Sports News Updates

Tuesday, October 31 2017

IDBI Bank betting on bad loan recovery, asset sales for turnaround

IDBI Bank betting on bad loan recovery, asset sales for turnaround IDBI Bank betting on bad loan recovery, asset sales for turnaround 21:41 hrs By Devidutta Tripathy MUMBAI (Reuters) - India's state-run IDBI Bank Ltd is betting on slowing the pace of additional bad loans, improving operating profit and selling non-core assets to help turn around its fortunes after reporting its fourth-straight quarterly loss on Tuesday. At the end of its second quarter to the end of September, IDBI's gross non-performing loan ratio reached 25 percent, the highest among all Indian banks, with loan-loss provisions in the quarter rising 39 percent from a year earlier. In an interview with Reuters, top bank executives said the focus was on curbing additional bad loans in the second half of the financial year as well as cutting costs to help improve operating profit. To aid a turnaround, the bank also aims to raise 50 billion rupees ($773 million) by March from the sale of non-core assets. "There is definitely a light at the end of the tunnel. There is absolutely no doubt about that," said K.P. Nair, one of the bank's two deputy managing directors. Indian banks' soured loans hit 9.5 trillion rupees at the end of June, with state-run lenders accounting for the bulk of it, after a prolonged economic slowdown and in some cases due to profligate lending practices. With record bad loans choking new lending and delaying economic recovery, the regulator and the government have been on a clean-up drive, steering defaulter companies to bankruptcy under a newly enacted law. The Indian government also announced a $32 billion recapitalisation plan for state banks, which will help lenders including IDBI resolve their bad loans and boost capital ratios. The Indian government had a plan to cede majority control in IDBI by selling a stake to private investors in a test case for reforms, but talks have stalled amid the surge in the bank's bad loans and continued losses. "There is nothing continuing as of now," Nair said, referring to talks for a stake sale. The bank reported a net loss of 1.98 billion rupees in the second quarter, smaller than its first-quarter loss of 8.53 billion rupees. In the year-ago second quarter, it had posted a profit of 555.2 million rupees. Slippages or additional bad loans in the September quarter were also lower at 33.81 billion rupees, compared with 76.59 billion rupees in the previous quarter, and 55.87 billion rupees a year earlier. Recovery and upgrades of bad loans also improved in the half year ended Sept.30 from a year earlier. IDBI Bank has outstanding loans of about 175 billion rupees to 11 of the companies that have been taken to bankruptcy court after a central bank order, the bank's other deputy managing director G.M. Yadwadkar said, adding they have provision coverage of 43 percent on those loans. It has 112 billion rupees more in loans to 19 other companies that are in a second central list for potential bankruptcy proceedings with provision coverage of 30-35 percent, he said. ($1 = 64.7200 Indian rupees) (Reporting by Devidutta Tripathy; Additional reporting by Samantha Kareen Nair in Bengaluru; Editing by Keith Weir) SEARCH

Wall Street inches higher on gains in techs, consumer staples

Tuesday, October 31 2017

Wall Street inches higher on gains in techs, consumer staples

Consumer staples lead gains on Wall Street Consumer staples lead gains on Wall Street Source : Last Updated: Tue, Oct 31, 2017 21:21 hrs By Sruthi Shankar REUTERS - Upbeat earnings from consumer companies Mondelez and Kellogg put the benchmark S&P index on track for its 5.5 percent on Tuesday after the Oreo cookie maker reported better-than-expected quarterly profit and revenue, while Kellogg surged 6.5 percent following its first quarterly sales increase in more than two years. The rise helped the S&P consumer staples index gain 0.70 percent. "Earnings have been the key driver," said Jeff Carbone, managing partner at Cornerstone Financial Partners. "We're going through a period without any major pullbacks and that must be warranted to the economic data and earnings." The indexes also found support from a rise in technology shares. Apple Inc gained 1.2 percent to a record high after strong reviews of its much-anticipated iPhone X. Intel hit a 17-year high after report Qualcomm Inc. Qualcomm was down 7 percent and was the biggest drag on the S&P and the Nasdaq. The earnings season is being closely tracked to justify stretched valuations in stocks and results so far have been largely third-quarter earnings are estimated to have climbed 7 percent, up from an expectation of a 5.9- Investors are chair. Sources have told Reuters that Powell as the next head. Powell is seen as more dovish than other contenders. The Federal Open Market Committee starts its two-day meeting in Washington on Tuesday to discuss interest rates where it is widely expected to leave rates unchanged. At 10:54 a.m. ET (1454 GMT), the Dow Jones Industrial Average was up 15.25 points, or 0.07 percent, at 23,363.99, the S&P 500 was up 2.9 points, or 0.11 percent, at 2,575.73 and the Nasdaq Composite was up 25.10 points, or 0.37 percent, at 6,724.06. The Nasdaq and the Dow were also on pace to post their best monthly gains since February. Six of the 11 major S&P indexes were higher, with technology and financials close behind consumer staples. "I wouldn't be surprised to see some rotational changes as we're over the worst period," said Carbone. Pfizer's shares fell 1.22 percent despite the drugmaker's profit beat and upbeat forecast. Under Armour Inc slumped about 15 percent after the company slashed 2017 forecasts and reported its first quarterly fall in revenue since going public. Advancing issues outnumbered decliners on the NYSE by 1,664 to 1,067. On the Nasdaq, 1,813 issues rose and 868 fell. (Reporting by Sruthi Shankar; Editing by Sriraj Kalluvila) SEARCH

Reform, Perform & Transform to take India to greater heights: PM Modi

Tuesday, October 31 2017

Reform, Perform & Transform to take India to greater heights: PM Modi

'Reform, Perform & Transform' to take India to greater heights: PM Modi 'Reform, Perform & Transform' to take India to greater heights: PM Modi 23:03 hrs [India], Oct 31 (ANI): Prime Minister Narendra Modi on Tuesday applauded India's jump in the 'Ease of Doing Business index' report issued by the World Bank. Taking to Twitter, the Prime Minister said that an easier business environment is leading to historic opportunities for the entrepreneurs, particularly the MSME sector. "Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity," said the tweet. Prime Minister Modi also said that the present years are the easiest in terms of exploring business opportunities in India. "It has never been easier to do business in India. India welcomes the world to explore economic opportunities our nation has to offer." "Guided by the Mantra of 'Reform, Perform & Transform' we are determined to further improve our rankings & scale greater economic growth," read another tweet. In accordance with the World Bank's 'Ease of Doing Business index', India has risen as much as 30 positions to rank 100th amongst 190 countries. The Ease of Doing Business report is based on how easy it is for companies to do business as well takes in account certain regulations based on ten parameters including starting a business, getting electricity, dealing with construction permits and paying taxes among others. Earlier in 2016, India was ranked among top 50 in three categories including minority investment, getting electricity and getting credit, but it ranked among the worst in the world in dealing with construction permits, resolving insolvency, registering property, trading across borders, paying taxes and enforcing contracts. (ANI)

Tuesday, October 31 2017

Banks stagger Brexodus as EU regulators consider grace period

Banks stagger Brexodus as EU regulators consider grace period Banks stagger Brexodus as EU regulators consider grace period Tue, Oct 31, 2017 23:02 hrs By Anjuli Davies and John O'Donnell LONDON/FRANKFURT (Reuters) - European regulators are considering making it easier, at least temporarily, for banks to handle some EU-related business in Britain immediately after Brexit, industry sources told Reuters. They say it may be possible come March 2019 when Britain leaves the European Union to book trades done in centres such as Frankfurt out of London for some time. This has eased pressure on banks to rush staff out of London and is one reason that some banks have reduced estimates for the number of jobs they expect to move. Britain's EU departure is expected to force banks to move thousands of jobs into the bloc so that they can continue processing EU-related trades. However, some banks have recently scaled back estimates of how many jobs will have to shift, with UBS saying on Friday it is likely to move fewer jobs than the 1000 it had previously projected. JPMorgan boss Jamie Dimon said before the Brexit vote that up to 4,000 of its 16,000 jobs in Britain might be at risk, but has since said it is not planning to move many jobs out of Britain in the next two years. A spokesman for UBS declined to comment about whether the lower estimates were connected with a regulatory reprieve. A JPMorgan spokeswoman was not immediately available for comment. The length of any grace period, designed to avoid any market shock when Britain leaves the bloc, will likely be determined by the future trading terms with the EU. Bankers say German bank regulator Bafin, the agency overseeing Frankfurt, where many banks are moving staff, has said there is leeway. "Bafin has told several banks that there would be a tolerance period," said Oliver Wagner of Germany's Association of Foreign Banks, adding that he expected it to last one year. A spokesman for Bafin was not immediately available for comment but President Felix Hufeld said on Oct 24 that "banks must be in a position to sensibly manage the associated risks comprehensively – in particular if a back-to-back model should suddenly no longer be possible or would have to be revised." At the centre of discussions among regulators are 'back-to-back' arrangements - where a deal done on the continent could be processed and risk-managed at the bank's base in London. The practice is already commonly used, with banks often booking trades executed on Asian markets in London or New York. Bankers, who asked not to be named, said they were encouraged by signals that could allow them, for the near term, to keep the bulk of operations in the British capital rather than dividing them across the region. "Regulators are trying to be helpful and pragmatic," said one bank executive. SHORT-TERM SOLUTION Financial watchdogs, including the European Central Bank, have warned banks from the outset that they will need more than just a 'letterbox' in Europe, demanding a critical mass of capital and senior local staff. A spokesman for the European Central Bank, which supervises banks, said its "priority is that banks should not operate as empty shells" within the euro zone. But on its website, it also signals willingness to be temporarily flexible with back-to-back trades as long as risks are managed. The European Banking Authority has also said banks could continue booking trades from Europe in London, so long as they did not rely on 'empty shells' in European countries and took safeguards. "We've come quite a long way from a year ago and now it’s sort of a quid pro quo," said Wagner. The gentler stance is welcome news for some investment banks, who have complained about the length of time it is taking to get clarity on how they should structure their operations after Brexit. Writing on Twitter on Monday, Goldman Sachs chief executive Lloyd Blankfein expressed confidence in London. "Still investing in our big new Euro headquarters here. Expecting/hoping to fill it up," he said. Bank executives who spoke to Reuters said they hoped that the status quo would remain, a view echoed by experts. "It is in the interests of European regulators to be flexible," said Karel Lannoo of the Centre for European Policy Studies, a Brussels-based think tank. "Otherwise they will be just hurting themselves." But it is not clear how long this kind of work-around will be in place, with expectations that in the longer term regulators will be tougher. The Bank of England expects that when Britain leaves the bloc around 10,000 jobs in the financial sector will be lost in Britain but that could climb to as much as 75,000 in the three to five years afterwards. "On day one, back to back trading will be acceptable," said Vishal Vedi, a partner at Deloitte who is advising financial companies preparing for Brexit. "What regulators are concerned about is the long-term use of back to back. That's top of the agenda ... but they haven't reached a conclusion." (Writing By John O'Donnell; additional reporting by Rachel Armstrong and Huw Jones in London and Tom Sims in Frankfurt; editing by Anna Willard) SEARCH

Samsung Elec names new-generation leaders as profit soars

Tuesday, October 31 2017

Samsung Elec names new-generation leaders as profit soars

Samsung Elec names new-generation leaders as profit soars Samsung Elec names new-generation leaders as profit soars 23:21 hrs By Joyce Lee SEOUL (Reuters) - South Korean technology giant Samsung Electronics Co Ltd named a new generation of top managers on Tuesday and promised to reward shareholders with $26 billion in payouts to 2020, as it reported record third-quarter profit. The world's biggest maker of semiconductors, televisions and smartphones replaced the leaders of its three main businesses, named CFO Lee Sang-hoon as the likely new board chairman, and said veteran co-CEOs J.K. Shin and Yoon Boo-keun would resign. The shake-up at South Korea's biggest company is designed to ease investors' concerns about a leadership vacuum following the arrest and conviction of group scion Jay Y. Lee on bribery charges earlier this year. "It's a younger generation of leaders, but the divisional structure has not fundamentally changed," said Park Ju-gun, head of research firm CEO Score. The new appointees are all long-serving Samsung insiders whose elevations suggest continuity rather than any new direction at the $348 billion company. Kim Ki-nam, 59, was appointed to lead the Device Solutions division which makes components including memory chips, the major driver of the firm's record third-quarter profit of 14.5 trillion won ($12.91 billion). Park Jung-hoon, a fund manager at HDC Asset Management which holds Samsung Electronics shares, said there had been "some concerns" that Kim would move to expand chip capacity and upset the currently favourable supply-demand balance. "However, today's (post-earnings call with analysts) said the chips business will focus on profitability, not market share - suggesting they will continue the current course without deviation, which put our minds to rest," he told Reuters. In other appointments, Samsung said Koh Dong-jin, 56, would head IT and Mobile Communications, and Kim Hyun-suk, 56, would lead Consumer Electronics. The changes were effective immediately. DOUBLING DOWN Samsung said it would double dividends next year to 9.6 trillion won and keep them at that level until 2020, as it responds to investor pressure to share its vast cash reserves and catch up with some of its more generous peers. It also said 2017 capital expenditure would be its biggest ever, climbing 81 percent to 46.2 trillion won ($41 billion) as it builds new chip factories and clean-rooms to stay ahead of demand for servers and devices with ever greater memory. Third-quarter operating profit nearly tripled from the same period a year earlier, matching Samsung's earlier estimate. Revenue jumped 29.8 percent to 62 trillion won, also in line with its earlier estimate. The shareholder return policy for the next three years ramped up guidance to a level higher than its current range of 30-50 percent of free cash flow to 50 percent over three years. Samsung's holdings of cash and cash equivalent stood at 76 trillion won at the end of September, eight percent higher than the previous quarter. While the dividend policy builds on the investor-friendly trend Samsung started in 2015, it was not as generous as some investors had hoped, analysts said. Apple Inc has paid nearly 22 cents for every dollar it earned over the past five years, while Microsoft Corp has shared 53 cents. Meanwhile Samsung has paid just 11 cents, according to Reuters data. South Korean family-run business empires like Samsung Group have a reputation for low dividend payouts and other governance practices that favour controlling shareholders at the expense of ordinary investors. Samsung shares closed up 1.9 percent, while the Kospi benchmark share price index rose 0.9 percent. The stock has risen 71 percent over the past 12 months. Samsung said the earnings outlook was positive with the chips market likely to "remain favourable" in 2018. Profits from mobile devices jumped to 3.3 trillion won compared with just 100 billion won at the same time last year, when the company booked the costs of the withdrawal of its fire-prone Note 7 gadget. ($1 = 1,120.2000 won) (Reporting by Joyce Lee; Editing by Stephen Coates) SEARCH

India jumps to 100th spot on World Bank's Ease of Doing Business list

Tuesday, October 31 2017

India jumps to 100th spot on World Bank's Ease of Doing Business list

New Delhi: The long awaited results from the World Bank's ease of doing business index are finally out. India jumped into 100th place on the ranking of countries. This is the first time that India has jumped by such a huge margin. The report for 2018 took India up by 30 places, mostly accounted to reforms such as credit, power supplies and protection of minority investors. The report, based on data from the capital New Delhi and the financial hub of Mumbai, ranked India among the top 10 “improvers” globally, having done better in eight out of 10 business indicators. “Today’s result is a very clear signal from India to the rest of the world that not only has the country been ready and open for business, as it has been for many decades, it is now competing as the preferred place to do business globally,” Annette Dixon, World Bank’s vice president for South Asia, told reporters in New Delhi. “Starting a business is now faster,” Dixon said, adding that India had strengthened access to credit system and made it easier to secure to procure construction permits. However, the agency noted that India lags in areas such as “starting a business”, “enforcing contracts” and “dealing with construction permits.” The report excluded the impact of Prime Minister Narendra Modi’s shock withdrawal of high-value banknotes last year and the implementation of a nationwide multi-rate goods and services tax (GST), steps that affected businesses and dragged the economy to a three-year-low in the April-June quarter. “In the case of GST, we know that this is a very complicated reform,” Dixon said, adding that the agency would observe the GST for the next two or three years to see its full implementation. This month Modi eased tax rules for small and medium-sized companies in a bid to address growing criticism of his stewardship of Asia’s third-largest economy. The World Bank report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. “This year’s remarkable results are the culmination of efforts that have taken place over the past three years, so you can extrapolate forward and see that steps that are taken this year may take 2-3 years to show up in the results,” Dixon said. SEARCH

Sri Lanka Pacer Lasith Malinga Turns Off-Spinner, Claims Three Wickets

Tuesday, October 31 2017

Sri Lanka Pacer Lasith Malinga Turns Off-Spinner, Claims Three Wickets

Sri Lanka Pacer Lasith Malinga Turns Off-Spinner, Claims Three Wickets Malinga stunned everyone when he bowled off-spinners. © Twitter Lasith Malinga was left out of the series against Pakistan, but he still managed to make the headlines. After being snubbed from a full series against Pakistan, Malinga opted to play in the domestic league. Known for his pace and toe-crushing yorkers, Malinga stunned everyone when he bowled off-spinners in the final of the MCA ‘A’ division knockout tournament . To everyone’s surprise, the Sri Lankan managed to take three wickets. #Malinga the slinger turned Malinga the spinner as the paceman turned to off-spin, in a domestic T20 match. — AmMaD (@Cob_Adder) October 31, 2017 Malinga, who was leading Teejay Lanka in the domestic league, helped his team restrict LB Finance to 125/7 in 25 overs . Teejay Lanka went on to win the match by 82 runs via Duckworth-Lewis method. The 34-year old was a regular member of the ODI side but injuries had marred his progress in the national side. “I’m playing after 19 months following a leg injury. In the Zimbabwe and India series, I couldn’t play well. I’ll see where I’m at after this series, and evaluate how long I can play given the way my body is. No matter how experienced I am – if I can’t win a match for the team and do what the team needs, there’s no point in me being here,” Malinga had said after their series defeat against India recently. Sri Lanka won the Test series against Pakistan 2-0, but their good show in Tests was soon overshadowed by their miserable performance in the ODIs and T20Is. Sri Lanka suffered a 5-0 series whitewash against Pakistan in the ODIs which was soon followed by 3-0 drubbing in the three-match Twenty20 International series. SHARE

Samsung to boost returns after record third-quarter profit

Tuesday, October 31 2017

Samsung to boost returns after record third-quarter profit

Samsung to boost returns after record third-quarter profit Samsung to boost returns after record third-quarter profit Source : Joyce Lee Last 10:13 hrs SEOUL: South Korean technology giant Samsung Electronics Co Ltd promised to return $26 billion to shareholders over the next three years as it reported record third-quarter profit on the back of the global boom in memory chips. The world's biggest maker of semiconductors, televisions and smartphones said it would double dividends next year to 9.6 trillion won and keep them at that level until 2020, as it responds to investor pressure to share its vast cash reserves and catch up with some of its more generous peers. It also said 2017 capital expenditure would be its biggest ever, climbing 81 percent to 46.2 trillion won ($41 billion) as it builds new chip factories and clean-rooms to stay ahead of demand for servers and devices with ever greater memory. "The current record earnings are born out of such massive investments in the past, and the outsized capex is a sign that Samsung will continue investing for future results," said Greg Roh, analyst at HMC Investment & Securities. "Next year's capex could be similar for Samsung to keep this momentum." Operating profit nearly tripled in the third quarter from the same period a year earlier, to 14.5 trillion won ($12.91 billion), Samsung said in a regulatory filing, matching its earlier estimate. Revenue jumped 29.8 percent to 62 trillion won, also in line with its earlier estimate. The shareholder return policy for the next three years ramped up guidance to a level higher than its current range of 30-50 percent of free cash flow to 50 percent over three years. Samsung's holdings of cash and cash equivalent stood at 76 trillion won at the end of September, eight percent higher than the previous quarter thanks largely to strong earnings that have more than paid for massive capital expenditure. While the dividend policy builds on the investor-friendly trend Samsung started in 2015, it was not as generous as some investors had hoped, analysts said. Apple Inc has paid nearly 22 cents for every dollar it earned over the past five years, while Microsoft Corp has shared 53 cents. Meanwhile Samsung has paid just 11 cents, according to Reuters data. South Korean family-run business empires like Samsung Group have a reputation for low dividend payouts and other governance practices that favour controlling shareholders at the expense of ordinary investors. In a bid to change that perception, Samsung Electronics is one of about 70 listed firms that has promised to adhere to a governance code adopted by the Korea Stock Exchange this year. Its shares were up 1.3 percent, while the Kospi benchmark share price index rose 0.4 percent. The stock has risen 67 percent over the past 12 months. MOBILE REBOUNDS Samsung said the earnings outlook was positive thanks mainly to the chip business, with conditions in that market likely to "remain favourable" in 2018. It also forecast greater sales of flexible OLED screens used in smartphones. The chip business was Samsung's top earner in the third quarter as it booked a record 10 trillion won operating profit, from 3.4 trillion won from the previous corresponding period. Profits from mobile devices jumped to 3.3 trillion won compared with just 100 billion won at the same time last year, when the company booked the costs of the withdrawal of its fire-prone Note 7 gadget. The record earnings come amid ongoing management upheaval at the company following the arrest of group heir apparent Jay Y. Lee on bribery charges. CEO and Vice Chairman Kwon Oh-hyun announced on Oct. 13 that he planned to step down from management, leaving several key roles vacant including head of the components business. SEARCH

Apple touches record as brokerages bullish on iPhone X demand

Tuesday, October 31 2017

Apple touches record as brokerages bullish on iPhone X demand

Apple touches record as brokerages bullish on iPhone X demand Apple touches record as brokerages bullish on iPhone X demand Source : Last 11:01 hrs Several analysts downplayed concerns about Apple Inc’s iPhone X production issues and were bullish on demand and sales, pushing the company’s shares to a record on Monday. The Cupertino-based company does not provide pre-order figures on iPhones, leaving investors and analysts in the dark in trying to track output through research with its suppliers, consumer surveys and other industry indicators.But positive commentary from analysts on Monday signaled strong demand for the pricey device with pre-orders starting this past Friday. Apple is scheduled to report quarterly results this Thursday. The company provides sales figures in its results.Since the launch of new iPhones on Sept.12, the stock had fallen 2.5 percent until last Thursday’s close. They rebounded on Friday after Apple said pre-orders for the 10th anniversary phone were “off the charts”.The stock climbed to $168.07 earlier in the session, adding nearly $26 billion to its market cap and inching it closer to becoming the first company with a trillion dollar valuation. Shares pared gains and were up 1.9 percent at $166.15 mid-day.Daniel Ives, a well-known sector analyst, raised his forecast on Monday for pre-orders by 10 million, and several other analysts talked up sales over the next year.In a note, Ives of research house GBH Insights, raised his pre-order demand expectations for the iPhone X to 50 million units from 40 million, calling the first stage of the iPhone X release a “stellar success”. “With the official launch of iPhone X in Apple retail stores slated for this Friday, Nov. 3, we anticipate very high demand globally with limited supply of iPhone X on hand,” Ives said.Jeffrey Kvaal from brokerage Nomura Instinet, said Apple and U.S. wireless carriers’ pushing out of delivery times for iPhone X orders to 5-6 weeks was longer than for previous phones and pointed to strong demand.Asked by Reuters whether production bottlenecks are causing shipment delays, Tigress Financial Partners analyst Ivan Feinseth responded: “No, there’s no bottlenecks. This is a company that manages the supply chain well.”However, Drexel Hamilton analyst Brian White, cautioned that the longer wait times for consumers ordering phones may be as much due to the component supply issues, which led Apple to delay the launch of the premium phone until November.“Although we believe Apple is benefiting from strong demand from the iPhone X, the company is also struggling with supply constraints,” White, who has a buy rating on Apple, said.“A sound debate around the key driver for the surging shipping lead times can be made by reasonable people. Thus we believe it was important for Apple to highlight the demand side of the equation for the iPhone X.”Wall Street is bullish on Apple with 31 of 38 brokerages rating the stock “buy” or higher. Their median price target of $180 projects a market cap of nearly $930 billion for the iPhone maker.

Indian students attacked in Milan; personally monitoring situation, says EAM

Tuesday, October 31 2017

Indian students attacked in Milan; personally monitoring situation, says EAM

Indian students attacked in Milan; personally monitoring situation, says EAM Indian students attacked in Milan; personally monitoring situation, says EAM Source : Last Updated: Tue, Oct 31, 2017 16:46 hrs [India], Oct 31 (ANI): External Affair Minister Sushma Swaraj on Tuesday said she was personally monitoring the situation in the incident of attack on Indian students in Milan. "Attack on Indian students in Milan: I have got the detailed report. Pls do not worry. I am monitoring the situation personally. @cgmilan1," Swaraj said in a Tweet. Indian consulate in Milan said in a Tweet on Monday night that it had received reports of unfortunate incident of attacks on the Indian students in Italy's metropolis. "All Indian students are urged not to panic. The consulate is taking up this matter with the highest level of law and order authorities in Milan," it said. The consulate has also asked students to approach the consulate and spread information among others to avoid recurrence of such incidents. "Students are advised to be in touch with each other (particularly when they go out) as well as with the Consulate and spread the information among other students about the areas where they face such incidents so that such areas can be avoided," it further said. The incident has come at a time when Italy and India reaffirmed their commitment to strengthen bilateral ties during Prime Minister Paolo Gentiloni's visit that concluded on Monday. (ANI) SEARCH talking point on sify news Latest Features

Tuesday, October 31 2017

India jumps to 100th spot on World Bank's Ease of Doing Business list

India jumps to 100th spot on World Bank's Ease of Doing Business list India jumps to 100th spot on World Bank's Ease of Doing Business list Source : Last 19:41 hrs NEW DELHI (Reuters) - India jumped into 100th place on the World Bank's ranking of countries by Ease of Doing Business for the first time in its report for 2018, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors. The report, based on data from the capital New Delhi and the financial hub of Mumbai, ranked India among the top 10 "improvers" globally, having done better in eight out of 10 business indicators. "Today's result is a very clear signal from India to the rest of the world that not only has the country been ready and open for business, as it has been for many decades, it is now competing as the preferred place to do business globally," Annette Dixon, World Bank's vice president for South Asia, told reporters in New Delhi. "Starting a business is now faster," Dixon said, adding that India had strengthened access to credit system and made it easier to secure to procure construction permits. However, the agency noted that India lags in areas such as "starting a business", "enforcing contracts" and "dealing with construction permits." The report excluded the impact of Prime Minister Narendra Modi's shock withdrawal of high-value banknotes last year and the implementation of a nationwide multi-rate goods and services tax (GST), steps that affected businesses and dragged the economy to a three-year-low in the April-June quarter. "In the case of GST, we know that this is a very complicated reform," Dixon said, adding that the agency would observe the GST for the next two or three years to see its full implementation. This month Modi eased tax rules for small and medium-sized companies in a bid to address growing criticism of his stewardship of Asia's third-largest economy. The World Bank report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. "This year's remarkable results are the culmination of efforts that have taken place over the past three years, so you can extrapolate forward and see that steps that are taken this year may take 2-3 years to show up in the results," Dixon said. (Reporting by Neha Dasgupta; Edited by Krishna N. Das and Hugh Lawson)

Delhi HC directs Centre to expedite filling up police force vacancies

Thursday, November 2 2017

Delhi HC directs Centre to expedite filling up police force vacancies

Delhi HC directs Centre to expedite filling up police force vacancies Delhi HC directs Centre to expedite filling up police force vacancies 19:47 hrs [India], November 2 (ANI): The Delhi High Court on Thursday directed the Centre to expedite filling up of vacancies in the police force by coordinating between the Union Ministries of Home and Finance in connection with a plea seeking better security for women. The court was hearing a petition related to the installation of CCTV cameras at vital installations regarding women safety and recruitment of additional police force in order to bifurcate the police working as Law and Order, and Crime and Investigation. In the previous hearing, the Finance Ministry had stated that the recruitment would incur a cost of Rs. 480 crore. The Delhi Police had submitted that as part of a pilot project, 6,630 CCTV cameras have to be installed in 44 police stations. The court acknowledged that CCTVs are meant for security and should exist in every police station. The court also asked for installation of CCTVs in all 192 police stations of Delhi, and sought an update on CCTVs functioning since 2003.