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Gujarat issues gazette notification for GIFT City liquor permits, sale

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

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Summary

As per the notification issued by the state home department on Saturday, a person visiting GIFT City may also obtain a temporary permit, which can be issued only for a day, and an employee holding a liquor access permit needs to accompany him in the designated wine-and-dine area.

Employees working in units in Gujarat International Finance Tec-City (GIFT City) may be eligible for a permit to access liquor, which can only be obtained from the designated wine-and-dine area within the facility, for two years, a gazette notification stated.

As per the notification issued by the state home department on Saturday, a person visiting GIFT City may also obtain a temporary permit, which can be issued only for a day, and an employee holding a liquor access permit needs to accompany him in the designated wine-and-dine area.

Visitors can avail fresh temporary permits as and when required, it stated. The government had last week announced lifting the ban on liquor in GIFT City to provide a “global business ecosystem” there. Under the new system, existing and upcoming hotels, restaurants, and clubs in the GIFT City area will be given permits for wine-and-dine facilities.

“The recommending officer shall prepare a list of employee(s) desiring to obtain liquor access permit and shall send the same to the authorised officer. The authorised officer shall issue liquor access permit cards based on the approved list of employees and send the same to the recommending officer,” the notification said. The permit holder must have attained the age of 21 years, and the permit shall be issued for two years and can be renewed for two years at a time, it said.

The permit will cost Rs 1,000 per annum and if a person ceases to be an employee of the company/organisation/unit at GIFT City, the permit will stand cancelled, it stated. A unit situated in GIFT City desiring to obtain a liquor licence will have to apply to the Superintendent of Prohibition and Excise, Gandhinagar, and the licence will be issued after due verification and decision of the GIFT facilitation committee, which is the final authority regarding interpretation of this order, it said.

After approval by the Committee, the Superintendent of Prohibition and Excise will issue the licence, and the unit will serve liquor for consumption “in the approved wine and dine facility area only,” the notification stated. The licence can be issued initially for a period of one to five years, and subsequently renewed up to five years at a time, it said.

The licence will cost Rs 1 lakh per annum and the security deposit will be Rs 2 lakh, it said. “The licensee can purchase liquor from any licence in the state or from outside the state as per Gujarat Foreign Liquor (Import and Export) Rules, 1965 and Bombay Foreign Liquor Rules, 1953,” the order stated, adding that the permit holder has to comply with the provisions of the Gujarat Prohibition Act, 1949.

Gujarat has a law in force that proscribes the manufacture, storage, sale, and consumption of alcoholic beverages. The law invites seven to 10 years jail term to a person found dealing in alcohol and the death penalty if the victim dies.

Also Read: Former NITI Aayog chairman Arvind Panagariya appointed as chairman of 16th FinCom

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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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Former NITI Aayog chairman Arvind Panagariya appointed as chairman of 16th FinCom

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

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The report of the 16th Finance Commission shall be made available by October 31, 2025 covering a period of five years commencing on April 1, 2026. 

Former Vice Chairman of NITI Aayog, Arvind Panagariya, was designated as the head of the 16th Finance Commission on Sunday. Meanwhile, Ritvik Ranjanam Pandey will hold the post of secretary to the commission.

The government stated that other members of the commission will be notified separately.

The chairman and other members of the 16th Finance Commission shall hold office from the date on which they respectively assume office up to the date of submission of report or October 31, 2025, whichever is earlier.

The report of the commission shall be made available by October 31, 2025, covering a period of five years commencing on April 1, 2026. 

Earlier this month, the Finance Secretary TV Somanathan elaborated on the states’ feedback, indicating that the consensus was that the Commission itself would provide the necessary discipline rather than an exhaustive set of Terms of Reference (ToR). 

Somanathan stressed that delving excessively into defining the Commission’s functions in detail was unnecessary.

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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Malaysia: McDonald’s sues Israel boycott movement for $1 million in damages

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

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Malaysia is a staunch supporter of the Palestinians, and some Western fast-food brands in the country, as in some other Muslim nations, have been targeted by boycott campaigns over Israel’s military offensive in Gaza, as per Reuters.

McDonald’s Malaysia has sued a movement promoting boycotts against Israel for “false and defamatory statements” that it says hurt its business, seeking damages amounting to 6 million ringgit ($1.31 million).

Malaysia, a majority-Muslim country, is a staunch supporter of the Palestinians, and some Western fast-food brands in the country, as in some other Muslim nations, have been targeted by boycott campaigns over Israel’s military offensive in Gaza.

Gerbang Alaf Restaurants Sdn Bhd (GAR), which is the licencee of McDonald’s in Malaysia, is suing the Boycott, Divestment and Sanctions (BDS) Malaysia movement for a series of social media postings allegedly linking the fast-food franchise, among other companies, to Israel’s “genocidal war against Palestinians in Gaza“.

According to a writ of summons dated December 19 sighted by Reuters, Gerbang Alaf Restaurants alleged that BDS Malaysia incited the public to boycott McDonald’s Malaysia, which led to a loss of profit and job cuts, among other damages, due to closures and shortened operating hours of its outlets.

McDonald’s Malaysia confirmed it filed the suit against BDS Malaysia to protect its “rights and interests”, it said in a statement on Friday.

In response, BDS Malaysia said it “categorically denies” defaming the fast-food company and would leave the matter to the court.

The BDS movement aims to end international support for Israel’s “oppression of Palestinians” and pressure Israel to comply with international law.

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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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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US appeals court allows ban on guns in most public places in California

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

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Summary

The 9th US Circuit Court of Appeals suspended a December 20 injunction issued by a judge who concluded the California state’s law violated the right of citizens to keep and bear arms under the US Constitution’s Second Amendment, as per Reuters.

A federal appeals court on Saturday cleared the way for a California law that bans the carrying of guns in most public places to take effect at the start of 2024, as the panel put on hold a judge’s ruling declaring the measure unconstitutional.

The 9th US Circuit Court of Appeals suspended a Dec 20 injunction issued by a judge who concluded the Democratic-led state’s law violated the right of citizens to keep and bear arms under the US Constitution’s Second Amendment.

The three-judge panel issued an administrative stay that temporarily put the injunction on hold until a different 9th Circuit panel could consider pausing the lower-court judge’s order for even longer while the litigation plays out.

“This ruling will allow California’s common-sense gun laws to remain in place while we appeal the district court’s dangerous ruling,” California Governor Gavin Newsom, a Democrat, said in a statement.

The measure, which is set to take effect on Monday after Newsom signed it into law in September, was enacted after a landmark ruling in June 2022 by the conservative-majority US Supreme Court that expanded gun rights nationwide.

The Supreme Court in that case struck down New York‘s strict gun permit regime and declared for the first time that the right to keep and bear arms under the Second Amendment protects a person’s right to carry a handgun in public for self-defense.

The ruling, New York State Rifle & Pistol Association v Bruen, also set out a new test to assess the constitutionality of gun laws by holding they must be “consistent with the nation’s historical tradition of firearm regulation.”

California, which has some of the strictest gun control laws in the United States, was among a group of states with similar laws as New York, and following the US Supreme Court’s decision moved to revamp its firearms regulations.

Under California’s new law, people could not carry concealed guns in 26 categories of “sensitive places” including hospitals, playgrounds, stadiums, zoos and places of worship, regardless of whether they had permits to carry concealed weapons.

The law, Senate Bill 2, also barred people from having concealed guns at privately owned commercial establishments that are open to the public, unless the business’s operator posts a sign allowing license holders to carry guns on their property.

A group of concealed carry permit holders and gun rights groups including the Firearms Policy Coalition, Second Amendment Foundation and Gun Owners of America sued, arguing the new law was unconstitutional.

US District Judge Cormac Carney, an appointee of Republican former President George W Bush, on December 20 agreed and blocked the law pending the outcome of the case.

The law “turns nearly every public place in California into a ‘sensitive place,’ effectively abolishing the Second Amendment rights of law-abiding and exceptionally qualified citizens to be armed and to defend themselves in public,” Carney wrote.

California Attorney General Rob Bonta quickly asked the 9th Circuit to put that injunction on hold pending an appeal, saying that leaving the law blocked would mean that “tens of millions of Californians will face a heightened risk of gun violence.”

The Firearms Policy Coalition said in a post on X that unless the 9th Circuit acted again before Monday and lifted the stay, all of the law would take effect. It said a ruling could “come in a few hours, days, or even weeks.”

Similar laws adopted by other states have faced litigation as well. A federal appeals court on December 8 ruled that New York state could bar gun owners from carrying weapons in many “sensitive locations” including parks, zoos, bars and theaters.

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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Indian Navy says it has enhanced maritime surveillance efforts in north and central Arabian Sea

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

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Summary

The Indian Navy said task groups, comprising destroyers and frigates, have been deployed to undertake maritime security operations and render assistance to merchant vessels in case of any incident.

The Indian Navy on Sunday said it has substantially enhanced maritime surveillance efforts in north and central Arabian Sea , in the backdrop of recent maritime security incidents on merchant vessels.

The Indian Navy said task groups, comprising destroyers and frigates, have been deployed to undertake maritime security operations and render assistance to merchant vessels in case of any incident.

“Aerial surveillance by long-range maritime patrol aircraft and RPAs has been enhanced to have a complete maritime domain awareness. Towards effective surveillance of EEZ, Indian Navy is operating in close coordination with Coast Guard,” the Indian Navy said.

Merchant vessels transitioning trhough the international shipping lanes in the Red Sea, Gulf of Adan and Central/North Aranbian Sea have witnessed martiime security incidents in the recent past. “The piracy incident on MV Ruen, approximately 700 nautical miles from the Indian coast and the recent drone attack on MV Chem Pluto, approximately 220 nautical miles South West of Porbandar, indicates a shift in maritime incidents closer to the Indian EEZ,” it said.

The Indian Navy said it was closely monitoring the overall situation, in coordination with the national maritime agencies.

The US claimed that the strike on MV Chem Pluto was fired from Iran, however, Tehran has denied the accusations. In a conversation with CNBC-TV18, former ambassador KC Singh said there is no possibility of Iran directly sending a drone to attack an Indian ship.

Meanwhile, the Houthis have suggested that they will attack any vessel linked to Israel or carrying something to Israel that conflicts with Hamas.

The Rea Sea is the entry point for ships using the Suez Canal, which handles about 12% of worldwide trade and is vital for the movement of goods between Asia and Europe. Houthi attacks have seen some ships rerouted around Africa’s Cape of Good Hope, substantially increasing sailing time and costs.

Also Read: Red Sea crisis dampens fuel price cut prospects; observers stress sub-$75 crude importance

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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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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Social Development Sector in 2023 — an year of contrasts

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

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Summary

While India has lagged behind developed farming nations in the technology domain, recent years have witnessed a remarkable surge in the agtech landscape. From a modest count of less than 50 startups and social enterprises, the sector has blossomed to encompass over 1,000 entities in the last few years, observes Tamali Kundu, Integrator at PRADAN.

As the calendar year approaches its end, it is time to reflect on the path of progress woven across India’s social landscape. 2023, particularly, has been a year of contrasts, marked by both triumphs and tribulations for the social development sector, especially in rural India. Almost 70% of the households rely on agriculture, the fields emerged as India’s economic nucleus.

While the narrative around rural India often paints a picture of stark deprivation, the reality is more nuanced. As per latest reports, poverty reduction in rural areas outpaced urban counterparts, dropping to around 19.2% in the last two years, marking significant progress in rural development.

On one hand, government schemes like Jal Jeevan Mission have delivered clean tap water to around 19.24 crore rural households in 2023; on the other hand, agricultural developments like regenerative farming have immensely helped improving soil quality. Rural markets, constituting around 35% of the FMCG industry, exhibited a positive consumption this year. 

Women at the forefront — strides and stumbles

As per reports, women make up 33% of the agricultural labour force and constitute 48% of self-employed farmers, and there exists a significant need to uplift this societal segment, granting them due respect and fostering a sense of empowerment.  Access to financial resources and technological advancements remains a significant challenge for women engaged in agriculture, greatly impacting their farming pursuits.

Customised financial services and the promotion of suitable technologies for women, have the potential to revolutionise this landscape, significantly boosting productivity and lessening the workload for women. 

However, over the last two years, many economic empowerment programs for women have been taken up which have presented entrepreneurial opportunities, facilitating the establishment and sustenance of small businesses. Many digital literacy drives have also been undertaken empowering women to access information and markets, chipping away at traditional barriers; and allowing them to leverage innovations for improved agricultural practices, resource management, and market access to adapt to changing agricultural landscapes.

We can work towards bridging the existing gaps and preventing the creation of new divides, fostering inclusivity and empowering rural women to thrive in these evolving sectors.

Educational initiatives have been pivotal, with NGOs working tirelessly towards gender integration with the support of government programs. Initiatives like the ‘Innovation and Agri-Entrepreneurship Development’ program have bolstered 173 women-led start-ups and social enterprises, ever since census.

Tech integration in agriculture 

At the heart of India’s journey toward agricultural excellence lies the realm of agricultural technology, known as Agtech. While India has lagged behind developed farming nations in this domain, recent years have witnessed a remarkable surge in the agtech landscape. From a modest count of less than 50 startups and social enterprises, the sector has blossomed to encompass over 1,000 entities in the last few years.

This growth has been spurred by heightened awareness amongst farmers, expanding reach of the internet in rural India, and a pressing demand for heightened efficiency within the agriculture sector. Furthermore, India’s regulatory framework is progressively adapting to increase the expansion of digital technologies specifically tailored for agriculture. 

The momentum of agtech in India is accelerating, encompassing not only established companies leveraging digital technologies like ‘Super apps’ but also the pioneering strides made by startups, known as ‘Agri-Fintechs. This ecosystem which is fast developing, has the potential to increase Indian farmers’ income by 25-30% in the years to come.

NGOs, CSOs and governments need to work in collaboration to integrate digital into agriculture, to reduce input costs, enhance productivity and price realisation, introduce cheaper credit and create alternative incomes for the agricultural ecosystem. 

Looking ahead — a call for collective action

Overall, 2023 has been a year of rural crossroads, marked by progress and challenges. It has been a year that demands introspection, collaboration, and unwavering commitment to build a vibrant rural India. As we are at the onset of 2024, the rural development narrative demands a collective response.

Government, civil society, and communities must join hands to address the unfinished agenda. Increased budgetary allocation for rural development, coupled with evidence-based policymaking, strengthening of rural infrastructure, including healthcare and sanitation is crucial. Also, technology must be harnessed effectively, ensuring digital literacy and bridging the digital divide.  Generative AI holds the potential to amplify digital tool adoption amongst rural farmers, which should be the next stop in the social development journey of the rural sector in India.

 

The author, Tamali Kundu, is an Integrator at PRADAN -Professional Assistance for Development Action.  The views expressed are personal. 

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

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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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Swiss bonuses should be tied to bank performance, says watchdog

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

 Listen to the Article (6 Minutes)

Summary

Marlene Amstad, president of the Swiss Financial Markets Authority, would like the agency to have a say in banks’ remuneration models, she said in an interview with Schweiz am Wochenende.

Switzerland’s financial watchdog wants to make bankers’ bonus payments more dependent on the business performance and long-term risk-bearing capacity of their employers.

Marlene Amstad, president of the Swiss Financial Markets Authority, would like the agency to have a say in banks’ remuneration models, she said in an interview with Schweiz am Wochenende.

“The Credit Suisse case shows that for decades the bank had incurred losses and at the same time, paid out high bonuses,” she said. “We therefore need a better legal basis so that Finma can intervene earlier and more systematically.”

Finma in 2022 made a request to the State Secretariat for International Financial Matters, asking that hurdles to withdrawing the guarantee from a banker or person in charge be removed. Before a breach of supervisory law occurs, the bank must record in writing who is responsible for which area.

“This not only reduces the time and effort required to provide evidence to hold bosses responsible after an accident, but also has a preventative effect,” Amstad said. She also said the regulatory body should communicate more aggressively and earlier in the future.

Also Read: China removes nine military officials, exposes weakness

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

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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

India brimming with self-confidence, imbued with spirit of self-reliance: PM Modi

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

 Listen to the Article (6 Minutes)

Summary

In the 108th episode of Mann Ki Baat radio broadcast, Prime Minister Modi also emphasised on physical and mental health and highlighted several unique efforts for ‘Fit India’.

Prime Minister Narendra Modi on Sunday said the country is imbued with the spirit of ‘Viksit Bharat’ and self-reliance, and asserted that this spirit and momentum has to be maintained in 2024 as well.

In the 108th episode of Mann Ki Baat radio broadcast, Prime Minister Modi also emphasised on physical and mental health and highlighted several unique efforts for ‘Fit India’.

During the broadcast, Isha Foundation founder Sadhguru, Indian Women’s Cricket Team Captain Harmanpreet Kaur, chess legend Vishwanathan Anand and actor Akshay Kumar shared their fitness tips.

In his remarks, Modi said India is brimming with self-confidence and is imbued with the spirit of ‘Viksit Bharat (developed India)’ and self-reliance.

“We have to maintain the same spirit and momentum in 2024 as well,” Modi said.

He also said that India becoming an ‘innovation hub’ symbolises the fact that “we are not going to stop”.

India, he said, accomplished many special achievements this year, including the passage of the women’s reservation bill.

The prime minister also said that the entire country is enthused about the Ram temple in Ayodhya and people are expressing feelings in different ways.

“You must have seen that in the last few days new songs and bhajans have been composed on Shri Ram and Ayodhya. Many people are writing new poems as well.

“I have also shared some bhajans and songs on my social media. It seems that the world of art is becoming a participant in this historic moment in its unique style,” he said.

“A thought comes to my mind that should we share all such creations with a common hashtag? I request you to share your creations on social media with #SHRIRAMBHAJAN,” Modi said.

Also Read: 2024 Indian Space Odyssey: 7 ambitious ISRO missions set to blast off

.

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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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
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10 Questions · 5 Minutes
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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?

 5 Minutes Read

2024 Indian Space Odyssey: 7 ambitious ISRO missions set to blast off

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

 Listen to the Article (6 Minutes)

Summary

In 2024, India’s space odyssey reaches new heights as the Indian Space Research Organisation (ISRO) unveils a compelling lineup of 12 groundbreaking missions. From probing the mysteries of cosmic X-rays to launching India’s first X-Ray Polarimeter Satellite, ISRO’s ventures promise to redefine our understanding of Earth, explore the depths of space, and set the stage for unprecedented human spaceflight. Join us as we delve into the cosmic wonders and technological marvels that await on ISRO’s ambitious journey into the cosmos.

ISRO’s success with the Chandrayaan 3 mission and the launch of India’s first solar observation mission, Aditya L1, in the past year sets the stage for another adventurous year ahead. As the organisation embarks on a series of space exploration missions in 2024, India’s understanding of outer space is poised to reach new heights, fueled by innovation, collaboration, and a commitment to pushing the boundaries of space capabilities.

PSLV-C58 with XPoSat

India kicks off 2024 with a spectacular launch on January 1, as the Polar Satellite Launch Vehicle (PSLV-C58) carries XPoSat, the country’s first X-Ray Polarimeter Satellite. This scientific mission, lifting off at 9:10 am, is set to investigate the polarisation of intense X-ray sources, placing India at the forefront of space-based polarimetry. XPoSat will study 50 of the brightest known sources in the universe, unraveling the secrets of pulsars, black hole X-ray binaries, and more.

NISAR

Scheduled for launch in January 2024, the NASA-ISRO Synthetic Aperture Radar (NISAR) represents a groundbreaking collaboration between NASA and ISRO. This dual-frequency synthetic aperture radar satellite will revolutionise remote sensing, mapping the globe every 12 days. The data it gathers will offer invaluable insights into Earth’s ecosystems, ice mass, vegetation biomass, sea level rise, groundwater, and natural hazards, including earthquakes, tsunamis, volcanoes, and landslides.

INSAT-3DS

Set for a prospective launch in January 2024, the INSAT-3DS is a crucial communication satellite within the Indian National Satellite System (INSAT) series. Its primary mission is to monitor weather systems, facilitate disaster management, and improve meteorological forecasts. Carried out by GSLV-MK-II, this satellite is poised to enhance India’s capabilities in weather monitoring and emergency response.

Gaganyaan 1

In a collaborative effort between ISRO and Hindustan Aeronautics Ltd (HAL), the Gaganyaan 1 mission is set to launch in January or February 2024. This test flight, accommodating three crew members, marks a pivotal step toward India’s Human Spaceflight Programme. The mission aims to prepare for future manned space exploration, positioning India as a key player in human spaceflight endeavors.

Mangalyaan-2 (MOM 2)

Mangalyaan-2, or Mars Orbiter Mission 2 (MOM 2), is ISRO’s ambitious sequel to its successful Mars mission. This mission, aimed at studying the surface, atmosphere, and climatic conditions of Mars, will equip the orbiter spacecraft with advanced scientific instruments, including a hyperspectral camera, magnetometer, and radar. MOM 2 is a testament to India’s expanding prowess in planetary exploration.

X-ray Polarimeter Satellite

Launching in 2024, the X-ray Polarimeter Satellite is designed to investigate the polarisation of cosmic X-rays. Operational for a minimum of five years, it will observe pulsars, black hole X-ray binaries, active galactic nuclei, and non-thermal supernova remnants. This mission will provide crucial insights into the physics of celestial objects, contributing to a deeper understanding of the universe.

Shukrayaan-1

Under the Venus Orbiter Mission, ISRO plans to launch Shukrayaan-1, a spacecraft destined to orbit Venus for five years. This ambitious mission, scheduled for December 2024 or 2025, aims to study the atmosphere of Venus, marking India’s first foray into exploring the mysteries of the second planet from the Sun.

As of November 2023, 523 startups and companies have engaged with IN-SPACe, ISRO’s commercial arm, with 297 seeking support for R&D and testing. The surge in private participation follows the government’s decision to open up the space sector, ushering in a new era of innovation and collaboration. This collaboration between public and private entities is propelling India’s space exploration capabilities to new heights.

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
Quiz
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10 Questions · 5 Minutes
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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?

 5 Minutes Read

China removes nine military officials, exposes weakness

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

 Listen to the Article (6 Minutes)

Summary

The nine PLA generals removed from the legislature hailed from several military divisions; three were former commanders or vice commanders of the PLA Rocket Force, one a former Air Force chief and one a Navy commander responsible for the South China Sea. Four officers were responsible for equipment, as per Reuters.

A sweeping purge of Chinese generals has weakened the People’s Liberation Army, exposing deep-rooted corruption that could take more time to fix and slow Chinese leader Xi Jinping’s military modernization drive amid geopolitical tensions, analysts say.

China’s top lawmakers ousted nine senior military officers from the national legislative body on Friday, state media reported, a step that typically precedes further punishment for wayward cadres. Many of these were from the Rocket Force – a key arm of the PLA overseeing tactical and nuclear missiles.

The purges are a setback for Xi who has pumped billions into buying and developing equipment as part of his modernising efforts to build a “world-class” military by 2050, with Beijing’s outsized defence budget growing at a faster pace than the economy for some years.

The recent downfall of generals and military equipment suppliers, however, has punctured some of this aura, and raised questions over whether there has been adequate oversight over these massive military investments as China vies with the United States in key areas, including Taiwan and the South China Sea.

Since Xi took power in 2012, he has embarked on a wide-ranging anti-corruption crackdown among Communist Party and government officials, with the PLA being one of its main targets.

The nine PLA generals removed from the legislature hailed from several military divisions; three were former commanders or vice commanders of the PLA Rocket Force; one a former Air Force chief and one a Navy commander responsible for the South China Sea. Four officers were responsible for equipment.

“It is a clear sign that they are being purged,” said Andrew Scobell, Distinguished Fellow for China at the United States Institute for Peace.

‘More heads will roll’

Beijing did not explain why the generals were removed. Some analysts say the evidence points towards corruption over equipment procurement by the PLA Rocket Force.

“More heads will roll. The purge that centred around the Rocket Force is not over,” said Alfred Wu, associate professor, Lee Kuan Yew School of Public Policy in Singapore.

Wei Fenghe, a former defence minister who used to head the Rocket Force, has also vanished. When asked about his whereabouts, a defence ministry spokesman said in August that the military has zero tolerance for corruption.

His successor, Li Shangfu, was abruptly removed as defence minister in October without explanation after also disappearing for months. He had previously headed the equipment department. One of his then deputies was removed from parliament on Friday.

On the same day, Dong Jun, a Chinese ex-Navy chief, with a South China Sea background, was named Li’s replacement as defence minister.

Analysts say that while the Chinese military has long been known for corruption, the extent of the latest crackdown and the involvement of the PLA’s Rocket Force is shocking.

“This part of the PLA would have the most rigorous vetting process for senior officers, given the importance of having highly trusted men in charge of China’s nuclear weapons,” said Dennis Wilder, senior fellow for the Initiative for US-China Dialogue on Global Issues at Georgetown University.

“Moreover, it seems to have involved several senior men rather than one ‘bad apple’.”

Analysts say the purge of senior military leaders could leave the Rocket Force temporarily weakened until Xi manages to put the house in order.

“The strategic nuclear force is what China relies on as the bottom line of its national security, and the last resort on Taiwan,” said Yun Sun, Director of the China Program at the Stimson Center, a Washington DC-based thinktank.

“It will take some time for China to clean up the mess and restore confidence in the Rocket Force’s competence and trustworthiness. It means for the time being, China is at a weaker spot.”

Sun described Xi’s campaign to stamp out military corruption as a Sisyphean task “that can never be completed”.

Fight and win battles?

In the longer run, analysts expect the chronic problem of corruption to persist in the Chinese military because some root causes – including low pay for officers and opacity in military expenditure – have not been addressed.

Chen Daoyin, formerly an associate professor at Shanghai University of Political Science and Law, said that the ongoing crackdown might dissuade Xi from risking serious clashes with other militaries in the next 5-10 years.

“Before realising how rampant corruption was, he drank his Kool-Aid and thought the military can really ‘fight and win battles’ as expected by him,” said Chen, who is now a political commentator based in Chile.

“But how can the generals’ hearts be in fighting, if they are just busy lining their own pockets? Xi now knows that their proclamations of loyalty to the party and to the military ring hollow. I imagine this would zap his confidence somewhat.”

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?