Month: November 2021

Kohli, Rohit, Dhoni retained ahead of IPL mega auction

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

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The Royal Challengers Bangalore have retained their former captain Virat Kohli, while Mumbai Indians predictably retained India’s T20 captain Rohit Sharma and pace spearhead Jasprit Bumrah ahead of the IPL mega auction. India’s greatest white ball skipper and Chennai Super Kings talisman Mahendra Singh Dhoni is his team’s second retention behind all-rounder Ravindra Jadeja, while Ruturaj Gaikwad is the fourth name on the list. Moeen Ali has also been retained by CSK.

Among the major names to be released are out-of-form all-rounder Hardik Pandya and dashing keeper-batsman Ishan Kishan, who have been a part of the Mumbai Indians’ core, and RCB’s leg-spinner Yuzvendra Chahal and Purple Cap-winner Harshal Patel.

The Punjab Kings released last year’s skipper K.L. Rahul while retaining Mayank Agarwal and the uncapped Arshdeep Singh.

The Sunrisers Hyderabad retained captain Kane Williamson as their number one player and released star spinner Rashid Khan. “If a player wants to be in the auction because of the price, we respect his decision. We will try and match him and see if we can pick him in the auction for the right price,” said SRH CEO K Shanmugam, explaining why they had to let go of Rashid.

Full list of retained players (price in INR):

Mumbai Indians: Rohit Sharma (16 crore), Jasprit Bumrah (12 crore), Suryakumar Yadav (8 crore) & Kieron Pollard (6 crore).

Chennai Super Kings: Ravindra Jadeja (16 crore), M.S. Dhoni (12 crore), Moeen Ali (8 crore) & Ruturaj Gaikwad (6 crore).

Royal Challengers Bangalore: Virat Kohli (15 crore), Glenn Maxwell (11 crore) & Mohammed Siraj (7 crore).

Punjab Kings: Mayank Agarwal (12 crore; 14 crore to be deducted from overall purse) & Arshdeep Singh (4 crore).

Sunrisers Hyderabad: Kane Williamson (14 crore), Abdul Samad (4 crore) & Umran Malik (4 crore).

Rajasthan Royals: Sanju Samson (14 crore), Jos Buttler (10 crore) & Yashasvi Jaiswal (4 crore).

Kolkata Knight Riders: Andre Russell (12 crore; 16 crore to be deducted from purse), Varun Chakravarthy (8 crore; 12 crore to be deducted from purse),  Venkatesh Iyer (8 crore) & Sunil Narine (6 crore).

Delhi Capitals: Rishabh Pant (16 crore), Axar Patel (9 crore; 12 crore to be deducted from purse), Prithvi Shaw (7.5 crore, 8 crore to be deducted from purse) & Anrich Nortje (6.5 crore).

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

Cyclone alert issued in coastal area of Odisha, fishermen warned

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

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With the IMD sounding an alert of a possible cyclone hitting the coastal area of Odisha on December 4, the Regional Meteorological Centre on Tuesday asked fishermen out in the sea to return by December 2 morning and the state government instructed the district collectors to remain prepared to face any eventuality.

In neighbouring West Bengal, fishermen have been warned not to venture into the sea from December 3 to 5. Keeping in view the IMD’s forecast of heavy to very heavy rainfall due to the possible cyclone, Odisha Special Relief Commissioner P K Jena has asked the district collectors to monitor the situation closely.

According to the forecast, a low-pressure area now lies over south Thailand and its neighbourhood and is likely to emerge in the Andaman Sea during the next 12 hours.

Also Read: How insurance plans protect you against natural disasters like Cyclone Tauktae?

IMD director general Mrutunjay Mohapatra said the details like the landfall, wind speed and the expected rainfall will be known only after the low pressure turns into a depression on December 3.

However, the possible cyclone is likely to impact the entire coastal region of the state. Fishermen are advised not to venture into the southeast and adjoining the east-central Bay of Bengal on December 2 and 3, west-central and adjoining northwest BoB and along and off north Andhra Pradesh-Odisha-West Bengal coast from December 3 to December 5, director of the Regional Meteorological Centre, Bhubaneswar, H R Biswas said.

The fishermen out at sea are advised to return to the coast by the morning of December 2, he added. It (cyclonic system) is likely to move west northwestwards and concentrate into a depression by December 2 and further intensify into a cyclonic storm over Central Bay of Bengal during subsequent 24 hours.

It is likely to move northwestwards, intensify further and reach north Andhra Pradesh-Odisha coasts by the morning of December 4, 2021, the IMD said in a bulletin. It will, however, not make a landfall immediately and will move in the north-northeast direction for some time, Mohapatra said.

The IMD DG said that southern Odisha will witness heavy to very heavy rainfall and extremely heavy rainfall at places on December 4 and a later similar situation will be seen in the northern region of the state. Jena instructed the collectors of districts falling under yellow (heavy rainfall) and orange (heavy to very heavy rain) warning categories to be prepared to meet any water logging or localised flood-like situation, including in urban areas.

He also asked them to keep a watch on possibilities of landslides in hilly areas, to keep continuous vigil of low lying areas and to undertake de-watering measures wherever required. A district-level control room should function round the clock, the advisory said.

The IMD has issued ‘yellow’ (heavy rainfall) warning for Gajapati, Ganjam, Puri and Jagatsinghpur districts where heavy rainfall is expected between 8.30 AM of December 3 and 8.30 AM of December 4.

The met office also issued an ‘orange’ (heavy to very heavy rainfall) warning from 8.30 am of December 4 to 8.30 am of December 5 in 11 districts. The districts are Gajapati, Ganjam, Puri, Khurda, Nayagarh, Jagatsinghpur, Kendrapada, Cuttack, Bhadrak, Balasore and Jajpur.

Extremely heavy rainfall is likely in one or two places in Ganjam, Puri and Jagatsinghpur districts. IMD forecast heavy to very heavy rainfall in the 9 districts of Balasore, Bhadrak, Kendrapada, Jagatsinghpur, Jajpur, Cuttack, Keonjhar, Dhenkanal and Mayurbhanj from 6.30 am of December 5 to 8.30 am of December 6.

It that squally wind speed reaching 50-60 kmph gusting to 70 kmph will blow over the southeast and adjoining the east-central Bay of Bengal on December 2. From the early morning of December 3 gale winds speed reaching 65-75 kmph gusting to 85 kmph is likely to prevail over the central Bay of Bengal.

Also Read: Experts link rise in lightning strikes to climate change, here’s why we should be worried

The wind speed will gradually increase to 90-100 kmph gusting to 110 kmph over northwest and adjoining the west-central Bay of Bengal from the morning of December 4 for the subsequent 24 hours. The sea will remain high over the central Bay of Bengal (BoB) from December 2 and high to very high over west-central and adjoining northwest BoB from the early morning of December 4 for the subsequent 24 hours.

In Kolkata, the weatherman said since the weather system is likely to cause squally wind reaching gale speed of 60 to 70 kmph from the evening of December 4 fishermen have been warned not to venture into the sea from December 3 to 5.

The Met department warned of heavy to very heavy rainfall in the coastal districts of East and West Midnapore and heavy rain in North and South 24 Parganas, Jhargram and Howrah in West Bengal on December 4.

The weatherman said heavy to very heavy rain is likely to occur at one or two places on December 5 in East and West Midnapore, North 24 Parganas, South 24 Parganas, Kolkata, Howrah and Jhargram districts, while heavy rain is likely in Hooghly, Nadia, Murshidabad, East Bardhaman and Malda districts.

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

The need for India’s first crypto transparency report

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

Listen to the Article (6 Minutes)

Over the years, comms’ roles, and responsibilities in general across all emerging tech roles have evolved exponentially. While the journey has been an incredibly enriching experience for professionals, some aspects of nuances we are faced with the development of tech have redefined the PR industry and its role by multifold.

For example, the 2021 Edelman Trust Barometer states a trust deficit in all our institutions. The ecosystem cannot handle the pervasive infodemic, leaving the four institutions—business, government, non-governmental organizations, and the media—in an atmosphere of information bankruptcy. However, we all can make our efforts to improve and restore society by creating a new path to resolve the issues we face that break our trust in institutions.

It’s increasingly crucial for those in communications roles to bust myths, help bridge the knowledge and trust gap amongst stakeholders and ensure Transparency in the blockchain. Today, Bitcoin is regarded as one of the most significant technical accomplishments of our time. Its decentralized nature has four properties that make it a safe haven for investors who understand the value of Bitcoin as a network, a unit of value, a public ledger, and a currency. First, it enables us to share and transfer value without a third entity, like banks or intermediaries. It records every transaction made on the network since Bitcoin’s inception in 2009. Third, it verifies that each transaction’s authenticity. Furthermore, it allows anyone anywhere in the globe to participate in an open and fair financial system.

Hence, this sector would create more opportunities to boost our efforts and set the benchmark for success in restoring and building wider acceptance for being a safe-haven asset and a store of value like gold since institutional investors have bought into it.

Brokerages, securities, and banks are now preparing themselves to meet the rising demands. There are also safeguards such as trading services and new custody with proper credentials and licenses that cater specifically to the big, regulated investors.

Moreover, numerous central banks are trying to figure out how to digitize their sovereign currencies, a validation step for the blockchain system brought closer to the mainstream by Bitcoin.

Transition into Web 3.0 and Decentralization

The first version of the web lacked any services with user interaction. It was mainly about anyone and everyone going online. Businesses were all ready to go global. Some of the biggest companies globally include the following self-regulation, every crypto exchange should be able of the web, also popularly known as the colonial era, where every business was thinking of adding a social aspect to their company.

At this time, social media giants Twitter and Facebook were born with their primary goal of making the world more intertwined, engaged, and connected.

And now we’re currently living in the third most recent generation built on blockchain technology, which is an era of decentralization and Transparency.

The era of Blockchain Revolution

Blockchain is a revolutionary technology generating whole new levels of innovation across industries, with applications such as supply chain monitoring for pharmaceutical and food manufacturing, digital IDs, payment processing, etc.

A recent report by Nasscom illustrates that the Cryptotech industry, which includes crypto applications in retail, P2P payments, trading, and remittances, among many others, has increased by 39% in the past five years in India.

The report also stated that the crypto tech industry will reach $241 million by 2030 in India and $23 billion by 2026 globally.

However, in recent months, there has been much speculation about the future legal status of Bitcoin (BTC) and other cryptos in India. With over $6.6 billion in investments already made in crypto assets by Indian retail investors, the industry employs more than 50,000 individuals. It has over 230 startups right now, along with 150+ projects.

The #IndiaWantsCrypto Twitter campaign was designed to create awareness and spread the right message about the crypto industry. However, after two years of the campaign, it resulted in the Supreme Court of India quashing the crypto banking ban.

Amidst these three years, the company innovated and grew to become of the most premier and most significant cryptocurrency exchanges in India. WazirX with over 10 million users and has trading volumes of around $38 billion since January 2021.

In the past year or so, we have successfully launched numerous initiatives to raise crypto awareness in India, including our education partner campaign, campus outreach program, warriors’ program, amongst others.

Why does Transparency matter?

Societies are built on trust. Trust is built through Transparency, openness, and integrity amongst stakeholders. One of the most notable features of bitcoin is that its economics are pre-programmed and managed by computer code, putting the system outside the reach of government authorities.

Today’s generation is faced with a debate on what truly matters to us as an individual- personal privacy or protection? And how does financial freedom play a role in our lives? Bitcoin was invented in the backdrop of the 2008 financial crisis. Bitcoin integrates cryptography, encryption, distributed computing, and game theory. With bitcoin, people worldwide with a primary internet connection may deal in minutes without an intermediary. One key notable feature of bitcoin is that its economics are pre-programmed and managed by computer code, putting the system outside the reach of government authorities.

To realize the freedom that comes with financial independence, one also needs to focus on the responsibility that comes with it. Therefore, for all stakeholders to understand the difference between a centralized and decentralized ecosystem, crypto exchanges enthusiasts and entrepreneurs need to help their various stakeholders learn more about this space. Transactions in Crypto are digitally validated using a blockchain, a digital ledger technology that is not tied to a single central server but rather to a worldwide network of computers. This dramatically reduces the risk of fraud or chargebacks in bitcoin transactions.

Following self-regulation, every crypto exchange should issue its transparency report as an industry practice that would further help address the gap in technological know-how in the industry. Furthermore, to cultivate a culture of Transparency, we must prioritize educating, informing, and demystifying the various misconceptions about cryptocurrency and its applications to our community.

Our collaborative efforts to dispel all crypto-related fears while improving our financial literacy across demographics through education and awareness programs are imperative to build a better tomorrow.

A holistic understanding of this space is critical for giving regulators the necessary visibility to safeguard the interests of crypto investors from fraudsters and promote the entrepreneurs who are deeply engaged in building this innovative technology in India.

Hence, going forward, as part of WazirX’s comms team, we will be releasing bi-yearly transparency reports to showcase our consistent commitment to creating a safe place to buy and sell cryptos, supporting various law enforcement agencies with their requests and addressing queries raised by our investors and the media.

You can read the full full WazirX Transparency report here here. Lastly, urge everyone to ask me and my team questions that need clarifications. Our mission is to put India at the forefront of the crypto revolution by constantly innovating and building the most secure, reliable, easy to use platform and assisting the industry in developing a regulated ecosystem.

Note: This is a partnered post

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

Bank officers’ union launches nationwide movement against privatisation

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

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Bank officers’ union on Tuesday launched a nationwide movement against the proposed privatisation of state-owned lenders. ‘Bank Bachao Desh Bachao Rally’ was held at New Delhi’s Jantar Mantar on Tuesday attended by officers and other stakeholders from various parts of the country, the All India Bank Officers’ Confederation (AIBOC) said in a statement.

Addressing the rally, AIBOC General Secretary Soumya Datta appealed to the government to withdraw the Banking Laws (Amendment) Bill, 2021, which has been listed for introduction and passing in the winter session of Parliament.

“In case the government tables and passes the bill paving the way for the privatisation of the public sector banks, the bank officers will unite all the stakeholders of the banking sector and launch a nationwide agitation,” he said, urging the bankers to draw inspiration from the farmer’s movement.

Also Read: Applying for loans? How to pick between fintechs and banks for credit requirements

Union finance minister Nirmala Sitharaman while presenting Budget 2021-22 earlier this year had announced the privatisation of public sector banks (PSBs) as part of a disinvestment drive to garner Rs 1.75 lakh crore.

The Banking Laws (Amendment) Bill, 2021, to be introduced during the session is expected to bring down the minimum government holding in the PSBs from 51 percent to 26 percent.

In the last concluded session, Parliament passed a bill to allow privatisation of state-run general insurance companies. The General Insurance Business (Nationalisation) Amendment Bill, 2021, removed the requirement of the central government to hold at least 51 percent of the equity capital in a specified insurer.

Also Read: Banks write off Rs 46,382 cr NPA in H1: MoS Finance to Lok Sabha

The Act, which came into force in 1972, provided for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of the general insurance business.

Government think-tank NITI Aayog has already suggested two banks and one insurance company to Core Group of Secretaries on Disinvestment for privatisation. According to sources, the Central Bank of India and the Indian Overseas Bank are likely candidates for privatisation.

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

OPEC oil output boost in November again falls short of target

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

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The increase in OPEC’s oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found on Tuesday, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week.

The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.74 million barrels per day (bpd) in November, the survey found, a rise of 220,000 bpd from the previous month but below the 254,000 increase allowed under the supply deal.

OPEC and its allies, a group known as OPEC+, are gradually relaxing 2020’s output cuts as demand recovers from the pandemic. But many smaller producers can’t raise supply and others have been wary of pumping too much in case of renewed COVID-19 setbacks.

OPEC+ meets on Thursday. A US-led release of oil stocks by consumer nations to lower prices and the appearance of the Omicron coronavirus variant have cast doubt whether a 400,000 bpd output boost planned in January will go ahead, analysts say.

“The pressure is growing on OPEC+,” said Carsten Fritsch, analyst at Commerzbank. Stepping up production by 400,000 bpd in January was “virtually unimaginable in view of the latest market developments,” he said.

A drop in oil prices, to USD 71 by Tuesday – from a three-year high above USD 86 a barrel in October – has also caused unease, OPEC+ delegates say, although the Saudi energy minister said on Monday he was not worried about Omicron.

The OPEC+ agreement allowed for a 400,000 bpd production increase in November from all members, of which about 253,000 bpd is shared by the 10 OPEC members covered by the deal, OPEC figures seen by Reuters show.

Also Read | Crude oil prices gain for second day; here’s how prices will trend going forward

With output undershooting the planned increase, OPEC’s compliance with its pledged cuts increased to 120 percent in November, the survey found, from 118 percent a month earlier.

OPEC+ is not expected to address the underperformance of some producers by reallocating output targets on Thursday.

The biggest rises in November came from OPEC’s top two producers, Saudi Arabia and Iraq, which both boosted output largely as promised according to the agreement.

Kuwait, the United Arab Emirates and Algeria also made increases as called for by their higher November quotas. Nigerian output, often hit by unplanned outages, recovered in November as a force majeure was lifted.

Output declined or did not increase in Angola, Equatorial Guinea and Gabon, the survey found, owing to a lack of capacity to produce more.

The biggest decline – 50,000 bpd – was in Angola, where exports hit a record low during the month according to tanker schedules. The second largest was in Libya, one of the countries exempt from OPEC supply curbs, due to pipeline maintenance.

Output in Iran, which has raised exports since the fourth quarter despite US sanctions, was steady in November. Talks to revive its 2015 nuclear deal with world powers, which would allow a larger export recovery, resumed this week.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics and Kpler, as well as information provided by sources at oil companies, OPEC and consultants.

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

NCLT orders insolvency proceedings against MGF Developments

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

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The National Company Law Tribunal (NCLT) on November 30 directed to initiate insolvency proceedings against MGF Developments and appointed an interim resolution professional after suspending the board of the realty firm.

A two-member Delhi-based bench of NCLT passed the order by allowing a plea filed by the residents association of ‘The Vilas Condominium,’ a project at sector 25 of Gurugram, for breach clauses of the agreement between them, terming it as default.

The Vilas Condominium Association, consisting of homebuyers having 327 units, had alleged the amount of Interest-Bearing Maintenance Security (IBMS) collected from them has not been refunded to them. They had also alleged that the common area maintenance and common area electricity charges, which MGF Developments was supposed to pay for the period from the date of accrual of maintenance charges till the date of allotment to a home buyer, have not been paid to them.

According to the home buyers association, MGF Developments had collected IBMS at Rs 50 per square ft of the super area, which was like a corpus security deposit in lieu of the maintenance services and was not refunded after maintenance work was handed over to them. An amount of Rs 11.48 crore along with interest amounting to Rs 10.34 crore is due towards IBMS charges. It has also failed to pay common area electricity charges of Rs 1.82 crore, the association alleged.

However, the real estate firm refuted the allegation and said Rs 8.33 crore was refunded. It further said as per clause 11.2(a) of IBMS, such fund can be utilised for the upgrading of DG Sets, electric sub-station and other capital plants/equipment. It has been used for the construction of a clubhouse with speciality restaurant, swimming pool and 62-seater mini theatre for the allottees of the complex.

However, the NCLT pointed that as a bare perusal of the above-mentioned clause shows that provision for IBMS has been made to pay maintenance bills, other charges. As per the clauses, IBMS charges cannot be utilised for any other purposes other than what has been mentioned in the said clause, the tribunal observed.

“The corporate debtor (MGF Developments) has itself admitted that the amount has been utilised for the purpose of construction of a club, restaurant, swimming pool and 62-seater mini theatre,” said the NCLT adding that it was a breach of the agreement. The NCLT said that the association has satisfied all the requirements of Section 7 of IBC, for initiation of insolvency proceedings against the realty firm.

“We are, therefore, satisfied that the applicant/financial creditor has made out a case under Section 7 IBC for admission and a clear case of default has been established. Hence, the corporate insolvency resolution process of corporate debtor is initiated from the date of this order and the captioned application filed by financial creditor is admitted,” said the NCLT. The insolvency tribunal declared a moratorium till the completion of the insolvency process and ordered to prohibit transferring, encumbering, alienating or disposing of assets by the real estate firm.

The petition on behalf of the association was filed by PSP Legal and argued by Piyush Singh.

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