Sena has history of allying with Congress, ideologically opposite parties

Sena chief Uddhav Thackeray took oath Thursday evening at the historic Shivaji Park supported by the Congress and the NCP

Shiv Sena may have shared power with ideologically-opposite Congress for the first time, but the saffron party is known to have cosied up with it before and posters with old pictures of bonhomie between their leaders Bal Thackeray and Indira Gandhi taken in the seventies were put up in different parts of the city.

Sena chief Uddhav Thackeray took oath Thursday evening at the historic Shivaji Park supported by the Congress and the NCP. Besides late Shiv Sena supremo Bal Thackeray and former prime minister Indira Gandhi, NCP President Sharad Pawar also figured in the posters. Those aware of its past, the Shiv Sena, known for its firebrand Hindutva politics, seeking support of the Congress and the NCP does not come as a surprise.

From backing Congress candidates in presidential polls to not fielding any contender against Pawar’s daughter Supriya Sule to even tying up with ideologically opposite Muslim League, the Shiv Sena has had a history of flirting with ‘frenemies’. In the assembly polls held last month, the BJP won 105 seats, the Shiv Sena bagged 56, followed by the NCP (54) and the Congress (48) in the 288-member House. The Shiv Sena, founded by Bal Thackeray in 1966, in its more than five decades long journey has allied with the Congress, formally and informally.

In its initial days, it was often supported directly or indirectly by many Congress leaders and its different factions. Noted political analyst Suhas Palshikar in an article in the Economic and Political Weekly writes that senior state Congress leader Ramrao Adik was present at the first ever Shiv Sena rally…

China fumes over US law backing Hong Kong, says retaliation inevitable

China fumes over US law backing Hong Kong, says retaliation inevitable

International News: Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. China is making a habit of issuing vague retaliation threats. So far, however, it hasn’t actually done much. The foreign ministry gave another warning on Thursday after President Donald Trump signed bills backing Hong Kong’s protesters, using language that mirrored a statement last week.

China issued similar threats earlier this year after the U.S. approved arms sales to Taiwan, sanctioned companies over human-rights abuses in Xinjiang and put Huawei Technologies Co. on a blacklist. “We suggest that the U.S. stops sticking obstinately to its course or China will take resolute countermeasures,” the foreign ministry said. “The U.S. side will bear all responsibility for the consequences.” Later, foreign ministry spokesman Geng Shuang dodged questions on when China would reply or whether it would impact trade talks, telling reporters to “stay tuned.”

“What will come will come,” he said. The failure to flesh out the details despite having weeks to prepare shows the difficulties China faces in hitting the U.S. without also hurting its own economy, which is growing at the slowest pace in almost three decades. Apart from implementing retaliatory tariffs against the U.S., China has largely stuck to a policy of “strategic composure” when it comes to other aspects of the relationship.

Trade Talks Impact

Mei Xinyu, a researcher at a think tank under China’s Commerce Ministry, said that the Hong Kong issue will definitely be discussed at the trade negotiation table and China will likely ask the U.S. side to clarify its stance, or even make some promises on refraining from using the bill. He added that China will prepare some countermeasures at the same time, echoing the Foreign Ministry’s remarks earlier, without elaborating on what specific measures will be taken..

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After $13-bn AGR hit, future of India’s tattered telecom hinges on govt aid

Vodafone Idea this month booked a $7 billion quarterly loss, the biggest in Indian corporate history, in large part due to provisions for payments owed

Companies News: The Indian government’s win of a long-contested dispute over telecom fees could end up a Pyrrhic victory, as the billions of dollars in levies now owed are seen as burdens too big to bear for two of the country’s three main carriers. Vodafone Idea Ltd, India’s biggest carrier by user numbers, is widely regarded as most on the ropes, with parent Vodafone Group calling the situation “critical” after the unit was saddled with about $3.9 billion in fresh payments due.

That is the biggest portion of the $13 billion incurred by the sector after India’s Supreme Court last month sided with the government in how spectrum usage and licence fees are calculated. Bharti Airtel, the No 3 provider which must pay roughly $3 billion under the ruling, has also flagged distress, saying the decision casts much doubt on “its ability to continue as a going concern.”

To industry executives and analysts alike, there’s only one solution for the sector which was even before the current crisis debt-ridden and battered by a brutal price war: significant government financial support. Hopes have been raised after the government deferred upcoming spectrum payments for the next two financial years until March 2022. Finance Minister Nirmala Sitharaman also said this month that relief is under consideration although no final call had been made….

India’s banks wrote off Rs 2 trillion worth of bad loans in 2018-19

Even as banks have written off more loans than before, recovery of bad loans has also improved substantially in the past couple of years

India’s 42 scheduled commercial banks (SCBs) collectively wrote off Rs 2.12 trillion worth of loans in 2018-19, according to figures given by the finance ministry in Parliament. Not only was this 42 per cent higher than the Rs 1.5 trillion written off the previous year, but also about 20 per cent of all their non-performing assets (NPAs).

Banks generally take NPAs off their books to make their balance sheets look cleaner — with reduced liabilities and potential losses. According to Reserve Bank of India (RBI) guidelines, “non-performing loans, including, those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off.” Since 2014-15, when the Narendra Modi-led government first came to power, Indian banks Loans have written off Rs 5.7 trillion worth.

So far as the country’s 21 public-sector banks (PSBs) are concerned, the amount of bad loans taken off their balance sheets has increased progressively over the years. In 2018-19, these banks wrote off Rs 1.9 trillion worth of bad loans — about 90 per cent of the total for all SCBs, and four times their own write-offs in 2014-15. Only a third of SCBs reported lower write-offs in 2018-19 than the previous year; and only three of those that did were PSBs, show government statistics…

Onions for Rs 100 a kg: Consumers pay price as govt fails to get supplies

Onion prices have been rising for three months after crops were first affected by delayed monsoon and later excessive and prolonged rains in Maharashtra and Karnataka

Onions are selling above Rs 100 per kg in Mumbai and other cities, as faulty supply management, an infective import policy and crop damage make it unlikely that prices will fall before December.

Researchers and market players predict the supply deficit will last till mid-December and it will take a month after that for prices to fall. Onion prices have been rising for three months after crops were first affected by delayed monsoon and later excessive and prolonged rains in Maharashtra and Karnataka. Prices were expected to fall from November after the government banned exports and imposed nationwide stock limits on traders.

The government relaxed import norms but not enough to impress importers, said Ajit Shah, president of the Horticulture Exporters Association. Onions Price Rs 100 a kg: Consumers pay price as govt fails to get supplies The government has relaxed fumigation and quarantine rules till November 30, but importers say quicker customs clearance and allowing them to trade with centres like Dubai, even if the onion stock is from Iran, would have been more effective.

A few traders have imported from Egypt, Turkey and other countries but the quantities are small and take 20 days to reach Indian ports. Dubai imports reach India within two days. In Mumbai’s retail markets, onion sold at Rs. 110-120 per kg in the last two days. Arrivals from Maharashtra; Gujarat; Rajasthan, and Delhi moderated pries to Rs.65-75 for good quality onions. According to the National Horticulture Research & Development Foundation, prices have come down to around Rs.50-55 per kg and even below in some places.

WhatsApp spying row: We’ve sent notice to Israel’s Pegasus, says Prasad

Govt has asked for an audit of WhatsApp security and systems, according to IT minister

The government has issued notice to the Israeli firm accused of misusing WhatsApp for snooping on Indian citizens, Ravi Shankar Prasad, minister of electronics and information technology, told the Rajya Sabha on Thursday. Also, the Computer Emergency Response Team of India (CERT-In) has asked for an audit of WhatsApp security and systems, Prasad said.

Responding to the Opposition’s questions on whether the government bought spying software called Pegasus from Israel-based NSO Group, which claims to sell only to governments, the minister did not give a straight answer and said “we have sent a notice to NSO also”.

He was replying to a special mention by Congress Member of Parliament Digvijaya Singh on the use of the spyware against some Indians. WhatsApp said on October 29 it was filing a federal complaint in the US against NSO Group for a cyberattack that exploited a vulnerability in the app’s video calling feature. That could compromise the target person’s device. Of the 1,400 people affected globally, 121 were Indians.

The CERT-In is the national nodal agency for responding to computer security cases as and when they occur, and is the one that has to be informed in the case of a cyber breach. CERT-In sought information, including a need to conduct an audit and inspection of the WhatsApp security system and processes, from the messaging app on November 9. WhatsApp responded on November 18, and additional details were sought on November 26, the minister added…

Counting of votes underway for bypolls in West Bengal, Uttarakhand

Around 78 per cent of over 700,000 electorate had cast their votes in the by-polls to Kaliaganj, Karimpur and Kharagpur Sadar Assembly seats in West Bengal where 18 candidates were in the fray

Counting of votes for the West Bengal and Uttarakhand by-elections began at 8 a.m. on Thursday amid tight security in polling centres. The final results are expected to be declared by 5 p.m. The Karimpur, Kharagpur Sadar and Kaliaganj Assembly seats in West Bengal and Uttarakhand’s Pithoragarh seat went to polls on Monday.

Around 78 per cent of over 700,000 electorate had cast their votes in the by-polls to Kaliaganj, Karimpur and Kharagpur Sadar Assembly seats in West Bengal where 18 candidates were in the fray. BJP state vice-president and the party’s candidate in Karimpur, Jay Prakash Majumdar, was assaulted during polling in the constituency.

The Kharagpur Sadar and Karimpur seats fell vacant after the general elections as the sitting MLAs of the two seats Dilip Ghosh (BJP) and Mahua Moitra (TMC) had contested and won Lok Sabha seats. The by-poll at Kaliaganj was necessitated following the death of Congress MLA Parmathanath Roy. Congress nominee Dhitashree Roy, supported by the CPI(M), is pitted against TMC’s Tapan Deb Sinha and BJP’s Kamal Chandra Sarkar at Kaliaganj.

In Karimpur the CPI(M)-Congress candidate Gholam Rabbi is in the reckoning against Majumdar and the ruling TMC’s Bimalendu Singha Roy. In Kharagpur Sadar the contestants are Prem Chandra Jha of BJP, Chittaranjan Mandal of the Congress-CPI(M) alliance and Pradip Sarkar of the TMC…Keep reading

Rupee is the worst performer in emerging Asia as RBI tries to lift economy

The RBI bought has about $18 billion of foreign exchange since the end of September.

The Reserve Bank of India’s efforts to support the flagging economy are turning out to be a bane for the rupee. The currency is the worst performer in emerging Asia this quarter, and analysts say that’s because the central bank is mopping up dollars gushing into local stocks and bonds.

The RBI bought has about $18 billion of foreign exchange since the end of September, according to estimates by Bloomberg Economics. While the purchases have propelled reserves to a record, the rupee has fallen about 0.7% since Sept. 30.

Weakness in the rupee despite robust inflows is seen as a sign the central bank wants to curb a sharp appreciation in the currency that can hurt exports. With slew of data pointing to weak economic activity, boosting shipments is high on agenda for the government.

“Part of the rupee’s under performance is deliberate,” said Mitul Kotecha, a senior EM strategist at TD Securities in Singapore. “Higher reserves prove that the central bank is probably making determined efforts to keep the rupee’s competitiveness.”

The RBI has said it does not target any particular level of exchange rate and steps in only to curb undue swings in the currency. Though, as the rupee was heading for its worst quarterly decline in a year in the three months ended September, Governor Shaktikanta Das said September 19 that the currency is fairly valued, indicating tolerance for a weaker rupee.

More than 227,000 Indians waiting for family-sponsored Green Card: Report

Majority of those in the family-sponsored Green Card waiting list are siblings of US citizens

More than 227,000 Indians are waiting in line for family-sponsored Green Card or legal permanent residency, according to a latest recent official data. Currently, there are about four million people waiting in line for family-sponsored Green Cards against a Congressional cap of 226,000 per annum. The largest number of 1.5 million wait list is from America’s southern neighbour Mexico, followed by a distant India with 227,000 and China with nearly 180,000.

Majority of those in the family-sponsored Green Card waiting list are siblings of US citizens. Under current law, US citizens can sponsor their family members and blood relatives for Green Cards or permanent legal residency. President Donald Trump is against such a provision which he calls as chain immigration and wants to abolish this. The opposition Democratic party is vehemently opposed to abolish family-sponsored immigration system.

In addition to four million family-sponsored Green Card applicants, another 827,000, a sizeable number of whom are from India, are waiting in line for permanent legal residency. The waiting line for employment-based green card applicant is painstakingly running into more than a decade for Indian IT professional….

After WhatsApp row, Google warned 500 Indians of ‘govt-backed’ hacking

The affected users were spread across 149 countries, and the number was similar to (up or down 10 per cent) the number of warnings sent in the same period of 2018 and 2017

Nearly a month after WhatsApp made its now controversial revelations about an Israeli software being used to snoop on Indian citizens, Google said on Tuesday that about 500 users from India were among 12,000 people informed about being targeted by ‘government-backed attackers’ between July and September this year.

The affected users were spread across 149 countries, and the number was similar to (up or down 10 per cent) the number of warnings sent in the same period of 2018 and 2017, Shane Huntley from Google’s Threat Analysis Group (TAG) said in a blogpost. “Over 90 per cent of these users were targeted via ‘credential phishing emails’… these are usually attempts to obtain the target’s password or other account credentials to hijack their account,” he said.

As an example, Huntley explains how a phishing attempt works. An attacker sends an authentic-looking email, which can be made to look like it was sent from Google, with a security alert. A subtle difference in spelling like ‘Goolge’ would be the only difference and clue for the user. The mail suggests that the user secure their account. The user clicks the link, enters their password, and may also get asked for a security code if they have two-factor authentication enabled, allowing the attacker to access their account.

A phishing attack could also mimic an existing website or webpage and trick a user into entering confidential information on the page. Phishing attacks in India have been on the rise. In response to a question asked in Lok Sabha on Wednesday regarding cyberattacks in India,..Click Here

Ujjivan SFB’s Rs 750-cr IPO priced at 3x its book value; issue opens Dec 2

The shareholders of Ujjivan Financial Services will get shares at a discount of Rs 2 per share to the final issue price.

The initial public offering (IPO) of Ujjivan Small Finance Bank (SFB) will open on December 2. The price band has been fixed at Rs 36-37 a share. The issue will close on December 4. Bids can be made for a minimum 400 equity shares and in multiples of 400 shares thereafter.

The proposed issue of Ujjivan SFB comprises fresh issue of equity shares aggregating up to Rs 750 crore and a reservation of equity shares aggregating up to around Rs 75 crore for subscription by eligible shareholders of Ujjivan Financial Services.

Samit Ghosh, founder, Ujjivan SFB, told reporters at the press conference: “After we do this IPO, the promoter-shareholding will be down from 100 per cent to 84-85 per cent. Over the next two years, we will have to reduce the shareholding to 40 per cent. This is something we want to take up with the Reserve Bank of India (RBI) after we have completed with this listing.

Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan SFB. The shareholders of Ujjivan Financial Services will get shares at a discount of Rs 2 per share to the final issue price. The SFB reduced its issue size after fundraising in a pre-IPO placement of over 71.4 million shares totalling Rs 250 crore, at about Rs 35 per share.

The SFB had received approval for the public issue from the Securities and Exchange Board of India in October. In its red herring prospectus, the SFB said proceeds of the fresh issue would be utilised towards augmenting its tier–1 capital base to meet future requirements, and issue expenses. The book running lead managers to the issue are Kotak Mahindra Capital Company, IIFL Securities, and JM Financial. Karvy Fintech is the registrar to the issue.

Maha Vikas Aghadi govt in Maharashtra could focus on farm debt waivers

The state govt can go for a waiver of Rs 50,000 crore spread over a couple of years, said Macquarie

The change of guard in Maharashtra could lead to large farm debt waivers and projects getting stalled, warned Macquarie. Farm distress and debt waivers were part of the election campaign by the Opposition parties in Maharashtra against the ruling Bharatiya Janata Party (BJP) government. Now, an alliance of the Shiv Sena, the Nationalist Congress Party (NCP) and the Congress, is set to form the government and expected to address the farm distress. And, they will have adequate fiscal space to do so, Macquarie estimated.

“Farm loan waiver can potentially be the first order of the business of the new government,” the brokerage said. Maharashtra’s GDP of Rs 26.603 trillion had a fiscal deficit of 2.1 per cent in fiscal year 2018-19 (FY19) and targets were set to keep it at the same level for FY20.

“The Maharashtra government can do a waiver of Rs 500 billion (Rs 50,000 crore) spread over a couple of years without breaching limit of 3 per cent set under FRBM Act,” the brokerage said, adding that most of the public sector banks would have exposure to Maharashtra’s agriculture sector. Even as there were no large micro finance institutions, smaller cooperative banks dominate the agriculture loan market.

Projects at high risk of getting stalled includes the Mumbai-Ahmedabad high-speed rail along with the Mumbai Nagpur Expressway. L&T was the front runner in getting the high speed rail contract, but that may get negated now. The Mumbai-Nagpur Expressway is split into 16 packages, all of which have already been awarded…

Read More: Maharashtra Assembly Elections

US 2020 election: Bloomberg bashes Trump’s policies, backs immigrants

Arizona has received scant attention form the Democrats running for president, but Bloomberg has put a heavy focus in a state he said will be crucial to the general election.

International News: US presidential candidate Michael Bloomberg has said that the United States needs “an awful lot more immigrants rather than less.” On his second day campaigning for the Democratic nomination on Tuesday, the former New York City mayor contrasted his views on immigration with President Donald Trump’s restrictive policies and laid out a vision of a multicultural society enriched by immigrants.

We need immigrants to take all the different kinds of jobs that the country needs improve our culture, our cuisine, our religion, our dialogue and certainly improve our economy, the billionaire told reporters at a Mexican restaurant in Phoenix.

He blasted Trump’s policies that resulted in the separation of families arriving on the border. Ripping kids away from their parents is a disgrace, he said. Bloomberg reiterated his Nov. 17 apology for supporting New York’s stop-and-frisk police strategy, a practice that he embraced as mayor and continued to defend despite its disproportionate impact on people of color.

He said it was a mistake but also credited it with reducing New York’s murder rate. “How many times do you hear elected officials say, ‘I made a mistake’? Bloomberg said. None of us do everything perfectly. I’m sorry it happened, I can’t rewrite history. Let’s get on with it….

NCP MP Sule hugs Ajit Pawar, greets Maharashtra MLAs before oath session

“Who do you trust in life. Never felt so cheated in life. Defended him, loved him. Look what I get in return,” she had said in another status post, about Ajit Pawar.

As the special session of the Maharashtra Legislative Assembly commenced here on Wednesday, all eyes were on NCP leader Ajit Pawar, who last week rebelled against his party to support the BJP to form government but resigned as deputy chief minister on Tuesday. As Ajit Pawar entered the Vidhan Bhavan premises on Wednesday morning, his cousin and Lok Sabha member Supriya Sule greeted him with a warm hug.

Sule, the daughter of NCP chief Sharad Pawar, was standing at the Vidhan Bhavan’s entrance to greet her party legislators. Speaking to reporters in the Vidhan Bhavan premises, Ajit Pawar said, “I was and am still with the NCP. I never left the party.” After Ajit Pawar revolted against the party to back a BJP government led by Devendra Fadnavis on Saturday, a visibly moved Sule in her WhatsApp status then said the Pawar family and the party had split.

“Who do you trust in life. Never felt so cheated in life. Defended him, loved him. Look what I get in return,” she had said in another status post, about Ajit Pawar. In a dramatic twist to political events in Maharashtra, BJP’s Devendra Fadnavis was sworn in as chief minister and Ajit Pawar as his deputy by Governor Bhagat Singh Koshyari at a hush hush ceremony in Raj Bhavan early Saturday morning.

However, the NCP MLA, who won with a whopping margin of over 1.6 lakh votes from Pune’s Baramati seat, resigned as Dy CM on Tuesday, following which Fadnavis stepped down as chief minister, leading to collapse of the BJP-led government. A special session of the 14th Maharashtra Legislative Assembly commenced here on Wednesday to administer oath to the newly-elected members.

Isro launches 14 satellites, marking success after Chandrayaan-2 setback

Cartosat-3, India’s third-generation earth observation satellite, will be used for large-scale urban planning and to monitor coastal land, rural resources and infrastructure development

India launched 14 satellites Wednesday morning, boosting the morale of its space agency which lost contact with a spacecraft to trying to land on the moon in September.

Polar Satellite Launch Vehicle-C47 (PSLV-C47) placed in orbit India’s earth observation satellite Cartosat-3 and 13 nano-satellites for the US when it blasted off from the Indian Space Research Organisation (Isro’s) Satish Dhawan Space Centre in Sriharikota at 9:28am. Seventeen minutes after lift-off, Cartosat-3 separated from the launch vehicle and put into orbit. The 13 US satellites will be launched in the next eight minutes, completing the first business order of Isro‘s newly formed commercial arm NewSpace India Ltd.

Cartosat-3, India’s third-generation earth observation satellite, will be used for large-scale urban planning and to monitor coastal land, rural resources and infrastructure development. The satellite, which will last for five years and weighs 1,625kg, can pick a 25-cm object from its orbital perch about 509 km away, making it one of the sharpest earth-imagers. Twelve US nano-satellites called FLOCK-4P will be used for earth observation and another called MESHBED is a communication test bed.

Isro lost contact with Chandrayaan-2 on September 7 when it was trying to land on the moon, scuttling the agency’s ambitious plans to become the first country to probe the unexplored lunar south pole.

Electoral bonds: FinMin knew serial number could reveal donor’s identity

Ministry was reluctant to assign serial numbers initially, but relented after SBI raised concerns about internal control and reconciliation

The finance ministry was initially reluctant to put up serial numbers on electoral bonds, saying they had the potential to reveal the identity of the donors, but agreed later on, after concerns were raised by State Bank of India (SBI).

After being entrusted with the task of issuing electoral bonds, SBI had raised certain concerns with the finance ministry, according to official documents accessed through the Right to Information (RTI) Act by activists Commodore Lokesh Batra (retired) and Anjali Bhardwaj. This was after the Union government issued the framework for electoral bonds, a financial instrument for making anonymous donations to political parties, on January 2, 2018.

In a letter dated January 19, 2018, SBI said that though the bonds will not carry the name of the buyer they “will necessarily need a serial number” as it will leave no audit trail for internal control and reconciliation and identifying the genuineness of the electoral bonds will become difficult at the branch level.

To this, the finance ministry drafted a clarification saying “putting a serial number would establish a link between the donor and the political party. This could discourage them to use such bonds. Hence, SBI may think of other security features, including holograms, to establish the genuineness of electoral bonds.”

RBI deputy guv M K Jain flags concerns over rising stress in Mudra loans

Banks need to focus on repayment capacity at the appraisal stage and “monitor the loans through the life cycle much more closely, said M K Jain

Economy News: Reserve Bank of India (RBI) Deputy Governor M K Jain on Tuesday expressed concern about the rising bad debt level in Mudra loans. Speaking at a SIDBI event on microfinance, Jain said with the growing mobilisation of financial services, banks must enhance the capabilities of borrowers so that individuals in the new income group could not merely avail the offered services but are also capable of demanding preferred products and service suitable to their needs and choices.

“Mudra is a case in point. While such a massive push would have lifted many beneficiaries out of poverty, there have been some concerns at the growing level of non-performing assets (NPAs) among these borrowers,” Jain said.

Banks, therefore, need to focus on repayment capacity at the appraisal stage and “monitor the loans through the life cycle much more closely”, he said. This is not the first time a central bank official is warning against the rising bad debt to banks.

In a meeting with public sector bank chiefs in July, RBI Governor Shaktikanta Das had red-flagged the high bad debt in the collateral free loans, according to sources. There are three categories of loans under Mudra: Shishu, covering loans up to Rs 50,000; Kishor, covering loans above Rs 50,000 and up to Rs 5 lakh; and Tarun, covering loans above Rs 5 lakh and up to Rs 10 lakh…

BJP govt in Maharashtra gone in 80 hours, Uddhav Thackeray set to be CM

Fadnavis’ resignation came hours after the Supreme Court asked him to prove majority by 5 pm on Wednesday, and his deputy, Ajit Pawar, also quitting

In an embarrassment to the top leadership of the Bharatiya Janata Party (BJP), Maharashtra is set to have an Uddhav Thackeray-led ‘Maharashtra Vikas Aghadi’ coalition government, comprising the Shiv Sena, Nationalist Congress Party (NCP), and Congress, after Devendra Fadnavis quit as chief minister on Tuesday afternoon.

Fadnavis’ resignation came hours after the Supreme Court asked him to prove majority by 5 pm on Wednesday, and his deputy, Ajit Pawar, also quit. He was sworn in on Saturday morning at 8 am.

Thackeray, along with two deputy chief ministers and a council of ministers comprising legislators from all the three parties, will take oath of office on Thursday, November 28, at a ceremony to be held at Mumbai’s Shivaji Park. The Congress’ Balasaheb Thorat and the NCP’s Jayant Patil may be sworn in as deputy chief ministers, sources said. Legislators of the three parties met at a Mumbai hotel in the evening.

It turned out to be a day of political setbacks for the BJP in Maharashtra and at the Centre, and has brought the focus back on economic slowdown, with Parliament set to discuss it on Wednesday, while the Cabinet Committee on Economic Affairs (CCEA) will meet to approve key decisions. As news trickled in from the Supreme Court at 10.41 am that it had ordered that a floor test be completed by 5 pm on Wednesday, that it should be live telecast, and there should be no secret ballot, the BJP started showing signs of nerves…Read More

Beijing Subway introduces facial recognition system for security checks

Beijing’s adoption of the technology comes amid a global outcry over its treatment of Uighurs in Xinjiang

A Beijing subway station is promoting a system that recognizes the faces of passengers and matches them to a database, as China’s adoption of surveillance technology gathers pace despite misgivings about privacy.

Passengers will be able to use a facial recognition gateway during rush hour if they sign up to the service by registering with a QR code, according to security officials at Fuchengmen Station in the west of China’s capital. Bags larger than an A4 piece of paper still need to be checked, they said. A representative from Beijing Ruubypay Science and Technology Co., which is promoting the system, added that it’s unclear when it will be rolled out citywide.

State media reported in late October that the Beijing Subway would use facial recognition to help ease congestion on the crowded network, and that a credit system based on passenger behavior would determine the level of security checks they faced. That echoes a broader plan by China to implement a social credit system to grade citizens and award or deduct points accordingly.

Mind the Snap

Mass surveillance technology has stoked plenty of apprehension. Even the tightly controlled Chinese media has raised concerns: China Central Television said laws are urgently needed to regulate and restrict its use. A court in the eastern city of Hangzhou last month agreed to hear a case filed by a law professor, who is suing the local safari park over a mandatory rule requiring visitors to enter through a facial recognition lane…Read More

Maharashtra government formation : SC orders floor test tomorrow

The floor test will be done through open ballot and it will be recorded on video, the court said

The Supreme Court on Tuesday ordered floor test in Maharashtra Assembly for Chief Minister Devendra Fadnavis to prove his majority in the House on November 27. The apex court also directed Maharashtra Governor Bhagat Singh Koshyari to ensure that all elected members of the house are sworn in on Wednesday itself. The entire exercise has to be completed by 5 pm. A bench comprising Justices N V Ramana, Ashok Bhushan and Sanjiv Khanna also said the entire proceedings has to be telecast live. Voting in the assembly shall not be on the basis of secret ballot, it said. The governor will also appoint a pro-tem speaker who will administer oath to the newly elected members.

The order comes a day after the court heard arguments by lawyers of the central government and the Shiv Sena-Nationalist Congress Party-Congress combine. The three parties argued that BJP leader Devendra Fadnavis doesn’t have the numbers to be chief minister, taking their fight separately to Parliament. BJP and the central government lawyers said Fadnavis will prove his majority, but the court didn’t have the power to direct Maharashtra’s governor to fix a deadline for a floor test in the Assembly.

On the eve of the SC hearing, the Shiv Sena, NCP and the Congress party paraded their legislators, an estimated 162, in front of the media at a five-star hotel in Mumbai to back their claim that the alliance commanded the majority in the 288-member Maharashtra Assembly.

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What the SC ordered in Maharashtra

*Here is what the Supreme Court said today:
 
The following procedure is to be followed for conducting the floor test:

a. Pro­tem Speaker shall be solely appointed for the aforesaid agenda immediately.

b. All the elected members shall take oath on 27.11.2019, which exercise should be completed before 5:00 p.m.

c. Immediately thereafter, the Pro­tem Speaker shall conduct the floor test in order to ascertain whether the Respondent No. 3 has the majority, and these proceedings shall be conducted in accordance with law. The floor test will not be conducted by secret ballot.

d. The proceedings have to be live telecast, and appropriate arrangements are to be made to ensure the same…

Read More: Maharashtra Government Formation

Reliance, Bharti Airtel, 2 others bid for 3 Anil Ambani group companies

11 offers submitted for RCom, Reliance Telecom and Reliance Infratel

Four companies, including Mukesh Ambani’s Reliance group and Bharti Airtel, on Monday collectively submitted 11 bids for three Anil Ambani group companies, which are up for sale as going concerns as part of the Insolvency and Bankruptcy Code (IBC) process.

The three companies for sale are Reliance Communications (RCom), Reliance Telecom (which holds the spectrum), and Reliance Infratel (which controls the tower and fibre assets). RCom also owns real estate and enterprise businesses. The bids were opened by the committee of creditors, which held a meeting that continued until late night on Monday in Mumbai. It will meet again on Friday to discuss and possibly finalise the winning bids for the three companies

The value of the financial bids as well as which companies they have bid for, however, could not be ascertained. The two other bidders include Varde Partners and Delhi-based U V Asset Reconstruction Company (UVRCL). The latter had earlier won its sole bid for the Aircel group (which was also under the IBC) for Rs 150 crore. However, it is unclear as to whether UVRCL will eventually bring in a telecom or infrastructure partner to join in later. A Reliance Jio spokesperson did not respond to a query and an e-mail to UVARCL remained unanswered.

Indian Premier League: Andrew McDonald named Rajasthan Royals head coach

McDonald has been a part of the IPL in the past having played for the Delhi Daredevils in the 2009 edition before being signed up by the Royal Challengers Bangalore (RCB) in 2012-2013

Sports News: Indian Premier League (IPL) franchise Rajasthan Royals have appointed Australia cricketer Andrew Barry McDonald as their new head coach for a period of three years. McDonald has been a part of the IPL in the past having played for the Delhi Daredevils in the 2009 edition before being signed up by the Royal Challengers Bangalore (RCB) in 2012-2013. He was also the bowling coach of RCB. Reacting to his appointment, McDonald said: “I’m delighted to join the Royals family. It’s a great honour to take on this responsibility.

“The Rajasthan Royals is a new, exciting challenge for me, and I can’t wait to get started working with our world class players and coaches in one of the biggest sporting leagues in the world.” The former Australian all-rounder has coached Leicestershire, Victoria and the Melbourne Renegades.

The 38-year-old, who played four Tests for Australia, had guided Victoria to the title win in Sheffield Shield in his first year as senior coach. He then moved the Renegades from seventh position to winning the Big Bash this year. Ranjit Barthakur, Executive Chairman, Rajasthan Royals said: “We are delighted to appoint Andrew as our head coach. He shares our belief of discovering potential and championing dreams and is aligned with our vision to continue to drive innovation in…

1.2 million new jobs created in September 2019, show ESIC payroll data

Gross enrolments of new subscribers with the ESIC were 1.49 crore during the entire 2018-19 fiscal, the National Statistical Office (NSO) said in a report

Around 1.2 million jobs were created in September as compared to 1.3 million in August 2019, according to the payroll data of Employees’ State Insurance Corporation (ESIC). Gross enrolments of new subscribers with the ESIC were 1.49 crore during the entire 2018-19 fiscal, the National Statistical Office (NSO) said in a report. It also showed that during September 2017 to September 2019, around 3.10 crore new subscribers joined the ESIC scheme.

The NSO report is based on the payroll data of new subscribers of various social security schemes run by the ESIC, retirement fund body EPFO and the Pension Fund Regulatory and Development Authority (PFRDA).

It has been releasing the payroll data or new subscribers data of these three bodies since April 2018, covering a period starting from September 2017. The report showed that gross new enrolments with the ESIC during September 2017 to March 2018 were 83.35 lakh. A net of 9.98 lakh new enrolments with the Employees’ Provident Fund Organisation (EPFO) were recorded in September, as compared to 9.41 lakh in August this year.

During 2018-19, 61.12 lakh new subscribers on a net basis joined the social security schemes run by the EPFO. Similarly, the net new enrolments were 15.52 lakh during September 2017 to March 2018. It showed that during September 2017 to September 2019, around 2.85 crore new subscribers joined the EPF scheme.

The report said that since the number of subscribers are from various sources, there are elements of overlap and the estimates are not additive. The NSO said the present report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level…

Constitution’s pledge to liberty violated: Tharoor after Chidambaram visit

The senior Congress leader was also arrested by the Enforcement Directorate (ED) in the money-laundering case on October 16 and is in judicial custody till November 27 under the order of a trial court

Senior Congress leaders Shashi Tharoor and Manish Tiwari met former finance minister P Chidambaram in Tihar Jail here on Monday. Chidambaram was first arrested by the Central Bureau of Investigation (CBI) on August 21 in the INX Media corruption case and was granted bail by the Supreme Court on October 22. The senior Congress leader was also arrested by the Enforcement Directorate (ED) in the money-laundering case on October 16 and is in judicial custody till November 27 under the order of a trial court.

“Today, the Constitution’s basic commitment to liberty is being violated. 98 days today…for what? Rs 9.96 lakh, which is not even a controversial issue since there is a cheque involved…it sends a very bad signal…if we treat our respectable, upright citizens this way, it sends a very wrong signal to the world. We came to show our solidarity with him,” Tharoor told reporters after meeting Chidambaram.

Tharoor and Tiwari were accompanied by Chidambaram’s son Karti. “Allegedly, a bribe of Rs 9.96 lakh has been given…Chidambaram is the country’s seniormost lawyer, he can make this money within 10 seconds of appearing in court.

“Tomorrow is Constitution Day and there is a golden triangle in our Constitution — Articles 14, 19 and 21 — this means that the rights under the Constitution need to be protected. His (Chidambaram’s) bail plea will be heard in the Supreme Court tomorrow and we hope that a right decision is taken, based on the Constitution, and that he will get relief from the illegal way in which he has been kept in custody,” Tiwari told reporters…

Read More: INX Media Case

Delhi’s Khan Market world’s 20th most expensive retail location: Report

Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of $2,745 per sq ft

Delhi’s upscale Khan Market has moved up one position to become the world’s 20th most expensive retail location, according to global property consultant Cushman & Wakefield. In its latest report ‘Main Streets Across the World 2019’, the consultant said that Khan market is ranked 20th in the list of the most expensive retail locations with an annual rent of $243 per sq ft.

Last year, Khan market was at 21st place with a rent of $237 per sq ft a year. Causeway Bay in Hong Kong retains the number one ranking, commanding an annual rent of $2,745 per sq ft. New York’s Upper 5th Avenue is at second position ($2,250 per sq ft), followed by London’s New Bond Street ($1,714 per sq ft) and Avenue des Champs Elysees in Paris ($1,478 per sq ft).

Via Montenapoleone in Milan, Italy ranks fifth with an annual rent of $1,447 per sq ft, the report said. The rankings are based on rentals during the second quarter of 2019 calendar year. The Cushman & Wakefield report tracked 448 locations across 68 countries. On the India market, the report said that “rental trends over the past year have largely been pointing upwards, with the lack of availability in the best shopping malls pushing more brands to seek out prominent, high footfall locations in the main commercial corridors”.

While high street rents in the bigger cities of Mumbai, Delhi-NCR and Bengaluru have experienced only marginal increases, other cities such as Chennai, Pune and Kolkata, which have a more vibrant high street culture, have recorded much stronger rental uplift, it added.