge will help facilitate a broader SLBM testing regime and potentially establish a SLBM capability within the West Sea fleet [of North Korea's navy]."
Bermudez, a 38 North contractor, explained that the test stand barge and platform are used to simulate the weapons that would be inside the submarine because it's considered too dangerous and costly to do such early testing inside a real submarine. He also said that the North Koreans know the US military is watching its SLBM and submarine development so they have been doing things to mitigate the satellite surveillance capabilities, including resorting to concealment in some cases.
Baby case: Max group decides to terminate services of 2 docs
Max Healthcare has decided to terminate the services of two doctors allegedly involved in the case of a premature baby being wrongly declared dead, hospital authorities told PTI. The decision was taken on Sunday night after a meeting of the Max Healthcare authorities in connection with the incident.
"While the inquiry by the expert group which includes external experts from the IMA is still in process, we have decided to terminate the services of two treating doctors, doctors AP Mehta and Vishal Gupta in the case relating to the twin extreme pre-term babies," Max Healthcare said in a statement.
The case pertains to the birth of twins (boy and girl) on November 30. Both the babies were allegedly declared dead by the Max Hospital in Shalimar Bagh. However, the family later found the boy was alive.
Britain, EU on brink of sealing Brexit deal today
Theresa May hopes to break the Brexit talks deadlock on Monday with a new offer on divorce settlements at a crunch meeting with EU officials, as some of her party members urge her to walk away unless there is progress, reports Reuters. EU officials and diplomats say they are increasingly optimistic a deal can be struck on Monday, while cautioning that things could still go wrong. Over lunch with European Commission President Jean-Claude Juncker and European Union Brexit negotiator Michel Barnier, the British prime minister will try to persuade them to start discussions on a new trade pact and a two-year transitional deal.
The European Union has given May until Monday to put forward a more comprehensive offer on the remaining separation issues before officials recommend moving onto discussing trade and future ties. They want a pledge that Britain will pay what it owes the bloc when leaving, protect the rights of EU citizens living in Britain and ensure there is no hard border between the north and south of Ireland.
South Korea, US kick off largest air exercise amid North Korean warnings
South Korea and the United States launched their largest-ever joint aerial drills on Monday, officials said, a week after North Korea said it had tested its most advanced missile as part of a weapons program that has raised global tensions, reports Reuters. The annual US-South Korean drill, called Vigilant Ace, will run until Friday, with six F-22 Raptor stealth fighters to be deployed among the more than 230 aircraft taking part. The exercises have been condemned as a provocation by the isolated North.
F-35 fighters will also join the drill, which will also include the largest number of 5th generation fighters to take part, according to a South Korea-based US Air Force spokesman. Around 12,000 US service members, including from the Marines and Navy, will join South Korean troops. Aircraft taking part will be flown from eight US and South Korean military installations. South Korean media reports said B-1B Lancer bombers could join the exercise this week. The US Air Force spokesman could not confirm the reports.
Venezuela to create digital currency amid financing crisis
Venezuela is creating a digital currency to combat a financial blockade by the United States, President Nicolas Maduro has announced, reports AFP. It will be called the Petro and be backed up by Venezuela's reserves of oil and gas and its gold and diamond holdings, the president said in his weekly television program.
"This is going to allow us to move toward new forms of international financing for the country's economic and social development," the president said on Sunday. The news comes as Venezuela faces acute financing problems after creditors and ratings agencies declared the government and the state run oil firm PDVSA to be in partial default for missing interest and principle payments on bonds.
Maduro blames those problems on sanctions imposed by the United States in August, barring American citizens and companies from buying any new Venezuelan government or PDVSA bonds. Venezuela is mired in a deep economic crisis triggered mainly by a fall in crude oil prices and a drop in oil production. Petroleum is its main source of hard currency.
ITC's food division eyes 10% revenue from chocolates in 5 years
Diversified conglomerate ITC expects chocolate category to contribute 10% to its food division revenue in next five years, a top company official told PTI. The company had entered into chocolate category with brand Fabelle in May last year. "In five years, we should see a 10% share of the total food business from chocolates," ITC Foods Divisional Chief Executive Hemant Malik said.
"We will phase ourselves. There is no point in launching too many products. We will be looking at various spaces and be a full portfolio player (in chocolate category)...Overall market share in five years, we should have 15-20%," Malik said. The company manufactures chocolates from its Bengaluru facility at present and it has added another factory at Haridwar.
Top 9 cos take Rs 81,804cr hit in m-cap last week
The combined market valuation of nine of the top 10 most valued Indian companies diminished by Rs 81,804.34 crore last week, with Mukesh Ambani-led Reliance Industries (RIL) taking the biggest hit.
Barring Maruti Suzuki India, rest of the nine companies including, State Bank of India (SBI), Infosys, Tata Consultancy Services (TCS) and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday.
Among the top 10 firms, RIL was the worst hit as its m-cap slumped by Rs 25,110.60 crore to Rs 5,76,213.96 crore. The valuation of SBI plunged by Rs 17,005.15 crore to Rs 2,69,794.84 crore; Infosys (Rs 11,818.04 crore to Rs 2,20,166.80 crore); TCS (Rs 11,141.16 crore to Rs 5,03,562.92 crore) and HDFC (Rs 8,127.28 crore to Rs 2,64,934.96 crore).
The m-cap of ITC declined by Rs 6,084.85 crore to Rs 3,11,164.96 crore and that of Hindustan Unilever (HUL) plummeted by Rs 3,106.03 crore to Rs 2,71,068.47 crore. HDFC Bank lost Rs 1,555.84 crore to Rs 4,77,135.50 crore and ONGC Rs 1,475.82 crore to Rs 2,30,677.40 crore.
On the other hand, the only gainer in the top 10 list, Maruti Suzuki India, added Rs 3,620.43 crore to its valuation to reach Rs 2,60,016.92 crore.
In the ranking of top-10 firms, RIL stood at the numero uno spot followed by TCS, HDFC Bank, ITC, HUL, SBI, HDFC, Maruti Suzuki India, ONGC and Infosys.
Over the last week, the Sensex plunged 846.30 points, or 2.51%, while the Nifty declined 267.90 points, or 2.57%.
Post wage hike, govt now asks Coal India to ramp up production
The government has asked Coal India to focus on production enhancement, saying it cannot let the "profitability tumble" as the recent wage hike will have an estimated impact of nearly Rs 6,000 crore annually. "They (Coal India) have to increase their production and productivity. That goes without saying. When they came to meet me after they signed this (wage pact) both the employee leaders and management were sitting. I told them that you have to do that," Coal Secretary Susheel Kumar said.
Coal India (CIL) had in October signed a wage agreement with workers' unions proposing 20% hike in salaries for a period of five years, which will have an estimated impact of Rs 5,667 crore per year to the world's largest coal miner. "Because if there is an Rs 5,000-Rs 6,000 crore of outgo that has to be generated. We cannot let the stock prices tumble. We cannot let the profitability tumble. So, they (CIL) have to work for productivity and production enhancement," Kumar said.
The public sector firm had signed the agreement at 20% hike in salaries against workers' demand for a 50% raise. In FY18, CIL has been pegged production target at 600MT with an annualised growth of about 8.3% over the last year. In FY19, the envisaged coal production projection is 773.70MT with a growth of about 28.95%. The miner is eyeing an output of one billion tonne by FY20.
FPI inflows hit 8-month high of Rs 19,728cr in November
Foreign investors pumped in over Rs 19,700 crore into the country's stock markets in November, the highest in eight months, mainly due to government's plan to recapitalise state-run banks and surge in India's ranking in the World Bank's Ease of Doing Business. In addition, such investors put in Rs 530 crore in the debt markets during the period under review.
According to depositories data, foreign portfolio investors (FPIs) invested a net amount of Rs 19,728 crore in equities last month. This is the highest net investment by FPIs since March, when they had poured in Rs 30,906 crore in the equity market.
It has been a tremendous journey for the Indian equity markets in 2017. After taking a break from buying into Indian equities in August and September, FPIs bought equities in abundance in November. Overall, FPIs have invested Rs 53,800 crore in equities so far in 2017 and another Rs 1.46 lakh crore in debt markets.
First Union Budget post-GST likely on Feb 1, session may begin on Jan 30
Finance Minister Arun Jaitley is likely to present India's first post-GST and the current government's last full Budget on February 1 next year, reports PTI. The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said. This will be Jaitley’s 5th Budget in a row.
The Economic Survey, detailing the state of the economy, is likely to be tabled on January 31 and the Union Budget may be presented the following day, he said. With excise duty and service tax being subsumed in GST, the classifications in the forthcoming budget may undergo change, he stated.
While a new classification for revenues to be accrued from GST will be included in the Budget for next fiscal, for the current year two sets of accounting may be presented — one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.
The official said that since the GST rates are decided by a GST Council, headed by Union Finance Minister and comprising of representatives of all states, the Budget for 2018-19 may not have any tax proposals concerning excise and service tax levies. Only proposals for changes in direct taxes, both personal income tax and corporate tax, besides customs duty, are likely to be presented in the Budget along with new schemes and programmes of the government.
Vijay Mallya to return to UK court as extradition trial begins today
Embattled liquor baron Vijay Mallya, out on a GBP650,000 bail bond following his arrest by Scotland Yard over fraud and money laundering charges earlier this year, will return to Westminster Magistrates' Court in London today as his extradition trial begins, reports PTI. The 61-year-old businessman, who has been in self-imposed exile in the UK since March 2016 when he left India, is wanted in India on charges relating to his defunct Kingfisher Airlines defaulting on loans from various Indian banks amounting to Rs 9,000 crore.
North Korea appears ready to accelerate submarine weapons tests, adding to nuclear threat
There are signs that North Korea's submarine missile program is expanding as it prepares its second test, adding to the risk that the nuclear-armed country could one day threaten the US or its Asian allies with yet another powerful weapon in its arsenal, reports CNBC.
Experts suggest North Korea having fully submersible submarines firing a nuclear ballistic missile pose a dangerous scenario because they could offer the hermit regime a better chance of survival and might be harder to detect. It comes on the heels of North Korea last Tuesday launching a new Hwasong-15 intercontinental ballistic missile, a road-mobile weapon the state-owned KCNA media claimed could carry a "super-large heavy warhead, which is capable of striking the whole mainland of the US."
The North Koreans appear to be getting more aggressive on submarine-launched ballistic missile (SLBM) development and now have several shipyards active in the offshore-weapons program. The North is not believed to have the capability today to launch multiple ballistic missiles from a submarine. However, experts say the totalitarian state is working at a feverish pace and could have this submersible as early as next year.
"If North Korea can deploy not only developmentally a submarine-launched ballistic missile that is effective and deploy it on ballistic missile submarines, it certainly complicates defence against missile attacks," defence analyst Joseph S Bermudez Jr, co-founder and CEO of Colorado-based imagery analysis firm KPA Associates.
In a 38 North blog post on Friday, he revealed that "commercial satellite imagery from November 11, 16 and 24 show that North Korea's second submersible ballistic missile test stand barge — a platform that allows for underwater missile launches outside of submarines — located at the Nampo Navy Shipyard is being prepared to enter service."
38 North, a project of the US-Korea Institute at Johns Hopkins School of Advanced International Studies, said the "second missile test stand barge [is] almost operational." Bermudez wrote, "Once in service, this barge will help facilitate a broader SLBM testing regime and potentially establish a SLBM capability within the West Sea fleet [of North Korea's navy]."
Bermudez, a 38 North contractor, explained that the test stand barge and platform are used to simulate the weapons that would be inside the submarine because it's considered too dangerous and costly to do such early testing inside a real submarine. He also said that the North Koreans know the US military is watching its SLBM and submarine development so they have been doing things to mitigate the satellite surveillance capabilities, including resorting to concealment in some cases.
Baby case: Max group decides to terminate services of 2 docs
Max Healthcare has decided to terminate the services of two doctors allegedly involved in the case of a premature baby being wrongly declared dead, hospital authorities told PTI. The decision was taken on Sunday night after a meeting of the Max Healthcare authorities in connection with the incident.
"While the inquiry by the expert group which includes external experts from the IMA is still in process, we have decided to terminate the services of two treating doctors, doctors AP Mehta and Vishal Gupta in the case relating to the twin extreme pre-term babies," Max Healthcare said in a statement.
The case pertains to the birth of twins (boy and girl) on November 30. Both the babies were allegedly declared dead by the Max Hospital in Shalimar Bagh. However, the family later found the boy was alive.
Britain, EU on brink of sealing Brexit deal today
Theresa May hopes to break the Brexit talks deadlock on Monday with a new offer on divorce settlements at a crunch meeting with EU officials, as some of her party members urge her to walk away unless there is progress, reports Reuters. EU officials and diplomats say they are increasingly optimistic a deal can be struck on Monday, while cautioning that things could still go wrong. Over lunch with European Commission President Jean-Claude Juncker and European Union Brexit negotiator Michel Barnier, the British prime minister will try to persuade them to start discussions on a new trade pact and a two-year transitional deal.
The European Union has given May until Monday to put forward a more comprehensive offer on the remaining separation issues before officials recommend moving onto discussing trade and future ties. They want a pledge that Britain will pay what it owes the bloc when leaving, protect the rights of EU citizens living in Britain and ensure there is no hard border between the north and south of Ireland.
South Korea, US kick off largest air exercise amid North Korean warnings
South Korea and the United States launched their largest-ever joint aerial drills on Monday, officials said, a week after North Korea said it had tested its most advanced missile as part of a weapons program that has raised global tensions, reports Reuters. The annual US-South Korean drill, called Vigilant Ace, will run until Friday, with six F-22 Raptor stealth fighters to be deployed among the more than 230 aircraft taking part. The exercises have been condemned as a provocation by the isolated North.
F-35 fighters will also join the drill, which will also include the largest number of 5th generation fighters to take part, according to a South Korea-based US Air Force spokesman. Around 12,000 US service members, including from the Marines and Navy, will join South Korean troops. Aircraft taking part will be flown from eight US and South Korean military installations. South Korean media reports said B-1B Lancer bombers could join the exercise this week. The US Air Force spokesman could not confirm the reports.
Venezuela to create digital currency amid financing crisis
Venezuela is creating a digital currency to combat a financial blockade by the United States, President Nicolas Maduro has announced, reports AFP. It will be called the Petro and be backed up by Venezuela's reserves of oil and gas and its gold and diamond holdings, the president said in his weekly television program.
"This is going to allow us to move toward new forms of international financing for the country's economic and social development," the president said on Sunday. The news comes as Venezuela faces acute financing problems after creditors and ratings agencies declared the government and the state run oil firm PDVSA to be in partial default for missing interest and principle payments on bonds.
Maduro blames those problems on sanctions imposed by the United States in August, barring American citizens and companies from buying any new Venezuelan government or PDVSA bonds. Venezuela is mired in a deep economic crisis triggered mainly by a fall in crude oil prices and a drop in oil production. Petroleum is its main source of hard currency.
ITC's food division eyes 10% revenue from chocolates in 5 years
Diversified conglomerate ITC expects chocolate category to contribute 10% to its food division revenue in next five years, a top company official told PTI. The company had entered into chocolate category with brand Fabelle in May last year. "In five years, we should see a 10% share of the total food business from chocolates," ITC Foods Divisional Chief Executive Hemant Malik said.
"We will phase ourselves. There is no point in launching too many products. We will be looking at various spaces and be a full portfolio player (in chocolate category)...Overall market share in five years, we should have 15-20%," Malik said. The company manufactures chocolates from its Bengaluru facility at present and it has added another factory at Haridwar.
Top 9 cos take Rs 81,804cr hit in m-cap last week
The combined market valuation of nine of the top 10 most valued Indian companies diminished by Rs 81,804.34 crore last week, with Mukesh Ambani-led Reliance Industries (RIL) taking the biggest hit.
Barring Maruti Suzuki India, rest of the nine companies including, State Bank of India (SBI), Infosys, Tata Consultancy Services (TCS) and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday.
Among the top 10 firms, RIL was the worst hit as its m-cap slumped by Rs 25,110.60 crore to Rs 5,76,213.96 crore. The valuation of SBI plunged by Rs 17,005.15 crore to Rs 2,69,794.84 crore; Infosys (Rs 11,818.04 crore to Rs 2,20,166.80 crore); TCS (Rs 11,141.16 crore to Rs 5,03,562.92 crore) and HDFC (Rs 8,127.28 crore to Rs 2,64,934.96 crore).
The m-cap of ITC declined by Rs 6,084.85 crore to Rs 3,11,164.96 crore and that of Hindustan Unilever (HUL) plummeted by Rs 3,106.03 crore to Rs 2,71,068.47 crore. HDFC Bank lost Rs 1,555.84 crore to Rs 4,77,135.50 crore and ONGC Rs 1,475.82 crore to Rs 2,30,677.40 crore.
On the other hand, the only gainer in the top 10 list, Maruti Suzuki India, added Rs 3,620.43 crore to its valuation to reach Rs 2,60,016.92 crore.
In the ranking of top-10 firms, RIL stood at the numero uno spot followed by TCS, HDFC Bank, ITC, HUL, SBI, HDFC, Maruti Suzuki India, ONGC and Infosys.
Over the last week, the Sensex plunged 846.30 points, or 2.51%, while the Nifty declined 267.90 points, or 2.57%.
Post wage hike, govt now asks Coal India to ramp up production
The government has asked Coal India to focus on production enhancement, saying it cannot let the "profitability tumble" as the recent wage hike will have an estimated impact of nearly Rs 6,000 crore annually. "They (Coal India) have to increase their production and productivity. That goes without saying. When they came to meet me after they signed this (wage pact) both the employee leaders and management were sitting. I told them that you have to do that," Coal Secretary Susheel Kumar said.
Coal India (CIL) had in October signed a wage agreement with workers' unions proposing 20% hike in salaries for a period of five years, which will have an estimated impact of Rs 5,667 crore per year to the world's largest coal miner. "Because if there is an Rs 5,000-Rs 6,000 crore of outgo that has to be generated. We cannot let the stock prices tumble. We cannot let the profitability tumble. So, they (CIL) have to work for productivity and production enhancement," Kumar said.
The public sector firm had signed the agreement at 20% hike in salaries against workers' demand for a 50% raise. In FY18, CIL has been pegged production target at 600MT with an annualised growth of about 8.3% over the last year. In FY19, the envisaged coal production projection is 773.70MT with a growth of about 28.95%. The miner is eyeing an output of one billion tonne by FY20.
FPI inflows hit 8-month high of Rs 19,728cr in November
Foreign investors pumped in over Rs 19,700 crore into the country's stock markets in November, the highest in eight months, mainly due to government's plan to recapitalise state-run banks and surge in India's ranking in the World Bank's Ease of Doing Business. In addition, such investors put in Rs 530 crore in the debt markets during the period under review.
According to depositories data, foreign portfolio investors (FPIs) invested a net amount of Rs 19,728 crore in equities last month. This is the highest net investment by FPIs since March, when they had poured in Rs 30,906 crore in the equity market.
It has been a tremendous journey for the Indian equity markets in 2017. After taking a break from buying into Indian equities in August and September, FPIs bought equities in abundance in November. Overall, FPIs have invested Rs 53,800 crore in equities so far in 2017 and another Rs 1.46 lakh crore in debt markets.
First Union Budget post-GST likely on Feb 1, session may begin on Jan 30
Finance Minister Arun Jaitley is likely to present India's first post-GST and the current government's last full Budget on February 1 next year, reports PTI. The Budget session of Parliament may begin on January 30 with President Ram Nath Kovind addressing the Joint Session of both the Houses of Parliament, a senior government official said. This will be Jaitley’s 5th Budget in a row.
The Economic Survey, detailing the state of the economy, is likely to be tabled on January 31 and the Union Budget may be presented the following day, he said. With excise duty and service tax being subsumed in GST, the classifications in the forthcoming budget may undergo change, he stated.
While a new classification for revenues to be accrued from GST will be included in the Budget for next fiscal, for the current year two sets of accounting may be presented — one for actual accruals during April-June for excise, customs and service tax, and the other for July-March period for GST and customs duty.
The official said that since the GST rates are decided by a GST Council, headed by Union Finance Minister and comprising of representatives of all states, the Budget for 2018-19 may not have any tax proposals concerning excise and service tax levies. Only proposals for changes in direct taxes, both personal income tax and corporate tax, besides customs duty, are likely to be presented in the Budget along with new schemes and programmes of the government.