General Affairs
G20 Summit declared open, Xi urges leaders to build open world economy
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Chinese President Xi Jinping called Sunday for leaders of the United States, Germany and other major economies to resist pressure to raise trade barriers as they opened a summit amid sluggish global growth and disputes over China's steel exports and Apple's Irish tax bill.
China made trade a theme of the Group of 20 meeting even as Beijing faces complaints it is flooding world markets with low-cost steel, fueling demands for trade curbs. The president of the European Commission highlighted the conflict by calling for the summit to take action.
Opening the two-day meeting in this lakeside city southwest of Shanghai, Xi called for more innovation to spur economic growth and reforms to global financial and economic management. He appealed for cooperation in taxes, anti-corruption and measures to "improve the ability of the world economy to resist risks."
Chinese officials said earlier that Beijing would propose a plan to boost trade and innovation through regulatory changes and closer government cooperation.
"We should build an open world economy," Xi said before an audience that included President Barack Obama, German Chancellor Angela Merkel, British Prime Minister Theresa May and leaders from Japan, South Korea, India and other governments.
"Group of 20 countries should abide by their commitment to avoid taking new protectionist measures, strengthen investment policy cooperation and take effective action to promote trade growth," Xi said.
China hopes to use its status as this year's G-20 leader to increase its influence in global economic management. Chinese officials say they want the G-20, created to coordinate the response to the 2008 financial crisis, to take on a longer-term regulatory role.
The World Trade Organization is forecasting this year's global trade growth at an anemic 2.8 percent - its fifth straight year below 3 percent.
Leaders at the meeting have said they will call for "inclusive growth" - a reference to efforts to defuse pressure to protect local industries by spreading the benefits of closer global integration to millions of people who have been left behind by wrenching changes.
Obama stressed that theme at a separate news conference with May.
"We understand that many of our citizens are frustrated by the pace of globalization and feel they're not experiencing the benefits of international trade," Obama said. "We must all work together to spur economic growth, to boost free trade and build a fairer economy that truly works for all."
Also Sunday, the head of the European Union's governing body called for action on China's bloated steel industry.
The G-20 meeting "must urgently find a solution" to excess steel production, said Jean-Claude Juncker, president of the European Commission. He called on Beijing to accept a monitoring mechanism for overproduction that Beijing's trading partners blame for low prices and job losses.
Juncker also rejected US criticism of the order for Ireland to collect $14.5 billion in back taxes from Apple. An EU panel ruled that Apple improperly received government aid in the form of tax rates that were lower than those paid by other companies. Ireland has made low taxes a part of its strategy to attract investment.
"Free trade must be fair trade," Juncker said at a news conference with Donald Tusk, president of the European Council.
Another prominent issue at the summit is G-20 member Britain's June vote to leave the 28-nation EU, seen by some analysts as the first in a wave of moves by other nations to retreat from free trade.
Germany, South Korea and other governments say they also want to discuss climate, energy and possible reforms to the global tax system to reduce tax evasion.
The meeting began on a diplomatic high note following a joint announcement Saturday by Obama and Xi that their governments had submitted documents committing them to carrying out the Paris climate agreement.
But US and other officials say they plan to bring up Chinese industrial overcapacity and other potentially thorny issues. Washington has imposed import duties of up to 500 percent on Chinese steel to offset what regulators say are improper subsidies.
China, the world's biggest steel producer, has committed to reducing its production capacity by 100 to 150 million tons by 2020, a pledge Xi repeated Saturday.
"This is a global problem, but with a specific Chinese dimension we have to address," Juncker said. "We are really insisting on the need to take this seriously."
Juncker defended the EU's tax order on Apple against U.S. criticism and rejected suggestions that the company was targeted because it is American. He said previous tax orders have affected European companies, including a January ruling that covered 35 enterprises, most of them from Europe.
"This is not a decision against the United States of America," Juncker said.
Tusk affirmed the EU's stance on Britain's possible departure, saying there would be no talks with London over future relations until it formally begins the withdrawal process. Uncertainty over the status of trade, immigration and other critical issues has disrupted business activity and prompted anxiety among investors.
"We need to protect the interests of the members of the EU that want to stay together, not the one which wants to leave," Tusk said.
Speaking at the news conference with Obama, May said her government was going ahead with its departure and was looking to create new trading opportunities.
"There will be no second referendum, no attempt to turn the clock back or get out of this," May said.
The two leaders tried to downplay the impact on US-British relations, but Obama suggested that London might have to wait to make a post-EU trade deal. He said Washington is focused on finishing trade deals with Asia-Pacific governments and the EU.
Chinese President Xi Jinping called Sunday for leaders of the United States, Germany and other major economies to resist pressure to raise trade barriers as they opened a summit amid sluggish global growth and disputes over China's steel exports and Apple's Irish tax bill.
China made trade a theme of the Group of 20 meeting even as Beijing faces complaints it is flooding world markets with low-cost steel, fueling demands for trade curbs. The president of the European Commission highlighted the conflict by calling for the summit to take action.
Opening the two-day meeting in this lakeside city southwest of Shanghai, Xi called for more innovation to spur economic growth and reforms to global financial and economic management. He appealed for cooperation in taxes, anti-corruption and measures to "improve the ability of the world economy to resist risks."
Chinese officials said earlier that Beijing would propose a plan to boost trade and innovation through regulatory changes and closer government cooperation.
"We should build an open world economy," Xi said before an audience that included President Barack Obama, German Chancellor Angela Merkel, British Prime Minister Theresa May and leaders from Japan, South Korea, India and other governments.
"Group of 20 countries should abide by their commitment to avoid taking new protectionist measures, strengthen investment policy cooperation and take effective action to promote trade growth," Xi said.
China hopes to use its status as this year's G-20 leader to increase its influence in global economic management. Chinese officials say they want the G-20, created to coordinate the response to the 2008 financial crisis, to take on a longer-term regulatory role.
The World Trade Organization is forecasting this year's global trade growth at an anemic 2.8 percent - its fifth straight year below 3 percent.
Leaders at the meeting have said they will call for "inclusive growth" - a reference to efforts to defuse pressure to protect local industries by spreading the benefits of closer global integration to millions of people who have been left behind by wrenching changes.
Obama stressed that theme at a separate news conference with May.
"We understand that many of our citizens are frustrated by the pace of globalization and feel they're not experiencing the benefits of international trade," Obama said. "We must all work together to spur economic growth, to boost free trade and build a fairer economy that truly works for all."
Also Sunday, the head of the European Union's governing body called for action on China's bloated steel industry.
The G-20 meeting "must urgently find a solution" to excess steel production, said Jean-Claude Juncker, president of the European Commission. He called on Beijing to accept a monitoring mechanism for overproduction that Beijing's trading partners blame for low prices and job losses.
Juncker also rejected US criticism of the order for Ireland to collect $14.5 billion in back taxes from Apple. An EU panel ruled that Apple improperly received government aid in the form of tax rates that were lower than those paid by other companies. Ireland has made low taxes a part of its strategy to attract investment.
"Free trade must be fair trade," Juncker said at a news conference with Donald Tusk, president of the European Council.
Another prominent issue at the summit is G-20 member Britain's June vote to leave the 28-nation EU, seen by some analysts as the first in a wave of moves by other nations to retreat from free trade.
Germany, South Korea and other governments say they also want to discuss climate, energy and possible reforms to the global tax system to reduce tax evasion.
The meeting began on a diplomatic high note following a joint announcement Saturday by Obama and Xi that their governments had submitted documents committing them to carrying out the Paris climate agreement.
But US and other officials say they plan to bring up Chinese industrial overcapacity and other potentially thorny issues. Washington has imposed import duties of up to 500 percent on Chinese steel to offset what regulators say are improper subsidies.
China, the world's biggest steel producer, has committed to reducing its production capacity by 100 to 150 million tons by 2020, a pledge Xi repeated Saturday.
"This is a global problem, but with a specific Chinese dimension we have to address," Juncker said. "We are really insisting on the need to take this seriously."
Juncker defended the EU's tax order on Apple against U.S. criticism and rejected suggestions that the company was targeted because it is American. He said previous tax orders have affected European companies, including a January ruling that covered 35 enterprises, most of them from Europe.
"This is not a decision against the United States of America," Juncker said.
Tusk affirmed the EU's stance on Britain's possible departure, saying there would be no talks with London over future relations until it formally begins the withdrawal process. Uncertainty over the status of trade, immigration and other critical issues has disrupted business activity and prompted anxiety among investors.
"We need to protect the interests of the members of the EU that want to stay together, not the one which wants to leave," Tusk said.
Speaking at the news conference with Obama, May said her government was going ahead with its departure and was looking to create new trading opportunities.
"There will be no second referendum, no attempt to turn the clock back or get out of this," May said.
The two leaders tried to downplay the impact on US-British relations, but Obama suggested that London might have to wait to make a post-EU trade deal. He said Washington is focused on finishing trade deals with Asia-Pacific governments and the EU.
Kashmir unrest: Heavy security deployed as Valley remains shut for 58th day
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Authorities made heavy security deployment in Srinagar and other places of the Kashmir Valley on Monday to maintain law and order.
"Deployments were made in sufficient strength to maintain law and order in the Valley. There will be no curfew anywhere," a senior police official said.
Over 200 civilians and security personnel were injured in different incidents on Sunday.
SEPARATISTS SNUB ALL-PARTY DELEGATION
Separatists refused to engage in any dialogue with the members of the all party delegation who tried to break ice by calling on them on Sunday.
Separatist leader Syed Ali Geelani refused to even open the door for Sharad Yadav, Sitaram Yechury and D.Raja who called on his uptown Hyderpora residence in Srinagar.
Mirwaiz Umer Farooq, Shabir Ahmad Shah and Yasin Malik met the the opposition members of the delegation but conveyed their joint decision not to engage in any dialogue under the prevailing situation.
RAJNATH MEETS MEHBOOBA MUFTI
The delegation led by Home Minister Rajnath Singh had a detailed meeting with Chief Minister Mehbooba Mufti and her cabinet colleagues.
Opposition leaders including former Chief Minister Omar Abdullah and state Congress leaders also met the delegation.
A delegation of civil society from Ladakh's Kargil district also met the delegation in Srinagar.
The all party delegation will visit Jammu later on Monday.
"Deployments were made in sufficient strength to maintain law and order in the Valley. There will be no curfew anywhere," a senior police official said.
Over 200 civilians and security personnel were injured in different incidents on Sunday.
Separatists refused to engage in any dialogue with the members of the all party delegation who tried to break ice by calling on them on Sunday.
Separatist leader Syed Ali Geelani refused to even open the door for Sharad Yadav, Sitaram Yechury and D.Raja who called on his uptown Hyderpora residence in Srinagar.
Mirwaiz Umer Farooq, Shabir Ahmad Shah and Yasin Malik met the the opposition members of the delegation but conveyed their joint decision not to engage in any dialogue under the prevailing situation.
RAJNATH MEETS MEHBOOBA MUFTI
The delegation led by Home Minister Rajnath Singh had a detailed meeting with Chief Minister Mehbooba Mufti and her cabinet colleagues.
Opposition leaders including former Chief Minister Omar Abdullah and state Congress leaders also met the delegation.
A delegation of civil society from Ladakh's Kargil district also met the delegation in Srinagar.
The all party delegation will visit Jammu later on Monday.
I feel blessed to have witnessed Mother Teresa's canonisation: Mamata Banerjee
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West Bengal Chief Minister Mamata Banerjee on Sunday said she felt "immensely blessed" to have witnessed the canonisation of Mother Teresa, describing it as a "moment of overwhelming pride".
BLESSED
"I feel immensely blessed to have witnessed the canonisation of our beloved Mother in the Vatican today," Banerjee said in a Facebook post.
The chief minister, who walked all the way with her delegation from Rome to the Vatican singing Bengali songs including Rabindrasangeet, took a seat with the sisters of Mother Teresa founded order, Missionaries of Charity at the ceremony.
TEAM BENGAL
"Team Bengal walked all the way from the hotel with songs on our lips and I was ushered in the venue in a very special way by Sister Prema, Head of the Missionaries of Charity and I was seated with them.
It was a moment of overwhelming pride, a moment to once again dedicate ourselves to the cause of humanity," she said.
West Bengal Chief Minister Mamata Banerjee on Sunday said she felt "immensely blessed" to have witnessed the canonisation of Mother Teresa, describing it as a "moment of overwhelming pride".
BLESSED
"I feel immensely blessed to have witnessed the canonisation of our beloved Mother in the Vatican today," Banerjee said in a Facebook post.
The chief minister, who walked all the way with her delegation from Rome to the Vatican singing Bengali songs including Rabindrasangeet, took a seat with the sisters of Mother Teresa founded order, Missionaries of Charity at the ceremony.
TEAM BENGAL
TEAM BENGAL
"Team Bengal walked all the way from the hotel with songs on our lips and I was ushered in the venue in a very special way by Sister Prema, Head of the Missionaries of Charity and I was seated with them.
It was a moment of overwhelming pride, a moment to once again dedicate ourselves to the cause of humanity," she said.
Rio showing proves girls need to be given opportunities in sports: Lok Sabha Speaker
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Lok Sabha Speaker, Sumitra Mahajan said on Sunday that its time girls are given the impetus to excel not just in education but in sports as well.
The Lok Sabha Speaker was speaking at the 15th Anniversary of Swarna Bharat Trust in Venkatachalam Mandal in SPS Nellore district in Andhra Pradesh.
RIO SHOWING
The Speaker said, the recent stellar showing by the country's female athletes at the Rio Olympics stressed the need to push girls forward in sporting endeavors by encouraging them to take up sports seriously.
As an example she sited the Rio Silver medalist P V Sindhu and how she not only became a role model for all girls, but a breakout superstar to the whole nation.
FEMALE SPORTING ROLE MODELS
She pointed out how even other athletes like the Rio Bronze Medalist Sakshi Malik along with the likes of Sania Mirza and Saina Nehwal had brought laurels to the country.
Ms Mahajan while lauding the services of badminton Coach Mr Pullela Gopichand, said he had spread his talent to all four corners of the country like a "Pullela" which means a "fully blossomed flower" in Marathi.
Silver Medallist P V Sindhu and badminton coach Pullela Gopichand were felicitated at the function organized by Swarna Bharat Trust.
Apart from Lok Sabha speaker Sumitra Mahajan, the function was attended by Union Minister M Venkaiah Naidu, Dharmendra Pradhan and various state level BJP leaders from Andhra Pradesh.
Lok Sabha Speaker, Sumitra Mahajan said on Sunday that its time girls are given the impetus to excel not just in education but in sports as well.
The Lok Sabha Speaker was speaking at the 15th Anniversary of Swarna Bharat Trust in Venkatachalam Mandal in SPS Nellore district in Andhra Pradesh.
RIO SHOWING
The Speaker said, the recent stellar showing by the country's female athletes at the Rio Olympics stressed the need to push girls forward in sporting endeavors by encouraging them to take up sports seriously.
As an example she sited the Rio Silver medalist P V Sindhu and how she not only became a role model for all girls, but a breakout superstar to the whole nation.
FEMALE SPORTING ROLE MODELS
FEMALE SPORTING ROLE MODELS
She pointed out how even other athletes like the Rio Bronze Medalist Sakshi Malik along with the likes of Sania Mirza and Saina Nehwal had brought laurels to the country.
Ms Mahajan while lauding the services of badminton Coach Mr Pullela Gopichand, said he had spread his talent to all four corners of the country like a "Pullela" which means a "fully blossomed flower" in Marathi.
Silver Medallist P V Sindhu and badminton coach Pullela Gopichand were felicitated at the function organized by Swarna Bharat Trust.
Apart from Lok Sabha speaker Sumitra Mahajan, the function was attended by Union Minister M Venkaiah Naidu, Dharmendra Pradhan and various state level BJP leaders from Andhra Pradesh.
Modi takes dig at Pakistan, asks BRICS leaders to isolate sponsors of terrors
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In an indirect reference to Pakistan, Prime Minister Narendra Modi today urged BRICS member nations to "isolate supporters and sponsors of terror".
PM Modi said, "Terrorists in South Asia, or anywhere for that matter, do not own banks or weapons factories".
"Clearly, someone funds and arms them, and BRICS must intensify joint efforts not just to fight terror but to coordinate actions to isolate those who are supporters and sponsors of terror," he added.
The prime minister also said that terrorism was the main reason behind instability and is the biggest threat to societies.
"Use of social media to promote radical ideology is "growing dimension of this threat", he said.
Raising the issue with Australian Prime Minister Malcolm Turnbull, Modi said, "Our (India's) neighbourhood, in particular, was suffering from destabilisation effects of terrorism". He stressed the need to "identify the suppliers, exporters and financiers of terrorism".
Describing BRICS as "an influential voice" in international discourse, Modi said it was the grouping's shared responsibility to shape the global agenda and help developing nations achieve their objectives.
Following the statement, External Affairs Ministry Spokesperson Vikas Swarup, said, "This tells you how strongly prime minister intervened on the issue of terror and how be believes that this really is the central challenge facing the moment and unless we have collective approach to this, it will not be possible for us to defeat this."
Swarup said it was important to have informal discussions with the other BRICS leaders ahead of the grouping's 8th annual Summit in Goa from October 15-16.
In an indirect reference to Pakistan, Prime Minister Narendra Modi today urged BRICS member nations to "isolate supporters and sponsors of terror".
PM Modi said, "Terrorists in South Asia, or anywhere for that matter, do not own banks or weapons factories".
"Clearly, someone funds and arms them, and BRICS must intensify joint efforts not just to fight terror but to coordinate actions to isolate those who are supporters and sponsors of terror," he added.
The prime minister also said that terrorism was the main reason behind instability and is the biggest threat to societies.
"Use of social media to promote radical ideology is "growing dimension of this threat", he said.
Raising the issue with Australian Prime Minister Malcolm Turnbull, Modi said, "Our (India's) neighbourhood, in particular, was suffering from destabilisation effects of terrorism". He stressed the need to "identify the suppliers, exporters and financiers of terrorism".
Describing BRICS as "an influential voice" in international discourse, Modi said it was the grouping's shared responsibility to shape the global agenda and help developing nations achieve their objectives.
Following the statement, External Affairs Ministry Spokesperson Vikas Swarup, said, "This tells you how strongly prime minister intervened on the issue of terror and how be believes that this really is the central challenge facing the moment and unless we have collective approach to this, it will not be possible for us to defeat this."
Swarup said it was important to have informal discussions with the other BRICS leaders ahead of the grouping's 8th annual Summit in Goa from October 15-16.
Business Affairs
SBI hopes to kick off mega merger by October-end
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SBI hopes to kick off merger of its associates as well asBharatiya Mahila Bank with itself by October-end and try to complete the process by March next, making it the 45th largest lender globally in terms of assets.
Early August, the central board of SBI had approved the acquisition of all the five associate banks and Bharatiya Mahila Bank and finalised the swap ratios for the merger.
"The merger process will start by October-end. The grievance committee will come back to us hopefully by the end of this month, thereafter we have to send it to the Reserve Bank and then to the government for the final approval, which may probably take a month. Post which the merger can take place," SBI chairman Arundhati Bhattacharya told PTI in an interview today.
SBI has three listed associate banks--State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, and two unlisted associates--State Bank of Patiala and State Bank of Hyderabad.
Under the swap ratio for the merger proposal, SBBJ shareholders will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each) or a ratio of 1:28, while SBM and SBT shareholders will get 22 shares of 10 SBI shares.
In the case of Bharatiya Mahila Bank, 4,42,31,510 shares of SBI will be swapped for every 100 crore of Rs 10.
After the board approval, the lender had put in place a grievance redressal mechanism to provide an opportunity to its shareholders to file their objections with regard to the share swap ratios. It has given 21 calendar days for shareholders to register their complaints. The grievance committee is headed by a high court judge and two chartered accountants.
Bhattacharya said once the grievance committee sends its report, the board will take a view on the recommendations of the panel. After this, the bank will have to send the proposal to the Reserve Bank and then to the government for their final approvals.
She said post-merger of five associate banks and Bharatiya Mahila Bank, the government's stake in the bank will comes down to a little over 59.70 per cent from around 61.30 per cent as of the June quarter.
Bhattacharya expressed the hope that the bank will be able to finish the merger process by end of the current financial year if everything goes smoothly.
"The intention is to complete the merger by March 2017," she said but was quick to add that there could be many ifs and buts but the effort is to complete by end of this financial year.
"We are a free society and if there are number of legal challenges we may not get completed. But we will try our level best to complete it. Already there is a PIL filed in a Kerala court against the merger," she said.
With merger of all the five associates and BMBL, SBI will become a global-sized bank and could compete and will be the 45th largest in the world with an asset of Rs 37 trillion.
The combined entity will have 22,500 branches and 58,000 ATMs serving over 50 crore customers.
SBI has now close to 16,500 branches, including 191 foreign offices spread across 36 countries. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged.
SBI hopes to kick off merger of its associates as well asBharatiya Mahila Bank with itself by October-end and try to complete the process by March next, making it the 45th largest lender globally in terms of assets.
Early August, the central board of SBI had approved the acquisition of all the five associate banks and Bharatiya Mahila Bank and finalised the swap ratios for the merger.
"The merger process will start by October-end. The grievance committee will come back to us hopefully by the end of this month, thereafter we have to send it to the Reserve Bank and then to the government for the final approval, which may probably take a month. Post which the merger can take place," SBI chairman Arundhati Bhattacharya told PTI in an interview today.
SBI has three listed associate banks--State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, and two unlisted associates--State Bank of Patiala and State Bank of Hyderabad.
Under the swap ratio for the merger proposal, SBBJ shareholders will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each) or a ratio of 1:28, while SBM and SBT shareholders will get 22 shares of 10 SBI shares.
In the case of Bharatiya Mahila Bank, 4,42,31,510 shares of SBI will be swapped for every 100 crore of Rs 10.
After the board approval, the lender had put in place a grievance redressal mechanism to provide an opportunity to its shareholders to file their objections with regard to the share swap ratios. It has given 21 calendar days for shareholders to register their complaints. The grievance committee is headed by a high court judge and two chartered accountants.
Bhattacharya said once the grievance committee sends its report, the board will take a view on the recommendations of the panel. After this, the bank will have to send the proposal to the Reserve Bank and then to the government for their final approvals.
She said post-merger of five associate banks and Bharatiya Mahila Bank, the government's stake in the bank will comes down to a little over 59.70 per cent from around 61.30 per cent as of the June quarter.
Bhattacharya expressed the hope that the bank will be able to finish the merger process by end of the current financial year if everything goes smoothly.
"The intention is to complete the merger by March 2017," she said but was quick to add that there could be many ifs and buts but the effort is to complete by end of this financial year.
"We are a free society and if there are number of legal challenges we may not get completed. But we will try our level best to complete it. Already there is a PIL filed in a Kerala court against the merger," she said.
With merger of all the five associates and BMBL, SBI will become a global-sized bank and could compete and will be the 45th largest in the world with an asset of Rs 37 trillion.
The combined entity will have 22,500 branches and 58,000 ATMs serving over 50 crore customers.
SBI has now close to 16,500 branches, including 191 foreign offices spread across 36 countries. SBI first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged.
India extends $500 mn to Vietnam to bolster defence ties
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India on Saturday extended a $500 million line of credit to Vietnam to deepen their defence cooperation and signed 12 agreements including a deal to construct offshore patrol boats, amid China's muscle flexing in the disputed South China Sea and "emerging regional challenges".
Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc here, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.
"Our decision to upgrade our Strategic Partnership to a Comprehensive Strategic Partnership captures the intent and path of our future cooperation. It will provide a new direction, momentum and substance to our bilateral cooperation," said Modi, who arrived here yesterday on his maiden visit to this key south east Asian nation.
Vietnam had earlier Comprehensive Strategic Partnership only with Russia and China.
"I am also happy to announce a new Defence Line of Credit for Vietnam of $500 million for facilitating deeper defence cooperation," Modi said after the signing of the agreements.
The 12 agreements were signed in a wide range of areas covering defence, IT, space, cyber security and sharing white shipping information in presence of Modi and Phuc.
"The range of agreements signed just a while ago point to the diversity and depth of our cooperation," he said, adding the agreement on construction of offshore patrol boats is one of the steps to give concrete shape to the bilateral defence engagement.
Modi described his talks with Vietnamese counterpart as "extensive and very productive" and said they covered the full range of bilateral and multilateral cooperation.
"We have agreed to scale up and strengthen our bilateral engagement. As two important countries in this region, we also feel it necessary to further our ties on regional and international issues of common concern," said Modi, who is here on a day-long visit.
"We also recognised the need to cooperate in responding to emerging regional challenges," the Prime Minister said, without naming any country.
China is involved in a raging dispute with the Philippines, Vietnam, Taiwan, Malaysia and Brunei over ownership of territory in the South China Sea (SCS), a busy waterway through which India's 50 per cent trade passes.
China has also objected in the past to India's Oil and Natural Gas Commission (ONGC) undertaking exploration at the invitation of Vietnam in the SCS, which is believed to be rich in undersea deposits of oil and gas.
India and the US have been calling for freedom of passage in the international waters, much to the discomfort to Beijing, whose claim over SCS was recently struck down by an international tribunal in favour of the Philippines.
"Our common efforts will also contribute to stability, security and prosperity in this region," Modi said.
Vietnam has shown a keen interest cooperating with India in air and defense production. India's L&T will build offshore high speed patrol boats for Vietnamese Coast Guards, while a pact was signed on cooperation in UN peacekeeping matters.
Indian Navy and Vietnam Navy will cooperate in sharing of white shipping information.
Modi said as the two important countries in this region, India and Vietnam feel it necessary to further their ties on regional and international issues of common concern.
The Prime Minister also announced a grant of $5 million for the establishment of a Software Park in the Telecommunications University in Nha Trang.
"We agreed to tap into the growing economic opportunities in the region," said Modi, the first Indian premier to visit the Communist country in 15 years.
Noting that enhancing bilateral commercial engagement is the strategic objective of the two nations, he said, "For this, new trade and business opportunities will be tapped to achieve the trade target of $15 billion by 2020."
Besides seeking facilitation of ongoing Indian projects and investments in Vietnam, Prime Minister Modi said he has invited Vietnamese companies to take advantage of the various schemes and flagship programmes of the Indian government.
"As Vietnam seeks to empower and enrich its people, Modernise its agriculture; Encourage entrepreneurship and innovation; Strengthen its Science and Technology base; Create new institutional capacities for faster economic development; and Take steps to build a modern nation, India and its 1.25 billion people stand ready to be Vietnam's partner and a friend in this journey," Modi said.
Speaking about the framework agreement on Space Cooperation, he said it would allow Vietnam to join hands with Indian Space Research Organisation to meet its national development objectives.
Hoping for an early establishment and opening of the Indian Cultural Centre in Hanoi, he said, "The Archaeological Survey of India could soon start the conservation and restoration work of the Cham monuments at My Son in Vietnam."
He also thanked Vietnam's leadership in facilitating inscription of Nalanda Mahavihara as a UNESCO World Heritage site earlier this year.
India and Vietnam also signed an agreement on celebrating 2017 as 'The Year Of Friendship'.
Noting that ASEAN is important to India in terms of historical links, geographical proximity, cultural ties and the strategic space that the two sides share, he said, "It is central to our 'Act East' policy. Under Vietnam's leadership as ASEAN Coordinator for India, we will work towards a strengthened India-ASEAN partnership across all areas."
Modi also expressed the need to "stay focussed to keep up the momentum" in bilateral ties and invited the Vietnamese leadership to India.
India on Saturday extended a $500 million line of credit to Vietnam to deepen their defence cooperation and signed 12 agreements including a deal to construct offshore patrol boats, amid China's muscle flexing in the disputed South China Sea and "emerging regional challenges".
Prime Minister Narendra Modi, who held wide-ranging talks with his Vietnamese counterpart Nguyen Xuan Phuc here, said the two countries have decided to elevate their strategic ties to a Comprehensive Strategic Partnership to provide it a new momentum.
"Our decision to upgrade our Strategic Partnership to a Comprehensive Strategic Partnership captures the intent and path of our future cooperation. It will provide a new direction, momentum and substance to our bilateral cooperation," said Modi, who arrived here yesterday on his maiden visit to this key south east Asian nation.
Vietnam had earlier Comprehensive Strategic Partnership only with Russia and China.
"I am also happy to announce a new Defence Line of Credit for Vietnam of $500 million for facilitating deeper defence cooperation," Modi said after the signing of the agreements.
The 12 agreements were signed in a wide range of areas covering defence, IT, space, cyber security and sharing white shipping information in presence of Modi and Phuc.
"The range of agreements signed just a while ago point to the diversity and depth of our cooperation," he said, adding the agreement on construction of offshore patrol boats is one of the steps to give concrete shape to the bilateral defence engagement.
Modi described his talks with Vietnamese counterpart as "extensive and very productive" and said they covered the full range of bilateral and multilateral cooperation.
"We have agreed to scale up and strengthen our bilateral engagement. As two important countries in this region, we also feel it necessary to further our ties on regional and international issues of common concern," said Modi, who is here on a day-long visit.
"We also recognised the need to cooperate in responding to emerging regional challenges," the Prime Minister said, without naming any country.
China is involved in a raging dispute with the Philippines, Vietnam, Taiwan, Malaysia and Brunei over ownership of territory in the South China Sea (SCS), a busy waterway through which India's 50 per cent trade passes.
China has also objected in the past to India's Oil and Natural Gas Commission (ONGC) undertaking exploration at the invitation of Vietnam in the SCS, which is believed to be rich in undersea deposits of oil and gas.
India and the US have been calling for freedom of passage in the international waters, much to the discomfort to Beijing, whose claim over SCS was recently struck down by an international tribunal in favour of the Philippines.
"Our common efforts will also contribute to stability, security and prosperity in this region," Modi said.
Vietnam has shown a keen interest cooperating with India in air and defense production. India's L&T will build offshore high speed patrol boats for Vietnamese Coast Guards, while a pact was signed on cooperation in UN peacekeeping matters.
Indian Navy and Vietnam Navy will cooperate in sharing of white shipping information.
Modi said as the two important countries in this region, India and Vietnam feel it necessary to further their ties on regional and international issues of common concern.
The Prime Minister also announced a grant of $5 million for the establishment of a Software Park in the Telecommunications University in Nha Trang.
"We agreed to tap into the growing economic opportunities in the region," said Modi, the first Indian premier to visit the Communist country in 15 years.
Noting that enhancing bilateral commercial engagement is the strategic objective of the two nations, he said, "For this, new trade and business opportunities will be tapped to achieve the trade target of $15 billion by 2020."
Besides seeking facilitation of ongoing Indian projects and investments in Vietnam, Prime Minister Modi said he has invited Vietnamese companies to take advantage of the various schemes and flagship programmes of the Indian government.
"As Vietnam seeks to empower and enrich its people, Modernise its agriculture; Encourage entrepreneurship and innovation; Strengthen its Science and Technology base; Create new institutional capacities for faster economic development; and Take steps to build a modern nation, India and its 1.25 billion people stand ready to be Vietnam's partner and a friend in this journey," Modi said.
Speaking about the framework agreement on Space Cooperation, he said it would allow Vietnam to join hands with Indian Space Research Organisation to meet its national development objectives.
Hoping for an early establishment and opening of the Indian Cultural Centre in Hanoi, he said, "The Archaeological Survey of India could soon start the conservation and restoration work of the Cham monuments at My Son in Vietnam."
He also thanked Vietnam's leadership in facilitating inscription of Nalanda Mahavihara as a UNESCO World Heritage site earlier this year.
India and Vietnam also signed an agreement on celebrating 2017 as 'The Year Of Friendship'.
Noting that ASEAN is important to India in terms of historical links, geographical proximity, cultural ties and the strategic space that the two sides share, he said, "It is central to our 'Act East' policy. Under Vietnam's leadership as ASEAN Coordinator for India, we will work towards a strengthened India-ASEAN partnership across all areas."
Modi also expressed the need to "stay focussed to keep up the momentum" in bilateral ties and invited the Vietnamese leadership to India.
Sounding the Bugle
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The launch of Reliance Jio's cheap data plans will set off a price war. But will it be at the cost of the industry's profitability?
Finally, the cat is out of the bag. It's a ferocious cat giving sleepless nights to 800-pound gorillas of the Indian telecom sector. At the 42nd annual general meeting of Reliance Industries, CMD Mukesh Ambani launched the much-awaited Jio telecom services. In his 87-minute speech, a large part of which was devoted to Jio, Ambani made a slew of announcements that seemed to have rocked the boats of incumbent operators such as Bharti Airtel, Vodafone India and Idea Cellular.
At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. For instance, Airtel's voice calls account for 70.9 per cent of its total mobile services revenues for the June 2016 quarter, while, for Idea, it was at 71.8 per cent. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio. If operators match Jio's offers, it would make a significant dent on their overall revenues and profit margins. If they bring down calls to near-zero, even that would result in major losses and, in fact, they would have to pay the interconnection charges (14 paisa for wireless-to-wireless calls) from their own pockets.
What's worse is that contribution of data revenues is still minuscule for the telcos to make up for the loss in voice revenues. Even on data front, Jio's dirt-cheap plans leave no scope for telcos to jack up their data rates. In short, top telcos are caught between a rock and hard place. "We believe that Jio's strategy of offering free voice…is an innovative way for enticing consumers to upgrade to 4G phones... Jio's focus will be to retain majority of the subscribers when they commercially launch… first as a secondary SIM and over time by offering better network as primary SIM… Incumbent telcos will not aggressively match Jio's offering but try to be at a mild premium to Jio, thereby providing some space for Jio to gain market share. Else, it would lead to Jio getting more aggressive to gain traction but at the cost of impacting industry profitability," says a Bank of America Merrill Lynch September 1 report.
Jio has come out with 10 plans ranging from Rs 19 to Rs 4,999 with different validity periods. Interestingly, all these plans offer free voice calling, both local and STD, which is a new concept in India.
The impact over the next four months ending December 31, 2016 - till the time Jio's welcome offer gives free access to its entire range of services - is going to be even bigger. Data users - heavy or light - are likely to buy Jio connections to access data, whereas the free calls will attract low-value users. "High-end voice subscribers will still rely on their primary number for the time being," says Rajan Matthews, Director General of industry body COAI.
Idea and Vodafone could be the biggest losers in this all-out war. Airtel is relatively better positioned with sufficient spectrum to compete with Jio, but the most crucial question is whether it is ready to lower tariffs. "RIL has essentially turned the game decisively into a battle of capacity and capital," says a Kotak Institutional Equities Research report. Kotak has reduced its (consolidated) revenue estimates for Airtel for 2017/18 and 2018/19 by 10.03 per cent and 11.38 per cent, respectively.
Several analysts believe that market leader Airtel's piecemeal approach ahead of the Jio launch turned out to be futile. For instance, Airtel launched unlimited voice-calling for postpaid users under its 'myPlan Infinity' in August. The lowest-priced plan was for Rs 1,199. Subsequently, it launched data plans of Rs 51 per 1 GB, but the users had to do a one-time recharge of Rs 1,498. Both plans seemed weak when compared to Jio's offerings.
Airtel holds 4G spectrum in 1,800 MHz and 2,300 MHz bands. Jio, on the other hand, has spectrum in 800 MHz, 1,800 MHz and 2,300 MHz bands. Both telcos have been acquiring 4G spectrum over the past five years, but Jio has taken a lead for the time being with its aggressive tariffs.
For Idea and Vodafone, however, it's more than a tariff war. Idea has 4G spectrum in just 10 circles (out of 22), while Vodafone is present in nine. Except for 700 MHz, where the prices are too high (reserve price of Rs 11,485 crore per MHz), the upcoming auction does not offer much to help Idea and Vodafone overtake Airtel or Jio in terms of spectrum strength. "Idea faces some tough choices…while it has improved its preparedness on the capacity front in the past couple of quarters, it needs to do a lot more in quick time," says the Kotak report, which predicts Idea to post losses of Rs 957 crore in 2017/18 and Rs 888.8 crore in 2018/19.
After December 31, the scenario is likely to be somewhat different, but even then, Jio is going to give tough competition. Reportedly existing telcos are working on new tariff plans to take Jio head on. "For existing operators, it has become a question of survival," says an analyst. The sector has debts of about Rs 3.8 lakh crore.
In anticipation of a big-bang launch by Jio, analysts had become skeptical of Airtel and Idea Cellular. Since early this year, stock prices of Airtel and Idea fell by 8.76 per cent and 41.4 per cent, respectively. The BSE Sensex gained 8.64 per cent during the same period.
However, there are a few silver-linings for existing operators. One, Jio is not going to work on feature phones and non-4G phones. Therefore, it will have to rely on fast adoption of 4G phones, going forward. According to some estimates, India has received shipments of over 300 million smart phones since 2011. Two, calls on Jio's network are based on new Voice over LTE (VoLTE) technology, which converts voice to data packets. Jio is the first Indian operator to use VoLTE. Just like any new technology, there will be hiccups initially, which could slower the churn of users. For Jio, things seem fine (due to large cash flows from other businesses) at the moment but as things stabilise, there will be pressure on the telecom business to become profitable. The telecom start-up that has raised questions on the existence of seasoned players has to fight off the same issues at some point in the future.
Finally, the cat is out of the bag. It's a ferocious cat giving sleepless nights to 800-pound gorillas of the Indian telecom sector. At the 42nd annual general meeting of Reliance Industries, CMD Mukesh Ambani launched the much-awaited Jio telecom services. In his 87-minute speech, a large part of which was devoted to Jio, Ambani made a slew of announcements that seemed to have rocked the boats of incumbent operators such as Bharti Airtel, Vodafone India and Idea Cellular.
At present, around three-fourths of the revenues of telcos operating in India are generated from voice calls. For instance, Airtel's voice calls account for 70.9 per cent of its total mobile services revenues for the June 2016 quarter, while, for Idea, it was at 71.8 per cent. With its unlimited free calling offer, Jio is hitting the telcos where it hurts most. The biggest threat, therefore, is the possibility of customers migrating to Jio. If operators match Jio's offers, it would make a significant dent on their overall revenues and profit margins. If they bring down calls to near-zero, even that would result in major losses and, in fact, they would have to pay the interconnection charges (14 paisa for wireless-to-wireless calls) from their own pockets.
What's worse is that contribution of data revenues is still minuscule for the telcos to make up for the loss in voice revenues. Even on data front, Jio's dirt-cheap plans leave no scope for telcos to jack up their data rates. In short, top telcos are caught between a rock and hard place. "We believe that Jio's strategy of offering free voice…is an innovative way for enticing consumers to upgrade to 4G phones... Jio's focus will be to retain majority of the subscribers when they commercially launch… first as a secondary SIM and over time by offering better network as primary SIM… Incumbent telcos will not aggressively match Jio's offering but try to be at a mild premium to Jio, thereby providing some space for Jio to gain market share. Else, it would lead to Jio getting more aggressive to gain traction but at the cost of impacting industry profitability," says a Bank of America Merrill Lynch September 1 report.
Jio has come out with 10 plans ranging from Rs 19 to Rs 4,999 with different validity periods. Interestingly, all these plans offer free voice calling, both local and STD, which is a new concept in India.
The impact over the next four months ending December 31, 2016 - till the time Jio's welcome offer gives free access to its entire range of services - is going to be even bigger. Data users - heavy or light - are likely to buy Jio connections to access data, whereas the free calls will attract low-value users. "High-end voice subscribers will still rely on their primary number for the time being," says Rajan Matthews, Director General of industry body COAI.
Idea and Vodafone could be the biggest losers in this all-out war. Airtel is relatively better positioned with sufficient spectrum to compete with Jio, but the most crucial question is whether it is ready to lower tariffs. "RIL has essentially turned the game decisively into a battle of capacity and capital," says a Kotak Institutional Equities Research report. Kotak has reduced its (consolidated) revenue estimates for Airtel for 2017/18 and 2018/19 by 10.03 per cent and 11.38 per cent, respectively.
Several analysts believe that market leader Airtel's piecemeal approach ahead of the Jio launch turned out to be futile. For instance, Airtel launched unlimited voice-calling for postpaid users under its 'myPlan Infinity' in August. The lowest-priced plan was for Rs 1,199. Subsequently, it launched data plans of Rs 51 per 1 GB, but the users had to do a one-time recharge of Rs 1,498. Both plans seemed weak when compared to Jio's offerings.
Airtel holds 4G spectrum in 1,800 MHz and 2,300 MHz bands. Jio, on the other hand, has spectrum in 800 MHz, 1,800 MHz and 2,300 MHz bands. Both telcos have been acquiring 4G spectrum over the past five years, but Jio has taken a lead for the time being with its aggressive tariffs.
For Idea and Vodafone, however, it's more than a tariff war. Idea has 4G spectrum in just 10 circles (out of 22), while Vodafone is present in nine. Except for 700 MHz, where the prices are too high (reserve price of Rs 11,485 crore per MHz), the upcoming auction does not offer much to help Idea and Vodafone overtake Airtel or Jio in terms of spectrum strength. "Idea faces some tough choices…while it has improved its preparedness on the capacity front in the past couple of quarters, it needs to do a lot more in quick time," says the Kotak report, which predicts Idea to post losses of Rs 957 crore in 2017/18 and Rs 888.8 crore in 2018/19.
For Idea and Vodafone, however, it's more than a tariff war. Idea has 4G spectrum in just 10 circles (out of 22), while Vodafone is present in nine. Except for 700 MHz, where the prices are too high (reserve price of Rs 11,485 crore per MHz), the upcoming auction does not offer much to help Idea and Vodafone overtake Airtel or Jio in terms of spectrum strength. "Idea faces some tough choices…while it has improved its preparedness on the capacity front in the past couple of quarters, it needs to do a lot more in quick time," says the Kotak report, which predicts Idea to post losses of Rs 957 crore in 2017/18 and Rs 888.8 crore in 2018/19.
After December 31, the scenario is likely to be somewhat different, but even then, Jio is going to give tough competition. Reportedly existing telcos are working on new tariff plans to take Jio head on. "For existing operators, it has become a question of survival," says an analyst. The sector has debts of about Rs 3.8 lakh crore.
In anticipation of a big-bang launch by Jio, analysts had become skeptical of Airtel and Idea Cellular. Since early this year, stock prices of Airtel and Idea fell by 8.76 per cent and 41.4 per cent, respectively. The BSE Sensex gained 8.64 per cent during the same period.
However, there are a few silver-linings for existing operators. One, Jio is not going to work on feature phones and non-4G phones. Therefore, it will have to rely on fast adoption of 4G phones, going forward. According to some estimates, India has received shipments of over 300 million smart phones since 2011. Two, calls on Jio's network are based on new Voice over LTE (VoLTE) technology, which converts voice to data packets. Jio is the first Indian operator to use VoLTE. Just like any new technology, there will be hiccups initially, which could slower the churn of users. For Jio, things seem fine (due to large cash flows from other businesses) at the moment but as things stabilise, there will be pressure on the telecom business to become profitable. The telecom start-up that has raised questions on the existence of seasoned players has to fight off the same issues at some point in the future.
However, there are a few silver-linings for existing operators. One, Jio is not going to work on feature phones and non-4G phones. Therefore, it will have to rely on fast adoption of 4G phones, going forward. According to some estimates, India has received shipments of over 300 million smart phones since 2011. Two, calls on Jio's network are based on new Voice over LTE (VoLTE) technology, which converts voice to data packets. Jio is the first Indian operator to use VoLTE. Just like any new technology, there will be hiccups initially, which could slower the churn of users. For Jio, things seem fine (due to large cash flows from other businesses) at the moment but as things stabilise, there will be pressure on the telecom business to become profitable. The telecom start-up that has raised questions on the existence of seasoned players has to fight off the same issues at some point in the future.
DLF exits cinema biz, sells 7 screens to Cinepolis for Rs 64 crore
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Realty firm DLF announced on Friday the sale of its remaining 7 screens of DT Cinemas in the national capital to Cinepolis India for nearly Rs 64 crore, thereby exiting the cinema exhibition business.
DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.
Originally, PVR was to acquire all 39 screens, comprising 9,000 sitting capacity for Rs 500 crore, but the deal was revised after fair trade regulator CCI raised some objections.
DLF operates multiplex arm DT cinemas business under its subsidiary DLF Utilities.
"DLF Utilities Ltd, has completed a transaction today with Cinepolis India for sale and transfer of remaining seven screens pertaining to DT Cinemas (Saket-6 screens and Greater Kailash Part II - 1 screen) as a going concern on a slump sale basis for a consideration of Rs 63.67 crore upon receipt of CCI approval," DLF said in a BSE filing.
With the closure of this transaction, the company will exit the cinema exhibition business.
"This is in line with the company's strategy to focus on company's core business and divest non-core businesses or assets," it added.
The Competition Commission of India had in May approved PVR's proposed acquisition of DT Cinemas from DLF while directing the companies to exclude these 7 screens from the deal to address anti-competitive concerns.
Realty firm DLF announced on Friday the sale of its remaining 7 screens of DT Cinemas in the national capital to Cinepolis India for nearly Rs 64 crore, thereby exiting the cinema exhibition business.
DLF had in May entered into an amended agreement to sell its 32 screens of DT cinemas to multiplex operator PVR at a revised consideration of Rs 433 crore.
Originally, PVR was to acquire all 39 screens, comprising 9,000 sitting capacity for Rs 500 crore, but the deal was revised after fair trade regulator CCI raised some objections.
DLF operates multiplex arm DT cinemas business under its subsidiary DLF Utilities.
"DLF Utilities Ltd, has completed a transaction today with Cinepolis India for sale and transfer of remaining seven screens pertaining to DT Cinemas (Saket-6 screens and Greater Kailash Part II - 1 screen) as a going concern on a slump sale basis for a consideration of Rs 63.67 crore upon receipt of CCI approval," DLF said in a BSE filing.
With the closure of this transaction, the company will exit the cinema exhibition business.
"This is in line with the company's strategy to focus on company's core business and divest non-core businesses or assets," it added.
The Competition Commission of India had in May approved PVR's proposed acquisition of DT Cinemas from DLF while directing the companies to exclude these 7 screens from the deal to address anti-competitive concerns.
China willing to maintain 'hard-won' ties with India: Xi Jinping
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China is willing to work with India to maintain their "hard-won sound" ties and further boost bilateral cooperation, President Xi Jinping told Prime Minister Narendra Modi on Sunday as the two leaders held talks amid differences over a raft of issues.
"China is willing to work with India to maintain their hard-won sound relations and further advance their cooperation", state-run Chinese Xinhua news agency quoted Xi as saying during their half an hour meeting, their second in less than three months.
The two leaders met before they attended the BRICS leaders meeting held ahead of the G20 summit here.
Xi's comments came in the backdrop of a raft of differences between the two countries including listing of Pakistan-based terrorist organisations in the UN, China stalling India's membership at the elite Nuclear Suppliers Group (NSG) and the USD 46 billion China-Pakistan Corridor being built through Pakistan-occupied Kashmir (PoK).
The two leaders had last met on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in June in Tashkent and are again set to meet in Goa next month on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) summit.
Officials on both sides attach importance to the meeting in view of growing differences between the two Asian giants on bilaterally sensitive issues like listing of Pakistan-based terrorist group Jaish-e-Muhammad leader Masood Azhar.
China, too, has been concerned over close India-US ties, especially in defence, as the two countries signed the Logistics Exchange Memorandum of Agreement (LEMOA) that will give the militaries of the two countries access to each other's facilities for supplies and repairs.
China is willing to work with India to maintain their "hard-won sound" ties and further boost bilateral cooperation, President Xi Jinping told Prime Minister Narendra Modi on Sunday as the two leaders held talks amid differences over a raft of issues.
"China is willing to work with India to maintain their hard-won sound relations and further advance their cooperation", state-run Chinese Xinhua news agency quoted Xi as saying during their half an hour meeting, their second in less than three months.
The two leaders met before they attended the BRICS leaders meeting held ahead of the G20 summit here.
Xi's comments came in the backdrop of a raft of differences between the two countries including listing of Pakistan-based terrorist organisations in the UN, China stalling India's membership at the elite Nuclear Suppliers Group (NSG) and the USD 46 billion China-Pakistan Corridor being built through Pakistan-occupied Kashmir (PoK).
The two leaders had last met on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit in June in Tashkent and are again set to meet in Goa next month on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) summit.
Officials on both sides attach importance to the meeting in view of growing differences between the two Asian giants on bilaterally sensitive issues like listing of Pakistan-based terrorist group Jaish-e-Muhammad leader Masood Azhar.
China, too, has been concerned over close India-US ties, especially in defence, as the two countries signed the Logistics Exchange Memorandum of Agreement (LEMOA) that will give the militaries of the two countries access to each other's facilities for supplies and repairs.
General Awareness
UNESCO Confucius Prize for literacy awarded to Jan Sikshan Sansthan (JSS), Malappuram
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United Nations Educational Scientific and Cultural Organisation (Unesco) has selected Human Resource and Development Ministry’s Jan Sikshan Sansthan (JSS) project implemented in Malappuram for the international UNESCO Confucius Prize for literacy 2016.
UNESCO Confucius Prize :
The UNESCO Confucius Prize for Literacy recognizes the activities of outstanding individuals, governments or governmental agencies and non-governmental organizations (NGOs) working in literacy serving rural adults and out-of-school youth, particularly women and girls.
- The Prize was established in 2005 through the support of the Government of thePeople’s Republic of China in honour of the great Chinese scholar Confucius.
- It is part of the International Literacy Prizes, which UNESCO awards every year inrecognition of excellence and inspiring experiences in the field of literacy throughout the world.
- The Confucius Prize offers two awards of US$20,000 each, a medal and a diploma, as well as a study visit to literacy project sites in China.
- The Prize is open to institutions, organizations or individuals displaying outstanding merit in literacy, achieving particularly effective results and promoting innovative approaches.
- The selection of prizewinners is made by an International Jury appointed by UNESCO’s Director-General, which meets in Paris once a year.
- The Prize is awarded at an official ceremony held for that purpose at UNESCO Headquarters in Paris on the occasion of International Literacy Day – 8 September.
About JSS Malapuram :
The district of Malappuram is bordered by the Nilgiris in the East, Arabian Sea in the West and other Kerala district of Kozhikkode in the North and Palakkad and Trissur in the South. The district was formed in the year 1969.
- This land in slightly elevated and has 23.5 percentage of forest area.
- Jan Shikshan Sansthan-Malappuram started functioning from 01-04-2006 onwards. The Sansthan comes under the aegis of Nilambur Muslim Orphanage Committee which is registered under the Societies Registration Act 1860 in the year 1970 and has its Head quarters at Myladi.
- JSS-Malappuram has come out with a series of Vocational Trainings, awareness classes and other activities during its 6 years of working.
- SS had also won the Sakshar Bharat Award instituted by MHRD in 2014, for its involvement in continuous education programmes.
- The literacy award distribution ceremony would be held at UNESCO’s headquarters in Paris, in conjunction with a global education meeting on ‘Reading the Past, Writing the Future’, on September 8 and 9.
- A team of the project will also conduct an academic visit in China in last week of September.
- The Prize was established in 2005 through the support of the Government of thePeople’s Republic of China in honour of the great Chinese scholar Confucius.
- It is part of the International Literacy Prizes, which UNESCO awards every year inrecognition of excellence and inspiring experiences in the field of literacy throughout the world.
- The Confucius Prize offers two awards of US$20,000 each, a medal and a diploma, as well as a study visit to literacy project sites in China.
- The Prize is open to institutions, organizations or individuals displaying outstanding merit in literacy, achieving particularly effective results and promoting innovative approaches.
- The selection of prizewinners is made by an International Jury appointed by UNESCO’s Director-General, which meets in Paris once a year.
- The Prize is awarded at an official ceremony held for that purpose at UNESCO Headquarters in Paris on the occasion of International Literacy Day – 8 September.
- This land in slightly elevated and has 23.5 percentage of forest area.
- Jan Shikshan Sansthan-Malappuram started functioning from 01-04-2006 onwards. The Sansthan comes under the aegis of Nilambur Muslim Orphanage Committee which is registered under the Societies Registration Act 1860 in the year 1970 and has its Head quarters at Myladi.
- JSS-Malappuram has come out with a series of Vocational Trainings, awareness classes and other activities during its 6 years of working.
- SS had also won the Sakshar Bharat Award instituted by MHRD in 2014, for its involvement in continuous education programmes.
- The literacy award distribution ceremony would be held at UNESCO’s headquarters in Paris, in conjunction with a global education meeting on ‘Reading the Past, Writing the Future’, on September 8 and 9.
- A team of the project will also conduct an academic visit in China in last week of September.
United Nations Educational Scientific and Cultural Organisation (Unesco) has selected Human Resource and Development Ministry’s Jan Sikshan Sansthan (JSS) project implemented in Malappuram for the international UNESCO Confucius Prize for literacy 2016.
UNESCO Confucius Prize :
The UNESCO Confucius Prize for Literacy recognizes the activities of outstanding individuals, governments or governmental agencies and non-governmental organizations (NGOs) working in literacy serving rural adults and out-of-school youth, particularly women and girls.
About JSS Malapuram :
The district of Malappuram is bordered by the Nilgiris in the East, Arabian Sea in the West and other Kerala district of Kozhikkode in the North and Palakkad and Trissur in the South. The district was formed in the year 1969.
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