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Mar 06, 2018 08:12 PM IST | Source: Moneycontrol.com
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highlights
CPC claims overwhelming support to scrap term limit for Xi Jinping
Nirav Modi has moved the Delhi High Court challenging attachment of properties by the Enforcement Directorate (ED).
PNB scam: Senior Axis Bank officials appear before SFIO
BREAKING | North Korea agrees to freeze nuclear tests, hold summit in April
PMO apprised of action taken in PNB scam on March 1: Finance Ministry
INX Media case: Karti Chidambaram has been sent to 3 more days of CBI custody by special CBI court. He will be presented in the court on March 9.
Udan adding to capacity woes of Mumbai airport: MIAL official
Karti Chidambaram's custodial interrogation needed in view of new revelations, facts: CBI to court
China regulator may cut banks' bad debt buffers
Indian arbitration court restrains RCom from selling assets
Ayodhya row: Sri Sri renews appeal to AIMPLB to consider out of court settlement
EU proposes retaliatory tariff of 25% against US goods worth $3.5bn
Bandhan Bank gets Sebi nod for Rs 2,500cr IPO
FinMin to coax Fitch for rating upgrade at Wed meet
Sri Lanka imposes state of emergency over communal violence
Samsung unveils Galaxy S9, S9+ from Rs 57,900 onwards
DSP BlackRock MF sells 1.7% stake in Indian Terrain Fashions
Jaguar-Land Rover UK sales decline 15% YoY
SC refuses Karti Chidambaram protection from arrest in INX Media case
SFIO summons Chanda Kochhar, Shikha Sharma in PNB fraud case
Conrad Sangma takes oath as Meghalaya CM
CBI detains Gitanjali Group VP in PNB fraud case
10 stocks saw MFs raise stakes for 8 quarters in a row, deliver 200% returns
Crisil sees FY19 GDP at 7.5% on global growth, domestic demand
RBI to inject additional liquidity of Rs 1 lakh crore in March
Trump says he may travel to Israel for embassy opening
Efforts to stitch non-Congress, non-BJP front appear to be gaining momentum
PNB fraud going on since 2010: CBI tells court
Manohar Parrikar may head to the US today for treatment
Chidambaram passed order on Lok Sabha result day to benefit pvt firms, says BJP
Trump denies backing off on decision to impose tariffs
Govt says China building helipads, other infra in Doklam area
CPC claims overwhelming support to scrap term limit for Xi Jinping
A constitutional amendment to scrap the two-term rule for President Xi Jinping and allow him to become the leader for life was tabled today in China's national legislature by the ruling Communist Party, which claimed an ‘overwhelming support’ from the cadres and public for the controversial move.
The annual session of China's parliament commenced yesterday, setting the stage for the ratification of controversial measures to remove two term limits for 64-year-old Xi and inclusion of his thought into the Constitution.
Nearly 3,000 legislators from around the country is expected to attend the two-week gathering of China's National People's Congress (NPC) here. (PTI)
26 passengers and 6 crew members were killed after a Russian An-26 transport plane crashed when landing in Syria, according to report.
More than one lakh Aircel customers registered to join BSNL
State-owned BSNL today said more than one lakh customers of troubled telecom operator Aircel have registered under the mobile number portability facility to join the network.
Last month, 57,345 customers ported into BSNL through MNP from Aircel and 1.85 lakh existing customers registered to join the network, BSNL Tamil Nadu circle, Chief General Manager, R Marshal Antony Leo said. (PTI)
ISRO, DoT turf wars delaying connectivity reach: DoT Official
India builds cheapest satellites but has the most expensive bandwidth, a government official said today, and blaming turf wars between ISRO and Department of Telecom (DoT) for delays in taking connectivity to far-flung areas.
DoT's special secretary N Sivasailam also flagged issues of costs and said ISRO should do more in order to take the charges at par with global experience.
"Here is the paradox, we produce the cheapest satellite but the costliest bandwidth," Sivasailam said, adding that we require more transponders on satellites. (PTI)
The International Cricket Council (ICC) has announced a six-month suspension of Maharashtra Cricket Association (MCA)’s pitch curator Pandurang Salgaonkar following its investigations over alleged charges of corruption dating back to October 2017, ANI has reported.
Tata Motors plans complete new product portfolio by 2023-24: CEO
Tata Motors plans to completely overhaul its passenger vehicle portfolio over the next five years as part of its plans to grow sales volume and market share in the highly competitive Indian market, the company's top executive said today.
Speaking to PTI on the sidelines of Geneva Motor Show here, Tata Motors CEO and MD Guenter Butschek said the company's new products would be based on two architectures--OMEGA (Optimal Modular Efficient Global Advanced) and ALFA (Agile Light Advanced Architecture).
"In the five years time, roughly by 2023-24, we will most probably have complete new product portfolio," Butschek said after unveiling the E-Vision Sedan Concept.
Nirav Modi has moved the Delhi High Court challenging attachment of properties by the Enforcement Directorate (ED).
Tripura ideological win; changed party's, country's mood: PM Modi
Prime Minister Narendra Modi today dubbed the BJP's win over the Left in Tripura as an "ideological victory" that changed the mood in the party, and asked its leaders to make the most of it in the coming months.
Modi's remarks came at the BJP Parliamentary Party meeting and were an apparent reference to a number of state elections, including the upcoming Karnataka polls, followed by the Lok Sabha elections next year.
The prime minister was greeted with the slogan, 'Jeet hamari jari hai, ab Karnataka ki bari hai' (Our winning run continues, now it's Karnataka's turn), leaders present in the meeting said.
Modi said that some critics described Tripura as "a small state with only two Lok Sabha seats" to downplay the BJP's win. (PTI)
PNB scam: Senior Axis Bank officials appear before SFIO
Senior officials from Axis Bank today appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to the firms promoted by Nirav Modi and Mehul Choksi with regard to the over Rs 12,000-crore PNB scam.
A team from Axis Bank, led by deputy managing director V Srinivasan and executives from the trade and transactions department, went to the SFIO's office here, after the investigating agency called them to help in the probe, sources said.
The officials were in the office for over two hours and are understood to have been asked about their business with firms like Choksi's Gitanjali Gems and also Modi, as per sources. (PTI)
Prime Minister Narendra Modi and French President Emmanuel Macron will be visiting Varanasi on March 12.
Moody's upgrades JSW Steel bond rating to Ba2
Moody's Investors Service has upgraded JSW Steel's corporate family rating (CFR) and senior unsecured bond rating to Ba2 from Ba3.
Last week, Fitch Ratings also revised its outlook on JSW Steel to 'stable' from 'negative'.
The Ba2 CFR reflects the company's large scale, strong market shares in west and south India, and competitive conversion costs, with the last factor supported by JSW's wide range of furnace technology and the coastal locations of its operations, Moody's said.
The strengths are counter balanced by the cyclical nature of the steel industry and JSW's lack of raw material integration. Both factors increase supply and price risks, it said in a statement.
These risks are partly mitigated by JSW's recent addition of five iron-ore mining licenses, even though when fully operational, these mines will cater to less than 15 per cent of the company's total iron ore requirement, it added. (PTI)
BREAKING | North Korea agrees to freeze nuclear tests, hold summit in April
Seoul has said that North and South Korea have agreed to hold summit talks in late April, according to The Associated Press.
North Korea has agreed to impose moratorium on nuclear and missile tests if it holds talks with the United States.
South Korea has said that the North has promised not to use nuclear and conventional weapons against the South. North Korea has said that it has no reason to possess nuclear weapons if it has security guarantee.
PMO apprised of action taken in PNB scam on March 1: Finance Ministry
The finance ministry today said it apprised the Prime Minister's Office (PMO) on March 1 of the action taken with regard to fraudulent issuances of Letters of Undertaking (LoUs) of Punjab National Bank leading to a fraud of Rs 12,646 crore.
In written replies to a host of questions regarding the alleged fraud by jewellery designer Nirav Modi and his uncle Mehul Choksi, the ministry informed the Rajya Sabha that the Central Bureau of Investigation (CBI) has registered two cases in the matter and so far has arrested 18 persons.
With regard to a specific question on loss of market capitalisation of the PNB, Finance Minister Arun Jaitley said the state-owned lender has "sound fundamentals" and strong growth potential.
Jaitley expressed hope that going forward the bank's market capitalisation would improve. (PTI)
INX Media case: Karti Chidambaram has been sent to 3 more days of CBI custody by special CBI court. He will be presented in the court on March 9.
Telangana CM's pitch for alternate front poses no political challenge: BJP
The BJP today said Telangana Chief Minister K Chandrasekhar Rao's efforts to forge a 'non-Congress, non-BJP' front is a "knee-jerk" reaction to poll results in the three north-eastern states, and will not pose a political challenge to the party or the NDA.
BJP spokesperson G V L Narasimha Rao said his party getting a "massive mandate" in Tripura and forming the government there and in Meghalaya and Nagaland, has created a panic in many political parties about the BJP's continued growth.
"The BJP has expanded from five states in power in 2014 to 21 states now, this continued journey is likely to gobble up or is likely to threaten their (many other parties') own existence. So, it's more like a panic-stricken party's call for survival rather than posing a political challenge to the BJP or the NDA," he told PTI.
Bandhan Bank is planning to raise Rs 4,450 crore from the market and may bring in an IPO for the same, CNBC TV18 has reported citing sources. The IPO may be priced in the range of Rs 364-375 per share.
Udan adding to capacity woes of Mumbai airport: MIAL official
Central government's regional air connectivity scheme Udan is adding to the woes of the capacity-constrained Mumbai airport as smaller aircraft take more time to clear the runway, reducing its capacity further, according to a top airport executive.
The single-runway-operated Mumbai’s Chhatrapati Shivaji International airport currently handles 970 aircraft movements (arrivals and departures) per day. (PTI)
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Mahatma Gandhi assassination case: The Supreme Court has reserved the order on whether the case can be reopened. The top court has said that it will not go by sentiments, but by legal submissions, News18 reports.
Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra
Karti Chidambaram's custodial interrogation needed in view of new revelations, facts: CBI to court
The CBI today produced Karti Chidambaram before a Delhi court and sought extension of his custody to quiz him in the INX Media corruption case saying "new revelations" have come up and his custodial interrogation was necessary to confront him with the "new facts".
The agency, which produced Karti on expiry of his five-day police custody before special judge Sunil Rana, said though there has been "substantial progress" in last four days into the investigation into the case, he has "not been cooperating" and not parting with his phones passwords and to every question he has been saying that "I am politically victimised". (PTI)
China regulator may cut banks' bad debt buffers
China’s banking regulator plans to reduce the amount of funds that banks must set aside to cover bad loans, sources told Reuters. The China Banking Regulatory Commission (CBRC) plans to cut the provision coverage ratio for commercial banks to 120-150% from 150%, the sources said.
The move means banks will have more capital to work with and lend out to support economic activity, at a time when an official ‘deleveraging’ crackdown has hurt their riskier and more lucrative operations. However, many of China’s banks have already been operating below the 150% redline.
Indian arbitration court restrains RCom from selling assets
An Indian arbitration court has restrained Reliance Communications (RCom) and two of its companies from transferring or selling any assets without its permission, in an interim order after Ericsson moved the tribunal to recover unpaid dues, reports Reuters. The order came as a big blow to RCom which had unveiled a plan in December 2017 to sell its wireless assets to Reliance Jio Infocomm, in an effort to trim debt.
Ayodhya row: Sri Sri renews appeal to AIMPLB to consider out of court settlement
Art of Living founder Sri Sri Ravi Shankar renewed his appeal to the All India Muslim Personal Law Board (AIMPLB) to consider an out-of-court settlement to the Ram Janmabhoomi row, saying he feared a "large-scale" communal flare up if the case was settled by a court or through legislation, reports PTI. In an open letter to the AIMPLB members, he said going through the court was a loss for both Hindus and Muslims and an out-of-court settlement would be a "win-win situation" for both the communities.
"I urge the leaders of both faiths to take this action seriously. Otherwise, we are pushing our country to the brink of a civil war," he said. He gave four possible situations - the court giving away the land to the Muslims, awarding the land to Hindus, upholding the Allahabad High Court order that says there should be a mosque built on one acre while the remaining 60 acres be utilised to build the temple and Parliament passing a legislation.
EU proposes retaliatory tariff of 25% against US goods worth $3.5bn
The European Union intends to target EUR 2.8 billion ($3.5 billion) of US goods ranging from T-shirts and whiskey to motorcycles should President Donald Trump go ahead with his plan to impose a 25% tariff on foreign steel, reports Bloomberg. The EU aims to apply a tit-for-tat levy on a range of consumer, agricultural and steel goods imported from the US, according to a list drawn up by the European Commission.
The commission, the EU’s executive arm, discussed the measures with representatives of the bloc’s governments at a meeting on Monday evening in Brussels. The EU’s retaliatory list targets imports from the US of shirts, jeans, cosmetics, other consumer goods, motorbikes and pleasure boats worth around EUR 1 billion; orange juice, bourbon whiskey, corn and other agricultural products totalling EUR 951 million; and steel and other industrial products valued at EUR 854 million.
Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra