5 Minutes Read

In a globalised world, music fragments take unexpected roads

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

At my son’s fourth birthday party, a classmate presented him with a toy recycling truck.

At my son’s fourth birthday party, a classmate presented him with a toy recycling truck. Atop it was a button that, when pushed, uncorked a familiar tune with the words: “To the dump, to the dump, to the dump dump dump!” An adult nearby heard the melody and said, “Hey — that’s the ‘Lone Ranger’ theme song.”

Well, yes and no. It is indeed the fanfare to the famed 1950s TV series. But before that it was something even more venerable — the William Tell Overture, by a 19th-century Italian composer named Gioachino Rossini.

So goes the story of modern music. A century of near-continuous recording, packaging, repackaging, riffing and — more recently — the technical ability for anyone to create cultural collage and sample all facets of creative expression, has turned our musical reservoir into a collection of quotations. Millions of snippets, words and music sit at the ready, waiting to be recruited into the service of something new.

Or, occasionally, retooled into something legally actionable.

On Monday, a federal jury decided unanimously that pop star Katy Perry and her record label had, with her song “Dark Horse,” copied a 2009 Christian rap song called “Joyful Noise” released by an artist named Marcus Gray.

Perry’s lawyer, Christine Lepera, had taken issue with this line of thinking, saying that “they’re trying to own basic building blocks of music, the alphabet of music that should be available to everyone.”

Legal arguments aside, those basic building blocks — the “alphabet of music” — are responsible for producing huge chunks of the American songbook in ways far more fundamental than most listeners realize.

The likes of Eric Clapton and the Rolling Stones built their repertoires by plundering traditional Delta Blues. Bob Dylan made his name remixing the folk canon in innovative ways; “A Hard Rain’s Gonna Fall,” for instance, is a direct descendant of a centuries-old British ballad called “Lord Randall.” Simon and Garfunkel’s “Scarborough Fair,” with its “parsley, sage, rosemary and thyme,” traces back straight through American mountain folklore to British tradition.

Think you’re familiar with the 1970 Steve Miller Band classic “The Joker” and its lyrics, “You’re the cutest thing that I ever did see/I really love your peaches, wanna shake your tree”? North Carolinian Charlie Poole, one of America’s seminal early country musicians, recorded a jaunty song in 1930 called “If the River Was Whiskey,” which included this line:

“I was born in Alabama, raised in Tennessee,

if you don’t like my peaches, don’t shake on my tree.”

This stuff can be revelatory for so many music listeners because it operates under the radar. It’s our own musical history, hiding in plain sight, an ocean of raw material awaiting some fresh genius glue to bind it into something new.

This was true at least as far back as the second half of the 19th century.

By then, according to the eccentric roots-music pioneer Harry Smith, enough folk lyrics were kicking around the republic, cross-pollinating between black and white musicians, to provide fodder for thousands of still-to-be-written songs — what the critic Greil Marcus calls “an almost infinite repertory of performances.” So many tales of American experience emerged from that era and its critical mass of storytelling fragments.

Now, the fragmentation has gone global. The character of this new disapora, though, is different. It now includes high-powered marketing, mass intellectual-property theft and economic forces that dwarf — sometimes steamroll — the local and regional traditions that spread folk music around in the 1800s.

Today, the practice of harvesting musical and lyrical snippets is flourishing — most creatively, perhaps, in hip-hop and dance music, where readily accessible technology encourages sampling for remixes, remakes, dance mixes and party mixes.

But what to one artist is a nod or tribute can, to another, be theft. And when lyricists and musicians begin drawing not from tradition but from fellow modern, revenue-conscious entertainers, the results get more contentious.

In 1976, former Beatle George Harrison was ordered to pay damages of nearly $1.6 million after a court ruled that his song “My Sweet Lord” had copied musical pieces of the Chiffons’ 1963 hit “He’s So Fine,” written by Ronnie Mack. The battle went on for years and the damages were later reduced.

In 2015, songwriter Sam Smith agreed to share the royalties for his song “Stay With Me” with Tom Petty and Jeff Lynne, whose 1989 hit “I Won’t Back Down” had melodies similar enough to also give Petty and Lynne co-writing credits.

The list of disputes based on musical similarity goes on: Radiohead (“Creep,” 1992) and Lana Del Ray (“Get Free,” 2017); Huey Lewis and the News (“I Want a New Drug,” 1984) and Ray Parker Jr. (“Ghostbusters,” 1984). And many more.

Advertisers recognize the power of the American songbook, too. “Bonaparte’s Retreat,” appropriated by Aaron Copland after being recorded in the field by musicologist Alan Lomax through the fiddler W.H. Stepp, showed up in a recent ad from the National Cattlemen’s Beef Association. The old tune “Turkey in the Straw” was used in the 1970s and 1980s as an ad for Murphy’s Oil Soap.

And several Decembers ago, when I sang “Jingle Bells,” my young son objected. “That’s not a Christmas song,” he said indignantly. “That’s Elmo’s song from the end of his show.” And so it was. Who’s to say I’m any more right than he is?

The wholesale expropriation of music on such a large scale is unprecedented and can be roundly blamed on — or credited to — two things: technology and globalization.

It has produced some genuinely odd mashups. I have found “Edelweiss,” a show tune, cast as a cowboy song; Wham’s elegiac “Careless Whisper” branded as perfect driving music; and Scott Joplin’s 1902 ragtime classic “The Entertainer” pressed into service as a cell-phone ringtone in Islamabad, Pakistan, by a man who didn’t know it but liked it better than the built-in ring.

If the recent past is any hint, cultural context will matter less and less.

Consider what happened to my wife in China a few years back. She was driving around Beijing with a twenty something Chinese real-estate agent named Kimberly Teng when they passed a certain roast-chicken restaurant named after a certain white-bearded Southern singer known for certain pop-country standards such as “The Gambler” and “Coward of the County.”

“Do you know of Kenny Rogers?” Teng asked reverently. Then an earnest, serious look came over her face. “He sings many ancient and beautiful love songs.”

A good chunk of our global culture — misquoted, revered, decontextualized and misquoted again, then served up for an entirely new audience — is, for better or worse, now in the hands of a generation of Kimberly Tengs in many lands. Movies, video games and music are their currency, streamed into the devices in their pockets, purses and packs.

It can bind itself to local traditions and flourish, growing into something fresh and exciting. Or, commoditized to the nth degree, it could become the equivalent of putting “Careless Whisper” on a road-trip playlist — something decontextualized and irrelevant to anyone’s life experience anywhere. To the dump indeed.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sri Lanka gives free visa to boost tourism after bomb blasts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Sri Lanka announced Wednesday it will give a one-month free visa on arrival to visitors from nearly 50 countries in its latest effort to revive the island nation’s lucrative tourism industry that was badly hit by the Easter bomb attacks that killed 263 people.

Sri Lanka announced Wednesday it will give a one-month free visa on arrival to visitors from nearly 50 countries in its latest effort to revive the island nation’s lucrative tourism industry that was badly hit by the Easter bomb attacks that killed 263 people.

Tourism Minister John Amaratunga said tourists or those visiting for business purposes could get their free visa on arrival or applying online. The measure will be effective for six months, starting from Thursday.

He said the government expects a substantial increase of tourists from the move. “If it is not beneficial we will suspend this program,” he said.

Because of the measure, the government may lose about 4.3 billion rupees ($24 million) in revenue it could have earned from charging visas.

Sri Lanka charges $35 for a one-month tourist visa, or $20 for nationals from South Asia.

Seven suicide bombers from a local Muslim group, National Thowheed Jammath, attacked three churches and three luxury hotels on April 21, killing 263 people, including 45 foreigners mainly from China, India, the U.S. and Britain.

Many tourists cut short their holidays while others canceled their bookings, dealing a severe blow to the tourism industry, the country’s third-largest foreign currency earner after remittances from overseas workers and textile and garment exports.

According to government data, tourist arrivals declined by about 45% in July from a year earlier. However, arrivals in July, which stood at 117,000, showed a moderate increase compared to 63,072 in June.

Prime Minister Ranil Wickremesinghe assured that Sri Lanka is now safe for tourists and “security has returned to normalcy.”

He said Wednesday that all those involved in the deadly attack are in custody and “even those who had longstanding association with them, although they have not involved in the attack, are also being questioned and some have been detained and some have been released.”

About 200 have been detained and police are continuing their investigations, he said.

The government has introduced many measures to revive tourism that include reducing airline ground charges, aviation fuel prices and departure fees for at least six months. It set a one-year moratorium for repayment of loans for tourism-related businesses and cut interest rates on new loans. Hotels, too, have announced attractive packages with discounts up to 60%.

“We would like to promote Sri Lanka as a destination which is safe for people to visit and also we are giving them type of concessions and rates which they may not get for a long, long time,” said Wickremesinghe.

About 2.3 million tourists visited Sri Lanka in 2018, when 29 airlines offered 300 flights per week. After the attacks, 41 fights per week were canceled, amounting to a loss of 8,000 passenger seats. Several airlines have reinstated their normal schedules since then, but others have not.

Tourism accounts for 4.9% of Sri Lanka’s GDP. Around half a million Sri Lankans depend directly on tourism and 2 million indirectly.

The government currently predicts $3.7 billion in revenue from tourism this year, down from an initial forecast of $5 billion.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Wall Street muted, awaits Fed policy statement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

 US stocks treaded water on Wednesday, as investors awaited an almost certain cut in interest rates by the Federal Reserve and hints on whether it could open the door to further easing in monetary policy.

US stocks treaded water on Wednesday, as investors awaited an almost certain cut in interest rates by the Federal Reserve and hints on whether it could open the door to further easing in monetary policy.

With a quarter-percentage-point reduction in borrowing costs widely expected, focus will be on Fed Chairman Jerome Powell’s comment on why the move was necessary and what comes next. The Fed is set to release its policy statement at 2 p.m. EDT (1800 GMT).

Investors are looking beyond the 25-basis-point cut and questioning whether this might be an insurance cut or a shift in monetary policy, said Art Hogan, chief market strategist at National Securities in New York.

Wall Street’s main indexes have had a strong run since a steep selloff in May, with the S&P 500 index now up 20% for the year on hopes that a modest rate cut would help combat slowing growth and boost tame inflation.

“There are a lot of risks on the horizon and the Fed in their shift in policy may now be willing to be more proactive than reactive,” said Justin Boller portfolio manager at Liquid Strategies in Atlanta, Georgia.

Offering support to the main indexes was Apple Inc’s 3.78% gain after the iPhone maker beat quarterly profit and revenue expectations, and forecast strong sales for the current quarter, easing concerns around the impact of the US-China trade war.

This helped the technology sector rise 0.15%, but a 8.43% slide in shares of Advanced Micro Devices Inc capped gains.

The semiconductor maker forecast third-quarter revenue below expectations, hit by lower demand for its chips used in gaming consoles, pushing the Philadelphia Semiconductor index down 1.58%.

The United States and China wrapped up trade talks that both sides described as “constructive,” including discussions over further Chinese purchases of American farm goods and an agreement to reconvene in September.

At 12:50 p.m. ET the Dow Jones Industrial Average was up 0.83 points, or flat, at 27,198.85 and the S&P 500 was up 0.76 points, or 0.03%, at 3,013.94.

The Nasdaq Composite was up 9.96 points, or 0.12%, at 8,283.58.

Electronic Arts Inc jumped 4.8%, after the video game publisher posted a quarterly revenue beat, riding on the continued success of its battle royale game “Apex Legends”.

Beer maker Molson Coors Brewing Co slid 6.9%, after its quarterly net sales and profit missed estimates on weak demand. The company also said its Chief Executive Officer Mark Hunter was retiring.

Corporate earnings have been robust so far. Nearly 300 of all S&P 500 companies have reported second-quarter results and 74.7% have topped profit estimates, according to Refinitiv data.

The ADP National Employment Report showed private employers added 156,000 jobs in July, above economists’ expectations and supporting the view of a firm domestic labor market. This comes ahead of the Labor Department’s more comprehensive monthly non-farm payrolls data due Friday.

Advancing issues outnumbered decliners by a 1.45-to-1 ratio on the NYSE and by a 1.44-to-1 ratio on the Nasdaq.

The S&P index recorded 30 new 52-week highs and two new lows, while the Nasdaq recorded 98 new highs and 50 new lows.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Gold heads for third monthly gain, markets await Fed decision

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Gold prices inched lower on Wednesday but were still heading for a third straight monthly gain, with markets awaiting the outcome of the US Federal Reserve’s policy meeting and a widely expected cut in interest rates.

Gold prices inched lower on Wednesday but were still heading for a third straight monthly gain, with markets awaiting the outcome of the US Federal Reserve’s policy meeting and a widely expected cut in interest rates.

Spot gold was down 0.2% at $1,428.09 an ounce at 09:40 a.m. EDT (1340 GMT), while US gold futures were steady at $1,428.50.

Expectations for an interest rate cut by the Fed and other leading central banks, which would cut the opportunity cost of holding non-yielding gold, have put the metal on track for a 1.5% gain for July.

“The metal looks strong for now. In the recent time it has been supported by falling government bond yields. Gold‘s next moves will be dependent on how dovish the Fed will be today,” said Fawad Razaqzada, market analyst with Forex.com.

The Fed’s decision is due at 2 p.m. EDT (1800 GMT) in Washington, with Chair Jerome Powell scheduled to hold a press conference soon after.

Fed funds rate futures are now fully pricing in an interest rate cut of 25 basis points, which would be its first since the financial crisis more than a decade ago, and a further reduction of another 25 basis points by September.

Backing a dovish policy tilt by the US central bank’s policymaking Federal Open Market Committee, US consumer spending and prices rose only moderately in June, pointing to slower economic growth and benign inflation.

“Should the FOMC surprise either via a 50 bp rate cut or a more dovish tone than expected, the key top-side target for bullion remains at $1,450,” industrial and trading services group MKS PAMP said in a note.

“Aside from the FOMC meeting, there remain a number of ongoing risk events to provide price direction to bullion, namely the increasing likelihood of a no-deal Brexit and a lack of progress between the US and China in trade negotiations.”

US President Donald Trump warned China against waiting out his presidency before finalising a trade deal, saying the outcome could be no agreement or a harsher one if he wins re-election in November 2020.

“So far, because of the fact (bond) yields have been falling and the technical structure has been bullish, traders have been happy to pick gold at the dips. But that could change today” after the Fed meeting, Razaqzada said.

Among other precious metals, silver slipped 1% to $16.39 an ounce, and platinum jumped 1.3% to $877.17 per ounce, both on track for a second straight month of gains.

Palladium rose 1.5% to $1,537 per ounce.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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HDFC lowers lending rates by 10 bps to new and existing loans

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Mortgage major HDFC on Wednesday announced reduction in retail loan pricing by 10 basis points across tenors and buckets of loans, both for new as well as existing borrowers, effective Thursday.

Mortgage major HDFC on Wednesday announced reduction in retail loan pricing by 10 basis points across tenors and buckets of loans, both for new as well as existing borrowers, effective Thursday.

For home loans up to Rs 30 lakh, the financier is offering 8.60 percent now. For women borrowers, the new rate is 8.55 percent, the largest mortgage lender said in a statement, adding the rate reduction will be applicable to existing borrowers as well.

For loans above Rs 30 lakh and up to Rs 75 lakh, the new rates will 8.85 percent and 8.80 percent for women borrowers and for those above Rs 75 lakh, the prices will come down to 8.90 and 8.85 percent respectively, it said.

Earlier this month, State Bank had reduced its lending rate by 5 basis points across all tenors. It had also lowered its one year rates to 8.40 percent from 8.45.

The rate reductions come after the RBI lowered the policy rate by a cumulative 75 basis points to 5.75 percent in three successive steps since February and prodding banks to pass on the benefits to end-customers, as they have lowered only 21 bps as of June.

Since June, many banks such as Bank of Maharashtra, Corporation Bank, Oriental Bank of Commerce and IDBI Bank have also reduced their loan pricing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Task force on new Direct Tax Code to submit report on August 16

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In a bid to overhaul the current complex direct tax law, the task force on simplification of direct tax legislation will now submit its report on August 16.

In a bid to overhaul the current complex direct tax law, the task force on simplification of direct tax legislation will now submit its report on August 16.

“The government has allowed the task force to submit its report by 16th of August, 2019, in light of the fact that the new members of the task force requested for more time to provide further inputs,” the Finance Ministry said in a press release.

“CEA Krishnamurthy Subramanian had earlier given his suggestions which were incorporated in the report. The report was ready and printed, but he made a special request this morning to add a few more suggestions in the report. Post this, the convener of the panel and Member (Legislation), CBDT, Akhilesh Ranjan, sought a 15-day extension from Finance minister Nirmala Sitharama,” highly placed sources told CNBCTV18 on the condition of anonymity.

“The report will now be submitted on August 16,” sources added.

Finance Minister Nirmala Sitharaman on July 18 had said that a task force on the new direct tax legislation will submit its report by month-end.

“Task force is already working on finalising the report on a new Direct Tax Code which is required to be submitted by July 31. The government will receive the report and we shall take a call on it,” she said while replying on the debate on the Finance Bill 2019.

The task force was first set up in November 2017 after Prime Minister Narendra Modi observed that the present law was more than 50 years old and needed redrafting to make it contemporaneous.

Interestingly, the task force has been getting several extensions in the past to submit its report. Initially, the task force was supposed to submit its report by February 22, 2018. Since then it has been getting extensions.

In midst, the convenor of the task force retired from the position of Member legislation at the central board of direct taxes, post which the future of task farce was hanging in limbo. The government in November last year appointed Akhilesh Ranjan, Member (Legislation), CBDT, as convenor of the task force after the retirement of Arbind Modi.

Recently, the finance ministry on June 24 reworked the terms of reference of the special task. It had also nominated Chief Economic Advisor Krishnamurthy Subramanian in place of Arvind Subramanian as permanent special invitee and joint secretary (revenue) Ritvik Pandey was also included as a member to the panel. However, the date of submission of the report remained the same, ie, July 31.

Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY), Mukesh Patel (Practicing Tax Advocate), Mansi Kedia (Consultant, ICRIER) and G C Srivastava (retired IRS and Advocate).

Meanwhile, stakeholders, industry and the public have been pinning a lot of hopes on the recommendations of the task force.

Ashok Shah, Partner, N.A Shah Associates LLP says, “ In the recent past, the government has introduced various anti-abusive provisions such as General Anti-Avoidance Rules, equalisation levy on online advertisement, place of effective management and thin capitalisation. These rules are very complex and poses challenge in terms of interpretation. It is expected that the new direct tax legislation proposed by the task force shall replace existing Income Tax Act and will bring a simplified version of income tax code with lesser number of tax exemption, reduced compliance burden and to ensure stable tax regime. It is expected to replace the current complex language with simplified language which reduces scope for interpretation and litigation. It is expected to substitute objective criteria against subjective criteria which enhances litigation.”

But, once the report of the task force is submitted, government will take a detailed view before deciding on the implementation of the suggestions made by the task force.

The sources added, “The implementation could be in phases and a calibrated approach is likely to be followed. It is not necessary that the government will approve all the recommendations and if at all anything needs to be adopted urgently, then it will be done only in the upcoming budget.”

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index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
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Government expects coal-fired power capacity to grow 22% in three years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s coal-fired power generation capacity is expected to rise by 22.4 percent in three years, the federal power ministry’s chief engineer said on Wednesday, potentially neutralising its efforts to cut emissions by boosting adoption of renewable energy.

India‘s coal-fired power generation capacity is expected to rise by 22.4 percent in three years, the federal power ministry’s chief engineer said on Wednesday, potentially neutralising its efforts to cut emissions by boosting adoption of renewable energy.

India, the third biggest emitter of greenhouse gases, saw its annual coal demand rise 9.1 percent to nearly 1 billion tonnes in the year ended March 2019. Coal demand from utilities accounted for over three-quarters of total consumption.

“Capacity by 2022 is likely to be 238 gigawatts (GW) in terms of coal-based generation,” Ghanshyam Prasad, chief engineer at the ministry of power said at the India Coal Conference on Wednesday.

The International Energy Agency expects India to become the second largest coal consumer behind China early next decade.

Electricity demand in the country rose 36 percent in the seven years to April 2019 while coal-fired generation capacity during the period grew by 74 percent to 194.44 GW, according to the Central Electricity Authority (CEA).

An increase in coal-fired power generation capacity would be bad news for India‘s cities, 14 of which feature in the World Health Organization’s 20 most polluted in the world.

Thermal power companies account for 80 percent of all industrial emissions of particulate matter, sulfur and nitrous oxides in India.

Prasad said the growth rate in thermal capacity had outpaced electricity consumption over the last few years, resulting in stranded utility assets across the country.

“But this doesn’t mean we will not require (more) coal-fired plants in the future. With the kind of growth we are expecting, the requirement for these power stations will be there” he said.

India‘s power consumption has slowed to 3.6 percent during the year ended March 2019, the fourth straight fiscal year of decline, according to the CEA.

Prime Minister Narendra Modi’s ambition to make India a $5 trillion economy by 2024 and turn the country into a manufacturing hub will require industries to have access to continuous and dependable power supply.

“If we have to meet demand and address the intermittencies we have with solar and wind, we have no choice but to keep depending on coal-based generation in the near future,” he said.

Most of the capacity addition is likely to come from utilities owned by the state and federal governments, government officials said.

State-run NTPC Ltd, India‘s largest electricity generator, wants to increase its coal-fired capacity to 85 GW by 2032 from 47.3 GW currently, S.D. Prasad, chief general manager at NTPC, said in a presentation at the conference.

“We will be operating new capacity of up to 5 GW a year from now,” Prasad told Reuters.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Corporate tax collections stagnant; government capital expenditure slows down

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Government corporate tax collection growth has slowed in the first quarter, highlighting the stress across India Inc.

Government corporate tax collection growth has slowed in the first quarter, highlighting the stress across India Inc. The government’s own capital expenditure is sharply lower in the first quarter of FY20.

Nevertheless, goods and service tax (GST) and income tax collections remain robust. The key ministries, including ministry of road transport and highways, power ministry, and railway ministry all are showing a major dip in the capital expenditure numbers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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1 kg of ACIL gold tea, produced from 100-year-old bushes, sells for Rs 70,501

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The oldest tea company in the world, the Assam Company India Limited, was incorporated by the Royal Charter of the British Empire in 1839.

A kilogramme of Assam’s gold tea is sold for a record-breaking price of Rs 70,501 on Wednesday at an online auction. The Assam Company India Limited (ACIL) sold a kilogramme of gold tea from their Maijan plantation to Mundhra Tea Company traders in Guwahati.

The amount shatters the previous record held by Manohari group for the price of a kilogramme of gold tea that sold at the same public auction for Rs 50,000 a day before.

“Maijan Orthodox Golden Tea tips have created history and a new record today at Gauhati Tea Auction Centre Sale No. 31. This year, we had produced this select tea for exclusive buyers. Most of our buyers for this exclusive tea were not aware of revised ceiling of increase in the upper limit of sale price at GTAC from Rs 50,000 to Rs 75,000, otherwise prices could have gone higher. Nevertheless, it is a proud moment for Assam and the entire tea industry,” said Sanjay Jain, Director ACIL while attending to a buyer from China who is in the state looking for old heritage tea. The company has trusted buyers from Iran, the US, Germany, the United Kingdom and other European countries besides selling tea in domestic market.

Terming it a tedious process that takes several days, Sanjay Jain said they are following the ‘fine plucking’ process in the production of gold tea, which involves fine plucking of leaves in specific conditions, hand rolled and dried naturally. Special exclusive tea clones like N-436, P-126, S3 A3 and S3 A1 has produced the quality gold tea at the ACIL plantations.

The gold tea has been produced from bushes that are more than 100 years old.

“Gold tea is 100 percent hand rolled. This year, we have made the tea from tea leaves bushes that are over 100 years old. Old tea bushes give quality leaves, but the yield comes down substantially after a certain age of the bushes. Normally the tea estates go for re-plantation after the bushes have attained an age of 50 years to maintain the yield level at their estates.”

The oldest tea company in the world, the Assam Company India Limited, was incorporated by the Royal Charter of the British Empire in 1839. Of the 14 tea estates across the state, the ACIL group currently has 10 plantations in Upper Assam’s Dibrugarh and Tinsukia districts. The Maijan tea garden encompasses over 500 acres of land in Dibrugarh.

“Assam Company (I) Limited has gone through the corporate insolvency resolution process (CIRP) proceedings last year. BRS Ventures Investment Ltd participated in the process under the Insolvency and Bankruptcy Code, 2016 and came out successful bidders. We acquired the company after the National Company Law Tribunal, Guwahati, order in September 2018,” said Jain.

The company’s peak production till 2015 was 1.3 crore kilogrammes, and having gone through tough times in past few years, the average price realisation of ACIL tea stood at Rs 180 last year. According to Sanjay Jain, the company is targeting a total production of 1.10 crore kilogramme this year, and is aiming to improve the price realisations substantially in the current season.

“The production has come down substantially because of a number of reasons — water logging and soil erosion primarily, as the plantations are located near the Brahmaputra river bank,” he said.

The ACIL group is trying to augment production of specialty teas while already producing Orthodox, CTC, Green, Silver, Purple, and Gold tea.

“Under the leadership of Chairman BR Shetty, the company has made a paradigm shift in quality and is striving for excellence. The company’s Doomur Dullung tea estate has achieved the number one ranking in average tea sale price of CTC tea at Kolkata Tea Auction till date. It was earlier ranked at 185,” said Jain.

Tea producers in the country are struggling through hard times while trying to bring about innovation in the industry – the rising costs of production are hardly compensated by the prices realised. Echoing the thoughts of other tea planters, Jain appealed to the Assam government and the Centre to do their bid in restoring the nearly 200 year old Assam tea industry.

“Tea is basically about innovation and value addition. Indian consumers are getting average or low quality tea and the tea producers should come forward and produce quality teas and help the tea industry to regain its lost glory. Input cost has increased three times in the last decade. We had to change our school of thought and become more proactive, but we need support from the government,” he observed.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?