PEOPLE NEWS: April 2019

Tuesday, April 30, 2019

OnePlus 7 Pro Ad Tips Phone Details, Camera Hands-On Reveals 3x Zoom

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2VGFsBK

Fantastic Beasts 3 Release Date Set for November 2021 to Allow for Script Polish

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2VGD4uM

Oppo A1k With 4,000mAh Battery, Android 9 Pie Launched in India: Price, Specifications

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2PFi7eg

One of Modi's pet schemes comes to a screeching halt in April

NEW DELHI: Electric two-wheeler sales have ground to a halt this month as new norms requiring re-certification of all existing vehicles under FAME-II hit the availability of models in the market. The government wants to promote e-vehicles through FAME, or the Faster Adoption and Manufacturing of Electric Vehicles, to protect the environment.From the 20 or so lithium-ion battery powered electric twowheeler models available in the local market, the product range has shrunk drastically. From sales of 6,000 units in March, the number is now down to almost nil, according to some insiders. A manufacturer added that under the second phase of the FAME programme, the vehicles have become costlier, owing to a lower subsidy. Only lithium-ion battery electric two-wheelers are eligible for subsidy under FAME-II.“April was a washout,” said Society of Manufacturers of Electric Vehicles (SMEV) director general Sohinder Gill. “Only three models were certified by government agencies towards the end of the month. But there were no sales under FAME-II. In May too, the industry will end up selling a few hundred units… It is only in August that sales may gain some pace.”'NOT ENOUGH TIME TO COMPLY'Each OEM (original equipment manufacturer) is required to get its model certified from recognised testing agencies under Rule 126 of the Central Motor Vehicle Rules (CMVR), 1989, to be eligible under FAME India Scheme Phase-II. Once certified, electric two-wheelers get a subsidy of Rs 10,000 per kilowatt hour (kWh).The certification process by agencies such as Automotive Research Association of India (ARAI) typically takes two-three months, said manufacturers. With the government only notifying the scheme last month to come into effect on April 1, they had little time for re-certification. In addition to this, manufacturers also have to meet 50% localisation norms specified under the new scheme to get the subsidy.“We have not been given any time to meet the localisation norms and recertify vehicles,” said MH Reddy, chairman of manufacturer NDS Eco Motors. “There is no local base to procure from currently… Sales have come to a standstill.”If the industry had been given a year time to increase content localisation, demand would have remained unaffected, he said.“If we look at internal combustion engine vehicles, volumes are high, supplier chains are well established, prices therefore are reasonable,” Reddy said. “Even then they end up importing 15-20% of vehicle parts. Unless the domestic electric twowheeler industry reaches annual volumes of 1 million units, vendors will not have economies of scale to sell at competitive prices.”Electric two-wheeler manufacturers are required to have localisation content of 50% of the ex-factory price of all vehicles, except for buses, to avail of incentives under FAME-II. Batteries, motors and controllers for electric vehicles account for more than 50% of the ex-factory price, and all of these are currently being imported. “There are shortterm challenges over availability of components at competitive prices in the local market”, said Ayush Lohia, chief executive officer of another manufacturer, Lohia Auto Industries. “If the government were to give some visibility over the kind of volumes expected from electric vehicles beyond the specified three years, say for 5-10 years, it would become easier for vendors to make business plans and invest in such capital-intensive ventures.”Lohia Auto is working on the commercial launch of electric two-wheelers but says the timeline will depend on being able to meet government guidelines.Even when sales gain some pace next quarter, demand is expected to remain tepid as the government has slashed incentives under FAME-II.“Under FAME-I, the government extended uniform demand incentive of Rs 22,000 for electric two-wheelers,” said Gill, also chief executive officer at market leader Hero Electric. “Under the new scheme, vehicles have become costlier to the tune of Rs 10,000-12,000, increasing the gap with petrol-powered scooters. Indian consumers are price sensitive and are unlikely to pay a higher upfront purchase price for electric two-wheelers.”Gill said if the government was to offer the same subsidy as those accorded to buses—Rs 20,000 per kWh—it would help industry attract customers and attain critical mass, which in turn would trigger local manufacturing.In the current environment, however, the industry feels the Indian government’s aim to sell one million two-wheelers in the next three years will be difficult to achieve. Even without the challenges that have cropped up under FAME-II, only126,000 electric two-wheelers were sold in the local market in the last financial year.The automotive industry has suffered abrupt timelines in the past too, said AT Kearney auto analyst Rahul Mishra, principal (automotive practice), A T Kearney said. “This disruption could have been dampened by putting a sunset clause to the localisation requirement,” he said. “That said, there have been clear signs over the past 24 months that the intent is to move towards cleaner technologies, and manufacture more locally. The government can now ease the transition by phasing out the localisation requirements but even then there should be a defined time horizon in months and not years.”

from Economic Times http://bit.ly/2DFxDlr

Banks hit a blind alley on bad loans

KOLKATA: Banks would realise just about a quarter of their claims from 12 corporate debt resolution cases in January-March 2019, dashing hopes of higher bad loan recovery in the last quarter of the last fiscal.In the March quarter, the realisation by banks was 24% of their claims, in comparison to 43% overall.The lenders will receive merely 17% of the Rs 29,500 crore dues from Alok Industries, raising doubts over future realisation. “This is a matter of serious concern. This shows that either there are no tangible assets to back the loans or the assets were overvalued,” United Bank of India chief executive Ashok Kumar Pradhan said.The overall bad loan recovery through bankruptcy courts has remained dismal in the first two years of the Insolvency and Bankruptcy Code.Banks could realise 43% of the claims in 94 loan default cases that have been resolved after the corporate insolvency resolution process came into effect from December 2016, data from Insolvency & Bankruptcy Board of India showed.However, the extent of recovery has been a concern ever since. JSW Steel offered about Rs 19,300 crore for Bhushan Power & Steel which was saddled with debt of Rs 47,300 crore, while Electrosteel Steels’ Rs 13,300-crore debt was resolved at Rs 5,300 crore.About 1,858 corporate debts have been admitted into the National Company Law Tribunals(NCLT) by end of March, 2019. Of these, 152 have been closed on appeal or review or settled, 91 have been withdrawn; 378 have ended in liquidation. Just about 94 cases have been resolved or 13% of the total cases admitted for resolution.The Insolvency and Bankruptcy Board of India said 75% of the companies ending in liquidation (283 out of 378) were earlier with BIFR or defunct with no economic value in most of them.“The 24% does not mean banks had to write off 76% of their claims,” explained Vinod Kothari, a senior chartered accountant. In fact, he said, a large part of the claims might have been provided for by way of bad loan provisions over time.Most banks have provided 75-100% for bankruptcy cases and therefore recovery against such cases would add directly to their profitability to the extent of the provision made. “Once the deadwood of the past is cleared the rate may improve,” Kothari said.

from Economic Times http://bit.ly/2PHqrdq

Maruti launches Ertiga with 1.5 litre diesel engine priced up to Rs 11.2 lakh

The country's largest carmaker Maruti Suzuki India on Tuesday introduced multi-purpose vehicle Ertiga with new in-house 1.5 litre diesel engine, priced between Rs 9.86 lakh and Rs 11.20 lakh (ex-showroom Delhi).The model is currently powered by 1.3 litre diesel powertrain sourced from Fiat.The three trims of the vehicle with 1.5 litre diesel engine are priced at Rs 9.86 lakh, 10.69 lakh and Rs 11.20 lakh."Considering the requirements of evolving customers, the Next Gen Ertiga is now offered with new 1.5-litre diesel engine," MSI Senior Executive Director, Marketing and Sales RS Kalsi said in a statement.The company is confident that this new engine option will strengthen the popularity of Ertiga in urban MPV segment, he added.The model with DDIS 225 engine now comes with 6-speed manual transmission which according to the company delivers a fuel efficiency of 24.20 km/l.The company has sold over 40,000 units of the new Ertiga in November 2018 to April 2019 period.MSI had earlier introduced its mid-sized sedan Ciaz with the 1.5 litre diesel engine.Interestingly, the company has announced to phase out all its diesel models with effect from April 1, 2020.

from Economic Times http://bit.ly/2LaFIEQ

Bitcoin indicator flashes first sell signal in nearly two months

By Vildana HajricBitcoin’s recent rally appears to be losing steam.The GTI Vera Convergence Divergence indicator, which investors use to detect trend reversals, sent its first sell signal since mid-March. The shift could suggest further downside may be ahead as the coin flirts with its highest levels of the year.69110905 The original cryptocurrency has rallied about 50 percent since January, after tumbling 74 percent last year and surging 1,400 percent in 2017.In addition, Bitcoin hit the 61.8 percent Fibonacci resistance level, which typically signals support and resistance points, and ricocheted lower. This indicated it could need a positive external factor to break the resistance line of $5,679. Fibonacci analysis is based on the theory that prices rise or fall by certain percentages after reaching historic highs or lows.“When Bitcoin jumped significantly a few weeks ago, the volume was big enough to push up through major resistance levels into a potentially new trading range,” George McDonaugh, chief executive officer at London-based blockchain investment company KR1 Plc, wrote in an email. “Current movements are natural market cycles within a trading range and it’s just the market searching out the lower bounds,” he said, adding that news about a competing product has stirred some drama and uncertainty in the market.The crypto market was newly roiled last week after New York’s attorney general accused the operators of the Tether stablecoin and the Bitfinex exchange of participating in a coverup to hide losses of nearly $1 billion in client and corporate funds. Digital currencies tracked by CoinMarketCap.com lost $10 billion of value within an hour of the attorney general’s statement and Bitcoin’s dropped more than 6 percent since then.To be sure, some investors are seeing it as an opportunity. “The Tether debate does seem to have some people nervous, but not about Bitcoin,” Mati Greenspan, senior market analyst in London at eToro, said in an email. “The most likely reaction would be for investors to swap their Tether for Bitcoin.”

from Economic Times http://bit.ly/2ZLpCF5

Fantastic Beasts 3 Release Date Set for November 2021 to Allow for Script Polish

Fantastic Beasts 3 now has a release date: it will open November 12, 2021 in India, the US and elsewhere, Warner Bros. announced Monday.

from RSS Feeds | ENTERTAINMENT - RSS Feed - NDTV Gadgets360.com http://bit.ly/2VGD4uM

TikTok app back on Google and Apple app stores

The court said, it is "also aware of the fact that the millions of users are denied their rights to have access to the said platform which also promises several good things."

from Tech-Economic Times http://bit.ly/2ZMFNlA

TikTok app back on Google and Apple app stores

CHENNAI | BENGALURU: Following the Madras High Court's order, the ban on the download of the popular social media app, TikTok has been lifted and the app is now available on the Google Play store and the Apple App store. Earlier in April, the Madurai Bench of the Madras High Court had directed the Ministry of Electronics and Information Technology to disallow Apple and Google from hosting the app on their application stores, ruling on a public interest litigation that stated that the app encouraged pornography and made children vulnerable to sexual predators. In its order vacating the ban, a copy of which is available with ET, the court stated that while it is concerned about several incidents of women and children using cyberspace and becoming victims as reported in newspaper and social media, it is, "also aware of the fact that the millions of users are denied their rights to have access to the said platform which also promises several good things."It further said "Though it is admitted that this possible mischief and irreparable damage that may be caused to innocent children and women cannot be ruled out, taking note of the safety features projected by the 9th respondent (Bytedance India) and the statutory protection and remedies available under the Statue, the interim order granted by this Court on 03.04.2019 is vacated."TikTok in an earlier affidavit had stated that the company had taken numerous measures to filter inappropriate or obscene and negative content including machine moderation and that it had removed six million videos, the contents of which were doubtful. In a response to the court's order on April 24, the company had said "We are grateful for the opportunity to continue serving our users better. While we’re pleased that our efforts to fight against misuse of the platform has been recognised, the work is never “done” on our end. We are committed to continuously enhancing our safety features as a testament to our ongoing commitment to our users in India.”

from Economic Times http://bit.ly/2ZMFNlA

Samsung Sero 'Vertical' TV Announced, Can Be Used in Portrait Mode

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2UOB9zq

Overwatch League Clears Another Hurdle With Sold-Out 'Homestand Weekend' Near Dallas

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2ITeuRc

Intel 10th Gen 14nm ‘Comet Lake’, 10nm ‘Ice Lake’ 10000-Series CPU Names, Speeds, and Launch Date Leaked

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2DEEziS

Uber Quizzed on Growth at IPO Roadshow in London

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2IRn6rA

Gold Rate Today: Gold prices decline on stronger rupee, a fall in spot demand

A strong rupee against the dollar makes the import of the metal cheaper and brings the prices down.

from Gold News - Economic Times http://bit.ly/2DEb7Jv

Redmi Note 7 MIUI 10.3.5.0 Update Brings New Camera Modes, March Android Security Patch: Reports

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2PFC44C

Facebook Joins Research on Social Media Impact on Elections

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2ULuTc0

OnePlus 6T, iPhone X, Redmi 6A, Other Offers Teased for Amazon Summer Sale 2019

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2XLkgYm

Avengers: Endgame Brought Back [Redacted] Thor Character With Unused Footage

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2V6bw24

PewDiePie Ends 'Subscribe' Meme After Christchurch Shooter's Shout-Out

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2GJ8FCp

Boat Rockerz 450 Wireless Headphones Launched in India at Rs. 1,799

via RSS Feeds : RSS Feed - NDTV Gadgets360.com http://bit.ly/2GUgpCP

Delhi Capitals didn't panic after losses, persisted with proven players: Ganguly

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2ZJ07Ed

Warner sets up big SRH win in his final game of this IPL season

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2WfhwSS

RCB play for pride as Smith aims to leave IPL on a high

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2ILYGzy

Not gay: Faulkner clarifies after 'boyfriend' post

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2GNG3rJ

Mohammed Shami 'deserving' of the Arjuna Award, but is he eligible?

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2XVlzE9

How many match-winners does your IPL team have?

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2GP3Ozp

IPL a good preparation for World Cup: Steve Smith

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2PEzFaf

Wishes pour in as Rohit Sharma turns 32

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2GS2nSf

Ayrton Senna: Brazil mourns its F1 'superhero'

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2V4AvTr

IPL 2019 is stepping stone for World Cup: Warner

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2IRjC8g

Big sports events today

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2vtVzne

Shreyas Gopal a complete package for Rajasthan Royals: Steve Smith

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2JbMfN9

Kane Williamson hails SRH's 'complete performance'

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2V7EkaL

BCCI changes ZCA format, to hire sports science expert

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2vunUKk

IPL 2019: Delhi Capitals and the great turnaround in fortunes

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2ZJx97i

Till date CoA has not explained our role: VVS to Ombudsman

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2GULJl7

Timings for IPL playoffs and Women's T20 Challenge changed

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2LdGlxm

Sathiyan becomes first Indian to break into top-25 of ITTF rankings

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2GItspA

Bajrang Punia, Vinesh Phogat nominated for Khel Ratna

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2INSlUa

Alex Hales withdrawn from England's World Cup squad

via Sports News: Cricket News, Latest updates on Tennis, Football, Badminton, WWE Results & more http://bit.ly/2ZEfMEV

Hathway Gives Free Android-Based 'Play Box' Streaming Device to Broadband Subscribers

Hathway is offering Android-based Play Box streaming device for free to its subscribers in Chennai.

from RSS Feeds | TELECOM - RSS Feed - NDTV Gadgets360.com http://bit.ly/2XVD8Eq

Cisco Revamps Its Hardware for Wi-Fi 6 Standard

Cisco announced new access points and switches for businesses for Wi-Fi 6, a new standard expected to roll out by 2022.

from RSS Feeds | TELECOM - RSS Feed - NDTV Gadgets360.com http://bit.ly/2DDxv61

Dish TV's New Multi-TV Policy to Offer Rs. 50 as NCF Charge for Second Connection

The new Dish TV multi-TV policy will allow users to mirror channels from primary connection or select different options as well.

from RSS Feeds | TELECOM - RSS Feed - NDTV Gadgets360.com http://bit.ly/2V5PoVR

The fight for F1 2019 title is fast turning between Hamilton and Bottas

With two wins and two second places each, the two team-mates are absolutely neck and neck.

from Sports-News-Economic Times http://bit.ly/2GRapdS

Norway nets ‘trained Russian weapon’: A friendly white whale

A harness recovered from an unusually friendly white whale in north Norway may indicate the animal had been trained by the Russian navy as part of a marine mammal special force, experts in Norway have said. The harness, which had the words “Equipment of St. Petersburg” labelled on it, could be used to attach cameras or other instruments, the experts added.

from Times of India http://bit.ly/2IOx2lC

Footprints of mythical beast sighted: Indian Army

Indian Army on Tuesday claimed that one of its teams spotted mysterious footprints of mythical creature "Yeti" close to Nepal's Makalu Base Camp. During an expedition, the Mountaineering Expedition team came across mysterious marks measuring 32X15 inches, which the Army believed are of the mythical beast Yeti, the Army said.

from Times of India http://bit.ly/2XSVWUx

At 55%, Mumbai posts highest vote since 1991

Maximum city stamped out its image of electoral apathy on Monday by recording a 55.1% turnout, its highest not only in the post-liberalisation era but since 1989, when it had recorded 57.7%. The city turned up to vote in much larger numbers despite the sweltering heat and long weekend, which had triggered concerns that many would choose to holiday instead.

from Times of India http://bit.ly/2IS1eft

MHA issues notice to Rahul over his citizenship

The ministry of home affairs asked Congress president to clarify his position on his nationality after BJP MP Subramanian Swamy cited a British company's document to allege that Rahul Gandhi is a British national. In a letter, the ministry said that Rahul, in an annual return filed by company Backops Limited, has declared his nationality as British.

from Times of India http://bit.ly/2IQJKA9

Ness Wadia gets 2yrs jail in Japan on drug charge

Ness Wadia, the son of industrialist Nusli Wadia, has been sentenced a two-year jail term in Japan for possession of drugs. He was reportedly caught in New Chitose Airport in the northern Japanese island of Hokkaido with 25 grams of cannabis resin earlier in March this year.

from Times of India http://bit.ly/2PBs500

Macquarie says sorry, double-downrates Yes to make up for error

Macquarie Capital Securities said it got its assessment on YES Bank wrong – a stock which they have been ‘constructive’ on for the past eight years. It has double downgraded the stock to underperform and slashed the target price by 40 per cent to Rs 165 – the second lowest on the street after Morgan Stanley which has a target price of Rs 125.Macquarie said it has been constructive on YES Bank’s ability to thrive in a risky business segment like structured finance. Suresh Ganapathy, head of financial services research at Macquarie, termed the call on YES Bank as the biggest mistake of his professional life as analyst.“We must eat humble pie today and admit we underestimated risks in structured finance. We got the call wrong,” said analysts at Macquarie led by Ganapathy. Macquarie had an ‘outperform’ rating on YES Bank earlier.YES Bank on Friday posted a loss of Rs 1,507 crore for the March quarter compared to a profit of Rs 1,180 crore a year earlier.The bank made total non-tax provisions of Rs 3,662 crore, more than nine times the Rs 400 crore reported a year earlier and nearly seven times the Rs 550 crore reported in December 2018, even as gross NPAs rose to 3.22 per cent of loans from 2.10 per cent in December. The loss was amplified by provisions against bad loans to an infrastructure conglomerate and an airline as the lender’s first non-founder CEO Ravneet Gill began a cleanup act.Loan book clean-up, investments in retail business and pivoting of business model within corporate segment should keep return ratios of YES Bank subdued for long, said Macquarie, cutting EPS estimate by 45 per cent.The new CEO’s flag of a sequential increase of three times BB and below rated accounts, despite aggressive slippages in the fourth quarter of the financial year ended March, comes as a material negative surprise, said Macquarie. Flagging off of aggressive accounting practices in fee income and weakness in retail franchise further dampen fundamental view on the robustness of the business model, added Macquarie.The stock has declined 11 per cent in the last two weeks ahead of its result, ending down 0.1 per cent at Rs 237.4 on Friday. YES Bank shares have fallen 32.6 per cent in the last one year, underperforming the Bank Nifty which has gained 17.5 per cent during the same period.Besides Macquarie, other brokerages such as BoB Capital and Emkay Global have also downgraded the stock.“Near-term headwinds from new asset quality shocks, elevated credit costs, higher opex and slower growth will remain overhang on the stock,” said BOB Capital Markets.While structural changes by the new leadership are geared to building a solid franchise in the longrun and are essential to restore investor confidence, any re-rating of the stock will hinge on effective execution of the new strategy, it said. 69098580 69089813

from Economic Times http://bit.ly/2vsTjwL

TCS sued again over theft of trade secrets

BENGALURU: Computer Sciences Corp (CSC) has filed a lawsuit against Tata Consultancy Services, alleging that the Indian IT bellwether is stealing its trade secrets to build an insurance platform, following a $2-billion deal that TCS won from US insurer TransAmerica last year.This is the second such suit against TCS, after the Indian IT major lost a similar case to Epic Systems, setting it back by $420 million in penalties. TCS is currently appealing that in a higher court.TCS is “improperly accessing” its codes, the US-based CSC said in its lawsuit filed last week in Texas, seeking punitive damages. ET has seen a copy of the lawsuit.“Our legal team is reviewing the allegations and will respond appropriately. TCS will strongly defend its position before the court. As this is a pending legal matter, TCS would not like to comment further at this time,” a TCS spokesperson said in response to a detailed questionnaire sent by ET.CSC, whose parent is the NYSE-listed DXC Technology, had licensed its insurance products Vantage and CyberLife to Money Services Inc (MSI), which is owned by Trans-America. MSI was using the CSC software to administer and process TransAmerica’s insurance and annuity policies, the suit said.TCS, which took on board 2,200 TransAmerica employees as part of the deal, planned to use its BaNCS platform to administer the policies.“TCS now employs not only thousands of people who know how to use CSC software, including Vantage and CyberLife, but TCS also now employs former MSI employees with knowledge of —and access to —the CSC source code hosted on the MSI servers,” CSC said. “TCS is using this access to and knowledge of the CSC source code, software documentation, and other proprietary and confidential CSC information to develop TCS’ BaNCS for the US.”“TCS BaNCS is a comprehensive product with several successful implementations globally,” the IT giant’s spokesperson said. TCS uses the BaNCS platform to administer insurance policies in the UK.The lawsuit also alleges that a TCS employee copied and pasted part of CSC’s insurance source code into an email and sent it to colleagues.“Over the course of three weeks, TCS employees accessed and analyzed both the proprietary CSC software documentation and the Vantage source code to try to determine the method and process by which Vantage calculates this particular rate of return,” CSC said.CSC discovered that TCS employees were looking into its code when a CSC employee, who has a TransAmerica email address, received a copy of the Indian software major’s mails, possibly by accident, CSC said in a separate court filing seeking a temporary restraining order. CSC said it had no way of knowing if TCS was looking at other parts of its code.“These cases take a long time. The Epic case was filed in 2014. But it is a concern if it will affect more deals in the insurance sector in the US,” an analyst with a Mumbai brokerage said.CSC’s suit also cites the Epic verdict against TCS. “Having learned nothing from the outcome of the Epic litigation or the massive judgment entered against it, TCS continues to improperly access, copy and make improper use of CSC’s source code, trade secrets and proprietary information,” it said.

from Economic Times http://bit.ly/2vsrhRN

How Ambani plans to pare off a big debt

MUMBAI: Marquee global investors including some of the biggest pension and sovereign wealth funds are in initial discussions with Reliance Industries to invest in two infrastructure investment trusts (InvITs) set up to own Reliance Jio Infocomm’s tower and fibre assets.People aware of the situation said that Canadian pension funds CPPIB, Ontario Municipal Employees’ Retirement System (OMERS), British Columbia Pension Corporation (BCPC), Middle East sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA), investment companies such as Mubadala and Singapore’s GIC, and European financial powerhouse Allianz SE are among the investors eyeing stakes in Digital Fibre Infrastructure Trust and Tower Infrastructure Trust.The plan is to induct a minimum of five unit holders or investors as stipulated by law. Some potential investors such as ADIA, Brookfield, CPPIB may also come on board as co-sponsors by deploying larger cheques.Reliance has already tasked three investment banks — Citi, Moelis and ICICI Securities — with getting investors on board, hoping the transaction will gather clarity by next quarter, ET had reported on March 11. 69105963 69105964 A Reliance spokesperson declined to comment on the development. “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with exchanges.”PARTIAL REPAYMENT OF BANK BORROWINGSIn the fourth quarter of the financial year ended March 2019, Reliance Jio transferred its tower and fibre assets to two special purpose vehicles (SPVs) owned by the two Sebi-registered InvITs. In April, RIL said the two trusts have acquired 51% stakes each in Jio’s fibre and tower units — Jio Digital Fibre Pvt Ltd (JDFPL) and Reliance Jio Infratel Pvt Ltd (RJIPL). The trusts are sponsored by RIL’s 100% subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL).The demerger has helped Jio cut liabilities of Rs 1.07 lakh crore. The entire capex was made through a combination of bank borrowings, other credit lines and NCDs. The fibre InvIT has issued 0% preference shares worth Rs 78,000 crore to RIL that are entitled to surplus cash flow annually (if any) after meeting the obligations towards InvIT stakeholders.The proceeds from the co-sponsors or unit holders will be used for the partial repayment of bank borrowings. After servicing the liabilities, the preference shares will be entitled to the remaining surplus cash flows, an official in the know explained on condition of anonymity.Some domestic banks and insurance companies too are likely to participate.However, these talks are still preliminary in nature, they said.Based on the initial discussions, Reliance would want to extinguish most of the existing liabilities through this exercise and retain around $2 billion (Rs 14,000 crore) of debt in the tower and fibre SPVs, said analysts closely tracking the conglomerate. Reliance will continue to run and operate these assets.The fibre unit is being valued at $23.84 billion (Rs 1,66,880 crore) and the tower asset at $5.27 billion (Rs 36,890 crore) using fair market valuations by three independent valuers. The tower SPV has 173,000 towers ready or in development with Jio as the anchor tenant. Jio also has contracted for 50% of fibre pairs.“We were surprised with the scale of the demerged tower and fibre assets with a book value of $18 billion, which is the largest among telecom operators in India,” said Nikhil Bhandari, analyst with Goldman Sachs. “We expect capex intensity in telecom to come down significantly in FY20E with a demerger of tower and fibre assets and 99% population coverage.”CPPIB, OMERS and Brookfield declined to comment. Allianz declined to comment on single assets, saying as a longterm investor, it would like to benefit from the continuous growth potential of the Indian economy and contribute via attractive investments.GIC, Mubadala, ADIA and BCPC did not respond to ET’s questionnaire till press time on Monday. “The InviT has effectively allowed RIL to replace $710 billion (Rs 71,000 crore) of external debt with very long term (20-year) money and thereby remove any refinancing need on this amount of debt. Secondly, it also gives more balance sheet flex and allows for RIL to further increase spending across their consumer business if they choose to do so,” says Pinakin Parekh, analyst at JP Morgan.Reliance is using its recent Brookfield deal as the template for these as well. In March, the Canadian investor bought the lossmaking East West gas pipeline, a private company of RIL chairman Mukesh Ambani for Rs 13,000 crore. Brookfield will come on board these InvITs but Reliance wants to engage with other global investors as well and build long-term relationships.The target set of investors include long-only capital of at least 10 years. “This is meant for pension or SWFs. It does not match the returns profile of traditional private equity,” said an investment banker following this transaction closely.InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects. An InvIT will help the infrastructure investor create liquidity and take some money off the table for RIL, while also providing a yield product to investors. Typically, analysts estimate that the steady cash-flow generating infrastructure business should yield a 12-13% internal rate of return (IRR), excluding leverage.

from Economic Times http://bit.ly/2IObR3d

What India's frequent flier Modi achieved on trips abroad

By Karthikeyan Sundaram, Iain Marlow and Hannah DormidoAs Indian Prime Minister Narendra Modi bids for reelection, his party has said his skillful diplomacy on the world stage has increased India’s global stature and brought in a flood of investment.But what exactly have Modi’s foreign travels achieved? With 92 trips to 57 countries since coming to power in May 2014, Modi has flown abroad nearly twice as much as his predecessor Manmohan Singh in five years.While Modi’s visits have won praise from supporters for boosting India’s global profile, the costs associated with them -- and the optics of traveling abroad so often in a country where many farmers are struggling -- have triggered some criticism. The main opposition Indian National Congress leader Rahul Gandhi has accused Modi of ignoring problems at home.A closer look at Modi’s trips show that while some have yielded vague agreements that may not develop into anything substantial, doubters may still be exaggerating the negatives. Summit meetings accounted for roughly a third of Modi’s visits. And his arrival in each foreign capital made a symbolic statement about New Delhi’s world outlook. 69106601 Modi also made a point of repeatedly meeting leaders such as Japan’s Shinzo Abe and Russia’s Vladimir Putin, whose countries provide much-needed industrial investment and defense technology. Here’s more:Record FDIForeign direct investment into India in Modi’s first term amounted to $193 billion, 50 percent more than the preceding five years.At the same time, despite a high-profile push to generate jobs through manufacturing, much of the FDI has continued to flow into India’s services and capital-intensive industries, not labor-intensive ones.While Modi won investment commitments from longstanding economic and strategic rival China, it largely remains a non-starter. FDI from China totaled $1.5 billion in the four years to March 2018, data from India’s central bank show, against $20 billion President Xi Jinping promised in the five years from 2014.Energy SecurityUnder Modi, India started purchasing crude and liquefied natural gas cargoes from the U.S. for the first time. In the last five years, he struck deals from Russia to the Middle East securing oil assets for India. He got the world’s biggest oil exporter Saudi Aramco to agree to invest in India’s largest oil refinery, and the U.A.E. to fill up strategic oil reserves, reducing the strain on state finances.More broadly, Modi has maintained relations with Gulf countries crucial to India’s energy security even as he strengthened ties with Iran. However, the opposition has criticized the prime minister’s diplomacy for failing to win continued access to cheaper Iranian crude in the face of increasing U.S. pressure on Tehran.Big ProjectsModi has tried to tap a number of countries for strategic projects, which has occasionally brought him political grief.After making the first-ever visit to Israel by an Indian premier, Modi has continued to seek advanced defense and water technology from Tel Aviv. With Japan, India is building a bullet train in Modi’s native Gujarat state -- although the slow pace of land acquisition has led to criticism.In 2016, Modi signed an $8.7 billion deal for 36 Rafale fighter planes from France. The move has come under intense scrutiny since then for alleged rule violations, which his government has denied. Opponents have continued to use the deal to question the government’s anti-corruption credentials.Soft PowerModi has tried to use his trips to bolster India’s global image as an investment destination and a rising global power. He’s addressed the World Economic Forum in Davos and the Shangri-La security dialogue in Singapore.Modi used a rare informal summit with China’s Xi in the city of Wuhan last year to patch up geopolitical tensions between New Delhi and Beijing following a military stand off in the Himalayas.However several trips, including a surprise visit to Pakistan in 2015, did not yield any tangible results. And though Modi has approached diplomacy with vigor, some analysts suggest he has not injected the resources -- or implemented the reforms -- necessary to improve India’s standing in the world.

from Economic Times http://bit.ly/2GSS7ZS

Jet Airways tells staff it can not provide Mediclaim

NEW DELHI: Faced with severe liquidity crisis, grounded Jet Airways has informed employees that it will not be able to fund the premium of Group Mediclaim Policy and advised them to take medical cover of their choice.IANS first reported on April 27 that Jet employees face uncertainty over extension of their Mediclaim provided by the company."In the absence of any emergency funding from the lenders or any other source of funds forthcoming in the near future, we find ourselves facing a situation where we are not able to fund the premium of our Group Mediclaim Policy," the airline Chief People Officer Rahul Taneja wrote in a letter to its employees.He said that the Group Mediclaim Policy lapses on the midnight of April 30, 2019, adding that "these circumstances are not of our doing and much as we would wish to do things differently, we are left with little choice".Taneja, however, sounded optimistic and gave hope about revival of the airline."I must also state that we have not yet given up on our efforts and continue to engage with the lenders and support them in the bid process. We are working with them proactively to find opportunities to revive our beloved airline. As soon as we have more clarity on this matter, we will share the same with you," he said.Lenders of Jet Airways led by SBI are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways are in the race to buy a stake in the grounded Jet Airways.

from Economic Times http://bit.ly/2vsCuSn

TV9 Deal: Srini Raju agrees to pay rs 65 crore to SAIF Fund

HYDERABAD: Venture capitalist Srini Raju has inked a settlement deal with a fund of SAIF Partners that wanted courts to prevent Raju and his associates from selling broadcast media platform TV9 to a Hyderabad-based consortium.On Monday, Raju and associates filed a compromise petition before the National Company Law Tribunal (NCLT), agreeing to pay around Rs 65 crore to the fund of SAIF Partners. In return, the fund agreed to withdraw a contempt petition against Raju and associates within 10 days of receiving the payment.“We have signed a settlement agreement with SAIF and filed it before the tribunal,” Srini Raju told ET.NCLT has asked whether there are any objections to this arrangement, which would allow the sale of Associated Broadcasting Company (ABCL), the operator of the TV9 bouquet of channels. NCLT would hear the case on May 16.Separately, NCLT agreed to look into a petition filed by a new shareholder of ABCL, film actor Sivaji. The actor, who is learnt to have bought around 9% of ABCL from founder chief executive Ravi Prakash, has raised objections to the sale of 82% equity in favour of a consortium of two Hyderabad-based infrastructure groups for around Rs 460 crore.SAIF III Mauritius Company had earlier moved NCLT to prevent the sale of TV9. It claimed that funds it had invested 10 years ago in IVision Media, another firm controlled by Srini Raju, were given to ABCL to help siphon off the money. The Mauritius fund said it had invested Rs 50.37 crore for an 80% stake in IVision Media in August 2008 after an assurance that IVision Media would be merged with ABCL, giving it 14.29% stake in the merged entity. Neither did the merger take place, nor was SAIF provided an exit route.Raju said the deal involves buying the entire stake of SAIF in IVision Media and providing SAIF an exit at around Rs 65 crore.

from Economic Times http://bit.ly/2DFRzo7

This hedge fund manager loads up bearish bets on India rally

By Anto AntonyThe rally that’s lifted India’s $2.2 trillion stock market to a record has prompted a veteran hedge fund manager to load up on bearish wagers in a fund launched two months ago.“As there appears nothing fundamental underpinning this year’s rally we have remained maximum net short on a portfolio level,” Vijay Krishna Kumar, head of liquid alternatives investment at IDFC Asset Management Co., said in an interview in Mumbai.India this month became the first among stock markets valued at more than a $1 trillion to hit a new peak this year as foreigners plowed almost $10 billion into local shares in 2019, the most among major Asian markets. A bulk of the inflow is due to the “catch-up trade” after the country sat out a regional rally earlier this year, Kumar said.While expectations that Prime Minister Narendra Modi will win a second term in the ongoing elections and bets that company earnings will recover added legs to the rally, headwinds are stacking up fast. The surge in prices of crude oil -- India’s top import -- is combining with a slowdown in investment and consumption, all of which threaten to put the brakes on growth in the world’s fastest-growing major economy.“We are faced with worsening fundamentals and high valuations that have already priced in a rosy scenario,” said Kumar, who has two decades of investment experience. 69106821 Kumar, who began managing long-short strategies at London-based AGRA India Fund in 2006, joins other participants including Kotak Institutional Equities advising caution. For Kotak, the rally has made stocks expensive and there’s a risk that the company earnings estimates will be reduced if slowdown in the economy gathers pace, analysts led by Sanjeev Prasad wrote in a recent note.The IDFC India Equity Hedge Tactical Fund is betting on the stock-market swings amplifying in the run up to the election results on May 23, with the India NSE Volatility Index reaching as high as 30, Kumar said. That level was last seen months after Modi swept to power in May 2014, data compiled by Bloomberg show. 69106828 India equity hedge funds that follow a long-short strategy rose an average 5 percent this year after losing about 9.6 percent in 2018, according to Eurekahedge Pte estimates. The funds’ best performance in the past 15 years were during election years of 2009 and 2014, with annual gains of about 50 percent, the data shows. Kumar’s fund, that was targeting about 10 billion rupees at the time of launch two months ago, didn’t disclose its assets under management.Equities have priced in the possibility of the ruling party forming the next government with a reduced majority. A surprise victory for opposition parties could lead to an adverse reaction, Kumar said.“Even if the current government comes back to power, as some expect, we’re expecting a draw down of as much as 5 percent post results,” he said. “The markets are underpricing the risk of an adverse election outcome of the ruling coalition not getting a majority.”

from Economic Times http://bit.ly/2IPAcFQ

Life insurance, health top buys for FPIs in March quarter

FPI inflows into Indian equities during the March quarter were the highest in a quarter in two years.Life insurers, banks and healthcare companies have been high on their list while auto ancillary, housing finance and hotel companies were high on their selling list. ET takes a look at stocks where FPIs raised and reduced stake during the quarter within the BSE500 space:SBI LIFE INSURANCE COMPANYCMP (Rs ): 636.65Last 1-Year change: -16.5 per centFPIs have raised stake in the life insurer by 9.2 per cent in the quarter ended March. According to the latest shareholding pattern, Carlyle Group’s CA Emerald Investments holds 9 per cent in SBI Life. It had purchased the stake from BNP Paribas Cardif SA. Jefferies in a recent note said exclusive distribution access with SBI and strong brand recall from its pseudo-sovereign identity give SBI Life a unique competitive advantage. Jefferies has a buy rating and target price of Rs 745 on the stock.ENDURANCE TECHNOLOGIESCMP (Rs ): 1,155.70Last 1-Year change: -9.5 per centEndurance has seen a 5.7 per cent increase in FPI holding in the March quarter. Smallcap World Fund has raised its stake to 3.68 per cent from 3 per cent. The company is likely to benefit from new customer wins, stricter safety norms in India and increasing demand for aluminium content in passenger vehicles, said LKP Securities in a recent note, initiating coverage with a buy rating and target price of Rs 1,399.UJJIVAN FINANCIAL SERVICESCMP (Rs ): 327.35Last 1-Year change: -19 per centArdisia Limited, an affiliate of Creador LLP has raised its stake in Ujjivan to 9.96 per cent from 4.99 per cent at the end of December quarter, leading to overall FPI holding increasing to 13.71 per cent in the March quarter. Media reports earlier this month that HDFC Bank’s Digital Banking Head is likely to be new CEO of Ujjivan. The new CEO could drive some course correcton on liability strategy but HSBC sees higher execution risks in the near-tomedium term.LAURUS LABSCMP (Rs ): 386.85Last 1-Year change: -23.7 per centMotilal Oswal believes Laurus Labs is at the cusp of strong earnings growth over FY19-FY21, led by increased traction in its formulation business and changed product mix in the API segment. The recently awarded formulation contracts provide enough scope to break-even in FY20 and improve profitability, said Motilal Oswal.YES BANKCMP (Rs ): 237.4Last 1-Year change: -32.6 per centYES Bank, which reported its first ever quarterly loss is one of the stocks where FPIs raised stake the most in the three months ended March, by 4.2 per cent. “The price had come down sharply and it had got clean chit on divergence, which may have led to FPIs raising shake. But the stock could fall 10 per cent on result and FPIs who had bought then will now be on the backfoot. Growth will be hampered going forward,” said Abhimanyu Sofat, head of research at IIFL.69106540 DEWAN HOUSING FINANCE CORPORATIONCMP (Rs ): 143Last 1-Year change: -77 per centDewan Housing has seen FPI holding come down by 4.6 per cent in the three months ended March. The stock has fallen sharply amid liquidity crunch in the non-banking financial sector after the defaults by IL&FS last year. Billionaire investor Rakesh Jhunjhunwala has increased stake in Dewan Housing by 0.73 after cutting his stake in the company in the previous quarter. Recently, CRISIL downgraded rating on commercial paper of Dewan Housing, citing low visibility in raising funds and CRISIL’s belief that liquidity levels will remain subdued vis-a-vis earlier expectations.ASHOK LEYLANDCMP (Rs ): 88.50Last 1-Year change: -45.6 per centThe notable change in Ashok Leyland’s shareholding pattern after the March quarter was that Kuwait Investment Authority Fund reducing stake to 1.55 per cent from 1.72 per cent. Emkay Global in a recent note said it expects Ashok Leyland’s revenue over FY19-FY21 to be muted at 4 per cent CAGR due to a reversal in the medium and heavy commercial vehicle cycle. EBITDA margin is likely to contract from 10.5 per cent in FY19 to 7.6 per cent in FY21 on lower scale, adverse mix, higher discounts and partial absorption of BS-VI costs, said Emkay.HEGCMP (Rs ): 1,706.75Last 1-Year change: -35.14 per centShareholding of FPIs reduced by 2.25 per cent in the December quarter to 5.75 per cent in the March quarter. MF holding declined to 0.15 per cent from 1.21 per cent at the end of December quarter. Analysts believe that operating profit margins are likely to fall going forward owing to a steep rise in prices of key raw material needle coke and fall in price of graphite electrodes-both UHP grade and HP grade.HERO MOTOCORPCMP (Rs ): 2604.15Last 1-Year change: -30.7 per centWeak rural demand, sharp increase in cost and aggressive competitio are key headwinds for the company, said Nomura. The brokerage has a neutral rating and has lowered target price to Rs 2,725 from Rs 2,802. “We believe two-wheeler industry growth will remain slow going ahead. A further rise in regulatory costs is likely to impact demand and margins in FY21,” said Nomura.JET AIRWAYS (INDIA)CMP (Rs ): 167.3Last 1-Year change: -73 per centFinancial woes have eroded investor confidence in the airline over the recent months culminating into a temporary shutdown. FPI holding in the airline halved to 1.47 per cent from 3.2 per cent at the end of the December quarter. 69036355 69106421

from Economic Times http://bit.ly/2vsrzYT

Tata Consultancy Services faces new law suit over ‘trade secret theft’

Avengers: Endgame Brought Back [Redacted] Thor Character With Unused Footage

Avengers: Endgame has two major returning characters from the standalone Thor films, in Natalie Portman as Jane Foster, and Rene Russo as Thor’s mother Frigga.

from RSS Feeds | ENTERTAINMENT - RSS Feed - NDTV Gadgets360.com http://bit.ly/2V6bw24

PewDiePie Ends 'Subscribe' Meme After Christchurch Shooter's Shout-Out

On Sunday, PewDiePie released a YouTube video calling for an end to the "subscribe" movement and addressing the New Zealand shooting for the first time on his channel.

from RSS Feeds | ENTERTAINMENT - RSS Feed - NDTV Gadgets360.com http://bit.ly/2GJ8FCp

Avengers: Endgame Writers on Thanos’ Snap, Deaths, and Other Spoiler-y Things

Avengers: Endgame writers Christopher Markus and Stephen McFeely discuss all things spoiler-y, including why they made the choices they made and the alternatives they considered.

from RSS Feeds | ENTERTAINMENT - RSS Feed - NDTV Gadgets360.com http://bit.ly/2GNBm0O