General Affairs
Theresa May, Talking Visas, Calls Out Illegal Indian Immigrants
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NEW DELHI: While offering more flexibility with visas for Indians, UK premier Theresa May today made it clear that will depend on the "speed and volume of the return of Indians with no right to remain in the UK."
In her joint press interaction with Prime Minister Narendra Modi, Ms May announced that the two countries had set up a strategic group which would work on visas.
The UK premier is in India on a two-day visit to lay the groundwork for a potential post-Brexit deal with India, the world's fastest growing major economy.
Although Britain cannot sign any bilateral trade deals until it has left the European Union - most likely in 2019 - her visit is seen as signaling a desire to get the ball rolling as early as possible.
In her first bilateral trip outside Europe since taking office in July, Ms May arrived yesterday in Delhi with a delegation of about 40 business leaders. She will travel tomorrow to the tech hub of Bengaluru.
But much of the trade negotiations rest on the issue of visas for skilled workers and students from India.
There is particular unhappiness in Delhi over visa restrictions on students wanting to stay on in Britain after completing university courses which have led to a 50 percent drop in Indians enrolling. Last week, new and tighter visa rules announced by the UK will curtail the number of eligible Indians, especially techies, with the base salary for those allowed to work in Britain being raised substantially.
Anger at levels of immigration from both inside and outside Europe were seen as a crucial factor in the outcome of the June referendum when British voters opted to pull out of the EU.
Britain has said it will offer new services to improve business travel for Indian visitors, including faster clearance through UK border controls, but an aide to Ms May said this was about speeding up the process rather than boosting numbers.
In her joint press interaction with Prime Minister Narendra Modi, Ms May announced that the two countries had set up a strategic group which would work on visas.
The UK premier is in India on a two-day visit to lay the groundwork for a potential post-Brexit deal with India, the world's fastest growing major economy.
Although Britain cannot sign any bilateral trade deals until it has left the European Union - most likely in 2019 - her visit is seen as signaling a desire to get the ball rolling as early as possible.
In her first bilateral trip outside Europe since taking office in July, Ms May arrived yesterday in Delhi with a delegation of about 40 business leaders. She will travel tomorrow to the tech hub of Bengaluru.
But much of the trade negotiations rest on the issue of visas for skilled workers and students from India.
There is particular unhappiness in Delhi over visa restrictions on students wanting to stay on in Britain after completing university courses which have led to a 50 percent drop in Indians enrolling. Last week, new and tighter visa rules announced by the UK will curtail the number of eligible Indians, especially techies, with the base salary for those allowed to work in Britain being raised substantially.
Anger at levels of immigration from both inside and outside Europe were seen as a crucial factor in the outcome of the June referendum when British voters opted to pull out of the EU.
Britain has said it will offer new services to improve business travel for Indian visitors, including faster clearance through UK border controls, but an aide to Ms May said this was about speeding up the process rather than boosting numbers.
3 Questions Indian Techies Want PM Modi To Ask UK's Theresa May Today
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NEW DELHI: Prime Minister Theresa May has promised to ease entry for Indian businessmen into the UK with a fast-track visa service, as she began a three-day visit to India focused on trade and investment.
The 60-year-old Conservative leader made the announcement at a tech meet in Delhi on Monday before she holds talks with Prime Minister Narendra Modi over lunch in her first bilateral engagement outside Europe since taking office in July.
On Tuesday, Ms May heads to technology hub Bengaluru where she will visit manufacturing plants and meet the state's chief minister Siddaramaiah. Over three dozen top British industrialists have traveled with her as she pitches for Indian business at a time that the pound has fallen by nearly 20 per cent and the British economy has taken a huge hit post Brexit - UK's exit from the European Union.
But, say Indian IT professionals who met up in London over the weekend to discuss the impact of the British PM's visit, three important questions seek answers at Ms May's meeting with PM Modi - can there be more trade from India to the UK when Ms May's government has made it tougher for Indian professionals to travel to that country? Why is it harder now for Indian students to study in Britain and look for jobs? And, why is it being made harder for Indian companies in the UK to hire skilled workers from outside, when India is the third-largest investor in Britain and Indian companies are its largest manufacturing employers.
Just last Friday Theresa May's government made it more difficult to get a Tier 2 work visa to the UK, mainly used by IT professionals from India; at least 90 percent of Tier 2 visas are issued to Indian techies.
Many young professionals, especially those starting careers, will be hit, said 34-year-old Nikhil Majumdar from Mumbai. "We always have several short term projects in the company. And a specific niche skill set is needed. It is often difficult to get local talent to meet those needs. That's where we need people to travel. I see this affecting junior techies from the industry in India badly. Also projects take a hit, delivery is delayed." Mr Majumdar said.
Professionals will now have to make a minimum of 30,000 pounds a year to be eligible to apply for the Tier 2 visa. "I think small scale industries, start up companies and entrepreneurs who wanted to look at the UK for investment will change their plans because they cannot afford these salaries," Sudhir Sarode, 35, said.
In more new rules, Britain wants students from foreign nationalities to prove their eligibility to study at a UK university - which means tougher tests, more financial wherewithal. Indian students in London alone contribute up to 130 million pounds a year, but the number of students from India studying at UK universities has declined substantially. From 45,000 a year, it dropped to 25,000 last year. In contrast, the number of Chinese students studying in the UK rose from 55000 to 90000 in the same period.
Also, a post study work visa has been scrapped and students are asked to find jobs within four months of their completing their courses if they want to continue living in the country.
The 60-year-old Conservative leader made the announcement at a tech meet in Delhi on Monday before she holds talks with Prime Minister Narendra Modi over lunch in her first bilateral engagement outside Europe since taking office in July.
On Tuesday, Ms May heads to technology hub Bengaluru where she will visit manufacturing plants and meet the state's chief minister Siddaramaiah. Over three dozen top British industrialists have traveled with her as she pitches for Indian business at a time that the pound has fallen by nearly 20 per cent and the British economy has taken a huge hit post Brexit - UK's exit from the European Union.
Just last Friday Theresa May's government made it more difficult to get a Tier 2 work visa to the UK, mainly used by IT professionals from India; at least 90 percent of Tier 2 visas are issued to Indian techies.
Professionals will now have to make a minimum of 30,000 pounds a year to be eligible to apply for the Tier 2 visa. "I think small scale industries, start up companies and entrepreneurs who wanted to look at the UK for investment will change their plans because they cannot afford these salaries," Sudhir Sarode, 35, said.
In more new rules, Britain wants students from foreign nationalities to prove their eligibility to study at a UK university - which means tougher tests, more financial wherewithal. Indian students in London alone contribute up to 130 million pounds a year, but the number of students from India studying at UK universities has declined substantially. From 45,000 a year, it dropped to 25,000 last year. In contrast, the number of Chinese students studying in the UK rose from 55000 to 90000 in the same period.
Also, a post study work visa has been scrapped and students are asked to find jobs within four months of their completing their courses if they want to continue living in the country.
India To Host Its First Global Tobacco Control Conference Today
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NEW DELHI: India is set to host the global tobacco control conference today for the first time, where it will push for incorporating smokeless tobacco as an agenda amid a presence of delegates from about 180 countries.
The Seventh Session of the Conference of Parties (COP7) to World Health Organisation (WHO) Framework Convention on Tobacco Control (FCTC) to be held from November 7 to 12 at Greater Noida.
Sri Lankan President Maithripala Sirisena will be the special invited speaker at the conference, which will be inaugurated by Union Health Minister J P Nadda, Health Ministry officials said.
Noting that there is a large number of people in India who are increasingly opting for smokeless form of tobacco, they said the country's effort will be to put it on the agenda of FCTC.
India has already implemented 85 per cent pictorial warning on tobacco products, but the issue of plain packaging, that refers to packaging that requires the removal of all branding "will still be on the mind" during the deliberations at the conference, they added.
About 1,500 delegates are expected to participate in the conference from around 180 countries along with other observers in official relations with the WHO FCTC Secretariat in Geneva.
India has provided a leadership role in the negotiations of FCTC and has also served as the regional coordinator for the South-East Asia Region.
India ratified the treaty on February 27, 2005 and is obligated to comply with the treaty provisions and its guidelines to reduce tobacco consumption globally.
It is the first occasion that a COP meeting is being held in India and signals a strong commitment of the government to increase international co-operation and awareness of the WHO FCTC globally and especially in the WHO South-East Asia Region, the Health Ministry said.
The WHO FCTC is the first global evidence-based public health treaty that recognises the right of all people to the highest standard of health.
The treaty was developed by countries in response to the globalisation of the tobacco epidemic. There are at present 180 parties to the Convention.
The Seventh Session of the Conference of Parties (COP7) to World Health Organisation (WHO) Framework Convention on Tobacco Control (FCTC) to be held from November 7 to 12 at Greater Noida.
Sri Lankan President Maithripala Sirisena will be the special invited speaker at the conference, which will be inaugurated by Union Health Minister J P Nadda, Health Ministry officials said.
India has already implemented 85 per cent pictorial warning on tobacco products, but the issue of plain packaging, that refers to packaging that requires the removal of all branding "will still be on the mind" during the deliberations at the conference, they added.
About 1,500 delegates are expected to participate in the conference from around 180 countries along with other observers in official relations with the WHO FCTC Secretariat in Geneva.
India has provided a leadership role in the negotiations of FCTC and has also served as the regional coordinator for the South-East Asia Region.
India ratified the treaty on February 27, 2005 and is obligated to comply with the treaty provisions and its guidelines to reduce tobacco consumption globally.
It is the first occasion that a COP meeting is being held in India and signals a strong commitment of the government to increase international co-operation and awareness of the WHO FCTC globally and especially in the WHO South-East Asia Region, the Health Ministry said.
The WHO FCTC is the first global evidence-based public health treaty that recognises the right of all people to the highest standard of health.
The treaty was developed by countries in response to the globalisation of the tobacco epidemic. There are at present 180 parties to the Convention.
Punjab BJP Gears Up For Polls, PM Narendra Modi To Address Rally In December
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CHANDIGARH: Gearing up for the upcoming Assembly polls in Punjab, BJP has planned a rally to be addressed by Prime Minister Narendra Modi in December, besides a program where party chief Amit Shah will address booth-level workers in the state.
With Congress and AAP accusing the SAD-BJP government of having failed on all fronts, BJP has decided to contest the polls on the plank of development work carried out by the current regime in last 10 years, while highlighting the "failures" of the opposition parties.
"We have planned a big rally in the middle of December which will be addressed by PM Narendra Modi," said Punjab BJP President Vijay Sampla. The venue for the rally has not been finalised yet.
The saffron party has also planned to hold a 'booth sammelan' which will be addressed by party's chief Amit Shah.
"A booth sammelan will be held in which Amit Shah will be present. The date is yet to be finalised for this event," Mr Sampla told PTI.
In this sammelan or conclave, the BJP chief will address booth-level workers of 23 assembly constituencies in which there are 4,000 booths, he said.
Additionally, BJP has also planned to hold four more rallies which will witness participation of various union ministers and senior leaders of the party.
Plans are afoot to invite Union ministers Rajnath Singh, Sushma Swaraj, and other senior leaders to participate in the proposed rallies.
The four big rallies will be organised for Scheduled Castes (SC), farmers, women and youth at Jalandhar, Fazilka Patiala and Amritsar respectively.
"Developmental works carried out by the Akali-BJP regime during the last 10 years and the progress made under Narendra Modi-led NDA government at the Centre will be our agenda for the upcoming state polls," said Mr Sampla who is also a union minister.
The party, which is appointing new office bearers at various positions in the state, will also highlight the "failures" of both the Congress and Aam Aadmi Party to counter their onslaught against SAD-BJP.
"We shall also bring the failure of opposition parties to the notice of voters," said Mr Sampla, expressing confidence that the Akali-BJP combine would return to power for the third consecutive time in Punjab.
The Congress is busy fighting factionalism and AAP's graph is on the decline due to its own shortcomings, he alleged.
With Congress and AAP accusing the SAD-BJP government of having failed on all fronts, BJP has decided to contest the polls on the plank of development work carried out by the current regime in last 10 years, while highlighting the "failures" of the opposition parties.
"We have planned a big rally in the middle of December which will be addressed by PM Narendra Modi," said Punjab BJP President Vijay Sampla. The venue for the rally has not been finalised yet.
"A booth sammelan will be held in which Amit Shah will be present. The date is yet to be finalised for this event," Mr Sampla told PTI.
In this sammelan or conclave, the BJP chief will address booth-level workers of 23 assembly constituencies in which there are 4,000 booths, he said.
Additionally, BJP has also planned to hold four more rallies which will witness participation of various union ministers and senior leaders of the party.
Plans are afoot to invite Union ministers Rajnath Singh, Sushma Swaraj, and other senior leaders to participate in the proposed rallies.
The four big rallies will be organised for Scheduled Castes (SC), farmers, women and youth at Jalandhar, Fazilka Patiala and Amritsar respectively.
"Developmental works carried out by the Akali-BJP regime during the last 10 years and the progress made under Narendra Modi-led NDA government at the Centre will be our agenda for the upcoming state polls," said Mr Sampla who is also a union minister.
The party, which is appointing new office bearers at various positions in the state, will also highlight the "failures" of both the Congress and Aam Aadmi Party to counter their onslaught against SAD-BJP.
"We shall also bring the failure of opposition parties to the notice of voters," said Mr Sampla, expressing confidence that the Akali-BJP combine would return to power for the third consecutive time in Punjab.
The Congress is busy fighting factionalism and AAP's graph is on the decline due to its own shortcomings, he alleged.
Manohar Parrikar Lying On One Rank One Pension Issue: AAP's Ashutosh
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PANAJI: AAP today accused Defence Minister Manohar Parrikar of "lying" on the issue of OROP for the ex-servicemen.
"He continues to lie on the One Rank One Pension issue and is falsely claiming that the Modi government has already delivered on its OROP promise," AAP national spokesperson Ashutosh alleged in.
"In the same breath, Parrikar says the centre needs two months to solve the OROP difficulties, which only proves the BJP government is still lying," he alleged, referring to Mr Parrikar's statement yesterday.
"If the servicemen are happy with the government on OROP issue, then why are they agitating in Delhi? Why did Ram Kishan Grewal have to commit suicide?" the AAP leader asked.
The 70-year-old ex-serviceman, Ram Kishan Grewal, had consumed poison in the lawns behind Jawahar Bhavan in Delhi, which houses the Ministry of External Affairs, on November 1.
He was rushed to RML Hospital where he died during treatment. The Armed Forces pensioners are demanding pension revision every year but the centre is insisting on revision every five years, he said.
"While the Modi Government is quick to claim credit for the bravery and achievements of the Armed Forces, it backs off from rewarding veterans for risking their lives to defend the country," Ashutosh added.
Exactly a day after surgical strike across the LoC, the Defence Ministry had issued an order halving the disability pension of the ex-servicemen, he claimed.
"A few days later the same Parrikar-led ministry brought down by a notch the rank of military officers against civil officers in the ministry," the AAP leader claimed.
Talking about local issues, Ashutosh alleged, "Parrikar and BJP have only contributed further in making Goa a destination for gambling, sex and drugs. Parrikar and BJP have miserably failed to deliver on their promises of good governance and zero tolerance for corruption."
"He continues to lie on the One Rank One Pension issue and is falsely claiming that the Modi government has already delivered on its OROP promise," AAP national spokesperson Ashutosh alleged in.
"If the servicemen are happy with the government on OROP issue, then why are they agitating in Delhi? Why did Ram Kishan Grewal have to commit suicide?" the AAP leader asked.
The 70-year-old ex-serviceman, Ram Kishan Grewal, had consumed poison in the lawns behind Jawahar Bhavan in Delhi, which houses the Ministry of External Affairs, on November 1.
"While the Modi Government is quick to claim credit for the bravery and achievements of the Armed Forces, it backs off from rewarding veterans for risking their lives to defend the country," Ashutosh added.
Exactly a day after surgical strike across the LoC, the Defence Ministry had issued an order halving the disability pension of the ex-servicemen, he claimed.
"A few days later the same Parrikar-led ministry brought down by a notch the rank of military officers against civil officers in the ministry," the AAP leader claimed.
Talking about local issues, Ashutosh alleged, "Parrikar and BJP have only contributed further in making Goa a destination for gambling, sex and drugs. Parrikar and BJP have miserably failed to deliver on their promises of good governance and zero tolerance for corruption."
Business Affairs
MoD clears projects worth Rs 83,000 crore and new blacklisting policy
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The Defence Ministry on Monday cleared a new blacklisting policy that will do away with blanket bans on companies indulging in corrupt acts and approved projects worth over Rs 82,000 crore for purchase of fighter aircraft, tanks, rockets and mini drones.
Contrary to expectation, the Defence Acquisition Council, chaired by Defence Minister Manohar Parrikar, did not take a decision on the Navy's proposal to purchase 12 US2I amphibious aircraft from Japan, though the issue came up for discussion.
However, it is expected that there would be some forward movement on this issue during Prime Minister Narendra Modi's upcoming visit to Tokyo on November 11-12.
The DAC also gave Acceptance of Necessity (AoN) to Indian Air Force's plan to purchase 83 Tejas Mark 1A aircraft at a cost of Rs 50,025 crore, Defence Ministry sources said.
It also accorded AON for the purchase of 15 Light Combat Aircraft being manufactured by HAL for the Army and Air Force for a tentative cost of about Rs 2,911 crore.
AoN was also given for the repeat order of 464 Russian origin T90 tanks which are being manufactured by the Ordnance Factory Board for Rs 13,448 crore, besides for procurement of 598 mini UAVs at a cost of Rs 1,100 crore.
However, the most significant take away from the DAC is the clearance of the new blacklisting policy.
Though Defence Ministry officials remained tight-lipped about the features of the new policy maintaining it will be put up on website in the next few days, sources said it will ensure that while companies are dealt with harshly, it will not affect the modernisation process.
As per the new policy, the focus is on graded blacklisting and fines. This means that if a defence conglomerate is caught doing wrong in a particular project, it will be banned for a specific number of years from dealing in that particular segment only.
It can continue to pitch for projects in other segments.
"It will be a product specific ban rather than blanket blacklisting. Also, there will be an option for heavy penalties besides those in contract and even individuals can be banned," a source said.
The new policy would also allow many of the stuck programmes, like the heavy weight torpedos for the six Scorpene submarines, to move ahead with clarity.
The Defence Ministry on Monday cleared a new blacklisting policy that will do away with blanket bans on companies indulging in corrupt acts and approved projects worth over Rs 82,000 crore for purchase of fighter aircraft, tanks, rockets and mini drones.
Contrary to expectation, the Defence Acquisition Council, chaired by Defence Minister Manohar Parrikar, did not take a decision on the Navy's proposal to purchase 12 US2I amphibious aircraft from Japan, though the issue came up for discussion.
However, it is expected that there would be some forward movement on this issue during Prime Minister Narendra Modi's upcoming visit to Tokyo on November 11-12.
The DAC also gave Acceptance of Necessity (AoN) to Indian Air Force's plan to purchase 83 Tejas Mark 1A aircraft at a cost of Rs 50,025 crore, Defence Ministry sources said.
It also accorded AON for the purchase of 15 Light Combat Aircraft being manufactured by HAL for the Army and Air Force for a tentative cost of about Rs 2,911 crore.
AoN was also given for the repeat order of 464 Russian origin T90 tanks which are being manufactured by the Ordnance Factory Board for Rs 13,448 crore, besides for procurement of 598 mini UAVs at a cost of Rs 1,100 crore.
However, the most significant take away from the DAC is the clearance of the new blacklisting policy.
Though Defence Ministry officials remained tight-lipped about the features of the new policy maintaining it will be put up on website in the next few days, sources said it will ensure that while companies are dealt with harshly, it will not affect the modernisation process.
As per the new policy, the focus is on graded blacklisting and fines. This means that if a defence conglomerate is caught doing wrong in a particular project, it will be banned for a specific number of years from dealing in that particular segment only.
It can continue to pitch for projects in other segments.
"It will be a product specific ban rather than blanket blacklisting. Also, there will be an option for heavy penalties besides those in contract and even individuals can be banned," a source said.
The new policy would also allow many of the stuck programmes, like the heavy weight torpedos for the six Scorpene submarines, to move ahead with clarity.
Gold price falls below Rs 31K, drops Rs 300 on weak global cues
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After five sessions of gains, gold prices on Monday fell Rs 300 per ten grams to crack below the 31,000-level and silver by Rs 450 to Rs 43,600 per kg at the bullion market on easing demand from jewellers coupled with weak global cues.
Sentiment took a hit after gold tumbled overseas amid positive developments on the US election front, strengthening the dollar and diminishing appeal of the precious metal as a safe-haven, bullion traders said.
The FBI has given a clean chit to Hillary Clinton, saying she should not face criminal charges after a review of new emails, an 11th-hour respite for the Democratic presidential candidate that could be a game changer in the tight race for the White House.
Globally, gold fell 1.29 per cent to USD 1,287.20 an ounce and silver by 1.17 per cent to USD 18.19 an ounce in Singapore.
Besides, fall in demand from jewellers and retailers at prevailing levels at domestic spot market fuelled the downtrend in the precious metals prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 300 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The precious metal had gained Rs 500 in the previous five days.
Sovereign also traded lower by Rs 100 to Rs 24,500 per piece of eight grams.
Tracking gold, silver ready dropped by Rs 450 to Rs 43,600 per kg and weekly-based delivery by Rs 395 to Rs 43,000 per kg.
Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
After five sessions of gains, gold prices on Monday fell Rs 300 per ten grams to crack below the 31,000-level and silver by Rs 450 to Rs 43,600 per kg at the bullion market on easing demand from jewellers coupled with weak global cues.
Sentiment took a hit after gold tumbled overseas amid positive developments on the US election front, strengthening the dollar and diminishing appeal of the precious metal as a safe-haven, bullion traders said.
The FBI has given a clean chit to Hillary Clinton, saying she should not face criminal charges after a review of new emails, an 11th-hour respite for the Democratic presidential candidate that could be a game changer in the tight race for the White House.
Globally, gold fell 1.29 per cent to USD 1,287.20 an ounce and silver by 1.17 per cent to USD 18.19 an ounce in Singapore.
Besides, fall in demand from jewellers and retailers at prevailing levels at domestic spot market fuelled the downtrend in the precious metals prices.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity slumped by Rs 300 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The precious metal had gained Rs 500 in the previous five days.
Sovereign also traded lower by Rs 100 to Rs 24,500 per piece of eight grams.
Tracking gold, silver ready dropped by Rs 450 to Rs 43,600 per kg and weekly-based delivery by Rs 395 to Rs 43,000 per kg.
Silver coins, however, held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Future Retail to acquire retail and allied biz of Heritage Foods
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Kishore Biyani-led Future Retail Ltd on Monday said its board of directors has approved the acquisition of retail and allied businesses of Heritage Foods Ltd, promoted by the family of Andhra Pradesh Chief Minister N Chandrababu Naidu.
The retail and allied business of Heritage Foods had posted Rs 629.74 crore revenues during the last financial year.
"On closure of the transaction, Heritage Foods will own 3.65 per cent of share holding in Future Retail Ltd through fresh issuance of shares by the company," a statement from Future Group said.
As part of the scheme of arrangement for the acquisition, Heritage Foods will spin off its retail, bakery, agri-sourcing and veterinary care businesses to a fully-owned subsidiary.
Subsequently, all these businesses except veterinary care will then be merged with Future Retail Ltd.
The retail business of Heritage Foods currently runs a chain of 124 stores in three southern cities of Hyderabad, Bengaluru and Chennai.
Kishore Biyani-led Future Retail Ltd on Monday said its board of directors has approved the acquisition of retail and allied businesses of Heritage Foods Ltd, promoted by the family of Andhra Pradesh Chief Minister N Chandrababu Naidu.
The retail and allied business of Heritage Foods had posted Rs 629.74 crore revenues during the last financial year.
"On closure of the transaction, Heritage Foods will own 3.65 per cent of share holding in Future Retail Ltd through fresh issuance of shares by the company," a statement from Future Group said.
As part of the scheme of arrangement for the acquisition, Heritage Foods will spin off its retail, bakery, agri-sourcing and veterinary care businesses to a fully-owned subsidiary.
Subsequently, all these businesses except veterinary care will then be merged with Future Retail Ltd.
The retail business of Heritage Foods currently runs a chain of 124 stores in three southern cities of Hyderabad, Bengaluru and Chennai.
ICICI Bank Q2 net dips 13% to Rs 2,979 crore on higher bad loans
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Country's largest private sector lender ICICI Bank on Monday reported 12.8 per cent dip in consolidated net profit to Rs 2,979 crore for the September quarter as its provisioning for bad loans shot up by 7-fold.
The bank's net profit in July-September quarter of the last fiscal was Rs 3,419 crore.
Its total income during the second quarter of the current fiscal increased to Rs 32,435 crore, as against Rs 25,138 crore in the year-go period, ICICI Bank said in a statement.
However, on standalone basis, the bank reported a marginal 2.3 per cent rise in net profit at Rs 3,102 crore for the second quarter as compared to Rs 3,030 crore in the same period of the previous fiscal.
Its total standalone income increased to Rs 22,759 crore compared with Rs 16,106 crore on standalone basis in the same quarter of 2015-16.
Net interest income remained almost flat at Rs 5,253 crore.
ICICI Bank's gross non-performing assets (NPAs) or bad loans jumped to 6.82 per cent as against 3.77 per cent at the in the year-ago period.
Similarly, net NPAs nearly doubled to 3.57 per cent compared with 1.65 per cent in the previous fiscal.
During the quarter under review, the bank has made provisions (other than tax) and contingencies of Rs 7,083 crore as against Rs 942 crore in the same quarter of the previous fiscal.
According to statement, the bank further strengthened its balance sheet by making additional provisions of Rs 3,588 crore which comprised of provisions of Rs 1,678 crore for standard loans and entire loss of Rs 395 crore on sale of NPA during the six months ended September 30 which is permitted to be amortised as per Reserve Bank of India (RBI) guidelines, recognised upfront.
Besides, the bank has made a floating provision of Rs 1,515 crore during the period.
Country's largest private sector lender ICICI Bank on Monday reported 12.8 per cent dip in consolidated net profit to Rs 2,979 crore for the September quarter as its provisioning for bad loans shot up by 7-fold.
The bank's net profit in July-September quarter of the last fiscal was Rs 3,419 crore.
Its total income during the second quarter of the current fiscal increased to Rs 32,435 crore, as against Rs 25,138 crore in the year-go period, ICICI Bank said in a statement.
However, on standalone basis, the bank reported a marginal 2.3 per cent rise in net profit at Rs 3,102 crore for the second quarter as compared to Rs 3,030 crore in the same period of the previous fiscal.
Its total standalone income increased to Rs 22,759 crore compared with Rs 16,106 crore on standalone basis in the same quarter of 2015-16.
Net interest income remained almost flat at Rs 5,253 crore.
ICICI Bank's gross non-performing assets (NPAs) or bad loans jumped to 6.82 per cent as against 3.77 per cent at the in the year-ago period.
Similarly, net NPAs nearly doubled to 3.57 per cent compared with 1.65 per cent in the previous fiscal.
During the quarter under review, the bank has made provisions (other than tax) and contingencies of Rs 7,083 crore as against Rs 942 crore in the same quarter of the previous fiscal.
According to statement, the bank further strengthened its balance sheet by making additional provisions of Rs 3,588 crore which comprised of provisions of Rs 1,678 crore for standard loans and entire loss of Rs 395 crore on sale of NPA during the six months ended September 30 which is permitted to be amortised as per Reserve Bank of India (RBI) guidelines, recognised upfront.
Besides, the bank has made a floating provision of Rs 1,515 crore during the period.
India to buy rescue aircraft from Japan for $1.5 billion
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India's Defence Ministry will agree on Monday to purchase 12 amphibious rescue aircraft from Japanese manufacturer ShinMaywa Industries worth $1.5 billion-$1.6 billion, the Nikkei news paper reported on Sunday.
Japan and India have been holding talks on the purchase for more than two years. It would one of Japan's first sales of military equipment since Prime Minister Shinzo Abe lifted a 50-year ban on arms exports and it reflects growing defence ties between the two countries.
India's Defence Ministry will approve the purchase of 12 US-2 aircraft at a Defense Acquisitions Council meeting scheduled for Monday, the Nikkei reporting, citing senior ministry officials it did not name.
The deal will be included in a memorandum of understanding to be signed during Indian Prime Minister Narendra Modi's visit to Japan from Thursday to Saturday, the Nikkei said, citing the officials.
During the visit, Abe will also urge Modi to expand its usage of Japan's high-speed train technology, the Nikkei reported.
India's Defence Ministry will agree on Monday to purchase 12 amphibious rescue aircraft from Japanese manufacturer ShinMaywa Industries worth $1.5 billion-$1.6 billion, the Nikkei news paper reported on Sunday.
Japan and India have been holding talks on the purchase for more than two years. It would one of Japan's first sales of military equipment since Prime Minister Shinzo Abe lifted a 50-year ban on arms exports and it reflects growing defence ties between the two countries.
India's Defence Ministry will approve the purchase of 12 US-2 aircraft at a Defense Acquisitions Council meeting scheduled for Monday, the Nikkei reporting, citing senior ministry officials it did not name.
The deal will be included in a memorandum of understanding to be signed during Indian Prime Minister Narendra Modi's visit to Japan from Thursday to Saturday, the Nikkei said, citing the officials.
During the visit, Abe will also urge Modi to expand its usage of Japan's high-speed train technology, the Nikkei reported.
General Awareness
First World Tsunami Awareness Day – November 5 2016
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The First World Tsunami Awareness Day was observed on November 5, 2016 in the Asian Ministerial Conference for Disaster Risk Reduction (AMCDRR) 2016.The 5th of November was designated as World Tsunami Awareness Day (WTAD) by the United Nations General Assembly in December 2015 to focus on education and evacuation drills.
2016 Theme: “Effective Education and Evacuation Drills”
About Tsunami :
A tsunami also known as a seismic sea wave, is a series of waves in a water body caused by the displacement of a large volume of water, generally in an ocean or a large lake.
- Earthquakes,volcanic eruptions and other underwater explosions (including detonations of underwater nuclear devices), landslides, glacier calvings, meteorite impacts and other disturbances above or below water all have the potential to generate a tsunami.
- Unlike normal ocean waves which are generated by wind, or tides which are generated by the gravitational pull of the Moon and Sun, a tsunami is generated by the displacement of water.
- Tsunami waves do not resemble normal undersea currents orsea waves, because their wavelength is far longer. Rather than appearing as a breaking wave, a tsunami may instead initially resemble a rapidly rising tide, and for this reason they are often referred to as tidal waves, although this usage is not favoured by the scientific community because tsunamis are not tidal in nature.
- Tsunamis generally consist of a series of waves with periods ranging from minutes to hours, arriving in a so-called “internal wave train“. Wave heights of tens of metres can be generated by large events.
- Although the impact of tsunamis is limited to coastal areas, their destructive power can be enormous and they can affect entire ocean basins; the2004 Indian Ocean tsunami was among the deadliest natural disasters in human history with at least 230,000 people killed or missing in 14 countries bordering the Indian Ocean.
- Greekhistorian Thucydides suggested in his late-5th century BC History of the Peloponnesian War, that tsunamis were related to submarine earthquakes, but the understanding of a tsunami’s nature remained slim until the 20th century and much remains unknown.
- Major areas of current research include trying to determine why some large earthquakes do not generate tsunamis while other smaller ones do; trying to accurately forecast the passage of tsunamis across the oceans; and also to forecast how tsunami waves interact with specific shorelines.
The First World Tsunami Awareness Day was observed on November 5, 2016 in the Asian Ministerial Conference for Disaster Risk Reduction (AMCDRR) 2016.The 5th of November was designated as World Tsunami Awareness Day (WTAD) by the United Nations General Assembly in December 2015 to focus on education and evacuation drills.
2016 Theme: “Effective Education and Evacuation Drills”
About Tsunami :
A tsunami also known as a seismic sea wave, is a series of waves in a water body caused by the displacement of a large volume of water, generally in an ocean or a large lake.
- Earthquakes,volcanic eruptions and other underwater explosions (including detonations of underwater nuclear devices), landslides, glacier calvings, meteorite impacts and other disturbances above or below water all have the potential to generate a tsunami.
- Unlike normal ocean waves which are generated by wind, or tides which are generated by the gravitational pull of the Moon and Sun, a tsunami is generated by the displacement of water.
- Tsunami waves do not resemble normal undersea currents orsea waves, because their wavelength is far longer. Rather than appearing as a breaking wave, a tsunami may instead initially resemble a rapidly rising tide, and for this reason they are often referred to as tidal waves, although this usage is not favoured by the scientific community because tsunamis are not tidal in nature.
- Tsunamis generally consist of a series of waves with periods ranging from minutes to hours, arriving in a so-called “internal wave train“. Wave heights of tens of metres can be generated by large events.
- Although the impact of tsunamis is limited to coastal areas, their destructive power can be enormous and they can affect entire ocean basins; the2004 Indian Ocean tsunami was among the deadliest natural disasters in human history with at least 230,000 people killed or missing in 14 countries bordering the Indian Ocean.
- Greekhistorian Thucydides suggested in his late-5th century BC History of the Peloponnesian War, that tsunamis were related to submarine earthquakes, but the understanding of a tsunami’s nature remained slim until the 20th century and much remains unknown.
- Major areas of current research include trying to determine why some large earthquakes do not generate tsunamis while other smaller ones do; trying to accurately forecast the passage of tsunamis across the oceans; and also to forecast how tsunami waves interact with specific shorelines.
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