General Affairs
Defence Minister To Be Felicitated For 'Successful' Strike
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LUCKNOW: Days after India's surgical strikes in Pakistan-occupied Kashmir (POK), the state BJP's Uttar Pradesh unit is planning to accord a "warm reception" to Defence Minister Manohar Parrikar who is set to visit in Lucknow on Thursday.
"Parrikar, a Rajya Sabha member from the state, arrives in state capital tomorrow and party cadres will accord him a warm reception," a BJP spokesman said.
"The workers are upbeat after the success of the Indian Army and it is natural for them to express themselves by according a warm reception to all those connected with it, and the local unit has drawn up a grand welcome programme," the spokesman added.
Besides public reception at different spots on way to the party office from the airport in the afternoon, Mr Parrikar would attend a reception at a school auditorium in the evening. He is expected to return to New Delhi later in the day.
BJP workers in the state capital have put up big hoardings thanking Prime Minister Narendra Modi and Mr Parrikar for "teaching a lesson to Pakistan."
"Parrikar, a Rajya Sabha member from the state, arrives in state capital tomorrow and party cadres will accord him a warm reception," a BJP spokesman said.
"The workers are upbeat after the success of the Indian Army and it is natural for them to express themselves by according a warm reception to all those connected with it, and the local unit has drawn up a grand welcome programme," the spokesman added.
Besides public reception at different spots on way to the party office from the airport in the afternoon, Mr Parrikar would attend a reception at a school auditorium in the evening. He is expected to return to New Delhi later in the day.
BJP workers in the state capital have put up big hoardings thanking Prime Minister Narendra Modi and Mr Parrikar for "teaching a lesson to Pakistan."
Railways Working To Run Fully Solar-Powered Trains: Suresh Prabhu
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NEW DELHI: Union Minister for Railways Suresh Prabhu on Wednesday said Indian Railways is working to run fully solar-powered trains in the future.
Mr Prabhu said this after flagging-off the first freight train which featured a newly-developed guard van, which uses solar power to run fans and lights.
The minister further said that powering fans and lights in the newly-developed guards van through solar panel-produced power will help in reducing the carbon footprint of the railways.
According to the railways, the new guards van has been designed to address shortcomings in brake vans by providing facilities like lighting and fans, which comes as a relief for the guards of the goods trains.
"The facilities are powered by solar energy making the guard van environment-friendly. We care for our environment," the Railway Minister tweeted.
Mr Prabhu said the Indian Railways is committed to providing "good working conditions" to its employees.
"Indian Railways committed to providing good working conditions for its employees and customers," Mr Prabhu tweeted.
"The new guard van has light, fans, charging point, bio-toilet."
The newly-developed guard van also features GPRS (General Packet Radio Services) -aided monitoring system.
Mr Prabhu said this after flagging-off the first freight train which featured a newly-developed guard van, which uses solar power to run fans and lights.
The minister further said that powering fans and lights in the newly-developed guards van through solar panel-produced power will help in reducing the carbon footprint of the railways.
"The facilities are powered by solar energy making the guard van environment-friendly. We care for our environment," the Railway Minister tweeted.
Mr Prabhu said the Indian Railways is committed to providing "good working conditions" to its employees.
"Indian Railways committed to providing good working conditions for its employees and customers," Mr Prabhu tweeted.
"The new guard van has light, fans, charging point, bio-toilet."
The newly-developed guard van also features GPRS (General Packet Radio Services) -aided monitoring system.
India Slams Nawaz Sharif As He Talks Burhan Wani, Kashmir In Parliament
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NEW DELHI: India today rebutted Pakistan Prime Minister Nawaz Sharif's comments eulogizing Kashmiri terrorist Burhan Wani and his ridicule of Prime Minister Narendra Modi's statement, issuing a challenge to Pakistan to win the war against poverty.
Mr Sharif's comments, government sources said, shows Pakistan's continued attachment to terrorism. "Those who provide safe havens and training to terrorists are no less guilty," tweeted the foreign ministry, quoting junior foreign minister MJ Akbar, who is currently attending a conference in Belgium's capital Brussels.
Despite India saying the issue of cross-border terrorism and the need to control terrorists operating from Pakistani soil must be discussed first, and the snub on Kashmir from a large section of the international community, Mr Sharif eulogised Burhan Wani at a joint session of Pakistan's parliament convened to discuss its security situation.
"Burhan's Wani's martyrdom got Kashmir's movement to a turning point. Killing innocent people can't stop this movement now," he said.
Reiterating that Pakistan wanted peace, he said, "We want dialogue on all issues including Kashmir. We will walk this well-thought path, but the desire for peace should be considered a respectable nation's desire."
Responding to Prime Minister Narendra Modi's speech last month, challenging Pakistan to a contest over eradicating poverty and other social ills, Mr Sharif added, "If they (Indian leaders) want us to fight them to end poverty, then they should realise that poverty cannot be eradicated by driving tanks on farmlands."
Mr Sharif's comments, government sources said, shows Pakistan's continued attachment to terrorism. "Those who provide safe havens and training to terrorists are no less guilty," tweeted the foreign ministry, quoting junior foreign minister MJ Akbar, who is currently attending a conference in Belgium's capital Brussels.
Despite India saying the issue of cross-border terrorism and the need to control terrorists operating from Pakistani soil must be discussed first, and the snub on Kashmir from a large section of the international community, Mr Sharif eulogised Burhan Wani at a joint session of Pakistan's parliament convened to discuss its security situation.
Reiterating that Pakistan wanted peace, he said, "We want dialogue on all issues including Kashmir. We will walk this well-thought path, but the desire for peace should be considered a respectable nation's desire."
Responding to Prime Minister Narendra Modi's speech last month, challenging Pakistan to a contest over eradicating poverty and other social ills, Mr Sharif added, "If they (Indian leaders) want us to fight them to end poverty, then they should realise that poverty cannot be eradicated by driving tanks on farmlands."
9 Pakistani Fishermen Held In Creek Area In Gujarat
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NEW DELHI: Border Security Force or BSF today apprehended nine Pakistani fishermen after their boat entered a creek area in Gujarat along the Indo-Pak International Border (IB) near Bhuj.
BSF personnel on-board a fast interceptor boat noticed an engine-fitted wooden fishing boat which had ventured into the Indian waters around 10:00 AM, a senior BSF official said.
The force personnel challenged the fishermen and caught them at Chouhan Nala near G-43 pillar, the official said.
Security agencies are interrogating the fishermen and their Pakistan counterparts will be informed so that if there is nothing suspicious they can be handed back to the other side, the official said.
Nothing objectionable had been recovered from the nine fishermen except some fishing equipment, jericans of fuel and crabs, sources said.
The Inspector General of Gujarat Frontier of BSF, Ajay Tomar, said, "Our patrolling party detained them as soon as they entered the Indian waters near Padala creek. Nothing suspicious has been found from them. Indian fishermen are also prohibited from entering the creek area because of its strategic location."
On Sunday, the Indian Coast Guard had captured a Pakistani fishing boat with nine crew members off Gujarat cost near Porbandar. The capture came amid high alert sounded across land and sea borders with Pakistan following the surgical strikes by the Indian Army across Line of Control.
In May this year, BSF had apprehended 18 Pakistani fishermen from the creek area near Koteshwar Border Out Post (BOP) and seized two mechanised fishing boats.
Many times, BSF has also found fishing boats abandoned by Pakistani fishermen in the Indian waters while fleeing after spotting the BSF patrol boats
BSF personnel on-board a fast interceptor boat noticed an engine-fitted wooden fishing boat which had ventured into the Indian waters around 10:00 AM, a senior BSF official said.
The force personnel challenged the fishermen and caught them at Chouhan Nala near G-43 pillar, the official said.
Security agencies are interrogating the fishermen and their Pakistan counterparts will be informed so that if there is nothing suspicious they can be handed back to the other side, the official said.
Nothing objectionable had been recovered from the nine fishermen except some fishing equipment, jericans of fuel and crabs, sources said.
The Inspector General of Gujarat Frontier of BSF, Ajay Tomar, said, "Our patrolling party detained them as soon as they entered the Indian waters near Padala creek. Nothing suspicious has been found from them. Indian fishermen are also prohibited from entering the creek area because of its strategic location."
On Sunday, the Indian Coast Guard had captured a Pakistani fishing boat with nine crew members off Gujarat cost near Porbandar. The capture came amid high alert sounded across land and sea borders with Pakistan following the surgical strikes by the Indian Army across Line of Control.
In May this year, BSF had apprehended 18 Pakistani fishermen from the creek area near Koteshwar Border Out Post (BOP) and seized two mechanised fishing boats.
Many times, BSF has also found fishing boats abandoned by Pakistani fishermen in the Indian waters while fleeing after spotting the BSF patrol boats
China Wants Action On Global Terrorists But No UN Ban On Jaish Chief Masood Azhar
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BEIJING: Days after extending its blockade on India's move to impose a UN ban on Pakistan-based Jaish-e-Mohammad chief Masood Azhar, China today called for a stronger global response to curb cross-border movement of foreign terrorists.
Speaking at a meeting on counter-terrorism in New York, Wu Haitao, China's deputy permanent representative to the UN said frequent cross-border flow of foreign terrorists has caused ever greater harm to international security and stability, state-run Xinhua news agency reported.
The report defined foreign terrorists as individuals who travel to a state other than their states of residence or nationality for the purpose of participating in terrorist acts.
"The UN and the relevant international agencies should set up counter-terrorism data bases as soon as possible and share intelligence so as to create conditions for effectively curbing the cross-border movement of foreign terrorist fighters," he said.
Wu's speech against the cross border movement for foreign fighters followed Beijing extending the "technical hold" on India's pending petition to ban Azhar for his involvement in the Pathankot terrorist attack.
Announcing the extension of the technical hold on October 1, Chinese Foreign Ministry spokesman, said, "China always maintains that on the listing matter, the 1267 Committee should stick to the principles of objectivity, impartiality and professionalism, base its judgments on solid evidence and decide upon consensus among the members of the Security Council".
China, a veto-wielding member had put a technical hold on the move to impose a ban on Azhar six months ago in the 1267 Committee of the UN Security Council (UNSC) comprising of 15 members of the council including the five permanent members.
China was the lone country which put the technical hold at the last minute which drew strong criticism from India.
However China's stand against movement for foreign terrorists could raise eyebrows in Pakistan as both Azhar and Lashkar-e-Taiba chief Hafiz Saeed are Pakistanis.
India has been highlighting the cross-border terror threat emanating from Pakistan and tensions between New Delhi and Islamabad is on the rise since last month's Uri attack in Jammu and Kashmir which killed 19 Indian soldiers.
Speaking at a meeting on counter-terrorism in New York, Wu Haitao, China's deputy permanent representative to the UN said frequent cross-border flow of foreign terrorists has caused ever greater harm to international security and stability, state-run Xinhua news agency reported.
The report defined foreign terrorists as individuals who travel to a state other than their states of residence or nationality for the purpose of participating in terrorist acts.
Wu's speech against the cross border movement for foreign fighters followed Beijing extending the "technical hold" on India's pending petition to ban Azhar for his involvement in the Pathankot terrorist attack.
Announcing the extension of the technical hold on October 1, Chinese Foreign Ministry spokesman, said, "China always maintains that on the listing matter, the 1267 Committee should stick to the principles of objectivity, impartiality and professionalism, base its judgments on solid evidence and decide upon consensus among the members of the Security Council".
China was the lone country which put the technical hold at the last minute which drew strong criticism from India.
However China's stand against movement for foreign terrorists could raise eyebrows in Pakistan as both Azhar and Lashkar-e-Taiba chief Hafiz Saeed are Pakistanis.
India has been highlighting the cross-border terror threat emanating from Pakistan and tensions between New Delhi and Islamabad is on the rise since last month's Uri attack in Jammu and Kashmir which killed 19 Indian soldiers.
Business Affairs
Syndicate Bank, Bank of India cut lending rates post repo rate cut
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A day after RBI cut repo rate by 25 basis points, public sector lenders Bank of India and Syndicate Bank on Wednesday cut their marginal cost of funds based lending rates (MCLR) in the range of 5 bps to 10 bps.
Borrowing from Syndicate Bank has become cheaper by 10 bps for one year MCLR to 9.45 per cent. The new rate for Bank of India stands at 9.35 per cent.
The six-month lending rate now stands lower by 10 bps to 9.40 per cent for Syndicate Bank while the same rate (six month) for Bank of India stands at 9.25 per cent.
While the three month lending rate has been revised to 9.35 per cent for Syndicate Bank, the same for Bank of India stands at 9.20 per cent.
The new rates will come into effect from October 7, Friday.
The system of calculating base rate as per the marginal cost of funds came into effect from April 1, 2016. RBI had asked banks to price fixed-rate loans of up to three years based on their marginal cost of funds from April 1. All banks are following the MCLR system, a new uniform methodology which ensures fair interest rates to borrowers as well as to banks.
The MCLR prevailing on the day the loan is sanctioned is applicable till the next reset date, irrespective of the changes in the benchmark during the interim period.
Existing loans and credit limits linked to the Base Rate may continue till repayment or renewal. The existing borrowers also have the option to move to the MCLR-linked loan at mutually acceptable terms.
Since 2015, the RBI has cut repo rate by 1.5 per cent but the banks have passed the benefit of mere 0.5 per cent to their customers. Though the banks are not bound to pass on the change in rates to the customers, there has been immense pressure on them to do so by the government.
A day after RBI cut repo rate by 25 basis points, public sector lenders Bank of India and Syndicate Bank on Wednesday cut their marginal cost of funds based lending rates (MCLR) in the range of 5 bps to 10 bps.
Borrowing from Syndicate Bank has become cheaper by 10 bps for one year MCLR to 9.45 per cent. The new rate for Bank of India stands at 9.35 per cent.
The six-month lending rate now stands lower by 10 bps to 9.40 per cent for Syndicate Bank while the same rate (six month) for Bank of India stands at 9.25 per cent.
While the three month lending rate has been revised to 9.35 per cent for Syndicate Bank, the same for Bank of India stands at 9.20 per cent.
The new rates will come into effect from October 7, Friday.
The system of calculating base rate as per the marginal cost of funds came into effect from April 1, 2016. RBI had asked banks to price fixed-rate loans of up to three years based on their marginal cost of funds from April 1. All banks are following the MCLR system, a new uniform methodology which ensures fair interest rates to borrowers as well as to banks.
The MCLR prevailing on the day the loan is sanctioned is applicable till the next reset date, irrespective of the changes in the benchmark during the interim period.
Existing loans and credit limits linked to the Base Rate may continue till repayment or renewal. The existing borrowers also have the option to move to the MCLR-linked loan at mutually acceptable terms.
Since 2015, the RBI has cut repo rate by 1.5 per cent but the banks have passed the benefit of mere 0.5 per cent to their customers. Though the banks are not bound to pass on the change in rates to the customers, there has been immense pressure on them to do so by the government.
Sensex dips 113 points on negative global cues; Nifty slips below 8,750; ONGC, Axis Bank top losers
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Snapping three-session long gaining spree, the S&P BSE Sensex on Wednesday dipped 113 points, while the broader Nifty50 slipped below its key resistance level of 8,750.
The headline indices cracked as investors booked profits in recent outperformers such as ICICI Bank and HDFC Bank after the central bank cut rates on Tuesday.
The 30-share index ended the day at 28,220, down 113.57 points, while the broad-based 50-share index quoted 8,743, down 25.20 points at close.
RBI's newly-minted monetary policy committee delivered a surprise 25-basis-point cut in the repo rate on Tuesday to 6.25 per cent, the lowest since November 2010.
"I don't think there is any weakness in the market; it's a pure technical correction and normal profit-booking," said R K Gupta, managing director, Taurus Asset Management, adding the next big trigger would probably be the corporate earnings.
ONGC stock was the top loser on both the benchmark indices and lost nearly 3 per cent on the BSE.
Infosys and HCL Technologies fell 1.16 per cent and 1.45 per cent, respectively in intraday deals, sending the Nifty IT Index down over 1 per cent.
Among the gainers, consumer stocks ITC and Hindustan Unilever rose as much as 0.85 per cent and 1.55 per cent, respectively.
Snapping three-session long gaining spree, the S&P BSE Sensex on Wednesday dipped 113 points, while the broader Nifty50 slipped below its key resistance level of 8,750.
The headline indices cracked as investors booked profits in recent outperformers such as ICICI Bank and HDFC Bank after the central bank cut rates on Tuesday.
The 30-share index ended the day at 28,220, down 113.57 points, while the broad-based 50-share index quoted 8,743, down 25.20 points at close.
"I don't think there is any weakness in the market; it's a pure technical correction and normal profit-booking," said R K Gupta, managing director, Taurus Asset Management, adding the next big trigger would probably be the corporate earnings.
ONGC stock was the top loser on both the benchmark indices and lost nearly 3 per cent on the BSE.
Infosys and HCL Technologies fell 1.16 per cent and 1.45 per cent, respectively in intraday deals, sending the Nifty IT Index down over 1 per cent.
Among the gainers, consumer stocks ITC and Hindustan Unilever rose as much as 0.85 per cent and 1.55 per cent, respectively.
Price war in Indian skies: Jet Airways, SpiceJet, AirAsia cut fares
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A price war has broken out in Indian skies with full-service carrier Jet Airways announcing special offers that include base fares starting as low as Rs 396 (excluding taxes and fuel surcharge) on select domestic routes while rival low-cost airline Spicejet has come out with discounted fares for both domestic and international routes.
The offers come close on the heels of AirAsia's discounted fares announced on Monday.
Jet Airways said tickets for the special fare offer can be booked between October 4 and October 7 for the travel period from November 8, 2016 onwards on select domestic routes.
The offer is valid only on Jet Airways direct flights within India and available on firstcome-first serve basis, it said. The base fare excludes fuel surcharge, statutory taxes and fees.
``This exciting limited-period offer is our way of joining the festive celebrations, together with our guests, their families and loved ones,'' Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
Gurgaon-based SpiceJet has announced airfares as low as Rs 888 for its domestic flights and Rs 3,699 for overseas flights under its festival sale offer.
The flights under the offer can be booked from October 4 till October 7 while the journey can be undertaken between November 8, 2016 and April 13, 2017, SpiceJet said in a release. The seats available under the special festival sale are limited and on a first-come-first-served basis, it added.
Applicable only on direct flights, under this offer, tickets on domestic routes are priced for popular routes such as Bengaluru - Kochi, Delhi -Dehradun, Chennai - Bengaluru at Rs. 888 (all-in; one-way) while within the international sector, the sale offer has encompassed Chennai -Colombo routes at Rs.3699 (all-in; one-way) among others.
Another no-frills carrier, AirAsia India, which has only domestic operations, has also launched a discounted ticket schemes as part of its year-end sale, in which it is offering fares starting at Rs 999 for a limited period.
However, its parent company AirAsia is offering discounted fares on international routes as well.
An industry insider said the slashed fares are being offered to fill seats in advance which otherwise may have gone empty.
Airlines such as SpiceJet have been very aggressive in their pricing and this advance sale of tickets helps it to get hard cash in hand which lowers the requirement of raising costly working loans to run operations.
Former Air India executive director and aviation expert Jeetendra Bhargava said, "Such offers that benefit customers are welcome but airlines should not chase market share at the cost of profitability.''
He said aviation industry is currently blessed with two key factors - relatively low jet fuel costs and high load factorsthat will help them to break-even, but they have to keep in mind that low fares cannot be offered at the cost of jeopardizing profitability as this will spell trouble for the industry.
A price war has broken out in Indian skies with full-service carrier Jet Airways announcing special offers that include base fares starting as low as Rs 396 (excluding taxes and fuel surcharge) on select domestic routes while rival low-cost airline Spicejet has come out with discounted fares for both domestic and international routes.
The offers come close on the heels of AirAsia's discounted fares announced on Monday.
Jet Airways said tickets for the special fare offer can be booked between October 4 and October 7 for the travel period from November 8, 2016 onwards on select domestic routes.
The offer is valid only on Jet Airways direct flights within India and available on firstcome-first serve basis, it said. The base fare excludes fuel surcharge, statutory taxes and fees.
``This exciting limited-period offer is our way of joining the festive celebrations, together with our guests, their families and loved ones,'' Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
Gurgaon-based SpiceJet has announced airfares as low as Rs 888 for its domestic flights and Rs 3,699 for overseas flights under its festival sale offer.
The flights under the offer can be booked from October 4 till October 7 while the journey can be undertaken between November 8, 2016 and April 13, 2017, SpiceJet said in a release. The seats available under the special festival sale are limited and on a first-come-first-served basis, it added.
Applicable only on direct flights, under this offer, tickets on domestic routes are priced for popular routes such as Bengaluru - Kochi, Delhi -Dehradun, Chennai - Bengaluru at Rs. 888 (all-in; one-way) while within the international sector, the sale offer has encompassed Chennai -Colombo routes at Rs.3699 (all-in; one-way) among others.
Another no-frills carrier, AirAsia India, which has only domestic operations, has also launched a discounted ticket schemes as part of its year-end sale, in which it is offering fares starting at Rs 999 for a limited period.
However, its parent company AirAsia is offering discounted fares on international routes as well.
An industry insider said the slashed fares are being offered to fill seats in advance which otherwise may have gone empty.
Airlines such as SpiceJet have been very aggressive in their pricing and this advance sale of tickets helps it to get hard cash in hand which lowers the requirement of raising costly working loans to run operations.
Former Air India executive director and aviation expert Jeetendra Bhargava said, "Such offers that benefit customers are welcome but airlines should not chase market share at the cost of profitability.''
He said aviation industry is currently blessed with two key factors - relatively low jet fuel costs and high load factorsthat will help them to break-even, but they have to keep in mind that low fares cannot be offered at the cost of jeopardizing profitability as this will spell trouble for the industry.
Rupee snaps 3-day rally, down 5 paise at 66.51
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The Indian rupee on Wednesday lost 5 paise to end at 66.51, halting its three-straight session rally, on fresh demand for the American currency from importers and banks amid bout of global risk aversion.
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency.
The dollar has staged a broad-based rally against all its major trading partners on growing confidence of economic activity.
The home currency opened sharply lower at 66.63 from Tuesday's closing value of 66.46 at the Interbank Foreign Exchange (Forex) Market and drifted further to 66.65 due to renewed dollar demand.
After trading in a tight range most part of the day, the local unit managed to curtail losses toward the fag-end trade and settled down at 66.51, revealing a loss of 5 paise, or 0.08 per cent.
It had been gaining over the past three days.
In worldwide trade, the dollar bull run continued for the second straight day against all major leading currencies buoyed by an improvement in US economic data and also hawkish comments from FOMC members, raising expectations for a December rate hike by the Federal Reserve.
The greenback had been on a strong footing after rallying at the start of the week on an upbeat survey of the US manufacturing sector.
Pound Sterling remained under immense pressure after plunging to a three-decade low overnight on worries that Britain's separation from the European Union could have adverse economic consequences.
Meanwhile, the euro soared to a five-year peak against the struggling pound on Wednesday and scaled a three-week high against the yen, bolstered by rising eurozone government bond yields following reports of ECB policy change.
The dollar index was trading down by 0.03 per cent at 96.08 as against a basket of six currencies in late afternoon trade.
The RBI on Wednesday fixed the reference rate for the dollar at 66.5699 and euro at 74.6515.
In cross-currency trades, the rupee continued to rule firm against the pound sterling to end at 84.62 from 84.68 and strengthened further against the Japanese yen to finish at 64.54 as compared to 64.87 per 100 yens on Tuesday.
The home unit, however, edged lower against the euro to settle at 74.59 from 74.20 earlier.
The Indian rupee on Wednesday lost 5 paise to end at 66.51, halting its three-straight session rally, on fresh demand for the American currency from importers and banks amid bout of global risk aversion.
Bullish dollar sentiment overseas alongside sluggish domestic equity market predominantly impacted the domestic currency.
The dollar has staged a broad-based rally against all its major trading partners on growing confidence of economic activity.
The home currency opened sharply lower at 66.63 from Tuesday's closing value of 66.46 at the Interbank Foreign Exchange (Forex) Market and drifted further to 66.65 due to renewed dollar demand.
After trading in a tight range most part of the day, the local unit managed to curtail losses toward the fag-end trade and settled down at 66.51, revealing a loss of 5 paise, or 0.08 per cent.
It had been gaining over the past three days.
In worldwide trade, the dollar bull run continued for the second straight day against all major leading currencies buoyed by an improvement in US economic data and also hawkish comments from FOMC members, raising expectations for a December rate hike by the Federal Reserve.
The greenback had been on a strong footing after rallying at the start of the week on an upbeat survey of the US manufacturing sector.
Pound Sterling remained under immense pressure after plunging to a three-decade low overnight on worries that Britain's separation from the European Union could have adverse economic consequences.
Meanwhile, the euro soared to a five-year peak against the struggling pound on Wednesday and scaled a three-week high against the yen, bolstered by rising eurozone government bond yields following reports of ECB policy change.
The dollar index was trading down by 0.03 per cent at 96.08 as against a basket of six currencies in late afternoon trade.
The RBI on Wednesday fixed the reference rate for the dollar at 66.5699 and euro at 74.6515.
In cross-currency trades, the rupee continued to rule firm against the pound sterling to end at 84.62 from 84.68 and strengthened further against the Japanese yen to finish at 64.54 as compared to 64.87 per 100 yens on Tuesday.
The home unit, however, edged lower against the euro to settle at 74.59 from 74.20 earlier.
Former rivals, Honda and Yamaha Motor announce scooter tie-up
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Japan's Honda Motor Co Ltd and Yamaha Motor Co Ltd on Wednesday said they were joining forces to develop scooters for the domestic market, burying the hatchet on a decades-old rivalry and consolidating production in response to a shrinking motorcycle market.
Honda, the world's largest motorcycle brand by sales, said it would start producing Yamaha's 50-cc engine scooter models for the domestic market at its plant in southern Japan by the end of 2018, based on the manufacturing platform for Honda's small scooter models.
The two companies said that pooling resources would be a way to mitigate increasing costs to develop new scooter technologies and keep pace with ever-tightening emissions regulations in the face of falling domestic scooter sales.
"The slowdown in the scooter market seen in the past few years has made business in the sector very difficult for both companies, so partnering will have merits," Honda operating officer Shinji Aoyama told reporters.
Both companies said they would continue to market scooters separately, and that the partnership was limited to Japan. By far the largest market for both companies is Asia ex-Japan, where a growing demand for scooters from an expanding middle class has created their biggest battleground.
Yamaha managing executive officer Katsuaki Watanabe said having Honda manufacture Yamaha models on contract would likely be more cost efficient than Yamaha's current arrangement of producing the vehicles in Taiwan and exporting them back home.
The two companies said they would also jointly update their respective delivery scooter models, which Honda may also manufacture for Yamaha, while also considering collaboration on electric scooter projects.
The partnership stands in contrast to a bitter rivalry between Honda, the top seller of scooters in Japan, and second-ranked Yamaha which dates back to around 1980, when both companies released dozens of motorcycle models and competed over distribution and pricing to increase market share.
"There's absolutely no bad feeling or ill will left over from that period," Yamaha's Watanabe said.
Since then, overall domestic sales of motorcycles and scooters have fallen sharply due to a slump in demand from a rapidly growing elderly population and falling interest in vehicle ownership among younger consumers particularly in the past few years.
Sales fell 10.6 percent to 373,000 motorcycles in the year ended March 2015, their second year of decline and a drop from the 1.2 million motorbikes sold in 1995.
Motorcycles are a key part of both companies' product line-ups, although domestic sales contribute little to global revenue.
Japan's Honda Motor Co Ltd and Yamaha Motor Co Ltd on Wednesday said they were joining forces to develop scooters for the domestic market, burying the hatchet on a decades-old rivalry and consolidating production in response to a shrinking motorcycle market.
Honda, the world's largest motorcycle brand by sales, said it would start producing Yamaha's 50-cc engine scooter models for the domestic market at its plant in southern Japan by the end of 2018, based on the manufacturing platform for Honda's small scooter models.
The two companies said that pooling resources would be a way to mitigate increasing costs to develop new scooter technologies and keep pace with ever-tightening emissions regulations in the face of falling domestic scooter sales.
"The slowdown in the scooter market seen in the past few years has made business in the sector very difficult for both companies, so partnering will have merits," Honda operating officer Shinji Aoyama told reporters.
Both companies said they would continue to market scooters separately, and that the partnership was limited to Japan. By far the largest market for both companies is Asia ex-Japan, where a growing demand for scooters from an expanding middle class has created their biggest battleground.
Yamaha managing executive officer Katsuaki Watanabe said having Honda manufacture Yamaha models on contract would likely be more cost efficient than Yamaha's current arrangement of producing the vehicles in Taiwan and exporting them back home.
The two companies said they would also jointly update their respective delivery scooter models, which Honda may also manufacture for Yamaha, while also considering collaboration on electric scooter projects.
The partnership stands in contrast to a bitter rivalry between Honda, the top seller of scooters in Japan, and second-ranked Yamaha which dates back to around 1980, when both companies released dozens of motorcycle models and competed over distribution and pricing to increase market share.
"There's absolutely no bad feeling or ill will left over from that period," Yamaha's Watanabe said.
Since then, overall domestic sales of motorcycles and scooters have fallen sharply due to a slump in demand from a rapidly growing elderly population and falling interest in vehicle ownership among younger consumers particularly in the past few years.
Sales fell 10.6 percent to 373,000 motorcycles in the year ended March 2015, their second year of decline and a drop from the 1.2 million motorbikes sold in 1995.
Motorcycles are a key part of both companies' product line-ups, although domestic sales contribute little to global revenue.
General Awareness
2016 Nobel Prize in Physics Awarded to David Thouless, Duncan Haldane and Michael Kosterlitz
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The 2016 Nobel prize in physics is awarded to David Thouless, Duncan Haldane and Michael Kosterlitz for their work on exotic states of matter.
About Nobel Prize in Physics :
The Nobel Prize in Physics is a yearly award given by the Royal Swedish Academy of Sciences for those who conferred the most outstanding contributions for mankind in the field of physics.
- It is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895 and awarded since 1901; the others being the Nobel Prize in Chemistry, Nobel Prize in Literature, Nobel Peace Prize, and Nobel Prize in Physiology or Medicine.
- The first Nobel Prize in Physics was awarded to a German physicist Wilhelm Röntgen in recognition of the extraordinary services he has rendered by the discovery of the remarkable rays.
- This award is administered by the Nobel Foundation and widely regarded as the most prestigious award that a scientist can receive in physics.
- It is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel’s death. Through 2015, a total of 200 individuals have been awarded the prize.
- A maximum of three Nobel laureates and two different works may be selected for the Nobel Prize in Physics. Compared with other Nobel Prizes, the nomination and selection process for the prize in Physics is long and rigorous. This is a key reason why it has grown in importance over the years to become the most important prize in Physics.
About David James Thouless,
David James Thouless is a British condensed-matter physicist, Wolf Prize winner and laureate of the 2016 Nobel Prize for physics along with Duncan M. Haldane and J. Michael Kosterlitz for theoretical discoveries of topological phase transitions and topological phases of matter.
- Dr. Thouless, 82, explored the behavior of swirling vortexes in super fluids and other problems related to topological quantum numbers
- Thouless was a post doc at the University of California, Berkeley, and professor of mathematical physics at Birmingham University in the United Kingdom from 1965-1978 before becoming a professor of physics at the University of Washington in Seattle in 1980.
- He has made many theoretical contributions to the understanding of extended systems of atoms and electrons, and of nucleons. His work includes work on super conductivity phenomena, properties of nuclear matter, and excited collective motions within nuclei.
About Duncan Haldane :
Frederick Duncan Michael Haldane is a British physicist who is Eugene Higgins Professor of Physics at the physics department of Princeton University in the United States, and a Distinguished Visiting Research Chair at Perimeter Institute for Theoretical Physics. He shared the 2016 Nobel prize for physics with David J. Thouless and John Michael Kosterlitz.
- Haldane is known for a wide variety of fundamental contributions tocondensed matter physics including the theory of Luttinger liquids, the theory of one-dimensional Spin chains, the theory of Fractional Quantum Hall Effect, Exclusion Statistics, Entanglement Spectra and much more.
- He is currently developing a new geometric description of the fractional quantum Hall effect that introduces the “shape” of the “composite boson”, described by a “unimodular” (determinant 1) spatial metric-tensor field as the fundmamental collective degree of freedom of FQHE states.
- This new “Chern-Simons + quantum geometry” description is a replacement for the “Chern-Simons + Ginzburg-Landau” paradigm introduced c.1990. Unlike its predecessor, it provides a description of the FQHE collective mode that agrees with the Girvin-Macdonald-Platzman “single-mode approximation”.
About Michael Kosterlitz :
John Michael Kosterlitz is a professor of physics at Brown University and the son of biochemist Hans Kosterlitz. He was awarded the 2016 Nobel Prize in physics along with David Thouless and Duncan Haldane for work on condensed matter physics.
- After a few post doctoral positions, including stints at the University of Birmingham, collaborating with David Thouless, and at Cornell University.
- He was appointed to the faculty of the University of Birmingham in 1974, first as a lecturer and, later, as a reader. Since 1982, he has been professor of physics at Brown University. Kosterlitz is currently a visiting research fellow at Aalto University in Finland.
- Kosterlitz does research incondensed matter theory, one- and two-dimensional physics; in phase transitions: random systems, electron localization, and spin glasses; and in critical dynamics: melting and freezing.
The 2016 Nobel prize in physics is awarded to David Thouless, Duncan Haldane and Michael Kosterlitz for their work on exotic states of matter.
About Nobel Prize in Physics :
The Nobel Prize in Physics is a yearly award given by the Royal Swedish Academy of Sciences for those who conferred the most outstanding contributions for mankind in the field of physics.
- It is one of the five Nobel Prizes established by the will of Alfred Nobel in 1895 and awarded since 1901; the others being the Nobel Prize in Chemistry, Nobel Prize in Literature, Nobel Peace Prize, and Nobel Prize in Physiology or Medicine.
- The first Nobel Prize in Physics was awarded to a German physicist Wilhelm Röntgen in recognition of the extraordinary services he has rendered by the discovery of the remarkable rays.
- This award is administered by the Nobel Foundation and widely regarded as the most prestigious award that a scientist can receive in physics.
- It is presented in Stockholm at an annual ceremony on December 10, the anniversary of Nobel’s death. Through 2015, a total of 200 individuals have been awarded the prize.
- A maximum of three Nobel laureates and two different works may be selected for the Nobel Prize in Physics. Compared with other Nobel Prizes, the nomination and selection process for the prize in Physics is long and rigorous. This is a key reason why it has grown in importance over the years to become the most important prize in Physics.
About David James Thouless,
David James Thouless is a British condensed-matter physicist, Wolf Prize winner and laureate of the 2016 Nobel Prize for physics along with Duncan M. Haldane and J. Michael Kosterlitz for theoretical discoveries of topological phase transitions and topological phases of matter.
- Dr. Thouless, 82, explored the behavior of swirling vortexes in super fluids and other problems related to topological quantum numbers
- Thouless was a post doc at the University of California, Berkeley, and professor of mathematical physics at Birmingham University in the United Kingdom from 1965-1978 before becoming a professor of physics at the University of Washington in Seattle in 1980.
- He has made many theoretical contributions to the understanding of extended systems of atoms and electrons, and of nucleons. His work includes work on super conductivity phenomena, properties of nuclear matter, and excited collective motions within nuclei.
About Duncan Haldane :
Frederick Duncan Michael Haldane is a British physicist who is Eugene Higgins Professor of Physics at the physics department of Princeton University in the United States, and a Distinguished Visiting Research Chair at Perimeter Institute for Theoretical Physics. He shared the 2016 Nobel prize for physics with David J. Thouless and John Michael Kosterlitz.
- Haldane is known for a wide variety of fundamental contributions tocondensed matter physics including the theory of Luttinger liquids, the theory of one-dimensional Spin chains, the theory of Fractional Quantum Hall Effect, Exclusion Statistics, Entanglement Spectra and much more.
- He is currently developing a new geometric description of the fractional quantum Hall effect that introduces the “shape” of the “composite boson”, described by a “unimodular” (determinant 1) spatial metric-tensor field as the fundmamental collective degree of freedom of FQHE states.
- This new “Chern-Simons + quantum geometry” description is a replacement for the “Chern-Simons + Ginzburg-Landau” paradigm introduced c.1990. Unlike its predecessor, it provides a description of the FQHE collective mode that agrees with the Girvin-Macdonald-Platzman “single-mode approximation”.
About Michael Kosterlitz :
John Michael Kosterlitz is a professor of physics at Brown University and the son of biochemist Hans Kosterlitz. He was awarded the 2016 Nobel Prize in physics along with David Thouless and Duncan Haldane for work on condensed matter physics.
- After a few post doctoral positions, including stints at the University of Birmingham, collaborating with David Thouless, and at Cornell University.
- He was appointed to the faculty of the University of Birmingham in 1974, first as a lecturer and, later, as a reader. Since 1982, he has been professor of physics at Brown University. Kosterlitz is currently a visiting research fellow at Aalto University in Finland.
- Kosterlitz does research incondensed matter theory, one- and two-dimensional physics; in phase transitions: random systems, electron localization, and spin glasses; and in critical dynamics: melting and freezing.
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