Author: Pradeep Suresh

ArcelorMittal to bid again for Essar Steel

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

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World’s largest steel maker ArcelorMittal, whose bid for Essar Steel was rejected by lenders, today said it plans to re-bid for the debt-laden firm undergoing insolvency proceedings.

The SBI-led consortium of creditors had this week rejected the bids by ArcelorMittal and Numetal — SPV floated by Russian lender VTB Bank and Rewant Ruia — finding them ineligible under the IBC (Insolvency Bankruptcy Code) laws that debar related parties from bidding.

“We have not yet received any formal notification from the resolution professional. But we can confirm it is our intention to participate in a re-bid,” ArcelorMittal said in a statement.

According to a source, the decision to reject the company’s bid was taken at a meeting of the committee of creditors (CoC) of Essar Steel in Mumbai.

The CoC has however voted to allow a second round of bidding for the Essar Steel’s nearly crippled 10-million tonne-asset at Hazira in Gujarat.

Numetal and ArcelorMittal were the only two bidders for Essar Steel which owes its over 30 lenders more than Rs 45,000 crore.

These companies had put in their bids on February 12, but have been battling each other amidst questions about their very eligibility to bid.

Even though the Luxembourg-based ArcelorMittal has teamed up with Nippon Steel & Sumitomo Metal Corp to bid for Essar Steel, it has been found ineligible for its joint venture with Uttam Galva, which is at the NCLT awaiting resolution.

As for Numetal’s bid, one of the promoters of the special purpose vehicle SPV is Rewant Ruia, the son of an Essar Group promoter Ravi Ruia, one of the original promoters of Essar Steel.

Bankers, however, have said that if these companies delink their connections from the promoters or standardise their loans they can bid again in the second round.The lenders have set April 2 as deadline for the second round.

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

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

Air India creates history by flying to Israel over Saudi air space

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

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In what is seen as a historical moment in the annals of diplomacy and international relations, Saudi Arabia’s air space was opened for Air India flight travelling to Israel on Thursday. The decision brings end to a seven decades old ban by the monarchy against the use of their air space by flights flying to or from Israel.

As per tweets posted by Flightradar24, a popular aviation twitter site, the historical event took place yesterday when Air India’s Delhi- Tel Aviv flight AI 139 entered Saudi airspace yesterday making it the first commercial flight to do so in seventy years. “Air India’s inaugural Delhi-Tel Aviv flight has now entered Saudi Arabian airspace. #AI139 is the first commercial flight in 7 decades to fly over Saudi Arabia en route to Israel,” the tweet read along with a route map.

Air India’s inaugural Delhi-Tel Aviv flight has now entered Saudi Arabian airspace. #AI139 is the first commercial flight in 7 decades to fly over Saudi Arabia en route to Israel.⁰⁰

📡
https://t.co/x5ov2kEcJN pic.twitter.com/DkjtFYg3OR

— Flightradar24 (@flightradar24) March 22, 2018

The site later also confirmed the landing of the Boeing 787-8 Dreamliner at Tel Aviv’s Ben Gurion airport later in the afternoon by tweeting that “#AI139 has landed in Tel Aviv, after being the first commercial flight to transit Saudi Arabian airspace en route to Israel in 70 years.”

#AI139 has landed in Tel Aviv, after being the first commercial flight to transit Saudi Arabian airspace en route to Israel in 70 years. https://t.co/0amEXONPpk pic.twitter.com/wwoXmOBedD

— Flightradar24 (@flightradar24) March 22, 2018

The flight is considered significant as it not only symbolizes the rising influence of India across the globe, but also shift in middle-eastern political dynamics. Saudi, which is home to two of the holiest Islamic sites have traditionally been hostile towards Israel, the Jewish nation that now controls Jerusalem, the other holy site of Islam. Like several other Arabic and Islamic nations, Saudi Arabia too does not recognize Israel and sees it as an occupier that illegally took over Palestinian lands.

However the new move comes following the shift of power in Riyadh and also the rising influence of Iran, seen as an enemy by both Israel and Saudi in the region.

Riyadh has not yet formally acknowledged the opening of the route to Air India, a news that has been lingering around aviation circles for quite a while. Yemen too has not acknowledged the use of its airspace by the flight as it too officially does not permit Israel bound flights to use its air space.

The new route will be an advantage to Air India as the route is shorter than the traditional route over the Red Sea. It will also give the carrier an advantage over Israel’s El Al that currently operates between Mumbai and Israel and is looking to expand operations to Delhi.

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

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

Exclusive: Kerala to roll out electric vehicle policy in June

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

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Kerala is all set to roll out its Electric Vehicle policy by coming June. The move will be a push towards the promotion of vehicles running on alternative energy in the state.

As per sources, the state’s Electric Vehicle policy will primarily focus on the extensive public transportation system, unlike other states where the policy primarily targets personal vehicles such as cars. The committee that is deliberating framework for the policy is expected to put the final touches in the coming two months enabling the policy roll out by June.

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

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

We made mistakes, admits Zuckerberg in his Facebook post

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

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Facebook founder Mark Zuckerberg has admitted that his company has “made mistakes.” Zuckerberg made the admission after the social networking site came under fire for its alleged role in the Cambridge Analytica dispute.

In a post that was published on his Facebook page, Zuckerberg stated that he wanted to update all regarding the ongoing row that has the data mining firm in the centre.  “We have a responsibility to protect your data, and if we can’t then we don’t deserve to serve you. I’ve been working to understand exactly what happened and how to make sure this doesn’t happen again,” he wrote adding that the company had taken action years ago to prevent such incidents from repeating.

However, Zuckerberg also accepted that mistakes happened from the part of the company and a lot more has to be done to make it safer.  “We also made mistakes, there’s more to do, and we need to step up and do it,” he said.

In order to prevent such incidents he explained that Facebook will take measures such as thorough investigation on all apps that collect large volumes of data, further restrictions on accessing data and more transparency towards customers when it comes to informing them about apps that are allowed to access their information.

Explaining about the harvesting of information from Facebook, Zuckerberg claimed that the app created by Aleksandr Kogan had made use of updates introduced by the firm in 2007  aimed at making Facebook more customer friendly.

He informed that the company had already taken steps back in 2014 to prevent abusive apps from exploiting data and asked Kogan and Cambridge Analytica to formally certify that they had deleted all improperly acquired data when it learned about the sharing of data by the two.

It was, as per the post only when the news broke out that the company learned about the breach of trust.  The company on its part promptly banned Analytica from using Facebook and also has started an investigation.

He concluded the post by assuring that he is serious about protecting safety and privacy of his users. “I started Facebook, and at the end of the day I’m responsible for what happens on our platform. I’m serious about doing what it takes to protect our community…  We will learn from this experience to secure our platform further and make our community safer for everyone going forward.”

The statement, that comes at a time when calls have come from various sides demanding explanation from Zuckerberg and Facebook who many believe are directly responsible for the data harvesting. It is yet to be seen whether this explanation will be enough to pacify these voices.

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

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

WhatsApp co-founder urges followers to delete Facebook

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

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WhatsApp co-founder Brian Acton on Tuesday posted a tweet asking people to delete Facebook. The tweet appeared in the twitter account of Acton, who had earlier sold the popular messaging service to Facebook back in 2014.

“It is time,” tweeted Acton along with the hashtag ‘#deletefacebook’ on his account on Tuesday. While no comment has come up from Acton regarding the tweet, some indicate that he may be planning to take on Facebook.

It is time. #deletefacebook

— Brian Acton (@brianacton) March 20, 2018

Acton, who as per the Forbes, has a real time net worth of $ 5.5 billion had last month made news by investing $ 50 million in to “Signal,’ widely expected to be an independent alternative for the Facebook controlled WhatsApp.

Acton, along with his partner Jan Koum had remained in the top of WhatsApp till a few months back after selling it to Facebook back in 2014 for $ 19 billion. However he later left the company and along with Moxie Marlinspike founded the ‘Signal Foundation’ last month.

With an aim “to develop open source privacy technology that protects free expression and enables secure global communication” the foundation is expected to develop its messaging app as an alternative to existing apps.

It is not uncommon for former employees to speak up against Facebook. Earlier former head of growth Chamath Palihapitiya had attacked the social networking giant saying that it was ripping apart the fabric of  society. Similar outbursts have come from others including Sean Parker, Justin Rosenstein etc.

However what makes Acton’s tweet more effective is its timing. The tweet comes at a time when Facebook is facing criticism from across the globe over its involvement in Cambridge Analytica’s misuse of user data. Questions have been raised about the security of personal data in the site and Mark Zuckerberg himself has been summoned by a parliamentary committee under UK’s House of Commons.

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

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

Modi’s chief economic adviser says that country is not performing well in the exports

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

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India’s net exports are not doing well even as the global economy is on the recovery path, said Bibek Debroy, the head of Economic Advisory Council to the Prime Minister (EAC-PM). The statement was made by the Niti Aayog member on Monday at an event that was organized by FICCI.

Debroy pointed out that even though the country would want to push exports, it may not be as smooth as exporters would want it to be. This according to Debroy is due to the fact that while they will like a depreciation in the exchange rates, this may not be effective due to the high volume of capital inflow in to the economy. “Net exports is not doing well. During high growth years, net exports performed much better … that world economy has not been doing that bad,” he was quoted as saying in the PTI report.

While stating that it could be ideal if the Central Bank i.e. RBI intervened Debroy added that this market intervention too will have its own costs.

The statement by Debroy comes after the country saw exports grow by 4.5% last month, the lowest it experienced in the last four months after shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of $12 billion.

“India has always been in favour of multilateral trading system”, he said and added that the country can increase its import duties as long as they are below the bound rates. Debroy said that some of India’s tariff rates are misaligned and the country has signed plethora of free trade agreements.

India’s trade prospects

Claiming that for the first time, Commerce Ministry and Ministry of External Affairs (MEA) are working together unlike in the past, he said that country’s trade prospects will depend on the efforts being made to improve logistics, integrate investments in the global supply-chain, improve the business environment and develop infrastructure.

Debroy voiced his support for the reforms being ushered in by the Modi government. Claiming they were fundamental in nature he said that it will take time to bear fruit in terms of improvements in GDP and productivity and added that “you fix India and trade will fix itself.”

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

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

Twitterati reacts to the death of Stephen Hawking by remembering his contributions

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

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The news of the death of Stephen Hawking created ripples across the globe. People belonging to various facets of life reacted against the demise of the British physicist considered by many as one of the greatest scientist of all time.

(Read our coverage here)

Social media sites too are abuzz with posts by people reacting to the death of the 76 year old theoretical physicist. Many took to twitter to mourn his death that happened at his Cambridge home during the early morning hours.

Astrophysicist Neil deGrasse Tyson tweeted that Hawking’s death has left the world with an intellectual vacuum. “His passing has left an intellectual vacuum in his wake. But it’s not empty. Think of it as a kind of vacuum energy permeating the fabric of space time that defies measure. Stephen Hawking, RIP 1942-2018,” read his tweet.

His passing has left an intellectual vacuum in his wake. But it’s not empty. Think of it as a kind of vacuum energy permeating the fabric of spacetime that defies measure. Stephen Hawking, RIP 1942-2018. pic.twitter.com/nAanMySqkt

— Neil deGrasse Tyson (@neiltyson) March 14, 2018

Prominent Bollywood personality Farhan Akhtar too took to twitter to condole the demise. “RIP Stephen Hawking. A major loss to the scientific community & to the millions he inspired through his work and life. Condolences to the family.”

RIP Stephen Hawking. A major loss to the scientific community & to the millions he inspired through his work and life. Condolences to the family.

— Farhan Akhtar (@FarOutAkhtar) March 14, 2018

Among many who took to the micro blogging site some also tried to look beyond the scientific contributions he made by being an inspiration for millions. Former US ambassador to the United Nations Samantha Power tweeted that his famous statement that “It would not be much of a universe if it wasn’t home to the people you love” as one of his greatest contribution to the world.”

R.I.P. Stephen Hawking. Among his many profound contributions to this world was this simple sentiment: “It would not be much of a universe if it wasn’t home to the people you love.”

— Samantha Power (@SamanthaJPower) March 14, 2018

Journalist and author Ben Norton on his part paid homage to the genius by reminding his concerns for social justice and welfare. “Stephen Hawking was a staunch supporter of socialized medicine.

He emphasized, “The more profit is extracted from the system, the more private monopolies grow and the more expensive healthcare becomes. The NHS must be preserved from commercial interests,” he tweeted along with a link of Hawking’s interview with the BBC.

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

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

Taiwanese company launches pocket sized PC in India

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

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Taiwan based tech company Elitegroup Computer Systems (ECS) has launched the smallest PC, LIVA Q in India. The pocket sized computer is launched in the country at a time when the table computers are losing market to smartphones, laptops and tablets.

The model, which as per the company website is the world’s smallest 4K pocket PC measures only  70mm x 70mm x 31.4mm, making it smaller than an average computer mouse. And weighing at just 260g the pocket size PC is lighter than a rubik’s cube.

Powered by the latest Apollo Lake SOCs by Intel, and employing Windows 10 operating system, the PC will come with up to 4 GB memory that is backed with eMMC 64 GB storage space and HDMI 2.0. In addition, it also comes with a Micro SD slot that can support up to 128 GB of memory. It also supports HDMI graphic output and 4K UHD (3840 x 2160) video.

On the connectivity front, the device can be used to go online using both LAN and WiFi options and comes with a VESA mount that allows users to hang or hide the Mini-PC behind monitors or TVs.

The device comes at an attractive price keeping in mind the competition that it will meet in the market that is dominated by smartphones and laptops. As per reports the device will be available at Rs 13,500 without operating system, whereas those with Windows 10 OS will cost Rs 15,500.

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

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

Mahindra launches an ‘eco-friendly’ version of KUV100

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

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Popular automobile manufacturer Mahindra & Mahindra (M&M) has launched the latest variant of its compact SUV, the KUV100, called the Mahindra KUV100 Trip. The car, priced at over Rs 5 lakh, comes in both diesel and bi-fuel (Petrol and CNG) variants.

“With its flexi 6 seater option, spacious interiors, low operating cost, attractive price and high earning potential, the KUV100 TRIP is set to be a popular choice with fleet owners as well as aggregators in the object of mobility space,” Veejay Ram Nakra, Chief of Sales and Marketing, Mahindra & Mahindra Ltd. was quoted as saying during the launch.

The petrol version of the car comes with  a 1.2-litre, three-cylinder engine that generates 82bhp and 70bhp in bi-fuel variant.

The diesel variant is powered by a 1.2-litre engine that generates 77bhp of power.

The car will also have features including ABS, air conditioning, power steering, etc.

The models will cost Rs 5.16 lakh for the bi-fuel variant and Rs 5.42 lakhs for the diesel version.

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

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

Congestion tax sounds like a plan but how will Delhi implement it?

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

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With its ever-growing number of private vehicles leading to Delhi being in a permanent traffic lock-down, the city is now exploring implementing a ‘congestion tax’. The question, however, remains is how will the city-state and India’s capital implement this?

This isn’t the first time New Delhi has experimented with a method to contain its vehicular traffic. A few years ago, Delhi’s Chief Minister Arvind Kejriwal implemented the ‘even-odd’ rule forcing drivers to leave their cars home for a fortnight depending on the last digit of their car’s registration numbers.

Although, this was enforced to control Delhi’s air pollution problem, it also eased traffic jams as its unintended consequences.

If Delhi goes ahead with ‘congestion tax’, it will make the capital the first Indian city to introduce this unique method to tackle traffic.

As per Moneycontrol, Lieutenant-Governor Anil Baijal said that authorities are considering to implement the idea in the capital.   \

“In most countries, there is a congestion charge. We are also looking at this alternative as a way to decongest some of the roads which get clogged, particularly in the peak hours…It is still work in progress. We have invited experts to study it. The charges are yet to be worked out,” Baijal was quoted as saying in the report.

As per reports, authorities have zeroed in on 21 stretches in the capital that could be levied congestion tax during peak hours. These include the ITO intersection, Nehru Place flyover to Modi Mills flyover and areas near the Hauz Khaz metro station.

However, the plan still has a long way to go and many details have not been made clear. It is still not known when will the tax be implemented and at what rates.

Earlier, a similar plan mooted by the Delhi government back in 2015 had to be shelved due to the inadequacies in city’s public transport system.

London Congestion charge

The system of levying charges on vehicles to tackle traffic in key areas is a practice that has been implemented across major urban areas. While there exists several examples for the practice, the most famous one is that being implemented in London.

A fee is charged on most motor vehicles that operate in central London during weekdays between 7 AM and 6 PM. With the exception of few vehicles including electric cars and hybrids with low emission levels all others are charged 11.50 pounds for accessing the Congestion Charge Zone. First introduced back in 2003, the zone remains the largest congestion charge zone in the world and has not only succeeded in reducing traffic congestions, but also in tackling pollution.

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