Today's Hot Stories - February 28, 2014 - PT education

Today's Hot Stories - February 28, 2014

10 Headlines for Today

(1) Sahara chief Subrata Roy arrested in Lucknow
(2) AAP not different from other parties: Hazare
(3) 52 people killed in blasts in Iraq
(4) Moily: IOC stake sale priced at 10 per cent discount
(5) Sahara Housingfina falls over 4 per cent as Subrata Roy surrenders
(6) Bitcoin owners find safe place for digital currency: on paper
(7) Akmal’s gritty knock bails out Pakistan
(8) National basketball: Pratham does the star turn for TN
(9) Djokovic, Federer and Kohlschreiber in semifinals
(10) 39 cockroach species discovered in US, Mexico

5 Stories for Today

(1) Rajiv Gandhi Assassination: It’s of our making; we’ll solve it in a week: CJI Sathasivam
(2) Improve human rights, stop harassing activists, outgoing top US envoy tells China
(3) Centre excludes political funding from CSR ambit
(4) eBay leads Rs.830 crore fund infusion in Snapdeal
(5) Narendra Modi 'abandons' Indian traders, backbone of Bharatiya Janata Party 'vote

(1) Rajiv Gandhi Assassination: It’s of our making; we’ll solve it in a week: CJI Sathasivam


Chief Justice of India P. Sathasivam on Thursday indicated that the issue of release of the seven convicts in the Rajiv Gandhi assassination case would be solved within a week.

The CJI, who heads a three-judge Bench hearing the Centre’s writ petition to stop their release, told senior counsel Rakesh Dwivedi, appearing for the Tamil Nadu government: “We are responsible for this problem. We will solve it within a week.”

“In our judgment, we could have simply said we are commuting the death sentence to life sentence. We need not have observed anything on remission; we did it only for clarity, subject to the appropriate government following the due procedure. Do you know [that] under the procedure, the convict will have to make a request and the State government will have to seek a report from the trial court concerned and thereafter take a decision?” the CJI asked.

The court said: “Every State must be aware of the procedure. Which is the appropriate government for taking decisions, for all these things, we will lay down guidelines. We will take up maintainability first.”

The Centre said the Tamil Nadu government was not the appropriate government to consider the issue of remission as mandated under Section 435 of the Criminal Procedure Code.

The powers of the State government had been taken away as the case was investigated by the CBI and the offences came under the Central List such as the Arms Act, the Explosive Substances Act, the Foreigners Act, the Wireless Telegraphy Act and the Passport Act. There was no occasion for the State government to consider grant of remission to the seven convicts, the petition said.

The Centre said the assassination was one of the gravest cases, with the brutal killing of the former Prime Minister and injuries to several others.

At no point of time did the seven convicts express any remorse for their act, and the consideration of remission was passed by the State government without regard to the Cr.PC provisions, the petition said. Stating that this was not a fit case for granting remission, the Centre sought quashing of the February 19 Tamil Nadu order.

Source: The Hindu

(2) Improve human rights, stop harassing activists, outgoing top US envoy tells China


Urging Beijing to improve its human rights track record, outgoing US Ambassador Gary Locke on Thursday said that rights were universal values that represented more than economic growth.

Locke said China had experienced great prosperity and improvement in the quality and standard of life but had to improve its record in the area of human rights.

“But human rights is more than economic prosperity and the economic conditions of people, but also fundamental universal rights – freedom of speech, freedom of assembly, the ability to practice one’s own religion,” Locke was quoted by agencies having told journalists at the US embassy on Thursday.

The first Chinese-American to hold the top US envoy post, Locke is the son of Chinese emigrants from southern China.Senator Max Baucus has been appointed to replace him.

Referring to the recent cases of arrests of activists and harassment of journalists, Locke said the US was concerned about the detention of those engaged in peaceful advocacy.

“We’re very concerned about a recent increase in arrests of activists and journalists ... and we very much are concerned about the arrests and detentions of people who are engaged in peaceful advocacy,” he said.

On the issue of the ongoing China-Japan dispute, he urged Beijing to ease tension in the region before it leads to serious if unintended consequence.

“The last thing we need is some unintended incident that leads to unintended consequences, very severe consequences,” Locke said, adding that it was important that both sides lower the temperature and focus on diplomacy.

The US, he said, has not taken any side in the territorial dispute that flared in 2012 over a group of uninhabited islets in the East China Sea.

Locke’s remarks are not likely to please Beijing.

On Wednesday, at an address at the American Centre here, he said that Washington was “deeply concerned over a recent pattern of harassment, arrests and prosecutions of good government advocates, of public interest lawyers, of activists, internet journalists, religious leaders, and others in China.”

Locke’s tenure, which began in the middle of 2011, had its share of dramatic and delicate diplomatic moments including the episode of the former police chief of Chongqing city, Wang Lijun – who was once the close aide of jailed Communist leader Bo Xilai -- taking refuge at the US consulate in Chengdu in south-west China in 2012.

It was followed by blind activist Chen Guangcheng escaping from house arrest in eastern China to take shelter the US embassy in Beijing.

Source: Hindustan Times

(3) Centre excludes political funding from CSR ambit


The new CSR rules, which would come into effect from April 1, 2014, mandate companies to spend at least 2% of their three-year average annual profit on social welfare activities.

The much-awaited rules for the new ‘corporate social responsibility’ (CSR) regime were notified on Thursday, under which companies with sizable businesses would need to spend a minimum 2 per cent of net profit for the benefit of the society.

The CSR activities will have to be within India, and the new rules will also apply to foreign companies registered here.

However, funds given to political parties and the money spent for the benefit of the company’s own employees (and their families) will not count as CSR.

Listing out the permitted CSR activities, the government said that they needed to be undertaken as per approval of the company’s board in accordance with its CSR Policy and the decision of its CSR Committee.

The CSR rules will take effect from April 1, as part of the new Companies Act. They will apply to companies with at least Rs 5 crore net profit, or Rs.1,000 crore turnover or Rs.500 crore net worth.

Such companies will need to spend 2 per cent of their three-year average annual net profit on CSR activities in each financial year, beginning the next fiscal, 2014-15.

For the purpose of deciding the CSR spending eligibility of a company, profit from overseas branches and dividend received from other companies in India will be excluded from the net profit criteria.

Besides, contributions made ‘directly or indirectly’ to any political party have been excluded from CSR ambit.

The CSR policy of a company should also specify that “surplus arising out of the CSR projects or programmes or activities shall not form part of the business profit of a company.’’

A company can also carry out CSR works through a registered trust or society or a separate company.

As per the rules, a company may also collaborate with other companies for CSR activities, provided they have to separately report about spending on such projects programmes.

“The CSR activities shall be undertaken by the company, as per its stated CSR policy, as projects or programmes or activities (either new or ongoing), excluding activities undertaken in pursuance of its normal course of business”, according to the notification by the Corporate Affairs Ministry.

In an official release, Corporate Affairs Minister Sachin Pilot said the rules had been finalised after extensive consultations with all stakeholders.

A wide range of activities, including livelihood enhancement projects and steps for the benefit of armed forces veterans have been brought under the CSR ambit.

When it comes to having manpower for CSR works, the government has said that companies can spend only up to 5 per cent of total CSR expenditure for them in a single financial year.

This would be applicable for own personnel as well as those of their implementing agencies.

Among other activities, livelihood enhancement and rural development projects, promoting preventive health care and sanitation as well as making safe drinking water available would be considered as CSR activities.

Source: The Economic Times

(4) eBay leads Rs.830 crore fund infusion in Snapdeal


One of the world's largest digital marketplaces eBay Inc is leading a $134 million (Rs 830 crore) investment in Snapdeal in a deal that suggests investor appetite for the potential winners in Indian e-commerce remains intact.

The domestic online retailers such as Flipkart, Myntra, Jabong and Snapdeal have raised more than $600 million in the past nine months. The leaders are getting a bump up while laggards are falling out of the race even as domestic online shopping is expanding at over 80% annually.

India's e-commerce market, excluding online travel, is estimated at $3 billion. The country's internet users have swelled to 200 million with over 20 million of them transacting online. eBay is investing $100 million and the rest $34 million coming from smaller existing investors like Nexus Venture Partners, Kalaari Capital, Bessemer Venture Partners and Intel Capital.

TOI was the first to report about eBay leading an large investment round for the Delhi-based Snapdeal on October 17 last year. eBay had initially picked up just under 10% stake in the company 15 months ago. With the latest deal, eBay's shareholding in Snapdeal rises to about 20%, sources privy to the matter told TOI.

The just concluded fund-raise has valued Jasper Infotech, which runs Snapdeal, at about $1 billion. Rival Flipkart raised $360 million in two tranches last year attracting $1.5 billion valuation.

Devin Wenig, president, eBay Marketplaces, tweeted post the announcement: "We are excited to grow eBay India under a great management team, and to invest in the complimentary marketplace Snapdeal." Founded by Wharton alumnus Kunal Bahl and IIT-Delhi graduate Rohit Bansal in 2010, Snapdeal moved from being a daily deals site modelled on the likes of Groupon to an online marketplace for products in 2012.

"We see eBay's second round of investment in Snapdeal as an endorsement of our strategy and progress," Snapdeal Co-founder and CEO Bahl said. Snapdeal which competes head on with Bangalore-based Flipkart has recently diversified in to offering services by launching an education marketplace and expects 20% of its revenue to come from services commerce over the next couple of years.

A decade long economic buoyancy and changing lifestyles of a large demography makes India one of the last potentially big frontiers for global giants like eBay. The world's biggest e-commerce engine Amazon has made quiet moves in the domestic market and step up aggression, including buyouts, once regulations allow foreign direct investment into online retailing.

The announcement today was in the making for long and comes in the backdrop of a shareholder controversy with Wall Street investor Carl Icahn, who holds a 2% stake eBay, is pushing for two board seats along with spinning off the money making PayPal.

eBay has had India operations since 2004 when it acquired Baazee.com. "Phase one of Indian e-commece is coming to an end as finalists have emerged and have to fight it out to be the winners. This phase was fraught with mistakes made by all players. Now, in phase two, the real value creation and realization for investors will depend on how well these companies execute going forward," said Baazee co-founder Avnish Bajaj, who went on to start operations for Matrix Partners in India.

"The penetration of e-commerce as a percentage of retail is low which is attracting players like Amazon and eBay to participate in the India's e-commerce story. It's also a vindication of the fact that internet infrastructure, which hitherto was spotty, is coming of age," said Sanjeev Aggarwal, senior managing director, Helion Advisors. "I think investors had a big belief in the potential of e-commerce which outweighs the scepticism previously attached to the sector," Prashanth Prakash, Partner at Accel Partners, an investor in Flipkart, added.

Source: The Times of India

(5) Narendra Modi 'abandons' Indian traders, backbone of Bharatiya Janata Party 'vote


Narendra Modi, Bharatiya Janata Party's prime ministerial candidate, told small traders at a rally they have to accept the presence of large retail chains instead of “running away” from the challenges posed by them.

Traders are traditionally considered to be the 'backbone' of the Bharatiya Janata Party''s 'vote bank'.

The Gujarat chief minister Narendra Modi's comment is the first clear statement in favour of big retail and e-commerce from the party that has publicly opposed foreign direct investment (FDI), especially in multi-brand retail.

“There is no need to fear global challenges, try to convert the situation into an opportunity. Make the most of this situation. We are a powerful nation and have taken a lead in information technology. This is the age of online marketing, accept modern science and make use of it,” Modi said.

Modi surprised small traders with his inaugural speech at the Traders National Convention as they have expressed fears of being swamped by organised retail and had expected Modi to highlight those concerns.

While Modi made no direct mention of FDI in any of his three speeches in Delhi Thursday, he said his party supports the roll-out of national Goods and Services tax, a major demand from industry for the next Central government.

Instead, he said small traders must learn to build brands and go online, creating virtual malls to take on large and multinational retailers. “Customers from even small towns are now going for branded stuff. They are going to malls to buy them. Small traders can build a virtual mall by getting into agreements with brands. You can have a virtual mall in small shops at the click of a button,” he said.

Just weeks ago, Rajasthan’s BJP government became the second state after Delhi to roll back the permission given to foreign direct investment of up to 50 per cent in multi-brand retail. Other BJP ruled states have not permitted such FDI and analysts said Modi’s views could force a rethink.

Global retailers such as Walmart, Tesco and Carrefour who had shown interest in India have since gone slow on their plans while even single-brand retailers such as Ikea have decided to pause despite getting all clearances.

Modi’s statements were lapped by big retailers.

“This looks like a strategic direction which is being set ahead of the elections and it’s a very welcome one. These comments and clarity will help everyone in the industry and foreign players to take decisions,” Kishore Biyani, CEO of Future Group, told The Indian Express.

Modi used the three different platforms to give some indicators of the economic policies the BJP could follow if elected to power.

“In the last 10 years we have lost out...We talk about fiscal deficit but we have governance deficit, deficit of vibrancy in democratic institutions, ease of doing business deficit, security deficit,” he said at the India Economic Convention.

“We need to restore the faith of common people. We don’t have direction, dedication and determination. Bad governance is like diabetes. More than policies we need governance...What we need is a complete overhaul of the departmental system. Laws should be made simple,” he said.

Economic decisions, Modi said, should not be taken under the influence of politics. “If the purpose for which the government has been constituted isn’t served, there is no point in running the government,” he said.

Modi said GST introduction was delayed as the Centre had not been able to prepare for it and had not listened sympathetically to the states.

“I have met the finance minister and told him if the IT backbone is not created GST cannot come through,” Modi said, without specifying why Gujarat has been opposing the Bill despite the Centre’s compensation offer.

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.

Today's Hot Stories - February 27, 2014 - PT education

Today's Hot Stories - February 27, 2014

10 Headlines for Today

(1) Army jawan shoots dead 5 colleagues in J&K, kills self
(2) Rajiv Gandhi assassination case: SC stays release of 4 convicts
(3) Armed men seize 'govt buildings in Ukraine’s Crimea'
(4) Infy staff to get 5-7% hike; expect more change: Murthy
(5) Modi woos traders, advocates need to boost online trade
(6) Australian carrier Qantas to axe 5,000 jobs
(7) Kohli leads India to massive 6-wkt win
(8) Badminton: Prannoy stuns Kashyap in German Open
(9) Federer pushed to the limit by Stepanek
(10) Algae a viable source to produce cheaper biofuel

5 Stories for Today

(1) INS Sindhuratna docked in Mumbai
(2) US attorney probes Mt. Gox, bitcoin businesses
(3) Govt's austerity measure bleeds Air India
(4) Shift to mobile Internet hits Baidu profit
(5) Agriculture dependent population in India grew by whopping 50 per cent

(1) INS Sindhuratna docked in Mumbai


INS Sindhuratna, which suffered a mishap on Wednesday morning after heavy smoke filled one of its compartments, reached the Mumbai harbour on Thursday morning.

The Russian-made Kilo class submarine was forced to surface after the accident. The submarine was on a routine exercise when smoke engulfed it leading to the accident, Navy sources said.

"The Indian Naval Submarine Sindhuratna returned to harbour on the morning of 27 February. Search for two missing crew members is continuing and every effort is underway to locate them," the Navy press release on Thursday read.

Navy sources told The Hindu that the two Naval officers, who are still missing, might be inside one of the compartments of Sindhuratna and search operations are underway but as time passes, the chances of their survival becomes bleak.

'Condition of rescused sailors stable'

Meanwhile, the condition of the injured personnel, who had inhaled smoke and were airlifted to the naval hospital INS Ashwini, is reported to be stable.

INS Sindhuratna was at sea off Mumbai for routine training and workup (inspection) in the early hours of Wednesday when smoke was reported in the sailors’ accommodation, in compartment number three, by the submarine.

“Two officicers are unaccounted for. They might have been left in the cabin or at some other place as various cabins and compartments are isolated as part of the emergency measures,” Navy officials had said.

Hours after the mishap and in the wake of a spate of accidents involving the Naval warships in the recent past, Navy Chief Admiral D K Joshi had resigned on Wednesday taking moral responsibility.

Source: The Hindu

(2) US attorney probes Mt. Gox, bitcoin businesses


Manhattan attorney Preet Bharara has sent subpoenas to Mt. Gox, other bitcoin exchanges, and businesses that deal in bitcoin to seek information on how they handled recent cyber attacks, a source familiar with the probe said on Wednesday.

In the attacks — known as distributed denial of service attacks — hackers overwhelmed bitcoin exchanges by sending thousands of phantom transactions. At least three exchanges were forced to halt withdrawals of bitcoins on February 7, including Mt. Gox, which was the largest at the time.

Mt. Gox never resumed service before going dormant on Tuesday, leaving customers unable to recover their funds. The Tokyo-based company's chief executive, Mark Karpeles, said earlier on Wednesday that he is working with others to solve the problems.

"As there is a lot of speculation regarding Mt Gox and its future, I would like to use this opportunity to reassure everyone that I am still in Japan, and working very hard with the support of different parties to find a solution to our recent issues," Karpeles said in a statement posted on the Mt. Gox website.

A spokesman for Bharara declined to comment.

Bitcoin, a form of electronic money independent of traditional banking, relies on a network of computers that solve complex mathematical problems as part of a process that verifies and permanently records the details of every bitcoin transaction that is made. At current prices, the bitcoin market is worth about $7 billion.

Investors deposit their bitcoins in digital wallets at specific exchanges, so the Mt. Gox shutdown is similar to a bank closing its doors — people cannot retrieve their funds.

While proponents of bitcoin hail its anonymity and lack of ties to traditional banking, regulators have become increasingly interested in the digital currency due to its usage by criminal elements and its volatile nature.

It has been a rough month for bitcoin investors, with cyber attacks on several exchanges, a sharp fall in bitcoin's value, and rising pressure from regulators. Bitcoin's price varies by exchange, but the losses were most dramatic on Mt. Gox, where it fell to about $135 from $828.99 before February 7.

"Mt Gox has been broken and it was obvious there was something really bad going on there for nearly a year. They were processing withdrawals very slowly and generally being very opaque about what was going on there," said Mike Hearn, a bitcoin developer in Zurich, Switzerland.

A second source familiar with the case said US federal law enforcement is investigating Mt. Gox. A third source said the US Federal Bureau of Investigation was monitoring the situation.

Japan's finance ministry and police are also looking into the abrupt closure of Mt. Gox, according to the Japanese government's top spokesman.

Malleability

Bitcoin has gained increasing acceptance as a method of payment and has attracted a number of prominent venture capital investors, including Andreessen Horowitz and Union Square Ventures.

The digital currency has also caught the eye of hackers. The recent cyber attacks exploited a process used by some bitcoin exchanges that introduced "malleability" into the code governing transactions, experts said.

Simply put, this allowed hackers to slightly alter the details of codes to create thousands of copies of transactions. These copies slowed the exchanges to a crawl, forcing them to independently verify each transaction to determine what was real and what was fake.

A document circulating on the Internet purporting to be a crisis plan for Mt. Gox, said more than 744,000 bitcoins were "missing due to malleability-related theft," and noted Mt. Gox had $174 million in liabilities against $32.75 million in assets. It was not possible to verify the document.

If accurate, that would mean approximately 6 percent of the 12.4 million bitcoins minted would be considered missing.

Developers are working on fixes to bitcoin's software to guard against cyber attacks, though many larger service providers have already implemented such changes, according to Gregory Maxwell, one of the bitcoin software's core developers.

He said some malleability in the software protocol was necessary — for example, in transactions where multiple people can put in money, but the transaction is not valid until enough funds are contributed.

"None of these fixes are especially complicated, but because the correctness of the software is important we use a conservative release process that avoids rushing anything out," Maxwell said, adding that the bulk of the recent work on the software is being done by four people.

Bitstamp

Jacob Dienelt, who trades bitcoins and sells paper bitcoin wallets, said people he knows in the bitcoin community in New York stopped using Mt. Gox when the exchange halted dollar withdrawals several months ago and said all withdrawals had to be in bitcoin. Dienelt said has not been subpoenaed.

With Mt. Gox's shutdown, Bitstamp has handled the most volume in the last two days, with more than 165,000 US dollar transactions, according to Bitcoincharts.

Bitstamp had temporarily halted customer withdrawals earlier this month, citing "inconsistent results" and blaming a denial-of-service attack.

The price of bitcoin was lately at $588 on Bitstamp, up about 7% on the day.

"Right now is a sweet buying opportunity. I don't think you're going to see bitcoin go this low for awhile — if ever again," said Jordan Kelley, chief executive of Robocoin, which launched the world's first Bitcoin ATM in Vancouver, Canada, in the fall. "The more that bitcoin is on the front pages, the more that people are discussing it and educating one another, the better for the currency."

Kelley said Robocoin has not been subpoenaed in the US regulatory probe; nor has New York-based exchange Coinsetter, according to a spokesperson.

Bitstamp did not respond to requests for comment.

Source: The Times of India

(3) Govt's austerity measure bleeds Air India


Government's austerity measures are punching a hole in the 'Maharaja's' pocket. Air India has urged the Centre to restore business class travel for officials of the rank of joint secretary and above, complaining that 'compulsory' economy class travel for them is hurting the revenues of the national carrier.

Last September, the finance ministry issued cost—cutting measures barring senior officials from travelling business or first class on domestic tours.

It seems the government did not realize that Air India is heavily dependent on government use of its services for revenues as officials have instructions to prefer the national carrier while on work.

Barely five months after the finance ministry's diktat, chairman and managing director of Air India Rohit Nandan has written to the government to reverse the order.

"It is requested that the matter may kindly be taken up with the department of expenditure, finance ministry, for restoration of business and first class travel to the senior officials of the government at the earliest so that the loss of revenue on this account to Air India could be minimized," Nandan wrote to Prabhat Kumar, joint secretary, civil aviation.

Air India has argued that the bar on business class travel hurts its serious attempts to make the high—end travel more appealing. Nandan said the carrier has created "huge capacities" in first and business class by inducting new aircraft including B—787 Dreamliner in its fleet. The capacities have been added "to achieve higher seat utilization than from the present achievement of 50—55%", Nandan said.

The revenue hit that the national airline seems to be taking just part of the drama involving the bar on business travel for senior bureaucrats.

The officialdom has been seething over the finance ministry's diktat since it was issued. Officials claim economy travel causes great deal of discomfort for those headed for meetings apart from consuming additional time at the airports. A senior bureaucrat claimed there has been a dip in official travel since the austerity measures kicked in.

Source: The Economic Times

(4) Shift to mobile Internet hits Baidu profit


Baidu Inc., which operates China’s leading search engine, said on Thursday its quarterly profit edged down 0.4 percent as it spent heavily to promote mobile services amid an industry wide scramble to keep up with users who increasingly surf the Web on smartphones.

Baidu earned 2.8 billion yuan ($459.9 million) in the three months ending Dec. 31, the Beijing-based company announced. Revenue rose 50.3 percent compared with a year earlier to 9.5 billion yuan ($1.6 billion).

Marketing and administrative costs surged 135 per cent, which the company said was due to higher spending to promote mobile services. Research and development spending jumped 80 per cent.

Baidu and rivals are spending heavily to attract users who are migrating rapidly to surfing the Web on smartphones, tablet computers and other wireless devices.

China has the world’s biggest Internet market, with 618 million people online at the end of 2013, according to an industry group, the China Internet Network Information Centre. That included some 500 million people or more than 80 percent of the total who go online wirelessly.

Mobile accounted for more than 20 percent of Baidu’s quarterly revenue, according to chairman Robin Li.

“Our efforts to drive mobile adoption among customers gained significant traction throughout the year,” said Mr. Li in a statement. “Building out our platform to capture the huge opportunities ahead remains our focus for 2014.”

Baidu’s market share in traditional personal computer-based search is more than 80 percent. But in mobile it faces intense competition from companies such as Qihoo 360.

Baidu has expanded into music downloads, online video and other services. In July, it announced the acquisition of a smartphone apps distributor, 91 Wireless, for $1.9 billion.

Baidu’s latest revenue growth “suggests some of the heavy investment is starting to yield some returns,” said Barclays analyst Alicia Yap in a report.

For the full year, profit edged up 0.6 percent over 2012 to 10.5 billion yuan ($1.7 billion). Revenue rose 43.2 percent to 31.9 billion yuan ($5.3 billion).

Source: Hindustan Times

(5) Agriculture dependent population in India grew by whopping 50 per cent


Agricultural population of India grew by a whopping 50 per cent between 1980 and 2011, the highest for any country during this period, followed by China with 33 per cent, while that of the United States dropped by 37 per cent as a result of large scale mechanisation, a latest report has said.

"Between 1980 and 2011, the economically active agricultural populations of China and India grew by 33 and 50 per cent, respectively, due to overall population growth," the Worldwatch Institute said in its report yesterday.

"The economically active agricultural population of the United States, on the other hand, declined by 37 per cent as a result of large-scale mechanisation, improved crop varieties, fertilisers, pesticides, and federal subsidies--all of which contributed to economies of scale and consolidation in US agriculture," it said.

The global agricultural population--defined as individuals dependent on agriculture, hunting, fishing, and forestry for their livelihood--accounted for over 37 per cent of the world's population in 2011, the most recent year for which data are available.

This is a decrease of 12 per cent from 1980, when the world's agricultural and nonagricultural populations were roughly the same size.

Although the agricultural population shrunk as a share of total population between 1980 and 2011, it grew numerically from 2.2 billion to 2.6 billion people during this period, writes Worldwatch Senior Fellow Sophie Wenzlau in the Institute's latest Vital Signs Online trend.

According to the report, between 1980 and 2011, Africa's agricultural population grew by 63 per cent, and its nonagricultural population grew by 221 per cent.

Oceania's agricultural population grew by 49 per cent, and its nonagricultural population grew by 65 per cent.

Asia's agricultural population grew by 20 per cent, and its nonagricultural population grew by 134 per cent, it said.

The combination of movement to cities and agricultural consolidation caused agricultural populations to decline in Europe and the Americas between 1980 and 2011: by 66 per cent in Europe, 45 per cent in North America, 35 per cent in South America, 13 per cent in Central America, and 7 per cent in the Caribbean, the report added

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.

Today's Hot Stories - February 26, 2014 - PT education

Today's Hot Stories - February 26, 2014

10 Headlines for Today

(1) Smoke on INS Sindhuratna; 5 sailors airlifted
(2) Cross LoC trade resumes on Srinagar-Muzaffarabad route 7
(3) Obama tells Pentagon to plan for Afghan pullout
(4) Panel on new bank licences submits report
(5) SEBI proposes Monitoring Agency to oversee IPO funds usage
(6) Massive recall of GM cars with ignition switch problems
(7) Asia Cup: India wins toss; elects to bowl
(8) Champions League: Meltdown for United in Greece, romp for Dortmund in Russia
(9) Malinga’s five-for scuppers Pakistan
(10) 800 turtles dead in Nellore

5 Stories for Today

(1) 11 parties form ‘alternative’ to defeat Cong, BJP
(2) Gunshots rattle Thai capital as PM flies out
(3) New norms proposed for listed firms divesting stake in units
(4) Microsoft needs to get back to innovation roots, says CEO Satya Nadella
(5) High exports, farm output improve business confidence: NCAER

(1) 11 parties form ‘alternative’ to defeat Cong, BJP


The attempt to capture the non-Congress, non-BJP electoral space in the country began in right earnest on Tuesday with leaders of seven regional parties joining the Left in issuing a joint declaration that offers a ``democratic, secular, federal and pro-people development agenda’’ to the electorate.

Though leaders of only nine of the 11 parties which formed a separate bloc in Parliament earlier this month were present at the meeting here, Communist Party of India (Marxist) general secretary Prakash Karat said the two parties which did not have representation at Tuesday’s meeting – Biju Janata Dal (BJD) and Asom Gana Parishad (AGP) – were on board.

``They were consulted at every stage of drafting the joint declaration,’’ Mr. Karat said, adding that AGP president Prafulla Kumar Mahanta could not come because his mother was critically ill and Odisha Chief Minister Naveen Patnaik of the BJD had a prior commitment.

As for the name of the alternative and its prime ministerial candidate, the refrain of Mr. Karat and Janata Dal (United) president Sharad Yadav was that these would be decided after the elections as has been the case with earlier incarnations of such a grouping which, this time round, is again minus the Telugu Desam Party.

One of the reasons for leaving the decision for post-poll resolution is to keep the doors open for other parties to join. ``We do not want to fore-close that possibility by finalising a name and the prime ministerial candidate,’’ said one leader. Indicating the possibility of more parties joining, Samajwadi Party leader Mulayam Singh Yadav said: ``This is just the beginning.’’

On election strategy, Mr. Karat explained that since most of the parties did not have an all-India presence they were free to stitch up alliances as they deemed fit. ``We are planning to pool our resources at the national level,’’ he said, explaining that the focus would be on picking up as many seats as possible.’’

While he remained non-committal on this group extending support to the Congress or taking support from it as was the case in 1996, Bihar Chief Minister Nitish Kumar said there was no question of the JD(U) returning to the BJP fold under any circumstances. He was replying to a question on whether the JD(U) would reconsider its decision to leave the BJP if the party dropped Gujarat Chief Minister Narendra Modi as its prime ministerial candidate.

Describing the Congress and the BJP as two sides of the same coin, the joint declaration resolves to end corruption and ensure accountability in government, establish a secular order that recognises the plurality and diversity in Indian society, provide a people-oriented developmental path which addresses concerns of all marginalised sections, and reverse the centralising mode to create a truly federal system so that all States’ rights are assured including special category status for those which deserve it.

Besides SP, CPI(M), JD(U), BJD and AGP, the other signatories to the declaration are the All India Dravida Munnetra Kazhagam, Janata Dal (Secular), Jharkhand Vikas Morcha, CPI, All India Forward Bloc and Revolutionary Socialist Party.

Many of these parties had been part of a similar attempt ahead of the 2009 elections to forge a non-Congress, non-BJP alternative but that experiment was later dubbed a failure by the CPI(M) as the call was for forming a government. This time, the party – which has spearheaded this initiative – has, therefore, confined the agenda to providing an electoral alternative.

Source: The Hindu

(2) Gunshots rattle Thai capital as PM flies out


Gunmen opened fire near several opposition protest sites in Bangkok Wednesday, stoking tensions in the capital as Thailand's embattled prime minister flew to her political stronghold in the north.

Street violence, often targeting protesters, has become a near-daily feature of the almost four-month-long crisis gripping Thailand, with the toll standing at 22 dead and hundreds wounded.

Police said unknown gunmen fired sporadically early Wednesday for around an hour in three areas of Bangkok where demonstrators are camped out alongside upscale shopping malls and luxury hotels. Nobody was wounded.

"We don't know which side fired the shots, but the aim of the gunmen is to intimidate," deputy national police spokesman Anucha Romyanan told AFP.

Prime Minister Yingluck Shinawatra is under intense pressure to step down with the protesters calling for an unelected "people's council" to tackle corruption and a culture of money politics.

Her supporters say they will not accept the removal of an elected government by the protesters, military or the courts, raising fears of a protracted standoff.

Yingluck has been summoned by an anti-graft panel on Thursday to hear charges of neglect of duty in connection with a rice subsidy scheme that the opposition says is rife with corruption.

If found guilty she could be removed from office and face a five-year ban from politics.

Yingluck flew to the northern city of Chiang Rai on Wednesday to inspect government-backed projects, saying she might not attend the National Anti-Corruption Commission hearing.

"I have not yet made up my mind," Yingluck told reporters when asked if she would face the panel.

But a government official who did not want to be named said Yingluck was expected to stay in northern Thailand until Friday.

Officials denied the premier was on the run from protesters, who have vowed to pursue her wherever she goes and have besieged state buildings where she has held cabinet meetings since the occupation of her headquarters in December.

"She is not avoiding the political situation in Bangkok," said Transport Minister Chadchart Sittipunt.

Children among victims

More than 700 people have been wounded in street violence since demonstrators took to the streets in late October seeking to curb the political dominance of Yingluck's billionaire family.

The opposition blames Yingluck's followers for the violence, while government supporters accuse the demonstrators of trying to incite the military to step in.

Four children were among the victims of two separate grenade and gun attacks on opposition rallies in Bangkok and eastern Thailand over the weekend, drawing widespread condemnation.

Hundreds of demonstrators gathered outside the police headquarters in Bangkok on Wednesday demanding justice for the slain children.

Protesters have occupied several key intersections in the Thai capital with guards -- many wearing body armour -- searching cars and pedestrians at road blocks made from tyres and sandbags.

It is the country's deadliest political unrest since 2010, prompting warnings from the army chief that Thailand risks sinking into civil war unless the two sides pull back.

Thailand has been scored by deep divisions since a bloodless coup by the military in 2006 ousted Yingluck's elder brother, Thaksin Shinawatra, as prime minister.

The latest political violence is the worst since more than 90 people died during protests by pro-Thaksin "Red Shirts" in 2010 that sparked street clashes and a bloody military crackdown.

Yingluck swept to power in 2011 on a wave of support in the rural north and northeast, helped by the flagship rice policy paying farmers up to 50 percent above market rates for their crop.

But the scheme has left the kingdom with stockpiles of unsold rice after Thailand lost its rank as the world's top rice exporter.

The government, left with limited powers since the dissolution of parliament in December, owes farmers an estimated $3.5 billion but has struggled to raise funds to settle its bill, prompting hundreds of farmers to demonstrate for payment in Bangkok.

A general election held on February 2 failed to calm the crisis after protesters obstructed the vote in many opposition strongholds.

Election re-runs are due to be held on March 2 in five of the affected provinces but further disruption appears likely, particularly after a recent court decision restricted the use of force by the authorities to deal with the protests.

Source: The Times of India

(3) New norms proposed for listed firms divesting stake in units


Listed companies will soon have to seek the approval of shareholders to divest shares in subsidiaries that bring in more than one-fifth of annual consolidated income.

Market regulator SEBI’s proposal is part of efforts to strengthen corporate governance and curb misdoings at the management level.

The proposal to make it mandatory for listed companies to get shareholder approval for divestment in key subsidiaries also comes in the backdrop of ownership of subsidiaries being transferred to controlling stakeholders without keeping others in the loop.

Under existing rules, divestment in major subsidiaries does not require the approval of shareholders.

The Securities and Exchange Board of India (SEBI) has recommended that all listed companies should have a policy to determine material subsidiaries and they should be disclosed to the stock exchanges.

The Primary Market Advisory Committee (PMAC) is also of the view that a special resolution should be moved to get shareholders’ nod.

A subsidiary shall be considered “material” if the investment of the company in the unit exceeds 20 per cent of its consolidated net worth as per the audited balance sheet of the previous financial year.

The classification would also be applicable if the subsidiary generated 20 per cent of the consolidated income of the company during the previous financial year.

The requirement is expected to be part of SEBI’s new set of corporate governance norms for listed companies that would come into effect from October 1.

In their suggestions on the matter, various stakeholders had said that major subsidiaries should be defined and should include Indian, foreign and step-down units.

Besides, it was suggested that certain minimum amount of information about proposed disinvestment in subsidiaries, including financial details for the past three years, the consideration as well as reasons, should be disclosed in the notice for the meeting to seek shareholder approval for the resolution.

However, there were opinions against the proposal, saying the requirement would be onerous.

Source: The Economic Times

(4) Microsoft needs to get back to innovation roots, says CEO Satya Nadella


Microsoft's new chief executive India-born Satya Nadella says the tech giant needs to start thinking like a startup again if it wants to move ahead in the new technology landscape.

"Culturally, I think we have operated as if we had the formula figured out, and it was all about optimising, in its various constituent parts, the formula," Nadella said in an interview with The New York Times published on Thursday.

"We've had great successes, but our future is not about our past success. It's going to be about whether we will invent things that are really going to drive our future." Nadella, who was named earlier this month to succeed Steve Ballmer at the helm of the tech titan, said Microsoft needs to move faster in innovation.

"Everything now is going to have to be much more compressed in terms of both cycle times and response times," he said.

"You have to be able to sense those early indicators of success, and the leadership has to really lean in and not let things die on the vine," he added.

http://www.hindustantimes.com/Images/popup/2014/2/gfx-indian-ceos.jpg

Nadella's appointment coincides with Microsoft founder Bill Gates stepping back in as a "technology advisor," giving up his title of chairman.

The Indian-born CEO said Gates's role will not really be new.

Read: Nadella is CEO, but is Microsoft just playing safe?

"The outside world looks at it and says, 'Whoa, this is some new thing.' But we've worked closely for about nine years now," he said.

"So I'm very comfortable with this, and I asked for a real allocation of his time. He is in fact making some pretty hard trade-offs. And one of the fantastic things that only Bill can do inside this campus is to get everybody energised to bring their 'A' game. It's just a gift."

Source: Hindustan Times

(5) Economic growth in India likely slowed to near decade-low of 4.9%: poll


Economic growth in India likely slowed to a near decade-low at the end of last year as high interest rates hit factory activity, according to economists polled by Reuters who don't expect a pickup in investment before May Lok Sabha elections.

The poll of 36 economists, conducted Feb 19-25, predicted Asia's third-largest economy grew 4.9 percent over a year ago in the three months to December, similar to the 4.8 percent rate in the previous quarter.

That is a shadow of the close-to-double-digit growth rates in recent years and is a signal of the problems gripping Indian factories, which are weighed down by both high interest rates and diminishing consumer demand.

Industrial output contracted in each of the last three months of 2013, led by steep falls in capital and consumer goods production.

"High borrowing costs necessitated by elevated inflation, coupled with subdued demand, have kept manufacturing and investment interest on the back foot," said Radhika Rao, economist at DBS.

A stalled investment cycle due to uncertainty over government policy has also pushed many infrastructure projects onto the back burner in recent years.

That situation is unlikely to improve soon and all 22 economists who answered an extra question said they didn't expect any substantial improvement in investment before general elections in May.

Elevated borrowing costs have added to manufacturers' woes after the Reserve Bank of India hiked interest rates three times between September and January to curb stubborn inflation which showed no signs of easing even as growth tumbled.

While wholesale inflation did slow to an eight-month low in January, the fall was driven by softer food and vegetable prices which are considered volatile and could head higher again.

Still, economists have mostly predicted the RBI will pause its rate hike spree, especially after the central bank said it did not foresee further near-term tightening if consumer price inflation eased as projected.

India's retail inflation slowed to a two-year low of 8.79 percent in January.

The poll also showed economists were split down the middle on whether Finance Minister P. Chidambaram's estimate of containing the fiscal deficit at 4.6 percent of gross domestic product was achievable.

While 11 of 22 said Chidambaram's estimate is 'about right', an equal number said he was being optimistic.

The concern, though, is on the roll-over of subsidies.

"The deficit of 4.6 percent will be achieved artificially through pushing the energy subsidy payments into the next fiscal year and through the one-time non-tax revenue from wireless spectrum sale and special dividends from state-owned corporations," said Hanna Luchnikava, economist at IHS Global Insight.

"Without these measures, the deficit is estimated to have reached around 5.2 percent of GDP."

Economists in the poll predicted the economy would grow 5.1 percent in the first quarter of 2014.

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.

Today's Hot Stories - February 25, 2014 - PT education

Today's Hot Stories - February 25, 2014

10 Headlines for Today

(1) Lalu alleges conspiracy, says Nitish poaching RJD MLAs
(2) After 'crushing electronic media' remark, Shinde clarifies, says he meant social media
(3) Biden at center of US diplomacy with Ukraine
(4) Ranbaxy suspends drug ingredient shipments from two plants
(5) Tata Power 'to gain most' from CERC order; NTPC in shock
(6) Qantas may cut 5,000 jobs: Report
(7) Umar Gul delivers first blow to Lanka
(8) Young India shows the way after HIL
(9) Bopanna-Qureshi in Dubai quarterfinals
(10) Pehlwan malish trending in Mumbai spas

5 Stories for Today

(1) RJD MLAs welcome to join JD (U): Nitish Kumar
(2) Vatican's new money man admits 'enormous' task ahead
(3) Hiranandani real estate heiress fights dad, brother for share of Rs.3,000 cr fortune
(4) Nine Chinese firms recall toys over safety concerns
(5) High exports, farm output improve business confidence: NCAER

(1) RJD MLAs welcome to join JD(U): Nitish Kumar


Bihar Chief Minister Nitish Kumar on Tuesday said the Janata Dal (United) would welcome rebel RJD MLAs into its fold and rejected allegations that the Assembly Speaker worked at his behest by hurriedly giving recognition to the breakaway faction.

In Delhi to attend a meeting of non-Congress, non-BJP front, Mr. Kumar told reporters that there are differences in the Lalu Prasad-led RJD and the party is “on the verge of a split”.

“As far as JD (U) stand is concerned, if the people come to us, we will welcome them,” he said.

Dismissing suggestions that the Speaker worked to benefit JD (U), he said, “This is not possible. The Speaker has been given certain powers by the Constitution and he alone can take decisions in certain matters. This is what happened in this issue as well. Nobody can pressurise him,” he said.

He said people can discuss technical aspects of the decision as much as they want to but as far as political developments are concerned, RJD is close to a division among its ranks.

Mr. Kumar, who broke away from NDA over the elevation of Narendra Modi, said he could not see the so-called wave in favour of the BJP’s prime ministerial candidate.

RJD saw a virtual split on Monday with 13 out of its 22 MLAs quitting the party. But six of them later returned and denied walking away from the party.

Earlier in the day, RJD chief Lalu Prasad accused Mr. Kumar of hatching a conspiracy to break his party.

“Nitish hatched a conspiracy with the speaker to break my party. But, it went wrong and the whole country has seen the conspiracy,” Mr. Prasad said.

Source: The Hindu

(2) Vatican's new money man admits 'enormous' task ahead


Australian Cardinal George Pell, appointed by Pope Francis to head a new Vatican finance ministry, admitted on Tuesday it will be "an enormous task" to put the Holy See's economic affairs in order.

Pell's appointment Monday makes him one of the most important men in the Catholic Church, charged with helping overhaul its much-criticised central administration following a wave of scandals.

The Vatican said in a statement that Pell "has been asked to start work as soon as possible" as head of the Secretariat for the Economy, a role aimed at helping the poor and increasing transparency.

The Catholic Church in Australia said he will begin his new job in March.

The ministry will prepare an annual budget as well as impose international financial standards, in line with a series of recommendations made by a group of cardinals advising the pope, including for a "more formal commitment" to enforcing transparency.

Pell said it was a significant move in the right direction, following a series of leaks to the media in 2012 about "numerous situations of corruption and misconduct".

"The review has highlighted that much can be achieved through improved financial planning and reporting as well as enhancements in governance, internal controls and various administrative support functions," said Pell, who will be based in Rome.

"I am looking forward to implementing these recommendations as requested by the Holy Father.

"I have always recognized the need for the Church to be guided by experts in this area and will be pleased to be working with the members of the new Council for the Economy as we approach these tasks," he added.

"We need to be open to expert advice and aware of any opportunity to improve the way we conduct our financial administration."

"It is an enormous task and it is important we embrace and implement the recommended changes as soon as practicable."

The new ministry will be run by a 15-member council of eight clergymen from different parts of the world and seven lay financial experts.

Francis has said he wants a style of government for the Church that is more "collegial" and less "Vatican-centric" and the process of consultation he used to reach his decision on the new ministry is seen as an example of this.

He reached outside the Church for advice, with the Vatican hiring international consultancy firms such as Ernst&Young, KPMG, Promontory and PricewaterhouseCoopers.

During the 2012 leaks, letters surfaced from Carlo Maria Vigano, the head of the Vatican governorate, who pointed to inflated costs for Vatican works contracts as an example as corruption and misconduct.

Source: The Times of India

(3) Hiranandani real estate heiress fights dad, brother for share of Rs.3,000 cr fortune


At stake is property worth at least Rs. 3,000 crore (according to some estimates, it could be as high as Rs. 9000 crore). And fighting over it is Niranjan Hiranandani, the real estate tycoon who created the eponymous enclave in Mumbai’s Powai area on the one hand, and his daughter Priya Vandrevala, a self-confessed rebel.

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The latest salvo was fired by Hiranandani and his son Darshan, who, last month, moved the Bombay High Court to restrain Priya’s company, Hiranandani Living, from using the family name. They even claimed `50 crore as damages for alleged trademark infringement.

But a lawyer, who represents a third party in the dispute, said the case could be a strategy to get Priya, who had earlier filed arbitrations proceedings against her father and brother in London, to the negotiating table.

“Family disputes aren’t very easy to resolve as egos get easily bruised. This gives it new and complex layers. Then it’s no longer a matter of just sorting out a financial matter,” he said. Niranjan, Darshan and Priya did not respond to phone calls and emails from HT for comments on this report.

This case was the latest in a long list of cases that emanate from a reported family agreement (on sharing profits) drawn up in 2006, to which her father, brother and Priya were parties. Niranjan and Darshan dispute the existence of such a pact.

That same year, the Hiranan­danis, Priya and her second husband Cyrus Vandrevala, a London-based businessman, floated Hirco Plc, which raised over £350 million (about Rs. 3,500 crore at current exchange rates) on London’s Alternative Investment Market.

The plan: invest this money in various Hiranandani projects. Initially, the company, with Niranjan as non-executive chairman and Priya as chief executive, did well and earned millions of pounds in profits.

Then, two large projects — Hiranandani Palace Gardens in Chennai, and another one in Panvel, near Mumbai, said to have a combined value of more than `3,000 crore — ran into trouble and Hirco went into loss.

Priya, named one of the Young Global Leaders by World Economic Forum in 2011, responded by filing arbitration proceedings against her father and brother in London in 2010, claiming that the family agreement was not being adhered to. She alleged that she was kept in the dark about 28 real estate deals and that this caused her massive monetary losses. Soon thereafter, both father and daughter quit their positions in the company.

The dispute took a bizarre turn when last year, Hirco sued Niranjan and Priya claiming £220 million (`2,200 crore) in damages.

So, what’s the next chapter in this dispute? “Priya Hiranandani has owned the trademark since 2008 and is surprised at the suit. She is happy to defend the claim in court but saddened to see that family members would do this than phone her and discuss matters over a cup of tea,” a spokesperson for Priya’s company was quoted in a news report.

Sources who know both sides said attempts at a settlement are being complicated by the fact that in December last year, the Bombay High Court appointed a receiver to manage Hiranandani Palace Gardens, Chennai.

But they are still hopeful of some kind of a settlement. How long will that take? That’s the billion dollar question.

Source: Hindustan Times

(4) Nine Chinese firms recall toys over safety concerns


Chinese toys were caught in a safety scandal once again as nine domestic toy producers have recalled some of their products for safety reasons following a directive from quality watchdog.

The flawed products are mainly strollers, children's tricycles and building blocks, the General Administration of Quality Supervision, Inspection and Quarantine said.

The defects are found in various parts including cords, wheels and brakes. The defects may harm children, state-run Xinhua news agency quoted an official statement as saying.

If consumers find any defects in toys, they should complain to local quality watchdogs or the administration directly, it said.

The producers who were asked to recall products were from Shandong, Hubei, Shanghai and Beijing. They include Tengzhou Wanbao Stroller Co. Ltd., Shandong Qiyue Children's Tricycle Co. Ltd. and Shanghai Aillia Industry Co. Ltd.

A major safety scandal rocked the Chinese toys after over a million toys were recalled from different parts of the world including US, UK and Europe following discovery that a number of dolls were found to be coated with excessive levels of lead paint which could cause diarrhoea, vomiting and headaches in children.

Source: The Times of India

(5) High exports, farm output improve business confidence: NCAER


Wheat, rice, corn exports may fall 29% in 2014-15Indian economy still stuck in a rut over weak consumption, stalled investments: HSBCAt G-20 meet, Wolfgang Schaeuble blames Indian economy's growth woes on internal issuesMoody's pegs FY15 growth at 5.5% on poll-related reform delays

After a slide in the second quarter of the current fiscal, higher exports, enhanced farm produce and moderation in inflation improved business confidence during the October-December period, think-tank NCAER said today.

The Business Confidence Index (BCI) rose by about 21.8 per cent in the January 2014 survey over the previous quarter, National Council of Applied Economic Research (NCAER) said in a latest study. BCI increased to 122.3 points from 100.4 in July-September quarter, 2013-14.

There was a continued slide in business sentiment through 2012-13 on concerns of slower growth coupled with high inflation, it said.

However, business conditions witnessed some fluctuations in 2013-14 as "exports improved, agricultural output grew combined with signs of moderation of inflation rate."

"The BCI...reflects these fluctuations as it shows significant improvement in its latest survey for the third quarter of FY13-14 following a decline in the previous quarter," it said.

Also, Political Confidence Index (PCI) -- a measure of related business sector perceptions -- increased for the successive quarter, showing an improvement of 9.8 per cent to 112.9 points.

The study revealed that manufacturing sector firms were more optimistic than services sector during the third quarter.

The highest growth was recorded in intermediate goods sector followed by consumer goods non-durables.

"The firm level indicators reveal expectations of improved domestic sales, production, imports, exports and pre-tax profits in the next six months compared with the previous quarter," the study said.

According to the study, both input cost and ex-factory prices are likely to increase in the next six months. However, within input cost, only cost of electricity per unit of output is likely to moderate.

It also said employment of all types of labour is also likely to improve in the short run along with wage rates.

NCAER survey was conducted during Assembly elections in five states. It takes into account influence of the election process on business sentiments besides business and financial data.

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.

Today's Hot Stories - February 24, 2014 - PT education

Today's Hot Stories - February 24, 2014

10 Headlines for Today

(1) Centre’s reply sought on AAP plea against President Rule in Delhi
(2) Jail authorities seize mobile phone from Tejpal's cell
(3) Ukraine President Yanukovych seen in Crimea, says reports
(4) SpiceJet slashes fares
(5) Ruchi Soya forms joint venture to step up seed yield
(6) Nokia goes full Android, launches first ever Android range of phones
(7) Steyn leads South Africa to a crushing win
(8) Somdev Devvarman sinks Nedovyesov to win Delhi Open
(9) Sri Lanka beats Bangladesh by 6 wickets
(10) 'Avatar' actor arrested in NYC

5 Stories for Today

(1) Modi bubble will be punctured soon: man who threw shoe at Chidambaram
(2) Uganda's president to sign anti-gay bill on Monday
(3) The arrival of a brand new vector of e-commerce
(4) Emirates set to get more flying rights
(5) Beyond the interim budget

(1) Modi bubble will be punctured soon: man who threw shoe at Chidambaram


As the AAP candidate from West Delhi parliamentary constituency, the task is cut out for journalist-turned-politician Jarnail Singh.

Singh had garnered attention in April 2009 when he hurled a shoe at the then Union Home Minister P Chidambaram to protest the latter’s remark in connection with the 1984 anti-Sikh riots cases. He then wrote three books on the subject.

“I was never interested in politics as such. But after interacting with Arvindji and other AAP leaders, I felt that the politics done in this manner (AAP’s politics) can also be a way of fighting against the injustice. There are scores of people who have several grievances,” Singh told HT.

Currently held by Mahabal Mishra of the Congress, the West Delhi seat, after de-limitation in 2008, has a large chunk of Poorvanchali voters apart from the traditional Sikh, Punjabi and Jats.

In the 2013 assembly polls, AAP won Madipur, Vikaspuri, Hari Nagar and Tilak Nagar, while the Bharatiya Janata Party (BJP) swept Janakpuri, Dwarka, Matiala, Najafgarh and Uttam Nagar seats.

The Akali Dal won the Rajouri Garden seat, all part of the West Delhi Parliamentary seat. Simply put, the Sikh activist also has to tide over the large tracts of rural areas and the Modi-wave ahead of the Lok Sabha poll.

Terming the ‘Modi wave’ akin to the ‘Feel Good’ factor during the ‘India Shining’ campaign in 2004, he said, “People are desperate for a change. This wave will be punctured soon.”

“We are overwhelmed by the support that we are getting from all areas, be it rural areas or be it Poorvanchali-dominated areas. Those who suppor ted BJP during the assembly elections were not sure about AAP then. Now they too are with us. Also, where AAP did not win, such as Matiala, our candidates were close second,” Singh said.

He has already held meetings with volunteers from the 10 assembly constituencies falling under his Parliamentary constituency. “Today I also addressed general meetings at Tilak Nagar and Ashok Nagar. The official campaign will soon be launched,” he said.

But isn’t the AAP playing the Sikh card in the constituency with dominant Sikh population? “Not at all. Now I want to fight for all Indians.”

Source: Hindustan Times

(2) Uganda's president to sign anti-gay bill on Monday


Despite appeals from South Africa’s retired Archbishop and Nobel Laureate Desmond Tutu and U.S. President Barack Obama, Uganda’s president is expected to sign a controversial anti-gay bill that allows harsh penalties for homosexual offenses.

The Uganda Media Center said that President Yoweri Museveni will sign the bill on Monday at 11 a.m. local time (0800 GMT) at his official residence.

The bill is popular in Uganda, but rights groups have condemned it as draconian in a country where homosexuality is already illegal.

The law punishes first-time offenders with 14 years in jail. It also sets life imprisonment as the penalty for acts of “aggravated homosexuality.” The bill originally proposed the death penalty for some homosexual acts, but that was later removed amid international criticism.

Earlier reports:

U.S. President Barack Obama has urged Mr. Museveni not to sign the bill, saying doing so would “complicate” the east African country’s relationship with Washington.

South Africa’s retired Archbishop Desmond Tutu on Sunday made an impassioned plea to Uganda’s President not to sign into law a harsh Anti-Homosexuality Bill that calls for a life sentence for some same-sex relations.

Mr. Tutu, a Nobel peace prize winner, said in a statement that Mr. Museveni a month ago had pledged not to allow the anti-gay legislation to become law in Uganda. But last week Mr. Museveni said he had reconsidered and would consult scientists on whether homosexuality is determined by genetics or by a person’s choice.

Mr. Tutu said he is “disheartened” by Mr. Museveni’s new position because there is “no scientific basis or genetic rationale for love ... There is no scientific justification for prejudice and discrimination, ever.”

Mr. Tutu urged Mr. Museveni to strengthen Uganda’s “culture of human rights and justice.”

Uganda’s controversial anti-gay bill was passed by the country’s parliament in December. It must be signed by Mr. Museveni to become law.

Originally the bill called for the death penalty for some homosexual acts but the maximum penalty was changed to life imprisonment for repeat offenders. The penalty for first time offenders is 14 years in jail.

Mr. Tutu said human beings are diverse and this requires tolerance, compassion and respect for one another.

Mr. Tutu called on Mr. Museveni to change course and instead concentrate on legislation against rape and sex with children. Mr. Tutu said that would provide more protection for children and families than criminalizing “acts of love between consenting adults.”

In a statement released on Friday, Mr. Museveni said Uganda’s scientists had reviewed studies and agreed that no single gene could be identified as a trigger for homosexuality. They suggested it is learned behaviour that could be unlearned. Mr. Museveni said he asked the scientists if it was possible that a combination of genes could be responsible. If the scientists report back that they can find no genetic determination for homosexual behaviour, Mr. Museveni said he would sign the bill into law.

Mr. Museveni said he is open to debate about homosexuality and he encouraged “the U.S. government to help us by working with our scientists to study whether, indeed, there are people who are born homosexual. When that is proved, we can review this legislation.”

Source: The Hindu

(3) The arrival of a brand new vector of e-commerce


The $19 billion price tag is a perfect microcosm to describe how technology is aiding ever-expanding wealth inequality

Nineteen billion dollars. A figure, high as it is, that has left market analysts gasping, investors beaming, and entrepreneurs hopeful. When news of Facebook’s acquisition of WhatsApp broke, the comparisons and judgments were, perhaps, inevitable.

It’s a tech bubble, cried many. Others quoted the now infamous, and clichéd, Dutch tulip bubble. And, a few tech pundits pointed out that $19 billion was a little higher than the GDP of a hundred different countries.

Even if one chooses to ignore the fact that a lion’s share of the money is being paid in Facebook stock, the deal illustrates how the consumer technology industry has very little to do with the rest of the corporate world.

Put simply, it’s becoming harder and harder to guess which technology company is going to bite the bullet next. It isn’t quite a game of Russian roulette yet — there are broad signs, of course —but with the kind of cash floating around in the technology space, it might as well be.

Indiscernible factor

Firstly, the framework through which technology businesses operate is becoming an indiscernible factor. Before the advent of the Internet, the humble telephone was the WhatsApp of the time. It allowed real-time communication at a much greater rate of efficiency and less hassle, which lead to telecom companies ruling the roost.

This started changing with the PC revolution and the invention of the Internet — which allowed real-time communication over geographical boundaries for a fraction of the price of the telephone. Telecom companies gradually become dumb, utility beasts, and were replaced (in the pecking order) by IBM, HP, Dell, Microsoft and Google.

The lines further blurred, when computers jumped from the desk to the pocket. IBM, HP and Dell were replaced by Apple and Samsung —which took the Internet and Web everywhere. But even with the initial coming of the smartphone, communication was passive, at best. After sending an e-mail or a Facebook inbox message, for instance, one had to wait for the other party to sign into the service, check notifications and so on.

Today’s telephone is, therefore, the messaging service — be it WhatsApp, Line, Hike, WeChat — where the communication is constant, never-ending, and strong. A messaging application consumes the maximum attention of the customer — and, therefore, allows for a brand new vector of commerce itself.

The act of buying or purchasing an item is usually a purposeful and burdensome task. One has to get into a car, drive to the store, spend time, and engage in idle chat with the cashier and so on. Even e-commerce doesn’t solve this — the store is replaced by the desktop PC and the idle chat is replaced by fumbling for credit card details. With a messaging application and a smartphone, the divisions between the channels of communication (which includes a friend’s recommendation) and purchasing become quite small indeed.

Consider, for instance, a futuristic example. Person A sends Person B a restaurant recommendation through a smartphone, through a service like Yelp, and via a messaging application. Person B then, of course, doesn’t receive a URL string full of numbers and letters — he gets an interactive mini-version of the restaurant’s website. Person B can then choose to peruse through the menu, make a booking, choose what kind of table he wants and also pay for the meal in advance. Person B then sends his booking order as a party invitation to six of his closest friends.

What type of applications was Person B using? An app? A widget? Some new software? It doesn’t quite matter, because the whole experience is seamless, with the power of physical retail and e-commerce being greatly magnified as purchasing and communication become one and the same.

Framework of the future

This is, in essence, the framework of the future — a blank canvass that merges communication and commerce and that will be powered, in some small way, by messaging applications like WhatsApp and Line.

Sure, the $19 billion price tag is a perfect microcosm to describe how technology is aiding ever-expanding wealth inequality. Today, companies that are two years old and have only 50 employees can be worth $19 billion. A few decades ago, it would have taken a company over 30 years to do the same — and, in the process, give jobs to thousands of people, pay suppliers, provide pensions and the like.

But $19 billion isn’t overly unreasonable if it’s a shot at the blank canvas of the future. While PCs sparked a wave of business and productivity, they now sit at the bottom of the pyramid. Smartphones are the current platform — and it is on top of this that social commerce will be built. Every technology company will have to understand how to tap into the topmost layer — if only to avoid the fall to the inevitable bottom.

Source: The Economic Times

(4) Emirates set to get more flying rights


In a farewell 'gift' to Gulf carriers at the cost of desi airlines, the aviation ministry is set to grant Dubai additional flying rights of 10,000 seats a week — up almost 20% from the current capacity of 55,000 seats. Dubai-based Emirates, which is known as India's de facto national airline due to its numero uno share in international traffic to and from the country (if Air India subsidiaries are not clubbed with AI), has for long been asking for more flying rights or bilaterals.

"The inter-ministerial group on the issue will meet soon. Dubai has been asking for more bilaterals as the current entitlement on both sides has been fully used up. They were last given flying rights in 2008 and have been asking for an increase for a long time," aviation minister Ajit Singh said. Dubai wanted a hike of at least 20,000 seats and is likely to get half of that. Indian carriers have almost fully utilized their share of 55,000 seats too. This will be the second hike to Gulf carriers after the ministry's largesse to Abu Dhabi last year. Emirates had linked flying the Airbus A380 to India to get more bilaterals. The airline had reasoned that it did not make sense to introduce the A380 here by reducing existing frequency of flights. The Dubai-based mega airline wanted its frequency of flights to stay and get an A380 over and above them

National carrier Air India is not in favour of giving more flying rights to the Gulf, especially Dubai as Emirates is giving it sleepless nights. AI was hoping that Emirates deploys its A380s by cutting frequency and then it would have added flights at the times vacated by Emirates.

The aviation ministry was criticized last year when it increased the weekly flying rights of Abu Dhabi nearly four times by allowing their airlines to add 36,670 seats over three years, taking the number to almost 50,000 from the then capacity of 13,000 seats per week.

Almost every Gulf state wants more bilaterals. Qatar wanted more too but the aviation ministry declined that request — which was backed by the PMO — on grounds that Indian carriers were not using even a quarter of their flying rights to Qatar.

Source: The Times of India

(5) Beyond the interim budget


Days after the interim budget, there have been question marks over the accuracy of its key numbers. For instance, the fiscal deficit numbers, both for the current year (2013-14) and the next year (2014-15) at 4.6 per cent and 4.1 per cent, respectively, are, in the eyes of rating agencies and brokerages suspect. Fiscal consolidation might well take place this year, in fact, the deficit is expected to be even better than the “red line: of 4.8 per cent (of GDP) which the Finance Minister had promised will not be breached.

The scepticism is on two counts: (a) that a fair bit of window dressing — subsidies getting rolled over into next year and taking credit for dividends that would normally accrue next year — have improved public finance for this year but correspondingly made the task of the next finance minister that much more difficult, (b) more substantial is the criticism that the deficit has been pegged down by cutting down on productive capital expenditure even while leaving the subsidies untouched.

While fiscal consolidation is not the only point on which the interim budget is faulted, it occurs that the whole exercise of dissecting the budget numbers is futile. This has been a vote on account to enable the government to carry on with its ongoing activities until a new government takes office after the elections.

The usual hype that surrounds a full year’s budget is simply not on and fortunately has been much less this time.

Neither the allocations to various expenditure heads nor the revenue estimations are sacrosanct. A new government even one formed by the present coalition is not bound by these. Besides, any tinkering in the direct taxes can happen only after the new government presents its budget sometime in June-July.

Mission statement

Therefore, what is more important than the budget numbers is the vision statement that forms part of the Finance Minister’s speech.

Most of the ten-odd items are not new but progress on these has been in fits and starts. These items should be non-controversial and above any narrow political considerations.

Fiscal consolidation naturally figures high up — the target is to bring down deficit to 3 per cent of GDP by 2016-17. A new government will pay at least lip service even if it does not stick to a rigid schedule of reduction.

Not fixing public finance can have major negative consequences among other areas on the current account, which is likely to be in deficit in the foreseeable future.

The current account deficit (CAD) now appears manageable. Due to some tight controls on gold imports and spurt in exports, the CAD is expected to be contained at $45 billion around half of what it was last year.

However, no government can afford to rest on its laurels. Gold imports might have come down but the underground trade is flourishing.

Ideally, both exports and imports must continue to grow. Lower imports are not a healthy sign as it correlates with economic slowdown. Sharp reduction in iron ore exports and increases in coal imports reflect policy logjam in these areas and put pressure on the CAD.

RBI’s role

A balance between price stability and growth is necessary. The government as much as the RBI should strive towards a proper balance.

While stating this as a priority item, the Finance Minister is asking for a higher level of coordination with the RBI. Given that the central bank is preparing to focus on inflation as its primary goal, analysts see a continuation of differences between the two in this key area.

Financial sector reforms are another key area. The budget speaks of the need to press ahead the Financial Sector Legislative Reforms Commission’s recommendations. The new Lok Sabha will also have to pass several key bills — relating to insurance, SEBI, that unfortunately could not be enacted now.

Infrastructure development will naturally figure in any vision statement. The subject is vast and unfortunately progress here has been tardy.

Manufacturing ought to be given its due, especially if it is for exports. The Finance Minister has suggested that all taxes, Central and State, that go into an exported product should be waived or rebated.

He also recommended a certain minimum tariff protection for manufacturing. All these, of course, deserve consideration even in the larger context of Centre-State finances and WTO rules.

The budget also suggests that with improving finances, States should be able to beat a portion of costs of implementing flagship programmes so that the Centre can allocate more resources for subjects such as defence and railways that are its exclusive responsibility.

Mr. Chidambaram’s vision statement also covers other subjects — subsidies and urbanisation. In a sense, the statement has become even more relevant because no government, including the present coalition, has come to grips with it.

At the same time, no government can afford not to strive towards achieving these.

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.

Today's Hot Stories - February 22, 2014 - PT education

Today's Hot Stories - February 22, 2014

10 Headlines for Today

(1) Raj, Uddhav Thackeray enjoy extra security cover even as their parties run riot
(2) Bapu’s grandson shuns Congress, joins AAP
(3) Obama-Dalai meeting: China summons US diplomat
(4) CSR rules soon with 10 major areas
(5) United Bank of India boss quits on medical grounds
(6) US not targeting Indian drug firms: FDA
(7) IPL 7 all set to embark on African safari
(8) Rafael Nadal, David Ferrer reach Rio Open semifinals
(9) Golf: Oosthuizen, Furyk & Fowler reach last 8
(10) Andhra florist's son tops PG medical entrance

5 Stories for Today

(1) ‘Din yields to calm on final day of 15th Lok Sabha
(2) Statehood demand in US: plan to split California into 6 picks up
(3) India needs to relax labour laws to push growth: OECD
(4) Google's Hangouts blunder helped WhatsApp
(5) Narendra Modi surprises, opts for Rs.40,000 crore vote-on-account

(1) ‘Din yields to calm on final day of 15th Lok Sabha


A day after Parliament passed the contentious Telangana Bill, Prime Minister Manmohan Singh said the country had the capacity to rise above partisan politics to enact crucial laws in the national interest.

“The passage of the Telangana Bill indicated that this country can take difficult decisions,” Dr. Singh said in his closing remarks in the Lok Sabha on Friday, the last day of the 15th Lok Sabha. The House was later adjourned sine die.

Dr. Singh hoped that a new sense of consensus would emerge “out of this strife and tension that prevailed in the atmosphere at times.”

“We are now entering into a phase — a phase of judgment where people will now have an opportunity to judge the performance, weaknesses and achievements of the government in the upcoming election,” he said.

In his speech, Leader of the House Sushilkumar Shinde said members from the government and the Opposition might vociferously vent their differences inside Parliament, but these sentiments were not carried outside.

Appreciating the Opposition, particularly the Leader of the Opposition Sushma Swaraj, Mr. Shinde said they took together decisions on a number of landmark laws.

He also drew the attention of the House over the manner in which the Criminal Law (Amendment) Act was passed unanimously.

“Just one incident shook us so badly and the House passed the Bill. Despite differences we rose to the occasion and passed the Bill with unanimity, which we usually don’t see,” he said.

As she spoke for the last time, Ms. Swaraj praised UPA chairperson Sonia Gandhi for her gracefulness and BJP leader L.K. Advani, whose eyes welled up, for his judiciousness.

She said when the 15th Lok Sabha’s history was written, it would say that while there were the most interruptions, much-awaited Bills were also passed. Speaker Meira Kumar said she was pained by the frequent disruptions, and hoped that logic would replace pandemonium.

Source: The Hindu

(2) Statehood demand in US: plan to split California into 6 picks up


A plan to divide California into six separate US states is closer to making it on to a November ballot, with organizers gaining approval to collect signatures.

The seemingly far-fetched initiative, sponsored by Silicon Valley venture capitalist Tim Draper, claims "political representation of California's diverse population and economies has rendered the state nearly ungovernable."

And on Tuesday, the California Secretary of State's office gave the movement a boost, saying that proponents "may begin collecting petition signatures."

At least 807,615 voters--representing eight percent of the total ballots cast for governor in the 2010 election -- will need to sign the petition by July 18 to make it on to the ballot.

The proposal aims to split the state--America's most populous with around 38 million inhabitants--into "six smaller state governments, while preserving the historical boundaries of the various counties, cities and towns."

In 2012, California was tied with Russia and Italy--all with a GDP of approximately $2.0 trillion--for eighth place in world GDP rankings, according to the Center for Continuing Study of the California Economy.

The proposal would create a state out of Silicon Valley, home to tech giants Google, Facebook and Apple. It would also create South California, which would include Hollywood and the US entertainment industry. West California, Central California, North California, and Jefferson in the most northern part of the state, would also go it alone.

According to the proposal, voters overwhelming approved dividing California in two in 1859, but Congress did not act due to the Civil War. Draper, who has funded more than 400 companies including Skype and Baidu, is founder of venture capital firm Draper Fisher Jurvetson in Menlo Park, California.

Source: Hindustan Times

(3) India needs to relax labour laws to push growth: OECD


India needs to reconsider its overly stringent labour regulations to return to higher growth trajectory while globally the world needs to boost productivity and lower trade barriers to avoid a new era of slow growth and stubbornly high unemployment, the Organisation of Economic Cooperation and Development (OECD) warned on Friday.

In its 2014 study on "Going for Growth", OECD said momentum on reforms had slowed in the aftermath of the global financial crisis, with much of it now piecemeal and incremental.

"The widespread deceleration in productivity since the crisis could presage the beginning of a new low-growth era," warned Pier Carlo Padoan, deputy secretary-general and chief economist at the Paris-based OECD.

"These concerns, already prevalent among advanced OECD countries for some time, now encompass emerging-market economies and are fuelled also by high unemployment and falling labour force participation in many countries."

Commenting on India, the report said India needs to address its infrastructure shortfalls, pervasive state control in business activities and unequal access to quality education.

"India is experiencing a slowdown in economic growth since 2012. In order to maintain robust growth, it needs to reconsider overly stringent labour regulations which hinder job creation in the formal sector and leave most workers with no formal labour contract and social coverage," it said.

According to OECD, a more inclusive education system would help reducing severe poverty and inequality, while labour market reform would help reduce informality in India. India's GDP growth stood at 9% in the 11th plan (2007-12 ).

It fell to 4.5% in 2012-13 and is estimated to be only slightly better in the current fiscal at 4.9%. However, the target for the entire 12th five year plan period (2012-17 ) is 8%. OECD has been recommending India on issues related to sectors like education, labour, trade infrastructure and finance.

Some of these include, increasing the efficiency of education services, increase formal employment in labour market, reducing barriers to foreign trade and investment, promoting more effective infrastructure-related regulation and undertaking wide-ranging financial sector reforms such as easing bank portfolio restriction and allowing greater participation of foreign investors in financial services sector.

"However, the notable reforms in the country in the past two years include addressing the infrastructure bottlenecks, the reform of the land acquisition law and the relaxation of FDI restrictions in various sectors, including in multi-brand retail and civil aviation," it said.

Source: The Economic Times

(4) Google's Hangouts blunder helped WhatsApp


Just a few days before WhatsApp founders agreed to sell the company to Facebook, they were reportedly contacted by Google CEO Larry Page. According to a report on the Fortune website, Google had earlier offered $10 billion for WhatsApp but the deal did not materialize. This time Page told WhatsApp founders that they should remain independent and should not sell their company to Facebook. WhatsApp was doing great on its own, Page reportedly said.

But it is naive to think that what Page told WhatsApp was driven only by his wish to see WhatsApp prosper. While the jury is out on whether Facebook paid too much for the instant messaging service or not, there is no denying that WhatsApp is an impressive service with a big reach on mobile phones. Google and Facebook are fierce competitors and for Google it is definitely a matter of concern if Facebook owns WhatsApp.

But the bigger story here is not that Google missed buying WhatsApp. Vishal Tripathi, principal analyst with Gartner, says that despite owning the world's most widely used mobile operating system, the company has failed to come up with an instant messaging app that users can rely on.

"It looks like Google missed an opportunity here. Android is very popular and used by majority of smartphone users in the world. Blackberry was used by fewer people and yet the Canadian company managed to build BBM into a brand and kind of service that everyone wanted on their phone," he says.

It is not that Google is not aware of the important role that instant messaging app are playing on smartphones. The company had Google Talk app on Android since the beginning of the OS. Though basic, the app was noted for its fast and simple messaging interface.

But in a bid to take on the likes of WhatsApp, Google replaced Talk with Hangouts in May 2013.

The result, however, has not been pretty. Hangouts combined instant messaging with SMS and provided a unified interface. While in theory this sounds impressive, users found the interface on Hangouts confusing and bloated.

Srivatsa Sharma, a social media professional, used Google Talk to keep in touch with his colleagues until November last year. But then the Google Talk app on his phone got updated and was replaced with Hangouts. He found the new app confusing. "It is slow. Messages are delivered after a delay and there is no way to see who is online in my contact list and who is not. I ended up disabling it," he said.

Sharma and all of his colleagues then switched to WhatsApp. The app is not only simpler to use and is much faster but also allowed Sharma to create a specific group that he can use for group discussion with his colleague.

The irony here is that Hangouts app comes pre-installed on almost all new Android phones. But yet no one uses it. It lacks features that WhatsApp offers, especially those related to file sharing and group talks.

In the Android Play Store, Hangouts app has a rating of 3.7 points, which is bad for a Google app. Most of other popular chat apps have a rating of over 4 points. WhatsApp has a rating of 4.5 points while WeChat has a rating of 4.3 points. Even Facebook Messenger, which is not all that popular, has a rating of 4.2 points.

"It's confusing. I love Google apps but this (Hangouts) is really confusing. The Talk app was great! It showed properly who is online, it clearly distinguished between the Talk contacts and normal email addresses. In Hangouts, it says in my contact list that a general email is also my friend... SMS integration: it's bad, it's slow. Why is SMS looking for the internet and slowing down the process of opening the message," notes a review left by an Android user on Hangouts page.

This negative review is not unique. Thousands of Android users have given similar reviews and have left a 1 point rating, the lowest that an app can get in the Play Store, for Hangouts.

While Google has now realized the importance of a good instant messaging app and it may fix Hangouts, Tripathi says that it is too late. "I think it is too late for Google now. WhatsApp has a big lead. Yes, they are trying with Hangouts, but for a company as big as Google, they could have done much better," says Tripathi.

Source: The Times of India

(5) Narendra Modi surprises, opts for Rs 40,000 crore vote-on-account


Awaiting a cue from the new government that will assume power after the Lok Sabha elections, the Narendra Modi-government in Gujarat on Friday chose to present a vote-on-account budget, with an interim plan allocation of Rs 40,000 crore for the first four months of the next fiscal 2014-15, on Friday.

"The Union government has decided to present a vote-on-account for the financial year 2014-15 and therefore it is appropriate that the polices of the state governments are also in line with the approach and direction to be taken by the Government that is formed at the Centre. We have therefore decided to present and seek a vote-on-account for the period from April 1 to July 31, 2014 for the state, to enable us to plan in a sustainable manner," said Nitin Patel, the state finance minister while presenting an interim budget in the Gujarat Legislative Assembly, in presence of Gujarat chief minister and BJP's Prime Ministerial candidate Narendra Modi.

"Sufficient time is not there to think over the demands of this year," Patel remarked adding that a "Modified budget" will be presented at a later date incorporating new initiatives under Plan and non-plan sections of the budget for Gujarat.

With elections round the corner, the Gujarat government has not only refrained from imposing any fresh taxes or levies in the interim budget, but also choose not to provide any relief or sops to the people of the state. The interim budget also carries no mention of any new schemes or services.

Patel later told mediapersons that many state governments choose to present a vote-on-account budget during an election year.

"We have not introduced any new taxes since last several years. In spite of this, the state government has been able to implement development activities in the state without any hiccup," Patel told media persons later pointing out how the development expenditure for the upcoming fiscal has gone up to Rs 80,974 crore, which is more than double the non-developmental expenditure of Rs 37,627 crore.

When asked why the state government has not taken any steps to rein in the price rise that is affecting the common man, Patel said, "Keeping a tab on price-rise and inflation is Government of India's responsibility."

The total budget estimate presented in the state assembly for the entire financial year 2014-15 is Rs 1,20,390 crore which is a five percent more than the budget size of 2013-14. The total budget shows a revenue surplus of Rs 7,697 crore, while the fiscal deficit, estimated to be around Rs 17,611 crore, works out to 1.93 percent of the GSDP (Gross State Domestic Product), far below the permissible FRBM (Fiscal Responsibility and Budget Management) limit of three percent. The GSDP of Gujarat (at current prices) stands at Rs 6,70,016 crore for the year 2012-13.

The public debt of the Gujarat government that currently stands at Rs 1.38 lakh crore is expected to increase to 1.53 lakh crore with the net addition of Rs 15,000 crore in 2013-14.

"The advance estimates for 2013-14 show improvement in public debt to GSDP ratio by 0.5 percent. Fiscal deficit to GSDP ratio improved by 0.47 percent than budget estimates for 2013-14 which is mainly on account of healthy revenue surplus. This indicates significant improvement in state finances and full adherence to the FRBM norms," stated a release from the state government.

Source: The Indian Express

Disclaimer: All news stories and content sourced from freely available material on the internet. All sources are acknowledged.