Month: May 2015

Asian equities falter following US losses

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

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Asian equity markets traded mixed early Wednesday, following a unimpressive lead from Wall Street overnight.

The US major indexes finished 1 percent lower each amid renewed strength in the US dollar and some upbeat data that could bolster the case for a quicker-than-expected rate hike. Wall Street reopened for its first trading day of the week after being closed for Monday’s Memorial Day.

Nikkei flat

Japan’s benchmark Nikkei 225 reversed a lower open to hover marginally above the flatline, as the dollar-yen touched 123.28 – the currency pair’s highest level since July 2007.

The relatively weak yen ensured a mixed open for export-oriented stocks; Sharp and Toyota Motor opened up 0.6 and 0.4 percent, respectively, but Sony and Nintendo lost over 1 percent each.

Oil-related counters took a hit from a 3 percent drop in crude oil prices overnight; Inpex was among the biggest laggards in early trade with a 2.4 percent decline, while JX Holdings and Showa Shell notched down 0.8 and 0.3 percent, respectively.

ASX drops 0.5 percent

Australia’s S&P ASX 200 index declined in early trade as a rejuvenated greenback weighed on commodity prices.

Gold miners Kingsgate Consolidated and Newcrest Mining tanked 3.9 and 1.6 percent, respectively, after spot gold tumbled 2 percent to a two-week low overnight. Among energy producers, Santos led losses with a 1.1 percent slump.

Fortescue Metals remains in the spotlight following a report by the Australian Financial Review on Tuesday, which said the iron ore miner has held discussions to get investments from Chinese companies. Shares of the world’s fourth-biggest iron ore producer reversed a lower open to rise 1.5 percent, after surging 10.6 percent in the previous session.

Insurer Suncorp dropped 0.5 percent as it prepares for an investor briefing later in the day.
Kospi loses 1.4 percent

South Korea’s Kospi index led losses in the region early Wednesday to hit a one-week low.

Several corporate news are in focus; steelmaker Posco slumped 1.4 percent after it dispelled market rumors that it would sell its trading affiliate Daewoo International Co.

Kumho Asiana Group, the parent company of Asiana Airlines, said it will buy Kumho Buslines Co. for 415 billion won (USD 375.1 million). Shares of the No.2 air carrier in South Korea bounced 3.4 percent in early trade.

Outperforming the bourse for the second straight session following Tuesday’s merger announcement, Samsung’s de facto holding company Cheil Industries and construction affiliate Samsung C&T jumped 6 and 7 percent, respectively.

Shanghai Comp

Due to open at 0930 SIN/HK, China’s key Shanghai Composite may break a seven-session winning streak on Wednesday, according to IG’s market strategist Bernard Aw.

“The China A50 futures suggest that bulls may take a breather today… A clutch of positive news over the past two days has helped sentiment in the Chinese stock markets, but this could be eclipsed by the 23 A-share initial public offerings (IPOs) slated for June 2-3,” he wrote in a note.

Year to date, the Shanghai bourse has risen 50.95 percent.

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 Chinese want to challenge Apple on its home turf

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

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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 is back on the rise, and traders try to predict a top

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

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A quiet consensus appears to be coalescing in the oil market, as some traders now expect mild gains for crude through the summer — and into the rest of the year.

That represents a sharp turnaround from earlier in the year, when surging US production, and OPEC’s powerlessness to stop it, sent crude reeling. Although Brent is off by nearly 40 percent year to date, prices have rebounded significantly enough for market players to expect those gains to continue.

“I’m looking for it to trade USD 65, USD 70 by the Fourth of July, and I don’t think the market gets much above that,” said NYMEX-based energy trader Anthony Grisanti.

In Grisanti’s view, summer demand for oil products is set to drive the commodity higher. At the USD 70 level, however, an increase in supply from those who have slowed production will cap the commodity’s gains.

The same level is being eyed by Phillip Streible, a Chicago-based futures broker with RJO Futures.

“The continued decline in production provides an opportunity that will present itself from now till the end of the year,” he told CNBC in an e-mail. “I would expect crude oil to work its way back up to USD 70.”

Brian Stutland, another Chicago-based trader, echoed that sentiment.

There’s “a bull pattern in oil, but I think USD 65 to the upper 60s range is probably the top,” he said. That price will send suppliers “coming back in and flooding the market. So there’s a lot of overhang at that level, and I’d be a seller up there,” Stutland added.

However, “below USD 60 a barrel, I’m a buyer, and I think the trend for the rest of the summer will be slightly to the upside for crude.”

Volatility plunges as prices rise

After a massive plunge and a substantial bounce-back, the international Brent contract has currently settled into a comfortable range between USD 55.73 and USD 66.58 over the past month.

Yet over the last two weeks, that has further narrowed into a USD 4 range. Meanwhile, the crude oil volatility index, which uses options prices to measure market expectations of future moves, has been halved since the start of February.

Meanwhile, the crude oil futures curve has become much flatter recently, meaning that the expected magnitude of the oil bounce has diminished. Currently, crude oil futures for December delivery are trading at a mere 2.5 percent premium to the front-month July contract.

Yet not everyone forecasts a mild grind higher for the commodity. Last week, Goldman Sachs turned bearish on commodities, forecasting that West Texas Intermediate (WTI) oil contract would “retrace its lows” near USD 45 before staging a recovery.

“Oil demand typically peaks in late July or early August, but refineries are running at such a record pace that we’re stealing demand and moving it forward,” said Stephen Schork, the editor of the Schork Report. Refiners are seeing high profit margins based largely on gasoline outperforming crude.

“I’m looking for demand to start tailing off earlier than normal—in late June or early July—which supply stays robust,” he said. “Put those two factors together, and I think we do head lower—that’s just Econ 101,” Schork said.

“I’m looking for another dip below USD 50.”

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

Stocks fail to hold gains; dollar recovery, data eyed

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

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US stocks closed lower on Friday, failing to hold highs touched during the session, as investors eyed inflation data and Fed Chair Yellen’s speech ahead of the long weekend.

“The narrative is you’re getting a market that’s looking for a liftoff in September and we’re technically sailing,” said Art Hogan, chief market strategist at Wunderlich Securities. “The most important thing (this week) was stability in the dollar and yields.”

Hogan said it was “constructive” that the stock market continues to trade near highs despite mixed economic data. After a pause in its recent accelerated rise, the dollar rose on Friday to post its first positive week in six. The greenback index gained more than 1 percent with the euro lower at USD 1.10.

Stocks moved little following an afternoon speech by Federal Reserve Chair Janet Yellen that said a rate hike would be appropriate this year if the economy improves. She noted that first quarter weakness was largely transitory and that it would take several years for rates to return to normal.

“Basically she didn’t say anything really, really new,” said Peter Cardillo, chief market economist at Rockwell Global Capital.

The S&P 500 and the Nasdaq failed hold gains in the close. Earlier, both indices extended gains to trade higher, with the Nasdaq briefly above its record close of 5,092.09.

The Dow closed near its lows for the day, about 50 points lower, despite Goldman Sachs ending about 1.4 percent higher at a 52-week high to lead blue chips gains. Financials were the week’s third-best performing sector in the S&P.

“The financials have been quite strong all week,” Cardillo said. “The market is looking ahead (and thinking) there will be monetary (policy) change this year. That’s probably why we’re seeing this strength in financials.

Art Cashin, director of floor operations at UBS, said the 0.8 percent decline in the Dow transports was weighing on equities. Pressured primarily by airlines, the index lost about 2.3 percent this week, its worst since March 27.

The transports are down 6.7 percent in the last six months, versus the Dow Jones industrial average’s approximately 2.4 percent gain.

“Transports are a direct link to the economy… if we’re not shipping as many products we’re hurting transports,” said Lance Roberts, general partner at STA Wealth Management. “This is really the big thing that worries me.” He expects a slight correction this summer.

Stock index futures turned mildly negative on the inflation report and the 2-year Treasury yield topped 0.61 percent, but longer-end bond yields initially held steady before creeping higher. The 10-year yield traded near 2.22 percent.

The cash bond market closed early today at 2 p.m. ET ahead of the long weekend.

“Investors are starting to price in … a rate hike some time in 2015,” said Andrew W. Ferraro, wealth advisor at Strategic Wealth Partners. The consumer price index came in “a little higher. That may suggest a slightly earlier rate hike.”

Fed fund futures priced in a 45 percent chance of rate hike in September, up from 40 percent earlier and 35 percent last week.

The Labor Department said on Friday its Consumer Price Index (CPI) rose 0.1 percent last month, with the core figure discounting food and energy costs up 0.3 percent, for the largest gain since January 2013.

Economists polled by Reuters had forecast the CPI edging up 0.1 percent from March and dipping 0.1 percent from a year ago.

“I think it’s a decent sign for the economy,” said Todd Hedtke, vice president for investment management at Allianz Investment Management. “I don’t think it’s a good sign for capital markets. It’s been a ‘goldilocks’ market for so long. You’re going to see some pressure. But the bottom line, the inflation inching north is a positive sign. We need to see a little more of that spending.”

Much of the recent economic data indicated moderate growth, but not enough to warrant an interest rate hike soon. 

Despite better jobs data, consumer spending and price increases were mostly muted. The Federal Reserve is watching for enough strength in employment and inflation, of which CPI is an input, to support a rate hike.

“I think it wasn’t an outstanding number,” TD Ameritrade chief strategist JJ Kinahan said of the CPI read. “But when you’re at all-time highs and no blow-away numbers it’s an excuse to sell.”

The Dow Jones Industrial Average closed down 53.72 points, or 0.29 percent, at 18,232, with Boeing leading laggards and Goldman Sachs and Apple the greatest advancers.

The S&P 500 closed down 4.75 points, or 0.22 percent, at 2,126.07, with telecommunications the greatest of nine laggards and information technology the only advancing sector.

The Nasdaq closed down 1.43, or 0.03 percent, at 5,089.36.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 12 after hitting a year-to-date low of 11.82.

Nearly two stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 617 million and a composite volume of 2.5 billion in the close.

Crude oil futures for July settled down USD 1.00 at USD 59.72 a barrel on the New York Mercantile Exchange, marking the 10th positive week in a row. Data going back to 1983 does not show a longer stretch of consecutive gains.

Gold futures settled down 10 cents at USD 1,204.00 an ounce.

Microsoft and Salesforce had significant talks about an acquisition but failed to reach a deal on price differences, sources familiar with the situation told CNBC.

Earnings out on Friday included Campbell Soup, Deere, Foot Locker before market open.
Lions Gate Entertainment earnings came in 7 cents above estimates with adjusted quarterly profit of 39 cents per share, but revenue fell considerably below analyst forecasts.

BlackBerry will buy back about 2.6 percent of its outstanding shares, to negate potential negative effects of a proposed employee stock purchase plan.

Hewlett-Packard reported adjusted quarterly profit if 87 cents per share, 2 cents above estimates, though revenue was slightly shy of forecasts. The company also issued weaker-than-expected current quarter guidance. Investors are taking note of a positive development—lower-than-expected expenses for the separation of its personal computer and printer businesses into a separate company.

Deere & Co. earned USD 2.03 per share for its latest quarter, beating estimates of $1.55 despite a slight revenue shortfall. Deere noted a weak global agricultural sector, but said good execution aided its bottom line.

Foot Locker beat estimates by 6 cents with earnings of USD 1.29 per share. Revenue and same-store sales were above analyst forecasts, and the company said the quarter was the most profitable in its history.

Campbell Soup earned an adjusted 62 cents per share for its latest quarter, 10 cents above estimates, though revenue fell short due to currency effects. Campbell said its full-year sales would fall towards the lower end of its projected range, but earnings would be at the more favorable end.

European equities closed mixed on Friday as investors focused on a central bank meeting in Portugal and Yellen’s speech.

Mario Draghi, president of the European Central Bank (ECB), spoke at the event in Sintra, Portugal earlier Friday. He said that the economic outlook for the euro zone is looking “brighter today than it has done for seven long years.”

China’s Shanghai Composite gained 8.1 percent for the week, its strongest since the week ending December 5, 2014, when it rose 9.5 percent.

The S&P 500 ended mildly higher on Thursday above its previous record close of 2,129.20 to post its 10th closing high for the year.

“Investors are going into this weekend knowing there isn’t any catalyst to force the Fed to move anytime soon and that means we’re all data-dependent,” said Adam Sarhan, CEO of Sarhan Capital.

Durable goods orders and another read on first-quarter GDP come out next week.

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

John Nash, who inspired ‘A Beautiful Mind’, dies at 86

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

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In 1957, after two years of on-and-off courtship, he married Alicia Larde, an M.I.T. physics major from an aristocratic Central American family. But early in 1959, with Alicia pregnant with their son John, Dr. Nash began to unravel.

His brilliance turned malignant, leading him into a landscape of paranoia and delusion, and in April, he was hospitalized at McLean Hospital, outside Boston, sharing the psychiatric ward with, among others, the poet Ezra Pound.

It was the first step of a steep decline. There were more hospitalizations. He underwent electroshock therapy, fled for a while to Europe, sending cryptic postcards to colleagues and family members, and for many years he roamed the Princeton campus, a lonely figure scribbling unintelligible formulas on the same blackboards in Fine Hall where he had once demonstrated startling mathematical feats.

Though game theory was gaining in prominence, and his work cited ever more frequently and taught widely in economics courses around the world, he had vanished from the professional world.

“He hadn’t published a scientific paper since 1958,” Ms. Nasar wrote in the 1994 Times article. “He hadn’t held an academic post since 1959. Many people had heard, incorrectly, that he had had a lobotomy. Others, mainly those outside of Princeton, simply assumed that he was dead.”

Indeed, Dr. Myerson recalled in a telephone interview that one scholar who wrote to Dr. Nash in the 1980s to ask permission to reprint an article received the letter back with one sentence scrawled across it: “You may use my article as if I were dead.”

Still, Dr. Nash was fortunate in having family members, colleagues and friends, in Princeton and elsewhere, who protected him, got him occasional money and work, and in general helped him survive. Alicia Nash divorced him in 1963, but continued to stand by him, in 1970 taking him into her house to live. (The couple married a second time in 2001).

By the early 1990s, when the Nobel committee began investigating the possibility of awarding Dr. Nash its memorial prize in economics, his illness had quieted. He later said that he simply decided that he was going to return to rationality. “I emerged from irrational thinking, ultimately, without medicine other than the natural hormonal changes of aging,” he wrote in an email to Dr. Kuhn in 1996

Colleagues, including Dr. Kuhn, helped persuade the Nobel committee that Dr. Nash was well enough to accept the prize — he shared it with two economists, John C. Harsanyi of the University of California at Berkeley, and Reinhard Selten, of the Rheinische Fredrich-Wilhelms University in Bonn, Germany — and they defended him when some questioned giving the prize to a man who had suffered from a serious mental disorder.

The Nobel, the publicity that attended it, and the making of the film were “a watershed in his life,” Dr. Kuhn said of Dr. Nash. “It changed him from a homeless unknown person who was wandering around Princeton to a celebrity, and financially, it put him on a much better basis.”

Dr. Nashcontinued to work, traveling and speaking at conferences and attempting, among other things, to formulate a new theory of cooperative games. Friends described him as charming and diffident, a bit socially awkward, a little quiet, with scant trace of the arrogance of his youth.

“You don’t find many mathematicians approaching things this way now, bare handedly attacking a problem,” the way Dr. Nash did, said Dr. Mazur.

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

China’s bull market just getting started: Gartman

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

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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

Loan recovery eludes India’s banks despite growth pick up

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

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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

Alibaba’s latest ploy: Fosters local brands to fight fakes

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

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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

Traders hoped for a more interesting Yellen, got same old

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

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Fed Chair Janet Yellen stuck to her script Friday, even though traders had hoped a jump in consumer prices would force the central banker to give a nod to the improved inflation data. Yellen reiterated comments that the Fed is on track to raise rates this year and that inflation will ultimately move to 2 percent as the economy strengthens.

The consumer price index, excluding energy and food, rose 0.3 percent, compared to expectations for 0.2 percent. Headline CPI gained 0.1 percent as expected, meaning overall prices actually fell 0.2 percent year over year. Core prices, however, rose 1.8 percent, closer to the Fed’s inflation target.

“It’s basically the first summer Friday. It’s before a long weekend. She hardly strays from her FOMC colleagues in normal times. She said we’re still on track to raise rates,” said John Canally, strategist and economist at LPL Financial. “She didn’t say we’re going to tighten soon or in June, so I think that leaves September or December.”

Traders had speculated that Yellen would have to address the move higher in consumer prices because inflation is one of the Fed’s main issues. They said if the pickup in consumer inflation continues, it would be key in determining whether the central bank will need to move sooner to raise rates.

Treasury yields moved higher after CPI, while the yield curve flattened—indicating the market believes a rate rise could come sooner. According to RBS, fed funds futures are now giving 45 percent odds for a Fed rate hike in September, up from a perceived 35 percent chance last week.

After Yellen’s afternoon comments, yields stayed roughly in the same range they had been trading in, and stocks gained slightly but were still mostly lower on the day. The dollar index moved higher, adding 0.2 percent after her remarks.

“(CPI) was a gain, a bigger-than-expected gain, and there’s been a steady gain in core for the last few months, so in the near term it certainly is influential and brings on the ever-increasing risk of a Fed move. But I don’t think we need to change the odds very much,” said David Ader, Treasury strategist at CRT Capital.

Yellen spoke in Rhode Island to the Greater Providence Chamber of Commerce on the economy, and she did not take questions.

Read More: Stockman: Stocks and bonds will ‘crash soon’

Ader said he hoped to get insight into whether the Fed was concerned about the rise in core inflation or whether it was looking elsewhere. Yellen did give a nod to labor market improvement, and said there were some encouraging improvements to wage growth this year. However, wage data in the CPI on Friday showed zero movement.

Traders had also been anxious about the timing of Yellen’s comments, delivered during pre-holiday trading and on a day when some markets close early. Chicago pit trading in foreign exchange and interest rates futures closed early, at 1 p.m. ET, just as Yellen started to speak. But electronic trading remained open. The Treasury cash market was to close early at 2 p.m. ET, and stocks were to remain open until 4 p.m. ET, as usual.

“I think the market has adjusted in anticipation. Yields are higher at the front end by 4 basis points, implying that she’ll be more hawkish, but the benchmark 30-year is down on the day. People are betting there’s going to be a flatter curve,” said Ader ahead of Yellen’s speech. “The best-performing issue is the 30-year so if you think the Fed might hike, that’s supportive of the back end, relative to the front end.”

Tyler Tucci, RBS short-term markets and derivatives strategist, said according to his firms’ calculations, fed funds futures Friday morning showed a 100 percent chance for a 25-basis-point Fed rate hike by December. The odds had been as low as 88 percent for December recently after some traders placed bigger bets on January for the first increase.

Art Cashin, director of floor operations for UBS at the NYSE, said the bond and stock markets had different interpretations of the importance of the CPI number.

“Stock guys shrug it off, pointing to distort that is primarily health cost (government related). Bond types see it as somewhat inflationary and fed fund futures move for an earlier Fed liftoff and bond yields rise. Gold seems to side with stock types,” Cashin wrote in a quick note.

Ward McCarthy, chief financial economist at Jefferies, said one factor pushing up CPI was rent, and the other inflation data have not been strong enough to change his view that the Fed will hold off on rate hikes until December.

“The bottom line is there’s very little signs of inflation of any type. It’s a think day. Hope springs eternal. People want to get the Fed off zero. Numbers like we saw today are not going to do that,” McCarthy said, noting the decline in last week’s PPI and drops in import prices.

But yet, the markets wonder how much the Fed, stating it is data-dependent, will take notice of this one CPI reading.

“All of a sudden, we have back-to-back core CPI advances of 0.23 percent and 0.26 percent in March and April. I certainly do not expect core inflation to be that firm every single month, but I have to wonder how many more of these Fed officials will need to see before they stop worrying about deflation,” wrote Stephen Stanley, chief economist at Amherst Pierpont Securities.

Read More: Economist says Fed policies could lead to disaster

“A 0.3 percent increase in the core CPI is such a rare event that it holds considerable shock value, even though the unrounded gain was ‘only’ 0.256 percent. In fact, there have only been four 0.3 percent rises in the core CPI since the financial crisis, and each of them was 0.25 percent or 0.26 percent unrounded. The last time we had a larger monthly increase than 0.26 percent was January 2008,” he wrote.

JPMorgan economists, in a note, said they do not expect to see the CPI translate into a gain in the core PCE, the Fed’s preferred inflation measure because of the influence of health-care costs.

Medical care in the PCE index is based on inputs from the producer price index, which were softer than CPI data. JPMorgan expects the core PCE to be up 1.3 percent over a year ago.

As for CPI, they noted that medical care services rose 0.9 percent, helping lift core services, up 0.3 percent, the highest since June 2008. Rent measures also gained, with owners equivalent rent rising 0.28 percent. Airfares fell for a second month, losing 1.3 percent.

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