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Gold up on buying, euro strength after Macron's win in

 France Spot gold rose 0.2 percent to $1,229.90 per ounce as of 0124 GMT, after touching 1,224.86 earlier in the session, its lowest since March 17. Gold firmed on Monday as bargain-hunters moved in after prices dipped to seven-week lows and as the euro strengthened after expected win of pro-EU candidate Emmanuel Macron in the French presidential election. * Spot gold rose 0.2 percent to $1,229.90 per ounce as of 0124 GMT, after touching 1,224.86 earlier in the session, its lowest since March 17. * Gold last week saw its biggest weekly percentage fall since the week ending Nov. 11, ending over 3 percent lower. * U.S. gold futures were up 0.3 percent at $1,230.50 an ounce. * In early Asian trading, the euro hit its highest since Nov. 9 after centrist Emmanuel Macron comfortably won the French presidential election. * Macron was elected French president on Sunday with a business-friendly vision of European integration, defeating Marine Le Pen, a far-right nationalist who threatened to take France out of the European Union. * U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that likely seals the case for an interest rate increase next month despite moderate wage growth. * Gold demand in India could be muted in the second half of 2017, as the rollout of a new national sales tax from July is expected to dent appetite in the world's second-biggest consumer, the World Gold Council (WGC) 

Oil prices rise on expectation of output cut extension 

The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring. Oil prices rose on Monday on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in U.S. drilling activity is seen capping gains. The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring. Traders said the victory of Emmanuel Macron in the French presidential elections against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy. "The market viewed the fall as overdone," ANZ bank said on Monday. Brent crude futures, the international benchmark for oil prices, were at $49.85 per barrel at 0020 GMT on Monday, up 75 cents, or 1.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $46.87 per barrel, up 65 cents, or 1.4 percent from the last close. 

Nokia 3310, pre-orders from May 5 at a price of Rs 3,899

 Available in four color variants – Warm Red, Yellow, Dark Blue and Grey, Nokia’s latest feature phone runs on an S30+ operating system with a 2.5G connectivity. Nokia’s iconic phone, Nokia 3310 is all set to make a comeback. As per a report, Nokia 3310 (2017) will bae available for orders from May 5 at a price of Rs 3,899. The report also claims that the deliveries for the revamped Nokia 3310 will begin in May 2017 in India. Available in four color variants – Warm Red, Yellow, Dark Blue and Grey, Nokia’s latest feature phone runs on an S30+ operating system with a 2.5G connectivity. 

MCD polls: BJP leads in 71 wards; Cong, AAP rally behind 

The BJP took an early lead in MCD polls, heading ahead in 71 wards while rivals Congress and AAP were left far behind leading in 16 and 14 wards respectively, initial trends indicated today. The BJP took an early lead in MCD polls, heading ahead in 71 wards while rivals Congress and AAP were left far behind leading in 16 and 14 wards respectively, initial trends indicated today. The vote counting for 270 wards of three municipal corporations began at 35 centres across the city at 8 AM. Trends were availble for 104 seats. The BJP was leading in all the three-North, South and East Delhi Municipal Corporations. The party was leading in 31 wards while Congress and AAP on 6 and 1 wards respectively in North Delhi Municipal Corporation (NDMC) in the beginning of counting. 

HDFC Bank to raise Rs 50,000 cr via infra bonds, debt securities

 In a filing to the BSE, HDFC Bank said the board has approved the issue of debt instruments, Tier II bonds and long term infrastructure bonds of up to Rs 50,000 crore. HDFC Bank today said it will raise up to Rs 50,000 crore through debt securities and infrastructure bonds over the next 12 months In a filing to the BSE, HDFC Bank said the board has approved the issue of debt instruments, Tier II bonds and long term infrastructure bonds of up to Rs 50,000 crore. The securities would be issued on private placement basis, it said, adding that the approval of shareholders for the issuance would be sought in the ensuing annual general meeting. 

Retail bad loans rise for HDFC Bank in Q4; overall NPAs 

Even as banks reel from large corporate bad loans, HDFC Bank, the country’s second largest private lender, witnessed an increase in retail bad loans driven by spillovers from the demonetisation period. Even as banks reel from large corporate bad loans, the country’s second largest private lender, witnessed an increase in retail bad loans driven by spillovers from the demonetisation period Announcing its fourth quarter financial results on Friday, the bank posted a 34 percent increase in gross non-performing assets (NPAs) in gross NPAs jumped 34 percent to Rs 5,885 crore from a year ago’s Rs 1,320 crore and 12.5 percent from a quarter ago’s Rs 5,232 crore. 

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Railway station where Modi sold tea gets Rs 8 cr for facelift 

 The Vadnagar railway station in Gujarat where Prime Minister Narendra Modi used to sell tea during his childhood, is to get a facelift worth Rs 8 crore, Union minister Manoj Sinha said here today. "(A sum of) Rs 8 crore has been sanctioned for the development of Vadnagar railway station in Mehsana district," the minister of state for railways told reporters Sinha was in Sachana village today to inaugurate the Inland Container Depot (ICD), built by the Continental Warehousing Corporation (Nhava Seva) Ltd. Ahead of the 2014 Lok Sabha elections, Modi had often mentioned that he used to sell tea during his childhood at the Vadnagar railway station along with his father. Vadnagar town is also the birthplace of Modi. Giving further details about the project, Divisional Railway Manager (DRM) of Ahmedabad division, Dinesh Kumar said the entire project of developing Vadnagar and adjoining places in Mehsana district would cost over Rs 100 crore. "The development of Vadnagar railway station is one of the components of the Rs 100 crore project to develop Vadnagar, Modhera and Patan as tourist destinations. As of now, the Ministry of Tourism has given Rs 8 crore to the state Tourism Department to develop the railway station,

Inorganic growth of any reasonable size looks unlikely, says 

JSW Steel’s Seshagiri Rao While JSW Steel is looking at increasing its capacity to 40 MT over the next decade, company’s Joint MD and Group CFO Seshagiri Rao tells Moneycontrol that he doesn’t expect inorganic growth to contribute to its expansion plans. is looking at increasing its capacity to 40 MT over the next decade, the company’s Joint MD and Group CFO, that he doesn’t expect inorganic growth to contribute to its expansion plans. Edited excerpts:JSW has raised USD 500 million through bonds. Can you give details on what you intend to do with We have raised money to refinance expensive foreign currency loans. Our overall debt is not going up. The weighted average of our finance cost is 7.19 percent and we are looking to bring it down 19 basis points by end of FY18.What about acquisitions We are a growth-oriented group and we want to be a 40 MT steel player over the next decade. We have been evaluating various options. But what we are also very conscious about is our financial ratios. In 2016, these ratios went haywire due to exceptional market conditions and provisioning of the investment we made overseas. If you see our FY17 guidance, we have been saying we would like debt/EBITDA at 3.75x and debt/equity 1.75x. In FY17, we worked on bringing down these ratios. 

Mahatma Gandhi stamps sold at 500,000 pounds at auction in

 UK Only 13 of the 1948 Gandhi 10-rupee Purple Brown and Lake 'Service' stamps are in circulation. The block of four was sold to a private Australian collector for the highest ever price for Indian stamps, said UK-based dealer Stanley Gibbons. A set of four rare stamps featuring the portrait of Mahatma Gandhi has been sold for record 500,000 pounds at an auction in the UK which its seller said is the highest price ever paid for Indian stamps. Only 13 of the 1948 Gandhi 10-rupee Purple Brown and Lake 'Service' stamps are in circulation. The block of four was sold to a private Australian collector for the highest ever price for Indian stamps, said UK-based dealer Stanley Gibbons. The Indian stamps were particularly rare owing to the fact they were in a set of four. 

Go back to India: Woman screams at Asians on Irish train In the videos, 

Originally posted on Twitter, the woman can be seen and heard making expletive-ridden comments towards fellow passengers. A woman on a train in Ireland has been caught on camera making expletive-ridden racist comments towards fellow Asian passengers, telling one of them to "go back to India" for placing a bag on an empty seat, media reports said on Wednesday. In the videos, originally posted on Twitter, the woman can be seen and heard making expletive-ridden comments towards fellow passengers. Twitter user TheBexWay filmed the woman on a train from Limerick Colbert station to Limerick Junction on Sunday, Irish Independent reported. She messaged the Irish Rail account during the trip, saying the woman had been making abusive comments for 10 minutes, the report said. "Go back to India. Don't give me your guff," the woman was heard saying in the video.

EXCLUSIVE: Warren Buffett likely voted shares to back

 Wells Fargo board Wells Fargo's board is facing a threat at a shareholder meeting next week because proxy advisers are telling shareholders not to support many of them. The opposition is related to a scandal wherein employees created up to 2 million accounts in customers' names without their permission. Billionaire investor Warren Buffett supports Wells Fargo & Co's management and board of directors, and has likely already voted shares owned by him and and his conglomerate, Berkshire Hathaway Inc BRKa.N, in line with the bank's official suggestions, a representative told Reuters. 

Heard on the street: How automakers sold BS 3 vehicles even after 

March 31 deadline Despite wide-spread publicity there was no total exhaustion of stock by the deadline imposed by the Supreme Court. Offering as much as 40-50 percent discounts, some models of unspecified lot, remained unsold by March 31 liquidate BS III stock, ranging from Rs 10,000 for a standard motorbike to a couple of lakhs for a sportsbike. Despite the rush, some models of unspecified lot remained unsold by March 31. A source told this reporter that at least one two-wheeler major had asked its dealers to back-date insurance policies. These policies, which were limited to only one year (as asked by the manufacturer), were sold well into the first week of this month. Back-dating is when the seller puts an earlier date on the document than it was originally drawn up to make the transaction legal. It is one of the often used fraudulent means of transacting business.

Samsung Galaxy S8, Galaxy S8+ to launch in India today: will it be priced at Rs 59,999? 

The South Korean tech giant would hold a press event in New Delhi to mark the launch of the new flagship smartphones. Samsung Mobile India will launch their latest flagship smartphone the S8 and S8+ in India today (April 19). If sources are to be believed the smartphone will be priced at Rs 59,999 in India. The South Korean tech giant would hold a press event in New Delhi to mark the launch of the new flagship smartphones. 

China's economy grows 6.9% in first quarter of 2017: 

Govt "The national economy in the first quarter has maintained the momentum of steady and sound development," the National Bureau of Statistics said in a statement. China's economy grew 6.9 percent in the first quarter of 2017, government data showed today, beating expectations in the latest sign of stabilisation in the world's second-largest economy. The reading was better than the median analyst expectation of 6.8 per cent in an AFP poll. "The national economy in the first quarter has maintained the momentum of steady and sound development," the National Bureau of Statistics said in a statement. It added that "positive changes kept emerging and major indicators performed better than expected".

China March steel output climbs to highest on record

 March's monthly total easily beat the previous record of 70.65 million tonnes hit in March 2016, data from the National Bureau of Statistics showed on Monday. China's steel output rose 1.8 percent in March to a monthly record of 72 million tonnes, stoking worries of a glut that continues to grow even as Beijing tries to rein in excess capacity in the bloated sector and demand remains flat. March's monthly total easily beat the previous record of 70.65 million tonnes hit in March 2016, data from the National Bureau of Statistics showed on Monday. In the first quarter, production totalled 201.1 million tonnes, up 4.6 percent from the same period a year earlier, the data also showed. The growing production as Chinese mills bid to profit from prices that soared in 2016 and into this year are undermining the government's years-long push to cut capacity to make the steel industry more efficient and tackle smog. 

United Airlines does it again, offloads couple on way to their wedding 

According to the couple, who said they were en route to get married, a federal marshal had escorted them from the plane before take-off from Houston, Texas, but United denied this on Sunday, saying in a statement that neither a marshal nor other authorities was involved. An engaged couple were removed from a United Airlines flight to Costa Rica on Saturday, as the airline remained under scrutiny following outrage caused by a video last week of a passenger being forcibly removed from a flight. According to the couple, who said they were en route to get married, a federal marshal had escorted them from the plane before take-off from Houston, Texas, but United denied this on Sunday, saying in a statement that neither a marshal nor other authorities was involved. The couple "repeatedly attempted to sit in upgraded seating which they did not purchase and they would not follow crew instructions to return to their assigned seats," United said in a statement, adding 

Ahead of third anniversary, Modi government seeks report card from ministers 

The achievements will be compiled in a booklet that the government plans to publish before May 26, the day Prime Minister Narendra Modi took charge three years ago. The Modi government, ahead of its third anniversary in power, has asked all ministers to submit their five major achievements that have benefitted people, including key reforms and comparative data reflecting the progress made since the BJP took office In a letter sent out this week, Information and Broadcasting Minister Venkaiah Naidu has asked all ministers to submit the data and observations to him. It will be compiled in a booklet that the government plans to publish before May 26, the day Prime Minister Narendra Modi took charge three years ago. A copy of the letter was obtained by PTI. In his letter, Naidu asked the ministers to send him "a three-page note in bullet form only". It said the note should cover five aspects: 

Govt to take feedback from companies for ease of biz ranking of states 

The DIPP, with the help of the World Bank, ranks states in terms of ease of doing business. The exercise was started in 2015. Andhra Pradesh and Telangana jointly topped the chart last year. Error loading player: No playable sources found The Commerce Ministry on Thursday said it will take feedback from businesses on implementation of reforms carried out by states while ranking them on ease of doing business this year. The ministry said the Department of Industrial Policy and Promotion (DIPP) will carry out a comprehensive business-to- government feedback exercise this year. As part of the exercise, "feedback will be taken from businesses on the quality of implementation of the reforms claimed by the states and UTs," it said. It added that the feedback scores will be used to generate a ranking of states/UTs in terms of reform implementation. "Such a ranking will be different from the last year's ranking, which was a ranking of de jure reforms (or reforms based on evidence submitted by states)," the Commerce and Industry Ministry said. 

NPA resolution kicks into high gear, but banks still need somebody to foot the bill 

The CDR system of restructuring corporate debt was introduced in 2001 as an institutional mechanism for restructuring corporate debt. Any loan exposure of Rs10 crore and more and involving at least two lenders could have been tackled on this platform. There is very little doubt that India’s bad assets problem is crippling growth. As of December 2016, commercial banks had stressed assets (gross non-performing assets and restructured standard advances) worth Rs 9.64 lakh crore, with four-fifths of the burden falling on public sector banks, where the NPA ratio had touched almost 12 percent. As on December 31, 2016, aggregate NPAs accounted for Rs 6,97,409 crore — or 9.3% of their advances. Yesterday’s press report suggests that government may be considering setting up a panel to handle the bad loan problem. While it is undoubtedly a welcome first step, the measures have to be bold enough to make a difference. It may be worthwhile taking a look at the existing arsenals at the bank’s disposal, namely CDR (corporate debt restructuring), SDR (strategic debt restructuring) and S4A (Sustainable Structuring of Stressed Assets).

India's GDP growth may slip to 6.7% in March quarter:

 Nomura According to the Japanese financial services major Nomura, the country's GDP growth is expected to dip to 6.7 per cent in the January- March quarter from 7 per cent in the fourth quarter of 2016. India's GDP growth is likely to decelerate to 6.7 per cent in March quarter but it will gradually recover to around 7.7 per cent in 2018 supported by higher consumption and public spending, says a report. According to the Japanese financial services major Nomura, the country's GDP growth is expected to dip to 6.7 per cent in the January- March quarter from 7 per cent in the fourth quarter of 2016. "However, we expect GDP to average 7.3 per cent in the second half of 2017 and 7.7 per cent in 2018 supported by higher consumption (state pay hikes, remonetisation, lower lending rates) and public spending," Nomura said in a research note. Regrading the "soft" industrial activity in February, Nomura said demonetisation has severely hurt industrial activity. However, this impact is expected to be 'transitory'. India's industrial output slipped to a 4-month low, contracting by 1.2 per cent in February. 

Indian state refiners to revise fuel price in 5 cities daily from May 1: 

To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they Hindustan Petroleum Corp - operate 90 percent of the retail outlets in the country The three have upto 200 fuel stations in the five cities, The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the sensitivity of the matter, said. No immediate comment was available from the state refiners. Indian private fuel retailers. 

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CWG Scam: Manmohan Singh-led PMO passed the buck on Suresh Kalmadi, 

The PMO instead of shifting responsibilities, should have ensured effective follow up, according to Public Accounts Committee. Under former Prime Minister Manmohan Singh, the PMO passed the buck with respect to Congress leader Suresh Kalmadi for his faulty supervision of the scam-hit Commonwealth Games (CWG). The Public Accounts Committee (PAC) adopted the contentious report on the 2010 Commonwealth Games and dismissed as "specious argument" the PMO's response that non-circulation of minutes of the meeting of a group of ministers on January 14, 2005 under then PM Manmohan Singh was best explained by the Ministry of Sports, according "When it comes to directions of the PM (Manmohan Singh) pertaining to projects of utmost national importance, PMO instead of shifting responsibilities, should have ensured effective follow up," the PAC

War on black money cannot be concluded with one action: Venkaiah Naidu

 "The Narendra Modi government has launched a war against black money. The war against black money cannot be concluded with one action alone. Demonetisation or remonetisation is one such step in the right direction. Many more things need to be done by our government to curb use of black money," he said. The war on black money cannot be concluded with one action alone and many more steps will be taken by the Modi government in this regard, Union Minister M Venkaiah Naidu said today, hailing the EC for countermanding the R K Nagar bypoll over use of money power. While terming the EC action as "the right decision" in the wake of charges of use of money power, he attacked the Congress for the generation of black money due to various scams worth thousands of crores that took place during their regime. Naidu also attacked the opposition parties on the EVM tampering issue saying, "They should instrospect instead of raising such issues as it seems that they cannot accept defeat after people rejected them". "The Narendra Modi government has launched a war against black money. The war against black money cannot be concluded with one action alone.

PBOC to skip open market operations for the 11th straight session

 "Although general liquidity level in the banking system is down a bit due to local government bond issuance, it is still at a relatively high level," PBOC said in a statement on its website. China's central bank said it would skip open market operations on Monday, citing "relatively high" liquidity level in the banking system despite some impact from local government bond issuance. It is the 11th consecutive session in which the People's Bank of China (PBOC) has abstained from open market operations. "Although general liquidity level in the banking system is down a bit due to local government bond issuance, it is still at a relatively high level," PBOC said in a statement on its website 

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I-T searches reveal Rs 89 cr channeled for RK Nagar bypoll 

The Income Tax searches held at the premises of an associate of Tamil Nadu Health Minister C Vijayabaskar has revealed routing of Rs 89 crore for "distribution to voters" in RK Nagar assembly constituency which goes to bypoll on April 12. The Income Tax searches held at the premises of an associate of Tamil Nadu Health Minister C Vijayabaskar has revealed routing of Rs 89 crore for "distribution to voters" in RK Nagar assembly constituency which goes to bypoll on April 12 According to sources, documents seized during searches at the premises of an accountant of the Minister showed details of Rs 89 crore and the money being channeled to RK Nagar through party functionaries. The amount was channeled through many party functionaries for distribution to voters, the sources told PTI. "We even found the names of some partymen who are also Ministers," an official said, adding, copies of voters list with entries like which voter should be paid what was recovered during searches at the MLA hostel premises. Meanwhile, searches that began yesterday has ended in most of the total 50 locations Tasks like recording of statements however continues 

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Fake call centre scam:

 Man who duped Americans of $300 million arrested in Mumbai Sagar Thakkar alias 'Shaggy', the alleged mastermind of the Internal Revenue Service call centre scam in which thousands of Americans were defrauded to the tune of USD 300 million, has been arrested by Thane Police. Sagar Thakkar alias 'Shaggy', the alleged mastermind of the Internal Revenue Service call centre scam in which thousands of Americans were defrauded to the tune of USD 300 million, has been arrested by Thane Police. According to Thane Police officials, Sagar, who was on the run since the unearthing of the scam last year, was placed under arrest late last night after he arrived at the Mumbai airport following his deportation from Dubai. A team of officers from Thane Police Commissionerate picked up Sagar from the airport, the officials said. The scam, which operated since 2013 through at least half a dozen call centres in Thane, targeted at least 15,000 US-based tax payers, who were allegedly conned by Indian tele-callers. The US Justice Department has charged 61 people and entities linked to the scam where call centre agents impersonated IRS, immigration and other federal officials and demanded payments for non-existent debts. 

RCom retrenches employees, delays payments:

 Vendors claim RCom hasn't been paying IUC to some of them for over two months. Airtel and Vodafone, it is reliably learnt. Customers have been facing interconnect issues in some key circles for a couple of days, too, for the same reason. An email query sent to RCom and other operators had evoked no response at the time of publishing. RCom, which is sitting on a debt of Rs 42,700 crore, reported a net loss of Rs 531 crore in the quarter ended December 2016. Consolidated revenues fell 11 percent to Rs 4822 crore in the December quarter. Industry sources say that non-payment of IUC dues are a cause of concern as they are largely a pass-through (customers have been billed for it and the company needs to pay a small part of it to other operators where calls have been terminated). Sources said that if non-payment of dues continue then the operators will be forced to restrict interconnect facility to RCom, which will cause inconvenience to customers. Some debt-laden operators have been lobbying with the government for relief as cash flows have only tightened over the last few quarters. It may be recalled that RCom shut down its profitable CDMA operations last year, which also impacted its financial performance. 

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ONGC sees its gas output hitting 5-year high in fiscal 2018: 

State-owned ONGC, which accounts for about two-thirds of India's total natural gas production, is likely to produce close to 25 billion cubic metres (bcm) of gas in fiscal 2018, the executives told Reuters. ONG"Oil and Natural Gas Corp expects its natural gas production to reach a 5-year high in the current fiscal year following the start-up in coming weeks of a long-delayed project in the Arabian Sea, two senior company executives said. State-owned ONGC, which accounts for about two-thirds of India's total natural gas production, is likely to produce close to 25 billion cubic metres (bcm) of gas in fiscal 2018, the executives told Reuters. The forecast compares with 23.5 bcm in the fiscal year to end March 2017, one of the executives said, representing expected growth of about six percent. The two asked not to be named as the figures have not been released by the company.Higher output from India's top producer would help the country meet Prime Minister Narendra Modi's target of reducing hydrocarbon imports by 10 percent by 2022.

Global M deal tally touches $678 bn in January-March:

 Mergermarket According to the global deal tracking firm, there were 3,554 deals worth USD 678.5 billion announced in January-March quarter of this year, while in the corresponding period last year there were 4,326 deals worth USD 622.9 billion. Global merger and acquisition activity got off to a good start this year with deals worth USD 678.5 billion announced in the first quarter, a rise of 8.9 per cent over last year, says a Mergermarket According to the global deal tracking firm, there were 3,554 deals worth USD 678.5 billion announced in January-March quarter of this year, while in the corresponding period last year there were 4,326 deals worth USD 622.9 billion. A year-on-year comparison shows that though there has been a decline in the number of transactions, the deal value has increased, which means that more money has been put in fewer number of transactions. 

PM Modi to inaugurate projects in Jharkhand today During his Jharkhand visit

 The Prime Minister will also inaugurate the Govindpur-Jamtara-Dumka-Sahebganj Highway and dedicate to the nation a Solar Power Facility at the Sahebganj District Court premises and Sahebganj District Hospital. Prime Minister Narendra Modi will lay the foundation stone of a multi-modal terminal on the River Ganga in Jharkhand today, a project which is an important component of the proposed national waterway between Varanasi and Haldia. During his Jharkhand visit, the Prime Minister will also inaugurate the Govindpur-Jamtara-Dumka-Sahebganj Highway and dedicate to the nation a Solar Power Facility at the Sahebganj District Court premises and Sahebganj District Hospital. 

35 airports don't have night landing facility:

 Govt tells Lok Sabha Airlines have to apply to the Airports Authority of India to facilitate night landing facility in a particular airport and then process of offering the convenience starts As many as 35 functional airports in the country do not have night landing facility, Civil Aviation Minister Ashok Gajapati Raju said today. Airlines have to apply to the Airports Authority of India to facilitate night landing facility in a particular airport and then process of offering the convenience starts "There are 47 licenced landing airports in the country while 35 are yet to apply for it," he said during Question Hour in the Lok Sabha.

Pepsi pulls Kendall Jenner ad after social media backlash 

The ad, released late on Tuesday, shows the fashion celebrity and reality TV star in a photo shoot when she sees protesters marching. Removing her wig and makeup, Jenner joins the crowd and hands a baseball cap-wearing police officer a can of Pepsi, prompting him to smile while marchers cheer and hug. PepsiCo pulled a commercial featuring model Kendall Jenner after the ad prompted outrage and ridicule from those who said it trivialized rights protests and public unrest in the United States. The ad, released late on Tuesday, shows the fashion celebrity and reality TV star in a photo shoot when she sees protesters marching. Removing her wig and makeup, Jenner joins the crowd and hands a baseball cap-wearing police officer a can of Pepsi, prompting him to smile while marchers cheer and hug. "Pepsi was trying to project a global message of unity, peace and understanding," the company said in a statement. "Clearly we missed the mark, and we apologise.

Aditya Birla Nuvo up 3% on payments bank license; 

AB Money jumps 20% on heavy volumes Industrialist Kumar Mangalam Birla-owned Aditya Birla Nuvo and Idea Cellular own 51 percent and 49 percent stake in payments bank, respectively. Idea Cellular own 51 percent and 49 percent stake in payments bank, respectively. "The Reserve Bank of India vide its letter dated April 3, has granted license to Aditya Birla Idea Payments Bank to carry on the business of payments bank in India," Aditya Birla Nuvo said in its BSE filing. Aditya Birla Nuvo is a holding company for the group's businesses like telecom, textile, insurance, financial services while Aditya Birla Money provides stock broking, wealth management, online management and corporate treasury services.

Titan glitters on Dalal Street as management hints at strong performance in Q4

 The Tata Group firm told the exchanges that consumer sentiment and demand had recovered in the March quarter and sales traction was seen across all divisions Consumer sentiment as well as demand scenario have recovered "quite significantly" in the January-March quarter, the Tata group firm said. The company witnessed sales traction during the period across all divisions, including jewellery, watches and eyewear, and is expecting a good year ahead. "Consumer sentiment as well as demand scenario recovered quite significantly (post demonetisation) by the beginning of the fourth quarter of 2016-17 and sales were good for all divisions by varying degrees," the company said in a filing to the exchanges  the company's management also elaborated on cash transactions.

Demonetisation redux? With ATMs running dry, cash crunch hits parts of country

 Even today many states are facing a severe cash crunch as many ATMs are not dispensing cash and not enough currency notes available. Nearly five months have passed since Prime Minister Narendra Modi announced the historic demonetisation move and after a gradual pickup in the cash in circulation in the economy, it seems a liquidity crunch again seems to be taking hold in some parts of the country. Anecdotal reports from many states suggests that due to a combination of factors, people have been struggling to obtain adequate cash from either ATMs or bank accounts. The worst hit seem Andhra Pradesh and Telangana where many ATMs have run dry. People in Hyderabad have been left stranded as several ATMs across the country displayed a no-cash board a State Bank of India official said that the supply of currency from RBI was far less than the demand. RBI has been supplying Rs 50 crore daily, whereas the demand was Rs 250 crore 

Unitech MD arrested for allegedly duping investors 

"The accused, Ajay Chandra and Sanjya Chandra of Unitech, have been arrested for not developing a project, Anthea Floors, at Gurugram," a police officer said. Unitech MD arrested for allegedly duping investors" Delhi Police's Economic Offences Wing has arrested the Managing Director of and another person for allegedly not developing a project despite receiving funds from investors, police said. "The accused, Ajay Chandra and Sanjya Chandra of Unitech, have been arrested for not developing a project, Anthea Floors, at Gurugram," a police officer said "Ninety-one people have invested Rs 35 crore in the project. The probe into the case is being monitored by a trial court," the officer said. It is learnt that the investors had also approached the Delhi High Court in this regard 

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Arun Jaitley says India will grow at 7.2% in 2017 and 7.7% in 2018

 Finance Minister Arun Jaitley also said India would require USD 646 billion in next five years for modernising its infrastructure - from highways to urban infrastructure. India will grow at 7.2 percent this year and 7.7 percent in 2018, Finance Minister Arun Jaitley said on Saturday, striking a bullish note about the economy’s ability to quickly gather pace in the coming months. However, he cautioned that emerging markets face new challenges from growing protectionism and geopolitical tension. “Indian economy is expected to grow at 7.2 percent in 2017 and at the rate of 7.7 percent in 2018,” Jaitley said that at the second annual meeting of the New Development Bank (NDB), popularly called the BRICS Bank, in New Delhi. Jaitley also said India would require USD 646 billion in next five years for modernising its infrastructure—from highways to urban infrastructure. 

The commerce Commerce ministry to make changes in export schemes

GST ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said. The commerce ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said. Director General of Foreign Trade (DGFT) A K Bhalla also said that the ministry is currently undertaking the stakeholders' consultation for the mid-term review of the Foreign Trade Policy (FTP) "There is going to be certain changes (in the FTP)" due to the implementation of GST, he said here at the function of Federation of Indian Export Organisations (FIEO) here.

Panel to fast-track ramping up steel PSUs modernisation 

The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- SAIL and RINL. The government has set up a committee to suggest measures to fast-track the ramping up of modernisation of the steel sector public sector firms -- The panel is being chaired by Steel Secretary and has CMDs of SAIL and RINL as its members, a source privy to the development said. 

Sachin Tendulkar, Rekha must resign from RS if not interested, says

 MP Congress leader Rajiv Shukla today said the issue of low attendance of Sachin Tendulkar and Rekha in the House was being raised because they are celebrities. Congress leader Rajiv Shukla today said the issue of low attendance of Sachin Tendulkar and Rekha in the House was being raised because they are celebrities. "There are many members who do not come to the House but the issue of their absence is not being raised. Reason being, they are not celebrities. These two are celebrities, that is why people are raising the issue," Shukla told reporters outside the Parliament Earlier, SP leader Naresh Agarwal had raised questions over the low attendance of nominated members of Rajya Sabha, like cricketing icon Sachin Tendulkar and Bollywood actress Rekha, in the House. "I am not defending them but at the same time they cannot be forced to attend," Shukla said, adding that many members, including Agarwal, were not present yesterday during the voting on Finance Bill. 

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Arun Jaitley briefs MPs about GST bills introduced in Lok Sabha 

Jaitley told MPs that the passage of these bills, which were introduced in the Lower House yesterday, will result in one-nation one-tax regime, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting. Finance Minister Arun Jaitley today briefed lawmakers about the four GST bills introduced in Lok Sabha which will be taken up for consideration tomorrow. Jaitley told MPs that the passage of these bills, which were introduced in the Lower House yesterday, will result in one-nation one-tax regime, Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting The Finance Minister explained in detail the four bills--Central GST, Integrated GST, Union Territory GST and the Compensation Law--to MPs and how they would be beneficial to the common man. 

BHEL commissions another 250 mw eco-friendly unit in Gujarat" 

State-owned power equipment maker today said it has commissioned a 250-mw eco-friendly unit, using low grade coal (lignite) as primary fuel. The lignite-based thermal unit, based on circulating fluidised bed combustion (CFBC) technology, is the second such facility to be commissioned at Bhavnagar Energy Company's (BECL) 2x250 mw thermal power project at Padva in Bhavnagar district of Gujarat, a BHEL statement said. According to the statement, the first unit of the project was commissioned earlier in May 2016. The project is based on CFBC technology – an environment friendly one to utilise India's large resource of low grade, high moisture lignite. 

Arun Jaitley paves way for landmark tax reforms

 The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has undertaken since India's independence in 1947. India's finance minister Arun Jaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax (GST) in the lower house of parliament. The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has undertaken since India's independence in 1947. The tax reforms, which aim to unify most federal and state taxes, are expected to boost economic growth by about 0.5 percentage points in its first year of implementation.

BJP members in the Maharashtra Legislative Assembly today took 

Strong objection to inaction against government officials allegedly involved in irregularities in procurement of CCTV cameras and computers in Akola Zila Parishad. The issue came up in the Question Hour after BJP legislator Randhir Savarkar and others wondered how CCTV cameras procured by the Akola ZP for Rs 30,000 per piece could be bought by him for only Rs 5,000 He alleged a scam of Rs 30 lakh in the ZP. Rural Development Minister Pankaja Munde said she would again order an inquiry into the matter, to be completed in a month's time She also assured that if District Collector and other officials are involved, action would be taken against them. The minister said the Collector had earlier told her that there were no irregularities but she was not satisfied with the reply, and hence she was ordering a fresh probe.Savarkar demanded that if she was not satisfied with the Collector's priliminary probe, action should be taken against him. 

Govt has not accepted demands of Apple: 

Nirmala Sitharaman To a question in Rajya Sabha on whether the government has accepted most of the demands of the iphone manufacturer, Commerce and Industry Minister The government today said it has not accepted 'most of the demands' of iphone maker Apple which wants to set up manufacturing unit in India. To a question in Rajya Sabha on whether the government has accepted most of the demands of the iphone manufacturer, Commerce and Industry Minister Nirmala Sitharaman said: "No". Apple India has sought concessions including duty exemption on manufacturing and repair units, components, capital equipment and consumables for smartphone manufacturing and service/repair for a period of 15 years, she said in a written reply. In a communication to the government, the Cupertino-based technology major has asked for incentives from the Department of Revenue and Department of Electronics and Information Technology (DeITy). 

Innovation missing! Why smartphones desperately need a makeover 

Smartphones are not revolutionary in nature anymore. Every smartphone that you buy is primarily an upgrade There is no denying that the smartphone has become a necessity, but the truth is that the handheld device still remains an aspirational product largely in the Indian hinterland. Affordability and lack of technological know-how play a deterrent in the mass adoption of smartphones in rural areas. Today, the cost-effective and data-efficient 4G technology has penetrated Indian villages but mobile users are still happy to use 2G-capable feature phones. Smartphone manufacturers haven’t been able to woo users to make the switch. According to Counterpoint Research, 200 million 4G feature phones will be sold in India in next five years. Globally, more than 400 million feature phones were sold in 2016 and smartphone market growth slowed down 3 percent (YoY) — an indicator that smartphones segment growth may not be as it has been in the past “On one end, we are seeing rising growth of advanced 4G networks, 4G smartphones and data-centric 4G users but on the other end we have 2G voice networks, 2G feature phones and 2G voice-centric users delaying to upgrade to a 4G smartphone,” according to the market researcher. 

"4G ‘dumb’ phones are set to grow 5,000% this year and it could be a 

Blessing in disguise' for Apple With smartphone growth slowing, a boom in so-called 'dumb,' or feature, phones could be the next big thing in the sector, according to Counterpoint Research. In a statement published Tuesday, Counterpoint forecast that more than half a billion 4G capable feature phones will be shipped globally over the course of the next five years, and that demand for such models will grow more than 5,300 percent this year. Counterpoint describes the trend as a "big short-term opportunity" for the mobile industry. Counterpoint says that more than 400 million feature phones were sold globally in 2016, whereas smartphone growth slowed to 3 percent year on year. According to Counterpoint, there are 1.3 billion feature phone users globally, mostly from emerging markets in Asia and Africa. The polarization of economies and technology available means that in mobile phone terms, 2G and 4G networks are growing. 3G represents the squeezed middle sector of the market. Counterpoint suggests that cellphone operators want to drive this trend. 

Govt sets target to triple nuclear power generation by 2024"

 Nuclear power generation capacity in the country is expected to reach nearly 15,000 MW by 2024 as the government has expedited the process of setting up new plants, Lok Sabha was informed today. In 2014, India's nuclear power generation capacity was 4,780 MW. Minister of State for PMO Jitendra Singh said a number of steps have been taken by the Narendra Modi government to fast-track all ongoing nuclear projects and setting up of new plants in different parts of the country. "When we came to power in 2014, we had set a target of generating nuclear power by three time in 10 years and we hope to reach that target," he said during Question Hour. The Minister, however, said for generating targeted nuclear power, there has to be enough uranium available - both from domestic as well as foreign sources.

PM Modi to inaugurate India's longest road tunnel in J&K on April

 Prime Minister Narendra Modi will dedicate to the nation, India's longest road tunnel built on the Jammu-Srinagar National Highway, which will cut short the distance between Jammu and Srinagar by nearly 30 km. "The Prime Minister will inaugurate the Chenani-Nashri tunnel on JK highway on April 2," Union Minister of State in PMO, Jitendra Singh told PTI today Modi will also address a public rally after the dedication the tunnel project to the nation, he said. The work on the 9.2 km-long twin-tube tunnel, which is part of a 286-km-long four-lane project on the highway, started on May 23, 2011 in lower Himalayan mountain range, and cost Rs 3,720 crore, officials said. The tunnel, which is located at an elevation of 1200 meters, will be the first in India to be equipped with world class "integrated tunnel control system" through which ventilation, fire control, signals, communication and electrical systems will be automatically actuated. It will reduce the travel time between the two state capitals of Jammu and Srinagar by two-and-a-half hours. 

India jumps four positions on Human Development Index, moves to ‘medium’ category" 

India jumped four positions to rank at 131 out of 188 countries on the Human Development Index (HDI). With the move India is now classified in the ‘medium’ category, a significant improvement from ‘low’ category in the 1990s. Devised and launched in 1990, HDI is a statistic which ranks countries into four tiers of human development countries on the basis of indicators such as life expectancy, education, and per capita income. A higher lifespan, higher level of education, and higher GDP per capita results in a country scoring higher HDI. Norway holds the number one position on the list, a position it has held consistently since 2009 rankings, followed by countries such as Australia, Switzerland, Germany and Denmark. India, with an HDI value of 0.624, stood far behind its Asian peers such as Sri Lanka and the Maldives on the index. For India, unfortunately, regional disparities in education, health and living standards resulted in a 27 percent fall in HDI value from 0.624 to 0.454.

LS passes Railways appropriation bills" src 

The Lok Sabha today passed Railway Appropriation Bills and supplementary demands for grants for this year. The total proposed outlay for 2017-18 is Rs 131,000 crore which is an 8 percent increase from the 2016-17 budget estimates of Rs 1,21,000 crore. The Railways' revenue for 2017-18 is estimated at Rs 178,350 crore, recording a 9 percent increase from the revised estimates of 2016-17

SEBI mulling guidelines to review mutual fund

The Securities and Exchange Board of India is mulling a review of performance benchmark index for mutual fund schemes, sources told The country's markets regulator is considering a Total Returns Index for benchmarking equity mutual fund schemes. Currently, equity schemes are benchmarked against exchange provided indices Sensex and Nifty. According to sources, SEBI’s argument for bringing a new index is that while computing the net asset value of any scheme it takes into consideration the valuation of security plus and also needs to factor in the dividend or the corporate announcement. Say an equity scheme is benchmarked against the Nifty. Suppose the Nifty has given 8 percent and the scheme has delivered 10 percent return in one year. 

India to attract USD 4.2bn global investment:

 With India emerging as a preferred investment destination, the country is expected to witness nearly USD 4.2 billion new capital in the realty sector in 2017, says Cushman & Wakefield. With India emerging as a preferred investment destination, the country is expected to witness nearly USD 4.2 billion new capital in the realty sector in 2017, says Cushman & Wakefield. According to a report titled 'The Great Wall of Money' by the global consultant, new capital available for global real estate investment in 2017 is estimated at USD 435 billion, out of which India is expected to get nearly USD 4.2 billion. The report states that the total global wall of money in 2017 has fallen by 2 per cent compared to 2016's peak of USD 443 billion, but is the second highest figure recorded since 2009. "India's attractiveness as a global investment destination has strengthened on account of the country's political will to attract and protect investment growths. India's inclusion in the top investment destination is a testament of this confidence," Cushman Wakefield Managing Director, India Anshul Jain said.

"India, Russia to set up $1 bn fund to India and Russia are setting up a 

USD 1 billion fund to promote mutual investments in infrastructure and technology projects, Commerce and Industry Minister Nirmala Sitharaman has said. Both the countries would contribute USD 500 million to the fund, Sitharaman said while addressing India-Russia Business Forum at the ongoing International Engineering Sourcing Show (IESS) here yesterday. While the Russian funds would be channeled through Russian Direct Investment Fund (RDIF), Indian contribution will be accrued from National Investment and Infrastructure Fund. Sitharaman elaborated upon other measures being taken by Russia and India to scale up their economic engagement and to boost bilateral trade and investment. As part of these initiatives, the India Russia CEO Forum will hold its meeting this year at a mutually convenient date. The forum was constituted in St Petersburg in June 2016.Foreign Direct Investment (FDI) from Russia is estimated at USD 1.2 billion till date while Indian investment in Russia is around USD 4.9 billion. 

'Global tech and India's street-smartness an unbeatable combination'

 Digitisation will play a key role in removing hurdles that mar India’s education sector, according to Reliance Industries Chairman Mukesh “India can overcome the challenge of educational infrastructure by digitally delivering high quality education to schools colleges and universities across the country,” Ambani said at the India Today Conclave held in Mumbai on Saturday.delivered the keynote address on 'Why Technology Will Change India - The 21st Century Optimist'. In his remarks, he expressed confidence in fast-growing Indian economy stating that the day isn’t far when India we be the third-largest economy globally. Ambani highlighted much like Make in India, the country needs a ‘Keep in India’ initiative to move to retain talent. India’s street-smartness coupled with technology will be an unbeatable combination.

TN, Telangana, MP to issue UDAY bonds worth Rs 18,107 crore"

 Madhya Pradesh, Tamil Nadu and Telangana will issue UDAY bonds on a private placement basis to raise a total of Rs 18,107.93 crore. The scheme has been introduced by the government to bail out loss making power utilities. Break-up wise, Tamil Nadu will offer securities worth Rs 8,815 crore under the Ujjwal Discom Assurance Yojana (UDAY) scheme; Madhya Pradesh Rs 7,360 crore and Telangana Rs 1,932.93 crore. 

Unhappy with company's strategies, Uber President Jeff Jones steps down 

Ridesharing giant Uber took another hit with the departure of its president, Jeff Jones, after just six months, US media reported Sunday. Jones' departure comes after a series of difficulties at Uber, Recode and The Wall Street Journal reported. According to Recode, Jones had voiced dissatisfaction with the company's strategies. Reached by AFP, Uber would not conform the report as of late Sunday. "It is now clear, however, that the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber, and I can no longer continue as president of the ridesharing business," he said in a statement to Recode. Uber CEO Trevor Kalanick had asked for his resignation. 

Trump administration backs India's NSG bid 

The Donald Trump administration has finally endorsed India for a Nuclear Suppliers Group (NSG) membership alongwith two other export control groups namely Australia Group and Wassenar Group. The bid to make India a part of NSG was initiated by the Obama administration and a draft was circulated among the group members last year. A report in the Economic Times mentions that a US State Department official said that India is ready for NSG membership and also assured that US has not changed its stance on the matter under the new government. The remarks comes just ahead of the US Secretary of State Rex Tillerson’s visit to China, which has been India’s biggest hurdle in getting a seat in the exclusive club. However, it is unclear whether Tillerson will discuss the NSG during his trip. Despite numerous efforts on the government’s part and constant support from the former US President Barack Obama, China has opposed India becoming a part of NSG.

Oil extends gains as dollar and US inventories fall 

Brent crude oil was up 38 cents at $52.19 a barrel by 1050 GMT, recovering from Tuesday's slide to $50.25, its lowest level since November 30. Oil extends gains as dollar and US inventories fall" Oil prices rose for a second day on Thursday, supported by U.S. data showing crude inventories had dipped after rising for nine weeks and a weaker dollar after the U.S. Federal Reserve signalled it would not hike rates faster than expected. Brent crude oil was up 38 cents at $52.19 a barrel by 1050 GMT, recovering from Tuesday's slide to $50.25, its lowest level since November 30 when the Organization of the Petroleum Exporting Countries announced plans to cut supplies. U.S. light crude oil was up 37 cents at $49.23 a barrel, also climbing from a three-month low. The rebound has been cautious, with investors looking for evidence that OPEC-led supply cuts will bring a sustained drawdown in stockpiles since OPEC and non-OPEC producers began cutting back output on Jan. 1. "The dollar is weaker due to the U.S. Fed. I don’t think it is going to be enough to bring some follow-through buying to crude oil. We need something more substantial," said Olivier Jakob of Swiss consultancy Petromatrix.

Cong to move adjournment motion in Lok Sabha over govt formation

 Sources said that the leader of Congress in the lower house, Mallikarjun Kharge, along with some other party MPs, will move the motion while seeking to raise the issue and demand a discussion on it. The issue of government formation in Goa and Manipur is set to rock the Lok Sabha with the Congress deciding to move an adjournement motion today. Sources said that the leader of Congress in the lower house, Mallikarjun Kharge, along with some other party MPs, will move the motion while seeking to raise the issue and demand a discussion on it. The Congress has alleged that the BJP is moving against the law and precedent in forming their governments in Goa and Manipur, saying they are the single largest party in both states. In Goa, the Congress has 17 legislators followed by BJP with 13, Goa Forward Party and MGP with three each, three independents and NCP (one). The party has won 28 seats in Manipur while the BJP has secured 21. The NPP and the NPF have won four seats each, with the LJP and the Trinamool Congress bagging one seat each. 

Oil hovers near three-month lows as investors await data

 US West Texas Intermediate crude (WTI) edged down 3 cents to USD48.37 a barrel by 0026 GMT. The contract ended down 9 cents in the previous session after touching USD47.90, the lowest since the end of November. Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market. US West Texas Intermediate crude (WTI) edged down 3 cents to USD48.37 a barrel by 0026 GMT. The contract ended down 9 cents in the previous session after touching USD47.90, the lowest since the end of November.Brent crude futures were down 1 cent at USD51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as USD50.85. Prices fell sharply last week as investors worried that swelling US crude supplies would hinder OPEC's efforts to restrict output and reduce a global glut. 

Disappointed with performance, time to introspect: AAP 

 The AAP today said it is disappointed with its performance in Punjab and Goa and will introspect on the reasons behind it. The AAP today said it is disappointed with its performance in Punjab and Goa and will introspect on the reasons behind it. As per the counting trends, the party was not doing well in Punjab, where it was seen as an alternative to the Akalis and the Congress, and Goa, where it hoped to put up a spirited fight. "We are disappointed with the results. We will introspect on the reasons behind the (poor) performance," senior AAP leader Ashutosh said. AAP leader and Delhi minister Kapil Mishra said the party had not expected such results in Punjab and Goa.