News highlights of the day: Electronic platform must for private debt issues of Rs 200 cr
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
Hemant Contractor, Chairman, PFRDA said their longstanding demand has been that NPS should be treated at par with the Employee Provident Fund (EPF) and Public Provident Fund (PPF). “We want it to be made an EEE (exempt-exempt-exempt) product. We believe that even the Tier II NPS account should be treated on par with mutual funds as far as taxation is concerned. We will press for that again,” he said.
NPS is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. Under the NPS, individual savings are pooled in to a pension fund which are invested by PFRDA regulated professional fund managers as per the approved investment guidelines in diversified portfolios comprising government bonds, bills, corporate debentures and shares.
Fortis Healthcare is seeking a cash injection of as much as $790 million as part of its billionaire founders’ talks to sell their stake in India’s second-largest private hospital chain, reports Bloomberg. Malvinder and Shivinder Singh have been in talks with private equity firms for the past year to sell their 34% stake in Fortis to pay down debt at their holding company, Fortis President Daljit Singh said.
The deal could also include as much as Rs 50 billion of fresh capital for Fortis that would be used to partly finance the acquisition of its Singapore-based trust, announced in November. Fortis is also exploring other structures for a capital infusion, which could result in dilution for existing shareholders, Singh said from the company’s headquarters in Gurgaon, outside New Delhi. Fortis has a market value of about $1.3 billion.
A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB’s plea to go forward. CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue.
Samvardhana Motherson International (SAMIL), promoter of Motherson Sumi Systems, on Thursday announced the acquisition of MS Global India Pvt from its Korean parent MS Group. MS Global India makes pressed sheet metal and frames for commercial vehicles’ chassis. Motherson Sumi is one of India’s largest auto part makers. The deal could be worth 30-60% of MS Global India’s revenue, sources told Mint.
“The acquisition of MS Global India will see SAMIL enter a new vertical—sheet metal parts with focus on hot stamping—a light weighting technology for high strength sheet metal parts. This technology augurs well towards the trend of light weighting of vehicles and will also find increased use in electronic vehicles,” the company said in a statement.
Saying the US "game of economic miracles" was in its "early innings," Buffett, 87, downplayed polls suggesting broad pessimism for the futures of American children, saying rapid economic growth would not be necessary for people to thrive. He said that if the economy grew at just 2% annually after adjusting for inflation, roughly its pace since the 2008 financial crisis, while population increased 0.8% a year, then GDP per capita would increase to $79,000 by 2043 from $59,000 now.
"My personal challenge for 2018 is to focus on fixing these important issues," Zuckerberg wrote in a post on his Facebook page on Thursday. "We won't prevent all mistakes or abuse, but we currently make too many errors enforcing our policies and preventing misuse of our tools. If we're successful this year then we'll end 2018 on a much better trajectory."
Facebook was under much scrutiny in 2017 for a litany of issues, including admitting Russians bought ads with the intent to sway the 2016 US elections. Its ad-targeting capabilities were also allowing companies to find potential customers using racially discriminatory and derogatory terms.
Introduced in August last year, the bright yellow Rs 200 notes are not widely available with the public. This promted RBI to ask banks to start dispensing the notes at ATMs. However, bankers have complained of not having enough availability of the new currency notes and additional cost from the recalibration process. According to experts, the overall recalibration process may cost banks Rs 100-120 crore.
According to sources, after the negative news on the income generated on the fees, the bank is looking at reducing the minimum balance requirement to around Rs 1,000 but is yet to take a call. SBI saw backlash after Finance Ministry data showed that SBI netted a windfall of Rs 1,771.67 crore as penalty from customers for non-maintenance of monthly average balance in savings accounts in eight months of FY18 from April to November 2017.
“Now if we move from 33% to the remaining one, obviously we will need more money but we will need the money as we go along,” Hardeep Puri, Minister of Housing and Urban Affairs said. The government is also working on creating a housing fund to augment funding under these schemes, he said.
Tron's gains followed a tweet from founder Justin Sun on Thursday that the company "will announce our partnership with a very prestigious public company next week." Sun tweeted later in the day that the news would come in a live stream event on "January 6th 3:30pm."
More than 232 banking apps have been affected by the deadly malware, which include major Indian banking apps such as HDFC Bank MobileBanking, SBI Anywhere Personal, HDFC Bank MobileBanking LITE, iMobile by ICICI Bank, IDBI Bank GO Mobile+, Abhay by IDBI Bank, IDBI Bank GO Mobile, IDBI Bank mPassbook, Baroda mPassbook, Union Bank Mobile Banking and Union Bank Commercial Clients.
But the story doesn't end right there. According to Quick Heal security report, the Trojan also targets cryptocurrency apps present on a user's phone. What makes this Trojan deadly is that it is disguised as a fake Flash Player app, which can fool any unmindful user. Once the app is downloaded on your phone, numerous pop-ups are sent to the user's phone until administrative privileges have been granted.
The malicious app shows fake notifications on behalf of the targeted banking app and when the user clicks on it, they are taken to a fake login screen to steal user's net banking login ID and password. With admin access to the phone, the malware can intercept all incoming and outgoing SMSs, allowing hackers to bypass the strict two-factor authentication or OTP-based verification.
The victims won't even know an SMS has arrived as the malware can silence all device notifications. The malware can process various commands like upload contact list and location, gain accessibility and GPS permission, and more. Besides banking and cryptocurrency apps, Quick Heal Security Labs has found popular apps like Amazon, eBay, Airbnb, Western Union are more prone to the malware attack.
The missile's failure was widely reported at the time but it was not previously known that the Hwasong-12 crashed in a populated area. From a location near North Korea's Pukchang Airfield, the missile flew about 39 km to the northeast where it struck a complex of industrial or agricultural facilities in Tokchon. That complex, located near residential and commercial buildings, likely experienced a large explosion but the magazine said it was impossible to determine whether there were casualties.
Electronic platform must for private debt issues of Rs 200 cr: SEBI
Markets regulator SEBI on Friday made electronic platform mandatory for all private placement issues on debt basis that have a threshold of Rs 200 crore.
Currently, the mechanism is mandatory for all private placements of debt securities with an issue size of Rs 500 crore or more.
The new norms are aimed at achieving better and transparent price discovery through the bidding process.
In a circular, SEBI said, “all private placement of debt securities shall be required to be made through EBP (electronic book platform) if it is a single issue, inclusive of green shoe option, if any, of Rs 200 crore or more”.
Jan 05, 07:07 PM (IST)
Top Headlines
>FY18 GDP growth estimated at 6.5% >Budget session to begin on January 29, Budget on February 1
>Fortis Healthcare’ promoters aim to raise $790m via 34% stake sale, reports Bloomberg.
>Lalu Prasad Yadav's sentencing on the fodder scam case to be announced tomorrow
>Dangerous malware stealing data from HDFC, ICICI, SBI banking apps, reports International Business Times.
>Apple says all Macs, iPhones and iPads exposed to chip security flaws, reports Bloomberg.
> US job growth slows in December; wages increase
>Parliamentary committee raps IndiGo in passenger assault case, reports Times Now >China Development Bank withdraws insolvency petition against RCom, reports Reuters
Jan 05, 09:44 PM (IST)
That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
Jan 05, 09:43 PM (IST)
Tata Steel FY18′ Q3 production down marginally at 3.24 mt
Tata Steel provisional India production in the Q3 period ending in December 2017 was marginally down at 3.24 million ton compared to 3.28 million ton in the corresponding quarter of 2016-17.
But in the nine month period from April-December of FY 18, the company’s India production was higher by 10.6 per cent at 9.23 million ton against 8.34 million tonne production in previous comparable period, a Tata Steel release said on Friday.
However, the company’s European operation production in the Q3 quarter was marginally higher at 2.68 million ton (provisional) against 2.64 million ton in the comparable period in the FY 17, it said.
Jan 05, 09:42 PM (IST)
Revenue from passenger fare up by 5%, freight 8%: Railway
The revenue of the railways from both passenger traffic as well as freight movement has gone up by more than five and eight percent respectively between April-December 2017 as compared to the same period previous year, a senior official of the railway board said on Friday.
The revenue from passenger fare rose to Rs 37,134 crore in 2017 as compared to the revenue of Rs 35,295 crore generated in the corresponding period in 2016. This shows a growth of 5.2 percent, Mohd Jamshed, Member, Traffic, Railway Board, told reporters here.
Jan 05, 09:27 PM (IST)
Mamata Banerjee expresses concern over easy availability of Aadhaar cards
West Bengal Chief Minister Mamata Banerjee on Friday expressed concern over reports that Aadhaar cards were easily vailable from fictitious agencies and asked the people to be more alert to prevent theft of data and violation of privacy.
Banerjee in a Facebook post said she has been voicing her serious concern over the violation of privacy due to Aadhaar from the very beginning and had urged to ensure a "foolproof mechanism" to ensure security of data.
She said a section of the press has reported that Aadhaar cards are now easily available from fictitious agencies upon payment of small amounts.
Jan 05, 09:16 PM (IST)
Gajapathi Raju cautions capping airfares will backfire
Capping airfares will push up ticket costs, Civil Aviation Minister Ashok Gajapathi Raju said today after a Parliamentary panel recommended: "fixing an upper limit" for air tickets and restricting cancellation charges to 50 per cent of the base fare.
The report by the Parliamentary Standing Committee on Transport, Tourism and Culture noted that "airlines are charging more than ten times of the advance booking fare" and that "deregulatory environment does not mean unlimited freedom of exploitation", while urging the government to intervene.
"The Ministry of Civil Aviation, though aware of the rampant exploitation is not showing any proactive role in regulating the airfares. The committee therefore recommends that Ministry of Civil Aviation to consider fixing an upper limit of the air ticket for every sector," says the report which was tabled in Rajya Sabha on Thursday.
Jan 05, 09:14 PM (IST)
Courts shouldn't assume the role of 'super guardian': Supreme Court
The Supreme Court on Friday acceded to the wish of a girl, for whose custody her estranged parents have been fighting legal battles, saying that she was now a major and entitled to enjoy her freedom and the courts should not assume the role of a "super guardian".
A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud interacted with the 18-year-old girl in a packed courtroom during which she said that she has become a major and has been pursuing studies in Kuwait and wanted to live with her father.
Trashing the plea of the Kerala-based mother, who was seeking her custody, the court said that the daughter of the couple "without any hesitation, clearly stated that she intends to go back to Kuwait to pursue her career".
Jan 05, 09:13 PM (IST)
PETA asks Centre to tax meat, other animal derived foods
Animal rights body PETA asked the government to levy a tax on meat and other animal derived foods for their damaging effects on environment and public health, on the lines of a similar tax imposed on tobacco.
The People for the Ethical Treatment of Animals (PETA) India, in a letter to Finance Minister Arun Jaitley, requested him to consider taxing meat and other animal derived foods to discourage their consumption.
“PETA India asks that India tax meat and other animal derived foods for their damaging effects on the environment and the public’s health the same way there are increased taxes in countries around the world on other unhealthy or damaging goods such as tobacco,” said Nikunj Sharma, Lead–Public Policy, PETA India.
Jan 05, 08:56 PM (IST)
Five-fold increase in paddy procurement in Bihar: Deputy CM Sushil Kumar Modi
Bihar has witnessed a five-fold increase in paddy procurement compared to that of the previous year, Deputy Chief Minister Sushil Kumar Modi said here on Friday.
Addressing a high-level meeting of the cooperative department, Sushil observed that paddy procurement for the current financial year so far stood at 1.76 lakh ton from 23,440 cultivators. For the corresponding period in the previous financial year, the procurement was at 31,169 ton from 4,495 paddy growers, he said.
Jan 05, 08:53 PM (IST)
FPI inflows on course for a record, may jump 5-fold in FY18: ICRA
On a day when the key indices scaled new life-time highs on strong inflows, an ICRA research report has said foreign portfolio investors are on course to pump in a record USD 28-35 billion by March, which is a four- five-fold spike over FY17.
The benchmark indicies — Sensex and the Nifty — has scaled 28 percent in calendar year 2017 over 2016 and since then the markets scaled new peaks in the first week of the new year with both the indices closing at new life-time peaks with on Friday being another record close. Foreign portfolio investors (FPIs) had pumped in Rs 48,400 crore or USD 7 billion into the domestic equities in FY17 and this is set to witness a four-five-fold increase in the year to March at USD 28-35 billion.
"We expect net inflows to be Rs 1.8-2.2 trillion (USD 28-35 billion) for FY18. Already they have pumped in Rs 95,600 crore (USD 15 billion) in the first half of this fiscal, against Rs 48,400 crore (USD 7 billion) for the entire FY17," ICRA said.
Jan 05, 08:43 PM (IST)
Jan 05, 08:41 PM (IST)
Govt trashes WHO report that 57% Indian doctors not qualified
The government today termed as "erroneous" a World Health Organisation (WHO) report which claimed that 57 per cent of allopathic doctors in India do not have medical qualification.
"The report is erroneous since MBBS is the minimum qualification for enrolment as registered medical practitioner in a state medical register to practice medicine, and hence all registered doctors have medical qualifications," Union Minister JP Nadda told the Lok Sabha in a written reply to a question.
He further said Section 15 of the Indian Medical Council Act, 1956 prohibits a person other than medical practitioner enrolled on a state medical register to practice in the state.
Jan 05, 08:34 PM (IST)
Builders under ‘tremendous’ stress: BAI
A three-day national convention of Builders’ Association of India beginning here from January 19 would address challenges faced by the builders, many of whom were on the verge of bankruptcy due to factors, including “lack of clarity” on GST, its office-bearers said on Friday.
Convention chairman Bhishma R Radhakrishnan said the meet will be themed around ‘Building India’ since it was close to Prime Minister Narendra Modi’s mission.
Highlighting the problems faced by the builders, he said, “We are the only sector paying all the taxes starting from GST, sales tax, municipal taxes and so on. Yet, we are under tremendous stress. This convention will have a spiritual touch to de-stress the builders who face hurdles at every level.”
Jan 05, 08:34 PM (IST)
New Consumer Protection Bill introduced in Lok Sabha
A new Consumer Protection Bill was introduced in the Lok Sabha on Friday, seeking to set up an authority to safeguard consumer rights in view of current challenges posed by e-commerce, direct selling, telemarketing and misleading ads, among others.
The Consumer Protection Bill, 2018 was introduced by Consumer Affairs Minister Ram Vilas Paswan in the Lower House and it seeks to replace the 31-year-old law.
The Bill has strong provisions to check adulteration and misleading ads and also provides for fine up to Rs 50 lakh and jail up to 5 years for manufacturers and service providers for false and misleading ads. Against adulteration, the Bill has provisions for fine up to Rs 10 lakh and life term imprisonment.
Jan 05, 08:26 PM (IST)
US-Pakistan ties can no longer bear weight of contradictions: US NSA HR McMaster
President Donald Trump is "frustrated" with Pakistan for supporting terror groups and using them as an arm of their foreign policy, US National Security Advisor (NSA) HR McMaster said, underlining that their relationship can no longer bear the weight of contradictions.
The US and others have long complained that Pakistan offered safe haven to the Afghan Taliban and their allies, the Haqqani Network, allowing them to carry out cross-border attacks in Afghanistan.
Pakistan denies allegations but Trump has escalated the criticism against the country since he took office last January.
Jan 05, 08:25 PM (IST)
New Consumer Protection Bill introduced in Lok Sabha
A new Consumer Protection Bill was introduced in the Lok Sabha on Friday, seeking to set up an authority to safeguard consumer rights in view of current challenges posed by e-commerce, direct selling, telemarketing and misleading ads, among others.
The Consumer Protection Bill, 2018 was introduced by Consumer Affairs Minister Ram Vilas Paswan in the Lower House and it seeks to replace the 31-year-old law.
The Bill has strong provisions to check adulteration and misleading ads and also provides for fine up to Rs 50 lakh and jail up to 5 years for manufacturers and service providers for false and misleading ads. Against adulteration, the Bill has provisions for fine up to Rs 10 lakh and life term imprisonment.
Jan 05, 08:19 PM (IST)
Rupee mounts to 32-month high of Rs 63.37 against dollar
The rupee continued its rise for the second day against the beleaguered dollar and ended at a 32- month high of Rs 63.37 on Friday, up 4 paise on steady unwinding of the American currency by exporters.
A record-setting spree on local bourses too bolstered sentiment on the forex trading front.
This is the highest finish for the home currency since April 29, 2015 when it had settled at 63.30.
Overall forex sentiment got a leg-up ahead of the advanced gross domestic product (GDP) growth estimates for 2017-18, which was released after the market hours.
Jan 05, 08:13 PM (IST)
New India Assurance premium for 9 months grew by 20%
New India Assurance, the largest non-life insurer in India, has posted a 20 percent growth in its premium for the nine months ended December 31, 2017, to Rs 16,800 crore. The company’s premium was Rs 14,000 crore during the same period last year, a release issued here said.
The New India Assurance profit after tax stood at Rs 1,248 crore in the first half of the current financial year, an increase of 161 percent over the same period during the previous year.
Jan 05, 08:02 PM (IST)
Britain outlines plans for 2025 coal-power phase out
Britain will set an emission limit on coal-fired power generators from October 1, 2025, forcing them to close unless they are fitted with carbon capture technology, the government said on Friday.
As part of its efforts to meet the country’s climate targets, Britain in 2015 announced it would end “unabated” coal-fired power generation – plants without technology to capture and store carbon emissions – by 2025.
The Department for Business, Energy and Industrial Strategy (BEIS) fleshed out the plan on Friday, saying it would set an emission limit of up to 450 grams of CO2 for each kilowatt hour of electricity produced to make sure polluting plants close.
Jan 05, 07:55 PM (IST)
Rahul Gandhi attacks govt over delay in appointing Lokpal
Congress President Rahul Gandhi on Friday hit out at the Modi government over continued delay in appointment of Lokpal, even four years after the enactment of the law for setting up the institution, asking how long will it “blow the tune of falsehood”.
“Four years have gone by, but the Lokpal has not come. The public is asking only one question, till when will you blow the tune of falsehood?"
“Are the ‘defenders of democracy’ and ‘harbingers of accountability’ listening?” he asked in tweets using ‘#FindingLokpal’ as hashtag.
Jan 05, 07:50 PM (IST)
North Korea agrees to talks after US, South Korea postpone military drills
North Korea agreed on Friday to hold official talks with the South Korea next week, the first in more than two years, hours after the United States and South Korea delayed a military exercise amid a standoff over the North’s nuclear and missile programmes.
South Korea said the North had sent its consent for the talks to be held on Tuesday. The last time the two Koreas engaged in official talks was in December 2015.
The meeting will take place at the border truce village of Panmunjom where officials from both sides are expected to discuss the Winter Olympics, to be held in the South next month, and other inter-Korean relations, South Korean Unification Ministry spokesman Baik Tae-hyun told reporters. North Korea asked for further negotiations about the meeting to be carried out via documented exchanges, Baik said.
Jan 05, 07:48 PM (IST)
Govt to push for Triple Talaq Bill in Budget Session
Notwithstanding the Opposition stalling the passage of the contentious triple Talaq Bill, the government is set to push for its nod in the Rajya Sabha in the Budget Session, asserting that it is committed to it.
Briefing reporters at the conclusion of the Winter Session, parliamentary affairs minister Ananth Kumar also attacked the Congress, which had not opposed the bill in Lok Sabha but voiced its strong opposition in the Upper House.
Congress president Rahul Gandhi talks about woman empowerment but “runs away” when it comes to acting on this, Kumar said.
Jan 05, 07:43 PM (IST)
US job growth slows in December; wages increase
US job growth slowed more than expected in December amid a decline in retail employment, but a pick-up in monthly wage gains pointed to labor market strength that could pave the way for the Federal Reserve to increase interest rates in March.
Nonfarm payrolls increased by 148,000 jobs last month, the Labor Department said on Friday. Retail payrolls fell by 20,300 in December, the largest drop since March, despite a strong holiday shopping season.
Employment data for October and November data were revised to show 9,000 fewer jobs created than previously reported.
Jan 05, 07:36 PM (IST)
We are being targeted, say Jignesh Mevani and Umar Khalid
Dalit leader Jignesh Mevani on Friday denied making any inflammatory speech in Pune and said he was being targeted by the BJP and the Rashtriya Swayamsevak Sangh (RSS).
A day after an FIR was filed against him and Jawaharlal Nehru University (JNU) student leader Umar Khalid for their alleged "provocative" speeches during an event in Pune on December 31, the Gujarat MLA said he smelt a "conspiracy".
Khalid echoed Mevani and said he was being targeted in an attempt to exonerate the real accused who are closely associated with Prime Minister Narendra Modi.
Jan 05, 07:32 PM (IST)
#UPDATE Vehicle carrying six people hit by avalanche in Kupwara. Rescue operations underway. Details awaited. #JammuAndKashmir
Google comes under scanner again for paying female teachers lesser
Google has been accused of showing gender bias by a teacher who was earlier employed at the childcare centre in the company. The allegation comes not long after the tech giant was accused of underpaying female engineers.
According to The Guardian report, a teacher named Heidi Lamar on Wednesday filed a complaint in San Francisco accusing that female teachers working with Google were paid lower salaries than men with fewer qualifications for the same job. Lamar, alleged that two of the three male pre-school teachers in the company were given higher starting salaries than the remaining 147 female staff.
Jan 05, 06:46 PM (IST)
JUST IN | Banking Secretary Rajiv Kumar told CNBC TV-18 recap bonds will not get an SLR status and that the coupon rate will be below G-Sec rates. He said that these bonds will be non-tradable.
Jan 05, 06:29 PM (IST)
PM Modi bats for the upliftment of the society
PM Modi at the Conference on the Transformation of Aspirational Districts said that if India concentrates on uplifting the poor and bring in equal education of all citizens, only benefits lie in store for the nation. He said, "It is because I went to school, I am standing here in front of you today."
highlights
75 companies under SFIO lens for alleged fraud this fiscal
The Serious Fraud Investigation Office (SFIO) has started investigating 75 companies for alleged fraud in the current fiscal, Parliament was informed on Friday.
The agency comes under the ministry of corporate affairs, which is implementing the Companies Act.
FY18 Manufacturing Growth Estimated At 4.6% Vs 7.9% (YoY), FY18 Agriculture Growth Estimated At 2.1% Vs 4.9% (YoY), FY18 Trade, Hotel, Transport Svcs Growth Estimated At 8.7% Vs 7.8% (YoY); FY18 Financial, Real Estate Services Growth Estimated At 7.3% Vs 5.7% (YoY)
JUST IN: FY18 GDP growth estimated at 6.5%
Budget 2018: PFRDA seeks EEE status for NPS
Pension Fund Regulatory and Development Authority (PFRDA) is seeking EEE (exempt-exempt-exempt) status for the National Pension Scheme (NPS) in Budget 2018, reports Moneycontrol News’ M Saraswathy.
Hemant Contractor, Chairman, PFRDA said their longstanding demand has been that NPS should be treated at par with the Employee Provident Fund (EPF) and Public Provident Fund (PPF). “We want it to be made an EEE (exempt-exempt-exempt) product. We believe that even the Tier II NPS account should be treated on par with mutual funds as far as taxation is concerned. We will press for that again,” he said.
NPS is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. Under the NPS, individual savings are pooled in to a pension fund which are invested by PFRDA regulated professional fund managers as per the approved investment guidelines in diversified portfolios comprising government bonds, bills, corporate debentures and shares.
Fortis Healthcare’ promoters aim to raise $790m via 34% stake sale
Fortis Healthcare is seeking a cash injection of as much as $790 million as part of its billionaire founders’ talks to sell their stake in India’s second-largest private hospital chain, reports Bloomberg. Malvinder and Shivinder Singh have been in talks with private equity firms for the past year to sell their 34% stake in Fortis to pay down debt at their holding company, Fortis President Daljit Singh said.
The deal could also include as much as Rs 50 billion of fresh capital for Fortis that would be used to partly finance the acquisition of its Singapore-based trust, announced in November. Fortis is also exploring other structures for a capital infusion, which could result in dilution for existing shareholders, Singh said from the company’s headquarters in Gurgaon, outside New Delhi. Fortis has a market value of about $1.3 billion.
Budget session to begin on Jan 29, Budget on Feb 1
The Budget session of Parliament will commence from January 29 and the Union Budget will be presented on February 1, the Cabinet Committee on Parliamentary Affairs recommended today. President Ramnath Kovind will address the joint sitting of the two Houses on January 29 and the Economic Survey will be tabled on the same day, Parliamentary Affairs minister Ananth Kumar said. The first phase of the session will be from January 29 to February 9. After a recess, Parliament will meet again from March 5 to April 6, Kumar said.
China Development Bank withdraws insolvency plea against RCom
China Development Bank has withdrawn its insolvency plea against Reliance Communications (RCom) . This leaves Swedish equipment maker Ericsson as the sole foreign company battling to recover dues from the Anil Ambani-led telecom operator. Post this development, the RCom stock is up over 6%.
A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed CDB’s plea to go forward. CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue.
Samvardhana Motherson buys MS Group’s India business
Samvardhana Motherson International (SAMIL), promoter of Motherson Sumi Systems, on Thursday announced the acquisition of MS Global India Pvt from its Korean parent MS Group. MS Global India makes pressed sheet metal and frames for commercial vehicles’ chassis. Motherson Sumi is one of India’s largest auto part makers. The deal could be worth 30-60% of MS Global India’s revenue, sources told Mint.
“The acquisition of MS Global India will see SAMIL enter a new vertical—sheet metal parts with focus on hot stamping—a light weighting technology for high strength sheet metal parts. This technology augurs well towards the trend of light weighting of vehicles and will also find increased use in electronic vehicles,” the company said in a statement.
Fitch: India’s GDP can clip at an avg 6.7% for the next 5 years
India has the potential to grow at an average of 6.7% per annum over the next five years and will be the fastest growing large economies, global ratings agency Fitch has said. Even though this rate of growth is lower than the potential and what policymakers have been aspiring for, it is ahead of the 5.5% growth estimated for China and Indonesia, who are joined at the second fastest rank. Demographic factors, where India is among the youngest countries in the world with a maximum number of people in the working age group, and investment rates will be aiding the country, it said in a report on Thursday.
Warren Buffett urges fin optimism in Time magazine essay
Warren Buffett, the billionaire investor renowned for his preternatural optimism for America and its citizens' well-being, on Thursday encouraged those worried about the economic prospects for themselves and their children to shed their fears, reports Reuters. In an essay for the January 15 issue of Time magazine, the chairman of the insurance and investment company Berkshire Hathaway tried to allay concerns that innovation and improved productivity might cost jobs and disrupt lives.
Saying the US "game of economic miracles" was in its "early innings," Buffett, 87, downplayed polls suggesting broad pessimism for the futures of American children, saying rapid economic growth would not be necessary for people to thrive. He said that if the economy grew at just 2% annually after adjusting for inflation, roughly its pace since the 2008 financial crisis, while population increased 0.8% a year, then GDP per capita would increase to $79,000 by 2043 from $59,000 now.
Fixing Facebook is Mark Zuckerberg's personal challenge for 2018
Facebook CEO Mark Zuckerberg said his mission in 2018 is to fix Facebook's large list of issues, including foreign interference on the platform, ongoing instances of harassment and potential threats to the mental health of its users, reports CNBC.
"My personal challenge for 2018 is to focus on fixing these important issues," Zuckerberg wrote in a post on his Facebook page on Thursday. "We won't prevent all mistakes or abuse, but we currently make too many errors enforcing our policies and preventing misuse of our tools. If we're successful this year then we'll end 2018 on a much better trajectory."
Facebook was under much scrutiny in 2017 for a litany of issues, including admitting Russians bought ads with the intent to sway the 2016 US elections. Its ad-targeting capabilities were also allowing companies to find potential customers using racially discriminatory and derogatory terms.
Short supply, costs keep Rs 200 notes away from ATMs; notes in ATMs in next 2-3 months
Short supply, costs and time taken for recalibration of ATMs is keeping the Rs 200 notes away from the public, bankers and ATM operators told Moneycontrol News’ Beena Parmar. Post Reserve Bank of India's directions, the notes may start getting dispensed from most ATMs in the next two-to-three months.
Introduced in August last year, the bright yellow Rs 200 notes are not widely available with the public. This promted RBI to ask banks to start dispensing the notes at ATMs. However, bankers have complained of not having enough availability of the new currency notes and additional cost from the recalibration process. According to experts, the overall recalibration process may cost banks Rs 100-120 crore.
Uber co-founder Travis Kalanick plans sale of 29% stake
Former Uber Technologies Chief Executive Officer Travis Kalanick, who has long boasted that he’s never sold any shares in the company he co-founded, plans to sell about 29% of his stake in the ride-hailing company, sources told Bloomberg. Kalanick stands to reap about $1.4 billion from the transaction with SoftBank Group Corporation and a consortium of investors who have agreed to buy equity valuing Uber at $48 billion, sources said. Kalanick, who owns 10% of the company, had offered to sell as much as half of his stake - the maximum board members were allowed to tender.
SBI may slash minimum balance cap for savings a/cs by about 70%
State Bank of India, the country's largest bank, is likely to slash by about 70% minimum average balance requirement, which at present is at Rs 3,000 for metros, Rs 2,000 for semi-urban areas and Rs 1,000 for rural areas, reports Moneycontrol News’ Beena Parmar. It also plans to change the mandate to quarterly balance from monthly requirement.
According to sources, after the negative news on the income generated on the fees, the bank is looking at reducing the minimum balance requirement to around Rs 1,000 but is yet to take a call. SBI saw backlash after Finance Ministry data showed that SBI netted a windfall of Rs 1,771.67 crore as penalty from customers for non-maintenance of monthly average balance in savings accounts in eight months of FY18 from April to November 2017.
Budget 2018: Housing Min may seek increased funding for its flagship schemes
The Ministry of Housing and Urban Affairs is likely to seek an almost four-fold increase in budgets for its flagship programmes – Pradhan Mantri Awaas Yojana (PMAY) and Smart City Mission, sources told Moneycontrol News’ Vandana Ramnani. The Ministry has so far sanctioned 3.7 million houses under the PMAY scheme, which is almost 33% of the total shortfall of 11 million.
“Now if we move from 33% to the remaining one, obviously we will need more money but we will need the money as we go along,” Hardeep Puri, Minister of Housing and Urban Affairs said. The government is also working on creating a housing fund to augment funding under these schemes, he said.
Cryptocurrency Tron surges 112% on Day 1, leaps into the top 10
A digital coin worth about 10 cents a day ago has doubled in price, briefly climbing into eighth place among cryptocurrencies by market capitalisation, reports CNBC. Tron climbed 112% on Friday to 20.5 cents, according to CoinMarketCap. The website showed that Tron's latest gains gave the coin a market cap of $13.5 billion, greater than that of Litecoin and just behind that of another coin, Stellar.
Tron's gains followed a tweet from founder Justin Sun on Thursday that the company "will announce our partnership with a very prestigious public company next week." Sun tweeted later in the day that the news would come in a live stream event on "January 6th 3:30pm."
Idea to raise Rs 6,750cr ahead of Vodafone merger
Idea Cellular unveiled a plan to raise up to Rs 6,750 crore which will alter the shareholding pattern of the company and have a bearing on its merger agreement with Vodafone, reports PTI. The board of Idea Cellular on Thursday approved raising about Rs 3,250 crore from entities under the promoter Aditya Birla Group (ABG) and constituted a committee to evaluate potential routes for raising further capital of up to Rs 3,500 crore. In a separate statement, Vodafone Group said that as a consequence of the change in shareholding in Idea following the capital raise, the two parties have agreed that ABG will buy a minimum of 2.5% of the merged entity from Vodafone for Rs 1,960 crore.
Dangerous malware stealing data from HDFC, ICICI, SBI banking apps
Quick Heal Security Labs has revealed that a Trojan malware called "Android.banker.A9480" is stealing confidential data, such as login data, SMS, contact lists, from users' banking apps, reports International Business Times. After procuring the information, the malware then uploads them to a malicious server, where cybercriminals can use it to their advantage.
More than 232 banking apps have been affected by the deadly malware, which include major Indian banking apps such as HDFC Bank MobileBanking, SBI Anywhere Personal, HDFC Bank MobileBanking LITE, iMobile by ICICI Bank, IDBI Bank GO Mobile+, Abhay by IDBI Bank, IDBI Bank GO Mobile, IDBI Bank mPassbook, Baroda mPassbook, Union Bank Mobile Banking and Union Bank Commercial Clients.
But the story doesn't end right there. According to Quick Heal security report, the Trojan also targets cryptocurrency apps present on a user's phone. What makes this Trojan deadly is that it is disguised as a fake Flash Player app, which can fool any unmindful user. Once the app is downloaded on your phone, numerous pop-ups are sent to the user's phone until administrative privileges have been granted.
The malicious app shows fake notifications on behalf of the targeted banking app and when the user clicks on it, they are taken to a fake login screen to steal user's net banking login ID and password. With admin access to the phone, the malware can intercept all incoming and outgoing SMSs, allowing hackers to bypass the strict two-factor authentication or OTP-based verification.
The victims won't even know an SMS has arrived as the malware can silence all device notifications. The malware can process various commands like upload contact list and location, gain accessibility and GPS permission, and more. Besides banking and cryptocurrency apps, Quick Heal Security Labs has found popular apps like Amazon, eBay, Airbnb, Western Union are more prone to the malware attack.
N Korea accidentally hit one of its own cities with a ballistic missile in 2017
One of North Korea's test ballistic missiles last year crashed in a city not far from Pyongyang, according to new findings by online news magazine The Diplomat. In April, Pyongyang launched a Hwasong-12 intermediate-range ballistic missile that failed shortly after launch and ended up hitting the city of Tokchon, roughly two hours from the capital, the magazine reported on Wednesday.
The missile's failure was widely reported at the time but it was not previously known that the Hwasong-12 crashed in a populated area. From a location near North Korea's Pukchang Airfield, the missile flew about 39 km to the northeast where it struck a complex of industrial or agricultural facilities in Tokchon. That complex, located near residential and commercial buildings, likely experienced a large explosion but the magazine said it was impossible to determine whether there were casualties.
US SEC warns bitcoin, cryptocurrency investors at risk
The US Securities and Exchange Commission warned Thursday that investors should “exercise caution” with cryptocurrencies like bitcoin, noting state and federal regulators may not be able to recoup any lost investments from illegal actors, reports Reuters .
Many promoters of initial coin offerings (ICOs) and other cryptocurrency investments are not following federal and state securities laws, SEC Chairman Jay Clayton and Commissioners Kara Stein and Michael Piwowar said in a statement.
While regulators are trying to police these quickly growing markets, the SEC urged investors to be vigilant. “The SEC and state securities regulators are pursuing violations, but we again caution you that, if you lose money, there is a substantial risk that our efforts will not result in a recovery of your investment,” the officials said.
Oil prices hold near 2015 highs, but doubts over rally emerge
Oil prices held firm on Friday, with Brent crude up by more than 10% from its December lows on the back of political tensions in OPEC-member Iran and a tightening US market. US West Texas Intermediate (WTI) crude futures CLc1 were at $61.95 a barrel at 07:21 am, 5 cents below their last close but not far off the $62.21 May 2015 high reached the previous day. Brent crude futures LCOc1 were at $68.03 a barrel, 4 cents below their last settlement, but not far off the $68.27 high from the day before, also the highest since May 2015. Beyond a brief intraday spike in May 2015, these were the highest price levels since December 2014, during the oil price downturn.
US private sector added 250,000 jobs in Dec
Private sector job creation surged in December as a strong holiday shopping season pushed companies to hire more workers, ADP and Moody's Analytics said on Thursday. The report helped send the Dow to break the 25,000 mark for the first time. Companies hired 250,000 new workers to close out the year, well above Wall Street expectations of 190,000, reports CNBC. The month was the best for job creation since March and topped the 185,000 in November, a number that was revised lower by 5,000. The total brought 2017's private payroll growth as gauged by ADP and Moody's to 2.54 million, an average of 212,000 a month.
Apple says all Macs, iPhones and iPads exposed to chip security flaws
Apple said all Mac computers and iOS devices, like iPhones and iPads, are affected by chip security flaws unearthed this week, but the company stressed there are no known exploits impacting users, reports Bloomberg. The Cupertino, California-based company said recent software updates for iPads, iPhones, iPod touches, Mac desktops and laptops, and the Apple TV set-top-box mitigate one of the vulnerabilities known as Meltdown. The Apple Watch, which runs a derivative of the iPhone’s operating system is not affected, according to the company.
US suspends over $255m in security aid to Pak over militant groups
The United States on Thursday said it was suspending an undisclosed amount of security assistance to Pakistan, which two officials said was worth more than $255 million, until Islamabad takes action against the Afghan Taliban and the Haqqani network, reports Reuters. The US State Department announced the decision, saying it reflected the Trump administration’s frustration that Pakistan has not done more against the two groups, which have long used sanctuaries in Pakistan to launch attacks in neighbouring Afghanistan that have killed US, Afghan and other forces. The department declined to say exactly how much aid would be suspended, saying the numbers were still being calculated and included funding from both the State and Defence departments.
Dow tops 25,000 milestone; Wall Street extends New Year's rally
The Dow industrials broke above the 25,000 level for the first time on Thursday and other major indexes hit closing record highs again, propelled by strong global economic data that extended the New Year’s rally for the stock market. The 30-member blue-chip index crossed five 1,000-point marks in 2017 on solid corporate earnings and hopes for a pro-growth agenda by US President Donald Trump.
It took less than a year for the Dow to add a 5,000-point milestone, which is the fastest since the index was created in May 1896. Wall Street has started 2018 on a strong note. The benchmark S&P index closed above 2,700 for the first time on Wednesday and the Nasdaq settled above 7,000 a day earlier. Both indexes also registered closing record highs on Thursday.
The Dow Jones Industrial Average rose 152.45 points, or 0.61%, to 25,075.13, the S&P 500 gained 10.93 points, or 0.4%, to 2,723.99 and the Nasdaq Composite added 12.38 points, or 0.18%, to 7,077.92.
Electronic platform must for private debt issues of Rs 200 cr: SEBI
Markets regulator SEBI on Friday made electronic platform mandatory for all private placement issues on debt basis that have a threshold of Rs 200 crore.
Currently, the mechanism is mandatory for all private placements of debt securities with an issue size of Rs 500 crore or more.
The new norms are aimed at achieving better and transparent price discovery through the bidding process.
In a circular, SEBI said, “all private placement of debt securities shall be required to be made through EBP (electronic book platform) if it is a single issue, inclusive of green shoe option, if any, of Rs 200 crore or more”.
Top Headlines
>FY18 GDP growth estimated at 6.5%
>Budget session to begin on January 29, Budget on February 1
>Fortis Healthcare’ promoters aim to raise $790m via 34% stake sale, reports Bloomberg.
>Lalu Prasad Yadav's sentencing on the fodder scam case to be announced tomorrow
>Dangerous malware stealing data from HDFC, ICICI, SBI banking apps, reports International Business Times.
>Apple says all Macs, iPhones and iPads exposed to chip security flaws, reports Bloomberg.
> US job growth slows in December; wages increase
>Parliamentary committee raps IndiGo in passenger assault case, reports Times Now
>China Development Bank withdraws insolvency petition against RCom, reports Reuters
That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
Tata Steel FY18′ Q3 production down marginally at 3.24 mt
Tata Steel provisional India production in the Q3 period ending in December 2017 was marginally down at 3.24 million ton compared to 3.28 million ton in the corresponding quarter of 2016-17.
But in the nine month period from April-December of FY 18, the company’s India production was higher by 10.6 per cent at 9.23 million ton against 8.34 million tonne production in previous comparable period, a Tata Steel release said on Friday.
However, the company’s European operation production in the Q3 quarter was marginally higher at 2.68 million ton (provisional) against 2.64 million ton in the comparable period in the FY 17, it said.
Revenue from passenger fare up by 5%, freight 8%: Railway
The revenue of the railways from both passenger traffic as well as freight movement has gone up by more than five and eight percent respectively between April-December 2017 as compared to the same period previous year, a senior official of the railway board said on Friday.
The revenue from passenger fare rose to Rs 37,134 crore in 2017 as compared to the revenue of Rs 35,295 crore generated in the corresponding period in 2016. This shows a growth of 5.2 percent, Mohd Jamshed, Member, Traffic, Railway Board, told reporters here.
Mamata Banerjee expresses concern over easy availability of Aadhaar cards
West Bengal Chief Minister Mamata Banerjee on Friday expressed concern over reports that Aadhaar cards were easily vailable from fictitious agencies and asked the people to be more alert to prevent theft of data and violation of privacy.
Banerjee in a Facebook post said she has been voicing her serious concern over the violation of privacy due to Aadhaar from the very beginning and had urged to ensure a "foolproof mechanism" to ensure security of data.
She said a section of the press has reported that Aadhaar cards are now easily available from fictitious agencies upon payment of small amounts.
Gajapathi Raju cautions capping airfares will backfire
Capping airfares will push up ticket costs, Civil Aviation Minister Ashok Gajapathi Raju said today after a Parliamentary panel recommended: "fixing an upper limit" for air tickets and restricting cancellation charges to 50 per cent of the base fare.
The report by the Parliamentary Standing Committee on Transport, Tourism and Culture noted that "airlines are charging more than ten times of the advance booking fare" and that "deregulatory environment does not mean unlimited freedom of exploitation", while urging the government to intervene.
"The Ministry of Civil Aviation, though aware of the rampant exploitation is not showing any proactive role in regulating the airfares. The committee therefore recommends that Ministry of Civil Aviation to consider fixing an upper limit of the air ticket for every sector," says the report which was tabled in Rajya Sabha on Thursday.
Courts shouldn't assume the role of 'super guardian': Supreme Court
The Supreme Court on Friday acceded to the wish of a girl, for whose custody her estranged parents have been fighting legal battles, saying that she was now a major and entitled to enjoy her freedom and the courts should not assume the role of a "super guardian".
A bench comprising Chief Justice Dipak Misra and justices A M Khanwilkar and D Y Chandrachud interacted with the 18-year-old girl in a packed courtroom during which she said that she has become a major and has been pursuing studies in Kuwait and wanted to live with her father.
Trashing the plea of the Kerala-based mother, who was seeking her custody, the court said that the daughter of the couple "without any hesitation, clearly stated that she intends to go back to Kuwait to pursue her career".
PETA asks Centre to tax meat, other animal derived foods
Animal rights body PETA asked the government to levy a tax on meat and other animal derived foods for their damaging effects on environment and public health, on the lines of a similar tax imposed on tobacco.
The People for the Ethical Treatment of Animals (PETA) India, in a letter to Finance Minister Arun Jaitley, requested him to consider taxing meat and other animal derived foods to discourage their consumption.
“PETA India asks that India tax meat and other animal derived foods for their damaging effects on the environment and the public’s health the same way there are increased taxes in countries around the world on other unhealthy or damaging goods such as tobacco,” said Nikunj Sharma, Lead–Public Policy, PETA India.
Five-fold increase in paddy procurement in Bihar: Deputy CM Sushil Kumar Modi
Bihar has witnessed a five-fold increase in paddy procurement compared to that of the previous year, Deputy Chief Minister Sushil Kumar Modi said here on Friday.
Addressing a high-level meeting of the cooperative department, Sushil observed that paddy procurement for the current financial year so far stood at 1.76 lakh ton from 23,440 cultivators. For the corresponding period in the previous financial year, the procurement was at 31,169 ton from 4,495 paddy growers, he said.
FPI inflows on course for a record, may jump 5-fold in FY18: ICRA
On a day when the key indices scaled new life-time highs on strong inflows, an ICRA research report has said foreign portfolio investors are on course to pump in a record USD 28-35 billion by March, which is a four- five-fold spike over FY17.
The benchmark indicies — Sensex and the Nifty — has scaled 28 percent in calendar year 2017 over 2016 and since then the markets scaled new peaks in the first week of the new year with both the indices closing at new life-time peaks with on Friday being another record close. Foreign portfolio investors (FPIs) had pumped in Rs 48,400 crore or USD 7 billion into the domestic equities in FY17 and this is set to witness a four-five-fold increase in the year to March at USD 28-35 billion.
"We expect net inflows to be Rs 1.8-2.2 trillion (USD 28-35 billion) for FY18. Already they have pumped in Rs 95,600 crore (USD 15 billion) in the first half of this fiscal, against Rs 48,400 crore (USD 7 billion) for the entire FY17," ICRA said.
Govt trashes WHO report that 57% Indian doctors not qualified
The government today termed as "erroneous" a World Health Organisation (WHO) report which claimed that 57 per cent of allopathic doctors in India do not have medical qualification.
"The report is erroneous since MBBS is the minimum qualification for enrolment as registered medical practitioner in a state medical register to practice medicine, and hence all registered doctors have medical qualifications," Union Minister JP Nadda told the Lok Sabha in a written reply to a question.
He further said Section 15 of the Indian Medical Council Act, 1956 prohibits a person other than medical practitioner enrolled on a state medical register to practice in the state.
Builders under ‘tremendous’ stress: BAI
A three-day national convention of Builders’ Association of India beginning here from January 19 would address challenges faced by the builders, many of whom were on the verge of bankruptcy due to factors, including “lack of clarity” on GST, its office-bearers said on Friday.
Convention chairman Bhishma R Radhakrishnan said the meet will be themed around ‘Building India’ since it was close to Prime Minister Narendra Modi’s mission.
Highlighting the problems faced by the builders, he said, “We are the only sector paying all the taxes starting from GST, sales tax, municipal taxes and so on. Yet, we are under tremendous stress. This convention will have a spiritual touch to de-stress the builders who face hurdles at every level.”
New Consumer Protection Bill introduced in Lok Sabha
A new Consumer Protection Bill was introduced in the Lok Sabha on Friday, seeking to set up an authority to safeguard consumer rights in view of current challenges posed by e-commerce, direct selling, telemarketing and misleading ads, among others.
The Consumer Protection Bill, 2018 was introduced by Consumer Affairs Minister Ram Vilas Paswan in the Lower House and it seeks to replace the 31-year-old law.
The Bill has strong provisions to check adulteration and misleading ads and also provides for fine up to Rs 50 lakh and jail up to 5 years for manufacturers and service providers for false and misleading ads. Against adulteration, the Bill has provisions for fine up to Rs 10 lakh and life term imprisonment.
US-Pakistan ties can no longer bear weight of contradictions: US NSA HR McMaster
President Donald Trump is "frustrated" with Pakistan for supporting terror groups and using them as an arm of their foreign policy, US National Security Advisor (NSA) HR McMaster said, underlining that their relationship can no longer bear the weight of contradictions.
The US and others have long complained that Pakistan offered safe haven to the Afghan Taliban and their allies, the Haqqani Network, allowing them to carry out cross-border attacks in Afghanistan.
Pakistan denies allegations but Trump has escalated the criticism against the country since he took office last January.
New Consumer Protection Bill introduced in Lok Sabha
A new Consumer Protection Bill was introduced in the Lok Sabha on Friday, seeking to set up an authority to safeguard consumer rights in view of current challenges posed by e-commerce, direct selling, telemarketing and misleading ads, among others.
The Consumer Protection Bill, 2018 was introduced by Consumer Affairs Minister Ram Vilas Paswan in the Lower House and it seeks to replace the 31-year-old law.
The Bill has strong provisions to check adulteration and misleading ads and also provides for fine up to Rs 50 lakh and jail up to 5 years for manufacturers and service providers for false and misleading ads. Against adulteration, the Bill has provisions for fine up to Rs 10 lakh and life term imprisonment.
Rupee mounts to 32-month high of Rs 63.37 against dollar
The rupee continued its rise for the second day against the beleaguered dollar and ended at a 32- month high of Rs 63.37 on Friday, up 4 paise on steady unwinding of the American currency by exporters.
A record-setting spree on local bourses too bolstered sentiment on the forex trading front.
This is the highest finish for the home currency since April 29, 2015 when it had settled at 63.30.
Overall forex sentiment got a leg-up ahead of the advanced gross domestic product (GDP) growth estimates for 2017-18, which was released after the market hours.
New India Assurance premium for 9 months grew by 20%
New India Assurance, the largest non-life insurer in India, has posted a 20 percent growth in its premium for the nine months ended December 31, 2017, to Rs 16,800 crore. The company’s premium was Rs 14,000 crore during the same period last year, a release issued here said.
The New India Assurance profit after tax stood at Rs 1,248 crore in the first half of the current financial year, an increase of 161 percent over the same period during the previous year.
Britain outlines plans for 2025 coal-power phase out
Britain will set an emission limit on coal-fired power generators from October 1, 2025, forcing them to close unless they are fitted with carbon capture technology, the government said on Friday.
As part of its efforts to meet the country’s climate targets, Britain in 2015 announced it would end “unabated” coal-fired power generation – plants without technology to capture and store carbon emissions – by 2025.
The Department for Business, Energy and Industrial Strategy (BEIS) fleshed out the plan on Friday, saying it would set an emission limit of up to 450 grams of CO2 for each kilowatt hour of electricity produced to make sure polluting plants close.
Rahul Gandhi attacks govt over delay in appointing Lokpal
Congress President Rahul Gandhi on Friday hit out at the Modi government over continued delay in appointment of Lokpal, even four years after the enactment of the law for setting up the institution, asking how long will it “blow the tune of falsehood”.
“Four years have gone by, but the Lokpal has not come. The public is asking only one question, till when will you blow the tune of falsehood?"
“Are the ‘defenders of democracy’ and ‘harbingers of accountability’ listening?” he asked in tweets using ‘#FindingLokpal’ as hashtag.
North Korea agrees to talks after US, South Korea postpone military drills
North Korea agreed on Friday to hold official talks with the South Korea next week, the first in more than two years, hours after the United States and South Korea delayed a military exercise amid a standoff over the North’s nuclear and missile programmes.
South Korea said the North had sent its consent for the talks to be held on Tuesday. The last time the two Koreas engaged in official talks was in December 2015.
The meeting will take place at the border truce village of Panmunjom where officials from both sides are expected to discuss the Winter Olympics, to be held in the South next month, and other inter-Korean relations, South Korean Unification Ministry spokesman Baik Tae-hyun told reporters. North Korea asked for further negotiations about the meeting to be carried out via documented exchanges, Baik said.
Govt to push for Triple Talaq Bill in Budget Session
Notwithstanding the Opposition stalling the passage of the contentious triple Talaq Bill, the government is set to push for its nod in the Rajya Sabha in the Budget Session, asserting that it is committed to it.
Briefing reporters at the conclusion of the Winter Session, parliamentary affairs minister Ananth Kumar also attacked the Congress, which had not opposed the bill in Lok Sabha but voiced its strong opposition in the Upper House.
Congress president Rahul Gandhi talks about woman empowerment but “runs away” when it comes to acting on this, Kumar said.
US job growth slows in December; wages increase
US job growth slowed more than expected in December amid a decline in retail employment, but a pick-up in monthly wage gains pointed to labor market strength that could pave the way for the Federal Reserve to increase interest rates in March.
Nonfarm payrolls increased by 148,000 jobs last month, the Labor Department said on Friday. Retail payrolls fell by 20,300 in December, the largest drop since March, despite a strong holiday shopping season.
Employment data for October and November data were revised to show 9,000 fewer jobs created than previously reported.
We are being targeted, say Jignesh Mevani and Umar Khalid
Dalit leader Jignesh Mevani on Friday denied making any inflammatory speech in Pune and said he was being targeted by the BJP and the Rashtriya Swayamsevak Sangh (RSS).
A day after an FIR was filed against him and Jawaharlal Nehru University (JNU) student leader Umar Khalid for their alleged "provocative" speeches during an event in Pune on December 31, the Gujarat MLA said he smelt a "conspiracy".
Khalid echoed Mevani and said he was being targeted in an attempt to exonerate the real accused who are closely associated with Prime Minister Narendra Modi.
Here's what Edward Snowden had to say about India's Aadhaar programme
Edward Snowden, the US whistleblower who leaked classified information from the NSA in 2013, has criticised the Aadhaar programme of India calling it 'government abuse', in a tweet earlier today.
Google comes under scanner again for paying female teachers lesser
Google has been accused of showing gender bias by a teacher who was earlier employed at the childcare centre in the company. The allegation comes not long after the tech giant was accused of underpaying female engineers.
According to The Guardian report, a teacher named Heidi Lamar on Wednesday filed a complaint in San Francisco accusing that female teachers working with Google were paid lower salaries than men with fewer qualifications for the same job. Lamar, alleged that two of the three male pre-school teachers in the company were given higher starting salaries than the remaining 147 female staff.
JUST IN | Banking Secretary Rajiv Kumar told CNBC TV-18 recap bonds will not get an SLR status and that the coupon rate will be below G-Sec rates. He said that these bonds will be non-tradable.
PM Modi bats for the upliftment of the society
PM Modi at the Conference on the Transformation of Aspirational Districts said that if India concentrates on uplifting the poor and bring in equal education of all citizens, only benefits lie in store for the nation. He said, "It is because I went to school, I am standing here in front of you today."