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AAI to cancel tender process of duty paid liquor shop at Srinagar airport

Friday, November 3 2017

AAI to cancel tender process of duty paid liquor shop at Srinagar airport

AAI to cancel tender process of duty paid liquor shop at Srinagar airport AAI to cancel tender process of duty paid liquor shop at Srinagar airport Fri, Nov 03, 2017 23:45 hrs [India], November 3 (ANI): The Airports Authority of India (AAI) on Friday decided to cancel the tender process of duty paid liquor shop with immediate effect at the Srinagar International airport. "It is observed through social media that a section of society is against having duty paid liquor shop at Srinagar International airport. Therefore, it has been decided to cancel the tender process of duty paid liquor shop," a statement by AAI read. It further said, "AAI believes and works towards better facilities for its passengers and endeavors to cater for more and more passenger friendly good initiatives towards customer satisfaction." "It is hoped that with this communication all controversies arising out will be placed at rest," the statement concluded. As per reports, the AAI has floated tenders for a liquor shop at Sheikh-ul-Aalam International Airport in Srinagar too "boost" tourism in Kashmir. However, it was cancelled after outrage. "AAI believes and works towards better facilities for its passengers and endeavors to cater for more and more passenger friendly good initiatives towards customer satisfaction," the statement said. Earlier, the Excise Department has said that it will not grant license for opening of liquor shop at the airport. In a letter to Director Airport Authority of India, the excise commissioner has intimated that no permission shall be granted for opening of liquor shop at the airport in violation to the provisions of Jammu and Kashmir Excise Act, 1958 and liquor License and state rules 1984.

CEOs lauds PM Modi for India's improvement in World Bank Report

Friday, November 3 2017

CEOs lauds PM Modi for India's improvement in World Bank Report

CEOs lauds PM Modi for India's improvement in World Bank Report CEOs lauds PM Modi for India's improvement in World Bank Report Source : Last Updated: Fri, Nov 03, 2017 23:48 hrs [India], November 3 (ANI): Prime Minister Narendra Modi on Friday interacted with global Chief Executive Officers (CEOs) of food processing sector in the ongoing World Food India event. A statement issued by the Prime Minister's Office (PMO) mentions that the CEOs appreciated Prime Minister Modi on the massive improvement in India's rank in the recent World Bank Doing Business Report. "Various CEOs complimented the Prime Minister on the massive improvement in India's rank in the recent World Bank Doing Business Report," it said. "A heartening discussion around potential in India. Left with good feeling of future and its potential," Steven Schiller, The Hershey Company. Varun Berry, Britania Industries Ltd, "Excellent meeting. He (PM) heard all of us, understood points we made and responded to each one of those." "Many CEOs said that they were inspired by the Prime Minister's vision of doubling farm incomes, and the pace and progress of economic reforms over the last three years under his leadership. They especially appreciated the structural reforms and bold initiatives such as GST and the liberalization of the FDI regime," reads the statement. In the meeting, the CEOs presented an overview of growth in India's food processing, agriculture, logistics, and retail sectors. They even reaffirmed their commitment to be part of India's growth. "The participants in the meeting stressed that the food processing sector is vital for raising farm productivity, food and nutrition security, creating jobs, and adding value to agricultural produce. The CEOs presented an overview of their engagement and initiatives for inclusive growth in India's food processing, agriculture, logistics, and retail sectors. They showed keen interest in opportunities that exist, for strengthening the post-harvest infrastructure. They reaffirmed their commitment to be a part of India's growth story," the statement further reads. The Prime Minister welcomed the measures being taken by the participants in raising agricultural productivity and farmers' incomes and thanked the CEOs for sharing their views. During the meeting, Modi said, "India's rising middle class, and the policy-driven initiatives of the Government, are opening up several win-win opportunities for all stakeholders in the food processing ecosystem." CEOs and officials of companies including Amazon (India), Amway, Britannia Industries, Cargill Asia Pacific, Coca-Cola India, Danfoss, Future Group, GlaxoSmithKline, Ise Foods, ITC, Kikkoman, LuLu Group, McCain, Metro Cash & Carry, Mondelez International, Nestle, OSI Group, PepsiCo India, Sealed Air, Sharaf Group, Spar International, The Hain Celestial Group, The Hershey Company, Trent Ltd, and Walmart India were present at the meeting. Harsimrat Kaur Badal, Minister for Food Processing Industries, Sadhvi Niranjan Jyoti, Minister of State for Food Processing Industries and senior officials from the Union Government were also present. (ANI) SEARCH talking point on sify news Latest Features

Congress will make changes in GST, if comes to power: Rahul

Friday, November 3 2017

Congress will make changes in GST, if comes to power: Rahul

Congress will make changes in GST, if comes to power: Rahul Congress will make changes in GST, if comes to power: Rahul Sat, Nov 04, 2017 09:21 hrs New Delhi : Congress vice president Rahul Gandhi on Friday said the party will make changes in the Goods and Services Tax (GST) if comes to power at the Centre. "If you ask us to make changes in the GST or its structure, I assure you that the day we come to power in country we will change it. We will bring in a GST that will benefit you. We will work hearing what you have to say, will listen to you," Gandhi said while addressing the gathering at Varacha in Surat. Criticising the GST implemented by Modi-led NDA government, Gandhi said, "This is not the GST, this is Gabbar Singh Tax. Its aim is to take away your hard earned money. They talk about ease of doing business and bring back American certificate to make tall claims. We don't need certificates to see the reality." The Congress vice president also accused the Bharatiya Janata Party (BJP) of using all resources and power and channelling it to a few industrialists. "The BJP used all resources, power and channeled it to a few industrialists. That's how they ran the state for 22 years," he added. While concluding his rally, Gandhi promised the gathering to revisit Surat on November 8 to meet businessmen and traders and to understand their sentiments. "Only Surat's businessmen have the capacity to match up to China's challenge. If ever India were to compete with China, only Surat's traders can do it and they will add impetus to the rest of the nation's growth," Gandhi said. However, November 8 is also the anniversary of demonetisation, which the Congress has decided to observe as 'black day'. The two-phase Gujarat Assembly election is scheduled on December 9 and 14. Results of which will be declared on December 18. (ANI) SEARCH talking point on sify news Latest Features

Delhi HC seeks reply of Centre, RBI on withdrawal of Rs. 50 notes

Friday, November 3 2017

Delhi HC seeks reply of Centre, RBI on withdrawal of Rs. 50 notes

Delhi HC seeks reply of Centre, RBI on withdrawal of Rs. 50 notes Delhi HC seeks reply of Centre, RBI on withdrawal of Rs. 50 notes Fri, Nov 03, 2017 23:48 hrs [India] November 3 (ANI): The Delhi High Court on Friday sought a reply from the Centre and Reserve Bank of India (RBI) in two weeks on a Public Interest Litigation (PIL) seeking direction to withdraw Rs. 50 notes which do not have identification marks and stop the printing. The PIL claims that the newly issued Rs. 50 notes cannot be differentiated from others by visually impaired persons. The court said the issue is important and is related to the rights of the visually impaired persons. It requires immediate attention and consideration of the RBI and the Union Government, the court ordered. The PIL also claims that by issuing such notes, the respondents (Centre and RBI) 'violated the constitutional right of visually impaired persons', which is confirmed by Article 14 of the Indian Constitution. The next date of hearing is December 6.

Punjab woman sold in Saudi to return India tomorrow

Friday, November 3 2017

Punjab woman sold in Saudi to return India tomorrow

Punjab woman sold in Saudi to return India tomorrow Punjab woman sold in Saudi to return India tomorrow Fri, Nov 03, 2017 23:49 hrs [India], November 3 (ANI): The External Affairs Ministry (EAM) on Friday confirmed that Paramjit Kaur, who was illegally confined in Saudi Arabia after being duped by travel agent, will return to India on Saturday. On July 13, Paramjit Kaur had gone to Saudi Arabia for a job as house help, but later contacted the family about her imprisonment by an employer on August 21. According to reports, in an FIR lodged by her husband Malkeet Ram alleged that the accused travel agent had promised a job for his wife in Saudi Arabia and had assured that once she gets settled there the family would get a sum of Rs 40,000. After reaching Saudi Arabia, the employer confiscated Kaur's passport and did not allow her to leave the house. The accused who is absconding, has been booked under Section 370 (buying or disposing of any person as a slave), Section 420 (cheating) and Section 120B (criminal conspiracy) of the Indian Penal Code (IPC).

Padmavati row: Maharashtra Minister condemns Sanjay Leela Bhansali

Friday, November 3 2017

Padmavati row: Maharashtra Minister condemns Sanjay Leela Bhansali

Padmavati row: Maharashtra Minister condemns Sanjay Leela Bhansali Padmavati row: Maharashtra Minister condemns Sanjay Leela Bhansali Fri, Nov 03, 2017 23:48 hrs [India], November 3 (ANI): Maharashtra Tourism Minister Jaykumar Rawal on Friday said that it is 'undeserving and derogatory' to show a film by mixing it with fantasy. Irked with the depiction of the queen in the film 'Padmavati', Rawal told ANI, "It is very unfortunate to see that eminent director like Sanjay Leela Bhansali has resorted to maligning the character of a queen who laid her life to save the country. It is undeserving and derogatory to show that by mixing it with fantasy. It is an insult to history, Indian culture and women." He added that there are other ways of depicting art than maligning a historical character to this level. "This should be immediately stopped. I don't know what the government's stand is but a group of people have urged me to stop it as it does not show the truth. It also has hurt the sentiments of people," Rawal asserted. Condemning the film outrightly, Rawal said, "Bhansali cannot show that a villain is fantasing about a queen in the film as the Queen is a part of history, which India is proud of." "It cannot be tolerated that some filmmaker would play with history for the sake of money. I have written to the censor board and requested the Ministry of Information and Broadcasting in this regard," he added. He said he might even ask Prime Minister Narendra Modi to intervene into the matter because history should not be tampered with. Meanwhile, Rajasthan's Chittorgarh remained closed today in protest against the film, which is scheduled to release next month. The period drama starring Deepika Padukone, Ranveer Singh and Shahid Kapoor has been facing flak from various communal groups, including Shree Rajput Karni Sena, for tampering historical facts. These groups are vehemently supporting the 'bandh'. In October, an agitated group even destroyed a huge Padmavati-inspired rangoli made by one artist from Surat on the occasion of Diwali.

U.S. lawmakers to introduce bills tightening foreign investment rules

Friday, November 3 2017

U.S. lawmakers to introduce bills tightening foreign investment rules

U.S. lawmakers to introduce bills tightening foreign investment rules U.S. lawmakers to introduce bills tightening foreign investment rules Fri, Nov 03, 2017 23:07 hrs WASHINGTON (Reuters) - A bipartisan group of lawmakers in the U.S. Senate and House of Representatives will introduce bills as soon as Monday that would increase scrutiny of foreign investment in the United States amid growing concern about Chinese deals, according to a source familiar with the legislation. Senator John Cornyn, a member of the Republican leadership who is on the Senate Intelligence Committee, will introduce a Senate bill to broaden the government's power to stop foreign purchases of U.S. firms by strengthening the Committee on Foreign Investment in the United States (CFIUS). CFIUS is an interagency panel led by the Treasury Department that reviews proposed transactions to review national security concerns. Rep. Robert Pittenger, a North Carolina Republican, will introduce an identical bill in the House of Representatives. At least four Democrats will back the bills, including Senator Amy Klobuchar of Minnesota, Rep. Rosa DeLauro of Connecticut, Rep. Denny Heck of Washington and Rep. Dave Loebsack of Iowa, said a source who spoke on background to protect business relationships. "The likelihood of Congress acting on this is pretty significant," said the source. CFIUS already has a reputation for being tough on high-tech deals involving China in particular, and has blocked transactions that involve sophisticated semiconductors. It has become more conservative since President Donald Trump was inaugurated amid growing political and economic tensions between the United States and China. Since the inauguration, the panel has balked at approving a broader range of deals from China, according to lawyers who specialize in representing proposed transactions to the board. The bills would expand CFIUS' power to look at smaller investments and joint ventures, according to sources who have read drafts of the bills. There have been calls for "green field" investment to be subject to CFIUS scrutiny, but under the bills CFIUS will only review these to ensure they are not close to sensitive military installations, the first source said. A green field investment is when a parent company starts a new firm overseas from the ground up. (Reporting by Diane Bartz; Editing by Chris Sanders and Nick Zieminski) SEARCH talking point on sify news Latest Features

Siemens CEO defends turbine business restructuring: Spiegel

Friday, November 3 2017

Siemens CEO defends turbine business restructuring: Spiegel

Siemens CEO defends turbine business restructuring: Spiegel Siemens CEO defends turbine business restructuring: Spiegel Fri, Nov 03, 2017 23:07 hrs FRANKFURT (Reuters) - Siemens' chief executive has defended the German industrial group against government accusations that its planned job cuts could encourage right-wing populism in economically weak areas of the former East Germany. Siemens may cut thousands of jobs in an overhaul of its power and gas business, which is struggling with low demand for large gas turbines, especially in Germany where Berlin has speeded up a shift towards renewable energy. CEO Joe Kaeser, in a letter to Economy Minister Brigitte Zypries cited by Der Spiegel magazine on Friday, said Berlin shared the blame for capacity adjustments that were now necessary as a result of Germany's abrupt switch to renewables. The so-called Energiewende policy had caused not just a short-term dip in demand for conventional turbines but a "permanent change" to the industry, Kaeser said in the letter. Siemens confirmed that Kaeser had written to Zypries but declined to comment on the content. Zypries last week urged Siemens to rethink its planned job cuts, saying that job losses in the former Communist east could have negative consequences, as seen in September's advance by the far-right AfD party in national elections. Siemens has declined to comment on specifics of any planned restructuring but has said it is always considering its strategic direction, which could include consolidation of some of its businesses. Its human resources chief, Janina Kugel, told the DPA German news agency in an interview published on Friday that "massive changes" were afoot and that workers would be informed about the plans in mid-November. (Reporting by Georgina Prodhan; Editing by Susan Fenton) SEARCH

Oil near 2-year high; growing global demand supports market

Friday, November 3 2017

Oil near 2-year high; growing global demand supports market

Oil near two-year high as tightening market attracts buyers Oil near two-year high as tightening market attracts buyers Fri, Nov 03, 2017 20:05 hrs By Karolin Schaps AMSTERDAM (Reuters) - Oil prices rose on Friday, nearing their highest levels in more than two years, with buyers attracted by expectations of an extension to a global pact to cut output that has reduced oversupply. Global benchmark Brent futures traded up 41 cents at $61.03 a barrel at 1345 GMT, approaching levels around $61.70 a barrel last seen in July 2015. Brent has risen around 38 percent since its low in 2017 reached in June. U.S. West Texas Intermediate (WTI) crude traded at $54.78 a barrel, up 24 cents. WTI is around 30 percent above its 2017 low hit June. This week's U.S. Energy Information Agency (EIA) report on crude inventories and exports showed a large draw in U.S. stocks, showing that market is rebalancing. "Wednesday's EIA report was bullish so the longs took profit then but now the uptrend is reasserting itself. Roll-over of the OPEC/non-OPEC deal looks certain and is also supportive," said Tamas Varga, senior analyst at London brokerage PVM Oil Associates. The Organization of the Petroleum Exporting Countries meets at the end of November to discuss further action after it agreed nearly a year ago with Russia and other producers to hold back 1.8 million barrels per day (bpd) of oil supply. Russia said on Thursday the deal, which is due to expire in March, could be extended if necessary but that a decision was not imminent. While supplies are being withheld, demand is also rising, especially in China, whose roughly 9 million bpd of imports have surpassed those of the United States to top the world's crude importer list. "China's oil demand growth appears to be accelerating," investment bank Jefferies said. Physical oil prices are also rising. Saudi Aramco, the UAE's ADNOC and Qatar Petroleum have all raised their crude prices for Asian buyers, with Aramco's December premium over the average of the Oman and Dubai benchmarks now at the highest in three years. Traders also eyed risks from ongoing financial troubles of OPEC-members Venezuela and its state oil company PDVSA. The government and PDVSA owe some $1.6 billion in debt service and delayed interest payments by the end of the year, plus another $9 billion in bond servicing in 2018. The next hard payment deadline for PDVSA is an $81 million bond payment that was due on Oct. 12 but on which the company delayed payment under a 30-day grace period. Failing to pay that on time would trigger a default, investors say. (Additional reporting by Henning Gloystein in Singapore; Editing by Edmund Blair and David Evans) SEARCH

U.S. oil rig count falls by most in week since May 2016: Baker Hughes

Friday, November 3 2017

U.S. oil rig count falls by most in week since May 2016: Baker Hughes

U.S. oil rig count falls by most in week since May 2016: Baker Hughes U.S. oil rig count falls by most in week since May 2016: Baker Hughes Fri, Nov 03, 2017 23:23 hrs (Reuters) - U.S. energy companies cut eight oil rigs this week, the biggest reduction since May 2016, extending a drilling decline that started over the summer when prices slipped below $50 a barrel. The oil rig count fell to 729 in the week to Nov. 3, the lowest level since May, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output, is still much higher than a year ago when only 450 rigs were active after energy companies boosted spending plans for 2017 in the second half of last year as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August, September and October after some producers started trimming spending plans when prices turned softer over the summer. U.S. oil production dipped to 9.2 million barrels per day (bpd) in August, according to federal energy data released this week. Overall, however, exploration and production (E&P) companies expect to increase the amount of money they plan to spend on U.S. drilling and completions in 2017 by about 53 percent over 2016, according to U.S. financial services firm Cowen & Co. That was up from 50 percent in the firm's prior capital expenditure tracking report last week. That expected 2017 spending increase followed an estimated 48 percent decline in 2016 and a 34 percent decline in 2015, Cowen said. U.S. crude futures, which reached a high of $55.22 a barrel this week, which put them within a few cents of their highest since July 2015, have averaged almost $50 a barrel so far in 2017, easily topping last year's $43.47 average. Looking ahead, futures were trading around $55 for the balance of the year and calendar 2018. Cowen, which has its own U.S. rig count, said it expects a gradual decline in rigs in the fourth quarter of 2017 and in 2018. There were 898 oil and natural gas rigs active on Nov. 3. The average number of rigs in service so far in 2017 was 868. That compares with 509 in 2016 and 978 in 2015. Most rigs produce both oil and gas. (Reporting by Scott DiSavino; Editing by Marguerita Choy) SEARCH

Japan's retail sales show strength in consumer spending

Friday, November 3 2017

Japan's retail sales show strength in consumer spending

Japan's retail sales show strength in consumer spending Japan's retail sales show strength in consumer spending Fri, Nov 03, 2017 23:39 hrs By Stanley White TOKYO (Reuters) - Japan's retail sales rose in September at the fastest pace in three months as shoppers spent more on clothes and daily goods in a sign that consumer spending remains strong due to a tight labour market. The 2.2 percent annual increase in retail sales in September was less than the median estimate for a 2.5 percent annual increase and follows a revised 1.8 percent annual increase in August. Strong consumer spending makes it more likely that consumer prices will accelerate in the future, which supports the Bank of Japan's argument that it can afford to keep its monetary easing unchanged as inflationary pressure gradually builds up. "Consumption in July-September is likely to be a little bit weaker than the previous quarter, but the outlook remains healthy," said Shuji Tonouchi, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. "Consumer spending is still in moderate recovery. The labour market will support spending in the future." Spending on clothes rose 5.0 percent in September from a year ago, the fastest increase in three months, data from the trade ministry showed on Monday. Spending on daily goods like soap and shampoo rose an annual 1.2 percent, versus a 0.4 percent annual decline in the previous month. The BOJ is expected to signal that it will hold off on expanding stimulus for the time being at a policy meeting ending on Tuesday. The policy meeting comes after Prime Minister Shinzo Abe's victory in a lower house election, which heightened expectations the BOJ's ultra-loose policy - a key pillar of his "Abenomics" stimulus policies - will continue. Core consumer prices rose 0.7 percent in September from a year ago, which is distant from the BOJ's 2 percent inflation target, although the central bank argues that consumer prices will eventually pick up because of the tight labour market and wage growth, albeit slow. (Reporting by Stanley White; Editing by Eric Meijer) SEARCH

U.S. job growth picks up; flat wages raise consumer spending worries

Friday, November 3 2017

U.S. job growth picks up; flat wages raise consumer spending worries

U.S. job growth speeds up, unemployment rate falls; wages flat U.S. job growth speeds up, unemployment rate falls; wages flat Fri, Nov 03, 2017 21:23 hrs By Lucia Mutikani WASHINGTON (Reuters) - U.S. job growth accelerated in October after hurricane-related disruptions in the prior month, but a sharp retreat in annual wage gains and surge in the number of people dropping out of the work force cast a cloud over the labor market. Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labor Department said in its closely watched employment report on Friday. That was the largest gain since July 2016, but was below economists' expectations for an increase of 310,000 jobs. Data for September was revised to show a gain of 18,000 jobs instead of a decline of 33,000 as previously reported. Some aspects of the report, however, were downbeat. Although the unemployment rate fell to near a 17-year low of 4.1 percent, it was because 765,000 people dropped out the labor force. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, fell four-tenths of a percentage point to 62.7 percent. Average hourly earnings slipped by one cent, leaving them unchanged in percentage terms, in part because of the return of the lower-paying industry workers. That lowered the year-on-year increase to 2.4 percent, which was the smallest since February 2016. Wages shot up 0.5 percent in September, lifting the annual increase in that month to 2.9 percent. Still, October's employment growth acceleration reinforced the Federal Reserve's assessment on Wednesday that "the labor market has continued to strengthen," and probably does little to change expectations the U.S. central bank will raise interest rates in December. But weak wage growth and the drop in the labor force participation rate could worry some policymakers. Prices of U.S. Treasuries rose after the data while the dollar fell against a basket of currencies. U.S. stock index futures slightly extended gains. The Fed kept rates unchanged on Wednesday and financial markets have almost priced in an increase in borrowing costs in December. The Fed has hiked rates twice this year. The sharp moderation in job growth in September was blamed on hurricanes Harvey and Irma, which devastated parts of Texas and Florida in late August and early September and left workers, mostly in lower-paying industries such as leisure and hospitality, temporarily unemployed. Economists, however, remain optimistic that wage growth will accelerate with the labor market near full employment. Last month's one-tenth percentage point drop in the unemployment rate took it to its lowest reading since December 2000. The jobless rate is now below the Fed's median forecast for 2017. LABOR MARKET TIGHTENING A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, dropped to 7.9 percent last month, the lowest level since December 2006, from 8.3 percent in September. Tepid wage growth supports the view that inflation will continue to undershoot its 2 percent target and could raise concerns about consumer spending, which appears to have been largely supported by savings this year. The economy grew at a 3.0 percent annualized rate in the third quarter. Growth has remained strong even as President Donald Trump and the Republican-led Congress have struggled to enact their economic program. Republicans in the U.S. House of Representatives on Thursday unveiled a bill that proposed slashing the corporate tax rate to 20 percent from 35 percent, cutting tax rates on individuals and families and ending certain tax breaks. The plan has been met with opposition from small businesses, realtors and homebuilders. October's employment gains took the average for the past two months to 90,000, below the monthly average of 162,000 in the last three months. The economy needs to create 75,000 to 100,000 jobs per month to keep up with growth in the working-age population. The slowdown in the job growth trend largely reflects difficulties by employers finding qualified workers. Private payrolls surged by 219,000 jobs in October after falling by 3,000 in September. Manufacturing employment increased by 24,000 jobs. The retail sector lost 8,300 jobs last month. Construction payrolls gained 11,000 in October, likely boosted by hiring related to the clean-up and rebuilding efforts in the wake of the hurricanes. There were increases in professional and business services payrolls. Healthcare employment also rose last month. (Reporting by Lucia Mutikani; Editing by Paul Simao) SEARCH