In cricket-mad India, 1 distant corner is crazy for soccer

In this part of India, there's no messing about when it comes to soccer. Especially not during the World Cup.

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After a great group stage, the merciless knockout awaits

The group stage of the tournament can risk being a simple process of eliminating the weaker nations and serving as a mere warm-up for the favourites.

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Round of 16: Full schedule, timings of the matches in the knockout stage of the World Cup

There are 10 European teams in the last 16, and only one of 10 past European World Cups has been won by a side from another continent.

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Striker Rani Rampal to lead India in women's hockey World Cup

Hockey India today announced the 18-member Indian women's team for the prestigious tournament which is slated to begin on July 21.

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Competition getting tougher, 'big teams' have to do more to win: Luis Garcia

Garcia particularly enjoys a good underdog story, and there’s been plenty of that in the 2018 World Cup so far.

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FIFA World Cup 2018: Why Germany was too big to fail

We have turned up with a sense of arrogance, Joachim Löw told Raphael Honigstein, who chronicled ‘das Reboot’ by the German football administration, DFB.

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Girona, Melbourne visit represents Asia’s growing importance

The two clubs will play a pre-season tournament in Kerala, a great way for the Blasters to prepare for a new season.

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Worst team at World Cup? Proud Panama demand respect

Yet their proud coach Hernan Gomez reacted angrily to a suggestion they were the "worst team" in Russia, insisting 55th-ranked Panama had competed valiantly despite big disadvantages.

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Michy Batshuayi's celebration at World Cup gets online giggles

He did not appear to be injured, though his pride may have been hurt.

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World Cup's second tier can dream big for knockout stages

Following Wednesday's shock exit of four-times champions Germany, the knockout draw could now harbour more surprises than ever before.

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Wahbi Khazri ends Tunisia's long wait for finals win

Khazri, who had always looked dangerous, obliged in the 66th minute, running unmarked on to a low cross from defender Oussama Haddadi to tap into an open goal.

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New Mukesh Ambani weapon all set to disrupt India just like Jio did

After majorly disrupting the telecom market with freebies and cheap data, Mukesh Ambani's Reliance Jio is going to unleash another weapon— Fiber to the home (FTTH). It is expected to disrupt the segment of home broadband services now. It is likely to offer an attractive combo of fast broadband connectivity at initial data speeds of 100 Mbps (with huge dollops of free data thrown in), videos and unlimited voice calls through the Vo-IP (voice over internet protocol) route for around Rs 1,000-1,500 a month. What is FTTH?FTTH, as the name suggests, means installing the fiber cable right up to the individual building. At present, the fiber cable reaches only till the main premises while the last connections to individual homes/offices are through traditional copper cable. Why is FTTH faster?The cable used for connections to individual units is not made of fibre. The traditional cable is not as efficient as the fiber cable. Due to patches, etc, the traditional cable is slower. A fiber cable till the individual unit dramatically increases speed and quality and improves the experience of surfing, gaming and streaming, etc. FTTH could be 100 times faster than the traditional modem connections. FTTH is also costlier than the traditional cable.Is Jio the first FTTH provider?No. Bharat Sanchar Nigam Ltd (BSNL) already offers FTTH broadband schemes in Kolkata and Chennai. However, Jio's entry in FTTH will at a much bigger scale and more aggressive. Jio is running a pilot in many cities. What will be Jio's impact? An aggressive FTTH service launch by Jio can cause two sets of disruptions, according to Rohan Dhamija, partner & head for India, South Asia & Middle East at Analysys Mason. First, it can immediately disrupt home broadband pricing, forcing rivals such as Airtel to slash rates. Second, it could also have a secondary impact on the larger mobile services market, if Jio chooses to bundle generous wired broadband packs with its current 4G plans.

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PAN-Aadhaar linking deadline expires today: Here's what will happen from tomorrow

The deadline for linking of PAN with Aadhaar expires today i.e. June 30, as per the last press release from the Central Board of Direct Taxes (CBDT). While chartered accountants opine that there would be grave consequences for those whose PAN-Aadhaar are not linked by this deadline, they are also of the view that the deadline is very likely to be extended. Purely technically, as per Section 139AA (2) of the Income Tax Act, your PAN may become invalid unless linked to your Aadhaar (except for exempted cases) by this date.However, no notification/release has been issued on the subject till the time of publishing this article. Further, there is no clarity among the chartered accountants regarding what will happen once this deadline expires if there is no extension.According to Chetan Chandak, Tax Research, H&R Block India, says "At present there is no clarity on this matter. Unless the date is further extended by the CBDT in this regard those taxpayers who already have an Aadhaar allotted in their name and not yet linked it with their PAN may face grave consequences."He further adds, "Taxpayers may not be allowed to file the return post 30th June without linking the PAN and Aadhaar. Also, if they have already filed the return it may not get processed by the tax authorities. But in the backdrop of the supreme court judgement their PAN may not be deactivated/invalidated because they are bound to suffer immensely in their day to day dealings owing to deactivation of PAN."On the other hand, Shalini Jain, Tax Partner, People Advisory Services, EY India says, "As per proviso to section 139AA(2), in case of failure to link Aadhaar within the due date, PAN allotted to the person shall be deemed to be invalid. The SC in the case of Binoy Viswam has provided for a partial stay on the operation of this proviso for those who do not have Aadhaar and therefore have not completed the linking process. Basis the existing provisions of the Act and the SC ruling, there is a risk of PAN being considered as invalid in relation to persons who have Aadhaar but have not linked the same to PAN by the due date. The current due date is tomorrow, i.e. 30 June 2018."Another, practising chartered accountant who did not wish to be quoted said that, there can be four possible consequences:1. It may be possible that your PAN becomes invalid from 1st July 2018 and you are not able to login on the website of income tax department. 2. If the deadline for linking the two is not extended - It may be possible that all those whose Aadhaar and PAN are not linked will not be able to file their income tax returns. 3. It is also possible that if the deadline is not extended-you may be able to file return but it may not be processed. 4. If the deadline is extended then you may be able to file returns (without linking of Aadhaar -PAN) and these may be processed also like last year.However, they all believe that it is very likely that the CBDT will extend the deadline in order to avoid hardship for common taxpayers. CBDT in the past has extended the deadline to link same several times. The initial deadline to link PAN and Aadhaar was 31 August, 2017 which was further extended to December 31, 2017. This deadline was again extended to March 31, 2018. Post Supreme Court judgement of extending deadline 'indefinitely' of linking Aadhaar to various services, CBDT pushed the deadline to June 30, 2018.In its press release dated 10 June, 2017, the CBDT had stated that the Supreme Court, in its judgement, had upheld the validity of Section 139AA(1) and Section 139AA (2) which mandatorily require quoting of Aadhaar for new PAN applications as well as for filing of returns and require that the Aadhaar number must be intimated to the prescribed authority for the purpose of linking with PAN.As per the press release, "It is only the proviso to Section 139AA(2) where the Supreme Court has granted a partial stay for the time being pending resolution of the other cases before the larger bench of the Supreme Court. "The Supreme Court has unequivocally stated as follows:Those who have already enrolled themselves under Aadhaar scheme would comply with the requirement of sub-section (2) of Section 139AA of the Act. Those who still want to enrol are free to do so. However, those assessees who are not Aadhaar card holders and do not comply with the provision of Section 139(2), their PAN cards be not treated as invalid for the time being. It is only to facilitate other transactions which are mentioned in Rule 114B of the Rules. We are adopting this course of action for more than one reason. We are saying so because of very severe consequences that entail in not adhering to the requirement of sub-section (2) of Section 139AA of the Act. A person who is holder of PAN and if his PAN is invalidated, he is bound to suffer immensely in his day to day dealings, which situation should be avoided till the Constitution Bench authoritatively determines the argument of Article 21 of the Constitution. CBDT, in its press release dated May 12, 2017 has exempted the following individuals from linking PAN with Aadhaar, if they do not possess the Aadhaar/Enrolment ID. These are as follows:a) An Individual residing in the state of Assam, Jammu and Kashmir and Meghalaya.b) An individual who is non-resident as per the Income-tax Act, 1961.c) An individual of the age of 80 years or more at any time during the previous yeard) An individual who is not citizen of IndiaAlso Read: How to link PAN with Aadhaar

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Sacred Games on Netflix Is Your Quintessential Anurag Kashyap Thriller

Sacred Games is Anurag Kashyap and Vikramaditya Motwane's first venture for Netflix. It stars Saif Ali Khan, Nawazuddin Siddiqui, and Radhika Apte.

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YouTube Signs Jordan Peele for Sci-Fi Comedy Weird City

YouTube has inked a deal with Jordan Peele (Get Out) for a comedic sci-fi anthology series called Weird City that will air on YouTube Premium in 2019.

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Hotstar's New UI Looks a Lot Like Netflix

The updated Hotstar interface is presently available for viewers using Amazon Fire TV Stick.

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Facebook Patents Tech That Records Ambient Audio From Client Devices to Measure Ad Impressions

A patent application showcases how Facebook might remotely turn on your phone's microphone to start recording.

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Halo TV Series Announced by Showtime

Halo is getting a TV series adaptation at Showtime, the CBS-owned premium cable network has announced after spending four years in development.

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The Crew 2, GLOW, Westworld, and More – The Weekend Chill

An open world racing game from Ubisoft, Netflix’s women's wrestling promotion show-within-a-show returns, a season finale for HBO's androids vs humans sci-fi drama, and other things to enjoy this weekend.

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Netflix Orders Salman Rushdie Novel Midnight's Children to Series

Netflix has ordered a new original series based on Salman Rushdie's 1981 novel Midnight's Children, which deals with India's transition from British colonialism to independence.

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Netflix and Matt Groening's Disenchantment Gets First Trailer

Netflix has released the first teaser trailer for Disenchantment, the upcoming animated series from The Simpsons creator Matt Groening.

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Apple Reportedly Preparing a Subscription Bundle for Original TV Shows, Music, and News Content

The new development will begin with a digital news subscription service that will be followed by in-house video content and Apple Music integration.

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Jessica Jones' Krysten Ritter to Turn Director in Season 3

Jessica Jones star Krysten Ritter will direct an episode for the show's upcoming third season, which was announced back in April.

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Independent Record Labels Get Boost From Streaming Music Services

For decades, independent record labels have dreamed that if only they had the massive budgets to get their artists in front of music fans, the fans would love the music.

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Gold Rate Today: Gold falls, silver gains big in morning deals

MCX Gold futures were trading 0.08 per cent, or Rs 23 lower at Rs 30,485 per 10 grams at 11:09 am.

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Tesla Lagging on Model 3 Production, Workers Say

Tesla declined to comment on its production numbers or on employee reports of problems.

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In-Car Technology Complicates Deadly, Addictive Issue of Distracted Driving: AAA

Apple's CarPlay and Google's Android Auto were found to shave seconds from the time a driver was distracted compared to the "infotainment" the car came with.

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Ford, Baidu Join Forces to Develop Smarter Cars in China

Ford has signed a letter of intent with China's Internet search company Baidu to develop artificial intelligence and smart connectivity in cars.

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Waymo Needs 'Large Number' of Cars for European Robo-Taxis: CEO

Alphabet's self-driving unit Waymo will need "a large number" of cars to expand its robo-taxi service to Europe, CEO John Krafcik said.

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Why sprinter Usain Bolt will be proud of India's monsoon

The monsoon has covered the entire country, 17 days ahead of its normal onset date, the India Meteorological Department (IMD) said on Friday.

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India-Pak diplomatic spat erupts over house help

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After triple talaq, Centre targets nikah halala

After moving to criminalise instant triple talaq, the Centre is all set to throw its weight behind a clutch of petitions filed in the Supreme Court to declare “nikah halala” and polygamy “unconstitutional”.

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Messi and Ronaldo gear up for WC knockouts

Cristiano Ronaldo and Lionel Messi take centre stage as the World Cup shifts into high gear at the weekend with the start of the knockout matches in the loaded top half of the draw.

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Tata Steel venture to be Europe’s No.2 steelmaker

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CBSE ने 130 Teachers के खिलाफ की सख्त कार्रवाई, कापियों के मूल्यांकन में हुई थी लापरवाही

CBSE ने 10वीं और 12वीं बोर्ड की कापियों के मूल्यांकन में लापरवाही करने वाले 130 Teachers के खिलाफ की सख्त कार्रवाई. ज्यादा जानकारी के लिए पढ़ी पूरी खबर

आज की ताज़ा ख़बरें पढ़ने के लिए दैनिक भास्कर ऍप डाउनलोड करें

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सिविल सर्विसेज में कैडर का निर्धारण फाउंडेशन कोर्स के आधार पर नहीं करने का सरकार का फैसला

केंद्र सरकार ने अपने उस प्रस्ताव को इस वर्ष से लागू नहीं करने का फैसला किया है जिसमें यह कहा गया था कि इस वर्ष से सिविल सर्विसेज में कैडर का आवंटन फाउंडेशन कोर्स के अंकों के आधार पर किया जाए.

आज की ताज़ा ख़बरें पढ़ने के लिए दैनिक भास्कर ऍप डाउनलोड करें

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Till Trump do us part: Future tense for India's H-1B spouses

Wipro may have dropped Donald Trump from its list of risk factors, but for Indian IT professionals and their spouses in the US, the President’s policies remain a big threat. With Trump moving to tighten work visa rules, including to rescind the H4 employment authorisation that allows spouses of H-1B visa holders to work in the US, many of them are moving back to India, or staring at the possibility of that.Recruitment firms say in the past one year they have seen a 100% jump in the CVs they were getting from Indian IT professionals working in the US and their spouses. They even have added a new profile of job seekers — spouses of Indian IT professionals, according to firms like TeamLease, Randstad, Adecco, ManpowerGroup and ABC Consultants.For many those who may be forced to leave the US, the situation is more complicated than just finding a job elsewhere. An IT professional, who lives with his techie wife in Atlanta, said he had been in the US for over 10 years now on an H-1B visa. While the couple remain Indian citizens, their children were born in the US and are American citizens. “We fear we may never get our Green Cards and what happens if we lose our jobs? Our children are born US citizens, but we will have to leave the country,” said the techie who was unwilling to be named.Another software expert, who moved from Kerala to Canada and later got a job in the US under the NAFTA professional visa programme that allows citizens of Canada and Mexico to work in the US, is now looking for options. His worry is about Trump’s threat of withdrawing from NAFTA (North American Free Trade Agreement). “I have been in the US for three years but if NAFTA is revoked, I will lose my visa. While I can go back to Canada, job market opportunities in the US are better,” he said, also speaking on condition of anonymity.While this IT expert could go back to Canada, for most, the only option is to return home. And, they are scanning the opportunities here.“We received approximately 1,000 CVs from the beginning of this year, which is roughly double of what we saw last year for the same period,” said Paul Dupuis, managing director of Randstad India.In fact, India’s IT companies have also been flagging the risk of the changing visa policies in the US. In fiscal 2017, Wipro had explicitly named Trump as a risk to the business. In its latest annual report filed with the US regulators, however, the Bengalurubased company didn’t name him as a risk but highlighted the threats from the global political environment.Till last year, there was hardly any flow of job seeking Indians from the US, said Mayank Patel, director of permanent placement and professional staffing at Adecco Group India. “Last year, only those Indians were returning who had some personal emergency but this year, the number of CVs has definitely seen a 2x and 3x growth.”Canada and Mexico remain the first preferences for Indian IT talent and their spouses who are currently facing US visa curbs, followed by India. “With IT majors setting up operations in Mexico and Canada, many Indian IT professionals want to park themselves here,” said Manmeet Singh, president of Experis that handles the IT sector at ManpowerGroup India.Almost half the applications for IT jobs at Manpower-Group is coming from H-1B visa holders, unlike a year ago when only 20% was from this cluster. “The bigger threat to the stability of the Indian techie diaspora is the revocation of the working status for those on H4 dependent visas,” Dupuis of Randstad India said. According to him, this could affect about 70,000 families working in the US, many of whom might be forced to repatriate themselves to India.ManpowerGroup and Team-Lease also confirm over 70,000 families were being impacted in the short run due to changes in US’ visa regime.Some IT professionals are choosing to stay on in US. However, their spouses who are on H4 permits are in the process of relocating, recruiters said. In addition to H4 visa holders, Indian IT professionals with less than six years of experience are also hunting for job back home, as well as in countries like Sweden and Poland apart from Mexico and Canada.ABC Consultants has seen an about 50% jump in CVs from Indian IT professionals in the US with work experience of 2-6 years. “At least 5 lakh Indians have been impacted by the US visa restrictions,” ABC Consultants director Ratna Gupta said, adding that many of them were looking for other visas like EB5, L1A, or choosing other countries. “Quite a few are exploring India-based opportunities.”Rituparna Chakraborty, cofounder of TeamLease Services, said those who moved to the US in the last three-four years were vulnerable and were on their way back to India, apart from H4 holders.H-1B visas are issued for three years, and an extension for three years was almost a given. But the process of extension has now become difficult. The new rules imply one may not even now get the initial full three years. The shorter durations may even make transition from H-1B to a Green Card next to impossible.Based on H-1B visa data obtained from the US Citizenship and immigration Services, Tata Consultancy Services received 2,312 H-1B visas in 2017, about half the number in 2015. Infosys saw a 57% drop and Wipro 60% in visa allotments in the same period, with only Tech Mahindra among the top seven India-based IT companies witnessing an increase in the number.

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Why Modi govt should be sending LIC a big thank you note for its IDBI rescue act

India’s insurance regulator on Friday gave an unprecedented go-ahead to the Life Insurance Corporation of India’s proposal to take over IDBI Bank and rescue it from a crippling crisis caused by massive rise in bad loans. The board of Insurance Regulatory and Development Authority of India (Irdai), which met in Hyderabad on Friday, okayed LIC’s investment proposal as a special case due to IDBI Bank’s precarious financial position. The Mumbai-based lender has the highest bad loans in the industry at nearly 28% of total advances and posted aloss of Rs 5,663 crore last year. IDBI Bank’s shares jumped on the news and the impending capital infusion, which may be worth more than Rs 9,000 crore in one or more tranches. This will provide a breather to the bank and give it the means to address some of its biggest problems. “The Irdai board on Friday allowed LIC to buy out 51% stake in IDBI Bank,” said a member of the board who did not want to be identified. “LIC will have to sell it in the future and bring it down to the regulatory requirement of 15%.” This could mean LIC would have to start cutting its stake from 51% in the next few years and bring it on par with norms for other insurers. This is the first time that the insurance regulator has eased its investment rules to such an extent. The Insurance Regulatory and Development Authority (Investment) (Fifth Amendment) Regulations, 2013 allows insurers with assets of over Rs 2.5 lakh crore to buy up to 15% equity in a company.Under special provisions, LIC can hold up to 30% with the approval of the government, investment committee and the regulator. The proposal also goes against LIC’s own investment mandates, which prevents it from taking over any business. The fact that it went through could be due to IDBI Bank’s desperate financial situation and the government’s desire to make LIC provide funds so that it doesn’t have to do so. With LIC coughing up the money, the government has one less bank to deal with whenever it considers capital allocation for public sector banks. Irdai’s okay also caps weeks of intense negotiations between the government, LIC and Irdai. While the government was keen on LIC playing a big role, officials at the insurer and the regulator kept mum on the issue. Some officials also gave an indication that the proposal would not be kosher as IDBI Bank is under the RBI’s prompt and corrective action (PCA) rules and therefore may not be a viable investment proposal for LIC. Banks under PCA are barred from lending though they can continue accepting deposits. Under normal circumstances, LIC would have found it difficult to invest in IDBI Bank. The proposal was also not on the agenda of Irdai as it was a routine quarterly board meeting fixed weeks earlier. But it was a tabled matter which meant that the board members had to discuss it. The deal may have to climb another regulatory hurdle at the Reserve Bank of India. “We will have to see what RBI does and whether RBI will allow them to hold on to their stake in other banks,” said Ashvin Parekh managing partner Ashvin Parekh Advisory Services. “The government may want LIC to buy stake in more PSBs.” LIC, which owns 10.82% stake in IDBI Bank will be allowed to buy an additional 40% by investing Rs 9,000 crore in the bank. IDBI Bank has a market cap of Rs 22,954 crore. 64801351 Shares of the company jumped 10.02% on news of LIC taking over the majority shareholding in the bank. IDBI Bank with the highest non-performing loans in the banking industry— gross NPA at 27.95% of the total advances, as on March 31, 2018 and core equity capital of 7.42% — has been seeking capital from the government. During the last financial year, government and LIC infused equity capital of Rs 12,471 crore and Rs 394 crore, respectively in the Bank. IDBI Bank is also in the process of selling non-core assets to free up capital and meet regulatory capital norms. The bank had posted a loss of Rs 5,663 crore in the fourth quarter on higher provisions. It has put the life insurance subsidiary with Aegis and Federal Bank on block a year ago though the deal is still under works. “If this deal goes through, LIC will increase its stake to 51% from 11% in IDBI while the government’s stake will proportionately come down to around 40% from 70%,” said Asutosh Mishra, senior analyst at Reliance Securities. “This could be a precursor for the privatisation of IDBI Bank because it is the only PSU which is outside an Act of Parliament. SBI is governed by SBI Act, other PSU banks by Bank Nationalisation Act and other banks by Companies Act.”

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ICICI's new crisis manager is patient listener, but his own man in making decisions

Girish Chandra Chaturvedi, the new non-executive chairman of ICICI Bank, brings with him rich experience in general administration and the financial sector, with sensitive assignments including Joint Secretary, banking and insurance, and additional secretary for financial services — positions that placed him on the boards of LIC and state-run several banks.Chaturvedi, a physics graduate who holds an M.Sc in economics from the London School of Economics, joined the Indian Administrative Service in 1977 and was allotted the Uttar Pradesh cadre along with his batch-mate Cabinet Secretary PK Sinha. He has undertaken key reforms before retiring as India’s petroleum secretary in January 2013 and gathered valuable experience in handling sensitive investigations such as the CAG audit and probes by various agencies into the affairs of the Commonwealth Games.As petroleum secretary, he adopted a liberal approach and was actively involved in setting in motion the process of gradually increasing diesel rates every month until they reached market levels and could be decontrolled. He had also proposed reforms in the pricing of natural gas and was involved in building India’s strategic petroleum reserves.Officials and executives who have worked with him recall Chaturvedi as an upright man, who patiently listens to all sides without being very assertive, but takes his own decision fairly.“He’s a man of integrity. He would harbour no bias, not get influenced by any pressure group. Everyone would have good things to say about him. He’s a very patient listener,” said RS Sharma who was chairman and managing director of ONGC when Chaturvedi was petroleum secretary.Chaturvedi left a similar impression in the financial world, recalls SB Mathur, former chairman of LIC. “He is a simple person, upright with good administrative skills. He is very knowledgeable, simple, down to earth person,” Mathur said.Chaturvedi comes to ICICI bank as non-executive chairman and independent director soon after Sandeep Bakhshi was made chief operating officer as chief executive Chanda Kochhar went on leave because of a probe into an alleged conflict of interest.Bakhshi and Chaturvedi have known each other for long and said to have the bandwidth and rapport needed to steer the bank out of the situation it faces. Bakhshi --who headed ICICI Lombard General Insurance when Chaturvedi was in the finance ministry – probably had a role in bringing the former bureaucrat as chairman, sources said.Chaturvedi recognises the challenges that his new job brings, but he is optimistic about ICICI Bank dealing with its problems and moving on. “I don't subscribe to this that it's (ICICI Bank) in a mess. Incidents keep happening, but basically we have to learn lessons from them, we have to rectify, and move ahead. I think we will be able to do that,” he told ET Now.He has dealt with challenging situations such as the Commonwealth Games, which faced many allegations and media scrutiny.He was Special Director General (Finance & Accounts) in the Commonwealth Games 2010. In this capacity he facilitated probes by the Central Vigilance Commission, Enforcement Directorate, Central Bureau of Investigation and Income Tax authorities.His administrative experience includes sought-after positions such as CEO of Greater Noida, commissioner of Lucknow, and stints as collector of Saharanpur, Meerut and Muzaffarnagar. He has also been the chairman of the Warehousing Development and Regulatory Authority.In the finance ministry he was involved in drafting the Insurance Act Amendment Bill to facilitate level playing field for the private sector and proposing increase in foreign equity limits to 49% from 26% in the insurance sector. Chaturvedi was also actively involved in amalgamation of more than 100 regional rural banks to make them viable.“He encouraged new companies and contributed a lot to the growth of insurance industry,” said G Srinivasan, chairman, New India Assurance.He has been the government’s nominee as director on the Boards of LIC of India, GIC of India, Canara Bank, Bank of Baroda, IDBI Bank, IDFC, New India Assurance Company, United India Insurance Company, Agriculture Insurance Co. of India Ltd, Institute of Banking Personnel Selection and National Insurance Academy Pune.

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US says it will detain migrant children with parents

WASHINGTON: The U.S. government said in a court filing on Friday that it has the right to detain children and parents caught crossing the U.S. border illegally for the duration of their immigration proceedings.A 1997 court settlement known as the Flores agreement has generally been interpreted to require the Department of Homeland Security to release illegal immigrant children from custody after 20 days.But Justice Department lawyers said in the filing in U.S. District Court in California on Friday that they now have no choice but to hold children for as long as it takes to resolve their immigration cases, because of a preliminary injunction issued on Tuesday in a separate immigration case.That case, brought by the American Civil Liberties Union in San Diego, challenged the recent government policy of separating families in order to detain parents for as long as necessary under President Donald Trump's "zero-tolerance" policy.Since that policy was implemented in May, families have been routinely separated after apprehension. Some 2,000 separated children are currently under government care.An executive order issued by Trump this month reversed the policy, and the subsequent injunction in San Diego ordered the government to immediately stop separating parents and children and said families must be reunited in 30 days or less. To comply with the injunction, the government said Friday it "will not separate families but detain families together during the pendency of immigration proceedings." Cases can sometimes take months or years to resolve.Under previous administrations, parents and children were often released to pursue immigration claims at liberty in the United States. Trump has decried that so-called catch-and-release policy, and vowed to detain immigration violators.

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Thyssenkrupp AG, Tata Steel finalise European steel joint venture

KOLKATA: The executive board and the supervisory board of Germany's Thyssenkrupp AG have adopted resolutions that paves the way for signing of a definitive agreement to create a 50/50 joint venture, that will combine the European steel businesses of Thyssenkrupp and Tata Steel. The decision follows the signing of a Memorandum of Understanding between the two in September 2017. In a statement issued late night on Friday, Thyssenkrupp said due diligence and independent expert opinions have confirmed the economic viability of the new company and the expected annual recurring synergies of €400 to 500 million. "The joint venture with Tata Steel is an important milestone for the transformation of Thyssenkrupp to an industrials and service group and will lead to a significant improvement of the financial figures of Thyssenkrupp, effective with closing," the statement said. However, in case of an Initial Public Offering (IPO) of the joint venture Thyssenkrupp will receive a higher share of the proceeds, reflecting an economic ratio of 55:45, it added.The signing of the definitive agreement is expected shortly. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.The deal initially faced opposition from Thyssenkrupp workers union which questioned the move. Workers representatives on the board and having a significant say in the companys affairs. The final hurdle was crossed after the powerful unions gave their nod to the proposed agreement. Earlier this month, in the run up to the final agreement between the two partners, investment management firms like, Elliot Management Corp raised the issue of valuation adding that in recent months the European steel business of Tata Steel did not perform as well as Thyssenkrupp and hence questioned whether it should get equal stake in the propsed JV.Thyssenkrupp’s second-largest shareholder Cevian Capital also had similar views on the joint venture with Tata. This is believed to have prompted the two prospective partners to get back to the table and thrash out a compromise that would include a compensation for Thyssenkrupp.

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Reliance Industries to acquire telecom solutions provider Radisys Corporation

MUMBAI: Reliance Industries (RIL) Saturday it will acquire Nasdaq-listed telecom solutions provider Radisys Corporation for $1.72 per share in cash."This acquisition further accelerates (Reliance) Jio’s global innovation and technology leadership in the areas of 5G, IOT and open source architecture adoption," Akash Ambani, director of Reliance Jio, said in a joint statement.RIL will fund the acquisition through its internal accruals. The deal is expected to close in the fourth quarter of 2018, subject to regulatory approvals.US-headquartered Radisys Corp. has nearly 600 employees with an engineering team based out of Bangalore, India, and sales and support offices globally. It works with service providers and telecom equipment vendors by providing open-centric software, hardware and service capabilities that enable the migration to next-generation network topologies."The backing and support of India-based global conglomerate Reliance, will accelerate our strategy and the scale required by our customers to further deploy our full suite of products and services," Brian Bronson, CEO of Radisys, said in the statement.The Mukesh Ambani-owned company, involved in a bitter fight with market leader Bharti Airtel, Vodafone India and Idea Cellular for subscribers, has made acquisitions to expand its technology and content segments.Two months ago, RIL signed a pact to merge a music app with its own digital music service JioMusic in a cash-and-stock deal to create a $1 billion entity in which the Mukesh Ambani-owned company will have a stake of more than 75%.The parents company has also been raising money to fuel its expansion plans.

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Crude oil market tightens more, prices have upsides

By Pritam Kumar PatnaikCrude oil prices continued to move higher this week. The price action for ICE Brent August futures saw a movement from a low of $73.74 a barrel to high of $78.42 a barrel during the week. Similarly, NYMEX Crude August futures saw a movement from a low of $67.72 a barrel to high of $74.03 a barrel for the week.Prices started on the backfoot as investors prepared for an extra 1 million barrels per day (bpd) of oil to hit markets after Opec agreed to raise production and as US equity markets slipped on trade war fears.However, after the initial weakness, crude prices started recovering and by the end of the week, they ended with solid gains.So why did the rally happen? Traders bought oil as they feared Washington’s policy of stopping allies from purchasing Iranian crude would constrain global supplies.Reuters reported that the US has told countries to cut all imports of Iranian oil from November and is unlikely to offer any exemptions, as the Trump administration ramps up pressure on allies to cut off funding to Iran.In May, US President Donald Trump said his administration was withdrawing from the ‘defective’ nuclear deal agreed between Iran and six world powers in July 2015, aimed at curbing Tehran's nuclear capabilities in exchange for the lifting of some sanctions, and ordered the re-imposition of US sanctions against Tehran that were suspended under the accord.Iran’s seaborne crude exports fell to about 1.93 million bpd in June from 2.38 million bpd in May and 2.58 million bpd in April, based on Thomson Reuters data.The US official specifically cited India and China as countries that would have to stop accepting Iranian imports, though officials have not yet spoken with those countries.India imports large quantities of oil from Iran, though the country has suggested it would comply with Washington; Beijing, meanwhile, has not committed to an agreement to stop buying Iranian oil, and rising trade tensions with the US may make such an agreement less likely.Oil also rallied this on the back of disruptions from Canada and Libya. Disruptions from Canada could affect the supply of crude throughout July after the outage at Syncrude Canada’s 360,000 bpd oil sands facility near Fort McMurray, Alberta. A spokeswoman confirmed will remain offline through July.In addition, a power struggle among the two parallel Libyan national oil companies created uncertainty on the country's export ability.The announcement for transferring operations of eastern ports to NOC in Benghazi follows military action by the eastern Libyan National Army (LNA) under the command of Khalifa Haftar to retake Ras Lanuf and Es Sider ports, which are also in the east and remain closed.Those two closures have disrupted oil flows amounting to about 450,000 barrels per day (bpd), cutting by about half Libya's total output of about 1 million bpd earlier this year.Oil prices were also supported after data from Energy Information Administration showed that US commercial crude oil inventories dropped by almost 10 million barrels in the week to June 22, to 416.64 million barrels. The draw in US inventories was also due to high exports of almost 3 million bpd, coupled with domestic refinery activity hitting a utilisation rate of 97.5 per cent, the highest in more than a decade.Looking ahead, prices could continue to see more upside move in the next week or so supported by unplanned supply disruptions from Canada to Libya and Venezuela. Additionally, Iran problem may not fade away quickly and could continue to support prices.However, not all indicators point toward an ever-tightening market. US crude production is approaching 11 million barrels per day (bpd), and Saudi Arabia and Russia are expected to match that in coming months as well.At the same time, oil prices could be influenced by weak global factors after investors may be worried that trade friction between the United States and other major economies could escalate and could prompt investors to exit aggressive positions in high risk assets like crude.This was reinforced by CFTC data for last which showed that hedge funds and other money managers cut their net long US crude futures and options positions in the week to June 19. The speculator group cut its combined futures and options position in New York and London by 9,344 contracts to 340,679 during the period.Technically, MCX Crude July contract witnessed sharp rise in last week and moved higher from Rs 4,627 to the high of Rs 5,109 till now. Since June 2016 prices have been intact in upward moving channel and as of now it has approached close towards upper channel resistance. As per this channel, resistance zone is placed at Rs 5,180-5,200 level. Hence price action near this zone will be important to watch. Weekly RSI has reached towards 70 zone and hence some profit booking can be possible in coming week. We can expect prices to trade in broader range of Rs 4,800 and Rs 5,180 levels. Volumes have been decreasing from last three sessions which has arrived at 14,0322 contracts from 17,0431 contracts. Hence, sideways action is possible in the coming days.Internationally, Brent Crude Futures, after the rally from $72.70 to $78 levels, prices are trading in overbought state and hence some sideways action is possible in coming week.We can expect prices to trade in the range of $76 and $78 for now. One can use any dips towards $76 as buying opportunity. On upside $78.80 is the important resistance to watch.(Pritam Kumar Patnaik of Reliance Commodities analyses outlook for various commodities on weekends, Views are his own)

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Mayuresh Joshi: 2 midcaps one should buy on dips

Mayuresh Joshi, Fund Manager, Angel Broking, tells ET Now that other than the couple of midcaps which can be a buy on dips in a staggered manner, ICICI Bank on any significant decline remains on his conviction list.Edited excerpts:Do you believe that yellow weeds are emerging when it comes to banks or is it a space best avoided, barring HDFC Bank? If you divide this space into three parts --. the retail private banks, the corporate facing private banks and the public sector banks, straightaway you see the underperformance of PSU banks in relation to asset quality and how elevated provisioning and credit costs are taking a hit on their balance sheet. Those concerns continue. Though a pickup has been witnessed in credit growth in the past few weeks, how much the PSU banks can take advantage of an improving cycle is to be seen. For large retail private sector banks, the growth has been stupendous over the last few quarters. The retail advances are still growing at a very fast clip and coupled with the strong capital adequacy that they possess, the earnings momentum should remain strong. Again, valuations probably are on extreme ends for large retail private banks with price to book or price to adjusted book at elevated levels or a premium to their historic mean. PSU banks are probably languishing but the trade still goes with selective large private retail banks. The advances growth should prop up the earnings for banks like an HDFC Bank or an IndusInd Bank. So, we remain very optimistic on these banks. As for corporate facing private banks, the pain that they have gone through in terms of the corporate book the SME and the MSME stress which is largely related to a huge watchlist, the drill down of that watchlist along with provisioning for NCLT cases and the growth in retail advances should hold them in good stead. What you are probably seeing in terms of the regulatory moves towards ICICI Bank and changes in the management for Axis Bank, they might have some intermittent effects for these banks. The long-term story in terms of return ratios probably remains very strong. ICICI Bank on any significant decline remains on our conviction list. What would be the key factor that the street is going to look out for next week? Apart from what you are probably looking out for in terms of IPO listings, the global factor is still at play. So what happens in terms of tariff movement is going to be extremely critical. Second, apart from the near term factors, the earnings outlook for Q1 is going to be extremely critical for the Indian markets at large and the third element obviously from a macro perspective is going to be where crude probably moves and how the rupee is probably moving .The consensus is with the emerging market currencies depreciating against the dollar. I think a) it is more to do with safeguarding their own trade related issues because of the tariff impositions and to that end, some safeguarding measures are taken. b) The second element concerns how the central banks will take follow up action whether it is the ECB or any commentaries out of the Japanese Central Bank. There are a lot of moving parts over the next few weeks and so the volatility for Indian markets might very well continue. I do not know if you have been a buyer in the midcap carnage, but anything that is giving a buy signal out loud? From the broader universe, music broadcast is something that I will continue to like. The old stations probably have broken even on the EBITDA front much faster than one anticipated, in 15 odd months. The new stations obviously are also going to have a lot of say in terms of the fixed cost absorptions and the old stations probably are seeing better yields in terms of both ad volumes going up and realisations improving. At the same time, Aditya Birla Capital has corrected significantly. In my opinion, financialisation of savings, the NBFC, AUM growing at a very fast clip, the VNB margins of insurance business turning positive, housing finance probably having a strong growth trajectory along with strong NIMs and the equity AUMs on the asset management side of the business are holding up. Within the midcap cement space, JK Lakshmi Cement is a buy on any decline. It already has seen a sharp correction, a significant 10% to 12% improvement is seen in volumes. Over the next two-two and a half years, revenues will probably improve in terms of their cost optimisation programme for their Durg facility. Both the conveyor belt and the other cost saving programmes should abet their EBITDA per tonne. At $82 on an EV to tonne basis, it looks very very attractive. On any significant decline, these stocks within the midcap universe can be a buy in a staggered manner.

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Cost up for handset makers as rupee slips

NEW DELHI: The fall in the value of Indian rupee to almost 69 against the US dollar has raised input cost for handset makers that import most of the components from China or elsewhere. But most brands are wary of increasing prices due to the fear of losing share in an intensely competitive market.Market insiders said an immediate increase in prices of existing models may be unlikely due to intense competition, but some brands may decide to factor in the rising costs in prices of upcoming models.On the positive, such currency fluctuations could lead to a further push for Make in India."Companies are evaluating price increases between 1% and 2.5%, but not going ahead yet," said Pankaj Mohindroo, president of Indian Cellular Association. "There is a varying impact on different sections of the industry. Sections operating on very thin margins are deeply concerned with the rupee depreciating by nearly 4-5%," he said.Industry insiders said Xiaomi has lesser elbow room to absorb the rise in inputs costs due to the rupee fall than its rivals in the top five – Samsung, Oppo, Vivo and Lenovo – since the market leader already operates on wafer thin margins. In fact, Xiaomi had increased prices of Redmi Note 5 Pro and Mi LED TV 4 55-inch by Rs 1,000 and Rs 5,000 respectively, in April owing to rupee depreciation.The Chinese firm did not comment on the issue as of Friday evening.For Indian brands like Lava, Karbonn, Micromax and Intex, which have rapidly ceded market share to their Chinese rivals and now together hold less than 10% share of the market, the situation is worse — they are being squeezed by the rising input costs but any rise in prices may hurt their market shares even more.Nidhi Markanday, director at Intex Technologies, admitted that the rupee depreciation will impact input cost."If the rupee value keeps on increasing vis-a-vis the dollar in the coming days, we will be forced to take the unavoidable step of raising our prices and passing the burden on to the consumer," she said.A senior executive at Karbonn Mobiles said, "Prices may go up by 8-10%, because after (the dollar reached) Rs 63.50 no one changed prices, but now it's difficult to absorb any further." The person, who requested not to be named, said the company’s new model scheduled for launch in August will have a higher price than thought earlier.Navkendar Singh, associate research director at International Data Corporation (IDC) India, said most vendors may not be able to raise prices now because of intense competition, especially in the second half of the year which is more than 60% of the India smartphone market in terms of consumption, mainly due to the festive season in the October-December quarter.Analysts said handset makers will be forced to focus on assembling more components locally to absorb any future currency fluctuations."We expect acceleration of SMT (surface mounting technology) set ups, so that impact of worsening rupee can be less severe going forward," Singh said.Firms such as Samsung, Xiaomi, Oppo and Lava have started locally assembling printed circuit boards (PCBs), which make up 50% of a smartphone’s making cost, while some others like Vivo and Micromax plan to begin this higher level of manufacturing locally within the next couple of months.

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Why heaping praises on your team will do you more good than you can imagine

An age-old adage goes: Give credit where credit is due. However, few people in the position of power follow it. In fact, people worry that giving credit to someone else will reflect badly on them, but it is quite the contrary.Heaping praises on those who perform well actually reveals a lot about you -and it's all good. Team playerWhen you give a co-worker or employee credit for a job well done, it shows that even though you may be the boss and run the show, you understand that your team is an important cog in the organisation's machinery. It indicates that you're a team player and an even better team leader.Ego asideMany colleagues abstain from praising their co-workers. Patting a co-worker on the back and genuinely being happy for their achievements reflect that you don't have an ego.Eye openaving talent is important, but having someone who recognises it is crucial, and rare. Appreciating a person's expertise shows that you have the capability to measure their potential.Better for the teamEveryone wants to be recognised for their good work and a small word here or there will actually help them perform better, which is ultimately in the favour of the company This also ensures company loyalty.

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Cost up for handset makers as rupee slips

An immediate increase in prices of existing models may be unlikely due to intense competition, but some brands may decide to factor in the rising costs in prices of upcoming models.

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FIFA World Cup 2018: Riding on a million prayers, Argentina take on France

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