New focus for US presidential campaign: Will Biden or Trump keep you safer?

 

While the president blamed Biden, his Democratic foe, for siding with "anarchists," Biden, in his most direct attacks yet, accused Trump of causing the divisions.

The battle over who can keep Americans safe after recent deadly protests has emerged as the sharpest dividing line for the presidential campaign's final weeks, with Joe Biden on Monday condemning the violence and President Donald Trump defending a supporter accused of fatally shooting two men.

While the president blamed Biden, his Democratic foe, for siding with anarchists, Biden, in his most direct attacks yet, accused Trump of causing the divisions that have ignited the violence.

He delivered an uncharacteristically blistering speech and distanced himself from radical forces involved in altercations.

Joe Biden said of Trump: "He doesn't want to shed light, he wants to generate heat, and he's stoking violence in our cities. He can't stop the violence because for years he's fomented it.

Trump blames radical troublemakers whom he says are stirred up and backed by Biden. But when he was asked about one of his own supporters who was charged with killing two men during the mayhem in Kenosha, Wisconsin, he declined to denounce the killings and suggested that 17-year-old Kyle Rittenhouse was acting in self-defense.

After a confrontation in which he fatally shot one man, police say, Rittenhouse fell while being chased by people trying to disarm him.

That was an interesting situation," said Trump. He was trying to get away from them, I guess, it looks like, and he fell. And then they very violently attacked him. ... He was in very big trouble. He would have been you probably would've been killed.

 

Jio takes on rivals, rolls out new broadband plans starting at Rs 399

 

Plans to be rolled out from today.

Reliance Jio on Monday announced new plans for JioFiber broadband starting at a monthly price of Rs 399 with no limit on data usage. According to the new plans, entertainment app Netflix is added to the bouquet of bundled apps for customers subscribing to mid-range plans. It is by far the lowest price for broadband services.

The plans will be rolled out from September 1 onwards, said Reliance Jio.

Recently, Bharti Airtel announced that it would bundle an additional 1,000 gigabyte data on purchase of a new connection of its Xstream Fiber Home broadband service. The offer is a part of Independence Day celebrations and had been rolled out for a limited period on all Airtel Xstream Fiber plans. The plans start at Rs 799 per month and come with Airtel Thanks benefits, such as a 12-month Amazon Prime membership and Airtel Xstream content plus Wynk Music.

“We want to take Fiber to each and every home and empower every member of the family. After making India the largest and the fastest-growing country in mobile connectivity with Jio, JioFiber will propel India into global broadband leadership, thereby providing broadband to over 1,600 cities and towns,” Jio Director Akash Ambani said.

The low-end plan of Rs 399 will offer download and upload speed of 30 megabits per second (Mbps), according to the statement. The old plans of JioFiber have a limit of data usage per month at promised high speed after which the speed drops to 1 Mbps.

Jio has announced a free 30-day trial of the 150 Mbps plans, costing Rs 999, with subscription to 11 over-the-top apps, including Amazon Prime Video, Disney+ Hotstar, Zee5, SonyLIV. The plan priced at Rs 1,499 will also come bundled with Netflix.

 

Japan to extend emergency loan worth Rs 3,500 cr for India to fight Covid19

 

Japanese ambassador Satoshi Suzuki, and CS Mohapatra, additional secretary in India's department of economic affairs exchanged notes regarding the provision of the yen loan.

Japan on Monday said it will extend emergency loan support of upto 50 billion yen towards India's response to the Covid-19 pandemic that includes implementation of health and medical policy.
Additional Secretary, Department of Economic Affairs of Finance Ministry, CS Mohapatra and Japanese ambassador Suzuki Satoshi exchanged notes here on Monday, concerning the provision of the yen loan to New Delhi to combat the COVID-19 pandemic.

According to an official release by the Japanese embassy, this "COVID-19 crisis response emergency support loan" provides the necessary funds for India's fight against coronavirus.

This financial support will support the implementation of health and medical policy by the Government of India, and will lead to the development of hospitals equipped with ICUs and infection prevention and management facilities.

It is expected that these measures, in addition to controlling the spread of infection in the country, will also contribute to the recovery and stability of the country's society and economy, as well as to sustainable development.

The loan will have an interest rate of 0.01 per cent per annum with a redemption period of 15 years, including a four year grace period.

Moreover, both the countries also exchanged notes on a grant worth 1 billion Yen to India through Japan's Official Development Assistance (ODA) scheme, namely, "The Economic and Social Development Programme".

It is expected that this grant aid will lead to reinforcing the fight against infectious diseases including COVID-19, in India, and contribute towards further strengthening cooperation between Japan and India.

 

Exports offer hope for specialty chemicals units: CRISIL SME Tracker

 

Small and medium enterprises (SMEs), which make up as much as 30-35 per cent of the industry, have been hit particularly hard.

Specialty chemicals manufacturers have been left bleeding, as demand from most end-user industries has dried up in the wake of the Covid-19 pandemic.

Small and medium enterprises (SMEs), which make up as much as 30-35 per cent of the industry, have been hit particularly hard.
Many SMEs have reduced capacity utilisation as downstream demand fell, and are expected to see realisation decline amid lower crude oil prices.

Additionally, SMEs are having difficulties in accessing working capital, and may face a liquidity crunch. While the world is slowly opening up, there has been no major recovery in demand from key end-user industries such as automobiles, electronics and textiles. We expect demand from the food-packaging and health care segments to sustain, though.

In this milieu, exports offer a ray of hope. India’s chemical exports logged a compound annual growth rate (CAGR) of about 13 per cent between 2015 and 2019, compared with about 7 per cent for China. The key sub-segments likely to benefit from higher exports would be colourants and agrochemicals, with export shares of 45-50 per cent and 50-55 per cent, respectively.

Furthermore, significant capacity addition in other sub-segments, such as polymer additives, would help reduce the country’s import dependence.

AstraZeneca's Covid-19 vaccine candidate begins late-stage US study

 

The trial is being conducted under U.S. government's Operation Warp Speed program, which aims to accelerate development, manufacturing and distribution of vaccines and treatments for Covid-19.

(Reuters) - AstraZeneca Plc said on Monday it has begun enrolling adults for a U.S.-funded, 30,000-subject late-stage study of its high profile COVID-19 vaccine candidate.

Trial participants will receive either two doses of the experimental vaccine, dubbed AZD1222, four weeks apart, or a placebo, the company said.

The trial is being conducted under U.S. government's Operation Warp Speed program, which aims to accelerate development, manufacturing and distribution of vaccines and treatments for COVID-19.

U.S. President Donald Trump has said a vaccine for the novel coronavirus could be available before the Nov. 3 presidential election, much sooner than most experts anticipate.

AstraZeneca, which is developing its vaccine in conjunction with Oxford University researchers, and Pfizer Inc with partner BioNTech SE have said they could have data by October to support U.S. emergency use authorization or approval of their respective vaccines.

AZD1222 is already undergoing late-stage clinical trials in Britain, Brazil and South Africa, with additional trials planned in Japan and Russia. The trials, together with the U.S. Phase III study, aim to enroll up to 50,000 participants globally.

The U.S. trial will evaluate whether the vaccine can prevent COVID-19 infection or keep the illness from becoming severe, the National Institutes of Health said in a statement https://www.nih.gov/news-events/news-releases/phase-3-clinical-testing-us-astrazeneca-covid-19-vaccine-candidate-begins.

It also will assess if the vaccine can reduce incidence of emergency department visits due to COVID-19.

US OPEN 2020: Kim Clijsters' return, Serena Williams, other things to know

 

The first time Kim Clijsters entered the US Open, all the way back in 1999, she faced a certain someone by the name of Serena Williams.

The first time Kim Clijsters entered the U.S. Open, all the way back in 1999, she faced a certain someone by the name of Serena Williams.

All these years later, with play at Flushing Meadows set to begin Monday, three-time U.S. Open champion Clijsters is back on the scene, out of retirement at age 37 and entered in a Grand Slam tournament for the first time since 2012.

And Williams, less than a month from turning 39, is still at the top of tennis, the runner-up in New York each of the past two years and at four of the past seven major championships.

Asked to name a moment that sticks in her memory, Clijsters pointed to that first meeting against Williams, who won 4-6, 6-2, 7-5 in the third round and would go on to claim the first of her 23 Grand Slam trophies.

"It was an incredible match. The atmosphere was great. For me, that kind of, I think, started the energy that I feel here when I play here," said Clijsters, who won the U.S. Open in 2005, 2009 (defeating Williams in the final) and 2010, along with the 2011 Australian Open.

"Any night match that you get to play here at the U.S. Open on Arthur Ashe is incredible," she said.

"It's nothing like anything else anywhere else."

As for Clijsters' thoughts on Williams and the possibility of equaling Margaret Court's total of 24 Slam singles titles?

"The great results she had, not even a year after her daughter was born playing Grand Slam finals, competing for Grand Slam titles was, I think, incredible," Clijsters said.

Surge not so worrying if serious coronavirus cases, deaths are low: Experts

 

The rise in number of COVID-19 cases should not be a cause of concern as long as the number of serious patients and deaths due to the disease remain low, say public health experts in Gujarat.

The rise in number of COVID-19 cases should not be a cause of concern as long as the number of serious patients and deaths due to the disease remain low, say public health experts in Gujarat.

They are also of the view that the new cases being reported daily should be categorised as mild, moderate or severe to better understand the pandemic.

"We are finding new cases everyday, but the first thing we need to know is how many of them are serious," said Dileep Mavalankar, Director of the Gandhinagar-based Indian Institute of Public Health.

"The government should report how many new patients have been put on oxygen or ventilator support...we are reporting low mortality," he said.

The new cases should be divided into three categories- mild, moderate, if a patient needs oxygen, and severe, if he/she needs ventilator support, he said.

In a recent study, Mavalankar found that between March and July, the percentage of deaths due to COVID-19 compared to other diseases in India was 1.3, as against 13 per cent in the US and 17.6 per cent in the UK.

He said the government should not neglect fatalities due to other reasons just to control the over one per cent COVID-19 deaths.

At the same time, the government should provide more data in the public domain for experts to understand the pandemic situation better, he said.

OPPO leads, Samsung slips to 2nd in Southeast Asian smartphone market in Q2

 

OPPO edged out Samsung to become the top vendor with a 20.3 per cent market share, according to Counterpoint Research.

Samsung dropped to the second spot in the Southeast Asian smartphone market in the second quarter of the year, as Chinese brands expanded their presence with budget devices, a report said on Monday.OPPO edged out Samsung to become the top vendor with a 20.3 per cent market share.
Samsung was the second-largest smartphone vendor in Southeast Asia with a market share of 19.5 per cent in the April-June period, according to industry tracker Counterpoint Research.

OPPO edged out Samsung to become the top vendor with a 20.3 per cent market share.

Chinese phone makers took four of the top five spots. Vivo came in third with 17.9 per cent, followed by Xiaomi with 14 per cent and Realme with 12.8 per cent.

Samsung first gave up its top vendor position in the Southeast Asian market to OPPO in the fourth quarter of 2019.

The South Korean tech titan recaptured the leading status in the first quarter of this year with a 18.9 percent market share, which was 0.2 percentage point higher than OPPO, reports Yonhap news agency.

The report said Samsung's struggle came as more Southeast Asian consumers opted to buy budget smartphones amid the novel coronavirus pandemic.

 

Mutated coronavirus strain found in Indonesia as cases jump: Report

 

The strain, which the World Health Organization said was identified in February and has been circulating in Europe and the Americas, has also been found in neighbouring Singapore and Malaysia.

A more infectious mutation of the new coronavirus has been found in Indonesia, the Jakarta-based Eijkman Institute for Molecular Biology said on Sunday, as the Southeast Asian country's caseload surges.
Indonesia reported 2,858 new infections on Sunday, data by the health ministry showed, below the previous day's record 3,308 but above the past month's daily average. Its total number of cases was 172,053, with 7,343 Covid-19 fatalities.

The "infectious but milder" D614G mutation of the virus has been found in genome sequencing data from samples collected by the institute, deputy director Herawati Sudoyo told Reuters, adding that more study is required to determine whether that was behind the recent rise in cases.

The strain, which the World Health Organization said was identified in February and has been circulating in Europe and the Americas, has also been found in neighbouring Singapore and Malaysia.

Syahrizal Syarif, an epidemiologist with the University of Indonesia, warned Indonesians must remain vigilant, as his modelling suggests the country may see its caseload rise to 500,000 by the end of the year.

"The situation is serious .... Local transmission currently is out of control," Syarif said, adding that the number of infections found daily could have been much higher if laboratories were able to process more specimens in a day.

 

First training session was good, kept basics in place: AB de Villiers

 

RCB batsman AB de Villiers described his first training session as "really good" as he kept all his basics in place.

Royal Challengers Bangalore (RCB) batsman AB de Villiers described his first training session as "really good" as he kept all his basics in place.
The IPL 2020 will be played in the UAE from September 19-November 10 across three venues -- Dubai, Abu Dhabi, and Sharjah.

Upon landing in the UAE, de Villiers quarantined himself for six days, and after returning three negative COVID tests, the player went to the middle to train along with the RCB squad.

"It was very good, enjoyable to be out there, the wicket was a bit sticky so it was a great challenge, actually if I could have it my way, I would have wanted my first net session to go like this only after a long time," AB De Villiers said in a video posted on the official Twitter handle of RCB.

"I kept my basics in place, watched the ball carefully, I played some nice shots in the end and it was enjoyable," he added.

On Saturday, the Board of Control for Cricket in India (BCCI) confirmed that 13 personnel including two players tested positive for COVID-19.

However, the board did not specify as to which team has how many confirmed cases. The identity of the players and staff was also not revealed.

"13 personnel have tested positive of which 2 are players. All the affected personnel as well as their close contacts are asymptomatic and have been isolated from other team members. They are being monitored by the IPL Medical Team," the BCCI had said in an official release.

All players and team personnel are required to undergo a six-day quarantine period after landing in the UAE and everyone needs to be tested for COVID-19 thrice.

PM Narendra Modi urges industry to play a larger role in defence

 

Prime Minister Narendra Modi delivered an 18-minute speech on Thursday, talking up the government's "self reliant India" policy in defence.

In an unscheduled appearance at a Ministry of Defence (MoD) webinar that even caught Defence Minister Rajnath Singh by surprise, Prime Minister Narendra Modi delivered an 18-minute speech on Thursday, talking up the government’s “self reliant India” policy in defence and urging private industry to play a larger role.

“For many years, India has been the world’s biggest importer of defence equipment,” said Modi, blaming it on the failure of earlier governments. This, he said, was changing, repeatedly invoking the confidence of a “New India”.

“When India got Independence, it had enormous capability as a defence producer. At that time, there was a defence production ecosystem that had been established more than a century earlier,” said Modi.

In fact, only the most rudimentary defence production facilities existed at Independence: a handful of ordnance factories that produced low-tech stores such as clothing and ammunition; and a couple of shipyards with no ability to build modern warships. “There were very few countries that had the capabilities and potential that India had. But it is India’s misfortune that, for decades, nobody gave this matter the attention it deserved… And many countries that started after us overtook us and went far ahead in the last half century,” said Modi.

“But now, the situation is changing. You would have experienced that, in the last few years, it has been our effort to throw off the shackles in this sector.”

Modi laid claim to a list of achievements: more manufacturing, new technologies, and a larger role for the private sector. “We have reformed the licensing norms in defence manufacturing, created a level playing field, simplified export procedures, reformed offset rules and many other such measures,” said Modi.

On-board meal service in flights to resume soon as govt lifts ban

 

In-flight meals were banned when air transport had resumed on 25 May to counter the spread of the virus.

In a significant relaxation, the government has allowed serving of meals on board both domestic and international flights.

Selling on-board meals is a significant source of ancillary revenue for low-cost airlines. This had dried up as in-flight meals were banned to prevent on-board spread of coronavirus when air transport resumed on May 25.

Due to the ban, India’s largest airline IndiGo had seen its ancillary revenues declining by 81.3 per cent in April-June period.

While for domestic flights, only pre-packed snacks and beverages have been allowed, airlines operating international flights can also serve hot meals and liquor. Airlines are undertaking international flights for the purpose of repatriation and private charters.

However, the government has mandated that on-board meals have to be served only in disposable trays and crockeries which should not be reused. The table and cutlery have to be set up beforehand, as cabin crew will not be permitted to do on-board service. “Crew shall wear a fresh set of gloves for meal service,” the government order said. Pouring service by cabin crew for tea, coffee or alcohol is not allowed.

Low-cost carriers like IndiGo, GoAir and SpiceJet, and full-service ones like Vistara and Air India count on-board meals among their major revenue sources; the quality of meals acts as a differentiator and marketing pitch. The other avenues are cargo, special service requests, ticket modification and cancellation.

GST Council meet: States accuse Centre of 'arm-twisting' them to borrow

 

Even BJP-ruled states like Karnataka suggest central govt should borrow to compensate states.

Following a five-hour-long GST Council meeting on Thursday, states accused the Centre of ‘arm-twisting’ them to borrow, terming it a ‘betrayal of federalism’.
Despite being given seven days to examine the two options offered by the Centre, they turned those down minutes after the meeting concluded. Most states pressed for borrowing by the Centre to compensate them for the shortfall in collections.

During the meeting, the Centre gave the states the option to either borrow Rs 97,000 crore (shortfall according to the formula given under the law), or the entire Rs 2.35 trillion that accounts for the excess shortage in view of the Covid disruption.

T S Singh Deo, finance minister of Chhattisgarh, said states were being arm-twisted to get the compensation, which was Constitutionally guaranteed to them. He questioned why the Centre wasn’t taking the loan, given there would be no repayment burden on states and the entire principle plus interest would be repaid through cess collection anyway.

“They are saying the entire principle and interest will be repaid using cess, which will continue after the five-year timeline. They agreed to raise our FRBM (fiscal responsibility and budget management) limit. If there is no financial burden, why can’t the Centre take the loan itself, instead of asking states and UTs to take it separately?” said Deo.

Manish Sisodia, FM of Delhi, called the offer a ‘betrayal of federalism’. He said the option to avail of a loan from the RBI will not work for Delhi because it does not have the right to take a loan, as it is not a full state.

 

CRISIL upgrades YES Bank's certificates of deposit from 'A2' to 'A2+'

 

YES Bank's total deposits increased to Rs 1.17 trillion (including CD) as on June 30 from Rs 1.05 trillion as on March 31.

Rating agency CRISIL has upgraded its rating on YES Bank’s certificates of deposit (CD) from ‘A2’ to ‘A2+’ in view of an improvement in the bank’s funding and liquidity profile. This has been possible due to a gradual increase in its deposit base, as well as the sizeable capital it raised recently.
The private-sector lender repaid – ahead of the earlier plan – Rs 35,000 crore of the Rs 50,000 crore it had availed of under the Reserve Bank of India’s (RBI’s) special liquidity facility in March 2020. Further, the bank's liquidity coverage ratio (LCR) has improved in recent months.

YES Bank's LCR improved to 114.1 per cent as on June 30, 2020, from 37.0 per cent as on March 31. According to the RBI norms, a bank has to maintain a minimum LCR of 80 per cent.

As of 9:30 am, the bank’s stock was trading 3.9 per cent higher than its previous close on the BSE, at Rs 15.29 a share.

YES Bank's total deposits increased to Rs 1.17 trillion (including CD) as on June 30 from Rs 1.05 trillion as on March 31, CRISIL said in a statement.

The ratings continue to be underpinned by the expectation of continued extraordinary systemic support from key stakeholders and State Bank of India’s (SBI’s) sizeable ownership. YES Bank is now an associate entity of SBI after a capital infusion of about Rs 10,000 crore by Indian banks as part of a rescue package hammered out by the RBI.

Further, the bank raised Rs 15,000 crore though a follow-on public offer (FPO) in July 2020. This helped it significantly improve its capital position (Pro-forma common equity tier I, or CET1 ratio) to 13.4 per cent in June 2020 from 6.3 per cent in March. The overall capital adequacy ratio (CAR) improved to 20 per cent from 8.5 per cent during the same period.

Animal spirits stir: Economic indicators hint at slow recovery for India

 

Any rebound will be slow though, with economists in a Bloomberg survey predicting a milder contraction of 5.3% in the quarter to September.

Business activity in India picked up slightly in July as a gradual improvement in services and exports showed the economy possibly moved past its worst-showing in the previous quarter.

Five of the eight high-frequency indicators compiled by Bloomberg News gained last month, while two were unchanged and one deteriorated. That helped move the needle on a dial measuring so-called animal spirits to the right after remaining stuck at a lower speed for two months.

The pickup in the gauge, which uses the three-month weighted average to smooth out volatility in the single-month readings, holds out hope for a gradual recovery in the economy. The world’s biggest lockdown to contain the coronavirus pandemic brought activity to a virtual halt last quarter, with data due Aug. 31. likely to show gross domestic product declined 19.2% from a year ago.

Any rebound will be slow though, with economists in a Bloomberg survey predicting a milder contraction of 5.3% in the quarter to September.

Business Activity

Services activity recorded a marginal improvement in July with the main index for the sector standing at 34.2. While a reading under 50 indicates contraction in activity, last month’s index was better than June’s 33.7 and continues the recovery from the record low of 5.4 in April.

Manufacturing also continued to contract, with the purchasing managers index dipping to 46.0 from 47.2 in June, as domestic orders and output took a hit. As a result, the Markit India Composite PMI for July slipped to 37.2 from 37.8 a month earlier.

 

Slow pace of pay growth adds to hurdles in way of India's economic recovery

 

A survey by Deloitte Touche Tohmatsu India LLP showed average salaries gained 3.6 per cent in the fiscal year that started in April, down from 8.6 per cent a year ago.

Joblessness may be easing in India as the economy gradually reopens from the world’s biggest lockdown, but wage growth remains subdued -- dashing hopes of a recovery in the consumption-driven economy.
A survey by Deloitte Touche Tohmatsu India LLP showed average salaries gained 3.6 per cent in the fiscal year that started in April, down from 8.6 per cent a year ago. Only 23 per cent of the companies surveyed said they planned to offer hikes next year.

Wage bills of companies increased by just 2.9 per cent in the three months to June from a year ago -- the slowest growth in 18 years, according to a separate analysis of 1,560 listed companies by Mumbai-based private research firm Centre for Monitoring Indian Economy Pvt.

“If you look at the manufacturing sector, wages declined by 7 per cent. So that’s a deep gash,” Mahesh Vyas, managing director of CMIE, said by phone. He doesn’t see wage growth going back to pre-Covid levels in the “foreseeable future” as “the economy is facing a serious problem of contraction of income.”

CMIE estimates the jobless rate fell to 7.4 per cent in July from a record 23.5 per cent in April, the height of coronavirus-related curbs. Slowing wage growth risks squeezing private spending in Asia’s third-largest economy, where consumption accounts for about 60 per cent of gross domestic product. India’s GDP will shrink 4.5 per cent this year as a result of the pandemic, according to the International Monetary Fund.

Job losses loom as Vanguard Group closes Hong Kong, Japan operations

 

The largest mutual fund company, with roughly $6 trillion in assets under management, said in a statement its Hong Kong business mostly served institutional clients and not retail investors.

US asset manager Vanguard Group will close its Hong Kong and Japan operations and cut jobs across both locations as it shifts its Asian headquarters to Shanghai, it said on Wednesday.
The largest mutual fund company, with roughly $6 trillion in assets under management, said in a statement its Hong Kong business mostly served institutional clients and not retail investors, which are its primary focus.

Hong Kong has been home to Vanguard's main office in Asia after the index fund giant closed its Singapore operation in 2018. It said the departure from the Asian financial hub would take between six months and two years.

The move comes as US-China relations are strained over issues including trade, territorial disputes and individual freedoms in Hong Kong. Asked if events in Hong Kong played a role in its decisions, Vanguard spokeswoman Dana Grosser said via email that Vanguard still sees growth potential in the city.

"Hong Kong is an important global financial center, and continues to be an important international capital market for Vanguard," she wrote. The city's stock market "will remain as a critical component for Vanguard's global diversified funds" while its securities channels will still provide access to Chinese stock and bond markets, she said.

 

GST Council meet: States to push for borrowing by Centre on Thursday

 

Our worst fears are now coming true, Amit Mitra writes to Sitharaman.

Ahead of the crucial single-agenda GST Council meeting on Thursday, most states — including those governed by the BJP — reached a consensus that the Centre should borrow to compensate states for the revenue shortfall owing to inadequate cess collection.

States have objected to borrowing from the market themselves, and will seek an extension to the compensation period beyond the promised FY22.

Sushil Kumar Modi, deputy chief minister of Bihar, told Business Standard that market borrowing appeared to be the only logical option, that too by the Centre. “It would be better if the Centre borrowed, because it would have to provide guarantee for states’ borrowings anyway. Besides, the Centre will be able to borrow at a lower interest rate,” he said.

He added that raising tax slabs by a percentage point each would only result in additional revenue of Rs 60,000 crore, compared to the projected shortfall of Rs 3.65 trillion in FY21. “Collections in the present fiscal year are estimated to be 65 per cent of last years. Raising tax rates immediately may not be feasible due to the pandemic. Even if a few more items are added to the cess basket, it will not make much of a difference,” Modi added.

Repayment of the borrowed sum will have to be made from cess collections, which is only available till FY22 and needs to be extended by 3-5 years, according to the states’ view.

No compensation has been paid for FY21 so far, even as four months’ compensation (till July) is due under the bi-monthly payment mechanism.

According to finance ministry sources, Attorney General K K Venugopal has suggested that the Council recommend to the Centre for allowing states to borrow on the strength of future receipts, from the compensation fund.

Future Enterprises' board to meet on Saturday, to discuss raising funds

 

A source said the board would also look at the proposal to merge three other listed entities of the Future group with FEL.

The board of Future Enterprises is meeting on Saturday to take a call on raising of funds.
In a notice to the stock exchanges, the company said that the board of directors would consider and evaluate proposals to raise funds by way of issuance of bonds including debentures/non-convertible debt instruments/securities and/or any other instruments / securities, including through private placement or through any other permissible mode or any combination thereof, as may be decided by the board.

A source said the board would also look at the proposal to merge three other listed entities of the Future group with FEL.

Once the merger is completed, Reliance Industries will invest Rs 8,500 crore to own 50 per cent stake in the merged entity.

Global retail giant, Amazon, which owns stake in one of Future group's companies will dilute its stake and will not object to the transaction with RIL.

Reliance is planning a separate transaction with Amazon, which may lead to no-compete agreement between the two retail giants.

Both RIL and Future did not comment on the merger proposal in the works.

29-year-old Dutch writer becomes youngest to win International Booker Prize

 

A 29-year-old Dutch writer has become the youngest author to win the International Booker Prize.

A 29-year-old Dutch writer has become the youngest author to win the International Booker Prize.
Marieke Lucas Rijneveld's The Discomfort of Evening, a dark story about a devout farming family in a strict Christian community in the rural Netherlands, was announced as the winner Wednesday.

Under the rules of the prize, the 50,000-pound ($66,000) award will be split between the author and translator Michele Hutchison, giving both equal recognition.

Ted Hodgkinson, who chaired a panel of judges, described the novel as a tender and visceral evocation of a childhood caught between shame and salvation.

The International Booker Prize is awarded every year to a book of fiction in any language that is translated into English and published in the UK or Ireland.

The award is separate from the main Booker Prize, and aims to encourage more publishing and reading of quality fiction from around the world.

This year the judges considered 124 books, translated from 30 languages.

 

No funds available: Depositors at PMC Bank survive on loans, charity

 

The Reserve Bank of India took control of PMC last September after it was accused of fraud and concealing non-performing loans.

In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour.
The Lals had enough savings to tide over the medical crisis - more than 2.5 million rupees ($33,450) in Punjab & Maharashtra Co-operative (PMC) Bank. But withdrawals were capped at 50,000 rupees from each account at the time because authorities were investigating fraud at PMC.

The withdrawal cap is now at 100,000 rupees per depositor.

"I just borrowed money from wherever I could, I had to save my daughter," said Lal. "If I had access to my own money, I'd not have been ashamed."

The Reserve Bank of India (RBI) took control of PMC last September after it was accused of fraud and concealing non-performing loans. PMC's top officials and the owners of a realty company that received the bulk of the loans were arrested.

The withdrawal cap has left many of PMC's over 900,000 depositors in deep difficulty. Some say they are struggling to clear loans or pay their children's school fees, while others say they depend on friends for their groceries.

The situation at PMC has also amplified concerns about the health of India's tens of thousands of co-operative banks, which often serve communities in the rural interior and have assets worth around $220 billion, about 11% of India's total banking sector assets.

These banks, many of which are tiny, are subject to less stringent regulation than commercial banks and currently, more than two dozen of them are facing lending or withdrawal restrictions by the RBI because of financial irregularities.

 

Nirav Modi case: PNB receives Rs 24 cr as first tranche of recovery from US

 

The central government said that PNB has informed the Ministry of Corporate Affairs that it has received 3.25 mn as the first tranche of recoveries in fugitive Nirav Modi case from the USA.

The central government on Tuesday said that Punjab National Bank (PNB) has informed the Ministry of Corporate Affairs (MCA) that it has received USD 3.25 million (the equivalent of Rs. 24.33 crores) as the first tranche of recoveries in fugitive Nirav Modi case from the USA.
"Upon liquidation of the debtors' assets by the US Chapter 11 Trustee, a sum of $ 11.04 million (equivalent of Rs. 82.66 crore) is available for distribution to unsecured creditors including PNB. Further recovery therefrom is subject to other expenses and settlement of claims of other claimants," MCA said in a release.

The Ministry also has initiated proceedings for disgorgement of monies from the perpetrators-- the entities promoted and/or controlled by Nirav Modi/Mehul Choksi.

"Punjab National Bank Limited in 2018 informed the MCA that three companies promoted by Nirav Modi, namely Firestar Diamond, A. Jaffee and Fantasy (all Inc) had filed for Chapter 11 Bankruptcy Protection in the Southern District of New York, United States of America," MCA said.

PNB requested the MCA to support and join the bankruptcy proceedings in New York, USA in order to help PNB realize its claims in the debtors' assets.

The US Bankruptcy Court of Southern District of New York, by its order dated July 26, 2018 recognized the claims of PNB in the proceeds of sale of assets of the properties of the debtor companies. It also authorized PNB to issue subpoenas to compel the examination of Nirav Modi, Mihir Bhansali and Rakhi Bhansali under oath.

New Facebook Reality Labs to develop next-generation AR/VR products

 

Facebook has renamed its augmented reality/virtual reality (AR-VR) team as Facebook Reality Labs as the company starts building the next-gen computing platform for deeper immersive experiences.

The social networking giant has renamed its augmented reality/virtual reality (AR-VR) team as Facebook Reality Labs as the company starts building the next-gen computing platform for deeper immersive experiences.
Previously, Facebook Reality Labs was the name given to its research division, which had historically been known as Oculus Research.

The company on Tuesday announced to organize its annual conference 'Facebook Connect' virtually on September 16 and will be free for everyone to attend.

"Our research teams have helped establish Facebook Reality Labs as a pioneer in the AR/VR space as we work to deliver the next computing platform," said Andrew Bosworth, Head of Facebook Reality Labs.

Facebook's work in AR/VR spans a number of breakthrough technologies like Oculus headsets that let people defy distance with cutting-edge VR hardware, while Portal helps friends and families stay connected and share the moments that matter in meaningful ways.

'Spark AR' powers immersive experiences for Facebook's apps and devices.

Facebook bought Oculus for $2 billion in 2014.

"Rather than distracting us and taking us away from the people around us, tomorrow's AR and VR devices will melt away, letting us connect and be truly present with the people and moments that matter most," Bosworth said.

The Facebook Reality Labs is building the entire stack, including hardware and software, so privacy is baked into its design process from the beginning, Facebook said.

At 'Facebook Connect,' viewers can experience keynotes from leaders and industry visionaries to hear about the latest innovations in AR/VR and join immersive developer sessions.

Fitbit launches Sense, Versa 3 and Inspire 2 fitness wearable in India

 

Fitbit Sense is priced at Rs 34,999 while the Fitbit Versa will cost Rs 26,499. The Fitbit Inspire 2 fitness band is priced at Rs 10,999.

Wearables brand Fitbit has introduced an advanced smartwatch called the Fitbit Sense, which comes with electrodermal activity (EDA) to measure daily stress and comes with a heart rate tracker, electrocardiogram (ECG) monitor and skin temperature sensors
The company also introduced Versa 3 and Inspire 2 wearables. All three wearables will be available globally starting late September and will arrive in India in the festive season, according to the company.

Fitbit Sense is priced at Rs 34,999 while the Fitbit Versa will cost Rs 26,499. The Fitbit Inspire 2 fitness band is priced at Rs 10,999.

"Our new products and services are our most innovative yet, coupling our most advanced sensor technology and algorithms to unlock more information about our bodies and our health so you can be in control," said James Park, co-founder and CEO, Fitbit.

The new EDA sensor on Fitbit Sense measures electrodermal activity responses.

Using the EDA Scan app, place your palm over the face of the device to detect small electrical changes in the sweat level of your skin.

"You can do a quick EDA Scan session on device to see your responses, or pair it with guided mindfulness sessions in the Fitbit app to see how your body responds during meditation or relaxation," the company said.

At the end of your session, you will see an EDA response graph on-device and in the mobile app to gauge your progress over time and reflect on how you feel emotionally.

Google launches fast loading tabs, cool features in Chrome browser

 

Google has introduced several features including tabs that load faster and let you organise and find them easily in Chrome browser as you work or study from home.

Google has introduced several features including tabs that load faster and let you organise and find them easily in Chrome browser as you work or study from home.

To start with, Google has made tabs 10 per cent faster in Chrome via under-the-hood performance improvements.

Now the users can collapse and expand tab groups so it's easier to see the ones they need to access.

"If you use Chrome in your laptop's tablet mode, you'll soon have an easier time flipping through your tabs, finding the page you're looking for, and browsing the web," Google said in a statement on Tuesday.

Coming to Chromebooks first, a new touchscreen interface has tabs that are larger and more practical to organise, and hide when people don't need them.

"Rolling out on Android in this release, when you start typing a page title into the address bar, you'll see a suggestion to switch to that tab if you already have it open. You can already do this in Chrome on your laptop," Google informed.

"For Android users, we've improved URL sharing to help you quickly copy a link, send it to Chrome on your other devices, and send links through other apps," Google said.

You can also print the page or generate a QR code to scan or download.

This new QR code feature is also rolling out to Chrome on desktop and can be accessed from a new QR icon in the Chrome address bar.