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
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