India tops in remittances: World Bank
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The World Bank has said India continues to be the leading nation in remittances pulling in USD 70 billion from its global migrant workforce in 2014.
World Bank’s study of remittance, the money workers and professionals working in foreign lands send back to their native countries, attributed this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.
Remittances to the developing world are expected to reach USD 440 billion in 2015, an increase of 0.9 per cent over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4 per cent to USD 586 billion.
United States, Saudi Arabia, Germany, Russia and the United Arab Emirates (UAE) remained the top five migrant destination countries and apart from India, China, Philippines, Mexico and Nigeria are the top five remittance recipient countries, in terms of value of remittances, the report said.
“Total remittances in 2014 reached USD 583 billion. This is more than double the ODA in the world. India received USD 70 billion, China USD 64 billion, the Philippines USD 28 billion. With new thinking these mega flows can be leveraged to FINANCE development and infrastructure projects,” said Kaushik Basu, World Bank Chief Economist and Senior Vice President.
“Israel and India have shown how macro liquidity crises can be managed by tapping into the wealth of diaspora communities. Mexican migrants have boosted the construction sector. Tajikistan manages to nearly double its consumption by using remittance money. Migrants and remittances are clearly major players in today’s global economy,” Basu said.
In line with the expected global economic recovery next year, the global flows of remittances are expected to accelerate by 4.1 percent in 2016, to reach an estimated USD6 10 billion, rising to USD 636 billion in 2017.
Remittance flows to developing countries are expected to recover in 2016 to reach USD 459 billion, rising to USD 479 billion in 2017, the World Bank said.
The global average cost of sending USD 200 held steady at 8 per cent of the value of the transaction, as of the last quarter of 2014.
Despite its potential to lower costs, the use of mobile technology in cross-border transactions remains limited, due to the regulatory burden related to combating money laundering and terrorism FINANCING, the report said.
International remittances sent via mobile technology accounted for less than two percent of remittance flows in 2013, according to the latest available data.
- The World Bank has said India continues to be the leading nation in remittances pulling in USD 70 billion from its global migrant workforce in 2014.
World Bank’s study of remittance, the money workers and professionals working in foreign lands send back to their native countries, attributed this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.
Remittances to the developing world are expected to reach USD 440 billion in 2015, an increase of 0.9 per cent over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4 per cent to USD 586 billion.
United States, Saudi Arabia, Germany, Russia and the United Arab Emirates (UAE) remained the top five migrant destination countries and apart from India, China, Philippines, Mexico and Nigeria are the top five remittance recipient countries, in terms of value of remittances, the report said.
“Total remittances in 2014 reached USD 583 billion. This is more than double the ODA in the world. India received USD 70 billion, China USD 64 billion, the Philippines USD 28 billion. With new thinking these mega flows can be leveraged to FINANCE development and infrastructure projects,” said Kaushik Basu, World Bank Chief Economist and Senior Vice President.
“Israel and India have shown how macro liquidity crises can be managed by tapping into the wealth of diaspora communities. Mexican migrants have boosted the construction sector. Tajikistan manages to nearly double its consumption by using remittance money. Migrants and remittances are clearly major players in today’s global economy,” Basu said.
In line with the expected global economic recovery next year, the global flows of remittances are expected to accelerate by 4.1 percent in 2016, to reach an estimated USD6 10 billion, rising to USD 636 billion in 2017.
Remittance flows to developing countries are expected to recover in 2016 to reach USD 459 billion, rising to USD 479 billion in 2017, the World Bank said.
The global average cost of sending USD 200 held steady at 8 per cent of the value of the transaction, as of the last quarter of 2014.
Despite its potential to lower costs, the use of mobile technology in cross-border transactions remains limited, due to the regulatory burden related to combating money laundering and terrorism FINANCING, the report said.
International remittances sent via mobile technology accounted for less than two percent of remittance flows in 2013, according to the latest available data.
Arun Jaitley Justifies Rs 40,000 Crore Tax Demand on FIIs
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Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demands on foreign institutional investors (FII) for capital gains made during previous years. The finance minister told NDTV that the tax demand was made in accordance with a law brought by the previous government and upheld by a tribunal.
- Finance Minister Arun Jaitley on Tuesday said the government will press ahead with Rs 40,000 crore tax demands on foreign institutional investors (FII) for capital gains made during previous years. The finance minister told NDTV that the tax demand was made in accordance with a law brought by the previous government and upheld by a tribunal."FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy of 20 per cent Minimum Alternate Tax on capital gains). They got a judgement against themselves... So, the tribunal has decided against them," Mr Jaitley said.Mr Jaitley in this year's Budget abolished the rule under which FIIs were taxed. However, waiver on paying tax on capital gains will apply from April 1, 2015; it will have no bearing to the Rs 40,000 crore in prior tax demand raised by the government, Mr Jaitely added."We are reasonable, so for the future I have waived it. But the tax demand after winning the case, if I waive off, we will be like a tax haven ....how would be I answerable to Parliament that after the case I just waive Rs 40,000 crore," he said.On multi-billion dollar tax demands on Cairn Energy Plc of UK and Cairn India, Mr Jaitley said the tax assessment orders were passed in January 2014
Neutral net must for India to produce next Google
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- NEW DELHI/MUMBAI/BENGALURU: The battle for net neutrality -- the principle that all traffic travelling across the internet should be treated equally at all stages -- isn't over. There's good news, for example, e-commerce bluechip Flipkart publicly changing its stand on net neutrality.
But profound dangers remain. The very strength of internet -- it's a vast global network -- also makes it uniquely vulnerable to access manipulation. This vulnerability is greater because mobile phones have displaced personal computers as the main internet access point for consumers.
Telecom companies can easily create access barriers, keep competition out, give unfair advantage to established internet businesses and harm both innovation and consumer welfare. Technology entrepreneurs ET spoke to were unanimous in their view that keeping internet free was crucial for both consumers and business.
Sunal Jain, founder and CEO of @MobiNxt, an app developer, said, "Without net neutrality, startups will fail...consumers won't be ready to pay for a new, innovative product." Jain's point was that a startup's initial investments were already formidable -- in servers, government fees, HR -- and an internet that raised entry barrier by making them pay to, say, telecom companies would a big blow for India's newest entrepreneurial force.
- NEW DELHI/MUMBAI/BENGALURU: The battle for net neutrality -- the principle that all traffic travelling across the internet should be treated equally at all stages -- isn't over. There's good news, for example, e-commerce bluechip Flipkart publicly changing its stand on net neutrality.
But profound dangers remain. The very strength of internet -- it's a vast global network -- also makes it uniquely vulnerable to access manipulation. This vulnerability is greater because mobile phones have displaced personal computers as the main internet access point for consumers.
Telecom companies can easily create access barriers, keep competition out, give unfair advantage to established internet businesses and harm both innovation and consumer welfare. Technology entrepreneurs ET spoke to were unanimous in their view that keeping internet free was crucial for both consumers and business.
Sunal Jain, founder and CEO of @MobiNxt, an app developer, said, "Without net neutrality, startups will fail...consumers won't be ready to pay for a new, innovative product." Jain's point was that a startup's initial investments were already formidable -- in servers, government fees, HR -- and an internet that raised entry barrier by making them pay to, say, telecom companies would a big blow for India's newest entrepreneurial force.
SpaceX Rocket Blasts Off, Then Lands Too Hard on Ocean Barge
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CAPE CANAVERAL, FLA: An unmanned SpaceX rocket blasted off from Florida on Tuesday to send a cargo ship to the International Space Station, then flipped around and made a hard landing on a platform in the ocean.
The booster's flyback, years in the making, marks another step in the company's quest to develop rockets that can be refurbished and reflown, potentially slashing launch costs.
"This might change completely how we approach transportation to space," SpaceX Vice President Hans Koenigsman told reporters during a prelaunch press conference.
After sending the capsule on its way to orbit, the rocket's first stage flipped around, fired engines to guide its descent, deployed steering fins and landing legs and touched down on a customised barge stationed about 200 miles (322 km) off the coast of Jacksonville, Florida.
"Rocket landed on droneship, but too hard for survival," SpaceX founder and Chief Executive Elon Musk posted on Twitter. During a previous landing attempt in January, the rocket ran out of hydraulic fluid for its steering fins, causing it to crash into the platform.
A second attempt in February was called off because of high seas, but the rocket successfully ran through its pre-programmed landing sequence and hovered vertically above the waves before splashing down and breaking apart.
The primary purpose of Tuesday's launch was to deliver more than 4,300 pounds (1,950 kg) of food, clothing, equipment including an Italian-made espresso machine and science experiments to the station, a $100 billion research laboratory about 260 miles (418 km) above Earth.
SpaceX is one of two companies hired by NASA to fly cargo to the station following the retirement of the space shuttles. In addition to a recently extended 15-flight NASA cargo delivery contract, worth more than $2 billion, SpaceX is working on a passenger version of the Dragon capsule and has dozens of contracts to deliver commercial communications satellites into orbit.
- CAPE CANAVERAL, FLA: An unmanned SpaceX rocket blasted off from Florida on Tuesday to send a cargo ship to the International Space Station, then flipped around and made a hard landing on a platform in the ocean.The 208-foot (63-meter) tall Falcon 9 rocket, carrying a Dragon capsule, thundered off its seaside launch pad at Cape Canaveral Air Force Station at 4:10 pm. A launch attempt on Monday was delayed by poor weather.
The booster's flyback, years in the making, marks another step in the company's quest to develop rockets that can be refurbished and reflown, potentially slashing launch costs.
"This might change completely how we approach transportation to space," SpaceX Vice President Hans Koenigsman told reporters during a prelaunch press conference.
After sending the capsule on its way to orbit, the rocket's first stage flipped around, fired engines to guide its descent, deployed steering fins and landing legs and touched down on a customised barge stationed about 200 miles (322 km) off the coast of Jacksonville, Florida.
"Rocket landed on droneship, but too hard for survival," SpaceX founder and Chief Executive Elon Musk posted on Twitter. During a previous landing attempt in January, the rocket ran out of hydraulic fluid for its steering fins, causing it to crash into the platform.
A second attempt in February was called off because of high seas, but the rocket successfully ran through its pre-programmed landing sequence and hovered vertically above the waves before splashing down and breaking apart.
The primary purpose of Tuesday's launch was to deliver more than 4,300 pounds (1,950 kg) of food, clothing, equipment including an Italian-made espresso machine and science experiments to the station, a $100 billion research laboratory about 260 miles (418 km) above Earth.
SpaceX is one of two companies hired by NASA to fly cargo to the station following the retirement of the space shuttles. In addition to a recently extended 15-flight NASA cargo delivery contract, worth more than $2 billion, SpaceX is working on a passenger version of the Dragon capsule and has dozens of contracts to deliver commercial communications satellites into orbit.
PM Modi in Canada; Toronto Promises a Welcome to Match Madison Square
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OTTAWA: Prime Minister Narendra Modi arrived in the Canadian capital of Ottawa last night, on the last leg of his three nation tour, after a visit to Europe's big powerhouses France and Germany, where he pitched his Make in India agenda.
PM Modi is the first Indian prime minister in over 42 years to visit Canada, which has a sizeable Indian community. Apart from interactions with Indians - a public welcome in Toronto is billed to be on the lines of his famous Madison Square address in New York last year - the PM's three-day visit will aim at securing a deal for the import of uranium and improving visa facilities for Indo-Canadians.
"It is a historic milestone in our bilateral ties as in 42 years, this is the first standalone bilateral visit by an Indian Prime Minister. Therefore, we are focused on setting a trajectory which will reflect in the discussions," External Affairs Ministry spokesman Syed Akbaruddin said soon after PM Modi's arrival in Canada.
The PM will hold talks with his Canadian counterpart Stephen Harper to discuss how the relationship can be taken forward. "We expect substantive outcomes," Mr Akbaruddin said, adding that the focus of talks will be on areas like energy, agriculture, skill development and education.
He said the two leaders will also discuss a common approach to security issues.
PM Modi will visit Toronto and Vancouver, apart from Ottawa.
- OTTAWA: Prime Minister Narendra Modi arrived in the Canadian capital of Ottawa last night, on the last leg of his three nation tour, after a visit to Europe's big powerhouses France and Germany, where he pitched his Make in India agenda.As he did in Europe, PM Modi will also meet and address Canadian business leaders to invite investments. He will meet with top officials of Canada's Pension Fund, which has a corpus of 200 million dollars, and discuss how to ease investment opportunities for it.
PM Modi is the first Indian prime minister in over 42 years to visit Canada, which has a sizeable Indian community. Apart from interactions with Indians - a public welcome in Toronto is billed to be on the lines of his famous Madison Square address in New York last year - the PM's three-day visit will aim at securing a deal for the import of uranium and improving visa facilities for Indo-Canadians.
"It is a historic milestone in our bilateral ties as in 42 years, this is the first standalone bilateral visit by an Indian Prime Minister. Therefore, we are focused on setting a trajectory which will reflect in the discussions," External Affairs Ministry spokesman Syed Akbaruddin said soon after PM Modi's arrival in Canada.
The PM will hold talks with his Canadian counterpart Stephen Harper to discuss how the relationship can be taken forward. "We expect substantive outcomes," Mr Akbaruddin said, adding that the focus of talks will be on areas like energy, agriculture, skill development and education.
He said the two leaders will also discuss a common approach to security issues.
PM Modi will visit Toronto and Vancouver, apart from Ottawa.
First female ambassador since Islamic Revolution
- Iran will appoint its first female ambassador abroad since the Islamic Revolution in 1979, the semi-official Fars and Mehr news agencies said late on Monday, citing unspecified reports.
The post would go to Foreign Ministry spokeswoman Marzieh Afkham, one of Iran's most high-profile female public figures, although it was not clear where she would be sent, the agencies said.
This would make Afkham the second female ambassador in the history of Iran and the first since the 1979 Islamic Revolution.
The only other female ambassador was Mehrangiz Dolatshahi, who served in Denmark in the 1970s.
Human rights groups frequently criticise Iran's record on women's rights, including a high rate of domestic violence and girls forced to into marriages at ages as young as 10.
President Hassan Rouhani promised to improve women's rights as part of his election campaign in 2013, but progress on domestic reform has been slow.
His predecessor Mahmoud Ahmadinejad appointed the Islamic Republic's first female minister in 2009.
- Iran will appoint its first female ambassador abroad since the Islamic Revolution in 1979, the semi-official Fars and Mehr news agencies said late on Monday, citing unspecified reports.
The post would go to Foreign Ministry spokeswoman Marzieh Afkham, one of Iran's most high-profile female public figures, although it was not clear where she would be sent, the agencies said.
This would make Afkham the second female ambassador in the history of Iran and the first since the 1979 Islamic Revolution.
The only other female ambassador was Mehrangiz Dolatshahi, who served in Denmark in the 1970s.
Human rights groups frequently criticise Iran's record on women's rights, including a high rate of domestic violence and girls forced to into marriages at ages as young as 10.
President Hassan Rouhani promised to improve women's rights as part of his election campaign in 2013, but progress on domestic reform has been slow.
His predecessor Mahmoud Ahmadinejad appointed the Islamic Republic's first female minister in 2009.
Not Easy to Become World No. 1, Proud of What I Have Achieved
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Sania Mirza, who attained the World No. 1 rank after winning the Family Circle Cup with Martina Hingis as her partner, spoke exclusively to NDTV.
Here are some highlights from the interview:
-It took me a while to realise that I am No. 1 in the world. It's an amazing feeling.
-It is very difficult to become World No. 1 and that's why not everyone can achieve it
-I hope this inspires parents that a girl can do anything in the world and changes the mindset
-I have always said from my heart what is right and what is wrong
-We do live in a man's world and I hope what Saina and I have done helps women to do better
-It's funny that a woman is taken as a weakness instead of a strength
-I am in an amazing space in my life right now and I look at the positives
-My family has been a great support system. My parents have given me the courage to be strong
-I am extremely proud of what I have achieved
-My faith keeps me very calm and strong on the court
-We have all sacrificed a lot. We see this as a matter of pride for the whole family
- Sania Mirza, who attained the World No. 1 rank after winning the Family Circle Cup with Martina Hingis as her partner, spoke exclusively to NDTV.Here are some highlights from the interview:-It took me a while to realise that I am No. 1 in the world. It's an amazing feeling.-It is very difficult to become World No. 1 and that's why not everyone can achieve it-I hope this inspires parents that a girl can do anything in the world and changes the mindset-I have always said from my heart what is right and what is wrong-We do live in a man's world and I hope what Saina and I have done helps women to do better-It's funny that a woman is taken as a weakness instead of a strength-I am in an amazing space in my life right now and I look at the positives-My family has been a great support system. My parents have given me the courage to be strong-I am extremely proud of what I have achieved-My faith keeps me very calm and strong on the court-We have all sacrificed a lot. We see this as a matter of pride for the whole family
GENERAL AWARENESS PRACTICE QUESTIONS
1. The Tropic of Capricorn passes through
1. Brazil
2. Chile
3. Fiji
Choose the correct option:
(a) 1, 2 and 3
(b) 1 and 2
(c) 1 and 3
(d) 2 and 3
2. Equator passes through-
1. Somalia
2. Indonesia
3. Uganda
4. Kenya
Choose the correct option:
(a) 1 , 2 and 3
(b) 1, 2 and 4
(c) 1, 3 and 4
(d) 1, 2, 3 and 4
3. ‘Buenaventira’ the wettest inhabited place is located at,
(a) Colombia
(b) Liberia
(c) Myanmar
(d) Philippines
4. Choose the incorrect pair
(a) Mont Blanc- France
(b) Mount Circeo- Italy
(c) Montserrat- England
(d) Eiger- Switzerland
5. Lake Eyre is located at,
(a) Australia
(b) North America
(c) South America
(d) South Africa
6. The largest Known mountain in Solar System is
(a) Olympus Mons
(b) Vinson Massif
(c) Mount Terror
(d) None of above
7. Driest inhabited place Ice is situated in-
(a) Egypt
(b) Chile
(c) Peru
(d) Liberia
Answers:
1. a
2. d
3. a
4. c
5. a
6. a
7. c
1. The Tropic of Capricorn passes through
1. Brazil
2. Chile
3. Fiji
Choose the correct option:
(a) 1, 2 and 3
(b) 1 and 2
(c) 1 and 3
(d) 2 and 3
2. Equator passes through-
1. Somalia
2. Indonesia
3. Uganda
4. Kenya
Choose the correct option:
(a) 1 , 2 and 3
(b) 1, 2 and 4
(c) 1, 3 and 4
(d) 1, 2, 3 and 4
3. ‘Buenaventira’ the wettest inhabited place is located at,
(a) Colombia
(b) Liberia
(c) Myanmar
(d) Philippines
4. Choose the incorrect pair
(a) Mont Blanc- France
(b) Mount Circeo- Italy
(c) Montserrat- England
(d) Eiger- Switzerland
5. Lake Eyre is located at,
(a) Australia
(b) North America
(c) South America
(d) South Africa
6. The largest Known mountain in Solar System is
(a) Olympus Mons
(b) Vinson Massif
(c) Mount Terror
(d) None of above
7. Driest inhabited place Ice is situated in-
(a) Egypt
(b) Chile
(c) Peru
(d) Liberia
1. Brazil
2. Chile
3. Fiji
Choose the correct option:
(a) 1, 2 and 3
(b) 1 and 2
(c) 1 and 3
(d) 2 and 3
2. Equator passes through-
1. Somalia
2. Indonesia
3. Uganda
4. Kenya
Choose the correct option:
(a) 1 , 2 and 3
(b) 1, 2 and 4
(c) 1, 3 and 4
(d) 1, 2, 3 and 4
3. ‘Buenaventira’ the wettest inhabited place is located at,
(a) Colombia
(b) Liberia
(c) Myanmar
(d) Philippines
4. Choose the incorrect pair
(a) Mont Blanc- France
(b) Mount Circeo- Italy
(c) Montserrat- England
(d) Eiger- Switzerland
5. Lake Eyre is located at,
(a) Australia
(b) North America
(c) South America
(d) South Africa
6. The largest Known mountain in Solar System is
(a) Olympus Mons
(b) Vinson Massif
(c) Mount Terror
(d) None of above
7. Driest inhabited place Ice is situated in-
(a) Egypt
(b) Chile
(c) Peru
(d) Liberia
Answers:
1. a
2. d
3. a
4. c
5. a
6. a
7. c
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