Infosys to acquire WongDoody for up to $75 million

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

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

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

Fraud fallout: PNB tightens norms, to separate loan appraisal and monitoring teams

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

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To avert any future fraud, the 124-year-old state-run lender Punjab National Bank said it has strengthened internal audit controls by having separate “pre-sanction appraisal and post sanction monitoring” teams for credit disbursal.

Besides, the lending major told IANS that it will look on a quarterly basis on whatever internal accruals can be generated — through recovery, more efficient risk management, more business generation and more cross selling.

“We have strengthened our process of underwriting of credit to wean out any possibility of fraudulent behaviour and ensure a fair evaluation,” a senior official of the bank told IANS on the sidelines of PNB’s 124th Foundation Day held on April 12.

“The process has been divided into four components with different employees focused on — sourcing appraisal, processing and underwriting documentation and disbursement recovery.”

These new developments are part of the bank’s “Mission Parivartan” under which an independent think-tank has been set-up within the company to provide “both directional and policy inputs”.

Recently, the bank has faced a multi-billion fraud related to the Nirav Modi and Gitanjali Diamonds group.

According to the bank, its Board has also approved revamping of the process and given higher weightage to the off-site monitoring mechanism.

“The analysis from the off-site monitoring mechanism will reduce dependence on physical inspection and audit to identify risks and the detachment between the front office and off-line monitoring system will drive greater transparency in reporting,” the senior official said.

In addition, the state-run lender has decided to deploy Artificial Intelligence (AI) for reconciliation of accounts for technology interventions to counter the repeat of recent fraud.

On the problem of non-performing assets (NPAs), the bank has decided to form a separate “vertical to deal with its stressed assets”.

In terms of new products and services, the state-run bank on its foundation day informed about several new initiatives such as “pre-approved credit card”, which are issued on a customer request through SMS and PNB’s UPI partnership with the “Walnut App”.

“In the next 100 years, I believe that PNB has an opportunity to reach even more people especially those without financial access and continue to empower MSMEs and countless businesses to realise their true potential,” said Sunil Mehta, MD & CEO, Punjab National Bank.

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

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

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

Infosys decides to sell Panaya, Kallidus and Skava

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

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Infosys on Friday said it has decided to sell its subsidiary Panaya — the Israeli firm whose acquisition became a contentious issue between the founders and the erstwhile management led by Vishal Sikka.

The Bengaluru-based firm is also looking at offloading its other subsidiaries Kallidus and Skava.

“In the quarter ended March 31, 2018, on conclusion of a strategic review of its portfolio of businesses, the company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as ‘Skava’) and Panaya (collectively referred to as ‘disposal group’),” Infosys said in a regulatory filing.

ALSO READ: Infosys posts Q4 net profit of Rs 3,690 crore; meets expectations

The company expects the sale to be completed by March 2019.
“Accordingly, assets amounting to Rs 2,060 crore (USD 316 million) and liabilities amounting to Rs 324 crore (USD 50 million) in respect of the disposal group have been reclassified and presented as ‘held for sale’,” Infosys said.
Infosys said upon reclassification, an impairment loss of Rs 118 crore (USD 18 million) in respect of Panaya has been recognised in the consolidated profit and loss for the quarter and year ended March 31, 2018.

The corresponding write-down in the investment value of Panaya in the standalone financial statements of Infosys is Rs 589 crore (USD 90 million), it added.

A whistleblower report last year alleged wrongdoings by Infosys and some officials in the $200 million acquisition of Israeli automation technology firm Panaya.

An internal audit committee set up by Infosys found no evidence supporting the whistleblower’s allegations.

However, Infosys founder N R Narayana Murthy had demanded that the full report by Gibson, Dunn and Crutcher on these whistleblower allegations be made public.

Later in October, the Infosys board — under its new chairman Nandan Nilekani — gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

It had also said that after a “careful re-consideration” it has concluded that putting out more details of the probe would “inhibit the company’s ability to conduct effective investigations into any matter in the future”.

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

Taxman to plug gaps in rules to make fleeing millionaires pay up

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

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The finance ministry is preparing to amend the Income Tax Act and plug the loopholes in tax treaties with other countries, as it looks to clamp down on tax evasion by High Net Worth Individuals (HNIs) exiting the country to settle abroad, especially in tax havens.

A five-member working group is likely to submit the first set of recommendations by the end of April, sources in the Central Board of Direct Taxes told CNBC-TV18.

CBDT, the central government’s supreme body for direct taxes, created the group on April 5 to assess the risk on tax collections due to a rush of HNIs leaving the country for good.

The group was tasked to come up with recommendations to ensure that migrating affluent Indians — who it suspects of ducking taxes — pay up.

A Morgan Stanley report in March 2018 revealed that 4,000 millionaires left Indian shores in 2016 and another 7,000 millionaires in 2017. According to Ruchir Sharma, head of Emerging Markets and Global Macro at Morgan Stanley Investment Management, this is a global record. Some 23,000 millionaires have left the country since 2014, he said.

In an internal note, CBDT had acknowledged that the trend of a growing number of HNIs migrating to other countries poses a substantial tax risk. “The working believes that HNIs are abusing various bilateral and multi-lateral tax treaties to hide income,” one of the persons familiar with the matter said, asking not to be named.

The working group will make recommendations for changes in Place of Effective Management (POEM) norms to determine the roots of foreign companies. It will also prepare a list of HNIs who became NRIs in the past five years.

“HNIS on migration declare only their Indian sourced income for tax purposes and do not declare their global income, which helps them evade taxes. Apart from this, upon migrating or becoming NRIs, HNIs do not come under the purview of the draconian Blackmoney Act,” said Amit Maheshwari, partner at Ashok Maheshwary & Associates LLP.

Tax authorities said the superrich Indians departing the country settle for tax havens such as the UAE, Singapore and Mauritius, among others. “CBDT in addition shall speak to tax authorities in which have seen maximum number of migration of HNIs in the past,” said the person quoted above.

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

As elections approach, oil marketing companies face the heat

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

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Consumers were alarmed last week as petrol and diesel prices soared to record highs. Oil marketing Companies (OMCs) such as HPCL, BPCL and IOCL have steadily increased the price of auto fuels after the Gujarat elections, boosting their marketing margins to historic highs. They earned margins of Rs 3.2 a litre on petrol and Rs 3.4 a litre on diesel in the fourth quarter ended March compared with an average of Rs 2-2.5 a litre in FY17.

While rising crude oil prices – at $72 a barrel, they have climbed to four-year highs – are already queering the pitch for OMCs, new reports suggested that the government might ask these companies to absorb the increase in petrol and diesel prices by Rs 1 a litre (oil minister Dharmesh Pradhan clarified later that no such direction has been given).

Oil’s Not Well

But the news reports trickled in right after the finance secretary told CNBC-TV18 that the government is not looking at cutting excise duties on fuel.

Given that this happens to be an election year, the government’s intent was par for the course. As the government does not want to tinker with its fiscal deficit targets, OMCs might have to bear the brunt.

The share prices of these companies took a sharp knock. HPCL, BPCL, IOCL all declined by about 6-7% each on Wednesday.

But what if oil companies have to actually absorb a spike in fuel prices? Would it then be prudent to invest in these stocks around elections?

Several brokerages have taken note of the possible move. According to CLSA, the oil subsidy bill for 2018-19 is inadequate. It said this clearly raises fears of companies being forced to bear the subsidy burden.

In a note on April 2, analysts from Jefferies said unmet under-recoveries will be a reality in FY19E. In their view, as profit before tax (and before subsidies) for OMCs has exceeded that of upstream companies since 2015-16, the unmet under-recoveries might be shared equally between them.

Assuming under-recoveries will be divvied up equally between upstream and downstream companies, the brokerage said for every Rs 10,000 crore of unmet under-recovery, the consolidated earnings per share, or EPS, will be squeezed.

Jefferies estimated that every Rs 0.10 a litre change impacts HPCL’s standalone EPS that is at Rs 31.7 by 3.7%. For BPCL and IOC, the impact is 2.9% and 2% respectively for the same change.

Antique, for its part, estimated a higher impact on profits. In its report, the brokerage said for every $1 a barrel increase in crude oil prices, retail selling price of crude and oil should be revised by Rs 0.5 a litre. It quantified the amount of profits that could get impacted if OMCs are asked to absorb the Rs 1 price uptick.

However, they say that they expected the normalisation of marketing margins on auto fuels and this would bring the margins to the historical levels of Rs 2-2.5 per litre.

Motilal says that OMCs were already making marketing margins higher than the historical levels and this move would normalise the margins to previous levels. The analysts do not expect it to impact the companies so much (based on their estimates). Additionally, they said that spiking of crude prices will cool down in coming days as it is only because of temporary geopolitical tensions.

Sonal Bhutra is a research analyst with CNBC-TV18 who tracks sectors as diverse as oil  and real estate

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

What are cryptocurrencies?

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

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Cryptocurrencies are digital or virtual currencies that can be used as a medium of exchange and are trying to fit into the traditional currency space.

As of today, cryptocurrencies are bought using legal tender and the value of one unit depends on the rise or fall in demand for the particular cryptocurrency.

Let’s take Bitcoin for example

Bitcoin, the world’s biggest and best-known cryptocurrency, has seen its share of booms and troughs in its valuation.

Bitcoin comes under the umbrella of cryptocurrencies. Litecoin, Ripple, Dash, among others, are also other examples of this form of digital currencies.

In two months Bitcoin saw a slump and rise, just like any other volatile market. The cryptocurrency in March was trading at nearly $8,200 per unit after touching its near four-month lows of $7,676. The entire cryptocurrency market was seen losing sheen and has lost over $60 billion in value in just one day, CNBC reported.

One of the key factors for this is due to the banning of the currency in various countries. Search giant Google, following Facebook’s suit, said that are planning to ban advertisements related to cryptocurrencies, which led the market dip.

Now, after the slump, the prices jumped on Thursday, led by a surge in bitcoin to two-week highs, with people active in the market citing a squeeze on traders who have bet against prices, given a lack of obvious news to trigger the gains.

How are cryptocurrencies introduced in the market?

Cryptocurrencies are introduced into the market much like a stock market offering, and are called Initial Coin Offering (ICO).

If one buys cryptocurrency in exchange of legal tender money, the cryptocurrency unit can be used wherever it is accepted, and all transactions are done virtually.

Are cryptocurrencies and cashless transactions the same?

Cryptocurrencies and cashless transactions may seem similar in many ways. But there’s a catch. Even though cashless transactions are also synonymously termed as digital payments there is a clear difference between the two.

Cashless transactions are authorised and tracked by the user’s bank account, making it as good as a transaction by legal tender currency. The bank provides their customers debit and credit cards, internet and mobile banking facilities.

Some banks, such as IDBI, have also started providing their customers virtual cards instead of the plastic cards that are used today.

Digital wallets, such as PayTM, are also a legitimate means of payment in India,  as the user links their bank account to the wallet to make payments.

In the case of cryptocurrencies, one unit of the cryptocurrency will hold the value of the legal tender currency sum, as per the market tide.

This means the value of one unit of the digital currency can range from Re 1 to Rs 1,00,000 or even higher, depending on its market value.

For cashless transactions, the value remains the same as that of the legal tender, which is authorised by the government.

In terms of legality, digital currencies are illegal in India and South Korea, among other nations. The United States, on the other hand, is looking into the idea of proposing cryptocurrencies.

If cryptocurrencies are banned, will it pose a threat to payment gateways?

That said, it does not mean that if a country bans cryptocurrency, it won’t pose a threat to the cashless gateways. For instance, India’s central bank reiterated that cryptocurrencies will be deemed illegal in its April policy meet.

NS Nappinai, Cyber Law Advocate, told CNBC-TV18, the move can take into account the payment system, i.e., payment wallets and debit or credit systems and said that “all of it can be blocked.”

In Budget 2018, Arun Jaitley, Finance Minister, said the government is looking for ways to regulate the cryptocurrency market.

Nappinai said she wouldn’t call this a ban. However, it “will effectively close the doors for a lot of cryptocurrency exchanges or brokerage platforms.”

The US, however,  is considering to roll out the ICO of OilCoins in the first quarter of this year. This will be the world’s first compliant and legal tender cryptocurrency as it will be supported by verified oil reserves and the exchange, the price of one OilCoin will be backed and decided by the authorities. OilCoins will work like tokens, where each unit of the currency will represent the value of one oil barrel.

With a superpower economy such as the US taking the lead, it is likely that other countries will follow suit.

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

Unnao: CBI files three cases against the accused

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

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The Central Bureau of Investigation has registered three separate cases relating to certain incidents including alleged rape and violence in district Unnao district of Uttar Pradesh on a request from the state government, and further notification from the government of India.

The first case has been registered after taking over the investigation of case number 96 of 2018, earlier registered at Makhi police station in Unnao under section 363, 366, 376, 506 of the Indian Penal Code (IPC) and sections 3 and 4 of the Protection of Children from Sexual Offences (POSCO) Act.

The case was registered on a complaint against Shashi Singh and Kuldeep  Singh,  an  MLA, both residents of Makhi village.

The second case has been registered after taking over the investigation of case crime number 89 of 2018, earlier registered at Makhi police station under sections 323, 504 and 506 of the IPC and sections 3 and 25 of the Arms Act on a complaint  against Pappu alias  Surendra  Singh,  resident  of  Sarai  Thok village.

The third case has been registered after taking over the investigation of case crime number 90 of 2018, under sections 147, 323 and 504 of the IPC on a complaint against Vineet, Baua,  Shailu and Sonu, residents of Makhi distirct, and unknown others.

CBI is conducting thorough investigation including examining and interrogating the accused persons, the victims, relevant witnesses and others.

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

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

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

Infosys posts Q4 net profit of Rs 3,690 crore; meets expectations

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

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IT firm Infosys Ltd posted net profit of Rs 3,690 crore for the fourth quarter ended March 31, 2018, up 2.4% from the same period of last year.

The company’s revenue rose 5.6%, at Rs 18,083 crore meeting analyst expectations.

EBIT stood at Rs 4,472 crore versus the expectation of Rs 4,416 crore. The consolidated revenue came in at $2,805 million versus the expectation of $2,809 million. The company posted an the EBIT margin of 24.7%  versus CNBC-TV poll of 24.3%.

For constant currency guidance, the IT company gave a growth range between 6% and 8%.

The firm’s financial year 2018-19 revenue guidance is between 7% and 9% in dollar terms.

For the EBIT margin in the financial year 2018-19, the guidance is between 22% and 24%.

Salil Parekh, chief executive, said a strategic review was held with their clients in the presser post the results release.  “Clients have immense respect for Infosys,” he said.

The company said it is looking to sell its subsidiaries — Skava and Kallidus. Both of these were bought when Vishal Sikka was at the helm of the IT major.

It said that the sale is expected to be completed by March 2019.

The firm announced a dividend of Rs 20.50 per share. The company said that it continues to pay up to 70% of its free cash flows to shareholders. It said, “Board has identified up to $2 billion to be returned to shareholding as deemed fit.” The total dividend payout this year is 30% higher than last year, Infosys said.

The markets showed mixed signals for Infosys today. The stock on its opening showed a gain of more than 6% but as the minutes passed, it corrected itself and ended the day at just 0.58% up on the BSE Sensex.

The correction mode continued with the firm losing over a percent.  However, the stock jumped back up to be one to gain over a percent while approaching the second half of the trading hours.

The IT stocks pulled up the markets on Thursday with Infosys reaching its day’s high, by gaining more than 3%. All the IT stocks outperformed its previous quarter’s stock gains in the NSE 50-share Nifty in the January-March period.

Analysts were expecting the company’s growth in dollar revenues accelerating to 9- 9.5% year-on-year compared with 8% last quarter and are expecting for the company to post a dollar revenue growth of 2% in the March quarter, with the EBIT margins being maintained sequentially.

It was expected that the firm will post a growth in constant currency at 6 -8%, marginally lower than the Nasscom forecast of 7-9% for the financial year.

In the past six years, Infosys has managed to match its guidance only once.

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 heads for biggest weekly gain since July

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

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Oil prices edged higher on Friday, heading for their largest weekly gain since July after US President Trump’s comments about possible military action in Syria and reports of dwindling global oil stocks.

Brent crude rose by 44 cents to $72.46 a barrel at 0821 GMT, up about 8% on the week.

NYMEX crude for May delivery gained 45 cents to $67.52, putting the contract on track for a weekly jump of nearly 9%.

Both benchmarks hit their highest since late 2014 on Wednesday after Trump warned that missiles “will be coming” in response to a suspected gas attack in Syria and after Saudi Arabia said it intercepted missiles over Riyadh.

Trump tweeted on Thursday that an attack on Syria “could be very soon or not so soon at all”, raising the prospect that an attack might not be as imminent as he seemed to suggest the previous day.

“This has been a very strong week for crude oil futures, with a lot of geopolitical concerns helping to drive the rally. As we start the last day of the week, we feel that the geopolitical risks are not as high as feared three days ago,” Petromatrix said in a note.

“The Syrian escalation risk cannot be fully written off, but we view that it deserves less of a premium than three days ago.”

A global oil stocks surplus is close to evaporating, Organisation of Petroleum Exporting Countries (OPEC) said on Thursday, adding that its collective output fell to 31.96 million barrels per day (bpd) in March, down 201,000 bpd from February.

Vienna-based OPEC and its oil producer allies are poised to extend their supply reduction pact into 2019 even as the global glut of crude looks set to be eradicated by September, OPEC Secretary-General Mohammad Barkindo told Reuters.

The International Energy Agency (IEA), which coordinates the energy policies of industrialised nations, signalled on Friday that markets could become too tight if supply remains restrained.

“It is not for us to declare on behalf of the Vienna agreement countries that it is ‘mission accomplished’, but if our outlook is accurate, it certainly looks very much like it,” the IEA said.

Meanwhile, China’s crude oil imports for March climbed month on month to the second-highest level on record, calculated on a daily basis.

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

Markets close with minor gains post a volatile session; Reliance, Kotak Mahindra Bank among gainers

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

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Indian market closed marginally higher amidst volatility with the Sensex and the Nifty posting gains for seventh day in a row. The Nifty failed to hold on to 10,500, closed with minor gains of 22 points at 10,481.

The Sensex gained 92 points and closed at 34,193. In broader markets, the Nifty bank Index underperformed, closed flat at 25,201. The Nifty Midcap Index ended the session with a gain of 105 points at 19,676. IT sector helped the Nifty hold on to gains ahead of earnings, while FMCG & Capital Goods dragged.

Reliance, Infosys and Kotak Mahindra Bank contributed the most to upside while Maruti, Axis Bank and  BPCL dragged among large cap stocks,.

Midcaps such as TVS Motors, JSPL and Indian Hotels were the noteworthy gaining contributors.

Volatility in markets could be gauged by market breadth as declines overtook gains by the close of the trade. The NSE Advance-Decline ratio is at 1:1 against the opening of 2:1, meaning NSE closed with one stock advancing against one stock declining.

In derivatives, the Nifty 10,700 Call added a little over 14 lakh shares in the open interest, with premium slipping to 16.70 from 17.50. The Nifty 10,500 Put added 13 lakh shares in open interest, with premium slipping to 94 from Thursday’s level of 121. Nifty April Futures premium improved to 15 points against Thursday’s level of 6.35.

On the global front, Asian stocks closed largely with gains as trade & geopolitical worries ebbed. The Nikkei rose 0.55% to close at 21,779. South Korea’s Kospi edged up by 0.51% to 2,455. The Shanghai Composite closed 0.6% lower

Stocks: Exchange Announcements

Reliance Industries said it will Invest up to $180 million in Embibe (Indiavidual Learning Pvt Ltd) over next three years and will acquire a 72.7% majority stake.

Titan Company LTd said its jewellery business will see 2.5 times revenue  growth from FY17 level, by FY23.

Ashok Leyland said it bagged order for High Mobility 10×10 vehicles (HMV 10×10) to carry Smerch Rockets, with initial order worth over Rs 100 crore.

NBCC has signed an MoU with Skill Development Institute (SDI), Bhubaneswar,  for planning, designing and construction, amounting Rs. 300 crore.

Premier Explosives said it tied up with French company, NEXTER for manufacturing of bi-modular charge systems.

Relience Infrastaucture bagged  a 1,584 crore Mumbai Metro order.

BEML and Ordnance Factories Board (OFB) launched  155 mm 52 cal mounted gun system.

HDFC Bank said it proposed to raise up to 50,000 crore via perpetual debt instruments In FY19  .

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