General Affairs
PM Modi issues directives to set up new tri-services commands
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Seeking to bring in major reforms in the country's defence forces, Prime Minister Narendra Modi has asked the Ministry of Defence to initiate steps towards creating theatre commands for the military.
Under a theatre commands, all the troops and resources of the three forces - Army, Navy and Air Force - would be combined and put under the command of one officer, who would be from either of the three serivces and who would determine their use.
At the combined commanders conference headed by the prime minister, the Integrated Defence Staff under the Defence Ministry was asked to prepare a roadmap for theatre commands and new initiatives would be taken by this year-end, senior Defence Ministry sources told India Today.
APPOINTMENT OF NEW FOUR STAR GEN ALSO BEING CONSIDERED
The three services had made a detailed presentation to the prime minister at the conference, which was held recently. As part of defence reforms, the government is also appointing a new four star general to looking after the issues related to three services.
All these structures of proposed command would be provided in the roadmap by the military officers under the guidance of political leadership the sources stated.
At the conference, the IAF had raised questions over the command structure and equipment integration under the theatre commands but everybody recognised the need for creating new military structures.
Seeking to bring in major reforms in the country's defence forces, Prime Minister Narendra Modi has asked the Ministry of Defence to initiate steps towards creating theatre commands for the military.
Under a theatre commands, all the troops and resources of the three forces - Army, Navy and Air Force - would be combined and put under the command of one officer, who would be from either of the three serivces and who would determine their use.
At the combined commanders conference headed by the prime minister, the Integrated Defence Staff under the Defence Ministry was asked to prepare a roadmap for theatre commands and new initiatives would be taken by this year-end, senior Defence Ministry sources told India Today.
APPOINTMENT OF NEW FOUR STAR GEN ALSO BEING CONSIDERED
The three services had made a detailed presentation to the prime minister at the conference, which was held recently. As part of defence reforms, the government is also appointing a new four star general to looking after the issues related to three services.
All these structures of proposed command would be provided in the roadmap by the military officers under the guidance of political leadership the sources stated.
At the conference, the IAF had raised questions over the command structure and equipment integration under the theatre commands but everybody recognised the need for creating new military structures.
Defence Minister's financial powers enhanced to Rs 2000 crore to buy weapon systems
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Defence Minister Manohar Parrikar's financial powers have been enhanced by PM Narendra Modi from Rs 500 crore to Rs 2000 crore to buy weapon systems.The financial power was earlier Rs 500 crore and now he can buy systems at his own level to that tune.
The decision also includes the enhancement of combined financial power of the Defence and Finance Minister which has been increased from Rs 1,000 crore to Rs 3,000 crore. The decision to enhance the financial power of the key acquisition related ministers has been taken at the apex level by the Prime minister.The enhanced amount will enable services to carry out low valued essential purchases without waiting to get clearance from the Defence Ministry. It had been a long pending demand of the services as one of the measures to speed up acquisitions.
The service vice chiefs are entitled to clear purchases up to Rs. 150 crore while the Defence Secretary has financial powers to sanction acquisition of Rs. 300 crore. Till now, for amounts beyond Rs 500 crore, sanction from the Defence Minister was require while for contracts with value above Rs. 1,000 crore and above, approval of the Cabinet Committee on Security was mandatory.
Defence Minister Manohar Parrikar's financial powers have been enhanced by PM Narendra Modi from Rs 500 crore to Rs 2000 crore to buy weapon systems.The financial power was earlier Rs 500 crore and now he can buy systems at his own level to that tune.
The decision also includes the enhancement of combined financial power of the Defence and Finance Minister which has been increased from Rs 1,000 crore to Rs 3,000 crore. The decision to enhance the financial power of the key acquisition related ministers has been taken at the apex level by the Prime minister.The enhanced amount will enable services to carry out low valued essential purchases without waiting to get clearance from the Defence Ministry. It had been a long pending demand of the services as one of the measures to speed up acquisitions.
The service vice chiefs are entitled to clear purchases up to Rs. 150 crore while the Defence Secretary has financial powers to sanction acquisition of Rs. 300 crore. Till now, for amounts beyond Rs 500 crore, sanction from the Defence Minister was require while for contracts with value above Rs. 1,000 crore and above, approval of the Cabinet Committee on Security was mandatory.
JNU students block admin building to protest UGC's new admission policy
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The JNU Students Union (JNUSU) and a large number of other students today blocked university officials from entering the administration block in protest against the new UGC notification on upcoming admission for the 2017-18 academic session.
Raising slogans against the new UGC (University Grants Commission) admission rules, the JNUSU has demanded a rollback of its notification that proposes a change in the admission process for the M.Phil and Ph.D aspirants.
The notification proposes 100 per cent weightage to viva voce and reducing entrance examination to a qualifying criteria.
WHAT WAS THE REFERENDUM QUESTION
On Tuesday, the JNU students had responded with an overwhelming 'no' in a referendum conducted to ask whether the UGC notification on MPhil and PhD admissions was acceptable to them.
The referendum was conducted on Tuesday by the JNUSU asking 'Should JNU accept VC's unilateral imposition of May 5, 2016 UGC notification for the conduct of MPhil and PhD admissions?'
A total of 3,455 students voted in the referendum, of which 3,398 voted against the notification, while a mere 45 voted in support.
Many students protested against the adoption by the university of UGC notification on December 26, some of whom later went on a hunger-strike intensifying their opposition.
JNU REJECTS REPORTS OF SEATS' REDUCTION
On Wednesday, JNU rubbished media reports claiming massive reduction in seats. The JNU administration asserted that there is no reduction in academic seats in any school or department of the premier education institution.
"There has been no such announcement from the university. We have effected no reduction in the admission intake for students. All the news which are circulating in the media are false," university Rector Chintamani Mahapatra said.
A number of media organisations on Wednesday reported that JNU made an "official" announcement on its website about reduction by hundreds in seats for several schools.
The JNU Students Union (JNUSU) and a large number of other students today blocked university officials from entering the administration block in protest against the new UGC notification on upcoming admission for the 2017-18 academic session.
Raising slogans against the new UGC (University Grants Commission) admission rules, the JNUSU has demanded a rollback of its notification that proposes a change in the admission process for the M.Phil and Ph.D aspirants.
The notification proposes 100 per cent weightage to viva voce and reducing entrance examination to a qualifying criteria.
WHAT WAS THE REFERENDUM QUESTION
On Tuesday, the JNU students had responded with an overwhelming 'no' in a referendum conducted to ask whether the UGC notification on MPhil and PhD admissions was acceptable to them.
The referendum was conducted on Tuesday by the JNUSU asking 'Should JNU accept VC's unilateral imposition of May 5, 2016 UGC notification for the conduct of MPhil and PhD admissions?'
A total of 3,455 students voted in the referendum, of which 3,398 voted against the notification, while a mere 45 voted in support.
Many students protested against the adoption by the university of UGC notification on December 26, some of whom later went on a hunger-strike intensifying their opposition.
JNU REJECTS REPORTS OF SEATS' REDUCTION
On Wednesday, JNU rubbished media reports claiming massive reduction in seats. The JNU administration asserted that there is no reduction in academic seats in any school or department of the premier education institution.
"There has been no such announcement from the university. We have effected no reduction in the admission intake for students. All the news which are circulating in the media are false," university Rector Chintamani Mahapatra said.
A number of media organisations on Wednesday reported that JNU made an "official" announcement on its website about reduction by hundreds in seats for several schools.
IndiGo passenger opens emergency exit moments before take-off, 1 injured
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In a major security scare at Mumbai airport, a passenger of an IndiGo flight opened an emergency exit of the plane moments before the flight was to take-off. A passenger was injured in the incident.
An FIR has been registered against the person travelling on the Mumbai-Chandigarh flight which had 176 passengers.
"Just after the boarding got completed (while the aircraft was stationary), a passenger seated on seat number 12C suddenly opened the emergency exit door and inflated the slide," the airline said in a statement.
"In this process, a co-passenger seated on 12A received bruises. Taking a precautionary measure, the captain immediately informed the ground staff about the situation on board and instructed the team to arrange for medical assistance and other necessary action," it added.
An FIR has been registered against the person travelling on the Mumbai-Chandigarh flight which had 176 passengers.
"Just after the boarding got completed (while the aircraft was stationary), a passenger seated on seat number 12C suddenly opened the emergency exit door and inflated the slide," the airline said in a statement.
"In this process, a co-passenger seated on 12A received bruises. Taking a precautionary measure, the captain immediately informed the ground staff about the situation on board and instructed the team to arrange for medical assistance and other necessary action," it added.
Fairy Queen - world's oldest steam loco - set to chug again on Indian tracks
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The world's oldest working steam loco 'Fairy Queen' is all set to chug again after a gap of nearly five years. The locomotive will haul a heritage train starting on Saturday.
The 'Fairy Queen' will haul the train from New Delhi to Rewari in Haryana, departing from the Delhi Cantt. Station at 10.30 am. After reaching Rewari at 1 pm, the train will return to Delhi, departing from Haryana at 4.15 pm and reaching Delhi Cantt. at 6.15 pm.
ALL ABOUT THE FAIRY QUEEN
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She was was constructed in 1855 by Kitson, Thompson and Hewitson at Leeds, England.
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After a long sea journey she reached Calcutta, late 1855.
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On arrival, she was given a fleet number - "EIR -22" by its then owner, the East Indian Railway Company.
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The loco operated without a name till 1895.
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To start with "EIR - 22" broad gauge (5 ft 6 in) locomotive was used to haul mail trains in what was then Bengal. She commuted between Howrah and Raniganj.
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During the 1857 struggle for independence "EIR - 22" was converted into a troop trains.
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It was christened 'Fairy Queen' in 1895.
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She was then consigned to line construction duty in Bihar till 1908, when she retired from active duty.
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She was exhibited outside the Howrah station for about four decades before being moved to Chandausi near Moradabad and then being shifted to the National Rail Museum in Delhi in 1971-72.
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She was completely restored and given a special spot in the newly built National Rail Museum at Chanakyapuri, in New Delhi which was opened to public 40 years back on 1st February, 1977.
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The locomotive was brought out of retirement on February 1, 1997 and was restored to full working order in preparation for its first mainline journey in 88 years and its return to commercial service on 18 July of the same year - between Delhi and Alwar in Rajasthan, with a stopover at the Sariska tiger reserve.
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Fairy Queen was certified by the Guinness Book of Records in 1998 as the world's oldest steam locomotive in regular operation.
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In 1999 she received a National Tourism Award for the most innovative and unique tourism project from Atal Bihari Vajpayee, the then Prime Minister of India.
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In late July 2004 some almost irreplaceable parts of the 'Fairy Queen' was stolen. Although police recovered some of the stolen parts it had to go through a restoration.
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In April 2011 thieves again made off with crucial parts that were irreplaceable. The Perambur loco workshop in Chennai stepped in and custom made the missing parts, some 32 pieces in all to ensure that the Fairy would run once again. The retrofitting was completed in 2013.
The world's oldest working steam loco 'Fairy Queen' is all set to chug again after a gap of nearly five years. The locomotive will haul a heritage train starting on Saturday.
The 'Fairy Queen' will haul the train from New Delhi to Rewari in Haryana, departing from the Delhi Cantt. Station at 10.30 am. After reaching Rewari at 1 pm, the train will return to Delhi, departing from Haryana at 4.15 pm and reaching Delhi Cantt. at 6.15 pm.
ALL ABOUT THE FAIRY QUEEN
- She was was constructed in 1855 by Kitson, Thompson and Hewitson at Leeds, England.
- After a long sea journey she reached Calcutta, late 1855.
- On arrival, she was given a fleet number - "EIR -22" by its then owner, the East Indian Railway Company.
- The loco operated without a name till 1895.
- To start with "EIR - 22" broad gauge (5 ft 6 in) locomotive was used to haul mail trains in what was then Bengal. She commuted between Howrah and Raniganj.
- During the 1857 struggle for independence "EIR - 22" was converted into a troop trains.
- It was christened 'Fairy Queen' in 1895.
- She was then consigned to line construction duty in Bihar till 1908, when she retired from active duty.
- She was exhibited outside the Howrah station for about four decades before being moved to Chandausi near Moradabad and then being shifted to the National Rail Museum in Delhi in 1971-72.
- She was completely restored and given a special spot in the newly built National Rail Museum at Chanakyapuri, in New Delhi which was opened to public 40 years back on 1st February, 1977.
- The locomotive was brought out of retirement on February 1, 1997 and was restored to full working order in preparation for its first mainline journey in 88 years and its return to commercial service on 18 July of the same year - between Delhi and Alwar in Rajasthan, with a stopover at the Sariska tiger reserve.
- Fairy Queen was certified by the Guinness Book of Records in 1998 as the world's oldest steam locomotive in regular operation.
- In 1999 she received a National Tourism Award for the most innovative and unique tourism project from Atal Bihari Vajpayee, the then Prime Minister of India.
- In late July 2004 some almost irreplaceable parts of the 'Fairy Queen' was stolen. Although police recovered some of the stolen parts it had to go through a restoration.
- In April 2011 thieves again made off with crucial parts that were irreplaceable. The Perambur loco workshop in Chennai stepped in and custom made the missing parts, some 32 pieces in all to ensure that the Fairy would run once again. The retrofitting was completed in 2013.
Business Affairs
Ajay Tyagi appointed Sebi chief for five years
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Senior Finance Ministry official Ajay Tyagi was today appointed as chairman of Securities and Exchange Board of India (Sebi).
He will succeed U K Sinha, whose extended tenure ends on March 1.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, is at present Additional Secretary (Investment) in the Department of Economic Affairs and handles capital market, among others.
Tyagi has been appointed as chairman of the markets regulator, an official order said.
The Appointments Committee of the Cabinet-headed by Prime Minister Narendra Modi has approved Tyagi's appointment for a period not exceeding five years or till the age of 65 years, it said.
58-year-old Tyagi hails from Uttar Pradesh.
As per the eligibility criteria, a person can hold the position of Sebi chairman till the age of 65 years or for a term decided by the government.
Sinha, a 1976 batch IAS officer of Bihar cadre, had assumed office as the Sebi chairman on February 18, 2011, when the previous UPA government was in power.
He was later given a two-year extension. Days before the end of his tenure in February last year, he was given another extension till March 1, 2017.
Many senior bureaucrats, including some Secretary-level officers, were in contention for the top post of capital market regulator.
Tyagi for a short while was also on the board of Reserve Bank of India (RBI).
The process for selecting the next chief of the Sebi started in September 2015, pursuant to which several applications were received for the position.
"Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply," the Finance Ministry had said while inviting applications for the post.
However, the government had in February last decided to give a one-year extension to Sinha to ensure stability due to volatile market conditions.
Sebi chairman receives consolidated pay package of Rs 4.5 lakh per month.
Besides chairman and whole-time members, the Sebi board includes independent members and nominees of Finance Ministry, Corporate Affairs Ministry and the RBI.
He will succeed U K Sinha, whose extended tenure ends on March 1.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, is at present Additional Secretary (Investment) in the Department of Economic Affairs and handles capital market, among others.
Tyagi has been appointed as chairman of the markets regulator, an official order said.
The Appointments Committee of the Cabinet-headed by Prime Minister Narendra Modi has approved Tyagi's appointment for a period not exceeding five years or till the age of 65 years, it said.
58-year-old Tyagi hails from Uttar Pradesh.
As per the eligibility criteria, a person can hold the position of Sebi chairman till the age of 65 years or for a term decided by the government.
Sinha, a 1976 batch IAS officer of Bihar cadre, had assumed office as the Sebi chairman on February 18, 2011, when the previous UPA government was in power.
He was later given a two-year extension. Days before the end of his tenure in February last year, he was given another extension till March 1, 2017.
Many senior bureaucrats, including some Secretary-level officers, were in contention for the top post of capital market regulator.
Tyagi for a short while was also on the board of Reserve Bank of India (RBI).
The process for selecting the next chief of the Sebi started in September 2015, pursuant to which several applications were received for the position.
"Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply," the Finance Ministry had said while inviting applications for the post.
However, the government had in February last decided to give a one-year extension to Sinha to ensure stability due to volatile market conditions.
Sebi chairman receives consolidated pay package of Rs 4.5 lakh per month.
Besides chairman and whole-time members, the Sebi board includes independent members and nominees of Finance Ministry, Corporate Affairs Ministry and the RBI.
Sensex pares initial gains, still up by 36 pts
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BSE benchmark Sensex erased its initial gains but was still trading up by 36 points in late morning deals tracking firm Asian bourses.
Consumer durables, financials, banking and capital goods sectors led gains, while oil&gas, auto, energy, metal, healthcare, FMCG and telecom were dragging the Sensex.
The 30-share index opened higher at 28,367.17 and moved in a range of 28,456.18 and 28.319.47. At 1100 hrs, the Sensex was quoted up by 35.93 points, or 0.13 per cent, at 28,365.63.
The NSE 50-share Nifty was also up 18.40 points, or 0.21 per cent, at 8,796.80.
Among major gainers were: Adani Ports 2.43 per cent, SBIN 1.58 per cent, NTPC 1.01 per cent and Axis Bank 0.87 per cent.
However, Tata Motors fell by 1.04 per cent, followed by ITC 0.79 per cent, Lupin 0.66 per cent and Cipla 0.51 per cent.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 356.63 crore yesterday, as per provisional data released by the stock exchanges.
Overseas, Asian shares rallied to an 18-month peak on today as investors cheered upbeat Chinese trade data and strong gains on Wall Street after US President Donald Trump promised to unveil a major tax announcement to lower the burden on businesses.
BSE benchmark Sensex erased its initial gains but was still trading up by 36 points in late morning deals tracking firm Asian bourses.
Consumer durables, financials, banking and capital goods sectors led gains, while oil&gas, auto, energy, metal, healthcare, FMCG and telecom were dragging the Sensex.
The 30-share index opened higher at 28,367.17 and moved in a range of 28,456.18 and 28.319.47. At 1100 hrs, the Sensex was quoted up by 35.93 points, or 0.13 per cent, at 28,365.63.
The NSE 50-share Nifty was also up 18.40 points, or 0.21 per cent, at 8,796.80.
Among major gainers were: Adani Ports 2.43 per cent, SBIN 1.58 per cent, NTPC 1.01 per cent and Axis Bank 0.87 per cent.
However, Tata Motors fell by 1.04 per cent, followed by ITC 0.79 per cent, Lupin 0.66 per cent and Cipla 0.51 per cent.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 356.63 crore yesterday, as per provisional data released by the stock exchanges.
Overseas, Asian shares rallied to an 18-month peak on today as investors cheered upbeat Chinese trade data and strong gains on Wall Street after US President Donald Trump promised to unveil a major tax announcement to lower the burden on businesses.
SBI Q3 net profit doubles, 1st rise in five quarters
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State Bank of India's profits more than doubled from a year ago in the October-December period, first such rise in five quarters for the nation's top lender by assets, helped by lower provisions for bad loans.
Standalone net profit, not including contributions from subsidiaries or associates, more than doubled to 26.1 billion rupees ($390 million) for the third quarter, versus 11.15 billion rupees a year ago. That was above an average estimate of 24.64 billion rupees from 23 analysts polled by Thomson Reuters.
The last time the bank posted a year-on-year rise in its quarterly profit was in the three months ended September 2015.
SBI, which accounts for more than a fifth of India's banking assets, saw its gross bad loans as a percentage of total loans rising slightly to 7.23 percent at the end of December, from 7.14 percent at end-September.
But provisions for bad loans fell to 72.44 billion rupees from 76.7 billion rupees in the September quarter and 76.45 billion rupees a year earlier.
Bad loans in India's banking sector were at a record high of $133 billion as of end-September. While SBI has fared better than its state-run peers in managing its sour assets, investors remain wary with the bank's heavy exposure to stressed industries such as steel and power.
Indian banks, including SBI, have seen a surge in low-cost deposits after a shock cancellation in November of 86 percent of the country's currency. This has helped lower banks' funding costs, although a scramble to replace scrapped banknotes has hit their other activities, such as lending.
SBI, which is merging its five subsidiary banks with itself and also taking over a small state-run lender for women, could tap the capital markets after the deal is closed to raise as much as $1.5 billion, Chairman Arundhati Bhattacharya told Reuters last month.
Shares in SBI were trading up 1.5 percent by 0751 GMT in a Mumbai market that was up 0.2 percent.
State Bank of India's profits more than doubled from a year ago in the October-December period, first such rise in five quarters for the nation's top lender by assets, helped by lower provisions for bad loans.
Standalone net profit, not including contributions from subsidiaries or associates, more than doubled to 26.1 billion rupees ($390 million) for the third quarter, versus 11.15 billion rupees a year ago. That was above an average estimate of 24.64 billion rupees from 23 analysts polled by Thomson Reuters.
The last time the bank posted a year-on-year rise in its quarterly profit was in the three months ended September 2015.
SBI, which accounts for more than a fifth of India's banking assets, saw its gross bad loans as a percentage of total loans rising slightly to 7.23 percent at the end of December, from 7.14 percent at end-September.
But provisions for bad loans fell to 72.44 billion rupees from 76.7 billion rupees in the September quarter and 76.45 billion rupees a year earlier.
Bad loans in India's banking sector were at a record high of $133 billion as of end-September. While SBI has fared better than its state-run peers in managing its sour assets, investors remain wary with the bank's heavy exposure to stressed industries such as steel and power.
Indian banks, including SBI, have seen a surge in low-cost deposits after a shock cancellation in November of 86 percent of the country's currency. This has helped lower banks' funding costs, although a scramble to replace scrapped banknotes has hit their other activities, such as lending.
SBI, which is merging its five subsidiary banks with itself and also taking over a small state-run lender for women, could tap the capital markets after the deal is closed to raise as much as $1.5 billion, Chairman Arundhati Bhattacharya told Reuters last month.
Shares in SBI were trading up 1.5 percent by 0751 GMT in a Mumbai market that was up 0.2 percent.
TCS recognised again as top UK employer
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TCS, a leading global IT services, consulting and business solutions provider, has been recognised as one of the UK's top 10 employers by the Top Employers Institute.
Tata Consultancy Services was ranked in the top ten of just 78 employers to achieve accreditation as a UK Top Employer.
Accreditation is based on in-depth research into nine core HR criteria: Talent Strategy, Workforce Planning, On-boarding, Learning & Development, Performance Management, Leadership Development, Career & Succession Management, Compensation & Benefits and Company Culture.
Established over 25 years ago, the Top Employers' certification is designed to identify and recognise the world's leading organisations in the field of HR management and employee conditions providing the optimum environment for employees to develop, both professionally and personally, TCS said in a release today.
Nupur Singh Mallick, HR Director, UK & Ireland, said: "We are thrilled to be positioned again as one of the UK's Top 10 Employers. As one of the largest IT and digital employers in the UK, with an industry-leading employee retention rate of over 94 per cent, TCS place huge value on providing an environment that focuses on individual aptitude, talent and interests."
James Gooding, Director of Operations, Top Employers Institute, commented: "Our comprehensive independent research and stringent auditing revealed that TCS provides an exceptional employee experience, nurturing and developing talent throughout all levels of the organisation.
TCS, a leading global IT services, consulting and business solutions provider, has been recognised as one of the UK's top 10 employers by the Top Employers Institute.
Tata Consultancy Services was ranked in the top ten of just 78 employers to achieve accreditation as a UK Top Employer.
Accreditation is based on in-depth research into nine core HR criteria: Talent Strategy, Workforce Planning, On-boarding, Learning & Development, Performance Management, Leadership Development, Career & Succession Management, Compensation & Benefits and Company Culture.
Established over 25 years ago, the Top Employers' certification is designed to identify and recognise the world's leading organisations in the field of HR management and employee conditions providing the optimum environment for employees to develop, both professionally and personally, TCS said in a release today.
Nupur Singh Mallick, HR Director, UK & Ireland, said: "We are thrilled to be positioned again as one of the UK's Top 10 Employers. As one of the largest IT and digital employers in the UK, with an industry-leading employee retention rate of over 94 per cent, TCS place huge value on providing an environment that focuses on individual aptitude, talent and interests."
James Gooding, Director of Operations, Top Employers Institute, commented: "Our comprehensive independent research and stringent auditing revealed that TCS provides an exceptional employee experience, nurturing and developing talent throughout all levels of the organisation.
Durex maker to acquire baby food company Mead Johnson for $16.6 billion
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British household products company Reckitt Benckiser is acquiring U.S. baby formula maker Mead Johnson for $16.6 billion in a move that will help the company grow in China.
Reckitt Benckiser, which makes products ranging from condoms to Lysol, offered $90 for each Mead Johnson share, or about $16.6 billion. That's a 29 percent premium from Mead Johnson's closing stock price on Feb. 1 - before word of the deal began to be discussed publicly.
The total value of the transaction is $17.9 billion including Mead Johnson's net debt.
Mead Johnson, based in Glenview, Illinois, makes Enfamil infant formula and other nutritional drinks for infants and children.
Reckitt CEO Rakesh Kapoor says the deal strengthens its position in "developing markets," with China "becoming our second largest Powermarket."
British household products company Reckitt Benckiser is acquiring U.S. baby formula maker Mead Johnson for $16.6 billion in a move that will help the company grow in China.
Reckitt Benckiser, which makes products ranging from condoms to Lysol, offered $90 for each Mead Johnson share, or about $16.6 billion. That's a 29 percent premium from Mead Johnson's closing stock price on Feb. 1 - before word of the deal began to be discussed publicly.
The total value of the transaction is $17.9 billion including Mead Johnson's net debt.
Mead Johnson, based in Glenview, Illinois, makes Enfamil infant formula and other nutritional drinks for infants and children.
Reckitt CEO Rakesh Kapoor says the deal strengthens its position in "developing markets," with China "becoming our second largest Powermarket."
General Awareness
India Ranks 43 Among 45 Nations in International Intellectual Property Index
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In the 5th Annual International Intellectual Property Index released by US Chambers of Commerce’s Global Intellectual Property Center (GIPC) on February 8, 2017, India has been ranked very poor at 43rd position out of 45 countries.
- The 2017 International Intellectual Property Index titled ‘The Roots of Innovation’ revealed that though India showed slight improvement its performance, still it continued to lag behind the rest of the world in IP protections.
- Out of a total of 35 points, India could score only 8.75, even below the average score of 15.39.The Index has been topped by United States with a score of 32.6.
Top 5 Countries in International IP Index
Rank Country Score 1 United States 32.6 2 United Kingdom 32.4 3 Germany 31.9 4 Japan 31.3 5 Sweden 31
Overview of the report
This is for the fifth consecutive year that India has been ranked at the bottom in the index. It was ranked last or next-to-last in the previous four years.Last year, India was placed 37 out of 38 countries and scored a low 7.0 out of maximum 30 points.
- The report said that though India made some increment this year, but the Indian government has to do a lot more to build up a positive impression of its IPR policy with adequate legislative reforms that innovators require.
- GIPC CEO Hirschmann said that reforms in India can improve its reputation as a destination for doing business, foreign businesses’ ability to invest in and ‘Make in India’, and India’s own innovative industries.
- The report stated that the slight improvement in India’s overall scores is mainly because of the inclusion of five new indicators in the index on which India performed very strong.
- According to the report, India scored little better than before due to the newly adopted National IP Policy that recognises several key gaps, including the need for a stronger enforcement of the current IP rights.
- However the policy does not address the challenges and uncertainties rights-holders face when it comes to protecting their patent rights, modernising existing copyright laws or introducing international best practices and new sector specific IP rights such as regulatory data protection.
- Besides, India’s anemic IPR Policy, the report cited challenges with the scope of patentability for computer-implemented inventions, Section 3(D) of the Indian Patent Act, and the recent High Court of Delhi decision to permit photocopying of copyrighted material for educational purposes.
- Besides, India, Pakistan ranked at 44 position with 8.37 score which was added in 2016 in the index along with Venezuela. China scored 14.83 points.
- This year seven new countries have been added to the Index. They include Egypt, Hungary, Kenya, Pakistan, the Philippines, Saudi Arabia and Spain.
- According to the report, the 45 countries analyzed in the index represent nearly 90% of the global economic output.
About International Intellectual Property Index
The Intellectual Property Index was started in 2012 US Chamber’s Global Intellectual Property Centre (GIPC).
- The index is based upon 35 parameters each having one point weightage.
- Some of the aspects are patents, copyrights, trademarks protections, trade secrets and market access, enforcement, and ratification of international treaties.
In the 5th Annual International Intellectual Property Index released by US Chambers of Commerce’s Global Intellectual Property Center (GIPC) on February 8, 2017, India has been ranked very poor at 43rd position out of 45 countries.
- The 2017 International Intellectual Property Index titled ‘The Roots of Innovation’ revealed that though India showed slight improvement its performance, still it continued to lag behind the rest of the world in IP protections.
- Out of a total of 35 points, India could score only 8.75, even below the average score of 15.39.The Index has been topped by United States with a score of 32.6.
Top 5 Countries in International IP Index
| Rank | Country | Score |
| 1 | United States | 32.6 |
| 2 | United Kingdom | 32.4 |
| 3 | Germany | 31.9 |
| 4 | Japan | 31.3 |
| 5 | Sweden | 31 |
Overview of the report
This is for the fifth consecutive year that India has been ranked at the bottom in the index. It was ranked last or next-to-last in the previous four years.Last year, India was placed 37 out of 38 countries and scored a low 7.0 out of maximum 30 points.
- The report said that though India made some increment this year, but the Indian government has to do a lot more to build up a positive impression of its IPR policy with adequate legislative reforms that innovators require.
- GIPC CEO Hirschmann said that reforms in India can improve its reputation as a destination for doing business, foreign businesses’ ability to invest in and ‘Make in India’, and India’s own innovative industries.
- The report stated that the slight improvement in India’s overall scores is mainly because of the inclusion of five new indicators in the index on which India performed very strong.
- According to the report, India scored little better than before due to the newly adopted National IP Policy that recognises several key gaps, including the need for a stronger enforcement of the current IP rights.
- However the policy does not address the challenges and uncertainties rights-holders face when it comes to protecting their patent rights, modernising existing copyright laws or introducing international best practices and new sector specific IP rights such as regulatory data protection.
- Besides, India’s anemic IPR Policy, the report cited challenges with the scope of patentability for computer-implemented inventions, Section 3(D) of the Indian Patent Act, and the recent High Court of Delhi decision to permit photocopying of copyrighted material for educational purposes.
- Besides, India, Pakistan ranked at 44 position with 8.37 score which was added in 2016 in the index along with Venezuela. China scored 14.83 points.
- This year seven new countries have been added to the Index. They include Egypt, Hungary, Kenya, Pakistan, the Philippines, Saudi Arabia and Spain.
- According to the report, the 45 countries analyzed in the index represent nearly 90% of the global economic output.
About International Intellectual Property Index
The Intellectual Property Index was started in 2012 US Chamber’s Global Intellectual Property Centre (GIPC).
- The index is based upon 35 parameters each having one point weightage.
- Some of the aspects are patents, copyrights, trademarks protections, trade secrets and market access, enforcement, and ratification of international treaties.
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