Uncertain over IUC regime, Jio to charge for calls to other networks

This will effectively end one of Jio key disruptive strategies – free voice call

Reliance Jio on Wednesday said it would charge 6 paise per minute for voice calls made by customer to other networks such as Airtel and Vodafone Idea after indications that call connect charges may not end on December 31 as proposed earlier.

Current customers when they recharge as well those joining the Jio network from Thursday will have to top up with Rs 10 to Rs 100 to pay for interconnect usage charge (IUC). They will, however, get an equivalent amount of free data — 1 GB to 10 GB. “Jio will provide additional data entitlement of equivalent value based on IUC top-up voucher consumption. This will ensure no increase in tariff for customers,” Jio said.

This will effectively end one of Reliance Jio key disruptive strategies — free voice call. But, it will also help the telco save Rs 650 crore in the coming quarter. It had paid Rs 851 crore to Airtel, Vodafone Idea and BSNL last quarter as IUC. Jio also said this new expense for customers would be a temporary one till telecom regulator Telecom Regulatory Authority of India (Trai) decides to abolish the IUC regime.

Sources said Jio was trying to send a message to the regulator — if the IUC regime continues it would not bear the costs. “It is our shareholders’ money that it being paid out. This is purely a regulatory charge that will be offloaded to the customer,” said the source….

Modi-Xi Summit: The story behind Mamallapuram’s Chinese connection

Mamallapuram, also known as Mahabalipuram, is located on the East Coast Road. The name is said to be derived from the word “Mamallan”, which means great warrior, a reference to King Narasimhavarman I.

Prime Minister Narendra Modi and Chinese President Xi Jinping are set to meet on Friday and Saturday for the second informal summit between them after the first was held in in Wuhan, China, in April 2018. The meeting, will not be held in New Delhi, which has been the tradition, but in the coastal town of Mahabalipuram, or Mamallapuram, almost 50 kilometers south of Chennai.

The question is why PM Modi chose this town to be the venue of the meet. While many believe that by choosing Mamallapuram, PM Narendra Modi wants to send a message to other Dravidian parties in the state that the BJP is serious about Tamil Nadu, another reason could be the town’s historical connections with China.

Mamallapuram (Mahabalipuram)

After the decline of the Gupta Dynasty, the Pallavas rose to power in South India, ruling from the third century until the end of the 9th century AD. The best period of their rule, between 650 and 750 AD, was called the Golden Age of the Pallavas. The Pallavas were profound thinkers and were very powerful.

Mamallapuram, also known as Mahabalipuram, is located on the East Coast Road. The name is said to be derived from the word “Mamallan”, which means the great warrior, a reference to King Narasimhavarman I of the Pallava dynasty, who ruled the region from AD 630 to almost AD 670, and was also known for his love of art and sculpture. Many of the monolithic rock-cut structures that are now seen in this region were created during his time…

BSNL employees urge PM Modi to approve rescue package without delay

BSNL has real estate assets at all prime locations, worth more than Rs 3 trillion.

The employees of government-owned Bharat Sanchar Nigam (BSNL) have urged Prime Minister Narendra Modi to approve without delay a revival plan for the telecom entity.

“The employees are very confident that BSNL can be revived in three to four years and made profitable,” K Sebastian, general secretary, Sanchar Nigam Executives Association, wrote in a letter to the PM. On September 26, a meeting convened by P K Mishra, principal secretary to the PM, on revival of BSNL, could not decide the question of whether it was possible.

BSNL has sought government help in the form of conversion of its debt into a sovereign guarantee, a pay revision and a subsequent voluntary retirement scheme (VRS). And, fourth-generation technology (4G) spectrum across India through equity infusion of ~7,000 crore. The proposed VRS package, it suggested, could be funded by a bond issue over 10 years. The employees have said much the same thing, including formation of a Special Purpose Vehicle for taking over BSNL’s loan dues, land monetisation and financial support for maintaining 17,000 loss-making rural telephone exchanges. “Senior officers and secretaries may have doubt about the possibility of revival but the employees feel it can be done,” goes the letter.

If there is government support, it says, they are capable of competing with private telecom companies. “The government did not allot 4G spectrum to BSNL, although BSNL’s 3G service is superior to the 4G service of other operators at various cities, as per Telecom Regulatory Authority of India data,” said Sebastian…

Read More: BSNL Employee

Bad news for Jio users as calls to rival networks won’t be free anymore

After Trai consultation paper on review of IUC regime timeline, Reliance Jio has decided to charge users 6 paise a minute for calls to rival networks

Forced by regulatory uncertainty over review of sunset clause for call termination charges, billionaire Mukesh Ambani’s Reliance Jio on Wednesday announced it will charge customers 6 paise per minute for voice calls made to rival phone networks, but will compensate them by giving free data of equal value.

In a statement, Reliance Jio said the 6 paisa charge will remain in place till the time telecom operators are required to pay rivals for mobile phone calls made by their users to other operators’ network. These charges are not applicable on calls made by Jio users to other Jio phones and to landline phones and calls made using WhatsApp, FaceTime and other such platforms. Incoming calls from all networks will continue to be free.

Telecom regulator TRAI in 2017 had slashed the so-called interconnect usage charge (IUC) to 6 paise per minute from 14 paise and had said this regime will end by January 2020. But it has now floated a consultation paper to review whether the regime timeline needs to be extended.

Since voice calls on Jio network are free, the company had to bear the Rs 13,500 crore payment made to rivals such as Bharti Airtel and Vodafone Idea. To recover the losses created by the TRAI move, the company has decided to charge customers 6 paise per minute for every call they make to a rival’s network.

Malaysian PM Mahathir accepts failure of the boom he launched 30 years ago

While Vision 2020 was always more rhetoric than reality, it did serve to harness Malaysia to the climate of the times

Mahathir Mohamad has walked away from one of the big intellectual drivers of his decades at Malaysia’s helm: The idea that the former commodity-dependent backwater could be transformed into a fully developed country by 2020. It’s vital for the Southeast Asian nation’s future that the right lessons be learned from this letdown.

The prime minister conceded last weekend that Vision 2020, his demanding scheme to propel Malaysia to an industrial powerhouse, has failed. Launched in 1991, the plan became shorthand for the rapid development that characterized much of Asia during that decade. Mahathir Mohamad effectively just closed the book on an economic era. For this, he is to be applauded, overdue though such an acknowledgment was.

While Vision 2020 was always more rhetoric than reality, it did serve to harness Malaysia to the climate of the times. Globalization was in its glory days, elaborate supply chains were built throughout the region, and foreign investment poured in. Living standards and education attainment rose, Japan was Asia’s big commercial power and the end of the Cold War made Western-style economic and political opening seem like natural law. I even believed it myself during my tenure in Kuala Lumpur before witnessing the devastation wrought by the Asian financial crisis. Not that Mahathir saw the West as necessarily the best template. He often favored Japan and its model of post-war industrialization, which inspired a signature approach that he dubbed, “Look East.”

China hopes for ‘more fair’ business environment for its companies in India

Prime Minister Narendra Modi and Chinese President Xi Jinping are expected to meet near Chennai in Mamallapuram for an informal summit on Friday

Business Standard: More than a thousand Chinese companies have invested $8 billion in India and created 200,000 local jobs, and they must get a “more fair and friendly” business environment, said Beijing’s ambassador to New Delhi on Tuesday.

India and China should resolve disputes peacefully through dialogue, said Sun Weidong days before Prime Minister Narendra Modi and Chinese President Xi Jinping meet near Chennai in Mamallapuram for an informal summit. “China encourages Chinese companies to invest in India and hopes that India will provide a more fair, friendly and convenient business environment for Chinese companies to operate in India,” he said in an interview to PTI.

“At the regional level, we should resolve disputes peacefully through dialogues and consultations and jointly uphold regional peace and stability,” he said. Mamallapuram, an ancient coastal town, is being prepared the summit, but both sides are yet to announce the dates for Xi’s visit. It is learnt that he will arrive in Chennai on Friday for a nearly 24-hour long trip, reported PTI.

Ties between the two countries strained when India scrapped Jammu and Kashmir’s autonomy and bifurcated the state into two Union territories. China criticised India’s decision and its Foreign Minister Wang Yi raised the Kashmir issue at the UN General Assembly last month…

Read More: China India Relationship

Malaysian PM Mahathir accepts failure of the boom he launched 30 years ago

While Vision 2020 was always more rhetoric than reality, it did serve to harness Malaysia to the climate of the times

Mahathir Mohamad has walked away from one of the big intellectual drivers of his decades at Malaysia’s helm: The idea that the former commodity-dependent backwater could be transformed into a fully developed country by 2020. It’s vital for the Southeast Asian nation’s future that the right lessons be learned from this letdown.

The prime minister conceded last weekend that Vision 2020, his demanding scheme to propel Malaysia to an industrial powerhouse, has failed. Launched in 1991, the plan became shorthand for the rapid development that characterized much of Asia during that decade. Mahathir Mohamad effectively just closed the book on an economic era. For this, he is to be applauded, overdue though such an acknowledgment was.

While Vision 2020 was always more rhetoric than reality, it did serve to harness Malaysia to the climate of the times. Globalization was in its glory days, elaborate supply chains were built throughout the region, and foreign investment poured in. Living standards and education attainment rose, Japan was Asia’s big commercial power and the end of the Cold War made Western-style economic and political opening seem like natural law. I even believed it myself during my tenure in Kuala Lumpur before witnessing the devastation wrought by the Asian financial crisis. Not that Mahathir saw the West as necessarily the best template. He often favored Japan and its model of post-war industrialization, which inspired a signature approach that he dubbed, “Look East.”

Yes Bank files complaint against ‘fake news’, attempt to scare depositors

Yes Bank seeks multi-disciplinary team of experts for detecting the origin of the fake news.

Yes Bank on Sunday said it has file a police complaint against “fake news and rumours” on social media about its finances, saying there was an attempt to scare depositors. The bank complained to the Mumbai Police’s cyber cell after its promoters cut their stake and the company’s shares took a beating at stock exchanges. “Yes Bank has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumours about the bank’s financial health on WhatsApp and other social media platforms,” the bank said in a regulatory filing.

It requested authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly, by such accused persons.

“Over the past few days some miscreants have been spreading false information and malicious rumours about Yes Bank on WhatsApp and other social media platforms to create panic and fear in the mind of its depositors. The messages attempt to portray the bank in poor light and are intended to tarnish the image of the bank in the eyes of its depositors, stakeholders and the general public,” the bank said.

“The bank appeals to its trusted patrons to be cautious of false information circulating against it and assures that its financial position continues to be absolutely safe and sound,” it said...

Indirect tax board removes circular on GST, but confusion remains

The circular came out with different situations where GST should be paid and where it should not

The indirect tax board had removed a “controversial” circular that imposed goods and services tax (GST) on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular.

In June, the Central Board of Indirect Taxes and Customs (CBIC) had issued a circular which said that dealers will have to pay 18 per cent GST on the post-sale discount that they get from the suppliers of goods, if the supplier asks them to pass on the concessions to the end consumer. The circular came out with different situations where GST should be paid and where it should not.

For instance, imagine that a company sells a car to a dealer for Rs 10 lakh and later gives a discount of Rs 50,000. In doing so, the firm did not put any obligation on the dealer to pass on the benefit. So, the dealer need not pay any GST on Rs 50,000.

However, if the company asks the dealer to pass on the benefit to the customer, then the dealer has to pay GST on the entire amount, including Rs 50,000. GST This had irked industry, particularly the auto sector, which has already been reeling under the pressure of subdued demand…

Cut no more trees in Aarey colony till Oct 21; release those arrested: SC

The court has asked the Union Environment ministry to be a party in the matter

On Monday, the Supreme Court directed the Maharashtra government to not cut any more trees in the Aarey colony till October 21. The trees were being cut to build a depot for Mumbai metro.Appearing for the Maharashtra government, Solicitor General, Tushar Mehta assured the apex court that no trees will be felled.

Further, the Supreme Court also ordered the release of all the activists who have been arrested during protests. The court has asked the Union Environment ministry to be a party in the matter. Now the matter will be taken up by the Forest Bench of the Supreme Court. Next hearing has been scheduled for October 21. 

Earlier, a sessions court in Mumbai on Sunday granted bail to 29 protesters arrested over the last two days on charges of obstructing and assaulting police personnel on duty during protests against felling of trees at Aarey colony. Additional sessions court judge H C Shende of the holiday court ordered their release on certain conditions including the production of the personal surety of Rs 7,000 and assurance that they would not take part in protests…

Hong Kong metro partially reopens after a weekend of violent protests

Violent protests had erupted across the city soon after embattled leader Carrie Lam invoked the colonial-era powers to order the ban in hopes of curbing months of un

Hong Kong’s rail operator reopened part of its metro system on Sunday after an unprecedented shutdown, but kept many typically busy stations closed, as the Chinese-ruled city braces for large demonstrations expected later in the day.

Participants in two major protests, one on the island and another on the Kowloon peninsula, are expected to defy a ban on face masks that took effect at midnight on Friday, hours after embattled leader Carrie Lam invoked emergency powers. Violent protests had erupted across the Asian financial centre soon after Lam wielded the colonial-era powers for the first time in more than 50 years to order the ban in hopes of curbing months of unrest.

The night’s “extreme violence” justified the use of the emergency law, Beijing-backed Lam said on Saturday, when the city felt eerily quiet, with the subway and most shopping malls closed and many roads deserted. Despite the closure of the metro, which carries about 5 million passengers a day, hundreds of anti-government protesters took to the streets, defying the ban on face masks, but had largely dispersed by evening.

Hong Kong’s protests have plunged the city into its biggest political crisis in decades, posing the biggest popular challenge to Chinese President Xi Jinping since he came to power. “These extreme radicals have rampant arrogance and behave vilely,” China’s representative Liaison Office in Hong Kong said on Sunday, denouncing Friday’s destruction of one of its buildings by “extremist militants”….

Read More: Hong Kong Protest

Soon flying taxis to arrive in Singapore to test cleaner, quieter sky ride

Citi expects designers to keep tweaking the technology and working with regulators so they can start to offer regular air taxi services from 2025

A British company says it’s building the world’s first “vertiport” for electric aircraft in Singapore, an early step towards a global network for flying taxis. Essex-based Skyports Ltd. plans to show off the vertical take-off and landing station at Marina Bay during the Intelligent Transport Systems World Congress from October 21-25. Germany’s Volocopter GmbH will bring along its electric aircraft for a demonstration flight.

Urban air transport isn’t new—helicopters have been doing it for decades. What’s changing is that better batteries and innovative designs are making it cheaper, cleaner and quieter. Companies are just trying to demonstrate the technology’s capabilities for now, but a report from Citigroup said sales of air taxis could reach $5 billion by the end of the next decade.

“Helicopters have been around a long time but they’re not well used, particularly in cities, because they’re noisy, dangerous and polluting,” Skyports Managing Director Duncan Walker said by phone. “We’re really trying to make it a form of transportation for anybody, not just the extremely wealthy.”

Citi expects designers to keep tweaking the technology and working with regulators so they can start to offer regular air taxi services from 2025. It could be even sooner, with Uber Technologies Inc. targeting launches in Los Angeles, Dallas and Melbourne as early as 2023. As many as 20,000 electric passenger aircraft could be sold annually by 2030, Citi said in its report last month…

Read Source: Business Standard

29 activists arrested after clash with police as Aarey tree cutting starts

The police on Saturday imposed section 144 of the Criminal Procedure Code in Aarey, restricting movements and gathering of groups, and cordoned off the area

Clashes broke out between the police and green activists who tried to stop tree cutting by Mumbai Metro Rail Corporation Ltd (MMRCL) in Aarey Colony in north Mumbai on Friday night and Saturday, leading to arrest of at least 29 persons.

The police on Saturday imposed section 144 of the Criminal Procedure Code in Aarey, restricting movements and gathering of groups, and cordoned off the area. Several people were detained, including NCP MLA Jitendra Awhad, Shiv Sena leader Priyanka Chaturvedi, sena leader and fomer Mayor Shubha Raul, at the site. Activists also tried to get relief from the Bombay High Court, by approaching the court again on Saturday and seeking a stay to tree cutting, so that they could approach the Supreme Court. But the bench of Justices S C Dharmadhikari and A K Menon, who granted the petitioners an urgent hearing in the chamber, refused to grant a stay.

The protests began on Friday evening when MMRCL, within hours of the High Court dismissing four petitions challenging the permission granted by the civic body’s tree authority to fell about 2700 trees, started the tree cutting. During the night, activists alleged, over 200 trees were cut. Opposition parties slammed the ruling Sena-BJP, stating they failed to save the trees. Sena leader Aaditya Thackeray also criticised the MMRCL and backed the protesters.

At least 38 protesters were booked under IPC sections 353 (assault or criminal force to deter public servant from discharging duty), 332 (voluntarily causing hurt to deter public servant from duty) and 143 (unlawful assembly). “There is a heavy police deployment in the area. No one is allowed to enter Aarey Colony. Even tourists are being stopped,” said an activist…

Read Full Source: Aarey Forest

Airports across north India on high alert amid intel on JeM terrorists

Security agencies reveal that four JeM terrorists have entered Delhi and are planning to strike during festival season

Security has been beefed up across the national capital after police received intelligence inputs on a possible terror strike, a senior police official said on Thursday. Airports across north India have been placed on high alert and security has been enhanced, say officials. Raids are being conducted by the Special Cell of Delhi Police at several locations across the city since Wednesday evening after the intelligence inputs suggested that three to four members of a terror outfit may have infiltrated into the city, he said.

Four terrorists of the Pakistan-based JeM have entered Delhi and are planning to strike during the festival season, inputs received by security agencies reveal.

Raids are being conducted by the Special Cell of Delhi Police at several locations across the city since Wednesday evening after the intelligence inputs suggested that three to four members of a terror outfit may have infiltrated into the city, he said. Four terrorists of the Pakistan-based Jaish-e-Mohammed (JeM) have entered Delhi and are planning to strike during the festival season, inputs received by security agencies reveal…

Sunil Mittal bats for Huawei Technologies, says it should be in play

According to Mittal, it is surprising how fast Huawei have improved their technology.

Sunil Mittal, founder and chairman of Bharti Enterprises, on Thursday lend his voice in favour of Chinese telecom gear maker Huawei Technologies that has been caught in the ongoing US-China trade war.

Sitting beside the US Secretary for Commerce Wilbur Ross, who voiced concerns over security risks involved with firms like Huawei, Sunil Mittal said its products were ‘significantly superior’ than European companies’ on whom the US departments are dependent.

Mittal, who was part of the discussion panel on the trade war at the India Economic Summit, said, “Without getting into a debate on security risks, I can say that over the past 10-12 years, Huawei have become extremely good with their products. I can safely say their products are superior to Ericsson and Nokia, without a doubt. I use products from all three of them.” Mittal was responding to Ross’ allegations on Chinese telecom equipment maker’s breach of internet protocols for American companies in the past.

According to Mittal, it is surprising how fast Huawei have improved their technology. “The power consumption is a fraction of Europeans, the footprint is small if you have to put it on a tower, and they have powerful leading features. They are leading edge and have very powerful features,” he said. His response came after Ross highlighted Huawei’s poor records forced the US to ban it as security risks involved in the 5G technology is much higher..

India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis.

Concerns over the price and supply of oil, sparked by the recent terror strikes on Saudi Aramco’s oil infrastructure, have now subsided, Petroleum Minister Dharmendra Pradhan said on Thursday. Oil marketing companies will now see the price of petrol and diesel coming down soon.

On Thursday, petrol price dropped by 10 paise to Rs 74.51 a litre and diesel by 6 paisa to Rs 67.43 a litre in Delhi, the first reduction since September 8. “At present, there are no concerns. The world has averted a big crisis,” Pradhan said on the sidelines of the India Economic Summit. Sanjiv Singh, IndianOil Corporation chairman, said, “The price in India has started coming down from today. After the attacks on Saudi facilities, product prices were also affected. Gasoline (petrol) and diesel price had gone up.”

India’s diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis. Because of the shortfall in supply from Saudi Aramco, India was staring at a liquefied petroleum gas (LPG) supply crisis in states like Maharashtra, Karnataka, Punjab and Goa.

India has opportunity to gain from US-China trade war: Wilbur Ross at WEFIndia has opportunity to gain from US-China trade war: Wilbur Ross at WEF

US will highlight how India can step into the breach in Beijing’s exports to Washington, Ross said

India has an opportunity to take advantage of the trade tension between the US and China, US Secretary of Commerce Wilbur Ross said on Thursday at a World Economic Forum (WEF) event, even as the two sides are looking to sign a deal “quickly”.

The US will highlight how India can step into the breach in Beijing’s exports to Washington, Ross said at the session “Trading Against the Tide”, attended by Commerce and Industry Minister Piyush Goyal.

“India has a wonderful opportunity to take advantage of trade dissension elsewhere. In our one-on-one meeting with Goyal, we prepared a chart about the areas where China is a big exporter to us compared to what India is exporting to us, the possible solutions, and how we change that mixture,” said Ross at the India Economic Summit, organised by the WEF and the Confederation of Indian Industry (CII).

In an interview to Reuters on the sidelines of the event earlier, Ross said the US was looking to level the playing field. “The US is the least protectionist country of the major powers. India is, if not the most protectionist, certainly one of the most protectionist.”

Read More: India US Trade Talk

Monetary policy review: RBI set to cut rate. Question is by how much?

The policy decision will be announced at 11:45 a.m. in Mumbai, followed by a press conference 15 minutes later by Das

The Reserve Bank of India is set to deliver a fifth straight interest rate cut Friday, although economists are unsure of the quantum following an unconventional 35 basis-point easing last time.

While all 39 economists surveyed by Bloomberg News expect a reduction, their forecasts range from 15 basis points to 40 basis points. The RBI has lowered borrowing costs to a nine-year low of 5.4% through 110 basis points of easing so far in 2019.

The meeting of the six-member RBI Monetary Policy Committee led by Governor Shaktikanta Das comes amid growing concerns about India’s banking and financial sector, and just weeks after Prime Minister Narendra Modi eased fiscal levers by announcing a surprise $20 billion tax break for companies.

The policy decision will be announced at 11:45 a.m. in Mumbai, followed by a press conference 15 minutes later by Das.

Here’s a look at what else to watch out for:

Growth: The RBI has lowered its growth forecast for the current fiscal year three times already, with the latest revision in August pegging growth at 6.9%. Data since has shown gross domestic product expansion slowing to 5% in the June quarter, the weakest pace in six years. That may prompt the central bank to revisit the numbers once again.

The latest growth numbers “look much worse,” Das said recently, referring to RBI’s projection of 5.8% expansion in the April-June period. “There is a slowdown, which was evident and at the last MPC we very clearly said that growth seems to be losing traction and therefore, growth is a matter of highest priority.”

PMC Bank scam: EOW arrests HDIL’s Rakesh Wadhawan, Sarang Wadhawan

ED registers money laundering case in PMC Bank loan fraud

The economic offences wing (EOW) of the Mumbai police arrested Housing Development & Infrastructure (HDIL) promoter Rakesh Wadhawan and his son Sarang Wadhawan on Thursday in connection with the Punjab and Maharashtra Co-operative (PMC) Bank scam.

The EOW also seized assets worth Rs 3,500 crore of HDIL.Sources said former PMC Bank managing director Joy Thomas’ accounts had been seized, and the police also searched the residence of S Waryam Singh, the bank’s former chairman, and confiscated one of his demat accounts having investments of Rs 100 crore.

In a press conference, an EOW official said the police were searching for Thomas and others named in the First Information Report (FIR) on irregularities at0 PMC Bank. The FIR was registered by the police on September 30. Meanwhile, the Enforcement Directorate (ED) registered a criminal case of money laundering against Waryam Singh, Joy Thomas, HDIL’s Wadhawans, and the other officials and entities named in the FIR.

Confirming the development, an ED official said an Enforcement Case Information Report (ECIR) had been filed on Thursday under the Prevention of Money Laundering Act (PMLA) to probe the alleged fund diversion at PMC Bank. An ECIR is the ED’s equivalent of a police FIR…

India to take bilateral approach on issues faced by China with others: MEA

Jaishankar refused to join the Trump administration which describes 5G as a national security issue, by saying that for India it is a telecom issue and not political one.

India wants to see its relation with China become “better and substantive” and would take a bilateral approach on issues like 5G which Beijing faces with other countries, External Affairs Minister S Jaishankar has said.

In fact, Subrahmanyam Jaishankar refused to join the Trump administration which describes 5G as a national security issue, by saying that for India it is a telecom issue and not political one. “Our intention obviously is to progress our relations with China. We are very clear on that and we get the sense that they too would like to see the relations become better and substantive,” Jaishankar told The Heritage Foundation think-tank on Wednesday in response to a question.

“On lot of the issues which different countries face with China, frankly, we would weigh the issues on their merit and largely take a bilateral approach,” he said responding to a question. “We actually, essentially handle China relationship very, very bilaterally. We believe that’s frankly the best way of moving forward,” he added. “Our position on 5G for example is we don’t see 5G as a political problem. 5G for us is a telecom issue. And we will make whatever decisions we have to at the right time on the merits of that particular decision,” Jaishankar said…

GoPro Hero8 Black, Max action cameras launched; price starts at Rs 36,500

Shipments of HERO8 Black begins October 15 and it will be available at select retail partners globally starting October 20

GoPro on Tuesday launched its HERO8 Black and Max action cameras in India for Rs 36,500, and Rs 47,000, respectively.

Both the devices are available for pre-order at GoPro.com beginning October 1. Shipments of HERO8 Black begin October 15 and it will be available at select retail partners globally starting October 20. GoPro Max can be pre-ordered via GoPro.com with shipments beginning October 24. It will be available at select retailers globally on October 24 and in the US on October 25.

Its Mods, which comprise the ‘Media Mod’, the ‘Display Mod’ and the ‘Light Mod’ cost $79.99, $79.99 and $49.99, respectively. They will be available in India starting December.

GoPro HERO8 Black 

“It’s been 15 years since the first GoPro camera, and from the start, we’ve been about enabling people to share their passions whether they’re fueled by adrenaline or artistry,” Nick Woodman, Founder and CEO, GoPro, said in a statement. “HERO8 Black, the Mods and Max redefine what’s possible with a camera,” Woodman added.

HERO8 Black features ‘HyperSmooth’ 2.0 video stabilisation and works in all resolutions and frame rates, features a new Boost mode and has in-app horizon leveling.

HERO8 Black sports four digital lenses to easily select a field of view, improved audio with enhanced wind suppression, customisable mode presets and a lighter, frameless design featuring folding mounting fingers. The GoPro Max comes with waterproofing of up to 16 feet and can be used as a single lens max stabilised HERO camera, and a dual lens 360 camera.

India’s mini-Lehman moment: Bankruptcies double at real estate developers

The growing number of insolvencies highlight Indian property developers’ inability to complete apartments and meet their debt obligations amid the funding crisis

The number of Indian real estate companies tipped into insolvency has doubled in less than a year since the collapse of a key shadow bank, an event often compared to the Lehman crisis that squeezed American funding markets a decade ago.

As many as 421 developers entered bankruptcy court by the end of June, up from 209 in September 2018, around the time when the government seized control of Infrastructure Leasing & Financial Services Ltd. The move triggered a credit crunch for smaller financiers and property firms, which depend on funds from shadow lenders.

The numbers will probably increase, according to Vivek K. Chandy, joint managing partner at law firm J. Sagar Associates. Of the 421 cases, 164 have been closed, he said, which means they were resolved, withdrawn, or the companies faced liquidation.

The growing number of insolvencies highlight Indian property developers’ inability to complete apartments and meet their debt obligations amid the funding crisis. The crunch is feeding into — and worsened by — an economic slowdown that is hitting Indians’ demand for goods and services….

Read More:  Real Estate

My mother had me when she was 17: Jeff Bezos testifies before US Congress

Amazon founder and CEO talks about personal life and narrates the difficulties the company faced in initial years of its existence

International News: Jeff Bezos, Amazon founder and CEO, spoke about his personal life and narrated the difficulties his company faced in its initial years when he testified before the US Congress. “I’m Jeff Bezos. I founded ‘Amazon’ 26 years ago with the long-term mission of making it Earth’s most customer-centric company. My mom, Jackie, had me when she was a 17-year-old high school student in Albuquerque, New Mexico. Being pregnant in high school was not popular in Albuquerque in 1964. It was difficult for her,” he said in his testimony before the Subcommittee on Antitrust, Commercial, and Administrative Law .

The world’s richest man said that when the school tried to kick out his mother, his grandfather went to bat for her. “After some negotiation, the principal said, “OK, she can stay and finish high school, but she can’t do any extracurricular activities, and she can’t have a locker.” My grandfather took the deal, and my mother finished high school, though she wasn’t allowed to walk across the stage with her classmates to get her diploma,” he said. He further revealed that determined to keep up with her education, she enrolled in night school, picking classes led by professors who would let her bring an infant to class.

‘My dad’s name is Miguel’

“She would show up with two duffel bags–one full of textbooks, and one packed with diapers, bottles, and anything that would keep me interested and quiet for a few minutes. My dad’s name is Miguel. He adopted me when I was four years old,” said the Amazon CEO. “He was 16 when he came to the United States from Cuba as part of Operation Pedro Pan, shortly after Castro took over. My dad arrived in America alone. His parents felt he’d be safer here. His mom imagined America would be cold, so she made him a jacket sewn entirely out of cleaning cloths, the only material they had on hand,” added Bezos. “We still have that jacket; it hangs in my parents’ dining room.”

Monetary policy review: Another rate cut may not help Indian economy

The larger problem here is that government finances are already in a hole; that would be a problem even if the tax cut were the best-designed in history

It’s almost universally expected in India that the central bank’s monetary policy committee will lower interest rates this week. Many expect it to keep cutting until the policy rate hits 5 per cent by the end of the year; it was 6 per cent in June, and the committee cut it by an unexpected 0.35 percentage points in its last meeting to bring it down to 5.4 per cent. The arguments for a cut are manifold: The Indian economy is clearly spluttering, with growth coming in at a shocking 5 per cent in the last quarter for which data is available; consumer price inflation stands at 3.2 per cent, well below the Reserve Bank of India’s mid-point target of 4 per cent; and industry is loudly complaining that high real rates are depressing investment.

Even the hawkish monetary policy committee, which critics complain has consistently over-estimated inflation in the past, is unlikely to be able to ignore that combination of factors. Reserve Bank of India Governor Shaktikanta Das told the Bloomberg India Economic Forum last month that “there’s room for a rate cut, especially when growth has slowed down.” The bond market has already been given reason to cheer this week, after the government kept its target for borrowing in the second half of the financial year constant, at Rs. 2.7 trillion.

But the RBI would be wise to be cautious. The government in New Delhi won reelection in May by throwing money at the electorate, particularly rural voters. More recently, panicked by the sharp slowdown in growth, it has responded with fiscal measures that are likely to stress its finances, including a big cut in corporate income tax rates last month (though the eventual fiscal stress of that cut might be less than originally feared, given that exemptions are also being phased out)….

In the name of dignity & prosperity: Modi writes why the world needs Gandhi

The great leader envisioned a world where every citizen has dignity and prosperity.

Upon reaching India in 1959, the Rev. Dr. Martin Luther King Jr. remarked, “To other countries I may go as a tourist, but to India I come as a pilgrim.” He added, “Perhaps, above all, India is the land where the techniques of nonviolent social change were developed that my people have used in Montgomery, Alabama, and elsewhere throughout the American South. We have found them to be effective and sustaining — they work!”

The guiding light whose inspiration got Dr. King to India was Mohandas Karamchand Gandhi, the Mahatma, the Great Soul. On Wednesday, we observe his 150th birth anniversary. Gandhi Ji, or Bapu, continues to give courage to millions globally.

Gandhian methods of resistance ignited a spirit of hope among several African nations. Dr. King remarked: “When I was visiting in Ghana, West Africa, Prime Minister Nkrumah told me that he had read the works of Mahatama Gandhi and felt that nonviolent resistance could be extended there. We recall that South Africa has had bus boycotts also.”

Nelson Mandela referred to Gandhi as “the Sacred Warrior” and wrote, “His strategy of noncooperation, his assertion that we can be dominated only if we cooperate with our dominators, and his nonviolent resistance inspired anticolonial and antiracist movements internationally in our century.”

For Mr. Mandela, Gandhi was Indian and South African. Gandhi would have approved. He had the unique ability to become a bridge between some of the greatest contradictions in human society….