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Jan 12, 2018 09:27 PM IST | Source: Moneycontrol.com

News highlights of the day: India can't allow neighbours to drift away to China, says Army Chief

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Jan 12, 06:43 PM (IST)

    India can't allow its neighbours to drift away to China: General Bipin Rawat

    India cannot allow its neighbours to drift away from it to counter an assertive China, Army Chief General Bipin Rawat said today, affirming that time has come for the country to shift focus from western to the northern frontier.

    Rawat said countries like Nepal, Bhutan, Myanmar, Bangladesh, Sri Lanka and Afghanistan have to be kept on board as part of a broader strategy to deal with China, and India must make "wholehearted" efforts to continue extending support to them. (PTI)

  • Jan 12, 09:25 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Jan 12, 09:23 PM (IST)

    Punished auditors involved in Satyam case; no powers to act against CA firms: ICAI

    Within days of SEBI passing order against the Price Waterhouse network entities in the Satyam scam, chartered accountants' apex body ICAI today said it had awarded maximum punishment to individual auditors involved but has no powers to initiate disciplinary action against CA firms.

    On Wednesday, SEBI imposed a two-year ban on Price Waterhouse network entities from issuing audit certificates to any listed company in India with respect to the multi-crore scam at the IT major.

    The institute has cancelled the membership of six chartered accountants with respect to the accounting fraud at Satyam Computer Services.

  • Jan 12, 09:09 PM (IST)

    YES Bank announces Rs 7.5-cr grant for NGOs, social enterprises

    YES Foundation, the social development arm of YES Bank, today launched a programme to inculcate the spirit of responsible youth citizenship and drive social impact through the medium of films.

    The fifth edition of 'YES! i am the CHANGE' (YIAC) aims at providing youth, NGOs/ social enterprises with a platform to use films as a storytelling medium to drive social impact, Yes Bank said in a statement.

  • Jan 12, 08:59 PM (IST)
  • Jan 12, 08:56 PM (IST)

    BoI to be out of RBI watch list soon as recovery picks up: MD

    Bank of India (BoI) has put in place an aggressive bad loan recovery strategy and hopes to be out of the RBI’s watch list soon, the state-run lender’s Managing Director Dinabandhu Mohapatra said.

    Following inspection of books in March 2017, Reserve Bank of India (RBI) downgraded some of BoI’s accounts to NPA and placed the bank under the Prompt Corrective Action (PCA) framework.

    Downgrading of accounts impacted the profitability as well as non-performing asset (NPA) position of the bank retrospectively.

  • Jan 12, 08:54 PM (IST)

    SEBI slaps Rs 4 lakh fine on former ING Vysya Bank official
    Markets regulator SEBI today imposed a penalty of Rs 4 lakh on a former official of ING Vysya Bank for disclosure lapses.

    The order has come following an inspection conducted by the Securities and Exchange Board of India (SEBI) of trading in the shares of ING Vysya Bank for the period from August 2011 to May 2013.

    Upon inspection of the trading details of Gargi Dash, the then head of retail finance of the bank, SEBI observed that she had sold shares of value exceeding Rs 5 lakh each on three occasions — November 2, 2012, January 31, 2013 and March 28, 2013.

  • Jan 12, 08:51 PM (IST)

    Will be there as long as I’m needed, not a day longer: Nandan Nilekani

    Infosys non-executive Chairman Nandan Nilekani today expressed satisfaction at the progress made in bringing stability to the company, saying he will stay only “as long as required”.

    Nilekani was brought on-board in August last year, after the then CEO Vishal Sikka and ex-Chairman R Seshasayee had resigned following a bitter boardroom tussle.

    Nilekani, who is one of the co-founders, was mandated with steering the company back on track after protracted row between the founders and the past management over allegations of corporate governance lapses.

  • Jan 12, 08:44 PM (IST)

    Significant decline in under-five mortality rate in 2016: Report

    India has registered significant decline in mortality rate of children under five years of age, according to the recently-released 2016 sample registration system (SRS) bulletin.

    Under-five mortality rate (U5MR) in India showed an impressive decline of 9 percent, from 43 per 1,000 in 2015 to 39 per 1,000 in 2016, it said.

    According to a Health Ministry statement, for the first time, the number of under-five deaths in the country have come down to below 1 million with nearly 1,20,000 fewer under-five deaths in 2016 as compared to 2015.

  • Jan 12, 08:40 PM (IST)

    US retail sales rise; core sales revised sharply higher

    US retail sales increased in December as households bought a range of goods and figures for the prior month were revised higher, suggesting the economy exited 2017 with strong momentum.

    The Commerce Department said on Friday that retail sales rose 0.4 percent last month. Data for November was revised to show sales gaining 0.9 percent instead of the previously reported 0.8 percent increase.

    Retail sales in December rose 5.4 percent from a year ago. They advanced 4.2 percent in 2017 compared to 3.2 percent in 2016. Economists polled by Reuters had forecast retail sales increasing 0.4 percent in December.

  • Jan 12, 08:35 PM (IST)

    Chancellor Angela Merkel's deal with social democrats opens way to new German government

    Chancellor Angela Merkel struck a deal with Social Democrat (SPD) rivals on Friday to open government coalition talks, easing months of uncertainty that has undermined Germany's global role and raised questions about her political future.

    But the deal to revive a "grand coalition" that has governed since 2013 must be approved by an SPD congress planned for January 21. Some members fear further association with Merkel's chancellorship could erode the influence of the party which suffered the worst result in September's election since the modern Federal Republic was founded in 1949.

  • Jan 12, 08:30 PM (IST)

    Kamala Mills fire update: 

    Leader of Opposition in the Maharashtra Legislative Assembly Radhakrishna Vikhe Patil today said he will move the Bombay High Court seeking CBI probe into the Kamala Mills compound fire, which claimed 14 lives.

    Addressing a press conference here, he said a PIL in this regard will be filed next week.

    Vikhe Patil also alleged that the Bhima-Koregaon violence was a state-sponsored riot and demanded that the judicial probe into the violence should be monitored by the high court.

  • Jan 12, 08:27 PM (IST)

    Airtel offers 1-year Amazon Prime membership with Infinity plan

    India’s largest telecom operator Airtel today teamed up with Amazon India to offer one year of Amazon Prime membership with its Infinity postpaid plan.

    Airtel Postpaid customers – both new and existing – who have an Infinity plan of Rs 499 or more will be able to avail one year Amazon Prime membership of Rs 999 value and unlimited access to Amazon Prime Video as part of their plan benefits, a statement said.

    This would not come at any extra cost.

  • Jan 12, 08:18 PM (IST)
  • Jan 12, 08:14 PM (IST)

    OPEC need not rush into changing oil pact: UAE Minister Suhail al-Mazroui

    OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.

    This year’s rapid rise in oil prices, which hit USD 70 this week, is backed by strong demand growth and a fall in oversupply on the back of the OPEC and non-OPEC pact, not only by political tensions, Mazroui said.

    “We don’t look at the price in a day and say we are in a point where we need to do changes. We need to give the market time,” Mazroui, who holds the OPEC presidency, added.

  • Jan 12, 08:06 PM (IST)

    India hopes UK-EU divorce won’t be ‘very acrimonious’: Suresh Prabhu

    India is “friends” with both the UK and the European Union and is hopeful that the “divorce” between them after Brexit won’t be “very acrimonious”, Union Minister Suresh Prabhu said here today.

    Highlighting that India has revived the stalled talks on a Free Trade Agreement (FTA) with the European Union (EU), the Commerce and Industry minister stressed that New Delhi was keen to work on closer trade ties with both the UK and the 28- member economic bloc.

    “The decision the EU and Britain have taken as a result of the referendum is between them. We are friends with both and hope for a very good outcome and good relations,” Prabhu told reporters.

  • Jan 12, 08:01 PM (IST)

    US president Donald Trump cancels working visit to UK over ‘bad’ new US embassy

    President Donald Trump today cancelled a “working visit” to the UK planned for next month to officially launch a new US embassy, blaming a “bad deal” struck by the previous Obama-administration to relocate the base from central London to an “off location”.

    The US president launched his attack on Twitter against the embassy’s move from Grosvenor Square in the posh Mayfair area of the city to Nine Elms, south of the Thames, in a USD 1.2 billion project.

    He wrote: “Reason I cancelled my trip to London is that I am not a big fan of the Obama administration having sold perhaps the best located and finest embassy in London for ‘peanuts’, only to build a new one in an off location for 1.2 billion dollars. Bad deal. Wanted me to cut ribbon-NO!”.

  • Jan 12, 07:58 PM (IST)

    Forest clearance issues continue to dog strategic projects: Rajnath Singh

    Forest and environmental clearance issues continue to dog strategic projects and the central government will expedite the process of giving nod to them, Home Minister Rajnath Singh said today.

    Inaugurating the 43rd annual day function of the Military Engineer Services (MES) builders association of India here, Singh also said there is no shortage of funds for development of infrastructure along the border areas.

    The government will expedite forest and environmental clearance issues which still continue to dog such strategic projects, Singh was quoted as saying in an official release.

  • Jan 12, 07:53 PM (IST)

    Govt invites applications for SEBI’s whole time member

    The government today invited applications to fill up the position of a whole time member at markets regulator SEBI.

    Currently, SEBI has two whole-time members — Madhabi Puri Buch and G Mahalingam — while Sanjeev Kaushik was appointed a whole-time member last month. However, he is yet to join the markets regulator.

    Kaushik has handled the capital markets in the Department of Economic Affairs, where he was responsible for the policy matters related to current account management, foreign institutional investments, external commercial borrowings and foreign exchange management. He has also worked closely with the SEBI and Reserve Bank of India (RBI).

  • Jan 12, 07:46 PM (IST)

    "Points raised by the Honourable judges need to be looked into carefully, even Justice Loya's death needs to be investigated properly," Rahul Gandhi said, reports ANI. 
    He added that all citizens who love the idea of justice are looking at this issue, which needs to be addressed.

  • Jan 12, 07:32 PM (IST)

    Congress President Rahul Gandhi is expected to address the media shortly regarding the letter sent to CJI Dipak Misra by the four Supreme Court judges.

  • Jan 12, 07:14 PM (IST)

    26/11 terror attack survivor Moshe Holtzberg to visit Chabad House in Mumbai next week

    Eleven-year-old Moshe Holtzberg will visit the Chabad House in Mumbai next week, where his parents were killed in the 26/11 terror attacks, and attend a ceremony there with Israeli Prime Minister Benjamin Netanyahu, the country's envoy to India Daniel Carmon said today. (PTI)

  • Jan 12, 07:05 PM (IST)

    Andhra Pradesh CM N Chandrababu Naidu meets Modi amid reports of strain in ties; seeks central aid

    Andhra Pradesh Chief Minister N Chandrababu Naidu today met Prime Minister Narendra Modi, amid reports of strain in ties with the Centre, and sought the latter's help for fulfilling promises made during the bifurcation of the state.

    Naidu said Andhra Pradesh continued to depend heavily on agriculture and lagged behind other south Indian states in the services sector. (PTI)

  • Jan 12, 06:24 PM (IST)

    BCCI invites expressions of interest for IPL partner rights

    The Board of Control for Cricket in India (BCCI) has invited `expressions of interest' for the Indian Premier League (IPL) partner rights.

    The types of rights include IPL Official Partner Rights, IPL Strategic Time Out Partner Rights and IPL Umpire Partner Rights. The rights are available for a minimum three-year term. (PTI)

  • Jan 12, 06:05 PM (IST)

    November IIP At 8.4% | Cons Durables Growth At 2.5% Vs -6.9% (MoM) Cons Non-durables Growth At 23.1% Vs 7.7% (MoM)

  • Jan 12, 05:59 PM (IST)

    December CPI At 5.2% | Pulses Inflation At -23.47% Vs -23.53% (MoM) Clothing & Footwear Inflation At 4.8% Vs 4.96% (MoM)

  • Jan 12, 05:59 PM (IST)

    December CPI At 5.2% | CPI Combined Index Down 0.29% (MoM), CPI Combined Food Price Index Down 1.27% (MoM) 

  • Jan 12, 05:44 PM (IST)

    JUST IN: December CPI inflation at 5.2% 

  • Jan 12, 05:39 PM (IST)

    JUST IN: November IIP growth at 8.4 % vs 2.2% MoM

  • Jan 12, 05:18 PM (IST)

    TRAI cuts international inter-connect charges to 30 paise/minute from 53 paise/minute. Moneycontrol was the first to report that Trai may slash international termination charges to 25-30 paise per minute.

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