General Affairs
Encourage Leadership Of Women In Disaster Risk Management: PM Modi
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NEW DELHI: Outlining a 10-point agenda for renewing efforts for disaster risk reduction, Prime Minister Narendra Modi today stressed on encouraging involvement of women volunteers and sought greater cohesion in international response to deal with all kinds of calamities.
Inaugurating the Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) in New Delhi, he emphasised on working towards risk coverage for all, starting from poor households to small and medium enterprises and multi-national corporations to nation states.
He said all development sectors must imbibe the principles of disaster risk management and encourage involvement and leadership of women as they are the biggest sufferers of any disaster.
"Women are disproportionately affected by disasters. They also have unique strengths and insights. We must train a large number of women volunteers to support special needs of women affected by disasters."
"We need women engineers, masons and building artisans supporting reconstruction, and women self help groups assisting livelihood recovery," he said.
The Prime Minister said there should be investment in risk mapping globally, leveraging of technology to enhance the efficiency of the disaster risk management efforts and utilising the opportunities provided by social media and mobile technologies.
He also spoke of building on local capacity and initiative, ensuring that the opportunity to learn from a disaster is not wasted and bringing about greater cohesion in international response to disasters.
Prime Minister Modi said a fully functional Indian Ocean Tsunami Warning System has become operational and along with its Australian and Indonesian counterparts, the Indian National Centre for Ocean Information Services is mandated to issue regional tsunami bulletins.
"The same goes for improvements in cyclone early warning. In India, if we compare the impact of cyclone events in 1999 and 2013, we can see the progress we have made.... It led to a significant reduction in loss of lives from cyclones. It is now recognised as a global best practice," he said.
The Prime Minister said disaster risk reduction has a pivotal role in supporting adaptation to climate change as well as sustainable development and it is in this context that this conference becomes timely and relevant.
As many as 61 countries from Asia and Pacific region with 1,100 delegates, besides around 2,900 domestic representatives are participating the three-day conference.
The meeting will pave the way for implementation of Sendai Framework for Disaster Risk Reduction in the Asian region and will also devise a mechanism for monitoring its progress.
PM Modi said that over the last two decades, the world, and especially Asia-Pacific region, has undergone many changes - most of them positive.
"Many countries in our region have transformed their economies and become engines of global economic growth. Hundreds of millions of our people have been lifted out of poverty. The Asia-Pacific region has been a global leader in more ways than one."
"But we must not take this progress for granted. There are challenges as well. Over the last twenty years, more than eight hundred and fifty thousand people died from disasters in the Asia-Pacific. Seven of the top ten countries in the world in terms of number of deaths due to disasters are in the Asia-Pacific," he said.
Prime Minister Modi also shared his personal experience during the 2001 Gujarat quake and said as Chief Minister of the state, he had worked with the people to support post-earthquake recovery.
The Prime Minister said there are daunting challenges ahead as the Asia-Pacific region is rapidly urbanising and perhaps within a decade more people in the region will live in cities than in villages.
"Urbanisation will pose greater challenges for disaster risk management by concentrating people, property and economic activity in smaller areas, many of them in disaster prone locations. "
"If we do not manage this growth, in terms of both planning and execution, the risk of economic and human losses from disasters will be higher than ever before," he said.
PM Modi said India is ready to make its space capabilities available to any country for purposes of disaster risk management.
In November 2015, India organised the first-ever South Asian Annual Disaster Management Exercise and in the spirit of regional cooperation, India will soon launch the South Asia Satellite, he said.
"The capabilities of this satellite and other space-based technologies can support the full disaster risk management cycle - risk assessment, risk mitigation, preparedness, response and recovery. India is ready to make its space capabilities available to any country for purposes of disaster risk management," the PM said
PM Modi said armed forces protect nation states against external security threats, but to deal with disasters, there is a need to equip society with the right education.
"We have to wholeheartedly embrace the spirit of Sendai, which calls for an all-of-society approach to disaster risk management," he said.
In India, the Prime Minister said, the government is committed to walk the talk on the implementation of Sendai Framework. In June this year, India's National Disaster Management Plan was released which is aligned with the priorities set out in the Sendai Framework.
"In our effort to build disaster resilience, we stand shoulder to shoulder with all the nations of the region. Regional and International Cooperation has an important role in providing an added push to our efforts," he said.
"As we implement the Sendai Framework, we would welcome new opportunities for regional and international collaboration. I am sure, this conference will energise our efforts and the outcomes of the conference will provide a solid blueprint for collective action," he said.
Inaugurating the Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) in New Delhi, he emphasised on working towards risk coverage for all, starting from poor households to small and medium enterprises and multi-national corporations to nation states.
"Women are disproportionately affected by disasters. They also have unique strengths and insights. We must train a large number of women volunteers to support special needs of women affected by disasters."
"We need women engineers, masons and building artisans supporting reconstruction, and women self help groups assisting livelihood recovery," he said.
The Prime Minister said there should be investment in risk mapping globally, leveraging of technology to enhance the efficiency of the disaster risk management efforts and utilising the opportunities provided by social media and mobile technologies.
He also spoke of building on local capacity and initiative, ensuring that the opportunity to learn from a disaster is not wasted and bringing about greater cohesion in international response to disasters.
Prime Minister Modi said a fully functional Indian Ocean Tsunami Warning System has become operational and along with its Australian and Indonesian counterparts, the Indian National Centre for Ocean Information Services is mandated to issue regional tsunami bulletins.
"The same goes for improvements in cyclone early warning. In India, if we compare the impact of cyclone events in 1999 and 2013, we can see the progress we have made.... It led to a significant reduction in loss of lives from cyclones. It is now recognised as a global best practice," he said.
The Prime Minister said disaster risk reduction has a pivotal role in supporting adaptation to climate change as well as sustainable development and it is in this context that this conference becomes timely and relevant.
As many as 61 countries from Asia and Pacific region with 1,100 delegates, besides around 2,900 domestic representatives are participating the three-day conference.
The meeting will pave the way for implementation of Sendai Framework for Disaster Risk Reduction in the Asian region and will also devise a mechanism for monitoring its progress.
PM Modi said that over the last two decades, the world, and especially Asia-Pacific region, has undergone many changes - most of them positive.
"Many countries in our region have transformed their economies and become engines of global economic growth. Hundreds of millions of our people have been lifted out of poverty. The Asia-Pacific region has been a global leader in more ways than one."
Prime Minister Modi also shared his personal experience during the 2001 Gujarat quake and said as Chief Minister of the state, he had worked with the people to support post-earthquake recovery.
The Prime Minister said there are daunting challenges ahead as the Asia-Pacific region is rapidly urbanising and perhaps within a decade more people in the region will live in cities than in villages.
"Urbanisation will pose greater challenges for disaster risk management by concentrating people, property and economic activity in smaller areas, many of them in disaster prone locations. "
"If we do not manage this growth, in terms of both planning and execution, the risk of economic and human losses from disasters will be higher than ever before," he said.
PM Modi said India is ready to make its space capabilities available to any country for purposes of disaster risk management.
In November 2015, India organised the first-ever South Asian Annual Disaster Management Exercise and in the spirit of regional cooperation, India will soon launch the South Asia Satellite, he said.
"The capabilities of this satellite and other space-based technologies can support the full disaster risk management cycle - risk assessment, risk mitigation, preparedness, response and recovery. India is ready to make its space capabilities available to any country for purposes of disaster risk management," the PM said
PM Modi said armed forces protect nation states against external security threats, but to deal with disasters, there is a need to equip society with the right education.
"We have to wholeheartedly embrace the spirit of Sendai, which calls for an all-of-society approach to disaster risk management," he said.
In India, the Prime Minister said, the government is committed to walk the talk on the implementation of Sendai Framework. In June this year, India's National Disaster Management Plan was released which is aligned with the priorities set out in the Sendai Framework.
"In our effort to build disaster resilience, we stand shoulder to shoulder with all the nations of the region. Regional and International Cooperation has an important role in providing an added push to our efforts," he said.
"As we implement the Sendai Framework, we would welcome new opportunities for regional and international collaboration. I am sure, this conference will energise our efforts and the outcomes of the conference will provide a solid blueprint for collective action," he said.
India, Japan Likely To Sign Civil Nuclear Deal During PM Narendra Modi's Visit
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NEW DELHI: India and Japan are likely to sign a civil nuclear cooperation agreement during Prime Minister Narendra Modi's two-day visit to Japan next week as the two sides completed the internal procedures for the much-awaited agreement.
The two countries had sealed a broad agreement for cooperation in civil nuclear energy during Japanese Prime Minister Shiozo Abe's visit to New Delhi last December but the final deal was yet to be signed as certain technical and legal issues were to be sorted out.
External Affairs Ministry Spokesperson Vikas Swarup said both the countries have completed the internal procedures including legal and technical aspects of the text of the pact.
When specifically asked whether the pact will be inked during Prime Minister Modi's two-day visit beginning November 11, he only said, "I cannot pre-judge the outcome of the talks."
There was political resistance in Japan to go ahead with a nuclear deal with India, particularly after the disaster at the Fukushima Nuclear Power Plant in 2011.
Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.
During his visit, Prime Minister Modi will have an audience with the Emperor of Japan and hold the annual summit meeting with Japanese Prime Minister Shinzo Abe.
Ahead of his trip, a delegation of Japanese parliamentarians called on Prime Minister Modi on Thursday, which was led by Toshihiro Nikai.
Mr Swarup said the Prime Minister recalled his interaction with the Japan-India Parliamentarians' Friendship League in September, and welcomed increased interaction between the legislatures of both countries. He said PM Modi also called for strengthening exchanges between State-level legislatures.
"The Prime Minister welcomed the initiative of Toshihiro Nikai to raise awareness about the threat posed by tsunamis, and sought strengthening of bilateral cooperation in the field of disaster risk reduction and disaster management," he said.
The two countries had sealed a broad agreement for cooperation in civil nuclear energy during Japanese Prime Minister Shiozo Abe's visit to New Delhi last December but the final deal was yet to be signed as certain technical and legal issues were to be sorted out.
When specifically asked whether the pact will be inked during Prime Minister Modi's two-day visit beginning November 11, he only said, "I cannot pre-judge the outcome of the talks."
There was political resistance in Japan to go ahead with a nuclear deal with India, particularly after the disaster at the Fukushima Nuclear Power Plant in 2011.
Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.
Ahead of his trip, a delegation of Japanese parliamentarians called on Prime Minister Modi on Thursday, which was led by Toshihiro Nikai.
Mr Swarup said the Prime Minister recalled his interaction with the Japan-India Parliamentarians' Friendship League in September, and welcomed increased interaction between the legislatures of both countries. He said PM Modi also called for strengthening exchanges between State-level legislatures.
"The Prime Minister welcomed the initiative of Toshihiro Nikai to raise awareness about the threat posed by tsunamis, and sought strengthening of bilateral cooperation in the field of disaster risk reduction and disaster management," he said.
China-India In A New Face-Off After Incursion In Ladakh
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Chinese and Indian soldiers are engaged in a major stand-off in Ladakh after Chinese troops yesterday stopped work on the construction of an irrigation canal being built under the rural development or MNREGA scheme.
The incident took place yesterday in the Demchok sector, located 250 km east of Leh, where a project is underway to link a village with a hot spring. Demchok in the south eastern tip of Ladakh was also the location of a major incursion by China two years ago which resulted in a spike in tension between the two countries.
Yesterday, around 55 Chinese soldiers arrived at the scene along the Line of Actual Control or de facto border and halted the work in an aggressive manner, news agency Press Trust of India quoted unnamed officials as saying. 70 Indian soldiers fortified the area and prevented their march deeper into Indian territory, the sources disclosed to PTI.
"[There are] routine objections and clarifications which either party seek whenever there is construction related activity. The issue is being resolved through established mechanisms," said army sources, asking not to be named.
The spike in tension comes a day before National Security Advisor Ajit Doval is to meet senior Chinese officials.
The Chinese troops demanded that work be stopped as either side needs to take permission before undertaking any construction, a claim disputed by India which says that information about projects needs to be shared only if it is meant for defence purposes.
After taking office, Prime Minister Narendra Modi has moved boldly to counter China. 72 strategic roads are being built along the border to narrow the gap with China's vastly superior and intricate network of roads and tracks in the mountains.
India has also rebuilt airfields, including a landing strip laid in Daulat Beg Oldi in Ladakh in 1962. C-130 Hercules planes bought from the United States have been landing at the airfield.
Incursions from both sides are common along the Line of Actual Control, because the armies cannot agree where it lies.
In 2014, China protested India's work on an irrigation canal, saying it was located inside its territory and 500 Chinese soldiers entered the area and swiftly built a 2-km road.
Around 1,000 soldiers from each side were ranged against each other for days till the confrontation subsided.
The incident took place yesterday in the Demchok sector, located 250 km east of Leh, where a project is underway to link a village with a hot spring. Demchok in the south eastern tip of Ladakh was also the location of a major incursion by China two years ago which resulted in a spike in tension between the two countries.
"[There are] routine objections and clarifications which either party seek whenever there is construction related activity. The issue is being resolved through established mechanisms," said army sources, asking not to be named.
The spike in tension comes a day before National Security Advisor Ajit Doval is to meet senior Chinese officials.
The Chinese troops demanded that work be stopped as either side needs to take permission before undertaking any construction, a claim disputed by India which says that information about projects needs to be shared only if it is meant for defence purposes.
After taking office, Prime Minister Narendra Modi has moved boldly to counter China. 72 strategic roads are being built along the border to narrow the gap with China's vastly superior and intricate network of roads and tracks in the mountains.
India has also rebuilt airfields, including a landing strip laid in Daulat Beg Oldi in Ladakh in 1962. C-130 Hercules planes bought from the United States have been landing at the airfield.
Incursions from both sides are common along the Line of Actual Control, because the armies cannot agree where it lies.
In 2014, China protested India's work on an irrigation canal, saying it was located inside its territory and 500 Chinese soldiers entered the area and swiftly built a 2-km road.
Around 1,000 soldiers from each side were ranged against each other for days till the confrontation subsided.
Goa Government To Convene Special Session On GST
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PANAJI: Goa government has decided to convene a special Assembly Session to discuss the GST rate, Chief Minister Laxmikant Parskar said.
"We have to call an Assembly Session to discuss the likely GST rates. It will be a one-day session. I am waiting for the Centre to finish their business over the GST," Mr Parsekar told reporters in Goa on Thursday.
He said if not for GST, the session will have to be called to pass financial business like supplementary demands for grants and appropriation bill.
"I am not in a hurry to convene the session. We can call it even next month in December," the Chief Minister said.
A four-tier GST tax structure of 5, 12, 18 and 28 per cent that aims to lower tax incidence on most goods and keep out essential items was decided by a high-powered council in Delhi today -- a major breakthrough for rollout of the Goods and Services Tax (GST) regime from April 1 next year.
Responding to a query on the demand for special status for Goa, Mr Parsekar said state government will not raise the issue before Prime Minister Narendra Modi during his visit to Goa on November 13, when he will come to lay the foundation stone of Mopa airport.
"BJP has a special focus on Goa. Although the state did not ask for it, we were given an opportunity to host the BRICS summit," Mr Parsekar said.
He also pointed out that Goa was given special attention when PM Modi chose Manohar Parrikar as the Defence Minister.
When pointed out that the special status was for protection of culture and identity, Mr Parsekar said, "BJP will not allow even a scratch on culture and identity of the state."
"We have to call an Assembly Session to discuss the likely GST rates. It will be a one-day session. I am waiting for the Centre to finish their business over the GST," Mr Parsekar told reporters in Goa on Thursday.
He said if not for GST, the session will have to be called to pass financial business like supplementary demands for grants and appropriation bill.
"I am not in a hurry to convene the session. We can call it even next month in December," the Chief Minister said.
Responding to a query on the demand for special status for Goa, Mr Parsekar said state government will not raise the issue before Prime Minister Narendra Modi during his visit to Goa on November 13, when he will come to lay the foundation stone of Mopa airport.
"BJP has a special focus on Goa. Although the state did not ask for it, we were given an opportunity to host the BRICS summit," Mr Parsekar said.
He also pointed out that Goa was given special attention when PM Modi chose Manohar Parrikar as the Defence Minister.
When pointed out that the special status was for protection of culture and identity, Mr Parsekar said, "BJP will not allow even a scratch on culture and identity of the state."
Rahul Gandhi Detained By Police From OROP Protest Site At Jantar Mantar
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NEW DELHI: Rahul Gandhi was whisked away by the police for the third time in two days as he arrived on Thursday evening at Jantar Mantar in the heart of Delhi to lead a protest march of his Congress party over the suicide of an army veteran.
The Congress Vice President was bundled into a police jeep and taken away in what the Congress called deja vu a day after he was detained twice and taken to multiple police stations as he tried to meet the family of Subedar Ram Kishen Grewal, who took poison on Tuesday over insufficient pension.
The police said that it was done "for his safety" as the crowds had surged when he arrived and were becoming unmanageable.
The police drove Mr Gandhi away from Jantar Mantar, the popular site for protests in Delhi, and insisted later that he was free to go, but he refused to budge from the jeep, challenging policemen to arrest or detain him. "I have been sitting here for half an hour. I was told it is because of 144 (ban on gatherings)," Mr Gandhi, 45, told reporters.
Later he went inside the police station to register a complaint, but the police refused to accept it. "I am a member of parliament and they are not accepting my complaint. If a MP's complaint is not taken note of what will happen to the common man?" Mr Gandhi told reporters before leaving the police station.
His protest, he said, was at the way the family of the former soldier was treated by the police yesterday
"The family was dragged at the police station. They were abused...that is not right. This affects the morale of our soldiers standing at the border. The government should apologise," he said.
Delhi Chief Minister Arvind Kejriwal was also detained yesterday and kept waiting at a police station for five hours.
This morning, Mr Gandhi attended the Subedar's funeral in Haryana's Bhiwani as opposition parties seized upon the suicide, accusing the central government of failing to deliver on the One Rank One Pension (OROP) promise to retired army men.
The ruling BJP alleged that Mr Gandhi and the Congress were turning the veteran's suicide into a photo-op.
Subedar Grewal, who served in the Army for 30 years, ate sulphas tablets on Tuesday afternoon in the lawns of a government building in the heart of the capital. He died in hospital on Wednesday.
The Congress Vice President was bundled into a police jeep and taken away in what the Congress called deja vu a day after he was detained twice and taken to multiple police stations as he tried to meet the family of Subedar Ram Kishen Grewal, who took poison on Tuesday over insufficient pension.
The police said that it was done "for his safety" as the crowds had surged when he arrived and were becoming unmanageable.
The police drove Mr Gandhi away from Jantar Mantar, the popular site for protests in Delhi, and insisted later that he was free to go, but he refused to budge from the jeep, challenging policemen to arrest or detain him. "I have been sitting here for half an hour. I was told it is because of 144 (ban on gatherings)," Mr Gandhi, 45, told reporters.
Later he went inside the police station to register a complaint, but the police refused to accept it. "I am a member of parliament and they are not accepting my complaint. If a MP's complaint is not taken note of what will happen to the common man?" Mr Gandhi told reporters before leaving the police station.
His protest, he said, was at the way the family of the former soldier was treated by the police yesterday
"The family was dragged at the police station. They were abused...that is not right. This affects the morale of our soldiers standing at the border. The government should apologise," he said.
Delhi Chief Minister Arvind Kejriwal was also detained yesterday and kept waiting at a police station for five hours.
This morning, Mr Gandhi attended the Subedar's funeral in Haryana's Bhiwani as opposition parties seized upon the suicide, accusing the central government of failing to deliver on the One Rank One Pension (OROP) promise to retired army men.
The ruling BJP alleged that Mr Gandhi and the Congress were turning the veteran's suicide into a photo-op.
Subedar Grewal, who served in the Army for 30 years, ate sulphas tablets on Tuesday afternoon in the lawns of a government building in the heart of the capital. He died in hospital on Wednesday.
Business Affairs
Sensex, Nifty trades flat amid global tension over US elections
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The S&P BSE Sensex on Friday turned flat, while the broader Nifty50 fell below its 8,500 level.
The headline indices were trading flat after Asian markets slipped as the US dollar marked losses over the looming uncertainity of the outcome of the US presidential elections.
Another factor that has induced uncertainity in the financial markets is the outcome of the US employment report.
At 9:20 AM, The 30-share index was trading at 27,406, down 23.90 points, while the broad-based 50-share index stood at 8,469, down 15.40 points.
"Finally, we witnessed much awaited close below the crucial and strong support of 8500. This has justified our recent bearish view on the market. Going forward, we expect the index to remain under pressure and immediately slide towards 8420 - 8380 levels," said Angel Broking in a report.
Sun Pharma was the top loser on Sensex while Adani ports was the top loser on the Nifty.
Among the Asian Markets, China's Shanghai Composite gained 0.1 per cent and the Hang Seng Index lost 0.04 per cent. While Japan's Nikkei dipped 1.44 per cent.
The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares tumbled nearly 6 per cent as the world's largest online social media network warned that revenue growth would slow this quarter.
The S&P BSE Sensex on Friday turned flat, while the broader Nifty50 fell below its 8,500 level.
The headline indices were trading flat after Asian markets slipped as the US dollar marked losses over the looming uncertainity of the outcome of the US presidential elections.
Another factor that has induced uncertainity in the financial markets is the outcome of the US employment report.
At 9:20 AM, The 30-share index was trading at 27,406, down 23.90 points, while the broad-based 50-share index stood at 8,469, down 15.40 points.
"Finally, we witnessed much awaited close below the crucial and strong support of 8500. This has justified our recent bearish view on the market. Going forward, we expect the index to remain under pressure and immediately slide towards 8420 - 8380 levels," said Angel Broking in a report.
Sun Pharma was the top loser on Sensex while Adani ports was the top loser on the Nifty.
Among the Asian Markets, China's Shanghai Composite gained 0.1 per cent and the Hang Seng Index lost 0.04 per cent. While Japan's Nikkei dipped 1.44 per cent.
The S&P 500 fell for an eighth straight session on Thursday, its longest losing streak since the 2008 financial crisis, as Facebook shares tumbled nearly 6 per cent as the world's largest online social media network warned that revenue growth would slow this quarter.
Cyrus Mistry in no mood to quit Tata companies
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While, Cyrus Mistry may have been ousted as Chairman of Tata Sons he does not appear to have any plans to give up his current role as Chairman of top firms, including Tata Steel, TCS and Tata Motors.
According to sources close to Mistry , he has no plans to quit as Chairman of these firms. He will discharge his fiduciary duty as required by law in all his positions in the Tata group, a source close to Mistry said.
Tata Sons is the main holding company of the group. The Tata group has been hoping that Mistry will step down from the positions he occupies in the group firms after being replaced as Chairman on October 24. At present, he is the Chairman of Tata companies such as Tata Steel, Tata Consultancy Services, Tata Motors, Indian Hotels Co Ltd (IHCL), Tata Power Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.
Mistry is slated to chair the upcoming board meetings of IHCL and Tata Chemicals on November 4 and 10 respectively to approve quarterly results. The Tata Sons board had in a dramatic move abruptly removed Mistry as Chairman of the company and replaced him with Ratan Tata as interim Chairman.
The group has said it would find a successor within four months. Mistry then shot off a letter to the board members of Tata Sons on the next day levelling a series of allegations against Ratan Tata and contended that he was pushed in to a position of lame duck chairman and changes in decision making process created alternate power centres in Tata group. Since then there has been a continuing war of words between Mistry and Tatas.
While, Cyrus Mistry may have been ousted as Chairman of Tata Sons he does not appear to have any plans to give up his current role as Chairman of top firms, including Tata Steel, TCS and Tata Motors.
According to sources close to Mistry , he has no plans to quit as Chairman of these firms. He will discharge his fiduciary duty as required by law in all his positions in the Tata group, a source close to Mistry said.
Tata Sons is the main holding company of the group. The Tata group has been hoping that Mistry will step down from the positions he occupies in the group firms after being replaced as Chairman on October 24. At present, he is the Chairman of Tata companies such as Tata Steel, Tata Consultancy Services, Tata Motors, Indian Hotels Co Ltd (IHCL), Tata Power Company, Tata Global Beverages, Tata Chemicals, Tata Industries and Tata Teleservices.
Mistry is slated to chair the upcoming board meetings of IHCL and Tata Chemicals on November 4 and 10 respectively to approve quarterly results. The Tata Sons board had in a dramatic move abruptly removed Mistry as Chairman of the company and replaced him with Ratan Tata as interim Chairman.
The group has said it would find a successor within four months. Mistry then shot off a letter to the board members of Tata Sons on the next day levelling a series of allegations against Ratan Tata and contended that he was pushed in to a position of lame duck chairman and changes in decision making process created alternate power centres in Tata group. Since then there has been a continuing war of words between Mistry and Tatas.
GST rate structure finalised, panel fixes rates at 5%, 12%, 18% & 28%
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A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council today.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
The lowest rate of 5 per cent would be for common use items while there would be two standard rates of 12 and 18 per cent under the Goods and Services Tax (GST) regime targetted to be rolled out from April 1, 2017.
Announcing the decisions arrived at the first day of the two-day GST Council meeting, Finance Minister Arun Jaitley said highest tax slab will be applicable to items which are currently taxed at 30-31 per cent (excise duty plus VAT).
Luxury cars, tobacco and aerated drinks would also be levied with an additional cess on top of the highest tax rate.
The collection from this cess as well as that of the clean energy cess would create a revenue pool which would be used for compensating states for any loss of revenue during the first five years of implementation of GST.
The cess, he said, would be lapsable after five years.
Jaitley said about Rs 50,000 crore would be needed to compensate states for loss of revenue from rollout of GST, which is to subsume a host of central and state taxes like excise duty, service tax and VAT, in the first year.
The 4-tier tax structure agreed to has slight modification to the 6, 12, 18 and 26 per cent slab that were under discussion at the GST Council last month.
The structure to agreed is a compromise to accommodate demand for highest tax rate of 40 per cent by states like Kerala.
While the Centre proposed to levy a 4 per cent GST on gold, a final decision was put off, Jaitley said.
A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council today.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
The lowest rate of 5 per cent would be for common use items while there would be two standard rates of 12 and 18 per cent under the Goods and Services Tax (GST) regime targetted to be rolled out from April 1, 2017.
Announcing the decisions arrived at the first day of the two-day GST Council meeting, Finance Minister Arun Jaitley said highest tax slab will be applicable to items which are currently taxed at 30-31 per cent (excise duty plus VAT).
Luxury cars, tobacco and aerated drinks would also be levied with an additional cess on top of the highest tax rate.
The collection from this cess as well as that of the clean energy cess would create a revenue pool which would be used for compensating states for any loss of revenue during the first five years of implementation of GST.
The cess, he said, would be lapsable after five years.
Jaitley said about Rs 50,000 crore would be needed to compensate states for loss of revenue from rollout of GST, which is to subsume a host of central and state taxes like excise duty, service tax and VAT, in the first year.
The 4-tier tax structure agreed to has slight modification to the 6, 12, 18 and 26 per cent slab that were under discussion at the GST Council last month.
The structure to agreed is a compromise to accommodate demand for highest tax rate of 40 per cent by states like Kerala.
While the Centre proposed to levy a 4 per cent GST on gold, a final decision was put off, Jaitley said.
Zain to pay Bharti Airtel $129 mn in Africa business sale settlement
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Zain, Kuwait's No.1 telecom operator by subscribers, on Thursday said it will pay $129 million to Bharti Airtel over a settlement related to the sale of Zain's Africa operations to the Indian firm in 2010.
The payment will have no future financial impact on Zain as it set aside provisions to cover potential payments related to the transaction at the time of the sale, a spokesman for Zain, which operates in eight countries in the Middle East and Africa, said.
Zain in 2010 completed the $9 billion sale of its Africa business, which included operations across 15 countries. Zain still operates in South Sudan and Sudan, according to its website.
Thursday's statement did not disclose what the settlement related to. In the company's third-quarter financial statement, Zain said it was liable for "taxation claims and amounts that may be due for unprovided litigation claims" after the sale of Zain Africa.
The company last month reported a better then expected 12 percent rise in third-quarter results.
Zain, Kuwait's No.1 telecom operator by subscribers, on Thursday said it will pay $129 million to Bharti Airtel over a settlement related to the sale of Zain's Africa operations to the Indian firm in 2010.
The payment will have no future financial impact on Zain as it set aside provisions to cover potential payments related to the transaction at the time of the sale, a spokesman for Zain, which operates in eight countries in the Middle East and Africa, said.
Zain in 2010 completed the $9 billion sale of its Africa business, which included operations across 15 countries. Zain still operates in South Sudan and Sudan, according to its website.
Thursday's statement did not disclose what the settlement related to. In the company's third-quarter financial statement, Zain said it was liable for "taxation claims and amounts that may be due for unprovided litigation claims" after the sale of Zain Africa.
The company last month reported a better then expected 12 percent rise in third-quarter results.
JSPL stock closes lower on default in interest payment
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The Jindal Steel and Power stock closed lower on Thursday after the firm said it failed to pay Rs 15.43 crore interest on non convertible debentures (NCDs), which was due on October 31.
At 1412 hours, the Jindal Steel stock was trading 0.50 percent lower at Rs 74.45 on the BSE.
It opened at Rs 74.55 level, touched an intraday high of 76.45 and and intraday low of 73.95 points during the day.
The stock closed 1.61 per cent lower at Rs 73.50.
The company has not made payment of Rs 15.43 crore towards the interests due on NCDs, the due date for payment of which was October 31, 2016, JSPL said in a regulatory filing.
Last month, the firm had said it has defaulted on payment of interest on NCDs, due on September 30, 2016 on account of cash flow mismatches. In the last few months, the Naveen Jindal-led company has divested some of its assets to pare debt. JSPL has a net debt of around Rs 46,000 crore.
In October, the company said it would sell its 24 MW wind power plant in Satara, Maharashtra to a subsidiary of India infrastructure Fund II for an undisclosed amount. Similarly, in May this year, the firm inked an agreement with JSW Energy, a firm led by Naveen's brother Sajjan Jindal, to sell its 1,000 MW power plant, at Raigarh, Chhattisgarh.
According to the deal, JSW will pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore if JSPL's power plant secures a long term power purchase agreement. Likewise, in March, JSPL announced that its subsidiary Jindal Power has entered into a definitive agreement to divest 4.12 per cent stake in Indian Energy Exchange for an undisclosed amount by month-end.
The Jindal Steel and Power stock closed lower on Thursday after the firm said it failed to pay Rs 15.43 crore interest on non convertible debentures (NCDs), which was due on October 31.
At 1412 hours, the Jindal Steel stock was trading 0.50 percent lower at Rs 74.45 on the BSE.
It opened at Rs 74.55 level, touched an intraday high of 76.45 and and intraday low of 73.95 points during the day.
The stock closed 1.61 per cent lower at Rs 73.50.
The company has not made payment of Rs 15.43 crore towards the interests due on NCDs, the due date for payment of which was October 31, 2016, JSPL said in a regulatory filing.
Last month, the firm had said it has defaulted on payment of interest on NCDs, due on September 30, 2016 on account of cash flow mismatches. In the last few months, the Naveen Jindal-led company has divested some of its assets to pare debt. JSPL has a net debt of around Rs 46,000 crore.
In October, the company said it would sell its 24 MW wind power plant in Satara, Maharashtra to a subsidiary of India infrastructure Fund II for an undisclosed amount. Similarly, in May this year, the firm inked an agreement with JSW Energy, a firm led by Naveen's brother Sajjan Jindal, to sell its 1,000 MW power plant, at Raigarh, Chhattisgarh.
According to the deal, JSW will pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore if JSPL's power plant secures a long term power purchase agreement. Likewise, in March, JSPL announced that its subsidiary Jindal Power has entered into a definitive agreement to divest 4.12 per cent stake in Indian Energy Exchange for an undisclosed amount by month-end.
General Awareness
Freedom of the Press 2016 report : Freedom House
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Freedom of the Press Report 2016 is release by the US based NGO. This report is a yearly report by US-based non-governmental organization Freedom House, measuring the level of freedom and editorial independence enjoyed by the press in nations and significant disputed territories around the world.
Theme : The Battle for the Dominant Message.
About Freedom House :
Freedom House is an independent watchdog organization dedicated to the expansion of freedom and democracy around the world.
- It analyze the challenges to freedom, advocate for greater political rights and civil liberties, and support frontline activists to defend human rights and promote democratic change.
- Founded in 1941, Freedom House was the first American organization to champion the advancement of freedom globally.
- It recognize that freedom is possible only in democratic political environments where governments are accountable to their own people; the rule of law prevails; and freedoms of expression, association, and belief, as well as respect for the rights of minorities and women, are guaranteed.
- More than 2.5 billion people live in countries that Freedom House designates “Not Free,” more than a third of the globe’s population.
- Freedom House acts as a catalyst for greater political rights and civil liberties through a combination of analysis, advocacy, and action.
- It advocate for U.S. leadership and collaboration with like-minded governments to vigorously oppose dictators and oppression.
- It amplify the voices of those struggling for freedom in repressive societies and counter authoritarian efforts to weaken international scrutiny of their regimes.
- It also empower frontline human rights defenders and civic activists to uphold fundamental rights and to advance democratic change.
About the Report :
The report says, only 13 percent of the world’s population enjoys a free press, which means places where coverage of political news is robust, the safety of journalists is guaranteed, state intrusion in media affairs is minimal, and the press is not subject to onerous legal or economic pressures.
- This means one in seven people live in countries where coverage of political news is robust, the safety of journalists is guaranteed, state intrusion in media affairs is minimal, and the press is not subject to onerous legal or economic pressures.
- 41 percent of the world’s population has a Partly Free press and 46 percentlive in Not Free media environments.
- Among the countries that suffered the largest declines in 2015 wereBangladesh, Turkey, Burundi, France, Serbia, Yemen, Egypt, Macedonia, and Zimbabwe.
- The report says that at present about 3.4 billion people live in a country that was rated under the Not Free in Freedom of the Press 2016.
- The report also highlights the six dangerous topics for journalists where they riskthemselves and their lives for coverage. These topics are corruption, organised crime, environment and land development, religion, disputed sovereignty and lèse-majesté (the crime of violating majesty) and beyond.
Status in India :
In terms of stories related to environment and land development, the report highlighted the story of two Indian journalists, namely Sandeep Kothari and Jagendra Singh, who were killed.
- Kothari who covered illegal mining and land grabs was killed in June 2015 and his body was found burned and heavily Jagendra Singh also died from burns allegedly inflicted by local police.
- In category of states and vigilantes muzzle controversial speech, the report highlights story of a journalist who was burned to death by police after he accused an Uttar Pradesh government minister of corruption.
- In the same category it also talks about banning of a documentary film on the contentious problem of violence against women in the country, and temporary suspension of broadcasts of Al-Jazeera English because the station showed a map that did not match the government’s position on Kashmir.
- It says that journalists have faced a wave of threats and physical attacks in recent months.
Freedom of the Press Report 2016 is release by the US based NGO. This report is a yearly report by US-based non-governmental organization Freedom House, measuring the level of freedom and editorial independence enjoyed by the press in nations and significant disputed territories around the world.
Theme : The Battle for the Dominant Message.
About Freedom House :
Freedom House is an independent watchdog organization dedicated to the expansion of freedom and democracy around the world.
- It analyze the challenges to freedom, advocate for greater political rights and civil liberties, and support frontline activists to defend human rights and promote democratic change.
- Founded in 1941, Freedom House was the first American organization to champion the advancement of freedom globally.
- It recognize that freedom is possible only in democratic political environments where governments are accountable to their own people; the rule of law prevails; and freedoms of expression, association, and belief, as well as respect for the rights of minorities and women, are guaranteed.
- More than 2.5 billion people live in countries that Freedom House designates “Not Free,” more than a third of the globe’s population.
- Freedom House acts as a catalyst for greater political rights and civil liberties through a combination of analysis, advocacy, and action.
- It advocate for U.S. leadership and collaboration with like-minded governments to vigorously oppose dictators and oppression.
- It amplify the voices of those struggling for freedom in repressive societies and counter authoritarian efforts to weaken international scrutiny of their regimes.
- It also empower frontline human rights defenders and civic activists to uphold fundamental rights and to advance democratic change.
About the Report :
The report says, only 13 percent of the world’s population enjoys a free press, which means places where coverage of political news is robust, the safety of journalists is guaranteed, state intrusion in media affairs is minimal, and the press is not subject to onerous legal or economic pressures.
- This means one in seven people live in countries where coverage of political news is robust, the safety of journalists is guaranteed, state intrusion in media affairs is minimal, and the press is not subject to onerous legal or economic pressures.
- 41 percent of the world’s population has a Partly Free press and 46 percentlive in Not Free media environments.
- Among the countries that suffered the largest declines in 2015 wereBangladesh, Turkey, Burundi, France, Serbia, Yemen, Egypt, Macedonia, and Zimbabwe.
- The report says that at present about 3.4 billion people live in a country that was rated under the Not Free in Freedom of the Press 2016.
- The report also highlights the six dangerous topics for journalists where they riskthemselves and their lives for coverage. These topics are corruption, organised crime, environment and land development, religion, disputed sovereignty and lèse-majesté (the crime of violating majesty) and beyond.
Status in India :
In terms of stories related to environment and land development, the report highlighted the story of two Indian journalists, namely Sandeep Kothari and Jagendra Singh, who were killed.
- Kothari who covered illegal mining and land grabs was killed in June 2015 and his body was found burned and heavily Jagendra Singh also died from burns allegedly inflicted by local police.
- In category of states and vigilantes muzzle controversial speech, the report highlights story of a journalist who was burned to death by police after he accused an Uttar Pradesh government minister of corruption.
- In the same category it also talks about banning of a documentary film on the contentious problem of violence against women in the country, and temporary suspension of broadcasts of Al-Jazeera English because the station showed a map that did not match the government’s position on Kashmir.
- It says that journalists have faced a wave of threats and physical attacks in recent months.
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