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Mar 14, 2018 10:09 PM IST | Source:

News Highlights: Facebook bans far-right group; all-woman crew of Indian Navy begins return journey

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.

  • Mar 14, 10:06 PM (IST)

    22:02 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.

    22:00 Cabinet clears tax pact between India-Iran

    The Union Cabinet cleared a double taxation avoidance agreement between India and Iran which will promote investment flow and curb tax evasion.

    The agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran was approved by the Cabinet, headed by Prime Minister Narendra Modi, an official statement said.

    The agreement will stimulate flow of investment, technology and personnel from India to Iran and vice versa, and will prevent double taxation, it added.

  • Mar 14, 10:06 PM (IST)

  • Mar 14, 09:56 PM (IST)

    Navy's all-woman crew aboard INSV Tarini begins return journey
    An all-women sailing team of the Indian Navy left Cape Town on Wednesday for its return journey to India, nearly six months after embarking on a historic voyage to circumnavigate the globe.

    This is the first-ever Indian circumnavigation of the globe by an all-women crew, according to the Indian Navy. "Indian Naval Sailing Vessel (INSV) Tarini left Cape Town today for the final leg of circumnavigation passage to Goa. The yacht was flagged off by Indian High Commissioner Ruchira Kamboj," the Navy said in a statement here. The INSV Tarini had arrived at Cape Town on March 2 after THE completion of the fourth leg of the trip.  

  • Mar 14, 07:41 PM (IST)

    Facebook bans far-right group Britain First for inciting hatred
    Facebook said that it has banned Britain First, a fascist political organisation, from its platform for breaking rules against inciting hatred. The social media giant blacklisted the far-right group which was brought to global attention when US President Donald Trump retweeted its anti-Islamic posts.
    Facebook said it had taken down Britain First's Facebook page and those of its leaders, Paul Golding and Jayda Fransen, for repeatedly violating rules designed to stop the incitement of hatred against minority groups.

  • Mar 14, 07:25 PM (IST)

    19:22 National Herald case: Young India in HC against income tax proceedings
    Young Indian Pvt Ltd, whose major stakeholders are Congress President Rahul Gandhi and his mother Sonia Gandhi, moved the Delhi High Court on Wednesday seeking a stay on the Rs 249.15 crore income tax proceedings against it.
    Sonia, Rahul, Young Indian (YI) and others were earlier summoned as accused by a trial court in the National Herald misappropriation of assets case.
    YI, which was incorporated in November 2010 with a capital of Rs 50 lakh, had acquired almost all the shareholding of the Associated Journal Ltd (AJL), which is the owner of the National Herald newspaper.
    The YI's petition, which came up for hearing before a bench of Justices S Ravindra Bhat and A K Chawla, said the company will have to deposit some portion of the Rs 249.15 crore tax demanded before its appeal is heard by the IT authorities.

  • Mar 14, 06:13 PM (IST)

     Coal linkage rationalisation saved over Rs 3,000 crore: Government

    Rationalisation of sources of coal for power plants under PSUs has resulted in annual savings of Rs 3,354 crore, Parliament was informed today.

    "Coal India has rationalised sources of coal supply to thermal power plants of PSUs to the tune of 30.46 million tonne on the basis of requests received from them. They have resulted in annual potential savings of Rs 3,354 crore," Coal Minister Piyush Goyal said in a written reply to Lok Sabha.

    In order to optimise transportation cost, an inter-ministerial task force (IMTF) was constituted by the coal ministry for a comprehensive review of existing coal sources as also feasibility for rationalisation of the sources.

    The task force recommended rationalisation of existing sources on case to case basis for 19 thermal power plants of PSUs (public sector undertakings). (PTI)

  • Mar 14, 05:58 PM (IST)

     Rs 12,476 crore given to Andhra Pradesh as special assistance: Government tells Rajya Sabha

    The government today informed Parliament that a total of Rs 12,476.76 crore has been released as special assistance to Andhra Pradesh, which includes Rs 2,500 crore for establishment of the new capital city of the state.

    Union minister of state for home Hansraj Ahir said the central and the Andhra Pradesh governments have been working together to implement the provisions made in Andhra Pradesh Reorganisation Act, 2014 (APR Act, 2014) which include establishment of several institutions and launch of certain projects, as mentioned in Schedule XIII of the Act.

    "Government of India has released a total amount of Rs 12,476.76 crore as special assistance to the state of Andhra Pradesh, which includes Rs 2,500 crore for establishment of the new capital city of Andhra Pradesh," he said in a written reply in Rajya Sabha. (PTI)

  • Mar 14, 05:36 PM (IST)

     GVK appoints Zaha Hadid Architects as the designer for Navi Mumbai International Airport

    GVK-led Navi Mumbai International Airport Limited (NMIAL) has announced appointment of Zaha Hadid Architects as the lead designer for the Navi Mumbai International Airport’s Terminal 1 and the ATC Tower.

    London-based Zaha Hadid Architects (ZHA) was selected by GVK following a 12 week design competition involving the best international architecture firms, the company said in its press release.

    Speaking about the appointment, Founder and Chairman of GVK said Dr GVK Reddy, “Our vision is to establish one more landmark airport that would exceed the benchmarks that GVK had set through MIAL whilst creating Terminal 2 at Mumbai airport.”

    “We are committed towards bringing the best global practices from the industry to design, engineer and build this most awaited airport project in India and hence we decided to go with ZHA, a firm known for its path breaking and remarkable architecture. It also has the expertise of delivering a world class airport design through a highly professional team,” he added.

    ZHA has designed Beijing’s new Daxing airport terminal, amongst other landmark projects such as the Olympic Aquatics Centre in London, the Heydar Aliyev Center in Azerbaijan, Al Wakrah Stadium for the 2022 football World Cup in Qatar.

    According to GVK, NMIA will be ZHA’s first major project in the Indian sub-continent.

  • Mar 14, 05:26 PM (IST)

     I am always going to be in politics, whether you like it or not: Dayanidhi Maran

    Speaking to CNBC TV18, former Union minister Dayanidhi Maran has said that the ‘case was not fit to go for trial foisted just to defame us and the DMK.

    Earlier today, a special CBI court in Chennai discharged Dayanidhi Maran and his brother Kalanithi Maran in the "illegal" telephone exchange case.

    Maran said that the ‘verdict is a big blow to the CBI who acted on the will of their political masters’, adding that the ‘cases were foisted to satisfy ego and business interests of certain individuals.’

    The DMK leader said that the ‘media never gave me the opportunity to present my side of the story’ and that the ‘Courts gave me the chance to present my side of the story.’

    Maran claimed that he had to lose an election because of the case and that the verdict is a big boost for the DMK.

    Stating that ‘we are rallying behind MK Stalin,’ Maran said ‘I am always going to be in politics, whether you like it or not.’

  • Mar 14, 05:13 PM (IST)

     World Bank plans to boost India lending by $1 billion/year for next five years: India head

    The World Bank plans to raise lending to India by about USD 1 billion every year for the next five years from the current USD 3 billion to USD 3.5 billion, its country director to India said on Wednesday.

    The lending will be mainly for infrastructure projects, Junaid Ahmad said.

    Last November, India jumped into 100th place on the World Bank’s ranking of countries by Ease of Doing Business for the first time in its report for 2018, up about 30 places, driven by reforms in access to credit, power supplies and protection of minority investors. (Reuters)

  • Mar 14, 04:57 PM (IST)

     Elphinstone Road stampede: Rail tribunal awards compensation to victims

    The Railway Claims Tribunal in Mumbai has granted compensation to 36 victims of the stampede at the Elphinstone Road station here in September last year.

    Relatives of the 17 deceased have been granted a compensation of Rs 8 lakh each while the 19 injured have been compensated as per their disability, an official said today.

    Twenty-three people lost their lives and 36 were injured in the stampede on the narrow bridge connecting the Elphinstone Road station of the Western Railway with Parel station of the Central Railway on September 29 last year. (PTI)

  • Mar 14, 04:49 PM (IST)

    Market trivia: On March 9, the bull market in US stocks celebrated its ninth year. After bottoming out at 676 on March 9, 2009, the S&P 500 has traded for 2,267 days without a 20% drop. That makes it the second-longest bull market in history. It’s second only to the bull market of 1987 to 2000, which lasted for 3,109 trading days.

  • Mar 14, 04:38 PM (IST)

    L&T wins contracts worth Rs 1,600cr

    Larsen & Toubro (L&T) has won contracts worth Rs 1,600 crore across various segments. The onshore projects business of L&T Hydrocarbon Engineering has secured a lump sum turnkey contract, from a leading Indian client, for the design, supply, and construction of a large LNG tank facility in the east coast of India, it said. The business also secured additional work from existing projects under execution in Saudi Arabia & Kuwait, it added.

  • Mar 14, 04:35 PM (IST)

    IndiGo, GoAir cancel 50 flights

    Domestic carriers IndiGo and GoAir cancelled around 50 flights today as almost one-third of their A320 Neo aircraft fleet remained grounded for the third day following a safety directive by aviation watchdog DGCA, reports PTI. Of the 48 flights, which are not being operated as part of the curtailed schedule, 42 are of IndiGo and six of GoAir. GoAir has also announced that it is cancelling 18 flights from March 15 to 24. IndiGo has cancelled 42 flights for March 14. They includes flights to Mumbai, Kolkata, Pune, Jaipur, Srinagar, Bhubaneswar, Chennai, Delhi, Dehradun, Amritsar, Bengaluru and Hyderabad, among others.

  • Mar 14, 04:20 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra

  • Mar 14, 04:18 PM (IST)

     British fin giant Prudential to split into two

    British financial services giant Prudential said it will split into two separate firms, in order to focus on strategic priorities in the various regions in which it operates, reports AFP. The demerger will create M&G Prudential, a savings and investment provider for Britain and Europe, and Prudential Plc, which will mostly focus on insurance in Asia, the United States and Africa, the company said in a statement. "Prudential Plc announces its intention to demerge its UK and Europe business M&G Prudential from Prudential Plc, resulting in two separately-listed companies with different investment characteristics and opportunities," it said in a statement. 

  • Mar 14, 04:13 PM (IST)

    Maran brothers discharged in telephone exchange case

    A special CBI court in Chennai discharged former telecom minister Dayanidhi Maran, his brother Kalanithi and other accused in the ‘illegal’ telephone exchange case, reports PTI. Special judge S Natarajan allowed the petitions filed by the Maran brothers and others seeking their discharge, holding that there was no prima facie case against them.

    The CBI had alleged that an illegal private telephone exchange was set up at the city residence of Dayanidhi during 2004-06 when he was the telecom minister and it was used for the business transactions involving the Sun Network owned by his brother Kalanithi. It had alleged that Dayanidhi had caused a loss of Rs 1.78 crore to the exchequer.

    A special CBI court in Chennai discharged former telecom minister Dayanidhi Maran, his brother Kalanithi and other accused in the ‘illegal’ telephone exchange case, reports PTI. Special judge S Natarajan allowed the petitions filed by the Maran brothers and others seeking their discharge, holding that there was no prima facie case against them.

    The CBI had alleged that an illegal private telephone exchange was set up at the city residence of Dayanidhi during 2004-06 when he was the telecom minister and it was used for the business transactions involving the Sun Network owned by his brother Kalanithi. It had alleged that Dayanidhi had caused a loss of Rs 1.78 crore to the exchequer.

  • Mar 14, 04:09 PM (IST)

     Bharti Airtel to raise Rs 3,000cr via debenture issue 

    India's largest telecom operator Bharti Airtel said its committee of directors has approved the allotment of 30,000 debentures for raising about Rs 3,000 crore on private placement basis. The proceeds of the issue would be used for general corporate purpose including routine treasury activities and refinancing of existing debt and spectrum liabilities. This will be allotted via two series of Rs 1,500 crore each, the company said in a regulatory filing. The Series I will carry a coupon of 8.25% per annum payable annually, and Series II of 8.35% per annum payable annually.

  • Mar 14, 04:02 PM (IST)

     Nekkanti Sea Foods files draft papers with Sebi for Rs 750cr IPO

    Nekkanti Sea Foods has filed its draft papers with capital markets regulator Sebi to raise an estimated Rs 750 crore through an initial share sale. The company is the third sea foods exporter that approached Sebi with IPO papers in less than a month. Earlier, Sandhya Marines and Devi Seafoods had filed filed their respective preliminary papers with the market watchdog.

    Nekkanti Sea Foods' IPO comprises fresh issuance of shares worth Rs 250 crore, besides, an offer for sale of up to 80 lakh equity shares by the existing shareholders, according to draft papers filed with Sebi. Proceeds of the issue will be utilised towards working capital requirements.

  • Mar 14, 04:00 PM (IST)

    Market ends flat after sharp recovery, banks aid

    The market has recovered sharply from the day's low in the last hour of trade to end flat, with the Nifty has managed to close above 10,400 levels.Banks posted a smart recovery with the Nifty Bank up half a percent and the PSU Bank index closing 1.8% higher despite an increase in the PNB fraud amount.

  • Mar 14, 03:55 PM (IST)

    Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra

  • Mar 14, 03:51 PM (IST)

  • Mar 14, 03:47 PM (IST)

     New premium of life insurers up 27% YoY at Rs 13,698cr in Feb

    Life insurance firms reported an increase of about 27% in its new premium collection in February at Rs 13,698.52 crore, data from insurance regulator Irdai showed. Of all the 24 life insurance firms, India’s only state-owned as well as the largest insurer LIC, the increase in new premium collection was up 24% to Rs 8,476.73 crore during the month.

    Rest of 23 private sector players had new premium collection of Rs 5,221.79 crore in February, up 32.4% from a year ago. SBI Life reported new premium of Rs 709.72 crore in the 11th month of this fiscal, up 32%; HDFC Standard Life witnessed a jump of 80.4% in new premium at Rs 1190.90 crore during the month.

  • Mar 14, 03:33 PM (IST)

     World Bank projects 7.3% growth for India in FY19, 7.5% in FY20

    The World Bank projected India's GDP growth at 7.3% for the next financial year and accelerate further to 7.5% in FY20, reports PTI. The World Bank's biannual publication, India Development Update: India's Growth Story, expects the economy to clock a growth rate of 6.7% in the current fiscal ending March 31. The report, however, observed that a growth of over 8% will require ‘continued reform and a widening of their scope’ aimed at resolving issues related to credit and investment, and enhancing competitiveness of exports.

  • Mar 14, 03:31 PM (IST)

     SBI closes 4.2m savings accounts for lack of min balance

    The State Bank of India has closed as many as 41.16 lakh savings bank accounts between April and January for not maintaining the minimum monthly balance, reveals an RTI query.

  • Mar 14, 03:21 PM (IST)

    Govt says it is not in favour of farm loan waiver

    The government is not in favour of farm loan waiver as it negatively impacts credit and recovery climate, Minister of State for Agriculture Gajendra Singh Shekhawat said in a written reply to the Lok Sabha.

  • Mar 14, 03:19 PM (IST)

    ED to probe Rs 2K cr scam duping investors through Bitcoin ponzi scheme

    The Maharashtra government said The Enforcement Directorate is probing an alleged Rs 2,000 crore scam with Ponzi marketing schemes through the GainBitcoin website, reports PTI. In this connection, a lookout notice has been issued for GainBitcoin founder Amit Bhardwaj, who has fled the country, Minister of State for Home Ranjit Patil said.

  • Mar 14, 03:10 PM (IST)

     SC rejects all interim pleas seeking to intervene in Babri Masjid-Ram temple title case

    The Supreme Court has rejected all interim pleas seeking to intervene in Babri Masjid-Ram temple title case. It has rejected the plea of BJP leader Subramanian Swamy seeking to intervene in the case and ordered revival of Swamy's disposed plea that had sought enforcement of his fundamental right to worship at Ram Temple in Ayodhya. The apex court has accepted a plea that only original parties to the dispute be heard, while interventions of unrelated people be rejected.

  • Mar 14, 03:03 PM (IST)

     Bitcoin is worthless, bubble may pop soon, Allianz Global says

    It’s a matter of when, not if, the Bitcoin bubble will pop, according to Allianz Global Investors. The cryptocurrency is worthless, even if blockchain technology could bring significant benefits to investors, the investment arm of Europe’s biggest insurer, which manages almost EUR500 billion, said.

    “In our view, its intrinsic value must be zero,” Stefan Hofrichter, the company’s head of global economics and strategy, said. “A bitcoin is a claim on nobody – in contrast to, for instance, sovereign bonds, equities or paper money – and it does not generate any income stream.”

  • Mar 14, 02:55 PM (IST)

     SBI Life mgmt trainees will get multi-dept work experience from FY19

    From financial year 2018-19, management trainees at private life insurance company SBI Life Insurance will get an opportunity to work across different departments before being given a final posting, reports Moneycontrol News’ M Saraswathy.

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