Month: October 2019

Situation tense as Manipur worries over Naga settlement, COCOMI extends shutdown for a day

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

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The situation in Manipur remains tense with thousands taking to the streets, holding coordinated rallies in conjunction with the Naga peace talks between Centre and Nationalist Social Council of Nagaland, Isak-Muivah (NSCN-IM) that has left people wondering what happens next. In Manipur, the worries are about the state’s territorial integrity.

The government on Thursday released a statement dispelling rumours of a breakthrough in talks and stating that any settlement with the Naga groups would be reached only after consultations with all stakeholders including Manipur, Assam and Arunachal Pradesh and that their concerns will be taken into consideration.

Even as Manipur chief minister N Biren Singh appealed for calm, the Meira Paibi (women organisations) took out torch rallies in Imphal and Kuki inhabited hill areas to voice their concern on the issue, raising slogans and asserting that the Naga agreement should not affect the territorial integrity of Manipur.

Security has been tightened across the state with paramilitary forces kept on standby.

Meanwhile, the Coordinating Committee on Manipur Integrity (COCOMI), an apex body of seven organisations have extended their ‘cease work agitation’ till 6:00 PM tomorrow.

A 20-hour mass shutdown by COCOMI today disrupted normal life across Imphal valley, though emergency services were kept out of the purview of the agitation. The streets wore a deserted look as people from different communities including Naga and Kuki groups rallied in the streets and took part in public meetings.

“If the government of India does not keep its word – what Prime Minister Narendra Modi had given to the people of Manipur in December 2017, the people will decide their own course of action, and COCOMI will be in no position to control it,” said Khuraijam Athouba, a member of the group.

“We also appeal to the government to remove or withdraw all the paramilitary forces deployed across the state capital. Many schools and colleges have now been occupied by the forces, and this has created a psychological threat to the people of Manipur. The situation can become volatile as apprehensions remain high,” he added.

On the other hand, the Thadous or the largest constituent of the Kuki ethnic group in Manipur have asked Centre to conclude the ‘Indo-Kuki’ talks alongside the ‘Indo-Naga’ peace process while opposing any move to include Kuki land in the final settlement with Nagas.

Both Kukis and Nagas share space in the hills of Manipur, each claiming the land to be historically theirs – the Kukis are apprehensive that the settlement in Naga political issue could result in a unique administrative set-up for the Nagas at the cost of the land and rights of the Kukis.

A delegation representing the Thadou people of Manipur on Wednesday met Cente’s interlocutor for the Kuki talks, AB Mathur, seeking a settlement that would be acceptable to the Kuki communities as well.

“We emphasised on a mutually acceptable solution to both Kuki and Naga political problems on the basis of equal respect, equal treatment and equal recognition of the political aspirations of both communities for genuine and permanent peace and solution in the Northeast,” said Michael Lamjathang Haokip, secretary-general of Thadou Students’ Association.

The Centre had in 2005 signed the Suspension of Operations with the Kuki armed groups, whose factions are clubbed under two umbrella organisations – the Kuki National Organization (KNO) and United People’s Front (UPF).

The Bharatiya Janata Party (BJP)-led government started political talks with the KNO and UPF in 2016. In March 2017, the Centre appointed former Intelligence Bureau director Dineshwar Sharma as the interlocutor for Kuki peace talks, and he was replaced by AB Mathur three months later.

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

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

Facebook in EU antitrust crosshairs, online marketplace now under scrutiny

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

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Facebook’s <FB.O> online marketplace has attracted scrutiny from EU antitrust regulators who are seeking details about its role vis-a-vis rivals in online classified ads, a questionnaire seen by Reuters showed.

Launched in 2016, Facebook Marketplace is used by more than one in three Facebook users in the United States to buy and sell items, leveraging its large user base.

Classified ads competitors have complained that Facebook has used its market power to give it an unfair competitive advantage, people familiar with the matter said. They have taken their grievances to the Commission, triggering the EU competition enforcer’s interest.

The Commission has sent multiple questionnaires to various parties since June, with the latest sent out in September.

Companies were asked whether they see Facebook Marketplace as a close rival in online classified ads services and how many visits to their sites came from online classified ads placed in Facebook’s site, according to one of the documents seen by Reuters.

Regulators also wanted to know how the market has developed over the past five years and the commercial ties between Facebook and its rivals.

The Commission did not immediately respond to a request for comment.

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

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

Seven shortlisted for RBI deputy governor post; interview on November 7

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

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A search panel headed by Cabinet Secretary is scheduled to interview seven shortlisted candidates next week for the post of RBI deputy governor, sources said.

The post had fallen vacant after Viral Acharya resigned in July — six months before the end of his term. The Reserve Bank has four deputy governors.

The Financial Sector Regulatory Appointment Search Committee (FSRASC) has shortlisted about seven names who have been called for the interview on November 7, the sources said.

The search panel also includes RBI Governor, Financial Services Secretary and some independent members.

Acharya, a New York University – Stern School of Business professor, was looking after the monetary policy department, including its forecasting and modelling unit, in the RBI.

According to a public notice, the appointment will be for a period of three years and the person will be eligible for re-appointment.

At present, there are three deputy governors – N S Vishwanathan, B P Kanungo and M K Jain.

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

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

Oil prices dip as US crude stocks and weak Chinese data weigh

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

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Oil prices came under pressure on Thursday from rising US crude oil stocks and weak factory activity in China, with few bullish factors on the horizon.

Brent crude futures <LCOc1> were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract is set for a monthly decline of about 0.5%.

US West Texas Intermediate (WTI) crude futures <CLc1> were down 48 cents at $54.58. On the month, however, they are set for a rise of about 0.9%, its biggest monthly gain since June.

The front-month Brent contract for December delivery expires on Thursday. The one for January delivery <LCOc2> was also down.

Factory activity in China shrank for a sixth straight month in October while growth in the country’s service sector activity was its slowest since February 2016, official data showed on Thursday.

A protracted trade war between China and the United States has been weighing on the demand outlook for oil.

Leaders from the United States and China encountered a new obstacle in their struggle to end the damaging trade conflict when the summit at which they were supposed to meet was cancelled because of violent protests in host nation Chile.

US President Donald Trump tweeted a new location would be announced soon.

A Reuters survey showed on Thursday that oil prices are likely to remain pressured this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.

Releasing third-quarter results, Royal Dutch Shell <RDSa.L> warned that uncertain economic conditions could slow its $25 billion share buyback programme, the world’s largest, and had led to a downward revision to its oil price outlook.

The U.S. Federal Reserve cut interest rates for a third time this year on Wednesday, looking to bolster economic growth with a move that could also boost demand for crude.

Yet gains are likely to be capped until inventories start to show sustained declines.

US crude inventories <USOILC=ECI> rose by 5.7 million barrels in the week to Oct. 25, the US Energy Information Administration said on Wednesday, compared with analyst expectations for an increase of 494,000 barrels.

“The US stock report was anything but encouraging,” PVM analysts said in a note.

The American Petroleum Institute had previously reported a decline of 708,000 barrels, raising hopes that official figures would also show a fall.

Cushioning the bearish crude data, the EIA showed gasoline and distillate inventories continued to draw.

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

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

Tiger Global-backed ShopClues acquired by Singapore-based Qoo10 in a stock deal

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

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Indian ecommerce player, ShopClues has been acquired by South-East Asian marketplace Qoo10 Pte Ltd in a stock deal on Thursday.

While the company did not disclose valuation, sources close to the development said the deal valued ShopClues at about $50-$70 million, far lower than the $1 billion valuations that the company commanded a few years ago.

For Qoo10, which offers services to small and medium enterprises (SMEs) via its localised online marketplaces in Singapore, Indonesia, Malaysia, China, Hong Kong etc, the acquisition helps in its plans to expand into other Asian countries, starting with India.

The deal comes after ShopClues’ failed talks for a sale with Snapdeal and Flipkart earlier this year. Snapdeal and ShopClues had also entered an exclusivity agreement but the talks fell through after due diligence, with sources citing liabilities and litigations at ShopClues as the main reasons.

Tiger Global-backed ShopClues, which just three years ago had reached the coveted unicorn status, was on its last leg and had barely enough money in the bank.

The company has been cutting costs by laying off people and cut its team size to less than half bringing it to 200 from 500 employees. Earlier, ShopClues had confirmed a ‘restructuring’ but did not share specific details on the layoffs and runway ahead.

ShopClues was on a cost-cutting spree for some time now, having reduced losses from Rs 210 crore in 2017-18 to less than Rs 45 crore in 2018-19, but it also consequently saw it’s market share shrink to 1.6 percent in 2018, according to Forrester.

The company, founded in 2011, had raised over $250 million from Tiger Global, GIC Singapore, Nexus Venture Partners and Helion Ventures.

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

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

India adjusts protocol on account of German Chancellor Angela Merkel’s health

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

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German Chancellor Angela Merkel who is in India for a two-day visit will receive a ceremonial welcome at the Rashtrapati Bhawan.

A similar welcome has been accorded to most visiting heads of state, but in a break from protocol, we may see the 65-year-old Merkel sitting on a chair rather than standing while national anthems of both countries play out.

Sources privy to the developments told CNBC-TV18 that the Indian government has decided to tweak protocol following a request from the German government.

Sources in the know told CNBC-TV18 that the German government has made this request on account of the Chancellor’s medical condition.

“Due to her medical condition, certain provisions from the order relating to the national anthem will be invoked to allow German Chancellor to be seated, while the national anthems of both countries are playing during the ceremonial reception,” said official requesting anonymity.

Merkel has had trembling bouts during at least three public appearances recently. She was first seen shaking back and forth in June, during the welcome ceremony for the Ukrainian President in Berlin.

The leader has told journalists that she is doing fine and there is nothing to worry about. “I understand questions about my health and I have already given an answer to this. It is important that I commit myself to the responsibility of acting as head of government. I just would say you have known me for some time and I can perform this role,” she said.

The German leader is known for her work ethic and late-night negotiations over the last 14 years. She is now in her fourth term as chancellor and has said that she would leave politics after her term ends in 2021.

This won’t be the first time that Merkel would be breaking protocol. She was seen sitting next to the Lithuanian President in August and during a recent visit to Beijing as well.

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

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