General Affairs
Harish Rawat Tried To Buy Majority In Uttarakhand Floor Test, Alleges BJP
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NEW DELHI: With Congress leader Harish Rawat having clinched the numbers game in Uttarakhand Assembly floor test today, BJP alleged that he has tried to "buy" majority and claimed that people will teach him a lesson in the elections.
BJP cited recent sting operations to accuse Mr Rawat of "bribing" legislators and also referred to the switching over of one Congress legislator today to the BJP camp to say that what happened in the state was caused by crisis within Congress.
"Congress wanted to run the government without having the support of a majority of MLAs. As many as 10 MLAs, including nine rebels, have left it. Rawat has used the loot of state resources to bribe MLAs. He will not get the people's trust. They will teach him a lesson in the Assembly election," BJP national secretary Shrikant Sharma said following the test.
The Supreme Court is scheduled to pronounce a decision tomorrow after the floor test held in the Assembly following its order. Congress has already begun celebrating with Mr Rawat thanking legislators for their support.
NEW DELHI: With Congress leader Harish Rawat having clinched the numbers game in Uttarakhand Assembly floor test today, BJP alleged that he has tried to "buy" majority and claimed that people will teach him a lesson in the elections.BJP cited recent sting operations to accuse Mr Rawat of "bribing" legislators and also referred to the switching over of one Congress legislator today to the BJP camp to say that what happened in the state was caused by crisis within Congress.
"Congress wanted to run the government without having the support of a majority of MLAs. As many as 10 MLAs, including nine rebels, have left it. Rawat has used the loot of state resources to bribe MLAs. He will not get the people's trust. They will teach him a lesson in the Assembly election," BJP national secretary Shrikant Sharma said following the test.
The Supreme Court is scheduled to pronounce a decision tomorrow after the floor test held in the Assembly following its order. Congress has already begun celebrating with Mr Rawat thanking legislators for their support.
Uttarakhand Trust Vote 'Victory For Democracy', Says Sonia Gandhi
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NEW DELHI: Congress president Sonia Gandhi hailed as "victory for democracy" the high-stakes trial of strength in the Uttarakhand Assembly which her party clinched today.
"It is a victory for democracy," she said after the floor test, outcome of which would be announced by the Supreme Court tomorrow.
It is being seen as a clear setback to the Modi government which had dismissed the state government and imposed President's Rule on March 28.
At the AICC briefing, party spokesman and senior advocate Abhishek Singhvi remarked, "We may have reason to exult."
He, however, hastened to add that it is subject to the final result to be announced by the Supreme Court tomorrow.
Mr Singhvi said that the Congress assessment is based on the verbal accounts of legislators, the way they sat in the House and reports in the media and it should be taken with a "bucket full of salt".
"The political process has worked itself out. If we win, it will prove such political misadventures are akin to a Himalayan blunder," he said, taking a dig at the Modi dispensation.
He steered clear of a question whether after winning the trust vote, Harish Rawat should dissolve the House and order fresh election.
Several leaders in the party have been advocating such a course of action contending that it would help the party to go to the people on the theme of "murder of democracy".
"It is a victory for democracy," she said after the floor test, outcome of which would be announced by the Supreme Court tomorrow.
It is being seen as a clear setback to the Modi government which had dismissed the state government and imposed President's Rule on March 28.
At the AICC briefing, party spokesman and senior advocate Abhishek Singhvi remarked, "We may have reason to exult."
He, however, hastened to add that it is subject to the final result to be announced by the Supreme Court tomorrow.
Mr Singhvi said that the Congress assessment is based on the verbal accounts of legislators, the way they sat in the House and reports in the media and it should be taken with a "bucket full of salt".
"The political process has worked itself out. If we win, it will prove such political misadventures are akin to a Himalayan blunder," he said, taking a dig at the Modi dispensation.
He steered clear of a question whether after winning the trust vote, Harish Rawat should dissolve the House and order fresh election.
Several leaders in the party have been advocating such a course of action contending that it would help the party to go to the people on the theme of "murder of democracy".
PM Narendra Modi's Degree 'Authentic', Says Delhi University Registrar
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NEW DELHI: Downplaying allegations of glaring discrepancies, Delhi University today said Prime Minister Narendra Modi's BA degree as circulated by BJP is "authentic" and it has all the relevant records relating to his graduation while terming as "minor error" mention of 1979 in his degree when he passed out a year earlier.
The clarification by Delhi University's registrar Tarun Das came amid the raging controversy over PM Modi's educational qualifications with AAP continuing to question genuineness of the BA degree.
"We have checked our records and it has been authenticated that Prime Minister Narendra Modi's degree is authentic. He cleared the examination in 1978 and was awarded the degree in 1979," he said hours after an AAP delegation went to the university seeking details of the degree.
Asked about certain discrepancies being alleged by AAP in his marksheets and degree certificate, he said, "The discrepancies in names in two marksheets exist in university records as well."
"The university seeks to maintain privacy of any student who is getting enrolled with it. In view of the queries and reports in media, we would like to state that Narendra Damodardas Modi had qualified for degree of Bachelors in Arts. His enrollment number was CC 594/74 and his examination roll number was 16594," Mr Das said.
Asked about variations in PM Modi's names in marksheets, Mr Das said it is a common error as far as middle names are concerned. "Similar errors are often pointed out by other students as well which are rectified when requested."
On being asked about AAP's allegation that why he was awarded the degree in 1979 when he graduated in 1978, Mr Das said "It is difficult to comment on minor errors."
Yesterday, BJP president Amit Shah and Finance Minister Arun Jaitley had released copies of PM Modi's BA and MA degrees in response to AAP's allegations.
The AAP had said the documents were "forged" and had "glaring discrepancies" in them.
NEW DELHI: Downplaying allegations of glaring discrepancies, Delhi University today said Prime Minister Narendra Modi's BA degree as circulated by BJP is "authentic" and it has all the relevant records relating to his graduation while terming as "minor error" mention of 1979 in his degree when he passed out a year earlier.The clarification by Delhi University's registrar Tarun Das came amid the raging controversy over PM Modi's educational qualifications with AAP continuing to question genuineness of the BA degree.
"We have checked our records and it has been authenticated that Prime Minister Narendra Modi's degree is authentic. He cleared the examination in 1978 and was awarded the degree in 1979," he said hours after an AAP delegation went to the university seeking details of the degree.
Asked about certain discrepancies being alleged by AAP in his marksheets and degree certificate, he said, "The discrepancies in names in two marksheets exist in university records as well."
"The university seeks to maintain privacy of any student who is getting enrolled with it. In view of the queries and reports in media, we would like to state that Narendra Damodardas Modi had qualified for degree of Bachelors in Arts. His enrollment number was CC 594/74 and his examination roll number was 16594," Mr Das said.
Asked about variations in PM Modi's names in marksheets, Mr Das said it is a common error as far as middle names are concerned. "Similar errors are often pointed out by other students as well which are rectified when requested."
On being asked about AAP's allegation that why he was awarded the degree in 1979 when he graduated in 1978, Mr Das said "It is difficult to comment on minor errors."
Yesterday, BJP president Amit Shah and Finance Minister Arun Jaitley had released copies of PM Modi's BA and MA degrees in response to AAP's allegations.
The AAP had said the documents were "forged" and had "glaring discrepancies" in them.
Telangana Chief Minister Meets PM Narendra Modi, Seeks More Funds For Drought Relief
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NEW DELHI/HYDERABAD: Telangana Chief Minister K Chandrasekhar Rao met Prime Minister Narendra Modi on Tuesday and sought the Centre's liberal assistance to tackle drought in the state.
During the one-and-half-hour-long meeting in New Delhi, the chief minister told the Prime Minister that the state had sought an assistance of Rs.3,064 crore from the Centre for drought relief measures but the Centre had so far released only Rs.712 crore.
He urged the prime minister to release the remaining funds immediately so that relief works could be taken up in the affected areas.
He outlined the immediate and long-term measures undertaken by the state government to mitigate the drought situation and sought the Centre's assistance for both.
According to a statement from the chief minister's office in Hyderabad, Mr Rao told Prime Minister Modi that the state ensured drinking water supply, provided mid-day meals to students, input subsidy to farmers and fodder to cattle.
Mr Rao said the state had recorded 14 percent deficit rainfall. A total of 231 'mandals' in seven districts have been declared drought-affected.
The chief minister said agriculture crops over 13.52 lakh hectares and horticulture crops over 23,700 hectares were damaged. As many as 21.78 lakh farmers were affected.
The chief minister informed the prime minister that the government has taken up Mission Kakatiya and Mission Bhagiratha as permanent solutions to face drought and deficit rainfall.
Under Mission Kakatiya, restoration of 46,000 tanks have been taken up while Mission Bhagiratha is aimed at providing drinking water through pipelines to every household.
Mr Rao said the state was also building irrigation projects on Godavari and Krishna to use its share of waters in the two rivers. He said reservoirs and barrages were being built at 38 places to ensure availability of water to farmers.
The chief minister noted that Telangana received only the first installment of funds for the development of backward areas under Andhra Pradesh Reorganisation Act. He sought release of the remaining funds so that they can be used for programmes like Mission Kakatiya and Mission Bhagiratha.
Union Home Minister Rajnath Singh, Agriculture Minister Radhamohan Singh and top officials were present during the meeting. KCR was accompanied by Chief Secretary Rajiv Sharma and Revenue Secretary BR Meena.
During the one-and-half-hour-long meeting in New Delhi, the chief minister told the Prime Minister that the state had sought an assistance of Rs.3,064 crore from the Centre for drought relief measures but the Centre had so far released only Rs.712 crore.
He urged the prime minister to release the remaining funds immediately so that relief works could be taken up in the affected areas.
He outlined the immediate and long-term measures undertaken by the state government to mitigate the drought situation and sought the Centre's assistance for both.
According to a statement from the chief minister's office in Hyderabad, Mr Rao told Prime Minister Modi that the state ensured drinking water supply, provided mid-day meals to students, input subsidy to farmers and fodder to cattle.
Mr Rao said the state had recorded 14 percent deficit rainfall. A total of 231 'mandals' in seven districts have been declared drought-affected.
The chief minister said agriculture crops over 13.52 lakh hectares and horticulture crops over 23,700 hectares were damaged. As many as 21.78 lakh farmers were affected.
The chief minister informed the prime minister that the government has taken up Mission Kakatiya and Mission Bhagiratha as permanent solutions to face drought and deficit rainfall.
Under Mission Kakatiya, restoration of 46,000 tanks have been taken up while Mission Bhagiratha is aimed at providing drinking water through pipelines to every household.
Mr Rao said the state was also building irrigation projects on Godavari and Krishna to use its share of waters in the two rivers. He said reservoirs and barrages were being built at 38 places to ensure availability of water to farmers.
The chief minister noted that Telangana received only the first installment of funds for the development of backward areas under Andhra Pradesh Reorganisation Act. He sought release of the remaining funds so that they can be used for programmes like Mission Kakatiya and Mission Bhagiratha.
Union Home Minister Rajnath Singh, Agriculture Minister Radhamohan Singh and top officials were present during the meeting. KCR was accompanied by Chief Secretary Rajiv Sharma and Revenue Secretary BR Meena.
David Cameron Says Leaders Of 'Fantastically Corrupt' Countries To Attend British Anti-Graft Summit
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LONDON: British Prime Minister David Cameron was caught on camera telling Queen Elizabeth today that leaders of some "fantastically corrupt" countries, including Nigeria and Afghanistan, were due to attend his anti-corruption summit.
Cameron will host an international anti-corruption summit on Thursday aimed at stepping up global action to combat corruption in all walks of life.
In a pooled video feed made available to the ITN broadcaster, Cameron was shown talking with the queen about the summit.
"We had a very successful cabinet meeting this morning, talking about our anti-corruption summit," Cameron said when the queen approached. "We have got the Nigerians - actually we have got some leaders of some fantastically corrupt countries coming to Britain."
Cameron went on: "Nigeria and Afghanistan - possibly two of the most corrupt countries in the world."
The queen did not respond to Cameron's comment but the Archbishop of Canterbury Justin Welby said: "But this particular president is actually not corrupt."
Nigeria's President Muhammadu Buhari and Afghan President
Afghan President Ashraf Ghani, both of whom are due to attend the summit, acknowledge corruption in their countries and have pledged to clean it up.
Afghanistan is at number 166, second-from-bottom, in campaign group Transparency International's latest Corruption Perceptions Index, an annual ranking of countries.
Only North Korea and Somalia, jointly ranked at number 167, are perceived to be more corrupt. Nigeria is at number 136 in the index.
It was not clear whether Cameron realised he was being filmed and recorded at the event at Buckingham Palace.
A bystander then joked to laughter: "They are coming at their own expense one assumes?"
"Everything has to be open," Cameron said. "There are no sort of closed-door sessions. Everything has to be in front of the press. It's going to be...It could be quite interesting."
LONDON: British Prime Minister David Cameron was caught on camera telling Queen Elizabeth today that leaders of some "fantastically corrupt" countries, including Nigeria and Afghanistan, were due to attend his anti-corruption summit.Cameron will host an international anti-corruption summit on Thursday aimed at stepping up global action to combat corruption in all walks of life.
In a pooled video feed made available to the ITN broadcaster, Cameron was shown talking with the queen about the summit.
Cameron went on: "Nigeria and Afghanistan - possibly two of the most corrupt countries in the world."
The queen did not respond to Cameron's comment but the Archbishop of Canterbury Justin Welby said: "But this particular president is actually not corrupt."
Nigeria's President Muhammadu Buhari and Afghan President
Afghan President Ashraf Ghani, both of whom are due to attend the summit, acknowledge corruption in their countries and have pledged to clean it up.
Afghanistan is at number 166, second-from-bottom, in campaign group Transparency International's latest Corruption Perceptions Index, an annual ranking of countries.
Only North Korea and Somalia, jointly ranked at number 167, are perceived to be more corrupt. Nigeria is at number 136 in the index.
It was not clear whether Cameron realised he was being filmed and recorded at the event at Buckingham Palace.
A bystander then joked to laughter: "They are coming at their own expense one assumes?"
"Everything has to be open," Cameron said. "There are no sort of closed-door sessions. Everything has to be in front of the press. It's going to be...It could be quite interesting."
Business Affairs
Sensex extends gains for the 2nd straight day, up 84 points
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The S&P BSE benchmark sensex washed out initial losses, ending higher for the second straight day by 83.67 pts to 25,772.53 on fag-end buying ahead of the key macroeconomic data and quarterly earnings by some companies, to be released this week amidst fresh foreign capital inflows.
Higher European, Asian advices and indication of higher opening in US index futures also boosted the market sentiment.
Foreign Portfolio Investors and Foreign Insitutional Investors bought shares worth net Rs 224.40 crs yesterday as per the provisional data issued by stock exchanges.
Shares of Capital Goods, Consumer Durable, Banking, Finance and Healthcare sectors firmed up on sustained buying while Metal, Auto, Refinery, Utilities and Power declined on selling pressure.
The sensex resumed lower at 25,682.98 and fell further to 25,614.24 on initial profit-booking. However, it recovered to 25,809.93 on fag-end buying before closing at 25,772.53, shwoing a gain of 83.67 points or 0.33 per cent.
It has gained by 544.03 points or 2.16 per cent in two days.
The NSE 50-share Nifty also rose by 21.75 points or 0.28 per cent to close at 7,887.80.
In overseas stock markets, banking stocks led gains in European stocks after Swiss lender Credit Suisse Group posted a smaller-than-expected net loss in the first quarter. Key indices like France, Germany and UK rose by 0.89% to 1.12%.
Japanese stocks led gains in Asian equities after Japanese finance minister Taro Aso told a parliamentary session today that it would be natural for the Japanese government to intervene if the yen were to gain abruptly against the US dollar.
The Nikkei 225 Average settled 2.15 per cent higher.
Other indices like, China, Hong Kong, South Korea and Taiwan also moved up by 0.02%t to 0.75%t. However, Singapore Straits Times closed lower by 0.90%t.
Mr Pramit Brahmbhatt of Veracity Financial Services said," Our benchmark index NIFTY opened with a gain of 8 points at 7874. However, NIFTY sliding down to test lower levels. At the end of the day BULLs came in action and NIFTY continued to inch up higher. Metal and Auto stocks were putting pressure on index while Banking Financial, FMCG, IT, Pharma and Realty stocks helped index to inch up.
Out of the 30-share Sensex, 18 scrips ended higher.
Major gainers were Dr Reddy (3.04%), Axis Bank (2.22%), HUL (1.93%), L&T (1.87%), Gail (1.26%), HDFC (1.20%), Infy (1.12%), Bhel (1.10%), Bharti Airtel (0.79%), Lupin (0.63%), HDFC Bank (0.36%) and SBI (0.34%).
However, Tata Motors fell by 3.58 per cent followed by NTPC (1.75%), ONGC (1.65%) and Adani Ports (0.99%).
Among BSE sectoral and industry indices, capital goods rose 1.48 per cent followed by consumer durables (0.68%), bankex (0.62%), finance (0.54%), healthcare (0.53%), IT (0.52%), realty (0.47%) and teck (0.47%).
Broader markets too were in a better shape with the BSE mid-cap rising 0.20 per cent and the small-cap up 0.11 per cent.
The market breadth turned negative as 1,334 stocks ended lower, 1,277 closed higher while 153 ruled steady.
The total turnover fell to approximately Rs 2,348 crore from Rs 2,467.95 crore yesterday.
The S&P BSE benchmark sensex washed out initial losses, ending higher for the second straight day by 83.67 pts to 25,772.53 on fag-end buying ahead of the key macroeconomic data and quarterly earnings by some companies, to be released this week amidst fresh foreign capital inflows.
Higher European, Asian advices and indication of higher opening in US index futures also boosted the market sentiment.
Foreign Portfolio Investors and Foreign Insitutional Investors bought shares worth net Rs 224.40 crs yesterday as per the provisional data issued by stock exchanges.
Shares of Capital Goods, Consumer Durable, Banking, Finance and Healthcare sectors firmed up on sustained buying while Metal, Auto, Refinery, Utilities and Power declined on selling pressure.
The sensex resumed lower at 25,682.98 and fell further to 25,614.24 on initial profit-booking. However, it recovered to 25,809.93 on fag-end buying before closing at 25,772.53, shwoing a gain of 83.67 points or 0.33 per cent.
It has gained by 544.03 points or 2.16 per cent in two days.
The NSE 50-share Nifty also rose by 21.75 points or 0.28 per cent to close at 7,887.80.
In overseas stock markets, banking stocks led gains in European stocks after Swiss lender Credit Suisse Group posted a smaller-than-expected net loss in the first quarter. Key indices like France, Germany and UK rose by 0.89% to 1.12%.
Japanese stocks led gains in Asian equities after Japanese finance minister Taro Aso told a parliamentary session today that it would be natural for the Japanese government to intervene if the yen were to gain abruptly against the US dollar.
The Nikkei 225 Average settled 2.15 per cent higher.
Other indices like, China, Hong Kong, South Korea and Taiwan also moved up by 0.02%t to 0.75%t. However, Singapore Straits Times closed lower by 0.90%t.
Mr Pramit Brahmbhatt of Veracity Financial Services said," Our benchmark index NIFTY opened with a gain of 8 points at 7874. However, NIFTY sliding down to test lower levels. At the end of the day BULLs came in action and NIFTY continued to inch up higher. Metal and Auto stocks were putting pressure on index while Banking Financial, FMCG, IT, Pharma and Realty stocks helped index to inch up.
Out of the 30-share Sensex, 18 scrips ended higher.
Major gainers were Dr Reddy (3.04%), Axis Bank (2.22%), HUL (1.93%), L&T (1.87%), Gail (1.26%), HDFC (1.20%), Infy (1.12%), Bhel (1.10%), Bharti Airtel (0.79%), Lupin (0.63%), HDFC Bank (0.36%) and SBI (0.34%).
However, Tata Motors fell by 3.58 per cent followed by NTPC (1.75%), ONGC (1.65%) and Adani Ports (0.99%).
Among BSE sectoral and industry indices, capital goods rose 1.48 per cent followed by consumer durables (0.68%), bankex (0.62%), finance (0.54%), healthcare (0.53%), IT (0.52%), realty (0.47%) and teck (0.47%).
Broader markets too were in a better shape with the BSE mid-cap rising 0.20 per cent and the small-cap up 0.11 per cent.
The market breadth turned negative as 1,334 stocks ended lower, 1,277 closed higher while 153 ruled steady.
The total turnover fell to approximately Rs 2,348 crore from Rs 2,467.95 crore yesterday.
Average wealth of Indians surges 400 per cent in 2005-15: Report
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Average wealth of an Indian surged by 400 per cent in 10 years to 2015 while that of an European citizen declined by 5 per cent during the period, says a report by New World Wealth.
The report said that in emerging markets such as India, China and Vietnam, average wealth has gone up by over 400 per cent during the 10-year period (2005-15).
The average European citizen is currently worth around $86,000. During the past 10 years (2005 2015) this figure has declined by 5 per cent.
This compares poorly to other developed markets as the average wealth of a person in Australia has increased by over 100 per cent and in Canada by over 50 per cent in the same period.
One of the major issues that has deterred wealth creation in Europe is migration of wealthy people out of Europe (mainly to countries such as USA, Canada, New Zealand, the Caribbean and Australia).
The global financial crisis in 2008 and the related housing crisis, had also heavily impacted on the wealth of most European citizens.
Other reasons being, rising income tax rates, which deterred new business formation and loss of jobs to Asia, particularly in the manufacturing sector and inability of certain countries to handle large pension obligations (like Greece).
Going forward, Europe is expected to continue to lose primary sector jobs to Asia, particularly to emerging countries such as: China, India, Sri Lanka, the Philippines and Vietnam. The also expect that the exodus of wealthy people out of Europe will continue and even accelerate in many cases.
In terms of wealth growth, certain Eastern European countries such as Poland is likely to perform well, the report said and added that "we do not expect much growth to come from Western and Southern Europe - in particular, large European economies such as Germany, the UK, France, Italy and Spain will struggle."
The report refers 'Wealth' as net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities.
Average wealth of an Indian surged by 400 per cent in 10 years to 2015 while that of an European citizen declined by 5 per cent during the period, says a report by New World Wealth.
The report said that in emerging markets such as India, China and Vietnam, average wealth has gone up by over 400 per cent during the 10-year period (2005-15).
The average European citizen is currently worth around $86,000. During the past 10 years (2005 2015) this figure has declined by 5 per cent.
This compares poorly to other developed markets as the average wealth of a person in Australia has increased by over 100 per cent and in Canada by over 50 per cent in the same period.
One of the major issues that has deterred wealth creation in Europe is migration of wealthy people out of Europe (mainly to countries such as USA, Canada, New Zealand, the Caribbean and Australia).
The global financial crisis in 2008 and the related housing crisis, had also heavily impacted on the wealth of most European citizens.
Other reasons being, rising income tax rates, which deterred new business formation and loss of jobs to Asia, particularly in the manufacturing sector and inability of certain countries to handle large pension obligations (like Greece).
Going forward, Europe is expected to continue to lose primary sector jobs to Asia, particularly to emerging countries such as: China, India, Sri Lanka, the Philippines and Vietnam. The also expect that the exodus of wealthy people out of Europe will continue and even accelerate in many cases.
In terms of wealth growth, certain Eastern European countries such as Poland is likely to perform well, the report said and added that "we do not expect much growth to come from Western and Southern Europe - in particular, large European economies such as Germany, the UK, France, Italy and Spain will struggle."
The report refers 'Wealth' as net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities.
Sajjan Jindal-led JSW Steel in the fray to acquire Tata Steel UK
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Sajjan Jindal-led JSW Steel is in the fray to acquire Tata Steel's loss-making business in the UK.
Yesterday, Tata Steel had said it has taken forward seven EoIs submitted for its UK business to the next stage of the sale process.
JSW Steel has also submitted an EoI for Tata Steel UK and is now waiting for a go-ahead from Tatas side, people in know of the development said.
JSW Steel was not immediately available for comments.
Tata Steel UK's assets include Port Talbot plant in south Wales, UK's largest with around 4,000 workers, as well as sites at Newport, where more than 1,300 people are employed, and Rotherham, which employs 1,200.
The flagship firm of the over $11-billion JSW Group, JSW Steel with steel plants in Karnataka, Tamil Nadu and Maharashtra have a combined installed capacity of 18 million tonnes per annum (MTPA).
Earlier this month, Jindal's JSW Energy had said it will acquire a 1,000 mw plant from his younger brother Naveen-led heavily indebted Jindal Steel and Power Ltd for Rs 6,500 crore
JSW will pay at least Rs 4,000 crore, excluding net current assets and an additional Rs 2,500 crore if JSPL plant in Raigarh, Chhattisgarh secures a long term power purchase agreement, the firms said in statements.
Sajjan Jindal-led JSW Steel is in the fray to acquire Tata Steel's loss-making business in the UK.
Yesterday, Tata Steel had said it has taken forward seven EoIs submitted for its UK business to the next stage of the sale process.
JSW Steel has also submitted an EoI for Tata Steel UK and is now waiting for a go-ahead from Tatas side, people in know of the development said.
JSW Steel was not immediately available for comments.
Tata Steel UK's assets include Port Talbot plant in south Wales, UK's largest with around 4,000 workers, as well as sites at Newport, where more than 1,300 people are employed, and Rotherham, which employs 1,200.
The flagship firm of the over $11-billion JSW Group, JSW Steel with steel plants in Karnataka, Tamil Nadu and Maharashtra have a combined installed capacity of 18 million tonnes per annum (MTPA).
Earlier this month, Jindal's JSW Energy had said it will acquire a 1,000 mw plant from his younger brother Naveen-led heavily indebted Jindal Steel and Power Ltd for Rs 6,500 crore
JSW will pay at least Rs 4,000 crore, excluding net current assets and an additional Rs 2,500 crore if JSPL plant in Raigarh, Chhattisgarh secures a long term power purchase agreement, the firms said in statements.
Railways need massive investment, says Suresh Prabhu
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Railway Minister Suresh Prabhu on Tuesday said the need of the hour in the public transporter is massive investment and new technology without which Indian Railways will not go any further.
"There is a need for investment in railways. In China the investment on railways is about Rs 9 to 10 lakh crore whereas here Rs 40,000 crore a year," Prabhu said after inaugurating the Late Comrade Umraomal Purohit Memorial Research Centre.
He said railways is losing traffic because of the lack of investment.
"As a result rail traffic was going to to other sector.
So we decided for investment in railways and investment will go up in the coming years."
Comparing Indian Railways with Amtrak, a US railroad service, Prabhu said according to a report, Amtrak was derailed because of the lack of investment. We should learn from Amtrak. They did not invest in it so it's future doomed."
Emphasising on investment, he further said "According to a research report, Indian Railways was also also suffering because of the lack of investment like what happened to Amtrak. There is a need for investment in railways."
Highting the importance of technology in rail operation, Prabhu said "Beside infrastructure, new technology should also come. World's best technology should come. But we should not always import technology. We should have research and development centre for the development of technology."
As far as raising passenger fares and freight rates is concerned, he said, "we are setting up regulatory body to decide on it."
The research centre concerning with trade union movement and related issues, was opertionalised at the All-India Railwaymen's Federation office.
Thanking AIRF for the initiative, Prabhu said "Railway unions are for railway interest only. Today the research centre is meant for study on rail related development."
Recalling Purohit's service, Railway Minister said "He has worked for the welfare of railway staff."
On the role railway employees, Prabhu said "Railways run on two wheels. One is management another is employees. If any of these two wheels do not function then it will not be possible for railways to run properly."
He also said "At the same time customer service should also be improved."
Appealing to unions, Prabhu said "We should join hands together for the development of railways. No obstacles will be tolerated in the path of rail improvement. We will improve railways by working together."
Railway Minister Suresh Prabhu on Tuesday said the need of the hour in the public transporter is massive investment and new technology without which Indian Railways will not go any further.
"There is a need for investment in railways. In China the investment on railways is about Rs 9 to 10 lakh crore whereas here Rs 40,000 crore a year," Prabhu said after inaugurating the Late Comrade Umraomal Purohit Memorial Research Centre.
He said railways is losing traffic because of the lack of investment.
"As a result rail traffic was going to to other sector.
So we decided for investment in railways and investment will go up in the coming years."
Comparing Indian Railways with Amtrak, a US railroad service, Prabhu said according to a report, Amtrak was derailed because of the lack of investment. We should learn from Amtrak. They did not invest in it so it's future doomed."
Emphasising on investment, he further said "According to a research report, Indian Railways was also also suffering because of the lack of investment like what happened to Amtrak. There is a need for investment in railways."
Highting the importance of technology in rail operation, Prabhu said "Beside infrastructure, new technology should also come. World's best technology should come. But we should not always import technology. We should have research and development centre for the development of technology."
As far as raising passenger fares and freight rates is concerned, he said, "we are setting up regulatory body to decide on it."
The research centre concerning with trade union movement and related issues, was opertionalised at the All-India Railwaymen's Federation office.
Thanking AIRF for the initiative, Prabhu said "Railway unions are for railway interest only. Today the research centre is meant for study on rail related development."
Recalling Purohit's service, Railway Minister said "He has worked for the welfare of railway staff."
On the role railway employees, Prabhu said "Railways run on two wheels. One is management another is employees. If any of these two wheels do not function then it will not be possible for railways to run properly."
He also said "At the same time customer service should also be improved."
Appealing to unions, Prabhu said "We should join hands together for the development of railways. No obstacles will be tolerated in the path of rail improvement. We will improve railways by working together."
April inflation probably rose to 5%: Reuters poll
-
Higher food and fuel prices probably nudged annual inflation up to 5 per cent in April from 4.83 per cent in March, according to a Reuters poll, making it harder for the Reserve Bank of India (RBI) to follow up last month's interest rate cut too swiftly.
The consumer price data is due to be released at 1200 GMT on Thursday.
"The central bank has to be confident of hitting the 5 per cent target next year before deciding on easing further," said Rishi Shah, economist at Deloitte.
Shah expects inflation to rise to 5.20 per cent in April, though the median forecast from the survey of 27 economists was 5.0 percent.
Last month, Reserve Bank of India Governor Raghuram Rajan cut the policy repo rate by 25 basis points to 6.50 per cent, the lowest since 2011.
A recent Reuters poll predicted only one more interest rate cut in 2016, most likely toward the end of the year.
"Unless inflation really surprises on the downside, we don't see much happening and the focus should be on liquidity rather than interest rates for now," said Abhishek Upadhyay, economist at ICICI Securities.
Above-average monsoon rains are expected this year and should spur rural demand as two-thirds of country's population depends on farming for its livelihood.
"The monsoons will play an important part in determining growth by giving a boost to rural demand in the industrial sector, as we believe that a more sustained increase in investments is still some time away," Shah said.
The latest poll also showed industrial output grew 2.5 per cent in March, faster than 2 per cent the month before.
That quickening in pace is mostly due to a surge in infrastructure output, which accounts for over one-third of the wider industrial measure and hit a 16-month high in March.
Higher food and fuel prices probably nudged annual inflation up to 5 per cent in April from 4.83 per cent in March, according to a Reuters poll, making it harder for the Reserve Bank of India (RBI) to follow up last month's interest rate cut too swiftly.
The consumer price data is due to be released at 1200 GMT on Thursday.
"The central bank has to be confident of hitting the 5 per cent target next year before deciding on easing further," said Rishi Shah, economist at Deloitte.
Shah expects inflation to rise to 5.20 per cent in April, though the median forecast from the survey of 27 economists was 5.0 percent.
Last month, Reserve Bank of India Governor Raghuram Rajan cut the policy repo rate by 25 basis points to 6.50 per cent, the lowest since 2011.
A recent Reuters poll predicted only one more interest rate cut in 2016, most likely toward the end of the year.
"Unless inflation really surprises on the downside, we don't see much happening and the focus should be on liquidity rather than interest rates for now," said Abhishek Upadhyay, economist at ICICI Securities.
Above-average monsoon rains are expected this year and should spur rural demand as two-thirds of country's population depends on farming for its livelihood.
"The monsoons will play an important part in determining growth by giving a boost to rural demand in the industrial sector, as we believe that a more sustained increase in investments is still some time away," Shah said.
The latest poll also showed industrial output grew 2.5 per cent in March, faster than 2 per cent the month before.
That quickening in pace is mostly due to a surge in infrastructure output, which accounts for over one-third of the wider industrial measure and hit a 16-month high in March.
General Awareness
Financial Awareness Practice Questions for Bank Exams
-
-
1. In the case of granting
loan against a life insurance policy, the banker should see:
a) The existence
of insurable interest
b) The surrender value
c) The admission of age
d)
All of the above
e) None of the above
2. In Mutual Funds, NAV is the
price of ___
a) Entire fund value
b) One unit of a fund
c) Surrender
value
d) Average value of shares
e) Dividends paid in a year
3. New
Lending Rate on Bank Loans is now calculated as per:
a) Bench Mark Prime
Lending Rate (BPLR)
b) Base Rate
c) Prime Lending Rate (PLR)
d)
Marginal Cost of Funds based Lending Rate (MCLR)
e) Risk Based
Rate.
4. According to new norms anyone would be able to register a
company in India in how many days?
a) 5
b) 4
c) 7
d) 1
e)
3
5. Naina Lal Kidwai is an independent non-executive director of:
a)
Altico Capital
b) Reliance Capital
c) Infrastructure Development Finance
Company
d) Shriram Transport Finance
e) None of the above
6. Which
Indian bank has launched iWork@Home programme for its women employees?
a)
HDFC
b) Axis bank
c) ICICI Bank
d) IDBI Bank
e) SBI
7. Who is
the present MD and CEO of Multi Commodity Exchange?
a) Balasubramaniam
Venkatramani
b) Mrugank Paranjape
c) Manoj Vaish
d) Praveen Kumar
Singhal
e) Mansi Aggarwal
8. Flipkart has launched an online
wallet-Flipkart Money. What purpose does E-wallet serve?
a) E-wallet is an
online prepaid account under which user can deposit money in advance and can be
used as payment
b) E-wallet is an offline prepaid account where one can stock
money to be used when required
c) E-wallet is an online prepaid account under
which user can purchase online and they can pay later.
d) E-wallet is a
feature of web browser that allows a user to store personal details for
identification purpose
e) None of the above
9. The bank does not open
a saving account in the name of:
a) Government Departments
b) Municipal
Corporations/ Committees
c) Panchayat Samities
d) State Housing
Boards
e) All the above
10. The Reserve Bank of India publishes the
classification of demand deposits with the commercial banks. Which of the
following are included in demand deposits?
a) Fixed deposits held as security
for advances is a classification of time deposits
b) Deposits held as
security for advances which are repayable on demand
c) Current deposits
d)
Demand liabilities portion of saving bank deposits
e) b, c and d
11.
Time deposits include:
a) Fixed deposits
b) Cash certificates, recurring
deposits
c) Time liabilities portion of saving bank deposits
d) Staff
security deposits
e) All of the above
12. Which of the following is
included in the banking reforms in India?
a) To strengthen risk
management
b) Providing easy credit to all
c) Provide guaranteed subsidy
from the government
d) Both b and c
e) None of the above
13. Which
of the following Nation is not a member country of Shanghai Cooperation
Organization (SCO)?
a) India
b) Kazakhstan
c) Tajikistan
d)
China
e) Russia
14. What is the purpose for RBI allowing RRBs to open
their branches in tier-II cities without asking
for permit?
a) To empower
RRBs with the powers that RBI has
b) To increase the reach of banking service
in tier-II cities.
c) To generate money from tier-II cities
d) To increase
the number of RRBs more than other commercial bank in tier-II cities
e) None
of the above
15. Which of the following is not associated with risks
related to risk management in banks?
a) Credit risk
b) Market risk
c)
Fund risk
d) Operational risk
e) None of the these
16. Which was
the first Indian commercial bank wholly owned and managed by Indians opened
in
the year 1911?
a) Bank of Madras
b) Central Bank of India
c)
State Bank of India
d) Hindustan Bank
e) Union Bank of India
17.
Financial activities tax and Financial stability contribution is proposed by
?
a) G-8
b) SAARC Summit (second)
c) G-20
d) SAARC Summit
(First)
e) None of the above
18. Which of the following statement(s)
is/are true about promissory note?
a) It is always in writing
b) It has an
unconditional undertaking called promise
c) The promise is to pay money
d)
The money is to be pay money
e) All the above
19. On recommendation in
which of the following committee NABARD was established?
a) C. Rangarajan
Committee
b) Vijay Kelkar Committee
c) Sivaraman Committee
d) Chelliah
Committee
e) None of the above
20. Money lent in the money market for
one day is referred as:
a) Notice money
b) Long term loan
c) Short term
loan
d) Call money
e) None of these
21. Returning a particular
cheque of a customer unpaid by the bank is known as:
a) Bouncing of
cheque
b) Dishonour of cheque
c) Cancellation of cheque
d) Honouring of
cheque
e) None of these
22. Apex Bank for agriculture is___
a)
RBI
b) NABARD
c) SEBI
d) ICICI
e) None of these
23. Dow Jones
is the stock index of 30 significant stocks traded in__
a) India
b)
Singapore
c) London
d) None of these
e) New York
24. Expand the
term ALM used in Banking/Finance sector?
a) Asset Liability Mismatch
b)
Asset Liability Maturity
c) Asset Liability Management
d) Asset Liability
Manpower
e) None of these
25. The main advantages of core banking
Solutions are:
a) Branches are connected to a central host
b) Branch
automation modules and delivery channels are incorporated
c) Transactions are
done centrally and online
d) A Branch Customer is converted into a Bank
Customer
e) All of above
26. The short fall in Prior Sector Lending by
banks is to be deposited with RIDF. Which of the following statement is not
correct with regard to RIDF?
a) Domestic banks deposit short fall in priority
sector lending targets, or weaker section lending
or agriculture lending in
RIDF.
b) RIDF corpus is estimated annually
c) Interest is Bank Rate less
2% to 4% and period of deposit for RDIF is determined by RBI
d) Amount
deposited in RIDF by banks is not eligible investment for priority sector
classification
e) None of the above
27. Maximum compensation an
Ombudsman is empowered to award in respect of deficiency in service of the
Credit Card operations is:
a) Rs. 50,000
b) Rs.1 lack
c) Rs. 5
lack
d) Rs. 10 lack
e) Rs 50,000
28. Which of the following
organisation was established as a subsidiary of the Reserve Bank of India with
the purpose of providing long term industrial finance?
a) ICICI Ltd.
b)
IDBI Ltd.
c) IFCI Ltd.
d) Development Credit Bank of India (DCB)
e)
None of the above
29. Treasury bills are issued by ____ through ___ for
maturities of 91 days, 182 days and 364 days for pre-determined amounts.
a)
RBI, GOI
b) GOI, RBI
c) RBI, Exim bank
d) GOI, Exim bank
e) RBI,
SBI
30. Liquidity with a banker means:
a) Cash on Hand
b) Cash and
Bank balances
c) Short-term current assets to convert into cash
d) All of
above
e) None of the above
31. Cardinal principles of lending
are
a) Safety and liquidity
b) Profitability and diversification of
risks
c) Purpose and security
d) Only a and c
e) All of a to
c
32. Working capital requirement depends upon___?
a) Level of
activity
b) Types of business carried
c) Nature of Production cycle
d)
All the above
e) None
33. Which of the following statements regarding
CP is not correct?
a) CP is a negotiable instrument
b) CP is issued in the
form of a promissory note.
c) Banks can invest in CP if it is issued in demat
form
d) CP, being a tradable instrument, carries liquidity risk.
e)
Minimum amount of CP should be Rs. 5.00 lack
34. A minor for whom the
court has appointed a guardian attains majority on completion of:
a) 21
years
b) 18 years
c) 15 years
d) 17 years
e) 20 years
35.
Garnishee order is issued by a__
a) Police officer
b) Revenue
officer
c) CID
d) Bank
e) Court
36. The main function of an
Asset Management Company is to:
a) Hold the securities of various
schemes
b) Manage the funds by making investments in various types of
securities
c) Hold its property for the benefit of the unit holders
d) Act
on behalf of SEBI
e) All the above
37. The first insurance company was
started in India in 1818 at:
a) Kolkata
b) Chennai
c) Mumbai
d) New
Delhi
e) Allahabad
38. CIBIL as a credit Information Agency caters
to:
a) Consumer segments
b) Commercial segments
c) Both commercial and
consumer segments
d) Nationalized Banks only
e) Private Banks
only
ANSWERS:
1) d 2) b
3) d 4) d 5) a 6) c 7) b 8) a 9) e 10) a
11) e 12) a 13) a 14) b 15) c 16) b
17) c 18) e 19) c 20) d
21) b 22) b 23) e 24) c 25) e 26) d 27) b 28) b 29) b
30) d
31) e 32) d 33) d 34) a 35) e 36) b 37) a 38) c
1. In the case of granting loan against a life insurance policy, the banker should see:
a) The existence of insurable interest
b) The surrender value
c) The admission of age
d) All of the above
e) None of the above
2. In Mutual Funds, NAV is the price of ___
a) Entire fund value
b) One unit of a fund
c) Surrender value
d) Average value of shares
e) Dividends paid in a year
3. New Lending Rate on Bank Loans is now calculated as per:
a) Bench Mark Prime Lending Rate (BPLR)
b) Base Rate
c) Prime Lending Rate (PLR)
d) Marginal Cost of Funds based Lending Rate (MCLR)
e) Risk Based Rate.
4. According to new norms anyone would be able to register a company in India in how many days?
a) 5
b) 4
c) 7
d) 1
e) 3
5. Naina Lal Kidwai is an independent non-executive director of:
a) Altico Capital
b) Reliance Capital
c) Infrastructure Development Finance Company
d) Shriram Transport Finance
e) None of the above
6. Which Indian bank has launched iWork@Home programme for its women employees?
a) HDFC
b) Axis bank
c) ICICI Bank
d) IDBI Bank
e) SBI
7. Who is the present MD and CEO of Multi Commodity Exchange?
a) Balasubramaniam Venkatramani
b) Mrugank Paranjape
c) Manoj Vaish
d) Praveen Kumar Singhal
e) Mansi Aggarwal
8. Flipkart has launched an online wallet-Flipkart Money. What purpose does E-wallet serve?
a) E-wallet is an online prepaid account under which user can deposit money in advance and can be used as payment
b) E-wallet is an offline prepaid account where one can stock money to be used when required
c) E-wallet is an online prepaid account under which user can purchase online and they can pay later.
d) E-wallet is a feature of web browser that allows a user to store personal details for identification purpose
e) None of the above
9. The bank does not open a saving account in the name of:
a) Government Departments
b) Municipal Corporations/ Committees
c) Panchayat Samities
d) State Housing Boards
e) All the above
10. The Reserve Bank of India publishes the classification of demand deposits with the commercial banks. Which of the following are included in demand deposits?
a) Fixed deposits held as security for advances is a classification of time deposits
b) Deposits held as security for advances which are repayable on demand
c) Current deposits
d) Demand liabilities portion of saving bank deposits
e) b, c and d
11. Time deposits include:
a) Fixed deposits
b) Cash certificates, recurring deposits
c) Time liabilities portion of saving bank deposits
d) Staff security deposits
e) All of the above
12. Which of the following is included in the banking reforms in India?
a) To strengthen risk management
b) Providing easy credit to all
c) Provide guaranteed subsidy from the government
d) Both b and c
e) None of the above
13. Which of the following Nation is not a member country of Shanghai Cooperation Organization (SCO)?
a) India
b) Kazakhstan
c) Tajikistan
d) China
e) Russia
14. What is the purpose for RBI allowing RRBs to open their branches in tier-II cities without asking
for permit?
a) To empower RRBs with the powers that RBI has
b) To increase the reach of banking service in tier-II cities.
c) To generate money from tier-II cities
d) To increase the number of RRBs more than other commercial bank in tier-II cities
e) None of the above
15. Which of the following is not associated with risks related to risk management in banks?
a) Credit risk
b) Market risk
c) Fund risk
d) Operational risk
e) None of the these
16. Which was the first Indian commercial bank wholly owned and managed by Indians opened in
the year 1911?
a) Bank of Madras
b) Central Bank of India
c) State Bank of India
d) Hindustan Bank
e) Union Bank of India
17. Financial activities tax and Financial stability contribution is proposed by ?
a) G-8
b) SAARC Summit (second)
c) G-20
d) SAARC Summit (First)
e) None of the above
18. Which of the following statement(s) is/are true about promissory note?
a) It is always in writing
b) It has an unconditional undertaking called promise
c) The promise is to pay money
d) The money is to be pay money
e) All the above
19. On recommendation in which of the following committee NABARD was established?
a) C. Rangarajan Committee
b) Vijay Kelkar Committee
c) Sivaraman Committee
d) Chelliah Committee
e) None of the above
20. Money lent in the money market for one day is referred as:
a) Notice money
b) Long term loan
c) Short term loan
d) Call money
e) None of these
21. Returning a particular cheque of a customer unpaid by the bank is known as:
a) Bouncing of cheque
b) Dishonour of cheque
c) Cancellation of cheque
d) Honouring of cheque
e) None of these
22. Apex Bank for agriculture is___
a) RBI
b) NABARD
c) SEBI
d) ICICI
e) None of these
23. Dow Jones is the stock index of 30 significant stocks traded in__
a) India
b) Singapore
c) London
d) None of these
e) New York
24. Expand the term ALM used in Banking/Finance sector?
a) Asset Liability Mismatch
b) Asset Liability Maturity
c) Asset Liability Management
d) Asset Liability Manpower
e) None of these
25. The main advantages of core banking Solutions are:
a) Branches are connected to a central host
b) Branch automation modules and delivery channels are incorporated
c) Transactions are done centrally and online
d) A Branch Customer is converted into a Bank Customer
e) All of above
26. The short fall in Prior Sector Lending by banks is to be deposited with RIDF. Which of the following statement is not correct with regard to RIDF?
a) Domestic banks deposit short fall in priority sector lending targets, or weaker section lending
or agriculture lending in RIDF.
b) RIDF corpus is estimated annually
c) Interest is Bank Rate less 2% to 4% and period of deposit for RDIF is determined by RBI
d) Amount deposited in RIDF by banks is not eligible investment for priority sector classification
e) None of the above
27. Maximum compensation an Ombudsman is empowered to award in respect of deficiency in service of the Credit Card operations is:
a) Rs. 50,000
b) Rs.1 lack
c) Rs. 5 lack
d) Rs. 10 lack
e) Rs 50,000
28. Which of the following organisation was established as a subsidiary of the Reserve Bank of India with the purpose of providing long term industrial finance?
a) ICICI Ltd.
b) IDBI Ltd.
c) IFCI Ltd.
d) Development Credit Bank of India (DCB)
e) None of the above
29. Treasury bills are issued by ____ through ___ for maturities of 91 days, 182 days and 364 days for pre-determined amounts.
a) RBI, GOI
b) GOI, RBI
c) RBI, Exim bank
d) GOI, Exim bank
e) RBI, SBI
30. Liquidity with a banker means:
a) Cash on Hand
b) Cash and Bank balances
c) Short-term current assets to convert into cash
d) All of above
e) None of the above
31. Cardinal principles of lending are
a) Safety and liquidity
b) Profitability and diversification of risks
c) Purpose and security
d) Only a and c
e) All of a to c
32. Working capital requirement depends upon___?
a) Level of activity
b) Types of business carried
c) Nature of Production cycle
d) All the above
e) None
33. Which of the following statements regarding CP is not correct?
a) CP is a negotiable instrument
b) CP is issued in the form of a promissory note.
c) Banks can invest in CP if it is issued in demat form
d) CP, being a tradable instrument, carries liquidity risk.
e) Minimum amount of CP should be Rs. 5.00 lack
34. A minor for whom the court has appointed a guardian attains majority on completion of:
a) 21 years
b) 18 years
c) 15 years
d) 17 years
e) 20 years
35. Garnishee order is issued by a__
a) Police officer
b) Revenue officer
c) CID
d) Bank
e) Court
36. The main function of an Asset Management Company is to:
a) Hold the securities of various schemes
b) Manage the funds by making investments in various types of securities
c) Hold its property for the benefit of the unit holders
d) Act on behalf of SEBI
e) All the above
37. The first insurance company was started in India in 1818 at:
a) Kolkata
b) Chennai
c) Mumbai
d) New Delhi
e) Allahabad
38. CIBIL as a credit Information Agency caters to:
a) Consumer segments
b) Commercial segments
c) Both commercial and consumer segments
d) Nationalized Banks only
e) Private Banks only
ANSWERS:
1) d 2) b 3) d 4) d 5) a 6) c 7) b 8) a 9) e 10) a
11) e 12) a 13) a 14) b 15) c 16) b 17) c 18) e 19) c 20) d
21) b 22) b 23) e 24) c 25) e 26) d 27) b 28) b 29) b 30) d
31) e 32) d 33) d 34) a 35) e 36) b 37) a 38) c
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