General Affairs
INS Viraat: Bought for USD 465 million, world's oldest warship is value for money
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World's oldest aircraft carrier INS Viraat is due to be decommissioned on March 6. The warship has had a glorious history of service in defence of the country.
As the ship is being decommissioned, the Indian Navy has said that the INS Viraat was value for money during its service.
Flag Officer Commanding-in-Chief of Western Naval Command Vice-Admiral Girish Luthra addressed the media today from the flight deck of INS Viraat on decommissioning.
Vice-Admiral Girish Luthra said, "INS Viraat was purchased in 1987 for USD 465 million. It has been value for money," adding "While acquiring India planned to use it for only 5 years but went on to use it for 30 years." Commissioned into the Royal Navy in November, 1959 as HMS Hermes, it served the British for 27 years. It was used by India as its only fleet carrier for 15 years. However, the Ministry of Defence has not yet taken a call on what will be done with this warship after she is decommissioned. Luthra said deliberations are on with the state government of Andhra Pradesh, which wants to convert the ship into a floating hotel-cum-museum to promote it as a tourist attraction.
Vice-Admiral Luthra also said a study to find out reserve price of INS Viraat has been completed. "In case INS Viraat is not used as hotel or museum and sold in scrap, western naval command has calculated its reserve price." Responding to query as to why the INS Viraat is not being converted into a heritage ship or museum, Luthra said,
"There is a shortage of space to keep a ship stationery and needs maintenance because of which warships are not being restored as museum." After Viraat's decommissioning, Indian Navy will have only one aircraft carrier in the form of INS Vikramaditya. "The net indigenous fleet carrier is in making at Kochi shipyard. India Navy has always focused on available resources. We will continue our operations with what is available," Luthra said.
World's oldest aircraft carrier INS Viraat is due to be decommissioned on March 6. The warship has had a glorious history of service in defence of the country.
As the ship is being decommissioned, the Indian Navy has said that the INS Viraat was value for money during its service.
Flag Officer Commanding-in-Chief of Western Naval Command Vice-Admiral Girish Luthra addressed the media today from the flight deck of INS Viraat on decommissioning.
Vice-Admiral Girish Luthra said, "INS Viraat was purchased in 1987 for USD 465 million. It has been value for money," adding "While acquiring India planned to use it for only 5 years but went on to use it for 30 years." Commissioned into the Royal Navy in November, 1959 as HMS Hermes, it served the British for 27 years. It was used by India as its only fleet carrier for 15 years. However, the Ministry of Defence has not yet taken a call on what will be done with this warship after she is decommissioned. Luthra said deliberations are on with the state government of Andhra Pradesh, which wants to convert the ship into a floating hotel-cum-museum to promote it as a tourist attraction.
Vice-Admiral Luthra also said a study to find out reserve price of INS Viraat has been completed. "In case INS Viraat is not used as hotel or museum and sold in scrap, western naval command has calculated its reserve price." Responding to query as to why the INS Viraat is not being converted into a heritage ship or museum, Luthra said,
"There is a shortage of space to keep a ship stationery and needs maintenance because of which warships are not being restored as museum." After Viraat's decommissioning, Indian Navy will have only one aircraft carrier in the form of INS Vikramaditya. "The net indigenous fleet carrier is in making at Kochi shipyard. India Navy has always focused on available resources. We will continue our operations with what is available," Luthra said.
Vice-Admiral Luthra also said a study to find out reserve price of INS Viraat has been completed. "In case INS Viraat is not used as hotel or museum and sold in scrap, western naval command has calculated its reserve price." Responding to query as to why the INS Viraat is not being converted into a heritage ship or museum, Luthra said,
"There is a shortage of space to keep a ship stationery and needs maintenance because of which warships are not being restored as museum." After Viraat's decommissioning, Indian Navy will have only one aircraft carrier in the form of INS Vikramaditya. "The net indigenous fleet carrier is in making at Kochi shipyard. India Navy has always focused on available resources. We will continue our operations with what is available," Luthra said.
Western Central Railways ban sale of colas at 300 stations
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The Western Central Railways has banned sale of colas including those produced by Coke and Pepsi at 300 stations falling under its jurisdiction.
"The cold drinks being sold at railway stations do not have the required certification from the health department. Till the time they get the certificate, the sale of these cold drinks has been banned," Sachin Shukla, Assistant General Manager, Western Central Railway said.
The decision to ban these cold drinks comes after Union Minister of the State (Health) Faghan Singh Kulaste in the Lok Sabha said that the drinks contain metal content like cadmium and chromium.
"The company's old permission has expired and till the time they get fresh permission, the sale of cold drinks has been banned. Also the health department is conducting test on the contents of these drinks and till the time this test report is out fresh permission to sell these cold drinks will not be given," Shukla added.
The cold drinks that have been banned include--Pepsi, Coca Cola, Sprite, 7Up and Mountain Dew.
The Western Central railways has directed officials to ensure that the sale of these cold drinks is stopped immediately.
Suppliers have been advised to recall the stock that has already been supplied to the 300 odd stations and inspections are underway.
The Western Central Railways comprises of three divisions that include Bhopal, Jabalpur and Kota.
"The Kota and Bhopal divisions have also been informed about the ban," Sachin Shukla said.
The Western Central Railways has banned sale of colas including those produced by Coke and Pepsi at 300 stations falling under its jurisdiction.
"The cold drinks being sold at railway stations do not have the required certification from the health department. Till the time they get the certificate, the sale of these cold drinks has been banned," Sachin Shukla, Assistant General Manager, Western Central Railway said.
The decision to ban these cold drinks comes after Union Minister of the State (Health) Faghan Singh Kulaste in the Lok Sabha said that the drinks contain metal content like cadmium and chromium.
"The company's old permission has expired and till the time they get fresh permission, the sale of cold drinks has been banned. Also the health department is conducting test on the contents of these drinks and till the time this test report is out fresh permission to sell these cold drinks will not be given," Shukla added.
The cold drinks that have been banned include--Pepsi, Coca Cola, Sprite, 7Up and Mountain Dew.
The Western Central railways has directed officials to ensure that the sale of these cold drinks is stopped immediately.
Suppliers have been advised to recall the stock that has already been supplied to the 300 odd stations and inspections are underway.
The Western Central Railways comprises of three divisions that include Bhopal, Jabalpur and Kota.
"The Kota and Bhopal divisions have also been informed about the ban," Sachin Shukla said.
Ahmedabad 2008 serial blasts: SIMI mastermind Safder Nagori and 10 others get life imprisonment
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A special court in Indore today convicted Students Islamic Movement of India (SIMI) mastermind Safdar Nagori and 10 others in the 2008 Ahmedabad serial blasts and were awarded life imprisonment.
All 11 were arrested in a joint operation by the Madhya Pradesh police and central agencies from Dhar in 2008 and were charged under section 124 (A) of the Indian Penal Code.
The accused during investigations led the CBI to a farm in village Aroda in Indore from where 120 gelatine stick and 100 detonators were recovered. Police had also recovered 240 pamphlets of banned literature and a large number of video CDs from the accused. The CDs had a training programme for anti-national forces and according to the police the accused were in the process of recruiting such forces.
The pamphlets too contained anti-India propaganda and talked about launching a holy war against the country.
Out of the 11 accused 10 including Safdar Nagori are lodged in the Sabarmati jail in Gujarat while one was out on bail. The 10 accused lodged in the Gujarat jail were told about their conviction and sentence through video conferencing while one of the accused identified as Munroj who was out on bail arrested immediately after the sentence was announced in Indore.
Nagori was also alleged to be the mastermind of the back to back Gujarat serial blasts of 2008. In July 2008 Ahmadabad serial blasts 57 people had lost their lives and more that 70 people have already been charge sheeted in this case.
The blasts were allegedly triggered by the Indian Mujahedeen (IM) and according to the police terror attack was part of a larger conspiracy jointly hatched by IM and SIMI to avenge the killing of Muslims in the 2002 post Godhra riots.
A special court in Indore today convicted Students Islamic Movement of India (SIMI) mastermind Safdar Nagori and 10 others in the 2008 Ahmedabad serial blasts and were awarded life imprisonment.
All 11 were arrested in a joint operation by the Madhya Pradesh police and central agencies from Dhar in 2008 and were charged under section 124 (A) of the Indian Penal Code.
The accused during investigations led the CBI to a farm in village Aroda in Indore from where 120 gelatine stick and 100 detonators were recovered. Police had also recovered 240 pamphlets of banned literature and a large number of video CDs from the accused. The CDs had a training programme for anti-national forces and according to the police the accused were in the process of recruiting such forces.
The pamphlets too contained anti-India propaganda and talked about launching a holy war against the country.
Out of the 11 accused 10 including Safdar Nagori are lodged in the Sabarmati jail in Gujarat while one was out on bail. The 10 accused lodged in the Gujarat jail were told about their conviction and sentence through video conferencing while one of the accused identified as Munroj who was out on bail arrested immediately after the sentence was announced in Indore.
Nagori was also alleged to be the mastermind of the back to back Gujarat serial blasts of 2008. In July 2008 Ahmadabad serial blasts 57 people had lost their lives and more that 70 people have already been charge sheeted in this case.
The blasts were allegedly triggered by the Indian Mujahedeen (IM) and according to the police terror attack was part of a larger conspiracy jointly hatched by IM and SIMI to avenge the killing of Muslims in the 2002 post Godhra riots.
Bihar govt and IAS association lock horns over SIT probe in employment scam
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Amidst raging controversy over the arrest of senior IAS officer and Chairman of Bihar Staff Selection Commission, Sudhir Kumar, IAS Association and Bihar government have locked horns with the association demanding release of Kumar and transferring the case to the Central Bureau of Investigation. As a mark of protest the association have decided not to take any verbal orders from the Chief Minister Nitish Kumar unless given in writing and started wear black arm bands to express solidarity with the arrested IAS officer.
"Sudhir Kumar was cooperating with the investigation and his arrest was unnecessary. We believe if the CBI probe is ordered, it will ensure free and fair probe", said Vivek Kumar Singh, President of IAS Association.
The Association has slammed the Special Investigation Team (SIT) probe being conducted into the multi-crore employment scam alleging Kumar and three other from his family were being targeted selectively. However, the Bihar govt stood firmly behind the probe team said that the manner in which the association have come out in support of a officer involved in a scam, it did not augur well for the democracy.
"SIT is conducting probe in fair manner and investigations are going on in the right direction. Opening a front in support of a person who is involved in a scam is incorrect on part of IAS association. It is not a healthy sign for democracy", said Jai Kumar Singh, Minister in Bihar govt.
On the other hand, the Special Investigation Team has asserted that proper investigation in the employment scam was going on.
"SIT is conducting a probe in the case. Whatever is proper is being done", said Nayyar Hasnain Khan, IG, Patna.
The opposition, BJP which raised the issue of employment scam in the Assembly on Monday vociferously maintained that the IAS association and Nitish Kumar govt locking horn was indicative how CM's claim of sushasan has fallen flat. Backing the IAS association, BJP had too demanded a CBI probe into the scam.
"The IAS association is on the street and the way things have unfolded in last few days is indicates how Nitish Kumar's claims of sushasan has fallen flat", said Sushil Modi, BJP leader.
Amidst raging controversy over the arrest of senior IAS officer and Chairman of Bihar Staff Selection Commission, Sudhir Kumar, IAS Association and Bihar government have locked horns with the association demanding release of Kumar and transferring the case to the Central Bureau of Investigation. As a mark of protest the association have decided not to take any verbal orders from the Chief Minister Nitish Kumar unless given in writing and started wear black arm bands to express solidarity with the arrested IAS officer.
"Sudhir Kumar was cooperating with the investigation and his arrest was unnecessary. We believe if the CBI probe is ordered, it will ensure free and fair probe", said Vivek Kumar Singh, President of IAS Association.
The Association has slammed the Special Investigation Team (SIT) probe being conducted into the multi-crore employment scam alleging Kumar and three other from his family were being targeted selectively. However, the Bihar govt stood firmly behind the probe team said that the manner in which the association have come out in support of a officer involved in a scam, it did not augur well for the democracy.
"SIT is conducting probe in fair manner and investigations are going on in the right direction. Opening a front in support of a person who is involved in a scam is incorrect on part of IAS association. It is not a healthy sign for democracy", said Jai Kumar Singh, Minister in Bihar govt.
On the other hand, the Special Investigation Team has asserted that proper investigation in the employment scam was going on.
"SIT is conducting a probe in the case. Whatever is proper is being done", said Nayyar Hasnain Khan, IG, Patna.
The opposition, BJP which raised the issue of employment scam in the Assembly on Monday vociferously maintained that the IAS association and Nitish Kumar govt locking horn was indicative how CM's claim of sushasan has fallen flat. Backing the IAS association, BJP had too demanded a CBI probe into the scam.
"The IAS association is on the street and the way things have unfolded in last few days is indicates how Nitish Kumar's claims of sushasan has fallen flat", said Sushil Modi, BJP leader.
Kashmir: Pellet guns with deflectors, CRPF's new jugaad for stone-pelters
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Facing criticism over continued use of pellet guns to deal with stone-pelters in Jammu and Kashmir, the CRPF has come up with some modifications in its weapon.
The new pellet guns will have a deflector to make it less lethal yet equally effective. The modified guns are currently under production at Tekanpur Academy of the Border Security Force (BSF).
The CRPF uses the pellet gun in the Valley as its primary weapon in dealing with stone-pelters and protesters.
PELLET GUNS IN KASHMIR: THINGS TO KNOW
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The CRPF has come under heavy criticism for using these guns as over 100 people received serious injuries in their eyes during five months of protests following the killing of Hizbul Mujahideen commander Burhan Wani in July last year.
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Speaking at his farewell press conference today CRPF Director General K Durga Prasad said, "BSF has made modifications in pellet guns. We are testing it before using it in the field... We are working on introducing pellets guns with modifications that will make it less lethal."
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The new guns will have deflector to ensure that the bullets emanating from the barrel do not head upwards. Durga Prasad said, "A common complaint was that some of the protesters were hit in upper part of the body. Though the force has been advised to fire at the feet, the deflectors will ensure the pellet hit in lower part of the body when fired on protesters."
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CRPF IG (Training) Atul Karwal said the aim of deflector is to bring down the margin of error from 40 per cent to 2 per cent though hitting above the target may not be ruled out.
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Following an uproar over loss of vision of civilians including women and children after being hit by pellets during the 2016, an All Party Parliamentary Delegation visited Jammu and Kashmir. The members raised concerns over excessive use of pellet guns.
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Later a 7-member committee constituted by Union Home Ministry proposed use of PAVA shells. But on ground Pava shells were found to be ineffective, an aspect which was communicated to BSF factory in Takenpur.
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Speaking to India Today a top official said, "The PAVA shells were effective in closed environment and not in open one. The CRPF wanted to increase volume of chemical Pelargonic Acid Vanillyl Amide to create nauseating effect on stone-pelters. Secondly the PAVA shell should impact immediately on hitting the ground without giving time for stone-pleters, who otherwise may lob it back towards security forces."
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DG Durga Prasad said "PAVA shell introduced as substitute to pellets gun is not the only solution. We need to use something else along with PAVA."
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According to CRPF DG, 47 incidents of grenade lobbing, three instances of firing from the crowd and 43 petrol/acid attacks on CRPF personnel were reported in Kashmir. There were 142 incidents of stone pelting reported on CRPF camps.
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"After Burhan Wani's encounter, 2,580 CRPF personnel were injured in Jammu and Kashmir. MHA will provide Rs 2,500 for minor injuries and Rs 7,500 for grievous injuries to CRPF personnel injured in incidents of stone pelting in Kashmir," Durga Prasad said.
Facing criticism over continued use of pellet guns to deal with stone-pelters in Jammu and Kashmir, the CRPF has come up with some modifications in its weapon.
The new pellet guns will have a deflector to make it less lethal yet equally effective. The modified guns are currently under production at Tekanpur Academy of the Border Security Force (BSF).
The CRPF uses the pellet gun in the Valley as its primary weapon in dealing with stone-pelters and protesters.
PELLET GUNS IN KASHMIR: THINGS TO KNOW
- The CRPF has come under heavy criticism for using these guns as over 100 people received serious injuries in their eyes during five months of protests following the killing of Hizbul Mujahideen commander Burhan Wani in July last year.
- Speaking at his farewell press conference today CRPF Director General K Durga Prasad said, "BSF has made modifications in pellet guns. We are testing it before using it in the field... We are working on introducing pellets guns with modifications that will make it less lethal."
- The new guns will have deflector to ensure that the bullets emanating from the barrel do not head upwards. Durga Prasad said, "A common complaint was that some of the protesters were hit in upper part of the body. Though the force has been advised to fire at the feet, the deflectors will ensure the pellet hit in lower part of the body when fired on protesters."
- CRPF IG (Training) Atul Karwal said the aim of deflector is to bring down the margin of error from 40 per cent to 2 per cent though hitting above the target may not be ruled out.
- Following an uproar over loss of vision of civilians including women and children after being hit by pellets during the 2016, an All Party Parliamentary Delegation visited Jammu and Kashmir. The members raised concerns over excessive use of pellet guns.
- Later a 7-member committee constituted by Union Home Ministry proposed use of PAVA shells. But on ground Pava shells were found to be ineffective, an aspect which was communicated to BSF factory in Takenpur.
- Speaking to India Today a top official said, "The PAVA shells were effective in closed environment and not in open one. The CRPF wanted to increase volume of chemical Pelargonic Acid Vanillyl Amide to create nauseating effect on stone-pelters. Secondly the PAVA shell should impact immediately on hitting the ground without giving time for stone-pleters, who otherwise may lob it back towards security forces."
- DG Durga Prasad said "PAVA shell introduced as substitute to pellets gun is not the only solution. We need to use something else along with PAVA."
- According to CRPF DG, 47 incidents of grenade lobbing, three instances of firing from the crowd and 43 petrol/acid attacks on CRPF personnel were reported in Kashmir. There were 142 incidents of stone pelting reported on CRPF camps.
- "After Burhan Wani's encounter, 2,580 CRPF personnel were injured in Jammu and Kashmir. MHA will provide Rs 2,500 for minor injuries and Rs 7,500 for grievous injuries to CRPF personnel injured in incidents of stone pelting in Kashmir," Durga Prasad said.
Business Affairs
CSO to factor in demonetisation in GDP growth estimates on Tuesday
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The Central Statistics Office (CSO) is slated to come up with its second official estimate of gross domestic product (GDP) growth on Tuesday for the financial year 2016/17 after factoring in demonetisation impact in the December quarter. The first advance estimates of National Income, 2016/17 pegged the GDP at growth at 7.1 per cent but did not take into account the impact of demonetisation.
CSO is not alone. Many government and private agencies, experts and think-tanks have revised estimates for India's GDP growth downwards. The Reserve Bank of India (RBI) in its sixth-bimonthly policy pegged the GDP growth at 6.9 per cent for the 2016/17. This was followed by multilateral funding agency Asian Development Bank (ADB) which lowered it to 7 per cent for the current fiscal due to the impact of demonetisation. The National Council of Applied Economic Research (NCAER) expects the economy grow at 6.9 per cent against an earlier projection of 7.6 per cent.
The Economic Survey released almost a month ago pegged the growth for the current fiscal at 6.5-6.75 per cent. Moving in sync was the International Monetary Fund (IMF) which saw the economy growing at 6.6 per cent - significantly lower than its initial estimate of 7.6 per cent. Recently, Moody's Investors Service has cut its forecast for India's GDP growth in 2017 by 40 basis points to 7.1 per cent because of the impact of demonetisation. Since all the growth estimates have moved south, any good news from the CSO would come as a surprise.
The Central Statistics Office (CSO) is slated to come up with its second official estimate of gross domestic product (GDP) growth on Tuesday for the financial year 2016/17 after factoring in demonetisation impact in the December quarter. The first advance estimates of National Income, 2016/17 pegged the GDP at growth at 7.1 per cent but did not take into account the impact of demonetisation.
CSO is not alone. Many government and private agencies, experts and think-tanks have revised estimates for India's GDP growth downwards. The Reserve Bank of India (RBI) in its sixth-bimonthly policy pegged the GDP growth at 6.9 per cent for the 2016/17. This was followed by multilateral funding agency Asian Development Bank (ADB) which lowered it to 7 per cent for the current fiscal due to the impact of demonetisation. The National Council of Applied Economic Research (NCAER) expects the economy grow at 6.9 per cent against an earlier projection of 7.6 per cent.
The Economic Survey released almost a month ago pegged the growth for the current fiscal at 6.5-6.75 per cent. Moving in sync was the International Monetary Fund (IMF) which saw the economy growing at 6.6 per cent - significantly lower than its initial estimate of 7.6 per cent. Recently, Moody's Investors Service has cut its forecast for India's GDP growth in 2017 by 40 basis points to 7.1 per cent because of the impact of demonetisation. Since all the growth estimates have moved south, any good news from the CSO would come as a surprise.
Bank unions' strike on Tuesday: Here's everything you need to know
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The bank unions have threatened to go for a one-day strike on February 28 to press for several demands including wage revision and accountability of top executives in view of mounting bad loans in the banking sector.
SBI and few other public banks have already informed their customers that the functioning of the branch may take a hit on Tuesday due to the strike though private banks like ICICI, HDFC and others are likely to function normally but may have slight delay in cheque clearances.
1. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions in the sector, has called a one-day strike on February 28. The UFBU comprises of nine unions in the banking sector -- namely AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.
2. Bank employees and officers in all public sector banks, including SBI, all old-generation private banks, foreign banks, Regional Rural Banks and Cooperative Banks will observe one-day strike.
3. The strike is to be held to protest the government's "anti-people banking reforms" as well as to demand compensation for employees for extra work done on account of demonetisation.
4. Unions are also opposed to the proposed labour reforms of the government and outsourcing of permanent jobs in the banking sector.
5. They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
6. UFBU, who claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.
7. The conciliation meeting before the Chief Labour Commissioner on February 21 failed to break the deadlock as the bank management body -- Indian Banks Association (IBA) -- did not agree to the union demands, All India Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said in a statement.
8. Most state-run banks have informed customers that functioning of branches and offices will be hit if the strike goes ahead on Tuesday.
9. The functioning of private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank is expected to be normal except delay in cheque clearances.
The bank unions have threatened to go for a one-day strike on February 28 to press for several demands including wage revision and accountability of top executives in view of mounting bad loans in the banking sector.
SBI and few other public banks have already informed their customers that the functioning of the branch may take a hit on Tuesday due to the strike though private banks like ICICI, HDFC and others are likely to function normally but may have slight delay in cheque clearances.
1. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions in the sector, has called a one-day strike on February 28. The UFBU comprises of nine unions in the banking sector -- namely AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.
2. Bank employees and officers in all public sector banks, including SBI, all old-generation private banks, foreign banks, Regional Rural Banks and Cooperative Banks will observe one-day strike.
3. The strike is to be held to protest the government's "anti-people banking reforms" as well as to demand compensation for employees for extra work done on account of demonetisation.
4. Unions are also opposed to the proposed labour reforms of the government and outsourcing of permanent jobs in the banking sector.
5. They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
5. They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
6. UFBU, who claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.
7. The conciliation meeting before the Chief Labour Commissioner on February 21 failed to break the deadlock as the bank management body -- Indian Banks Association (IBA) -- did not agree to the union demands, All India Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam said in a statement.
8. Most state-run banks have informed customers that functioning of branches and offices will be hit if the strike goes ahead on Tuesday.
9. The functioning of private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank is expected to be normal except delay in cheque clearances.
JSW Steel is an outlier in a sector riddled with heavy debt
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At a time when the domestic steel industry is plagued with non performing assets--over Rs 1.15 lakh crore at the last count-- Sajjan Jindal's JSW Group's multiple attempts at acquisitions goes against the script. Reports from Italy late on Sunday said a consortium led by Italian state lender CDP, which also consists of JSW Steel, businessman Leonardo del Vecchio's holding company and steelmaker Arvedi, have submitted their bid for IIva steel plant. It is rumoured to be in the range of 500 million and 1 billion Euro.
In the race for the loss making, yet Europe's largest, steel plant with a capacity of 10 million tonnes, JSW is competing with another consortium led by none other than world's largest steel maker ArcelorMittal. Should JSW's consortium emerge victorious, it is believed the Indian firm will have a 35 per cent stake in it. Since its takeover last year, the Italian government has been trying to find a bidder for the plant in its bid to save jobs and clean up its polluting factories. Judges put key parts of it under special administration in 2012 following accusations it had caused serious health problems in the surrounding Puglia region in southern Italy.
This isn't the first time JSW has shown interest in an Italian steel company. The company was in the race to buy Lucchini, Italy's second largest steel maker in 2014, but it came to nought. Neither is it the only acquisition the company is chasing at this point in time. JSW has evinced interest in domestic steel companies like Bhushan Steel and only last week, it emerged as the sole bidder for a controlling stake in Monnet Ispat Energy. It is also evaluating some of the assets of Tata Steel UK while sources say it is interested in picking up a stake in Essar Steel should any of its incumbent investors choose to exit.
This hyper activity in the M&A space by the company offers numerous takeaways. One, for a company that has itself weathered a high debt balancesheet crisis between 2000-03, when a slump in the global steel scenario almost upset its grand expansion plans, it is not afraid to take on risks. Even as it stands today, JSW Group's debt of Rs 44,000 crore is sizeable. Yet it generates more cash than its peers and is considered more efficient than the likes of Steel Authority of India and Tata Steel. As such, it knows its investors would be less jittery if it decides to take on even more debt in pursuit of a global stressed asset. It isn't in steel alone where it is hedging its bets. Group firm JSW Energy last year reopened talks with Jaypee Group to acquire three of its power assets even as initial discussions in 2015 fell through. Clearly, JSW group as a whole is unrelenting.
Two, it understands the global slowdown in the sector has undermined the valuations of some assets that may otherwise be top notch. One needs to look no further than the world's biggest steel maker L N Mittal to understand the opportunity typically presented by any economic slowdown. Barring the marquee acquisition of Arcelor in 2006, Mittal has almost entirely built up his company by buying loss making inefficient steel plants across the world, stripping them down and then turning them around. The interest of his company in IIva at a time when ArcelorMittal itself is busy managing its debt, only lends credibility to the proposed acquisition.
Three, JSW is convinced about the India growth story. For any acquisition--big or small--to yield dividend, it is important for the economy to perform well. The main reason for a takeover is to gain scale and increased demand for the commodity is central to the success of any such acquisition. The company seems certain there will be no miscalculation on that front. Against a world average per capita steel consumption of 208 kg, India is languishing almost at the bottom at just 61 kg. The new National Steel Policy 2017 envisages increasing the capacity in the country more than two fold from 122 million tonnes per annum (mtpa) to 300 mtpa by 2030 if the country is to achieve some parity with the world. It is also precisely this kind of imbalance that consumption of steel has continued to grow in India, even as major markets in the world have struggled over the past few years. In 2015, India overtook US to become the third largest steel producing country and by the turn of this decade there are chances it may overtake Japan too. Even if the policy targets are not realised--in hindsight they never are-- from such a low base and with so much infrastructure to be built, there is no denying demand for steel will grow in India. Any consumption boom means domestic companies ought to be ready with their capacity. JSW seems to be doing just that.
It is a high risk game no doubt and there are many variables that can upset this story. Big corporations are however built only by taking risks, flowing against the tide and turning challenges into opportunities. Jindal seems to be doing just that.
In the race for the loss making, yet Europe's largest, steel plant with a capacity of 10 million tonnes, JSW is competing with another consortium led by none other than world's largest steel maker ArcelorMittal. Should JSW's consortium emerge victorious, it is believed the Indian firm will have a 35 per cent stake in it. Since its takeover last year, the Italian government has been trying to find a bidder for the plant in its bid to save jobs and clean up its polluting factories. Judges put key parts of it under special administration in 2012 following accusations it had caused serious health problems in the surrounding Puglia region in southern Italy.
This isn't the first time JSW has shown interest in an Italian steel company. The company was in the race to buy Lucchini, Italy's second largest steel maker in 2014, but it came to nought. Neither is it the only acquisition the company is chasing at this point in time. JSW has evinced interest in domestic steel companies like Bhushan Steel and only last week, it emerged as the sole bidder for a controlling stake in Monnet Ispat Energy. It is also evaluating some of the assets of Tata Steel UK while sources say it is interested in picking up a stake in Essar Steel should any of its incumbent investors choose to exit.
This hyper activity in the M&A space by the company offers numerous takeaways. One, for a company that has itself weathered a high debt balancesheet crisis between 2000-03, when a slump in the global steel scenario almost upset its grand expansion plans, it is not afraid to take on risks. Even as it stands today, JSW Group's debt of Rs 44,000 crore is sizeable. Yet it generates more cash than its peers and is considered more efficient than the likes of Steel Authority of India and Tata Steel. As such, it knows its investors would be less jittery if it decides to take on even more debt in pursuit of a global stressed asset. It isn't in steel alone where it is hedging its bets. Group firm JSW Energy last year reopened talks with Jaypee Group to acquire three of its power assets even as initial discussions in 2015 fell through. Clearly, JSW group as a whole is unrelenting.
Two, it understands the global slowdown in the sector has undermined the valuations of some assets that may otherwise be top notch. One needs to look no further than the world's biggest steel maker L N Mittal to understand the opportunity typically presented by any economic slowdown. Barring the marquee acquisition of Arcelor in 2006, Mittal has almost entirely built up his company by buying loss making inefficient steel plants across the world, stripping them down and then turning them around. The interest of his company in IIva at a time when ArcelorMittal itself is busy managing its debt, only lends credibility to the proposed acquisition.
Three, JSW is convinced about the India growth story. For any acquisition--big or small--to yield dividend, it is important for the economy to perform well. The main reason for a takeover is to gain scale and increased demand for the commodity is central to the success of any such acquisition. The company seems certain there will be no miscalculation on that front. Against a world average per capita steel consumption of 208 kg, India is languishing almost at the bottom at just 61 kg. The new National Steel Policy 2017 envisages increasing the capacity in the country more than two fold from 122 million tonnes per annum (mtpa) to 300 mtpa by 2030 if the country is to achieve some parity with the world. It is also precisely this kind of imbalance that consumption of steel has continued to grow in India, even as major markets in the world have struggled over the past few years. In 2015, India overtook US to become the third largest steel producing country and by the turn of this decade there are chances it may overtake Japan too. Even if the policy targets are not realised--in hindsight they never are-- from such a low base and with so much infrastructure to be built, there is no denying demand for steel will grow in India. Any consumption boom means domestic companies ought to be ready with their capacity. JSW seems to be doing just that.
It is a high risk game no doubt and there are many variables that can upset this story. Big corporations are however built only by taking risks, flowing against the tide and turning challenges into opportunities. Jindal seems to be doing just that.
Reliance Industries market capitalisation crosses Rs 4 lakh crore, stock rises to 8-year high
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The Reliance Industries stock on Monday hits its 52-week high and crossed market capitalisation of Rs 4 lakh crore. The stock rose to its highest level since May 30, 2008.
Reliance Industries is second to Tata Consultancy Services (TCS) which has a market capitalisation of Rs 4.90 lakh crore after the market closed today. Private sector lender HDFC Bank comes third in market capitalisation at Rs 3.57 lakh crore.
Reliance Industries market capitalisation stood at Rs 4.01 lakh crore when the market closed. The stock ended 4.74 percent or 56 points higher at Rs 1238.60. It rose to a new yearly high of Rs 1256 on the BSE.
The RIL stock opened at Rs 1,187 on Monday. Around 13.41 lakh shares were traded on the BSE, marking the top most traded stock by volumes during Monday's trade.
Brokerage firm Morgan Stanley has given overweight rating on the RIL stock with a target price of Rs 1506 with a one-year horizon.
Edelweiss has given a buy rating on the stock with a target price of Rs 1452 in its research report dated February 22, 2017.
Jio's Prime membership plan extends unlimited voice and data offer for 12 months, starting April 1, 2017, at Rs 303 per month along with one-time charge of Rs 99. The plan offers meaningful value for Reliance Jio subscribers versus Bharti Airtel's average 419 minute voice and 0.97GB per month data and Idea Cellular's 385 min voice and 0.70GB per month data.
It's pertinent to note that RIL's earnings are three times more sensitive to average revenue per user (ARPU) than to subscribers. We raise FY19E ARPU 24% and target price by 3% to Rs 1,452 (from Rs 1,413), highest on the Street, the Edelweiss report adds.
The Reliance Industries stock on Monday hits its 52-week high and crossed market capitalisation of Rs 4 lakh crore. The stock rose to its highest level since May 30, 2008.
Reliance Industries is second to Tata Consultancy Services (TCS) which has a market capitalisation of Rs 4.90 lakh crore after the market closed today. Private sector lender HDFC Bank comes third in market capitalisation at Rs 3.57 lakh crore.
Reliance Industries market capitalisation stood at Rs 4.01 lakh crore when the market closed. The stock ended 4.74 percent or 56 points higher at Rs 1238.60. It rose to a new yearly high of Rs 1256 on the BSE.
The RIL stock opened at Rs 1,187 on Monday. Around 13.41 lakh shares were traded on the BSE, marking the top most traded stock by volumes during Monday's trade.
Brokerage firm Morgan Stanley has given overweight rating on the RIL stock with a target price of Rs 1506 with a one-year horizon.
Edelweiss has given a buy rating on the stock with a target price of Rs 1452 in its research report dated February 22, 2017.
Jio's Prime membership plan extends unlimited voice and data offer for 12 months, starting April 1, 2017, at Rs 303 per month along with one-time charge of Rs 99. The plan offers meaningful value for Reliance Jio subscribers versus Bharti Airtel's average 419 minute voice and 0.97GB per month data and Idea Cellular's 385 min voice and 0.70GB per month data.
It's pertinent to note that RIL's earnings are three times more sensitive to average revenue per user (ARPU) than to subscribers. We raise FY19E ARPU 24% and target price by 3% to Rs 1,452 (from Rs 1,413), highest on the Street, the Edelweiss report adds.
LIC's total premium income up 12% in nine months of FY17
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Life Insurance Corporation (LIC) posted a robust growth of 12.43 per cent in the total premium income at Rs 1.45 trillion for the first nine months of the current fiscal ended December 31, 2016 from Rs 1.29 trillion in the corresponding period a year ago.
Total assets also grew by 12.81 per cent to Rs 24.42 trillion in the reporting period from Rs 21.65 trillion in the year-ago period.
The life insurance behemoth's gross total income grew 15.76 per cent to Rs 3.37 trillion in the reporting period from Rs 2.91 trillion a year ago. The new business performance saw an impressive increase of 40.11 per cent in first year premium during the period under review.
"Our performance is in line with our expectation. The Corporation has recorded healthy results based on its strong fundamentals and core values," newly appointed LIC Chairman V K Sharma told media here today.
"Trusted customers across the country have supported and enabled us to report a robust financial performance. We endeavour to drive both customer satisfaction and profitability and focus on technology to constantly improve customer experience and organisational efficiencies."
Talking about LIC's expectation from new business for the current fiscal, he said, "We hope to achieve Rs 35,000 crore from new business on the individual basis from Rs 31,000 crore which has been achieved by us so far whereas overall premium target remains unchanged by the fiscal-end."
Pension and group security business also grew by 27 per cent in the period under observation to Rs 51,004 crore from Rs 40,118 crore a year ago. Moreover, under social security schemes, LIC has insured 5.81 crore lives.
Total policy payments amounts rose by 18.63 per cent to Rs 1.12 trillion in the reporting period from Rs 94,576 core a year ago. In the current fiscal, the Corporation has added more than 44,000 agents to the rolls so far.
On the occasion of diamond jubilee, LIC launched a special plan, Bima Diamond. The state-run insurer has sold over 5,86,000 policies under the plan collecting over Rs 322 crore premium.
On the investment part, LIC has been subdued when it comes to investment in equities. It has made an investment of Rs 39,000 crore in equities in the reporting period, down from Rs 64,000 crore a year ago.
"So far as investment part is concerned, we are generating investing surplus and we keep on investing as per guidelines," he said, adding "this year in equity investments we are subdued, deliberately because markets have gone up very high."
But LIC has always been contrarian. Our primary goal is to invest for long term and not play trader in the market, Sharma said.
LIC has booked a profit of Rs 16,000 crore during the reporting period from Rs 9,500 crore a year ago, he said.
LIC has invested roughly Rs 1.98 trillion in G-sec, SDL and corporate bond in the reporting period, he said.
Insurance industry, he said, is on growth curve and it will grow in double digit. "We are outperforming industry and next year also our focus to outperform will be there."
"But let me tell you that, LIC wants to buy public sector stocks and we don't get it sometimes, recently it has happened in BEL, we have not got a single stock though we had applied for 60 per cent. Market is becoming deeper and more players are coming," he said.
Digital focus has increased at LIC. "Digital, our focus has increased and created mission to provide end to end solutions for all the customers," he said.
LIC has applied for three new products falling under categories like regular, single and group insurance, Sharma added.
Life Insurance Corporation (LIC) posted a robust growth of 12.43 per cent in the total premium income at Rs 1.45 trillion for the first nine months of the current fiscal ended December 31, 2016 from Rs 1.29 trillion in the corresponding period a year ago.
Total assets also grew by 12.81 per cent to Rs 24.42 trillion in the reporting period from Rs 21.65 trillion in the year-ago period.
The life insurance behemoth's gross total income grew 15.76 per cent to Rs 3.37 trillion in the reporting period from Rs 2.91 trillion a year ago. The new business performance saw an impressive increase of 40.11 per cent in first year premium during the period under review.
"Our performance is in line with our expectation. The Corporation has recorded healthy results based on its strong fundamentals and core values," newly appointed LIC Chairman V K Sharma told media here today.
"Trusted customers across the country have supported and enabled us to report a robust financial performance. We endeavour to drive both customer satisfaction and profitability and focus on technology to constantly improve customer experience and organisational efficiencies."
Talking about LIC's expectation from new business for the current fiscal, he said, "We hope to achieve Rs 35,000 crore from new business on the individual basis from Rs 31,000 crore which has been achieved by us so far whereas overall premium target remains unchanged by the fiscal-end."
Pension and group security business also grew by 27 per cent in the period under observation to Rs 51,004 crore from Rs 40,118 crore a year ago. Moreover, under social security schemes, LIC has insured 5.81 crore lives.
Total policy payments amounts rose by 18.63 per cent to Rs 1.12 trillion in the reporting period from Rs 94,576 core a year ago. In the current fiscal, the Corporation has added more than 44,000 agents to the rolls so far.
On the occasion of diamond jubilee, LIC launched a special plan, Bima Diamond. The state-run insurer has sold over 5,86,000 policies under the plan collecting over Rs 322 crore premium.
On the investment part, LIC has been subdued when it comes to investment in equities. It has made an investment of Rs 39,000 crore in equities in the reporting period, down from Rs 64,000 crore a year ago.
"So far as investment part is concerned, we are generating investing surplus and we keep on investing as per guidelines," he said, adding "this year in equity investments we are subdued, deliberately because markets have gone up very high."
But LIC has always been contrarian. Our primary goal is to invest for long term and not play trader in the market, Sharma said.
LIC has booked a profit of Rs 16,000 crore during the reporting period from Rs 9,500 crore a year ago, he said.
LIC has invested roughly Rs 1.98 trillion in G-sec, SDL and corporate bond in the reporting period, he said.
Insurance industry, he said, is on growth curve and it will grow in double digit. "We are outperforming industry and next year also our focus to outperform will be there."
"But let me tell you that, LIC wants to buy public sector stocks and we don't get it sometimes, recently it has happened in BEL, we have not got a single stock though we had applied for 60 per cent. Market is becoming deeper and more players are coming," he said.
Digital focus has increased at LIC. "Digital, our focus has increased and created mission to provide end to end solutions for all the customers," he said.
LIC has applied for three new products falling under categories like regular, single and group insurance, Sharma added.
General Awareness
Mumbai Named Richest Indian City with Total Wealth of $820 bn According to New World Wealth Report
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According to the New World Wealth report released on February 21, 2017, Mumbai, the financial capital of India has been named as the Richest Indian city with a total wealth of $ 820 billion.
- The South Africa-based market research group, New World Wealth has reported that Mumbai is home to 46,000 millionaires and 28 billionaires
- Mumbai is followed by Delhi at second place with a total wealth of $ 450 billion and having 23,000 millionaires and 18 billionaires.
- Besides, Bengaluru stands at third place with a total wealth of $ 320 billion and houses 7,700 millionaires and 8 billionaires.
Key highlight of the Report
The report pointed out that India is the sixth richest country in the world with the total wealth amounting to $ 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total.
- As per the report, in Mumbai the highest wealth keeping group resides in localities like Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road.
- In Delhi it was Westend Greens, Dera Mandi, Greater Kailash and Lutyens.
- The list also includes Hyderabad with a total wealth of $ 310 billion and home to 9,000 millionaires and 6 billionaires.
- Among others, Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of $ 290 billion, Pune with a total wealth of $ 180 billion, has 4,500 millionaires and 5 billionaires, Chennai has a total wealth of $ 150 billion and home to 6,600 millionaires, 4 billionaires and Gurgaon having $ 110 billion with 4,000 millionaires and 2 billionaires.
- In Kolkata the richest resides in Ballygunge and Alipore while in Chennai it was Boat Club Road and Poes Garden.
- As per the report, some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara.
It stated that over the next decade, the wealth inflow in India is expected to grow due to the benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors.
- Particularly, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the in terms of wealth growth.
- The report said that India recorded the second highest growth of almost 12 percent in overall wealth between the years 2015-16.
Other Nations in the Report
As per the report, almost 82,000 global millionaires (HNWIs) migrated in 2016, compared to just 64,000 in 2015. The highest migrants went to Australia.
- The report estimated about 11,000 millionaires moved to Australia in 2016 which marks the highest such inflow in any country. Besides, 10,000 moved to the US and 3,000 moved to the UK.
- Australia’s location makes it a good base for doing business in emerging Asian countries such as China, Hong Kong, Korea, Singapore, Vietnam and India.
- China’s wealth during 2016 increased by 10% while that of United States grew by 5% and Japan’s by 6%.
- On the other hand, UK’s wealth growth fell by 5%, France’s fell by 10%, Italy’s by 10% and Germany by 6%.
- Of all the countries, France was one of the biggest losers mainly facing wealth outflow due to recent terrorist attacks and political turmoil.
- The report stated that France saw a large outflow of over 12,000 millionaires in 2016. It also said that the outflow is expected to further increase in future
- Among other European countries where religious tensions are starting to emerge such as Belgium, Germany, Austria, the UK, Holland and Sweden will also be negatively affected in the near future.
About Mumbai
Mumbai is the capital city of the Indian state of Maharashtra. It was officially known as Bombay until 1995.
- It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million.
- Mumbai is known as the financial, commercial and entertainment capital of India.
- It is also one of the world’s top ten centers of commerce in terms of global financial flow
- The city headquarters has some of the most important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the Securities Exchange Board of India.
About the New World Wealth
New World Wealth is a global wealth intelligence and market research group based in Johannesburg, South Africa.
- This report provides a comprehensive review of the wealth sector in the India, including HNWI trends, wealth management trends and luxury trends in the country.
- The New World Wealth report defines ‘wealth’ as the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures.
- Millionaires or High Net Worth Individuals refer to individuals with net assets of $1 million or more.
- The New World Wealth interview over 800 HNWIs every year in order to determine their preferences.
According to the New World Wealth report released on February 21, 2017, Mumbai, the financial capital of India has been named as the Richest Indian city with a total wealth of $ 820 billion.
- The South Africa-based market research group, New World Wealth has reported that Mumbai is home to 46,000 millionaires and 28 billionaires
- Mumbai is followed by Delhi at second place with a total wealth of $ 450 billion and having 23,000 millionaires and 18 billionaires.
- Besides, Bengaluru stands at third place with a total wealth of $ 320 billion and houses 7,700 millionaires and 8 billionaires.
Key highlight of the Report
The report pointed out that India is the sixth richest country in the world with the total wealth amounting to $ 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total.
- As per the report, in Mumbai the highest wealth keeping group resides in localities like Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road.
- In Delhi it was Westend Greens, Dera Mandi, Greater Kailash and Lutyens.
- The list also includes Hyderabad with a total wealth of $ 310 billion and home to 9,000 millionaires and 6 billionaires.
- Among others, Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of $ 290 billion, Pune with a total wealth of $ 180 billion, has 4,500 millionaires and 5 billionaires, Chennai has a total wealth of $ 150 billion and home to 6,600 millionaires, 4 billionaires and Gurgaon having $ 110 billion with 4,000 millionaires and 2 billionaires.
- In Kolkata the richest resides in Ballygunge and Alipore while in Chennai it was Boat Club Road and Poes Garden.
- As per the report, some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara.
It stated that over the next decade, the wealth inflow in India is expected to grow due to the benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors. - Particularly, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the in terms of wealth growth.
- The report said that India recorded the second highest growth of almost 12 percent in overall wealth between the years 2015-16.
Other Nations in the Report
As per the report, almost 82,000 global millionaires (HNWIs) migrated in 2016, compared to just 64,000 in 2015. The highest migrants went to Australia.
- The report estimated about 11,000 millionaires moved to Australia in 2016 which marks the highest such inflow in any country. Besides, 10,000 moved to the US and 3,000 moved to the UK.
- Australia’s location makes it a good base for doing business in emerging Asian countries such as China, Hong Kong, Korea, Singapore, Vietnam and India.
- China’s wealth during 2016 increased by 10% while that of United States grew by 5% and Japan’s by 6%.
- On the other hand, UK’s wealth growth fell by 5%, France’s fell by 10%, Italy’s by 10% and Germany by 6%.
- Of all the countries, France was one of the biggest losers mainly facing wealth outflow due to recent terrorist attacks and political turmoil.
- The report stated that France saw a large outflow of over 12,000 millionaires in 2016. It also said that the outflow is expected to further increase in future
- Among other European countries where religious tensions are starting to emerge such as Belgium, Germany, Austria, the UK, Holland and Sweden will also be negatively affected in the near future.
About Mumbai
Mumbai is the capital city of the Indian state of Maharashtra. It was officially known as Bombay until 1995.
- It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million.
- Mumbai is known as the financial, commercial and entertainment capital of India.
- It is also one of the world’s top ten centers of commerce in terms of global financial flow
- The city headquarters has some of the most important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the Securities Exchange Board of India.
About the New World Wealth
New World Wealth is a global wealth intelligence and market research group based in Johannesburg, South Africa.
- This report provides a comprehensive review of the wealth sector in the India, including HNWI trends, wealth management trends and luxury trends in the country.
- The New World Wealth report defines ‘wealth’ as the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures.
- Millionaires or High Net Worth Individuals refer to individuals with net assets of $1 million or more.
- The New World Wealth interview over 800 HNWIs every year in order to determine their preferences.
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