5 Minutes Read

HDFC to raise up to Rs 85,000 crore through debt securities

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

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Summary

Mortgage lender HDFC’s board has approved raising up to Rs 85,000 crore through issuance of debt securities.

Mortgage lender HDFC’s board has approved raising up to Rs 85,000 crore through issuance of debt securities.

“The Board approved issuance of redeemable non-convertible debentures (secured/unsecured) and/or hybrid instruments (not in the nature of equity shares) up to Rs 85,000 crore on a private placement basis,” HDFC said in a BSE filing.

The Board also approved re-appointment of Keki Mistry as the Managing Director (designated as vice chairman and chief executive officer) of the Corporation for a period of three years.

HDFC has sought members approval for both the proposals in its annual general meeting scheduled on July 30, 2018.

HDFC today reported a 28.63% rise in consolidated net profit to Rs 3,961.17 crore for the quarter ended March 31, 2018. It had registered a net profit of Rs 3,079.33 crore in the January-March quarter of the previous financial year (2016-17).

Total income during the quarter grew 17.78% to Rs 21,248.79 crore as against Rs 18,040.59 crore in the year-ago period, HDFC said in a regulatory filing.

On standalone basis, HDFC posted 39.23% rise in net profit to Rs 2,846.22 crore in the reported quarter compared to Rs 2,044.2 crore earlier.

Total income grew 13.14% to Rs 9,633.89 crore as against Rs 8,514.51 crore in the year-ago period.

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

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

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

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Village electrification definition has lost relevance, says Centre

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

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Summary

A day after the Centre announced that all villages in India have been connected with power, the government on Monday said the definition of village electrification — of connecting at least 10% households in it — had lost relevance in view of the actual levels of electrification achieved. A Union Power Ministry release said the …

A day after the Centre announced that all villages in India have been connected with power, the government on Monday said the definition of village electrification — of connecting at least 10% households in it — had lost relevance in view of the actual levels of electrification achieved.

A Union Power Ministry release said the average actual household electrification level in rural areas is more than 82% with variations across states.

“Definition of village electrification is a legacy issue which, though, mandates electrification of at least 10% households in a village,” it said.

“As per recent reports from the states, household electrification level in rural areas is more than 82%, ranging from 47 to 100% across various states. Had the definition been cause, such level of household electrification could not have been achieved.”

The Ministry said the variation in the level of household electrification across various regions and states is primarily because of differences in “size, heterogeneity in terms of topography, location, resources and also because of varying efforts made by the states”.

“The government has already moved out of this dichotomy and launched the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) to achieve universal household electrification in the country by December 31, 2018. Therefore, the debate over definition of village electrification in the present scenario has lost significance,” it said.

All villages in India have now been connected with electricity, Prime Minister Narendra Modi announced on Sunday.

On Saturday evening, Leisang village in Manipur’s Senapati district became the last village to be connected to the national power grid.

The work of bringing power to India’s nearly 6 lakh villages had been undertaken under the government’s Deen Dayal Upadhyaya Gram Jyoti Yojana.

As per government data, 1,236 villages are uninhabited and 35 have been notified as grazing reserves.

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

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

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Parliamentary panel to visit border areas in Sikkim, Arunachal

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

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Summary

The Parliamentary Standing Committee on External Affairs will visit areas in Sikkim and Arunachal Pradesh bordering China next month to look at the situation amid concerns that China had ramped up its military infrastructure in the Doklam region. Congress President Rahul Gandhi, who is a member of the panel, would be among those visiting the …

The Parliamentary Standing Committee on External Affairs will visit areas in Sikkim and Arunachal Pradesh bordering China next month to look at the situation amid concerns that China had ramped up its military infrastructure in the Doklam region.

Congress President Rahul Gandhi, who is a member of the panel, would be among those visiting the two states, sources said. The panel is headed by Congress MP Shashi Tharoor.

The visit, expected to take place in the last week of May, will come weeks after informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping during which the two leaders decided to provide “strategic guidance” to their respective armies to strengthen communications and prevent another Doklam-like military stand-off along their long-winding disputed border.

Sources said the team would visit areas near the Indo-China border in the two states.

The panel has earlier discussed the 73-day military standoff with China at Doklam that ended in August last year after the two countries agreed to an “expeditious disengagement”. The stand off occurred after Indian side stopped the building of a road in the disputed tri-junction by the Chinese Army.

Congress has been attacking the government and saying that it is not capable of sending a strong message to China.

The party has said that a “full-fledged Chinese Military Complex” has come up in Doklam right up to 10m from Indian Army post and has also referred to China building a new road through south of Doklam.

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

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

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

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Huawei working on alternative to Android operating system

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

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Summary

Chinese smartphone maker Huawei Technologies is working on its own proprietary Operating System (OS) since 2012 after a US investigation into the company, the media reported. The company, which is also the world’s biggest telecommunications equipment manufacturer, would ditch Google’s Android platform amid reports that it is under investigation by the US for breaching sanctions …

Chinese smartphone maker Huawei Technologies is working on its own proprietary Operating System (OS) since 2012 after a US investigation into the company, the media reported.

The company, which is also the world’s biggest telecommunications equipment manufacturer, would ditch Google’s Android platform amid reports that it is under investigation by the US for breaching sanctions against Iran, the South China Morning Post reported on Sunday.

“The company started building its own OS after a US investigation into Huawei and ZTE in 2012. Huawei also has its own OS for tablets and personal computers,” the report added.

According to media report, the US House Intelligence Committee found after a year-long investigation that the Chinese businesses, Huawei Technologies and ZTE Inc, were a “national security threat because of their attempts to extract sensitive information from American companies and their loyalties to the Chinese government”.

Google’s Android OS and Apple’s proprietary iOS have a stronghold on smartphone OS, accounting for 99.9 per cent of the global market, according to Gartner.

“The plan to build a proprietary OS was started by Huawei’s founder, Ren Zhengfei, and the company has never given up on it as it is seen as a strategic investment to prepare for ‘worst-case scenarios’,” the report added.

Huawei’s alternative to Android has not been released as it is not “as good” as Android and the system does not have many third-party apps developed for it.

The company is currently under investigation. If the the US Department of Justice finds it guilty of violating sanctions, it could impose criminal penalties on the smartphone maker.

Another Chinese player, ZTE, paid $892 million in fines for exporting US tech to Iran last year.

The US Department of Commerce has activated a denial of export privileges against ZTE for alleged violations of the US Export Administration Regulations.

ZTE Corp is currently taking steps to comply with the US denial order.

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

3 Mins Read

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

 Daily Newsletter

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Vedanta chairman told Anglo not to sell South African assets

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

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Summary

The chairman of Vedanta Resources Plc, who is also Anglo American’s biggest shareholder, said on Monday he had convinced Anglo not to sell off key assets in South Africa. Indian industrialist Anil Agarwal has an almost 20% stake in Anglo through his family trust Volcan Investments and has played down speculation that he is seeking …

The chairman of Vedanta Resources Plc, who is also Anglo American’s biggest shareholder, said on Monday he had convinced Anglo not to sell off key assets in South Africa.

Indian industrialist Anil Agarwal has an almost 20% stake in Anglo through his family trust Volcan Investments and has played down speculation that he is seeking a tie-up with Anglo.

But in an interview with Reuters, Agarwal made it clear that he has not been a passive shareholder.

“I always believed that South Africa has a lot of potential, and Anglo management may not have always believed that … and they wanted to sell some assets,” he said.

“When I became the biggest shareholder I advised them (not to sell). And I am very pleased that they have not sold those assets. And personally I was right because the share price is now up 50% and the profits are getting better.”

In the midst of the commodity slump, Anglo said it would sell 16 assets including its South African business Kumba Iron Ore to focus on copper, diamonds and platinum.

But last year the company said it would no longer be a forced seller of its bulk businesses after metal prices rebounded.

Anglo’s share price has risen as much as 50% since September 20 when Agarwal’s Volcan Investments said it was raising its stake and is now about a third higher, according to Thomson Reuters’ data.

Agarwal said he wanted Anglo to focus on the Indian market.

“We have 1.3 billion people in India … India is a huge market for them, they can sell all the coal there, they can sell platinum there, they can sell iron ore there, they are selling 80 to 90% of diamonds there.”

Agarwal said he saw his role as a “facilitator” of Anglo’s strategy and felt he had good “chemistry” with the management.

“I can only facilitate them, I am not in the management, they have very good management,” he said.

With Vedanta, Agarwal said its KCM copper business would boost its cobalt production with a possible refinery as it looks to meet soaring demand for the metal’s for the lithium-ion batteries that power electric cars.

There is a global scramble on to find sources outside of the Democratic Republic of Congo, a country racked by instability and violence, which is currently the main cobalt source.

Cobalt is often a by-product of copper and Agarwal said this was the case with Vedanta’s Zambia copper operations but the company was looking at “a parallel project focused on cobalt.”

He said the company currently was looking at the feasibility of how to set up a refinery for cobalt to produce it in “a very high tech, sustainable manner.”

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

3 Mins Read

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

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Facebook bids to keep data privacy case from EU’s top court

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

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Summary

Facebook bid on Monday to block referral of a landmark privacy case to Europe’s top court by requesting a last-ditch appeal, seeking to avoid a potential ban on the legal instrument it uses to transfer users’ data to the United States. The case, taken in Ireland by privacy activist Max Schrems, is the latest to …

Facebook bid on Monday to block referral of a landmark privacy case to Europe’s top court by requesting a last-ditch appeal, seeking to avoid a potential ban on the legal instrument it uses to transfer users’ data to the United States.

The case, taken in Ireland by privacy activist Max Schrems, is the latest to question whether methods used by technology firms such as Google and Apple to transfer data outside the 28-nation European Union give EU consumers sufficient protection from US surveillance.

A ruling by the European Court of Justice (ECJ) against the legal arrangements could cause major headaches for thousands of firms, which make millions of these transfers every day.

The Irish High Court this month ordered the case to be referred to the EU’s top court to assess whether the methods used for data transfers — including standard contractual clauses and the Privacy Shield agreement — were legal.

A Facebook lawyer asked for the referral to be delayed to allow Ireland’s Supreme Court to decide if it would accept an appeal. Facebook would seek an accelerated referral to the Supreme Court so that it would take days not months to decide on whether to allow an appeal, said lawyer Paul Gallagher.

Gallagher said one of the grounds for appeal was the question of whether the EU’s General Data Protection Regulation, to be implemented from May 25, would render the case moot or irrelevant.

A lawyer for Ireland’s Data Protection Commissioner, said there was no precedent in Ireland for such an appeal and said such a move would simply delay a question, which is of “huge urgency” for people across the EU.

“Millions of people’s data are being transferred and are potentially being adversely impacted by the lesser protections in the United States,” the lawyer, Michael Collins said.

Sean O’Sullivan, representing Schrems, said his client like millions of other Europeans, faced potential “continued unlawful processing of his data” if the Irish appeal was to go ahead.

The case was taken in Ireland, the location of Facebook’s headquarters for most of its markets outside the United States.

The judge earlier said the case raised well-founded concerns that there was an absence of an effective remedy in US law compatible with EU legal requirements. She did not indicate when a decision would be made on whether to allow a referral to the Supreme Court.

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

3 Mins Read

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

 Daily Newsletter

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

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Scores of structures removed in NDMC’s anti-encroachment drive

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

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Summary

Scores of illegal encroachments were today removed in North Delhi areas, including at the famous Khari Baoli market, in a driver by the North Delhi Municipal Corporation (NDMC).

Scores of illegal encroachments were today removed in North Delhi areas, including at the famous Khari Baoli market, in a driver by the North Delhi Municipal Corporation (NDMC).

The NDMC anti-encroachment squad assisted by police and administrative personnel removed several permanent encroachments at Kingsway camp.

“Encroachments of permanent nature measuring 2,000 square meter and temporary 1,800 square meteres, including illegal constructions at shops and buildings, was removed during the drive from Camp Chowk to Vijay Nagar,” a NDMC official said.

Seven vehicles including two trucks that were parked in a no parking zone were also lifted by the team.

The general department of the NDMC has collected Rs 62 lakh as fine by removing vehicles from September 2017 till April 30, the official said.

The team included officials and staff of the NDMC, the PWD, and the revenue and police departments.

Major encroachments were removal also in Khari Baoli, he said.

Twenty permanent structures in shape of encroachments spread over 1,500 square metres were removed from Peera Garhi, Udyog Nagar and Nangloi in the NDMC’s Rohini zone.

Last week, temporary encroachment measuring 800 square metre was removed from Mukarba chowk to SGTN.

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

3 Mins Read

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

 Daily Newsletter

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

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Will there be a Nobel Literature Prize this year? Stay tuned

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

 Listen to the Article (6 Minutes)

Summary

For the first time since 1943, there’s a notable risk that no Nobel Prize in literature will be awarded this year. And that’s not because the world’s authors, poets, essayists and other writers have been found wanting. The painful, though not unprecedented possibility arises from sex abuse and financial crimes scandals involving the Swedish Academy, …

For the first time since 1943, there’s a notable risk that no Nobel Prize in literature will be awarded this year.

And that’s not because the world’s authors, poets, essayists and other writers have been found wanting.

The painful, though not unprecedented possibility arises from sex abuse and financial crimes scandals involving the Swedish Academy, the body that chooses the Nobel literature winner.

The august academy has admitted that “unacceptable behaviour in the form of unwanted intimacy” took place within its ranks, but its handling of unseemly allegations has shredded the body’s credibility, called into question its judgement and forced its first female leader to resign.

A debate over how to face up to its flaws also divided its 18 members — who are appointed for life — into hostile camps and prompted seven members to leave or disassociate themselves from the secretive group. The latest defection, announced Saturday, has left the prestigious institution with only 11 people to deliberate who should win the 2018 Nobel Prize in literature
At its upcoming weekly meeting in Stockholm on Thursday, the Swedish Academy could decide to postpone or cancel awarding the prize in literature this year — because it’s in no shape to pick one.

Anders Olsson, the permanent secretary of the academy, hinted at that scenario in remarks to Swedish public broadcaster SR last week.

If the academy does go ahead and choose a winner for 2018, some experts say the laureate’s accomplishments could be tainted or overshadowed by a mess they had no hand in creating.

“It really depends on who gets it. That person needs to know what the academy has gone through and maybe respond to the crisis,” Mads Rosendahl Thomsen, a literature professor with Denmark’s Aarhus University, said.
The world’s most prestigious prizes in science, medicine, literature and peacemaking have been withheld 49 times in all since the honors based on the will of Swedish inventor Alfred Nobel began in 1901.

No Nobel prizes at all were awarded during the World War II years of 1940-42. The Nobel literature prize was not given out on seven occasions so far: 1914, 1918, 1935 and 1940-43.

In 1914, 1918 and 1943, neither the peace prize nor the literature prize was conferred, while the science and medicine prizes were presented. In 1935, no literature candidate was deemed worthy of a Nobel, but winners were chosen in the other fields.

Science and medicine Nobels have been awarded every year since 1942 but the Peace Prize was not given in 1972. The economics prize, which is not directly related to Nobel’s will, began in 1968 and has never not been awarded annually.

The Swedish Academy’s internal feud was triggered by a sex-abuse scandal linked to Jean-Claude Arnault, a major cultural figure in Sweden who is also the husband of poet Katarina Frostenson, an academy member.

Last fall, a leading Swedish newspaper published sexual misconduct claims from 18 women against Arnault, who runs a cultural center the academy used to help fund. The 71-year-old Arnault has denied the allegations, but police say they are investigating some of them.

Swedish daily newspaper Svenska Dagbladet first reported the multiple allegations against Arnault last year. In April, the newspaper published a story alleging that Arnault pawed Sweden’s Crown Princess Victoria 12 years ago, letting his hand slide from her neck to her rear. One of the princess’ aides quickly removed the hand, the paper said, citing three unnamed sources.
Arnault also has been suspected of violating century-old Nobel rules by leaking names of winners of the prestigious award — allegedly seven times, starting in 1996. It was not clear to whom the names were allegedly disclosed.
Some male academy members tried to force Frostenson out for her husband’s alleged misdeeds and announced they would not remain part of the group when the vote on their motion failed. For technical reasons, they can’t actually resign. Frostenson herself then withdrew on the same day the academy’s leader, professor and writer Sara Danius, was forced out.

An uproar ensued as observers noted that — despite the worldwide influence of the #MeToo movement — female members of the academy appeared to be paying the price for a man’s alleged misdeeds. The academy has since banned Arnault from Nobel events.

Mads Rosendahl Thomsen, a literature professor at Denmark’s Aarhus University, said “it could be sensible” for the academy to postpone the 2018 literature prize until the internal issues are resolved.

“Generally speaking, the academy is an institution that thrives on tradition and opacity,” he said. “It must be modern, but keep some mystique around it at the same time.”

The air of intrigue thickened Friday when the financial crimes unit of the Swedish police said it had launched a preliminary probe “connected with the Swedish Academy.” Police did not elaborate.

Swedish media reported that spouses Frostenson and Arnault are at the heart of the allegations, which focus on grant payments to Arnault’s cultural center. The Swedish Academy financed the operations of the Forum center from 2010 until late 2017, when the sex abuse allegations against Arnault surfaced.
The Nobel Foundation itself says the Nobel Prize in literature risks losing its dignity from the scandals.

Rebecca Lundberg, the culture news editor of Swedish broadcaster SVT, has likened the twists and turns to “a Greek drama.” She has called for a complete overhaul of how the academy, which was established in 1786, is being regulated.

“We won’t be able to appoint Nobel prize winners if there is no reinterpretation of the statutes,” Lundberg told SVT.

The academy’s patron, Sweden’s King Carl XVI Gustaf, has said work to allow members to resign has started. As the body’s rules now stand, members of the 18-seat board are not technically permitted to leave and it takes 12 people to vote in a new member.

“One can’t help thinking about the tensions that must have been inside the academy just by picking a winner — and the spectrum has been large in recent years,” Rosendahl Thomsen said, listing recipients such as Belarusian journalist Svetlana Alexievich in 2015 and the singer-songwriter Bob Dylan in 2016. “One has to wonder what the atmosphere has been.”

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

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

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

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today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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McDonald’s serves up quarterly beat on higher global sales, US spending

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

 Listen to the Article (6 Minutes)

Summary

McDonald’s Corp blew past analysts’ forecasts for profit and sales on Monday, helped by strength in overseas markets and US consumers on average spending more in its restaurants.

McDonald’s Corp blew past analysts’ forecasts for profit and sales on Monday, helped by strength in overseas markets and US consumers on average spending more in its restaurants.

Shares in the world’s biggest fast food chain by revenue rose nearly 5% as global same-restaurant sales topped Wall Street forecasts, helped by strength in mature markets in the United Kingdom and Germany.

The stock was the top gainer on the Dow Jones Industrial Average.

The results underscore the success of Chief Executive Steve Easterbrook’s multi-year turnaround plan launched in 2015 to refresh McDonald’s menus, add more technology to stores and make outlets more welcoming for customers.

New changes also included adding more high-margin “gourmet” burgers which use fresher and more expensive ingredients and cost $6 or $7 a time, and new $1 to $3 value options.

McDonald’s and other fast food chains have been concentrating on drawing customers with cheap options as they battle for a bigger share of a pie that is not growing. Monday’s results, however, suggest that while that may be working, the average check value in its US restaurants is rising.

“The value price menu does bring people in, but people tend to spend more … people still want a number of key McDonald’s items like the Quarter Pounder and the Big Mac,” Tigress Financial Partners analyst Ivan Feinseth.

“(They) are still the biggest sellers.”

Same-restaurant sales in its most profitable market, the United States, rose by 2.9%, topping analysts expectations of 2.7%, according to Thomson Reuters I/B/E/S.

Global sales at stores open at least 13 months rose 5.5%, easily topping an average estimate of 3.94%. International markets were led by Germany and the United Kingdom, where sales rose despite severe weather conditions.

“(This) shows the power of the brand … globally the numbers were outstanding,” Peter Saleh, an analyst with brokerage BTIG, said. “The results were very impressive, actually more impressive than we initially had anticipated.”

Excluding items, the company earned $1.79 per share, beating the estimate of $1.67. Revenue fell 9% compared to a year ago, as the company sold more McDonald’s-owned outlets to franchises to cut costs.

Net income rose to $1.38 billion, or $1.72 per share, from $1.21 billion, or $1.47 per share, a year earlier.

Shares of the company were down 7.9% this year, underperforming Dow US Restaurants index, which is down just 0.7%.

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

3 Mins Read

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

 Daily Newsletter

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

Previous Article

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

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

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

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
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Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?