Author
Attacking Congress over the appointment of a Commission of Inquiry to probe the 'snoopgate' issue allegedly involving Narendra Modi, the BJP on Saturday (3 My) said the next government will review all the committees appointed post announcement of the Lok Sabha elections. "All committees appointed after the announcement of elections will be reviewed and the government of the day coming into office will have every right to review the decisions," senior BJP leader Venkaiah Naidu told reporters in Hyderabad. Home Minister Sushilkumar Shinde had said on 2 May that a judge will be appointed to conduct probe into Gujarat 'snoopgate' before counting of votes in Lok Sabha election. "I want to assure the people..these steps of the Congress party will boomerang," the Rajya Sabha member and former BJP national president said. Asked if such committees will be wound up, he said "..if necessary, yes. Those with ulterior motives will have to go." "They (Congress) are shameless?They are unable to resolve the problems faced by the country and suddenly now at the last moment they have got frustrated and disappointed and are setting up commissions only with a view to defame (BJP)?but it will heavily cost the Congress and it will boomerang on them." "Once our (NDA) government will come into power whatever decisions were taken post announcement of the elections will be reviewed," Naidu added. The UPA government had declared that a judicial commission to probe 'snoopgate' allegedly involving BJP's Prime Ministerial nominee will be in place before the Lok Sabha poll process comes to an end on May 16. Reacting on the violence in Assam, he demanded explanation from Prime Minister Manmohan Singh and Congress President Sonia Gandhi on the matter. "Why the PM is silent when the situation is violent?" In the wake of a massive controversy over Narendra Modi's interview to Doordarshan, Naidu alleged, "DD has been misused. Prasar Bharati has become the Prachar Bharati of Congress. There has been black-out of Narendra Modi and projection of Congress." "Prasar Bharati CEO Jawhar Sircar has written to the Board saying Prasar Bharati should be given more autonomy. We have information that clear cut political instructions were given to Prasar Bharati that Narendra Modi should be blocked and all focus should be on Rahul and Sonia Gandhi," Naidu claimed. He further demanded the government if it was sincere then it should alongwith DD publish the details of the time allotted to each political party and leaders (coverage on DD) and bring out a white paper on the same. Reacting to another query on Congress leader Digvijay Singh's relationship with a woman journalist, Naidu said, "He is busy with something else and I wish him best of luck." (PTI)
Read More
King, the firm behind the hit cellphone game Candy Crush Saga, is planning a US stock market debut that some analysts think could value it at more than $5 billion and herald a flurry of tech company listings this year. The successful flotation of Twitter in November and a surge in Facebook’s share price have fuelled speculation that a string of tech firms, including music-sharing service Spotify, lodging service Airbnb and payments company Square, could come to the market. But some analysts question whether King can maintain its breakneck pace of growth, given the difficulty of some other game makers — such as Farmville’s Zynga, whose share price has halved since its 2011 IPO — in sustaining their momentum.Peace OfferingMorgan Stanley has reached a $275-million proposed settlement with the US Securities and Exchange Commission (SEC) that will allow the Wall Street bank to move past a substantial legal overhang from the financial crisis. The SEC has been investigating Morgan Stanley’s role as a sponsor and underwriter of subprime mortgage-backed bonds that lost money soon after being issued in 2007. Morgan Stanley’s settlement will follow similar deals reached between the agency and rivals, including Goldman Sachs and Citigroup.High EnergyGeneral Electric plans to intensify research in complex energy projects such as waterless fracking and gas turbine efficiency by earmarking an additional $10 billion through 2020 for its ‘ecoimagination’ budget, according to reports. The research budget shows how reliant GE has become on the energy industry, its fastest growth area, as it works to become a dominant supplier of equipment and services to oil, natural gas and alternative power companies at a time when the US is witnessing an unprecedented energy boom. While GE doesn’t forecast what it plans to spend on its main capital budget, the new commitment gives investors a clue as to what its priorities will be.More CutsJPMorgan Chase and Co, the largest US bank, announced thousands of job cuts as the mortgage lending business slowed, and said it was lowering its profitability target. The company said it expected total headcount to fall by 5,000 to 260,000 in 2014. Around 6,000 full-time and contractor jobs in JPMorgan’s home loans unit and 2,000 jobs in its branch and credit-card network will be cut. At the same time, the bank expects to add 3,000 new jobs in its control function, including areas like compliance. Chief executive Jamie Dimon said the job cuts were part of the adjustments the company had to make continually as its business changed. These cuts in mortgage banking raise the total number of mortgage cuts that the company originally called for by end-2014 to 17,000.Joining InNokia, soon to be part of Microsoft, is turning to software created by arch-rival Google for a new line of phones it hopes will make it a late contender in the dynamic low-cost smartphone market. Its first models, Nokia X, X+ and XL, rely upon an open version of the Android mobile software system created by Google that has become the world’s most popular software used in smartphones. The release of the phones at the Mobile World Congress just days before Nokia sells its handset business to Microsoft in a $7.2-billion deal, is an attempt to stay relevant in emerging markets, where low-cost Android phones are being snapped up by hundreds of millions of buyers. Nokia CEO Stephen Elop said the market had “shifted dramatically”, and the group needed to address a sub-$100 segment that is set to grow four times faster than more expensive phones, and that this was a move that introduces the “next billion” users to Nokia’s hardware and Microsoft’s services.Inching UpGermany is set to accelerate away from France and Italy in 2014 as the fragmented euro zone economy gradually recovers from its worst crisis, the European Commission said. In a departure from the recent gloom, Brussels slightly upped its growth prediction for the bloc’s €9-trillion economy to 1.2 per cent in 2014 from 1.1 per cent. It was powered by an expected 1.8 per cent jump in the zone’s biggest economy Germany. No. 2 France is expected to grow 1 per cent in 2014. For EU as a whole in 2015, the commission raised its forecast to 1.8 per cent. “The worst of the crisis may now be behind us,” said Olli Rehn, EU commissioner for economic policy.State Of SiegeIt’s been a rough month for bitcoin investors, with cyber attacks on several exchanges, a sharp fall in the currency’s value, and rising pressure from regulators. On 25 February, Mt Gox, once the biggest bitcoin exchange, stopped trading, sparking concerns about the future of the unregulated virtual currency. A handful of protesters who had gathered around the Mt Gox office in Tokyo said they’d lost money investing in bitcoins. US attorney Preet Bharara is said to have subpoenaed Mt Gox and other bitcoin businesses to seek information about how they handled recent cyber attacks.Debt TraumaChina’s corporate debt has hit record levels and is likely to accelerate a wave of domestic restructuring and trigger more defaults, as credit repayment problems rise. Chinese non-financial firms’ total outstanding bank borrowing and bond debt stood at around $12 trillion at the end of last year — equal to over 120 per cent of GDP — according to Standard and Poor’s estimates. Growth in Chinese company debt has been unprecedented. A Thomson Reuters analysis of 945 listed medium and large non-financial firms showed total debt soared by more than 260 per cent from December 2008 to September 2013. Analysts say firms are selling assets and undertaking mergers to avoid defaulting on borrowings.(This story was published in BW | Businessworld Issue Dated 24-03-2014)
Read More
Government on Saturday (3 May) re-ignited the 'snoopgate' issue allegedly involving Narendra Modi by asserting that a judicial Commission to probe it will be in place by May 16, evoking an angry reaction by BJP which warned of reviewing the "illegitimate" decision if it comes to power. The party also warned of similar action if the government goes ahead with the "last-minute" moves to set up the Lokpal search committee and appoint Central Information Commissioners. Reviving the 'snoopgate', involving spying on a young woman allegedly at the behest of Modi, Home Minister Sushilkumar Shinde and Law Minister Kapil Sibal said that an inquiry commission will be in place by the end of the Lok Sabha election process on May 16. The government had decided on December 26 last year to set up the inquiry Commission but the process has got delayed reportedly because of its inability to zero in on a judge. "The Cabinet had taken the decision to appoint a Commission of Inquiry to probe the incident of snooping on a woman in Gujarat. We will soon appoint the judge....before May 16," Shinde told a press conference in Shimla. Asked if the appointment of a judge in the midst of Lok Sabha elections would not amount to violation of the Model Code of Conduct, Shinde said, "It will not. The decision had been taken by the Union Cabinet much before the model code of conduct came into force." "I am worried. The way the Chief Minister of Gujarat had snooped into the life of a woman, I am really worried what will happen to the women of the country if he becomes the Prime Minister," Shinde said. In New Delhi, Law Minister Kapil Sibal also said that a judge will be appointed by May 16. Reacting sharply, BJP leader Arun Jaitley said the government was showing "desperation" and that it will be within the purview of the new government to hold this decision as "illegitimate". The party also charged the government of "stooping low" by attempting to appoint a judge merely 15 days ahead of the next government formation. "In the last 10 days when the last two phases of polling is left, government is appointing Central Information Commissioners, they are trying to complete the Lokpal Search Committee and appoint a judge on the Snoopgate, where no judge is making himself available for the last five months." "There is desperation in UPA to fill these posts and there is an intention as well as attempts in this regard. BJP will strongly oppose all such moves," Jaitley said. He said the bureaucracy should give the political part of government "the right advice" so that it takes decisions which are as per past traditions. "If they still do (go ahead), it will be well within the purview of the next government to hold such actions as illegitimate," the BJP leader said. To a question on whether the government can make the appointments before its tenure ends, he said, "The Centre has no right at this stage to form a Committee." Asked if a Commission will be legally tenable, he said, "At this stage when the Code of Conduct is in operation, how is it legally tenable." He added that the Gujarat government had already set up a Commission to probe the issue. Asked when it would give its report, Jaitley said it would take "one per cent" of the time taken by Liberhan Commission which went into Ayodhya demolition issue. Jaitley had yesterday said he would be "surprised" if there is a judge who has "agreed to 'lend' himself to the UPA". Rubbishing it, Union Minister Sibal said BJP is worried as its leaders know that "once the Commission is set up, there is no saving for Narendra Modi because there is documentary evidence of what he (Modi) has done and how he has snooped the activities of a young girl..." . (Agencies)
Read More
Parliament was in a state of logjam for the better part of the past five years. The Lok Sabha’s productivity was at its lowest in 50 years — a mere 61 per cent. Thanks to the series of scams and Telangana, 68 Bills lapsed. Some of the more significant Bills that fell through the cracks were...Click here to view graphicCompiled by Joe C. Mathew; Graphic by Prashant Chaudhary (This story was published in BW | Businessworld Issue Dated 24-03-2014)
Read More
The All India Pre-Medical Test, AIPMT 2014 scores will be used for admissions to 15 per cent of undergraduate Medical and Dental course seats in Government Medical/Dental Colleges of India in addition to participating State Government's Universities and Institutes. As the examination is just around the corner, here are few tips that will help the students boost their confidence. The first thing to note here is that although NEET has been done away with by the Supreme Court, the syllabus or pattern of questions for AIPMT is identical, so one need not fear the unfamiliar while appearing for the exam. That said, preparing for one of the toughest entrance exams is not easy. The key to successful preparation is to understand the syllabus completely, a thorough knowledge of which helps you to know which individual sections are important. It is advisable to begin preparing for the papers from the syllabus of the eleventh standard and then move on to the twelfth standard. The format of AIPMT is a single entrance exam with 180 multiple choice questions with four options. While 45 questions are reserved for Physics and Chemistry each, another 90 are based on Biology. Every correct answer will help you score four marks while a wrong one will get one mark deducted from your total score.With the Pre-medical entrance close at hand, here are some last minutes tips that might help students maintain calm which is crucial before such a test of nerves. Create a quick revision sheet for each subject and add points that are important and those that you are likely to forget. AIPMT questions are not necessarily repeated so it is important to revise all the topics carefully. Always give extra attention to Biology and study Botany and Zoology equally well. Practice sample papers and previous year papers within the time limit that will be given during the examination. It is really important that you are preparing for the medical entrance test with your mind being tension free instead of becoming anxious. You should always keep some free time from your routine to allow your mind to relax and refresh your mood; this helps you increase your learning power. Try to develop your own shortcuts to solve the queries. Collect useful information and try to understand the topic instead of memorizing everything for several hours from the text books.Last Minute Tips:Attempt Biology portion first, as it is generally done faster, so that you can get more time for Physics & Chemistry. Among Phy&Chem one can choose to attempt Chemistry first and then Physics. Alternatively one may choose to start with a personally favourite subject where the student has much confidenceThoroughly read the questions and choices before attempting or finalising your responsePls ensure that the student does not get stuck at one tough problem. If it seems tough, move on to the next and mark it to be covered later onIf you are not confident on the answer do not go into unnecessary guesswork.Remember if the test is tough for a well prepared student then it is tough for all, then the cut-off will go low so do not panic. Also, of the test is easy then it is easy for all and cut-off will go high, avoid doing any unnecessary silly mistakes.Sleep good 8-10 hours before the exam dayDo not over study or revise for long hours before the examBreathe well and meditate a little before the exam starts to relax your mindEat well (not too much nor less) on the day of the examCarry water bottle in the examination hall The author is director of Aakash Educational Services Ltd
Read More
The rupee is trading lower at 61.88/89 versus Friday's closed of 61.75/76. It fell to 61.95 in early trades.Global risk aversion on geopolitical tensions in Ukraine weighing on most Asian currencies.China manufacturing PMI hits a seven-month low, further hurting risk currency sentiment.India's December GDP came in at a below expected 4.7 per cent, data released after market hours on Friday (28 February) showed.Data watch: India January manufacturing PMI at 10.30 p.m.The Japanese yen rose across the board on Monday while investors gave risk currencies such as the Australian dollar a wide berth as Ukraine mobilised for war after Russia's President Vladimir Putin declared he had the right to invade the neighbouring country.(Reuters)
Read More
In a major setback to Congress vice-president Rahul Gandhi, the Union Cabinet on Sunday (2 March) night rejected the ordinance route for a set of anti-corruption measures.The Union Cabinet, which met in Delhi this evening, discussed the issue of these ordinances but it was felt that "full deliberations" are required in Parliament keeping with the "highest traditions of democratic principles", Information and Broadcasting Minister Manish Tewari told reporters.This was the second time in three days that the Cabinet decided against using the ordinance route on certain measures, which were being pushed by Rahul Gandhi as part of a "framework" to fight corruption.This decision is believed to have been influenced by the apprehension that President Pranab Mukherjee would not give assent to these. Senior ministers like Law Minister Kapil Sibal and Home Minister Sushilkumar Shinde met the President at least twice since yesterday, apparently to gauge his mood but evidently did not get any positive signal.Sources said the Congress Core Group, headed by Sonia Gandhi, had yesterday given its assent to using the ordinance route to measures like Prevention of Corruption Act, Citizens' Right to Time-bound Delivery of Services and Citizens Charter Bill, SC/ST (Prevention of Atrocities) Amendment Bill and Rights of Persons with Disability Bill. .Approving changes to the Andhra Pradesh Reorganisation Bill, the Cabinet directed the Planning Commission to grant special category status for five years to the successor state of Andhra Pradesh comprising 13 districts.The Cabinet also cleared Central reservation for the Jat community. With this the community now gets reservation in government jobs and educational institutions.Rahul Gandhi had pressed for passing six anti-corruption bills in the just-concluded Winter Session in Parliament, which was marred by protests over the Telangana bill.Of them, only the Whistleblowers Protection Bill was passed in Rajya Sabha on the last day on February 21. Thereafter, Gandhi had indicated that ordinances could be issued on anti-graft bills which could not be passed in Parliament.According to the Prevention of Corruption Act (Amendment) Bill, an investigating agency will have to seek prior permission from the government before questioning a retired bureaucrat in a corruption case.The provisions aimed at protecting retired bureaucrats will come into effect only after Parliament gives its nod to the changes in the Prevention of Corruption Act (Amendment) Bill, 1988.At present, there is no legal provision for investigating agencies to seek prior permissions to quiz a former government employee. .The amended anti-graft bill fixes a time-frame of three months for the government to decide on a probe agency's request seeking sanction for prosecution against government officials.An additional one month may also be given in case the government needs to consult the Attorney General or the Advocate General.The Right of Citizens for Time-Bound Delivery of Goods and Services and Redressal of their Grievances Bill seeks to promote transparency and accountability in the government's delivery systems for its citizens.The various government authorities which provide services to the people will be directed to publish a citizens' charter detailing the services they offer, the quality of services to be provided, as well as timelines of delivery.Penalties ranging from Rs 250 to Rs.50,000 a day will be imposed on officials who fail to deliver services in time.It mandates the establishment, both at the Centre and in the states, of public grievance redress commissions that will be permitted to refer a case for investigation to the Lokpal wherever there is evidence of corruption.Gandhi's clamour for the bills ahead of the 2014 Lok Sabha elections had drawn flak from the Bharatiya Janata Party (BJP), which said the Congress vice-president was a late entrant to the anti-corruption bandwagon and his efforts were not genuine.Before the extended Winter Session started on February 5, Sushma Swaraj, leader of opposition in the Lok Sabha, had said the bills appeared to be Gandhi's poll agenda and Parliament was not bound to follow his wishes.The Congress, however, has accused the BJP of blocking the bills in Parliament.(Agencies)
Read More
The Bharatiya Janata Party (BJP) will consider raising the cap on foreign investment in the insurance sector from the current level of 26 per cent if it comes to power after elections due by May, a senior party leader said on Sunday.Opening up over $45 billion insurance business to greater foreign participation is key to reviving investment in the economy, and the ruling Congress government has repeatedly sought parliament's approval to raise the limit to 49 per cent.Arun Jaitley, leader of the BJP in the upper house of parliament, told a television channel that his party had discussed with Congress leaders ways to break the deadlock over the insurance legislation."We have worked out various alternatives. Unfortunately, this has (been) too close to the elections," Jaitley, considered a potential finance minister in case of a BJP victory in the election, told CNN-IBN in an interview broadcast on Sunday.The Congress government's attempts to liberalise the sector were repeatedly blocked by resistance from within its coalition as well as from the opposition.Tens of thousands of employees at India's state-controlled insurance companies and their communist party backers are strongly opposed to foreign involvement in the insurance sector, saying it would give them control over domestic savings and was against the national interest.But Jaitley said his party would be look at the measure as a way to revive investment in an economy that grew just 4.7 percent last year, its slowest in a decade."It is a proposal on the drawing board," he said when asked whether the party will raise the FDI limit to 49 percent if it comes to power.The BJP led by its prime ministerial candidate Narendra Modi is tipped to emerge as the single largest party in the election and best placed to form a coalition government. The election is expected to be called for April or May.Modi is campaigning on a platform of strong government and reforms to put Asia's third largest economy back on track and provide jobs to millions of disaffected youth entering the workforce each month.Jaitley, however, said his party remained opposed to foreign direct investment in the retail sector, seen as threat to millions of grocery stores and traders who form a pillar of party support."As far as FDI in retail is concerned, the BJP has genuine concerns against this, and I do not think it is quite likely that policy is going to be changed."Modi earlier this week said small retailers must learn to work with large modern stores and online companies, suggesting a softening of stand on the party's opposition to big players in the retail sector.(Reuters)
Read More
If the ruling Congress party is pushed into opposition after a general election, it would give its backing to a major tax reform it tried to bring in during 10 years in office, a government minister and party strategist said on Thursday. Jairam Ramesh, a senior adviser to the Nehru-Gandhi dynasty controlling the party, criticised opposition leader Narendra Modi for blocking the goods and services tax (GST), which is aimed at easing doing business, raising revenues and boosting growth. "If the people of India want us to be in the opposition, we will not do what Mr Modi did to us on GST, he single-handedly derailed the most important economic initiative of (our government)," Ramesh said in an interview as the world's biggest election reaches the final stage. Results are due on May 16. BJP-ruled states, including Gujarat, which Modi governs, stymied efforts by two successive finance ministers to bring in the new indirect tax regime, which would replace some state taxes. Modi, who opinion polls favour to form the next government with his Bharatiya Janata Party and allies, now says he will bring in GST if he wins office, blaming the delay on the government's poor coordination with states, whose support is needed to implement the reform. The measure, stuck for years, would convert the country into a single fiscal union and add 2 percentage points to overall economic growth, economists estimate. The BJP had become the party to beat in this election but claims of victory were premature, Ramesh said. He said the mammoth election - with 815 million eligible voters - remained a close fight between the Congress-led coalition and the Hindu nationalist opposition. It was far from certain that Modi will become prime minister, he said. Most opinion polls have forecast the BJP to emerge as the single largest group in the election and best-placed to form a coalition government, riding a wave of anger and discontent over graft scandals and a slowing economy. But Ramesh's remarks suggested that the Congress was not about to give up the fight and that it would try and stop Modi - whom it deeply reviles - from cobbling together a simple majority in parliament required to rule. "With almost 75 to 80 percent of the (election) over, I am reasonably certain it will be a very, very close contest," said Ramesh, who heads the rural development ministry. "It is becoming increasingly apparent that the so-called sweep for the BJP is not going to happen. The polls have vastly overestimated the BJP's performance while downplaying the Congress performance." Opinion polls have a mixed record in India which has an electorate bigger than the United States and Europe put together. Ramesh said the party's own assessment was that it had picked up support in states such as Punjab, Jharkhand and Chhattisgarh and Karnataka that went to the polls in the second half of the campaign. The BJP's power base is in the Hindi heartland in the north and the west of the country and it needs to lure in regional players in the south and east to build a stable coalition. Failure to win big could be a problem for the Hindu nationalist Modi, seen as a polarising figure mistrusted by the country's sizeable Muslim minorities. He has been unable to shake off criticism that he failed to protect Muslims in a spasm of bloodshed in Gujarat that he governs, even though a Supreme Court ordered inquiry absolved him of any responsibility. "Modi's track record in Gujarat is one of political authoritarianism, social divisiveness and some sort of economic cronyism. It is a dangerous cocktail," Ramesh said. (Reuters)
Read More
The Union Cabinet will meet here tomorrow where it is likely to take up ordinances related to anti-corruption and rights-related issues whose consideration was deferred yesterday. The decision to hold the Cabinet comes a day after government appeared to be having second thoughts on bringing ordinances, including those being pushed by Rahul Gandhi. These ordinances were on the agenda of the Cabinet meeting yesterday but were deferred, apparently after senior minister and NCP chief Sharad Pawar raised questions over the need for promulgation at the fag end of the tenure of the government. He is understood to have said that there was no tearing hurry and the matter should be left for the future government to decide, sources said. The government's reluctance is also believed to have been influenced by the fears that President Pranab Mukherjee might raise questions on similar grounds. But the decision to hold the Cabinet tomorrow evening indicates that government has made up its mind to bring ordinances. Sources in the government suggested that instead of bringing several ordinances, government could restrict itself to approve ordinances on Prevention of Corruption (Amendment) Bill, SC/ST (Prevention of Atrocities) Amendment Bill and Rights of Persons with Disability Bill. But there is no official word on this. The Cabinet which met for nearly two hours yesterday decided to postpone the ordinances. These included ordinances on Prevention of Corruption (Amendment) Bill and Right of Citizens for Time-Bound Delivery of Goods and Services and Redressal of their Grievances Bill - both dealing with corruption, which were on the agenda of the meeting. These are among the anti-corruption bills being pushed by Rahul Gandhi to create a "framework" to fight graft. Along with these, the SC/ST (Prevention of Atrocities) Amendment Bill, Rights of Persons with Disability Bill, Security Laws (Amendment) Bill and Delhi High Court Act (Amendment) Bill were also on the agenda. These proposed legislations could not be passed during the extended Winter Session of Parliament due to disturbances.(PTI)
Read More
