WHO: Europe now has more than 10 million confirmed coronavirus cases

 

The World Health Organization's Europe director said Thursday that the 54-country region has again reached a new weekly record for confirmed cases.

The World Health Organization's Europe director said Thursday that the 54-country region has again reached a new weekly record for confirmed cases, with more than 1.5 confirmed last week and more than 10 million since the start of the pandemic.

During a meeting with European health ministers, WHO European regional director Dr. Hans Kluge said, hospitalizations have risen to levels unseen since the spring and that deaths have risen by more than 30% in the last week.

Europe is at the epicenter of this pandemic once again, Kluge said. At the risk of sounding alarmist, I must express our very real concern.

Testing systems have been unable to keep up with widespread levels of transmission, and test positivity levels have reached new highs, with most European countries exceeding 5 per cent and many cases spreading unchecked, he said.

Along with the usual European countries, WHO includes Russia and some central Asian countries like Tajikistan, Uzbekistan, Kazakhstan and Turkmenistan in its Europe region.

In the wake of France and Germany approving new restrictions in hopes of reversing the trend, Kluge called national lockdowns a last resort option, citing the considerable damage the measures inflict on economies, people's mental health and the incidence of domestic violence.

He said lockdowns should give countries the chance to recoup and scale up so they can theoretically strengthen their health systems and contact tracing programs to quickly identify and stamp out new clusters.

 

TVS will grow faster than industry both in domestic and global markets: CEO

 

Company confident on maintaining EBITDA growth momentum on the backdrop of better product mix, cost management and exports.

TVS Motor has said that capex for the FY21 would be around Rs 500 crore and it will go towards new product development and technology among others. The company will also be supporting Norton, the UK brand which was acquired by the company early this year and the company's credit arm TVS Credit.
Meanwhile TVS EBITDA during the second quarter rose to 9.3 per cent from 8.8 per cent, last year, and the company is optimistic about maintaining the momentum on the backdrop of a series of initiatives it has taken.

K N Radhakrishnan, Director and Chief Executive Officer, TVS Motor said that capex includes development of new products, technologies, marketing and on international markets. "No projects are delayed," he said.

While the management did not comment on upcoming launches, sources said that one of the products which is on the cards is a new 200cc motorcycle under the 'Zeppelin' brand in a bid to capture a larger share of global and domestic markets.

The company is also planning to support its recently-acquired Britain's legacy brand Norton by investing Rs 40 crore for its capex and around Rs 50 crore in TVS Credit Service, its lending arm, to strengthen its Capital Adequacy Ratio (CAR).

Despite Covid-19 challenges, TVS has strengthened its supply chain during the second quarter of 2020-21. The production and sales improved consistently from July 2020 onwards. Strong focus on cost reduction initiatives helped the company to improve EBITDA for the quarter to 9.3 per cent compared to 8.8 per cent during Q2 of 2019-20, said the company.

People's bodies now run cooler than 'normal' - even in the Bolivian Amazon

 

Despite the fixation on 98.6 F, clinicians recognize that there is no single universal "normal" body temperature for everyone at all times.

Feeling under the weather? Chances are you or your doctor will grab a thermometer, take your temperature and hope for the familiar 98.6 degrees Fahrenheit (37 degrees Celsius) everyone recognizes as “normal.”

But what is normal and why does it matter? Despite the fixation on 98.6 F, clinicians recognize that there is no single universal “normal” body temperature for everyone at all times. Throughout the day, your body temperature can vary by as much as 1 F, at its lowest in the early morning and highest in the late afternoon. It changes when you are sick, goes up during and after exercise, varies across the menstrual cycle and varies between individuals. It also tends to decline with age.

In other words, body temperature is an indicator of what’s going on within your body, like a metabolic thermostat.

An intriguing study from earlier this year found that normal body temperature is about 97.5 F in Americans – at least those in Palo Alto, California, where the researchers took hundreds of thousands of temperature readings. That meant that in the U.S., normal body temperature has been dropping over the past 150 years. People run cooler today than they did two centuries ago.

The 98.6 F standard for “normal body temperature” was first established by the German physician Carl Wunderlich in 1867 after studying 25,000 people in Leipzig. But anecdotally, lower body temperatures in healthy adults have been widely reported. And a study in 2017 among 35,000 adults in the U.K. observed a lower average body temperature of 97.9 F.

 

India dealt China border crisis with firmness, maturity: Foreign Secy

 

India has dealt with the 'worst crisis' in decades along its border with China with 'firmness and maturity'.

India has dealt with the "worst crisis" in decades along its border with China with "firmness and maturity" despite facing the challenge of the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Thursday.

In an address at a leading think-tank in Paris, Shringla mentioned two recent terrorist incidents in France, one of which he said had its origins in Pakistan, noting that the civilised world needs to act with firmness to address the threat of terrorism.

Shringla said India and France face similar non-traditional security threats in the form of radicalism and terrorism, and the fight today is not against specific communities or individuals but against a "radical politico-religious ideology".

Delving into major geo-strategic issues, he said the immediate challenges have not been able to distract India from broader strategic goals, especially in the Indo-Pacific Region where it is moving purposefully at multiple levels to create an "open, inclusive architecture".

Referring to cross border terrorism from Pakistan, the foreign secretary said India has continued to ward off the menace from its western border.

Shringla arrived here as part his week-long tour of France, Germany and the UK.

"Despite the pandemic, we have dealt with the worst crisis in decades on our border with China and we have done so with firmness and maturity. At the same time, we have continued to ward off terrorism from across our western border," he said.

 

Germany to give $2.3 mn in humanitarian aid to Azerbaijan's conflict region

 

Germany will allocate 2 million euros (over $2.3 million) for the International Committee of the Red Cross to provide Azerbaijan's breakaway region of Nagorno-Karabakh with humanitarian aid

Germany will allocate 2 million euros (over USD 2.3 million) for the International Committee of the Red Cross (ICRC) to provide Azerbaijan's breakaway region of Nagorno-Karabakh with humanitarian aid, Foreign Minister Heiko Maas said.

"The Red Cross, which is currently the only humanitarian organization that has access to the conflict-hit region, has asked the international community to allocate 9 million euro in urgent aid. Germany ... will allocate 2 million euros," Maas said at a parliament's hearing on Thursday.

The minister stressed that the winter is coming and Nagorno-Karabakh will face increasing problems with food supplies.

Maas also called on Armenia and Azerbaijan to cease hostilities without any preconditions, adding that the international community should exert pressure on the warring sides to ensure a ceasefire.

"Azerbaijan and Armenia must finally understand that the military resolution to the conflict would not be accepted by the international community," the minister added.

The fighting on the line of contact in Nagorno-Karabakh started on September 27. Armenia and Azerbaijan have accused each other of starting the firing. The international community, including Germany, strongly condemned the escalation and called on parties to settle the differences via dialogue, while Turkey has pledged its full support for Azerbaijan.

Yerevan and Baku have signed three ceasefire agreements, but all of them collapsed soon after entering into force. Last week, the Azerbaijani troops managed to make significant achievements on the southern flank, but within the past several days, the front line has stabilized, with the Azerbaijani troops trying to reach Berdzor (Lachin), Karmir Shuka (Qirmizi Bazar) and Martuni (Khojavend).

 

Reforms in IPO rules discussed with investors from US, says Sebi

 

Rising FPI registrations & inflows signify sustained interest of foreign investors in the Indian capital mkt, the regulator said.

Early finalisation of the direct listing scheme, development of the corporate bond market, reforms in initial public offering (IPO) norms and digitisation of processes, among other issues, were discussed between the Securities and Exchange Board of India (Sebi) and investors from the US.

Sebi Chairman Ajay Tyagi, along with other officials of the capital markets regulator, had an e-interaction on Tuesday with various stakeholders including industry and investor associations from the US.

The interaction was organised by the US India Strategic Partnership Forum (USISPF).

“We interacted with various stakeholders including the investors in the Indian capital markets from the USA. We briefed them about the key developments of the Indian economy as well as the recent trends in the securities market, especially in this Covid-19 era,” Tyagi said in a statement.

He further said the achievements of Indian primary markets, secondary markets and specific products such as Real Estate Investment Trusts (REITs) and Infrastructure investment trusts (InvITs) were highlighted in the interaction.

The participants appreciated various initiatives taken by Sebi, especially with respect to direct listing proposal and creation of new products such as REITs and InvITs, which have the potential to attract more foreign investment while benefitting the domestic economy, given its multiplier effect.

“The participants emphasised the need for early finalisation of direct listing proposal; development of the corporate bond market; reforms in the IPO regulations; digitisation of processes; and showed interest in participating in innovative ideas under Sebi’s regulatory sandbox framework,” the regulator said.

India strongly supports France against radical Islamism, says MEA

 

India has come out strongly in support of France which has risen against radical Islamism following the beheading of a teacher by a Muslim immigrant two weeks ago

India has come out strongly in support of France which has risen against radical Islamism following the beheading of a teacher by a Muslim immigrant two weeks ago.
In an official statement on Wednesday, the government said that it "strongly deplores the personal attacks in unacceptable language on President Emmanuel Macron in violation of the most basic standards of international discourse".

The Ministry of External Affairs, also condemned "the brutal terrorist attack that took the life of a French teacher in a gruesome manner that has shocked the world".

The government offered its condolences to his family and the people of France.

"There is no justification for terrorism for any reason or under any circumstance," the statement added.

Indians at home and abroad have been expressing solidarity with France ever since the middle-school teacher Samuel Paty was beheaded by the 18-year-old Abdullakh Anzorov inside a school near Paris on October 16.

President Macron called it an act of Islamist terrorism after it emerged that the Muslim immigrant had taken offence to Paty showing his students Charlie Hebdo cartoons depicting the Prophet Muhammad, in a class on freedom of expression.

The teacher had given Muslim students the option not to attend the class beforehand.

Here's what brokerages expect from TVS Motors' Q2FY21 numbers

 

According to the monthly sales data, TVS Motors sold 8.67 lakh units in Q2FY21.

TVS Motors is scheduled to announce its September quarter results of FY21 (Q2FY21) on Thursday and analysts are expecting a sub 10 per cent increase in the company's revenues on a year-on-year (YoY) basis, led by volume de-growth.

According to the monthly sales data, TVS Motors sold 8.67 lakh units in Q2FY21, including 8.34 lakh 2-wheelers and 33,488 3-wheelers. In comparison, the company had sold 8.85 lakh units in the year-ago quarter.

At the bourses, shares of TVS Motors rose 14.78 per cent during the September quarter as compared to 9 per cent gain in the S&P BSE Sensex, ACE Equity data show.

Here's a quick look at what leading brokerages expect from TVS Motors' September quarter nos.

Nomura

The brokerage expects TVS Motors to report 8 per cent YoY growth in revenue at Rs 4,684.2 crore as compared to Rs 4347.8 crore reported in Q2FY20. Meanwhile, net profit is seen slipping 6 per cent at Rs 185.2 crore against Rs 196.8 crore in the year-ago period.

"Ebitda margin is likely to have declined 30 bps YoY to 8.5 per cent on higher commodity prices, BS-6 costs partly offset by cost control. Ebitda is likely to come in at Rs 398.6 crore," it said.

Prabhudas Lilladher

According to Prabhudas Lilladher, with volumes declining around 2 per cent YoY (up 225 per cent QoQ) coupled with growth in expected realization by around 11 per cent YoY, TVS Motors' Q2FY21 revenue is likely to grow 8.7 per cent YoY to Rs 4,724.6 crore. The bottom line is seen growing 19.5 per cent YoY to Rs 213.9 crore.

Deutsche Bank logs a profit of $214 mn in third quarter, beats estimates

 

CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business

Deutsche Bank reported a third-quarter profit of $214million, its third straight quarterly profit this year, as it saw fewer losses from selling off unwanted assets and revenues rose at its investment bank.

CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business and cutting employee numbers.

Meanwhile, Microsoft said sales rose 12 per cent to $37.2 billion, generating a net profit of $13.9 billion in the first quarter of its fiscal year.

Analysts had anticipated the company to report $1.54 in earnings per share, generated from $35.72 billion in revenue.

In the aftermath of the beat, shares of the company are effectively flat, gaining only a fraction of a point in after-hours trading.

Microsoft was up by nearly 2 per cent in afternoon trading, despite somewhat uneven markets.

 

 

Be very aware of consequences if Section 230 is tweaked: Sundar Pichai

 

Section 230 makes it possible for Google to provide access to a wide range of information while responsibly protecting people from harm and keeping their information private, Sundar Pichai has said.

Section 230 makes it possible for Google to provide access to a wide range of information -- including high-quality local journalism -- while responsibly protecting people from harm and keeping their information private, Alphabet and Google CEO Sundar Pichai has said.

Appearing before a US Senate hearing along with Twitter CEI Jack Dorsey and Facebook CEO Mark Zuckerberg late on Wednesday, Pichai said: "I would urge the Committee to be very thoughtful about any changes to Section 230 and to be very aware of the consequences those changes might have on businesses and customers".

Section 230 states that "no provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider".

Under the US law, Internet firms are typically exempt from liability for content that users post on platforms.

President Donald Trump has challenged this via executive order which threatens to strip those protections if online platforms wade into "editorial decisions".

Pichai said that Google is deeply conscious of both the opportunities and risks the internet creates.

"I'm proud that Google's information services like Search, Gmail, Maps, and Photos provide thousands of dollars a year in value to the average American -- for free," he said in his remarks.

"We've also taken many steps to raise up high-quality journalism, from sending 24 billion visits to news websites globally every month, to our recent $1 billion investment in partnerships with news publishers".

 

Hero MotoCorp Q2: What to expect from the result announcements today

 

At the bourses, shares of Hero MotoCorp rallied 23.5 per cent during the September quarter as compared to 9 per cent gain in the S&P BSE Sensex

Hero MotoCorp is scheduled to announce its September quarter earnings of FY21 (Q2FY21) on Wednesday. Brokerages expect the two-wheeler manufacturer to report up to 13 per cent increase in profit while revenues are expected to rise over 20 per cent, led by volume growth and increase in realisation.

According to Hero MotoCorp's monthly auto sales data, the company sold 18.14 lakh units during the quarter under review, up 7.3 per cent from 16.9 lakh units sold in Q2FY20. The company had sold 5.63 lakh units in Q1FY21.

At the bourses, shares of Hero MotoCorp rallied 23.5 per cent during the September quarter as compared to 9 per cent gain in the S&P BSE Sensex, ACE Equity data show.

Here's a quick look at what leading brokerages expect from Hero MotoCorp's September quarter nos.

Emkay

The brokerage expects Hero MotoCorp's revenue to grow 25.7 per cent on YoY basis to Rs 9,518.1 crore from Rs 7,570.7 crore reported in the year-ago quarter, owing to increase in realisation. Realisation, meanwhile, is expected to increase due to BS-VI launches and price hikes. The bottom line is also likely to grow 10.7 per cent YoY to Rs 1,018.7 crore from Rs 919.8 crore reported in Q2FY20.

Emkay expects the company's gross margin to decrease due to partial pass-through of BS6 impact. Also, Ebitda margin is expected to contract 66 basis points (bps) YoY to 13.9 per cent due to fall in gross margin. Earnings before interest, tax, depreciation, and ammortisation (Ebitda) is seen rising 20 per cent YoY to Rs 1,321.4 crore.

 

Embassy REIT raises Rs 750 crore via non-convertible debentures

 

Embassy Office Parks REIT on Tuesday said it has raised Rs 750 crore by issuing debentures on private placement basis and will use the funds for completing ongoing commercial projects and recent acquisition.

Embassy Office Parks REIT on Tuesday said it has raised Rs 750 crore by issuing debentures on private placement basis and will use the funds for completing ongoing commercial projects and recent acquisition.

Embassy REIT is the country's first listed REIT (Real Estate Investment Trust) and the largest in Asia by area. It got listed in April last year after raising Rs 4,750 crore through public issue.

In a filing to BSE, Embassy REIT said it has "successfully priced and allotted by way of a private placement, Rs 7.5 billionor Rs 750 crore of rupee-denominated, listed, rated, secured, redeemable, transferable non-convertible debentures (NCDs) at 6.70 per cent quarterly coupon".

The NCDs will be listed on the Wholesale Debt Market of BSE.

Following our successful Rs 7.5 billion fundraise in September 2020, we are pleased to announce another competitively priced debt raise by Embassy REIT," Michael Holland, CEO of Embassy REIT, said.

This successful placement once again demonstrates the strength of balance sheet and the underlying appeal of its business supported by the strong covenants of a largely multinational occupier base, he said.

Embassy REIT will use the funds to drive growth through on-campus development projects and recently announced accretive acquisition of Embassy Manyata and Embassy TechZone property maintenance.

On August 14, the Board of Embassy Office Parks Management Services, Manager to the Embassy REIT, approved the issue of NCDs in one or more tranches.

Donald Trump slams media for 'blocking' alleged graft cases against Biden

 

US President Donald Trump slammed the mainstream media and big tech companies for blocking the alleged corruption cases against his opponent Democratic challenger Joe Biden.

US President Donald Trump on Tuesday slammed the mainstream media and big tech companies for blocking the alleged corruption cases against his opponent Democratic challenger Joe Biden.

Nobody has ever seen anything like we're witnessing right now. I think it's a very sad time and it'll go down as a very sad era for the media and certainly for big tech (companies), Trump told reporters at the White House before leaving for the day on a campaign trail.

I think what is going on with all of those companies -- I think they've hurt themselves very badly because they've been so restrictive. And, you know, when they don't want to show corruption, like you have with Biden -- that's totally corruption and everybody knows it -- and they're trying to protect, because he can make them wealthier, whereas they understand me, Trump said.

They understand where I'm coming from. It's very unfair. Nobody has ever seen anything like it. It's not freedom of the press, I mean, it's the opposite. And, of course, the media is in the same bag, said the president.

At a separate election rally in the battleground State of Wisconsin, his elder son Donald J Trump Jr alleged that the media and the big tech companies are now campaigning on behalf of Joe Biden and the Democratic Party.

The mainstream media, today is indulging in censorship, he said, alleging that they are not letting any negative news against Biden and his family getting out.

 

Bihar: What is at stake for Modi in the first election after Covid-19?

 

The state is currently ruled by a coalition that includes Modi's BJP and the election will be the first political test of how voters view his handling of the pandemic.

Bihar Election 2020: India’s eastern state Bihar goes to polls Wednesday in an exercise spread across two weeks. The election is the first test for Prime Minister Narendra Modi and his Hindu nationalist Bharatiya Janata Party since the Covid-19 pandemic struck. A strict nationwide lockdown has resulted in the country’s worst economic downturn in decades and both unemployment and virus infections have soared. India trails only the U.S. as the nation with the highest case tally.

1. Why does Bihar matter so much?

The state is one of the country’s poorest and lags on most development indicators, but its massive population makes it politically significant. With some 104 million people -- the entire population of Egypt -- it accounts for 40 seats in the 545-member lower house of federal parliament giving it outsize national influence.

The state is currently ruled by a coalition that includes Modi’s BJP and the election will be the first political test of how voters view his handling of the pandemic and the economic crisis and joblessness it has spawned.

A substantial win would also help Modi’s administration to wrest more seats in the upper house of parliament where it lacks a majority, making it easier to push through legislation for its economic reforms. A straight defeat or even a significant reduction in seats would dent Modi’s larger-than-life image and may also have implications for other state elections that will follow.

2. What’s the campaign focusing on?

The promise of creating millions of new jobs is the top campaign plank of every major player in the election.

A lack of employment has been a perennial problem in the state -- its unemployment rate was 10.2%, almost twice that of the entire country, according to the 2018-19 Periodic Labour Force Survey. This has pushed a large part of its workforce to migrate to other states.

 

Are you eligible for refund under interest waiver scheme? Check new rules

 

The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system

The government on Tuesday evening issued ‘frequently asked questions’ on its scheme to refund the compound interest on loans by borrowers, during the loan moratorium period from March-August, 2020, following an ongoing petition in the Supreme Court.

The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system, due for repayment during this period. Credit card dues will also be eligible, the government said.

Here are a few key highlights of the scheme:

FOR BORROWERS

*All loan accounts with sanctioned limits and outstanding not exceeding Rs 2 crore as on 29.02.2020 will be eligible

*The eligibility limit of Rs 2 crore as borrowed sum has to be an aggregate loan taken from the banking system

*The package will be available for eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI

*Loan accounts should be standard in the books of the lending institutions as of 29.02.2020 i.e. they should not be non-performing assets

*The following type of loan accounts will be eligible: MSME Loans, education loans, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans to professionals and consumption loans

 

It's right there: Nasa discovers water on Moon's crater visible from Earth

 

The discovery comes on the back of several other observations made in the past, including by Chandrayaan-1. Here's why it is of critical importance.

In one of the biggest astronomical discoveries of the decade, Nasa confirmed the presence of water on the sunlit surface of the Moon. The Stratospheric Observatory for Infrared Astronomy (SOFIA), for the first time, confirmed that water may be distributed across the moon and not just limited to cold, shadowed places. The water molecules were found on Moon's Clavius Crater, one of the largest craters visible from Earth.

Scientists believe that the majority of the water detected must be stored within glasses or in voids between grains sheltered from the harsh environment, allowing the water to remain on the lunar surface. The discovery was published in Nature Astronomy on late Monday night.

Nasa in a teleconference said, "SOFIA has detected water molecules (H2O) in Clavius Crater, one of the largest craters visible from Earth, located in the Moon’s southern hemisphere." In the past, scientists had detected some form of hydrogen on the lunar surface, however, they were unable to distinguish between water and its close chemical relative, hydroxyl (OH).

“Without a thick atmosphere, water on the sunlit lunar surface should just be lost to space,” said C I Honniball, the lead author and a postdoctoral fellow at NASA’s Goddard Space Flight Center. “Yet somehow we’re seeing it. Something is generating the water, and something must be trapping it there.”

 

 

HSBC to accelerate restructuring plan as Q3 profit tumbles 35% due to Covid

 

Reported pretax profit for Europe's biggest bank by assets came in at $3.1 billion for the quarter ended Sept. 30, down from $4.8 billion in the same period a year earlier.

HONG KONG/LONDON (Reuters) - HSBC Holdings PLC posted a 35% drop in quarterly profit, better than expected, as higher loan loss provisions on the economic fallout from the coronavirus pandemic were cushioned by the reining in of expenses.

Reported pretax profit for Europe's biggest bank by assets came in at $3.1 billion for the quarter ended Sept. 30, down from $4.8 billion in the same period a year earlier.

The profit was higher than the $2.07 billion average of analysts' estimates compiled by the bank.

While economic conditions improved in some markets in the third quarter as lockdowns were lifted and forbearance measures helped businesses and consumers, global banks' provisions have remained high as they assess the impact of the pandemic.

Asia-focused HSBC said it expected losses from bad loans to be at the lower end of the $8 billion to $ 13 billion range it set out earlier this year.

Faced with fewer options to bolster revenue growth, HSBC has been looking to reduce costs globally and in June resumed plans to cut around 35,000 jobs it had put on ice after the coronavirus outbreak.

Flipkart Group garners 68% of Rs 29,000 crore festive sales: Report

 

Flipkart Group emerged as overall leader during the week-long festive sales, accounting for 68% of the total sales as the country saw a massive 55% (year-on-year) growth.

Riding on a shopping surge in smaller towns and cities, Flipkart Group emerged as overall leader during the week-long festive sales, accounting for 68 per cent of the total sales as the country saw a massive 55 per cent (year-on-year) growth with $4.1 billion (nearly Rs 29,000 crore) goods being sold across ecommerce platforms.

This figure was $2.7 billion for the seven-day festive sales period last year.

Flipkart Group and Amazon together accounted for over 90 per cent of the total online sales during the seven-day period, according to Bengaluru-based consulting firm RedSeer which has forecast that online platforms will clock $4 billion in sales for the respective festive period this year.

"eCommerce sector has exceeded the aggressive forecasts we had made a few weeks before the festive season week one started out," said Mrigank Gutgutia, Director at RedSeer Consulting.

The number of shoppers during the first week jumped from 28 million last year to 52 million this year which is 85 per cent (y-o-y) growth.

"This points to a revival of consumption sentiment among Indian shoppers, where they have been shopping online in big numbers driven by massive selection, great prices and the convenience and safety of shopping from home," he added.

The key themes that boosted this year's festive sales include affordability, mobiles, tier II growth wave, availability of stock items which directly resulted in recovery of sales for brands and sellers -- who have been strongly enabled by the online channels to drive their sales growth which was affected by the COVID impact on offline channels.

Deepika Padukone most beautiful celebrity, Amitabh most respected: TIARA

 

Rankings part of research report by Indian Institute of Human Brands.

The Indian Institute of Human Brands (IIHB), led by adman Sandeep Goyal, on Tuesday, released findings of its TIARA Research report, billed as a comprehensive study of Indian celebrities. Covering 64 attributes across image, personality and human factors, the study has arrived at a score for celebrities called the TIARA ratings. The latter is an acronym for Trust, Identify, Attractive, Respect and Appeal.

According to the report, Deepika Padukone is India’s Most Beautiful. She scores 59.9 on the TIARA ratings. Padukone is ahead of Aishwarya Rai Bachchan who leads the list of beautiful ladies in Bollywood, with a score of 45. In Television, Divyanka Tripathi Dahiya top scorers with 39.1 points. Cricketer Mithali Raj has been voted Most Beautiful among sports personalities.

Amitabh Bachchan is India’s Most Respected celebrity with a score of 90 points. Akshay Kumar is the most appealing with a score of 93.5, while Virat Kohli is the trendiest, the study says.

Deepika Padukone is also India’s Most Glamorous with a top score 60.3. In Bollywood, Priyanka Chopra and Ranbir Kapoor are seen to have the highest glamour quotient. In television, Rannvijay Singh and Shilpa Shetty are top rated on glamour. In sports, Virat Kohli and Sania Mirza occupy the top ranks. As a couple, Virushka are most glamorous.

The field study for the report was done by Japanese research agency Rakuten covering 60,000 respondents across 23 cities including Mumbai, Delhi, Chennai, Hyderabad, Bengaluru, Kolkata and Ahmedabad.

Goyal says that 180 celebrities were covered as part of the study including 69 from Bollywood, 67 from television, 37 from sports and seven celebrity couples.

 

Aurobindo Pharma to sell US-based Natrol for about Rs 4,048 crore

 

Aurobindo's stock reacted positively to the news, going up in morning trade but later settled flat at Rs 784.65 on the BSE.

Hyderabad-based Aurobindo Pharma has reached a definitive agreement to sell its US subsidiary Natrol LLC to private equity firm New Mountain Capital and its affiliate Jarrow Formulas in an all-cash transaction valued at $550 mn (about Rs 4,048 crore). This would make Aurobindo a zero-debt company and also help it repay loans, analysts said.

The deal, subject to customary closing conditions and regulatory approvals, is expected to close by January.

Aurobindo said Natrol, which it acquired in December 2014, had been a “consistently profitable business” growing on all fronts. Natrol’s annual sales for the 12 months ended March 2020 were worth around $157 million.

Aurobindo’s stock reacted positively to the news, going up in morning trade but later settled flat at Rs 784.65 on the BSE. The Nifty Pharma index was down 1.6 per cent on Monday.

The US constitutes around 50 per cent of the company’s turnover, and Europe 22 per cent.

At the end of the first quarter of FY21, Aurobindo’s net debt stood at $168 million. In the June quarter, its revenue from the US business grew 15.6 per cent to Rs 3,107 crore, about 52.4 per cent of the consolidated revenue. In FY20, the company posted a robust growth rate of 18 per cent in its revenue from operations to Rs 23,098 crore, even as its US business grew 27 per cent.

 

YES Bank extends gain after reporting net profit of Rs 129 crore in Q2

Net interest income (NII) rose 3.4 per cent sequentially to Rs 1,973 crore in Q2 from Rs 1,908 crore in the previous quarter.

Shares of YES Bank rose 5 per cent at Rs 14.01 on the BSE on Monday, extending its Friday’s 5 per cent gain, after the lender returned to profit in the quarter ended September (Q2FY21).
However, the stock erased its early morning rally and was up 1.4 per cent higher at Rs 13.54 on the BSE at 09:30 am. In comparison, the S&P BSE Sensex was down 0.26 per cent at 40,579 points. A combined around 89 million equity shares had changed hands on the counter on the NSE and BSE.

Private sector lender YES Bank’s net profit rose sequentially to Rs 129 crore in Q2FY21 from Rs 45 crore in the first quarter ended June 30 (Q1FY21). The bank had posted a loss of Rs 600 crore in Q2 of the previous financial year (Q2FY20).

Net interest income (NII) rose 3.4 per cent sequentially to Rs 1,973 crore in Q2 from Rs 1,908 crore in the previous quarter. On year-on-year (YoY) basis, NII was down by 9.7 per cent from the base of Rs 2,186 crore in the second quarter of the previous year. Net interest margin (NIM) rose marginally to 3.1 per cent in Q2 from 3 per cent in the June quarter. NIM was at 2.7 per cent in Q2 of the previous year.

Its asset quality improved marginally as gross non-performing assets (GNPAs) stood at 16.9 per cent in Q2 from 17.3 per cent in Q1. Net NPAs have also come down 25 bps to 4.71 per cent.

Non-interest income was up 13.9 per cent to Rs 707 crore in Q2 from Rs 621 crore in Q1, due to the strong bounce back across transactional and granular fee streams, aided by pick-up in economic activity and improved credit ratings.

YES Bank’s Q2FY21 financial performance improved sequentially on the back of expansion in, better traction in non-interest revenue and opex control. Given the Supreme Court ruling halting recognition of NPAs, GNPAs (in absolute value terms) were largely unchanged at Rs 323.4bn, forming 16.9 per cent of the total advances. The outlook on asset quality remains dim as the bank has maintained its slippage guidance of 7-8 per cent for FY21.

 

We have an opportunity to replace China as global AC exporter: Blue Star MD

 

Blue Star's Managing Director B Thiagarajan spoke to T E Narasimhan on how sales are expected to touch pre-Covid-19 levels during festival time and there are chances it may increase by 10 per cent

Amidst the pandemic, air conditioning and commercial refrigeration major Blue Star is seeing a pickup in demand for products catering to healthcare, pharma, FMCG, food industry and residential needs.
Blue Star's Managing Director B Thiagarajan spoke to T E Narasimhan on how sales are expected to touch pre-Covid-19 levels during festival time and there are chances it may increase by 10 per cent compared to last year.

What kind of impact did Covid-19 have on the AC industry?

In the wake of the coronavirus pandemic and economic disruptions, the AC industry lost most of its peak time sales in the first quarter -- the April-June period when most of the sales of cooling products happen as summer peaks. However, the residential segment is recovering faster and is at a 90% level at present. Recovery would be slower in commercial segments such as offices, malls, hotels, cinemas, halls and restaurants. Offices are a large segment in the commercial cooling business and will take a long time to recover. However, some segments like food retail, food delivery, manufacturing, dairy, food processing, pharma, FMCG, banking, financial services, and insurance sectors are doing well.

How is the festival season expected to be? Will it reach last year's level?

Whatever lost in Q1 is lost. It was 50 per cent of sales in Q1. In Q2, the market has recovered to 80 per cent of last year's levels. In Q3, it will be 90 per cent of last year and in Q4, the industry will reach around 100 per cent. There is a possibility that the industry can even grow by 10 per cent in Q4. Government push like reduction in GST from 28 per cent to 18 per cent will make the ACs affordable and will push the sales. It is a revenue-neutral proposition, and I urge the GST Council to consider this appeal.

RBI encourages investment in sovereign bonds as part of liquidity measures

 

The pivot from RBI will help the government, which has said it will sell 1.1 trillion rupees more debt for the fiscal half ending in March.

The Reserve Bank of India is making longer-tenor sovereign bonds attractive again.
Quantum Mutual Fund has moved to the 10-14-year segment after staying in duration of up to three years in August in its 691 million rupees ($9.4 million) Dynamic Bond Fund. UTI Asset Management Co. has turned overweight on bonds maturing in up to 15 years, after cutting duration two months ago.

The strategy change was prompted by a series of liquidity measures announced by the Reserve Bank of India earlier this month, including doubling the size of open market operations. That’s spurred expectations that the central bank would intervene regularly to keep yields anchored. Confidence over RBI support has even outweighed concern over the government’s plan to increase debt sales.

“We have gone from being very defensive in August to aggressive now in positioning toward longer bonds and one big factor behind that is a better clarity on the RBI’s intervention plan,” said Pankaj Pathak, fixed income fund manager at Quantum Asset. “The RBI signaling that they will purchase bonds on weekly basis has given a big comfort,” he said.

Prior to the RBI’s support measures announced on Oct. 9, some money managers were piling into India’s short-tenor debt from bills to credit as concerns over a virus-ravaged economy and record borrowings prompted them to avoid risks.

The pivot from RBI will help the government, which has said it will sell 1.1 trillion rupees more debt for the fiscal half ending in March. More than 40% of the remaining year’s bond sales will be in 10-year to 14-year maturities.

Expectations for easing inflation are also likely to support longer tenors. RBI Governor Shaktikanta Das said in the policy address that the monetary authority sees the recent surge in inflation as transient.

 

Compared to Modi and Erdogan, Trump is one of the world's lamer demagogues

 

Two self-proclaimed outsiders to the political system, Erdogan and Modi also rose to political power on the back of anger and disaffection with the establishments.

US Election 2020: Four years after his shock victory, U.S. President Donald Trump seems to be running on empty. Opinion polls predict a win for former Vice President Joe Biden. In some Democratic circles, the word “landslide” is being jubilantly whispered.

It seems that Trump is finally being judged on his performance, especially his calamitous response to the coronavirus pandemic. His Republican colleagues have begun to recoil from him. The president himself, already complaining about rigged elections, seems to be expecting defeat.

And it is too late for him to learn from two of his fellow elected autocrats and demagogues — Turkish President Recep Tayyip Erdogan and Indian Prime Minister Narendra Modi — who continue to win elections despite presiding over multiple political and economic disasters.

Two self-proclaimed outsiders to the political system, Erdogan and Modi also rose to political power on the back of anger and disaffection with the establishments in their respective countries.

Railing against the corruption and nepotism of local elites, they endeared themselves to numerous left-behinds. Like Donald Trump, they connected with the lived experience of millions of people — the feeling of being scorned as well as excluded by establishment politicians and the mainstream media.

 

Alibaba Group's Jack Ma slams financial regulators' curbs on innovation

 

'World focussing only on risk control, not on development; Basel norms irrelevant for China's phase of development'

Alibaba Group founder Jack Ma criticized global financial regulations for stifling innovation and urged China to seek a system that accommodated development.

“After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” the priority for regulators, Jack Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only focuses on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.”

 The Basel Accords, which Ma likened to a club for the elderly, are used to solve problems for financial systems that have been operating for decades, he said. China, however, is still a “youth” and needs more innovation to build an ecosystem for the healthy development of the local industry, according to Ma.

Digital currencies may play an important role in building the type of a financial system that will be needed in the next 30 years, Ma said.

“Digital currency could create value and we should think about how to establish a new type of financial system through digital currency,” said Ma. Ma’s fintech giant Ant Group Co. plans initial public offerings in both Shanghai and Hong Kong. Ma said that the firm set the price of its Shanghai listing on Friday.