Today's Hot Stories - May 04, 2013
10 Headlines for Today
(1) Rail bribery case: Bansal distances himself from nephew
(2) PILs against major irrigation project in Mumbai: HC seeks Centre's reply
(3) US to tighten border checks on foreign students
(4) Infosys loses number of sales people in US
(5) Rs.100 crore found in Saradha Group chief's 254 accounts
(6) Qatar group to buy 5% in Airtel
(7) Top seed Ferrer in Portugal Open semis
(8) Golf: Phil Mickelson seizes Quail Hollow lead
(9) Hockey: Haryana win 3rd Women National C'ship
(10) For third time in a row, a woman tops UPSC exam
5 Stories for Today
(1) House panel seeks statutory backing for CBI
(2) Cameron spooked by party of ‘fruitcakes’ and ‘loonies’
(3) TV broadcasters bleed money in ad blackouts over billing
(4) U.S. employers add 165,000 jobs
(5) Moody's sees India's sovereign outlook stable, pegs GDP growth at 6%
(1) House panel seeks statutory backing for CBI
At the time when the government is accused of interfering in the CBI's functioning by virtue of its administrative control over the agency, a parliamentary panel on Friday suggested enactment of a separate law or amendment in the existing "archaic" Delhi Special Police Establishment Act to give CBI "statutory backing".
The panel - parliamentary standing committee on ministry of personnel, public grievances and pensions — said that the Delhi Special Police Establishment (DSPE) Act, governing the CBI, was "grossly inadequate", and asked the ministry to either make changes in it or enact a new law.
"The committee reiterates its recommendation made in its 56th report that in the event of enacting a fresh statute for CBI not found to be feasible, requisite amendments may be made in the DSPE Act," it said in the report tabled in Parliament on Friday.
The committee in its earlier report on demands for grants had recommended legislation on the lines of the National Investigation Agency Act, 2008, so that the CBI can probe corruption cases throughout the country without the states' consent.
The standing committee in its report also expressed unhappiness over large number of vacancies in the CBI and suggested the investigating agency to have its own cadre of officials to fill up vacant posts. As many as 831 posts at different levels were lying vacant in the CBI, according to a data updated till December 31, 2012. The total sanctioned strength of CBI is 6,586.
The vacancies existed in the ranks of special or additional director, joint director, deputy inspector general of police, superintendent of police, additional superintendent of police, deputy superintendent of police, inspector, sub- inspector, assistant sub-inspector and head constable.
The posts of 54 Law Officers and 94 Technical Officers at various levels were also lying vacant.
"The committee wishes to drive home the point that a premier investigating agency such as CBI should have an independent and proficient departmental cadre of its own, rather than being dependent on the States and other organisations to spare their officers or personnel for deputation in CBI," the report said.
Taking into account the sensitive nature of the cases dealt by the CBI, the Committee also advocated the need for full-fledged forensic labs at the agency's disposal.
Source: The Times of India
(2) Cameron spooked by party of ‘fruitcakes’ and ‘loonies’
Britain’s political landscape was set for a big shake-up on Friday after the ruling Tory-Liberal Democrat coalition and the opposition Labour party were routed in local elections by an upstart United Kingdom Independence Party (UKIP) in a massive protest vote against the national political establishment.
The Labour, however, had the satisfaction of retaining its parliamentary seat vacated by former Foreign Secretary David Cameron who stepped down recently to take up a job in America.
The anti-immigrant and Europhobic UKIP, which Prime Minister David Cameron once contemptuously dismissed as a party of “fruitcakes, loonies and closet racists”, declared itself the “official opposition” after making stunning electoral gains at the expense of all the three main parties, but mostly the Tories and the Liberal Democrats.
UKIP’s feisty leader Nigel Farage said the results revealed a “total disconnect” between the mainstream national parties and ordinary people on the streets.
“UKIP is actually speaking the language of millions of ordinary voters,” he said.
“We’ve been abused by everybody, attacked by the entire establishment who did their best to stop ordinary decent people going out and voting UKIP, and they have done in big, big numbers,” he told Sky News.
As results for elections to 27 English county councils were announced, with the Tories losing some of their supposedly safest strongholds ahead of the next general elections barely two years away, Mr. Cameron tried to put up a brave front saying voters liked to punish governing parties between elections.
But the party chairman Grant Shapps was more contrite.
“We hear the message, we get it, we understand what people are saying,” he said.
Labour admitted it was a “wake-up call”.
“We should listen very seriously if people are feeling disaffected and disenchanted,” said its deputy leader, Harriet Harman.
Keywords: Britain politics, U.K. local elections, David Cameron, Conservative Party, United Kingdom Independence Party, UKIP, Labour Party, Liberal Democrats
Source: The Hindu
(3) TV broadcasters bleed money in ad blackouts over billing
A spat between the television channels and advertising agencies over billing practices has turned costlier for the broadcasters as they may loose up to Rs. 20-25 crore everyday for taking the commercials off the air. "Broadcasters may lose Rs. 20-25 crore per day, which means over Rs.100 crore if tiff continues for next five days," said a senior executive from Multi Screen Media, which runs Sony Entertainment.
Broadcasters have blacked out commercials since Wednesday in protest against a new billing method but are carrying ads for agencies that have agreed to move to the new 'net' billing method.
Earlier, broadcasters used to issue gross bills to the advertising agencies for TV commercials. These bills included a 15% charge, which was later deducted from the gross amount.
In recent assessments, the income tax (IT) department has taken a view that the 15% trade discount given by broadcasters is actually an agency commission.
I-T department has issued notices to Indian Broadcasting Foundation (IBF) members for non-payment of tax deducted at source on this 15% agency commission.
To avoid unnecessary litigation, the IBF then decided to issue net bills, which was not accepted by media agencies.
Major networks such as Star India, TV18, Viacom18, Zee Entertainment Enterprises, Sony Entertainment, Times Television Network, and ETV have joined hands to drop advertisements.
"Broadcasters are losing revenue every minute. This will hurt the finances badly," said Ashok Venkatramani, CEO, Media Content and Communications Services, a venture by ABP Ltd.
But in or a longer term, the new billing system will hit hard the revenues of media agencies as well. The commission rate is expected to dip from 15% to 3% and further down.
"Also, the proposed tax system will make clients more dominant over media agencies as they will negotiate on the percentage of commissions," said Santosh Sood, former COO, Rediffusion Y&R, an ad firm.
However, efforts are on to end the standoff.
"Discussions are on. And hopefully, we will find a solution soon," said Arvind Sharma, president, Advertising Agencies Association of India.
Source: Hindustan Times
(4) U.S. employers add 165,000 jobs
U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than first thought. The gains trimmed the unemployment rate to a four-year low of 7.5 per cent.
The Labor Department report showed the job market was improving despite higher taxes and government spending cuts.
In addition to the April gains, the government said employers added 138,000 jobs in March and 332,000 in February. That’s 114,000 more over the two months.
The economy has created an average of 208,000 jobs a month from November through April.
That’s above the 138,000 added in the previous six months.
Source: The EconomicTimes
(5) Moody's sees India's sovereign outlook stable, pegs GDP growth at 6%
Global rating agency Moody's has said India's sovereign outlook is stable and does not warrant any action on the country's credit rating in the next 12-18 months.
"We feel the outlook (on India) is stable. We do not see ratings movement up or down in the next 12-18 months," Moody's Sovereign Ratings VP and lead analyst (India) Atsi Sheth said on the sidelines of ADB annual meet here.
Sheth said Moody's has already incorporated the possibility of an improvement in India's growth in its current rating outlook.
In January, Moody's had reaffirmed sovereign credit rating of India at 'Baa3', which indicates investment grade, with a stable outlook. It had, however, cautioned that a high fiscal deficit could pull down the growth in the coming years.
"We expect the downturn will be extended if that is what the world is going through right now. But we do expect that as conditions globally improve, if the domestic situation improves, growth too will see an upward trajectory," Sheth said.
Moody's representatives are slated to meet the Finance Ministry officials next week, where the ministry would be pitching for a ratings upgrade.
Moody's expects Indian economy to grow by 6 per cent in 2013-14. In 2012-13, the economic growth is estimated to have slowed to a decade low of 5 per cent.
Finance Minister P Chidambaram has pegged fiscal deficit for this fiscal at 4.8 per cent, lower than 5.2 per cent in the last financial year.
There are concerns on Current Account Deficit (CAD) which has touched a record high of 6.7 per cent in the December quarter of 2012-13. For the entire fiscal, CAD is likely to be around 5 per cent.
Despite global uncertainty, the Finance Minister expects the economic growth to be over 6 per cent in the current fiscal. To boost growth, the government has taken several measures in the recent past, including liberalising FDI norms in various sectors like multi-brand retail and aviation.
Besides, it has also set up Cabinet Committee on Investment to accord fast-track clearances to large projects. The CCI has cleared projects worth over USD 27 billion in the past four months.
Source: The Indian Express
Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.
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