General Affairs
PM Narendra Modi To Visit Varanasi On October 24
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VARANASI: Prime Minister Narendra Modi will visit his parliamentary constituency Varanasi on October 24 and lay foundation stone for the 'Urja Ganga' project, aimed at providing piped natural gas (PNG) to all the households in the city.
He is also scheduled to lay the foundation stone for the doubling of Varanasi-Allahabad rail track and electrification of the Varanasi-Allahabad rail section and will dedicate to the nation a dual rail engine that runs on both electricity as well as diesel. The special engine has been manufactured in Diesel Locomotives Works (DLW), Varanasi, BJP functionaries said in Varanasi.
Meanwhile, BJP workers have launched a cleanliness drive in the city ahead of PM Modi's visit even as Union Petroleum Minister Dharmendra Pradhan, Union Minister of State for Railways Manoj Sinha and Union Minister of State for Human Resource and Development Mahendra Nath Pandey have set camp in Varanasi to oversee preparations for the PM's visit.
Officials of Gas Authority of India Limited (GAIL), who flanked Pradhan, said Uttar Pradesh Governor Ram Naik and Chief Minister Akhilesh Yadav have been invited for the foundation laying ceremony of 'Urja Ganga' project.
PM Modi during his visit may even lay the foundation stone for a road project worth Rs. 468 crore for four-laning of Phoolawaria road that will pass from Cantonment area here.
He may also release a special stamp, dedicating to this ancient city-Varanasi during his visit.
According to ADM (Protocol), Vidya Sagar Singh, Prime Minister Modi will fly from Mahoba by a special Indian Army helicopter on October 24, which will land at the Dereka helipad around 3:55 pm. From there he will head straightway to the main venue at Dereka Inter college ground to lay the foundation stone for the various projects.
High security has been put in place ahead of the PM's visit, he said.
After attending the function, PM Modi will leave for the airport by road the same day from the venue at around 5:20 pm after spending nearly over two hours in the city.
He will leave for Delhi by a special aircraft from the Lal Bahadur Shastri International airport at Babatpur in Varanasi.
BJP workers have launched a cleanliness drive in the city ahead of the PM's visit and special arrangements have been made at the venue, where a large number of party workers along with local public will participate in the function, said Sanjay Bhardwaj, BJP's Varanasi as well as eastern UP Media in charge.
He is also scheduled to lay the foundation stone for the doubling of Varanasi-Allahabad rail track and electrification of the Varanasi-Allahabad rail section and will dedicate to the nation a dual rail engine that runs on both electricity as well as diesel. The special engine has been manufactured in Diesel Locomotives Works (DLW), Varanasi, BJP functionaries said in Varanasi.
Officials of Gas Authority of India Limited (GAIL), who flanked Pradhan, said Uttar Pradesh Governor Ram Naik and Chief Minister Akhilesh Yadav have been invited for the foundation laying ceremony of 'Urja Ganga' project.
PM Modi during his visit may even lay the foundation stone for a road project worth Rs. 468 crore for four-laning of Phoolawaria road that will pass from Cantonment area here.
He may also release a special stamp, dedicating to this ancient city-Varanasi during his visit.
According to ADM (Protocol), Vidya Sagar Singh, Prime Minister Modi will fly from Mahoba by a special Indian Army helicopter on October 24, which will land at the Dereka helipad around 3:55 pm. From there he will head straightway to the main venue at Dereka Inter college ground to lay the foundation stone for the various projects.
High security has been put in place ahead of the PM's visit, he said.
After attending the function, PM Modi will leave for the airport by road the same day from the venue at around 5:20 pm after spending nearly over two hours in the city.
He will leave for Delhi by a special aircraft from the Lal Bahadur Shastri International airport at Babatpur in Varanasi.
BJP workers have launched a cleanliness drive in the city ahead of the PM's visit and special arrangements have been made at the venue, where a large number of party workers along with local public will participate in the function, said Sanjay Bhardwaj, BJP's Varanasi as well as eastern UP Media in charge.
Microsoft Launches Cybersecurity Engagement Centre In India
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NEW DELHI: US tech giant Microsoft has set up a cybersecurity engagement centre (CSEC) in the Delhi-NCR region that will facilitate its work with partners to identify and respond to cyber threats in the country.The India centre, which is the seventh such facility for the company globally, will function as a satellite to Microsoft's Redmond Digital Crimes Unit (DCU).
While Microsoft declined to comment on investment details, it said the company invests about $1 billion annually in the area of security research, innovation and development.
"The CSEC's mission is to help build a trusted and secure computing environment, a critical enabler for India's digital transformation. It will works towards fostering deeper cybersecurity collaborations with public and private sector organisations for this," Microsoft India Chairman Bhaskar Pramanik said.
The company ran a year-long pilot out of its Gurgaon office, under which its team met with over 100 organisations in the country.
Based on those conversations, the team observed three common IT environment issues (which are also the highest cybersecurity risks) plaguing organisations in India -- unmanaged/unregulated IT assets usage, poor knowledge of cyber hygiene and inability to timely monitor, detect and remove
cyber threats.
"We believe security of critical information is imperative for our corporate customers, just as it is vital to ensure security and privacy of citizen data and transactions. Our first investment towards this was setting up our local datacenters in India last year, and now launch of the CSEC," he said.
The other cybersecurity centres operated by Microsoft are located in Singapore, Tokyo, Seoul, Beijing, China, Berlin and Washington DC.
Asked about the size of the India centre, Pramanik said: "While the India team itself will be a compact one, the center will be operated in affiliation with the Redmond DCU team and comprises of over 100 legal and technical experts worldwide.
We'll leverage these resources to support the India cybersecurity environment."The centre is also expected to help the company collaborate with government organisations to quickly and reactively address cyber threat and cyber attacks.
NEW DELHI: US tech giant Microsoft has set up a cybersecurity engagement centre (CSEC) in the Delhi-NCR region that will facilitate its work with partners to identify and respond to cyber threats in the country.The India centre, which is the seventh such facility for the company globally, will function as a satellite to Microsoft's Redmond Digital Crimes Unit (DCU).While Microsoft declined to comment on investment details, it said the company invests about $1 billion annually in the area of security research, innovation and development.
The company ran a year-long pilot out of its Gurgaon office, under which its team met with over 100 organisations in the country.
Based on those conversations, the team observed three common IT environment issues (which are also the highest cybersecurity risks) plaguing organisations in India -- unmanaged/unregulated IT assets usage, poor knowledge of cyber hygiene and inability to timely monitor, detect and remove
cyber threats.
"We believe security of critical information is imperative for our corporate customers, just as it is vital to ensure security and privacy of citizen data and transactions. Our first investment towards this was setting up our local datacenters in India last year, and now launch of the CSEC," he said.
The other cybersecurity centres operated by Microsoft are located in Singapore, Tokyo, Seoul, Beijing, China, Berlin and Washington DC.
Asked about the size of the India centre, Pramanik said: "While the India team itself will be a compact one, the center will be operated in affiliation with the Redmond DCU team and comprises of over 100 legal and technical experts worldwide.
We'll leverage these resources to support the India cybersecurity environment."The centre is also expected to help the company collaborate with government organisations to quickly and reactively address cyber threat and cyber attacks.
Bring Them Home, Instead Of Encounters: Mehbooba Mufti On Local Militants
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NEW DELHI: Jammu and Kashmir Chief Minister Mehbooba Mufti, addressing a gathering of policemen today, urged that local militants be brought back home instead of being "killed in encounters".
Ms Mufti also said that AFSPA or the Armed Forces Special Powers Act, the controversial law which gives soldiers special powers to search or arrest people based on suspicion, "is not permanent".
Speaking at the Police Commemoration Day Parade, the Chief Minister said: "Our children who have gone into militancy...my appeal to the police is...try to see that they return home...Those who are missing for years, whenever possible, instead of encounters in which they are killed, if you bring them back home and if they can become a part of the mainstream...If we can hand them a bat or a ball instead of guns..."
It is important to create an environment of peace and tranquility in Jammu and Kashmir, she asserted.
More than 90 people have died and over 12,000 have been injured in violent clashes in Kashmir since July 8, when Hizbul Mujahideen terrorist Burhan Wani was killed by security forces. Most civilian injuries have been attributed to the use of pellet guns by the forces.
"I want to ban pellet guns but it is possible only if you people support the government. Our children are always used as shields. We can't force someone to talk by throwing stones on them. If we need a dialogue, we have to stop militancy," Ms Mufti said.
The comments come as a new video of the terror group Hizbul Mujahideen has surfaced on social media, showing a group of armed terrorists greeting and hugging each other in an orchard, in a reminder of the campaign by their young leader Burhan Wani.
22-year-old Wani actively used social media to recruit young Kashmiri men - he featured in videos and photos with weapons and taunting security forces, which were circulated on Facebook and WhatsApp.
Ms Mufti also said that AFSPA or the Armed Forces Special Powers Act, the controversial law which gives soldiers special powers to search or arrest people based on suspicion, "is not permanent".
Speaking at the Police Commemoration Day Parade, the Chief Minister said: "Our children who have gone into militancy...my appeal to the police is...try to see that they return home...Those who are missing for years, whenever possible, instead of encounters in which they are killed, if you bring them back home and if they can become a part of the mainstream...If we can hand them a bat or a ball instead of guns..."
It is important to create an environment of peace and tranquility in Jammu and Kashmir, she asserted.
More than 90 people have died and over 12,000 have been injured in violent clashes in Kashmir since July 8, when Hizbul Mujahideen terrorist Burhan Wani was killed by security forces. Most civilian injuries have been attributed to the use of pellet guns by the forces.
"I want to ban pellet guns but it is possible only if you people support the government. Our children are always used as shields. We can't force someone to talk by throwing stones on them. If we need a dialogue, we have to stop militancy," Ms Mufti said.
The comments come as a new video of the terror group Hizbul Mujahideen has surfaced on social media, showing a group of armed terrorists greeting and hugging each other in an orchard, in a reminder of the campaign by their young leader Burhan Wani.
22-year-old Wani actively used social media to recruit young Kashmiri men - he featured in videos and photos with weapons and taunting security forces, which were circulated on Facebook and WhatsApp.
Door-To-Door Search In Kashmir's Baramulla After Reports Of Terrorists In Area
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BARAMULLA: The Army and police have launched a massive cordon and search operation in north Kashmir's Baramulla since this morning on reports that there are terrorists hiding in the old city area.
Announcements are being made on loud speakers asking people to come out of their houses. Security forces are conducting door-to-door search in the area.
Today's ops come only days after security forces had, for the first time in a decade, searched 700 houses in the city, where terrorists have struck twice in recent weeks.
Tuesday's raids were carried out after Chinese flags were spotted in large demonstrations. In searches conducted for over 12 hours, the security forces found not just Chinese and Pakistani flags, but also petrol bombs, anti-India publicity material, unauthorized cellphones and documents linked to terror groups Jaish-e-Mohammed and Lashkar-e-Taiba.
More than 40 people, suspected to have thrown stones at security forces during protests, were detained; some of them were released later after questioning.
Located a little over 55 km from Jammu and Kashmir capital Srinagar, Baramulla has been an epicentre of the violent protests in the Valley since Hizbul Mujahideen terrorist Burhan Wani was killed by security forces in July 8 this year.
There have also been at least two major attacks by terrorists, one in August when two Army jawans and driver were killed. Earlier this month, terrorists struck the battalion headquarters of 49 Rashtriya Rifles in what was described as a "shoot and scoot" attack. A BSF jawan was killed and another was injured.
Protests have scaled down in recent days after a massive crackdown by the police led to thousands of arrests.
Announcements are being made on loud speakers asking people to come out of their houses. Security forces are conducting door-to-door search in the area.
Today's ops come only days after security forces had, for the first time in a decade, searched 700 houses in the city, where terrorists have struck twice in recent weeks.
Located a little over 55 km from Jammu and Kashmir capital Srinagar, Baramulla has been an epicentre of the violent protests in the Valley since Hizbul Mujahideen terrorist Burhan Wani was killed by security forces in July 8 this year.
There have also been at least two major attacks by terrorists, one in August when two Army jawans and driver were killed. Earlier this month, terrorists struck the battalion headquarters of 49 Rashtriya Rifles in what was described as a "shoot and scoot" attack. A BSF jawan was killed and another was injured.
Protests have scaled down in recent days after a massive crackdown by the police led to thousands of arrests.
CBSE Class X Board Exams Likely To Be Reintroduced, Decision On October 25
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NEW DELHI: The CBSE's Class X board examinations, which were scrapped six years ago in order to reduce pressure on students, are likely to be reintroduced following concerns about academic standards being affected.
The final decision in this regard will be taken on October 25 in a meeting of Central Advisory Board of Education (CABE) which will be chaired by Union HRD Minister Prakash Javadekar.
"There have been representations from academicians as well as organisations of parents saying that scrapping the exam and with the no-detention policy being in place, the academic standards are being affected," a senior HRD Ministry official said.
"Also, it is being observed that students are unable to take the pressure of appearing directly for Class XII boards which are an important deciding factor for the career they choose," the official said, adding, while no consensus has been reached yet on when to reintroduce the system, 2018 is considered to be an approachable target.
The Central Board of Secondary Education (CBSE) Class X examination was scrapped in 2010 and replaced with the current Continuous and Comprehensive Evaluation (CCE) that provides for tests and grading through the year as a means to reduce pressure on students.
The issue of bringing amendments in the no-detention policy is also on the agenda of the CABE meeting.
The policy, which applies to students up to Class X at present, is likely to take into account students till Class V only for no-detention.
If the decision is taken in this regard, states may get an opportunity to devise their mechanism of re-tests for students from Class VI to VIII while beyond Class IX students may be detained if their performance is not up to the mark.
The final decision in this regard will be taken on October 25 in a meeting of Central Advisory Board of Education (CABE) which will be chaired by Union HRD Minister Prakash Javadekar.
"Also, it is being observed that students are unable to take the pressure of appearing directly for Class XII boards which are an important deciding factor for the career they choose," the official said, adding, while no consensus has been reached yet on when to reintroduce the system, 2018 is considered to be an approachable target.
The Central Board of Secondary Education (CBSE) Class X examination was scrapped in 2010 and replaced with the current Continuous and Comprehensive Evaluation (CCE) that provides for tests and grading through the year as a means to reduce pressure on students.
The issue of bringing amendments in the no-detention policy is also on the agenda of the CABE meeting.
The policy, which applies to students up to Class X at present, is likely to take into account students till Class V only for no-detention.
If the decision is taken in this regard, states may get an opportunity to devise their mechanism of re-tests for students from Class VI to VIII while beyond Class IX students may be detained if their performance is not up to the mark.
Business Affairs
HCL to acquire Butler America Aerospace for $85 mn
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IT services firm HCL Technologies said on Friday it would acquire Butler America Aerospace for $85 million in cash, a move aimed at strengthening its position in the aerospace and defence engineering services space.
Butler Aerospace provides engineering, design services and aftermarket engineering services to US aerospace and defence customers, providing them services in areas of mechanical and structural design, electrical design, tool design and aftermarket engineering services.
The consideration for the proposed transaction is $85 million to be paid in cash.
The proposed acquisition will exclude the staffing business of Butler America Inc, the country's fourth-largest IT company said.
Butler America Aerospace had revenues of $85.4 million for the year ended December 31, 2015.
The transaction, when consummated, is likely to be EPS accretive, it added. With over 900 engineers and seven design centres in the US, Butler Aerospace has a marque list of clients.
The acquisition will bolster HCL's capabilities in this space and access to clients with large R&D spends, it said. The acquisition, subject to regulatory approvals including CFIUS approval in the US, is expected to be completed by December 31, 2016.
IT services firm HCL Technologies said on Friday it would acquire Butler America Aerospace for $85 million in cash, a move aimed at strengthening its position in the aerospace and defence engineering services space.
Butler Aerospace provides engineering, design services and aftermarket engineering services to US aerospace and defence customers, providing them services in areas of mechanical and structural design, electrical design, tool design and aftermarket engineering services.
The consideration for the proposed transaction is $85 million to be paid in cash.
The proposed acquisition will exclude the staffing business of Butler America Inc, the country's fourth-largest IT company said.
Butler America Aerospace had revenues of $85.4 million for the year ended December 31, 2015.
The transaction, when consummated, is likely to be EPS accretive, it added. With over 900 engineers and seven design centres in the US, Butler Aerospace has a marque list of clients.
The acquisition will bolster HCL's capabilities in this space and access to clients with large R&D spends, it said. The acquisition, subject to regulatory approvals including CFIUS approval in the US, is expected to be completed by December 31, 2016.
Reliance Jio's 4G speed lowest among five telcos: Trai test
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Reliance Jio, the latest entrant into the country's highly competitive telecom sector, has lagged behind its competitors in terms of 4G speeds, according to data published on regulator Trai website.
Among the top five players in terms of 4G speeds, the Mukesh Ambani-owned telecom venture ranks fifth with 6.2 Mbps data speed, according to a report in The Times of India.
While country's largest telco Bharti Airtel's 4G speed is the highest at 11.4 Mbps, Anil Ambani's Reliance Communications comes second with speed of 7.9 Mbps.
Idea Cellular and Vodafone are ranked third and fourth with 7.6 Mbps and 7.3 Mbps, respectively.
In a response to comments sought by english daily The Times of India, Jio disputed the Trai data. "With reference to statistics published on Trai's analytics website, we have performed an internal analysis of the same. Based on this analysis, we believe that the comparison of Jio speeds with other operators has an inherent bias against Jio data usage," the company's statement said.
The daily fair usage policy (FUP) limit is 4GB data download per user. After the consumers have exhausted the limit, the data speed has been measured. Speed after this limit falls to 256 kbps, the company said.
"Historically, we have observed that a disproportionate number of speed tests are performed once the FUP comes into effect. This is because most users don't consider performing the test until they observe a deterioration of speed... This has the effect of dragging the average far below the speeds experienced by Jio customers who are enjoying full 4G LTE speeds, the Mukesh Ambani-led firm said.
Reliance Jio, the latest entrant into the country's highly competitive telecom sector, has lagged behind its competitors in terms of 4G speeds, according to data published on regulator Trai website.
Among the top five players in terms of 4G speeds, the Mukesh Ambani-owned telecom venture ranks fifth with 6.2 Mbps data speed, according to a report in The Times of India.
While country's largest telco Bharti Airtel's 4G speed is the highest at 11.4 Mbps, Anil Ambani's Reliance Communications comes second with speed of 7.9 Mbps.
Idea Cellular and Vodafone are ranked third and fourth with 7.6 Mbps and 7.3 Mbps, respectively.
In a response to comments sought by english daily The Times of India, Jio disputed the Trai data. "With reference to statistics published on Trai's analytics website, we have performed an internal analysis of the same. Based on this analysis, we believe that the comparison of Jio speeds with other operators has an inherent bias against Jio data usage," the company's statement said.
The daily fair usage policy (FUP) limit is 4GB data download per user. After the consumers have exhausted the limit, the data speed has been measured. Speed after this limit falls to 256 kbps, the company said.
"Historically, we have observed that a disproportionate number of speed tests are performed once the FUP comes into effect. This is because most users don't consider performing the test until they observe a deterioration of speed... This has the effect of dragging the average far below the speeds experienced by Jio customers who are enjoying full 4G LTE speeds, the Mukesh Ambani-led firm said.
Govt unveils UDAN, fares capped at Rs 2,500 for 1-hour flights
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Air passengers on major routes will soon have to shell out more for flights to fund the regional connectivity scheme under which fares will be capped at Rs 2,500 for one-hour flights.
The government expects the first flight under this scheme to take off in January.
A "first of its kind" in the world, UDAN (Ude Desh Ka Aam Naagrik) will be based on market mechanism as well as bidding for a minimum of 9 seats and a maximum of 40 seats in a fixed wing aircraft.
For 50 per cent of the seats of flights under UDAN, the fare cap will be Rs 2,500, and the rest will be market-based pricing.
"We are cautiously optimistic about it (UDAN)," Civil Aviation Minister Ashok Gajapathi Raju said today, adding that the first flight under the scheme is expected to take off in January 2017.
The comments come against the backdrop of some airlines being unhappy with the proposal to charge a levy for funding the scheme. The draft scheme was unveiled in July.
Civil Aviation Secretary R N Choubey said the rules related to the levy will be "printed in the gazette in two days" while the executive order in this regard will be ready by month-end.
The levy will be "very small", he added.
Charging a levy on profitable routes is likely to push the air fare for fliers.
"This is first of its kind globally... We are doing something not done anywhere else," Minister of State Jayant Sinha said.
The fares will be capped at Rs 2,500 for one-hour flights on unserved and under-served routes.
Air passengers on major routes will soon have to shell out more for flights to fund the regional connectivity scheme under which fares will be capped at Rs 2,500 for one-hour flights.
The government expects the first flight under this scheme to take off in January.
A "first of its kind" in the world, UDAN (Ude Desh Ka Aam Naagrik) will be based on market mechanism as well as bidding for a minimum of 9 seats and a maximum of 40 seats in a fixed wing aircraft.
For 50 per cent of the seats of flights under UDAN, the fare cap will be Rs 2,500, and the rest will be market-based pricing.
"We are cautiously optimistic about it (UDAN)," Civil Aviation Minister Ashok Gajapathi Raju said today, adding that the first flight under the scheme is expected to take off in January 2017.
The comments come against the backdrop of some airlines being unhappy with the proposal to charge a levy for funding the scheme. The draft scheme was unveiled in July.
Civil Aviation Secretary R N Choubey said the rules related to the levy will be "printed in the gazette in two days" while the executive order in this regard will be ready by month-end.
The levy will be "very small", he added.
Charging a levy on profitable routes is likely to push the air fare for fliers.
"This is first of its kind globally... We are doing something not done anywhere else," Minister of State Jayant Sinha said.
The fares will be capped at Rs 2,500 for one-hour flights on unserved and under-served routes.
'Economic bubble'? Spain nears 300 days without a government
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Spain is about to pass 300 days without a government. But guess what? Few Spaniards seem bothered by that as the country's economy roars ahead.
Spanish cities are boasting of packed cafes and restaurants, thriving fashion shops and art galleries, plenty of tourists. The overall impression is of a bustling, vibrant country.
So who needs a government?
"I'm not especially worried about it," said retiree Goyito de Camacho. "I see it on the TV and in the papers but (politicians) are all the same. They're all scum who don't care about the people."
Two inconclusive elections on Dec. 20 and June 26 have left the conservative Popular Party running a caretaker government for the past nine months - Saturday will be its 300th day. The party won both elections but lacked a majority and now has until Oct. 31 to muster support to form a minority government or Spain will face a third election.
There's no sense of panic, however. A CIS survey this month showed Spaniards' chief worry - by far - is the country's 20 percent unemployment rate. After that, those questioned expressed concern about corruption and disappointment with politicians and political parties. The absence of a government came in fifth.
"Politics in Spain is chaotic, the parties are only interested in themselves" said 52-year-old computer technician Jose Luis Alfonso. "They say it's not affecting the economy, although I imagine it is. Maybe we'd be better off without a government."
But economics professor Jose Ramon Pin of the IESE Business School and other experts warn that the impression that Spain is doing just as well without a government is deceptive.
"It's true that a country can maintain itself without a government. The problem is if it goes on for too long," said Pin.
Spain's case is by no means unique. Belgium set a European record with a massive 541 days needed to form a government following a 2010 election.
As it stands, Rajoy has the support of 170 lawmakers in the 350-seat national parliament - 137 of them from his own party - but he needs other parties' votes, or abstentions, in a confidence vote if he wants to form a minority government.
But Spain has never had a coalition government and its political parties seem incapable of making deals. Speculation, however, is rife that the leading opposition Socialist party, whose leader has quit amid the stalemate, may abstain if a vote is held this month.
Meanwhile, Spain is one of the European Union's fastest-growing economies. The International Monetary Fund says Spain will grow 3.1 percent this year, just as strongly as when it had a fully functioning government last year.
There are clouds on the horizon, however.
Spain's central bank is warning that the political deadlock could have negative economic effects as key reforms to ensure long-term growth aren't being introduced.
Pin, the economics professor, notes that a key reason for continuing growth is that Spain's 2016 budget was passed before the political paralysis set in.
"The problem will be in 2017, because there's no budget yet and public investments, fiscal policy or money distribution won't be known till then," he said. "This produces uncertainty."
He said "the main issue is investor confidence, national and foreign," predicting that, once a new government is formed, there should be a surge in investment.
Another potential problem is the EU's threat to impose sanctions on Spain if it doesn't curb its bloated budget deficit.
Spain's central bank says the deficit for this year and next will be 4.9 percent and 3.6 percent of annual GDP, respectively - well above the 3 percent level permitted by the EU. Any sanctions could eat into economic growth and investor confidence.
Pablo Simon, a political science professor at Madrid's Carlos III University, believes Spain is in an economic bubble and has failed to make the necessary reforms to consolidate growth.
"There been absolutely no legislation passed," he said. "We have lost precious time and we don't realize it because it looks like the economy is going well. But we are going to notice it in one or two years."
Spain is about to pass 300 days without a government. But guess what? Few Spaniards seem bothered by that as the country's economy roars ahead.
Spanish cities are boasting of packed cafes and restaurants, thriving fashion shops and art galleries, plenty of tourists. The overall impression is of a bustling, vibrant country.
So who needs a government?
"I'm not especially worried about it," said retiree Goyito de Camacho. "I see it on the TV and in the papers but (politicians) are all the same. They're all scum who don't care about the people."
Two inconclusive elections on Dec. 20 and June 26 have left the conservative Popular Party running a caretaker government for the past nine months - Saturday will be its 300th day. The party won both elections but lacked a majority and now has until Oct. 31 to muster support to form a minority government or Spain will face a third election.
There's no sense of panic, however. A CIS survey this month showed Spaniards' chief worry - by far - is the country's 20 percent unemployment rate. After that, those questioned expressed concern about corruption and disappointment with politicians and political parties. The absence of a government came in fifth.
"Politics in Spain is chaotic, the parties are only interested in themselves" said 52-year-old computer technician Jose Luis Alfonso. "They say it's not affecting the economy, although I imagine it is. Maybe we'd be better off without a government."
But economics professor Jose Ramon Pin of the IESE Business School and other experts warn that the impression that Spain is doing just as well without a government is deceptive.
"It's true that a country can maintain itself without a government. The problem is if it goes on for too long," said Pin.
Spain's case is by no means unique. Belgium set a European record with a massive 541 days needed to form a government following a 2010 election.
As it stands, Rajoy has the support of 170 lawmakers in the 350-seat national parliament - 137 of them from his own party - but he needs other parties' votes, or abstentions, in a confidence vote if he wants to form a minority government.
But Spain has never had a coalition government and its political parties seem incapable of making deals. Speculation, however, is rife that the leading opposition Socialist party, whose leader has quit amid the stalemate, may abstain if a vote is held this month.
Meanwhile, Spain is one of the European Union's fastest-growing economies. The International Monetary Fund says Spain will grow 3.1 percent this year, just as strongly as when it had a fully functioning government last year.
There are clouds on the horizon, however.
Spain's central bank is warning that the political deadlock could have negative economic effects as key reforms to ensure long-term growth aren't being introduced.
Pin, the economics professor, notes that a key reason for continuing growth is that Spain's 2016 budget was passed before the political paralysis set in.
"The problem will be in 2017, because there's no budget yet and public investments, fiscal policy or money distribution won't be known till then," he said. "This produces uncertainty."
He said "the main issue is investor confidence, national and foreign," predicting that, once a new government is formed, there should be a surge in investment.
Another potential problem is the EU's threat to impose sanctions on Spain if it doesn't curb its bloated budget deficit.
Spain's central bank says the deficit for this year and next will be 4.9 percent and 3.6 percent of annual GDP, respectively - well above the 3 percent level permitted by the EU. Any sanctions could eat into economic growth and investor confidence.
Pablo Simon, a political science professor at Madrid's Carlos III University, believes Spain is in an economic bubble and has failed to make the necessary reforms to consolidate growth.
"There been absolutely no legislation passed," he said. "We have lost precious time and we don't realize it because it looks like the economy is going well. But we are going to notice it in one or two years."
Govt has sought report on debit card data compromise: Arun Jaitley
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Finance Minister Arun Jaitley today said the government has sought a detailed report on the extent of debit card data compromise following the biggest security breach in the Indian banking industry that affected over 32 lakh card holders.
The government has asked RBI and banks to provide details of the data breach and also banks' preparedness to deal with cyber crimes.
"Have sought a report in the debit card issue. The idea is to contain the damage," Jaitley told reporters here.
Several banks, including state-owned SBI, have recalled a number of cards, while many others blocked the ones suspected to have been compromised and asked their customers to change PIN (personal identification number) before use.
There are some 60 crore debit cards operational in India, of which 19 crore are indigenously developed RuPay ones while the rest are Visa- and Master Card-enabled.
Fraudulent withdrawals have been reported from 19 banks so far while complaints have been received from a few banks that their customers' cards were used fraudulently abroad, mainly in China and the US while the customers were in India.
Meanwhile, Economic Affairs Secretary Shaktikanta Das said there is no need to panic over the feared security breach and promised swift action in the matter.
SBI is said to have recalled around 6 lakh cards while others like Bank of Baroda, IDBI Bank, Central Bank and Andhra Bank have replaced debit cards of several customers as a pre-emptive measure.
Among private sector players, ICICI Bank, HDFC Bank and Yes Bank have asked customers to change their ATM PINs. HDFC Bank also advised its customers to use its own ATMs for carrying out any transaction.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank and also some white-label ATMs.
Finance Minister Arun Jaitley today said the government has sought a detailed report on the extent of debit card data compromise following the biggest security breach in the Indian banking industry that affected over 32 lakh card holders.
The government has asked RBI and banks to provide details of the data breach and also banks' preparedness to deal with cyber crimes.
"Have sought a report in the debit card issue. The idea is to contain the damage," Jaitley told reporters here.
Several banks, including state-owned SBI, have recalled a number of cards, while many others blocked the ones suspected to have been compromised and asked their customers to change PIN (personal identification number) before use.
There are some 60 crore debit cards operational in India, of which 19 crore are indigenously developed RuPay ones while the rest are Visa- and Master Card-enabled.
Fraudulent withdrawals have been reported from 19 banks so far while complaints have been received from a few banks that their customers' cards were used fraudulently abroad, mainly in China and the US while the customers were in India.
Meanwhile, Economic Affairs Secretary Shaktikanta Das said there is no need to panic over the feared security breach and promised swift action in the matter.
SBI is said to have recalled around 6 lakh cards while others like Bank of Baroda, IDBI Bank, Central Bank and Andhra Bank have replaced debit cards of several customers as a pre-emptive measure.
Among private sector players, ICICI Bank, HDFC Bank and Yes Bank have asked customers to change their ATM PINs. HDFC Bank also advised its customers to use its own ATMs for carrying out any transaction.
The suspected security breach happened through a malware in the systems of Hitachi Payments Services, which serves ATM network of Yes Bank and also some white-label ATMs.
General Awareness
Mumbai among 15 global cities in terms of total wealth
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According to New World Wealth, India’s financial hub Mumbai has been named among top 15 cities globally in terms of total wealth held, while Londontopped the list. Total wealth held worldwide amounts to $185 trillion (as of June 2016). Globally, there are 13,300,000 millionaires and 1,940 billionaires in total .
Top 10 Cities in the World :
Rank City 1 London ($2.7 trillion) 2 New York City ($2.6 trillion) 3 Tokyo ($2.2 trillion) 4 San Francisco($1.9 trillion) 5 Beijing $1.8 trillion) 6 Shanghai ($1.6 trillion) 7 Los Angeles ($1.2 trillion) 8 Hong Kong ($1.1 trillion) 9 Singapore ($870 billion) 10 Chicago ($860 billion).
Sydney at 11th place has a total wealth of $850 billion, Toronto (12th, $850 billion), Frankfurt (13th, $830 billion) and Paris (15th, $800 billion).
About Mumbai :
Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million.
- Along with the neighbouring regions of theMumbai Metropolitan Region, it is one of the most populous urban regions in the world and the second most populous metropolitan area in India, with a population of 20.7 million as of 2011.
- Mumbai lies on the west coast of India and has a deep natural harbour. In 2009, Mumbai was named an alpha world city. It is also the wealthiest city in India, and has the highest GDP of any city in South, West, or Central Asia. Mumbai has the highest number of billionaires and millionaires among all cities in India.
- Thes even islands that came to constitute Mumbai were home to communities of fishing colonies. For centuries, the islands were under the control of successive indigenous empires before being ceded to the Portuguese and subsequently to the British East India Company when in 1661 King Charles II married the Portuguese Catherine of Braganza, and as part of her dowry Charles received the ports of Tangier and seven islands of Bombay.
- During the mid-18th century, Bombay was reshaped by theHornby Vellard project, which undertook reclamation of the area between the seven islands from the sea.
- Along with construction of major roads and railways, the reclamation project, completed in 1845, transformed Bombay into a major seaport on the Arabian Sea.
- Bombay in the 19th century was characterised by economic and educational development. During the early 20th century it became a strong base for the Indian independence movement.
- Upon India’s independence in 1947 the city was incorporated into Bombay State. In 1960, following the Samyukta Maharashtra movement, a new state of Maharashtra was created with Bombay as the capital.
- Mumbai is the financial, commercial and entertainment capital of India. It is also one of the world’s top ten centres of commerce in terms of global financial flow, generating 6.16% of India’s GDP and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust and JNPT) and70% of capital transactions to India’s economy.
- The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations.
- It is also home to some of India’s premier scientific and nuclear instituteslike BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy. The city also houses India’s Hindi (Bollywood) and Marathi film and television Mumbai’s business opportunities, as well as its potential to offer a higher standard of living attract migrants from all over India, making the city a melting pot of many communities and cultures.
- Mumbai featured on the 14th place in the list with a total wealth held in the city worth $820 billion and it is a home to 45,000 millionaires and 28 billionaires, Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE)
According to New World Wealth, India’s financial hub Mumbai has been named among top 15 cities globally in terms of total wealth held, while Londontopped the list. Total wealth held worldwide amounts to $185 trillion (as of June 2016). Globally, there are 13,300,000 millionaires and 1,940 billionaires in total .
Top 10 Cities in the World :
| Rank | City |
| 1 | London ($2.7 trillion) |
| 2 | New York City ($2.6 trillion) |
| 3 | Tokyo ($2.2 trillion) |
| 4 | San Francisco($1.9 trillion) |
| 5 | Beijing $1.8 trillion) |
| 6 | Shanghai ($1.6 trillion) |
| 7 | Los Angeles ($1.2 trillion) |
| 8 | Hong Kong ($1.1 trillion) |
| 9 | Singapore ($870 billion) |
| 10 | Chicago ($860 billion). |
Sydney at 11th place has a total wealth of $850 billion, Toronto (12th, $850 billion), Frankfurt (13th, $830 billion) and Paris (15th, $800 billion).
About Mumbai :
Mumbai is the capital city of the Indian state of Maharashtra. It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million.
- Along with the neighbouring regions of theMumbai Metropolitan Region, it is one of the most populous urban regions in the world and the second most populous metropolitan area in India, with a population of 20.7 million as of 2011.
- Mumbai lies on the west coast of India and has a deep natural harbour. In 2009, Mumbai was named an alpha world city. It is also the wealthiest city in India, and has the highest GDP of any city in South, West, or Central Asia. Mumbai has the highest number of billionaires and millionaires among all cities in India.
- Thes even islands that came to constitute Mumbai were home to communities of fishing colonies. For centuries, the islands were under the control of successive indigenous empires before being ceded to the Portuguese and subsequently to the British East India Company when in 1661 King Charles II married the Portuguese Catherine of Braganza, and as part of her dowry Charles received the ports of Tangier and seven islands of Bombay.
- During the mid-18th century, Bombay was reshaped by theHornby Vellard project, which undertook reclamation of the area between the seven islands from the sea.
- Along with construction of major roads and railways, the reclamation project, completed in 1845, transformed Bombay into a major seaport on the Arabian Sea.
- Bombay in the 19th century was characterised by economic and educational development. During the early 20th century it became a strong base for the Indian independence movement.
- Upon India’s independence in 1947 the city was incorporated into Bombay State. In 1960, following the Samyukta Maharashtra movement, a new state of Maharashtra was created with Bombay as the capital.
- Mumbai is the financial, commercial and entertainment capital of India. It is also one of the world’s top ten centres of commerce in terms of global financial flow, generating 6.16% of India’s GDP and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust and JNPT) and70% of capital transactions to India’s economy.
- The city houses important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the SEBI and the corporate headquarters of numerous Indian companies and multinational corporations.
- It is also home to some of India’s premier scientific and nuclear instituteslike BARC, NPCL, IREL, TIFR, AERB, AECI, and the Department of Atomic Energy. The city also houses India’s Hindi (Bollywood) and Marathi film and television Mumbai’s business opportunities, as well as its potential to offer a higher standard of living attract migrants from all over India, making the city a melting pot of many communities and cultures.
- Mumbai featured on the 14th place in the list with a total wealth held in the city worth $820 billion and it is a home to 45,000 millionaires and 28 billionaires, Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE)
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