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Railways on Monday (26 May) ordered an inquiry into the Gorakhdham train mishap in Uttar Pradesh and announced compensation for the next of the kin of those killed and the injured."An inquiry has been ordered into the incident," Chairman Railway Board Arunendra Kumar told PTI, adding, the exact cause of the accident is yet to be ascertained.The inquiry would be conducted by the Commissioner of Railway Safety, North East Circle, P K Bajpayee, who will be visiting the accident site.At least 20 passengers were feared killed as the Gorakhdham Express rammed into a stationary freight train in the district.The incident occurred on Monday (26 May) morning when the express train came on the same track as the freight train near Chureb Railway Station, District Magistrate Bharat Lal said.However, NE Railway's CPRO Alok Singh said the accident was caused due to derailment.Lal said around 20 people are feared killed in the accident that completely damaged the first bogey of the train.Railways have declared a compensation of Rs one lakh for the next of the kin of those killed and Rs 50,000 for those with grievous injuries and Rs 10,000 for passengers with simple injuries.Kumar said that nine people have died in the mishap and over 82 have been injured.He said Member (Engineering) V K Gupta, Member (Mechanical) Alok Johri and Director General of Railway Health Services R Prashad have rushed to the accident site.Rail traffic between Delhi and Gorakhpur has been affected and a number of trains have been diverted through other routes, railway officials said.Emergency helpline numbers in Delhi and Gorakhpur have been activated, they said.(Agenicies)
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Stepping into a whole new arena, the US Internal Revenue Service (IRS) said bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as currency. “General tax principles that apply to property transactions apply to transactions using virtual currency,” said the IRS statement, meaning bitcoins will be taxed as ordinary income or as assets subject to capital gains taxes, depending on the circumstances. The IRS also said bitcoin ‘miners’, who unlock new bitcoins online, must include the fair market value of the virtual currency as gross income on the date of receipt. The IRS announcement comes as a disincentive to miners who will now have to include in their bitcoin income the fair market value of the virtual currency on the date they mined it.Pyrrhic VictoryFour years ago, JPMorgan commodity chief Blythe Masters had laid out an ambitious plan to become the top Wall Street bank in energy and metals trading. Last year, Masters achieved that goal, according to a recent report, the day after the bank announced the sale of the giant physical commodities operation she had assembled. UK analytics firm Coalition’s annual sector league table showed JPMorgan had the largest revenues of any investment bank in commodities last year, leapfrogging the previous year’s winner Goldman Sachs, which came in second ahead of Morgan Stanley. For Masters, it is something of a pyrrhic victory, with the rump of the business she built now going to Swiss commodities trader Mercuria in a $3.5-billion deal. The tables ranked BNP Paribas, Barclays and Deutsche Bank as the second tier of commodity banks.Evening ScoreBank of America (BoA) has agreed to pay $9.3 billion to settle claims that it sold Fannie Mae and Freddie Mac faulty mortgage bonds, bringing to an end one of the largest legal headaches the bank faced since the financial crisis. BoA was accused of misrepresenting the quality of loans underlying residential mortgage-backed securities purchased by the two mortgage finance companies between 2005 and 2007. BoA’s first-quarter profits could take a substantial hit from the deal.Minor HitchA US federal judge has dismissed a proposed class action lawsuit against Facebook that had accused the company of misappropriating the names and likenesses of minors who use the social network. At issue was Facebook’s use of minors’ names and photos in targeted advertising in a case that highlighted privacy concerns. The lawsuit, originally filed in Illinois in 2011, had sought to represent all minors that used Facebook and had their names used in an ad. The judge ruled that the minors gave their consent when they signed up for Facebook under a “statement of rights and responsibilities” that governs the site.Value AdditionOnline home-rental marketplace Airbnb is said to be in advanced talks with private equity firms, including TPG Capital Management, to raise funds that will value the firm at around $10 billion. TPG is likely to lead the funding round, which could exceed $400 million, according to a US-based newspaper. A valuation of $10 billion would make Airbnb worth more than Hyatt Hotels, which has a market value of $8.43 billion, and Wyndham Worldwide, valued at $9.39 billion.Out Of The WorldThe Hasselblad 500, a camera that was part of the equipment carried by the 1971 Apollo 15 mission, was sold for €550,000, according to Vienna auctioneers Galerie Westlicht. The gallery initially described the Hasselblad as the only camera ever brought back from the moon but later said it was one of several, after some experts questioned that claim. Galerie Westlicht identified the new owner as Japanese businessman Terukazu Fujisawa, owner of an electronics chain. The bidding had started at €80,000.Gender BenderMore women are sitting on the boards of Britain’s biggest companies but the glass ceiling is yet to crack, with most top jobs still held by men and companies needing to do more for gender balance, a report by former trade minister Mervyn Davies showed. The latest of three British government reports on gender in boardrooms found women now hold a fifth, or 20.7 per cent, of board positions in FTSE 100 companies, up from 17.3 per cent in April 2013 and 12.5 per cent in 2011, but well short of a 2015 target of 25 per cent.Lend A HandThe European Central Bank (ECB) could buy loans and other assets from banks to help support the euro zone economy, Germany’s Deutsche Bundesbank said, marking a radical softening of its stance on the contested policy of quantitative easing (QE). The ECB has cut interest rates to a record low and promised to keep them low for some time, having also flooded the banking system with cheap crisis loans. But the euro zone economy is still weak and inflation remains stuck well below ECB’s target, thus opening the door to one of the most divisive policy options — QE.Anxiety RunIndicative of the growing nervousness among the Chinese about the impact of slowing economic growth on financial institutions, on 25 March, hundreds of people rushed to withdraw money from the branches of two small Chinese banks after rumours spread about the solvency of one of them. This reflects the anxiety among investors as regulators signal greater tolerance for credit defaults. This case highlights the urgency of plans to put in place a deposit insurance system to protect investors against bank insolvency. Regulators have said they will roll out deposit insurance as soon as possible.Powering AheadHonda Motor and Toyota Motor plan to launch fuel-cell vehicles in the consumer market in 2015, with each producing around 1,000 eco-friendly cars a year, according to a report in a Japanese newspaper. The automakers now offer fuel-cell cars on lease, with users centering on municipalities and businesses. Initial prices of these zero-emission vehicles, which cover longer distances than electric cars, will be set below 10 million yen ($97,700). Honda is developing a sedan that it plans to roll out as early as November 2015, which will be able to travel about 500 km on a single charge — twice the range of an electric vehicle; while Toyota, the global leader in hybrid vehicles, intends to release a sedan in Japan, the US and Europe in 2015, and by 2020, the automaker intends to lift annual output to tens of thousands of units.(This story was published in BW | Businessworld Issue Dated 21-04-2014)
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The Supreme Court on Monday (31 March) commuted the death sentence of 1993 Delhi bomb blast case convict and Khalistani terrorist Devinderpal Singh Bhullar to life term on the ground of delay in deciding his mercy plea and his medical condition.A four-judge bench headed by Chief Justice P. Sathasivam granted life to Bhullar on the ground of delay on the part of the government in deciding his mercy plea and also on the basis of his present medical condition.The bench, also comprising justices R.M. Lodha, H.L. Dattu and S.J. Mukhopadhaya, passed the order on a curative petition filed by Bhullar's wife Navneet Kaur.She pleaded before the court to relook into its verdict, in which Bhullar's plea for commuting the sentence was rejected, in view of its recent judgement where it was held that delay in deciding mercy plea can be a ground for commutation of death penalty.Bhullar was convicted and awarded death penalty for triggering a bomb blast in New Delhi in September 1993, which killed nine persons and injured 25 others, including then Youth Congress president M.S. Bitta.The Centre had earlier on March 27 told the court that it had no problem with commutation of Bhullar's death sentence to life term.It had said that the petition in this regard has to be allowed in view of the court's January 21 verdict that delay in deciding mercy pleas can be a ground for such relief.The bench had on January 31 stayed Bhullar's execution and had agreed to review its judgement by which it had rejected the 1993 Delhi bomb blast convict's plea to commute his death sentence to life term.It had issued notice to the Centre and Delhi government on a curative petition and had also directed the Institute of Human Behaviour and Allied Sciences (IHBAS), where Bhullar is being treated, to file a medical report on the condition of the death row convict who is alleged to be suffering from mental illness.The apex court had on January 21 said that inordinate and inexplicable delay by government in deciding mercy plea of death row convicts can be a ground for commuting their sentence.The apex court had on March 26, 2002 dismissed Bhullar's appeal against the death sentence awarded by a trial court in August 2001 and endorsed by the Delhi High Court in 2002.He had filed a review petition which was also dismissed on December 17, 2002. Bhullar had then moved a curative petition which too had been rejected by the apex court on March 12, 2003.Bhullar, meanwhile, had filed a mercy petition before the President on January 14, 2003.The President, after a lapse of over eight years, dismissed his mercy plea on May 14, 2011. Citing the delay, he had again moved the apex court for commutation of the death sentence but his plea was rejected.The apex court on January 21 had held inordinate delay by government in deciding mercy plea of death row convicts can be a ground for commuting their sentence and had granted life to 15 condemned prisoners including four aides of forest brigand Veerappan.In the landmark judgement, the court had held that prolonging execution of death sentence has a "dehumanising effect" on condemned prisoners who have to face the "agony" of waiting for years under the shadow of death during the pendency of their mercy plea.(PTI)
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Pakistan Prime Minister Nawaz Sharif and Sri Lankan President Mahinda Rajapaksa are among a slew of foreign dignitaries who arrived here today to attend Narendra Modi's swearing-in ceremony.63-year-old Modi, who led BJP to an astounding victory in the Lok Sabha polls, had last week extended an invitation to six heads of state and government of the SAARC grouping to attend his swearing-in as Prime Minister.Sharif, who is accompanied by a delegation comprising his Advisor on National Security and Foreign Affairs Sartaj Aziz, Special Assistant Tariq Fatemi and Foreign Secretary Aizaz Chaudhry among others, arrived at the technical Air Force base in Palam. Sri Lankan President Mahinda Rajapaksa(PTI)Before his departure from Lahore, he said that "Pakistan wants good relations with India and I am going to New Delhi with a message of peace".It is the first ever visit by a Pakistan leader to India to attend the oath taking ceremony of a prime minister-designate.Earlier, Rajapaksa and Mauritius Prime Minister Navin Ramgoolam arrived in the city to attend the ceremony.Bhutan Prime Minister Lyonchen Tshering Tobgay and Speaker of Bangladesh Shirin Chaudhry, who is representing her Prime Minister Sheikh Hasina, arrived yesterday for the ceremony. Hasina is travelling to Japan at the time of the swearing-in ceremony. Afghan President Hamid Karzai (PTI)Afghanistan President Hamid Karzai, Nepal Prime Minister Sushil Koirala and Maldivian President Abdulla Yameen Abdul Gayoom are aiming the other foreign dignitaries attending the ceremony.This is the first time that the heads of state and government of SAARC nations have been invited to attend the swearing-in ceremony of an Indian Prime Minister, a move which is seen by political observers here as a significant initiative.(PTI)
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Hindustan Petroleum Corp Ltd (HPCL) has offered gasoline for export in a rare move as it will shut gasoline production facilities at its Vizag refinery for about a month starting April, a company official said on Monday (31 March)."We will be shutting a CCR (continuous catalytic reformer, FCC NHT (fluidized catalytic cracker cum naphtha hydrotreater) and an isomerisation unit for planned maintenance of 30 to 35 days from April 10," the company official said.He added that the shutdown of the gasoline making units would result in the production of high sulphur gasoline that cannot be sold in India.The units at the plant, located in Southern India, produce about 120,000 to 130,000 tonnes of gasoline a month, he added.HPCL will sell the 25,000- to 30,000-tonne 90-octane grade gasoline for April 26-28 loading from Vizag through a tender valid until April 1, a trade source added.(Reuters)
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Telangana unit of BJP on Sunday (30 March) said the party would fight April 30 Lok Sabha and assembly elections in the region alone, indicating that talks with Chandrababu Naidu-led Telugu Desam Party over sharing of seats have failed.While announcing the party's decision to go solo, Telangana unit BJP president G Kishan Reddy said the central leadership would take a final decision in this regard."We have decided to go alone but if our central leadership wishes, they can have further talks with TDP for an alliance," Reddy told reporters after a meeting of Telangana BJP's election committee meeting tonight.BJP national spokesperson Prakash Javadekar attended the meeting.BJP would contest all the 17 Lok Sabha and 119 assembly seats in Telangana region, Reddy said, adding they have already identified the candidates."As far as we are concerned, talks with TDP have ended. We have now decided to fight the elections on our own," he said.From the beginning, the Telangana leadership of BJP had been averse to having any truck with TDP. However, BJP's PM nominee Narendra Modi had invited the regional party to back NDA once again.TDP responded positively and came forward to realign with BJP.Several rounds of talks were held between TDP and BJP leaders in the last few days over sharing of seats.Assuming that its support for bifurcation of Andhra Pradesh and also the "Modi wave" would result in a windfall in Telangana region, BJP demanded it be allotted 70 assembly and 11 Lok Sabha seats and wanted to name its own chief ministerial candidate. TDP, however, was not ready to concede BJP's demand as the former hoped for a resurgence in the state.During talks with BJP leaders here on 30 March, TDP finally offered the saffron party 35 assembly and 8 Lok Sabha seats, including Hyderabad, but the former insisted on 45 assembly and 9 Lok Sabha seats.This resulted in a stalemate with BJP leaders saying the alliance plan has "failed".The BJP leaders reportedly told their TDP counterparts that there would be no more talks at the state leadership level and anything should now be decided by their respective top leaders.(Agencies)
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Senior leader Jaswant Singh was expelled from BJP om Saturday (29 March) after he refused to withdraw his nomination as an independent candidate against the party's official nominee in Rajasthan's Barmer Lok Sabha constituency on the last day of withdrawal of nominations.The decision to expel the 76-year-old veteran leader for six years was taken by BJP president Rajnath Singh, a party statement said.The party expelled another rebel leader Subhash Maharia, former union minister, who is contesting as an independent from Rajasthan's Sikar constituency against BJP's official nominee.Singh is contesting as an independent against the party's official candidate Sonaram Choudhary, who had recently joined BJP after switching over from Congress.The statement said that the party's constitution does not allow members to contest as independents against its official candidates."As per section 25(9) of the party's Constitution, any leader contesting against the party's official candidate is liable for immediate expulsion."Accordingly, as per BJP President's directions, Jaswant Singh, MP, and Subhash Maharia, special invitee member of the party's national executive, have been expelled from the party for six years with immediate effect," said a party statement by BJP general secretary J P Nadda.After being denied ticket, Singh, former External Affairs Minister and Finance Minister, had attacked BJP leadership.This is the second time in five years that Jaswant Singh was expelled from BJP. In 2009, he had been expelled for his controversial book praising Pakistan founder Mohammed Ali Jinnah. However, he was taken back in the party-fold in June 2010.The expulsion of Singh and Maharia was conveyed by BJP General Secretary J P Nadda in a communication to Rajasthan state party chief Ashok Parnami.The expulsion comes after Parnami had written to the party today about Jaswant Singh and Maharia's nominations from Barmer and Sikar against the party's official candidates and had not withdrawn till the last date for withdrawals.The BJP's state unit and the party units in Barmer and Sikar had demanded disciplinary action against the two leaders."Jaswant Singh has exhausted all constitutional options available to the party by deciding not to withdraw from the contest," a senior BJP leader said here.Parnami, without naming Singh or Maharia, said in Jaipur earlier in the day that all rebel candidates could be expelled from the party for six years.(Agencies)
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Reliance Industries and its partners should continue to sell gas at current prices from its D6 block following a delay to a new pricing regime ordered by the Election Commission of India, a government source said on Friday. Reliance's five-year gas sales pacts with sectors including fertiliser makers and power will expire on March 31, requiring buyers to sign new contracts for supplies from its D6 block in the Krishna Godavari basin. "$4.2 (per million British thermal unit or mmBtu) will continue to be in force until the Code of Conduct is lifted," said the source, referring to rules restricting policy shifts before elections. India goes to the polls on April 7. The oil ministry informed the upstream regulator - the Directorate General of Hydrocarbons (DGH) - of the pricing decision after it was cleared by Oil Minister Veerappa Moily on Friday. "The DGH will have to now inform the companies concerned," said the source, who requested anonymity due to the sensitivity of the matter. Both Reliance and the upstream regulator declined immediate comment. The Election Commission asked the government to defer an increase in gas prices until the completion of the five-week general election in the middle of May. The cabinet last year approved a formula, linking prices of locally produced gas with global benchmarks, that could have nearly doubled gas prices from the current $4.20 per mmBtu. The main opposition party Bharatiya Janata Party (BJP), which surveys show is on course to become the largest parliamentary party, has said it would review the gas pricing formula if elected. Demand for gas in India far outstrips domestic supply, but the government has kept prices below global market levels for producers of fertiliser and electricity, deterring investment in domestic exploration and production. India, the world's fourth-largest energy consumer, has few energy resources other than coal, which meets 56 percent of its energy needs. Gas output from the D6 block has fallen sharply since 2010. Reliance says the decline is due to the geological complexity of the block while the government believes contractors have failed to drill the promised number of wells. The block, in which BP has a 30-percent stake and Canada's Niko Resources owns 10 per cent, currently produces about 13 million cubic metres of gas per day, the source said. A fertiliser industry source said industry buyers would sign an agreement with Reliance at $4.2 per mmBtu, once minor details regarding marketing margins and credit terms are resolved. (Reuters)
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Railway Minister Mallikarjun Kharge presented the interim railways budget in Lok Sabha on Wednesday (12 February).Highlights of the budget Annual Rail Plan envisaged at Rs 64,305 crore with a budgetary support of Rs 30,223 crorePassenger fares left untouched.Operating ratio likely to be 90.8 per cent; Railways will end current year with surplusIndependent Rail Tariff Authority set up to advise on fixing of fares and freight, to engage all stakeholders.17 new premium trains, 38 express trains and ten passenger trains to be launchedFDI being enabled to foster creation of world-class rail infrastructure; several PPP projects in pipeline.Rail infrastructure by cost sharing with govts of Karnataka, Jharkhand, Andhra Pradesh and Haryana.Passenger rail service to Katra and Vaishnodevi to start shortly: Rail Land Development Authority has raised Rs 937 crore so farMeghalaya set to come on rail map as part of extension of network in the Northeastern states.More high-speed trains to be launchedPremium AC Spl train in Delhi-Mumbai sector with shorter advance reservation period and dynamically varying premium over tatkal fare. Railways meet from own resources total additional impact of Rs one lakh crore because of 6th Pay Commission(Agencies)
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The Bharatiya Janata Party (BJP) would, if elected, roll out a programme to boost farm efficiency that its prime ministerial candidate, Narendra Modi, has championed in his home state of Gujarat. India's main opposition party, which opinion polls show winning the most seats in a general election, is pushing a range of market reforms to differentiate it from the Congress-led government's focus on subsidies. "A market-centric policy would make the promotion of self-reliance a top priority," said one senior source in the BJP, which hopes to win the five-week election starting on April 7 after a decade in opposition. A national rollout of a policy based on Gujarat's Soil Health Card scheme could be a centrepiece of policies aimed at improving farming practices and boosting productivity in a sector that accounts for 14 per cent of economic output. While no decisions have been taken, a BJP-led government may also review the possibility of allowing genetically modified crops into the food chain. Under Modi, Gujarat has promoted the cultivation of Bt cotton, a genetically modified strain developed by Monsanto that produces its own insecticide. India has achieved self-sufficiency in grain production, with the introduction of high-yielding Mexican wheat varieties helping to bring about the Green Revolution of the late 1960s. But low productivity continues to be a major barrier to growth for farming in India, a leading producer of rice, wheat, sugar, soybeans and cotton. The source also said the party would not aggressively seek foreign investment, but rather promote so-called public-private partnerships in areas such as irrigation and the construction of storage facilities. India's monsoon-dependent economy lacks irrigation on more than half of its arable land, while warehousing shortages have resulted in huge wastage of wheat surpluses produced in recent bumper harvests. Gujarat ModelThe BJP has trumpeted Modi's record as chief minister in Gujarat, where farm output has grown on average at an annual rate of 6 per cent over the past three years - about a percentage point higher than the national average. "The new regime may replicate the successful Soil Health Card scheme of the Gujarat government on the national canvas," said Vinay Sahasrabuddhe, the head of the BJP's Good Governance Cell, a policy unit. As the chief minister of Gujarat, Modi led a drive to issue soil health cards in order to ensure that farmers use proper methods. The cards are issued after the soil is tested for properties such as productivity, mineral mix, water capacity and salinity. They also contain information on what types of pesticides, fertilisers and seeds, and how much water should be used to improve productivity, said Sudhir Panwar, president of Kishan Jagriti Manch, a farmers' lobby group. Panwar said these cards better guide a tiller to adopt new practices on the basis of soil conditions. "The soil card will promote opportunities for integrated input manufacturers to sell fertilisers, pesticides and insecticides to growers," said Y.K. Alagh, former chairman of the Institute of Rural Management. (Reuters)
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