General Affairs
Border Security Force To Recommend Martyr Gurnam Singh's Name For Gallantry Award
-
JAMMU: The Border Security Force or BSF will recommend the name of its jawan Gurnam Singh, who was instrumental in repulsing a major infiltration bid along the International Border in Kathua sector of Jammu and Kashmir, for the highest gallantry award posthumously.
28-year-old Gurnam, who was injured in a sniping attack from across the border on Friday and was undergoing treatment at Government Medical College and Hospital Jammu, died last night.
Asked if Gurnam's name would be recommended for the highest gallantry award, Additional Director General (ADG) BSF Western Command, Arun Kumar told reporters, "Absolutely the gallantry award would be a lesser possible award for him as he deserves much more ...but we will be recommending for that".
Ashok Chakra is the highest peacetime gallantry award. "Gurnam was instrumental in foiling a major infiltration bid by the heavily-armed terrorists. He was made target the next day. With his supreme sacrifice he has made not only the BSF but the whole nation proud," Mr Kumar said on the sidelines of a wreath laying ceremony.
Gurnam Singh was given an emotional adieu by the BSF today during a wreath laying ceremony held at the BSF frontier headquarters in Jammu, in which several senior officers of the BSF and the local police paid homage.
Senior BJP leaders were also present on the occasion. The last rites of the deceased jawan would be held tomorrow as per the wishes of his family.
28-year-old Gurnam, who was injured in a sniping attack from across the border on Friday and was undergoing treatment at Government Medical College and Hospital Jammu, died last night.
Gurnam Singh was given an emotional adieu by the BSF today during a wreath laying ceremony held at the BSF frontier headquarters in Jammu, in which several senior officers of the BSF and the local police paid homage.
Senior BJP leaders were also present on the occasion. The last rites of the deceased jawan would be held tomorrow as per the wishes of his family.
Second Border Security Force Soldier Killed In Pak Firing In 24 Hours
-
JAMMU: A Border Security Force (BSF) soldier was killed and another injured in heavy Pak shelling and firing along International Border in Jammu's RS Pura sector.
The injured soldiers were evacuated to a hospital in Jammu where one of them died late last night.
Pakistani Rangers violated ceasefire twice on Sunday in the RS Pura sector. Security personnel gave a "suitable reply", a BSF spokesperson said.
Pakistani troops targeted 13 border outposts and villages in RS Pura, Pargwal and Kanachak, using mortar shells and firing small arms.
Another BSF jawan Gurnam Singh, who was hit in the snipper attack in Hiranagar sector along the International Border in Kathua district on Friday night, had died late on Saturday.
Seven Pakistani Rangers or paramilitary soldiers were killed in the retaliatory firing by the troops, the BSF said. The Pakistan army however denied any casualties on their side.
Warning Pakistan against any misadventure, a top officer of the border guarding force said that "we are ready for any eventuality".
"If they try to do anything, they will be given a befitting reply. We are fully prepared for that," BSF Additional Director General Arun Kumar said on Sunday.
Multiple ceasefire violations have been reported along the International Border and Line of Control after India conducted surgical strikes across the border in Pakistan Occupied Kashmir to target staging areas for terrorists last month. Pakistan has denied the cross-border raids.
The injured soldiers were evacuated to a hospital in Jammu where one of them died late last night.
Pakistani Rangers violated ceasefire twice on Sunday in the RS Pura sector. Security personnel gave a "suitable reply", a BSF spokesperson said.
Another BSF jawan Gurnam Singh, who was hit in the snipper attack in Hiranagar sector along the International Border in Kathua district on Friday night, had died late on Saturday.
Seven Pakistani Rangers or paramilitary soldiers were killed in the retaliatory firing by the troops, the BSF said. The Pakistan army however denied any casualties on their side.
Warning Pakistan against any misadventure, a top officer of the border guarding force said that "we are ready for any eventuality".
"If they try to do anything, they will be given a befitting reply. We are fully prepared for that," BSF Additional Director General Arun Kumar said on Sunday.
"If they try to do anything, they will be given a befitting reply. We are fully prepared for that," BSF Additional Director General Arun Kumar said on Sunday.
Multiple ceasefire violations have been reported along the International Border and Line of Control after India conducted surgical strikes across the border in Pakistan Occupied Kashmir to target staging areas for terrorists last month. Pakistan has denied the cross-border raids.
Terrorism Global Issue, International Community Must Join Hands: Rajnath Singh
-
MANAMA, BAHRAIN: Terrorism is a global problem and the international community must join hands to root out the menace, Union Home Minister Rajnath Singh said in Manama on Sunday night as he began his three-day visit to the Gulf country.
Addressing the Indian community in Bahrain, Mr Singh also said the Narendra Modi government has made several structural and procedural changes and that resulted in successfully reducing the "wholesale corruption" in the country.
"Terrorism is a global problem and the entire international community has to come together to face the challenges posed by the menace," he said.
Highlighting various initiatives of the Modi government, the Home Minister said the NDA dispensation is creating an environment that will make every Indian "proud".
"India today is the fastest growing economy in the world and now it has become the most favorite destination for investments."
"India has attracted maximum FDI in one year which is more than even of the United States and China. India attracted USD 51 billion FDI in one year," he said.
Mr Singh said that schemes like 'Jan Dhan Yojana', Skill India, Digital India, Make in India and others are having a positive impact on India's economy.
"Our Prime Minister is very imaginative and extremely hard-working leader. He is working to minimise economic disparities in India," he said.
The Home Minister said Bahrain has started a "Little India in Bahrain" project and both the countries are coming closer on "emotional level" as well.
Earlier, upon his arrival, the Home Minister was received at the airport by Bahrain's Interior Minister Rashid bin Abdullah Al Khalifa.
Mr Singh will meet Bahrain King Hamad bin Isa Al Khalifa, Prime Minister Khalifa bin Salman Al Khalifa and the Interior Minister and will discuss with them various bilateral issues.
Pakistan's continuous support to cross border terrorism in Jammu and Kashmir is expected to be raised by the Home Minister in his meetings with the top leadership of Bahrain, official sources said.
There will be extensive discussions on how to enhance bilateral cooperation with regard to tackling terror and each other's fugitives at the meeting between Singh and his Bahrain counterpart Rashid bin Abdullah Al Khalifa, sources said.
Addressing the Indian community in Bahrain, Mr Singh also said the Narendra Modi government has made several structural and procedural changes and that resulted in successfully reducing the "wholesale corruption" in the country.
"Terrorism is a global problem and the entire international community has to come together to face the challenges posed by the menace," he said.
Highlighting various initiatives of the Modi government, the Home Minister said the NDA dispensation is creating an environment that will make every Indian "proud".
"India has attracted maximum FDI in one year which is more than even of the United States and China. India attracted USD 51 billion FDI in one year," he said.
Mr Singh said that schemes like 'Jan Dhan Yojana', Skill India, Digital India, Make in India and others are having a positive impact on India's economy.
"Our Prime Minister is very imaginative and extremely hard-working leader. He is working to minimise economic disparities in India," he said.
The Home Minister said Bahrain has started a "Little India in Bahrain" project and both the countries are coming closer on "emotional level" as well.
Earlier, upon his arrival, the Home Minister was received at the airport by Bahrain's Interior Minister Rashid bin Abdullah Al Khalifa.
Mr Singh will meet Bahrain King Hamad bin Isa Al Khalifa, Prime Minister Khalifa bin Salman Al Khalifa and the Interior Minister and will discuss with them various bilateral issues.
Pakistan's continuous support to cross border terrorism in Jammu and Kashmir is expected to be raised by the Home Minister in his meetings with the top leadership of Bahrain, official sources said.
There will be extensive discussions on how to enhance bilateral cooperation with regard to tackling terror and each other's fugitives at the meeting between Singh and his Bahrain counterpart Rashid bin Abdullah Al Khalifa, sources said.
Government To Further Ease Visa Regime To Boost Tourism, Says Sushma Swaraj
-
INDORE: Government today said it is planning to further relax the visa regime "shortly" to attract more tourists and businesses to the country.
"We plan to further liberalise our visa regime for tourism, business as well as other areas shortly," External Affairs Minister Sushma Swaraj said at the valedictory session of the Global Investors Meet in Indore.
She said visa was one of the areas of concern for foreigners and Indians living abroad.
The minister said the government has already taken steps to address these concerns.
In November 2014, government launched the e-visa scheme for over 100 countries. It was extended to 37 more countries this year, taking the total number to 150.
"With the launch of the e-visa scheme, tourist arrivals in India has steadily increased," she said, adding the 25 million strong Indian diaspora, comprising NRIs and PIOs, are a significant force for promoting India's interests abroad.
Realising this, she said the government has unveiled initiatives for roping them in India's mission of transforming the country.
The minister said that OCI and PIO cards have been merged and a system has been put in place for welfare and protection of Indian immigrant workers.
A portal has been launched to redress their grievances in a time-bound manner.
Talking about investments, she said FDI policy has been made more liberal, making India one of the most open countries in the world.
She informed the investors that the government has passed bankruptcy law and a clear cut roadmap for lowering corporate tax from 30 per cent to 25 per cent over the next four years has been laid down.
GST Act has been passed and so far 23 states have ratified it, she added.
Reform efforts and initiatives such as Make in India, Digital India, Start up India and Smart City Mission are all aimed at preparing India for the 21st century, she said.
She added that 100 per cent electrification of all villages, financial inclusion programme and LPG gas initiatives are all aimed at inclusive growth.
The jump in India's position across several indices like ease of doing business underlines the country's economic recovery, the minister, said adding FDI reached USD 55.5 billion in 2015-16, an increase of 53 per cent.
"We plan to further liberalise our visa regime for tourism, business as well as other areas shortly," External Affairs Minister Sushma Swaraj said at the valedictory session of the Global Investors Meet in Indore.
She said visa was one of the areas of concern for foreigners and Indians living abroad.
In November 2014, government launched the e-visa scheme for over 100 countries. It was extended to 37 more countries this year, taking the total number to 150.
"With the launch of the e-visa scheme, tourist arrivals in India has steadily increased," she said, adding the 25 million strong Indian diaspora, comprising NRIs and PIOs, are a significant force for promoting India's interests abroad.
Realising this, she said the government has unveiled initiatives for roping them in India's mission of transforming the country.
The minister said that OCI and PIO cards have been merged and a system has been put in place for welfare and protection of Indian immigrant workers.
A portal has been launched to redress their grievances in a time-bound manner.
Talking about investments, she said FDI policy has been made more liberal, making India one of the most open countries in the world.
She informed the investors that the government has passed bankruptcy law and a clear cut roadmap for lowering corporate tax from 30 per cent to 25 per cent over the next four years has been laid down.
GST Act has been passed and so far 23 states have ratified it, she added.
Reform efforts and initiatives such as Make in India, Digital India, Start up India and Smart City Mission are all aimed at preparing India for the 21st century, she said.
She added that 100 per cent electrification of all villages, financial inclusion programme and LPG gas initiatives are all aimed at inclusive growth.
The jump in India's position across several indices like ease of doing business underlines the country's economic recovery, the minister, said adding FDI reached USD 55.5 billion in 2015-16, an increase of 53 per cent.
Alternate Dispute Resolution Ecosystem Is A National Priority: PM Modi
-
NEW DELHI: Underlining the need to promote India as a global arbitration hub, Prime Minister Narendra Modi on Sunday said an alternate dispute resolution ecosystem was a national priority.
Addressing the closing session of a three-day Global Conference on National Initiative towards Strengthening Arbitration and Enforcement in India, PM Modi said India's economic interests can be better served by an effective institutional arbitration system.
"We need to facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation," PM Modi said.
"An alternate dispute resolution ecosystem is a national priority for India. We need to promote India globally as an arbitration hub," he said.
Stressing the importance of arbitration, the Prime Minister said there was a need to expand the ambit of legal education in the country.
"India's economic intersts can be better served by a higher number of arbitration experts and lawyers. This in turn requires widening the ambit of legal education in India. There is a need to develop specialised arbitration bar association and professionally ruled arbitral institutions which can deliver," he said.
PM Modi also listed the various reforms his government has initiated in the field of law.
"Over a thousand archaic laws have been scrapped. We have enacted Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015, for speedy resolution," he said.
"We have enacted a comprehensive Insolvency and Bankruptcy Code, 2016. We have implemented the National Company Law Tribunals and established a statutory Monetary Policy Committee," he said.
PM Modi also said digital revolution in India was bridging the "digital and economic divide in the society".
"I am sure deliberations shall help in strengthening arbitration and set a milestone in positioning India as a global hub for arbitration," he added.
Addressing the closing session of a three-day Global Conference on National Initiative towards Strengthening Arbitration and Enforcement in India, PM Modi said India's economic interests can be better served by an effective institutional arbitration system.
"We need to facilitate a vibrant ecosystem for alternate dispute resolution, including arbitration, mediation and conciliation," PM Modi said.
Stressing the importance of arbitration, the Prime Minister said there was a need to expand the ambit of legal education in the country.
"India's economic intersts can be better served by a higher number of arbitration experts and lawyers. This in turn requires widening the ambit of legal education in India. There is a need to develop specialised arbitration bar association and professionally ruled arbitral institutions which can deliver," he said.
PM Modi also listed the various reforms his government has initiated in the field of law.
"Over a thousand archaic laws have been scrapped. We have enacted Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act, 2015, for speedy resolution," he said.
"We have enacted a comprehensive Insolvency and Bankruptcy Code, 2016. We have implemented the National Company Law Tribunals and established a statutory Monetary Policy Committee," he said.
PM Modi also said digital revolution in India was bridging the "digital and economic divide in the society".
"I am sure deliberations shall help in strengthening arbitration and set a milestone in positioning India as a global hub for arbitration," he added.
Business Affairs
Apollo Tyres setting up 475 million euro greenfield plant in Hungary
-
Apollo Tyres is setting up Europe's largest greenfield plant in Hungary with an investment of 475 million euros to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum.
The facility at Gyongyoshalasz, located less than 100 km from here, will start production early next year and it will produce tyres to cater to the entire European market.
"Construction of Apollo Tyres' first European greenfield plant at Gyongyoshalasz has started on April 10, 2015 and we will start production in early 2017. It will be Europe's largest greenfield tyres plant," Apollo Tyres (Hungary) KFT, Head - Project Controller, Amitabh Arya said.
The Hungarian facility will be a state-of-the-art plant and once completed it will have a capacity to produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 6,75,000 heavy commercial vehicle (HCV) tyres per annum.
The total investment in the facility will be 475 million euro (about Rs 3,460 crore) and the Hungarian government was very excited about the investment from a leading Indian company.
Hungarian Prime Minister Viktor Orban, at a joint press conference with visiting Indian Vice President Hamid Ansari last week, had specifically mentioned about the Apollo Tyres plant saying it was one of the largest foreign investments in Hungary.
The Gyongyoshalasz facility will produce both Apollo and Vredestein branded tyres and will cater to the entire European market.
Apollo Vredestein B.V. is part of Apollo Tyres Ltd and has its head office in Enschede, the Netherlands. It designs, manufactures and sells high-quality tyres under the Apollo and Vredestein brands in Europe and North America.
Onkar S Kanwar headed Apollo Tyres Ltd, with its corporate headquarters in Gurgaon, is in the business of manufacture and sale of tyres since its inception in 1972.
The company has grown manifold, establishing its footprint across the globe. It has manufacturing units in India and The Netherlands.
The company markets its products under its two global brands - Apollo and Vredestein, and its products are available in over 100 countries through a vast network of branded, exclusive and multi-product outlets.
At the end of its financial year on March 31, 2016, Apollo Tyres had clocked a turnover of USD 1.8 billion, backed by a global workforce of around 16,000 employees.
Apollo Tyres is setting up Europe's largest greenfield plant in Hungary with an investment of 475 million euros to produce nearly 62 lakh tyres for passenger cars and heavy commercial vehicles per annum.
The facility at Gyongyoshalasz, located less than 100 km from here, will start production early next year and it will produce tyres to cater to the entire European market.
"Construction of Apollo Tyres' first European greenfield plant at Gyongyoshalasz has started on April 10, 2015 and we will start production in early 2017. It will be Europe's largest greenfield tyres plant," Apollo Tyres (Hungary) KFT, Head - Project Controller, Amitabh Arya said.
The Hungarian facility will be a state-of-the-art plant and once completed it will have a capacity to produce 5.5 million (55 lakh) passenger car and light truck (PCLT) tyres and 6,75,000 heavy commercial vehicle (HCV) tyres per annum.
The total investment in the facility will be 475 million euro (about Rs 3,460 crore) and the Hungarian government was very excited about the investment from a leading Indian company.
Hungarian Prime Minister Viktor Orban, at a joint press conference with visiting Indian Vice President Hamid Ansari last week, had specifically mentioned about the Apollo Tyres plant saying it was one of the largest foreign investments in Hungary.
The Gyongyoshalasz facility will produce both Apollo and Vredestein branded tyres and will cater to the entire European market.
Apollo Vredestein B.V. is part of Apollo Tyres Ltd and has its head office in Enschede, the Netherlands. It designs, manufactures and sells high-quality tyres under the Apollo and Vredestein brands in Europe and North America.
Onkar S Kanwar headed Apollo Tyres Ltd, with its corporate headquarters in Gurgaon, is in the business of manufacture and sale of tyres since its inception in 1972.
The company has grown manifold, establishing its footprint across the globe. It has manufacturing units in India and The Netherlands.
The company markets its products under its two global brands - Apollo and Vredestein, and its products are available in over 100 countries through a vast network of branded, exclusive and multi-product outlets.
At the end of its financial year on March 31, 2016, Apollo Tyres had clocked a turnover of USD 1.8 billion, backed by a global workforce of around 16,000 employees.
GST can be paid using debit, credit cards: Revenue Secretary
-
Individuals and entities can pay taxes online using debit or credit cards once the Goods and Services Tax (GST) is rolled out, Revenue Secretary Hasmukh Adhia said on Sunday.
The government proposes to roll out the new indirect tax regime from April 1 next year and has made registration, refunds, returns filing and payment processes online.
"With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any mode of payment, electronic, NEFT, RTGS. You can do it through debit cards or credit cards of any bank.
"You need not open account in banks of government. Even if you have account in a private bank you can transfer money and it will reach the government," Adhia said while addressing the Global Investors Summit here.
He said GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.
"I would ask the states to focus on the services sector because industry will come on its own once demand increases," Adhia said.
He said India is now taking several reform measures and GST is the biggest tax reform since Independence.
Adhia added that GST will also ensure that the taxes deducted by sellers reach the government.
Asked what will happen to excise duty benefits currently enjoyed by units in Jammu and Kashmir as well as Northeastern and hilly states, Adhia said they will be protected in a similar manner.
"Instead of giving direct exemptions, we will take it through the Government of India s budgetary route," he said.
Individuals and entities can pay taxes online using debit or credit cards once the Goods and Services Tax (GST) is rolled out, Revenue Secretary Hasmukh Adhia said on Sunday.
The government proposes to roll out the new indirect tax regime from April 1 next year and has made registration, refunds, returns filing and payment processes online.
"With regard to payments, the best thing that will happen is all payments will have to be made online. You can use any mode of payment, electronic, NEFT, RTGS. You can do it through debit cards or credit cards of any bank.
"You need not open account in banks of government. Even if you have account in a private bank you can transfer money and it will reach the government," Adhia said while addressing the Global Investors Summit here.
He said GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.
"I would ask the states to focus on the services sector because industry will come on its own once demand increases," Adhia said.
He said India is now taking several reform measures and GST is the biggest tax reform since Independence.
Adhia added that GST will also ensure that the taxes deducted by sellers reach the government.
Asked what will happen to excise duty benefits currently enjoyed by units in Jammu and Kashmir as well as Northeastern and hilly states, Adhia said they will be protected in a similar manner.
"Instead of giving direct exemptions, we will take it through the Government of India s budgetary route," he said.
AT&T to buy Time Warner for $85 billion, create telecom-media giant
-
AT&T Inc said on Saturday it agreed to buy Time Warner Inc for $85.4 billion, the boldest move yet by a telecommunications company to acquire content to stream over its network to attract a growing number of online viewers.
The biggest deal in the world this year will, if approved by regulators, give AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. The tie-up will likely face intense scrutiny by U.S. antitrust enforcers worried that AT&T might try to limit distribution of Time Warner material.
AT&T will pay $107.50 per Time Warner share, half in cash and half in stock, worth $85.4 billion overall, according to a company statement. AT&T said it expected to close the deal by the end of 2017.
Dallas-based AT&T said the U.S. Department of Justice would review the deal and that the companies were determining which Federal Communications Commission licenses, if any, would be transferred to AT&T in the deal.
U.S. lawmakers were already worried about cable company Comcast Corp's $30 billion acquisition of NBCUniversal, and several argued for close regulatory scrutiny of the AT&T deal.
"Such a massive consolidation in this industry requires rigorous evaluation and serious scrutiny," said U.S. Senator Richard Blumenthal, Senate Judiciary Committee member and former attorney general of Connecticut. "I will be looking closely at what this merger means for consumers and their pocketbooks."
U.S. Republican presidential nominee Donald Trump said at a rally he would block any AT&T-Time Warner deal if he wins the Nov. 8 election. Trump has complained about media coverage of his campaign, especially by Time Warner's CNN.
"It's too much concentration of power in the hands of too few," said Trump.
Representatives of his Democratic rival, Hillary Clinton, did not immediately respond to a request for comment.
CONTENT PLUS DELIVERY
AT&T, whose main wireless phone and broadband service business is showing signs of slowing, has already made moves to turn itself into a media powerhouse. It bought satellite TV provider DirecTV last year for $48.5 billion.
It had about 142 million North American wireless subscribers as of June 30, and about 38 million video subscribers through DirecTV and its U-verse service.
New York-based Time Warner is a major force in movies, TV and video games. Its assets include the HBO, CNN, TBS and TNT networks as well as the Warner Bros film studio, producer of the "Batman" and "Harry Potter" film franchises. The company also owns a 10 percent stake in video streaming site Hulu. The HBO network alone has more than 130 million subscribers.
AT&T Chief Executive Officer Randall Stephenson told reporters on a conference call that owning Time Warner and all its content will provide a greater competitive advantage than just continuing to license it.
Talks between Stephenson and Time Warner CEO Jeff Bewkes began in August, they said. "Jeff and I both had a vision that if you put these two together, you could innovate much faster," said Stephenson.
Bewkes, who rejected an $80 billion offer from Twenty-First Century Fox Inc in 2014, will stay on for an open-ended period of time to help with the integration.
Stephenson called the deal "vertical" rather than "horizontal" and played down regulatory hurdles.
"There's no competitor being removed from the marketplace, there's no competitive harm that is being rendered by putting these two companies together," said Stephenson. "So any concerns by the regulators, we believe, will be adequately addressed by conditions, that's our anticipation."
Time Warner must pay AT&T $1.725 billion if it finds a different buyer. If regulators block the deal, AT&T must pay Time Warner $500 million, according to people familiar with the deal.
The telecom and media sectors have been consolidating. In addition to Comcast's purchase of NBCUniversal, AT&T's wireless rival Verizon Communications Inc is in the process of buying internet company Yahoo Inc for about $4.8 billion.
FINANCING
AT&T said it would finance the cash portion of the purchase with new debt and cash on its balance sheet. AT&T said it has an 18-month commitment for an unsecured bridge term facility for $40 billion.
AT&T has only $7.2 billion in cash on hand. Further borrowing could pressure its credit rating as it already had $120 billion in net debt as of June 30, according to Moody's.
AT&T said the deal would add to earnings per share in the first year after closing. It said it expected $1 billion in annual run-rate cost savings within three years of closing, chiefly driven by lower corporate and procurement spending.
Shortly after the deal was announced, AT&T reported third-quarter adjusted earnings per share of 74 cents, the same as in the year-ago period and matching Wall Street's average estimate, according to Thomson Reuters I/B/E/S. It hiked its quarterly dividend by a penny to 49 cents per share.
Time Warner said its third-quarter earnings, which have not yet been announced, would show growth in revenue and operating income at each division and double-digit earnings growth.
5G IS COMING
Owning more content gives cable and telecom companies bargaining leverage with other content companies as customers demand smaller, hand-picked cable offerings or switch to watching online. New mobile technology including next-generation 5G networks could make a content tie-up especially attractive for wireless providers.
"We think 5G mobile is coming, we think 5G mobile is an epic game-changer," Rich Tullo, director of research at Albert Fried & Co, said in a research note, adding that mobile providers would be in position to disrupt traditional pay-TV services.
A previous Time Warner blockbuster deal, its 2000 merger with AOL, is considered one of the most ill-advised corporate marriages on record.
Perella Weinberg Partners LP, Bank of America Corp and JPMorgan Chase & Co were financial advisers to AT&T, with Bank of America and JPMorgan also offering bridge financing, while Sullivan & Cromwell LLP and Arnold & Porter LLP provided legal advice.
Allen & Co LLC, Citigroup Inc and Morgan Stanley acted as financial advisers to Time Warner, while Cravath, Swaine & Moore LLP was its legal adviser.
AT&T Inc said on Saturday it agreed to buy Time Warner Inc for $85.4 billion, the boldest move yet by a telecommunications company to acquire content to stream over its network to attract a growing number of online viewers.
The biggest deal in the world this year will, if approved by regulators, give AT&T control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. The tie-up will likely face intense scrutiny by U.S. antitrust enforcers worried that AT&T might try to limit distribution of Time Warner material.
AT&T will pay $107.50 per Time Warner share, half in cash and half in stock, worth $85.4 billion overall, according to a company statement. AT&T said it expected to close the deal by the end of 2017.
Dallas-based AT&T said the U.S. Department of Justice would review the deal and that the companies were determining which Federal Communications Commission licenses, if any, would be transferred to AT&T in the deal.
U.S. lawmakers were already worried about cable company Comcast Corp's $30 billion acquisition of NBCUniversal, and several argued for close regulatory scrutiny of the AT&T deal.
"Such a massive consolidation in this industry requires rigorous evaluation and serious scrutiny," said U.S. Senator Richard Blumenthal, Senate Judiciary Committee member and former attorney general of Connecticut. "I will be looking closely at what this merger means for consumers and their pocketbooks."
U.S. Republican presidential nominee Donald Trump said at a rally he would block any AT&T-Time Warner deal if he wins the Nov. 8 election. Trump has complained about media coverage of his campaign, especially by Time Warner's CNN.
"It's too much concentration of power in the hands of too few," said Trump.
Representatives of his Democratic rival, Hillary Clinton, did not immediately respond to a request for comment.
CONTENT PLUS DELIVERY
AT&T, whose main wireless phone and broadband service business is showing signs of slowing, has already made moves to turn itself into a media powerhouse. It bought satellite TV provider DirecTV last year for $48.5 billion.
It had about 142 million North American wireless subscribers as of June 30, and about 38 million video subscribers through DirecTV and its U-verse service.
New York-based Time Warner is a major force in movies, TV and video games. Its assets include the HBO, CNN, TBS and TNT networks as well as the Warner Bros film studio, producer of the "Batman" and "Harry Potter" film franchises. The company also owns a 10 percent stake in video streaming site Hulu. The HBO network alone has more than 130 million subscribers.
AT&T Chief Executive Officer Randall Stephenson told reporters on a conference call that owning Time Warner and all its content will provide a greater competitive advantage than just continuing to license it.
Talks between Stephenson and Time Warner CEO Jeff Bewkes began in August, they said. "Jeff and I both had a vision that if you put these two together, you could innovate much faster," said Stephenson.
Bewkes, who rejected an $80 billion offer from Twenty-First Century Fox Inc in 2014, will stay on for an open-ended period of time to help with the integration.
Stephenson called the deal "vertical" rather than "horizontal" and played down regulatory hurdles.
"There's no competitor being removed from the marketplace, there's no competitive harm that is being rendered by putting these two companies together," said Stephenson. "So any concerns by the regulators, we believe, will be adequately addressed by conditions, that's our anticipation."
Time Warner must pay AT&T $1.725 billion if it finds a different buyer. If regulators block the deal, AT&T must pay Time Warner $500 million, according to people familiar with the deal.
The telecom and media sectors have been consolidating. In addition to Comcast's purchase of NBCUniversal, AT&T's wireless rival Verizon Communications Inc is in the process of buying internet company Yahoo Inc for about $4.8 billion.
FINANCING
AT&T said it would finance the cash portion of the purchase with new debt and cash on its balance sheet. AT&T said it has an 18-month commitment for an unsecured bridge term facility for $40 billion.
AT&T has only $7.2 billion in cash on hand. Further borrowing could pressure its credit rating as it already had $120 billion in net debt as of June 30, according to Moody's.
AT&T said the deal would add to earnings per share in the first year after closing. It said it expected $1 billion in annual run-rate cost savings within three years of closing, chiefly driven by lower corporate and procurement spending.
Shortly after the deal was announced, AT&T reported third-quarter adjusted earnings per share of 74 cents, the same as in the year-ago period and matching Wall Street's average estimate, according to Thomson Reuters I/B/E/S. It hiked its quarterly dividend by a penny to 49 cents per share.
Time Warner said its third-quarter earnings, which have not yet been announced, would show growth in revenue and operating income at each division and double-digit earnings growth.
5G IS COMING
Owning more content gives cable and telecom companies bargaining leverage with other content companies as customers demand smaller, hand-picked cable offerings or switch to watching online. New mobile technology including next-generation 5G networks could make a content tie-up especially attractive for wireless providers.
"We think 5G mobile is coming, we think 5G mobile is an epic game-changer," Rich Tullo, director of research at Albert Fried & Co, said in a research note, adding that mobile providers would be in position to disrupt traditional pay-TV services.
A previous Time Warner blockbuster deal, its 2000 merger with AOL, is considered one of the most ill-advised corporate marriages on record.
Perella Weinberg Partners LP, Bank of America Corp and JPMorgan Chase & Co were financial advisers to AT&T, with Bank of America and JPMorgan also offering bridge financing, while Sullivan & Cromwell LLP and Arnold & Porter LLP provided legal advice.
Allen & Co LLC, Citigroup Inc and Morgan Stanley acted as financial advisers to Time Warner, while Cravath, Swaine & Moore LLP was its legal adviser.
Sea plane service soon from Nagpur to Shirdi: Nitin Gadkari
-
Road Transport and Highways and Shipping Minister Nitin Gadkari on Sunday said a sea plane service will be soon launched from Ambajhari lake here to Shirdi via Anand Sagar Lake in Shegaon.
The sea plane will fly in the morning and return the same day. The sea plane has been launched to benefit the people in and around Nagpur who visit these two pilgrim sites, Gadkari said at a function here.
There is a shrine of Sai Baba in Shirdi in Ahmednagar district of Maharashtra while in Shegaon there is 'Gajanan Maharaj Samadhi Mandir'.
Gadkari along with Maharashtra Chief Minister Devendra Fadnavis performed 'bhoomipoojan' of network of cement concrete roads here.
The two BJP leaders vowed to make Maharashtra's second capital a top city in the country with number of development works.
Fadnavis said these cement concrete roads will last for at least 50 years.
The cement roads worth Rs 1,000 crores are being constructed in the city, including Rs 300 crore cement roads in South-West Assembly constituency which is represented by Fadnavis himself.
The Metro Rail work is also in full swing and by 2019, Nagpur will be a developed in to a global city, said the Chief Minister.
Gadkari also said tar roads are not suitable for Nagpur and don't last long hence cement roads are being constructed by the Nagpur Improvement Trust and the Nagpur Municipal Corporation (NMC).
The soil will be tested before taking up cement roads, he added.
Road works to the tune of Rs 28 crores was already undertaken during the last two-and-half-year regime of BJP-SS, he said.
Road Transport and Highways and Shipping Minister Nitin Gadkari on Sunday said a sea plane service will be soon launched from Ambajhari lake here to Shirdi via Anand Sagar Lake in Shegaon.
The sea plane will fly in the morning and return the same day. The sea plane has been launched to benefit the people in and around Nagpur who visit these two pilgrim sites, Gadkari said at a function here.
There is a shrine of Sai Baba in Shirdi in Ahmednagar district of Maharashtra while in Shegaon there is 'Gajanan Maharaj Samadhi Mandir'.
Gadkari along with Maharashtra Chief Minister Devendra Fadnavis performed 'bhoomipoojan' of network of cement concrete roads here.
The two BJP leaders vowed to make Maharashtra's second capital a top city in the country with number of development works.
Fadnavis said these cement concrete roads will last for at least 50 years.
The cement roads worth Rs 1,000 crores are being constructed in the city, including Rs 300 crore cement roads in South-West Assembly constituency which is represented by Fadnavis himself.
The Metro Rail work is also in full swing and by 2019, Nagpur will be a developed in to a global city, said the Chief Minister.
Gadkari also said tar roads are not suitable for Nagpur and don't last long hence cement roads are being constructed by the Nagpur Improvement Trust and the Nagpur Municipal Corporation (NMC).
The soil will be tested before taking up cement roads, he added.
Road works to the tune of Rs 28 crores was already undertaken during the last two-and-half-year regime of BJP-SS, he said.
Power sector debt worth Rs 1.34 trillion at high risk: Crisil
-
Nearly Rs 1.34 lakh crore worth of debt on operational and under-construction power projects is at risk, says ratings agency Crisil.
As per Crisil estimates, around 17,000 MW of operational power projects with a debt of Rs 70,000 crore and additional 24,000 MW under-construction projects with a debt exposure of around Rs 64,000 crore are at high risk.
"These operational projects are those, which are facing the consequences of aggressive bidding for coal supplies or facing huge cost overruns, and those with gas-supply issues," Crisil Senior Director Sudip Sural said.
He said over the period, the credit growth to the sector will moderate to 5 per cent over the next three years as compared to an average of 18 per cent witnessed in the last five years.
"This is primarily because the discoms debt which has been the key components of this exposure, is going to go out of the banking system over a period of time and move to the fold of the state government because of the UDAY scheme," Sural said.
Also, fresh investments in the thermal generation sector will remain muted, while on the other hand the capacity addition in the renewable space will give some fillip to the credit growth, he said.
As far as delinquencies are concerned, Crisil noted, that while the gross NPAs in the sector have increased from 1.3 per cent to 4.4 per cent in financial year 2015-16, the stressed assets as measured by gross NPAs and restructured standard assets continue to remain steady at 14 per cent.
"They have not seen an increase primarily on account of the movement of Rs 75,000 crore out of this category on the account of UDAY scheme. So, essentially on the restructured assets quantum have come down," Sural said.
"But even with the reduction it continued to be at elevated level in the sector," he added.
Crisil further observed that in the discoms space banking sector debt is expected to come down significantly over the next 3 years with UDAY scheme making increasing impact.
"What we will see is that state governments will take over the principal financiers to discom. As per our estimates as of March 2019, of the roughly Rs 4.6 lakh crore exposure to discoms Rs 3.4 lakh crore would be coming in from state governments," he noted.
Nearly Rs 1.34 lakh crore worth of debt on operational and under-construction power projects is at risk, says ratings agency Crisil.
As per Crisil estimates, around 17,000 MW of operational power projects with a debt of Rs 70,000 crore and additional 24,000 MW under-construction projects with a debt exposure of around Rs 64,000 crore are at high risk.
"These operational projects are those, which are facing the consequences of aggressive bidding for coal supplies or facing huge cost overruns, and those with gas-supply issues," Crisil Senior Director Sudip Sural said.
He said over the period, the credit growth to the sector will moderate to 5 per cent over the next three years as compared to an average of 18 per cent witnessed in the last five years.
"This is primarily because the discoms debt which has been the key components of this exposure, is going to go out of the banking system over a period of time and move to the fold of the state government because of the UDAY scheme," Sural said.
Also, fresh investments in the thermal generation sector will remain muted, while on the other hand the capacity addition in the renewable space will give some fillip to the credit growth, he said.
As far as delinquencies are concerned, Crisil noted, that while the gross NPAs in the sector have increased from 1.3 per cent to 4.4 per cent in financial year 2015-16, the stressed assets as measured by gross NPAs and restructured standard assets continue to remain steady at 14 per cent.
"They have not seen an increase primarily on account of the movement of Rs 75,000 crore out of this category on the account of UDAY scheme. So, essentially on the restructured assets quantum have come down," Sural said.
"But even with the reduction it continued to be at elevated level in the sector," he added.
Crisil further observed that in the discoms space banking sector debt is expected to come down significantly over the next 3 years with UDAY scheme making increasing impact.
"What we will see is that state governments will take over the principal financiers to discom. As per our estimates as of March 2019, of the roughly Rs 4.6 lakh crore exposure to discoms Rs 3.4 lakh crore would be coming in from state governments," he noted.
General Awareness
India beat Iran 38-29 to win 2016 Kabaddi World Cup
-
India beat Iran 38-29 in the title clash to lift the 2016 Kabaddi World Cup in Ahmedabad on October 22 2016.
About Kabaddi World Cup :
The 2016 Kabaddi World Cup, the third standard-style Kabaddi World Cup, was an international kabaddi tournament governed by the International Kabaddi Federation, contested from 7 to 22 October 2016 in Ahmedabad, India. Twelve countries had competed in the tournament. India defeated Iran by a margin of 38–29 in the final to win their third Kabaddi World Cup.
- The tournament is being hosted at The Arena (currently known as The Arena by Trans Stadia), a newly-constructed convertible stadium in Ahmedabad.
- In its standard configuration, it operates as an outdoor football pitch capable of seating 20,000.
- The venue utilizes technology licensed from the British firm StadiArena, which allows a portion of the field to be partitioned into a 4,000-seat indoor arena, which is used for the tournament. The venue is a public-private partnership with India’s Department of Tourism.
- The second half changed the order of events in the final, attended by a capacity crowd, with India coming from six points down to create an eight points margin for themselves before running away with things.
- The final was like a boxing bout as both teams traded punches and gave it as good as they got. India struck the early blows as Sandeep Narwal and Thakur scored raid points to lead 2-0 in the third minute.
- Meraj Sheykh scored Iran’s first point as they levelled the game at 2-2 in the fourth minute. Iran’s defence were up for it as they contained Pardeep Narwal effectively and then sent Thakur to the bench to lead 5-4 in the eighth minute.
- The match lived up to its expectations as both teams fought hard and refused to give an inch.
- Skipper Anup Kumar scored his trademark bonus point to level the scores at 6-6 in the 10th minute. Meraj Sheykh scored with an excellent raid and reduced India to just three men as Iran led 9-7 in the 13th minute.
- India’s defence had a below par first 15 minutes as they scored just one tackle point. Iran reduced India to just two men but a brilliant super tackle by Mohit Chhillar the 16th minute to cut the lead to just one point again.
- Meraj Sheykh continued to be a thorn in the Indian defence but Nitin Tomar came up with a brilliant raid and scored two points in the 18th minute as India trailed 11-12.
- The 2016 World Cup provided with thrills, excitement and reached out to the hearts of millions across the world. India lived up to their favourites tag and delighted their fans all over the country.
Kabaddi WC venue is India’s 1st convertible stadium
India won the Kabbadi World Cup against Iran in Ahmedabad’s Trans Stadia Arena, which is India’s first convertible stadium.
- Being Asia’s biggest seven-floor stadium, Arena’s 20, 000 seater transforms into a 4000 seater, pillar-less multipurpose indoor venue at the touch of a button. With stunning technological features, this metamorphosis occurs at the touch of a button, unsurprisingly.
- The stadium, which is a Rs 550 crore project, has a seating capacity of 21,000 and its indoor arena can be utilized for 12 indoor sports. Built on the defunct Abad Dairy property measuring about 9 acres, it uses globally patented technology and boasts of a natural turf similar to that of the ones approved by FIFA.
India beat Iran 38-29 in the title clash to lift the 2016 Kabaddi World Cup in Ahmedabad on October 22 2016.
About Kabaddi World Cup :
The 2016 Kabaddi World Cup, the third standard-style Kabaddi World Cup, was an international kabaddi tournament governed by the International Kabaddi Federation, contested from 7 to 22 October 2016 in Ahmedabad, India. Twelve countries had competed in the tournament. India defeated Iran by a margin of 38–29 in the final to win their third Kabaddi World Cup.
- The tournament is being hosted at The Arena (currently known as The Arena by Trans Stadia), a newly-constructed convertible stadium in Ahmedabad.
- In its standard configuration, it operates as an outdoor football pitch capable of seating 20,000.
- The venue utilizes technology licensed from the British firm StadiArena, which allows a portion of the field to be partitioned into a 4,000-seat indoor arena, which is used for the tournament. The venue is a public-private partnership with India’s Department of Tourism.
- The second half changed the order of events in the final, attended by a capacity crowd, with India coming from six points down to create an eight points margin for themselves before running away with things.
- The final was like a boxing bout as both teams traded punches and gave it as good as they got. India struck the early blows as Sandeep Narwal and Thakur scored raid points to lead 2-0 in the third minute.
- Meraj Sheykh scored Iran’s first point as they levelled the game at 2-2 in the fourth minute. Iran’s defence were up for it as they contained Pardeep Narwal effectively and then sent Thakur to the bench to lead 5-4 in the eighth minute.
- The match lived up to its expectations as both teams fought hard and refused to give an inch.
- Skipper Anup Kumar scored his trademark bonus point to level the scores at 6-6 in the 10th minute. Meraj Sheykh scored with an excellent raid and reduced India to just three men as Iran led 9-7 in the 13th minute.
- India’s defence had a below par first 15 minutes as they scored just one tackle point. Iran reduced India to just two men but a brilliant super tackle by Mohit Chhillar the 16th minute to cut the lead to just one point again.
- Meraj Sheykh continued to be a thorn in the Indian defence but Nitin Tomar came up with a brilliant raid and scored two points in the 18th minute as India trailed 11-12.
- The 2016 World Cup provided with thrills, excitement and reached out to the hearts of millions across the world. India lived up to their favourites tag and delighted their fans all over the country.
Kabaddi WC venue is India’s 1st convertible stadium
India won the Kabbadi World Cup against Iran in Ahmedabad’s Trans Stadia Arena, which is India’s first convertible stadium.
- Being Asia’s biggest seven-floor stadium, Arena’s 20, 000 seater transforms into a 4000 seater, pillar-less multipurpose indoor venue at the touch of a button. With stunning technological features, this metamorphosis occurs at the touch of a button, unsurprisingly.
- The stadium, which is a Rs 550 crore project, has a seating capacity of 21,000 and its indoor arena can be utilized for 12 indoor sports. Built on the defunct Abad Dairy property measuring about 9 acres, it uses globally patented technology and boasts of a natural turf similar to that of the ones approved by FIFA.
No comments:
Post a Comment