Punjab National Bank approves 1:5 share split

State-owned Punjab National Bank has approved sub-division of one equity share into five with the aim to increase liquidity of scrip.
"The board (of the bank) also considered and granted in- principle approval for spilt of existing equity shares of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each," PNB said in a statement today.
Besides, at its meeting on September 19, the board discussed various options of raising capital to meet Basel-III norms, and to fund the general business needs of the bank.
Among the issues discussed were allotment of shares to employees under Employees Stock Purchase Scheme (ESPS) or any other scheme.
It also explored the avenues for raising capital through Qualified Institutional Placement, Follow-on public offer or rights issue and raise Basel III compliant additional Tier-I capital bonds.

MCX Gets Till November 2 to Appoint New Managing Director, CEO

Multi Commodity Exchange (MCX) has been given time till November 2 to appoint a new Managing Director and CEO.

"...we have received letter...dated 22nd September from our regulator FMC informing their approval for extension of time for a period of two months till 2nd November 2014, for appointment of MD and CEO of the exchange," the commodity bourse said in a filing to the BSE.

The position has been lying vacant since the first week of May this year when Manoj Vaish resigned citing health reasons.

At present, MCX's executive vice president, P K Singhal, has been given the charge of MD.

State-run banks need $37 billion in fresh capital to meet Basel III norms: Moody's

Rating company Moody's has said that capital requirement for government owned Indian banks may rise to 8% to $37 billion as the economic recovery could raise the demand for loans. It would be difficult for banks to raise the needed capital if the economic reforms do not lead to lower government's holdings in banks.

Assuming a moderate recovery in economic growth and a gradual decline in new non-performing loans (NPLs), Moody's has estimated that rated public-sector banks in India will need to raise Rs 1.5 - Rs2.2 trillion ($26 - $37 billion) in Tier 1 capital externally between FY'15 and full implementation of Basel III in FY' 19. The estimate is equivalent to 42%-61% of public-sector banks' aggregate market cap (as of 12 September 2014), the ratings firm has norm. Basel II are the new capital norms prescribed for banks globally by the Bank of International Settlements head quartered in Basel, Switerland.

Norms for Realty Investment Trusts Soon

Markets watchdog Securities and Exchange Board of India (Sebi) on Friday said it would soon specify norms for creation and listing of Real Estate Investment Trust or REITS to make the realty sector attractive for foreign and domestic investors.

Like mutual funds, REITs and real estate players would pool in money from investors and issue units in exchange. Most of the money collected is then invested in commercial properties which are completed and generate income.

The system of real estate investment trust  is more prevalent in developed nations.

The yet to be specified norms would enable listing and trading of REITs as any other security on the stock exchange and also help create new platform for raising of funds by real estate companies.

Tech Mahindra aims to clock USD 5 billion revenues by FY17

Tech Mahindra, India's fifth largest software services exporter, is on track to become a USD 5 billion dollar company by fiscal 2017, a top company executive said today.
"So far as the business is concerned, it is good. Outlook is positive. It is not only for us, it is for the industry also. That's a good sign. Let's hope (we achieve USD 5 billion revenue goal).
"By the grace of God... we should be heading to that number. By 2016-17, there is a possibility that we will achieve our stated objective," Tech Mahindra Executive Vice-Chairman Vineet Nayyar told reporters on the margins of an event here.
The company crossed USD 3 billion in revenues by the end of 2013-14 (from USD 2.6 billion in 2012-13) with nearly USD 500 million profit after tax.
On the current deal pipeline, he said the infotech major bagged large contracts which helped it clock USD 3 billion revenues last fiscal.

Real estate bill to be regulation not strangulation

Regulation in real estate is the need of the hour as certain incidents have impacted the image of the sector "negatively" but the bill in this regard will not create any over-regulation, Housing and Poverty Alleviation Minister Venkaiah Naidu today said.
He assured that the Bill will provide necessary transparency and fair play in the real estate transactions.
"It will not be any strangulation but a regulation only," he said at a consultation meeting here on the single window approval systems and Real Estate (Regulation and Development) Bill 2013 which was attended by all stakeholders including developers and officials from other ministries.
"In recent time, price escalation of land and building materials have made houses increasingly unaffordable for the urban poor. Over and above, failure on the part of some unprofessional and unorganised developers in fulfilling commitments of delivery to the buyers in terms of time and quality has created mistrust among the developers and buyers," he said.

Instant messaging app LINE to foray into gaming space

Instant messaging and voice call app LINE is planning to foray into the gaming space, besides promoting other applications in the country through its LINE platform as it targets crossing 50 million subscribers by this fiscal year-end.

"We are seeing huge potential in the gaming space and are planning to launch games in India. Besides, our prime focus area is to increase active users on LINE app for the Indian region this year," Damandeep Singh Soni, LINE's head of Indian operations, told ET.

Soni said that the company wants to keep users engaged through localised stickers, deals and future products like games. It may also add features like secret chat and self-destruct chat in its chat app to make the LINE chat app more appealing. Currently, the LINE chat app has 18 million subscribers in the country, which the company plans to increase by the end of this fiscal year in India

GSK faces $489m fine in China

A Chinese court has imposed the biggest ever fine on British pharmaceutical giant, GlaxoSmithKline, which has been ordered to cough up $489 million for indulging in corrupt practices.

Five of GSK's executives including a Briton have been suspended jail sentences. The government had earlier accused the company of bribing doctors and hospital managements through a network of agents to shore up its sales.

GSK's former head for China, Mark Reilly, a Briton, was given three years of suspended jail sentence. Four other executives, who are Chinese citizens, have been given jail sentences by a court in the southern city of Changsha for terms ranging between two and four years.

Hotel Leela Venture fails to pay quarterly interest on LIC loan

Hotel Leela Venture Ltd, that runs Leela palaces, hotels and resorts, on Friday said it has missed paying interest on a loan from Life Insurance Corporation of India (LIC) for the past three quarters. In a filing to BSE, the firm said it had not been able to pay Rs.22.50 crore towards the first instalment of interest on 31 March and, subsequently, has also not paid the interest which fell due on 19 June and 19 September. Hotel Leelaventure chairman and managing director Vivek Nair said the payment was to be made to LIC. Company chief financial officer Krishna Deshika said the firm had raised Rs.90 crore by issuing debentures to LIC. The repayment was to be made in four annual instalments from March 2014-2017 and the company is seeking more time for the payment, he said. On 2 July, Hotel Leela Venture said a majority of its lenders have sold its debt to JM Financial Asset Reconstruction Co. Pvt. Ltd. As of March 2014, the consolidated debt was Rs.4,905.02 crore.

International Banks Increase Cross-Border Lending

International banks sharply increased their cross-border lending during the first three months of 2014, particularly to China, a report Sunday showed, providing further evidence that the aftershocks of the global financial crisis and subsequent euro-debt crisis have receded.

But the quarterly report from the Bank for International Settlements, a consortium of global central banks based in Switzerland, warned that the present calm of low financial-market volatility—despite some short-lived volatility early in the summer—and high levels of risk-taking could create vulnerabilities down the road, particularly for emerging markets.

"It all looks rather familiar," said Claudio Borio, head of the BIS economics department. "The dance continues until the music eventually stops."

Bajaj Electricals bags Rs 518 crore order

Bajaj Electricals has bagged two orders worth Rs 518.46 crore in Madhya Pradesh. The first order from Madhya Pradesh Purva Kshetra Vidyut Vitaran Company Ltd for rural electrification work in select districts of Madhya Pradesh for Rs 412.37 crore.

The second order is for rural electrification work in Morena district of Madhya Pradesh which includes electrification of households below-the-poverty line. The order value for the same is Rs 106.09 crore.Source:http://www.business-standard.com/

Crude oil futures plunge to Rs 5,569 per barrel

rude oil futures fell 1.82 per cent to Rs 5,569 per barrel today as speculators trimmed their positions amid a weak trend in Asian trade after a sharp slowdown in Chinese industrial production.

On the Multi Commodity Exchange, crude oil for delivery in September traded lower by Rs 103 or 1.82 per cent to Rs 5,569 per barrel in 4,546 lots.

Similarly, the oil for October delivery moved down by Rs 97 or 1.72 per cent to Rs 5,556 per barrel in 643 lots.

Trading sentiment eased at the futures trade after crude oil prices fell in Asian trade today after a sharp slowdown in Chinese industrial production raised concerns about slackening demand in the world’s top energy consumer, analysts said.

August WPI inflation hits a 5 year low of 3.74%

Inflation data based on wholesale price index (WPI) for August hit a five year low at 3.74 percent courtesy declining vegetable prices and other food articles. August WPI inflation stood at 5.19 percent in July. A CNBC-TV18 poll estimated it to be at 4.1 percent. Food inflation in August hit a lowest level since January 2012. It eased to 5.15 percent versus 8.43 percent on a month-on-month (MoM) basis. Vegetable prices contracted 4.88 percent. Maintaining a downward trend, the onion prices contracted by 44.7 percent in August.  Inflation in the fruits basket eased to 20.31 percent in August. While prices of protein rich items like egg, meat and fish contracted during the month, inflation in milk and pulses inched up to 12.18 percent and 7.81 percent, respectively, as compared to July. Further, August fuel inflation also hit a five-year low with the fuel and power group inflation declining to 4.54 percent versus 7.40 percent (MoM). June WPI inflation has been revised to 5.66 percent from 5.43 percent previously. Also Read: CPI at 8% in Jan 2015 seems a safe forecast, says Moody's "This number is much better than what we were expecting. Yes, there was a significant base effect from last year, but fall in global commodity prices is having a positive impact on WPI. The impact of cooling global commodity prices is much larger on WPI than on CPI hence the WPI correction has been much sharper, “Samiran Chakraborty, head of research, Standard Chartered said in an interview to CNBC-TV18's Latha Venkatesh and Reema Tendulkar.

Looming Payment for Australia Coal Assets Hangs Over GVK

Indian conglomerate GVK Group faces an October deadline to pay a final $560 million to billionaire Australian miner Gina Rinehart for coal assets it bought in 2011 and has yet to develop in Australia's outback.

The looming payment is the latest headache for GVK on three projects it took over at the height of the coal boom, which industry experts see as uneconomic with coal prices mired at five-year lows and unlikely to be developed for several years.

GVK bought 79 per cent stakes in the Alpha and Alpha West coal projects and a 100 per cent stake in the Kevin's Corner project from Rinehart's Hancock Prospecting for $1.26 billion, agreeing to pay the sum in three stages, with the final payment of $560 million no later than three years after the deal closed.

Tata Motors signs bonus agreement with Telco Workers Union

Tata Motors today signed Bonus and Permanency Agreement with Telco Workers Union here.

It was mutually agreed that all permanent workmen would be getting an amount equivalent to 10.5 per cent of the annual salary/wages, consisting of Basic + Personal Pay + Dearness Allowance earned by them during 2013-14, a Tata Motors press release said.

Out of the 10.5 per cent, an amount equivalent to 8.33 per cent of the wage/salary comprising of Basic + Personal Pay + Dearness Allowance will be treated as Statutory Bonus/ Special Payment and shall be payable on pro-rata basis to all the permanent workmen along with all eligible employees covered under the scope of Payment of Bonus Act, 1965, it said.

FIIs pour in Rs 17,000 crore in two weeks of September

Continuing to bet on the government's reforms agenda, overseas investors have pumped in a whopping Rs 17,000 crore in the Indian capital market since the beginning of this month.

Net investments by foreign investors in the equity market were Rs 6,665 crore ($1.1 billion) from September 1 to 12, while they infused a net amount of Rs 10,432 crore ($1.72 billion) in the debt market during the period, taking the total to Rs 17,098 crore ($2.8 billion), as per the latest official data.

Market analysts maintain that overseas investors (Foreign Institutional Investors, sub--accounts or foreign portfolio investors) have been betting on the Indian market mainly on account of the reforms agenda of the new government at the Centre.

They anticipate that inflows would continue in the coming months on a slew of measures announced by the government.

LIC investment in equity market to cross Rs 55,000 crore in FY '15

Country's largest insurer LIC has lined up over Rs 55,000 crore for investment in the equity market in the current fiscal, a part of which will be used for picking up stakes in PSUs during the Disinvestment process.

"We will invest a total of Rs 55,000 crore or even more in the equity market in the current fiscal," LIC Chairman SK Roy told PTI.

Asked how much LIC has been earmarked for the upcoming disinvestment, Roy said that Rs 55,000 crore "covers all" type of investments. LIC had picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors. The public sector insurer has been a key investor in the disinvestment programme of the government.

Purnendu to pay in tranches for govt stake in HPL

Purnendu Chatterjee, the co-promoter of Haldia Petrochemicals, is finally getting control of the petrochem outfit, considered the showpiece of industrialization of Bengal. The state government entered into an agreement with Chatterjee to transfer its 52.5 crore shares to TCG at the discovered price of Rs 25.10 offered by Indian Oil during the auction.

Chatterjee will pay close to Rs 1,320 crore in two tranches. An official said the biggest challenge of the petrochem firm is to restart and operate close to full capacity for which it needs an additional working capital of Rs 1,000 crore from the lenders. As per agreement, TCG has got little over two months' time to pay the first tranche of Rs 653 crore to the government and once it is paid, around 26 crore shares will be transferred to the group that will give it a clear majority stake of 56% and management control.

There is also a clause that immediately after assuming management control, TCG will withdraw all the cases filed against state government since 2005 except the arbitration case in International Chamber of Commerce in Paris for the controversial 15.5 crore shares.

Reassure investors to attract funds in coal sector: Jindal

In the face of growing coal imports, energy-hungry India needs to develop more coal blocks and reaffirm the faith of corporate sector in government decisions to ensure continued flow of investments from private sector, Naveen Jindal, chairman of Jindal Steel and Power, said.

“All the coal blocks have been allocated by Government of India. State governments have given them either prospecting license or mining leases. If today these blocks are cancelled, country’s credibility will be seriously eroded. Who will come and invest here?” Mr. Jindal told PTI in an interview.

India had imported around 168.4 million tonnes of coal worth Rs. 95,000 crore last fiscal and this figure is expected to rise in the current year. India is the third largest importer despite having fourth largest coal reserves in the world.

Many Companies Rejecting Job Applicants Due to Social Media Posts

Social media has emerged as a major background check tool for employers and nearly 68 per cent of them decide against hiring individuals after finding negative details about them, according to finding of a survey.

As many as 59 per cent employers are currently using social media to research on job candidates, while another 33 per cent are planning to access the platform soon, the survey by job site CareerBuilder India said.

According to the survey, 68 per cent employers who research job candidates on social media have found 'content' that caused them not to hire the individual.

The findings of the survey were based on responses by top 1,200 corporates in the country.

Moreover, about 75 per cent of employers were observed to be also using search engines such as Google to research potential job candidates, the survey showed.

Govt puts CIL's 42 projs on monitoring list

Stressing upon the need for timely execution of projects, the government has put Coal India's (CIL) 42 mining projects on its monitoring list, amid ambitious plans for 1 billion tonnes output by 2019.

Coal Secretary S K Srivastava, while reviewing the status of the ongoing CIL projects had recently told the CMDs of the company's subsidiaries about the expectation from coal sector and importance of timely implementation of coal mining projects, said a source.

"A total of 49 projects each of three million tonnes per annum and above capacity and capital cost of Rs 500 crore and above, including 42 from CIL were included in the monitoring list," the source said.

During the meeting, the coal secretary assured the Chairman and Managing Directors of the CIL subsidiaries that the Coal Ministry would help them in the issue of clearances and other assistance from the ministries concerned, including environment, the source said.

"CMDs were advised to ensure that nothing was left pending at the company level," he added.

India Won't Sign Trade Pact Until Stockpile Issue Is Resolved

Indian trade officials said Wednesday that the country won't signoff on a stalled global trade pact unless a permanent solution on expanding countries' rights to stockpile food is found quickly.

"We shall not wait for an interminable period to get an agreement on what we think is important for India," Commerce Minister Nirmala Sitharaman said. But India isn't opposed in principle to the trade facilitation deal, she added.

The World Trade Organization's 160 member governments failed to ratify a deal to harmonize customs procedures in July because India demanded faster progress on exempting food stockpiles, including its own, from WTO limits on agricultural procurement and subsidies.

Like some other developing countries, India subsidizes farmers by purchasing their harvests at guaranteed, above-market prices. The wheat and rice procured this way is used to maintain government reserves and is sold at subsidized prices to the poor.

NSE asks investors to file claims against Unicon Securities

The National Stock Exchange (NSE) on Wednesday asked investors to file for their claims pending with brokerage firm Unicon Securities, within 3 months.
Unicon Securities had been expelled by NSE last week on charges of violating the exchange's regulations.
"The constituents of... Expelled member (Unicon Securities) are hereby advised to lodge claims, if any (in prescribed claim form) against the trading member within 3 months from the date of this notification," NSE said in a public notice on Wednesday.
Further, NSE said that "no such claims filed beyond 3 months will be entertained by the exchange against the trading member and it shall be deemed that no such claims exist against the trading member or such claims, if any, shall be deemed to have waived".
According to the bourse, the maximum compensation limit per investor if found due and payable out of the Investor Protection Fund is Rs 15 lakh.

Energy firms to refund three million households

An estimated three million households are being told to reclaim money they are owed by the big six energy suppliers.

The firms have launched a campaign to hand the money back, after being told to do so by the regulator, Ofgem.

On average, customers are owed around £50 each. Typically that money got left behind when they switched supplier.

Ofgem warned the companies that unless they make good progress with refunds, they will face enforcement action.

Over the last six years the large energy firms have accumulated £153m, which remains to be claimed by customers.

Often that is because customers have changed supplier, or moved home, and not left a forwarding address.

Merchandise Exports registering double digit growth

Merchandise Exports registering double digit growth for the month of May and June (12.4% and 10.22% respectively) and 7.33% for July, 2014
Positive Trade Balance for Service Exports
Timelines for completion of activities relating to SEZs developers and units - prescribed and implemented

Procedural simplification measures initiated in DGFT

Nirmala Sitharaman addresses media persons at PIB National Media Centre

Background

·         The year 2013-14 was in many ways a year full of challenges and opportunities. A series of international events including the impact of Euro Zone Crisis and the global slowdown had a major impact on our economy and exports.
·         While the global environment still remains challenging, policy action in India has been repositioned so as to better tackle the negative impact of external shocks.
·         The growth momentum and export competitiveness has picked up as government has instilled greater confidence among businesses. The improved outlook and pro-active policy environment will help boost exports and bring India on the trajectory of greater economic growth.
·         During year 2013-14, total value of exports was US $ 465.90 billion with Merchandise and Services Exports comprising of US$ 314.40 billion and US $ 151.5 billion respectively.  The target for total exports for year 2014-15, is US $ 500 billion with Merchandise and Services Exports expected to be US $ 340 billion and US $ 160 billion respectively.
·         As per the current rankings, India is the 19th largest exporter (with a share of 1.7%) and 12th largest importer (with a share of 2.5%) of merchandise trade in the world. In Commercial Services, India is the 6th largest exporter (with a share of 3.3%) and 7th largest importer (with a share of 2.9%).

Indian Patent Office Becomes First IPO in the World to Introduce Real Time Transparency

New Payment Gateway Integrated to e-Filing System Launched

Indian Patent Office Becomes First IPO in the World to Introduce Real Time Transparency

Industry Secretary Inaugurates ISA/IPEA Building

Shri Amitabh Kant, Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India inaugurated a new office building constructed for the Intellectual Property Office of India in New Delhi on September 8, 2014. The building is dedicated to the functioning of the Indian Patent Office as International Searching Authority (ISA) and International Preliminary Examining Authority (IPEA) under the Patent Cooperation Treaty (PCT).

The ISA/IPEA building is constructed under plan scheme of the Government of India, ‘Modernization and Strengthening of Intellectual Property Offices’, at an expenditure of Rs 30.2 crore, provides ample space and facilities for proper management of ISA/IPEA operations. The building has state of the art infrastructure and a hall of fame to showcase & highlight the notable products protected by intellectual property.

France Drops Growth Outlook, Will Miss Deficit Target

France lowered its growth forecast again on Wednesday and warned it will need more time to bring its public deficit in line with European Union rules, as the eurozone's second-largest economy remains stuck in stagnation and low inflation.

French Finance Minister Michel Sapin told reporters the French economy would grow by just 0.4% in 2014, compared with the 0.5% growth forecast issued just a few weeks ago. In 2015, France's economy will grow by 1%, versus the previous forecast of 1.7%, Mr. Sapin said.

He conceded that France's public deficit would stand at 4.4% of economic output in 2014, instead of falling to 3.8%. A raft of spending cuts in 2015 should help the government reduce the public deficit to 4.3% next year, and below 3% in 2017, he said.

The comments mark another pushback on France's deficit targets, the latest acknowledgment from the French government of its grave economic challenges.

Rocket Internet Seeks to Raise About $967 Million in I.P.O.

The German technology giant Rocket Internet said on Wednesday that it planned an initial public offering that could value the company at more than 4 billion euros, or about $5 billion.

The announcement is the latest step in the meteoric rise of the German brothers Oliver, Marc, and Alexander Samwer, who started Rocket Internet in 2007 and have expanded the primarily e-commerce technology business from their Berlin headquarters to more than 100 countries.

Yet while American technology entrepreneurs like Jeffrey P. Bezos, who founded Amazon in the early 1990s, launched entire new ways for people to buy goods online, the Samwer brothers have found success by mimicking already successful Internet companies — often applying proven ideas in emerging markets.

Over the last eight years, Rocket Internet has launched hundreds of new Internet companies, which now collectively employee more than 20,000 people worldwide. That includes Linio, a similar e-commerce business to Amazon in Mexico, and Zalaro, an equivalent to Zappos in Malaysia.

Fake currency with Rs 20,000 face value in cash sent to RBI

currency'>Fake currency notes in denominations of Rs 1,000 and Rs 500 with a face value of Rs 20,000 have been detected in cash sent from nationalised banks to the Reserve Bank of India's zonal office here, police said.

They said the currency was found among the bundles of cash sent to RBI's zonal office over the last few months.

Police said they had advised bank officials to use equipment to detect fake currency and also maintain a log whenever suspected notes were received from customers by mentioning the Savings Bank account numbers.

The cash deposited by customers should also carry the account number of the depositor.
Source:http://www.dnaindia.com/

European Shares Fall as Fed, Scotland Dominate

Global shares fell on Wednesday as markets strengthened bets on an early US rate hike while persistent concerns over Scotland's future unnerved investors in Europe, helping a high-flying dollar hold on to recent gains.

European stocks fell for the fourth day in a row and benchmark US Treasury yields rose for the fifth straight session, something not seen since early June.

Shares in the euro zone's biggest bank Santander fell 2 per cent, twice as much as the euro zone financials index and three times as much as the broader pan-European banking index after the sudden death of its 79-year old chairman Emilio Botin.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan posted its largest fall in nearly six months.

In early trade the FTSEurofirst index of leading European shares was down 0.5 per cent at 1379 points, Germany's DAX was down 0.7 per cent and France's CAC 40 and Britain's FTSE 100 were both down 0.3 per cent.

U.S. regulator would welcome delay of EU clearing rules

A top U.S. regulator said on Wednesday he would welcome a delay by the European Union that gave more time to resolve a conflict with Washington over making derivatives markets safer.

Reuters reported last week that the EU is discussing whether to move a deadline by which U.S. clearing houses, which act as go-betweens for buyers and sellers, must meet EU rules when doing business there.

"I am encouraged by that flexibility ... it's very important as we deal with this not to disrupt the market," Tim Massad, the head of the Commodity Futures Trading Commission derivatives regulator, told Reuters in an interview.

At the moment, Europe is sticking to its own rules for U.S. clearing houses rather than exempting them as it plans to do with Japan, Hong Kong and Australia, for example. Brussels has refused to grant similar treatment to the United States as long as the CFTC does not exempt European clearing houses.

What's unique about the new iPhone 6?

Apple's event in Cupertino on Sept 9 was received with much fanfare yesterday. For those trying to follow the event on apple.com/live, it was miserable as the streaming failed. For many minutes, there was a simulcast of Chinese at the same time as Tim Cook and Phil Schiller's presentations.

That aside, all the iPhone 6 rumours were mostly on target. There were two new iPhones models, a 4.7 inch and a 5.5 inch. It would sport near field communication (NFC) technology that can be used in mobile payments. The rumours were wrong on the sapphire glass that was supposed to replace the Gorilla glass on the iPhones. The sapphire instead will be used for the Apple Watch.

The Apple Pay will not touch consumers here anytime soon. It will be launched in the United States this year. It uses NFC, Touch ID and a secure chip to keep precious personal info under lock and key. But it would be interesting to see how mobile developers here use the NFC feature to create new apps.

Parliament: Drop in number of unlicensed moneylending and related harassment cases

THE number of cases of unlicensed moneylending and related harassment charges plunged in the first half of the year over the same period last year, continuing the downward trend since 2010.
 For the six-month period between January and June 2014, there were 3,235 reported cases of unlicensed moneylending (UML) and UML-related harassment. This is 31.6% lower than the 4,729 cases reported in the same period in 2013. The number of reported cases has been declining steadily since 2010.
The improvement in the UML situation can be attributed to the tough laws enacted, strong enforcement efforts against loanshark syndicates and the high level of community support in the fight against UML activities. Another factor is the presence of licensed moneylenders who provide access to credit for borrowers who are unable to obtain credit from banks or financial institutions, and who might otherwise turn to UMLs.

Singapore sets up advisory panel to study CPF changes

During his National Day Rally speech 2014, Prime Minister Lee Hsien Loong spoke about the Central Provident Fund (CPF) system which together with home ownership, form the twin pillars of retirement adequacy in Singapore. The CPF system has served Singaporeans well and has several distinctive strengths. However, the Government has been studying further enhancements to some key aspects of the CPF system to make it more flexible to meet the needs of more Singaporeans and provide additional options in retirement.
As CPF changes are complex, PM said that the Ministry of Manpower would appoint a CPF Advisory Panel to study these possible enhancements further, including the benefits and trade-offs involved. - See more at: http://news.asiaone.com

Coal India's 2 independent directors quit ahead of AGM

As the NDA government weeds out appointments made by previous UPA regime, two independent directors on board of Coal India   Ltd (CIL) have resigned, a day ahead of company's shareholder meeting. Former coal secretaries Alok Perti and C Balakrishnan quit ahead of CIL's annual general meeting (AGM) on Wednesday where the company was seeking ratification of their appointments for a three-year term. Perti was appointed on board on October 31, 2013 and Balakrishnan on December 19 last year. As per Companies Act, all appointments of directors to a company board have to be ratified by its shareholders. Coal India had moved a resolution for seeking ratification of their appointment and with NDA government communicating to the UPA-appointees that their services are no longer required, the two quit. "Alok Perti and C Balakrishnan who were appointed as non-official parttime directors on the board of CIL by Ministry of Coal for a period of three years ... have tendered their resignation w.e.f. September 8, 2014 and September 9, 2014, respectively,"

Shipbuilding stocks rally on buzz of financial assistance scheme from government

Amid speculation that US interest rates will rise sooner than estimated, key benchmark indices languished in red in mid-morning trade. But, the broad market depicted strength. The barometer index, the S&P BSE Sensex was down 137.65 points or 0.5% at 27,127.67. The market breadth indicating the overall health of the market was strong. Shares of cigarette makers fell on reports that the government is considering a proposal to ban the sale of loose cigarettes. Shares of shipbuilding firms rose on reports the government is considering a financial assistance scheme to revive the debt-laden and struggling shipbuilding industry. Godrej Consumer Products dropped on profit booking after recent rally.

After an initial decline triggered by weakness in Asian stocks, key benchmark have languished in red throughout the trading session so far.

In overseas markets, Asian stocks edged lower on concern that China's growth is slowing and speculation that US interest rates will rise sooner than estimated. In the foreign exchange market, the rupee edged lower against the dollar as key equity benchmark indices fell. Brent crude oil futures edged higher after reaching a 17-month low below $100 per barrel during the previous trading session.

RBI: Guarantors Could Be Declared Willful Defaulters

India's central bank late Tuesday said individuals or companies acting as guarantors to a loan could be declared willful defaulters if they refuse to pay back despite having the means to do so.

"As such, where a banker has made a claim on the guarantor on account of the default made by the principal debtor, the liability of the guarantor is immediate," the Reserve Bank of India said in a circular on its website.

The banking sector regulator has asked banks to crack down on companies that willfully default. Banks have seen a surge in bad loans as slowing economic growth and high interest rates have pushed many companies to default on repayments. A willful defaulter can't access any loan from banks or other financial institutions.

The rules will be effective for all future contracts, the RBI said.Source:http://online.wsj.com/

Global crude oil price of Indian Basket rate remained unchanged at US$ 98.11 per bbl on 09.09.2014.

Global crude oil price of Indian Basket rate remained unchanged at US$ 98.11 per bbl on 09.09.2014.

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas remained unchanged at US$ 98.11 per bbl on 09.09.2014 as compared to 08.09.2014. In rupee terms, the price of Indian Basket increased to Rs 5928.79 per bbl on 09.09.2014 as compared to Rs 5912.11 per bbl on 08.09.2014. Rupee closed weaker at Rs 60.43 per US$ on 09.09.2014 as against Rs 60.26 per US$ on 08.09.2014.  The table below gives details in this regard:

Ministry of Environment, Forests & Climate Change constitutes High Level Committee

Ministry of Environment, Forests & Climate Change constitutes High Level Committee
Committee to review acts administrated by the Ministry
Suggestions invited from stakeholders through Ministry’s website


A High Level Committee (HLC) has been constituted by Ministry of Environment, Forests & Climate Change to review the following Acts administered by the Ministry of Environment, Forests & Climate Change.

(i)                Environment (Protection) Act, 1986
(ii)              Forest (Conservation) Act, 1980
(iii)             Wildlife (Protection) Act, 1972
(iv)            The Water (Prevention and Control of Pollution) Act,1974
(v)              The Air (Prevention and Control of Pollution) Act,   1981

Air India looking at redeploying over 10% of its workforce

As part of its manpower rationalization drive, Air India is considering redeploying over 10% of their total employees to various other departments within the ministry of civil aviation.

Currently, the airline has around 13,000 employees. Of this, around 1500-1600 employees are likely to be redeployed to other organizations such as the Bureau of Civil Aviation Safety (BCAS) and the Airports Authority of India (AAI).

A senior executive in the airline told Business Standard, "Manpower rationalisation has been a major area of focus for us internally. We have not made any major recruitment. Nearly 65% of our workforce is aged above 45 years; we have a natural attrition rate of 1500 employees per annum. Additionally, we are collecting lists of any excess manpower that may be available across departments for redeployment as recommended by the ministry."

Preliminary data available with the airline show there is space for redeploying about 12% of its workforce to other organisations within the ministry of civil aviation.

"We have to consider the age profile as well as the educational qualifications of the employees while examining cases for redeployment. There are two to three identifiable areas. In Delhi airport for instance, there are about 500 employees in involved commercial activities (such as ground handling and ticketing) and 600-700 loaders who can be redeployed if AISATS can fully take-over operations", added the executive.

Tech Mahindra launches Saral Rozgar cards scheme

Tech Mahindra Ltd, India’s fifth largest software services exporter, launched its Saral Rozgar cards in Kolkata on Tuesday. The cards allow users to access Tech Mahindra’s job marketplace service of the same name, which uses mobile phones. The company also identified 4,000 jobs in Kolkata and its neighbourhood that candidates can apply for using these cards. The Saral Rozgar job marketplace helps blue collar and entry-level job seekers connect with employers anywhere in India through mobile phones in their own language. They can buy the Saral Rozgar card for Rs.50 and register by calling a special Saral Rozgar helpline, using their preferred language. The cards are valid for 60 days. “In the past two years, we have registered close to two million subscribers, spread across 800 locations in India, and have successfully engaged more than 50,000 job seekers with prospective employers. We have placed more than one lakh Saral Rozgar cards at more than 6,000 mobile recharge and ‘kirana’ outlets in Kolkata and the surrounding districts. Our aim is to reduce the socio-economic gap by ensuring that job seekers get ample job opportunities,” said Jagdish Mitra, head, mobility business and large deals, Tech Mahindra.

Rampraveen Swaminathan named as president of IP India

New York Stock Exchange-listed International Paper (IP) today said Rampraveen Swaminathan has been named president IP India, effective November 1 and would continue to serve as the vice president of IP.

Swaminathan would replace Michael W Amick, Jr, who was promoted to senior vice president, N A papers, pulp and consumer packaging.

In his new role, Swaminathan would be responsible for International Paper's business interests in India, the company said in a statement.

Swaminathan had joined IP in 2012, as managing director and CEO of International APPM Limited (IP-APPM). He became the viec president of International Paper in 2013. Swaminathan, who is also the chairman of IP India Foundation, would continue to be responsible for IP-APPM's operations in India.

Civil Aviation Minister Launches ‘Know Your Rights’ Portal

Civil Aviation Minister Launches ‘Know Your Rights’ Portal .Minister for Civil Aviation, Shri Ashok Gajapathi Raju Pusapati launched here today a’ Know Your Rights’ (KYR) portal of the Directorate General of Civil Aviation (DGCA) in the presence of Minister of State for Civil Aviation, Shri G M Siddeshwara and other dignitaries to mark 100 days of the new government. While addressing a press conference on the occasion, the Minister listed out the major achievements and initiatives of the ministry since May to August this year. He also mentioned the humanitarian work undertaken by Air India for flood victims in Jammu and Kashmir.

Describing the features of the KTR portal, Dr Prabhat Kumar, DGCA said that it would provide information on the rights of passengers in cases of delays, cancellation and denied boarding, lost, delayed, misplaced and damaged baggage; and on matters related to booking, airfare components and refund of air tickets. The information on availability of the Grievance Redressal Mechanism, names of nodal officers and contact numbers would be shared with the public on the portal.

Performance of Tourism Sector during August 2014

Performance of Tourism Sector during August 2014 . Ministry of Tourism compiles monthly estimates of Foreign Tourist Arrivals (FTAs) on the basis of data received from major ports and Foreign Exchange Earnings (FEEs) from tourism on the basis of data available from Reserve Bank of India. The following are the important highlights regarding FTAs and FEEs from tourism during the month of August 2014.

 Foreign Tourist Arrivals (FTAs):

FTAs during the Month of August 2014 were 5.69 lakh as compared to FTAs of 4.86 lakh during the month of August 2013 and 4.46 lakh in August 2012.

There has been a growth of 16.9% in August 2014 over August 2013 as compared to a growth of 9.1% registered in August 2013 over August 2012.

Fortis Healthcare Group CFO Sandeep Puri resigns

Hospital chain firm Fortis Healthcare today said its Group Chief Financial Officer (CFO) Sandeep Puri has resigned from the company.

"Sandeep Puri, Group Chief Financial Officer, Fortis Healthcare Ltd has resigned from the services of the Company," the company said in a BSE filing.

"The company has accepted his resignation and Puri would support the smooth transition towards the new incumbent within the stipulated contractual notice period term," it added.Source:http://economictimes.indiatimes.com/

Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)

RBI/2014-15/216 A.P. (DIR Series) Circular No.28 September 8, 2014
To
All Category - I Authorised Dealer Banks

Madam / Sir,

Risk Management and Inter Bank Dealings: Hedging Facilities for Foreign Portfolio Investors (FPIs)

Attention of Authorised Dealers Category-I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 dated May 3, 2000 (Notification No. FEMA.25/RB-2000 dated May 3, 2000) as amended from time to time and A.P. (DIR Series) Circular no. 32 dated December 28, 2010.

2. Under the extant regulations, Foreign Portfolio Investors (FPIs) are allowed to approach any AD Category I bank for hedging their currency risk on the market value of entire investment in equity and/or debt in India as on a particular date subject to certain conditions as specified in A.P. (DIR Series) Circular No. 32 dated December 28, 2010 as amended from time to time.

G20 handed gloomy jobs market report

There is another gloomy assessment of the world's jobs market On Tuesday. The International Labour Organisation, the World Bank, and the Organisation for Economic Co-operation and Development (OECD) have produced a labour market update for the G20 employment and labour ministers' meeting in Melbourne.

It highlights "large employment gaps remain in most G20 countries", the grouping of the world's biggest developed and emerging market economies. The authors also say that "the quality of employment remains a concern" and that "the deep global financial and economic crisis and slow recovery in many G20 countries has resulted not only in higher unemployment but also in slow and fragile wage gains for G20 workers."

India signs FTA in services, investments with Asean

India has signed the free trade agreement (FTA) in services and investments with the 10-member Association of Southeast Asian Nations (Asean), two years after the discussions on the pact concluded.
The move is expected to pave the way for freer movement of professionals and further open up opportunities for investments. The country had implemented the FTA in goods with Asean members in 2010, while it had concluded the negotiations for FTA in services and investments in 2012. With the signing of the pact in services and investments, the FTA will now become a comprehensive economic partnership between the two sides.
The agreement was scheduled to be signed last month at the meeting of the Asean economic ministers in Myanmar. However, the pact could not be sealed as commerce minister Nirmala Sitharaman called off her trip due to “domestic compulsions”.

CII to open first Middle East office in Bahrain

The Confederation of Indian Industry (CII) will open its first Middle East office in Bahrain to boost trade and investments in the region.
The move represents a further strengthening of relationship with India as there are over 350,000 Indian residents in the country and total trade between the two countries in 2011 exceeded US $1.7 billion, the Economic Development Board (EDB) of Bahrain has said.
The EDB also announced that it has signed an agreement with the Overseas Indian Facilitation Centre (OIFC) to work together in promoting cooperation between Bahrain and India in a variety of key areas, including financial services and research.

Alibaba IPO legal fees dwarf Facebook's

Alibaba Group Holding Ltd disclosed on Friday that it would pay $15.8 million in legal fees to law firm Simpson Thacher and other attorneys who advised the Chinese e-commerce giant on its upcoming IPO, six times what Facebook paid its counsel two years ago.

Alibaba, which is seeking to raise as much as $21 billion in an IPO expected later this month, made the disclosure in a prospectus on Friday filed with the U.S. Securities and Exchange Commission.

The Chinese company, whose sales are larger than Amazon.com and eBay combined, has a complex structure and has frequently revised its prospectus. That has all increased legal fees, analysts said.

The legal fees for Alibaba's IPO rank the fourth highest in the past 10 years, according to IPO Vital Signs.

The 2013 IPO of Empire State Realty trust ranked the highest, with a whopping $32.8 million in estimated legal fees, while the IPO of Kinder Morgan in 2011 cost the pipeline company $17 million. The 2005 IPO of investment bank Lazard cost $16 million.

Facebook Inc.'s May 2012 IPO garnered $2.6 million in legal fees.

In addition to Simpson, Alibaba's New York-based law firm, its Chinese counsel, Fangda Partners, and Cayman Islands adviser Maples and Calder, will share the attorneys' fees, according to the filing.

It was not immediately clear how the firms would split the $15.8 million in fees, but Simpson likely will get the lion's share of the money.

Alibaba expects to price its initial public offering between $60 and $66 per American Depository Share, valuing the company at about $162.69 billion at the top end of the range and raising as much as $21.1 billion.

Simpson, a leading Wall Street law firm with strong corporate, mergers and acquisitions and capital markets practices, has advised on 76 IPOs over the past ten years, and its record fee before Alibaba was $15 million, for the 2007 IPO of private equity firm Blackstone, according to IPO Vital Signs.

Lawyers had expected Alibaba fees would be high even before Friday's disclosure.

Thomas Rice, a capital markets partner with law firm Baker & McKenzie in New York, said recently that Alibaba's prospectus is more than triple the length of an ordinary filing for a company that has a single line of business and limited geographies.

"Alibaba's listing company is a Cayman Islands company, although its operations and market is largely in China," said Rice. "Anytime you have one of these complex corporate structures to explain, that is something that adds to the mission."

Alibaba, founded by former English schoolteacher Jack Ma, will decide on its final price after a globe-spanning roadshow that will kick off in New York on Monday, and is expected to take in cities from Hong Kong to San Francisco.

Representatives of the law firms did not immediately respond to a request for comment.Source: http://www.dnaindia.com/

Basel III Liquidity Returns

RBI/2014-15/213 DBS.No.OSMOS.2915/33.01.001/2014-15
September 5, 2014
The Chairman / Chairman & Managing Director/
Managing Director / Chief Executive Officer
of Public Sector Banks, Private Sector Banks /
Foreign Banks (excluding RRBs)

Dear Sir/Madam

Basel III Liquidity Returns

Please refer to the ‘Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards’ dated June 9, 2014 (Circular Ref No. RBI/2012-13/635/DBOD.BP.BC.No.120/21.04.098 /2013-14). The circular has, inter-alia, prescribed certain liquidity returns to be submitted by banks to monitor their resilience to potential liquidity disruptions under stress scenarios. These returns, covering global operations and effective from September 2014, are listed below.

Sr. No.	Name of the Basel III Liquidity Return (BLR)	Frequency of Submission	Submission Deadline
1	Statement on Liquidity Coverage Ratio (LCR)- BLR-1	Monthly	within 15 days
2	Statement of Funding Concentration - BLR-2	Monthly	within 15 days
3	Statement of Available Unencumbered Assets - BLR-3	Quarterly	within 21 days
4	LCR by Significant Currency - BLR-4	Monthly	within 15 days
5	Statement on Other Information on Liquidity - BLR-5	Monthly	within 15 days

2. The above returns are required to be submitted in XBRL platform. Submission of XBRL returns assume generation of required instance documents (XML files) from source data. It is therefore emphasized that banks may take necessary steps to fine tune their systems, controls and MIS to generate the required instance documents from own data source. However, as a temporary measure, excel based installers will also be made available for compilation and generation of instance documents for banks which are not ready to create instance documents on their own. Separate communication will be issued as and when the XBRL site and installers are ready for submitting the returns. However, banks are advised to compile and keep the data ready for September 2014 onwards, for submission at short notice.

3. It is reiterated that the returns are being called for in exercise of powers under section 27(2) of the Banking Regulation Act, 1949 and failure to adhere to instructions on timely submission and data integrity may invite penal provisions of the Act.

Yours faithfully,

(Indrani Banerjee)
Chief General Manager

Nevada's Tesla Plant Win Comes With Steep Price Tag

 Gov. Brian Sandoval announced Thursday that Nevada won a high-stakes battle with four other states for Tesla's coveted battery factory, but the win comes with a hefty price tag -- up to $1.3 billion in tax breaks and other incentives over 20 years that state lawmakers still must approve.

Sandoval revealed terms of the deal he negotiated with the electric car maker at a ceremony on the Capitol steps attended by Elon Musk, CEO of California-based Tesla Motors (TSLA). Musk confirmed the search was over for a home for his $5 billion lithium battery "gigafatory," which the company hopes will bring it closer to mass production of a more affordable electric car.

The Republican governor called it a "monumental announcement that will change Nevada forever" and asserted that it would create more than 22,000 jobs and pump $100 billion into the state's economy over the next 20 years -- claims that critics said were exaggerated. Sandoval didn't mention the total value of the incentive package in his remarks but nonetheless anticipated potential criticism for the size of the package.

"Even the most skeptical economist would conclude that this is a strong return [on investment] for us," he said about the deal that already has drawn outside criticism from both the political left and the right that the tax breaks are too generous. So far, it has not encountered significant opposition from state lawmakers who must approve the incentives.

Musk told the audience that Nevada didn't offer the biggest incentive package among the five states that tried to lure the factory, though he didn't specify which did among California, Texas, Arizona, New Mexico and Nevada.

The most important considerations were not incentives, he said, but rather a high confidence that the factory will be ready by 2017, followed by assurances that batteries can be produced cost efficiently.

"It's a real get-things-done state," Musk said in explaining how Nevada prevailed in what was a "relatively close" competition.

Musk, who arrived from London just before the ceremony, briefly bungled the pronunciation of "Nevada." But he recovered and twice received standing ovations from more than 200 dignitaries.

Later, Musk told reporters that Tesla would stop looking for another state as a backup. "Nevada is it," he said.

Special Session

The governor will call a special session of the Legislature as early as next week to seek approval of the incentives. Legislative leaders have reacted largely favorably at first blush.

House Speaker Marilyn Kirkpatrick, D-Las Vegas, said it represents "a significant opportunity to make a major stride to boost the economy" in a state that led the nation in unemployment during the depths of the Great Recession.

"I look forward to receiving the necessary information so the Legislature can meet and take necessary action to support this major industry coming to Nevada," she said in a joint statement with Sandoval and Musk that the governor's office issued Thursday.

Tesla's choice for the facility gets it closer to mass producing an electric car that costs around $35,000 and can go 200 miles on a single charge. That range is critical because it lets people take most daily trips without recharging, a major barrier to the widespread adoption of electric vehicles.

The factory would bring down the cost of batteries by producing them on a huge scale. The facility would be approximately 10 million square feet, equivalent to about 174 football fields, and be located at an industrial park about 15 miles east of Sparks, a Reno suburb founded as a railroad town more than a century ago.

The ultimate cost of the incentive package to Nevada taxpayers depends on how much economic activity the factory generates. On the low end, it could be worth $865 million, according to Steve Hill, executive director of Sandoval's Office of Economic Development.

Hill projected the factory would generate roughly $5 billion a year for 20 years for Nevada's economy and directly or indirectly create 22,000 new jobs over two decades. That includes an estimated 6,500 permanent jobs at the factory with hourly wages above $25 and a peak of 3,000 construction jobs leading up to the opening of the plant in 2017.

Large Subsidy

He also that even with the tax breaks, the project should generate approximately $1.9 billion in tax revenue for all levels of government -- state, local and school districts.

The largest subsidy for an auto-related plant was $1.3 billion that Chrysler received in 2010 to build an assembly plant in Michigan, according to the research group Good Jobs First, which tracks large incentive packages by states.

The group's executive director, Greg LeRoy, said Sandoval's projections of job creation and return on investment for the Tesla factory were implausibly rosy.

The governor said that every $1 Nevada invests in the effort will bring $80 back to the economy. LeRoy called that assertion "off the charts false." What he described as the proper calculation of tax breaks to tax revenues would put the return on investment at $2 or less for every $1 invested.

LeRoy also said the factory would create no more than about 10,000 permanent, non-construction jobs outside the factory, bringing the total to 19,500 -- not the 22,000 that Sandoval's administration claimed.Source:http://www.dailyfinance.com/

L&T wins over Rs 5,100 cr order from Madhya Pradesh utility

Infrastructure major Larsen & Toubro today said it has won Rs 5,100 crore order for setting up a 1,320 MW thermal power plant in Madhya Pradesh.

"Larsen & Toubro (L&T) has secured a turnkey order for setting up a 2x660 MW thermal power project on a complete Engineering-Procurement-Construction (EPC) basis from the state utility MP Power Generating Company Ltd," L&T said in a statement.

"Valued over Rs 5,100 crore, the project order covers design, engineering, manufacture, supply, erection and commissioning of two coal-fired thermal units of 660 MW each with supercritical (energy efficient and environment friendly) parameters," the statement said.

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Only 1 in 5 professionals can spot phishing scams

Research from McAfee Labs claims to show that 80 percent of business users are unable to detect at least one in seven phishing scams. The problem appears to stem from the fact that the finance and HR departments of companies - who hold the most sensitive data - perform the worst when it comes to spotting phishing attacks.

The analysis - McAfee Labs Threats Report: August 2014 - suggests that the fact that the phishers are using five main lures, PayPal, Amazon, eBay, Bank of America and HSBC, is one of the driving reasons for the success of modern phishing attacks.

Fancy car registration numbers up for grabs

Delhiites eager to get fancy registration numbers for their prized cars will soon be able to bid for them. The Delhi Government's Transport Department is all set to begin an online auction of such numbers in about a fortnight’s time. However, the much cherished numbers would come at a price – the reserved price would range between Rs 1 lakh and Rs 5 lakh.

“The logistics for the auction has been put in place. Trial for the online registration and auction has been conducted. The final blueprint of the guidelines and instructions for the bidders is being prepared. It will be available on the website once ready. A helpline will also be established for guiding interested persons. The date of starting the e-auction will be notified soon,” said Special Commissioner (Transport), Kuldeep Singh Ganger.

The online auction will be conducted by the Delhi Transport Infrastructure Development Corporation (DTIDC) on behalf of the Transport Department. Officials said the fancy numbers have been categorised into four groups, with each category having a minimum reserve price ranging from Rs. 1 lakh to Rs 5 lakh.

While the authorities have decided to put about 140 fancy numbers in the first round, sources said around 45,000 registration numbers are available for auction that would be cleared in phases.

A person can bid for 10 numbers against one unique acknowledgment number (UAN) of registration, getting only one if successful. People willing to buy more than one number would have to register separately. “If a person has four vehicles and wants a fancy registration number for each one of them then he will have to register on the website separately and obtain four different UAN. Thereafter the person can participate in the bidding process separately for each UAN,” an official said.

The result of the bidding process will be published on the Transport Department website. The successful bidder will have to deposit the bid amount within three working days after announcement of the results. The amount to be deposited will be the successful bid amount minus the reserve price already deposited as demand draft.Source:http://www.thehindu.com/

Apple to add security alerts for iCloud users

Apple is planning additional steps to keep hackers out of user accounts in the face of the recent celebrity photo scandal and will aggressively encourage users to take stricter security measures, CEO Tim Cook said.

Apple will alert users through email and push notifications when someone tries to change an account password, restore iCloud data to a new device, or when a device logs into an account for the first time.

Apple is moving quickly to restore confidence in its systems' security ahead of the crucial launch of its new iPhone next week.

Cook said Apple will broaden its use of the two-factor authentication security system to avoid future intrusions.The two-factor authentication requires a user to have two of three things to access an account, which may include a password, a separate four-digit one-time code, or a long access key given to the user when they signed up for the service.

The iPhone maker said it plans to more aggressively encourage people to turn on the two-factor authentication in the new version of iOS.

"The usability battle will always be there but could you ever imagine using your debit card at an ATM and not entering a pin? That's two factor, something you have (a card) & something you know (a pin), and we all get along just fine," WhiteHat Security's Matt Johansen said.

Apple said that the attacks that emerged over the Labor Day weekend on celebrities' iCloud accounts were individually targeted, and that none of the cases it investigated had resulted from a breach of its systems.Some security experts have faulted Apple for failing to make its devices and software easier to secure through two-factor authentication, which requires a separate verification code after users log in initially.


Apple could also do more to advertise that option, they said. Most people do not bother with security measures because of the extra hassle, experts say, and the leading phone makers are partly to blame.

The iCloud service allows users to store photos and other content and access it from any Apple device. Security in the cloud has been a paramount concern in past years, but that has not stopped the rapid adoption of services that offer reams of storage and management of data and content off smartphones and computers.

Apple was not immediately available for comment.

Vijay Mallya to Challenge Wilful Defaulter Tag, but May Face Turbulent Days

Shares in companies related to Vijay Mallya have come under pressure since Monday when state-run United Bank of India declared him wilful defaulter number 408 for not paying a loan of a Rs. 350 crore given to Kingfisher Airlines. UBI will now report Mr Mallya to 16 other banks to which his Kingfisher Airlines owes more than Rs. 6,000 crore.

Mr Mallya today said, "We disagree with the findings of the Grievance Redressal Committee before which we had no opportunity to appear and we shall pursue all available legal remedies." (Read full story)

His statement comes days after the Supreme Court refused to entertain a petition filed by Kingfisher Airlines against United Bank's decision. On Tuesday, the court dismissed Kingfisher's objection saying the order declaring Mr Mallya a wilful defaulter had already been passed. However, the court left it open to Kingfisher to move any court against UBI's order.

Meanwhile, other lenders are mounting pressure on the liquor baron to recover their dues. By Friday, Mr Mallya has to appear before IDBI Bank, which is struggling to recover Rs. 750 crore from Kingfisher Airlines. (Read the full story here)

IDBI Bank is considering declaring Mallya a "wilful defaulter", the bank's chairman MS Raghavan told Reuters yesterday.

State Bank of India and Punjab National Bank are among other big lenders who have given loan to the grounded carrier, which has not flown since October 2012.

According to the Reserve Bank, a wilful defaulter in one who as a borrower has the ability to pay, but is unwilling to pay. A wilful default can also happen if the company/person has diverted loan proceeds for other than their initially stated use or has overstated profits to obtain a loan, the RBI says.

Banks follow an elaborate procedure, laid down by the Reserve Bank of India, before declaring somebody as a wilful defaulter. Such cases are looked into by a committee of higher functionaries headed by the executive director and two GMs/DGMs of the bank.

In case of United Bank, a Grievance Redressal Committee headed by executive director Deepak Narang was formed to investigate the case.

The wilful defaulter tag is not only a naming and shaming exercise, but could also entail significant criminal and financial liabilities for Mr Mallya. The central bank has stipulated strict penal measures for wilful defaulters, so in the coming days Mr Mallya could face some anxious moments.

Here are the measures recommended for wilful defaulters by the Reserve Bank of India,

1) Banks can write to market regulator Securities and Exchange Board of India (Sebi) to debar a wilful defaulter from accessing the securities market.

2) Lenders do not grant additional facilities to wilful defaulters. In case of fraud, such persons can be debarred from institutional finance for floating new ventures for 5 years.

3) Banks can initiate legal proceedings against wilful defaulters to recover dues. Criminal proceedings can be initiated, if necessary.

4) Banks and financial institutions can adopt a proactive approach for a change of management of the wilfully defaulting borrower unit. Mr Mallya may have to relinquish his board seat in a number of his companies because they will not be eligible for fundraising. Besides heading Kingfisher Airlines and his UB Group, Mr Mallya is chairman of United Breweries and United Spirits which is majority-owned by Diageo.

5) Banks will not do business with any company where a person declared to be a wilful defaulter is a director on the board.

At a time when Indian stock markets are hitting successive record highs, shares in Mr Mallya's companies are floundering. On Thursday, UB Holdings shares fell for a fourth straight session. The stock has lost over 14 per cent since September 1, when Mr Mallya was declared a wilful defaulter. Kingfisher Airlines, which has now become a penny stock, has shed over 8 per cent since Monday.

Shares in Mr Mallya's liquor companies - United Breweries and United Spirits - have managed to stay flat despite the turbulence over the last four days.Source: http://profit.ndtv.com/

IIMC creates incubation centre for entrepreneurship

The Indian Institute of Management Calcutta has setup an innovation park under the aegis of the Centre for Entrepreneurship and Innovation or CEI at IIMC to incubate and promote the growth of start-ups.

It will create a comprehensive ecosystem of 'learn, grow and share' to promote and nurture innovative enterprises, an IIMC release said.

"The innovation park plans to incubate 40 start-ups in the next five years. Also have an accelerator programme for established start-ups," it added.

IIMC said the innovation park has already been recognised as a technical business incubator by the Department of Science and Technology under the Ministry of Science and Technology and has approved a funding of Rs 7 crore over the next 5 years.

The management school proposes that Rs 10-20 crore be raised as seed fund over the next six months to provide credit support to the start-ups, it added.Source:http://www.business-standard.com/

Freelancer launches Freemarket.com

Online job outsourcer Freelancer is leveraging the assets of its recent acquisition Warrior Forum to good use with the launch of a domain and website marketplace, Freemarket.com

The Freemarket platform is designed to help technology entrepreneurs, investors and operators of web properties buy and sell digital goods particularly, websites and domains.

The platform has been spun out of the internet marketing community Warrior Forum, which Freelancer acquired in 2013.

With internet marketers, developers and designers making up the top buyer demographics for existing websites, the Freemarket platform seeks to address the demand in the market for a simple and cost effective platform.

The platform allows sellers to post both websites & domains, with interested buyers able to bid or buy the asset.

“With no listing fees and only a 5 per cent commission, Freemarket is the cheapest way to sell websites and domains in the industry,” Freelancer.com chief executive Matt Barrie said.

Freelancer posted a $729,000 net loss after tax for the first half of the 2014 financial year,

Revenue for the period was up 41 per cent to $11.9 million, while gross payment volume pushed up 30 per cent to $49.5 million.

According to the company, the $600,000 loss and the $800,000 loss in earnings before interest, taxes, depreciation and amortisation (EBITDA) was attributable to its strategy of re-investing for top-line growth, with the company expanding its international footprint and increasing its investment in talent in the first half of fiscal 2014.Source:http://www.theaustralian.com.au/

Provisions crush United Spirits' earnings as FY14 loss balloons to Rs 4,489 crore

United Spirits, which finally came out with its earnings after much delay, has posted a steep net loss of Rs 4,489 crore for FY14 as compared to a net loss of Rs 105 crore during FY13, mainly on provisions of as much as Rs 4,500 crore.

The earnings for last year were announced after four Board Meetings during which the Audit Committee went into expansive details about how USL had given unsecured loans of as much as Rs 2,000 crore to UB Group companies and as well as to some of its business associates.

The management, which was not able to explain these aspects to the newly-constituted Board during the earlier three meetings, finally declared the earnings today and said they were forced to make provisions of as much as Rs 4,500 crore on various fronts.

The significant provision was of Rs 3,235 crore on the sale of USL's Scottish subsidiary - Whyte & Mackay, which Mallya had acquired with much passion during 2007 in a highly leveraged $1.2 billion deal. USL has said that the proceeds from the sale of W&M to a spirits player in Philippines for UK Pound 430 million was not sufficient to make good the loans taken by USL's UK arms to fund the deal and hence the parent has to support it further through this provisioning.

In addition to this, USL has been forced to spell out a series provisons for various loans to UB Group companies as Diageo implements sweeping changes in USL.

Provision of close to Rs 350 crore has been made in lieu of the Rs 1,450 crore loan provided to UB Group holding company - UB Holdings. In addition to this, USL has been forced to provide close to Rs 600 crore, which are due to the company from various business associates and which are under dispute.

USL shares lost close to 8% in morning trade on NSE and are trading at Rs 2,275 per share.

On a purely operational basis too, USL has come out with a rather sedate performance. On a y-o-y comparison for fourth quarter of FY14, revenues increased by close to 3% while gross margins decreased by 45 bps. Core operating profit decreased by 46% to Rs 116 crore and the operating margins decreased by 553 bps.

For Diageo, which is betting on India and plans to derive as much as 10% of its global sales from this key market, the earnings must have been a rude shock.

Diageo, the global spirits major listed on the London Stock Exchange and NYSE, wooed the flamboyant Vijay Mallya for over 6 years and concluded a landmark transaction just recently by forking out as much as Rs 18,500 crore to acquire around 54% in Mallya's flagship United Spirits.
 Highlights

Net loss zooms to Rs 4,489 crore during FY14 vs loss of Rs 105 crore in FY13

USL has been forced to make provision of Rs 3,235 crore on sale of Whyte & Mackay as the proceeds were not enough to service intra-group loans

As Diageo, which holds 54% in USL, makes sweeping changes in tightening the financial discipline, USL has been forced to provide an additional Rs 1,000 crore on loans provided to UB Group companies and business associates

USL authorises its newly appointed Managing Director Anand Kripalu to take all active measures to recover the loans of as much as Rs 2,000 crore provided to UB Group and business associates

One of the lenders to Kingfisher Airlines springs a surprise to USL Board that USL has furnished a guarantee for Rs 200 crore to the airline. The management denies any knowledge of this and are contesting this as well

Source:http://www.business-standard.com/

Narendra Modi decides that FIPB will remain under finance ministry

Prime Minister Narendra Modi has stepped in to end a turf battle between the department of industrial policy and promotion (DIPP) and the finance ministry on the issue of control over foreign investment approvals.

He has decided that the Foreign Investment Promotion Board (FIPB), the inter-ministerial body that vets overseas investment proposals, will continue to be housed at North Block, the finance ministry, turning down DIPP's bid to regain control over it.

DIPP is part of the ministry of commerce and industry. "It has been decided that FIPB will

remain with the finance ministry," a senior government official told ET. The new government wants to make sure that the policy regime encourages overseas investors to come to India.Modi had sought to ensure effective coordination between key ministries by giving Nirmala Sitharaman independent charge of commerce and industry while also making her minister of state for finance and corporate affairs. DIPP had pitched for moving FIPB back into its fold soon after the Modi overnment took over.

The department of economic affairs (DEA), part of the finance ministry, had on the other hand sought complete control of the foreign investment regime, including the policy on foreign direct investment (FDI).

DIPP housed FIPB until 2003, when it was moved to North Block by the then NDA government. The Prime Minister's Office has directed that the status quo shall be main ained with respect to FIPB, said the official, who's privy to the development.

Finance minister Arun Jaitley had said in an interview to ET on Saturday: "You see when I became the commerce minister, FIPB was taken away from the commerce and industry ministry and given to the finance ministry. Now, that I have become the finance minister, I hope the opposite does not happen."

The finance minister is the final clear ing authority for FDI proposals after FIPB recommends them for approval. DIPP administers FDI policy though management of the Foreign Exchange Management Act (Fema) lies with the finance ministry.

Fema provides the legal framework for the foreign investment regime. A fierce turf war broke out during the tenure of the previous Manmohan Singh-led government between DIPP and DEA after the first didn't consult the second over the investment component of the India-Asean Comprehensive Economic Promotion Agreement.

A formal Cabinet note on the issue was forwarded to the finance ministry by the Prime Minister's Office after its views were found to be absent. North Block had some serious reservations on the investment treaty that seeks to accord pre-establishment national treatment to investors from the region.

However, the finance ministry had been overruled by the cabinet, which cleared the draft of the agreement earlier this year. Department of industrial policy and promotion then sought to claim the authority to negotiate bilateral investment promotion agreements, something that has been the finance ministry's prerogative.

Both departments have had serious differences over FDI policy. DIPP's move to impose curbs on FDI in the pharma sector came in for intense criticism.

Press notes 2 and 3 issued by DIPP in 2009, despite the opposition of the Reserve Bank of India, could not come into effect for several years in absence of the Fema notification. FDI policy guidelines are issued in the form of such press notes.Source: http://economictimes.indiatimes.com/

NSE ties-up with Odisha-based Sri Sri University to launch PGDFM course

India’s leading exchange, the National Stock Exchange, has signed a Memorandum of Understanding (MoU) with Sri Sri University in Bhubaneswar to launch a one-year Post Graduate Diploma in Financial Markets (PGDFM). The course will start from the 2015-16 academic session, and classes will be held at the University campus in Bhubaneswar. Sri Sri University has a sprawling campus located between the twin cities of Bhubaneswar and Cuttack and its curriculum is a combination of performing arts, spiritual teaching and academic courses like general management, agri-business management and Entrepreneurship Management. The MoU was signed in the presence of Sri Sri Ravi Shankar,the founder and guiding force of the University, Dr. K.C. Mishra, Vice-Chancellor of Sri Sri University,Mr. Ravi Varanasi, Chief Business Development, NSE and other senior officials of the exchange. This course will equip students with comprehensive knowledge and skills required for a career in the financial markets. Ravi Varanasi, Head of Business Development at NSE said, “There is a huge skill deficit in India, but growth in the financial sector will throw up lakhs of jobs in the coming years. Our attempt is to bridge this skill gap by educating young students about different aspects of the financial markets.” Students can study this course either as a full-time programme, or as a part-time programme. The full-time course will have 24 papers and the part-time weekend course will have 16 papers. As a part of this programme, students will learn about the Indian financial markets, and NSE will provide its expertise on topics such as Capital Market Operations, Fundamental Analysis, Technical Analysis, Operation and Risk Management in Financial Markets, Options Trading Strategies Module and others.The university will provide expertise on subjects including Financial Institutions and Markets, Foreign Exchange Management and Financial Valuation and Modelling. "Sri Sri University is happy to associate with NSE for launching a course related to the capital markets. This symbiotic relationship will bring together Sri Sri University's academic strength and NSE's industry expertise to create a unique curriculum that will benefit the students who opt for this course," said Dr. K.C. Mishra, Vice-Chancellor of Sri Sri University. The course has been designed to give maximum industry exposure to the students, and includes extensive usage of case studies, industry seminars, workshops, assignments and interface with the industry. The faculty includes experienced academicians and industry professionals. Graduates with preferably two years of work experience can apply for this course. A Post Graduate Diploma in Financial Markets will be jointly awarded by Sri SriUniversity and NSE to the successful candidates. NSE has launched several MBA and PG Diploma courses in financial markets in association with various institutionsacross India,to meet the growing need for qualified and skilled professionals in the financial sector. Apart from the tie-up with Sri Sri University, NSE has partnerships with 13 institutions including the National Institute of Financial Management, Faridabad and Gokhale Institute of Politics and Economics, Pune. NSE has also tied up with the Ravenshaw University in Cuttack for a 5-year integrated MBA in financial markets and with Guru Gobind Singh Indraprastha University, New Delhi, for MBA and BBA courses in financial markets.It is estimated that 47 lakh professionals will be required by the banking, insurance and financial services sector by 2022 and these courses will help to address the shortage of skilled professionals. - See more at: http://www.orissadiary.com

Foreign banks allowed to lend in Indian rupees

They will have to mobilise the rupees for lending through swaps with Indian banks; move set to increase competition for local lenders.Indian banks, which are facing poor credit off-take by India Inc, may face fresh competition from foreign lenders.

The Reserve Bank of India (RBI) on Wednesday allowed non-resident foreign banks to offer debt to local companies in Indian rupees.

Foreign lenders can extend external commercial borrowings (ECBs) in Indian currency, if they mobilises Indian rupees through swaps undertaken with authorised dealers in India.

Ashutosh Khajuria, president, Federal Bank, said, "This will be a competition for the domestic banks as the foreign banks will not be bound by the reserve requirements of cash reserve ratio (CRR) and Statutory Liquidity Requirement (SLR). So they may be able to lend at cheaper rates."

CRR and SLR are mandatory reserve requirements that Indian banks have to maintain, while CRR is with the central bank the SLR is held in government bonds.

The central bank said in a release that ECB contract should comply with all other conditions applicable to the automatic and approval routes.

"The all-in-cost of such ECBs should be commensurate with prevailing market conditions. For the purpose of executing swaps for ECBs denominated in Indian rupee, the recognised ECB lender may set up a representative office in India following the prescribed laid down process," said the RBI.

"The fact that foreign banks can set up representative offices in India for the purpose of lending to Indian companies will encourage banks which want to set up base in India in future. If the swaps are cheap and we have a strong balance sheet to fund, foreign lenders will look at funding Indian companies," said a foreign banker who did not want to be quoted.

The ECB limit for more than five-year maturity through the automatic route is $750 million for individual companies. The end-use of ECB funds has already been widened by allowing 25% of the ECB proceeds to be utilised towards repayment of existing rupee debt.

Also, the ECB proceeds can now be utilised towards refinancing of buyer's and supplier's credit.

The central bank has been easing the ECB procedures so that companies are not choked for funds. RBI easing the refinancing procedure of ECBs where companies can repay any existing debt by raising fresh ECB at lower all-in-cost but subject to the condition that the outstanding maturity of the original loans is maintained.Source:http://www.dnaindia.com/

Hero MotoCorp appoints Sanjay Jorapur as chief HR officer

Country's largest two-wheeler maker Hero MotoCorp has appointed Sanjay Jorapur as chief human resources officer for its operations in India and worldwide.

Sanjay, who is scheduled to join the company later this month, would be part of the senior leadership team at Hero MotoCorp and will report to manging director and CEO Pawan Munjal, the company said in a release.

Prior to taking up the new role, Sanjay was serving as the country human resources director at Honeywell and member of India Executive Council. He also served as executive vice-president and global head of human resources and CSR at Crompton Greaves.

"As we strive to build a truly global organisation which promotes innovation and technological excellence, the capability, depth and diversity of our talent pool and the strength of our people practices will be the key to our continued success", Munjal said.

"As people of different nationalities and socio-cultural background join the Hero family, we seek to build a world- class organisation in every sense of the term-policies and processes, meritocracy and work-life balance.I am pleased to have Sanjay join us and take charge of this mandate," he said.

Sanjay, a computer science enginer and an alumni of XLRI Jamshedpur, has over 20 years of experience and would play a significant role in strengthening the company's focus on innovative people-centric initiatives and processes, the release said.

Sanjay's appointment follows the appointment of Markus Feichtner last year from Austria's AVL to head its newly created division of New engines design and development within Research and Development function.

The company also brought in Rajat Bhargava from McKinsey and Company, to head its Corporate Strategy and Performance Transformation function, the release said.Source:http://www.hindustantimes.com/

Government puts Agriculture Sector on Fast Track

Government puts Agriculture Sector on Fast Track

The Government has taken a number of initiatives to boost agriculture production, develop high quality seeds, increase storage capacity and steps to reach the benefits of various research works from lab to land. Speaking to media persons yesterday, Union Agriculture Minister, Shri Radha Mohan Singh enumerated various initiatives taken by Government since its formation in May 2014. The Government has launched Rastriya Krishi Vikas Yojana (RKVY) to promote use of organic farming and reduce dependence on chemical inputs, the minister said. Making a mention of Soil Health Card Scheme, he said that these cards will be issued to 3 crore farmers during current year and 5.5 crore cards each during next two years. Also 100 mobile soil testing laboratories will be made available during the current year, he added. Shri Singh said that during August 2014, 5 new customised fertilizers have been approved, so that farmers may get required nutrients for their fields. Mentioning initiatives in Horticulture Sector, Shri Singh said that with the launch of Saffron Park recently at Pampore (J&K), facility for processing packaging, e-auction of saffron will be available. Under a new initiative named ‘Chaman’ the horticulture crops would be mapped through remote sensing (Satellites). He further said that under Indo Dutch Cooperation project ‘centre of excellence’ have been approved in Jalandhar (Punjab), Baramati (Maharashtra), Thiruvananthapuram (Kerala), which would develop modern technique for fruits and vegetables. Shri Radha Mohan Singh said that under National Agroforestry Policy 2014 a platform will be provided to stimulate component of farming system which will lead to meeting the ever increasing demand of timber, food, fuel, fodder, fertilizer, fibre and other agroforestry products; conserving the natural resources and forest; protecting the environment & providing environmental security; and increasing the forest/tree cover. Shri Singh further added that Government have also taken all possible steps to meet the challenge of drought and have announced a subsidy of 50% in diesel, seeds, where 50% rainfall deficit has been reported. An additional allocation of Rs. 700 crore under Mission of Integrated Development of Horticulture (MIDH) during current year for availability of fodder has been made, he added. In addition, waiver of duty on import of de-oiled soya extract, groundnut oil cake, sunflower oil cake, canola oil meal, mustard oil cake, rice bran and palm kernel cake to increase availability of feed ingredients will also be given, he said. Elaborating the initiative taken in marketing sector, Shri Singh said Central Government has advised State Governments to keep fruits and vegetables out of the purview of Mandi regulations so as to bring down their prices. Process has already been started to set up ‘Kisan Mandi’ marketing sector, he added. A new scheme is proposed to be started in consultation with the State Government to provide insurance cover to production, productivity and farmers’ income. Shri Singh said that Government has also started giving information online regarding the registration of Multi State Cooperative Committees. In order to give better information facility about 30.5 crore agricultural messages were sent to farmers through SMS portal, he said. Mentioning initiative in crops and seeds development sector the Minister said that pulse production under National Food Security Mission (NFSM) in all districts of J&K, Himachal Pradesh and Uttrakhand, Coarse cereals production under NFSM in entire North-Eastern Region (excluding Assam) has been made effective. Shri Singh said that 48 high quality seeds for various crops [foodgrains (34), pulses (6) oilseeds (4), fodder (2), sugarcane (2)] have been issued and notified. Shri Radha Mohan Singh said that Central Government have taken various steps to boost milk production and develop better breeds of bovine. There is 199 million bovine population in India, which constitutes 14% of total bovine population in the world. Out of this 83% are desi cows. The bovine genetic resource of India is represented by 37 well-recognised indigenous breeds of cattle and 13 breeds of buffaloes. The potential to enhance the productivity of the indigenous breeds through professional farm management and superior nutrients, as well as gradation of indigenous bovine germplasm will be done with an outlay of Rs, 500 crores, he added. Shri Singh said that National Kamdhenu Breeding Centre is being set up to protect indigenous breeds. Nucleus herd will be set up to increase productivity and to ensure genetic advancement of 37 cow breeding, 13 buffaloes breeds. In order to promote Agri Rail Network for transportation of milk, orders have been placed by AMUL and NDDB on behalf of Dairy Cooperative Federation for procurement of 36 new Rail Milk Tankers and will be made available by railways. This will help in movement of milk from milk surplus areas to areas of demand providing dairy farmers with greater market area, he said. Under a new initiative of National Blue Revolution the Government will fill in the critical gaps such as fish seed and feed and introduce new technology like cage culture and re-circulatory aquaculture systems. This will be ensured by participation of fishermen societies, cooperative bodies, scheduled castes and scheduled tribes and more importantly women, and thereby make the National Blue Revolution an inclusive process, he said. Elaborating the initiative taken by Department of Agriculture Research and Education (DARE), Shri Singh said that two institutes of excellence on the pattern of Indian Agriculture Research Institute, Pusa, will be set up in the States of Assam and Jharkhand. An Agriculture University in Andhra Pradesh and Rajasthan and Horticulture university in Telangana and Haryana will be set up, he said. During the year 2014 in order to benefit farmers with latest agriculture technology two Krishi Vigyan Kendras have been established in the districts of Baksa in Assam and Ramgarh in Jharkhand. Also, Indian Institute of Biotechnology at Ranchi has been inaugurated during last week with a view to promote organic farming in that region, he added.