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Notwithstanding the current economic uncertainty, Asia has recorded the largest increase in its billionaires club in the world with 18 new billionaires in 2013, making it the fastest-growing region, a report says.According to the Wealth-X and UBS Billionaire Census 2013, Asia saw the highest percentage rise in billionaire population (3.7 per cent from 2012) and total wealth (13 per cent) in 2013, making it the fastest-growing region.Wealth-X is a global wealth intelligence and prospecting company and UBS is a financial services major.The report noted that Asia is "driving the tectonic shifts in wealth globally" and added it would catch up with North America in five years.The study that focused solely on persons with a net worth of USD 30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets), said Asia has 44,505 ultra-high net worth individuals, whose total wealth amounted to $6,590 billion.As per the report, the global billionaire population reached a record 2,170 individuals in 2013. The average net worth of the world's billionaires stood at $3 billion.The billionaire population's combined net worth more than doubled from $3.1 trillion in 2009 to $6.5 trillion in 2013 - enough to fund the United States budget deficit until 2024, and greater than the GDP of every country except the United States and China.Interestingly, 810 individuals became billionaires since the 2009 global financial crisis, the report said.The report - which looks at the global billionaire population from July 2012 to June 2013 - examined this tier of the ultra affluent population by region, country, gender and the sources of their wealth.Europe is home to most billionaires (766 individuals). However, North America has the most billionaire wealth ($2,158 billion).Despite popular notions of billionaires being jet -setting, cosmopolitan individuals, most billionaires are still based in the same locations where they were raised.Around 60 per cent of billionaires are self-made, while 40 per cent inherited their wealth or grew their fortunes from inheritance.Only 17 per cent of female billionaires are self-made, while 71 per cent gained their fortunes through inheritance.(PTI)
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India should allow more foreign direct investment in defence production in order to speed up deliveries of hardware it badly needs for training and military operations, a senior air force officer said on 6 November' 2013. The world's biggest arms importer wants to reduce dependence on overseas suppliers and develop the domestic defence industry, but state-run manufacturers' track record is patchy and the government wants private Indian firms to have a greater say. But some air force officials also want to attract more foreign companies, and believe that a 26 percent cap on foreign direct investment (FDI) in defence production is putting potential partners off. "Now we have allowed 26 percent FDI in the defence sector. I do not think it is attractive for foreign industry," the Times Now TV channel quoted Indian Air Force's director general for flight safety, Air Marshal P.P. Reddy, as saying. "Why do we restrict FDI? We need to ponder over it." In July, India said a cabinet panel would consider proposals for foreign investment in defence above 26 percent, but only if it involved state-of-the-art technology. India wants to upgrade an outdated weapons systems to keep up with neighbours China and Pakistan in a Rs 6,23,400 Crores modernisation drive, but some of its biggest projects have been dogged by delays often blamed on corruption and bureaucracy. A Rs 75,270 Crores deal to buy 126 Rafale fighter jets from France's Dassault Aviation has been held up by differences over the role of a local manufacturer, state-run Hindustan Aeronautics Ltd (HAL). HAL, India's main aeronautics supplier, has been developing a light combat aircraft since the early 1980s with little success. And almost a decade after the maiden flight of its first prototype, the same company is struggling with its Intermediate Jet Trainer (IJT) project, according to local media. "Yes, there have been delays. IJT is delayed," Reddy said. "We desperately need these airplanes. The programme is delayed and therefore it is going to put the Air Force in a fine bind as to how we will continue our training."(Reuters)
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Asserting that there has been no change in its visa policy, the US on 5 November said Narendra Modi who has been named BJP's prime ministerial candidate is welcome to apply for a visa and wait for a review."No change in our longstanding visa policy. He's welcome to apply for a visa and await a review like any other applicant," State Department Deputy Spokesperson Marie Harf told reporters at her daily news conference."Visa applications are confidential, or at least the details of them. I can check on that, but not to my knowledge," Harf said when specifically asked if Modi has applied for a US visa.In 2005, Modi was denied a diplomatic visa and his existing tourist and business visa was revoked under the Immigration and Nationality Act, which makes a foreign government official responsible for severe violations of religious freedom ineligible for a travel document.(PTI)
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Flashing lights on the roof, tailgating politicians' motorcades, smashing up toll booths, and beating up toll collectors.Welcome to India's network of privately run highways, where endemic toll dodging is a drag on the finances of road operators such as GVK Power and Infrastructure and Reliance Infrastructure, and a deterrent to private investment in a country where poor infrastructure shaves an estimated 2 percentage points from economic growth each year.Ambulances, fire trucks and the cars of senior government officials are among those exempted from paying tolls, but other drivers often claim a free ride, said Isaac George, GVK's chief financial officer."If an MP (member of parliament) has to be exempted, it's not just his car that is exempted. The entire entourage which follows or goes in front seeks an exemption," he said. "The government has to do something because these are all revenue leakages."India's cash-strapped government wants private companies to double their share of the cost of building roads and bridges by 2017 from about a fifth in the last five years.Eight out of every 10 road projects, however, miss revenue expectations in their first year, with the shortfall as high as 45 percent, according to a 2012 study by Fitch Ratings. The slowing economy, and sometimes inflated forecasts, are partly to blame, but toll dodging is a significant factor, said Fitch India analyst S. Nandakumar."There is obviously resistance to tolling, particularly for brownfield or greenfield toll roads which have been tolled for the first time," he said.Theft, BeatingsThe resistance to paying tolls is part of a wider pushback against India's attempt to charge for services such as electricity that have been heavily subsidised or free, and which are plagued by under-investment.Drivers use threats, violence, protests and claims of powerful connections to demand toll exemptions. Road developers lose up to a tenth of their toll revenues because of dodgers, said Vishwas Udgirkar, an infrastructure specialist at consultancy Deloitte.IRB Infrastructure Developers could not levy tolls on one road for nearly two years due to protests in the western state of Maharashtra, where Mumbai is located. Charges began on 17 October, after a court ordered the local government to provide police protection.Last month, security camera footage showed 6 men, armed with rods, assaulting staff and stealing money from a toll booth outside New Delhi. Two years ago, a toll collector was shot dead during a payment dispute at a booth near Gurgaon, where cars are charged Rs 27 (44 cents).This lawlessness comes at an economic cost.The government awarded less than a fifth of its target for new road construction contracts to private companies in the last fiscal year, official data shows. GVK and GMR Infrastructure both pulled out of road projects stalled by bureaucracy. In July, local media reported that IRB pulled out of bidding for a harbour crossing in Mumbai because of its toll collection woes in Maharashtra.In a bid to tackle toll dodging and ease congestion at toll gates, Road Transport Minister C.P. Joshi said he wants all national highways to use electronic tolls by 2014.A senior government official, however, was less concerned."I won't deny this is an issue," he said, declining to be named as he did not want to publicly speak about the issue. "We are not concerned about his (a company's) loss of revenue. He should be concerned about it."Mafias And MinionsIndia's toll roads tend to be better maintained and less congested than public routes. But unlike in Europe, for example, private roads, and not state roads, tend to become the main route between cities, leaving drivers with little choice.This breeds resentment, especially if the road is pot-holed, unsafe or snarled by mind-numbing traffic.Raju, who lives in Delhi, used to put a red flashing light on his car to pass himself off as a lawmaker to avoid tolls. He's now befriended the driver of a genuine politician and often joins his entourage when travelling in northern India."They don't provide facilities, so why should I pay a toll?" said Raju, who declined to give his full name. Highways are often congested, he said, and once, when he had a flat tyre on his way to a funeral, he waited two hours before help arrived.Waiting for government help, and attitudes to shift, could take years.K. Ramchand, managing director at road builder IL&FS Transportation Networks Ltd, said one way to manage toll dodgers was to let them have their way in the early days of the project."Most of the toll deviants are ... cars normally owned by either the local mafia, the minister or his cronies," he said. "It's safer to keep them on your side and give them a free pass.""Otherwise what happens is, these 30-40 followers come on the toll plaza, make a noise and then everybody falls into that mob mentality and then it becomes a big issue," he added. (Reuters)
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Congress Vice President Rahul Gandhi on Monday, 4 November, sought a week's more time to reply to the model code violation notice by the Election Commission for his remark that Pakistani's ISI was in touch with Muzaffarnagar riot victims, citing his prior travel commitments and holidays due to the festive season.Gandhi, who was asked to reply to the EC notice by 11.30 AM today, said in his communication to Chief Election Commissioner VS Sampath that he wanted more time to respond since there were holidays due to the festive season.He said he had received the EC notice only at 9.30 PM on October 31 and hardly had time to consult his lawyers on the issue.The Congress leader also cited prior travel commitments for not responding the notice within the stipulted time.EC sources said the Commission is considering Gandhi's communication.The EC had issued a notice to Gandhi for his speeches in which he had said Pakistan's ISI was in touch with Muzaffarnagar riot victims and charged BJP with indulging in politics of hatred.The Commission, after examining Gandhi's speeches made in Churu, Rajasthan, on October 23 and in Indore, Madhya Pradesh, on October 24 and after taking into account the electoral officer's report, had asked him to explain by Monday why action should not be initiated against him for prima facie violating the Model Code of Conduct."The Commission is prima facie of the view that your aforesaid speeches are violative of above-referred sub paras (1), (2) and (3) of Para 1 of the Model Code of Conduct for political parties and candidates," the EC notice served on him had said.Rajasthan and Madhya Pradesh are among five states which go to Assembly polls in November-December this year.The Commission has said that in case no reply is received within the prescribed time limit, it will be presumed that he has nothing to say and it will proceed to take appropriate action without any further reference.(PTI)
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Gold staged a modest rebound on Sunday, 3 November, after its uninterrupted six-day losing streak while silver failed to glitter during the Muhurat session at the domestic bullion market in Mumbai. "Jewellery stockists and retail investors made token purchases of gold to mark the beginning of the new Hindu Samvat year 2070," a bullion trader said. The industrial metal - silver - dropped owing to sluggish demand as well as lack of buying support. Standard gold (99.5 purity) edged up by Rs 30 to finish at Rs 30,400 per 10 grams from Saturday's closing level of Rs 30,370. Pure gold (99.9 purity) also gained by a similar margin to end at Rs 30,550 per 10 grams from Rs 30,520. Silver ready (.999 fineness), however, slumped by Rs 130 to conclude at Rs 49,665 per kilo as compared to Rs 49,795 on Saturday. (PTI)
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The controversial 3,000-pound "security bond" for some "high-risk" foreign visitors to the UK, including those from India, is to be scrapped, the Home Office has confirmed. The scheme, announced by Home Secretary Theresa May in June, was to come into force this month. A Home Office spokesman confirmed a Sunday Times report that the policy would be scrapped. Hugo Swire, Britain's Minister of state for Foreign and Commonwealth Affairs told PTI recently that "no decision was taken on the visa bond scheme". The decision is thought to have been taken after Deputy Prime Minister Nick Clegg threatened to block it. India had also expressed its concern to the UK government both at the ministerial and official levels. The aim of the scheme was to reduce the number of people from some "high-risk" countries -- including India, Pakistan, and Nigeria -- staying in the UK once their short-term visas expired. Visitors would have paid a 3,000-pound cash bond before arrival in the UK that would have been forfeited if they failed make the return trip. (PTI)
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The 56 and-a-half hour countdown for the launch of India's first space mission to Mars, slated for November 5, commenced on Sunday, 3 November, at the Satish Dhawan Space Centre in Sriharikota. "The 56 hours and 30 minutes countdown started as per schedule at 06.08 AM. It is proceeding smoothly," a spokesman of the Indian Space Research Organisation (ISRO) told PTI over phone this morning. ISRO's workhorse launch vehicle PSLV C25, carrying India's first inter-planetary satellite Mars Orbiter Mission, is scheduled to lift off at 2.38 pm on November 5 from the spaceport of Sriharikota, some 100 km from here. The Launch Authorisation Board had on November 1 given its consent for the launch of the MOM after the successful conduct of a launch rehearsal the previous day. The rocket is expected to take over 40 minutes to inject the satellite into Earth's orbit after the take off. The vehicle tracking stations at Port Blair, Bylalu near Bangalore, Brunei and sea-borne terminals on board Shipping Corporation of India's vessels SCI Nalanda and SCI Yamuna positioned at South Pacific Ocean have also been kept on alert, ISRO sources said. Once launched, the satellite is expected to go around the Earth for 20-25 days, before embarking on a nine-month voyage to the red planet on December 1 and reach the orbit of the Mars on September 24, 2014. If India succeeds in the Rs 450-crore MOM mission, it would be the fourth in the world, after the US, Russia and Europe to do so. European Space Agency (ESA) of European consortium, National Aeronautics and Space Administration (NASA) of the US and Roscosmos of Russia are the three agencies which have successfully undertaken missions to the red planet so far. Though there have been 51 missions to the Mars, only 21 of them have been successful.(PTI)
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Asia's factory sectors grew at their fastest pace in months in October led by China, providing some signs of a pick up in global demand as export orders expand.China's official purchasing managers' index (PMI) rose to an 18-month high and South Korea's HSBC index pointed to expansion for the first time in five months. Taiwan's PMI reached its highest level since March 2012, Indonesia's index hit a four-month high and Japan's PMI rose to its strongest level in well over three years.The major Asian economies of China, Japan, South Korea and India reported new export orders expanding simultaneously for the first time since May, which economists attributed partly to brighter prospects in Europe."Overall, the data is positive for global demand," said Radhika Rao, an economist with DBS in Singapore. "There are reasons to be optimistic, but cautiously optimistic," she said.The surveys provide a more upbeat view of world demand following a month in which a political standoff in Washington over the U.S. debt ceiling and the sixth straight cut in IMF global economic forecasts had raised fresh concerns about the health of the global economy.India was the exception among a group of generally upbeat PMI reports in Asia. Although new exports orders picked up sharply, the HSBC PMI for India showed manufacturing activity shrank for a third straight month, a further sign of a slowdown in Asia's third-biggest economy.HSBC's chief economist for India, Leif Eskesen, said inflation suggested the central bank, the Reserve Bank of India (RBI), would not have room to provide any support for growth."Input price inflation accelerated further despite the weak growth backdrop, as the effects of the depreciated exchange rate continue to pass through. This suggests that the RBI has to continue its staring contest with inflation," Eskesen said.China's official PMI rose to 51.4 in October from 51.1 in September, topping expectations for a reading of 51.2.A similar report from HSBC/Markit increased to 50.9, a seven-month high. It showed a tick up in the pace of new domestic and export orders, as well as the first increase in employment in seven months.China's reassuring PMI reading limited losses in Asian stocks, which were under pressure after strong U.S. data added to uncertainty over when the U.S. Federal Reserve might begin to ease back on its stimulus.The HSBC/Markit PMI for South Korea showed factory activity expanded for the first time in five months in October and a separate report said the value of exports in the month handily beat expectations to hit a record high of $50.5 billion.Factory activity in major exporter Taiwan, key to many global tech supply chains, was running at its fastest pace since March 2012.Japan reported on Thursday that its factory activity grew at the fastest pace in more than three years as the Markit/JMMA PMI rose to a seasonally adjusted 54.2, adding to hopes that the world's third-largest economy and home to big brand names like Sony and Toyota is pulling out of two decades of stagnation.India's HSBC PMI compiled by Markit was unchanged at 49.6 in October, indicating the sector was contracting.The downbeat data did little to shake stock market sentiment though. The main share index hit a record high fuelled by foreign money flowing into the country.(Reuters)
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Squeezed by government rules meant to curb a surge in gold imports, India's bullion industry is shrinking, with banks and others opting to redeploy personnel for now but possibly facing big job cuts in coming months.Refiners, jewellery manufacturers and retailers say they could start cutting jobs after Diwali, one of India's biggest festivals, in the first week of November as festive demand will have sucked supply dry. Some have already begun to do so.Gold on the local market is now fetching a record premium of $130 an ounce to the global bullion price and that is expected to climb even higher because of coming festivals.Bullion banks, who profited from huge volumes of gold imports until May, have begun shifting people from their gold desks to other teams."There is no gold coming in so how do we carry on? Consolidation is happening at the moment in the industry," said the head of one of India's biggest jewellery chains, speaking on condition of anonymity. He said he had cut "tens of jobs" at his firm.Gold is the second-biggest item on India's import bill after oil and, facing a record trade deficit and a plunging currency this year, the government imposed stringent rules with the aim of curbing demand for the metal.These have slowed imports to a trickle: a mere 7 tonnes arrived in September versus a record high of 162 tonnes in May.One of the new rules stipulates that 20 per cent of imported gold has to be re-exported. Exports currently equate to less than 10 per cent of imports, which means it will be hard to meet the country's estimated demand of 1,000 tonnes this year."It will get difficult for a jeweller to replenish gold after festivals. We are anticipating a transfer of workforce from the jewellery sector to others," said Bachhraj Bamalwa, a director at the All India Gems and Jewellery Trade Federation.He said around 15 million people worked in jewellery manufacturing plus 1 million in sales, and that a quarter of them could lose their jobs if supply problems continued, an alarmist forecast that might put pressure on the government to rethink the import restrictions.About 300,000 to 400,000 artisans from Zaveri Bazaar, India's biggest bullion market, have already moved back to their villages due to a lack of work, according to Bombay Bullion Association director Kumar Jain.India has a population of 1.2 billion.No U-Turn In SightBanks may be holding back until they see what a new government does after national elections due by May."They won't take a decision on job cuts as of now, but will wait until June next year to take the call after the new government is formed," said a source at a global supplier who is in regular contact with Indian importers.In the meantime, some banks have opted to transfer personnel to other trading desks rather than sack them.An employee with a private bank who was recently asked to move from the bullion desk to currency trading said: "We started the trading desk when demand was good, when there were no restrictions, but now the business has lost its charm. So management has taken steps according to the revenue stream."All five people on the desk have been moved to currencies, this employee said.Two other private banks, which imported a combined 100 tonnes last year, have redeployed a total of 10 people.Bank of Nova Scotia is the biggest gold importing bank in India. Private banks such as HDFC Bank and IndusInd Bank and state-run banks also import.For now, there's no sign of the government backtracking.The Finance Ministry sent a letter to banks reiterating the rules last week, one banking source said, and three ministry officials said there were no plans to relax the restrictions.Overseas banks and trading firms that supply to Indian importers have felt the impact and are shifting business elsewhere."Once a destination like India is being restricted, of course we will divert all our attention to China," said Bernard Sin, senior vice president of Geneva-based gold dealer MKS SA.China is set to overtake India as the world's biggest consumer of gold this year, due in part to the curbs in India. (Reuters)
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