‘India, China taking solid steps for new momentum in ties’
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Beijing:
Chinese President Xi Jinping on Monday met External Affairs Minister Sushma Swaraj here and said China and India have taken “solid steps” to make new progress in bilateral ties besides implementing the agreements reached between him and Prime Minister Narendra Modi.
“I have full confidence in India-China relations and I believe that new progress will be achieved in growing this bilateral relationship in this new year,” Xi told Swaraj, who called on him at the cavernous Great Hall of the People here on her maiden visit to the communist nation after she assumed charge last year.
Xi said that since his visit to India in September last year, relations between the two countries have entered into a new stage of growth.
“The positive side of India-China relations has been growing and momentum of our cooperation has been strengthening and solid steps are being taken to implement agreements reached between Prime Minister Modi and I,” he said as he welcomed the 62-year-old senior BJP leader.
One such solid step taken was yesterday’s exchange of notes on modalities for opening the second route for the Kailash-Manasarovar Yatra in Tibet via Sikkim by June, that will allow more Indians to undertake the pilgrimage.
Xi had promised opening the new route to Modi during the former’s maiden visit to New Delhi last year.
Chinese President Xi Jinping on Monday met External Affairs Minister Sushma Swaraj here and said China and India have taken “solid steps” to make new progress in bilateral ties besides implementing the agreements reached between him and Prime Minister Narendra Modi.
“I have full confidence in India-China relations and I believe that new progress will be achieved in growing this bilateral relationship in this new year,” Xi told Swaraj, who called on him at the cavernous Great Hall of the People here on her maiden visit to the communist nation after she assumed charge last year.
Xi said that since his visit to India in September last year, relations between the two countries have entered into a new stage of growth.
“The positive side of India-China relations has been growing and momentum of our cooperation has been strengthening and solid steps are being taken to implement agreements reached between Prime Minister Modi and I,” he said as he welcomed the 62-year-old senior BJP leader.
One such solid step taken was yesterday’s exchange of notes on modalities for opening the second route for the Kailash-Manasarovar Yatra in Tibet via Sikkim by June, that will allow more Indians to undertake the pilgrimage.
Xi had promised opening the new route to Modi during the former’s maiden visit to New Delhi last year.
Kiran Bedi will be like Manmohan Singh if she becomes Delhi CM, says Kejriwal
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New Delhi:
Five days ahead of the voting to the 70-member Delhi assembly, AAP chief Arvind Kejriwal on Monday said if Kiran Bedi becomes Delhi Chief Minister, she will be like Manmohan Singh in the Congress party without a voice.
Kejriwal also said he was sorry for Bedi as she has been “gagged” by the BJP.
Exuding confidence that his party will come to power in Delhi, Kejriwal said the BJP has pressed the “panic button” and was now resorting to “politics of poison” to avoid a defeat.
Kejriwal predicted that Congress will not win even a single seat which will obviate the need for him to take that party’s support as he had done in 2013 to form his short-lived 49-day government.
The significance of election in Delhi went far beyond its borders and that was why the BJP was fielding its “big guns” for the campaigning, the former Delhi Chief Minister said in an interview.
“They have pressed the panic button and that is why you see all these big guns campaigning for the party,” he said and accused them of resorting to personal attacks against him, his family and the community he belongs to. “This shows their (BJP’s) desperation and frustration,” he said.
Five days ahead of the voting to the 70-member Delhi assembly, AAP chief Arvind Kejriwal on Monday said if Kiran Bedi becomes Delhi Chief Minister, she will be like Manmohan Singh in the Congress party without a voice.
Kejriwal also said he was sorry for Bedi as she has been “gagged” by the BJP.
Exuding confidence that his party will come to power in Delhi, Kejriwal said the BJP has pressed the “panic button” and was now resorting to “politics of poison” to avoid a defeat.
Kejriwal predicted that Congress will not win even a single seat which will obviate the need for him to take that party’s support as he had done in 2013 to form his short-lived 49-day government.
The significance of election in Delhi went far beyond its borders and that was why the BJP was fielding its “big guns” for the campaigning, the former Delhi Chief Minister said in an interview.
“They have pressed the panic button and that is why you see all these big guns campaigning for the party,” he said and accused them of resorting to personal attacks against him, his family and the community he belongs to. “This shows their (BJP’s) desperation and frustration,” he said.
German, 93, to Face Trial in April Over Auschwitz Deaths
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BERLIN, GERMANY:
A 93-year-old former Auschwitz death camp officer will go on trial in Germany in April charged with at least 300,000 counts of accessory to murder, a court said today.
The German defendant, Oskar Groening, will face charges over the 425,000 people believed to have been deported to the camp in occupied Poland between May and July 1944, at least 300,000 of whom were killed in the gas chambers.
The regional court in the northern city of Lueneburg said the trial, expected to be one of the last of its kind, would start on April 21.
Fifty-five co-plaintiffs, mainly survivors and victims’ relatives, will be represented at the trial.
Groening, then a member of the Nazi Waffen-SS, was tasked with counting the banknotes gathered from prisoners’ luggage and passing them on to the SS authorities in Berlin, prosecutors in the northern city of Hanover said when he was charged in September.
For this reason, he was known as the “bookkeeper” of Auschwitz.
The accused also helped remove the luggage of victims so it was not seen by new arrivals, thus covering up the traces of mass killing, according to the prosecutors.
A 93-year-old former Auschwitz death camp officer will go on trial in Germany in April charged with at least 300,000 counts of accessory to murder, a court said today.
The German defendant, Oskar Groening, will face charges over the 425,000 people believed to have been deported to the camp in occupied Poland between May and July 1944, at least 300,000 of whom were killed in the gas chambers.
The regional court in the northern city of Lueneburg said the trial, expected to be one of the last of its kind, would start on April 21.
Fifty-five co-plaintiffs, mainly survivors and victims’ relatives, will be represented at the trial.
Groening, then a member of the Nazi Waffen-SS, was tasked with counting the banknotes gathered from prisoners’ luggage and passing them on to the SS authorities in Berlin, prosecutors in the northern city of Hanover said when he was charged in September.
For this reason, he was known as the “bookkeeper” of Auschwitz.
The accused also helped remove the luggage of victims so it was not seen by new arrivals, thus covering up the traces of mass killing, according to the prosecutors.
Ukrainian rebels vow to raise 100,000 fighters, escalate conflict
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DONETSK (Ukraine):
Pro-Russian separatists vowed Monday to mobilize up to 100,000 fighters for their latest east Ukraine offensive as the US mulled sending weapons to Kiev’s out-gunned forces after the latest truce bid collapsed.
The ambitious pledge to dramatically escalate a nine-month conflict that has already left at least 5,100 people dead came as the rebels battled to encircle beleaguered transport hub Debaltseve.
“There will be general mobilization in the (separatist) Donetsk People’s Republic in 10 days’ time, we plan on mobilizing up to 100,000 men,” rebel leader Alexander Zakharchenko told the separatist news agency DAN.
Fighting in Ukraine’s industrial heartland has intensified in recent days, with Kiev officials and local authorities saying Monday that five Ukrainian soldiers and three civilians had been killed in the last 24 hours.
Fighting in east Ukraine claimed around 50 lives over the weekend, as the latest attempt at truce talks collapsed in acrimony in Minsk on Saturday.
Pro-Russian separatists vowed Monday to mobilize up to 100,000 fighters for their latest east Ukraine offensive as the US mulled sending weapons to Kiev’s out-gunned forces after the latest truce bid collapsed.
The ambitious pledge to dramatically escalate a nine-month conflict that has already left at least 5,100 people dead came as the rebels battled to encircle beleaguered transport hub Debaltseve.
“There will be general mobilization in the (separatist) Donetsk People’s Republic in 10 days’ time, we plan on mobilizing up to 100,000 men,” rebel leader Alexander Zakharchenko told the separatist news agency DAN.
Fighting in Ukraine’s industrial heartland has intensified in recent days, with Kiev officials and local authorities saying Monday that five Ukrainian soldiers and three civilians had been killed in the last 24 hours.
Fighting in east Ukraine claimed around 50 lives over the weekend, as the latest attempt at truce talks collapsed in acrimony in Minsk on Saturday.
Bangkok shopping mall bombings didn’t intend to kill, but create panic: Thailand police
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Bangkok:
Security across public places in Thailand was tightened on Monday as police started an investigation into a pair of blasts outside Siam Paragon shopping mall in the heart of Bangkok.
The explosion of two improvised bombs outside the luxury mall in the capital on Sunday injured one person.
Those behind the incident did not intend to kill, but create panic, said the Royal Thai Police, according to a BBC report.
The steel pipe-bombs were hidden behind electric controls on the walkway connecting an overhead train line to Paragon shopping mall and were set on timers to explode at about 20:00 local time, which is supposed to be the busiest time, the report added, citing police statement.
The motive behind the bombings is not clear yet.
Prime Minister Prayut Chan-o-cha ordered the security to be tightened across the capital following the small bombings.
“We have to find out who were responsible for the bombs and whether they had a connection with any political group,” Gen Prayut was quoted as saying by the Bangkok Post.
He added that CCTV footages from the secuity cameras would help nab the culprit.
Security across public places in Thailand was tightened on Monday as police started an investigation into a pair of blasts outside Siam Paragon shopping mall in the heart of Bangkok.
The explosion of two improvised bombs outside the luxury mall in the capital on Sunday injured one person.
The explosion of two improvised bombs outside the luxury mall in the capital on Sunday injured one person.
Those behind the incident did not intend to kill, but create panic, said the Royal Thai Police, according to a BBC report.
The steel pipe-bombs were hidden behind electric controls on the walkway connecting an overhead train line to Paragon shopping mall and were set on timers to explode at about 20:00 local time, which is supposed to be the busiest time, the report added, citing police statement.
The motive behind the bombings is not clear yet.
Prime Minister Prayut Chan-o-cha ordered the security to be tightened across the capital following the small bombings.
“We have to find out who were responsible for the bombs and whether they had a connection with any political group,” Gen Prayut was quoted as saying by the Bangkok Post.
He added that CCTV footages from the secuity cameras would help nab the culprit.
Good US-India Relations No Threat to China: Barack Obama
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NEW DELHI:
Surprised at the Chinese reaction over his visit to India, US President Barack Obama has said that there is no reason for Beijing to be threatened by a good relationship between New Delhi and Washington.
“I was surprised when I heard that the Chinese government had put out these statements. China doesn’t need to be threatened because we have good relations with India,” Mr Obama said at a CNN Sunday talk show.
In his interview, which was taped in New Delhi on January 27, the last day of his three-day India trip, Mr Obama referred to his November visit to China and said that he had some very successful meetings with his Chinese counterpart.
“My belief is that in this moment in history, there’s an opportunity to create a win-win formula in which all countries are abiding by a common set of rules and standards and we’re focused on lifting up prosperity for our people, not at the expense of others, but together with each other. That’s what my discussions with Prime Minister (Narendra) Modi have focused on,” Mr Obama said.
The US President said he has continuously emphasised that it is very much in America’s interest to see a peaceful rise of China.
“What’s dangerous for us is a destabilised and impoverished and disintegrating China. It’s much better for us if China is doing well,” he said.
“But what we’ve said since the start of my term in office is China’s growth shouldn’t be at the expense of other folks. It shouldn’t bully small countries like Vietnam or Philippines around maritime issues, but try to resolve those peacefully in accordance with international law. It shouldn’t manipulate its currencies to get itself trading advantages that others don’t have,” Mr Obama asserted.
“Sometimes we’ve been successful in getting a response from China on those issues. Sometimes less so. I care deeply about China’s success. I want to make sure that we continue to maintain a constructive relationship,” he said.
Surprised at the Chinese reaction over his visit to India, US President Barack Obama has said that there is no reason for Beijing to be threatened by a good relationship between New Delhi and Washington.
“I was surprised when I heard that the Chinese government had put out these statements. China doesn’t need to be threatened because we have good relations with India,” Mr Obama said at a CNN Sunday talk show.
In his interview, which was taped in New Delhi on January 27, the last day of his three-day India trip, Mr Obama referred to his November visit to China and said that he had some very successful meetings with his Chinese counterpart.
“My belief is that in this moment in history, there’s an opportunity to create a win-win formula in which all countries are abiding by a common set of rules and standards and we’re focused on lifting up prosperity for our people, not at the expense of others, but together with each other. That’s what my discussions with Prime Minister (Narendra) Modi have focused on,” Mr Obama said.
The US President said he has continuously emphasised that it is very much in America’s interest to see a peaceful rise of China.
“What’s dangerous for us is a destabilised and impoverished and disintegrating China. It’s much better for us if China is doing well,” he said.
“But what we’ve said since the start of my term in office is China’s growth shouldn’t be at the expense of other folks. It shouldn’t bully small countries like Vietnam or Philippines around maritime issues, but try to resolve those peacefully in accordance with international law. It shouldn’t manipulate its currencies to get itself trading advantages that others don’t have,” Mr Obama asserted.
“But what we’ve said since the start of my term in office is China’s growth shouldn’t be at the expense of other folks. It shouldn’t bully small countries like Vietnam or Philippines around maritime issues, but try to resolve those peacefully in accordance with international law. It shouldn’t manipulate its currencies to get itself trading advantages that others don’t have,” Mr Obama asserted.
“Sometimes we’ve been successful in getting a response from China on those issues. Sometimes less so. I care deeply about China’s success. I want to make sure that we continue to maintain a constructive relationship,” he said.
Indian Financial System
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The economic development of a nation is reflected by the progress of the various economic units, broadly classified into corporate sector, government and household sector. While performing their activities these units will be placed in a surplus/deficit/balanced budgetary situations.
There are areas or people with surplus funds and there are those with a deficit. A financial system or financial sector functions as an intermediary and facilitates the flow of funds from the areas of surplus to the areas of deficit. A Financial System is a composition of various institutions, markets, regulations and laws, practices, money manager, analysts, transactions and claims and liabilities.
The word "system", in the term "financial system", implies a set of complex and closely connected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial intermediation.
Financial Markets
A Financial Market can be defined as the market in which financial assets are created or transferred. As against a real transaction that involves exchange of money for real goods or services, a financial transaction involves creation or transfer of a financial asset. Financial Assets or Financial Instruments represents a claim to the payment of a sum of money sometime in the future and /or periodic payment in the form of interest or dividend.
Money Market:
The money market is a wholesale debt market for lowrisk, highly-liquid, short-term instrument.
Funds are available in this market for periods ranging from a single day up to a year. This market is dominated mostly by government, banks and financial institutions.
Capital Market:
The capital market is designed to finance the long-term investments. The transactions taking
place in this market will be for periods over a year.
Forex Market:
The Forex market deals with the multicurrency requirements, which are met by the exchange of currencies. Depending on the exchange rate that is applicable, the transfer of funds takes place in this market. This is one of the most developed and integrated market across the globe.
Credit Market:
Credit market is a place where banks, FIs and NBFCs purvey short, medium and long-term loans to corporate and individuals.
Financial Intermediation:
Having designed the instrument, the issuer should then ensure that these financial assets reach the ultimate investor in order to garner the requisite amount. When the borrower of funds approaches the financial market to raise funds, mere issue of securities will not suffice. Adequate information of the issue, issuer and the security should be passed on to take place. There should be a proper channel within the financial system to ensure such transfer. To serve this purpose, financial intermediaries came into existence. Financial intermediation in the organized sector is conducted by a wide range of institutions functioning under the overall surveillance of the Reserve Bank of India. In the initial stages, the role of the intermediary was mostly related to ensure transfer of funds from the lender to the borrower. This service was offered by banks, FIs, brokers, and dealers. However, as the financial system widened along with the developments taking place in the financial markets, the scope of its operations also widened. Some of the important intermediaries operating ink the financial markets include; investment bankers, underwriters, stock exchanges, registrars, depositories, custodians, portfolio managers, mutual funds, financial advertisers financial consultants, primary dealers, satellite dealers, self regulatory organizations, etc. Though the markets are different, there may be a few intermediaries offering their services in move than one market e.g. underwriter. However, the services offered by them vary from one market to another.
There are areas or people with surplus funds and there are those with a deficit. A financial system or financial sector functions as an intermediary and facilitates the flow of funds from the areas of surplus to the areas of deficit. A Financial System is a composition of various institutions, markets, regulations and laws, practices, money manager, analysts, transactions and claims and liabilities.
The word "system", in the term "financial system", implies a set of complex and closely connected or interlined institutions, agents, practices, markets, transactions, claims, and liabilities in the economy. The financial system is concerned about money, credit and finance-the three terms are intimately related yet are somewhat different from each other. Indian financial system consists of financial market, financial instruments and financial intermediation.
Financial Markets
A Financial Market can be defined as the market in which financial assets are created or transferred. As against a real transaction that involves exchange of money for real goods or services, a financial transaction involves creation or transfer of a financial asset. Financial Assets or Financial Instruments represents a claim to the payment of a sum of money sometime in the future and /or periodic payment in the form of interest or dividend.
Money Market:
The money market is a wholesale debt market for lowrisk, highly-liquid, short-term instrument.
Funds are available in this market for periods ranging from a single day up to a year. This market is dominated mostly by government, banks and financial institutions.
Capital Market:
The capital market is designed to finance the long-term investments. The transactions taking
place in this market will be for periods over a year.
Forex Market:
The Forex market deals with the multicurrency requirements, which are met by the exchange of currencies. Depending on the exchange rate that is applicable, the transfer of funds takes place in this market. This is one of the most developed and integrated market across the globe.
Credit Market:
Credit market is a place where banks, FIs and NBFCs purvey short, medium and long-term loans to corporate and individuals.
Financial Intermediation:
Having designed the instrument, the issuer should then ensure that these financial assets reach the ultimate investor in order to garner the requisite amount. When the borrower of funds approaches the financial market to raise funds, mere issue of securities will not suffice. Adequate information of the issue, issuer and the security should be passed on to take place. There should be a proper channel within the financial system to ensure such transfer. To serve this purpose, financial intermediaries came into existence. Financial intermediation in the organized sector is conducted by a wide range of institutions functioning under the overall surveillance of the Reserve Bank of India. In the initial stages, the role of the intermediary was mostly related to ensure transfer of funds from the lender to the borrower. This service was offered by banks, FIs, brokers, and dealers. However, as the financial system widened along with the developments taking place in the financial markets, the scope of its operations also widened. Some of the important intermediaries operating ink the financial markets include; investment bankers, underwriters, stock exchanges, registrars, depositories, custodians, portfolio managers, mutual funds, financial advertisers financial consultants, primary dealers, satellite dealers, self regulatory organizations, etc. Though the markets are different, there may be a few intermediaries offering their services in move than one market e.g. underwriter. However, the services offered by them vary from one market to another.
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