‘Don’t be a fool’: Trump in a letter to Erdogan against Syria offensive

White House announced that US Vice President Mike Pence will meet with Turkish President Recep Tayyip Erdogan in Ankara on October 17

US President Donald Trump has written a letter to his Turkish counterpart Recep Tayyip Erdogan threatening him against Syria offensive and asking him ‘not to be a fool’. In the letter, dated October 9, the President had also urged Erdogan ‘not to be a tough guy.’

“History will look upon you favourably if you get this done the right and humane way. It will look upon you forever as the devil if good things don’t happen. Don’t be a tough guy. Don’t be a fool. I will call you later”, the US President had said in his letter.

Threatening to destroy the Turkish economy, the US President added, “Let’s work out a good deal! You don’t want to be responsible for slaughtering thousands of people, and I don’t want to be responsible for destroying the Turkish economy -and I will. I have already given you a little sample with respect to Pastor Brunson.”

Switching from his aggressive tone,Donald Trump also offered him prospects of a favourable deal. “I have worked hard to solve some of your problems. Don’t let the world down. You can make a great deal. General Mazloum is willing to negotiate with you, and he is willing to make concessions that they would never have made in the past….

Jio says rivals fraudulently claiming IUC; asks Trai to slap penalties

In a letter to Trai, it alleged the three firms have allotted mobile numbers as customer care or helpline numbers to companies such as Oyo, Justdial, and Videocon D2H

Reliance Jio has accused Bharti Airtel, Vodafone Idea, and Bharat Sanchar Nigam (BSNL) of fraudulently claiming interconnect usage charge (IUC) from it, for incoming calls on landline numbers.

It asked Telecom Regulatory Authority of India (Trai) to penalise the three entities and to direct them to refund the money, with interest. In a letter to Trai, it alleged the three firms have allotted mobile numbers as customer care or helpline numbers to companies such as Oyo, Justdial, and Videocon D2H.

A breach, it says, of the IUC regulations Trai issued in 2003. These prescribe separate charges for calls terminating on wireless and wireline numbers — current per minute termination charges are 6p and nil, respectively.

Reliance Jio said in all these cases the mobile number acts as a virtual number for routing customer care and helpline-related calls. “Thus, even when the calling party is dialling the mobile numbers, all such calls are actually terminating on the fixed lines without ever touching the radio access network of the terminating operator,” went the Jio letter.

It said this situation changes the nature and character of a call from ‘mobile to wireline network’ to ‘mobile to mobile network’. In the interconnect agreements signed between Jio and Airtel, Vodafone Idea and BSNL for calls on universal access and toll-free numbers, the originating operator receives 36-52p a minute from the terminating one. “We suspect thousands of such numbers are operational in the market, deployed by them,” Jio said...

US House passes Hong Kong ‘Democracy Act’; move may infuriate China further

Millions have taken to the streets of Hong Kong, initially against a now-dropped bid by its leaders to allow extraditions to the authoritarian Chinese mainland

The US House of Representatives on Tuesday passed a bill sought by pro-democracy protesters in Hong Kong that aims to defend civil rights in the semi-autonomous territory. The Hong Kong Human Rights and Democracy Act, which will now move to a similar vote in the Senate before it can become law, has drawn rare bipartisan support in a polarized Congress.

Its passage is likely to further aggravate China which has accused “external forces” of fuelling weeks of unrest in the global financial hub. “Today we’re simply urging the Chinese president and the Hong Kong Chief Executive, Carrie Lam, to faithfully honor the government’s promises” that Hong Kong’s rights and autonomy would be protected, Republican

Representative Chris Smith, prime sponsor of the bill, said on the House floor. Millions have taken to the streets of Hong Kong, initially against a now-dropped bid by its leaders to allow extraditions to the authoritarian Chinese mainland.

The months-long movement has expanded into a broader pro-democracy push in the territory where activists say freedoms are being eroded by Beijing, despite a deal that outlined Hong Kong’s 1997 return to China from British colonial rule. The Hong Kong Rights and Democracy Act would end Hong Kong’s special trading status with the United States unless the State Department certifies annually that city authorities are respecting human rights and the rule of law…

Saudi Aramco set to pay up to $450 million in fees to IPO advisers

Investment bankers from around the world have been pitching for years to win a coveted role on Aramco’s IPO

Advisers working on Saudi Aramco’s mammoth share sale may split a fee pool of as much as $450 million, according to people with knowledge of the matter, making it one of the biggest IPO pay outs globally.

The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working on its initial public offering, the people said, asking not to be identified because the information is private. The payment would represent a fee of about 1 per cent on the $40 billion Aramco is seeking to raise — relatively low compared to other markets. J PMorgan Chase & Co. and Morgan Stanley are expected to be paid the most, the people said. The final amount paid to banks will depend on how much Aramco raises, they said. A representative for Aramco declined to comment….

Falling Short

Even though Saudi Aramco’s would be one of the biggest fee pools for investment banks, it would still fall short of the $535 million Softbank Group Corp. paid when it raised $21 billion by selling shares in its Japanese telecommunications business last year.

Still, perhaps bankers shouldn’t complain too much. When Saudi Arabia’s National Commercial Bank raised $6 billion in its 2014 IPO, advisers including HSBC and Gulf International Bank were paid just 0.1 per cent of the offering value.,,,

India cannot sacrifice economic strength to comply with US sanctions: FM

Sitharaman said the Indian government has expressed its view to the United States

India wants to comply with global sanctions, including US sanctions on Venezuela and Russia, but also needs to maintain its own strength and strategic interests, Finance Minister Nirmala Sitharaman said in an interview on Tuesday.

The United States in January imposed the toughest sanctions yet on Venezuela’s oil industry. The move has scared away some global customers, but with few alternative suppliers of heavy oil, Indian refiner Reliance Industries Ltd has been buying Venezuelan crude from Russian major Rosneft. The company is set to resume direct oil loadings in the South American nation after a four-month pause. Nirmala Sitharaman said the Indian government has expressed its view to the United States.

“In specific issues which are critical for India’s strategic interests, we have explained to the United States that India is a strategic partner for the United States of America and you want a strategic partner to be strong and not weakened,” she said.

“We value the strong partnership with the USA, but we should equally be allowed to be a strong economy.” The International Monetary Fund earlier on Tuesday lowered its outlook for Indian growth in 2019, citing weaker-than-expected domestic demand. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008/09 financial crisis, the IMF said….

Flipkart to take on arch-rival Amazon with new food retail unit in India

According to sources, Flipkart is expected to invest about Rs 2,000 crore initially in the business and pump in more funds as required as it scales up supply chain, storage and logistics’

E-commerce giant Flipkart on Tuesday said it is setting up a new local entity – Flipkart Farmermart – that will focus on food retail in India, as it looks to take on arch-rival Amazon in the segment. According to sources, Flipkart is expected to invest about Rs 2,000 crore initially in the business and pump in more funds as required as it scales up supply chain, storage and logistics.

“In line with the Government of India’s FDI policy, which allows 100 per cent foreign direct investment (FDI) in food retail for food produced and manufactured in India, Flipkart is applying for appropriate licenses from the government,” Flipkart Group CEO Kalyan Krishnamurthy said in a statement.

This newly registered local entity ‘Flipkart Farmermart’ will focus on food retail and is an important part of the company’s efforts to boost Indian agriculture as well as food processing industry in the country, he added.

“We’ve secured all internal approvals for the same already. We’re looking forward to invest more deeply in local agri ecosystem, supply chain and working with lakhs of small farmers, Farmer Producers Organisations (FPOs), food processing industry in India, helping multiply farmers’ income and bring affordable, quality food for millions of customers across the country,” Krishnamurthy said…

Air India stake sale: Buyer to get only Rs 10,000 crore of airline debt

This is a third of Rs 33,992 crore debt that was to be passed on to the new owner during last year’s failed disinvestment process

The government is likely to transfer about Rs 20,000 crore of additional debt from Air India’s books in order to make it lucrative for buyers. The move will leave Air India with about Rs 10,000 crore of debt. This is a third of Rs 33,992 crore debt that was to be passed on to the new owner during last year’s failed disinvestment process. Potential bidders had expressed inability to take over the debt-laden airline.

As of March 31, Air India had a debt of Rs 58,351 crore.

While the Air India Alternative Special Mechanism (AIASM) headed by home minister Amit Shah is yet to take call on it, it has been proposed to the ministerial group that the move is necessary to make it attractive for buyers. Transaction advisor EY has pointed out high debt as one of the reason why investors didn’t show any interest to acquire the airline last year.

Further, the argument is that the yearly expenditure to run Air India is more expensive for the government than to pay annual interest on a debt of Rs 50,000 crore. The government has already invested Rs 30,000 crore under a bailout package extended by the previous UPA regime in 2012 for 10 years.

The government has already transferred Rs 29,500 crore of debt to the special purpose vehicle Air India Asset Holding Limited (AIAHL). In order to clear that debt, the SPV has already raised Rs 14,000 crore from bond market. It will further raise about Rs 8,000 crore through a government-guaranteed bond issue over the course of the week. The deal becomes more lucrative as most of the the debt is backed by assets like aircraft that Air India owns.

Tata won’t sell Jaguar Land Rover, open to adding partners: Chandrasekaran

Tata Motors bought the maker of the Jaguar XE sedan and Land Rover Discovery sport utility vehicle from Ford Motor Co. in 2008

Tata Sons, the Indian conglomerate that owns Jaguar Land Rover, said it is open to finding partners for the automaker but isn’t planning on selling the embattled unit. “We’re not going to sell,” said Natarajan Chandrasekaran, chairman of Tata Sons, the holding company in an expansive business empire that includes Tata Motors Ltd. “Auto is a core business for us. From revenue terms, auto is our largest company.”

Tata Motors bought the maker of the Jaguar XE sedan and Land Rover Discovery sport utility vehicle from Ford Motor in 2008. After turning it into a cash cow with booming sales in countries like Russia and China, JLR waned to such an extent that it’s had to launch a 2.5 billion-pound ($3.2 billion) savings program and slash thousands of jobs worldwide.

Losses at Tata’s automotive business have mounted with a slump in India’s car market, as well as trouble overseas, including an economic slowdown in China, where auto sales are sliding, and uncertainty over Brexit. JLR is closing its UK factories for a week in November to guard against disruption to supply chains from a possible no-deal Brexit.

Chandrasekaran said China sales have “collapsed” with a 50 per cent drop last year, though 2019 is showing some improvement. Some problems were self-inflicted, including vehicle quality and dealer issues, he said, noting that the auto industry is “going through difficult times.” “Getting the right portfolio, which one we invest in for electric vehicles, and how do we cut cost” are issues that need to be resolved, he said…

In economics of helping the poor, Abhijit Banerjee gives clear answers

Banerjee, Duflo and Kremer together have launched a movement within development economics

The 2019 Nobel Memorial Prize in Economic Sciences has been awarded to three economists: Abhijit Banerjee, Esther Duflo, and Michael Kremer. The first two teach at the Massachusetts Institute of Technology and the last named at Harvard University; both campuses are in Cambridge, Massachusetts, and their development economic programmes often share resources and students. They received the award for their contribution to reviving development economics, particularly through the popularisation of “randomised control trials” (RCTs) that break larger questions about policy interventions into smaller, easier to test studies.

The Nobel Committee highlighted how their “experiment-based approach has transformed development economics” over the past decades. They mentioned specifically how, as a result of one such study, “more than 5 million Indian children have benefited from programmes of remedial tutoring in schools”. Duflo, born in 1972, is the second woman and the youngest person to be awarded the Prize in Economic Sciences.

Abhijit Banerjee, Duflo and Kremer together have launched a movement within development economics that seeks to ensure that clear, unambiguous answers can be found to the question of whether a particular policy intervention is effective. This is extremely relevant when it comes to framing policy in low- and middle-income countries, where state capacity is quite limited and it is particularly necessary to be able to prioritise more effective policies over less. Duflo and Banerjee’s book, Poor Economics, is an argument for such evidence-based policy, particularly in the Indian context….

Johnson’s Brexit hangs with a thread as European Union seeks more time

With 17 days before the UK is due to leave the EU, Johnson repeatedly pledged to “get Brexit done,” as he spoke in Parliament on Monday

UK Prime Minister Boris Johnson’s Brexit deal was hanging in the balance Tuesday, after the European Union Presidency said more time was needed before a summit of its leaders this week.

Antti Rinne, premier of Finland — which currently has the rotating presidency of the EU — said negotiations may need to continue after the EU Council summit that starts Thursday. “I think there is no time in a practical way and in a legal base to reach an agreement before the Council meeting, I think we need to have more time,” Rinne told reporters in Helsinki.

With 17 days before the UK is due to leave the EU, Boris Johnson repeatedly pledged to “get Brexit done,” as he spoke in Parliament on Monday following a Queen’s Speech that laid the ground for a general election. He’s refused to ask for a delay to Brexit, even though the Benn Act says he must do so if he hasn’t finalized a deal with both the EU and UK Parliament by October 19.

The EU plans to decide Wednesday whether there will be a deal for leaders to sign during the Oct. 17-18 summit and has ruled out negotiating during the actual meeting of leaders. Johnson postponed a meeting of his political cabinet to Wednesday, when it may become clearer whether a Brexit deal will be done this week, and the government will then be able to decide whether to call MPs in for a sitting on Saturday. Chancellor of the Exchequer Sajid Javid also announced Nov. 6 as the date for his annual Budget, but that will only take place if the government gets a Brexit deal.

Russia-backed Syrian forces step in after US declares full withdrawal

Much of the M4 lies on the southern edge of territory where Turkey aims to set up a “safe zone” inside Syria

Russia-backed Syrian forces wasted no time in taking advantage of an abrupt US retreat from Syria on Monday, deploying deep inside Kurdish-held territory south of the Turkish frontier less than 24 hours after Washington announced a full withdrawal.

Washington’s Kurdish former allies said they invited in the government troops as an “emergency measure” to help fend off an assault by Turkey, launched last week with “a green light” from President Donald Trump that the Kurds describe as a betrayal.

The Syrian government’s deployment on Monday is a major victory for President Bashar al-Assad and his principal ally Russia, who gained a military foothold across the biggest swathe of the country that had been beyond their grasp. Under their deal with the Kurds, government forces are poised to move into border areas from the town of Manbij in the west to Derik, 400 km (250 miles) to the east.

Syrian state media reported that troops had already entered Tel Tamer, a town on the strategically important M4 highway that runs east-west around 30 km south of the frontier with Turkey. State TV later showed residents welcoming Syrian forces into the town of Ain Issa, which lies on another part of the highway, hundreds of km (miles) away. An SDF media official said he could not confirm these deployments…

 Read More: Business Standard

After bitcoin crackdown, China now wants centralised digital currency

China was once a stronghold of bitcoin

As Facebook readies to launch its answer to bitcoin, China is set to introduce its own digital currency — one that could allow the government and the central bank to see what people spend their money on, according to analysts.

Far from the libertarian ideals of cryptocurrencies, whose anonymity allows users to buy and sell without leaving a digital trail, China’s mooted e-cash system will be tightly regulated, experts say, and run by the People’s Bank of China, the central bank. It “would give the PBoC greater insight into transactions throughout the country,” analysts at Beijing-based research firm Trivium China said in a note.

In late September, central bank governor Yi Gang said China’s new currency may be associated with existing electronic payment systems, such as the popular WeChat and AliPay phone apps, which are widespread and allow yuan transactions via bank accounts.

While he gave no timetable, Chinese media are putting their money on a November 11 launch to coincide with “Singles Day” — a massive, annual online sales event. Yi did not say what shape the currency would take. “We will not predetermine the technical path,” he said…

RBI relief for PMC Bank depositors, withdrawal limit hiked to Rs 40,000

RBI said it reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, it decided to further enhance the limit

The Reserve Bank of India (RBI) has increased the withdrawal limit for depositors of Punjab and Maharashtra Co-operative (PMC) Bank to Rs 40,000. This is the third withdrawal limit increase by the RBI, in which it has increased the withdrawal amount. On September 24, the RBI set the withdrawal limit at Rs 1,000 per account, which it increased to Rs 10,000 the next day. On October 3, this limit was increased to Rs 25,000.

The RBI said it reviewed the bank’s liquidity position and, with a view to reducing the hardship of the depositors, it decided to further enhance the limit. With this relaxation more than 77 per cent of the depositors will be able to withdraw their entire account balance. In a statement, the RBI said a forensic auditor had been appointed by the administrator to look into the related transactions. Economic Offenses Wing of the Maharashtra Police is already investigating the matter.

Joy Thomas pins blame on Wadhawans, Waryam Singh

Joy Thomas, the suspended managing director of Punjab and Maharashtra Co-operative (PMC) Bank, in his interrogation by the Economic Offences Wing (EOW) of Mumbai Police, revealed he was acting on the instructions of Housing Development & Infrastructure (HDIL) promoters Rakesh and Sarang Wadhawan and former PMC Bank chairman S Waryam Singh to hide the bank’s bad debts given to HDIL Group from regulators and falsifying accounts to paint a rosy picture of the bank…

Spectrum price reform in the works: Telecom minister Ravi Shankar Prasad

Telecom operators, battling financial stress, have for long voiced their protest against high base price of 5G spectrum

Inaugurating the annual India Mobile Congress on Monday, Telecom Minister Ravi Shankar Prasad said the Centre was considering “pricing reforms in the sector”, possibly hinting at making the upcoming spectrum auction, especially in the 5G band, more attractive to the industry. Telecom operators, battling financial stress, have for long voiced their protest against the high base price of 5G spectrum. Most telcos are planning not to bid for 5G unless the government reviews the price.

The three-day telecom summit, which got off to a slow start, was marked by the absence of industry majors including Bharti’s Sunil Mittal and Reliance’s Mukesh Ambani. The two business rivals had shared the dais at the event last year and had turned heads with their contrasting comments on the telecom sector.

Prasad, while addressing stakeholders, said the government was in the process of taking reform steps in spectrum pricing as well, cheering the industry. Signalling a need for change, Vodafone Idea Chairman Kumar Mangalam Birla said, “We seek an enabling regulatory environment so that we can make the necessary investment in this sector.”

Bharti Enterprises Co-Vice Chairman and Managing Director Rakesh Bharti Mittal pointed out that the industry wanted spectrum at the right price. “We need large quantities of spectrum at the right price as the prices set by Trai (Telecom Regulatory Authortiy of India) are seven times higher than the global prices,” Mittal said…

Typhoon Hagibis leaves as many as 33 dead as Japan continues rescue

One woman fell to her death as she was being placed inside a rescue helicopter

Helicopters, boats and thousands of troops were deployed across Japan to rescue people stranded in flooded homes Sunday, as the death toll from a ferocious typhoon climbed to as high as 33. One woman fell to her death as she was being placed inside a rescue helicopter. Typhoon Hagibis made landfall south of Tokyo on Saturday evening and battered central and northern Japan with torrents of rain and powerful gusts of wind. The typhoon was downgraded to a tropical storm on Sunday.

Public broadcaster NHK said 14 rivers across the nation had flooded, some spilling out in more than one spot. The Tokyo Fire Department said a woman in her 70s was accidentally dropped 40 meters (131 feet) to the ground while being transported into a rescue helicopter in Iwaki city in Fukushima prefecture, a northern area devastated by the typhoon.

Department officials held a news conference to apologize, bowing deeply and long, according to Japanese custom, and acknowledged the woman had not been strapped in properly. The government’s Fire and Disaster Management Agency, which tends to be conservative in its counts, said late Sunday that 14 people died, 11 were missing and 187 were injured as a result of the typhoon. It said 1,283 homes were flooded and 517 were damaged, partially or totally.

Japanese media tallies were higher. Kyodo News agency reported that 33 people died and 19 were missing. “The major typhoon has caused immense damage far and wide in eastern Japan,” government spokesman Yoshihide Suga told reporters.

News footage showed a rescue helicopter hovering in a flooded area in Nagano prefecture where an embankment of the Chikuma River broke, and streams of water were continuing to spread over residential areas…

Read More: Typhoon Hagibis

Ayodhya case to enter crucial final leg as SC resumes hearings on Oct 14

A five-judge Constitution bench headed by Chief Justice of India Ranjan Gogoi revised the deadline for wrapping up the proceedings and has fixed it on October 17

The protracted hearing in the politically sensitive Ram Janmbhoomi-Babri Masjid land dispute at Ayodhya will enter into the crucial final leg on Monday when the Supreme Court resumes proceedings on the 38th day after the week-long Dussehra break.

A five-judge Constitution bench headed by Chief Justice of India Ranjan Gogoi, which started the day-to-day proceedings on August 6 after mediation proceedings failed to find an amicable solution to the vexatious dispute, has revised the deadline for wrapping up the proceedings and has fixed it on October 17.

Fourteen appeals have been filed in the apex court against the 2010 Allahabad High Court judgment, delivered in four civil suits, that the 2.77-acre land in Ayodhya be partitioned equally among the three parties — the Sunni Waqf Board, the Nirmohi Akhara and Ram Lalla.

Initially, as many as five lawsuits were filed in the lower court. The first one was filed by Gopal Singh Visharad, a devotee of ‘Ram Lalla’, in 1950 to seek enforcement of the right to worship of Hindus at the disputed site. In the same year, the Paramahansa Ramachandra Das had also filed the lawsuit for continuation of worship and keeping the idols under the central dome of the now-demolished disputed structure….

Read More: Ayodhya Case

If Pakistan wants to tackle terror, we can send our Army: Rajnath Singh

Addressing election rallies in Haryana, the BJP leader also asked Pakistan to stop its Kashmir rant, saying no power in the world can separate Kashmir from India

Defence Minister Rajnath Singh on Sunday asked Pakistan to wage an honest battle against terrorism, saying India is ready to help but Islamabad’s intentions are deceitful, and cautioned the neighbouring country that it will disintegrate if it does not mend its ways.

Addressing election rallies in Haryana, the BJP leader also asked Pakistan to stop its Kashmir rant, saying no power in the world can separate Kashmir from India. “I want to tell our neighbour to stop (aiding) terrorism, wage an honest battle to fight terrorism, and if they are not able to fight terrorism, they can take help of neighbour India, we will extend cooperation to them to fight terrorism,” Singh said.

“I would like to make a suggestion to Pakistan Prime Minister Imran Khan. If you are serious enough in your fight against terror, we are ready to assist you. If you want our Army, then we will send them there for your help,” Rajnath Singh was quoted as saying by ANI.

“However, Pakistan’s intentions are deceitful,” he said.

Singh hit out at Pakistan Prime Minister Imran Khan for his statement that he will continue to rake up Kashmir issue on international forums. “I was listening to Pakistan Prime Minister’s speech. He said till the time Kashmir does not get freedom, he will continue to raise Kashmir issue on international forums. “Forget it. Don’t even think about Kashmir. You have paid the price. In 1947, you divided India into two because of two-nation theory…. In 1971, Pakistan got divided into two. I want to caution Pakistan, bring a change in your thinking or else if they keep going on like this, Pakistan will disintegrate and no one can stop this,” he warned.

A year into India’s #MeToo movement, here’s how the cases have played out

For five of India’s most prominent accusers, the price has been steep

In October 2018, almost a year to the day after the #MeToo movement erupted in the US around film producer Harvey Weinstein, allegations of sexual harassment and assault flooded India. Women began recounting tales from years or even decades earlier, often at great risk to their reputations and safety.

For five of India’s most prominent accusers, the price has been steep. A young victim of alleged rape by a lawmaker attempted to burn herself outside the residence of her state’s chief minister, after her father died in police custody. A high-profile journalist has been sued for defamation by the man she accused. Another journalist says she has had trouble finding work. And a Bollywood actress says she feels her allegations led to real change in India, though the fallout since she first made them more than a decade ago contributed to her decision to relocate to the US, exhausted.

As for the accused men, some have remained in their jobs. Others said their reputations and careers were hurt by the allegations. Most deny wrongdoing and a few have fought back in court.

Despite the mixed record of India’s #MeToo movement, some women feel they are witnessing the beginnings of long-overdue legal and cultural shifts. “#MeToo helped some people realize how widespread molestation and harassment are,” said Karuna Nundy, an advocate in India’s Supreme Court who has worked on rape cases. “I can’t be anything but hopeful,” Nundy added. “It is these interventions that change not just the life of the individual, but also change the system for everybody else.”

‘Soft coup’ warning as Pak’s army chief meets business leaders on economy

General Qamar Javed Bajwa privately met top business leaders to find ways to bolster the economy.

Pakistan’s already powerful military is taking an even greater role in running the country as the economy stumbles. Army chief Qamar Javed Bajwa has privately met top business leaders to find ways to bolster the economy, according to people familiar with the matter. The three meetings Bloomberg is aware of took place this year at heavily guarded military offices in Karachi, the financial capital, and Rawalpindi, a northern town that houses the army’s headquarters.

 At the meetings, arranged through mutual contacts, Qamar Javed Bajwa asked business leaders how to fix the economy and what would lead them to make investments, said the people, who asked not to be identified. Some of the meetings resulted in prompt decisions including sending instructions to top government officials, the people said, without giving any specific examples. They said the general was concerned about restoring confidence among the business community.

An army spokesman declined to comment when asked about the meetings, however on Thursday the military issued a statement after Bajwa hosted a gathering of government economic officials and business leaders on Wednesday. “National security is intimately linked to economy while prosperity is function of balance in security needs…

Pakistan needs to repay China more than double amount it owes IMF

The South Asian nation owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF

Pakistan needs to repay China more than double the amount it owes the International Monetary Fund in the next three years, as loans racked-up to boost foreign exchange reserves and bridge a financing gap become due.

The South Asian nation owes $6.7 billion in commercial loans to China over the three years through June 2022, according to the IMF, which this year approved a new program to bail out Pakistan from a crisis. Islamabad needs to pay the multilateral lender $2.8 billion in the same period.

Pakistan, one of the biggest beneficiaries of China’s Belt and Road Initiative, has been borrowing from Beijing to tide over a Pakistan financial crisis. Still, the money was enough to only partly bridge a financing gap, pushing the South Asian nation to knock at the IMF’s doors.

“The borrowing picked up after the Belt and Road started,” said Hafiz Faizan Ahmed, head of research at Karachi-based Optimus Capital Management Pvt. “A bulk of the Chinese lending happened about two years ago when dollar reserves were dwindling, so the government kept borrowing and borrowing.” A report last year by the Center for Global Development listed Pakistan among eight nations that face potential debt-sustainability problems because of the belt-road plan…

50 celebs booked in Bihar for their open letter to PM Modi on mob lynching

The letter was written by 49 eminent personalities, including filmmakers Mani Ratnam, Anurag Kashyap, Shyam Benegal and others

An FIR was lodged here on Thursday against nearly 50 celebrities, including Ramchandra Guha, Mani Ratnam and Aparna Sen, who had written an open letter to Prime Minister Narendra Modi raising concern over the growing incidents of mob lynching, police said.

The case was lodged after an order was passed by Chief Judicial Magistrate Surya Kant Tiwari two months ago on a petition filed by local advocate Sudhir Kumar Ojha. “The CJM had passed the order on August 20, accepting my petition upon the receipt of which an FIR was lodged today at the Sadar police station here,” Ojha said.

He said nearly 50 signatories of the letter were named as accused in his petition in which they allegedly “tarnished the image of the country and undermined the impressive performance of the prime minister” besides “supporting secessionist tendencies”.

The police said the FIR was lodged under sections of the Indian Penal Code, including those relating to sedition, public nuisance, hurting religious feelings and insulting with an intent to provoke breach of peace. The letter was written by 49 eminent personalities, including filmmakers Mani Ratnam, Anurag Kashyap, Shyam Benegal, actor Soumitra Chatterjee as well as vocalist Shubha Mudgal in July this year…

Read FulL Article: Mob Lynching

Donald Trump pushes House Speaker Nancy Pelosi to hold impeachment vote

Many constitutional law experts disputed the White House legal analysis, and it’s not clear that Trump would be any more cooperative if the House did vote

International News: President Donald Trump is pushing House Speaker Nancy Pelosi to hold a formal vote on impeachment, a move that would change the politics of the probe more than its legal standing.

Trump this week escalated his fight against the Democratic-led investigation of his dealings with Ukraine with a letter from the White House counsel that contends the administration cannot cooperate with an inquiry that is “invalid” in part because the full House hasn’t voted to investigate. Many constitutional law experts disputed the White House legal analysis, and it’s not clear that Trump would be any more cooperative if the House did vote.

A decision whether to call the president’s bluff is likely to be a main topic when Pelosi convenes a conference call with House Democrats at the end of the week. Representative Dan Kildee of Michigan, one of the leadership’s vote counters, said Democrats could easily pass a resolution authorizing the impeachment inquiry with as many as 230 votes.

But Gerald Connolly of Virginia, a senior Democrat and a member of a committee leading the inquiry, said there are plenty of reasons not to hold that vote. “Caving to their phony demands could — in an odd way — have unintended consequences of actually empowering their various arguments,” he said of the White House and Republicans. Connolly also pointed to shifting public opinion, as evidenced in polls, in favor of the inquiry even without a House vote….

Rs 740-cr fraud: Ranbaxy ex-promoters Malvinder, Shivinder Singh arrested

The misappropriation came to light after an independent forensic audit was conducted by the new board

In an unprecedented development, two industrialist brothers Malvinder and Shivinder Singh, former promoters of the erstwhile pharma giant Ranbaxy and till recently counted among the richest businessmen of the country, were arrested on Thursday for alleged fraud.

While the Economic Offence Wing (EOW) of the Delhi Police arrested Shivinder Mohan Singh early in the day in a case of fraud and misappropriation of funds to the tune of Rs 740 crore linked to Religare Finvest, his elder brother Malvinder Mohan Singh was also taken into custody hours later. Both were former promoters of Religare, Fortis Healthcare and Ranbaxy.

The police were on the lookout for Malvinder Singh through the day, according to sources in the know. Sunil Godhwani, former managing director of Religare, as well as two other key executives Kavi Arora and Anil Saxena, have also been arrested, a statement issued by the EOW said.

“The alleged persons having absolute control on Religare Enterprises Limited (REL) and its subsidiaries put Religare Finvest Limited (RFL) in poor financial condition by way of distributing the loans to the companies having no financial standing and controlled by the alleged persons. These companies wilfully defaulted on repayments, causing a loss to RFL to the tune of Rs 2,397 crore,” the EOW said while confirming the arrests.

The EOW action followed a complaint filed by Religare Finvest, a subsidiary of Religare Enterprises. Religare Finvest had last December filed a criminal complaint against the Singh brothers, Godhwani and others for cheating, fraud and misappropriation of company funds to the tune of Rs 740 crore…

Spruced up Mamallapuram ready for second Modi-Xi informal summit

The two leaders will engage in one-on-one talks during the meeting and are expected to discuss expanding economic and development ties apart from the Kashmir issue and the CPEC

The stage is set for the second ‘informal’ summit between Prime Minister Narendra Modi and Chinese President Xi Jinping, to be held in the coastal and heritage town of Mamallapuram (Mahabalipuram). The two-day meet starts tomorrow.

The meeting comes at a critical time for the neighbours with China recently criticising India’s decision to scrap Jammu and Kashmir’s autonomy and bifurcate the state into two Union territories, its Foreign Minister Wang Yi raising the Kashmir issue at the UN General Assembly last month and New Delhi responding by saying it did not welcome comments on its internal matters. India also remains opposed to the China-Pakistan Economic Corridor (CPEC), as it passes through Pakistan-occupied Kashmir.

“At the regional level, we should resolve disputes peacefully through dialogues and consultations and jointly uphold regional peace and stability,” said Sun Weidong, Beijing’s ambassador to New Delhi. The two leaders will engage in one-on-one talks during the meeting and are also expected to discuss expanding economic and development ties.

After winning his second term, Modi formally extended an invitation to Xi in June at the Bishkek summit of the Shanghai Cooperation Organisation, which the latter accepted. This is the second informal summit between the two leaders, after Wuhan, which was held in April, 2018, in China. Notably, China has been importing rice and sugar from India following a request from the Prime Minister in the first informal summit…

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RBI rejects merger of lndiabulls Housing Finance with Lakshmi Vilas Bank

Both China and the US have scheduled further tariff increases for December, and Europe is considering retaliation against any US action

Chinese and American negotiators are set to start meeting again in Washington on Thursday in the latest round of their so-far fruitless talks to strike a trade deal. If no agreement is reached, the already slowing global economy will face another hurdle, with the US set to raise tariffs on China on Oct. 15 and then on the European Union on Oct. 18.

Both China and the US have scheduled further tariff increases for December, and Europe is considering retaliation against any US action. With close to $2 trillion in global trade flows at risk from greater protectionism, according to a Bloomberg analysis, those protectionist actions would depress trade, make businesses more cautious and further damage global demand.

Investors are underlining what’s at stake: US stock futures slid after a report in the South China Morning Post suggested Chinese negotiators led by Liu He could cut short their stay — a report refuted by the White House. “We are not aware of a change in the Vice Premier’s travel plans at this time,” White House spokesman Judd Deere said late on Wednesday in Washington, referring to Liu. Chinese state-media had said Wednesday night that the schedule was still on track.

China

China’s economy would be slowing with or without the trade war. But that conflict, which over the last 18 months has broadened to other contentious areas such as technology, state subsidies, human rights, Taiwan and the Hong Kong protests, is also damaging to the economy, as it cuts demand for Chinese exports, damages business confidence and undermines investment…

Read Full Article:  China-US Trade Talks

RBI rejects merger of lndiabulls Housing Finance with Lakshmi Vilas Bank

The bank had sought approval from the Reserve Bank of India (RBI) on May 7, 2019

The Reserve Bank of India (RBI) on Wednesday rejected the proposed amalgamation of lndiabulls Housing Finance and Lakshmi Vilas Bank (LVB), two weeks after the banking regulator initiated prompt corrective action (PCA) against the Chennai-based bank.

The RBI said the application for the voluntary amalgamation of lndiabulls Housing Finance (IBHFL)  and its subsidiary lndiabulls Commercial Credit with LVB could not be approved. LVB officials declined to comment on the matter.

IBHFL in its statement to the stock exchanges said, “Now that the merger will not happen with Lakshmi Vilas Bank, the uncertainty of the last five months on the business is lifted and the company will focus on its growth of the core business of housing finance.”

IBHFL also said it was considering a buyback of equity shares of the company, for which it has called a board meeting on October 14. “The company upon buyback of securities will have a ratio of aggregate of secured and unsecured debts to the paid-up capital and free reserves of not more than 6:1 on standalone and consolidated basis,” the statement said…