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JSW Steel reports 37% decline in net profit at Rs 1,595 cr in Sept quarter

23 Oct, 2020, 06:59PM | Business Standards

JSW Steel on Friday reported over 37 per cent decline in consolidated net profit at Rs 1,595 crore for the the quarter ended September 30, 2020. The company had posted Rs 2,536 crore profit for the same quarter a year ago, JSW Steel said in a BSE filing. Total income stood at Rs 19,416 crore as against Rs 17,728 crore in the corresponding quarter of the preceding fiscal. Expenses were at Rs 16,958 crore as against Rs 17,025 crore in the year-ago quarter. The company also informed exchanges about acquiring four mine blocks in the auctions held by the Odisha government in February. JSW Steel has signed the mining development and production agreements with regard to all the four blocks and executed the lease deeds. "Acquisition cost incurred for the mines such as stamp duty, registration fees and other such cost amounting to Rs 817 crore have been capitalised as intangible assets. The company has also paid upfront premium payment amounting to Rs 1,290 crore which would be adjusted against the premium payment due to the government," it said. Mining operations have started at all the said blocks. JSW Steel further said a resolution plan submitted by its wholly- owned subsidiary JSW Steel Coated Products Ltd for Asian Colour Coated Ispat Ltd (ACCIL) has been approved with certain modifications by the National Company Law Tribunal, New Delhi. ACCIL manufactures downstream steel products at its facilities located in Khapoli in Maharashtra and Bawal in Haryana. On the impact of COVID-19, the company said outbreak of the virus and the measures to curtail it caused disturbances and slowdown of the economic activity. The group's operations too were impacted in June quarter as the company had to scale down its operations across all plants due to reasons like supply chain constraints, shortage of workforce etc. However, with relaxations provided by the government, the company gradually ramped up its production levels. The company achieved production of 3.85 million tonne during the quarter ended September 30. With this, JSW Steel achieved average capacity utilisation of 86 per cent in the quarter. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Essar to pump Rs 35,000 crore into Gujarat for steel manufacturing project

23 Oct, 2020, 02:02PM | Economic Times

(This story originally appeared in on Oct 23, 2020) AHMEDABAD: After exiting two of its most prized assets in Gujarat — the refinery and steel facilities , the Ruias-controlled Essar group is once again exploring the state for several big-ticket projects . These include setting up a commercial port, new and emerging technologies , EV vehicles and lithium-ion manufacturing facility, renewable energy, petrochemicals and even a steel project. The company has drawn out plans to invest about $5 billion (roughly Rs 35,000 crore) for a steel manufacturing project in Gujarat, said sources close to the development. The promoters of Essar Group had last year lost a long-draw the battle to wrest control of the bankruptcy-ridden Essar Steel at Hazira which it had built from a scratch. The stressed steel plant project of 10 million tonnes per annum capacity went into insolvency proceedings and was bagged by ArcelorMittal Nippon Steel India Ltd. Senior executives of Essar Group met top Gujarat government officials last week to discuss various plans. The company has also submitted a proposal to set up a steel plant with 8 million tonnes of annual capacity for which it has sought land from the state government. “The company is looking for land near coastal areas that have good port connectivity,” said a senior state government official. For the proposed steel plant the company requires land of about 1,000 hectares, said sources in the know of the development. The $5 billion proposal does not include land and infrastructure cost of a captive port and captive power plant, said sources. The ArcelorMittal led joint venture’s winning bid involved a debt restructuring plan to the tune of Rs 42,000 crore and further investment of Rs 8,000 crore for ramping up its capacity. Essar group promoters had proposed to repay about Rs 55,000 crore to the creditors however the offer was not accepted by the committee of creditors for Essar Steel. Essar group and ArcelorMittal are presently locked in a legal battle to wrest control of the captive port at the steel plant facility at Hazira. When contacted, an Essar group spokesperson said that senior executives have been visiting senior government officials to discuss their current investments in ports and power sector in Gujarat. Essar Group has also proposed to set up an LNG terminal at Hazira and also drawn out plans to enter into solar and wind energy generation and coal bed methane projects in Gujarat, said sources. For the port project, the group has chalked out plans to invest about Rs 10,000 crore, according to sources. The Essar group promoters, who sold the refinery project near Jamnagar for $12.9 billion to Russia’s Rosneft led consortium, is also planning to set up a petrochemical complex. For this the group is looking at options within India, including Gujarat and also overseas, said sources. Last year in October, Essar group promoters said that they paid off Rs 1.4 lakh crore debt and that the residual 10-15% would be cleared shortly. Essar group took steps towards reducing leverage by exiting from Essar Oil and selling it off to Rosneft-Trafigura consortium in 2017. This was followed by the company’s exit from Aegis, their BPO business. The group carried out a few more exits and used the proceeds from this monetisation, exercise to repay about Rs 1,40,000 crore of debt, which is seen as the largest deleveraging exercise by an Indian corporate. The company is in good shape with the top line of the portfolio the business of over $13 billion or Rs 1,00,000 crore, the group, director of Essar Capital said Prashant Ruia, in an internal message posted on the group’s website last October.

A slower road ahead: Why building an electric car is so expensive, for now

23 Oct, 2020, 09:41AM | Business Standards

At Tesla Inc.’s ballyhooed Battery Day event in September, CEO Elon Musk set himself an ambitious target: to produce a $25,000 electric car in three years. Hitting that sticker price -- about $13,000 cheaper than the least expensive model today -- is seen as critical to deliver a true, mass-market product. Getting there means finding new savings on technology, most critically the batteries that can make up a third of a vehicle’s cost. Musk says innovations and in-house manufacturing can quickly halve that expense, while most competitors see a slower road to reach price parity with gas guzzlers. 1. Why are EV batteries so expensive? Largely because of what goes in them. An EV uses the same rechargeable lithium-ion batteries that are in your laptop or mobile phone, they’re just much bigger to enable them to deliver far more energy. The priciest component in each cell is the cathode, one of the two electrodes that store and release a charge. That’s because the materials needed in cathodes to pack in more energy are often expensive: metals like cobalt, nickel, lithium and manganese. They need to be mined, processed and converted into high-purity chemical compounds. 2. How much are we talking? At current rates and pack sizes, the average battery cost for a typical electric vehicle works out to about $7,350. That’s come down a lot -- 87% over the past decade, according to BloombergNEF. But the average pack price of $156 per kilowatt hour (from about $1,183 in 2010) is still above the $100 threshold at which the cost of an electric vehicle should match a car with an internal-combustion engine. That would help trigger mass adoption. 3. How will the batteries get cheaper? Costs aren’t expected to keep falling as quickly, but lithium-ion packs are on track to drop to $93 per kWh by 2024, according to BNEF forecasts. To get there, one focus for manufacturers is replacing high-cost cobalt with nickel. That has a double benefit: nickel is cheaper and it also holds more energy, allowing manufacturers to reduce the volume needed. On the other hand, cobalt’s advantage is that it doesn’t overheat or catch fire easily, meaning manufacturers need to make safety adjustments when they use a substitute. Panasonic Corp. in Japan plans to commercialize a cobalt-free version of a high-energy battery in two to three years; other suppliers already produce lower-energy ones. There’s also attention on the battery packs, often resembling oversized suitcases, that house rows of individual cells. Simplifying the design, and using a standard product for a range of vehicles -- rather than a pack tailored to each model -- will deliver additional savings. Tesla using dry electrode technology and making the battery a structural element of the car. 4. Who are the biggest manufacturers? Asia dominates manufacturing of lithium-ion cells, accounting for more than 80% of existing capacity. The majority of that might is in China. Europe is building new factories and will surpass North America in cell manufacturing starting in 2021, according to Wood Mackenzie Ltd. Overall, the Chinese company Contemporary Amperex Technology Co. Ltd. (CATL) shipped the highest volumes in 2019, including batteries bound for power grids and storage systems. It’s a tighter field in the race to supply automakers, where Panasonic led last year. South Korea’s LG Chem Ltd. has surged ahead in 2020, capturing about a quarter of the market in the first eight months, according to SNE Research. Tesla and Panasonic’s joint venture is the biggest battery producer in the U.S. Emerging producers include Northvolt AB in Sweden, founded by former Tesla executives. 5. Are all EV batteries the same? Lithium-ion technology has dominated the rechargeable-battery sector since it was commercialized by Sony Corp. in 1991. Improvements to life-span, power, weight and costs have helped the components leap from camcorders to SUVs, buses and ferries. While lithium-ion cells, like all batteries, have the same basic components: two electrodes -- a cathode and an anode -- and an electrolyte that helps shuttle the charge between them, there are differences in the materials used, and that’s key to the amount of energy they hold. Grid storage systems, or vehicles traveling short distances, can use cheaper and less powerful cathode chemistry that combines lithium, iron and phosphate. For higher-performance vehicles, automakers favor more energy-dense materials, such as lithium-nickel-manganese-cobalt oxide or lithium-nickel-cobalt-aluminum oxide. Further refinements are seeking to improve range -- how far a vehicle can travel before recharging -- as well as charging speed, while also balancing factors like fire-resistance. Recent battery blazes and vehicle recalls have highlighted safety issues. 6. How else can costs come down? There’s the manufacturing process itself and the machinery required. Tesla has commissioned the largest casting machine ever made that’ll produce the entire rear section of a car as a single piece of die-cast aluminum. Integrating the battery with a vehicle chassis could also trim the volume of material used. Electric motors -- which account for as much as a 10th of a car’s cost -- should be about 5% cheaper in the next couple of years with improvements to both materials and the electronics that transmit power between the battery, motor and a vehicle’s wheels, BNEF says. Will be amazing to see it in operation! Biggest casting machine ever made. Will make rear body in a single piece, including crash rails. — Elon Musk (@elonmusk) August 13, 2020 7. So China’s in pole position? Yes, in almost every aspect, with some key exceptions. China is responsible for about 80% of the chemical refining that converts lithium, cobalt and other raw materials into battery ingredients, though the metals themselves are largely mined in Australia, the Democratic Republic of Congo and Chile. China also dominates processes to make battery parts including capacity for cathodes, anodes, electrolyte solutions and separators, BNEF data shows. But China faces a rare challenge when it comes to advanced semiconductor design and software, components that are increasingly important as vehicles become more connected and autonomous. Less than 5% of automotive chips are made in China, according to China EV 100, a think tank. For example, major players in so-called insulated-gate bipolar transistors (IGBTs) include Infineon Technologies AG and Semikron AG in Germany and the Japanese companies Mitsubishi Motors Corp., Fuji Electric Co. and Toshiba Corp. These high-efficiency switches reduce power loss and improve reliability in electric cars. 8. Is cost the only hurdle? There’s still an issue with driving range. While the most-expensive EVs can travel 400 miles (640 kilometers) or more before a top up, consumers considering more mainstream models remain anxious about how often they’ll need to recharge. Automakers and governments have become directly involved in the roll-out of public recharging infrastructure, conscious of a need to allay fears over not finding an electric pump on the go. Countries from China to Germany to Canada are building charging stations as part of stimulus measures adopted to combat the coronavirus-induced economic slump. Millions of units are being fitted on highways, in suburbs and at shopping mall parking lots, but distribution is uneven -- more than a quarter of all public connectors in the U.S. are in one state, California -- and not all chargers are compatible with every EV model. Most recharging is expected to take place at home, and that means another cost for consumers, with an average price of about $1,000 per system. 9. What’s around the corner? A host of innovations are seen moving from laboratories to production lines by the end of the decade. California-based Sila Nanotechnologies Inc. is adding silicon into battery anodes in place of graphite to allow a single charge to last at least 20% longer. Toyota Motor Corp. and U.S. startups including QuantumScape Corp. are racing to commercialize solid-state lithium-ion batteries, which overhaul a cell’s architecture to replace the flammable liquids that enable charging and discharging with ceramic, glass or polymers. That’s an advance that advocates claim can boost energy storage, lower costs, improve safety and cut recharging times. CATL is ready to produce a super long-life battery that lasts 16 years and 2 million kilometers (1.24 million miles) -- a typical battery warranty today covers about 150,000 miles or eight years. That means a single pack could be deployed in multiple vehicles or for several different tasks. As early electric cars retire, there’s also a fast-developing sector aimed at reusing batteries for less-strenuous tasks, or recycling the metals within them. --With assistance from Chunying Zhang and Tian Ying.

Stocks to watch: Tech Mahindra, Bharti Infratel, Nestle, JSW Steel, Mphasis

23 Oct, 2020, 08:48AM | Business Standards

At 08:45 AM, Nifty futures on the Singapore Exchange (SGX) traded 30.4 points, or 0.26 per cent higher at 11,929.20, indicating a positive start for the Indian market on Friday. Here's a list of stocks that may trade actively in today's session. Tech Mahindra: The company is slated to announce its Q2 numbers on Friday, October 23. Deal pipeline in telecommunication & enterprise segment, opportunities in 5G, margin improvement in portfolio companies, long term growth opportunity, attrition level, and increment /promotion cycle will be the key things to watch out for. READ MORE Mphasis: Gross Revenue grew 5.2 per cent QoQ and 12.9 per cent YoY on a reported basis. In constant currency, growth was 6 per cent QoQ and 6.7 per cent YoY. Net profit grew 9.5 per cent YoY to Rs 299.2 crore; EPS grew 9.3 per cent YoY to Rs 16.04. Earnings today: Besides Tech Mahindra, 37 other companies are expected to release their quarterly numbers today. The list includes names such as Nestle India, JSW Steel, YES Bank, and ICICI Lombard General Insurance Company. Coforge: The company reported an 8.1 per cent quarter-on-quarter growth in constant currency (CC) terms for the quarter ended September 30, 2020. In rupee terms, the company reported consolidated revenue of Rs 1,153.7 crore during Q2FY’21, representing a growth of 11.1 per cent over the same quarter previous year. On a sequential basis, revenue grew 9.1 per cent. Bharti Infratel: Telecom tower company Bharti Infratel on Thursday announced a 24 per cent decline in its profit after tax at Rs 733 crore for the quarter ended September 30. The company had reported a profit after tax of Rs 964 crore in the same period last year. L&T Finance Holdings (LTFH) Ltd’s net profit, at the consolidated level, rose by 42 per cent rise at Rs 247.7 crore in the second quarter ended September 2020 despite accelerated provisions. It had posted a profit after tax of Rs 174.5 crore in the second quarter of last year (Q2Fy21). SBI Cards and Payment Services, the credit card arm of State Bank of India, has reported a 46 per cent decline in net profit at Rs 206 crore in the second quarter (Q2) of 2020-21 (FY21), compared to Rs 381 crore in the same period last financial year. Ambuja Cements yesterday reported 50 per cent rise in consolidated net profit at Rs 803 crore for September quarter 2020, helped by volume growth and improvement in operational efficiencies. Alembic Pharma: Vadodara-based Alembic Pharmaceuticals Limited has registered a 35 per cent growth in its consolidated profit after tax (PAT) for the quarter ended September 30, 2020. As against a net profit of Rs 246.27 crore in Q2 of the previous fiscal 2019-20, the company posted a PAT of Rs 333.37 crore in the second quarter of current fiscal 2020-21. Cochin Shipyard: Ace investor Radhakishan Damani bought nearly 7 lakh shares of Cochin Shipyard at Rs 349.14 per share from the open market yesterday, NSE bulk deals data showed.

Asia-Pacific stocks mixed as investors monitor coronavirus developments

23 Oct, 2020, 05:44AM | CNBC

SINGAPORE â Shares in Asia-Pacific were mixed as investors in Asia-Pacific monitor coronavirus developments.In Japan, the Nikkei 225 rose 0.25% in early trade while the Topix index added 0.22%. South Korea's Kospi also gained 0.21%Meanwhile, shares in Australia declined, with the S&P/ASX 200 slipping 0.21%.MSCI's broadest index of Asia-Pacific shares outside Japan traded below the flatline.Semiconductor-related stocks in Asia-Pacific slipped in Friday morning trade after chipmaker Intel reported mixed quarterly numbers.In Japan, shares of Tokyo Electron dropped more than 1.5% while Advantest fell about 0.9%. In South Korea, industry heavyweight Samsung Electronics saw its stock decline 0.17% while chipmaker SK Hynix shed 0.96%On the coronavirus front, the U.S. Food and Drug Administration on Thursday approved Gilead Sciences' antiviral drug remdesivir for the virus. The intravenous drug has helped shorten the recovery time of some hospitalized Covid-19 patients.House Speaker Nancy Pelosi said Thursday a deal on new coronavirus stimulus was "just about there" though she warned that passing it into law will take time as she and the Trump administration attempt to iron out remaining issues. Overnight on Wall Street, the Â Dow Jones Industrial AverageÂ closed 152.84 points higher, or 0.5%, at 28,363.66. The S&P 500Â added 0.5% to finish its trading day at 3,453.49 while theÂ Nasdaq CompositeÂ closed 0.2% higher at 11,506.01. Currencies and oil The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 92.965 following a recovery from levels below 92.8 in recent days.The Japanese yen traded at 104.84 per dollar, having weakened from levels around 104.5 against the greenback yesterday. The Australian dollar changed hands at $0.7121 following its rise from levels below $0.705 earlier this week.Oil prices were lower in the morning of Asian trading hours, with international benchmark Brent crude futures down 0.26% to $42.35 per barrel. U.S. crude futures also shed 0.27% to $40.53 per barrel.â CNBC's Berkeley Lovelace Jr. contributed to this report.

Steel producer Nucor sees opportunity in autos beyond recent rebound

23 Oct, 2020, 04:13AM | CNBC

VIDEO2:2902:29Nucor CEO on 2020 election: 'Our focus on trade is going to be unrelenting'Mad Money with Jim Cramer Nucor is gearing up to substantially increase its production for the automotive end market as the industry experiences a sales rebound, CEO Leon Topalian told CNBC's Jim Cramer Thursday."We're about 1.6 million tons a year of our products going to automotive. Will double that in the next several years," he said in a "Mad Money" interview. "Want to be at the 3 million range."U.S. automakers, which were shut down for a period at the onset of the coronavirus outbreak, experienced an unexpected level of demand for cars amid the pandemic-induced recession. Car manufacturers have sprung into action to boost inventories and deliver new vehicles to dealerships as used car inventories also face outsized demand.Wholesale used vehicle prices were up almost 20% year over year in August, according to Moody's Analytics. Nucor, which produces advanced steel sheets, engineered bar and cold-finished steel products for vehicles, reported seeing a strong recovery in automotive demand. The company expects production rates for the current quarter could exceed the last quarter of 2019."Automotive is going to continue to be a big part of our business as we move forward," Topalian said.Nucor shares closed up 3% at $49.90 Thursday after announcing third-quarter results in the morning. The Charlotte, North Carolina-based steelmaker topped analyst estimates handily with earnings of 63 cents per share on revenue of $4.9 billion. Business was down about 10% from the same quarter last year when the company brought in about $5.47 billion.While the steel and broader economy continue to feel the impact of the coronavirus slowdown, Topalian said Nucor expects to produce a significant return for shareholders as the company tries not to get too "focused on the moment.""Nucor's investments are for the long term and we can't lose sight of that," he said.While Nucor stock remains down 11% this year, the stock closed Thursday's session at its highest price since February, recovering all of its losses since the historic market meltdown that began that month.The stock has gained 81% since reaching a bottom in late March. VIDEO7:4307:43Nucor CEO talks Q3 beat, expanding production and 'unrelenting' focus on tradeMad Money with Jim Cramer Questions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - InstagramQuestions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

IPO drought ends in Pakistan's stock market with record year ahead

22 Oct, 2020, 11:14PM | Business Standards

Pakistan’s market for initial public offerings (IPOs) is coming out of hibernation and heading for a record year. The nation, which has posted the fastest equity rally in Asia since March, will host about 10 new-share sales in the fiscal year to June 2021, according to its top adviser Arif Habib. That follows a 17-month streak of no new initial share sales and beats the previous record of nine deals in 2008. “IPOs will always be active when the stock market is performing and company valuations are good,” Arif Habib’s Chief Executive Officer Shahid Ali Habib said in Karachi. “There is a lot of liquidity too with funds shifting allocation from the fixed-income class to equities.” Pakistan’s benchmark stock index has jumped 52 per cent since March, beating runners-up Vietnam and India, and gaining twice as much as China. Yet, it remains one the world’s cheapest markets with forward price-earnings multiple of 7.4 times. The appeal of momentum and valuation is luring companies to tap public funds. Pakistan had two company listings in July. Now, Agha Steel Industries is raising 3.8 billion rupees ($23.5 million), in the country’s third-largest deal from the private sector. Also, industrial-automation company Avanceon and rubber-products maker Service Industries plan to list their subsidiaries. Arif Habib, which has led two offerings this year, expects at least another five deals, Habib said. The adviser has handled half of the 36 initial public offerings in the past decade, according to data compiled by Bloomberg. Equity gains in Pakistan have been partly fueled by falling returns on fixed income after benchmark interest rates fell by almost half to 7 per cent. The nation’s economic growth is also recovering thanks to a drop in new virus cases.

Pelosi cautions that Congress may be far from passing a stimulus bill despite progress on a deal

22 Oct, 2020, 10:58PM | CNBC

VIDEO0:5800:58Pelosi: We're 'just about there' on a stimulus dealSquawk Alley While Democrats and the White House are close to reaching a coronavirus stimulus deal, it could take a lot longer to write and vote on a bill, House Speaker Nancy Pelosi said Thursday.The California Democrat plans to speak to Treasury Secretary Steven Mnuchin again Thursday as they try to craft an aid agreement. While the speaker said the sides are "just about there" on reaching a deal, she cautioned that passing it into law will take time as she and the Trump administration try to iron out remaining issues."If we can resolve some of these things in the next few days, it'll take a while to write the bill," Pelosi told reporters at the Capitol.The House speaker said the sides still have not come to a consensus on several topics that have flummoxed negotiators during months of on-again, off-again talks. Those include aid to state and local governments, liability protections for businesses, and funding for the U.S. Census and election systems.The failure to reach an accord by now has made it all but impossible for lawmakers to inject money into the fight against Covid-19 or boost a sluggish economy before the Nov. 3 election. However, Pelosi said she believes "both sides want to reach an agreement" during what she called a "serious attempt" to provide aid."We can do something great, and I'm still optimistic that we can do that," she said. U.S. House Speaker Nancy Pelosi speaks about the need for additional coronavirus relief during her weekly news conference with Capitol Hill reporters in Washington, U.S., October 22, 2020.Hannah McKay | Reuters The effort to pass more stimulus is filled with pitfalls as Democrats and the White House discuss legislation that would cost roughly $2 trillion. Most Senate Republicans oppose another massive spending program, and it is unclear what kind of package could garner enough votes to get through the GOP-held chamber.Some Republican senators such as Marco Rubio of Florida have signaled they could support a bill with a hefty price tag as they worry that inaction would leave prolonged economic damage.President Donald Trump's varying stances on a relief bill have also complicated the process. Pelosi said the president has "been all over the map," after he first called off talks and then claimed he wants to spend more than even the $2.2 trillion Democrats have proposed.During the slog to reach a relief agreement, Democrats and Republicans have increasingly described their differences as fundamental disagreements over what role the government needs to take to help the country emerge from the economic and health-care crises.Congress' ability to pass legislation during the so-called lame-duck period after the election could depend on who wins pivotal races for the White House and congressional seats. If the presidency or Senate control change hands, the shift would not take effect until January.Federal Reserve Chair Jerome Powell and many economists have warned of potentially devastating economic consequences if Congress fails to pass more stimulus. Economic pain has sharpened for many Americans after the expiration of the $600 per week supplemental federal unemployment benefit during the summer.The U.S. got some good economic news Thursday, when the Labor Department reported initial jobless claims fell last week to their lowest level since March.Subscribe to CNBC on YouTube.

Russia foreign intelligence chief says Belarus protests fueled from abroad

22 Oct, 2020, 08:58PM | Business Standards

Russia's foreign intelligence chief said Thursday during a visit to Belarus that the 2 1/2 months of protests since the country's presidential election have been fomented from abroad. Belarus has been rocked by massive demonstrations against authoritarian President Alexander Lukashenko's reelection to a sixth term in an Aug. 9 vote that the opposition argues was rigged. Lukashenko, who has ruled the ex-Soviet nation with an iron fist for more than 26 years, has accused the United States and its allies of fueling the protests. Sergei Naryshkin, the director of Russia's Foreign Intelligence Service, echoed the Belarusian leader's claims during a visit to the capital, Minsk. Belarus is a former Soviet republic that maintains close economic ties with Moscow. We are seeing a desire to try to change the existing order, the existing political system, by unconstitutional means, Naryshkin said after a meeting with Lukashenko. The outside influence is quite obvious. Naryshkin hailed a constitutional amendment process proposed by Lukashenko, saying that it would give answers to many questions while preserving stability in Belarus. The opposition has rejected the reform as an attempt by Lukashenko to buy time and remain in office while assuaging public anger. Russia is offering a lifeline to Lukashenko, Alexander Klaskovsky, an independent analyst based in Minsk, said. A vague constitutional reform is supposed to substitute the political agenda and help authorities to drown the protests in talks, but an exacerbation of the economic situation may trigger a new wave of discontent. The United States and the European Union have rejected the August election as neither free nor fair and introduced sanctions against top Belarusian officials accused of vote manipulation and a crackdown on peaceful protesters. The EU has warned it was ready to sanction Lukashenko himself if he fails to enter talks with the opposition. The president has ignored demands to negotiate and relied instead on political and economic support from Russia, his main ally and sponsor. On Thursday, the EU awarded its top human rights prize to the Belarus opposition movement and its leader, Sviatlana Tsikhanouskaya, who was Lukashenko's main challenger in the presidential election. A basis for the opposition's claim of a rigged election is the official results showed Tsikhanouskaya receiving 10% of the vote to Lukashenko's 80%. A 38-year old former English teacher with no previous political experience, Tsikhanouskaya joined the race after her husband was jailed in Belarus and prevented from running. He remains in prison. Tsikhanouskaya, who moved to Lithuania after the election under pressure from Belarusian authorities, put forward an ultimatum to Lukashenko: announce his resignation by Oct. 25 or face a nationwide strike. Daily protests have continued despite the arrests and pressure. More than 100,00 people swarmed the streets of the Minsk on Sunday, and several dozen disabled people rallied Thursday, chanting Go away!" to demand Lukashenko's resignation. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Ashok Leyland expects to boost market share in ICV segment

22 Oct, 2020, 08:27PM | Business Standards

Commercial vehicle major Ashok Leyland on Thursday said it was looking to increase its market share in the intermediate commercial vehicle segment similar to the levels it has in medium and commercial vehicle nationally, a top company official said. The city-based company on Thursday unveiled BS-VI compliant Boss LE and LX trucks with prices starting at Rs 18 lakh (ex-showroom Delhi). These two vehicles will address the 11.1 tonne to 14.05- tonne gross vehicle weight (GVW) market need, Ashok Leyland said. "We are around upwards of 20 per cent in the market share in ICV and for all other segments put together in the medium and heavy commercial segments (including ICVs) we are in the range of upwards of 30 per cent", Ashok Leyland, COO, Anuj Kathuria said. "Therefore, nationally, we would like to get our ICV market share also at similar levels," he told reporters. With the launch of Boss range of vehicles, he said the company would have a complete portfolio covering most of the applications. "In terms of monthly volume, the number of ICVs that are being sold on a monthly basis is somewhere between 3,500 to 4000 vehicles. This is something we are seeing an improvement month after month," he said. The company would look at serving various segments including agri-perishable, e-commerce, pharmaceuticals, white goods, poultry (transportation) which is very popular in some of the southern parts of the country, he said. To a query, he said the company was also witnessing 'good recovery' in segments like construction and mining, road construction, mining, iron ore, coal. "With the festive season ahead of us there will be definitely a faster recovery in these segments..," he said. The vehicles introduced today are being produced at the company's Ennore facility (Tamil Nadu) to serve the southern market and also at Pant Nagar (Uttarakhand) to serve Northern markets, he said. Customers can choose from multiple combinations, loading span from 14 feet to 24 feet and body type options of high side deck, fixed side deck, drop side deck, cab chassis, container and tipper, a company statement said. "We have been on track with our plans, despite the challenging year we are all facing. Starting with the AVTR launch, followed by DigitAL Nxt suite of digital solutions, BADA DOST and now the BOSS ICV trucks, we aim to give our customers the latest and most advanced products and technology," Ashok Leyland MD Vipin Sondhi said. With this launch in the Boss range, the company's ICV offering is now one of the best in the market, he claimed. "ICVs are seeing a spurt in demand and this is the best time to introduce our proven I-Gen6 BS-VI technology in one of our best-selling brands in the portfolio. These launches will further strengthen our portfolio and help us achieve our vision of being in the global top 10 CV makers," Sondhi said. Customers can choose from two cabin options and expect multiple improvements over BS-IV technology like up to 7 per cent higher fluid efficiency, up to 5 per cent higher tyre life, up to 30 per cent longer service intervals and up to 5 per cent lower maintenance cost, Ashok Leyland said. Boss ICVs will be available as a fully-built option with ergonomic and safety features for the driver. It comes bundled with digital solutions like i-Alert, and remote diagnostics. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Liberty Steel restarts production at Adhunik facility, restores 1,500 jobs

22 Oct, 2020, 07:13PM | Business Standards

Liberty Steel, part of GFG Alliance, has restarted production at Adhunik Metaliks and Zion Steel (Adhunik), restoring about 1,500 jobs. Adhunik was acquired by Liberty in February under the insolvency law in a Rs 425 crore cash deal. In a statement, Liberty said, the restart had been achieved in six months following intensive work to prepare the site for the return to steelmaking operations after the previous owner fell into administration. GFG Alliance Executive Chairman, Sanjeev Gupta, said, “It’s a proud moment for me today, as we have been able to deliver what we promised to all stakeholders - Adhunik is on its way to becoming fully operational.” “It is five years since I started my industrial journey with the restart of operations at our first steelworks in Newport, UK. Here we have shown the same commitment to industrial communities by retaining and paying local workers as we start up operations and bring Adhunik and Zion steel works back to life,” he added. The aim is to integrate Adhunik into the wider Liberty Steel Group family, Gupta further said. Adhunik will transition into GREENSTEEL – a model combining steel recycling with low carbon and renewable power sources – to create a more sustainable competitive operation. ALSO READ: SBI Cards profit drops 46% to Rs 206 cr in Q2, asset quality deteriorates Uday Gupta, managing director of Adhunik said, “It has been a phenomenal journey to get to this stage, but it has not been without challenges, especially as we continue to manage the Covid-19 pandemic. The myriad of challenges in starting up the plant and machinery was overcome through the indomitable spirit of the Adhunik team working together.” During the operational ramp up from early May, the business took on 1,500 local people in permanent and contractual roles for vital and extensive maintenance and repairs before the formal production restarted. Liberty Steel provided salaries to employees once they were fully deployed on the site and 50 per cent salaries to those waiting to start work as part of the gradual restart. “An agreement to this effect was signed between the management, multiple unions and the government authority, underlining GFG Alliance and Liberty Steel’s ongoing commitment to local workers, communities and stakeholders,” the company said. Adhunik is an integrated steel plant located at Chadrihariharpur near Rourkela in Odisha. The plant has sponge iron facility, a blast furnace and electric arc furnace (EAF) steel making capability with 0.5mtpa capacity, a ferro - alloy plant and a 34MW captive power plant. The sites produce alloy steel products for the automotive, energy, engineering and oil & gas sectors apart from participating in the commodity market of sponge iron and billets. Although, Adhunik marked Liberty’s journey in India, the group has plans of growing its operations in the country. Liberty had bid for assets under IBC like Bhushan Power & Steel, Amtek Auto and ABG Shipyard. However, finally, Adhunik materialised. The Adhunik deal also took time as an operational creditor challenged the resolution plan, which went all the way to the Supreme Court.

Here's what to expect from Coca-Cola earnings

22 Oct, 2020, 04:03PM | CNBC

A person wearing a mask pushes a dolly cart past a Coca-Cola truck as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 16, 2020 in New York City.Alexi Rosenfeld | Getty Images Coca-Cola is expected to report its third-quarter results on Thursday before the bell.Here's what Wall Street analysts surveyed by Refinitiv are expecting:Earnings per share: 46 cents expectedRevenue: $8.36 billion expectedThe coronavirus pandemic has upended Coke's business, introducing new challenges to its supply chain and shrinking its revenue. Movie theaters, restaurants, office buildings and other away-from-home outlets typically accounted for about half of Coke's revenue, but the crisis has caused those sales to plummet.Last quarter, Coke reported its largest quarterly decline in revenue in at least three decades. CEO James Quincey said at the time that its second quarter was expected to be its toughest of 2020.Meantime, Coke is trying to emerge from the pandemic stronger. In late August, the beverage giant announced a workforce restructuring plan that includes voluntary buyouts.Coke is also streamlining its drink portfolio, cutting beverages like Tab, its first diet soda, and Zico coconut water. The pandemic accelerated the plans to retire many of its less popular drinks that took resources away from its biggest brands or those with the most growth potential.Shares of Coke, which has a market value of $215 billion, have fallen 9% so far this year.This story is developing. Please check back for updates.

Liberty Steel begins operations; starts producing at Odisha's Adhunik plant

22 Oct, 2020, 03:43PM | Business Standards

Liberty Steel Group has begun its operations in India with production starting at Adhunik Metaliks and Zion Steel, which Liberty had acquired earlier this year. UK-based Liberty Steel Group is part of diversified GFG Alliance, owned by Indian-origin metals tycoon Sanjeev Gupta. In February, GFG Alliance announced its foray into the Indian steel industry with the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore. Production was at halt at both units. In a statement on Thursday, Liberty Steel said "it has (from) this week restarted the first phase of production at Adhunik and Zion Steel. The restart has been achieved in just six months following intensive work to prepare the site for their return to steelmaking operations after the previous owner fell into administration." Adhunik has an integrated steel plant at Chadrihariharpur near Rourkela in Odisha. The plant has both blast furnace and Electric Arc Furnace steel making capability with 0.5 million tonne per annum (MTPA) capacity, and a 34 MW captive power plant. Adhunik along with Zion's steel rolling facility has a combined capacity of 400,000 tonne per annum. The sites produce products for automotive, energy, engineering and oil and gas sectors. Sharing further details with respect to India operations, the company said during the operational ramp up from early May 2020, the business took on 1,500 local people in permanent and contractual roles to undergo vital and extensive maintenance and repairs before the formal production restart. It also provided full salaries to employees once they were fully deployed on the site and 50 per cent salaries were given to those waiting to start work as part of the gradual restart. According to the statement, an agreement to this effect was signed between the management, multiple unions and government authority. "It's a proud moment for me. Adhunik is on its way to becoming fully operational. We have shown commitment to industrial communities by retaining and paying local workers as we start up operations and bring Adhunik and Zion works back to life. We aim to integrate the business into Liberty Steel Group in near future,"GFG Alliance Executive Chairman, Sanjeev Gupta, said. Adhunik Managing Director Uday Gupta said: "It has been a phenomenal journey to get to this stage but it has not been without challenges, especially as we continue to manage the COVID-19 pandemic. The challenges in starting up the plant and machinery was overcome through the indomitable spirit of the Adhunik team working.With this progressive restart, we can now look forward to working in partnership with all stakeholders to take the operations to the next level." London-based GFG Alliance is a global group of energy, mining, metals, engineering and financial services businesses. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

IPO drought ends in Pakistan with record year ahead

22 Oct, 2020, 03:18PM | Economic Times

By Faseeh Mangi Pakistan’s market for initial public offerings is coming out of hibernation and heading for a record year. The nation, which has posted the fastest equity rally in Asia since March, will host about 10 new-share sales in the fiscal year to June 2021, according to its top adviser Arif Habib Ltd. That follows a 17-month streak of no new initial share sales and beats the previous record of nine deals in 2008. Bloomberg “IPOs will always be active when the stock market is performing and company valuations are good,” Arif Habib’s Chief Executive Officer Shahid Ali Habib said in Karachi. “There is a lot of liquidity too with funds shifting allocation from the fixed-income class to equities.” Pakistan’s benchmark stock index has jumped 52% since March, beating runners-up Vietnam and India, and gaining twice as much as China. Yet, it remains one the world’s cheapest markets with forward price-earnings multiple of 7.4 times. The appeal of momentum and valuation is luring companies to tap public funds. Pakistan had two company listings in July. Now, Agha Steel Industries Ltd. is raising 3.8 billion rupees ($23.5 million), in the country’s third-largest deal from the private sector. Also, industrial-automation company Avanceon Ltd. and rubber-products maker Service Industries Ltd. plan to list their subsidiaries. Arif Habib, which has led two offerings this year, expects at least another five deals, Habib said. The adviser has handled half of the 36 initial public offerings in the past decade, according to data compiled by Bloomberg. Equity gains in Pakistan have been partly fueled by falling returns on fixed income after benchmark interest rates fell by almost half to 7%. The nation’s economic growth is also recovering thanks to a drop in new virus cases.

Deport Nawaz Sharif from London: Pakistan requests Britain for 3rd time

22 Oct, 2020, 12:47PM | Business Standards

Pakistan has requested the UK for a third time to deport former prime minister Nawaz Sharif from London to serve his prison term in the country after being sentenced in corruption cases, according to a media report on Thursday. Sharif, the 70-year-old supremo of the Pakistan Muslim League (Nawaz) who was ousted from power in 2017 by the Supreme Court on corruption charges, is in London for medical treatment. A letter for the deportation of the three-time prime minister was handed over personally to the British High Commissioner here some three weeks ago, Dawn newspaper reported. Through the letter, the Pakistani government asked the British authorities to consider cancelling Sharif's visit visa, which has allowed him to live in London on medical grounds since November. The letter has cited Britain's own immigration laws of 1974 under which any person sentenced to imprisonment of more than four years had to be deported to the country of his/her origin. When contacted, Shahzad Akbar, Adviser to Prime Minister Imran Khan on Accountability and Interior confirmed that the government has made three requests to the UK authorities to deport Sharif, with the last being on October 5. The previous letter, he said, had been dispatched after the cancellation of Sharif's bail by the Islamabad High Court (IHC) last month. In the latest letter, the government has pointed to a possible way out of the issue of specific deportation of the former premier, Akbar said, adding that the ball is now in the court of British government. The IHC on September 15 issued non-bailable arrest warrants against Sharif in the Al Azizia case while hearing three applications filed by him, including the ones about forgoing the requirement of his surrender before the court and exemption from personal appearance. The former prime minister left for the UK in November last year after the Lahore High Court granted him permission to go abroad for medical treatment. He had submitted an undertaking to the court that he would return within four weeks or as soon as he was declared healthy and fit to travel by doctors. Sharif criticised the military establishment in recent speeches at gatherings of the opposition Pakistan Democratic Movement. Days before the July 2018 general elections, Sharif was convicted in the Avenfield properties case and sentenced to 10 years in prison. His daughter Maryam was sentenced to seven years in prison for abetment and his son-in-law Captain (retd) Mohammad Safdar to one year. In December 2018, anti-corruption court judge Arshad Malik convicted Sharif in Al-Azizia Steel Mills case and sentenced him to seven years in prison. Judge Malik was later dismissed from service over misconduct. The IHC later granted bail to Sharif, Maryam and Safdar. Sharif, after his conviction in the Al-Azizia case, was sent to jail but released for eight weeks on medical grounds. The bail-granting order lapsed while the former premier was in London. The IHC had in September fixed the appeals against conviction of Sharif in Al-Azizia and Avenfield cases. After hearing the pleas, the court rejected Sharif's applications seeking hearing in absentia and issued his non-bailable arrest warrants. The court then issued his proclamation giving the former premier final opportunity to join the proceeding before confiscating his properties. Separately, an accountability court in Islamabad has already confiscated movable and immovable properties of Sharif because he absconded in the Toshakhana case, which is about alleged corruption in purchase of vehicles. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Liberty Steel's Adhunik Metaliks resumes operations

22 Oct, 2020, 12:40PM | Economic Times

MUMBAI: The first phase of production at Adhunik Metaliks Ltd and Zion Steel will begin on Thursday after almost three years of its shutdown and the subsequent acquisition by Sanjeev Gupta 's Liberty Steel through the insolvency process in February of this year. “The journey to get to this stage has not been without challenges, especially as we continue to manage the COVID-19 pandemic. The myriad of challenges in starting up the plant and machinery was overcome through the work of Adhunik’s team,” said the company’s managing director Uday Gupta . Adhunik and Zion Steel were taken to the insolvency courts and had an admitted debt of around Rs 5,000 crore, according to court filings in 2017. Billionaire Sanjeev Gupta-led GFG Alliance through the steel business Liberty Steel in February, announced the acquisition of Adhunik Metaliks and its arm Zion Steel for about Rs 425 crore. Adhunik Metaliks was GFG Alliance’s first entry into India as the group was eyeing the Indian market for long after having failed to acquire Amtek Auto, ABG Shipyard and Bhushan Power through the insolvency and bankruptcy process. “The Adhunik sites produce alloy steel products for the automotive, energy, engineering and oil & gas sectors besides participating in the commodity market of sponge iron and billets,” the company said in a statement. The new management headed by Uday Gupta signed an agreement at the deputy labour commissioner’s office to employ local workers in the payroll of Adhunik when it stopped operation in August 2017, for which the company said it took on 1,500 local people in permanent and contractual roles to undergo vital and extensive maintenance and repairs works at the plants. “Liberty Steel provided salaries to employees once they were fully deployed on the site and 50% salaries to those waiting to start work as part of the gradual restart,” Gupta said. Adhunik is an integrated steel plant located in Odisha with a steel making capacity of 0.5 million tonne per annum. The plant has a sponge iron facility, blast furnace and electric arc furnace (EAF) with a ferro alloy plant and a 34MW captive power plant. Adhunik along with Zion Steel’s steel rolling facility will have a combined capacity of 400,000 tonnes per annum.

Despite coronavirus, Indian traders stock up in hopes of festive cheer

22 Oct, 2020, 11:11AM | Business Standards

By Aftab Ahmed and Krishna N. Das JAIPUR/NEW DELHI, India (Reuters) - Indian businesses are stocking up more ahead of this year's big festival season than at any time in the last five years, expecting people whose earnings were relatively unaffected by the pandemic to spend the money they saved during months of lockdowns. India's biggest shopping season is at the time of the festivals of Durga Puja and Diwali, which fall 20 days apart in October-November each year. Traditionally, this is a time when houses are re-decorated, big-ticket items purchased, feasts held and gifts exchanged. Businesses and shopkeepers expect more purchases than usual this year, beginning with Durga Puja on Thursday, because the months of lockdowns have resulted in pent-up demand. Recent data shows that demand for diesel, power and cars has already picked up, and any resurgence of retail buying of everything from phones to furniture would bode well for India's economy that shrank 23.9% in the quarter ended June - its steepest decline. Brokerage firm Nomura said its India business-resumption index for the week that ended on Oct. 18 hit its highest level since the country first imposed a lockdown in late March to contain the coronavirus. Big retailers such as Croma and Vijay Sales, both dealing mainly in electronics and home appliances, told Reuters sales in recent days indicated that this holiday season could be better than last year and that they were actually worried about tightening inventory in certain categories like entry-level laptops and high-end televisions. The Confederation of All India Traders (CAIT) said its 70 million small businesses on average were planning for a buffer stock of around 14% this season compared with last year's 10%, to ensure they don't run out of goods should demand surge. "In the last two months, despite facing a financial crunch, we have been procuring goods in anticipation that in the festive season we will have considerable footfalls," said Praveen Khandelwal, the group's secretary general, seated in his home-fittings shop in Delhi's Karol Bagh area. "Our expectation is that this will be the best Diwali for us in at least five years. Naturally, our stocks levels will be as high too." Customer arrivals this month have already been the highest in about seven months, hovering around 10 per shop on average - still only about a third of the normal level but expected to rise, Khandelwal said. "CAUTIOUSLY OPTIMISTIC" But not everyone is as enthusiastic. Shops and factories in the city of Jaipur, typically bustling with local and foreign tourists, did little business on a warm afternoon this week. Traders there said they had laid off staff as the city's key income source of tourism was still feeble and it did not have as many salaried people as places like Delhi. "Until a vaccine is out, I think we will keep operating at 30-35% of pre-COVID levels," said Suresh Tak, owner of four clothes shops and factories printing designs on fabrics. Even Google's mobility data from last week for West Bengal, India's fourth-most populous state where Durga Puja is the main festival, showed that people were mainly visiting supermarkets and pharmacies, not retail and recreation facilities. Thousands of miles away in the rural district of Satara in India's west, Nilesh Kadam says he is trying to save as much as he can, having returned to work only recently. "From June to August the company had given me a break as there wasn't much work at the factory," said the 35-year old, whose company makes steel products. "This year I am not planning to make any big-ticket purchase." Still, CAIT estimates Indians have amassed about 1.5 trillion rupees ($20 billion) in savings since April, a chunk of which could now be directed to holiday shopping. Online retailers Amazon and Walmart Inc's local unit Flipkart have also kicked off their annual sales events with heavy discounts. Flipkart said on Wednesday sales have tripled for more than 35% of its sellers this year and that there were "green shoots of recovery for everyone across the value chain". Hindustan Unilever Ltd , the Indian arm of Unilever , on Tuesday reported higher sales and profits for the September quarter and said its rural markets had been more "resilient" than the big cities. "We believe the worst is behind us and we are cautiously optimistic on demand recovery," Chairman Sanjiv Mehta said on an earnings call. (Reporting by Aftab Ahmed and Krishna N. Das; Additional reporting by Savio Shetty, Chandini Monnappa and Rajendra Jadhav; Editing by Raju Gopalakrishnan) (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Chhattisgarh CM Baghel gives nod to set up new steel plants in Bastar

22 Oct, 2020, 09:22AM | Business Standards

Chhattisgarh Chief Minister Bhupesh Baghel has given his consent for setting up of new steel plants in the state's tribal-dominated Bastar region. Baghel gave his approval on Wednesday after a delegation of panchayat representatives from Dantewada district, which falls under the Bastar region, paid a visit to him and put forth their demand in this connection, a public relations department official said. The delegation of the Sarpanch Sangh submitted a memorandum to the CM at his official residence here, seeking that new industries be established in the Bastar region. Following their request, Baghel said the state government will take the initiative to set up four to five major steel plants in Bastar. "During the interaction, the chief minister said Shaheed Mahendra Karmaji (senior Congress leader killed in Jhiram valley Naxal attack in 2013) always wanted Dantewada and Bastar to have major industries and as per his vision, development works will be done there," the official said. In the memorandum, the delegation said industries can be set up on 500 acre land available in Ghotpal and Heeranar villages under Geedam development block of Dantewada, and no land acquisition from farmers would be required there. The delegation also said that opening of new industries in Bastar would create employment opportunities for local youth. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Market Wrap, Oct 21: Here's all that happened in the markets today

21 Oct, 2020, 05:05PM | Business Standards

Metal and realty stocks led from the front in trade on Wednesday - a day that was marked with volatility, with India VIX ending nearly a per cent higher at 22.92 levels. After a firm start that saw the Nifty50 reclaim the 12,000 mark, the benchmark indices succumbed to profit booking in the noon deals with the S&P BSE Sensex hitting an intra-day low of 40,150 levels. After a rebound in the final hour, however, the benchmark indices settled higher at close for the fourth consecutive session. The S&P BSE Sensex was at 40,707 levels, up 163 points or 0.4 per cent with PowerGrid, Bharti Airtel, and Tata Steel ending the day as top gainers on the 30-share index. IT counters such as TCS and HCL, on the other hand, ended as top drags. NSE's Nifty50, on the other hand, ended at 11,938 levels, up 41 points or 0.38 per cent. In the broader market, the S&P BSE MidCap index closed at 14,808.5 level, up 33 points or 0.23. The S&P BSE SmallCap index, on the other hand, closed at 14,900 level, up 5 points. Among individual stocks, UltraTech Cement rose 1.8 per cent to Rs 4,630 on the BSE after the company reported robust operating margins at 27 per cent in September quarter, driven by both revenue growth and cost management. Shares of metal companies rose at the bourses today on expectation of higher demand due to recovery in global economic activity, and China's infrastructure spend. Individually, Jindal Steel and Power and Tata Steel were up 4 per cent, while Hindalco, Vedanta, SAIL, NMDC, Coal India and JSW Steel were up in the range of 2 per cent to 3 per cent on the NSE. Bajaj Finance ended the day 0.88 per cent lower after reporting a 36 per cent drop in its consolidated net profit at Rs 965 crore for the second quarter of FY21. The NBFC's total consolidated income grew 3 per cent to Rs 6,523 crore during the quarter under review. Meanwhile, Sebi chairman Ajay Tyagi today said that he sees no merit in increasing the 10 per cent investment cap on a single stock for actively-managed mutual fund (MF) schemes. And, now a quick look at other top news. The government, according to a Reuters news report, is reportedly working on the next stimulus package to support the economy amid positive signs of a fall in COVID-19 cases, a senior finance ministry official said on Wednesday. Meanwhile, Union Minister Prakash Javadekar said that the Union Cabinet has approved productivity linked bonus and non-productivity linked Bonus for FY20. Global markets Global stocks and bond yields rose on Wednesday as Washington moved closer to agreeing a coronavirus stimulus package, pinning the dollar at its lowest for a month. The MSCI world equity index gained 0.1 per cent, buoyed by a half per cent gain for Asia-Pacific shares outside Japan.

Nissan Magnite SUV unveiled, offers 20 standout features

21 Oct, 2020, 04:51PM | Times Of India

NEW DELHI: Nissan Motor Corp on Wednesday unveiled the all-new Magnite. The India-exclusive B-SUV is expected to turn the tables for the automaker in India. The Nissan Magnite's design is a symphony between the Nissan DNA and classic Japanese engineering. Follow TOI Auto on YouTube The Magnite will be powered by a HR10 turbo engine with mirror bore coating from the iconic GT-R. The engine will be paired to a Xtronic CVT gearbox. The CVT gearbox comes with destep control logic. The car also offers cruise control to enhance the driving experience. The Magnite gets features like 7-inch drive-assist display, 8-inch touchscreen flush infotainment system, tyre pressure monitor, 360 degree camera, vehicle dynamics control under the automaker's human-centric approach. Subscribe to TOI Auto to stay notified It comes with high tensile steel body, ABS, EBD, hydraulic brake assist, hill start assist, traction control, speed sensing door locks to ensure complete safety of the passengers. The Nissan Magnite is the first offering under the Nissan Next strategy which focusses on the 'Make-in-India, make for the world' initiative. The Magnite will usher the automaker to a new era in India as the country remains to be one of the key markets for Nissan. Nissan Magnite is the first out of 8 models to be launched in India under the all-new Next strategy. The Nissan Magnite is a progressive B-SUV in the Indian market will directly rival the Kia Sonet and upcoming Renault Kiger and lock horns with other alternatives like Hyundai Venue, Mahindra XUV300, Toyota Urban Cruiser, Maruti Suzuki Vitara Brezza, Tata Nexon and Ford EcoSport in the Indian compact SUV market. Head to TOI Auto for more news, views and reviews.

Metal shares extend gain on demand recovery; Jindal Steel, Tata Steel up 4%

21 Oct, 2020, 01:04PM | Business Standards

Shares of metal companies were trading higher at the bourses on Wednesday on expectation of higher demand due to recovery in global economic activity, and China's infrastructure spend. That apart, domestic steel demand improved notably in July-September quarter (Q2FY21) compared to April-June quarter (Q1FY21) with the opening up of the economy. This has aided capacity utilisation of domestic steel players. Individually, Jindal Steel and Power and Tata Steel were up 4 per cent, while Hindalco, Vedanta, Steel Authority of India (SAIL), NMDC, Coal India and JSW Steel were up in the range of 2 per cent to 3 per cent on the National Stock Exchange (NSE). At 12:22 pm, Nifty Metal index was up 2.8 per cent, as compared to 0.92 per cent rise in the Nifty50 index. In the past one week, metal index has outpaced the market by surging 8 per cent, as against 0.28 per cent gain in the benchmark index. From March lows, Nifty Metal index has rebound 62 per cent while Nifty50 index has recovered 58 per cent. The base metal prices on the London Metal Exchange (LME) have sharply rebounded from April lows. Prices of base metals - copper, aluminium, lead, zinc and nickel exceeds prepandemic levels (March 2020) owing to rising demand, particularly from China and weaker US dollar. The prices have surged in recent months mainly due to a pick-up in Chinese demand even as recovery in the rest of the world remains weak. China, which produces and consumes roughly half of the world's industrial metals, recovered from the pandemic much earlier than other countries. "After contracting in March 2020 quarter China's economy registered 3.2 per cent growth in the June 2020 quarter from a year-earlier while all other major economies reported contraction. China's industrial output growth accelerated to 5.8 per cent in September 2020 when compared to a year earlier, hinting at strong underlying demand," CARE Ratings said in sector report. "Over the next 6 months, prices may remain firm at the current levels as demand recovery in China and the rest of the world continues to gather pace. Increase in raw materials prices may push prices upwards. An anticipated infrastructure development-led stimulus package by some of the other large economies like US, UK and India may spur demand for industrial metals and rally in metal prices," the rating agency added. However, slower than expected recovery in the rest of world, delay in vaccine for Covid-19, health and economic concern, escalation of US-China trade tensions are considerable headwinds for base metals. The resurgence or a second wave of Coronavirus in China could lead to fall in all base metal prices, it said.

Weekly stock picks by Religare Broking: Buy Bharat Forge, IndusInd Bank

21 Oct, 2020, 07:47AM | Business Standards

Amara Raja Batteries Limited Recommendation: Buy Last Close: 733.70 Initiation range: 728-733 Target: 785 Stop loss:700 Amara Raja has made a strong comeback after the slide in March month and has retested the previous swing high around 740 levels. Currently, it's hovering in a range and recently tested the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favor of sharp rebound thus we advise creating longs in the given range. Bharat Forge Limited Recommendation: Buy Last Close: 461.15 Initiation range: 456-460 Target: 488 Stop loss: 443 Bharat Forge has been correcting for the last two months after retesting the previous swing high around 525. After spending nearly a month around the support zone of 440 levels, it's set for a rebound. The positioning of oscillators on multiple time frames is adding to the confirmation. IndusInd Bank Limited Recommendation: Buy Last Close: 625.25 Initiation range:620-625 Target:690 Stop loss: 590 The banking index has regained some strength of late and private banking counters are leading the pack. Among the private banking names, IndusInd Bank has been trading in a congestion zone and its chart pattern is showing the potential of a breakout in near future. We advise initiating long positions in the mentioned zone. Jindal Steel & Power Limited Recommendation: Buy Last Close: 200.45 Initiation range: 199-201 Target: 218 Stop loss: 192 The metal pack has been trading largely in line with the benchmark and has been recovering strongly after testing the support zone of the long term moving average(200 EMA) on the daily chart. Among the counters, the chart pattern of Jindal Steel is indicating a possibility of a strong up move ahead. Traders shouldn't miss this opportunity and create fresh longs in the given range. ====================================== Note: All prices are in Rs. Disclaimer: Ajit Mishra is VP - Research at Religare Broking http://www.religareonline.com/disclaimer

NATO plans to set up new space centre amid China, Russia concerns

21 Oct, 2020, 01:57AM | Business Standards

To a few of the locals, the top-secret, fenced-off installation on the hill is known as “the radar station”. Some folks claim to have seen mysterious Russians in the area. Over the years, rumours have swirled that it might be a base for US nuclear warheads. It's easy to see how the rumours start. The site is visually striking. Four huge white Kevlar balls sit like giant spherical spacecraft in a compound in the middle of open farm country 25 kilometres (16 miles) west of Belgium's capital, Brussels. But the Kester Satellite Ground Station is both safer and more sophisticated than local lore might suggest. It's central to space communications at NATO — the biggest and most modern of four such stations the military alliance runs. Around 2,000 satellites orbit the earth, over half operated by NATO countries, ensuring everything from mobile phone and banking services to weather forecasts. NATO commanders in places like Afghanistan or Kosovo rely on some of them to navigate, communicate, share intelligence and detect missile launches. This week, the site at Kester is set to fall under a new orbit, when NATO announces that it is creating a space centre to help manage satellite communications and key parts of its military operations around the world. In December, NATO leaders declared space to be the alliance's “fifth domain” of operations, after land, sea, air and cyberspace. Over two days of talks starting on Thursday, NATO defence ministers will greenlight a new space centre at the alliance's Air Command in Ramstein, Germany. “This will be a focal point for ensuring space support to NATO operations, sharing information and coordinating our activities,” NATO Secretary-General Jens Stoltenberg said before the meeting. It's part of the alliance's efforts to keep ahead in a fast moving and hi-tech sector, particularly amid concern about what member countries say is increasingly aggressive behavior in space by China and Russia. Around 80 countries have satellites and private companies are moving in too. In the 1980s, just a fraction of NATO's communications was via satellite. Today, it's at least 40%. During the Cold War, NATO had more than 20 stations, but new technologies mean the world's biggest security organization can double its coverage with a fifth of that number. At Kester, behind a double security fence, massive steel gates and bulletproof glass in a facility that can withstand a terror attack or any attempt to jam communications, four satellite dishes ensconced in Kevlar domes connect NATO's civilian and military headquarters in Belgium to their operations around the world. From their elevated position, the dishes — two of them 16 metres (52 feet) in diameter — beam information and imagery down across Europe and over Africa into space above the equator where satellites owned by allies like the United States, Britain, France and Italy orbit. NATO itself doesn't own any satellites. Around the globe, commanders in ships, aircraft and mobile or static headquarters decrypt the data to gather orders, pictures and intelligence, prepare missions, or move troops and military equipment. From Kester, new lines of communication can be set up for NATO within a half-hour. Much of the facility is encased in thick steel plates, including the ducts where cables run, to withstand any attack by electromagnetic pulses — high bursts of energy that can knock out electrical power grids or destroy electronic circuit boards and components. But NATO allies are increasingly concerned about other kinds of attacks using anti-satellite weapons miles above the earth which could wreak havoc below and leave dangerous debris adrift in space. “Some nations – including Russia and China – are developing anti-satellite systems which could blind, disable or shoot down satellites and create dangerous debris in orbit. We must increase our understanding of the challenges in space and our ability to address them,” Stoltenberg said. For the moment, the military alliance insists that its “approach will remain defensive and fully in line with international law.” And despite the strides being made in the “fifth domain,” Stoltenberg has repeatedly said over the last year that “NATO has no intention to put weapons in space.”

Formation of a working group to look into requirement of steel in rural sector is needed: Rural Development Minister

20 Oct, 2020, 10:00PM | Economic Times

Mumbai: Rural development minister, Narendra Singh Tomar suggested forming a working group to look into the requirement of steel in the rural sector and map it to the domestic steel production. Speaking at an event, ‘ Atmanirbhar Bharat : Fostering steel usage in rural economy ’, organised by industry body CII and the ministry of steel, Tomar said that the working group will have a positive bearing on the steel consumption in rural areas. “The working group will enable better coordination, planned approach to co-creating a framework for greater use of domestic steel in rural areas,” He said. Union Minister for Steel and Petroleum & Natural Gas , Dharmendra Pradhan said at the webinar that the government has started disbursing Rs. 1,00,000 crore agriculture infrastructure fund with many new sectors being included in the priority sector. “We are developing 5000 Compressed Biogas (CBG) plants across the country. Reserve Bank of India has recently included CBG in the priority sector. The mission to ensure housing for all, investments in rural roads, railway infra augmentation and impetus to agriculture will all create greater steel demand. Enhancing per-capita steel consumption is in the interest of all,” he said. Narendra Singh Tomar said that the ability of rural consumers spending has improved by policy support, development efforts, farm loan waivers, higher minimum support prices, Direct Benefit Transfer (DBT), and a rural development-focused budgetary process. “There are immense opportunities available in the rural sector covering rural infrastructure development projects…Key Government missions like PM Awas Yojana, Jal Jeevan Mission, MSP are improving lives and strengthening rural economy also involve greater steel usage,” he said. Union minister Pradhan also urged the industry body CII to submit a report on how to increase per capita steel consumption in India within the next 30 days after consulting various ministries, including steel, departments and stakeholders. “I urge industry leaders to come up with a detailed roadmap towards fulfilling steel requirements of the rural sector. Our focus is on increasing steel usage in rural India, which will in turn increase consumption, and infuse new employment and self-employment opportunities,” he said.

Apple iPhone 12 vs. iPhone 12 Pro review — Here's which one to buy

20 Oct, 2020, 10:00PM | CNBC

iPhone 12 Pro and iPhone 12.Todd Haselton | CNBC I've been testing Apple's new $799 iPhone 12 and $999 iPhone 12 Pro for almost a week. They support newer and faster 5G networks and have better cameras, great screens and an updated design. Most people should choose the iPhone 12. Buy the iPhone 12 Pro if you want a few extra camera tricks.Both phones launch on Friday, Oct. 23, and will be followed by the iPhone 12 Mini and iPhone 12 Pro Max in November. I haven't tested those models yet. If they sound appealing to you, then you might want to wait another month before making your final decision.The iPhone 12 launch is a big deal for Apple. Bullish analysts think the company will enter a new "iPhone super cycle." An estimated 30% or more of iPhone owners are using a phone that's at least three years old. This means about 420 million iPhone owners will be ready to upgrade in 2021, according to Loup Ventures.These are also the first iPhones with 5G, which matters if you're buying a phone you plan to use for a few years, even if 5G isn't fully available in the U.S. yet. And it's important for Apple in other countries where 5G is more mature, such as China, where Apple competes with Huawei.But there's a bear case, too. We're in the middle of a global pandemic, and jobless claims in the U.S. jumped again on Oct. 15. Economic uncertainty could push people to hold off on buying a new phone. But Apple sold more Macs, iPads and iPhones than expected during its fiscal third quarter. So we know people were still buying gadgets in the first few months of the pandemic. Before we get to the phones: What you should know about 5G VIDEO3:2103:21Apple's iPhone 12 is more water resistant and battery life is great: Todd HaseltonSquawk on the Street The iPhone 12 and iPhone 12 Pro are the first iPhones to support 5G networks. Before I talk about the phones, I should explain 5G, since carriers and Apple are using it as the key selling point. As you've probably heard, 5G is still in its early days, and there's a good chance you won't be able to use it to its full potential yet.The new iPhones support all kinds of 5G, including the fastest networks in the U.S. But 5G is super confusing right now, so I'll explain what's going on.First, the 5G speeds you see will entirely depend on where you're using the phone. The common 5G network most people will see most often right now is sometimes faster than LTE. It can also sometimes be slower than 4G LTE. But, as long as you're on 5G, the iPhone 12 will let you do things that earlier iPhones needed Wi-Fi for.That meant FaceTime in HD, which was noticeably clearer than over LTE. It'll also download software updates and play videos from the Apple TV app at the highest possible quality. Anyway, this is the sort of experience you should mostly expect right now if you're covered by 5G. Some of the 5G tests on the iPhone, compared to Wi-Fi in a few cases.Todd Haselton | CNBC Then there's another flavor of faster 5G that's still being built out but will eventually offer speeds many times faster than 4G LTE both indoors and outdoors. This is when you'll see big differences in movie and TV show download times and when 5G will really start to matter. I think I ran into some of T-Mobile's new network in Livingston, New Jersey, where I saw speeds about twice as fast as I did at home on slower 5G. Fast 5G speeds on Verizon's mmWave network in New York City. Tested on a Samsung Galaxy S20 Ultra.Todd Haselton | CNBC And finally there's the really fast 5G that's bragged about the most. Verizon is the most bullish on this, though T-Mobile and AT&T are also building it. It's mostly in cities. I've tested in Manhattan on other phones when I was able to download movies and TV shows in seconds but didn't come across it on the iPhone 12 in the New Jersey suburbs, where it has yet to roll out. 5G antennas in Manhattan.Todd Haselton | CNBC The fastest flavor of 5G is as finicky as it is speedy: You need to be outside and basically on the same street corner as the tower. It'll matter one day for things that need really fast and low-latency connections, like maybe if self-driving cars ever launch and need to stop on a dime. But, for now, consider yourself lucky if you happen to have it in your backyard. Otherwise it's a bit like a treasure hunt trying to find it, and it doesn't matter much for most people. You need to be in a very specific place for the fastest 5G. Here, Verizon's mmwave in Manhattan.Verizon Mostly, we're still waiting for developers to show us what we can do with 5G. One thing I'm excited for is cloud gaming. Amazon's new Luna service will let you stream popular console games to your iPhone, for example. Apple hasn't yet worked out deals with Google and Microsoft to allow their competing services in their current form, though.The good news is you don't really have to worry about 5G on the iPhone. It has an auto-detect option that will use 5G most of the time but can smartly switch to 4G LTE if you're doing something like streaming music in your pocket and it thinks 5G will hurt battery life. The iPhone 12, by default, will save battery by switching between 5G and 4G LTE as needed.Todd Haselton | CNBC I didn't see this happen, since it does this when the screen isn't on. You can always just force your phone to stay on 5G or on 4G LTE, too, in case 4G LTE is still faster where you live. (Pro tip: I use the SpeedTest app to try this. Make sure your Wi-Fi is off.)So, that's 5G. The bottom line is you don't have to worry about it too much now, but you'll be in a good spot in a few years once the networks are more capable. The iPhone 12 is for most of us I love the blue iPhone 12.Todd Haselton | CNBC The iPhone 12 and iPhone 12 Pro are more alike than the iPhone 11 and iPhone 11 Pro. I often had a hard time telling the new models apart until I looked at the cameras on the back. iPhone 12 Pro and iPhone 12.Todd Haselton | CNBC The first thing you'll notice on the new iPhones is the super bright and colorful screen. It's probably one of the highlight features outside of 5G. And, this year, Apple gave the regular iPhone 12 an OLED screen, instead of the LCD panel it used on the iPhone 11. The iPhone 12 and iPhone 12 Max have amazing screens. Here, "Mad Max: Fury Road" in HDR.Todd Haselton | CNBC It's just way, way better than LCD and matters for things such as viewing pictures, playing games and watching movies. A scene in "Mad Max: Fury Road" where a car explodes in a dust storm really stood out, since the orange flames contrast so well against the black smoke in the sky. The stereo speakers are great for watching movies, too. They sound full and get really loud. iPhone 12 Pro and iPhone 12.Todd Haselton | CNBC I love the new blue color I reviewed. The iPhone 12 also comes in pale green, red, black and white. It has a premium feel, and is made from glass and aluminum. I love how light it is without feeling cheap.I asked Apple about the throwback design, which is similar to 2010's iPhone 4 (and the current iPad Pro and iPad Air) with flat edges and sharper corners. Apple said it helps the phone's durability if it drops. And while I didn't drop the phone to find out, Apple also claims the new "Ceramic Shield" glass on the front is four times more resistant to damage from drops. The iPhone 12 and iPhone 12 Pro are more water resistant and can survive under 6 meters of water for up to 30 minutes. I don't shower with my phones, but you could if you wanted to. iPhone 12 and iPhone 12 mini.Source: Apple Most new phones have excellent cameras. Google and Samsung phones always impress me. But it comes down to personal preference, and I still prefer the pictures and videos from an iPhone. iPhone 12Todd Haselton | CNBC I took the iPhone 12 out for a walk in the park over the weekend and loved how both the regular wide-angle and the ultra-wide-angle lenses captured lots of detail and accurate colors, from the hair on my dog Mabel to trees against a deep blue sky. A sample of the iPhone 12 ultra-wide camera.Todd Haselton | CNBC The front-facing selfie camera is still great, but you can see here it missed one arm of my sunglasses. A portrait selfie from the iPhone 12. Apple improved pictures shot at night, too, and also offers better selfies without flash even if it's really dark out. Sometimes they were still a little blurry, though, so get a tripod or prop your iPhone on something sturdy to avoid that. Portrait shots in the day still look the best. My dog, Mabel, for example: My dog Mabel riding in the bottom of a stroller.Todd Haselton | CNBC The iPhone 12 and iPhone 12 Pro are the first phones to support recording video in "Dolby Vision" HDR. I didn't think it was a big deal until I tried it. Video recorded in HDR at 4K and 30 frames per second looks great. Dolby Vision helped brighten areas that were otherwise washed out or dark, even in my relatively dim living room with a few table lamps. You don't have to think about it or fiddle with settings, though, your videos will just look better. The iPhone 12 Pro supports Dolby Video HDR at 4K and a smoother 60 frames per second.Battery life is great. I took the iPhone 12 off the charger at about 7:34 a.m. and it still had a 51% charge at 5 p.m. That's with a lot of use on 5G networks and the screen at about 75% brightness. I think light users will get through more than a day of use before having to charge, though I still regularly charge my iPhone at night when I go to bed and Apple promises a full day of use. That's impressive for such a thin phone and, if you need it, you can get up to a 50% charge in 30 minutes with a 20-watt charger. iPhone 12.Todd Haselton | CNBC Finally, the iPhone 12 feels really fast. It has a new A14 Bionic processor that helps with all sorts of things, like opening large games quicker than my iPhone 11 Pro Max to improving the photos and videos. iPhone 12 ProTodd Haselton | CNBC I didn't run into anything that felt sluggish on the iPhone. Games looked about as good as they did on my iPhone 11, although developers can probably make them even better with the added graphics performance. But it's still pretty wild how some games, like "Genshin Impact" have huge worlds with great graphics.Now for some bad news.There's no plug in the box, just the cable with a new type of connector at the bottom based on USB-C. Apple says it's doing this to cut down its carbon footprint.The more cynical take: Apple's decision not to include the plug forces you to buy a new one from the company because it has that USB-C connector, not the regular USB port you're used to seeing on Apple's plugs since 2007. There's a small chance you have the necessary USB-C plug already in your house, or a computer with USB-C ports that can charge the phone. This is a great way for Apple to boost its revenue by about $20 for most iPhone 12s it sells. But it's a bad experience for you.So what should you buy so you can actually charge your new iPhone 12? I recommend you get Apple's $20 20-watt USB-C power adapter or Anker's similarly priced 20-watt charger from Amazon. The iPhone 12 Pro adds a bit more The Apple iPhone 12 Pro Max is unveiled during a virtual product launch.Daniel Acker | Bloomberg | Getty Images Take everything I talked about with the iPhone 12 and then add a few things and you have the iPhone 12 Pro. iPhone 12 ProTodd Haselton | CNBC The iPhone 12 Pro is made out of steel instead of aluminum, which is heavier but looks a bit nicer. The back is matte and doesn't attract fingerprints like the iPhone 12. iPhone 12 Pro.Todd Haselton | CNBC There's an extra telephoto lens that works great. It helps you zoom in without losing quality in your pictures. And speaking of pictures, the new lidar sensor helps with depth, which means even more accurate portrait shots, where the background is blurred and the subject is in focus.That means you can take pictures like this wide-angle: The regular wide-angle lens on the iPhone 12 Pro.Todd Haselton | CNBC And this ultra-wide: An ultra-wide angle picture shot with the iPhone 12 Pro.Todd Haselton | CNBC And this 2x telephoto, which you don't get on the iPhone 12: iPhone 12 Pro telephoto lens at 2x zoomTodd Haselton | CNBC And the iPhone 12 Pro has support for portrait pictures at night, something the iPhone 12 lacks. It worked well when I tested it with a clock in my office at night. It was almost completely dark, but the iPhone still took this picture without flash: A night portrait shot on the iPhone 12 Pro. This room is very dark but the iPhone brightens it.Todd Haselton | CNBC It's not perfect, though. Notice the handle of the clock is still blurry. Here's another night portrait picture of flowers. Again, it was totally dark outside: I took a picture of these flowers at night when it was totally dark out. No flash.Todd Haselton | CNBC That lidar sensor does double duty for augmented reality. AR lets you drop digital objects on top of the real world. The Apple iPhone 12 Pro Max LiDAR camera is unveiled.Daniel Acker | Bloomberg | Getty Images Sometimes it's really cool, like if you're using Wayfair to buy furniture and want to know if a couch will fit in your room before you buy it. AR doesn't look real, but it can bring digital things into your room.Todd Haselton | CNBC The lidar sensor quickly generates a mesh map of the room you're in, so you can accurately place a painting, drop a pool table in your kitchen or a tile swatch on the wall to see if something fits. Using Wayfair to see if a pool table will fit in my kitchen. It kinda does.Todd Haselton | CNBC The regular iPhone 12, which doesn't have a lidar sensor, makes you wave your phone's camera around the room for about 10 seconds before you can plop an object down.And the lidar sensor helps with accuracy for things such as measuring. I used it on a measuring tape to check its accuracy and it nailed it. This is useful if you want to use your iPhone's measuring app to see the length, width or height of something. The iPhone 12 Pro measure app is accurate by my test.Todd Haselton | CNBC I don't think anyone can top Apple when it comes to video recording on a phone. The Dolby Vision HDR support I talked about on the regular iPhone 12 works at up to 60 frames per second, which means even smoother 4K recording while maintaining the really good accuracy between bright and dark parts of your scene. People who film and edit with their iPhones will dig this. Normal folks might not care about the added smoothness on the 12 Pro, but they'll get a version of it in the regular iPhone 12, too.Speaking of HDR, the screen gets a bit brighter on the iPhone 12 Pro than it does on the iPhone 12, but only when HDR is in use. So, it has a greater peak brightness when needed.I didn't see a discernible difference in battery life between the iPhone 12 and the iPhone 12 Pro, likely because they share so many of the same components. Expect all-day battery life. The Apple iPhone 12 Pro and iPhone 12 Pro Max are unveiled.Daniel Acker | Bloomberg | Getty Images Lastly, if you want a larger 6.7-inch screen, then you have to get the iPhone 12 Pro Max. It'll ship in November, when the smaller iPhone 12 Mini also launches. MagSafe for the iPhone 12 and iPhone 12 Pro Apple announces MagSafeSource: Apple Inc. The iPhone 12 and iPhone 12 Pro use a fun new "MagSafe" magnetic accessory system. The name was first used back when Apple's MacBook chargers had magnets that held them in place. Clear MagSafe case on iPhone 12 Pro.Todd Haselton | CNBC MagSafe is used for wireless charging and for sticking accessories to the back of your iPhone. The iPhone 12 and iPhone 12 Pro still work with regular wireless charging pads, but they'll juice up twice as fast â 15 watts instead of 7.5 watts â with the MagSafe charger. It magnetically sticks to the back of the phone. iPhone 12 with MagSafe wireless charging.Todd Haselton | CNBC MagSafe works well, though I wish the charging puck didn't slide off tables so easily. Apple partners such as Belkin are building some pretty nice stands, though, and Apple says more MagSafe products are coming. iPhone 12 Pro with MagSafe wallet on the back.Todd Haselton | CNBC Apple's new cases work with MagSafe, too, so the wireless charging puck still attaches even if you have a case on. You can attach things like a new leather wallet to the back of the iPhone 12, though I found that the magnet wasn't strong enough to keep the wallet on while it was sliding around in in my pocket. The MagSafe charging puck.Todd Haselton | CNBC Oh, and the MagSafe charger works with older iPhones that have wireless charging, they just don't attach magnetically. iPhone 12 charging on MagSafe charger.Todd Haselton | CNBC MagSafe is a fun new system. It'll probably help drive accessory revenue even more for Apple. I'm excited to see what Apple and its partners bring in the future. Should you buy the iPhone 12 or iPhone 12 Pro? iPhone 12 Pro and iPhone 12.Todd Haselton | CNBC I think most people shopping for a phone right now should choose the iPhone 12, and I expect that will be the most popular model. It's the one I ordered, though part of me wonders if maybe I'll like the bigger iPhone 12 Pro Max better. We'll see when that launches in November.The iPhone 12 has great cameras, an awesome screen, excellent battery life and future-proofs you with 5G. If you want some extra camera tricks, lidar for augmented reality and better portrait photos, and a more premium design, check out the iPhone 12 Pro. If you want something smaller, maybe wait for the $699 iPhone 12 Mini. Likewise, wait for the $1,099 iPhone 12 Pro Max if you want even better zoom cameras and a bigger screen. I'm excited to check those out. iPhone 11Todd Haselton | CNBC If you want to save money, consider the $599 iPhone 11, which is still great but doesn't have as nice of a screen, the latest processor or 5G. This year's iPhone SE is an awesome tiny phone if you don't want to spend much more than $400. VIDEO4:2804:28Is iPhone 12's 5G feature enough to get consumers to upgrade?Squawk Box Subscribe to CNBC on YouTube.Â

JSPL becomes first Indian firm to develop rails for high-speed corridors

20 Oct, 2020, 05:12PM | Business Standards

Jindal Steel and Power (JSPL) has become the first and only Indian manufacturer to successfully develop Heat Treated (HT) Rails suitable for high speed and high axle load applications. The Indian Railways has projected a requirement of 180,000 MT per annum of this high-grade 60E1 1175 Heat Treated (HT) Rails. Indian Railways has launched a project to upgrade the railway track system to handle axle loads of 25MT and speeds of up to 200 km per hour. Railway's research arm Research Designs & Standards Organisation (RDSO) has approved the newly developed 60E1 1175 Heat Treated (HT) Rails of JSPL. Heat Treated (HT) Rails (60E1 1175) are superior to 1080 HH and will be used by the Indian Railways for heavier loads and high-speed applications. Based on inspection and testing conducted by RDSO team, the Railway Board/RDSO had earlier accorded approval for JSPL manufactured 60E1 1080 HH Rails. These Rails, primarily used by the metro rail corporations, high-speed corridors and bullet trains, are equivalent to European R350HT grade as far as rail profile and chemistry are concerned. However, they undergo more stringent quality testing. JSPL's Gr 880 Rails have also been approved by Railway Board/RDSO as a “regular supplier” to Indian Railways. Apart from 880 Grade main track rails, JSPL has also started supplying 1080 grade Head Hardened rails to several metro rail projects in India, including Rail Vikas Nigam for the construction of the Kolkata Metro Rail Project and Pune Metro. JSPL has developed special rails, asymmetric rails, R260, and 1175HT grades for heavy load carrying wagon units of 75 tonne/wagon. “Before this development, all speciality rails were imported in the country. JSPL is committed to the manufacturing of speciality rails to fulfil requirements of Indian Railways and metro rail corporations thereby making India 'atmanirbhar' in procuring rails locally for different applications. These rails will be used in the dedicated freight corridors and high axel load applications, including bullet trains," said V R Sharma, managing director of Jindal Steel & Power, in a statement.

Moody's places Vedanta Resources CFR under review for downgrade

20 Oct, 2020, 04:41PM | Business Standards

Moody's Investors Service today placed Vedanta Resources Limited's B1 corporate family rating (CFR) under review for downgrade. Concurrently, Moody's has placed under review for downgrade the B3 ratings on the senior unsecured bonds issued by Vedanta and those issued by its wholly-owned subsidiary, Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt. The ratings outlook was changed to ratings under review from negative. "The review follows an increase in refinancing risk and significant funding needs at the holding company level, following Vedanta Resources' failure to acquire the balance shareholding in key subsidiary Vedanta Limited that would have improved access to group cash," the report Kaustubh Chaubal, a Moody's vice president and senior credit officer as saying. On 10 October, the company announced that its voluntary delisting offer--to acquire the balance shareholding in key subsidiary Vedanta Limited and then delisting it from the stock exchange--had failed at the reverse book building stage. The total number of shares tendered by Vedanta Limited's public shareholders fell 7 per cent short of the mandatory minimum 90 per cent for successful delisting. Moody's had viewed the proposed delisting as a credit positive and a step forward in simplifying the group's complex shareholding structure, that would have allowed for better access to consolidated cash while avoiding leakage during dividend distributions. With the failed delisting, the holding company's liquidity risk has increased with around $2.9 billion in debt maturities between April 2020 and March 2022 (including a $120 million revolving credit facility repayable in February 2021 and $425 million--the remainder of Volcan's debt to privatise Vedanta Resources) and annual interest payments of $470 million each year. ALSO READ: Vedanta Resources leads India surge in dollar loans for local buyouts Moody's expects the holding company to arrange part of the required funds from intercompany loans from foreign subsidiaries, dividends from operating subsidiaries and continued refinancing. However, falling bond prices and widening yields on the company's USD bonds cast downside risks to the holding company's ability to refinance in a timely manner. More importantly, in order to maintain its current ratings, Vedanta would need to secure long-term refinancing and demonstrate its continued access to financing from relationship banks, especially at the holding company. Moody's review will focus on the holding company's ability to refinance its upcoming debt maturities in the fiscal year ending March (fiscal 2021) and fiscal 2022. Moody's expects to conclude the review within 90 days. In the first half of the fiscal 2020, Vedanta Limited raised around $1.3 billion in new debt facilities by pledging its 14.82 per cent shareholding in cash-rich and profitable 64.9 per cent owned subsidiary Hindustan Zinc Limited (HZL). Moody's assesses the share pledge, the holding company's persistently weak liquidity and refinancing needs as indicators of an aggressive risk appetite with implications for the company's financial strategy and risk management, a component of our governance risk assessment framework. Today's rating action considers the impact of Vedanta's governance practices on its credit profile. Vedanta Resources Limited, headquartered in London, is a diversified resources company with interests mainly in India. Its main operations are held by Vedanta Ltd, a 50.1 per cent-owned subsidiary. Through Vedanta Resources' various operating subsidiaries, the group produces oil and gas, zinc, lead, silver, aluminum, iron ore and power.

Steel Minister asks CII to identify areas of steel usage

20 Oct, 2020, 02:50PM | Economic Times

NEW DELHI: Union Steel Minister Dharmendra Pradhan on Tuesday asked industry body CII to submit a report on how to enhance per capita steel consumption in India. The minister has given 30 days time to engage with various ministries, including steel departments and stakeholders and submit the report. "Objective is clear. To increase the per capita steel consumption. The per capita steel consumption at present is 74 kg. The more we will increase it, the more it will benefit," he said while speaking at 'Aatmanirbhar Bharat: Fostering Steel Usage of Steel in Rural Development Sector' conference organised by CII. The conference was organised to identify the avenues of steel usage in sectors like agriculture, rural development, dairying and food processing. Steel is among the eight core sector industries of the Indian economy. Steel demand is positively correlated with economic growth. Speaking further, Pradhan said steel should be linked with all respective sectors to see where the metal can find application. By 2022, as part of Pradhan Mantri Awas Yojana there will be a house for everyone. Emphasis is being laid on roads in the rural areas. Private business is coming in the Railways, he noted. "Also, for the first time, in (the field of) agriculture, a plan has been made to pump in a huge investment amount in contract farming model." The minister said increasing per capita consumption will also create new job opportunities. It will increase the revenue collection of states. "CII together with the Steel Ministry, other ministries like agri, food processing etc, departments must submit a report to the Steel Ministry within a month," he said. Rural Development Minister Narendra Singh Tomar said there is a need to increase the use of steel in rural areas. This will also help increase farmers' income. Tomar further spoke about certain areas where steel will find application in a huge amount, thereby increasing the usage of steel in the country. In the PM Gramin Awas Yojana, about 46.90 lakh metric tonne steel has been used and another 43.80 lakh metric tonne will be required in the remaining part of the ambitious project. Steel will also be used in construction of roads and bridges under the Pradhan Mantri Gram Sadak Yojana. For the approved work in phase I and II of the project, about 102 lakh metric tonne steel will be required. "The per capita steel consumption in rural areas as compared to the urban is at just 19.1 kg. I expect with collective efforts, the outcome of this webinar will be utilised to identify the areas of steel usage," he said.

TVS Motor launches Bluetooth-enabled scooter inspired by Avengers movies

20 Oct, 2020, 01:32PM | Business Standards

TVS Motor Company on Tuesday launched the TVS NTORQ 125 SuperSquad Edition, a scooter inspired by Marvel’s Avengers movie series. The Company has associated with Disney India’s consumer products business to introduce a special SuperSquad edition of TVS NTORQ 125, country’s first Bluetooth connected scooter with RTFi technology, inspired by the iconic Marvel Super Heroes. In 2018, TVS NTORQ 125 was launched as India’s first Bluetooth-connected scooter and has since secured its place like no other, by offering unparalleled style, superior racing-inspired performance, and first-of-its-kind technology. In the past year, TVS NTORQ 125 has also introduced Race Tuned Fuel Injection across its portfolio. It continues to evolve and seeks to delight its new-generation customers – Gen Z. For the Gen Z, the Marvel Universe is a strong affinity area. TVS NTORQ 125 breaks new ground with the launch of the SuperSquad Edition inspired by Marvel’s Avengers. The SuperSquad Edition will comprise three new enticing offerings, namely Invincible Red, StealthBlack, and Combat Blue inspired by Iron Man, Black Panther, and Captain America respectively. The edition brings forth finer nuances associated with each Marvel Super Hero through the product design. Aniruddha Haldar, Vice President (Marketing) – Commuter Motorcycles, Scooters & Corporate Brand, TVS Motor Company, said, “We are excited to launch the TVS NTORQ 125 SuperSquad Edition inspired by Marvel’s Avengers. With this association, our common Gen Z consumers can ‘Play Smart. Play Epic’. We have all had our favourite Super Hero, with whom we relate. We find ways to celebrate this relationship. The TVS NTORQ 125 SuperSquad Edition, gives new expression to this ageless fascination. The initial feedback has been nothing short of EPIC. We are sure that this too will be a blockbuster!.”

JSPL produced rails for high-speed corridors approved by Indian Railways

20 Oct, 2020, 10:45AM | Economic Times

Jindal Steel and Power Limited (JSPL) is the first and only Indian manufacturer to develop 60E1 1175 Heat Treated(HT) Rails suitable for High speed and High Axle Load applications. These Rails are primarily used by the Metro Rail Corporations, High-Speed Corridors and Bullet Trains. According to an official release, Indian Railways have projected a requirement of 1.8 Lac MT per annum of this high-grade 60E1 1175 Heat Treated (HT) Rails. Indian Railways has embarked upon upgrading the Indian Railway Track system to carry 25MT axle load and up to 200 km/hour speed. "Before this development, all specialty rails were imported in the country, JSPL is committed for manufacturing of specialty rails to fulfill requirements of Indian Railways and metro rail corporations hence making India Atmanirbhar in procuring rails locally for different applications. These rails will be used in the dedicated freight corridor, high axel load application including bullet trains," said V R Sharma, Managing Director of Jindal Steel and Power Limited in a statement. Research Designs and Standards Organisation (RDSO) has approved the newly developed 60E1 1175 Heat Treated (HT) Rails of Jindal Steel and Power Limited. According to JSPL, 60E1 1175 Heat Treated (HT) Rails is a superior grade to 1080 HH and will be used by Indian Railways for heavier loads and high-speed application. Based on inspection and testing conducted by the RDSO team, Railway Board/RDSO had earlier accorded approval for JSPL manufactured 60E1 1080 HH Rails. These Rails are primarily used by the Metro Rail Corporations, High-Speed Corridors and Bullet Trains. These rails are equivalent to European R350HT grade with regards to Rail profile and chemistry but follow more stringent Quality tests. JSPL's Gr. 880 Rails has also been approved by Railway Board/RDSO as a "Regular Supplier" to Indian Railways. Apart from 880 Grade main track rails, JSPL has also started supplying 1080 grade Head Hardened rails to several metro Rails projects in India which includes Rail Vikas Nigam Limited for the construction of the Kolkata Metro Rail Project and Pune Metro. JSPL has developed Special rails, Asymmetric Rails, R260, and 1175HT grades for heavy load carrying wagon units of 75 tones/wagon. V R Sharma stated that JSPL's manufacturing capacity for 60E1 1175 HT Rails has been assessed as 3.24 Lac MT per annum by Railway Board/RDSO, which is more than enough to meet the full annual demand of Indian Railways, Metro Rail Corporations, High-Speed Corridors. "JSPL is also exporting rails to adjoining countries like Bangladesh and Sri Lanka, the company is supplying rails to the African continent as well. JSPL is also supplying speciality rail blooms for special rails to France for European railways. With this development, JSPL positioned itself as a world-class rail manufacturer which is a great achievement by an Indian company," he further added.

Ore shortage hits Indian steel companies, industry bodies seek ban on exports

20 Oct, 2020, 10:10AM | Economic Times

Mumbai: The Indian steel sector is facing an acute shortage of iron ore , a significant raw material in the steelmaking process, due to lease ownership changes at home and a rise in exports - especially to China. The Indian Steel Association, representing both secondary and primary steelmakers, has joined other trade groups in seeking the intervention of the commerce ministry and the PMO. “We would like to bring to your notice that the Indian steel industry is facing an unprecedented shortage of iron ore availability. Production of iron ore across major producing states in the country has been recording a steady drop,” ISA’s secretary general Bhaskar Chatterjee said in a recent letter. “India’s iron ore production in April to July 2020 witnessed a de-growth of around 50% from last year…It is important to ban the export of iron ore for the survival of secondary steel producers,” said the All India Induction Furnaces Association in a letter addressed to the PMO. As per ISA’s letter, during the same period, exports of iron ore have witnessed a sharp rise of 63%. “Iron ore exports have reached new highs in the last two months on the back of strong demand from China. In FY20, India’s iron ore exports rose to 37.69 million tonne from 16.15 million tonne in 2018-19, a jump of nearly 133 per cent,” the letter said. Speaking to ET, Chatterjee said: “We are concerned that iron ore of India serves China’s purpose before it serves our economy, that’s what will hurt us beyond anything," he said. “Last year alone, India exported 37 million tonnes of iron ore, 133% higher yoy, and around 82% of the total exports went into China,” industry association AIIFA in its letter. As per a report by Edelweiss, iron ore imports in China rose 9% YoY to 109mt in September and iron ore inventory at ports has progressively increased to 124mt by September-end compared to 105-110mt in July. As per India Ratings and Research, the lower production levels have contributed toward higher iron ore prices, which are at Rs 3,250/tonne up by Rs 300 on quarter. “This phase where iron ore prices have increased is expected to exist until the supply from Brazil is streamlined and the auctioned mines in Odisha operationalize. Looking at the existing situation, both are expected to continue at least until the third quarter of FY21," said an executive at a top iron ore producing company. "We envisage the prices to stabilize in the 4th quarter of FY21 and initial quarters of FY22,” the person quoted above added. Iron ore production in April-September 2020 was recorded at 47 million tonne, which is a sharp de-growth of 50% over the same period last year. Adding to this, state-owned iron ore producer, NMDC has recorded a 9% fall in ore production in the April to September period to 12.24 MT compared to the corresponding period last year. While industry bodies have requested a quick intervention by banning exports and bringing in policy changes, ISA’s Chatterjee said that the situation is short-term and only needs a temporary fix.

Stocks to watch: Wipro, HUL, L&T, L&T Tech, Britannia, ACC, Sunteck Realty

20 Oct, 2020, 08:49AM | Business Standards

At 08:45 AM, Nifty futures on the Singapore Exchange (SGX) traded 36 points, or 0.31 per cent lower at 11,861, indicating a tepid start for the Indian market on Tuesday. Here's a list of stocks that may trade actively in today's session. Wipro on Tuesday announced that it has won a five-year Application Management (AMS) and Services Integration & Management (SIAM) contract from Fortum, one of the leading clean-energy companies headquartered in Espoo, Finland. L&T: Larsen & Toubro (L&T) is set to win one of the largest infrastructure tenders the country has seen. It is likely to be the lowest bidder for the design and construction of civil works for 47 per cent of the alignment of the Mumbai-Ahmedabad High-Speed Rail corridor. READ MORE HUL: The FMCG major is expected to announce its Q2 numbers today. Emkay Global estimates HUL's organic sales to grow 5 per cent year-on-year (YoY) whereas, including GlaxoSmithKline Consumer Healthcare (GSK) sales, revenue is expected to grow 19 per cent YoY at Rs 11,713.3 crore. Earnings today: Apart from HUL, 25 other companies such as Larsen & Toubro Infotech, and Bombay Dyeing are expected to report their September quarter results. Sunteck Realty: The company has entered into an agreement to acquire approx 50-acre land parcel in Vasind (District Thane). Britannia Industries: Food company Britannia Industries Ltd on Monday reported a 22.96 per cent increase in consolidated net profit to Rs 495.20 crore for the quarter ended September. The company had posted a net profit of Rs 402.73 crore in the July-September period a year ago, Britannia Industries said in a BSE filing. ONGC, MRPL: As per news reports, MRPL to buy 49 per cent stake in ONGC Mangalore Petrochemicals from ONGC for Rs 1,220 crore. ACC: The cement major's consolidated net profit rose 20.26 per cent to Rs 363.85 crore on 0.26 per cent increase in net sales to Rs 3,537.31 crore in Q3 September 2020 over Q3 September 2019. HDFC Life: Private sector life insurer HDFC Life’s standalone profit after tax rose 5.6 per cent in the quarter ending September (Q2FY21) to Rs 326 crore, compared to Rs 308.69 crore in the same period last year. Net premium income of the insurer in the second quarter rose 35 per cent to Rs 10,045 crore, compared to Rs 7,453.68 crore in the year ago period L&T Technology Services: The company's US dollar revenue grew 4.1 per cent QoQ to $178 million. Revenue in rupee terms stood at Rs 1,313.8 crore, up 1.5 per cent QoQ. Net profit rose 41 per cent QoQ to Rs 165.5 crore. Bank of Baroda: Within one-and-a-half years of bringing Vijaya Bank under its fold, state-run Bank of Baroda (BoB) on Monday said it has completed the technical integration of over 1,900 branches of erstwhile Bengaluru-headquartered lender. Zensar Tech: Zensar, a digital solutions and technology services company, on Monday said it has entered into an agreement with Service Express LLC to divest its global Third Party Maintenance (TPM) business. Rallis India: Rallis India, a subsidiary of Tata Chemicals, on Monday posted a 2 per cent decline in consolidated profit after tax (after exceptional items) to Rs 83 crore during the September 2020 quarter. Coal India: The supply of coal by state-owned Coal India Ltd (CIL) to the power sector dropped by 10 per cent to 197.89 million tonnes (MT) in the first half of the ongoing fiscal. Tata Metaliks, a pig iron manufacturer and supplier, on Monday said its net profit jumped manifold to Rs 82 crore during the September 2020 quarter, mainly on account of reduced expenses.

Scenes from 5 of the best autumn road trips around the world

20 Oct, 2020, 08:03AM | CNBC

Pandemic travel restrictions have limited many travelers to staycations, and others are simply too nervous to get back on a plane. But there are still plenty of opportunities for adventure on the road.The road trip has undoubtedly seen a revival during the pandemic, and it's the perfect way to explore the countryside for rich autumnal scenery.From week-long vacations to day trips, one of the best reasons to take to the road is the flexibility it allows. Here's a selection of trails from around the world. North Coast 500, Scotland, UK This route covers over 500 miles of Scotland's North Highlands and is said to have become "one of the world's most iconic coastal touring routes," despite the trail having formally launched only five years ago.Head up to John O'Groats â a small village that is one of most northern points on the U.K. mainland â in the autumn or winter months for the best chance of catching a glimpse of the Northern Lights. A section of Scotland's North Coast 500.Guy Butler | Moment | Getty Images For daytime excursions, the North Coast 500 boasts a variety of historical outdoor sights, such as the ancient structures dating back to the Iron Age, known as "brochs."For those missing the season's usual Halloween festivities and craving some haunted history, check out the ruins of Ardvreck Castle on the shore of Loch Assynt or Sandwood Bay.Hikers up for a challenge might want to try taking on a Munro, Corbett or Graham. Those are the names given to Scotland's mountains â starting at 2,000 feet â that classify them by height.From deer to grey seals, fall in the Highlands also has wildlife.A minimum of five days is recommended to do the full route, but a week lets drivers fully take in the sights. Natchez Trace Parkway, U.S. Based on a historic forest route used by Native Americans, this 444-mile parkway extends from Nashville, Tennessee, across Alabama, to Natchez, Mississippi.There's no shortage of fall foliage to take in on this interstate road trip, but top beauty spots include Fall Hollow Waterfall and Jackson Falls, both in Tennessee. The Natchez Trace Parkway in autumn.Pgiam | E+ | Getty Images For a short stop off along the way, try the Rock Spring nature trail in Alabama, the half-mile loop which follows stepping stones over a local creek into the forest.Another notable attraction just off the parkway is Elvis Presley's birthplace in Tupelo, Mississippi. Icefields Parkway, Alberta, Canada It can take just four hours to travel Canada's Icefields Parkway, which extends for 144 miles, crossing the national parks of Banff and Jasper. Icefields Parkway (Highway 93) near the Canadian Rockies in Alberta, Canada.Feng Wei Photography | Moment | Getty Images Despite being the highest point on the Icefields Parkway, the Bow Summit Lookout is said to be "very kid-friendly and accessible for most people."The Weeping Wall is another highlight of the parkway, as snowmelt is said to resemble tears running down the rock face of Cirrus Mountain. Suhua Highway, Taiwan This near-75-mile stretch along Taiwan's Highway 9 is said to be one of the island's most scenic drives. Still, the winding cliffside road is also one of Taiwan's most dangerous, known for rockslides.The highway has recently undergone a revamp, with sections added to allow drivers to bypass some of its most perilous parts. Taiwan's Suhua Highway hugs the edge of the Qingshui Cliff.falcon0125 | Moment | Getty Images The highway route starts in Su'ao in Yilan County, a town known for its seafood. Before hitting the road, take in views from the Nanfang'ao Observation Deck, which was converted from a parking lot.Â Â Taroko Gorge, a majestic, marble-walled canyon within one of Taiwan's nine national parks, is a big draw and is just inland from the highway. Silo Art Trail, Australia For art lovers looking for a more unconventional road trip, look no further than Australia's largest outdoor gallery in the state of Victoria.Established in 2016, the Silo Art Trail project starts near Melbourne and follows a 124-mile route where grain silos have been used as canvases for large-scale paintings by Australian artists. A painting in the Silo Art Trail from Lascelles, Victoria.Courtesy of Yarriambiack Shire Council The artworks are said to tell a story about the surrounding towns. For instance, the silo in Lascelles portrays a local farming couple belonging to a family that has lived in the area for four generations.The trail takes a little over two hours to complete, so it's perfect for people who don't want to fully commit to a vacation on the road or who still prefer to stick to outdoor activities at this stage in the pandemic.

Xiaomi’s next smartwatch to come with SpO2 sensor, claims report

20 Oct, 2020, 03:14AM | Times Of India

With its next smartwatch, Xiaomi is set to introduce a new feature that will allow users to track and measure blood oxygen levels , according to a report by GizmoChina. As per the report, Xiaomi has revealed that its next smartwatch is also going to offer the SpO2 sensor. The report claims that a teaser poster for the next Xiaomi watch was shared by the Xiaomi Smart Life Weibo account. While this wearable device will first be launched in the company's home country China, it remains to be seen when the company plans to launch the same in international markets including India. Recently, the company launched its first smartwatch in India at Rs 10,990 called Mi Watch Revolve. The smartwatch features a stainless steel case with 46mm dial. The wearable sports an always-on display which is protected with a coating of Corning Gorilla Glass 3. The smartwatch offers features including heart rate monitoring, stress levels and body energy monitoring , sleep analysis and VO2 Max which checks the oxygen level in the body. The device is water-resistant up to 50 meter and comes with 10 professional sports modes like running, hiking, cycling and more. The device is backed by 420 mAh battery which promises to deliver two weeks of battery backup.

India, Oman agree to expedite procedures to amend double taxation pact

19 Oct, 2020, 10:39PM | Business Standards

India and Oman have agreed to expedite their internal procedures for signing and ratificationof a protocol to amend the bilateral double taxation agreement and conclusion of an investment treaty, an official statement said on Monday. India has also invited Omani Sovereign Wealth Funds and private businesses to invest here. It was discussed during the India-Oman Joint Commission Meeting (JCM), which was held on Monday through the virtual platform. "Both sides also agreed to expedite their internal procedures for signing and ratification of the protocol amending India-Oman Double Taxation Agreement and conclusion of the India-Oman Bilateral Investment Treaty," it said. Bilateral trade between the countries has increased by 8.5 per cent to USD 5.93 billion in 2019-20. Indian firms have invested in Oman in various sectors like iron and steel, cement, fertilisers, textile, cables, chemicals, and automotive, it added. "There are over 4,100 Indian enterprises and establishments in Oman with an estimated investment of USD 7.5 billion. Cumulative FDI equity inflows from Oman to India during the period April 2000-June 2020 amounted to USD 535.07 million," the commerce and industry ministry said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Tata Metaliks Q2 net profit jumps manifold to Rs 82 cr on reduces expenses

19 Oct, 2020, 10:17PM | Business Standards

Tata Metaliks, a pig iron manufacturer and supplier, on Monday said its net profit jumped manifold to Rs 82 crore during the September 2020 quarter, mainly on account of reduced expenses. The company had posted a net profit of Rs 23 crore in the corresponding quarter of the previous financial year, Tata Metaliks said in a regulatory filing to the BSE. Its total income in the second quarter ended September 30 also rose to Rs 521.84 crore, from Rs 517.06 crore a year ago. Total expenses reduced to Rs 431.63 crore in the quarter under review, from Rs 494.10 crore in the year-ago period. A subsidiary of domestic steel giant Tata Steel, Tata Metaliks, has a manufacturing plant at Kharagpur, West Bengal, where pig iron and ductile iron pipes are produced. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

NCLT approves JSW Steel’s resolution plan for Asian Colour Coated Ispat Ltd

19 Oct, 2020, 04:43PM | Economic Times

MUMBAI: The Delhi Bench of National Company Law Tribunal on Monday approved the resolution plan submitted by JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat Ltd ( ACCIL ) for Rs 1,550 crore. “JSW Steel Coated Products, wholly owned subsidiary of JSW Steel, to acquire Asian Colour Coated with certain modification in the resolution plan approved by the lenders,” JSW Steel said in a statement. The written order is awaited. In 2018, ACCIL was included in the Reserve Bank of India ’s second list of defaulters on which banks were asked to take corrective action. State Bank of India, Punjab National Bank and JM Financial are among the lenders to Asian Colour Coated Ispat. Asian Colour was listed for insolvency the same year, which saw JSW Steel make an initial offer of Rs 1,200 crore. After this, the promoters of the company took the case to NCLAT over a legal issue on the land owned by the company. In August 2020, US-based venture capital firm Interups made a counter offer of Rs 2,000 crore to JSW Steel’s deal. However, NCLT has now chosen JSW Steel as the acquirer. ACCIL has an annual capacity of 1 million tonnes with around 300,000 tonnes of cold rolled steel and colour-coated steel. The company has manufacturing facilities in Delhi and Mumbai, and also caters to markets across, Europe, Africa, Latin and North America. With this acquisition, JSW Steel has successfully acquired three stressed assets through bankruptcy court--one being Monnet Ispat and Energy Ltd for Rs 2,875 crore, Vardhman Industries for 63 crores and now ACCIL. The company is also in the final stages of completing the Bhushan Power and Steel (BPSL) acquisition. Recently, JSW Steel expressed interest to bid for the insolvent Gontermann Peipers (India), owned by Pramod and Vinod Mittal, younger brothers of Lakshmi Mittal, the promoter of ArcelorMittal.

Sellers from smaller cities driving festive sales: Snapdeal

19 Oct, 2020, 01:36PM | Economic Times

GURUGRAM: The spread and connect of e-commerce beyond the top metro cities is evident not only from the buyers’ side, but also from the sellers’ side. Snapdeal has said that 65% of the orders placed for their Diwali Sale have been from sellers located beyond the metropolitan cities. While sellers located in Delhi-NCR, Mumbai, Kolkata, Chennai and Bengaluru account for nearly 35% of the total number of orders received so far, but those from smaller cities have received a greater share of online orders this year. A large part of these orders will be served by sellers based in commercial hubs like Jaipur, Surat, Ahmedabad, Coimbatore etc. Snapdeal’s 'Kum Mein Dum' sale has also seen more orders from smaller centres like Avinashi in Tamil Nadu for textiles , Palitana in Gujarat for footwear, Rewa in Madhya Pradesh for gaming accessories, Muktsar in Punjab for herbal products, Birlapur in West Bengal for home decor products etc. “Ahead of Diwali, we had conducted an outreach to on-board sellers from more than a hundred smaller cities and it was encoutaging to see orders flow to these new sellers, all of whom are very small enterprises. From Kalol in Gujarat to Birlapur in West Bengal and from Hansi in Haryana to Krishnagiri in Tamil Nadu, e-commerce is changing India, said Snapdeal spokesperson in a statement. During July - September this year, Snadpeal had on-boarded around 5000 manufacturer-sellers from production hubs like Meerut, Tirupur, Jaipur, Surat, Rajkot etc to offer a direct link to the consumers for products like juicers, food processors, steel and copper utensils, crockery items, bed linen, watches and kidswear. Ahead of Diwali, Snapdeal had opened 25 logistics centres to serve the surge in orders. This is now helping move the Diwali orders faster. Snapdeal expects 80% of the orders from non-metro cities to be shipped within 24 hours, and 90% of the orders within 48 hours of receipt - despite the larger physical distances to be covered. As part of its network expansion, Snapdeal has chosen to work with multiple smaller logistics players who specialize in their respective cities and states.

Japan's September export declines at a slow pace over shipment recovery

19 Oct, 2020, 07:55AM | Business Standards

By Daniel Leussink TOKYO (Reuters) - Japan's exports in September fell at a slower pace than in the previous six months as U.S.-bound shipments of cars started to recover from COVID-19 lows, suggesting the pandemic's pressure on the economy was easing. The slower decline in exports added to signs that the world's third-largest economy has started to gradually rebound from the shock of the health crisis after bottoming out. Total exports lost 4.9% year-on-year in September, a larger decline than the 2.4% drop expected by economists in a Reuters poll. That still meant the pace of contraction in exports eased following six months of double-digit declines, including a 14.8% drop in the previous month. Exports fell for their 22nd straight month, marking the longest run of declines since a 23-month run through to July 1987, driven by fewer exports of iron to Taiwan and ships to Panama. "We think (exports) should return to pre-virus levels before the end of the year," said Marcel Thieliant, Japan economist at Capital Economics. "However ... we only expect imports of goods and services to return to pre-virus levels by end-2022." A Reuters poll on Friday showed analysts think the government of Prime Minister Yoshihide Suga should compile a third extra budget for the current fiscal year to further support the economy. Japan has already announced $2.2 trillion across two stimulus packages to protect the economy from the hit of the COVID-19 crisis, including cash payments to households and small business loans. Local media have reported Suga wants to order his government to compile extra stimulus measures as early as November, a move that could help shore up fragile consumer sentiment that especially faces risks from a new wave of infections. Gross domestic product was expected to expand an annualised 15.1% in the third quarter after posting a record contraction in the preceding three months, the poll showed. By destination, shipments to the United States - Japan's key market - rose 0.7% in the year to September, a much slower pace than the 21.3% drop seen in August, driven by stronger demand for passenger cars and electrical power machinery. Exports to China, Japan's largest trading partner, rose 14.0% year-on-year in September, marking the third straight monthly rise in China-bound shipments, the data showed. Exports to the rest of Asia lost 2.0%, their slowest pace of decline since February. Overall imports shed 17.2% in the year to September, versus the median estimate for a 21.4% decline. As a result, the trade balance came to a surplus of 675.0 billion yen ($6.4 billion), versus the median estimate for a 989.8 billion yen surplus. (Reporting by Daniel Leussink; Editing by Sam Holmes and Christopher Cushing) (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Raw material crisis may lead to closure of SME steel units: Industry body

18 Oct, 2020, 06:10PM | Business Standards

Steel wire makers, belonging to the labour-intensive small and medium enterprises sector, are facing acute raw material shortage that may lead to the closure of several units, a senior industry body official said on Sunday. About 100 units in the organised sector that offer employment to about five lakh workers in the country are already operating below 50 per cent of their rated capacity, and if the crisis prolongs, then many will have to close down, the official said. The wire makers have sought government intervention to ensure raw material supply, and a window for imports of specialised items that are not produced in the country. "The industry is facing acute shortage of high-grade wire rods, the main raw material for wire production, which has varied application in nation-building," Steel Wire Manufacturers Association secretary-general Tirthankar Banerjee told PTI. "The paucity of high-grade wire rods is 50 per cent, and it is due to inadequate domestic supply and import restrictions," he said. The association urged the Union government to ask Steel Authority of India Ltd (SAIL) to streamline its specialised wire rods plant at Burnpur, and advice Rashtriya Ispat Nigam Ltd (RINL) and other private steel makers to supply raw materials in adequate quantity to the SME sector at fair prices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Singapore-based bond trade platform set for New Year launch in India

18 Oct, 2020, 06:10PM | Business Standards

Singapore-based bond exchange, BondEvalue, developed by India-origin entrepreneurs, is targeting to launch a blockchain-platform in the New Year to facilitate investment in bonds by individuals and common man. We are talking to two leading banks in India to launch the blockchain-platform early next year," Rahul Banerjee told PTI on Sunday after getting approval as a global Recognised Market Operator (RMO) from the Monetary Authority of Singapore (MAS). The RMO allows BondbloX Bond Exchange (BBX), the world's first blockchain-based bond exchange, to trade globally a wide range of fixed-income securities to the mass markets. BondEvalue officially graduated from the MAS' regulatory sandbox on October 1, 2020. The move means that BondEvalue has successfully concluded proof of technology and business model, explained Banerjee, 45-year-old son of an air force officer who attained early education from Amritsar's Rajasansi town. The MAS' approval will help to accelerate engagements with potential partners, said Banerjee who aims to re-boost common man's saving schemes in global markets. "As a child, I remember that we had a Godrej steel almirah, where the locker would have the Kisan Vikas Patras, along with other valuables, birth certificates, etc," said Banerjee, remembering his childhood days. Blockchain is today's financial Godrej steel almirah." "My dream is to enable every Indian to buy bonds from their mobile phones the way they order food. One rupee, one bond," he said referring to the notional value of the bond. Our vision of extending bond trading from Wall Street to main street is becoming a reality. We are committed to helping investors trade bonds in a transparent manner, said Rajaram Kannan, a former banker and co-founder of BBX-BondEvalue. Rajaram and Rahul were classmates in the founding batch of the Indian School of Business. The aim is to make it one of the most attractive schemes for the common man," he stressed, demystifying the notion that bonds are rich-man play. "Going forward, we forsee active trading in rupee-denominated bonds including Masala bonds. The onshore Indian market with new issuance of USD 100 billion corporate bond market is huge, Banerjee noted. He sees BondEvalue helping in the greater integration of the Indian bond markets with global markets. Resident Indians can buy US dollar bonds on the BondEvalue Exchange through the Liberalised Remittance Scheme which allows individual to remit up to USD 200,000 a year from India. Individuals will come via the Indian banks that become members on the exchange. Banerjee said the bond market in its present form is broken because its over-the-counter trading lacks transparency. Exchange trading is the only solution. Only when stock trading moved to exchanges in the 1990s that real growth and retail participation surged, he added. There were many previous attempts by regulators and market participants to democratise' bond investing but BondEvalue was able to make it happen largely because of three factors advances in technology, the Singapore regulator approval, and the experience and expertise of his team at BondEvalue. Today, bonds are popular with individuals in countries like the US, Japan and Singapore. Technology can create a second wave of allowing individuals to invest in bonds, similar to what the Kisan Vikas Patra's did decades ago, added the veteran bankers. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Raw material crisis may lead to closure of many SME steel wire units: Industry body

18 Oct, 2020, 05:59PM | Economic Times

Steel wire makers, belonging to the labour-intensive small and medium enterprises sector, are facing acute raw material shortage that may lead to the closure of several units, a senior industry body official said on Sunday. About 100 units in the organised sector that offer employment to about five lakh workers in the country are already operating below 50 per cent of their rated capacity, and if the crisis prolongs, then many will have to close down, the official said. The wire makers have sought government intervention to ensure raw material supply, and a window for imports of specialised items that are not produced in the country. "The industry is facing acute shortage of high-grade wire rods, the main raw material for wire production, which has varied application in nation-building," Steel Wire Manufacturers Association secretary-general Tirthankar Banerjee told . "The paucity of high-grade wire rods is 50 per cent, and it is due to inadequate domestic supply and import restrictions," he said. The association urged the Union government to ask Steel Authority of India Ltd (SAIL) to streamline its specialised wire rods plant at Burnpur, and advice Rashtriya Ispat Nigam Ltd (RINL) and other private steel makers to supply raw materials in adequate quantity to the SME sector at fair prices.

Thermal, coking coal imports in 12 ports dip 25% to 55 MT in Apr-Sep: IPA

18 Oct, 2020, 03:48PM | Business Standards

Disruptions caused by the COVID-19 pandemic continued to impact cargo movement in India, with thermal and coking coal imports at 12 major ports falling 25.13 per cent year-on-year to 55.41 million tonnes (MT) in April-September, according to the apex ports' body IPA. Coal volumes at the 12 major ports declined for the sixth straight month in September 2020, as per the Indian Ports Association (IPA). Thermal coal imports dropped 23.24 per cent to 34.52 MT during April-September, while coking coal shipments fell 28.04 per cent to 20.89 MT, IPA said. These ports had handled 44.98 MT of thermal coal and 29.03 MT of coking coal in April-September period of the previous financial year. Together, thermal and coking coal handling saw a decline of 25.13 per cent at these ports in the April-September period at 55.41 MT, the IPA, which maintains cargo data handled by these ports, said in its latest report. Thermal coal is the mainstay of India's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel making. India is the third-largest producer of coal after China and the US, and has 299 billion tonnes of resources and 123 billion tonnes of proven reserves, which may last for over 100 years. In the wake of the COVID-19 outbreak, sharp declines were also witnessed in handling of containers, coal and POL (petroleum, oil and lubricant) among other commodities. The 12 ports witnessed considerable decline in cargo traffic, registering a 14 per cent dip in the first half of the current fiscal to 298.55 million tonnes (MT) as against 348.23 MT during April-September of the last fiscal. Shipping Minister Mansukh Mandaviya last month said cargo traffic at 12 major ports declined considerably March onwards, adversely impacted by the COVID-19 pandemic. India has 12 major ports under the control of the central government -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). While Kamarajar port saw 31.63 per cent decline in cargo handling to 10.77 MT in April-September, Chennai port suffered a drop of 25.71 per cent to 18.38 MT, as per IPA data. Cochin Port saw a dip of 24.42 per cent to 12.58 MT during the period. Cargo handling at JNPT port slipped 21.71 per cent to 26.94 MT, while it declined 18.78 per cent to 25.56 MT at Kolkata. Mumbai port logged a fall of 18.74 per cent to 24.45 MT. "There was a considerable decline in the total traffic, containers traffic and other than containers traffic in March, April, May, June, July and August, 2020 as compared to the corresponding months in 2019," Mandaviya had told Parliament last month. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Thermal, coking coal imports at major ports dip 25 per cent to 55 MT in Apr-Sept: IPA

18 Oct, 2020, 02:40PM | Economic Times

New Delhi: Disruptions caused by the COVID-19 pandemic continued to impact cargo movement in India, with thermal and coking coal imports at 12 major ports falling 25.13 per cent year-on-year to 55.41 million tonnes (MT) in April-September, according to the apex ports' body IPA. Coal volumes at the 12 major ports declined for the sixth straight month in September 2020, as per the Indian Ports Association (IPA). Thermal coal imports dropped 23.24 per cent to 34.52 MT during April-September, while coking coal shipments fell 28.04 per cent to 20.89 MT, IPA said. These ports had handled 44.98 MT of thermal coal and 29.03 MT of coking coal in April-September period of the previous financial year. Together, thermal and coking coal handling saw a decline of 25.13 per cent at these ports in the April-September period at 55.41 MT, the IPA, which maintains cargo data handled by these ports, said in its latest report. Thermal coal is the mainstay of India's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel making. India is the third-largest producer of coal after China and the US, and has 299 billion tonnes of resources and 123 billion tonnes of proven reserves, which may last for over 100 years. In the wake of the COVID-19 outbreak, sharp declines were also witnessed in handling of containers, coal and POL (petroleum, oil and lubricant) among other commodities. The 12 ports witnessed considerable decline in cargo traffic, registering a 14 per cent dip in the first half of the current fiscal to 298.55 million tonnes (MT) as against 348.23 MT during April-September of the last fiscal. Shipping Minister Mansukh Mandaviya last month said cargo traffic at 12 major ports declined considerably March onwards, adversely impacted by the COVID-19 pandemic. India has 12 major ports under the control of the central government -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). While Kamarajar port saw 31.63 per cent decline in cargo handling to 10.77 MT in April-September, Chennai port suffered a drop of 25.71 per cent to 18.38 MT, as per IPA data. Cochin Port saw a dip of 24.42 per cent to 12.58 MT during the period. Cargo handling at JNPT port slipped 21.71 per cent to 26.94 MT, while it declined 18.78 per cent to 25.56 MT at Kolkata. Mumbai port logged a fall of 18.74 per cent to 24.45 MT. "There was a considerable decline in the total traffic, containers traffic and other than containers traffic in March, April, May, June, July and August, 2020 as compared to the corresponding months in 2019," Mandaviya had told Parliament last month.

Domestic steel industry showing signs of recovery as demand picks: RINL CMD

18 Oct, 2020, 12:37PM | Business Standards

The Indian steel market, which was hit by the COVID-19 pandemic and subsequent lockdowns, has started showing signs of recovery, RINL Chairman P K Rath has said. The pandemic had severely disrupted the steel sector in the first quarter of the ongoing fiscal, particularly in April. However, there is a recovery visible in the market with pick up in demand, Rath said. "As the process of unlocking started from June onwards in a phased manner, activities in construction and various projects have picked up and the demand in the domestic steel market has surged. Further with the ensuing festive season the demand for white goods and auto-sector will also further spur the steel market," Rath told PTI in an interview. Besides, the government initiative on multimodal infrastructure projects like Bharatmala, Sagarmala and Dedicated Freight Corridors in the logistic sector will also help the steel industry. Due to the bad market conditions developed post outbreak of the virus, steel makers were forced to cut down their operations by up to 50 per cent in April. The players also had to turn to exports to find markets for their produce. However, with the relaxation in lockdown norms, the players started ramping up their production levels in a phased manner. Rath said with an improving market, major steel players have ramped up their production capacity. RINL's production level would also return to 100 per cent with the resumption of the third blast furnace on Sunday. There are three blast furnaces of 2.5 MTPA each at the company's plant in Visakhapatnam. Replying to a question related to the challenges RINL faced in maintaining its operations, the CMD replied the government issued various guidelines from time to time to prevent the spread of disease. Deployments of manpower at the workplace was advised to restrict to 50 per cent "which mandated us to cut down production level by 2/3rd by putting down two out of three blast furnaces for safety of the plant operation and our people," he said. The demand had fallen to its lowest level, on the other hand the rising inventory was cause of concern as the cash flow got throttled. However RINL could manage its business operation by exploring overseas markets and exported to the Middle East, South East Asian countries including China at competitive prices and got over cash flow challenges. The company also supplied for the recently inaugurated mega project Atal Tunnel, he said. In Atal Tunnel, which was recently inaugurated by Prime Minister Narendra Modi, RINL has supplied around 8,500 tonnes of TMT. Rath said, "We are committed and continue to strive to meet the steel requirement of the nation. In the past also we have contributed steel for major projects of national importance like Statue of Unity, Metro Rail projects in Delhi, Bangalore, Nagpur, Hyderabad, also various Airports in Chennai, Andaman, HPCL Refinery, various Smart Cities, Polavaram National Irrigation Project etc." RINL, under the steel ministry, produces special steel, including wire rod coils, rounds, billets of different grades and dimensions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Domestic steel industry showing signs of recovery: RINL CMD

18 Oct, 2020, 12:08PM | Economic Times

New Delhi: The Indian steel market, which was hit by the COVID-19 pandemic and subsequent lockdowns , has started showing signs of recovery , RINL Chairman P K Rath has said. The pandemic had severely disrupted the steel sector in the first quarter of the ongoing fiscal, particularly in April. However, there is a recovery visible in the market with pick up in demand, Rath said. "As the process of unlocking started from June onwards in a phased manner, activities in construction and various projects have picked up and the demand in the domestic steel market has surged. Further with the ensuing festive season the demand for white goods and auto-sector will also further spur the steel market," Rath told in an interview. Besides, the government initiative on multimodal infrastructure projects like Bharatmala, Sagarmala and Dedicated Freight Corridors in the logistic sector will also help the steel industry . Due to the bad market conditions developed post outbreak of the virus, steel makers were forced to cut down their operations by up to 50 per cent in April. The players also had to turn to exports to find markets for their produce. However, with the relaxation in lockdown norms, the players started ramping up their production levels in a phased manner. Rath said with an improving market, major steel players have ramped up their production capacity. RINL's production level would also return to 100 per cent with the resumption of the third blast furnace on Sunday. There are three blast furnaces of 2.5 MTPA each at the company's plant in Visakhapatnam. Replying to a question related to the challenges RINL faced in maintaining its operations, the CMD replied the government issued various guidelines from time to time to prevent the spread of disease. Deployments of manpower at the workplace was advised to restrict to 50 per cent "which mandated us to cut down production level by 2/3rd by putting down two out of three blast furnaces for safety of the plant operation and our people," he said. The demand had fallen to its lowest level, on the other hand the rising inventory was cause of concern as the cash flow got throttled. However RINL could manage its business operation by exploring overseas markets and exported to the Middle East, South East Asian countries including China at competitive prices and got over cash flow challenges. The company also supplied for the recently inaugurated mega project Atal Tunnel, he said. In Atal Tunnel, which was recently inaugurated by Prime Minister Narendra Modi, RINL has supplied around 8,500 tonnes of TMT. Rath said, "We are committed and continue to strive to meet the steel requirement of the nation. In the past also we have contributed steel for major projects of national importance like Statue of Unity, Metro Rail projects in Delhi, Bangalore, Nagpur, Hyderabad, also various Airports in Chennai, Andaman, HPCL Refinery, various Smart Cities, Polavaram National Irrigation Project etc." RINL, under the steel ministry, produces special steel, including wire rod coils, rounds, billets of different grades and dimensions.

Op-ed: Here’s how Trump or Biden can help save democratic capitalism

18 Oct, 2020, 02:01AM | CNBC

U.S. President Donald Trump and Democratic presidential nominee Joe Biden speaking during the first 2020 presidential campaign debate.Brian Snyder | Reuters IMF employees have joked among themselves for years about when the fund's bylaws would kick in, requiring them to move from Washington to Beijing.Â Written when no rival to U.S. economic leadership was in sight, the bylaws require that the headquarters be in the world's largest economy.They aren't laughing anymore.The underlying story of this week's IMF and World Bank meetings, held virtually from Washington, is that democratic capitalism is suffering dangerous new blows and autocratic capitalism is enjoying new gains as a result of this disruptive year of Covid-19 that will strip 4.4% of the world economy this year or $11 trillion of output next year.China, where the pathogen originated, will be the only major economy to post growth this year. The IMF predicted that China, the world's second largest economy, would expand 1.9% in 2020, while the U.S. would shrink by 4.3% and Europe by 7.2%. China's growth will accelerate to 8.4% next year, said the IMF, compared to 3.1% in the United States and 4.7% in Europe.Fixing the problem won't be easy.The IMF's new global debt figures, shown in this Atlantic Council tracker, show U.S. debt will hit 130% of GDP thanks to the crisis. That's the highest level since World War II when the country was financing colossal military operations. The U.S. Treasury Department released figures Friday that show a record $3.1 trillion budget deficit in the fiscal year ending September 30.The Trump administration's failure to leverage its stimulus spending this year on investment in infrastructure, education and research-and-development is a missed opportunity. Trade disputes with European and Asian allies have undermined solidarity among global democracies when it has been most needed.Risks to the dollar's continued currency supremacy may seem far over the horizon, but concerns have grown more relevant as China seizes first-mover advantage through its rollout of digital currency tests in selected cities.To be sure, the current IMF voting share still favors the United States by roughly three-to-one, and the bylaws dictate that the "principal office of the fund shall be located in the territory of the member having the largest quota."Â Still, even former IMF Managing Director Christine Lagarde in 2017 mused that the fund's HQ could relocate within a decade.Current events may accelerate her timeline.Â Â Â Â Â Â Â Â The more significant question than the location of the IMF is what country or set of countries will write the financial and monetary rules for our coming epoch. Will democracies, rallied by the United States, revive and reform their form of capitalism, which has been ascendant for more than 75 years?Or will the future be shaped by China and state-controlled capitalism, which its leaders argue has proved more decisive and resilient in this crisis? Or alternatively, are we entering a period of an extended, global systemic scrum of the sort experienced after World War I that lead to worldwide economic depression, currency devaluations, beggar-thy-neighbor protectionism, a breakdown of the international financial system and ultimately to war.Â Â Â Â In a landmark speech this week, current IMF Managing Director Kristalina Georgieva called what the world is experiencing now a "new Bretton Woods moment," harkening back to 1944 when the IMF and World Bank were created with a dual purpose: "to deal with the immediate devastation caused by the war, and to lay the foundation for a more peaceful and prosperous postwar world."It's worth reflecting on the enormity of what Ms. Georgieva is suggesting, as the original Bretton Woods was the first agreement of its kind, a fully negotiated global monetary order, resting at that time upon gold and the U.S. dollar. Bretton Woods put into place the rules and the wherewithal for the expansion and sustainability of democratic capitalism, which in the end would triumph over centrally controlled, Soviet-style economies.The deal came near the end of World War II at a time when U.S. leadership was in a visionary frame of mind and had the economic and political leverage to impose its will on others, much in contrast to conditions today. Cordell Hull, the United States Secretary of State from 1933 to 1944, represented the view among many of that time that economic discrimination and trade warfare had been underlying causes of both world wars.Bretton Woods was designed to avoid a repeat of that outcome. After two years of preparation, the U.S. gathered 730 delegates from all 44 Allied nations at the Mount Washington Hotel in Bretton Woods, New Hampshire, from July 1-22, 1944, before they signed the agreement on its final day.Â Â Â Â Â In the cacophony of the final days of the U.S. presidential election, it would be easy to neglect the historic challenge to democratic capitalism. Â Few Americans will have heard or read Ms. Georgieva's speech this week, distracted instead by the dueling town halls of President Donald Trump and former Vice President Joe Biden.Yet whoever is elected on Nov. 3 will be saddled with the task of reversing the slide in public faith for democratic capitalism before it becomes irreversible, and addressing inequalities while at the same time not sacrificing capitalism's irreplaceable engine of growth and innovation.What the United States and the world needs following the Nov. 3 elections is another round of transformational American leadership of the brand that followed World War II.For President Trump, taking on this generational challenge in a second term would demand a dramatic change of heart about building international coalitions of the Bretton Woods variety. For Vice President Biden, it would require translating his encouraging language on galvanizing global democratic partners, including plans for a first-year summit of democracies, into concrete action that would reverse current trends.Â Â Both candidates talk about emerging stronger from Covid-19, but our problems didn't start with the virus and they won't end with a vaccine. Facing a second economic crisis in the space of a decade, the United States has a rare second chance to get things right alongside its democratic partners.If we fail to do so, democratic capitalism may not get another opportunity. The stakes are that large.Â Frederick Kempe is a best-selling author, prize-winning journalist and president & CEO of the Atlantic Council, one of the United States' most influential think tanks on global affairs. He worked at The Wall Street Journal for more than 25 years as a foreign correspondent, assistant managing editor and as the longest-serving editor of the paper's European edition. His latest book â "Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earth" â was a New York Times best-seller and has been published in more than a dozen languages. Follow him on TwitterÂ @FredKempeÂ and subscribe hereÂ to Inflection Points, his look each Saturday at the past week's top stories and trends.For more insight from CNBC contributors, follow @CNBCopinion on Twitter. VIDEO5:0405:04International Monetary Fund's chief economist on the 'dire' forecast for global growthSquawk on the Street

Bringing the outside into the office: Coronavirus bolsters push towards healthier building design

17 Oct, 2020, 07:30PM | CNBC

CookFox Architects, a firm in Manhattan that works on sustainability and green spaces in designing buildings, is a showcase for biophilia, with its office building in Midtown equipped with three rooftop terraces.CookFox Architects Even as the coronavirus pandemic worsens in the U.S., stay-at-home orders in some areas have loosened and companies have sent some workers back to offices with social distancing restrictions, temperature checks and plexiglass sneeze barriers.These new health precautions amid Covid-19 are new for offices. But architects and office designers have long worked on innovations to make corporate space healthier and better for the environment â projects they say will be in higher demand even as millions work from home and corporations rethink their need for future office space."When you go back, when I go back, people will look at office buildings differently," said Joseph Allen, director of the Healthy Buildings Program at the Harvard T.H. Chan School of Public Health."The plexiglass will go away, but the attention to air quality, water quality, lighting and acoustics will stay," Allen said.Designers say the pandemic has bolstered corporate interest in redesigning work space to simulate nature, have better air filtration systems and use more materials that are better for the environment."Covid-19 accelerated our corporate clients' interest in health and wellness. These are inextricably linked with work that is better for the environment," said Gail Napell, a sustainability specialist and leader in design resilience at the architecture firm Gensler.Napell said the company's projects, which focus on lowering the carbon footprint of buildings and creating a healthier working space, have been accelerating."We believe our goals will create great places for people and for the habitability and health of the planet.Â At this point in history, this is essential. We are where we are," Napell said. "The real estate community has the opportunity for enormous positive global climate and well-beingÂ impact." The Titan Student Union in the Cal State Fullerton campus has a central triple-height atrium nearly entirely daylit with skylights and other sustainable features including a cool roof, solar shading, daylight sensors and a HVAC system.Steinberg Hart / Lawrence Anderson Push towards biophilic design Companies have been increasingly embracing biophilic design â the concept of bringing the health benefits of the outdoors inside while cutting down on energy costs and boosting employee health and performance."The basic theory of biophilic design is enjoying the richness and complexity of nature and using the amazing ecosystem as a stress reduction tool to make our lives better," said Rick Cook, the founder of CookFox, a Manhattan-based architecture firm that works on sustainability and green spaces in designing buildings."We discovered people have higher cognitive performance when you design with these ideas in mind," Cook continued. "We started out trying to make buildings and spaces better for the environment ... what we stumbled on is how to make buildings quantifiably better for people."Â Biophilic concepts include incorporating green walls with plants that help clean the air; natural materials like wood into spaces; indoor water features like ponds and waterfalls; and circadian lights that provide different color temperatures to keep the body's internal clock in line, such as lighter white lighting to mimic daylight."All of these things were already on the rise. Covid-19 happened and no one could have been prepared for it," Cook said. "Now, the option for outdoor space will be in higher demand and high quality air filtration â people will pay much more attention to this." Pictured is an energy efficient LED module that supplements a main ceiling lighting system set on circadian rhythms. Lights that have different color temperatures and intensities throughout the day help keep the body's internal clock in line. Americans spend over 90% of their lives inside, where indoor air pollution is up to five times worse than outdoor pollution, according to theÂ U.S. Environmental Protection Agency. Indoor pollutants like smoke, dust, mold and chemicals from certain paints, cleaners and building materials areÂ particularlyÂ harmful.Research shows that offices with artificial lighting, a lack of windows and poor ventilation create more stressÂ for workers and impair decision-making abilities, according to research published in the journal Environmental Health Perspectives.However, working in a room with natural light helps boost productivity and mental health, and employees who are exposed to natural light in offices sleep better because the lightÂ improves circadian rhythms, according to research published in the Journal of Clinical Sleep Medicine."Covid-19 has accelerated the healthy buildings movement," Allen said. "Every sector is now talking about what they need to do for health in the building, for Covid-19, infectious disease transmission and beyond." Constructing healthier buildings The pandemic has also put a spotlight on constructing new spaces that are adaptable to changing workplace norms and a need for more sustainable buildings to mitigate climate change.Asheshh Saheba, a managing partner at the architecture firmÂ Steinberg Hart in San Francisco, said his company has been working on designing buildings with parking and garage structures that can adapt to changing commuting habits, as the pandemic has bolstered transportation practices that are better for the environment, like biking and walking.Buildings are also adapting to demand for more outdoor work space, such as terraces, and widespread expectations that employees will be more mobile after the pandemic is contained."To be in an office and step out onto the terrace â that interaction with nature is something that for a while has been missing from office building design," SahebaÂ said."We're blurring the line between work and home," he added. "Your office doesn't have to be enclosed at your desk." The San Francisco office of firm DCI Engineers incorporates sustainable and natural materials like cross-laminated timber and highlights the visual connection with the outdoors through curated view corridors out to the San Francisco Bay.Steinberg Hart /Â Vittoria Zupicich Building developers are also turning to more sustainable and natural materials like mass timber, or solid wood panels, rather than concrete or steel that emit more carbon dioxide.Offices built with more mass timber store carbon and offset greenhouse gas emissions, reduce labor resources and produce a light and natural interior, which can have positive health impacts on the people working there, partly by enhancing biophilic design."The environment feels different, being surrounded in a space that's of a natural material made of wood, there's a sense of warmth that you get with these materials,"Â Saheba said.More from CNBC Environment:Antarctica, the only continent without coronavirus, braces for summer rotationAs Earth overheats, asphalt is releasing harmful air pollutants in cities"People who work or live in an environment like this, they're more inclined to take less sick days, they're also more inclined to feel that they're still connected to the outside," he continued. Better ventilation One way to add nature to an office space is adding houseplants, as the office of CookFox Architects in Manhattan did here.CookFox Architects When people eventually return to offices after Covid-19, a major challenge for designers is to bring in more outdoor air and better ventilate office buildings without increasing the building's energy consumption.Modern office buildings typically have tightly sealed windows to increase energy efficiency, a positive design for the environment but one that traps in and circulates airborne contaminants, an issue builders are increasingly tackling because of Covid-19."For a long time, we were building hermetically sealed office buildings that kept us inside and the outside outside," Saheba said. "What we've discovered, especially with the pandemic, is that a hermetically sealed environment puts us at some level of challenge."Marta Schantz,Â senior vice presidentÂ for theÂ GreenprintÂ Center for Building Performance at the Urban Land Institute, said Covid-19 has increased the demand for high quality air filters in ventilation systems and more elevator usage because of social distancing requirements."With the big push towards healthier buildings, there is a risk that it ends up causing more energy usage in the building," she said. "Balancing the need for extremely healthy buildings with extremely sustainable buildings is something the real estate market is still working through." VIDEO3:1003:10Sustainable housing 'can't just be affordable for upper class,' says Wienerberger CEOSquawk Box Europe

What is the afterlife of a car in India?

17 Oct, 2020, 05:16PM | Times Of India

NEW DELHI: What exactly happens to a car after an owner discards it? Where does the car end up in the market and what happens to the probably still functioning parts of the car? Before looking at each aspect of the afterlife of a car and summing up probably all the possible outcomes, it is important to know how long can your car ply on the roads. What’s the life-span of an average car? Due to advancement in technology and innovations over the years, it is safe to say that the average life span of cars is definitely increasing rapidly. The cars are now smarter and automakers pay a lot of attention to it right from the basic architecture, making an average car quite sturdier than the cars we used to see probably 20-30 years ago in the market. An average car is believed to last quite smoothly until it covers around 3,00,000 km – 3,50,000 km. Almost every car in India comes with a warranty of around 1,00,000 km typically and with extended maintenance and services, it would be safe to say that the car could probably double up its life but at the same time burn a hole in your pocket. A car can definitely pull off more than the mentioned limit if taken care of and kept in a spick and span state in at least 5-7 of its initial years. Follow TOI Auto Youtube channel Do automakers buy back their old cars? The answer is a big yes. The pre-used market in India has been picking up rapidly over the years and it is safe to say that this is quite a healthy trend. The pre-used market guarantees a decent resale value and it also saves the car from going into recycling immediately. The pre-used market is probably the best way to bid farewell to your car. A few automakers in India also offer exchange schemes where you can get a brand-new car from the same brand. The exchanged cars later get into the pre-used market but again ensuring a healthy lifecycle for not just the old car but the new one too. Subscribe to TOI Auto to stay notified Too old to be resold? Scrap it all the way! The scrap market in India does manage to make some money out of the old car you just sold there. So how do you decide that your car is junk? According to the current RTO norms , a diesel car older than 10 years and a petrol car older than 15 years are automatically declared scrap (RTO norms might differ in different states). An average car is made out of steel mostly, and after stripping out the valuable parts, you will only be offered pennies in return for your dearly owned car. The current rate for metal parts extracted from the car range from Rs 15-20 per kg. The parts are then recycled again and sold in the market. What will change after the Scrappage Policy ? There are two main changes after the scrappage policy gets rolled out in India. The end-of-life norms and the scrapping norms will be regulated all across the nation and any individual state will not have a chance to go too strict or too lenient when it comes to the cars approaching their end-of-life. The fitness certificate of a car obtained from a certain state could probably be valid all across India and the revised scrapping criteria could wipe out this ambushed group of cars with massive tail-pipe emissions. Secondly, the recycling of the car gets regulated too. The scrap market is a very unorganized segment in India. But once the govt rolls out the policy, it could mean better benefits for the owners and better incentives from the automakers with the buyback scheme. Head to TOI Auto for news, views and reviews

Coca-Cola to retire Tab, its first diet soda, as it trims its portfolio

17 Oct, 2020, 09:02AM | CNBC

Cans of diet cola Tab brand soft drink produced by the Coca-Cola Company are displayed at a supermarket in the Brooklyn borough of New York, July 26, 2011.Ramin Talaie | Corbis Historical | Getty Images Coca-Cola said Friday that Tab, its first diet soda, is among the drinks headed for retirement as it trims its beverage portfolio.The coronavirus pandemic has accelerated the beverage giant's transition to focusing on its bigger and more popular brands, like its namesake soda. Coke has also recently announced a restructuring plan that is meant to help it become more efficient and scale new products more quickly. TheÂ global pandemicÂ led to a 33% decline in Coke's second-quarter earnings, but CEO James Quincey, who has led the company since 2017, has said it is trying to emerge from the crisis stronger than before.Â Other drinks that will go out of production by the end of the year include Odwalla products, Zico coconut water, stevia-sweetened Coca-Cola Life and Diet Coke Feisty Cherry. Regional beverages like Northern Neck Ginger Ale and Delaware Punch are also slated to disappear."It's about continuing to follow the consumer and being very intentional in deciding which of our brands are most deserving of our investments and resources, and also taking the tough but important steps to identify those products that are losing relevance and therefore should exit the portfolio," Cath Coetzer, Coke's global head of innovation and marketing operations, said in a statement.Coke first introduced Tab to consumers in 1963, aiming the zero-calorie drink at women. In the 1970s and 1980s, as Americans tried fad diets, the diet soda grew more popular but faded once Diet Coke was introduced in 1982. The company said that Tab has maintained a "small but loyal" number of fans in recent decades.More than half a century after Tab's launch, Coke is betting on Diet Coke and Coke Zero Sugar to fulfill consumers' cravings for sugar-free, low calorie soda.Coke is expected to report its third-quarter earnings on Thursday. Shares of the company, which has a market value of $216 billion, have fallen 9% so far this year. VIDEO2:5202:52Coca Cola to launch hard seltzer in U.S. in first half of 2021Squawk Box

More volatility is likely ahead as rising cases, lack of stimulus overshadow strong earnings

17 Oct, 2020, 04:25AM | CNBC

VIDEO4:0704:07High retail sales number calmed fears, but didn't lay them to rest: Market strategistClosing Bell Another volatile week may be in store for traders as coronavirus cases rise in the U.S. and Europe while Democrats and Republicans remain at an impasse over new fiscal aid.The Dow Jones Industrial Average and S&P 500 fell for three straight days this week. That slide was the longest losing streak for the averages since mid-September. The two market benchmarks eked out slight gains on Friday to snap their losing streak.Investors and traders expect this choppy trading action to continue, especially as the worsening coronavirus data and a lack of U.S. coronavirus stimulus draw attention away from a strong earnings season thus far."The combination of no stimulus, fading economic momentum, and the threat of rising coronavirus cases, creates a rather negative dynamic for risk assets right now," said Tom Essaye, founder of The Sevens Report, in a note to clients. Zoom In IconArrows pointing outwards The seven-day average of new daily coronavirus infections has risen in 39 states, including New York, New Jersey and Wisconsin, according to a CNBC analysis of data from Johns Hopkins University and the U.S. Census Bureau. At the nationwide level, the rate of new daily cases is at its highest level since August.In Europe, the seven-day average of new Covid-19 cases has surpassed that of the U.S., leading several countries in the region to reinstate tougher social distancing rules and roll back previous reopening measures."What this means is economic activity may slow down a bit, and we've already started to see some of that in the data," said Art Hogan, chief market strategist at National Securities, noting the weekly jobless claims numbers released Thursday show they've reached a point where "they're not going to get better; they're going to get worse."The Labor Department said initial U.S. jobless claims hit their highest level since August, reaching 898,000 in the week ending Oct. 10.Investors will also keep their eyes on Washington during the week ahead as lawmakers continue to struggle over new U.S. fiscal stimulus. Political posturing on stimulus 'hurting' those in need This week, President Donald Trump said he would raise his offer for a coronavirus aid above the current level of $1.8 trillion. The White House's current offer is smaller than a $2.2 trillion package passed by the House. House Speaker Nancy Pelosi, D-Calif., has said the administration's proposal "falls significantly short" of what is needed.This back and forth between the two parties has dwindled expectations among market participants of a compromise being reached before the Nov. 3 election. It has also added to the concerns surrounding the U.S. economic recovery."This political posturing is hurting that cohort of the economy that needs help the most," said Quincy Krosby, chief market strategist at Prudential Financial. "To the small and mid-size business owner, the airlines, this is not just about politics; this is every day life. There going to be an impact in the real economy if we don't see something now." Earnings season ignored? Those talks over further stimulus are also expected to divert attention away from the corporate earnings season, which began this week but had next to no impact on the broader market.Procter & Gamble, Netflix, Travelers, American Airlines and American Express are among the companies slated to report next week.JPMorgan Chase, Goldman Sachs and VF Corp. are among the 49 S&P 500 companies that posted their latest quarterly results this week. Of those 49 companies, 86% reported better-than-expected earnings, according to data from The Earnings Scout."I wish I could say that next week we're going to put aside the politics and the Covid concerns behind us, but we won't trade this earnings season," said Hogan of National Securities. "While it will likely be a record-breaking season for companies beating estimates, it's also going to be one that is largely ignored because there're so many other macro factors that are more important."There is also some important housing data in the week ahead, including home builders' sentiment Monday, housing starts Tuesday, and existing home sales Thursday."The housing market is still off to the races," said Mark Zandi, chief economist at Moody's Analytics. "The mortgage applications were strong, suggesting very strong activity in the month of September."Zandi said the market will eventually cool when interest rates begin to rise. But for now, "certainly the economy could use the juice."âCNBC's Patti Domm contributed to this report. Week ahead calendar MondayEarnings: IBM, Zions Bancorp, PPG Industries, FNB, Steel Dynamics, Halliburton9:00 a.m. Philadelphia Fed President Patrick Harker9:00 a.m. New York Fed President John Williams10:00 a.m. NAHB survey2:20 p.m. Atlanta Fed President Raphael BosticTuesdayEarnings: Procter and Gamble, Texas Instruments, Netflix, Travelers, Lockheed Martin, Snap, Philip Morris International, UBS, Paccar, Canadian Pacific Railway,Â Albertsons, CIT Group, Synchrony Financial, Comerica, Manpower Group, Prologis, WD-40, Tenet Healthcare, Teradyne, Canadian National Railway8:30 a.m. Housing starts8:30 a.m. Philadelphia Fed12:00 p.m. Chicago Fed President Charles EvansWednesdayEarnings: Nasdaq, Verizon, Baker Hughes, Northern Trust, Knight-Swift Transportation, Avery Dennison, Keycorp, Winnebago, Interpublic, Manchester United, Tesla, CSX, Abbott Labs, Biogen, AutoNation, Lam Research, Equifax, Discover Financial, Xilinx, SLM, Chipotle, Whirlpool, Kinder Morgan10:00 a.m. Cleveland Fed President Loretta Mester2:00 p.m. Beige bookThursdayEarnings: Earnings: AT&T, Coca-Cola, Intel, PulteGroup, Capital One, Kimberly-Clark, Quest Diagnostics, Freeport-McMoRan, Sirius XM, Grainger, Alaska Air, Fifth Third, Valero Energy, Nucor, Tractor Supply, Danaher, Genuine Parts, Dow, Southwest, American Airlines, Northrop Grumman, Union Pacific, Mattel, Check Point Software, Verisign, Capital One8:30 a.m. Initial jobless claims10:00 a.m. Existing home salesFridayEarnings: Barclays, American Express, Illinois Toolworks, Cleveland Cliffs, Norsk Hydro, Bloomin' Brands , Daimler9:45 a.m. Manufacturing PMI9:45 a.m. Services PMI

ArcelorMittal-Nippon JV launches brands in HR steel, rolled plate segments

16 Oct, 2020, 06:28PM | Business Standards

AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, today launched two new brands named Stallion and Maximus. Stallion, the hot rolled steel, will be manufactured at Hazira in a variety of strengths, ranging from mild to high tensile. Consistency of properties, best-in-class tolerances and guaranteed flatness are Stallion's key attributes. Like most of the other steel products of the firm, Stallion will be available in a range of bespoke sizes and various finishes such as black or pickled and oiled, the company said. The product will be available and distributed via the JV's Hypermart distribution network. Maximus is the new range of premium quality rolled plates to serve a broad range of engineering and fabrication needs and its strength levels make it well-suited to heavy use in industries. AM/NS India’s mills, equipped with high-end technology, can produce plates as wide as five metres, the widest available in India and in compliance with several international standards. ALSO READ: DGFT's new rules for AC imports: Right move with little impact, say experts Maximus will bring in terms of attributes uniformity strength across the plates, best-in-class flatness and surface quality. “We are excited to launch these new brands for our customers across India, particularly MSMEs , where industrial activity has seen strong recovery since the early months of the pandemic. AM/NS India’s Hot Rolled and As-Rolled plates are already recognised in the market for their strength and dependability. The new brand names–-Stallion and Maximus (Asian elephant)-–have been inspired by these qualities. The introduction of these two brands reflects AM/NS India’s commitment to enhance its product portfolio by combining our access to world-class technology and R&D with unrivalled Indian steel industry knowledge and expertise,” the release quoted Ranjan Dhar, chief marketing officer at AM/NS India as saying. Customers can purchase Stallion and Maximus through AM/NS Hypermart, our integrated platform for retail, trade and last-mile sale. AM/NS India recently announced plans to expand its Hypermart network to 50 outlets over the next year. Hypermart caters to the steel demands of MSMEs across areas such as fabricators, engineering goods and auto components, giving manufacturers direct access to AM/NS India products that they are unable to source directly from steel mills. The platform offers customisation of orders and high-quality and value-added products that have benefitted from the application of technology and innovation by ArcelorMittal and Nippon Steel, the parent companies of AM/NS India.

Market Wrap, Oct 16: Here's all that happened in the markets today

16 Oct, 2020, 05:26PM | Business Standards

Bulls took a sigh of relief on Friday as the market ended over 0.5 per cent higher a day after benchmark indices crashed over 2.5%. The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels amid buying in financial counters while the NSE's Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent. India VIX declined nearly 2 per cent to 21.64 levels. On a weekly basis, Sensex slipped 1.29% while Nifty shed 1.27%. Tata Steel (up over 5%) ended as the biggest gainer on Sensex while HCL Tech (down 4%) was the biggest loser as investors booked profit. HDFC Bank, Infosys, ICICI Bank, and Axis Bank were the top constributors to the index's gains. In the broader market, the S&P BSE MidCap index gained 1 per cent to 14,621 points while the S&P BSE SmallCap index settled nearly 1 per cent higher at 14,787 levels. Now, let's focus on the buzzing stocks of the day. Shares of steel companies rallied in the trade on the expectation of demand recovery. JSW Steel hit a fresh 52-week high. The Nifty Metal index ended nearly 4% higher. Shares of UPL slipped 8 per cent after KPMG resigned as the auditor with effect from October 8 for the company’s material arm in Mauritius - UPL Corporation, in order to re-organise the Audit Process to improve productivity, at the request of the company. Mindtree settled nearly 7 per cent lower at Rs 1,331 on the BSE as the company missed analysts' estimates on the revenue front. Further, softening trends in top clients, too, weighed on the investor sentiment. Now, let's take a look at the global markets. Financial markets remained shaky on Friday as hopes for a new round of US fiscal stimulus met fears that social restrictions to tackle the coronavirus pandemic would undermine the economic recovery. Oil prices and Asian stocks slid, but European stocks recovered in morning trading after sharp losses the day before. Germany’s 10-year bond yield was set for its biggest weekly drop since August as doubts grew about the economic recovery in the euro zone.

Steel stocks in focus; JSW Steel hits 52-week high, Tata Steel surges 5%

16 Oct, 2020, 02:43PM | Business Standards

Shares of steel companies were in demand on Friday, ralling by up to 6 per cent on the BSE on expectation of demand recovery. JSW Steel advanced 6 per cent to Rs 308, hitting a fresh 52-week high on the BSE. The stock surpassed its previous high of Rs 298 touched on October 9, 2020. Tata Steel, Jindal Steel and Power and Steel Authority of India (SAIL), on the other hand, were up 3 per cent to 6 per cent on the BSE. At 02:33 pm, the S&P BSE Metal index, the top gainer among sectoral indices, was up 3 per cent as compared to 0.78 per cent rise in the S&P BSE Sensex. Operational data released by domestic steel companies earlier this month suggested that domestic volume off-take has improved, particularly, for the flat steel segment. Domestic steel producers have ramped up production to optimum capacity utilization. "India's steel consumption declined around 31 per cent year on year (YoY) in April-September period (1HFY21) to 35.4 million tonnes. However, domestic demand decline was much lower at 6 per cent YoY in September 2020," Motilal Oswal Financial Services (MOFSL) said in steel sector update. The recovery in steel demand has so far largely been led by flat steel products (demand from auto, white goods etc). With an expected recovery in long steel demand post monsoon (as construction activity picks up), we expect domestic steel consumption to normalize in October-March (2HFY21), the brokerage firm said. Meanwhile, steel trade data released by China suggests demand remains strong, with net steel exports declining to 10-year low in September 2020. Moreover, high passenger car sales in Sep'20 confirm strong end user demand for steel in China. China's domestic steel prices are also on the rise again post the National Holidays that ended last week. MOFSL believes strong steel demand and prices in China, if it sustains, would be beneficial for steel prices in the region as well as India.

India providing free ration to about 80 crore poor for last 7-8 months: PM Modi

16 Oct, 2020, 02:06PM | Livemint

Prime Minister Narendra Modi on Friday said India has been providing free ration to about 80 crore poor for the last seven to eight months amid COVID-19 pandemic. "During the coronavirus crisis, many kinds of discussions are going on around the world about starvation and malnutrition. India has been providing free ration to about 80 crore poor for the last 7-8 months. During this time, India distributed foodgrains worth about Rs. 1.5 lakh crores to the poor," Prime Minister Modi said during an event to release a commemorative coin of ₹75 denomination to mark the 75th Anniversary of India's long-standing relation with the Food and Agriculture Organisation (FAO). "Another important work is being done to tackle malnutrition. Now such crops are being promoted in the country, which are having nutritious substances like protein, iron and zinc in high quantity. This year's Nobel Peace Prize being awarded to the World Food Program is a big achievement. India is happy that our contribution and association with it has been historic," he added. Prime Minister congratulated everyone on the occasion of World Food Day. "I congratulate those who are continuously working to eradicate malnutrition from the world. Farmers of India, our agricultural scientists, Anganwadi and Asha workers, are the strong fort of the movement against malnutrition," he said. The Prime Minister also dedicated to the nation 17 recently developed biofortified varieties of eight crops on World Food Day. The event marks the highest priority accorded by the government to agriculture and nutrition and is a testament of the resolve to completely eliminate hunger, undernourishment and malnutrition. It was being witnessed by Anganwadis, Krishi Vigyan Kendras, Organic and Horticulture Missions across the country. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics Narendra Modi

Asia-Pacific markets mostly decline as coronavirus fears surge again; dollar strengthens

16 Oct, 2020, 01:27PM | CNBC

SINGAPORE â Stocks across Asia-Pacific were mostly down by the close on Friday, amid dampened sentiment on the coronavirus front.Meanwhile, the U.S. dollar strengthened as uncertainty rose with investors flocking to the haven currency.Mainland Chinese stocks were mixed by the close, with theÂ Shanghai compositeÂ up 0.13% to 3,336.36, while theÂ Shenzhen componentÂ declined 0.68% to 13,532.73.Over in Hong Kong, the Hang Seng index jumped 1.04% by the afternoon.But markets were mostly down in other regional markets.Japan's Nikkei 225Â declined by 0.41% to close at 23,410.63, while the Topix was down 0.86% to 1,617.69. In South Korea, the Kospi traded lower by 0.83% to 2,341.53. In Australia, theÂ S&P/ASX 200 closed 0.54% down to 6,176.80.Shares of telecom company Aussie Broadband had their debut on the ASX, and rose as much as 2.22 Australian dollars per share â doubling on the issue price of 1 Australian dollar per share. The shares closed at 1.91 Australian dollars.Rio Tinto, the world's largest iron ore miner, posted a 5% drop in third-quarter shipments, and warned that the rate of recovery could slow further in most economies."Recent high-frequency data suggests that the rate of recovery in growth is slowing in most economies, with pentup demand dissipating, and the rise of renewed lockdowns threatening recovery," it wrote in its third-quarter operations review released on Friday morning. Its ASX-listed stock fell 0.85% by the close.Elsewhere on the earnings front, chipmaker Taiwan Semiconductor Manufacturing (TSMC) on ThursdayÂ reported a 35.9% surge in quarterly net profit, with demand boosted by products requiring high-end chips, and ahead of Apple's new iPhone sales.13Coronavirus fears rise againStateside, stocks fell for a third day in a row on ThursdayÂ as hope for a U.S. coronavirus stimulus deal fades, while infections across Europe surged.TheÂ Dow Jones Industrial AverageÂ closed 19.8 points lower, or 0.07%, at 28,494.20. Earlier in the day, however, the 30-stock average was down more than 300 points. TheÂ S&P 500Â slid 0.2% to 3,483.34 and theÂ Nasdaq CompositeÂ pulled back 0.5% to 11,713.87."Markets fear a slowdown in activity as new virus cases rise. Europe has reported its highest weekly numbers of new cases. More than half the European countries are now labelled as red, meaning travel restrictions are in place and more lockdowns are being introduced," said Adelaide Timbrell, economist at ANZ Research, in a Friday note.Meanwhile, sentiment was further dampened on the employment front in the U.S. The Labor Department said Thursday there were 898,000 first-time filers of jobless benefits in the prior week, higher than a Dow Jones estimate of 830,000. Dollar strengthens on Amid the negative sentiment, the U.S. dollar markedly strengthened against other major currencies.TheÂ U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.764, jumping from levels above 93.4 the previous day."The USD is broadly stronger with the risk off mood resulting in a safe haven bid on the greenback," wrote Rodrigo Catril, senior foreign exchange strategist at the National Australia Bank.TheÂ Japanese yenÂ traded at 105.27 per dollar, strengthening slightly from earlier. TheÂ Australian dollarÂ changed hands at 0.7090, falling back from above 0.71 in previous days.Oil prices declined in the morning of Asian trading hours, with international benchmarkÂ Brent crude futuresÂ down 1% $42.70 per barrel.Â U.S. crude futuresÂ also fell 0.90% to $40.55 per barrel.

Australia says it's ready to talk to China about their trade dispute

16 Oct, 2020, 10:55AM | CNBC

VIDEO3:2203:22Pragmatic way to resolve trade dispute with China is through dialogue: Australian ministerStreet Signs Asia SINGAPORE â Australia wants dialogue with China to resolve their trade dispute and clear up any misunderstandings with its largest trading partner, Australian agriculture minister David Littleproud told CNBC Friday.Two Australian cotton industry groups said China has started discouraging its spinning mills from using cotton imported from Down Under."It has become clear to our industry that the National Development Reform Commission in China has recently been discouraging their country's spinning mills from using Australian cotton," Adam Kay, CEO of Cotton Australia, and Michael O'Rielley, chair of Australian Cotton Shippers Association, said in a statement.China's Ministry of Commerce has yet to officially respond. I think it's important we get clarification before we jump the gun on this. That's why we are working with the industry and Beijing to make sure we get some answers.David LittleproudAustralia's Agriculture Minister Littleproud told CNBC's Will Koulouris that he will be writing to his counterpart in China to get clarity on the situation."I think it's important we get clarification before we jump the gun on this. That's why we are working with the industry and Beijing to make sure we get some answers," he said.Two years ago, China added about 800,000 tons in additional cotton import quotas subject to a sliding duty to meet the demands of its textile industry, according to a U.S. Department of Agriculture report.Under Beijing's commitments to the World Trade Organization, that means China is obligated to annually allocate 894,000 tons of cotton imports that are subjected to a 1% import tariff, the U.S. report from 2018 said. Any imports above that quota would incur a 40% duty and is not commercially viable for exporters given market prices."What we're concerned is there are reports that Chinese officials are telling millers not to give Australian cotton the opportunity to participate in that initial quota," Littleproud told CNBC, adding the industry was working to ensure there are alternate markets available."So, Indonesia, Vietnam, and India all take significant portions of our cotton crop," he said, referring to a free trade agreement with Indonesia that was ratified months earlier. Souring trade relations Cotton is the latest agricultural product caught in the middle of the trade dispute between the two countries, after Australia earlier this year supported a growing call for an international inquiry into China's handling of the coronavirus pandemic.China took a number of measures against Australian exporters this year. They include anti-dumping and anti-subsidy duties on Australian barley, an import ban on four Australian red meat abattoirs and reportedly giving state-owned utilities and steel mills verbal notice to stop importing Australian coal. Beijing has also launched investigations into imports of Australian wine. Residential buildings and houses stand as the Sydney Harbour Bridge and Sydney Opera House stand in the background in Sydney, Australia, on Saturday, Jan. 12, 2019.Brendon Thorne | Bloomberg | Getty Images China is Australia's largest trading partner in goods and services and accounts for about 27.4% of Australia's trade with the world, according to the Australian government. In 2019, trade between the two countries reached a record 252 billion Australian dollars ($178.5 billion), up 17.3% on-year. Australia and China signed a free trade agreement that went into effect on Dec. 20, 2015.Littleproud ruled out short-term subsidy for farmers but said the Australian government was working to ensure they have the opportunity to spread out their risk."We have said to our exporters whether they'd be caught in wine, barley, we provided up to 14 free trade agreements around the world and give you the opportunity to spread that risk. It is a commercial decision for our exporters in every industry to make that determination," he said."So obviously, they will make assessments around the risks of trading into China, as that obviously is another simple business principle, the greater the risk, the greater rewards you seek," Littleproud added.

Jindal Steel, Adani Ports: Two stocks that Anand Rathi is bearish on

16 Oct, 2020, 08:09AM | Business Standards

SELL JINDALSTEL | TARGET: Rs 174 | STOP LOSS: Rs 191 The stock is facing resistance of its downward sloping trend line on the daily chart. It is also making a lower top and lower bottom formation, which hints that the stock may test its previous swing low of 160 levels in the short term. The immediate hurdle of 21-DMA is placed at 188 levels. Momentum indicator RSI has formed a double top formation on the weekly scale which is a negative sign and MACD oscillators have also provided a sell crossover which hints of further negative momentum in the counter. SELL ADANIPORTS | TARGET: Rs 328 | STOP LOSS: Rs 355 The stock has formed a triple top formation on the daily chart at around 365 levels. It has also breached its short-term 21-DMA and now it’s heading towards its 200-DMA which is placed at 330 levels. The momentum indicators and oscillators are in the sell mode on the daily scales which hints at strong momentum in the short term. BUY SIEMENS | TARGET: Rs 1,300 | STOP LOSS: Rs 1,210 The stock is trading in a rising channel and currently, it has found the support of its lower band of the channel, so a strong pullback can be expected. Interestingly, it also surpassed its 200-day simple moving average which was placed at 1,230. The momentum indicator RSI has also reversed from its oversold territory and MACD has provided a buy crossover on the hourly chart which hints at a short-term positive momentum in the counter. Disclaimer: Nilesh Jain is Technical and Derivatives Research Analyst at Anand Rathi Shares and Stock Brokers. He may have positions in one or all of the above mentioned stocks. Views are personal.

Top headlines: Bid norms eased for Air India; Centre to borrow Rs 1.1 trn

16 Oct, 2020, 08:09AM | Business Standards

Air India privatisation: Govt to ease bidding norms to attract buyers The government has decided to take another shot at privatising the debt-laden Air India with relaxed terms, as a postponement of the sale process would cost the exchequer an estimated Rs 12,000 crore in the next two years. Rules will be changed to make it easier for prospective suitors to bid on enterprise value, a popular metric used in takeover deals. Read More Outside of the number one, everyone complains: BARC CEO Sunil Lulla The last one week has been a roller coaster for the Broadcast Audience Research Council, or BARC India, the world’s largest audience measurement system, after the Mumbai police claimed to have busted a scam where three channels were paying sample homes to watch their channels. On Thursday, BARC announced it would pause the publication of weekly data for news channels for 8-12 weeks. Read More Sensex falls 1,066 points on fading US stimulus hopes, Covid-19 surge The markets fell sharply on Thursday amid a global sell-off in equities as hopes of reaching a stimulus deal before the US presidential election diminished. Also, rising Covid cases and tightening restrictions in Europe clouded sentiment. Snapping its 10-day winning streak, the Sensex closed at 39,728, down 1,066 points, or 2.6 per cent, while the Nifty fell 291 points, or 2.4 per cent, to end at 11,680. Read More GST compensation shortfall: Centre to borrow Rs 1.1 trn on behalf of states In what appears to be a relief for the states, the Centre has said it will borrow up to Rs 1.1 trillion, which is the estimated revenue shortfall on account of implementing goods and services tax (GST), and lend the states under the special window. This may come as a victory of sorts for opposition-ruled states, including Punjab, West Bengal, and Chhattisgarh, which have insisted that the Centre should do the borrowing because it is administratively easier and it can be at a low rate of interest. Read More Explained: How Uttam Galva Steels lost its sheen amid mounting debts The Mumbai-based Miglanis were known for eye-catching deals. In 2009, a stake in their flagship Uttam Galva Steels Ltd (UGSL) paved the way for the world’s largest steelmaker, ArcelorMittal, to gain a foothold in India after aborted attempts at setting up greenfield plants. In 2015, when South Korea’s Posco failed to make any headway with its mega steel plant in Odisha, it signed a memorandum of association (MoA) with group company Shree Uttam Steel and Power, for setting up a much smaller plant of three million tonnes. Read More Stimulus 2.0 has minimal firepower to support growth, says Moody's India’s second round of stimulus package will provide limited support to growth and highlights budgetary constraint to back the economy during a very sharp contraction, rating agency Moody’s said on Thursday. On October 12, Finance Minister Nirmala Sitharaman unveiled its second round of fiscal stimulus, amounting to Rs 46,700 crore ($6.4 billion), which is about 0.2 per cent the gross domestic product (GDP) for year ending March 2021. Read More With an eye on China, India gifts a used submarine to Myanmar With New Delhi’s announcement on Thursday of the gift of a used submarine to Myanmar, India has played a high card in its long-running competition with Beijing for influence in that country. The Indian Navy has operated INS Sindhuvir, a Soviet-origin Kilo-class submarine, since 1988. Now, with its service life extended by 10-15 years in an overhaul at Hindustan Shipyard Ltd, it will serve the Myanmar navy till the 2030s. Read More Decoded: How Graded Response Action Plan will tackle air pollution Stubble burning in the farmlands of Punjab and Haryana, coupled with a nip in the air, engulfs the region already grappling with high levels of vehicular pollution in a blanket of smog. The air quality index (AQI), which is indicative of the air quality levels, has reached “very poor” this week. On Thursday, the average AQI of Delhi was 322 and with that the Graded Response Action Plan has kicked in. Business Standard decodes the action plan now in place. Read More OPEC+ will ensure oil prices do not plunge again: Mohammad Barkindo The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw,” Mohammad Barkindo said. Read More

Space probe makes first Venus fly-by on way to smallest planet Mercury

16 Oct, 2020, 02:00AM | Business Standards

A spacecraft bound for Mercury swung by Venus on Thursday, using Earth's neighbour to adjust its course on the way to the solar system's smallest and innermost planet. Launched almost two years ago, the European-Japanese probe BepiColombo took a black-and-white snapshot of Venus from a distance of 17,000 kilometers (10,560 miles), with some of its own instruments in the frame. The fly-by is the second of nine so-called planetary gravity assists that the spacecraft needs for its seven-year trip to Mercury. The first, around Earth, took place in April. The European Space Agency has described the 1.3 billion-euro ($1.5 billion) mission as one of its most challenging yet. Mercury's extreme temperatures, the intense gravity pull of the sun and blistering solar radiation make for hellish conditions. BepiColombo will make one more fly-by of Venus and six of Mercury itself to slow down before its arrival in 2025. Once there, the spacecraft will split in two, releasing a European orbiter nicknamed Bepi that will swoop into Mercury's inner orbit while Mio, built by the Japan Aerospace Exploration Agency, gathers data from a greater distance. Both probes are designed to cope with temperatures varying from 430 degrees Celsius (806 degrees Fahrenheit) on the side facing the sun, and -180 degrees Celsius (-292 F) in Mercury's shadow. Researchers hope the BepiColombo mission will help them understand more about Mercury, which is only slightly larger than Earth's moon and has a massive iron core. The last spacecraft to visit Mercury was NASA's Messenger probe, which ended its mission in 2015 after a four-year orbit. Before that, NASA's Mariner 10 flew past the planet in the mid-1970s.

Aatmanirbhar mission to make India hub of manufacturing, services: Thakur

15 Oct, 2020, 10:34PM | Business Standards

The Atmanirbhar Bharat Abhiyan package is aimed at making India a global hub of manufacturing and services, Minister of State for Finance Anurag Singh Thakur said on Thursday. The government announced the Rs 20.97 lakh crore package in May largely focussed on supply side and long-term reforms in agriculture, labour, mining and defence sector to attract private sector investment. "Prime Minister Modi gave us a clarion call when he talked about the Aatmanirbhar Bharat, or self-reliant India. Becoming more self reliant does not mean going back to the Nehruvian era of closing our economy and import substitution. "In fact, it means that India can be connected to the global supply chain in the same way it was but will focus on making India a global hub of manufacturing and services, and our focus primarily will be on advancing our economy and making it an export hub," he said at a virtual conference organised by industry chamber Ficci. India needs to adopt to the motto of 'vocal for local' as well as 'vocal for global', he said, adding, "we need to produce locally and support the country's demand and we need to export globally, which will help us to get into the virtuous cycle." Under the Aatmanirbhar Bharat package, the government has identified certain sectors that will get a boost and introduced various schemes to benefit businesses, Thakur said. To boost consumption during the festival season, the minister said the government earlier this week announced measures of close to Rs 73,000 crore to stimulate consumer spending in an effort to rein in slowdown due to the COVID-19 pandemic. This is the third stimulus package since the outbreak of the pandemic. The government had announced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana (PMGKP) in March to protect the poor and vulnerable from the impact of coronavirus crisis. It was followed by the Aatmanirbhar Bharat Abhiyan package of Rs 20.97 lakh crore in May. "These measures will act as catalysts in reviving the economy, which has already begun seeing the green shoots. Speaking of green shoots. I would now like to emphasise how the economy has started responding to the gradual unlocking," he said. Citing some high frequency data, he said the GST collections in September stood at Rs 95,480 crore, which was much higher than the collections in the preceding months. India's exports posted a 5.27 per cent yearly growth in September to USD 27.4 billion, with crucial sectors such as readymade garments, engineering goods, petroleum products, pharmaceuticals and carpets on an upswing, he said. "So, we have seen our forex reserve jump up to a record high of USD 545 billion. Our FDI inflows have not reduced. We have received inflow of USD 74 billion in 2019-20. The trend continues in this year despite the pandemic. Between April to July, India attracted almost USD 22 billion," he emphasised. In September, consumption of steel, toll collections and sales of tractors and passenger vehicles surpassed pre-COVID levels seen in the month of February, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Exports rise for the first time in seven months, up almost 6% in September

15 Oct, 2020, 09:09PM | Business Standards

Exports grew for the first time in seven months at 5.99 per cent in September, boosted by items such as pharmaceuticals and engineering goods. The growth number was higher than 5.27 per cent estimated in the first week of October by the government. The growth assumes importance since it has been contracting not only six months prior to September but in all the previous months of the current calendar year, barring February. The outbound shipments stood at $27.58 billion in September against $26.02 billion in the year-ago month, showed the trade data released by the commerce department on Thursday. The export number in September was just slightly lower than pre-Covid level of $27.65 billion in February. Twenty-two of the 30 major products saw growth in exports. “The reasonably broad-based pick-up in merchandise exports in September has come as a relief, and signals on its sustainability are anxiously awaited in the light of the second wave of Covid-19 infections being experienced in many trading partners,” Aditi Nayar, principal economist at ICRA said. Exporters body FIEO President Sharad Kumar Saraf said as business activities and economic sentiments were inching towards normalcy globally, exporters started receiving enquiries and orders helping many sectors to further show improved export performance, which is likely to get better and better in next few months. Exports of high-valued items also started reversing the declining trend. Engineering goods exports rose by 5.44 per cent, while electronic goods by miniscule 0.07 per cent. Engineering body EEPC India Chairman Mahesh Desai said: “The challenge in the external trade would continue given the present state of global health emergency.” On the other hand, imports declined 19.6 per cent at $30.31 billion in the month, against $37.69 billion in the year-ago period. Falling prices of crude and products (35.88 per cent fall) played an important role in this. Transport equipment was lower by 47.08 per cent and machinery electrical and non-electrical by 36.76 per cent. As such, the trade deficit declined 76.66 per cent to $2.72 billion from $11.67 billion in the year-ago period. In imports, non-oil, non-gold imports were down by 12.63 per cent at $23.88 billion in September, against $27.33 billion in the year-ago month. This category of imports denotes domestic demand. As such, domestic demand may still take some time to recover even as pace of contraction in non-oil, non-gold imports came down from $30 billion in the previous two months each. “The recovery in exports could only be considered sustainable if there is also pick-up in imports of non-oil, non-gold items,” said Prhalathan Iyer at Exim Bank. Exports fell 21.31 per cent at $125.25 billion in the first six months of the current financial year. Trade Promotion Council of India Chairman Mohit Singhla said food and agri exports recorded almost 45 per cent growth in the second quarter of FY21 and the demand for these products overseas will further increase. The other sectors that will see rise in demand globally are steel, mining, pharma, home sanitation, and home furnishing sector.

India's exports rise 6% to $27.58 bn in Sept, imports decline 19.6%

15 Oct, 2020, 07:17PM | Business Standards

After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday. Exports stood at $26.02 billion in September 2019. The country's imports contracted 19.6 per cent to $30.31 billion in September. It was $37.69 billion in the same month last year. The trade deficit narrowed to $2.72 billion, compared to a shortfall of $11.67 billion in the year ago-month. Gold imports declined by nearly 53 per cent to $601.43 million in September. "Exports in September 2020 were $27.58 billion, as compared to $26.02 billion in September 2019, exhibiting a positive growth of 5.99 per cent," the government said in a statement. During the April-September 2020 period, exports declined by 16.66 per cent to $221.86 billion, while imports fell 35.43 per cent to $204.12 billion over the same period last year. Major export commodities that have recorded positive growth during September include iron ore (109.65 per cent at $303.42 million), readymade garments (10.22 per cent at $1.19 billion), rice (93.86 per cent at $725.14 million), and drugs and pharmaceuticals (24.38 per cent at $2.24 billion). However, outbound shipments of gems and jewellery declined 24.67 per cent and Mica, Coal and other ores, minerals including processed minerals slipped 6.71 per cent. The data further revealed that non-petroleum and non-gems and jewellery exports in September stood at $21.27 billion, as compared to $19 billion in the same period previous fiscal, registering a growth of 11.94 per cent. Oil imports dipped 35.88 per cent to $5.83 billion in September. During April-September, it declined 51.14 per cent to $31.86 billion. "In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 34.08 per cent in September 2020 vis-a-vis September 2019 as per data available from World Bank," the statement said. Taking merchandise and services together, the overall trade surplus for April-September is estimated at $17.74 billion as compared to the deficit of $49.91 billion in the year-ago period. The estimated value of services exports for September is $16.34 billion and that of imports is 9.49 billion. Since March, the country's outbound shipments were recording negative growth due to the Covid-19 pandemic and the resultant fall in global demand. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Jindal Stainless launches campaign to curb counterfeit products, market share to go up to 60% in FY22

15 Oct, 2020, 05:19PM | Economic Times

Mumbai: In a move to curb counterfeit stainless steel products in the market, Jindal Stainless Ltd on Thursday launched its second phase of a nationwide pipe and tube (P&T) co-branding campaign, Jindal Saathi 2.0. The company aims to increase its market share to 60% in the P&T segment by the end of FY 2021-22 through this campaign. “We’ve been able to bring down the share of counterfeit supplies in the market from 25% last year to 20% this year…The counterfeit industry not only harms us, but also the MSMEs operating in this segment, which constitute around 75% of the total P&T market,” said the company’s managing director, Abhyuday Jindal . In July 2019, Jindal Stainless launched ‘Jindal Saathi’ co-branding program with around 100 MoU partners to guard the domestic market from counterfeit products and to ensure supply of right quality decorative stainless steel P&T to end-customers. As a part of the initiative, standardised seals were created featuring the logos of Jindal Stainless and its MoU partners, the grade of stainless steel, and respective MoU numbers. The phase 1 of the launch took the company’s market share in this segment from around 44% to 50%, Jindal Stainless has expanded the scope of the program from 28 cities in Phase 1 to over 270 cities and towns in Phase 2, the company said. “The areas phase 2 covers include, metros and tier I & II cities, which house major and minor P&T markets. The company is also reaching out to local fabricators to sensitise them about counterfeit supplies in the market,” Jindal said. According to industry estimates, the current market size of the P&T segment is approximately ₹7000 crore, and is growing at a rate of 10-12% annually. Stainless steel decorative P&T are used in key segments like architecture, building and Construction (ABC) and Automobile, Railways and Transport (ART). Stainless steel is also the preferred material for coastal infrastructure, which requires high corrosion resistance and strength. “With the government’s increased focus towards Atmanirbhar infrastructure development, this segment is poised to grow further. The current pandemic has also revealed new and rising applications of stainless steel P&T in sanitizer dispensing machines, hand washing stands, and hospital beds, among others,” the company said in its media statement.

Indices log gains for 10th straight day after rally in bank, finance stocks

15 Oct, 2020, 12:22AM | Business Standards

Equity indices defied gravity for the 10th straight session on Wednesday, following a fag-end rally in banking and financial counters that helped offset profit-booking in IT stocks. The Sensex opened on a weak note but gained ground in the last hour to finish at 40,794.74, up 169.23 points or 0.42 per cent. Similarly, the broader Nifty rose 36.55 points or 0.31 per cent to close at 11,971.05. Bajaj Finserv led the Sensex gainers’ chart, jumping 3.87 per cent, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, SBI, Tata Steel, Axis Bank, L&T, and HDFC Ltd. On the other hand, NTPC, ONGC, PowerGrid, Tech Mahindra, Infosys, ITC, and HCL Tech were major laggards, dropping up to 4.35 per cent. Announcing its results after market hours, Infosys said its consolidated net profit grew 20.5 per cent to Rs 4,845 crore for the September quarter, while it has raised revenue forecast to 2-3 per cent for FY21. “Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side, IT, oil and gas and power traded subdued. The rebound is on expected lines and we expect a further surge,” said Ajit Mishra, vice-president of research at Religare Broking. BSE finance, bankex, realty, capital goods and basic materials indices rose up to 1.68 per cent, while utilities, power, IT, teck, oil and gas, healthcare and auto closed lower. Asian indices rise after slide at Wall Street Major global markets rose on Wednesday after worries regarding the pandemic snapped a four-session winning streak at Wall Street. Uncertainty over prospects for more stimulus from Washington also continues to hang over markets. Japan’s Nikkei225 erased early losses to gain 0.1 per cent to 23,626.73, while Hong Kong’s Hang Seng eked out a late gain of 0.1 per cent, at 24,667.09. South Korea’s Kospi lost 0.9 per cent to 2,380.48 and the S&P/ASX 200 in Australia declined 0.3 per cent to 6,179.20. The Shanghai Composite index shed 0.6 per cent to 3,340.78. In Europe, investors were awaiting earnings reports and a speech by the European Central Bank chief, Christine Lagarde.PTI|AP

There's now an iPhone for every budget — here's how they break down

14 Oct, 2020, 11:20PM | CNBC

The iPhone lineupSource: Apple Inc. Apple now has an iPhone for every budget, ranging from $399 to more than $1,099, depending on the model and how much storage you want.The options can be confusing if you're not constantly on top of iPhone news. If you visit Apple's website, for example, you'll see five iPhones to choose from: the iPhone 12 Pro, the iPhone 12, the iPhone SE, the iPhone 11 and the iPhone XR.But then those break out into even more options: There are two models of the iPhone 12 (the iPhone 12 Mini and the regular iPhone 12) and two more of the iPhone 12 Pro (the Pro and the Pro Max).See what I mean? It's a little confusing.So here's what you need to know about each model and how much they cost. IPhone 12 Pro Max The Apple iPhone 12 Pro Max is unveiled during a virtual product launch.Daniel Acker | Bloomberg | Getty Images Prices: $1,099 (128 GB of storage), $1,199 (256 GB of storage), $1,399 (512 GB of storage.)5G: Yes. However, you may not notice much difference in internet speeds at first â that has more to do with the carriers and how quickly they build out their networks than anything to do with the iPhone itself.What to know: The iPhone 12 Pro Max has the largest screen Apple has ever included in an iPhone, at 6.7 inches diagonal, and it also has the most advanced features. Its cameras are better than every other model, with up to 2.5x optical zoom-in (versus 2x on the iPhone 12 Pro) and better stabilization to prevent shaky photos and videos. It also offers the longest battery life of any of Apple's new iPhones, at up to 20 hours of video playback.The iPhone 12 Pro and iPhone 12 Pro Max have stainless steel borders, while the regular iPhone 12 uses aluminum. They're available in gold, white, gray and blue. But they all have new "ceramic shield" front screens that are supposed to be more durable from drops. IPhone 12 Pro The Apple iPhone 12 Pro and iPhone 12 Pro Max are unveiled.Daniel Acker | Bloomberg | Getty Images Prices: $999 (128 GB of storage), $1,099 (256 GB of storage), $1,299 (512 GB of storage.)5G: YesWhat to know: The iPhone 12 Pro is the second-best iPhone Apple makes, and you only give up some camera enhancements and the larger screen of the iPhone 12 Pro Max. Otherwise, it's got all the bells and whistles: zoom camera lens, lidar for augmented reality and portrait photos, bright screen, steel borders and blue/gray/gold/white finishes, and up to 512 GB of storage. IPhone 12 iPhone 12 and iPhone 12 mini.Source: Apple Prices: $799 (64 GB of storage), $849 (128 GB of storage), $949 ($256 GB of storage.) â Those prices are if you buy on Verizon or AT&T from T-Mobile. They're $30 more if you buy unlocked or from T-Mobile. I still don't know why but have asked Apple and T-Mobile to help me understand.5G: YesHow it stands out: I think the iPhone 12 is going to be the iPhone for most people this year. You get a lot of fun colors that pop more than the Pro models, including a deeper shade of blue, green, red, white and black. The edges are aluminum instead of stainless steel. It has the same-size 6.1-inch screen as the iPhone 12 Pro, including the supposedly more durable ceramic coating, and it is upgraded from LCD in previous versions to more colorful OLED this year. It supports all the 5G networks you may need in the future, wireless charging and more. And it has ultrawide and wide-angle lenses like the Pro versions, which let you fit more of a scene in a picture, although it doesn't have the telephoto lens. You can always still manually zoom using software.In addition, there's no lidar sensor for faster augmented reality, though you can still use augmented reality apps. It has the same battery life as the iPhone 12 Pro, at about 17 hours of video playback. Finally, it's not as bright the Pro models most of the time, but has a peak brightness for HDR video that's the same as the iPhone 12 Pro models. IPhone 12 Mini Zoom In IconArrows pointing outwardsiPhone 12 and iPhone 12 MiniApple Prices: $699 (64 GB of storage), $749 (128 GB of storage), $849 (256 GB of storage.) Again, it's $30 more if you buy unlocked or on T-Mobile.5G: YesHow it stands out: It's tiny! Folks with small hands have been asking for a smaller iPhone for years. The iPhone SE that launched earlier this year covered them for a bit, but the iPhone 12 Mini has all the features of the regular iPhone 12, including the new faster A14 Bionic processor, with a smaller 5.4-inch screen. You get the same cameras, same quality screen, same processor, Face ID and more. But it has slightly worse battery life. Apple promises up to 15 hours of video playback versus 17 on the regular iPhone 12. IPhone 11 iPhone 11Todd Haselton | CNBC Prices: $599 (64 GB), $649 (128 GB), $749 (256 GB)5G: NoHow it stands out: It's last year's phone, which I thought was the best phone for most people, and is still great if you want to save $100 off the iPhone 12 price. It has slightly older but still great cameras and a fast A13 Bionic processor. But it lacks the better water-resistance of the iPhone 12, and the screen isn't as sharp, colorful or bright. It's a great bang-for-your buck phone, I just think most people should jump to the iPhone 12 to futureproof a bit with 5G support (it'll matter a lot more in the coming years). IPhone XR Prices: $499 (64GB), $549 (128GB)5G: NoHow it stands out: It's the cheapest iPhone with Face ID and offers a big 6.1-inch screen at an affordable price. I think most people should try to spend $100 more and get an iPhone 11 instead, since it has better cameras and a newer processor. But it has the same screen as the iPhone 11, wireless charging, and a still-good single wide-angle camera. This is the oldest iPhone in Apple's lineup right now, though, so it may stop receiving software updates before the other models on this list. IPhone SE iPhone SETodd Haselton | CNBC Prices: $399 (64 GB), $449 (128 GB), $549 (256 GB)5G: NoHow it stands out: It's the cheapest iPhone you can get, but it's still a great phone. If you need a phone with Touch ID instead of Face ID (so you don't have to remove your mask) or just want a fast iPhone that's very affordable, the iPhone SE is for you.But it lacks some things you'll find in the other phones, like the ultra-wide camera, optical zoom, sharper cameras and better water resistance. (The camera is still really good, though.) Oh, and no 5G. If you just need a new iPhone and are on a budget, this is for you, and I think you'll like it a lot and some of the bonus features like wireless charging. VIDEO4:2804:28Is iPhone 12's 5G feature enough to get consumers to upgrade?Squawk Box Subscribe to CNBC on YouTube.Â

Tata Steel BSL posts Rs 341.71 crore net profit for September quarter

14 Oct, 2020, 10:30PM | Business Standards

Tata Steel BSL on Wednesday posted a consolidated net profit of Rs 341.71 crore for the quarter ended September 2020, helped by higher income. The company had reported a loss of Rs 243.97 crore during the same period a year-ago, Tata Steel BSL said in a BSE filing. During July-September 2020, its total income jumped to Rs 5,545.35 crore, from Rs 4,567.98 crore in the year-ago quarter. Total expenses climbed to Rs 5,203.33 crore as compared to Rs 4,811.95 crore earlier. In May 2018, debt-laden Bhushan Steel Ltd (BSL) was acquired by Tata Steel through its wholly-owned subsidiary Bamnipal Steel Ltd (BNPL) in insolvency proceedings. It was later renamed as Tata Steel BSL. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Countries start hoarding food as prices rise and Covid-19 crisis worsens

14 Oct, 2020, 09:33PM | Business Standards

Agricultural commodity buyers from Cairo to Islamabad have been on a shopping spree since the Covid-19 pandemic upended supply chains. Jordan has built up record wheat reserves while Egypt, the world’s top buyer of the grain, took the unusual step of tapping international markets during its local harvest and has boosted purchases by more than 50 per cent since April. Taiwan said it will boost strategic food stockpiles and China has been buying to feed its growing hog herd. The early purchases underscore how nations are trying to protect themselves on concerns the coronavirus will disrupt port operations and wreak havoc on global trade. The pandemic has already upset domestic farm-to-fork supply chains that provided just enough inventory to meet demand, with empty store shelves across the world leading consumers to change their shopping habits. Covid-19 has forced consumers to shift from just-in-time inventory management to a more conservative approach which was labelled just-in-case, said Bank of America Corp. analysts led by Francsico Blanch, head of global commodities. The result is that consumers are holding more inventory as a precaution against future supply disruptions. A number of factors are adding to a rally in prices for corn, wheat and soybeans, including floods in China and the country’s increased purchases to meet commitments under its phase one trade deal with the US. But Beijing is also keen to heed the lessons of the pandemic and ensure its stockpiles are plentiful enough to withstand supply issues, people familiar with the situation said last month. “Some countries decided to bring their food purchases forward to ensure supplies in case the coronavirus rattles supply chains,” said Abdolreza Abbassian, a senior economist at the UN’s Food and Agriculture Organisation. “Only a handful really sought to boost strategic reserves, such as Egypt and Pakistan, but they also had other reasons to do so, including access to foreign currency, the size of domestic supplies and the need to keep domestic prices in check.” Bad harvests in Turkey and Morocco added to their need to boost imports. “Many may buy now but could buy less into the new year because they won’t need it,” Abbassian said in a telephone interview from Rome, referring to early purchases. “I could see that happening, especially as winter wheat conditions are not that great and if you wait, prices could rise further.” “Agricultural prices have been on the rise as countries stepped up purchases, adding to demand from China and a drought in the Black Sea region. That has helped push the Bloomberg Agriculture Subindex, which measures key farm goods futures contracts, up almost 20 per cent since June. Sugar prices have gained a boost as China replenished stockpiles,” said Geovane Consul, Chief Executive Officer of a Brazilian sugar and ethanol joint venture between US agribusiness giant Bunge Ltd. and British oil major BP Plc. And China could still add more fuel to the fire next year. The biggest importer of everything from crude oil to iron ore and soybeans, is planning to increase its mammoth state reserves as part of its five-year plan. China would certainly support commodities prices if it made such extensive purchases, Commerzbank AG Analyst Daniel Briesemann said in a research note. The extra purchases have been welcomed by producers, who had seen demand for goods from corn to sugar slip as the pandemic shut transportation, cutting demand for ethanol made from crops, and slowed industries. Buying by China already means grain and oilseed exporters in the US are making the most money in years shipping from American ports. Food conglomerate Archer-Daniels-Midland Co’s global trade desk in Switzerland delivered its best second quarter ever as countries looked to secure food supplies due to the coronavirus. “A lot of countries around the world, in terms of food supplies, have moved from effectively a just-in-time philosophy of buying food to a just-in-case philosophy,” Ray Young, ADM’s Chief Financial Officer, said at a virtual conference in September. “They wanted to build up a little bit of reserves in their country, not knowing how the supply chains will react through the Covid-19 environment.”

CCEA gives in-principle nod to demerger, strategic disinvestment of NSP

14 Oct, 2020, 07:41PM | Business Standards

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave “in-principle” approval to the demerger of Chhattisgarh-based Nagarnar Steel Plant (NSP) from National Minerals Development Corporation (NMDC), and strategic disinvestment of the demerged company by selling the entire government stake to a strategic buyer. The processes of demerger and disinvestment would be initiated together and disinvestment of the demerged company (NSP) is expected to be completed by September 2021. With its approval, the CCEA amended an earlier decision taken in October 2016 to disinvest NSP as a unit of NMDC. After the meeting, Information and Broadcasting Minister Prakash Javadekar said the proposal to demerge NSP into a separate company before its disinvestment will allow NMDC to focus on its core activities of mining. Shareholders of NMDC will also be shareholders of the demerged company (NSP) in the proportion of their shareholding, Javdekar said. After the demerger, investors will have better visibility of the operations and cash flow of NMDC and NSP, he said. The demerger will also be tax neutral from the point of view of capital gains. NSP is a 3-million tonne per annum (mtpa) integrated steel plant, being set up by NMDC in Chhattisgarh’s Nagarnar at a revised estimated cost of Rs 23,140 crore. NMDC, so far, has invested Rs 17,186 crore in the project, of which Rs 16,662 crore is from NMDC’s own funds; Rs 524 crore has been raised from the bond markets. NMDC’s stock closed 0.95 per cent up at Rs 79.95 on the BSE on Wednesday. OTHER CABINET DECISIONS The Cabinet allowed Abu Dhabi National Oil to export oil from a Mangaluru strategic storage, a government minister said, marking a policy shift that could enhance foreign participation as India seeks to expand its storage capacity. India has formerly barred oil exports from strategic storage. The Cabinet chaired by PM Modi approved a special package of Rs 520 crore for J&K and Ladakh under the National Rural Livelihood Mission (NRLM). NRLM aims to enable the rural poor to increase household income through sustainable livelihood enhancements and improved access to financial services. The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the Strengthening Teaching-Learning and Results for States project under the New Education Policy to support states in strengthening the school education system, Union Minister Prakash Javadekar said. (Agencies)

Nithia Capital to close Uttam deal by end of October, has identified a new management team: CEO Jai Saraf

14 Oct, 2020, 07:25PM | Economic Times

MUMBAI: UK-based alternative investment manager Nithia Capital expects to close the acquisition of Uttam Value Steels and Uttam Galva Metallics by the end of October and has identified senior management personnel to run the companies. “We are making full efforts to close the transaction by the end of this month. Once we close the transaction, our new team will go in,” Jai Saraf , founder of Nithia Capital, said in an interaction with ET. “We have identified senior management personnel and they are ready to go in.” In May 2019, a lenders’ consortium led by SBI had initiated insolvency proceedings against two distressed entities of Uttam Galva Steels, which were recommended for corrective action by the Reserve Bank of India in its second list of large defaulters. The National Company Law Tribunal (NCLT) then approved the CarVal Investors and Nithia Capital Resources Advisors LLP-led consortium’s resolution plan for acquisition of the assets. On May 6 this year, a monitoring agency was formed, in which successful resolution applicants Nithia and CarVal along with two members from the bank and one independent member were made responsible for operating the plants . As per NCLT’s order, Nithia and CarVal were to pay upfront and a contingent payment of ₹1,078 crore for Uttam Value Steels and another ₹1,576 crore for Uttam Metallics. On the viability of the deal, Saraf, who is also the CEO, said there is a marked improvement in the operating results of the companies. “After the agency took over, we see there is a considerable change. The production has increased, in spite of the difficulties faced due to Covid, profits of the company have increased and the costs have gone down,” Saraf said. As per the Bombay Stock Exchange , Uttam Value Steels had posted a net loss of Rs 53 crore during the June quarter of FY 21, as against a loss of Rs 86 crore in the previous quarter. “Steel plants which have gone into NCLT were not making huge operating losses; the main problem was the level of debt in the balance sheet, which was unsustainable given the operations of the company. Through NCLT processes, these can be brought down to more sustainable levels,” Saraf said. Uttam Value Steels is an integrated steelmaking company that produces hot rolled coils, cold rolled coils, galvanised coils and sheets and colour-coated products, among other products, with a total capacity of 1 million tonnes. Uttam Galva Metallics is an unlisted entity that manufactures hot metal/pig iron and has an iron making capacity of 0.60 MTPA at Wardha, Maharashtra. It is a major supplier of hot metal to Uttam Value Steels Ltd. Nithia, which specialises in turning around stressed assets in various sectors, had also looked at major assets like Essar , Bhushan and Monnet Ispat, before larger steel players started showing interest. Through acquisitions, Nithia is planning to invest in primary steelmaking capacities in India and then expand the capacities further and finally look for a profitable exit strategy. “Steelmaking in the western world gives an Ebita margin of 4-8%, as against a double-digit Ebitda margin in most emerging markets like India,” Saraf said. “Our first objective will be to consolidate and turn the plants into a profitable entity. Then our exit strategy is flexible, which could be IPO or a strategic sale, which will be in three years down the line,” he said.

Expensive vegetables, high metal prices push WPI inflation to 1.32%

14 Oct, 2020, 07:00PM | Business Standards

The wholesale price index (WPI)-based inflation rate rose for the second month in a row in September to 1.32 per cent, from 0.16 per cent in the previous month, as vegetable prices spiked. Inflation in manufactured items also saw some uptick because of the rise in prices of some metals. Wholesale prices had remained in a deflationary phase for four months before August. Though the WPI inflation appears to be smaller when compared with the retail inflation rate of 7.34 per cent in September, the broad trend remains the same in both indices. It was the less weighting of food items in the WPI — 15.26 per cent — compared to over 45 per cent in the consumer price index (CPI), besides composition of the indices, that made the inflation rate in the latter look steeply high. Against this backdrop, economists are of the view that the monetary policy committee (MPC) of the Reserve Bank of India (RBI) will maintain a pause on policy rates. “The data further cements the likelihood of an extended pause from the MPC,” said Aditi Nayar, principal economist, ICRA. Food inflation more than doubled to 8.17 per cent in September, from 3.84 per cent in the previous month, jacked up by vegetable and pulse prices. Vegetable inflation rose five times to 36.54 per cent, against 7.03 per cent in the previous month. Within vegetables, the inflation rate in potatoes rose to 108 per cent, from 83 per cent. Inflation in tomatoes, too, rose to 99.2 per cent. However, onion prices declined 32 per cent, against 34 per cent. September was the fourth month in a row to see a decline in prices of onions. This may look surprising since the common man is witnessing a surge in onion prices. This is because the inflation rate is calculated year-on-year. While prices did fall in onions on the yearly basis, these showed an upward trend on a monthly basis. For instance, these rose by 58 per cent in September, against the levels of August. Sanjay Kumar, CEO & MD of Elior India, said the increase in wholesale food inflation is a cause for concern. “This is for two reasons. One is that it limits any more scope for intervention from the RBI in terms of reducing the repo rate any further. It also put a dampener on consumption because the tax-paying population is already under stretch due to job losses and the economic contraction,” he said. Manufactured items saw inflation rising to 1.61 per cent, from 1.27 per cent. This was due to the rise in inflation in semi-finished steel and basic metals. Prices of diesel and petrol decreased; the inflation rate in liquefied petroleum gas declined, too.

Govt approves demerger of Nagarnar steel plant from NMDC

14 Oct, 2020, 06:38PM | Economic Times

New Delhi: The government on Wednesday approved demerger of the under-construction Nagarnar steel plant (NSP) from NMDC , and its strategic disinvestment by selling the entire stake of the Centre to a strategic buyer. State-owned NMDC, under the Ministry of Steel, is constructing the steel plant at Nagarnar in Chhattisgarh. "The Cabinet Committee on Economic Affairs ( CCEA ) chaired by Prime Minister Narendra Modi has given its in-principle approval to the demerger of Nagarnar Steel Plant (NSP) from NMDC and strategic disinvestment of the demerged company (NSP) by selling entire Government of India stake in it to a strategic buyer," an official statement said. The CCEA has taken note that the process of demerger and disinvestment will be initiated in parallel and disinvestment of the demerged company (NSP) is expected to be completed by September 2021, it said. With the demerger, the statement said, NMDC can focus on its core activities of mining. NSP shall be a separate company and the managements of NMDC and NSP shall be accountable for their respective operations and financial performance. "Shareholders of NMDC will also be shareholders of the demerged company (NSP) in the proportion of their shareholding. The investors will have better visibility of the operations and cash flow of NMDC and NSP separately," it said. The demerger will also be tax neutral from the point of view of capital gains, it added. NSP is a 3 million tonne per annum (mtpa) integrated steel plant being set up by NMDC in Nagarnar over an area of 1,980 acres at a revised estimated cost of Rs 23,140 crore. As on date, NMDC has invested Rs 17,186 crore on the project, out of which Rs 16,662 crore is from NMDC's own funds and Rs 524 crore has been raised from the bond market, it said. NMDC is a listed central public sector enterprise in which the Government of India has 69.65 per cent shareholding.

Market Wrap, Oct 14: Here's all that happened in the markets today

14 Oct, 2020, 05:42PM | Business Standards

The Indian stock market witnessed a sharp recovery in the last hour of the session, supported by buying in financial counters. Among the headline indices, the S&P BSE Sensex gained 169 points, or 0.42 per cent to end at 40,795 levels while the NSE's Nifty50 index ended at 11,971, up 37 points, or 0.31 per cent. India VIX slipped nearly 2.5 per cent to 20.21 levels. ICICI Bank, HDFC and HDFC Bank contributed the most to the Sensex's gains. In the broader market, the S&P BSE MidCap index gained 0.5 per cent while the S&P BSE SmallCap index ended 0.19 per cent lower. Among sectoral indices on the NSE, Nifty Bank gained 1.63% while Nifty Financial Services index rallied 1.8%. On the other hand, Nifty IT slipped 1.3%. In the earnings corner, IT major Infosys reported a 20.5 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 4,845 crore for the quarter ended September 30, 2020 (Q2FY21). The information technology (IT) services major had posted a profit of Rs 4,019 crore in the year-ago period. On a sequential basis, profit grew 14.45 per cent. Among individual stocks, Shares of Tata Steel Long Products were locked in the 20 per cent upper circuit band at Rs 403 on the BSE after the company reported a consolidated net profit of Rs 59.06 crore in July-September quarter (Q2FY21). The company, formerly known as Tata Sponge Iron, had posted net loss of Rs 197 crore in the year-ago quarter. Wipro ended nearly 7% lower on profit booking after the company reported a healthy July-September quarter (Q2FY21) results. In the global markets European shares held steady on Wednesday, underpinned by gains for Wall Street futures, following losses the day before on vaccine trials and a stimulus impasse, while the dollar was also stable. Oil prices slipped as rising coronavirus cases stoked demand concerns.

KIOCL freezes at 10% upper circuit as Board to mull share buyback

14 Oct, 2020, 02:59PM | Business Standards

Shares of KIOCL (Kudremukh Iron Ore Company Limited) were locked in the 10 per cent upper circuit band at Rs 141.95 on the BSE on Wednesday after the company said its board will meet on Monday, October 19, to consider share buyback proposal. Till 02:46 pm, a combined 273,000 equity shares had changed hands on the NSE and BSE and there were pending buy orders for around 47,000 shares, exchange data shows. "The meeting of board of directors of the company will be held on Monday, October 19, 2020, inter-alia to consider the proposal for buy back of fully paid-up equity shares of the company," KIOCL said in exchange filing. KIOCL is a state-owned company engaged in iron & steel and intermediate products. The government held 99.06 per cent stake in the company, while the remaining 0.94 per cent or 5.87 million shares are with the public shareholders. Of these public sharegolders, 0.47 per cent holding is with individual shareholders. Further, being a zero debt company with satisfactory equity base and pool of technical manpower, the company has envisaged a CAPEX of Rs 3,553 crore towards various long term/short term expansion/diversifications plans. "The Cabinet Committee on Economic Affairs (CCEA) had approved the disinvestment of 15 per cent equity shares of KIOCL by Follow-on Public Offer (FPO). Accordingly, the board of the Company at its meeting held on 06/08/2019 had approved the same," it said. According to the company's 2019-20 annual report, the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, had appointed intermediaries for carrying out the FPO. To review the status of FPO, a Meeting was held on November 15, 2019 where it was concluded to reschedule the timelines for filing of the Draft Red Herring prospectus (DRHP), for which the Book Running Lead Manager (BRLM) would prepare a revised timeline, post appointment of requisite number of Independent Directors on the Board of the Company. In the past six months, the stock has rallied 109 per cent, as compared to 32 per cent rise in the S&P BSE Sensex. It hit a 52-week high of Rs 169.50 on August 20, 2020.

IPO frenzy over? US election jitters, new stocks’ performance ease rush

14 Oct, 2020, 11:30AM | Economic Times

Mumbai: The frenzy in the IPO mart may halt briefly, ahead of the US presidential elections, and as the euphoria of extravagant listing gains evaporates. Also, the list of the companies that have a valid approvals shows most belong to sectors that are hit by the Covid-19 pandemic, implying that it may be a while before they catch investors’ fancy. Around 24 companies hold approvals from the Securities and Exchange Board of India (Sebi) to raise a total of Rs 24,406 crore, data from Prime Database showed. They include Equitas Small Finance Bank, Nu Vista, Penna Cement Industries, Bajaj Energy , Shyam Steel Industries, Indian Renewable Energy Development Agency, Samhi Hotels, Burger King India and Montecarlo, among others. Seven other companies have filed draft red herring prospectus with Sebi, and are awaiting approval. Most of them filed their IPO papers towards the end of September, and they include state-run RailTel Corp of India and Anthony Waste Handling Cell, which had earlier called off its IPO plan in March amid poor investor response due to the onset of Covid-19 pandemic. “Most of the companies holding Sebi approvals are from sectors that have been badly impacted by the pandemic. I would, thus, be surprised if they hit the market any time soon,” said Pranav Haldea, managing director of Prime Database. He said there were five new IPO filings with Sebi in the last week of September, which might look to launch their offers once they get approvals. “As is typical in most IPO cycles, the first few IPOs are launched at reasonable valuations and see good subscriptions and listing gains. As the cycle progresses, valuations tend to become expensive,” he said. The valuation debate has taken centrestage after the listing gains fizzled out in the case of some of the recent issues. Most of the stocks that witnessed a stellar debut in recent times have since started correcting gradually. Shares of UTI Asset Management got listed at a 13 per cent discount on Monday. While the price recovered 7.93 per cent on Tuesday to Rs 514.40, it was still below the issue price of Rs 554. State-run Mazagon Dock Shipbuilders got listed at Rs 216, a 49 per cent premium to the issue price of Rs 145. However, the stock gave up a huge chunk of its gains and ended the session with a gain of 19 per cent. It added 4.45 per cent on Tuesday to close at Rs 180.70. On October 1, Chemcon Speciality Chemicals debuted at a 115 per cent premium to its issue price of Rs 340 at Rs 730.95, outshine the stellar debut of Happiest Minds Technologies . The shares, however, have pared some of the gains, fell 20 per cent from its opening level to hit lower circuit and close at Rs 584.80. The stock corrected nearly 22 per cent since then and closed at Rs 457 on Tuesday. CAMS, the biggest IPO of FY21 so far, witnessed a listing pop of 23 per cent at Rs 1,518 on October 1 against its issue price of Rs 1,230. The stock erased some gains and closed nearly 14 per cent higher from its issue price at Rs 1,401.60. This stock, too, has corrected 6.5 per cent since then to Rs 1309. “The expectation that every issue may get 70-100 per cent listing pop is a thing of the past. The Robinhood investors, who have joined the HNI (high net worth individual) category in pushing up IPO subscriptions, will also take a back seat,” said Arun Kejriwal, founder of Kejriwal Research and Investment Services. “Until an issue fails, whoever has filed papers will hit the market. Pricing, though, can be finetuned to market conditions. That said, the rush for IPOs has gone cold, and new filings may pause. Pricing may take the centerstage from here on,” he said. Investment bankers said the recent volatile listings did not really weigh on sentiment, but promoters are waiting for the outcome of the forthcoming US elections and may steer clear ahead of the event risk. “There could be a small pause in big ticket fundraising in a runup to the US elections, as that event risk is a hurdle. The current listing losses or drop in gains have not impacted sentiment of those wanting to hit the market,” said Ajay Saraf, Executive Director and Head of Investment Banking at ICICI Securities. “I would say the lineup is decent. People are looking to raise more money,” he said.

Jindal Stainless, Jindal Stainless (Hisar) rally up to 35% in 3 days

14 Oct, 2020, 11:11AM | Business Standards

Shares of iron & steel products companies were in focus at the bourses with Jindal Stainless and Jindal Stainless (Hisar) rallying up to 35 per cent in the past three days after the government imposed provisional countervailing duty (CVD) on stainless steel flat products imported from Indonesia. Jindal Stainless hit a 52-week high of Rs 58.25, after surging 10 per cent on the BSE in an otherwise weak market on Wednesday. In the past three days, the stock has zoomed 35 per cent from the level of Rs 43.25, hit on October 9. “It is pertinent to note that Ministry of Finance, Government of India vide notification dated October 9, 2020, based on the findings of Directorate general of Trade Remedies, issued an order to levy provisional countervailing duty on certain types of flat stainless products for a period of four months,” Jindal Stainless said in exchange filing on clarification on increase in volumes. The increase in volume of scrip of the Company in recent past is absolutely market driven and we have no comments on the same, it said. At 11:03 am, Jindal Stainless was trading 7 per cent higher at Rs 56.50, against 0.54 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped more than two times with a combined 3.6 million equity shares changing hands on the NSE and BSE, so far. Meanwhile, shares of Jindal Stainless (Hisar) were also up 5 per cent at Rs 98. The stock hit an intra-day high of Rs 100 on the BSE. The stock hit a 52-week high of Rs 109.70 on August 21, 2020. In the past three days, it has surged 15 per cent from the level of Rs 86.60. Last month, CARE Ratings reaffirmed the long-term credit facilities with stable outlook for Jindal Stainless (Hisar). The company’s rating was retained in light of the Company maintaining an accomplished track record in financial and operational domains. Additionally, JSHL’s strength to serve diversified end-user industries, with an emphasis on value-added products, has proved to be favourable in the rating analysis of the Company. A healthy per-tonne operating profit, coupled with debt reduction and improved cashflow, weighed positively for the Company on the rating scale, it said.

China, far left 'desperate' for Biden's US election win: Donald Trump

14 Oct, 2020, 10:26AM | Business Standards

China and the far left are "desperate" for Joe Biden's win as the Democratic presidential candidate will "surrender" jobs to China, President Donald Trump said as he returned to the battleground State of Pennsylvania after being treated for COVID-19. In his first political rally in Pennsylvania, which sends 20 electoral college votes, after he was tested positive for COVID-19, Trump on Tuesday hit hard at his political opponent, alleging that the former vice president is known for "surrender". Biden will eliminate tariffs on China. He's already said he's going to take the tariffs off China. There goes your steel industry. There goes your aluminum industry. There goes everything. Allowing them to plunder without consequence, he said, addressing thousands of his supporters in Johnstown, Pennsylvania. The one constant in Biden's platform is surrender. He surrenders. He surrenders, whether it's China, whether it's Cuba. How about Cuba? How about the deal they made with Cuba? How bad was that one? I ended it, he said. That's why both China and the far left are desperate for a Biden win because he will surrender our jobs to China. China will own the US if that sleepy guy gets the position, okay, Trump said. Tump said that over the next four years, he will make America into the manufacturing superpower of the world. And we'll end our reliance on China once and for all. That's already happening. We'll hire more police, increased penalties for assault on law enforcement, and we will ban deadly sanctuary cities that people don't want, he said. Unlike 'sleepy' Joe Biden, I will never abandon our nation, and I would never abandon its values. My goal is not to make friends in the DC swamp. My goal is to fight for you and fight for your family, said the president amidst applause from thousands of his supporters who came to listen him at a local airport, ignoring the social distancing restrictions of COVID-19. Trump, 74, said while in 2017, he signed a historic executive order making it official government policy to buy American and hire American, his opponent has put forward a radical plan to eliminate US borders by implementing catch and release programmes that he ended. Do you know what catch and release is? You catch a murderer, you catch a rapist coming across our border, and you release him. Catch, you catch him and release him. And you say, I'm sorry, three years from now, please come back for a court case. Nobody comes back, he said. Imposing deadly sanctuary cities and suspending all removals. They don't want any removals. This is what Biden agreed to with crazy Bernie Sanders. "When you have people that are in this country illegally, even if they're murderers, if they're rapists, no matter what they are, you can't remove them. We've removed tens of thousands of people, including MS-13, he said. It would mean the total nullification of US borders overwhelming every city and town in America and especially in a place like Pennsylvania. Biden wins, your borders are gone, which means your health care is gone. The middle class is gone, and your safety is gone. Other than that, you'll be doing very nicely, Trump said. He said his administration will uphold religious liberty, free speech, the right to keep arms and will "strike down terrorists who threaten American citizens, and we will keep America out of endless foreign ridiculous wars." His administration, he said will maintain America's unrivaled military might and will ensure peace through strength. And by the way we've rebuilt our military. I told you USD 2.5 trillion. We have weapons and equipment the likes of which no country has ever seen before. We are the envy of Russia. We are the envy of China. We are the envy of everybody. There is no country that has what we have, he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Tata Steel Long Products freezes at 20% upper circuit on robust Q2 results

14 Oct, 2020, 10:18AM | Business Standards

Shares of Tata Steel Long Products were locked in the 20 per cent upper circuit band at Rs 403 on the BSE on Wednesday in an otherwise weak market after the company reported a consolidated net profit of Rs 59.06 crore in July-September quarter (Q2FY21). The company, formerly known as Tata Sponge Iron, had posted net loss of Rs 197 crore in the year-ago quarter. The company, engaged in manufacturing steel and allied products, reported 52 per cent year on year (YoY) growth in revenue from operations at Rs 1,186 crore in Q2FY21 as against Rs 653 crore in the corresponding quarter of the previous fiscal. It reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 199 crore during the quarter, compared with loss of Rs 30 crore in the previous-year quarter. During 2QFY21, the company said global economic activity started to recover with phased relaxations in lockdown measures. However, the pace of improvement has been varying across the geographies. The company, on its part, continues to stay focused on aggressively managing costs and cashflows. "The company achieved the highest ever quarterly steel deliveries of 0.18 mn tons which translates into a 54 per cent quarter on quarter and 53 per cent YoY growth. We reduced exports to 31 per cent of overall deliveries in 2QFY21 and sharply ramped up domestic deliveries to 0.12 mn tons which translate to an increase of 138 per cent QoQ and 7 per cent YoY," it said. The counter saw huge trading volumes as a combined 766,000 equity shares had changed hands on the NSE and BSE till 10:01 am. There were pending buy orders for 147,000 shares on both the exchanges. In comparison, the S&P BSE Sensex was down 0.70 per cent at 40,339 points level.

Stocks to watch: Wipro, Infosys, Karnataka Bank, IRCTC, Tata Elxsi, banks

14 Oct, 2020, 08:45AM | Business Standards

At 08:43 AM, Nifty futures on the Singapore Exchange (SGX) traded 38 points, or 0.32 per cent lower at 11,899 levels, indicating a muted start for the Indian market on Wednesday. Here's a list of stocks that may trade actively in today's session. Karnataka Bank: Net profit of Karnataka Bank rose 12.78 per cent to Rs 119.44 crore in the quarter ended September 2020 as against Rs 105.91 crore during the previous quarter ended September 2019. IRCTC: As per reports, Indian Railways will run 392 festival special trains from October 20-November 30. NTPC has decided to raise Rs.4,000 crore on 15 October 2020, through private placement of unsecured non-convertible bonds in the nature of debentures at a coupon of 5.45% p.a. with a door to door maturity of 5 years on 15 October 2025. Wipro: The company on Tuesday approved a share buyback worth Rs 9,500 crore, having improved its performance in the second quarter of FY21 on several parameters, apart from giving a stronger outlook. Infosys: The IT services major is expected to report September quarter results later in the day. Global brokerage firm Jefferies expects Infosys to post 2.9 per cent QoQ growth in revenue in constant currency terms, 160 basis points (bps) cross-currency tailwind, and stable margins QoQ. Revenue growth will be driven by ramp-up of large deals, which could also lead to an increase in revenue growth guidance. READ MORE Earnings today: Besides Infosys, 15 other companies are slated to release their Q2 earnings today such as Tata Elxsi, and Den Networks. Tata Steel Long Products: The company reported a net profit of Rs 59.06 crore for the quarter ended September as compared to a loss of Rs 196.88 crore in the year-ago period. Banks: The Supreme Court will today hear a batch of petitions seeking a waiver of interest on loans during the moratorium period and seeking an extension of the moratorium. Investors will track the court proceedings, with bank stocks being in focus. Maruti Suzuki India: The company plans to introduce a slew of new sport utility vehicle (SUVs) models over the next couple of years as it seeks to straddle the segment with multiple product offerings at varied price points, said people aware of the company’s plans.

Apple iPhone 12 Pro, iPhone 12 Pro Max: India pricing, sale info, and more

14 Oct, 2020, 07:36AM | Business Standards

Apple on Tuesday launched the iPhone 12 Pro and iPhone 12 Pro Max, along with the iPhone 12 and iPhone 12 Mini. The premium smartphones in the iPhone 12 series will be available in four stainless steel finishes, including graphite, silver, gold, and pacific blue. Pre-orders for the iPhone 12 Pro start October 16, and it will be available from October 23. The iPhone 12 Pro Max will be available for pre-order from November 6 and it will be available from November 13. Apple iPhone 12 Pro and iPhone 12 Pro Max: India pricing The iPhone 12 Pro and iPhone 12 Pro Max will be available in 128GB, 256GB, and 512GB storage variants, priced Rs 119,900 and Rs 129,900 onwards, respectively. Both the smartphones will be available on Apple Store Online and through Apple Authorised Resellers in India. Apple iPhone 12 Pro and iPhone 12 Pro Max: Specifications and features Like the iPhone 12 and iPhone 12 Mini, the iPhone 12 Pro and iPhone 12 Pro Max are 5G network ready smartphones. Both the Pro models are powered by Apple’s A14 Bionic system-on-chip, which is industry’s first silicone built on 5-nanometer process. The iPhone 12 Pro and Pro Max boast flat-edge design with surgical-grade stainless steel band and precision-milled matte glass on the back. The glass on the front is protected by ‘Ceramic Shield’, which is touted to enhance the glass strength and improve its drop performance by up to 4 times over the glass used on previous generation iPhones. The iPhone 12 Pro and the Pro Max sports a 6.1-inch and 6.7-inch Super Retina XDR display with systemwide colour management for color accuracy. Moreover, the OLED display on both the modes feature nearly 3.5 million pixels and boasts up to 1200 nits of peak brightness levels. Both the smartphones are IP68 rating to withstand water submersion up to 6 meters for up to 30 minutes, and are protected against everyday spills, including coffee and soda. Imaging is covered by triple-camera set-up on both the smartphones. The iPhone 12 Pro models feature the new Apple ProRAW, which combines Apple’s multiframe image processing and computational photography with the versatility of a RAW format. This feature will be enabled later this year through software upgrade. The iPhone 12 Pro features a seven-element lens primary wide angle sensor of an f/1.6 aperture, paired with the ultra-wide sensor of 120-degree field of view, and a 52 mm focal length Telephoto sensor for 4x optical zoom. The iPhone 12 Pro Max features a brighter primary wide-angle sensor of an f/1.6 aperture and 1.7μm pixels for a massive 87 per cent improvement in low-light conditions. The primary sensor is paired with an ultra-wide sensor of 120-degree FoV, and a 65 mm focal length telephoto camera for up to 5x optical zoom range. The iPhone 12 Pro and Pro Max boast highest quality video recording capability available on any smartphone yet. Both the smartphones feature camera system capable to deliver end-to-end experience for HDR video with Dolby Vision up to 60 fps, and even better video stabilisation for cinema-grade productions. Dolby Vision grading is processed live and sustained during editing in the Photos app or iMovie. The iPhone 12 Pro line also features LiDAR Scanner for the ability to measure light distance and use pixel depth information of a scene. This technology delivers faster, more realistic AR experiences and improves autofocus by 6x in low-light scenes for more accuracy and reduced capture time in photos and videos. This advanced hardware, combined with the power of the Neural Engine of A14 Bionic, also unlocks Night mode portraits, rendering a beautiful low-light bokeh effect.

Scrappage Policy on the cards: Possible outcomes for ageing vehicles

13 Oct, 2020, 07:39PM | Times Of India

NEW DELHI: The scrappage policy could be the next big milestone for the Indian auto market after BS6. The scrappage scheme has gained traction with the policymakers and could be rolled out sooner than we expect. What is the scrappage policy? As planned by the Ministry of Road Transport and Highways (MoRTH), the scrappage policy is meant to flush out old vehicles running on the roads. The scrappage policy is aimed at phasing-out these old vehicles which only end-up massively polluting the environment. Owners with a commercial vehicle that is/are older than 15 years and private commuters that is/are older than 20 years, could be considered for scrapping as per the upcoming norm How long can you drive your vehicle? The scrappage policy is basically targeted at old vehicles that are approaching end-of-life. As per the current undrafted norms, the ELVs have to be 15 years to 20 years old depending on whether they are meant for commercial use or personal use. So, if the policy gets drafted, it would mean that you can have carefree drives until the car is around 15-20 years old. What is important here is obtaining a fitness certificate. The automated fitness certification test decides whether or not your vehicle is fit to be driven on the roads without massive tailpipe emissions. If a vehicle fails a fitness test more than thrice, it could be sent for scrapping without further ado Government going short on the scheme? As per the reports, no tax exemptions or incentives will be offered by the government and the resale costs will have to be taken care of by the original equipment manufacturer ( OEM ). Though the government will take care of the process of scrapping at dedicated centres, the compensation will have to be provided by the manufacturers. What’s the catch? Apart from improving the ecosystem, the scrappage policy is also aimed at increasing the demand in the market and reduce the dependency on steel imports. When a vehicle owner turns their car in, the immediate need for a new and better personal commute arises. This could lead to a minor boost in the demand in the auto industry especially after the limping economy is slowly trying to get back on its feet. The same scrapped cars would help in increasing the steel and other metal deposits in the nation, minorly cutting down the metal imports year by year. The catch here is that a vehicle owner would not make much out of this arrangement apart from goodwill towards the environment. According to a statement by the ex-president of SIAM, Rajan Wadhera , the incentives under the policy could only come in the form of minor monetary profits or rebates in GST. Where do the automakers stand? The automakers could find themselves in a fix if the scrappage policy is rolled out and the government makes it mandatory for the OEMs to provide the incentives. With the current economy hanging by the thread and the auto industry barely back on its feet, the scrappage policy could be a big blow to the vehicle manufacturers. With many automakers eyeing the upcoming festive season to balance out their losses, the scrappage policy could leave them in a bad shape. This policy would directly affect the revenues in the auto industry and that could result in price hikes all over again. Someway or the other, the resale values would also be affected by the policy. The scrappage policy will not be immediately implemented and it will only be the draft that is expected to roll out pretty soon.

Stockpiles of unsold iron ore at mine-heads are increasing: FIMI

13 Oct, 2020, 05:39PM | Business Standards

The Federation of Indian Mineral Industries (FIMI) has said that stockpiles at mine-heads are increasing and not allowing their export will amount to complete wastage of a material which can earn valuable foreign exchange for the country. At present the country requires around 165 million tonnes of iron ore as against production of 206 million tonnes of the main ingredient used in steel making, FIMI said in a letter to Commerce and Industry Minister Piyush Goyal. "The stockpiles at mine-heads are increasing year after year. If there is no demand for such iron ore from steel and sponge iron plants in the country and miners are not allowed to export, this material will be washed away and go into rivers and rivulets during the rainy season... This will be an utter waste of material for which we can earn money and add to our GDP," the letter said. The miners, it said, are exporting iron ore legally to only buyer available i.e. China and contributing to the country's GDP. "There is export duty on the exports of iron ore +58 per cent Fe. If the steel industry purchases this iron ore, there will be no necessity to export," it said. It further said if steel usage is promoted in the country by removing the import duty on it, the domestic user will get cheaper and better grade of steel. "Removal of import duty will also push the complacent domestic steel industry to innovate and become more efficient to produce steel at a competitive price," it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Stocks to watch: Infosys, SRF, Shalby, Voda Idea, RIL, Bharti Airtel, banks

13 Oct, 2020, 08:46AM | Business Standards

At 08:42 AM, Nifty futures on the Singapore Exchange (SGX) traded 3.5 points, or 0.03 per cent higher at 11,940, indicating a flat start for the Indian market on Tuesday. Here's a list of stocks that may trade actively in today's session. SRF: Speciality Chemicals maker SRF Ltd on Monday launched a QIP offering to raise as much as Rs 750 crore from institutional investors. The floor price for the share sale has been decided at Rs 4,168.73 per share. Bank stocks: The Supreme Court will today hear a batch of petitions seeking a waiver of interest on loans during the moratorium period and seeking an extension of the moratorium. Earnings today: A total of five companies including Wipro, Karnataka Bank, and Tata Steel Long Products are scheduled to announce their quarterly earnings today. RIL, Vodafone Idea, Bharti Airtel: Telecom stocks are expected to trade actively today as Trai published the latest subscription data. Reliance Jio continued to expand its subscriber base, adding another 3.55 million users in July, the same month in which Vodafone Idea lost 3.72 million users. Bharti Airtel added a net 3.26 million wireless subscribers during the month. Somany Ceramics: The company on Monday informed that that credit rating agency ICRA has downgraded its rating of Commercial Paper (CP) Rs75 crore to ICRA A1 from ICRA Al+; rating removed from watch with negative implications. Shalby: The company's consolidated net profit rose 89.40 per cent to Rs 24.47 crore in the quarter ended September 2020 as against Rs 12.92 crore during the previous quarter ended September 2019. Cipla: Avenue Therapeutics, a company focused on the development of intravenous (“IV”) tramadol for the US market, Monday announced it has received a Complete Response Letter (“CRL”) from the US Food and Drug Administration (“FDA”) regarding the Company’s New Drug Application (“NDA”) for IV tramadol. Infosys on Monday announced that it has completed the acquisition of Kaleidoscope Innovation, a full-spectrum product design, development and insights firm innovating across medical, consumer and industrial markets, bolstering capabilities in the design of smart products. This follows the announcement the company made on September 03, 2020. ADF Foods: Ace investor Ashish Kacholia acquired 1.14 per cent equity stake in ADF Foods in the September quarter, shareholding pattern data shows. Lakshmi Vilas Bank: A meeting of the Board of directors of Lakshmi Vilas Bank will be held on October 15, to consider and approve the issue of Securities of the bank to existing shareholders on a rights basis. Rane Braking Lining: The company's board of directors will consider a proposal for buyback of shares on October 15.

Market Ahead, October 13: All you need to know before the opening bell

13 Oct, 2020, 07:40AM | Business Standards

Lets begin with the global cues. Apple and Amazon drove main Wall Street indices higher overnight. The Nasdaq Composite staged its biggest one-day rally in a month, jumping 2.5 per cent overnight. The Dow Jones rose 0.88 per cent and the S&P 500 gained 1.64 per cent. Asian stocks, meanwhile, were largely lower in early deals. Although Australian ASX 200 rose 0.94 per cent in early trading, Japan's Nikkei slipped 0.1 per cent and Korea's Kospi was down half a per cent. Consequently, SGX Nifty was trading flat at around 11,938 levels at 7:30 AM. In commodities, Brent crude settled down 2.6 per cent at $41.72 a barrel. Back home, the Supreme Court will today hear a batch of petitions seeking a waiver of interest on loans during the moratorium period and seeking an extension of the moratorium. Investors will track the court proceedings, with bank stocks being in focus. Telecom stocks are expected to trade actively today as Trai published the latest subscription data. Reliance Jio continued to expand its subscriber base, adding another 3.55 million users in July, the same month in which Vodafone Idea lost 3.72 million users. Bharti Airtel added a net 3.26 million wireless subscribers during the month. Consumer price index-based inflation for September came in at 7.34 per cent, from 6.69 per cent in the previous month on account of rising food prices. Food inflation stood at 10.68 per cent in September, against 9.05 per cent in the previous month. Another key barometer of the economy, the Index of Industrial Production declined 8 per cent in August on the back of localised lockdowns and work restrictions in August. On the Covid-front, India on Monday registered 66,757 new cases, taking the tally to 71.7 lakh and the death toll reached over 1 lakh 9 thousand mark. A total of five companies including Wipro, Karnataka Bank, and Tata Steel Long Products are scheduled to announce their quarterly earnings today. According to analysts, Wipro's CEO's strategy to revive growth, growth guidance for the third quarter, demand and pricing scenario, and outlook on healthcare and energy verticals are the key things to watch out for in the result announcement. And, now a quick look at some company-specific developments Speciality Chemicals maker SRF Ltd yesterday launched a QIP offering to raise as much as Rs 750 crore from institutional investors. The floor price for the share sale has been decided at Rs 4,168.73 per share. A meeting of the Board of directors of Lakshmi Vilas Bank will be held on October 15, to consider and approve the issue of Securities of the bank to existing shareholders on a rights basis.

Australia seeks clarity from Beijing on coal import ban

13 Oct, 2020, 05:23AM | Livemint

The Australian government is seeking clarification from Beijing on reports that China has suspended purchases of Australian coal amid heightened diplomatic tensions between the two countries. Chinese power stations and steel mills have been verbally told to immediately stop using Australian coal, people familiar with the order said Monday, asking not to be identified as the matter is private. Ports have also been told not to offload Australian coal, one of the people said. It isn’t clear when the latest import ban might end or how it might affect long-term contracts that are already in place. “We are making approaches to Chinese authorities in relation to that speculation," Trade Minister Simon Birmingham told Sky News on Tuesday. “We take the reports seriously enough certainly to try to seek assurances from Chinese authorities that they are honoring the terms of the China-Australia Free Trade Agreement and their WTO obligations." The ban would mark an escalation in tensions that have already jolted agricultural exports from China’s biggest supplier of commodities. Beijing has objected to a series of diplomatic moves by Canberra that it viewed as supporting the U.S. in its trade and security dispute with China. Among other things, Prime Minister Scott Morrison in April called for independent investigators to be allowed into the Chinese city of Wuhan to probe the origins of the coronavirus. China is the top consumer of Australia’s metallurgical coal, accounting for almost a quarter of exports, according to the country’s industry department. Export earnings from the steel-making material were already forecast to fall to A$23 billion ($16.6 billion) in the 12 months to June 30 from A$35 billion in the previous year on lower prices and weaker demand, according to a report last month. The Asian nation is also the No. 2 destination for Australia’s thermal coal exports, behind Japan. Annual exports earnings in that market are projected to slide to A$15 billion from A$20 billion in fiscal 2019. The fossil fuel has been a previous target for China’s ire with what it regards as an increasingly hostile government in Canberra, most recently in 2019 when shipments became subject to port delays. Thermal coal is one of the few resources in which China is largely self-sufficient. Higher-quality coking coal is a different story. China produces less of it and the country’s steel-making giants are still reliant on overseas suppliers such as Australia, which typically accounts for over half of imports. Newcastle benchmark thermal coal prices fell by the most in almost four years on Monday as reports of the ban filtered through the market. Australian coking coal prices also fell by more than 5% -- the most since May. “Trade with China changes through the year based on a range of factors, including quotas," said Tania Constable, chief executive officer of industry group the Minerals Council of Australia. “Australia will continue to see demand for its high quality of coal and the medium-term outlook remains positive." China keeps a tight grip on coal imports as it seeks to balance the needs of its miners and industrial users and the Australian government had anticipated a slowdown in shipments, given strong import volumes taken by China in the first half of the year. “China’s metallurgical coal import volumes in the second half of 2020 could be constrained by slower customs clearance processes," the Department of Industry, Science, Energy and Resources, said in the quarterly report in September. China is also the key buyer of Australia’s most lucrative export, iron ore, although curbs on that product would be a heavy blow to a steel industry that relies on vast -- and cheap -- supplies from mining heavyweights like Rio Tinto Group and BHP Group. BHP Group, Australia’s biggest exporter of coking coal, didn’t immediately respond to a request for comment. China Baowu Steel Group, the nation’s biggest mill, declined to comment. The news of the coal ban was first reported by outlets including S&P Global Platts and Argus Media This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Jindal Stainless and Jindal Stainless Hisar to benefit from duty on stainless-steel imports

12 Oct, 2020, 03:36PM | Economic Times

Shares of Jindal Stainless and Jindal Stainless Hisar gained up to 17% and 11.3% respectively on the back of the government imposing provisional countervailing duty ( CVD ) on certain flat stainless-steel products from Indonesia to protect the domestic industry. Stainless Steel from Indonesia has grown multifold over the past three years and has been impacting the overall industry. For instance, in FY20, stainless steel imports from Indonesia rose to 2,60,881 tons from 75,187 tons in FY19. It was less than 10,000 tons in FY18. It now contributes nearly half of the entire imports in India. India’s total demand for flat stainless-steel products ranges from 2.5 to 2.6 million tons, out of which 2 million tons is met by domestic supply and remaining from imports, mainly China and ASEAN countries with which India has free trade agreements. Thanks to cheap access to raw material such as nickel and coal and various government subsidiaries to the stainless-steel industry,Indonesia has emerged as the second largest exporter of stainless-steel (in FY19). Indonesia’s stainless capacity is estimated at 5 million tons, several times more than the local demand. Major portion of the remaining India’s demand is met by two largest stainless companies Jindal Stainless and Jindal Stainless Hisar which have capacity of 1.1 million ton and 0.9 million ton respectively, which means a combined capacity of 2.1 MT and will be the biggest beneficiary of this. “Had it not been for the unabated glut of subsidized imports entering India through various channels, Jindal Stainless and in fact all of Indian stainless-steel industry, would have been able to realize its true potential,” said the company in its latest annual report. Based on the findings of the Directorate General of Trade Remedies (DGTR), the finance ministry on Friday issued an order to levy the provisional countervailing duty in the range of 22.31% to 24.83% on certain types of flat stainless products for a period of four months from October 9, according to reports. “This is only for four months as it is based on preliminary finding. But we expect similar measures for long term at the end of four months,” said KK Pahuja, President of Indian Stainless-Steel Development Association . “Several hidden subsidiaries have been identified by DGTR in their investigation. This step will provide the domestic industry with the level playing field and help increase their capacity utilizations,” he added. Imported stainless-steel prices are at 8% to 10% discount to domestic prices. The imposition of duties will also help better price realizations. In FY20, Jindal Stainless did sales of Rs 12320 crore and EBIDTA (Earnings before interest, depreciation and tax) of Rs 1175 crore, but the net profit was only Rs 153 crore due to high interest outgo. Its current net debt is Rs 3500 crore. For Jindal Stainless Hisar sales, EBIDTA and net profit for FY20 stood at Rs 8340 crore, Rs 880 crore and Rs 320 crore. Its current net debt is Rs 2090 crore. At the current price of Rs 93.5, Jindal Stainless is trading at near 5 times EV by EBIDTA. Jindal Stainless Hisar too is trading at 5 times EV by EBIDTA at the current price of Rs 50.7.

700 cases of stubble burning reported from Punj, Haryana between Sept 21-29

12 Oct, 2020, 01:20PM | Business Standards

New Delhi [India], October 12 (ANI): Amidst increasing levels of air pollution in the national capital region, close to 700 cases of stubble burning were reported from Punjab and Haryana between September 21-29, according to sources in the Ministry of Environment, Forest and Climate Change (MoEFF & CC).document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER According to the data, between the nine-day period, Active Fire Events (AFE) registered in Punjab and Haryana this year were 579 and 120, against the much lower 208 and 27, respectively, incidents reported from the two states last year in the same period. Despite increased monitoring of pollution control agencies and stern actions with penalties, the number of AFE in the two States, especially Punjab, has spiralled massively. On September 21, 2020, Punjab registered 14 AFEs whereas on the same date in 2019 it had just five such incidents. Lesser cases were reported this year on September 22 and 23, compared to the last year. However, fire events hugely escalated since September 25 with 159 AFE reported this year compared to a measly 31 last year. Meanwhile, on September 26, 88 fire events were reported against just five in 2019, further on September 27 had 74 AFE compared to zero fires in the last year. September 28 had six AFE in 2019, whereas 2020 shows 61 in Punjab. Again on September 29, the data shows zero reported fire events against 59 this year. Although not AFE were reported in Haryana till September 24 in 2019 and 2020, however, on September 25 the registered number is 15 in 2020 compared to eight last year. Between September 26 to September 29 the number of fire events in 2020 depicts an escalation in fire events with six, 34, 26, 39 reported. Major districts that reported stubble burning in both Punjab and Haryana in 2019 are Sangrur (6,666) Bathinda (5,803), Firozpur (5,023), Patiala (3,987) and Kaithal (1,251), Fatehabad (1,335) and Karnal (1,123), informed source from the ministry. Total AFE in Punjab and Haryana in 2018 were 51,751 and 8,235 respectively while it escalated to 52,942 in Punjab in 2019. However, the numbers sharply reduced in Haryana in 2019 with just 6,652 registered fire events. With AQI already touching the bar of poor category special stringent attention is being given to curb air pollution following the ongoing COVID-19 pandemic. Various pollution control agencies, Supreme Court mandated pollution watchdog, government agencies are taking monitored steps to restrict and lower air pollution which otherwise might aggravate following winter. Supreme Court mandated body Environment Pollution (Prevention & Control) Authority (EPCA) in its latest letter to Chief Secretaries of four States on October 7 stated that due to prevailing COVID-19 situation measures are to be initiated which if neglected can witness "huge human health cost" the letter specified. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Coronavirus may survive on smartphones, banknotes for 28 days: Study

12 Oct, 2020, 12:43PM | Business Standards

The novel coronavirus responsible for COVID-19 may survive for up to 28 days on common surfaces including banknotes, glass -- such as that found on smart phone screens -- and stainless steel, according to a laboratory study by Australia's national science agency. The finding, published in the Virology Journal, shows that SARS-CoV-2 can remain infectious on surfaces for long periods of time, reinforcing the need for good practices such as regular hand washing and cleaning surfaces.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The research, undertaken at the Australian Centre for Disease Preparedness (ACDP), found that SARS-CoV-2 survived longer at lower temperatures and on non-porous or smooth surfaces such as glass, stainless steel and vinyl, compared to porous complex surfaces such as cotton. The researchers at CSIRO, Australia's national science agency, also found that the novel coronavirus survived longer on paper banknotes than plastic banknotes. "Establishing how long the virus really remains viable on surfaces enables us to more accurately predict and mitigate its spread, and do a better job of protecting our people," said CSIRO Chief Executive Larry Marshall. "At 20 degrees Celsius, which is about room temperature, we found that the virus was extremely robust, surviving for 28 days on smooth surfaces such as glass found on mobile phone screens and plastic banknotes," Debbie Eagles, Deputy Director of ACDP added. For context, similar experiments for Influenza A have found that it survived on surfaces for 17 days, which highlights just how resilient SARS-CoV-2 is, the researchers said. The study involved drying the virus in an artificial mucus on different surfaces, at concentrations similar to those reported in samples from infected patients and then re-isolating the virus over a month. Further experiments were carried out at 30 and 40 degrees Celsius, with survival times decreasing as the temperature increased. The study was also carried out in the dark, to remove the effect of UV light as research has demonstrated direct sunlight can rapidly inactivate the virus. "While the precise role of surface transmission, the degree of surface contact and the amount of virus required for infection is yet to be determined, establishing how long this virus remains viable on surfaces is critical for developing risk mitigation strategies in high contact areas," Eagles said. According to Professor Trevor Drew, Director of ACDP, many viruses remained viable on surfaces outside their host. "How long they can survive and remain infectious depends on the type of virus, quantity, the surface, environmental conditions and how it's deposited -- for example touch vs droplets emitted by coughing," Drew said. "Proteins and fats in body fluids can also significantly increase virus survival times," he said. The study may also help to explain the apparent persistence and spread of SARS-CoV-2 in cool environments with high lipid or protein contamination, such as meat processing facilities and how we might better address that risk, the researchers said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Mazagon fails to do a PowerGrid & IRCTC, but breaks defence IPO jinx

12 Oct, 2020, 11:24AM | Economic Times

NEW DELHI: Mazagon Dock Shipbuilders ’ 49 per cent listing gains disappointed many investors, who had been expecting it to make a debut with at least 80 per cent gain. The listing pop was nowhere near IRCTC ’s 101 per cent seen during its October 2019 listing nor PowerGrid’s 63 per cent during its 2007 listing. It, however, pipped MOIL 's 47 per cent listing gain in 2010, data compiled by corporate database AceEquity showed. That said, it became best debut for a defence PSU firm thus far. The scrip got listed at Rs 216.25, a 49.14 per cent premium to its issue price of Rs 145. And 45 minutes into trading, the scrip ruled at Rs 186.90, a 28.90 per cent premium over issue price. Most defence PSUs in the past had a poor debut on stock exchanges. Analysts said a weakening trend in the IPO market that set in after Chemcon ’s listing has made investors jittery, and many have chosen to take profit off the table. The ‘PSU factor’ also came into the play, they said. Market veteran Ambareesh Baliga said the lower-than-expected listing gains for Mazagon reflects jitters among investor, who have not seen healthy listing gains in some of the very recent issues: Angel Broking listed at a discount, and Chemcon froze at 20 per cent lower circuit after a stellar debut. On Monday, UTI AMC, the other stock that debuted on the exchanges, listed at a 11.5 per cent discount to issue price. “Earlier, the debutants were holding on to their listing gains for days, but no more,” he pointed out. In the past, defence PSUs mostly had negative listings. Missile maker Bharat Dynamics, which manufactures anti-tank guided missiles (ATGMs) and surface-to-air missiles (SAMs) and is a co-development partner with the DRDO for the next generation of ATGMs and SAMs, listed 13.55 per cent lower at Rs 370 over its issue price of Rs 428 on NSE. The stock had fallen 15.88 per cent on BSE when it was listed on March 23, 2018. HAL, the largest defence PSU in terms of value of production, had listed at a 5 per cent discount to issue price on March 28, 2018. The scrip got listed at a 5.19 per cent discount on NSE at Rs 1,152 and a 3.08 per cent discount on BSE. Mishra Dhatu Nigam, which supplies various super alloys and special steels to defence and other strategic sectors for nuclear, aeronautical and space applications, also had a muted debut in 2018. It listed at Rs 87, down 3.33 per cent over the issue price of Rs 90. This company also comes under the Ministry of Defence. Cochin Shipyard had debuted flat at Rs 435 over the issue price of Rs 432 in August, 2017. This state-run firm, however, does not come under defence, but the shipping ministry. At the time of its IPO, the shipyard was in the race for three major tenders from the Indian Navy. The company is now constructing the largest warship for the Navy i.e. the Indigenous Aircraft Carrier (IAC), according to the company’s website. Garden Reach Shipbuilders & Engineers (GRSE), a Kolkata-based ' Miniratna ' company that makes warships for the Indian Navy and the Coast Guard, fell 13.14 per cent on debut at Rs 102.50 in October 2018 against an issue price of Rs 118. On BSE, the scrip had debuted at Rs 104, down 11.86 per cent. “The PSU factor seems to have played its part on listing, as we were expecting a higher listing gain. Investors with a short-term view can sell one-fourth of their holdings at these levels and look for exiting the stock in the Rs 210-230 range,” said Astha Jain of HEM Securities.

Samsung Buds Live review: Great sound with TWS earphones, distinct design

12 Oct, 2020, 09:41AM | Business Standards

Wireless earphones come in all shapes and sizes, but none as distinct and intriguing as the Samsung Buds Live. These true wireless stereo (TWS) earphones are one of their kind, at least in terms of design. Each earphone has a kidney-bean-shaped build, which fits surprisingly well into your ears. The earphones’ semi in-ear design is comfortable, too, especially if you use them for extended hours. However, the lack of silicone tips affect the earphones’ passive noise isolation capability; the ambient noise easily passes through the earphones and you hear everything crystal clear even with earphones on. The earphones have active noise cancelling (ANC), which seems experimental. It blocks the ambient noise but only to an extent. Unfortunately, there is no way to customise ANC intensity. As for the performance, the earphones have a balanced audio output. They sound similar to the Galaxy Buds+, even better in some cases, and that is a big feat, considering that the Buds+ has an in-ear design. These earphones handle calls well, too. They pick your voice even in a high-noise environment and the listener gets to hear what you speak, as the earphones filter out noise distractions through their multi-microphone set-up.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER ALSO READ: Samsung Galaxy Buds Plus review: Impressive TWS earphones for calls, music The Galaxy Buds Live supports sub-band codec (SBC) and advance audio codec (AAC). It also supports Samsung’s scalable audio codec but only when used with the supported Samsung smartphones. In real-life scenarios, however, the earphones sound equally good, irrespective of the device they are paired with. Pairing the earphones with Samsung smartphones is quick and easy. Though first-time pairing takes some time, the earphones connect instantly with a paired Samsung device as soon as you flip open the earphones’ case. But pairing the earphones with non-Samsung devices is a bit of a hassle, especially if you do it through the Samsung Wearables app. On the positive side, the earphones support almost all Bluetooth-enabled devices – smartphones, smartwatches, tablets, notebooks, PCs, and Macs. ALSO READ: Jabra Elite Active 75T review: Go-to TWS earbuds for great calls and music Complementing the earphones is an impressive on-battery time. With ANC activated, the earphones go for around seven hours on a single charge. Without the ANC, the earphones return around nine hours of on-battery time on a single charge. For on-the-go charging, the earphones’ case has a built-in battery for additional 15 hours. Verdict Priced at Rs 14,990, the Samsung Galaxy Buds Live is an impressive pair of earphones with a distinct design, great audio output, and a long-lasting on-battery time. The novel design has led to some compromises – underwhelming noise cancellation and isolation, and lack of enhanced water and dust resistance. Yet, the earphones do not seem wanting as an overall package.

Next big shift in global economic policy takes shape under Covid-19 shadow

12 Oct, 2020, 08:22AM | Business Standards

A rare regime-change in economic policy is under way that’s edging central bankers out of the pivotal role they have played for decades. Fiscal policy, which fell out of fashion as an engine of economic growth during the inflationary 1970s, has been front-and-center in the fight against Covid-19. Governments have subsidized wages, mailed checks to households and guaranteed loans for business. They’ve run up record budget deficits on the way -- an approach that economists have gradually come to support, ever since the last big crash in 2008 ushered in a decade of tepid growth.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER And the public spending that put a floor under the pandemic slump is increasingly seen as vital for a sustained recovery too. When it looks like drying up, as it did in the U.S. last week, investors start to worry. How long to keep the taps open will be a key theme at this week’s International Monetary Fund meetings -- and the biggest challenge for politicians in charge of national budgets, once they emerge from crisis-fighting mode. Right now their own inhibitions about debt look like the main obstacle, as traditional barriers melt away. Financial markets, where bond vigilantes were once reckoned to exert a powerful check on deficit-spending governments, are ready to lend them money at very low interest rates. The short-run concern for investors is that politicians will stall the recovery by spending too little. JPMorgan predicts that this year’s big fiscal boost to the global economy may turn into a 2.4 percentage-point drag on growth in 2021, as virus relief programs expire. The same worry weighs on monetary authorities, whose autonomy from the rest of government was designed so they could push back against too-loose fiscal policy. Running short of their own tools to juice economies, with interest rates already at zero or below, central banks are now doing the opposite. They’re calling for more deficit-spending, buying up swaths of the resulting debt, and promising low borrowing costs far into the future. “Fiscal policy is the big game in town now,” said Stephen King, senior economic adviser to HSBC Holdings Plc. “As a central banker, you have to accept in that sense you’ve lost a bit of power to the political process.” What Bloomberg Economists Say... “Bloomberg Economics’ baseline forecast for global growth is a 4.5% contraction in 2020, followed by a 4.8% expansion in 2021 bringing output back to its level before the virus struck. That baseline view assumes that rising cases in Europe and the U.S. dent but don’t destroy the recovery, that the U.S. delivers additional fiscal stimulus in 1Q21, and that a vaccine is widely distributed by mid-2021.” Fiscal stimulus packs a bigger punch than the monetary kind because it can channel cash directly to households or businesses, and it’s better suited for delivering targeted aid to those who need it most in a crisis, like the unemployed. Central bankers can only inject more spending power into the economy via an indirect channel: the price of borrowing from banks or financial markets. But they can at least act fast and decisively. Budget processes, by contrast, can get messy -- as illustrated in the U.S. For months now, both parties have accepted that more spending is needed. Because they couldn’t agree on how much, or what kind, the result has been no further stimulus at all. Even if a deal isn’t reached before November’s election, economists at Goldman Sachs and other banks expect the fiscal support to resume after it. ‘Running the Show’ President Donald Trump is promising more tax cuts if he wins. Democratic challenger Joe Biden, who leads opinion polls, has outlined a $3.5 trillion spending program -- and signaled he won’t be bound by the idea that economies necessarily do better when governments are less involved. “Milton Friedman isn’t running the show anymore,” Biden told Politico in April. In Europe, where fiscal caution has deep roots in German fears of debt and inflation, leaders took a big step this year toward pooling their budget resources -– an idea long seen as a non-starter, and one that still faces hurdles -- as the pandemic threatened to overwhelm the European Central Bank’s ability to prop up economies. German officials say there’ll be no return to balanced budgets in their own country anytime soon. In the U.K., governing Conservatives who championed austerity after the 2008 crash are ruling out a repeat, though they’ve started talking about tax increases to finance pandemic relief efforts. Yoshihide Suga, Japan’s new prime minister, has said debt consolidation will have to wait until growth is back -- and suggested there’s no hard limit to how much his government can borrow. Turning Japanese Japan was the first major country in the modern era where interest rates fell to zero, after a credit bubble burst some three decades ago. Monetary policy was left with no easy way to stimulate growth by making borrowing cheaper -- and households and businesses weren’t keen to take on more debt anyway, while the government could and did. It was an early-warning sign that the world’s central banks might run out of steam, and bring fiscal policy back to the fore. After 2008, much of the developed world found itself in a similar predicament. Unable to lower short-term rates, central banks tried to cap longer-term borrowing costs by buying securities –- mostly public debt, since governments were the main borrowers in depressed economies. That exposed them to new criticisms. “Buying assets has all sorts of political and distributional side effects,” said Charlie Bean, a former Bank of England deputy governor. “We have to move out of the world where central banks are seen as the solution, to one where the government and fiscal policy will often have to pick up the ball and run with it.” Keynes to Volcker Governments boosted spending in response to the 2008 crash too. There’s now a consensus among economists that they pivoted to austerity too early, holding back growth in the decade before the coronavirus struck. Plenty of fiscal advocates fear that history could repeat itself. The start-stop approach “contributed to discrediting fiscal policy” in the past, said Robert Skidelsky, an economic historian known for his biography of the British economist and champion of fiscal activism John Maynard Keynes. After the Great Depression of the 1930s, Keynesian policy became the orthodoxy for most Western governments, who used their budgets to stimulate demand and create jobs. But the edifice came crashing down in the 1970s when unemployment and prices surged at the same time, and inflation-targeting central banks emerged as the primary macro-economic managers. The watershed moment came with Fed Chair Paul Volcker’s interest-rate hikes at the start of the 1980s, according to Catherine Mann, Citigroup Inc.’s global chief economist, who was working on her PhD around that time. She’s not yet convinced that the policy response to Covid-19 falls into the same game-changing category. For that to happen, governments would have to start using fiscal policy not just for the short-term purpose of “getting the economy out of the doldrums” but in pursuit of longer-term goals, like lowering inequality or carbon emissions, Mann said. ‘Pretense is Over’ There are signs they are headed that way. Some recovery programs in Europe have put job-creation and environmental sustainability at their heart, and Biden is promising a $2 trillion green-energy overhaul in the U.S. And in the world of economics, the new school of Modern Monetary Theory -- which says governments usually have more room to spend in times of low inflation -- has gained traction by advocating bold fiscally-financed programs like a Green New Deal. It all points toward the revamp of economic management that should have happened after the financial crisis a decade ago, according to Paul McCulley, former chief economist at bond giant Pacific Investment Management Co. Back then, politicians balked at the size of deficits and debt, he told Bloomberg’s Odd Lots podcast. Now he thinks the coronavirus has completed the regime-change. “Any pretense is over,” he said. “We’re clearly living in a fiscal-policy dominated world.”

Why some millennials can't manage money: Financial literacy low in Asia

12 Oct, 2020, 08:10AM | Business Standards

In 2008, Jackie and I arrived at our investment banking jobs on Wall Street. Fresh out of college, we were now among the top earners in our peer group. Twenty-hours-plus daily, most days of the week, working hard on pitchbooks, models and deals. We saw eye-to-eye on most things: people, what we were going to eat that night off of seamlessweb.com, and, more or less, life. We were both so-called Millennials, defined as those born between 1981 and 1996. There were a couple of big differences. One was that she thought about savings and investing her earnings. I was more basic, just thinking about spending less than I made. The day Jackie had to run out to set up her Charles Schwab Corp. account, I barely understood what she was doing. She came back with flyers and talked about Pacific Investment Management Co., or Pimco, bond funds.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER I was bemused. While I could go through companies’ financial statements and run accretion-dilution and discounted cash flow models, I could just about keep track of my personal income. I was basically financially illiterate when it came to my own accounts. That stemmed, as I now see it, from the more fundamental difference between us: We grew up on two sides of the world — she in Maryland, me in Indore, India. Our micro-example is reflected in several surveys showing that financial literacy rates in Asia are far lower than in the U.S., Canada and the U.K.That means possessing a basic understanding of concepts like interest rates, compounding, diversifying risk, and inflation to make decisions about personal savings. Money management behavior is tightly linked to such knowledge. Some of this comes down to cultural investing priorities. In Asia, property and gold – hard assets – have always taken precedence over speculative stocks and bonds. Capital markets haven’t been deep enough for previous generations to participate with confidence. Nor were retail investing products mainstream. A recent survey by China’s central bank that covered more than 30,000 urban households in 30 provinces showed that almost 60% of assets were tied up in real estate. About 70% of liabilities were mortgages. The portion of financial assets was low. To be sure, the privileges of investing and even holding financial assets are often impossible for many people in wealthy countries who are just trying to make ends meet. That’s even more true in emerging economies. In India, the average household has 77% of total assets in real estate and 11% in gold, according to a Reserve Bank of India report. The total is 44% in the U.S. About 5% is held in financial assets like savings accounts, mutual funds and publicly traded shares, compared to 17% in the U.S., a Goldman Sachs Group Inc. report says. Generational attitudes get passed along. My parents didn’t really talk about money at the table or otherwise; it was only ever mentioned in terms of being prudent. (That’s a whole different topic I’ll save for another column.) Jackie’s family had a slightly different approach. Her allowance (and that of her younger brother) was split into four jars: taxes, savings, charity and spending money. They got to choose the charity. That helped create a sense of where money goes. “My dad was always (like) dollars and cents, spend wisely and make good choices,” she told me recently. “But not miserly.” For Millennials, choices are constantly changing. In the U.S., gurus like @MrsDowJones drop knowledge on their hundreds of thousands of Instagram and Twitter followers. Millennial investing podcasts laud putting money where you spend your time, thinking about your own price per hour when setting out for a new purchase. Gaming is big; experiences are more valuable than things. Millennials tend to think more about wellness and what’s good for the environment (greener packaging, no plastics). Fashion choices are sustainable — vegan leather, you name it. In Asia, the tech-enabled generation is beginning to take charge of its finances. Millennials have increasingly become a bigger part of the Asian consumer class that has driven travel and spending across the world. In India, savings in physical and financial assets as a portion of gross domestic product has been dropping, while net financial savings as a share of the gross national disposable income has also come down. To this cohort, property and jewelry increasingly look old-school. The permanence of such holdings is a turn-off. These assets are plagued with issues parents faced buying property (especially in India — a pre-sale gone bad, an incomplete project that took their cash) and the shifting relative value of gold. There are also questions of taste and practicality. Will I pull out bling and unfashionable traditional jewelry to go to the office? Unlikely. Online finance makes growing sense. More people in China are buying wealth management products, or thinking about how to maximize their balance sheets and taking out consumer loans. In India, investing apps such as Groww are all the rage. Backed by the likes of Sequoia India, it has 8 million users for mutual fund offerings and a couple of hundred thousand have bought stocks on it. Zerodha, ETMoney and others are increasingly popular. Economic insecurity from Covid-19 will likely accelerate the change. Millennials will be less quick to splash out on soy lattes and yoga pants, especially in Asia, as they become savers again. What they buy will be higher up the quality ladder – “premiumization.” That behavior will come with smarter ways to put their money to work instead of stashing it away in vanilla bank deposits. Risk profiles should change. There might be a whole new class of savvier savers, but the need for financial literacy will remain paramount. A YouGov-Mint Millennial Survey in India recently found that post-Millennials, born after 1996, “are much more likely to keep their savings as cash and least likely to invest in mutual funds.” But, this crowd was more prone to invest in cryptocurrencies and alternative investments. I’m still behind the curve on investing my retirement savings, but I’m going to start by setting up four jars for my kids today.

Joe Biden harnesses history to describe urgency of 2020 election campaign

12 Oct, 2020, 06:22AM | Business Standards

Presidential hopefuls tend to declare every upcoming election the most important one that voters have faced in their lifetime. Joe Biden goes bigger. The Democratic nominee portrays 2020 as an entanglement of social, economic, political, environmental and public health crises as threatening to America's stability as the Civil War and the Great Depression. Biden points to the presidents of those times -- Abraham Lincoln and Franklin D. Roosevelt -- for inspiration, even using one of the nation's most hallowed battlefields, where Lincoln delivered his Gettysburg Address in 1863, as a backdrop for his closing argument against President Donald Trump. A century and a half after Gettysburg, we should consider again what can happen when equal justice is denied and when anger and violence and division are left unchecked, Biden said in rural Pennsylvania. He pledged, as president, to marshal the ingenuity and good will of this nation to turn division into unity and bring us together. Refashioning Lincoln's words, Biden added: It cannot be that here and now, in 2020, that we will allow the government of the people, by the people and for the people to perish from this Earth. It cannot, and it must not. The approach, Biden aides say, is more than lofty presidential rhetoric; it's necessary groundwork for governing. Being a steady alternative to Trump, the ex-reality television star Biden describes as erratic and dangerous, may be enough to win in November, they argue. But once in office, Biden would need a clear mandate from a splintered electorate if he hopes to enact the kinds of comprehensive proposals he proposes to control the coronavirus pandemic and its economic fallout, combat the climate crisis and confront centuries of racial and economic inequities. A lot of good work and thinking is going into how to actually tackle the challenges in this moment of crisis that the Trump administration has failed to address and resolve, Democratic Sen. Chris Coons of Delaware, a Biden confidant, said in a recent interview. It's simple, added Coons, who holds the same Senate seat Biden occupied for 36 years. But it's complicated. A Biden aide who was not authorised to publicly discuss strategy and spoke on condition of anonymity said the campaign is considering at least one more major speech before the November 3 election with the kind of historical sweep and imagery that Biden mustered in Gettysburg. There are hazards and unknowns in Biden's approach. Tom Dewey, quipped Newt Gingrich, the former Republican House speaker and Trump ally. He was referring to Republicans' 1948 presidential nominee, who appeared a sure victor over President Harry S. Truman at a time of domestic uncertainty after World War II. Dewey spent a large part of October talking about how great a president he'd be, and Truman spent October taking Dewey apart on the particulars, Gingrich said of Truman's comeback victory. As dire as Trump's political standing appears to be, Republicans have countered Biden's argument for an ambitious presidency with equally stark warnings that the longtime center-left deal-maker is in fact a vessel for a leftward lurch toward socialism. In Trump's telling, Biden's ideas to combat the pandemic would cripple economic activity; his tax plans are confiscatory wealth redistribution; health care insurance expansion amounts to a government takeover; his energy overhaul to stymie climate change would kill millions of jobs; and his talk of racial injustice amounts to declaring the whole country racist. Biden has from the start of his campaign talked of Trump as an existential threat to the soul of the nation. He nodded to racial injustice with frequent reminders that we haven't always lived up to those values in the Declaration of Independence. During the primary campaign he made standard Democratic arguments about bolstering the middle class. But the coronavirus, its economic damage and a summer of protests of police violence against Black Americans have accelerated Biden's rhetoric. The blinders have been taken off. People realize what's at stake here, Biden said Saturday in Erie, Pennsylvania, repeating what has become a go-to line in nearly every campaign setting. Another line: The country is ready. They get it. And he swats away Trump's caricatures. Do I look like a socialist? he said recently in Miami. Biden's tack bears cursory resemblance to some of Trump's stagecraft. The president made Democrats seethe in August as he used the White House as his backdrop to accept the Republican nomination for a second term. Before that, Trump traveled to Mount Rushmore on the weekend of July Fourth for a dramatic address. His backdrop: the carved likenesses of Lincoln, George Washington, Thomas Jefferson and Theodore Roosevelt. I've done more for the Black community than any other president ... with the possible exception of Abraham Lincoln, Trump said in September, four months after conducting an interview with Fox News from the feet of the Lincoln Memorial. Biden described his Gettysburg speech as dramatic in a preview to donors hours before he delivered it. Yet while Trump makes explicit comparisons to his predecessors in terms of accomplishment and renown, Biden's language more carefully calls upon them as inspiration. In a September 22 fundraiser, a top Biden supporter recalled urging the former vice president to run against Trump. "I was grabbing you by the lapels and said, 'You're the Harry Truman of our time. You've gotta run.' I know you remember that, Dennis Mehiel, chairman of U.S. Corrugated, Inc., told Biden, drawing laughter from the candidate. Then Mehiel pivoted, declaring a national tipping point that requires more. I've changed my mind, he told Biden. You must be the Franklin Roosevelt of our time. ... We had wonderful success in many areas following his leadership. Biden walked a fine line in response. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Supreme Court nominee Barrett pledges fealty to law as Senate hearing looms

12 Oct, 2020, 01:52AM | Business Standards

US Supreme Court nominee Amy Coney Barrett will tell senators in her high-stakes confirmation hearing this week that she will approach cases based on the law, not her personal views, as Democrats urged her to step aside on an upcoming challenge to the Obamacare law and any potential election-related disputes. A four-day Senate Judiciary Committee confirmation hearing for the conservative appellate court judge is set to begin on Monday, a key step before a final full Senate vote by the end of October on her nomination for a lifetime job on the court.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER In a copy of her prepared remarks released on Sunday, Barrett said that as a judge she seeks to "reach the result required by the law, whatever my own preferences might be." Barrett, 48, said in the statement that it will be an "honor of a lifetime" to serve alongside the current eight justices and explained how she approaches cases. "When I write an opinion resolving a case, I read every word from the perspective of the losing party. I ask myself how would I view the decision if one of my children was the party I was ruling against," she wrote. Barrett's confirmation to replace the late liberal Justice Ruth Bader Ginsburg would create a 6-3 conservative majority on the court that could lead to rulings rolling back abortion rights, expanding religious and gun rights, and upholding Republican-backed voting restrictions, among other issues. Democratic opposition to Barrett on policy issues has focused on her possible role in deciding a case before the Supreme Court in which Trump and Republican-led states are seeking to invalidate the Affordable Care Act (ACA) healthcare law, often called Obamacare. Senate Democratic leader Chuck Schumer said on Sunday that Barrett should, if confirmed, step aside from the case, which is scheduled to be argued at the court on Nov. 10."She doesn't come unbiased and that's why she should recuse herself," he said. A key Obamacare provision that would be thrown out if the court strikes down the law bars insurance companies from denying coverage to people with pre-existing conditions. Democrats have criticized Trump for seeking to end Obamacare protections amid a pandemic that has killed more than 210,000 Americans. Schumer also said Barrett should recuse herself from any cases involving the presidential election because of statements made by Trump in which the president has said the court is likely to have election cases. Trump, who is running for reelection against Democrat Joe Biden, has indicated he would expect the court to rule in his favor if Barrett is confirmed. Under existing rules, individual justices have the final say on whether they should recuse. The Senate's Republican leaders rejected Democratic pleas to delay the hearing after two Republican Judiciary Committee members and Trump himself tested positive for the coronavirus in the days following his Sept. 26 White House ceremony announcing Barrett as his nominee. Barrett, who will appear in person, is scheduled to deliver her opening statement to the committee on Monday, with senators also making opening remarks. Each senator has the final call on whether to attend in person. Democratic Senator Kamala Harris, Biden's running mate, will participate remotely because of the health concerns, a spokesman said on Sunday. Barrett is set to face questions from senators on Tuesday and Wednesday, starting with Committee Chairman Lindsey Graham, for what promises to be grueling all-day sessions. The hearing is due to conclude on Thursday with outside witnesses testifying about her qualifications. With Republicans holding a 53-47 Senate majority, Barrett's confirmation seems assured. Democrats are still fuming that McConnell is hurrying to confirm Barrett as the election approaches, after blocking consideration of Democratic President Barack Obama's nominee to fill a 2016 Supreme Court vacancy during an election year. Graham has said his committee will likely vote on the nomination on Oct. 22, setting up a vote on the Senate floor by the end of the month. "We can easily get her confirmed before the election," he said on Sunday in an appearance on Fox News show "Sunday Morning Futures." Abortion Questions Barrett also is expected to face Democratic questioning on abortion. In 2006, while teaching law at the University of Notre Dame, Barrett, a devout Catholic, added her name to an advertisement opposing "abortion on demand" that appeared in a local newspaper in Indiana and also signed a similar statement in 2013, she disclosed on Friday. Christian conservative activists long have hoped for the court to overturn the landmark 1973 Roe v. Wade ruling that legalized abortion nationwide. During her 2017 confirmation hearing to her current judgeship, Barrett said her religious faith would not affect her decisions on the bench. Republicans have said questions about Barrett's religious faith should be off-limits and so far Democrats have indicated they will not focus on it. Democratic Senator Mazie Hirono said in an interview on CNN's "State of the Union" on Sunday that Barrett's religious views were "irrelevant."

Companies are offering benefits like virtual therapy and meditation apps as Covid-19 stress grows

11 Oct, 2020, 09:23PM | CNBC

Andy Puddicombe, co-founder of HEADspace.Jarrett Bellini | CNBC Like many modern tech companies, UiPath had been expanding its mental health benefits to employees in recent years, committing the equivalent of 1% of salaries to health and wellness programs. More than seven months into the coronavirus pandemic, that all seems quaint.The crises of 2020 have taken stress, anxiety and depression to entirely new levels for employees, who are trying to stay productive at home, surrounded by children who can't go to school or hang out with their friends, except outside and at a distance.Add to that the racial animus sparked by the police killing of George Floyd in late May, the raging wildfires across the West and a particularly consequential election season and it's easy to see why employers like UiPath are working overtime to help staffers find some semblance of balance.Â "The whole world changed and we had to quickly adapt," said Daniel Anastas, the head of total rewards at New York-based UiPath, whose software helps companies automate back-end tasks.World Mental Health Day is Saturday, Oct. 10, as recognized by the World Health Organization. The WHO said this week that demand worldwide is increasing for mental health services because of Covid-related "bereavement, isolation, loss of income and fear," adding that critical services have been disrupted or halted in 93% of countries across the globe.Prior to the pandemic, UiPath offered employee assistance through a company called Corporate Counseling Associates, which provides access to counselors, therapists and help with childcare. Anastas said that employees have been making greater use of those services and asking for more.At the beginning of October, UiPath gave all 2,800 employees free access to meditation app Headspace, which typically costs $70 a year for individual subscriptions, as well as fitness service Aaptiv, which costs $100 for consumers.Â "Once Covid hit, we got a lot of feedback about how hard it was to disconnect from emails because people are constantly home," Anastas said. "These apps allow people to disconnect and spend some purposeful moments thinking about, where's my head at?"Headspace told CNBC by email that it's seen a greater than 500% increase in inbound interest from companies seeking mental health help for their workforce. The number of people starting its "stressed meditation" offering is up six-fold, and the company said that a survey it conducted earlier this year found that 53% of workers feel mental health benefits are now essential.Headspace is currently the fourth-highest grossing iOS App in the health and fitness category. Rival Calm is second."So many organizations have recognized that mental health is a must-have for employees rather than a nice to have," said Alex Will, Calm's chief strategy officer.Â Calm appSource: Calm Will said that corporate sales have become a big and possibly the fastest-growing part of the business, with more than 20 of Calm's 140 employees now focused on it. He said that when companies join as clients, 25% of staffers sign up for the app within a few weeks.Â In May, the health plan Kaiser Permanente signed a deal with Calm to make the app available to millions of members. Calm has also been working directly with employers.While large insurers have been adding mental health to the services they cover in employer plans, they haven't been moving fast enough to keep up with employee demand. That means companies are having to patch together services, putting their human resources departments to work to figure out what employees most urgently need and negotiating deals with vendors over video chat. Employer demand is surging Former Facebook finance chief David Ebersman started Lyra Health six years ago after recognizing a dramatic shortage of access to mental health treatment across the country. He applied technology to the problem, enabling virtual visits and guided exercises, providing online booking tools for providers and helping members track their progress through assessments.Ebersman said that the number of people who have access to Lyra's services through their employer has roughly doubled this year to 1.5 million. While most early customers were from the tech industry, companies across the spectrum are now calling, he said.Â "One of the things 2020 has really brought is it's accelerated and broadened in terms of industries wanting to have conversations about better mental health," Ebersman said. VIDEO4:2604:26Mental Health in Focus - Luana Marques at CNBC @Work SummitAt Work Videoconference software provider Zoom has been one of the most successful businesses during the pandemic because of surging usage from remote workers. But inside the company, employees suffer from the same stresses as everyone else.Â Lynne Oldham, Zoom's chief people officer, said she signed the company up with Lyra at the beginning of the year, not because she's a fortune teller but because mental health was clearly becoming a more important issue among employees."It wasn't as utilized as it is today," Oldham said. "It's been a lifesaver."In addition to one-on-one treatment, which Lyra provides within 24 hours of request, Zoom employees have access to seminars and "real life hacks" from mental health pros, she said. The company has recorded a number of sessions and made them available internally.In June, Zoom partnered with the American Heart Association, to conduct monthly virtual happy hours for companies in the Bay area to learn about "mental wellbeing strategies and tactics as they navigate a changing work environment," according to a blog post announcing the program.Cloud security vendor Okta will pay for the first 12 months of access to Headspace for its employees. It also offers offers services from Modern Health, a Lyra competitor. After the coronavirus sent staffers home, the company increased its spending with Modern Health to lift the number of sessions available to each member.Â Kristina Johnson, Okta's chief people officer, said the number of company employees using Modern Health's service about doubled in the first month after the pandemic hit. That syncs with data from Modern Health, which told CNBC that the company has doubled its customer base since March and has seen a 56% increase in user activity since lockdown started.Â "We tried to focus on things we knew would resonate with our employee base," Johnson said, adding that Okta has also had experts lead online sessions on stress management and had virtual entertainment for kids like magic shows and storytelling, in part to relieve parents.Â Kids need help, too For employees with kids old enough to be home alone, Okta also offers virtual babysitting services through Bright Horizons.Â Parental stress is a familiar topic these days. Moms and dads are desperately searching for ways to keep their kids entertained and productively occupied while they try and get work done. VIDEO2:5102:51Pandemic having 'astronomic' effect on young people's mental health: ILOSquawk Box Europe According to Brightline Health CEO Naomi Allen, kids need even more specialized attention because their lives have also been turned upside down. Allen launched her start-up a year ago to combine technology and in-person behavioral therapy for children with anxiety, depression or conduct problems.Allen, who has an eight-year old and five-year-old twins, said she sped up product development because of the coronavirus. Brightline raised $20 million in August, with insurers Blue Shield of California and Blue Cross Blue Shield of Massachusetts joining the round.While Allen is working with insurance companies to get the product covered for many more people, the fastest way to market is through employers. She calls it an interim product while the company pushes to get up and running with insurers.Â "We've seen a ton of inbound interest," Allen said. "Employers realized that it's not enough to have mental health offering for adults. They also have to have it for kids."Correction: A previous version of this story misspelled the name of Lyra's CEOWATCH: Headspace CEO on the growth of its corporate mental health business VIDEO3:2303:23Headspace CEO on the growth of its corporate mental health businessSquawk Alley

Maithan Steel committed to expand production capacity despite Covid crisis

11 Oct, 2020, 07:12PM | Business Standards

Construction material producer Maithan Steel Ltd remains steadfast in expanding the capacity of its manufacturing plant in West Bengal, despite the slowdown in the economy due to the COVID-19 crisis, an official said on Sunday. The company is also focusing on an advertising campaign to promote its TMT bars, he said.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER "We are going to double our capacity to manufacture billets and TMT bars. The lockdown has delayed completion of the project by about three months. Now, we expect to complete it by April 2021," Maithan Steel director Madhur Agarwalla told PTI. After the completion of the expansion work, the billet making capacity in its plant in Burdwan district will be five lakh tonne and four lakh tonne for TMT bars, he said. The company has another unit in Purulia, which produces sponge iron, he said. Agarwalla said the steel maker produces 600-grade thermo mechanical treatment (TMT) bars which offer about 20 per cent saving to its customers compared to the 500-grade product. "We have inducted wrestler Khali to propagate the benefits of strength and saving of our product and expect good acceptance of TMT bars in towns and rural markets," he said. The construction steel manufacturer claimed it has a good market share in West Bengal, Bihar, Jharkhand, eastern UP and the north-east region. Currently, sales are back to about 90 per cent of the pre-COVID levels but the loss incurred due to the lockdown is not likely to be recovered, he said. The company expects to end the current fiscal with about 90 per cent of its revenue in FY20, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Snapdeal on-boards over 5k manufacturer-sellers in 9 months, exceeds target

11 Oct, 2020, 05:46PM | Business Standards

Homegrown marketplace Snapdeal has added over 5,000 manufacturer-sellers on its platform so far this year, most of them in the September quarter, exceeding the target it had set for itself earlier in the year, a top company official has said. Though it began on-boarding new manufacturers directly as sellers from January, majority of the sign-ups have taken place in the September quarter, the official said, thanks to the lockdowns and the resultant shift in consumer behaviour. It can be noted that every online seller/service provider has benefited from the lockdowns.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Adding new sellers will help the e-tailer to ramp up its Diwali sales plans as direct shipment to buyers help manufacturers move stocks faster to customers. The leading value-focused marketplace has over 5 lakh registered sellers and over 70 million visitors every month who can buy from over 213 million listings and its network covers over 26,000 pin codes. A large chunk of the new manufacturer-sellers are into kitchen gadgets like juicers, food processors, steel & copper utensils, crockery items, bed linen, fashion accessories like watches & wallets and a wide range of apparel including kidswear, sarees and suits and regular use items like T-shirts, track pants among others, according to the company. There are also many manufacturers who offer a range of fitness equipment like tummy trimmers, resistance bands, weights, etc. Most of these manufacturer-sellers are from small towns manufacturing hubs like Meerut, Ludhiana, Tirupur, Jaipur, Panipat, Surat, and Rajkot. Ahead of its festive sales push, Snapdeal recently opened 25 logistics centres in major metros like Mumbai, Delhi and Bengaluru as well in small towns like Surat, Jaipur, Panipat, Gurugram, Bahadurgarh, Yamuna Nagar, Rajkot, Bhiwandi, Agra, Noida, and Mathura. Snapdeal allows manufacturer-sellers to ship directly to buyers, which means that their stocks are not stuck in the warehouses of online platforms. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Inside Sierra Nevada Corp's space plans, from the reusable 'Dream Chaser' to inflatable habitats

11 Oct, 2020, 04:27PM | CNBC

An animation shows Dream Chaser and its Shooting Star cargo module in orbit around the Earth.Sierra Nevada Corporation Sierra Nevada Corporation is best known as a private aerospace and national security contractor â but the company is investing heavily in its space systems division, especially as it sees NASA and other companies building infrastructure in orbit."Our view of the future is a vibrant, commercial low Earth orbit economy," Steve Lindsey, SNC's senior vice president of strategy space systems, told CNBC. "We want to be the logistics and crew providers in that future, so we're really playing the long game."While SNC to date has been involved in hundreds of exploration missions and more, the crown jewel of its space portfolio is Dream Chaser: A reusable spacecraft that, in appearance resembling a miniaturized NASA Space Shuttle, is built to launch atop a traditional rocket and land on a runway like an airplane."We view the Dream Chaser as something that eventually in low Earth orbit will be providing transportation, logistics and crew for everybody," Lindsey said. Dream Chaser gets ready to launch Sierra Nevada Corporation's Dream Chaser.Source: NASA In the coming year or so ahead, SNC is focused on Dream Chaser's first launch. The vehicle SNC is building now is optimized to carry cargo, rather than crew, and is under contract to fly supplies and research to the International Space Station for NASA.Lindsey has been working on SNC's Dream Chaser program for nearly a decade. While SNC had won more than $360 million in development contracts from NASA under the competitive Commercial Crew program, the agency in 2014 ended up going with SpaceX and Boeing for further contract awards. Despite the setback in developing a Dream Chaser as a crew vehicle, SNC pivoted to focus the spacecraft on winning contracts under NASA's second generation of Commercial Resupply Services program.But SNC is building Dream Chaser to go far beyond the upcoming cargo missions."We see it as the future vehicle that will be flying for the next 30, 40 or more years," Lindsey said. Installing Dream Chaser's aeroshell in August 2020.Sierra Nevada Corporation The company earlier this year announced the first Dream Chaser is named "Tenacity," which Lindsey said feels fitting amidst the challenges brought on by the COVID-19 pandemic."2020 has been somewhat difficult year for all of us, but we're working through the challenges ... and comingÂ up with different ways of doing things to keep us on track," Lindsey said. An animation shows a cross-section rendering of the room for cargo on Dream Chaser and its Shooting Star module.Sierra Nevada Corporation SNC has been able to stay on schedule manufacturing the first Dream Chaser spacecraft, he noted, with the company running multiple shifts a day. SNC is building both Dream Chaser, which can carry 4,080 pounds of supplies, and the "Shooting Star" cargo that goes with it, which can carry an additional 11,000 pounds of cargo. One of the major assembly steps upcoming is to install the wings on Dream Chaser, which Lindsey expects will happen early next year. Both of the Dream Chaser wings.Sierra Nevada Corporation Once Dream Chaser and Shooting Star are built, then SNC will move to acceptance testing. That's where SNC will bend and push the limits of the spacecraft's structure, to replicate the intense physical pressures of launching and reentering through the atmosphere. Next, SNC will take both spacecraft toÂ Plum Brook Station, a facility at NASA's Glenn Research Center in Ohio. There the vehicle will be put in a thermal vacuum chamber and undergo testing that simulates the environment of space, including vibration and acoustic testing. The Shooting Star cargo module for Dream ChaserSierra Nevada Corporation From Plum Brook, Lindsey said SNC will send the two spacecraft to NASA's Kennedy Space Center in Florida, where it will go through final tests and processing before launch.SNC has proven "that the Dream Chaser structure is certified for at least 15 missions," Lindsey said. That's key to the company's heavy investment in the spacecraft, as reuse will help reduce its costs. Additionally, Lindsey noted that SNC is looking to also certify its thermal protection system for 15 missions. This part of the spacecraft consists of about 2,000 tiles that protect the spacecraft during re-entry into the atmosphere, when temperatures can reach more than 3,000 degrees Fahrenheit.Â Lindsey, who flew five Space Shuttle missions himself, noted that the Dream Chaser tiles "are much tougher than" the ones on NASA's previous spacecraft. Dream Chaser's environmental control system will then help keep the temperature down to what Lindsey described as a "shirtsleeves" level, important for flying sensitive cargo as well as people.Dream Chaser also doesn't have any toxic propellants on board. While some spacecraft use what are known as hypergolic propellants, which Lindsey said would have been easier, the company avoided it "because we want to be able to land anywhere in the world that a 737 aircraft can andÂ process the vehicle without any special equipment." The interactive app the company built to show case Dream Chaser and its capabilities.CNBC | Michael Sheetz The crew version of Dream Chaser is designed to fly up to five astronauts. SNC aims to make Dream Chaser price competitive with others in the market, with Lindsey saying that his company wants "to be down closer to what what SpaceX is targeting." NASA expects SpaceX's Crew Dragon capsule will cost about $55 million per person."What's really interesting is that a lot of the pricing really depends on the price of the rocket," Lindsey said. "Our costs, operating Dream Chaser by itself, are not that high. So what we're excited to see is all the things that are happening [in the industry] â every single major launch company is building new rockets to be more price competitive. That's one of the things that's required for the low Earth orbit economy to take off, is those rocket prices drop."Currently United Launch Alliance, the joint venture of Boeing and Lockheed Martin, is Dream Chaser's launch provider. SNC signs a six mission deal with ULA to fly on the coming Vulcan rocket, with the first mission scheduled for next year."Our goal here is to get this vehicle to flight as soon as we possibly can, but we also have to do it safely," Lindsey said.SNC couldn't yet speak more specifically to when launch day is scheduled, with Lindsey noting that the timing is "a negotiation between us and NASA." But the agency's leadership last week stopped by SNC's facilities in Louisville, Colorado, where they also go to see Dream Chaser on the production floor.That Dream Chaser may be built for cargo, but 85% of its parts are the same as the crew variation â with the structure also certified for crew.Â "We have never lost track of [flying astronauts]," Lindsey said. "Our intention is to go to crew eventually." Building infrastructure in orbit The space industry is becoming increasingly important to life on Earth, a fact noted by Lindsey. He described the industry as critical to SNC's future, in many ways mirroring the language used by Bank of America recently to describe why it expects the space economy will become a $1.4 trillion market by the end of the decade."We are building a logistics train to low Earth orbit," Lindsey said. The company's space habitat inflates during a test.Sierra Nevada Corporation SNC's working on a piece of the infrastructure for people to live and work in space: An inflatable habitat, which the company's been developing under a NASA contract for several years. SNC's habitat design has three floors but, because it's inflatable, it could be launched on a conventional rocket. The habitat has a variety of applications, Lindsey noted, such as a station in orbit or a base on the surface of the Moon. The company's recent testing has also found the inflatable structure to be even stronger than expected."We just completed testing with a third scale model and we had to end the testing because we couldn't break it," Lindsey said.Inflatable habitats have been looked at by other companies, due to the advantage of launching in a smaller form factor and then expanding to a larger volume once in space. Bigelow Aerospace is well known for its development of inflatable habitats, having connected its BEAM module to the International Space Station in 2016. But Bigelow Aerospace had not launched one of its planned full size habitats before the company reportedly closed operations earlier this year. The Bigelow Expandable Activity Module (BEAM) on display during a media briefing at which NASA Deputy Administrator Lori Garver and Bigelow Aerospace founder Robert Bigelow announced that BEAM will join the International Space Station to test expandable space habitat technology.Getty Images Lindsey noted that SNC's structure and method is different than what Bigelow Aerospace was, but the two companies had worked together â as SNC built the mechanism that connected BEAM to the ISS.In addition to the inflatable habitat, Lindsey has an advanced development group at SNC that he said "is looking at derivative Dream Chaser technologies and applying them in other areas." That team came up with a proposal for an orbital outpost that uses the Shooting Star cargo module â which SNC in July won a contract for from the Pentagon's Defense Innovation Unit."Imagine a large, very capable satellite with a huge amount of power, that could optionally be crewed or uncrewed," Lindsey said. Joining multiple lunar effortsÂ The SNC VP put it simply: "We are heavily involved in pretty much everything that NASA is doing in exploration." With the U.S. space agency largely focused on further exploration of the Moon, SNC is a part of three NASA efforts: The Human Landing Systems (HLS) program, the lunar Gateway, and theÂ Commercial Lunar Payload Services (CLPS) program. An artist's rendition of Dynetics' HLS lander on the Moon's surface.Dynetics The HLS program is the largest near-term opportunity, with NASA looking to invest heavily in at least one of the three teams competing to build a lunar lander that can carry astronauts to-and-from the surface of the Moon. SNC is a part of the HLS team led by Dynetics â a space company owned by defense contractor LeidosÂ â which is competing withÂ Elon Musk'sÂ SpaceX andÂ Jeff Bezos'Â Blue Origin. The three teams won a combinedÂ $967 million earlier this year, with even more lucrative awards expected in February after a 10 month design study period."We're also involved in, believe it or not, building a lunar rover with several entities," Lindsey said. "While there hasn't been a request for proposals ... NASA is looking at an unpressurized rover that would actually carry people on the lunar surface â kind of an Apollo on steroids."Additionally, Lindsey noted that Japan's space agency recently partnered with NASA to provide a pressurized lunar rover â another proposal SNC is involved in.Â "We are working through some partnerships right now on these two major rovers," Lindsey said. "We can't really talk too much about teammates but ... we're going to go pursue that opportunity."Finally, SNC is also considering using its Shooting Star cargo module as a pressurized spacecraft that would carry astronauts from Earth's orbit to the Moon.Â "We can go up with Dream Chaser, easily transfer crew into a free flying cargo module and use that to transport people," Lindsey said.The Dream Chaser spacecraft is at the core of SNC's vision for infrastructure in space â with the company aiming to be a part of many of the areas that industry analysts expect will grow quickly in the next decade.Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

SAIL plans to start commercial production of HH rails in FY21

11 Oct, 2020, 12:12PM | Economic Times

New Delhi: State-owned steel maker SAIL plans to commence commercial production of head hardened (HH) rails in this fiscal, its chairman Anil Kumar Chaudhary said. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using the head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been completed, Chaudhary said. "Though the commissioning of the facility has got delayed on account of COVID-19 pandemic, the company is planning to commence commercial production of the Head Hardened Rails during the current financial year as per the requirement of Indian Railways," he told while responding to a query related to production of HH rails. Without elaborating further, he said the company meets the requirement as and when any order is received from the Railways. He said the Railways is moving towards higher speed and axle load rails and recently it required R 260 grade rail for its use. SAIL-BSP successfully rolled and supplied the R 260 grade vanadium alloyed special grade prime rails to the national transporter. In July 2020, the company dispatched the first batch of special R 260 grade vanadium alloyed rails to meet the requirement of Indian Railways. Chaudhary further said, "SAIL has a long relationship with the Railways and it is one of the most trusted partners of the Railways. We have supplied railway tracks to IR which, if measured, can circumnavigate the earth more than twelve times." Indian Railways is implementing its ambitious plan for track renewal and laying of new lines. SAIL has set up a new 1.2 million tonne per annum universal rail mill (URM) at a cost of about Rs 1,200 crore, as part of its modernization programme for Bhilai Steel Plant, to produce different types of rails. The 130-meter rail rolled at URM is the world's longest rail in a single piece. "BSP produces the cleanest rail steel in the world with hydrogen content below 1.6 ppm at Tundish level. Equipped with secondary refining units, the steel melting shops at BSP have the capability to produce a wide variety of steel. SAIL is now in a position to meet the entire requirement for rails of Indian Railways and further strengthen the partnership with IR," the company said.

Commercial mining: Auction of coal blocks may generate Rs 20,000 crore revenue per year

11 Oct, 2020, 11:43AM | Economic Times

New Delhi: The auction of coal blocks for commercial mining may lead to total revenue generation of around Rs 20,000 crore per year, a coal ministry official said. The process for auction of 38 coal blocks for commercial mining is underway. "The total revenue for one year is expected to be around Rs 20,000 crore and capital investment is around Rs 33,000 crore," the official said. "One year revenue (for 41 coal mines with 225.53 peak rated capacity) is calculated and comprises revenue share at four per cent i.e the floor price, royalty, NMET, DMF....calculated at peak rated capacity (PRC) considering representative price of average grade of the coal mine," he said. Capital investment is calculated at Rs 150 crore per million tonnes per annum (MTPA) for PRC, including evacuation, he said. On the government's claim made earlier that the auction of blocks will also lead to job creation for more than 2.8 lakh people, the official said employment generation is calculated considering output per employee "to be 5,000 tonne/annum , 30 per cent leaves." Approximately 30 per cent manpower, he said, will be engaged in associated infrastructure such as washeries, railway sidings etc and the indirect employment is three per one direct employment, the official said. When the Centre launched the auction of blocks for commercial mining in June, it had said that it would put on sale 41 blocks. But later, the list of blocks for auction was revised to 38. Vedanta, JSPL, Adani Enterprises, Hindalco Industries, JSW Steel and Nalco are among the 42 companies that have submitted bids for 23 coal blocks that were put up for auction under commercial mining. "A total of 76 bids have been received for 23 coal mines... A total of 42 companies have submitted their bids in the auction process," the coal ministry had earlier said in a statement. The highest number of bids (seven) were submitted by Adani Enterprises, followed by Hindalco Industries and JMS Mining (five each). The Andhra Pradesh Mineral Development Corporation, Aurobindo Reality and Infrastructure, and EMIL Mines and Minerals Resources submitted four bids each. Vedanta Ltd submitted three bids, Jindal Steel and Power Ltd (JSPL) submitted two, JSW Steel and Nalco one each, among others. Of the total 76 bids, the highest number of bids were made for Gotitoria (East) and Gotitoria (West) and Gare Palma IV/7 coal blocks (eight bids for each), followed by six bids each for Brahmadiha and Urma Paharitola mines. The ministry had said two or more bids have been received for 19 coal mines. The bids will be evaluated by a multi-disciplinary technical evaluation committee, and technically qualified bidders would be shortlisted for participation in the electronic auction to be conducted on MSTC portal from October 19.

India has launched National Action Plan for conservation of migratory birds: Prakash Javadekar

10 Oct, 2020, 08:23PM | Times Of India

NEW DELHI: India has launched a national action plan for the conservation of migratory birds along with the Central Asian Flyway , Union Minister of Environment, Forest and Climate Change Prakash Javadekar said on Saturday. Taking to Twitter, Javadekar said saving migratory bird is saving the wetlands , terrestrial habitats and saving of an ecosystem, benefitting communities dependent on wetlands. "India has launched a National Action Plan for Conservation of migratory birds along the #CentralAsianFlyway. Saving migratory bird is saving the wetlands and terrestrial habitats and saving of an ecosystem, benefitting communities dependent on wetlands. #WorldMigratoryBirdDay," Javadekar tweeted. India would be the nerve centre for Central Asian Flyway activities in the future.India hosted the #CMSCOP13 in F… https://t.co/rsX1mPFt8s— Prakash Javadekar (@PrakashJavdekar) 1602309202000 In the following tweet, he said, "India would be the nerve centre for Central Asian Flyway activities in the future. India hosted the #CMSCOP13 in Feb 2020 and is now the president of @UN @BonnConvention till 2022, which deals with migratory species of animals." The Union Minister's announcement comes on the World Migratory Bird Day , a global campaign dedicated to raising awareness about the migratory birds and the need for international cooperation to conserve them.

Deciphering what Nelson Peltz is up to with his big moves in the investment management space

10 Oct, 2020, 05:24PM | CNBC

Nelson Peltz speaking at the 2019 Delivering Alpha conference in New York on Sept. 19, 2019.Adam Jeffery | CNBC Company: Invesco Ltd. (IVZ) Business: Independent investment management company. Invesco provides a range of investment capabilities and outcomes, which are delivered through a set of investment vehicles, to help clients achieve their investment objectives. Its Jemstep solution provides wealth management home offices and their advisors with a suite of technology solutions that are customizable and are integrated into existing systems. The solution offers advisors an open architecture platform that includes Invesco's fundamental and factor-based investment strategies. It offers retail products within various asset classes. It offers a suite of domestic and global strategies, including traditional and quantitative equities, fixed income and absolute return strategies.Stock Market Value: $6 billion ($13.11 per share) Activist: Trian Fund Management Percentage Ownership:Â 9.9%Average Cost: $10.86Activist Commentary: Trian has a history of activist investments in the financial sector, but outside of getting portfolio companies sold, their returns have not been impressive. They had a recent successful investment at Legg Mason when it was sold to Franklin Templeton less than a year after Trian's Nelson Peltz and Ed Garden joined the Board, yielding a 39.5% return for Trian, versus 9.2% for the S&P 500. But they did not fare so well in their 2009 campaign at Legg Mason where Nelson Peltz was on the board for five years, yielding a 36.7% return on its investment during a period where the S&P 500 returned 82.8%. Likewise, in its current investment in Bank of New York, where Ed Garden was on the board for 4.5 years, they are down 8.8% versus a positive return of 72.5% for the S&P 500. Zoom In IconArrows pointing outwards What's Happening Trian has met and engaged in a constructive discussion with Martin Flanagan, a director and president and CEO of the company, and Allison Dukes, senior managing director and CFO of the company. Trian intends to engage in discussions with the Company regarding various strategic and operational initiatives. Trian noted that during the meeting with Mr. Flanagan and Ms. Dukes, it requested that the board be expanded to include Trian partners Nelson Peltz and Ed Garden and also discussed board refreshment. Trian believes that the asset management industry is undergoing significant change due to a variety of competitive pressures, and that industry participants that possess significant scale and product breadth, streamlined and efficient non-investment functions, and the ability to invest in technology, growth and innovation will be best positioned to succeed in the industry and serve clients going forward. Trian noted that it may encourage the company to explore, certain strategic combinations with one or more companies in the asset management industry (which may include companies in which Trian is currently a shareholder or may in the future become a shareholder). Further, Trian may seek to participate in any such strategic combinations and may initiate or participate in discussions with the board and/or management of the proposed or contemplated counterparties in such transactions. Behind the Scenes Trian filed two 13Ds on the same day, one on Invesco and one on Janus Henderson Group. In their 13D language on Janus, they state that they have had a conversation with Janus's Non-Executive Chairman, Richard Gillingwater, and intends to engage in discussions with the board and/or management of the company regarding many topics including encouraging them to explore, certain strategic combinations with one or more companies in the asset management industry (which may include companies in which Trian is currently a shareholder). They further state that they may seek to participate in any such strategic combinations and may initiate or participate in discussions with the board of directors and/or management of the proposed or contemplated counterparties in such transactions. They have the same language in their Invesco 13D, but also add that they requested that the Invesco board be expanded to include Trian partners Nelson Peltz and Ed Garden.This is a clear indication that they are encouraging Invesco to merge with Janus from both sides. They could also potentially be exploring a potential acquisition of either company for Bank of New York, where they have an investment, and until recently a board seat but that is less likely, as they have been in the process of selling down their position and may already be out of it entirely.Â Depending on how this turns out, it will be viewed as either an experienced activist using creativity and all of its tools to fully maximize returns for its investors, or a strategic, short term activist engineering attempt to try to boost returns coming into the fourth quarter of a down year. Trian's engagement with Janus does not really scream long term, thoughtful engagement. They acquired half their position in the last ten days and they did not contact the company until the day before their 13D filing.Janus further said in a statement that they are executing upon their strategy of simple excellence â producing dependable investment outcomes, delivering industry-leading client experiences, increasing operational efficiency, fostering a proactive risk and control environment, and developing new growth initiatives; that they continue to make significant progress to increase profitability, drive organic growth, and identify and deliver cost savings, and are committed to delivering meaningful value for shareholders.It is not uncommon for an activist to file a 13D on a company and urge the board to explore a sale, but rarely does an activist take a contemporaneous position in a potential acquirer and disclose its intent to discuss a potential transaction or participate in a transaction. While this could help pave the way for a transaction, it is also fraught with potential conflict with the activist having a material position in both the buyer and the seller.Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.

Tight race between Joni Ernst and Theresa Greenfield in Iowa could determine balance of power in the Senate

10 Oct, 2020, 04:30PM | CNBC

Democratic senate candidate Theresa Greenfield (L) andÂ Senator Joni Ernst, R-IA (R).Caroline Brehman | CQ-Roll Call, Inc. | Getty Images Republican Joni Ernst minced no words in her first televised ad of her successful Senate bid in 2014."I grew up castrating hogs on an Iowa farm. So when I get to Washington, I'll know how to cut pork," the then-state senatorÂ saysÂ in the ad before the camera cuts to footage of pigs. "Washington's full of big spenders. Let's make 'em squeal."When Iowa voters cast their ballots in 2020, they'll decide whether Ernst has lived up to that promise during her six years in Washington.Ernst has become a reliable Republican vote in the Senate, voting against her party only 3.4% of the time in the current legislative session, according to data compiled by ProPublica. The average Senate Republican voted against the party 4.3% of the time in the current Congress, according to ProPublica.Â She's also an ally of President Donald Trump, who faces a challenge fromÂ Democratic nominee and former Vice President Joe Biden. With political observers predicting a close presidential race in Iowa, her fate may also be tied to that of the president's.National Democratic groups have zeroed in on the race as an opportunity to win back the majority in the Senate, with both the Cook Political Report and FiveThirtyEightÂ rating Iowa's Senate race as a toss-up.Â Cook rates the presidential race as a toss-up for Iowa as well, and FiveThirtyEight says Trump is slightly favored to win there. The GOP holds a 53-47 edge in the Senate.Ernst, the first woman from Iowa to hold federal elected office, now faces Democratic challenger Theresa Greenfield, a real estate executive who has not previously held political office. Greenfield ran for Congress in 2018, but her bid endedÂ after her ex-campaign manager admitted to forging signatures without her knowledge to get her on the primary ballot. Greenfield submitted a new petition to add her name at the last minute but failed to come up with enough signatures.This time around, national groups such asÂ EMILY's List have made Greenfield's name front and center for Iowa voters.Â That broad interest in the race has brought the Greenfield campaign a large influx of funds. Greenfield has raised more than $11.5 million as of June 30 while Ernst raised more than $14.4 million, according to Open Secrets. Zoom In IconArrows pointing outwards The national spotlight has also opened a line of attack for Greenfield's detractors, who have used it to paint her as a puppet for the liberal wing of her party."Theresa Greenfield won't say where she stands, but the millions being spent to elect her from liberal extremists who will defund police, raise taxes and destroy Iowa jobs tells you all you need to know," an attack ad from the Ernst campaign claims, juxtaposing clips of Greenfield and progressive Rep. Alexandria Ocasio-Cortez, D-N.Y.The attacks sound similar to those Republicans have tried to wage against Biden and his running mate, Sen. Kamala Harris, D-Calif. Like Biden, Greenfield is a moderate Democrat who has publicly said she does not support defunding the policeÂ and has supported tax plans that would mainly impact the wealthiest families.Toeing the line in a swing state as progressive money descends on her campaign, Greenfield has focused her message primarily on health care and Social Security. Greenfield's husband died when she was pregnant with her second child. She has said she relied on Social Security survivor benefits to help make ends meet, fueling her desire to preserve such benefits."Theresa has the momentum in the final stretch of this race because she's demonstrated from day one that she'll always put Iowa first â from protecting access to health care to helping Iowans get through this pandemic to rebuilding our economy,"Â Greenfield for Iowa spokesperson Izzi Levy said in a statement, accusing Ernst's campaign of "illegal coordination with a dark money group set up by her top political aides."Political nonprofits are sometimes referred to as "dark money" groups, because they can take unlimited amounts of money without revealing their donors. The groups must keep their work separate from candidates and can't make their political work their primary focus.An Associated Press investigation from December 2019 found that top aides to Ernst had created an outside group that worked closely with her to raise money for her reelection. The AP said based on documents it reviewed that the level of overlap could potentially be illegal. At the time, a senior advisor to Ernst told the AP that the campaignÂ "is completely separate and independent from any outside organization," and said "For the AP to suggest otherwise, is the definition of fake news."Ernst, meanwhile, has focused on issues that resonate most for Republicans, such as the economy and law and order, while trying to persuade voters she's still the candidate who can make Washington squeal. In a statement,Â Team Joni spokesperson Melissa Deatsch focused on the outside money backing Greenfield's campaign to claim she's not right for Iowa."Iowans can't trust Theresa Greenfield, who is hiding behind nearly $100 million that she and her liberal special interest allies are spending trying to buy Iowa's Senate seat," Deatsch claimed in a statement. "Liberal groups are pouring money behind Greenfield because they know she'd be a rubber stamp on their radical agenda.Â Greenfield may be great for California, but she's far too liberal for Iowa."Outside spending supporting Greenfield has surpassed that for Ernst at $10.2 million for the Democrat compared with $6.8 million for the incumbent Republican, according to the most recent data fromÂ Open Secrets.Â Outside spenders pitched in $38.5 million to oppose Ernst, while $33.7 million was spent to oppose Greenfield, also according to the site. Focus on health care and the economy Like other Democrats contending for office this year, Greenfield has leaned on the issue of health care in light of the ongoing coronavirus pandemic and upcoming Supreme Court decision on the Affordable Care Act, which became more uncertain after the recent death of Justice Ruth Bader Ginsburg.With a political fight brewing over the confirmation of Ginsburg's replacement on the bench, Iowa State University political science professor Dave Peterson said keeping the race focused on health care would be the best strategy for Democrats."I do think if they're overly critical of [nominee Amy Coney] Barrett's faith, that's not going to be attractive to Iowans," he said. Peterson himself donated the legal maximum to Greenfield's campaign soon after Ginsburg died when he said it became clear Republicans would not abide by the precedent they set not to confirm former President Barack Obama's nominee in an election year. Republicans including Ernst have said this time is different because Republicans control both the Senate and White House, which was not the case in 2016.Still, the no-party voters who both candidates are vying to win over are usually not too interested in the ins and outs of the political fights, said University of Iowa political science professor Timothy Hagle."Since they don't pay that much attention to politics they also don't care about the political process kind of things," said Hagle, who donated to Ernst's campaign in 2014. He said he has not made political donations this cycle in part because he frequently talks with journalists about the election and said his comments were made as an academic, not as a Republican.Meanwhile, Ernst has made the economy one of her key focuses. It has remained a strong issue for Republicans and for Trump after years of growth despite massive and ongoing unemployment due to the pandemic. According to a mid-September Des Moines Register/Mediacom Iowa Poll, 31% of likely voters polled said the economy was the most important issue in the election. Law and order followed at 18%, the Covid-19 pandemic at 15% and health care at 13%.Ernst has appealed to Iowa's rural voters by promising to cut down on regulations for businesses and fight "for a level playing field for farmers when it comes to trade," according to her campaign website. Trump and trade Some rural voters have suffered under Trump administration policies Ernst has backed. Ernst supported the Environmental Protection Agency's approval of year-round use of gasoline infused with 15% ethanol, a major product in Iowa. But ethanol producers later complained that exemptions the agency made to the standard for oil refineries undercut their gains.Trump's trade dispute with China has also hurt farmers, as Ernst acknowledged on CNN last year, but she's defended its importance as a way to stand up for fair prices and national security.Many farmers in Iowa seem to see the trade policies that way, too, according to academics interviewed for this article and several reports and polls published over the past year. While they may be experiencing pain in the near term, some say they believe the policies will end up benefiting them in the end."I've heard farmers say, 'I understand it's painful right now, but this is what needs to happen and so over the long term this is going to benefit me and I'm willing to stick it out,'" said Rachel Paine Caufield, a political science professor at Drake University in Iowa. "At the same time, I think that there is a general sense that the political system as a whole is not terribly responsive to small town agricultural interests.""And so if you feel abandoned by the political system and you feel like you found a candidate who is paying attention and talking to youÂ â not just about you, but to youÂ â I think that inspires a loyalty," she said. "And I think there is an additional level of the negative partisanship that's happening. If the alternative is to vote for Democrats, then you stick it out with the Republicans."A mid-September Des Moines Register/Mediacom poll found 56% of likely Iowa voters felt Ernst hadn't done enough to help the state during her time in office, including 19% who plan to vote for her anyway. Of the likely voters polled, 43% said Ernst's relationship with Trump was "about right," while 37% said they are "too close."That opens the question of how much of Ernst's political future is tied to Trump's."My feeling is that if Iowa goes for Trump in the presidential race, Ernst is going to win [in the senatorial race] because I can't envision that people that are going to vote for Trump are not going to vote for Ernst," Hagle said."There hasn't been much of a sense of what she's done or what she's been doing other than what the Republican Party, McConnell and Trump have been doing," Peterson said of Ernst. A more formidable foe Ernst's voting record isn't the only thing that makes her run this time different from last.Â Academics interviewed by CNBC also considered Greenfield a stronger candidate than Ernst's last opponent in 2014, then-Rep. Bruce Braley. The Hill dubbed him one of the "worst candidates of 2014," in part due to a gaffe where he criticized senior Republican Iowa Sen. Chuck Grassley as just a "farmer from Iowa." Braley later apologized.Beyond lacking stumbles, Greenfield's message has been clearer than Braley's, Peterson said.Â Her personal story touches on the key focus of health care and Social Security in her campaign. That clarity is something Ernst achieved in her last campaign, according to Peterson."Ernst had that six years ago," he said. "She started with that 'make 'em squeal' ad that became famous, and there was a sort of sense of who she was and how she was going to shake things up. And Greenfield has that this time.""[Braley] faced no primary challenger and didn't define himself or his issues very clearly to voters," Paine Caufield said. "Joni Ernst was kind of the scrappy winner of a tough primary so defined herself early and creatively and she developed a voice for herself that hit on a certain demographic group in Iowa. While she was credible, she was also tough and ready and would say it like it was and didn't need to be overly polite about it. She literally spent that entire campaign talking about castrating pigs."Peterson said many Iowans would tend to accept the incumbent but given the uncertainty in the economy during the pandemic, voters may be looking for alternatives."That's where Greenfield running a good campaign can make her an attractive alternative," he said.Subscribe to CNBC on YouTube.WATCH:Â Sen. Joni Ernst: The Green New Deal would destroy the agriculture industry VIDEO4:0004:00Sen. Joni Ernst: The Green New Deal would destroy the agriculture industryElections

Migratory bird species face extinction, need global protection: UN treaty head

10 Oct, 2020, 03:16PM | Times Of India

NEW DELHI: Migratory bird species are in danger of extinction globally. International cooperation is must. The Convention on Migratory Species (CMS) Secretariat in Bonn is working closely with India to conserve them, says its Executive Secretary Amy Fraenkel. In an online interview with IANS on World Migratory Bird Day that falls on Saturday, she said the migratory species that are in danger of extinction throughout all or a significant portion of their range are listed on Appendix I of the Convention, while Appendix II lists migratory species with an unfavourable conservation status. A variety of Appendix I avian species, which needs highest degree of protection, can be found in India. Eagles such as the steppe eagle , Pallas's fish-eagle, eastern imperial eagle, white-tailed sea-eagle, and the greater spotted eagle. Other species include the Houbara bustard, Egyptian vulture , black-necked crane, lesser kestrel, great knot, sociable plover, ferruginous pochard, yellow-breasted bunting, marbled teal and Baer's pochard. Approximately one in five of the world's 11,000 bird species migrate, some covering enormous distances, with the bar-tailed godwit, for instance, flying 11,680 kilometres between Alaska and New Zealand. Fraenkel said at the 13th meeting of the Conference of the Parties to the Convention on Migratory Species (COP13) held in Gandhinagar in February, the great Indian bustard and the Bengal florican were listed on CMS Appendix I, granting them the highest degree of protection under the Convention. The little bustard was included in both CMS Appendices. The CMS is the only United Nations treaty that addresses migratory species and their habitats. Conserving migratory birds requires cooperation and coordination along the entire flyway between countries and across national boundaries. "Only by working together can we make sure they will survive and thrive," she said. To this end, the COP13 adopted decisions to prevent poisoning, phase out the use of lead ammunition and lead fishing weights. The decisions also address illegal hunting, taking and trade of migratory birds in the East-Asian Australasian Flyway. In addition, CMS Parties and partners are engaged in a CMS-led Energy Task Force which addresses such threats as collision with power lines. Quoting Prime Minister Narendra Modi's address at the opening of the CMS COP 13, she said he announced India's intention to formally agree to take a lead in working with other governments to conserve migratory bird species and their habitats in the Central Asian Flyway (CAF), and the COP adopted a resolution calling for work to be furthered on the CAF. "This is a very important flyway that needs attention from all of the 30 range states that it covers. The CMS Secretariat will be working closely with the government of India, and all of the range states, to support implementation of this key commitment," she said. Migratory birds require a chain of sites and appropriate habitats, such as wetlands, coastal areas, forests and grasslands to support them during their life cycle. "Throughout their life cycles and migration ranges, migratory birds like other migratory animals depend on a functioning network of habitats across countries and continents to breed, feed and rest. "Ecological connectivity is the unimpeded movement of species and the flow of natural processes that sustain life on earth. It is essential for the survival of migratory species," she said. The loss and fragmentation of habitat are among the key threats to migratory birds across the world. The loss and fragmentation of habitat are also considered to be the greatest threats to biodiversity worldwide with climate change exacerbating these effects. "The Gandhinagar Declaration, adopted at CMS COP13, affirms a commitment to maintaining and restoring ecological connectivity to ensure the long-term survival of migratory species, and calls for ecological connectivity to be included in the post-2020 global biodiversity framework currently under negotiation in the UN," she said. "Migratory birds connect us to nature and they connect us to one another. Their survival depends on each of us -- on each country and each person along their migration path -- taking action to conserve and restore the habitats and ecosystems that they need to survive," added Fraenkel. Increased global action through multilateral environment treaties such as the Convention on Migratory Species (CMS) and the African-Eurasian Waterbird Agreement (AEWA) are essential to protect migratory birds on their international journeys.

Chhattisgarh and Tamil Nadu top Projecx new investment table in Q2FY21

10 Oct, 2020, 11:55AM | Business Standards

Among major states, Chhattisgarh and Tamil Nadu have topped the table when it comes to attracting new investments overtaking Maharashtra, Gujarat, Karnataka and others. According to Projecx Survey data, across the states during July-September 2020 period (Q2FY21) fresh investment proposals increased by 67.2 percent in terms of new projects and by 107.1 percent in terms of projects investment on Q-o-Q basis.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER In all, 2,219 new projects entailing a total investment of Rs 2,19,170.1 crore were announced during this quarter. In the preceding quarter, i.e. April-June 2020 (Q1FY21), the country had seen announcement of 1,327 new projects worth Rs 1,05,817.9 crore. On a Y-o-Y basis, fresh investment during Q2FY21 registered a fall of 11.32 percent. In the first quarter of FY21, such decrease was a steep 72.6 percent. Chattisgarh topped the table by attracting fresh investment of Rs 35,771.3 crore in the form of 114 projects. Tamil Nadu ranked second with 132 new projects worth Rs 23,331.85 crore. The third ranked state, Karnataka, attracted Rs 19,958.9 crore with the highest number of new projects, 287. Gujarat and Maharashtra followed the leaders with fresh investments of Rs 15,532.1 crore and Rs 15,004 crore respectively. The Rs 22,653 crore Bodhghat Irrigation project and a couple of mining projects worth Rs 8,197 crore by South Eastern Coalfields helped Chhattisgarh top the investment table in Q2/FY, while a couple of data centre projects and a solar cell & modules project helped Tamil Nadu to be the second preferred state of project promoters, Karnataka state benefitted by a couple of high-ticket commercial complex and real estate projects and Rs 5,000 crore life science park project of KSIIDC, according to Projecx. The increase in fresh investment proposals; increased tendering activities and a sharp jump in the number of finalised project contracts in Q2/FY21 vis-à-vis the preceding quarter do indicate a bounce back in projects investment activities in India. However, it would be too early to proclaim the return of normalcy in projects investment, according to the survey. The Rs 83,608 crore fresh private investment seen in Q2FY21 was far less than the average quarterly fresh investment of Rs 1,69,000 crore and Rs 1,32,000 crore seen in FY19 and FY20 respectively. The project implementation ratio (projects investment under execution as percentage of total outstanding investment) improved by a tad, from 37.0 percent in Q1FY21 to 37.53 percent in Q2FY21. This indicates that at ground level, project execution has not gained much traction in the second quarter. The pain issues like scarcity of labour, supply chain disruption and liquidity persisted in Q2FY21 too. Though on its part the Central government is doing its best to prop up the sagging economy through various reform measures, it will take a while for actual projects investment to gain pace at ground level. Till that time, the onus of keeping the Projex cycle moving will be on the Central government, which has to step up its infrastructure spending and rope in private promoters in sectors like roadways, railways and construction. This move will not only help in increasing employment opportunities, but would also lay the ground for attracting increased investment from Indian and foreign companies. Among the major sectors, drugs & pharma, healthcare, roadways, e-commerce and social infrastructure will see increased investment in coming months. Sectors like automobiles, steel, cement and capital goods will wait for revival in overall demand before chalking out fresh investment plans. Currently, hard-hit sectors like construction, tourism and aviation will need handholding from the government for posting some sort of recovery in H2FY21. While the good monsoon and increase in agri procurement prices have raised the hope of demand revival in coming quarters, early containment of the Covid-19 pandemic, complete unlocking of the economy and increased government spending will nudge the economy back to the high growth orbit, according to Projecx.

Reboot economy: Rules around TDS and TCS for e-commerce can act as regulatory bottlenecks

10 Oct, 2020, 11:35AM | Economic Times

By Lloyd Mathias The COVID-19 pandemic and the ensuing disruptions have transformed both individuals and businesses in unimaginable ways. The need to maintain social distancing has resulted in digitization emerging the hero. During the lockdown, digitization played a key role in ensuring day to day activities of individuals and businesses did not come to a halt. In a short span of time, households and industries adapted to the "new normal" by adopting technology that has enabled work from home and contact-less services. As economic activity picks up after the lockdown, it is critical to remain invested in digitization to leverage the full potential of this ‘hero’. In other words, both the Government and businesses must look at technology as the bedrock of growth. This approach will prove to be an enabler to solve the next most critical challenge arising from the pandemic - our slowing economy. Boost consumption A key element in reviving the economy is boosting consumption. Experts believe and numbers indicate that private consumption will play an integral role in reviving the economy. Given the current scenario, it is imperative to focus on e-commerce and technological interventions that can help boost demand. During the lockdown, e-commerce played an integral role in keeping the consumption economy running by providing access to goods at a click of a button. This went a long way in supporting individuals and businesses to follow social distancing norms and yet manage groceries, supplies, and work from home essentials, among other things. Thanks to this, the demand engine kept running, keeping sellers and manufacturers afloat. For businesses and MSMEs , it is imperative to use this transition to e-commerce as a primer for catering to economies of scale. Some businesses, especially MSMEs, are increasingly viewing e-commerce as a conduit to reach a wide swathe of customers across geographies. Riding the e-commerce wave helps them do this without the need to invest in their own sales, business development and logistics. It is now critical that a strategic approach factoring in e-commerce is undertaken to ensure the widespread adoption. This will enable players across value chains from manufacturers to sellers to tap into a pan India consumer base. The government, in the past few months, has made strategic efforts towards this and has announced its intention to support MSMEs. In addition to the Finance Minister’s announcement of a slew of incentives to help ease the financial burden and increase liquidity, the recent past has also seen the government partner with private e-commerce companies to help revive local art, handicrafts, and handlooms. As a result of these initiatives, several MSMEs are getting an opportunity to be showcased and sold online; they are also able to tap latent demand. However, there is more that needs to be done to create a facilitative environment to enable this transition. Remove bottlenecks To truly realize the potential of the e-commerce wave, minor bottle necks need to be removed. For example, the Tax Deducted at Source ( TDS ) requirement levied on the manufacturer selling on online platforms and the Tax Collected at Source levied on e-commerce platforms is likely to result in restricting working capital further. This is likely to add to the existing financial crunch faced by MSMEs who operate on minimal margins. Such an additional burden may also discourage MSMEs from participating in e-commerce transactions and deter many from embracing this transition. The recent consumer protection rules, which are much-needed steps in the right direction, safeguard the interests of consumers and buyers. However, there is a need to look into them to prevent the rules from becoming a burden for sellers. One such provision necessitates the appointment of a grievance officer by sellers selling goods through an e-commerce marketplace entity and ensuring that consumer complaints are addressed within stipulated timelines. A provision like this is difficult for small businesses to execute, especially at a time where resources are limited, and finances are crunched. Small businesses are the most vulnerable, and these range from artisans to small manufacturers who may not be in a position to comply. More importantly, e-commerce entities are in any case mandated to appoint a nodal person of contact to address grievances and this should be able to address issues that may come up. Another such provision is the mandatory requirement to assign country of origin tags to all listed products on e-commerce. While the intent of the government to ensure transparency and boost consumer awareness is welcomed, such a provision is tough to implement and comply with. Assigning such liability is difficult in a scenario where there are blurred lines of distinction between the country of manufacture of the final product and the country of origin for the product. The right time to act With MSMEs pinning hopes for a revival of demand during the festive season, the time is ripe for the government to address these hurdles to enable a boost in consumption and discretionary consumer spend. The upcoming festive season will be an inflection point for us to revive demand. Various reports suggest that e-commerce companies are gearing up by onboarding kiranas and increasing their employee base in anticipation of high demand during the season. Increasing consumption is the starting point; it will lead to more demand; demand will pave the way for more investments, which will, in turn, lead to higher employment. This will enable more spending power and put the money back into the economy. Now is the right time to act. Lloyd Mathias is a Business Strategist and an early stage Investor.

IBM split won't impact Indian operations, says CEO Arvind Krishna

10 Oct, 2020, 12:12AM | Business Standards

As IBM splits into two companies globally, separating the heritage IT infrastructure-managed services business from the futuristic hybrid cloud and AI piece, Arvind Krishna, Indian-born chief executive officer (CEO) of the technology major, has said the split will have “no material impact” on its Indian operations and structure while it unlocks enough potential in the country in both the spaces. The separation, he said, would come into force in the second quarter of 2021, creating two companies globally as well as in India with different heads.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER “We will have two entities in India but it will take a year to play out. I expect most people to find a place in one or the other (company),” said Krishna, who succeeded Ginni Rometty as CEO in January this year. “We have not done the full employee split but close to 100 per cent of our clients get touched by our infrastructure-managed services employees. Maybe about one-third to one-fourth of our India employees will be part of the new company.” Unlike many global technology companies, IBM is uniquely positioned in India, which is not only a large market for the Big Blue but also houses a big chunk of its global employee base. Over 33 per cent of IBM’s global workforce of around 380,000 are estimated to be located out of India. The technology major, which reported revenues of Rs 26,542 crore from the Indian market in FY19, counts several large banks including the State Bank of India (SBI) and Bank of Baroda, and telcos such as Bharti Airtel and Vodafone among its clients. Krishna said the company saw huge opportunities in the hybrid cloud space, where the company is uniquely positioned as compared with Microsoft and AWS. Two of the largest telecom operators in the country, including Airtel and Vodafone, he said, are using its platform while SBI has partnered it for the cloud transformation of its banking app Yono. “People have to work in an environment that involves both public and private clouds, and we believe that we have the best answer (for that) that is based on open technology. It allows you to run (your data) anywhere and when you run across multiple environments,” said Krishna, who graduated from IIT-Kanpur and has a PhD from University of Illinois. He has been with IBM since 1990. The CEO said he expected the firm’s India footprint to grow stronger both in its services as well as software and R&D business. “As our business expands in services, there will be opportunities for employment, promotions, skills, and interactions with university and all of that.” With the separation of two businesses, IBM expects the hybrid cloud and AI-focused company would target $1 trillion while managed infrastructure will also continue to grow with a $500 billion market opportunity.

With $3 billion on the line, expect NFL games to continue despite Covid-19 outbreak

09 Oct, 2020, 11:20PM | CNBC

Ryan Tannehill #17 of the Tennessee Titans passes the ball in the first quarter against the Minnesota Vikings at U.S. Bank Stadium on September 27, 2020 in Minneapolis, Minnesota.Stephen Maturen | Getty Images This was expected.The National Football League is now experiencing a pandemic crisis sparked by Covid-19 outbreaks that started with the Tennessee Titans. And like Major League Baseball, outside skepticism is starting to intensify whether the league will complete its pandemic season.After more than 20 positive tests by members of the Titans, who are now the "Miami Marlins" of professional football, the NFL has reviewed a number of its pandemic safety protocols threatening fines and draft picks if violations continue to occur.According to people familiar with the situation, the investigation about whether or not members of the Titans violated the league's Covid-19 protocols is nearly complete, but its findings haven't been made available. The people added they expect the NFL to issue its discipline in a matter of days. The individuals agreed to discuss the matter on the condition of anonymity due to the sensitivity of discussing personal health matters.Â The Titans' practice site remains closed, and the club's upcoming game against the Buffalo Bills will be played on Tuesday at 7 p.m. Eastern time.Â A similar investigation into the New England Patriots is still in progress after players, including star quarterback Cam Newton, tested positive for Covid-19. Newton's results prompted the rescheduling of the team's contest against the Kansas City Chiefs, and with additional positive tests, the NFL moved the Patriots' Week 5 game against the Denver Broncos to Monday at 5 p.m. Eastern.If players are found to have violated the guidelines, they could face a $50,000 fine for the first error. A second violation could be more costly as players could be faced with "conduct detrimental to the team" violations. And that could void massive guarantees in some contracts depending on the deals' structure.Â In a memo to clubs on Monday, NFL Commissioner Roger Goodell confirmed the "breaches to the protocols" and reminded players and team personnel that "compliance is mandatory." Teams and coaches have already been issued fines for not wearing masks on the sidelines during games.But will the fines and threats work? And can the NFL learn anything from MLB, which is on the verge of completing its season with the World Series scheduled for this month in Texas?Â Gil Fried, an expert on stadium safety and risk management and professor at the University of New Haven, said time is the remedy."Time gives us opportunity to learn more and to do things that we might not have done previously," Fried said. "As every day progresses, we learn more. We develop better drugs and have learned so much over the last eight months. Yes, we have a lot of people who are still messing up, but you expect that."Fried said he's concerned with the latest outbreak and warned the NFL can't get "complacent," especially with fears of a second wave of the virus this fall and winter."Every league is trying to figure out what is the best way to move forward knowing that we are human beings, and human beings have all of our flaws," Fried said. "We can make as many rules as we want â have distance, monitoring devices that we have to wear, all those types of things, but people are people."The University of New Haven had its own Covid-19 outbreak recently following a large gathering last weekend."People get complacent as time goes on, and while we're seeing an uptick across the country, we've got to figure out will sports still be safe to play," Fried said. Tightening protocolsÂ According sources, the National Football League Players Association (NFLPA) held a conference call on Wednesday night with players' representatives to discuss the outbreaks. The NFLPA reminded members of the roughly $3 billion in salary that would be lost should the league fail to finish the 2020 season.Prominent NFL agent Chafie Fields, an executive vice president at Wasserman, said he constantly informs his clients about the importance of following the league's Covid-19 protocols to avoid more outbreaks and put players in position to conclude the 2020 season."Not only that, but also making sure that they understand the veterans on teams, they have to be the ones to hold young guys accountable because I don't foresee a lot of the older guys taking it for granted," Fields told CNBC.Fields' clients include Dallas Cowboys wide receiver Amari Cooper andÂ Chris Harris Jr., cornerback of the Los Angeles Chargers."I'm talking to every one of those guys so they can be accountable for not only themselves but holding the younger guys accountable too so they can understand the importance [of following guidelines]," he added.According to the NFL's latest Covid-19 testing report, as of Wednesday, 37,002 tests were provided to 7,981 people. The test revealed 11 confirmed cases among players and 15 cases among "other personnel."Following the Titans' first outbreak, Goodell said Covid-19 protocols were reviewed and adjusted. The changes include:Longer waiting periods for free agent tryoutsLimited number of player tryouts per weekA complete ban on gatherings outside of club-related meetingsÂ Installing a leaguewide video monitoring system to ensure protocols are followed, mainly protective coverings while players and team staff are inside team facilities and traveling to and from games."We also discussed additional steps to minimize risk: consider holding all meetings virtually, wear masks or shields during practices and walk-throughs, decrease the size of the traveling party, reduce the time spent in lunchrooms and locker rooms and consult the proximity tracking device information daily to identify areas where your club could eliminate close contacts," Goodell said in the memo.The NFL did not respond to a CNBC request to discuss updated protocols.Â But even with the league revising its precautions, concerns about the uptick in Covid-19 cases in NFL cities are a more significant threat to the league's ability to finish the season even if NFL outbreaks decline.According to a CNBC analysis of data compiled by Johns Hopkins University, Covid-19 cases in the U.S. have increased to more than 40,000 per day with states like Wisconsin, where the Green Bay Packers play, among the hot spots. People walk around the International Hotel Grand Hyatt during the outbreak of the COVID-19 pandemic on May 21, 2020 in New York City.VIEW press | Corbis News | Getty Images Time for an NFL bubble? It's one reason there have been rumblings about an NFL bubble. The football version of a bubble suggests players staying at hotels during the season. The NFL would need approval from the NFLPA, which, as of now, is unlikely, sources said.But that could change once the postseason arrives."I have no problem with that model," Fried said when asked about an NFL bubble. He added, "it's an easier way to monitor what is going on. If you have everyone scattered all over the place, it's a lot harder to monitor that and to impose rules to make it safer for everyone."But there are challenges to creating a football bubble. One issue is the ability for teams to have proper recovery equipment located on nonteam premises. Fried said the quality of play could be impacted should players be removed from the current environments.Â "I just think about when you're traveling and how that impacts your ability to sleep and things like that," he said. Fried added a move to banish teams, similar to Major League Soccer's decision after its Covid-19 positive tests, "could result in a backlash."But with billions at stake, Fried said he expects the league to finish its season though outbreaks may continue.Also, the economic fallout of canceled games would further harm the league's revenue. NFL league office employees have accepted pay reductions, and teams went through layoffs as some games continue with no spectators. The NFL can't afford to sacrifice its TV revenue, which pays the league roughly $7 billion per season.Â "They're looking at it as if they don't [play], what can be the broader impact and will that impact the league going forward," Fried said. "The NFL has to protect itself from the potential future harm that it might have and the broader economic benefits that might accrue to everyone." VIDEO8:0808:08BioReference Labs says it has run nearly 600,000 virus tests for NBA, NFLMad Money with Jim Cramer

Odisha govt approves investment proposals worth over Rs 1,851 crore

09 Oct, 2020, 11:05PM | Business Standards

The Odisha government on Friday approved investment proposals worth over Rs 1,851 crore in metal and cement sectors, which would likely to generate employment opportunities for 1,624 people. The projects got the go-ahead at a State Level Single Window Clearance Authority meeting chaired by Chief Secretary A K Tripathy.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The SLSWCA gave its in-principle approval to five planned projects including a 2-mtpa (million tonne per annum) pellet and grinding plant by Narbheram Power and Steel Pvt Ltd and expansion of a facility by Viraj Steel and Energy Pvt Ltd. The pellet and grinding unit will be set up in Joda in Keonjhar district at an estimated investment of Rs 350 crore, while the capacity of the integrated steel factory in Gurupali of Sambalpur district will be expanded from 0.1 mtpa to 0.3 mtpa at a cost of Rs 261 crore. BR Sponge and Power Ltd also received the green signal for the expansion of its plant in Tumkela in Sundergarh. In cement sectors, approval was granted for Nu Vista Ltd to expand capacity of its grinding unit from 1.5 mtpa to 2 mtpa in Kalinga Nagar in Jajpur district at an estimated investment of Rs 598.62 crore. The proposal of OCL India Ltd to set up a 2.5-mtpa cement grinding unit in Biswali in Cuttack with Rs 441.43 crore investment was also approved. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

One-third of IBM staff in India may be moved to new infra services biz: CEO

09 Oct, 2020, 09:25PM | Business Standards

About one-third of IBM's employees in India could be moved to the managed infrastructure services business unit that will be spun off as a separate company to accelerate the tech giant's cloud growth strategy, its CEO Arvind Krishna said. On Thursday, the 109-year-old IBM announced spinning off its managed infrastructure services unit into a new public company that has been temporarily named NewCo. The separation is expected to be completed by the end of 2021.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The move is aimed at helping IBM, often referred to as 'Big Blue', focus on accelerating its hybrid cloud growth strategy and drive digital transformations for its clients. "We are redefining IBM for the future. In doing so, we are creating two market leading companies...I'm very proud of the footprint we have in India, which will continue...We will have two entities in India at the end of this, not one, but that is going to take a year to play out. And I would expect that people will find a place in one or the other," Krishna told reporters on a call. The first company, IBM, would focus on hybrid cloud and artificial intelligence, allowing it to tap into the trillion dollar total addressable market (TAM) as created by hybrid cloud, he said. The second company will be a managed infrastructure services company, which will focus on service delivery excellence and automation that has a total addressable market of USD 500 billion. "We do believe this will unlock growth for both and will return IBM to sustainable mid-single digit growth in the medium term," he added. Asked about the impact on India operations, Krishna said IBM is a globally integrated company and there are many services that are delivered from India and other centres concurrently. "Close to a 100 per cent of our clients get touched by our infrastructure managed services employee centred competencies, practices in India...I'm going to guess maybe about a fourth or third of our employees (in India) would be part of the new company," he said. IBM had around 383,000 employees at the end of 2019. While the company does not provide country-specific headcount, India is estimated to have well over 100,000 employees. Krishna did not comment on which of the two units IBM India and South Asia Managing Director Sandip Patel would join. He said together with its partners (including Tech Mahindra), IBM will tap into the the opportunity of digitisation and cloud transformation. He noted that the business opportunity for IBM is USD 1 trillion of TAM that is roughly split as USD 350 billion of services, USD 450 billion of software or platform as a service, and about USD 230 billion on infrastructure. "As our business expands and services, I fully expect there to be opportunity for employment, promotion, skills, interaction with universities, and all of that. We are very proud of our ability to be able to hire so many talented people in India, and that I expect will grow in proportion to the service opportunity," he said when asked about the opportunity in the Indian market. He noted that IBM has a very large R&D presence in India as well. "...as our opportunity begins to grow in the next part on the software piece, then I expect there to be opportunity for our people in India in both employment skills, growth as well as taking those skills back into the local market...Third, on infrastructure, that may be less direct but there is a lot of support that goes on infrastructure also and a lot of our teams there are based out of India," he said. According to IBM, the new company will entirely focus on managing and modernising client-owned infrastructures, a USD 500 billion market opportunity. It will leverage IBM's expertise to offer hosting and network services, services management, infrastructure modernisation, and migrating and managing multi-cloud environments that are critical services, core to client operations.

Honda H’ness first impression: 5 key highlights

09 Oct, 2020, 08:47PM | Times Of India

NEW DELHI: Honda H’ness CB350 has entered the Indian market with a price tag of Rs 1.85 lakh (ex-showroom). With this motorcycle, Honda forays into a segment that has been massively dominated by Royal Enfield . Currently, Honda H’ness CB350 faces direct competition from the Royal Enfield Classic 350 and the Royal Enfield Bullet 350. And soon, the Japanese retro-cruiser will have the upcoming Royal Enfield Meteor 350 competing with it. Up against a giant H’ness CB350 is quite a decent offering with the classic Honda CB DNA that has to offer everything from timeless looks to some first-in-segment features. Honda foraying into the retro-cruiser segment couldn’t have been any better. But is H’ness really enough to take down an entire empire? Royal Enfield has been dominating the market since even before retro-cruisers became the talk of the town. And it doesn’t stop there. Honda H’ness is not just pitched against two RE motorcycles, but two iconic 350cc motorcycles in the Indian market. It will be interesting to see how the new comer manages to disrupt Royal Enfield’s market with its fresh looks in the segment and the advanced features it has to offer. Shiny price tags Honda H’ness CB350 boasts a price tag of Rs 1.85 lakh (ex-showroom) and goes up to Rs 1.90 lakh (ex-showroom). On the other hand, the Royal Enfield Classic 350 starts at Rs 1.61 lakh (ex-showroom) and goes up to Rs 1.86 lakh (ex-showroom) depending on the ABS channels and colour schemes. The Bullet 350 costs very economical at Rs 1.27 lakh (ex-showroom) for the kick start variant and Rs 1.42 lakh (ex-showroom) for the electric start variant. Although, the price tags of both the Royal Enfield motorcycles appear to be generous, the Honda H’ness CB350 does have something new to offer with its price tag. We’re used to seeing the Royal Enfield design and styling for years and to counter that, Honda has come up with its own new touch to a café racer. And when it comes to technology, Royal Enfield is still a bit old-school. Honda, on the other hand, plans to bring the missing touch of technology in the retro cruiser segment too. Suitable ergonomics The Honda H’ness CB350’s height is 1107 mm compared to RE Classic 350 at 1090mm and RE Bullet 350 at 1120 mm. And the saddle height of all the 3 rivals remains the same at 800 mm. Bullet 350 has earned its reputation for offering one of the best riding ergonomics for both long-range and short-range rides. With H’ness CB350’s dimensions closer to the RE icon, it can be expected that the Japanese motorcycle will offer similar comfort. One reason why the H’ness could get an upper hand here is because of its longer wheelbase. The Honda H’ness CB350 boasts a wheelbase of 1441 mm which is larger by a small margin compared to the RE Classic 350 at 1390mm and RE Bullet 350 at 1395mm. Longer wheelbase usually results in better ergonomics but that can only be decided after we test the motorcycle out. Engine specifications The Honda H’ness CB350 is powered by 350cc single-cylinder, air-cooled engine with PGM-FI tech delivering 21 PS of power and offering a peak torque of 30 Nm. The RE Classic 350 comes with a 346cc single-cylinder, air-cooled, fuel-injected engine delivering 20.7 PS of power and 28 Nm of maximum torque. The RE Bullet 350 is powered by the same engine as its cousin. With almost similar specs, the competition is neck-and-neck between the three. But H’ness gets a marginal advantage because of the first-in-segment features Honda Selectable Torque Control (HSTC) and the assist and slipper clutch for enhanced performance. Cycle parts Honda H’ness CB350 is trying to stay ahead of the curve with the new tech features like the selectable torque, Honda Smartphone Voice Control System (HSVCS), advanced digital-analogue speedometer with a lot of real-time stats. But apart from all this, H’ness also comes with a dual-channel ABS with a 310mm disc brake up front and a 240mm rear disc ensuring maximized safety. The chrome-plate dual horn is also a fresh design element in the segment. The half-duplex cradle frame in steel pipe gives the H’ness a soft steering feel. The engine mounted at a lower position lowers the center of gravity, enhancing the riding feel and the maneuverability of the motorcycle. The additional segment-first features like engine start/stop button, hazard switch make the Honda H’ness a very unique offering in its segment. The Honda H’ness impresses with its looks, features and technology at the first sight. But the real potential of the motorcycle can only be understood when it is tested on the roads. The Honda H’ness will be sold through the automaker’s Big Wing network and should be available for delivery starting from Navratri.

Richard Branson, John Chambers bringing Hyperloop, and millions, into Appalachia's poverty-stricken region

09 Oct, 2020, 08:38PM | CNBC

The Virgin Hyperloop project is aiming for safety certification by 2025, with commercial operations beginning in 2030.Virgin Hyperloop West Virginia has received a much-needed tech economy boost with Richard Branson's Virgin Hyperloop plans to open a certification center and testing track in the state for its transformative transport technology. The plans were debuted in Charleston today by Virgin Group's Branson, a strategic investor and partner in Virgin Hyperloop, and his equally influential friend, former Cisco CEO and JC2 Ventures founder John Chambers."Today is one of the most exciting days in Virgin Hyperloop's history," said Sir Richard Branson, founder of the Virgin Group, in a release. "The Hyperloop Certification Center is the start of the hyperloop journey for West Virginia, for the United States, and for the world. We're one step closer to making hyperloop travel a reality for people everywhere.""West Virginia failed to disrupt itself and was left behind when the coal mines and chemical producers closed," said Chambers, a native of West Virginia, who is spearheading several philanthropic and investment efforts to revitalize the state with tech start-ups and venture capital, including through his VC firm. "The state needs a renewed focus on innovation to drive job creation and economic growth and create a tech ecosystem that will grow startups," Chambers said.As one of his initiatives, his alma mater, West Virginia University in mountainous Morgantown, is getting ready to debut a new $100 million business school building next July on the Monongahela riverfront. The facility is an extension of the John Chambers College of Business and Economics established with a Chambers donation in 2018 to spur entrepreneurship in Appalachia.Â Â John ChambersKatie Kramer | CNBC The state got another lift this week from another Silicon Valley tech icon, former Intuit CEO Brad Smith. He has donated $25 million to fund a program to recruit tech talent to the often overlooked Mountain State. "We are dreaming big and some might be very surprised by the transformations we're making and the quality of life here with mountain biking, hiking, fishing and white water rafting," said Smith, who is from the tiny town of Kenova, West Virginia. Plans are to launch the program by early 2021 with applications from out-of-staters looking to apply their tech talent, work remotely and change their lifestyle.A graduate of Marshall University in Huntington, Smith previously donated $10 million for scholarships at his alma mater Marshall University and gave $25 million to its college of business renamed the Brad D. Smith Center for Business and Innovation. His initiatives look to instill an entrepreneurial culture in West Virginia, and he's invited such tech leaders as Sheryl Sandberg to speak to local students (though Covid-19 has delayed those plans) and has organized startup pitches at the university. "We believe these investments and efforts will advance the state's efforts to become a start-up state," Smith says. A state in transition Besides Chambers and Smith, another Silicon Valley tech icon is helping to jumpstart West Virginia. Former Oracle CEO and Kleiner Perkins partner Ray Lane gave $5 million in 2000 to West Virginia University to support its Department of Computer Science and Engineering. Â Efforts by these leading tech executives and founders could help to revive Greater Appalachia, and test if philanthropy can reboot former Rust Belt areas. West Virginia University of Technology campus in Beckley, W. Virginia.Google Earth Over the past two to three decades, the Appalachian region has struggled with job loss, drug addiction and poverty as the coal mines and factories closed due to offshoring, increased imports and new energy sources. West Virginia lost more than 32,700 jobs from 1994 to 2018, according to the Bureau of Labor Statistics. Manufacturing made up 13.1% of jobs in West Virginia in 1990, but by 2017, accounted for only 6.1%. Mining and logging jobs fell from 5.4% of state employment to 2.7% in the same time period.Â Roughly 16% of the state's 1.8 million people live in poverty, compared with 10.9% nationally, according to statistics from the U.S. Census Bureau. Moreover, only 20% of West Virginians have a bachelor's degree, the lowest level in the U.S., Census Bureau figures show. During the pandemic, West Virginia's unemployment rate hit 15.9% in April 2020, above the national average of 14.7%, but improved to 8.9% in August, according to the Bureau of Labor Statistics, as businesses started reopening as early as May.Virgin Hyperloop said in a release that beyond progressing hyperloop regulatory and commercial goals, the certification center will create thousands of new jobs across construction, manufacturing, operations, and high-tech sectors. Despite President Trump loosening environmental regulations on the coal industry, production and jobs in the sector are declining.Getty Images The state has been the heart of coal country, but that's slipping. Despite President Trump loosening environmental regulations on the coal industry, the U.S. Energy Information Administration finds production dropped to its lowest level in 41 years in 2019 in a shift to cheaper and renewable sources of energy such as natural gas.Â As many as 52,805 work in coal mines nationally, with 13,998 in West Virginia in 2019, according to the energy information source.The Mountain State needs entrepreneurial energy, high tech talent and venture capital spending to regain from its losses. But while signs of a rebound are surfacing and some sandboxes are emerging in life sciences, data centers and cybersecurity, there is still a long way to go.Only one start-up in West Virginia got venture funding in 2019 for a total of $200,000, statistics from the National Venture Capital Association show. On the high side, California recorded 3,870 venture deals closed totaling $65.6 billion in 2019. Venture capital moving from Silicon ValleyÂ AOL founder Steve Case who today leads Revolution Ventures has stepped in to help fill the gap. Since 2017, his two Rise of the Rest funds have backed 130 early-stage start-ups in Middle America, focusing on overlooked hubs.He points to the pandemic as leading venture investors to source deals outside the usual stomping grounds of Silicon Valley, Boston and New York, which comprise 75% of $133 billion in venture funding nationwide. He's also led busloads of coastal venture investors on eight tours of the heartland since launching these Mid-America start-up scouting trips in 2014, though the tours haven't made it to West Virginia yet.The trend toward remote working and a backlash against the high living costs and congestion are making Silicon Valley lose its appeal and leading to a redistribution of talent. A poll of 3,300 Bay Area tech workers by workplace app Blind found that 15% have relocated since Covid-19 began, and most don't plan to return."A lot of anecdotal evidence gives me confidence that we will reach a turning point, and the trend of venture capital concentrated in Silicon Valley will finally reverse," says Case, beating the drum of his Rise of the Rest agenda. "The rising costs and the beginnings of a Silicon Valley backlash, coupled by the multi-billion-dollar IPOs and acquisitions we've seen recently in rising cities, leads me to predict that the Rise of the Rest is a trend whose time has come."Â A man pauses in an alley on May 18, 2017 in Morgantown, West Virginia.Getty Images Pioneering investor, Mountain State Capital in Morgantown, recently raised a $20 million new fund to back tech start-ups in central Appalachia. Co-founder and managing director Mike Green, who had worked for Silicon Valley start-ups and is originally from New York, found that the lifestyle and culture in West Virginia suited him. "Lakes, mountains, good quality air and enjoyable lifestyle. What was lacking was capital," he said. Â "I went on a mission to initiate a start-up culture," he added, noting that of 13 investments he's made in the region, five are in West Virginia. Â He chairs a West Virginia Investment Fund pooling accredited investors and has become a member of an angel investor alliance that compares deal flow weekly. Â Â Â Â One of his recent venture investments at Mountain State Capital is Serucell, a rejuvenating skin serum invented by plastic and reconstructive surgeon, Dr. Tom McClellan, and manufactured in West Virginia. "I wanted to have a big impact in a small place," said McClellan, who has a lab in Morgantown and holds 35 patents.Â Â Â To bolster a tech economy, the state is working on improving access to broadband internet in the mountainous and largely rural state, which ranks "in the bottom tier or dead last" with a penetration rate of 85% compared to a national figure of 93.5%. The West Virginia State Broadband blueprint is a call to action to bring fast, reliable and affordable wireless connections statewide.Â Another tech booster is West Virginia Forward, a collaboration of West Virginia University, Marshall University and the state's Department of Commerce to strengthen and diversify the region. One of their projects is the hiring of consulting company McKinsey & Co. to outline the state's inherent strengths such as auto parts assembly, aerospace maintenance, and new sectors including life sciences, cybersecurity and cloud services. Getting Virgin Hyperloop to plant roots in West Virginia is a step toward reaching a goal of becoming a start-up state. Â Virgin Hyperloop has done initial R&D work at a test site in Nevada since 2017.Â West Virginia is the first Hyperloop certification facility. Several urban areas and regional corridors in the U.S. are considering the technology for future transportation projects, including North Carolina's Research Triangle, Chicago, Columbus, Ohio, Pittsburgh, Missouri and Texas.Â In July 2020, the US Department of Transportation and the Non-Traditional and Emerging Transportation Technology Council released guidance onÂ a regulatory framework for hyperloop in the United States. Virgin Hyperloop says its aim is to achieve safety certification by 2025, with commercial operations beginning in 2030.Â âByÂ Rebecca Fannin, special to CNBC.comThis story has been updated to reflect that Sheryl Sandberg was invited by former Intuit CEO Brad Smith to speak to students in West Virginia, but Covid-19 delayed that engagement. VIDEO4:1904:19Transporting people at 600 mph on Hyperloop One is 'too exciting': Richard BransonSquawk Box

Adani Gas cuts CNG, PNG prices amid reduction in natural gas rates

09 Oct, 2020, 07:59PM | Business Standards

Adani Gas on Friday cut CNG and piped cooking gas prices in various geographical areas in sync with the recent reduction in natural gas rates. Rates have been reduced in Uttar Pradesh, Haryana and Gujarat, the company said in a statement.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER CNG price has been reduced by Rs 1.75 per kg in Khurja in Uttar Pradesh to Rs 52.60 and that of piped cooking gas (PNG) to Rs 25.72 per cubic meter from Rs 26.83. In Haryana's Mahendragarh and Faridabad, CNG price has been cut by Rs 1.70 and Rs 1.60 per kg, respectively. The reduction in Ahmedabad/ Vadodara areas in Gujarat is Rs 1.31 per kg, the firm said. "With the reduction in the already attractive CNG prices, consumers shall now accrue much higher savings as compared to petrol and diesel (up to 50 per cent savings over petrol in some Geographical Areas)," Adani Gas Ltd (AGL) said. This, it said, will also encourage all residents in geographical areas where AGL operates, to convert their vehicles to environmental- friendly CNG and contribute to reducing carbon footprint. The reduction in domestic PNG prices is Rs 1.11 per standard cubic meter (SCM) in Faridabad, Palwal & Khurja and Rs 1.0 per SCM in Ahmedabad and Vadodara Geographical Areas. Adani Gas has city gas distribution network in Ahmedabad, Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh. Additionally, it has commenced commercial operations in several areas allotted under recent city gas licensing rounds. These include Porbandar, Kheda, Surendranagar, Barwala, Navsari in Gujarat, Udaipur in Rajasthan, Bhind in Madhya Pradesh, Jhansi in Uttar Pradesh and Palwal in Haryana. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Huawei ousted from heart of EU as Nokia wins Belgian 5G contracts

09 Oct, 2020, 07:51PM | Business Standards

Orange and Proximus have picked Nokia to help build 5G networks in Belgium as they drop Huawei amid US pressure to exclude the Chinese firm from supplying key telecoms equipment. The moves are among the first by commercial operators in Europe to drop Huawei from next-generation networks and come after months of diplomatic pressure from Washington, which alleges Huawei equipment could be used by Beijing for spying.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The Belgian capital Brussels is home to the NATO alliance and the European Union's executive and parliament, making it a matter of particular concern for US intelligence agencies. "Belgium has been 100% reliant on Chinese vendors for its radio networks - and people working at NATO and the EU were making mobile phone calls on these networks," said John Strand, an independent Danish telecoms consultant. "The operators are sending a signal that it's important to have access to safe networks." The United States welcomed the decisions by Orange Belgium and Proximus, which have a network sharing agreement. "This is the latest example of evaporating Huawei deals and further confirmation of this worldwide momentum towards trusted vendors," said Keith Krach, the US undersecretary at the State Department for economic growth, energy and the environment. Huawei, the world's biggest telecoms equipment supplier, strongly denies the US allegations and has been highly critical of calls to ban it from 5G contracts. However, it said on Friday it accepted the decisions by Orange Belgium and Proximus, which confirmed an earlier Reuters exclusive. "This is the outcome of a tender organised by operators and the result of the free market," a Huawei spokesman said. "We embrace fair competition, the more diversified a supply chain the more competitive it becomes," he said, adding Huawei had been supplying equipment in Belgium for more than a decade and its commitment remained unchanged. The decisions leave Liberty Group's Telenet as the only mobile carrier in Belgium yet to say which supplier it will use for its next mobile networks. Telenet currently relies on equipment made by China's ZTE, and plans to announce its 5G decision in the first half of 2021, a spokeswoman said. Closer Scrutiny The deals to supply radio gear to Orange Belgium and Proximus are a boost for Nokia, which struggled to make headway in the 5G market earlier this year even as Huawei was under pressure. "I have tried to become RAN (radio access network) supplier to Orange Belgium since 2003 when the company was still Mobistar. Here we are, finally," tweeted Tommi Uitto, president of Nokia Mobile Networks. The companies did not disclose a value for the contracts. Nokia shares were up 3% in afternoon trading. Orange Belgium and Proximus said Ericsson would supply the core of their 5G networks, a smaller slice of business. EU members have been stepping up scrutiny of so-called high-risk vendors. This subjects Huawei's governance and technology to critical examination and is likely to lead other European operators to strip it from their networks, analysts say. Nokia and Ericsson have been the main beneficiaries of the challenges facing Huawei. From Bell Canada and Telus Corp in Canada to BT in Britain, the Nordic companies have been grabbing market share from the Chinese firm. Separately, Nokia said it had won a contract to provide data management software to Telefonica UK, which said the Finnish firm would replace the less than 1% of Huawei kit in its network. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Novel coronavirus can survive on skin for 9 hours: Study

09 Oct, 2020, 06:58PM | Times Of India

NEW DELHI: The SARS-CoV-2 virus, which causes Covid-19, may linger on human skin for nine hours, much longer than the flu viruses can, according to a study. The influenza A virus (IAV), in contrast, remained viable on human skin for nearly two hours, said the researchers including those from Kyoto Prefectural University of Medicine in Japan. The study, published in the journal Clinical Infectious Diseases , found that both the viruses were rapidly inactivated on skin with a hand sanitiser . The finding underscores the importance of hand washing or using a sanitiser to prevent the spread of Covid-19. The researchers noted that the stability of SARS-CoV-2 on human skin remains unknown, considering the hazards of viral exposure to humans. "We generated a model that allows the safe reproduction of clinical studies on the application of pathogens to human skin and elucidated the stability of SARS-CoV-2 on the human skin," the researchers wrote in the journal They evaluated the stability of SARS-CoV-2 and IAV, mixed with culture medium or upper respiratory mucus, on human skin surfaces. The researchers also evaluated the disinfection effectiveness on skin of 80 per cent ethanol against SARS-CoV-2 and IAV. The study found that SARS-CoV-2 and IAV were inactivated more rapidly on skin surfaces than on other surfaces such as stainless steel, glass and plastic. The survival time was significantly longer -- 9 hours -- for SARS-CoV-2 than for IAV (1.82 hours), according to the researchers. "The nine hour survival of SARS-CoV-2 on human skin may increase the risk of contact transmission in comparison with IAV, thus accelerating the pandemic," the researchers wrote in the journal. "Proper hand hygiene is important to prevent the spread of SARS-CoV-2 infections," they said.

HSBC calls start of a 'great rebalancing' as the global economy enters a flatter stage of the recovery

09 Oct, 2020, 06:56PM | CNBC

Traders work on the floor at the New York Stock Exchange, March 2, 2020.Brendan McDermid | Reuters LONDON â A "great rebalancing" of investor portfolios away from core government bonds and a "coupon clipping environment" for markets are coming into view in the fourth quarter, according to HSBC Global Asset Management.In its quarterly outlook report, HSBC characterizes the global economy as entering the second, flatter, phase of a two-stage "swoosh-shaped" recovery in which growth is set to moderate.Mobility data indicates that the speed of recovery slowed in the third quarter and the previous strength in consumer spending is also starting to slow, Global Chief Strategist Joseph Little highlighted in the report published Friday, adding that any further recovery is more reliant on services sector spending, which remains compromised by social-distancing measures."Meanwhile, Covid-19 is still with us, unemployment rates are abnormally high, and savings ratios are elevated. All of these factors tell us that we face a prolonged phase of low output ahead," Little said.Â HSBC's working assumption is that the economy will be operating at 90-95% of pre-Covid-19 levels over the next six to 12 months, and Little said the market needs to adapt to this new reality."We think it implies a new, range-bound scenario and, for investors, a focus on carry and income â which we describe as a coupon clipping environment," he said. A coupon usually refers to the annual interest rate paid on a bond, with "coupon clipping" referring to investors collecting these interest payments as the bond matures."Going forward, investors need to be realistic about the investment returns that are achievable from here," Little said.The greatest downside risk to these assumptions, Little anticipates, is the outlook for policy support. Governments and central banks have already deployed historically large quantities of fiscal and monetary stimulus in a bid to shore up their economies from the long-term effects of the pandemic."While significant fiscal space remains due to low inflation and low bond yields, it seems increasingly likely that fiscal support in developed markets will be withdrawn prematurely, due to a combination of stimulus fatigue, conventional thinking about the deficit and political gridlock," Little suggested.Â He added that this risk will vary from country to country, with the U.S. in an advantageous position having already made some progress toward its second fiscal package. VIDEO1:0701:07Money manager recommends 2 clean energy stocks if Biden winsStreet Signs Asia The 'great rebalancing' Offering positive returns and negative correlations to equities, government bonds have been one of the most useful asset classes to own over the past decade, but Little suggested that low yields and a shift in macroeconomic policy beyond interest rates should bring about a "great rebalancing" of investor portfolios away from core sovereign debt.Within traditional asset classes, he said portfolio resilience could be built by diversifying into inflation-linked bonds and some commodities, like gold.Â "Alternative strategies, which have progressively been taking up a larger proportion of institutional strategic allocations, are another attractive option," Little said."Although returns of strategies that offer low beta to equities, low duration, and moderate volatility have been low in recent years, poor prospective returns on government bonds favour the increase of the allocation to liquid alternatives."Beta is the measure of volatility or systematic risk associated with a particular security or portfolio.Current macroeconomic headwinds and an environment of persistently low returns could offer long-term investors an entry point into illiquid alternatives such private equity and venture capital, Little suggested. In particular, he highlighted opportunities in funds exposed to "Asia growth and technologic dynamism. ""Meanwhile, investors willing to exchange portfolio liquidity for income can benefit from investments in securitised debt and infrastructure where valuations are attractive," he added. VIDEO2:1402:14Treasurys and gold have lost their 'shock-absorbing' properties: HSBCCapital Connection

Government launches website to support research and development in coal sector

09 Oct, 2020, 06:51PM | Economic Times

NEW DELHI: The government on Friday announced the launch of a website for entities involved in research and development (R&D) in the coal sector . The website, which has been designed and developed by Coal India subsidiary Central Mine Planning and Design Institute , was launched by Coal Secretary Anil Kumar Jain . "The website will help in disseminating and promoting the knowledge and research work in the coal sector," Jain said. The website broadly displays the guidelines for implementing coal research projects with various forms, so that anybody can submit proposals in requisite manner. It also has lists and outcomes of complete projects and ongoing researches to have a transparency and avoid repetitive nature of projects. It also showcases photos, videos and news clippings related to the coal and lignite sector, and various publications are also available on the website. The website also contains identified thrust areas for future coal research keeping in view the future needs of the nation. The coal ministry has been promoting R&D activities in coal and lignite sectors through its coal science and technology plan for improvement in production, productivity, safety and protection of environment and ecology, among others. The coal ministry also provides funds to carry out research work on these subjects.

How tech and intuitive design are changing physically demanding workplaces

09 Oct, 2020, 05:16PM | CNBC

The Cat 950M Wheel Loaders have been fitted with joysticks instead of steering wheels.Finning UK and Ireland From voice-activated televisions to monitoring devices that automate lighting in offices, the technology that underpins the buildings we live and work in is changing.This shift is also apparent in the way buildings are constructed and how industrial sites are run, with tweaks in design and new pieces of technology having a significant effect on day-to-day activities.Ergonomics â also known as "human factors" â refers to how people interact with the systems around them, and is of increasing importance in all workplaces, including physically-demanding industries.One example of a seemingly small change which has had a big impact can be found at a recycling depot in Nottinghamshire, England. Here, Veolia and Finning UK & Ireland have been trialing vehicles that use joysticks, instead of steering wheels.The idea behind using the two Cat 950M Wheel Loaders is not just to make it easier for operators to steer the vehicle and boost visibility; the joysticks are also designed to be ergonomically better than a fixed steering wheel, making it more comfortable.In a statement, Robert Oliphant, who heads up fleet and support services at Veolia U.K. & Ireland, said the joystick was "very intuitive" and meant "the machine basically goes were you point it."Â The importance of design Amanda Widdowson is president of the Chartered Institute of Ergonomics and Human Factors (CIEHF). "We fit technology to people, rather than the other way around," she told CNBC via email. "In physically demanding industries, ergonomics advice reduces manual-handling risks, for example, by considering body posture, speed of work and rest breaks. It helps us understand when, and what, to automate." Widdowson went on to explain that the ergonomic design of equipment controls and displays takes into account a person's body size and strength in addition to "their experiences with other equipment in their personal and professional lives." "Specialist tools allow us to predict and mitigate the likelihood of error in a given scenario," she said. "In this way systems are safer by design." Simple solutions and interesting tech The deployment of equipment designed to take the strain off workersÂ has becomeÂ an important part of how businesses operate.Â Pallet jacks that use hydraulics to load and transport heavy items have become a common sight at building sites, factories and warehouses, for example.Innovative digital technology also has a role to play in the design of work tools used in physically-demanding jobs that require both attention to detail and brute force. Take the mining industry: In recent years, major firms such as BHP have deployed fully-autonomous trucks and used wearable caps to analyze employees' brainwaves and monitor fatigue.Within the energy sector, meanwhile, remote-controlled drones are now used to inspect assets including solar farms and offshore rigs. Widdowson told CNBC that ergonomists had been studying the interaction between people and technology since the 1950s, adding that the application of such knowledge was "at the heart of the discipline.""As technology develops, so does our understanding of the way we interact with it," she added, citing the design and adoption of unmanned vehicles as one example.Â "Although this equipment can relieve physical operator burden and reduce the risk to human life, it inevitably creates new challenges," she said."Here the interface needs to be designed to ensure the operator has good situational awareness of the remote vehicle. Controls need to be responsive to operator commands and expectations." Finding a balance While tech is undoubtedly becoming more sophisticated, there are clear issues that need to be addressed, including the attentiveness of human operators."If a person's task becomes too automated, we start to see vigilance effectsÂ â errors caused by a loss of attention and an increase in boredom," Widdowson noted."We have also found that people working in a highly-automated environment, with very little to do, are less able to respond when things go wrong, compared to those in more manual jobs."The application of ergonomics, she said, would help to "ensure the appropriate balance between people and technology."

Stubble burning: Punjab Pollution Control Board imposes Rs 12.25 lakh fine

09 Oct, 2020, 04:41PM | Business Standards

Punjab Pollution Control Board has imposed a total fine of Rs 12.25 lakh in 460 paddy stubble burning cases in the state, with a senior official on Friday saying that by end of this month one would be able to make a fair comparison whether farm fires have gone up or come down in comparison to previous years. In 460 cases, we have imposed a fine (environmental compensation) of Rs 12.25 lakh (between September 21-October 7), out of which we have recovered Rs 70,000, PPCB Member Secretary, Krunesh Garg told PTI.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER When asked that 1,692 cases of burning of paddy straw were reported in the state between September 21 and October 7 this year, indicating an increase by nearly five times over previous year, Garg said, it is not a fair comparison to make, it is still early stage of the season. Moreover, this time harvesting was also done at an early stage. Also, during the harvesting season last year, there were rains and there was no fire. So, therefore, exact situation will be known by last week of October. Only then we will be in a position to say whether stubble burning cases have gone up or come down this year, he said. Garg also said more harvest has been done till October 7 as against corresponding period of last year and if one uses this comparison as a yardstick then farm fire incidents are less. The official said as per data till October 7, 1692 incidents were reported by satellite imagery, but during field visits by PPCB officials no stubble burning was observed in 763 cases. A satellite gives data, but sometimes there are other kinds of fire which is not stubble burning, he said. Majority of the stubble burning cases that have been reported so far in the state were from Amritsar, Tarn Taran, Patiala and Gurdaspur districts. Notably, 8,000 nodal officers have been appointed in paddy growing villages of Punjab this year to check stubble-burning. Punjab Chief Minister Amarinder Singh had recently appealed to farmers not to burn crop residue, as it could aggravate COVID-19 conditions apart from leading to pollution. Seeking the support and cooperation of farmers in preventing stubble burning amid the COVID-19 pandemic, the chief minister had said that experts have warned it could have serious implications for people already suffering from lung and other diseases. To effectively curb stubble burning during the paddy harvesting season, the PPCB had recently ordered that combine harvester machines without functional Super Straw Management System (SMS) will be impounded. SMS is a piece of machinery attached with the combine harvester machine, which cuts the standing paddy straw into small pieces and spreads it uniformly in the field. The farmers then are not required to burn paddy straw before sowing the next crop. Meanwhile, in neighbouring Haryana, where some cases of stubble burning have been reported from Karnal and Fatehabad districts, Chief Secretary Vijai Vardhan had recently directed the Deputy Commissioners to ensure the availability of crop residue management machinery to small and marginal farmers on a priority basis. Vardhan also directed them to carry out a comprehensive awareness campaign at the district, block, and village level, so as to make the people aware about ill effects of stubble burning on the environment. The chief secretary directed the DCs to ensure adequate supply crop residue management machinery in the districts. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Paswan to be given state funeral, Ravi Shankar Prasad to represent Centre

09 Oct, 2020, 03:59PM | Business Standards

Union Minister Ram Vilas Paswan would be accorded a state funeral, and Law and IT Minister Ravi Shankar Prasad would represent the central government at the ceremony in Patna, an official statement and sources said on Friday. Paswan (74) died at a private hospital here on Thursday evening after recently undergoing a heart surgery.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The funeral is likely to take place in Patna on Saturday. His mortal remains would be flown to Patna in a special aircraft, the sources said. At a specially convened meeting of the Union Cabinet this morning, it was decided that Prasad would represent the government of India and the Union Council of Ministers at the funeral of the veteran leader, they said. The Cabinet condoled the demise of the Minister for Consumer Affairs, Food and Public Distribution and observed a two-minute silence in his memory, according to the statement. "The Cabinet approved a state funeral to be accorded for Shri Ramvilas Paswan," the statement said. The Cabinet also passed a resolution which said, "The Cabinet expresses profound sorrow at the sad demise of Shri Ramvilas Paswan, Union Minister for Consumer Affairs, Food and Public Distribution. In his passing away, the nation has lost an eminent leader, a distinguished parliamentarian and an able administrator." "The Cabinet extends its heartfelt condolences to the bereaved family on behalf of the Government and the entire nation," it added. Born on July 5, 1946, in Shaharbanni in Bihar's Khagaria district, Paswan was educated at Kosi College, Khagaria and Patna University. He obtained degrees in Master of Arts (MA) and Bachelor of Law (LLB). He was also conferred the Degree of D.Litt. (Honoris Causa) by Bundelkhand University, Jhansi. Paswan was one of the most popular leaders from Bihar and enjoyed strong mass support. He was elected to the Bihar Legislative Assembly in 1969 as a member of the Samyukta Socialist Party. Thereafter, he was elected as a member of the sixth Lok Sabha from Hajipur constituency in 1977 with a record margin. He was re-elected to the seventh Lok Sabha in 1980 and the eighth in 1984. Paswan was re-elected to the ninth Lok Sabha in 1989 and appointed as the Union minister for labour and welfare. In 1996, he became the minister for railways and continued to hold the post till 1998. He later served as the minister for communications from October 1999 to September 2001, when he was made the minister of coal and mines, a portfolio he held till April 2002. After the 2004 Lok Sabha elections, Paswan joined the United Progressive Alliance government and was made the minister of chemicals and fertilisers and minister of steel. He was elected to the 16th Lok Sabha in 2014 and served as the minister of consumer affairs, food and public distribution. In 2019, he was elected to Rajya Sabha and continued as the minister of consumer affairs, food and public distribution. Paswan was considered the voice of the oppressed and always championed the cause of marginalised sections of the society, the resolution said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Attacks on officers impacting morale of SBI staff; union demands action

09 Oct, 2020, 03:09PM | Business Standards

The SBI Officers' Association on Friday said a series of deadly attacks on bank staff is "adversely affecting their morale and faith" on the state administration and urged for immediate steps to ensure safety. The officers' union of the country's largest bank opined that the recent spate of physical and verbal attacks on their officers across branches have left the staff in a "state of shock and awe besides affecting their morale."document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER In a letter to the Assam Chief Secretary, the State Bank of India Officers' Association (SBIOA) General Secretary (North Eastern Circle) Rupam Roy expressed "dissatisfaction" over delayed justice in the murder case of their colleague Junu Sharma. "We feel crestfallen while we invite your attention towards the cold blooded murder of Comrade Junu Sharma in broad daylight while she was returning from her office at SBI Dadara Branch in October 2018. "Justice has still not been delivered to her family and their agony is beyond our imagination," he added. The prevailing fear amongst the bankers fraternity regarding the attacks is "adversely affecting their morale and faith" on the state administration, Roy said. "Therefore, I most humbly request your esteemed authority to initiate immediate measures so that a conducive and sanative and fearless environment is created for our fellow bankers to serve the interest of the society at large," he added. The senior SBI employee also said that his colleague Hemant Kumar Chutia of Soneswar Branch at Beltola area in Guwahati was brutally attacked earlier this month. "The victim was assaulted so brutally that his left arm got completely shattered and that he may have to live the rest of his life with infirmity," he added. Acknowledging that the assailants have already been nabbed, the SBIOA office bearer said they have "full faith" in the investigation and hope that "harshest possible" punishment is meted out to those found guilty. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

How a Biden presidency may lead to increased supply in the oil market

09 Oct, 2020, 02:51PM | CNBC

An off-shore oil platform off the coast in Huntington Beach on Sunday, April 5, 2020.Leonard Ortiz | MediaNews Group | Orange County Register | Getty Images SINGAPOREÂ âÂ A Biden presidency could bring 1 million barrels per day of Iranian oil back into the market, but lead to lower demand in the long run, an economist said this week.That's because Democratic presidential candidate Joe Biden is likely to reestablish relations with Tehran if he is elected, but introduce environmental policies that limit U.S. oil and gas, saidÂ David Fyfe of Argus Media."Arguably, a Biden presidency would move fairly rapidly toward some sort of rapprochement with Iran," he told CNBC's "Capital Connection" on Friday."That of course could lead to maybe up to a million barrels a day of Iranian oil coming back onto the market," he said. "It might not happen immediately, but you could see that happening within the sort of first six months of a Biden presidency."By contrast, the Trump administration has put maximum pressure on Iran, which has seen heavy economic sanctions imposed on the Islamic Republic, including on its oil exports. VIDEO3:1303:13OPEC has a 'pretty bullish' long-term oil demand forecast, says economistCapital Connection Biden has been leading President Donald Trump in multiple polls, including one by NBC News, which shows that he is up more than 10 percentage points, 51.6% compared to 41%.On the flip side, the Democrat's policies on climate change could tighten the market over the long run."A Biden administration would try to get the U.S. back into the Paris Climate Accord," Fyfe said. "Therefore, over the longer term, it might actually be relatively bearish in terms of restraining hydrocarbon demand in the U.S. going forward."Biden last year announced a climate plan that would see $1.7 trillion invested into clean energy research and changes in infrastructure. He could also impose restrictions that would further slow the growth in U.S. shale oil and gas production, said Fyfe. $50 to $55 oil by late 2021 Separately, he said Argus Media's base case scenario is for a "steady recovery" in the oil market, assuming Covid-19 cases do not surge and lead to widespread lockdowns.Oil futures crashed when demand evaporated as the coronavirus crisis spread earlier this year and the market worried about an oversupply. If the virus situation doesn't escalate, the oil market should continue to recover, Fyfe said."Gradually, the 1.3 billion barrels of surplus oil that has accumulated in storage, that can be drawn down by the end of 2021, and that suggests that prices could recover to something closer to $50 to $55 by late 2021," he said."If we have a second spike in the virus and renewed shutdowns on a broad basis, then really, all bets are off and OPEC will be scrambling to try and stitch together a new deal on supply."OPEC in April agreed to cut 9.7 million barrels per day and gradually increase production until April 30, 2022.Â Brent crude was down 0.62% at $43.07 a barrel during Asia's late-afternoon trading, while U.S.Â West Texas Intermediate crude futuresÂ were down 0.68% at $40.91.

Now, taxi through Kerala backwaters!

09 Oct, 2020, 01:53PM | The Hindu

Are you sick of travelling by taxis on roads? Come to Kerala, the God’s Own Country will offer you a ride in water taxis to enjoy the scenic backwaters. The State Water Transport Department (SWTD) is all set to introduce water taxis in the backwaters of Alappuzha aimed at promoting tourism as well as providing hassle-free travel facilities for people living in various islands in and around Alappuzha. “Just like taxis on roads, these diesel-powered boats will be available to the public. A mobile number will be provided by the department for booking and the fares would be on an hourly basis that would be fixed by the government”, Shaji V Nair, Director, State Water Transport Department told BusinessLine. These diesel-powered taxis can carry 10 passengers at a time and the boat has a maximum speed of 15 nautical miles which would allow it to cover the Kottayam-Kumarakom route in less than an hour against the normal two hours journey taken by conventional passenger boats, he said. This is for the first time in India a water taxi service is being launched and the Chief Minister Pinarayi Vijayan is slated to flag off the first service on October 15. Initially, the department plans to deploy four boats with advanced safety features in Alappuzha this month and another two by the end of December. The service would be extended to Kuttanad area as well, Nair said. Depending on its success, more such services would be introduced throughout Kerala in a phased manner. The government’s intention is to explore the full potential of water transport and pass on its benefits to the people for cost-effective and environment-friendly transportation. All the four boats are constructed at a yard in Aroor in Alappuzha at a cost of ₹50 lakh each with a specially designed engine imported from Sweden. According to him, such water taxi services are definitely going to be a boon for the people living in the water-logged areas who depend on boats and traditional canoes for their travel to the mainland. The commencement of such service would enable them to reach their destinations faster. Each boat will have three employees and these taxis would be parked at the designated areas at the Alappuzha boat station. Sandith Thandassery, CEO of Navgathi Marine, which designed and manufactured these water taxi series, said that the boats are ideal for short travel passenger transportation. The catamaran hull form ensures low resistance and better stability during operations. It also has an advanced electric power steering system. It was Sandith’s firm that built India’s first solar ferry, Aditya, in 2017 which is playing in the Vaikkom-Thavanakkadavu route.

InterGlobe Aviation advances 5%, hits over seven-month high

09 Oct, 2020, 11:29AM | Business Standards

Shares of InterGlobe Aviation (IndiGo) moved higher by 5 per cent, hitting an over seven-month high of Rs 1,393 on the BSE in intra-day trade on Friday. The stock of the airline company was trading at its highest level since February 26, 2020. In the medium-to-long term, once the Covid-related crisis is over, the demand outlook for aviation remains very strong in India, largely driven by under-penetration, rise in the working population, and expansion of the middle class, the company said in its annual report.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Furthermore, the rise in trade and tourism is also likely to boost the industry. Based on the recent data published by the Civil Aviation Administration of China (“CAAC’”), daily flights in China have recovered by 43 per cent as of April 21, 2020, as compared to March 2020. Thus, although the Covid-19 outbreak will have a near-term negative impact, aviation in India should gradually recover and get back on track for rapid growth, IndiGo’s management said in the 2019-20 annual report. The company said it has taken a number of actions to mitigate the impact and risks of Covid-19 to its business. These actions include cost reduction initiatives, liquidity enhancement, capacity reduction, and improvement in the fleet mix. "We have planned a phased ramp-up of capacity in line with demand expectations going forward. Basis this, we aim to deploy around 60-70 per cent capacity in the third quarter of FY2021, on a year-over-year (YoY) basis. Given the uncertainty of the environment we will continue to monitor these plans and make adjustments on the basis of demand, as required," it said. Meanwhile, in the past three months, it has outperformed the market by surging 35 per cent, as analysts upgraded the stock from 'sell' to 'buy'. In comparison, the S&P BSE Sensex was up 9.6 per cent during the same period. Kotak Institutional Equities in September upgraded the stock from ‘sell’ to ‘buy’ and increased its fair value assessment from Rs 900 to Rs 1,520. The brokerage firm expects pressures on cost and yield to recede for the aviation sector beyond a tough FY21. "IndiGo to re-establish its lead over peers in terms of spread, and the firm to continue driving double-digit growth for air travel for long," the brokerage firm said. At 11:26 am, the stock was trading 3 per cent higher at Rs 1,367 on the BSE, against a 0.79 per cent rise in the S&P BSE Sensex. A combined 2.1 million equity shares were changing hands on the counter on the NSE and BSE.

RBI's focus has been on liquidity provision in the right areas

09 Oct, 2020, 11:00AM | Business Standards

The outcome of the credit policy announced was certain and hence there is no surprise element. That said, the monetary policy committee (MPC) meeting has been waited for two reasons. First, there was a deferment in the date of the policy ostensibly because the three independent members were not appointed. Second, the new set of members are refreshing though all are from the academia and their stance would be of interest. The minutes, which would be released later, would throw light on the discussions, which in turn, will let the market judge the proclivities of the new experts. With inflation targeting being the rule, the relentless high levels of CPI inflation were to be the barrier to any further cut in interest rates. In fact, waiting for another two months has its merit while taking a call on rates, as the economy is also supposedly showing signs of a recovery. With inflation rate also poised to move downwards, albeit gently, due to a combination of high base effect as well as tempering of food prices, there would be more justification for doing the same in the next policy. The declining inflation rate would also justify the rate cut action in the December policy. The RBI expects inflation to ease in Q3 and Q4 of the current fiscal 2020-21 with food prices coming down.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The RBI was also expected to provide a numerical dimension to its macroeconomic forecasts. So far, the central bank has been open on the subject and while indicating a negative growth rate has not attached a number which has been now put at -9.5% with downside risk. The RBI is talking of a three-speed recovery across different sectors and has indicated that a positive rate can be seen in Q4. Presently, the demand for funds is limited and traction has been seen more in the SME side where there is a guarantee in place. Otherwise, growth in credit has declined in other segments like non-SME corporates and retail. There is also a major restructuring exercise on, which has not yet been spelt out by banks. It will take some more time before the RBI will review the situation and take a call on lending. It may be expected that demand for funds would also increase towards the end of Q3, as firms are able to assess their spare capacity given the prevalent demand conditions. The markets are unlikely to be moved much as this position has been factored in. As the Governor spoke, the 10-year G-Sec yield remained at 6 per cent, showing how much this has been buffered. The bond market will still be largely driven by developments on the fiscal front as it has been observed that the 10-years rate have been intransigent in the 6-6.05 per cent region. This is unlikely to change in the absence of any significant development on that end. Three important messages given by the Governor are positive for the market. The first is the assurance that the government borrowing programmes will be managed to ensure no liquidity issues arise. Second, open market operations (OMOs) are to be announced for state development loans (SDLs), which will provide more liquidity to the market and help to temper the yields that have increased sharply over G-Secs. Third, having on-tap TLTROs for Rs 1 trillion would be largely beneficial for various sectors. The focus of the policy, hence, has been on liquidity provision in the right areas – corporate and governments and ensure that volatility in interest rates will be tempered across different segment. This is definitely more meaningful in today’s environment and repo rate is probably of secondary importance. Madan Sabnavis is chief economist at CARE Ratings. Views are personal. Disclaimer: Views expressed are personal. They do not reflect the view/s of Business Standard.

US presidential polls 2020: Kamala Harris knows how to win elections

09 Oct, 2020, 09:31AM | Business Standards

Back in February it seemed as if we were about to have one of the most ideologically polarized elections in American history. President Trump was rushing ahead with his populist/ego-trip/authoritarian whatchamacallit. The Democrats were shifting left: Medicare for All, Green New Deal, Bernie Sanders-style reimagining of capitalism. The great political/culture war was at hand! Instead, this has turned into the least ideological election in recent times. The campaign has largely shrunk down from grand ideological issues to two practical problems: How to get rid of Donald Trump. How to beat Covid-19. The shrinkage happened in three stages. First, Democratic primary voters decided that beating Trump was more important than the revolution. Second, the pandemic hit. Candidates imagine that if elected they will be able to implement their grand vision. But as George W. Bush, Barack Obama and Donald Trump all learned the hard way, governing is usually about responding to crises you didn’t choose or foresee. Third, Joe Biden and Kamala Harris decided to run a professional campaign. Instead of trying to please those of us who consume large amounts of media, they have ruthlessly and effectively focused their campaign on the Exhausted Majority — people who are disgusted by and semidetached from politics in working-class homes in the Midwest, in retirement communities in Florida, in suburban cul-de-sacs everywhere. Kamala Harris’s debate performance was the perfect implementation of the strategy and the perfect illustration of why it is succeeding. A lot of the conversation about who “won” the debate misses the crucial question of who effectively implemented their campaign’s strategy. Harris did. The Republicans don’t have a strategy, so Mike Pence’s performance was beside the point. If you can stretch your mind back to the Democratic debates of last winter, you may remember a different Kamala Harris. You might remember that she was held in suspicion by the left because of her record as a prosecutor but that she was working hard to shore up support on that flank. In 2019 she was ranked as the most liberal person in the Senate, to the left of Sanders, by Govtrack. She supported the Green New Deal and, for a while, Medicare for All. She co-wrote an environmental bill with Alexandria Ocasio-Cortez and proposed spending plans that one analyst reckoned would cost more than $40 trillion over 10 years. That’s not who we saw Wednesday night. Her first answer on Covid-19 was the most ingenious of the evening, in that it hit Trump from the right. She did not say that government should come in and make the country safe with mandates, or even lead with the mask issue. She said that in January, Trump denied self-reliant families the information they needed to keep themselves safe. It was the kind of language a libertarian suspicious of Washington could feel comfortable with. From there it was center-left all the way. She asserted her support for a woman’s right to have an abortion but turned questions about the Supreme Court fight into a conversation about protecting Obamacare. The three supporters she name-checked were Colin Powell, Cindy McCain and John Kasich. When asked about racial justice, she didn’t talk expansively about systemic racism but focused more practically on what she did as a prosecutor. Big controversial issues were dodged or avoided altogether: Bernie-style class conflict, even any comprehensive talk about inequality and redistribution. When she was asked directly about the Green New Deal, she immediately reminded voters that Joe Biden wouldn’t ban fracking and then sketched out a set of policies much more moderate than those she’d embraced in the primaries. The policies she did embrace mostly came from the center-left Obama playbook: preserving and extending Obamacare, protecting those with pre-existing conditions, investing in renewable energy and infrastructure projects, free community college, preserving tax cuts for anybody making less than $400,000 a year. The one plausible argument the Republicans had against Biden was that he is a Trojan Horse for the far left. After the first few months of the campaign and especially after last night, it is simply hard to believe that. When Biden said in the first presidential debate, “I am the Democratic Party,” it was inartfully put, but it’s closer to the truth than I would have imagined a few months ago. How you campaign is how you govern. As people who have served in past administrations understand, once in office it is nearly impossible to rally support for issues and plans you didn’t take to the American people during the fall. All those plans buried in Biden campaign reports but which are being ignored now will not suddenly burst to life after Inauguration Day. That’s why it’s unlikely that Biden and Harris would switch sharply back to the left once elected. Trump’s stated reluctance to accept the election results means that Biden has to run this way. He can’t run an ideological campaign that wins a bare majority. He has to inarguably crush Trump with the broadest possible coalition. So far, that’s what’s happening. There’s a moment in many campaigns when the American people see chaos looming on the horizon. It happened in 2008 with the fall of Lehman Brothers and in 1968 with the riots. At those moments, Americans shift to the candidates who provide safety and order. Americans have seen chaos loom, particularly over the past nine days, and Biden and Harris seem like the safest and least exhausting pair of hands.

Market Ahead, October 9: Top factors that could guide markets today

09 Oct, 2020, 07:55AM | Business Standards

The main Wall Street indices closed higher overnight after US President Donald Trump said talks with Congress had restarted on targeted fiscal relief. The Dow rose 0.43 per cent, the S&P 500 gained 0.8 per cent and the Nasdaq added 0.5 per cent. In Asia, the trend was mixed. Japan's Nikkei and Austrlaia's ASX 200 were trading with slight cuts in early deals while Hong Kong was up 0.1 per cent..document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Meanwhile, at 7:30 AM, the SGX Nifty was trading around 40 points higher at 11,873 levels, indicating a higher opening for the domestic indices today. In commodities, oil prices pushed higher amid hurricane-related shutdowns and possible OPEC production cuts. Brent crude settled up 3.2 per cent to $43.34. Back home, all eyes will be on the monetary policy address of RBI Governor Shaktikanta Das at 10 am today. Economists and bond traders polled by Business Standard are anticipating a pause in policy rates, and are expecting the monetary policy committee of the RBI to wait for more rate transmission. Market participants also await the MPC's outlook on the economy. Meanwhile, rate-sensitive stocks and sectors like banks, real estate, and auto will react to the MPC's decision. You can follow all the live updates right here on the Business Standard's website. Besides, a total of five companies including Rashtriya Chemicals & Fertilizers, and Steel Strips Wheels are scheduled to announce their quarterly earnings today.on October 9. On the Covid front, India on Thursday registered 70,824 new Covid-19 cases, taking the tally past 69 lakh, according to Worldometer. The death toll is over 1 lakh 6 thousand now. Additionally, the World Health Organization reported a record one-day increase in global coronavirus cases on Thursday, led by a surge of infections in Europe. Now, a quick look at other top news. Lakshmi Vilas Bank said on Thursday that it had received an indicative non-binding offer from the Clix Group. The offer suggests the private equity firm would be amalgamated with LVB. According to the offer, Clix Group’s stake in the struggling bank could exceed 74 per cent with its capital infusion of Rs 1,500–1,700 crore. Adani Enterprises on Thursday said it has raised Rs 125 crore through allotment of non-convertible debentures on a private placement basis. Meanwhile, Fitch has affirmed Adani Green Energy Restricted Group 2's notes at 'BBB-', and the outlook is negative. The Sebi has tightened norms on inter-scheme transfers for mutual funds, imposing conditions on when the facility can be used and placing greater accountability on fund managers deciding on such transfers. ISTs involve a scheme buying or selling a debt instrument from another scheme of the same fund house. The practice can create conflicts related to valuation, a matter that Sebi has flagged earlier. And, Vedanta's delisting offer will close today. According to media reports, the company's promoters need around 60 crore more shares to be tendered for the delisting to succeed.

A breakdown of whether the Democrats' stimulus bill is actually a 'bailout' of blue states

09 Oct, 2020, 06:06AM | CNBC

This combination of pictures created on September 29, 2020 shows Democratic Presidential candidate and former US Vice President Joe Biden (L) and US President Donald Trump speaking during the first presidential debate at the Case Western Reserve University and Cleveland Clinic in Cleveland, Ohio on September 29, 2020.Getty Images The House of Representatives' $2.2 trillion stimulus bill is not a bailout of blue states that voted for Hillary Clinton in 2016, but it does provide more funds to states run by Democratic governors, according to a CNBC analysis.CNBC analyzed data provided by the House Appropriations Committee that estimates how the roughly $417 billion earmarked in the bill for state and local governments will be appropriated.Funding for states has become a major stumbling block for the broader bill, with Republicans seeing it as a bailout for what they call badly managed and high-tax blue states. Zoom In IconArrows pointing outwards The analysis found that an estimated $206 billion will go to red states that voted for President Donald Trump in 2016 and $208 billion will be awarded to blue states that voted for Hillary Clinton. However, states headed by Democratic governors will receive $89 billion more than states headed by GOP governors.Using that metric, the average red state will receive about $1,066 per person, or $322 less per person than in the blue states. Zoom In IconArrows pointing outwards But it does not appear that the red state/blue state division drives the distribution. Funding linked to unemployment A summary of the bill provided by the office of House Speaker Nancy Pelosi says state funds will be allocated according to a state's share of its unemployment. Local and county-level funding will be allocated according to a formula used in other programs based on population and poverty levels.The CNBC analysis found that every one of the top 10 states ranked by their number of unemployed also ranks in the top 10 in how much they would receive as a percent of the total state and local grants. Four of them voted Democratic in 2016 and have Democratic governors; three voted Republican in 2016 and have Republican governors. The remaining three split. Zoom In IconArrows pointing outwards California would receive about 14% of the total funds, or $59 billion, ranking it first. But it's also the most populous state and its 2.1 million unemployed rank it first among states. New York, which would receive an estimated 8.6% of the funds, ranking it second but it also ranks second in number of unemployed. Red state Texas ranks third in how much it would receive and third in unemployment.A Trump administration official who asked not to be named focused on the breakdown by governor-led states in the CNBC analysis and called it "a bailout for poorly run blue states." The official added that these states have higher unemployment because they have pursued overly restrictive lockdown rules that hurt growth. VIDEO2:2002:20Fed: Path of rates will depend on evolution of the economic outlookPower Lunch The official rejected a connection between lockdowns and a decline in the spread of the virus, very much echoing a view that seems to be widely held within the administration. The official added that states had money left over from the original CARES act program they can use.It's unclear if the Republican side is willing to accept a smaller allocation for state aid or a different distribution or if it opposes any funds at all. Speaker Pelosi has contended that she has received appeals for funds from state, county and municipal leaders of both parties.Most Wall Street economists, along with Federal Reserve officials, see state spending dragging on overall growth without federal aid due to revenue lost from the shutdowns. That includes shortfalls in red states. Forecasters have begun reducing their estimates for fourth-quarter growth as a result of the breakdown in talks between Republicans and Democrats.The Brookings Institution estimates a state revenue shortfall from the pandemic of around $500 billion over the next three years, which would not quite be covered by the $417 billion allocated in the Heroes Act.

Trump made 'greatest failure' in coronavirus response: Kamala Harris

09 Oct, 2020, 02:32AM | Business Standards

Senator Kamala Harris condemned the Trump administration’s handling of the pandemic as the worst failure in US government history, but evaded answers on the Democrats’ positions on the environment and the Supreme Court. “The American people have witnessed what is the greatest failure of any presidential administration in the history of our country,” the California Democrat said of Trump’s response to the coronavirus outbreak.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER “This administration has forfeited their right to re-election,” she said in the running mates’ only debate of the campaign. Vice-President Mike Pence endorsed the whole of President Donald Trump’s response to the virus. Since February, more than 7 million Americans have been infected, more than 212,000 have died and last week, the president himself contracted Covid-19. “From the very first day, President has put the health of America first,” Pence said. He later insisted that Harris explain Joe Biden’s plans to raise taxes and his position on the Green New Deal, a plan to fight climate change that Republicans say would be economically destructive. He also demanded to know whether she and Biden planned to “pack” the Supreme Court with additional justices, a question the Biden campaign has consistently refused to answer. While the two candidates were largely cordial, there was friction over police and racial issues. After Pence called presumptions of systemic racism among police “a great insult to the men and women who serve in law enforcement,” Harris, a former prosecutor, responded sharply. “I will not sit here and be lectured by the vice president about what it means to enforce the laws of this country,” said Harris.

Here's a first look at Google's plans for its massive San Jose campus

09 Oct, 2020, 01:17AM | CNBC

Google releases San Jose campus renderingGoogle Google has released a first look at its next massive campus â and it looks nothing like those before it.The company releasedÂ renderings and sketches of guidelines for its mixed-use, 80-acre campus in downtown San Jose, which will house 25,000 employees. More than half of the "Downtown West" 80-acre project â which is being built in coordination with the city of San Jose â will be allocated for residential and public space and include features like childcare centers, outdoor moving screenings and ecological viewing stations.Â "Thousands of conversations helped us hone in to what we really want in a site, which was much less the corporate campus and the financial district and much more a resilient neighborhood," said Alexa Arena, Google's district lead for San Jose in aÂ video. "Downtown West is designed to be a true part of the city â the opposite of a traditional corporate campus," lead urban designer Laura Crescimano said in a statement.It comes a year after the company filed its initial campus framework, which kicked off formal studies and community feedback discussions.Â Last month, Google launched renderings for its new town-like tech campus in Mountain View, Calif., which aims to convert 40 acres of Mountain View land into a mixed-use campus open to local residents.Silicon Valley tech companies like Facebook and Google have begun departing from the traditional style of campus designs that closed them off from the general public. The design could help draw millennial talent and and appease residents in surrounding neighborhoods, who have increasingly grown critical of tech companies' effects on society. Google's San Jose project will have an urban promenade for entrepreneurship, arts and social gatherings. The San Jose project proposes 30 buildings and around 4,000 housing units, as well as office space for non-profits including YearUp and Tech Challenge, following a stepÂ Facebook tookÂ at its Menlo Park headquarters in 2018.The company is also proposing amenities including public maker spaces, retail space, a hotel and "performance areas" for live music, events and movie screenings. It also proposed areas specifically for rotating food trucks to park and operate. Designed with climate change in mind Perhaps the most interesting feature will be its environment-focused design. The company aims to include at least 10 parks and several trails while making nearly all of the site's buildings run off of solar or electric energy."Doing that is a huge step forward in our fight against climate change, which we can experience so acutely in Northern California today,"Â Arena said. "We think this is a big innovation to get us there."It will also have "ecological systems viewing" areas designated to raise awareness of environmental issues, the proposal documents state."If we can't have closer access to deep and immersive nature, we're not going to live the type of healthy and resilient lives we're after â there's a lot of literature on this," Arena said. Google said its San Jose campus will have an ecological viewing station to encourage "environment education."Google The company said it aims to make 65% of the campus accessible through bike, public transit, carpool or foot in order to reduce single-car use. It will also connect to what will be the country's largest transit station west of the Mississippi river, plans show.The actual construction for Downtown West is still realistically a few years out and there still could be tweaks to the design based on further community feedback.Â The proposal will go to the city of San Jose for approval next spring.WATCH NOW: Google explores offering flexible work-from-home options after the pandemic VIDEO1:3401:34Google explores offering flexible work-from-home options after the pandemicSquawk Box

CCI dismisses unfair business practices complaint against Hindalco, Vedanta

09 Oct, 2020, 01:05AM | Business Standards

Fair trade regulator CCI on Thursday dismissed a complaint against Hindalco Industries Ltd and Vedanta Ltd alleging unfair business practices with respect to copper products. The Competition Commission of India (CCI) closed the matter as the informant was not able to substantiate the allegations made against the firms. The informant alleged cartelisation in determining prices of certain copper products in India by the firms, sharing of market of certain copper products by way of allocation of customers and engagement in bid rigging and collusive bidding.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The informant stated that Hindalco is the metals flagship company of Aditya Birla Group and is the leading supplier of copper rods and other copper products in India, while Vedanta is a globally diversified and natural resources company with interests in iron ore, steel, copper, aluminium, power and oil. The firms along with state-owned Hindustan Copper Ltd are the only three domestic producers in India, engaged in the production of refined copper, it added. As per the informant, Hindalco and Vedanta control around 85-90 per cent of domestic demand and 75-80 per cent of the domestic supply, respectively, giving them a virtual stranglehold on supplies in the Indian market. The regulator said mere price parallelism in itself is not sufficient to order probe in the absence of any other material on record to substantiate collusion or concert between the entities.

Moody's revises global steel sector outlook to stable as worldwide demand starts to recover

08 Oct, 2020, 11:44PM | Economic Times

New Delhi: Moody's Investors Service on Thursday said it has revised its outlook for the global steel sector to stable on the back of recovery in demand worldwide. The agency had earlier cut the outlook for the global industry to negative. Moody's said it is changing "steel outlook" for all regions which include the US, Europe, Russia , Brazil and Asia to stable. Moody's Senior Vice President Carol Cowan said the demand for steel is improving owing to resumption of production in important end markets and on a stronger global economic data, particularly in China. After shutdowns, production is now ramping up in the auto and industrial sectors . Another factor contributing to demand is that the construction sector which is the largest consumer of steel worldwide, has remained resilient throughout the pandemic and even picked up in countries with infrastructure-focused stimulus programmes such as China. Also, the operating conditions for steelmakers are expected to continue to improve over the next 12 to 18 months, barring a resurgence of the coronavirus, Cowan said.

Years of low interest rates made the current economic crisis worse, Fed's Rosengren says

08 Oct, 2020, 11:10PM | CNBC

The Federal Reserve Bank of Boston's President and CEO Eric S. RosengrenKeith Bedford | Reuters Years of low interest rates led to excessive risk taking in commercial real estate and will make the current economic downturn even more severe, Boston Federal Reserve President Eric Rosengren said Thursday.The central bank official said he expects a wave of defaults and bankruptcies to hit that will aggravate an unemployment problem that has hit lower-wage workers disproportionately.Regulatory authorities, he added, should have been able to see conditions building up that would make any unexpected crisis worse."Clearly a deadly pandemic was bound to badly impact the economy," Rosengren said. "However, I am sorry to say that the slow build-up of risk in the low-interest-rate environment that preceded the current recession likely will make the economic recovery from the pandemic more difficult."The Fed has been at the center of the coronavirus pandemic crisis response, slashing already-low interest rates and implementing a slew of programs to ensure market functioning and lend money to areas of the economy in need.In recent days, it has adapted an even more dovish approach to monetary policy, pledging not to raise rates even if inflation runs above the Fed's preferred 2% target. VIDEO2:0102:01Former Goldman Sachs CEO Lloyd Blankfein on monetary policySquawk Box A loose Fed also often finds itself the target during times of excess, like the financial crisis and the dotcom bubble. Rosengren's remarks reflected concern about the consequences of the low rates that have prevailed for the past dozen years.He noted that commercial real estate firms have "gradually increased risk by taking on more leverage, which magnifies returns with good outcomes â but also magnifies losses when bad outcomes occur."This increase in risk-taking is more likely to take place in a low-interest environment, like the one which prevailed in the aftermath of (and as a result of) the financial crisis and Great Recession."He specifically cited "low rates persisting for an extended period even after the economy has made progress in the recovery" as was the case when the Fed held its benchmark short-term lending rate near zero for more than six years after the Great Recession ended in 2009.In those times, "businesses and firms take on additional debt and accumulate more risky assets in search of better returns â potentially bidding up asset prices to unsustainable levels," he said.Consequences from that climate are likely to be felt soon with looming debt defaults and business failures he said, adding that the impact on banks, particularly smaller institutions, is likely the reason for the sector's stock market underperformance.He also spoke about the impact on employment, particularly workers in the services industries who have taken the hardest hit during the current downturn."The build-up in risks in commercial real estate, and leverage in the corporate sector, prior to the COVID-19 pandemic are likely to result in more bankruptcies and higher unemployment during this crisis than if less risk had been taken," he said.While banks currently have strong capital positions, lending standards are tight. Rosengren said the financial system's placement at the center of multiple economic crises should cause officials to consider the implications of "reach-for-yield" environments.

No change in export policy of iron ore pellets; opinion under review: Govt

08 Oct, 2020, 10:57PM | Business Standards

The government on Thursday said there has been no change in the export policy of iron ore pellets not manufactured by Kudremukh Iron Ore Company Ltd, rebutting charges levelled by the Congress that Rs 40,000 crore worth of the product was exported in violation of rules by some private players, causing loss to the state exchequer. Issuing a clarification, the Department of Commerce said that a notification, dated September 26, 2014, was issued, as per which the export policy of iron ore pellets manufactured by Kudremukh Iron Ore Company Ltd (KIOCL) was amended to 'free' from 'canalised'.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER In that notification, a policy condition was also added that the export of the pellets manufactured by KIOCL is to be done by KIOCL, Bangalore or any entity authorised by them, it said. "However, there has been no amendment to the export policy of Iron Ore Pellets not manufactured by KIOCL," it added. The government also clarified that the legal opinion from Deputy Legal Advisor, Department of Legal Affairs "has not been endorsed" by the senior officials of the department and cannot be taken as the official legal view on this matter. "The matter for final legal position is under consideration," it said. Congress spokesperson Pawan Khera alleged that the Modi government changed export laws to "favour some corporates" after it assumed power in 2014. He alleged that the government removed the 64 per cent concentration cap on iron ore and allowed public-sector KIOCL to export the ore to countries like China, Taiwan, South Korea and Japan. Khera cited a note of the Ministry of Law and Justice, issued on September 10, specifying that permission to export iron ore pellets was only given to KIOCL and not to any other entity. The commerce ministry, which deals with issues related to foreign trade, stated that as per the export policy, items not mentioned specifically in the export schedule are free for exports. "As per export data, iron ore pellets were taking place even prior to change in export duty in 2011-12...Thus, the linkage to changes in 2014 notification is misleading and is not backed by data," it added. Further, it said that the legal opinion from Deputy Legal Advisor, Department of Legal Affairs "has not been endorsed" by the senior officials of the department and cannot be taken as the official legal view on this matter. "The matter for final legal position is under consideration," it said. According to the clarification, India exported 1,48,76,270 tonnes of these pellets during 2004-2014. It added that to promote the export of pellets as a value added product, then Finance Minister Pranab Mukherjee, had reduced export duty to 'nil' during the 2011-12 budget. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Govt to soon launch one-stop-shop for agriculture data: Agri Min official

08 Oct, 2020, 10:20PM | Business Standards

The government will soon launch a common data infrastructure of all farmers along with land record details for better reach of various farm schemes, senior Agriculture Ministry official Ashish Kumar Bhutani said on Thursday. "This will act as a one-stop-shop for data, including access to finance by farmers, startups, and researchers for developing new apps, so that the benefits reach the grassroots," Bhutani said, addressing a webinar organised by Ficci and German Agribusiness Alliance.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The government's schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY), PM-KISAN and Soil Health Card will be integrated through a common database along with land record details over a period of time, he said in a statement. "The data will be reliable, and that the government is targeting to launch this soon," he said, adding that developing standards for sharing and improving the quality of data will be closely monitored by the government. Bhutani is CEO of PMFBY as well as joint secretary in the Union Agriculture Ministry. On adoption of artificial intelligence in the agriculture sector, Bhutani said the government acting as an enabler is a critical factor in faster adoption of AI. "The government is working to provide an enabling environment, where the private players and government can work together to bring the benefit of AI to all the farmers and consumers. This will also help in bringing down the price for the consumers as well as getting the best price for the farmers," he said. Further, Bhutani said India has about 145 million farmlands with very small holding size, which is around one hectare per holder. The target of doubling farmers' income is a massive task to be achieved. "Artificial Intelligence would play a major role in ensuring that the targets are met. There is a need for digitalisation in the agriculture sector," he noted. Elaborating on the PMFBY, he said that since its launch, the scheme has been a radical shift in the way crop insurance is implemented in the country. It is the third biggest programme in the world after the US and China's schemes. "Technology is the way forward for implementation of the program." Highlighting the initiatives of the government, Bhutani said the biggest challenge is to increase the production by 50 per cent over the next 20-30 years with a limited scope of increase in the farming area. "The entire focus has shifted to using technology for managing food security and other aspects of agriculture. AI can be effectively used in soil monitoring, predictive data analytics and improving supply chain inefficiencies. "The National e-Governance project on agriculture, which has been revisited this year, has given the focus on using information technology, AI, Machine Learning etc," he noted. He further stated that the use of AI and digital technologies for smart crop cutting experiments will further improve the accuracy of forecasts and lead to effective implementation of the PMFBY. According to the FICCI-PwC report, the market size of AI in agriculture is expected to reach USD 8.4 billion by 2030 from USD 0.85 billion in 2019. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Double-digit rise in exports helps India nearly halve trade gap with China

08 Oct, 2020, 09:40PM | Business Standards

India’s robust double-digit exports growth to China, coupled with sharp contraction in imports, nearly halved the trade gap between the two trading partners in the first five months of the current fiscal year (2020-21, or FY21) over the same period of 2019-20 (FY20). The restriction on imports from China, along with the Atmanirbhar Bharat campaign, has shrunk India’s trade deficit with the neighbouring country to $12.6 billion between April and August of FY21, from $22.6 billion in the year-ago period.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER India’s trade deficit with China stood at $23.5 billion in the corresponding period of 2018-19 and at $26.33 billion in 2017-18. Exports to China saw sustained double-digit growth for the fourth straight month in August, led by eightfold rise in iron and steel shipments. In the April-August period, outbound shipments to Beijing expanded 27 per cent, compared to 9.5-per cent expansion in the same period last year. Imports contracted 27 per cent in the first five months to $21.5 billion and shrunk 21 per cent in August alone. India’s exports to China grew 15 per cent in August, with shipments worth $1.68 billion, revealed the data by the Department of Commerce. Exports growth to Beijing peaked in June at 78 per cent and expanded 48 per cent in May and 23 per cent in July. India’s exports basket to China mainly accounted for iron and steel, which rose 833 per cent to $1.8 billion till August this year, compared with $192 million last year. China accounted for 35 per cent of India’s iron and steel outbound shipments in the first five months of the fiscal year, against 5.3 per cent in the corresponding period last year. China also made up for 90 per cent of India’s exports of iron ore worth $1.6 billion, a fourth of exports of organic chemicals worth $809 million, and 16 per cent of exports of marine products worth $351 million during the five months. The import basket is largely dominated by telecom instruments, organic chemicals, and industrial equipment for dairy, etc. Biswajit Dhar, professor, Jawaharlal Nehru University, said that exports to China have grown on account of two reasons. First, it is the only economy that is growing, while others are contracting. Second, there will be some diversion of exports from other destinations to China. Dhar said this narrowing of trade deficit may not be sustainable. Domestic demand is currently squeezed, which explains the lower imports. “Doing away with the dependence on China for critical items like active pharmaceutical ingredients may not happen overnight, but will take years and require medium-term strategy,” he added. In FY20, exports to China were down 0.83 per cent at $16.6 billion, accounting for 5.3 per cent of total outbound shipments. For this fiscal year, China accounts for 9.1 per cent of India’s total exports till August, behind US at 17 per cent. The United Arab Emirates (UAE) has been displaced to the third largest export destination for India this fiscal year, accounting for 5.29 per cent of total outbound shipments. Arpita Mukherjee, professor, Indian Council for Research on International Economic Relations, also pointed out that the artificial import restrictions may not really work — it simply results in rerouting of items from other markets like Hong Kong or the Association of Southeast Asian Nations. She, however, added that China has also been putting in efforts to narrow the trade deficit gap with India and buying ayurvedic products and health supplements. “China is trying to be accommodative to India to narrow the trade deficit. It seems to be directly sourcing items from India,” said Mukherjee. Among India’s top five export partners, China is the only destination showing growth. Exports to the US are down 24.6 per cent. In the case of UAE, they are down 59.2 per cent. Shipments to Singapore also contracted 24.2 per cent and 26.7 per cent, respectively. Incidentally, China’s exports continued to expand in August, growing 9.5 per cent. In absolute terms, it was at the third-highest level ever exported by the country in a month at $235.3 billion on account of sustained demand for medical equipment and electronic items.

One-third of emerging cos may not get restructuring benefits: Ind-Ra

08 Oct, 2020, 07:13PM | Business Standards

India Ratings and Research on Thursday said a third of the mid and emerging corporates (MEC) having turnover of under Rs 750 crore rated by it could be ineligible for restructuring loans despite being "vulnerable". A weak cash flow recovery and stretched liquidity among such corporates which are rated below BBB can result in significant haircuts for lenders, it warned.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The RBI had last month adopted recommendations of the K V Kamath committee on one-time restructuring. The norms stress on looking at every case separately rather than having a blanket loan recast because of past experiences. "On an overall basis, 62 per cent of the issuers (47 per cent by total debt) qualify for all the ratios recommended by K V Kamath committee financial guidelines for restructuring based on the FY19 balance sheet...Over one-third.. do not qualify for all ratios," the ratings agency said. It said the companies not qualifying for restructuring and belonging to the speculative grade, having stretched liquidity even pre-pandemic, are likely to see a deterioration in their credit and liquidity profiles over FY22 and FY23. It said as per the Kamath committee recommendations, there are 113 companies which are ineligible and 40 per cent of these belong to the highly vulnerable category with stretched liquidity. Such companies will turn delinquent over the next 6-12 months or would require significant haircuts for lenders, the agency warned. Negative rating actions are likely to emanate from this bucket of companies, it said, adding half of these entities belong to the speculative grade rating category and sectors such as consumer durables, construction, textiles, building materials, hotels, real estate and sugar. The remaining 60 per cent of ineligible issuers in the low-to-moderate vulnerability category and having adequate liquidity as of FY19 may not seek restructuring immediately, it said. If their cash flows recovery is delayed and liquidity profile worsens, lack of access to the restructuring window could impact their solvency over a period of time, it added. The agency said about 59 per cent of its MEC is under moratorium, of which 58 per cent qualify for the restructuring scheme. Of the remaining 42 per cent of the issuers which had availed moratorium and thus are not eligible for the scheme, nearly half exhibit a weak-to-modest liquidity profile and belong to sectors such as construction, consumer durables, iron and steel manufacturing and textiles, it said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Tourism industry seeks reduction in GST rate, tax benefits to revive sector

08 Oct, 2020, 06:47PM | Business Standards

Key stakeholders of the country’s travel and tourism industry on Thursday put forward a proposal to the government that included a bunch of measures required to revive the beleaguered sector. Led by policy advocacy body Federation of Associations in Indian Tourism & Hospitality (FAITH), a group of major hospitality industry associations have demanded a reduction in goods and services tax (GST) rate, tax benefits and a dedicated fund for the sector. According to them, the Covid-19 pandemic has wreaked havoc on the travel, tourism and hospitality industry, resulting in a loss of Rs 15 trillion and putting up to 40 million jobs at risk. With travel restrictions continuing in several places and travellers shying away from tours, a revival is still out of sight.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER In order to reduce the burden on business owners and consumers, the bodies have demanded a reduction of GST for tour operators to 1.8 per cent, with full set-offs, from 5 per cent at present. Further, a reduction of the existing 18 per cent GST rate on hotel rooms costing Rs 7,500 per day or above to 12 per cent, has been put forward. “And gradually it should be brought down further, to below 10 per cent with full set-offs, in line with global trends,” they said. Moreover, citing examples of Singapore, Thailand and Japan, the body has demanded income tax exemption on travel within India for expenses up to Rs 1.5 lakh per year that will help reduce the burden on consumers. ALSO READ: Long weekend brings cheer to hotels, travel firms as demand picks up According to Nakul Anand, Indian tourism, along with associated sectors, accounts for 9-10 per cent of the country’s GDP and will have to grow to $ 500 billion for India to achieve its stated target of $5 trillion GDP. “That would more than double the economic footprint of tourism from what it is today. Our industry would be looking at more than doubling the jobs that tourism influences from around 5 crores currently to over 10 crores”, he said. However, for its revival, the industry requires government’s support. Anand said, an interest free Covid-19 fund should be set up by the tourism ministry that will help businesses in meeting employee and fixed operating costs. “The states need to synchronize their border policies in areas falling outside of containment zones. India’s domestic tourism market is estimated to be the second largest in the world, by size, next to China. However, our tourist penetration of domestic tourists per our population is low”, said PP Khanna, president, Domestic Tour Operators Association of India. He insisted that unless revived sooner, the industry may miss out on the opportunity to double its size. Sharat Chandra, treasurer of Indian Tourist Transportation Association said, since lack of cash inflow is presently the most pressing issue, “It is critical that unutilised GST credit that is with the government should be refunded to the operators. This will pump in some liquidity into the system. Further, it is important to have exemption from payment of insurance premium for tourist transport vehicles for the financial year till business environment normalises”, he demanded.

Tesla owner says he butt-dialed a $4,280 Autopilot upgrade — and is still waiting on a refund

08 Oct, 2020, 06:40PM | CNBC

In this photo illustration, the Tesla website showing the Tesla 3 model is displayed on the screen of an iPhone on March 18, 2019 in Paris, France.Chesnot | Getty Images News | Getty Images On September 24th, physician Dr. Ali Vaziri was unpleasantly surprised by a mobile alert from his bank, which said he had just purchased a $4,280 upgrade for his Tesla Model 3. The large transaction, he quickly surmised, was a "butt dial" or accidental purchase made through the Tesla app on his iPhone."My phone was in my jeans," Vaziri told CNBC. "I took it out, put it on this charger that comes with your Tesla and that's it. A minute later? I got the text. I've never purchased anything through the Tesla app before."Â Vaziri had owned the electric sedan happily for less than a few months at the point of his accidental purchase. He linked a credit card to his Tesla account, he said, to pay a monthly fee for "premium connectivity" in the car. (That service enables features like live traffic visualization, satellite maps, video and music streaming over cellular and wifi networks.) The same card was billed for "Enhanced Autopilot," a $4,000 software upgrade that would enhance the driver assistance features of the car.Available for a very limited time this year, the September 2020 version of Enhanced Autopilot included an automatic navigation feature, automatic lane changing and parking, and a "Summon" feature that lets drivers step out of their vehicles, then park them using a key fob or Tesla app as a remote control of sorts.The Enhanced Autopilot features were not suitable for use off of highways, or in public parking lots, according to the Tesla Owner's Manual. Vaziri says that's one reason he wasn't interested in buying the upgrade. Refund runaround Moments after he received the mobile alert from his bank, Vaziri called his local Tesla store and service center. They couldn't help directly, but gave him the number for a customer service hotline. He called the number, and requested a refund. Instead of processing the doctor's refund request on the spot, the customer service rep told Vaziri to click on the refund button in his Tesla app to process his request.Â Vaziri informed them there was no such button in the Tesla app, just some text and a link to the refund policy.An e-mail he received from Tesla confirming the unauthorized purchase contained only vague information about a refund, and no buttons to click or links to a page where he could process a refund request either. The email, which Vaziri shared with CNBC, drove him to Tesla's support web site, which in turn told him to call his local service center.Â To this date, Vaziri says, Tesla customer service has not provided him with a refund, nor has the call center provided him with so much as a confirmation number or e-mail to acknowledge his calls about the refund.Â Instead, he processed a stop payment request through his credit card company. CNBC reviewed records of the unintended purchase and stop payment request."The car has been great since I've had it. But this has been a nightmare. The customer service is horrendous," Vaziri said.Â Apple told CNBC that in-app purchases are supposed to require explicit confirmation from the user -- either they have to enter a password, or must be recognized by FaceID or fingerprint reader.Tesla did not immediately respond to a request for comment.Â Tesla's history with "butt dial" purchases Accidental purchases can happen with mobile devices, especially when kids commandeer parents' mobile devices. However, a "butt-dial" purchase is generally uncommon where larger transactions and reputable digital businesses are concerned.But for Tesla customers, accidental "butt-dial" purchases have been at least an occasional problem since January 2020.On January 15, professor and author Nassim Nicholas Taleb spoke out on Twitter about his troubles obtaining a refund from Tesla for this type of accidental purchase. He wrote, then:Tesla CEO Elon Musk responded to his influential customer:"Tesla refunds in general should be easy to get electronically & certainly through customer service. Will he addressed."Taleb confirmed in an e-mail to CNBC this week that he did receive a full refund, eventually, after Musk noticed his tweets."They initially refused. They refunded me after I raised hell on Twitter. Then I saw they did not refund others, I raised even more hell: my point was that public venues are there to correct public, not individual, grievances."Â Musk has even poked fun at the "butt dial" purchase issue recently. When a Tesla owner, Stefan Peterson, tweeted about an accidental purchase of an "Acceleration" upgrade which cost around $2,000, Musk responded: "Trust ur butt haha."Peterson updated followers with a tweet saying he got a refund within hours of complaining to the company and raising a stink on Twitter and with an ironic GoFundMe campaign to pay for the upgrade.But it's not clear why some customers are getting refunds and others are left with a bill. Some improvements have been made In January, Taleb's tweets and related customer stories caught the eye of software developer Ted Stein, a vocal Tesla critic.In January, Stein found Tesla's app left far too much room for accidental purchases. Many of those features have improved by now, the developer tells CNBC.For example, in the past, Tesla automatically ticked a box in an upgrades menu, opting customers in to buy them by default. Now, Tesla users must tick the box for the upgrade they want, actively. Zoom In IconArrows pointing outwardsA screenshot of a recent version of the Tesla upgrade screen, shared by a reader. Tesla also changed its policy to allow refunds for over-the-air upgrades to its vehicles if they are requested within two days of the purchase. A refund may be requested only once per upgrade.Finally, Tesla now sends an e-mail to users after they make a purchase through the Tesla app on the day of that purchase, so they won't be surprised by a line item on a credit card bill."These design and policy changes are a substantive improvement," Stein says. "But Tesla still doesn't meet industry standards in e-commerce, which canÂ make accidental purchases nearly impossible."Â For instance, Tesla could require users to take an additional authentication step, like entering a password or being recognized by FaceID or a fingerprint scan in order to confirm a purchase.Another thing Tesla should do is to include clear instructions and a way to request and process a refund right in their app, where purchases are made, Stein said. Most importantly, he says, Tesla should giveÂ customers more than 48 hours to request refund."It makes no sense to limit a refund window to two days. Tesla gives customers a full week window to return a new car. This is just software. It's not something they have to physically ship back," Stein noted. Dark patterns A user experience specialist, Harry Brignull, declined to evaluate the design of the Tesla app specifically, but said e-commerce companies can avoid problems with accidental purchases and refunds relatively easily.Â Brignull described a long history of products thoughtfully designed to prevent people from making costly mistakes, like the safety on a gun, or parking brakes that require a button press and lift before releasing.He also noted, "Omitting a safety feature can be reckless, but it's something else entirely if the company has also taken measures to make it hard for the consumer to reverse the action. This is known as a 'roach motel.' There's an entire category of design tricks like this, and they are known as 'dark patterns.' They're profitable, they're consumer-hostile and they're increasingly common."Examples of a "roach motel" include news sites that make it easy to subscribe with a few clicks online but require a lengthy phone call to cancel, and mobile apps that offer a free trial that later converts into a paid subscription that can only be cancelled by navigating a labyrinth of menus or web pages.In September, the U.S. Federal Trade Commission took action against Age of Learning, makers of ABCMouse educational content, for making it difficult for users to cancel paid subscriptions, among other things.That action may put pressure on companies, including Tesla, to make their refund and cancellation policies and processes clearer and user-friendly online and in apps.Â WATCH: Why Tesla Full Self-Driving is taking so long to finish VIDEO20:3120:31Why Tesla Full Self-Driving and robotaxis are taking so longTech

Prince William launches £50 million Earthshot Prize, with a nod to John F. Kennedy

08 Oct, 2020, 05:49PM | CNBC

Prince William photographed in Peterborough, England, on July 16, 2020.Kirsty Wigglesworth - WPA Pool | Getty Images News | Getty Images A Â£50 million ($64.54 million) prize focused on the environment was launched by Prince William on Thursday, with the Duke of Cambridge describing the next 10 years as "a critical decade for change."Dubbed "the most prestigious global environment prize in history," the Earthshot Prize â the name is aÂ reference to the "moon shot" space program associated with President John F. Kennedy â will select five winners a year between 2021 and 2030.The prize itself will look to identify "evidence-based solutions to the biggest environmental problems the planet faces." It will focus on five "Earthshots," or aims: Protect and restore nature; clean our air; revive our oceans; build a waste-free world; and fix our climate.One winner per category will be chosen every year, with each receiving Â£1 million. That money will be used to "support environmental and conservation projects that are agreed with the winners." Who's eligible for the prize? Nominations for the inaugural awards, which will take place in London next fall, open in November, with more than 100 "nominating partners" from around the world asked to put forward candidates.According to the Earthshot website, those eligible for the award include "scientists, activists, economists, community projects, leaders, governments, banks, businesses, cities, and countries." In a statement issued Thursday, Prince William said: "Time is of the essence, which is why we believe that this very ambitious global prize is the only way forward."Although formally launched today, plans for the prize were announced at the end of 2019 and Prince William, together with the Royal Foundation of The Duke and Duchess of Cambridge, has been working on the scheme for two years. The awards will be made by Prince William and an Earthshot Prize Council, with experts assisting the judges. The prize is also backed by an alliance of organizations including the WWF, Greenpeace, the Paul G. Allen Family Foundation, the Jack Ma Foundation and the Aga Khan Development Network. Prince William is not the only member of the British royal family concerned with the environment. Just last month his father, Prince Charles, called for a "Marshall-like plan for nature, people and planet."Speaking on the opening day of Climate Week NYC, the heir apparent to the British throne said: "The borderless climate, biodiversity and health crises are all symptoms of a planet that has been pushed beyond its planetary boundaries.""Without swift and immediate action, at an unprecedented pace and scale, we will miss the window of opportunity to reset for a green-blue recovery and a more sustainable and inclusive future," he added.

Unemployment, diseases emerge top challenges for business leaders: Report

08 Oct, 2020, 05:19PM | Business Standards

'Unemployment' is the main concern for business executives globally, followed by 'infectious diseases' that progressed by 28 spots to emerge as the second-most recurring risk, according to the World Economic Forum's (WEF) interactive map on 'Regional Risks for Doing Business 2020'. Fiscal crisis the top concern in 2019 came in third among the top risks cited by business leaders globally.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER 'Infectious diseases' progressed by 28 spots, appearing in the top-10 risks in all regions except South Asia, in a year where the COVID-19 pandemic dominated global health concerns. The survey pulls 30 risks, including terrorist attacks, extreme weather events and state collapse or crisis. Surveyed regions include East Asia and the Pacific, Eurasia, Europe, Latin America and the Caribbean, Middle East and North Africa, North America, South Asia, sub-Saharan Africa. The findings are based on a survey of over 12,000 business leaders from 127 countries. The data is released ahead of the World Economic Forum's inaugural Jobs Reset Summit (October 20-23) which aims to shape inclusive, fair and sustainable economies, societies and workplaces. While the top risks are mostly related to economics, climate-related risks are causing greater concern this year, with natural catastrophes (up seven places), extreme weather events (up five), biodiversity loss and ecosystem collapse (up eight), and failure of climate-change adaptation (up two) featuring more prominently, according to the survey. Other significant changes include human-made environmental catastrophes (down six places), failure of urban planning (down seven), and terrorist attacks (down nine). "The employment disruptions caused by the pandemic, rising automation and the transition to greener economies are fundamentally changing labour markets," said Saadia Zahidi, Managing Director at the World Economic Forum. She added that as we emerge from the crisis, leaders have a remarkable opportunity to create new jobs, support living wages, and re-imagine social safety nets to adequately meet the challenges in the labour markets of tomorrow. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

India world's largest emitter of sulphur dioxide: Report

08 Oct, 2020, 04:44PM | Times Of India

NEW DELHI: India's sulphur dioxide (SO2) emissions, which contribute to air pollution , recorded a significant decline of approximately six per cent in 2019 as compared to 2018, the steepest dip in four years, a report has said. However, India continues to occupy the top emitter's position for the fifth consecutive year, the report based on an analysis by Greenpeace India and the centre for research on energy and clean air (CREA), released on Tuesday, said. Sulphur dioxide is a poisonous air pollutant that increases the risk of stroke, heart disease, lung cancer, and premature death. In 2019, India emitted 21 per cent of global anthropogenic (human-made) SO2 emissions, nearly double that of second-ranked global emitter, Russia. China occupies the third position. The annual report ranks the world's biggest emitters of sulphur dioxide, the report said. As per the report, the biggest emission hotspots in India are thermal power stations (or clusters of power stations) at Singrauli, Neyveli , Sipat, Mundra, Korba, Bonda , Tamnar, Talcher, Jharsuguda, Kutch, Surat, Chennai, Ramagundam, Chandrapur , Visakhapatnam and Koradi. While credit needs to be given to India for making ambitious strides in renewable energy, contrarily concern arises from the consistent support given to coal-based energy generation, it said. The report said India has been faring reasonably well in its clean energy transition and has set itself one of the world's most ambitious renewable energy targets but lack of FGD units in most power plants overshadows it. Renewable energy capacity has been increasing in India's power sector, delivering more than two-thirds of the subcontinent's new capacity additions during the FY 2019-20. However, these efforts are overshadowed by the fact that most of the power plants in India lack flue-gas desulfurization(FGD) units. The FGD units are critical in the process of reducing emissions, it said. Avinash Chanchal, climate campaigner, Greenpeace India, said renewable energy capacity may have expanded but the air quality is far from safe. In India, we are getting a glimpse of how reduction in coal usage can impact air quality and health. In 2019, renewable energy capacity expanded, coal dependency decreased and we saw a corresponding improvement in air quality. But our air is still far from safe. We must speed up the energy transition away from coal and towards renewables, for our health and economy. While ensuring just transition of energy, with the help of decentralized renewable sources, we need to prioritize access to electricity for the poor, Chanchal said. In 2015, the ministry of environment, forest and climate change introduced SO2 emission limits for coal power stations. But power plants missed the initial deadline of December 2017 for the installation of FGD units, the report said. Though the deadline was extended till 2022, as of June 2020 most of the power plants are operating without compliance to standards. Five years after setting the SO2 emission limits, the Indian government has decided to shut down non-compliant thermal power stations and has also allocated Rs 4,400 crore to tackle the air pollution crisis,it said. Sunil Dahiya, analyst, Centre for Research on Energy and Clean Air (CREA), said, SO2 emissions are affecting the health of millions of people directly and worse through converting to PM2.5. The most efficient and easiest way to reduce PM2.5 levels is to install FGD and reduce SO2 emissions from power plants as they form a significant fraction of total PM 2.5 pollution at different locations across the country. Every single day delay in implementation of prescribed norms and not installing the FGD system is causing huge health and economic damage to our society, it's time the offenders/non-complying power plants are pulled up for inaction and damage to the society to ensure better implementation moving ahead, he said. It's high time that governments reduce investments in fossil fuels and shift to safer energy sources, such as wind and solar, the report said, adding that they must also strengthen emission standards and effectively implement flue gas pollution control technology on coal-fired power plants, smelters, and other major industrial SO2 emitters. In August last year, a study by Greenpeace had claimed that India is the world's largest emitter of anthropogenic sulphur dioxide, which is produced from coal burning, and greatly contributes to air pollution. Greenpeace India has released an analysis of a national aeronautics and space administration (NASA) data, saying India has more than 15 per cent of all anthropogenic sulphur dioxide (SO2) hotspots in the world detected by the OMI (Ozone Monitoring Instrument) satellite.

India world's largest emitter of sulphur dioxide: Report

08 Oct, 2020, 04:44PM | Times Of India

Prince William launches 'most prestigious' environment prize

08 Oct, 2020, 04:34PM | Times Of India

LONDON: Britain's Prince William on Thursday launched the "most prestigious" environmental prize of all time, aimed at turning "pessimism into optimism" by rewarding innovative solutions to the planet's biggest problems. The Earthshot Prize will present five £1 million ($1.3-million, 1.1-million-euro) awards each year for the next 10 years, to "incentivise change and help to repair our planet over the next ten years," said his office in London . Kensington Palace described it as the "most prestigious global environment prize in history" and said it was inspired by US president John F. Kennedy's "Moonshot" project in the 1960s. "We need to find solutions to be able to live our lives and enjoy our lives and not feel guilty and bad about some of the things we do," the prince, who is second in line to the throne, told BBC Radio 4 in an interview aired Thursday. "That ultimately has to change, because I also worry from a mental health point of view, the anxiety and the worry that many of these younger generations are going to have." He said he hopes the prize will "galvanise and bring together the best minds, the best possible solutions, to fixing and tackling some of the world's greatest environmental challenges ". "The next 10 years are a critical decade for change. Time is of the essence, which is why we believe that this very ambitious global prize is the only way forward." The project is centred around five "simple but ambitious" aims to be met by 2030: "protect and restore nature", "clean our air", "revive our oceans", "build a waste-free world", and "fix our climate". The prize is supported by a coalition of individuals, organisations and businesses with the winners to be announced each year at a ceremony in a different city around the globe, starting with London in 2021. Prizes can be awarded to individuals or teams, whether they be scientists, activists, economists, governments, business leaders and even countries. "The Earthshot Prize aims to turn the current pessimism surrounding environmental issues into optimism that we can rise to the biggest challenges of our time," said the palace. "But the Prize is about much more than awarding achievement -- it is a decade of action to... inspire people all over the world to work together to repair the planet." William praised his father Prince Charles's for his long-running environmental campaigning, joking to the BBC: "I regularly wonder what my father's banging on about. I'm sure every son thinks the same. "But... he's talked about this for a long time and long before people sort of cottoned on to climate change. "So I've always listened to and learnt and believed in what he was saying."

Moody’s revises global steel industry outlook to stable from negative

08 Oct, 2020, 04:10PM | Economic Times

Mumbai: Moody’s Investors service has revised the outlook on the global steel industry to stable from negative as demand is gradually picking up with easing of pandemic-related lockdowns and on the back of supporting industries resuming production. “Demand for steel is improving on a resumption of production in important end markets and on stronger global economic data, particularly in China ,” said Moody’s senior vice president, Carol Cowan, in a report on Thursday. After pandemic-related shutdowns, production is now ramping up in the automotive and industrial sectors , Cowan added. The agency has also changed the outlook on Asia-Pacific steel industry to stable from negative. “We changed our outlook for the Asia-Pacific steel industry to stable from negative, reflecting our view that industry conditions are improving across key operating steel markets in the region, with steel demand rising slowly from a slump during the pandemic. Moody’s rated companies in Asia include, Baoshan Iron & Steel (subsidiary of Baowu), POSCO, Nippon Steel Corporation, JFE Holding, Hyundai Steel, BlueScope Steel, JSW Steel, Tata Steel, and InfraBuild, and ElectroSteel, Vedanta's steel subsidiary. “Aggregate EBITDA-per-ton profitability of the nine rated Asia-Pacific steel-makers will grow by around 5% in the 12 months ending June 2021, after falling 36% a year earlier,” Moody’s report said. Adding that the selling price increase will be well absorbed by the market and the effects of steelmakers’ relentless cost rationalization initiatives will aid in the slight improvement in Ebitda/ton, even as their unit sales modestly increase by around 2% over the 12 months till June 2021” the report said. As per Moody’s, the construction sector, the largest consumer of steel worldwide, has also remained resilient throughout the pandemic and even picked up in countries with infrastructure-focused stimulus programs, such as China. “Decreasing backlogs and declining new bids are some risks for the construction industry in 2021 and a virus resurgence is still a key risk for steelmakers,” the report said. Capacity utilization is improving but remains well below pre-pandemic levels as the recovery lags in some regions and sectors, the report said. In steelmakers’ key end markets, purchasing manager indexes (PMIs) are rising from low levels, with the US, Eurozone and China (55..4, 53.7, 51.5 respectively) now above 50, indicating expansion. “Moody’s macroeconomic board forecasts a 4.6% contraction in G-20 economies in 2020, it expects 5.3% growth in 2021. Many important steel-consuming regions will follow a similar pattern, with the exception of China, which will see GDP grow by 1.9% in 2020 and by 7.0% in 2021,” it said.

After a record subscription, Mazagon looks set to break defence IPO jinx

08 Oct, 2020, 01:20PM | Economic Times

NEW DELHI: At 157.41 times subscription, Mazagon Dock Shipbuilders attracted the highest ever interest amongst all PSUs that have hit the primary market. It beat IRCTC, whose initial public offer (IPO) last year, drew 109.75 times subscription. With a strong grey market premium, the 'Miniratna' company now looks set to break the jinx of poor debuts by defence PSUs on Dalal Street. Data showed HAL, the largest defence PSU in terms of value of production, had listed at a 5 per cent discount to its issue price on March 28, 2018. The scrip got listed at Rs 1,152, down 5.19 per cent on NSE. It listed at a discount of 3.08 per cent on BSE . Missile maker Bharat Dynamics, which manufactures anti-tank guided missiles (ATGMs) and surface-to-air missiles (SAMs) and is a co-development partner with the DRDO for the next generation of ATGMs and SAMs, had listed 13.55 per cent down at Rs 370 over the issue price of Rs 428 on NSE. The stock had fallen 15.88 per cent on BSE when it was listed on March 23, 2018. Mishra Dhatu Nigam, which supplies various super alloys and special steels to defence and other strategic sectors for nuclear, aeronautical and space applications, also had a muted debut in 2018. It listed at Rs 87, down 3.33 per cent over the issue price of Rs 90. This company also comes under the Ministry of Defence. Cochin Shipyard had debuted flat at Rs 435 over the issue price of Rs 432 in August 2017. This state-run firm, however, does not come under defence, but the shipping ministry. At the time of its IPO, the shipyard was in the race for three major tenders for the Indian Navy . The company is now constructing the largest warship for the navy i.e. the Indigenous Aircraft Carrier (IAC), according to the company's website. Garden Reach Shipbuilders & Engineers (GRSE), a Kolkata-based 'Miniratna' company that makes warships for the Indian Navy and the Coast Guard, fell 13.14 per cent at listing to Rs 102.50 in October 2018 over its issue price of Rs 118. On BSE, the scrip had debuted at Rs 104, down 11.86 per cent. "Mazagon has a strong order book, which gives it strong earnings visibility. There is a difference between Garden Reach and Mazagon as the latter has a near monopoly in the business it deals in. This is in comparison with shipbuilder Garden Reach which has competition from private players. When it comes to listing, you can compare it with Power Grid. The stock is trading at Rs 110-120 premium in the grey market," said Narottam Dharawat of Dharawat Securities. Mazagon Dock's order book stood at Rs 54,700 crore as of March 31, which included work for building eight warships and four submarines. It is the only domestic yard that has the capability to build complex platforms such as destroyers, frigates, corvettes and conventional submarines, Phillip Capital said in a note. The brokerage said: "The company's current order book is 11 times its FY20 revenues, which offers a runway for revenue growth for the next five years, as it achieves the ‘bell curve’ impact on two of its largest shipbuilding projects viz. Project 15B (Destroyers) and Project 17A (Frigates). In addition, its associate company, Goa Shipyard (47.2 per cent stake), also enjoys a healthy book to bill of 15 times trailing 12-month sales as it executes order for two advanced frigates." BEML, meanwhile, had a strong 11 per cent listing pop, but that was in 2007.

Electric 2-wheeler demand showing signs of revival: SMEV

08 Oct, 2020, 01:06PM | Times Of India

MUMBAI: Electric vehicle makers body SMEV on Wednesday said electric two-wheeler demand is showing signs of revival with sales of high-speed electric two-wheelers (HSE2W) growing by 72 per cent in September over the year-ago period. The outlook for the fiscal year remains "positive" on the back of the government's recent move to allow vehicles to be sold without battery as well as announcement of electric vehicle (EV) policy by the Delhi government in August, the Society of Manufacturers of Electric Vehicles (SMEV) said in a release. The registration of HSE2W stood at 2,544 units in September 2020 as against 1,473 vehicles sold in the corresponding month of last year, SMEV said. The financial year 2021 started with an uncertainty due to COVID-19 which led to lockdown in the country and amid that the April-September period of the fiscal has been a roller coaster ride for the EV industry, it said. "We are experiencing huge customers' interest in greener vehicles as they have seen how the environment looks like when no fuel-guzzling vehicles are running on roads. The upcoming festive season will add to the pent-up demand and help OEMs to recover what they lost in the first two quarters due to COVID-induced lockdown," SMEV Director General Sohinder Gill said. The industry registered sale of 7,552 HSE2W in April-September FY21 as against 10,161 HSE2W sold in the corresponding months of FY20, Gill said. "One of the main reasons of the stagnant sales is attributed to customers not able to buy products due to COVID-19...However, the industry has been quickly able to enter the positive curve soon after the government announced the unlock process," he added. The performance of the top three players - Hero Electric, Okinawa Autotech and Ather Energy - has been down in the first half of FY21 as compared to H1 FY20, SMEV said. While sales of Hero Electric and Ather declined by 16 per cent and 20 per cent, respectively, in April-September, Okinawa witnessed a 64 per cent decline in sales during the same period. Lately, there has been a lot of positive news on the EV policy front from the central and state governments that has led to a higher confidence amongst original equipment manufacturers (OEMs), component suppliers and investors, Gill said. "We look forward to a big push by the government to set right what went wrong with FAME-2 so as to assist generation of demand which is already showing some green shoots," he said. Some of the measures that could be adopted are removal of 'range criteria' from two-wheelers for subsidy, reduction of GST on batteries from 18 per cent to 5 per cent when sold separately, mandating delivery businesses to convert their fleet to EVs, promotion of electric mobility under the 'Swachh Bharat Campaign', he added. Follow TOI Auto Youtube Channel

Amid scarcity, Yogi Adityanath unveils UP's largest oxygen plant

08 Oct, 2020, 12:25PM | Business Standards

Amid a shortage of oxygen to treat Covid-19 patients at hospitals in India, Uttar Pradesh chief Minister Yogi Adityanath on Thursday virtually inaugurated the state’s largest oxygen plant in Modinagar, Ghaziabad. The plant, commissioned by INOX Air Products (INOX), one of India’s largest manufacturers of industrial and medical gases, has a capacity of 150 tonnes liquid medical oxygen per day. It has been set up as part of an agreement signed between the Uttar Pradesh government and INOX AP during the ‘UP Investors’ Summit 2018’ on February 21 and 22, 2018. Prime Minister Narendra Modi had laid its foundation on July 29, 2018.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER With the commissioning of this greenfield plant, UP’s oxygen production capacity has now increased from 115 tonnes to 265 tonnes per day. Commissioned with a project outlay of Rs 135 crore, the new plant will generate 150 direct and indirect employment opportunities in the state and is projected to fulfil the oxygen demand of more than 200 state hospitals and medical colleges, besides catering to various industries’ need for industrial gases. Meanwhile, INOX is also keen to make a second round of investment, of nearly Rs 150 crore, in setting up another Ultra High Purity Cryogenic Liquid Oxygen Plant in the central UP. In his address, Adityanath said the new plant would fortify the availability of oxygen not only in UP but also other northern states. He emphasised that his government had created a robust medical and health care infra in UP, which was contributing immensely in tackling the current Covid-19 pandemic situation and controlling the mortality rate. CM Adityanath added that the investment not only boosted industrial development but also contributed towards creating a positive image of the state among investors’ community at large. He said his government was proactively working towards creating a conducive business environment in UP and resolution of such grievances. Currently, INOX is catering to more than 60 per cent of the total medical oxygen requirement in the country. It supplies oxygen to more than 800 hospitals through a dedicated fleet of 550 transport tanks and 600 drivers. The plant has a storage capacity of 1,000 tonnes of gas, besides a well-oiled distribution network and infrastructure. INOX AP claimed it operated a fleet of 15 cryogenic tankers having a total capacity of 230,000 litres of oxygen. “The newly commissioned plant is a testament of our commitment towards serving the nation and supporting the government in these challenging times,” INOX group director Siddharth Jain said. The proposed plant will make UP self-reliant in providing the medical and industrial gases while also strengthening and promoting the sustainable industrial growth in the state, according to a company release.

Operating rooms turn to Zoom-like technology for the age of Covid

08 Oct, 2020, 08:11AM | Economic Times

By Riley Griffin Operating rooms tend to be busy places, often bustling with not just the surgeon, but also a phalanx of aides, students, technical advisers and, yes, medical device sales reps. That’s not exactly an ideal environment for social distancing. Avail Medsystems, a Palo Alto-based startup, is promising a better way for managing operating-room crowding in the age of Covid . The company is growing its fleet of “procedural telemedicine” consoles, a high-end Zoom-like service for the operating room that allows surgeons performing live procedures to collaborate with long-distance viewers following via a tablet or laptop. The Avail console uses mobile overhead cameras to project live images of a procedure up to 30 times their actual size onto an HD monitor. For an idea of what that means, onlookers—both in person and remote—can easily count a patient’s individual eyelashes from six feet off the surgical table, and annotate those images by touch screen, in real time. Both medical-device makers and investors are warming up to the product. In Avail’s latest Series B fundraiser, expected to be announced later on Wednesday, billionaire Dan Sundheim’s D1 Capital Partners pumped $100 million into the medical technology company with participation from technology-focused firms 8VC, and repeat investors Lux Capital, Sonder Capital and others. The vote of confidence from D1, a high-profile fund, comes a few months after Avail closed a Series A fundraiser in March bringing total investments to $25 million. It installed its first console into a hospital in January. Clinched Deals “In the work from home world, this is the largest industry—medical equipment—in the country that has no work from home capability in any meaningful way,” said Avail Chief Executive Officer Daniel Hawkins. Having the ability for medical device reps to remote in was less urgent until the pandemic struck with full force last winter. Reps are more than just salespeople. Doctors performing operations have come to rely on their expertise and guidance as modern devices become more complex and intricate. Most sales reps don't have a medical degree, but they are trained to know everything about how devices function. When a hospital buys equipment it can also get as part of the deal a rep to guide surgical teams on how to use each product's various components. Unknown to patients, their presence amid procedures has become commonplace. To date, Avail has clinched deals with a dozen large and mid-cap medical-device companies, and has 40 more contracts in the works, according to Hawkins. Avail’s remote link to operating rooms works on a subscription pay-for-use model. The company installs the consoles at no cost. Hospitals, device companies, researchers and anyone else seeking to beam feeds in or out of the operating room are charged for the minutes used. Avail, which leases the consoles from a manufacturer, is selling a package of the equipment and its own software developed specifically for operating room communication. “We price this so it’s cheaper than to deploy somebody in person,” Hawkins said. “We have tiered rates for the time. One-hundred thousand minutes, a million minutes, and so forth. It’s not at all inconceivable that an Abbott or a J&J would buy 10 million minutes.” Hawkins, a serial medical tech entrepreneur, got his start at Eli Lilly & Co., and later worked at Intuitive Surgical Inc. before launching a series of different companies. In 2012, Hawkins sold his insulin-patch maker Calibra Medical to Johnson & Johnson. His next venture, ShockWave Medical Inc., went public in 2019. Since then, he’d been slowly and quietly building out Avail’s business. Then the pandemic hit. Most elective surgeries were canceled in the early days of the pandemic, but stent replacements following a heart attack, surgery after a car accident and some urgent cancer procedures went forward with one key difference: Once-crowded operating rooms were now thinned out. Sales representatives and students were barred as hospitals sought to limit exposure to Covid-19. Complex Surgeries “When Covid hit, we had to take a different strategy,” said Dr. Bill Nicholson, a cardiologist and the Director for Complex Coronary and Cardiac Intervention at Emory Healthcare. Earlier in the year, he’d used the Avail console to train students on how to perform complex surgeries at various health systems in York, Pennsylvania. But now Nicholson used the technology to create a rotation of surgeons and aides who could come into the O.R. one week and work from home the next—a model not unlike rotational programs employed by banks at the beginning of the pandemic. That’s allowed fewer people to be in the operating room at any given moment. Nicholson is an avid user of the service. Working from home, equipped only with his iPad, he has advised surgeons with lesser experience how to do complicated procedure, such as threading a catheter through a patient’s arm into the heart’s main valve to improve blood flow. Through his iPad, Nicholson has been able to virtually tap into 1 of almost 100 consoles that Avail has in hospitals and out-patient surgery centers around the U.S. At his insistence, Emory Healthcare is installing nine consoles in its facilities next week. The company and its investors are betting the fresh funding round will further propel that number. Within the next year as the company seeks to lease and install as many as 1,000 consoles. Avail will also put capital toward training stakeholders across the medical industry on how to use them, and building out its IT capabilities in order to protect patient information transferred virtually between parties. Lux Capital Partner Peter Hebert is one of the believers. He first met Hawkins by way of industry titan Fred Moll, the founder of Intuitive Surgical and inventor of the da Vinci Surgical System, the world's top-selling surgical robot. As Moll told Hebert the story of Avail, “It was one of those aha moments,” Hebert said. “All this value is being totally lost and left on the table. It’s clear you can establish a leadership position in the market very quickly.” Both Hebert and Moll now sit on Avail’s board of directors. The synergies between Moll’s invention and the growing procedural telemedicine services are clear: Just last month, Avail’s platform was used alongside the da Vinci Surgical System to remove a patient’s spleen—the first-ever coupling of the virtual technologies.

Paytm First Games relisted on Google Play Store after weeks

08 Oct, 2020, 08:00AM | Economic Times

MUMBAI: Paytm First Games has been relisted on Google Play Store , the gaming app of fintech company Paytm said in a blog post on Wednesday, nearly three weeks after it was taken down from the dominant app store. Paytm First Games said it had realigned its promotion strategies, which Google had termed as “policy violations” earlier. Google’s Play Store does not allow any real money-based fantasy gaming application or the promotion of such apps through verified store apps. Even leading cash-based fantasy gaming platforms such as Dream 11 are not on Play Store. The US technology giant had clarified its position on anti-gambling policies in a blog post last month, ahead of the Indian Premier League season, saying it would tighten the screws on such apps and campaigns on Play Store apps. Google had argued that this was done to provide customers a “safe and secure” environment. Paytm First Games, however, accused Google of exhibiting “dangerous” and “extra-judicial monopolistic powers” in interpreting policies for commercial benefit and disbarring apps “arbitrarily”. Google did not respond to ET’s emailed queries till press time on Wednesday. “While Google does not allow us to promote our ‘pro’ app on our own free app or Paytm app, we can promote it on Google and YouTube by paying hefty fees to Google,” Paytm First Games said in the blog post, referring to the practice of paid ads on Google search and its video sharing platform. “If the Paytm app promoted Paytm First Games, then Paytm app would also be violating their “policies”. But when YouTube promotes the same Paytm First pro app (for a hefty advertising fee), then it is not a violation of such “policies” and suddenly does not create a risk to the customers,” it said, pointing out that fantasy gaming was legal in most Indian states. Fantasy sports are a state subject and are allowed in most states, except Assam, Odisha, Andhra Pradesh and Telangana. The Paytm First Game app available on Play Store is a non-cash fantasy gaming platform, and its “pro” version is only available on its website, not on the app store. The fracas began on September 18 when Google took down both Paytm and Paytm First Games from its Play Store for violating its gambling policy, which prevents any registered store app from promoting real money-based fantasy games or skill-based cashback schemes. Paytm’s payments app was restored the same day after it tweaked some requirements to fit Play Store’s policy, but Paytm First Games has only now been listed back. The delisting of Paytm apps have caused an uproar in the startup ecosystem and prompted Paytm CEO Vijay Shekhar Sharma to accuse Google of being “biased” and “monopolistic”. The development also comes at a time when India’s app ecosystem is protesting Google’s plans to enforce a 30% commission on apps selling digital goods, with effect from April 2022.

Industry expects fast recovery, says CII president Uday Kotak

08 Oct, 2020, 01:44AM | Business Standards

Confederation of Indian Industry (CII) President Uday Kotak on Wednesday termed the recent high frequency data as “promising signs” of recovery in various sectors and hoped these, coupled with reforms in areas like labour and agriculture, will lead to a faster-than-expected rebound in economic activities. “Though still early, these are indeed promising signs, pointing towards some semblance of a recovery taking shape in various sectors. We expect economic activity to continue to normalise in the coming months,” said Kotak.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Specifically, resilience in the rural economy, helped by a buoyant monsoon and government spending, and an accommodative monetary policy environment is expected to spur economic activity, he said. However, he cautioned, “Our expectation hinges on the fact that there will be no second wave of the pandemic in the ensuing months”. In what was seen as a departure from the despondent mood earlier, industry now sees sectors witnessing better pick-up and capacity utilisation than what was projected in March. While the pick-up in the first few weeks after the lockdown was attributed to pent-up demand, its sustenance, particularly in some non-essential sectors, has raised hopes. “The determination by the government to meet the challenges by pushing through some long-pending reforms like the labour reforms and those for the farm sector, apart from the call for an Atmanirbhar Bharat, have helped improve the confidence of the industry,” he said. Kotak referred to indicators such as goods and services tax (GST) collections, e-way bills, exports, purchasing managers’ index, consumption of petroleum products, and power. With the easing of restrictions from June, most high frequency data points have shown normalisation, compared to the multi-year lows seen in April, he said. On the farm sector, the CII president said, “This year, the agriculture sector has emerged as a beacon of hope for India’s economy, with a normal and largely well-distributed monsoon and record foodgrain production cushioning the rebooting of the economy. A concerted action plan from the government to support the rural sector in the form of agri-infrastructure fund and other key reforms in the sector has also supported the sector”.

Only 25% aware of energy efficient appliances in India, shows data

08 Oct, 2020, 01:09AM | Business Standards

India has successfully provided metered electricity connections to 97 per cent households, but barely 25 per cent are aware of energy efficient appliances, said a recent report by the Council of Energy, Environment & Water (CEEW). The report also pointed out shortcomings in the awareness programmes organised by the Bureau of Energy Efficiency (BEE).document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The study by CEEW found that 40 per cent of households ranked appliance cost as the most important factor in a purchase decision, followed by other parameters, including brand popularity, durability and energy savings. After almost a decade and a half since launch of the ‘Standards & Labeling’ (S&L) programme, only a quarter of the electrified Indian households have heard of ‘star labels’, said the report. The awareness is relatively lower among the rural population. “Low awareness about BEE star labels highlights the need for year-round and sustained awareness campaigns, in regional languages and through diverse media, to capture the attention of consumers in smaller towns and rural areas,” the CEEW said. The report comes after a recent CAG observation on consumers paying extra for star-labelled appliances even though they were not necessarily energy efficient.

'Atmanirbhar Bharat' should not result in protectionism: Raghuram Rajan

07 Oct, 2020, 11:37PM | Business Standards

Former Reserve Bank governor Raghuram Rajan on Wednesday said the 'Atmanirbhar Bharat' campaign of the government should not result in protectionism, adding that such policies had not worked in the past. Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER "If it is about protectionism, unfortunately India has raised tariffs recently, (then) it does not make any sense to my mind to go that way because we tried that before. "We had a licence permit raj earlier...that protectionism was problematic, it enriched a few corporations but basically was a source of poverty for many of us," he said. Rajan was addressing a virtual event organised by economic think tank ICRIER. "When we talk about Atmanirbhar Bharat, I am not quite sure which side is being emphasised. If it is, let's create an environment for production, I think that makes a lot of sense and it basically reiterates Make in India and rebrands...Make in India," he said. Rajan, currently a professor at the University of Chicago, further said India needs world-class manufacturing and that means the country's manufacturers have access to cheap imports, which form the basis for strong exports. "So, by all means, we need to create infrastructural support, logistic support etc for being part of the global supply chain. But let us not create a tariff war because we know that does not work, many countries have tried it," the eminent economist noted. He also stressed that India needs to work very hard on its education sector. "We can provide education across the borders," he added. Replying to a question, Rajan said India may require a different institutional mechanism for reviving firms hit by the COVID-19 pandemic. "I think each country has to figure out for itself whether the existing structures are right," he pointed out. Rajan said countries like India should also see if the current institutional mechanisms for restructuring are the right ones for the problems created by the pandemic. "As I said before, typically you reach distress when you have mismanaged. "In the pandemic, you may reach distress either because you started with the wrong capital structure or because your business was locked down for four months and you had no option, but you may be a viable good business, and to let you go out of business may be a bad thing at this point," he said. To a query on monetisation of deficit by the RBI, he said there is a magical belief that somehow central banks can finance when the government does not have access to financing. "What central banks can do is in the very short run use their balance sheet to intermediate between banks, and the government. "So if the government needs to place a lot of government paper in the short run, the central bank can absorb it on its balance sheet," he said. Rajan further said what really matters is the quality of country's finances. "In India's case it would be, for example, adopt a debt target and put in place legislation which shows that you will move towards the debt target. "Appoint that independent fiscal commission which will look at the budgets and talk about where there is a lack of transparency and perhaps you're actually hiding the true fiscal position," the former RBI governor said. Monetisation of deficit happens when the central bank directly buys government securities from the primary market and in turn prints more money, thereby helping bridge the fiscal deficit.

One of Ford's biggest design challenges of the future has nothing to do with cars

07 Oct, 2020, 11:26PM | CNBC

Headquarters of the Ford Motor Company in Dearborn, Michigan. In a recent survey of 30,000 workers, the auto giant found a majority never want to come back to the office five days a week, and it is taking that data seriously.James Leynse | Corbis | Getty Images The era of massive highways and major commutes was a boon to car companies like Ford, but now the automakers find themselves in the unexpected position of designing a future of work that could work against that 20th century American approach to employment.San Francisco officials are newly looking at remote work as a potential solution for climate change, not just a short-term fix for coronavirus, with the elimination of commutes a source of emissions reduction. The car company's thinking may be along different lines, but over the past few months, Ford surveyed over 30,000 of its workers about working remotely and their comfort level with it longer term. And the results suggest that if car commutes are not entirely out, they are going to see a substantial reduction.Seventy percent of Ford employees indicated they did not want to return to the office full-time, and preferred a hybrid approach.It falls to Jennifer Kolstad, global design director at Ford, to figure out how the new way of working is created for the 117-year-old company.Â 'On work' all the time Kolstad is certain of certain changes Covid-19 will make permanent. For one, the idea of just showing up to the workplace as as key to keeping a job is over. The employment concept of "presenteeism"Â â often defined by the example of people coming into work even when they were ill just to prove they were "on the job" â is being ushered out by the Covid experience and remote work experiment.Â "It's no longer 'If I don't see you, you are not working. ... You're probably working more than ever before. The idea of 'at work' is replaced by 'on work' ... and on all the time," Kolstad said the Tuesday's CNBC @Work virtual summit.Choice of workplace is a new variable in employment, and it is also going to be new capital for employers and employees to negotiate, Kolstad said.Research recently conducted by a group of companies, including Slack, found that only 12% of knowledge workers wants to go back to exactly the way work was in the past."I think organizations will have less choice than they imagine if there is large contingent of companies who say remote work is acceptable to them, because all things being equal, wouldn't you rather have the optionality," saidÂ Stewart Butterfield, co-founder and CEO of work collaboration software companyÂ Slack, at the CNBC @Work virtual event. He noted that he'd just hired his first senior executive not based in the Bay Area, but in Chicago. VIDEO24:0324:03Meeting of the Minds - Slack, Box & Okta CEOs at CNBC @Work SummitAt Work "We will create a new landscape of work somewhere in the middle," said Ford's Kolstad. And there will be "new non-negotiables" the Ford executive added.Ford constructed a think tank to envision what the future looks like, and a big theme that has emerged is that post-Covid there will be constant change, even after a vaccine is available, and companies need to buildÂ what she described as "systemic resiliency."That's an idea which Vishaan Chakrabarti, dean at theÂ University of California, Berkeley's College of Environmental DesignÂ â who headed planning for Manhattan during the post-9/11 Bloomberg administrationÂ â agreed is important to keep the focus on as changes are contemplated after Covid."We are usually fighting the last war ... protecting against a physical terrorist attack when the next one might be a different foe, and the next pandemic might be completely different than Covid. So we need to be careful about being reactionary, and think of resilience of core systems. ... What I've really learned is you don't know where the next thing will come from and it won't be the thing you plan for because it was the last threat." The end of open office 'factory farm' floor plan? One scenario Ford is exploring is called "hoteling," a de-densification strategy which replaces designated work stations with a booking system for employees to reserve desks and collaboration spaces.But Kolstad said Ford still has a lot to learn about employee openness to collaboration zones in a post- vaccine world. "Will they feel comfortable? Probably at some point, but there will be residual memories about it being not too long ago that close proximity made me sick."Just entering and exiting workplaces remain unknowns. "Do we suddenly re-size all elevators because we need to space people out in lifts to move them vertically in buildings? That's really expensive and I don't know yet," Kolstad said. VIDEO29:2029:20Where We Work: Vishaan Chakrabarti & Jennifer Kolstad at CNBC @Work SummitAt Work The office rethink could spell doom for the open office design approach fitting workers as close together as possible that has come to define many modern workplaces, Chakrabarti said. (Michael Bloomberg was a big proponent of open floor plans as New York City mayor and at his company.)"We may question that ... we need to make workspaces better. We are a very developed economy and not making widgets at our desks, and workplaces need to be pleasant," he said. "We've gone too far to 'let's pack as many people into office spaces as we can.' ...Â if we can have some people at home we can give more breathing room to those in the office."But he added, "We don't have a single client who thinks they need to maintain a six foot distance forever and you can never touch a door again. ... There will be interest in newer buildings with better technology and restrooms ... more touchless doors and elevators you can control with your phone ... but I don't think somehow we are turned into this hypochondriac state." 'False choices' in remote work migration The changes being contemplated inevitably confront downsides of remote work."We are trying to identify the things we will never get out of a plastic screen, which is meaningful relationships and we are deeply trying to understand what it takes to innovate, and human connections are required to get us to that," said Ford's Kolstad. "Never get it through remote. You can only get it in physical community spaces and the reality of coming together," she added."Does tech create new questions? Sure, remote work is possible, but to quote Jerry Seinfeld, this is just not great. I don't know that many people who love this life. Everyone is looking forward to saying we can get together and innovate again. .... All smart business people know what is important about a great business is human capital and I don't think the best and brightest want to sit at home all day,"Â Chakrabarti said.Â Kolstad stressed that the process companies like Ford are going through now is deeper than corporate floor layout and furniture being moved around. "This is not about desks and chairs. We're talking about a behavioral and cultural shift," and that will include, as one example, taking into account family structures and children's educational needs.Â Â "We don't have this societal resilience," Chakrabarti said. "In New York City, why did it take so long for schools to close? Because they are also homeless shelters.""Most of us are hungry for face-to-face, whether it is at the office or a happy hour or lunch," he said. "But we should also talk about what people are enjoying about remote work .... terrible commutes most people have and most people don't miss that. We have to improve the way in which we move around to make it not such a binary decision between not commuting and missing face-to-face.Â That's a false choice." There's still a projection of power with a logo on the side of a building.Stewart ButterfieldSlack CEO and co-founder Slack's Butterfield drew a distinction between the work-from-home period triggered by the pandemic and a work-from-home future designed to be permanent.Right now, "If you are a working single parent with young kids and no school you are pretty much in an impossible situation, regardless of work from home or not," the Slack CEO said.But in a country like Japan, where people tend to live in smaller spaces, the idea of remote work as a permanent solution can be less appealing. "You would have to rebuild the country for people to work from home in Japan," he said.The Slack CEO thinks that 90-minute commutes, and the use of bulk square footage in offices, "which is like factory farm housing," may not make sense in many places, and for many roles.Â For workers who sit at desks in headphones most days working on individual projects, there is reason to reimagine the use of desks. They may not be able to go to work in a cafe today, but in the future, that option will present itself again.Slack is still sitting on 800,000 square feet of office space and 10 year leases, so the company will have to reimagine how it uses offices and gets teams together.There are certain physical attributes of an office that can't be recreated remotely, Butterfield said. "There's still a projection of power with a logo on the side of a building." VIDEO21:3921:39Past, Present, Future - James Manyika & James Suzman at CNBC @Work SummitAt Work The history of work has included multiple revolutions going back as far as the first human use of fire and farming, according toÂ James Suzman, anthropologist and author of "WORK: From the Stone Age to the Age of Robots."Right now, Suzman said, businesses can't possibly know how the work landscape will change, but work is at an inflection point."Businesses are in a 'fog of war' moment," Suzman said at the @Work virtual event. "They are fighting the battle right in front of us," he said. "Nobody has the answers."That includes how we balance long commutes and being closer to family, versus missing out on the friction of being in the office and the dynamism of collaboration."Can you establish corporate culture without face-to-face engagement? There is a very real need for engagement. Sheer joy from completing a project together or enduring failure together. That is what builds teams," Suzman said.Â But companies and workers will need to "abandon dogma" in the new normal."It is pointless being tied to one particular place. ... Far deeper currents than just-Covid," he said, adding that automation and AI, and environmental limits on growth and energy use, will lead to a completely transformed world of work.

The Republican threat to the republic

07 Oct, 2020, 10:45PM | Business Standards

Whereas Nero famously fiddled while Rome burned, US President Donald Trump has famously hit the links at his money-losing golf courses while California burns — and as more than 200,000 Americans have died of Covid-19 — for which he himself has now tested positive. Like Nero, Mr Trump will undoubtedly be remembered as an exceptionally cruel, inhumane, and possibly mad political figure. Until recently, most people around the world had been exposed to this American tragedy in small doses, through short clips of Mr Trump spouting lies and nonsense on the evening news or social media. But in late September, tens of millions of people endured a 90-minute spectacle, billed as a presidential “debate,” in which Mr Trump demonstrated unequivocally that he is not presidential — and why so many people question his mental health. To be sure, over the past four years, the world has watched this pathological liar set new records — logging some 20,000 falsehoods or misleading statements as of mid-July, by the Washington Post’s count. What kind of debate can there be when one of the two candidates has no credibility, and is not even there to debate? When asked about the recent New York Times exposé showing that he had paid just $750 in US federal income tax in 2016 and 2017 — and nothing for many years before that — Mr Trump hesitated and then claimed without evidence that he had paid “millions.” He was clearly offering whatever answer he thought would move things along to a more comfortable topic, and there is no good reason why anyone should believe him. Even more disturbing was his refusal to denounce white supremacists and violent extremist groups like the Proud Boys, whom he instructed to “stand back and stand by.” Combined with his refusal to commit to a peaceful transition of power and persistent efforts to delegitimise the voting process, Mr Trump’s behaviour in the run-up to the election has increasingly posed a direct threat to American democracy. When I was a child growing up in Gary, Indiana, we learned about the virtues of the US Constitution — from the independent judiciary and the separation of powers to the importance of properly functioning checks and balances. Our forefathers appeared to have created a set of great institutions (though they were also guilty of hypocrisy in declaring that all people are created equal so long as they are not women or people of colour). When I served as chief economist at the World Bank in the late 1990s, we would travel the world lecturing others about good governance and good institutions, and the United States was often held up as the exemplar of these concepts. Not anymore. Mr Trump and his fellow Republicans have cast a shadow on the American project, reminding us just how fragile — some might say flawed — our institutions and constitutional order are. We are a country of laws, but it is the political norms that make the system work. Norms are flexible, but they are also fragile. George Washington, America’s first president, decided that he would serve only two terms, and that created a norm that would not be broken until the presidency of Franklin D Roosevelt. After that, a constitutional amendment codified the two-term limit. Over the past four years, Mr Trump and his fellow Republicans have taken norm-shattering to a new level, disgracing themselves and undermining the institutions they are supposed to defend. As a candidate in 2016, Mr Trump refused to release his tax returns. And while in office, he has fired inspectors general for doing their jobs, repeatedly ignored conflicts of interest and profited from his office, undermined independent scientists and critical agencies, attempted outright voter suppression, and extorted foreign governments in an effort to defame his political opponents. Illustration: Binay Sinha For good reason, we Americans are now wondering if our democracy can survive. One of the greatest worries of the founders, after all, was that a demagogue might emerge and destroy the system from within. That is partly why they settled on a structure of indirect representative democracy, with the Electoral College and a system of what were supposed to be robust checks and balances. But after 233 years, that institutional structure is no longer robust enough. The GOP, particularly its representatives in the Senate, has failed utterly in its responsibility to check a dangerous and erratic executive as he openly wages war on the US constitutional order and electoral process. There is a daunting task ahead. In addition to addressing an out-of-control pandemic, rising inequality, and the climate crisis, there is also an urgent need to rescue American democracy. With Republicans having long since neglected their oaths of office, democratic norms will have to be replaced with laws. But this will not be easy. When they are observed, norms are often preferable to laws, because they can be more easily adapted to future circumstances. Especially in America’s litigious society, there will always be those willing to circumvent laws by honouring their letter while violating their spirit. But when one side no longer plays by the rules, stronger guardrails must be introduced. The good news is that we already have a road map. The For the People Act of 2019, which was adopted by the US House of Representatives early last year, set out an agenda to expand voting rights, limit partisan gerrymandering, strengthen ethics rules, and limit the influence of private donor money in politics. The bad news is that Republicans know they are increasingly in the minority on most of the critical issues in today’s politics. Americans want stronger gun control, a higher minimum wage, sensible environmental and financial regulations, affordable health insurance, expanded funding for preschool education, improved access to college, and greater limitations on money in politics. The clearly expressed will of the majority puts the GOP in an impossible position: The party cannot simultaneously pursue its unpopular agenda and also endorse honest, transparent, democratic governance. That is why it is now openly waging war on American democracy, doubling down on efforts to disenfranchise voters, politicise the judiciary and the federal bureaucracy, and lock in minority rule permanently through tactics like partisan gerrymandering. Since the GOP has already made its deal with the devil, there is no reason to expect its members to support any effort to renew and protect American democracy. The only option left for Americans is to deliver an overwhelming victory for Democrats at all levels in next month’s election. America’s democracy hangs in the balance. If it falls, democracy’s enemies around the world will win. The writer , a Nobel laureate in economics and professor at Columbia University, is chief economist at the Roosevelt Institute and a former senior vice president and chief economist of the World Bank. His most recent book is People, Power, and Profits: Progressive Capitalism for an Age of Discontent (Penguin, 2020). ©Project Syndicate, 2020 googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER

India, Japan finalise landmark pact to enhance cooperation on 5G tech, AI

07 Oct, 2020, 10:41PM | Business Standards

India and Japan have finalised a landmark cyber-security agreement providing for enhancing cooperation on 5G technology, artificial intelligence and critical information infrastructure as the two strategic partners vowed to further broadbase their joint efforts in ensuring a free and open Indo-Pacific. After a meeting between foreign ministers of the two countries in Tokyo on Wednesday, the Ministry of External Affairs (MEA) said the two sides have firmed up the pact which will promote cooperation in 5G technology, internet of things (IoT), artificial intelligence (AI) and key areas of cyberspace among others.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER The firming up of the deal comes in the midst of growing concerns in India over cyber attacks from China, particularly after India banned over 100 mobile apps with Chinese links following the bitter border standoff between the two countries in eastern Ladakh. Separately, a meeting of the union cabinet chaired by Prime Minister Narendra Modi approved signing of the agreement with Japan. Following talks between External Affairs Minister S Jaishankar and his Japanese counterpart Toshimitsu Motegi, it was also announced that Japan agreed to be the lead partner in the connectivity pillar of the Indo-Pacific Oceans' Initiative (IPOI). The IPOI is an India-backed framework aimed at making meaningful efforts to create a safe and secure maritime domain in the Indo-Pacific, a region where China has been expanding its military assertiveness triggering global concerns. Jaishankar, in a tweet, said further expansion of India-Japan collaboration in third countries with focus on development projects also figured in the talks. "Recognising the increasing role being played by digital technologies, the two ministers highlighted the need for robust and resilient digital and cyber systems and in this context, welcomed the finalisation of the text of the cybersecurity agreement," the MEA said. "The agreement promotes cooperation in capacity building, research and development, security and resilience in the areas of Critical Information Infrastructure, 5G, Internet of Things (IoT), Artificial Intelligence (AI), among others," it said. The cooperation between India and Japan on 5G technology comes in the backdrop of growing reluctance by a significant number of countries globally to allow Chinese telecommunications giant Huawei to roll out 5G services in their territories. The US has already banned Huawei over concerns of security, and Washington has been pressuring other countries to restrict the operations of the Chinese telecom major. The 5G is the next-generation cellular technology with download speeds stated to be 10 to 100 times faster than the current 4G LTE networks. A statement issued after the Cabinet meeting said the cyber-security pact will also provide for sharing strategies and best practices to promote the integrity of the supply chain of information and communication technology (ICT) products. "India and Japan commit to an open, interoperable, free, fair, secure and reliable cyberspace environment and to promote the Internet as an engine of innovation, economic growth, and trade and commerce that would be consistent with their respective domestic laws and international obligations," it said. It said the pact will enhance cooperation in the area of cyberspace and emerging technologies and provide for protection of critical infrastructure and sharing of information on cyber security threats and malicious cyber activities as well as on best practices to counter them. In course of the 13th India-Japan foreign ministers' strategic dialogue, Jaishankar and Motegi deliberated on a broad range of areas including maritime security, trade and investment, manufacturing, connectivity and infrastructure and reform of the United Nations, the MEA said. However, it is learnt that one of the key priority areas was Indo-Pacific. "They emphasised that a free, open and inclusive Indo-Pacific region must be premised on diversified and resilient supply chains; and in this context, welcomed the Supply Chain Resilience Initiative between India, Japan, Australia and other like-minded countries," the MEA said. It said the two ministers also concurred that the Indo-Pacific has acquired greater salience in recent times and underscored the need for India and Japan to work together for the benefit of the region. "Reaffirming the similarities in their respective Indo-Pacific visions, that are based on rule of law and respect for sovereignty and territorial integrity, the Japanese side agreed to be the lead partner in the connectivity pillar of the Indo-Pacific Oceans' Initiative and jointly take both countries' respective visions for the Indo-Pacific forward," the MEA said. At the East Asia Summit in Bangkok last year, Modi proposed setting up of the Indo-Pacific Ocean's initiative to conserve and sustainably use the maritime domain and to make meaningful efforts to create a safe and secure maritime domain. In the talks, the two ministers exchanged views on regional and global issues of mutual interest and agreed that the strong and enduring partnership between the two countries will play a pivotal role in overcoming challenges posed by the COVID-19, the MEA said. The Japanese foreign ministry, in a statement, said the two ministers reaffirmed the importance of implementing Japan-India cooperation in third countries such as ASEAN and Southwest Asian countries and making steady progress on the high-speed rail project. It also referred to the signing of exchanges of notes in late August for Japan's COVID-19 measures for India, namely a 50 billion yen emergency assistance loan and a 1 billion yen grant aid for the provision of medical equipment. The statement said Motegi expressed his hope that the assistance will contribute to developing the health and medical systems of India, including the COVID-19 response. The Japanese foreign ministry said Jaishankar and Motegi exchanged views on cooperation for realising a "free and open Indo-Pacific" and affirmed their intention to continue boosting the bilateral cooperation, including the IPOI promoted by India. "The ministers exchanged opinions regarding the issue of North Korea. Minister Motegi asked for understanding and cooperation towards the early resolution of the abductions issue and Minister Jaishankar expressed his support," it said. It said the two ministers affirmed that the two countries will cooperate toward realising UN Security Council reforms as early as possible. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

September 2020 was the hottest on record worldwide

07 Oct, 2020, 07:26PM | CNBC

The crew of the U.S. Coast Guard Cutter Healy, in the midst of their ICESCAPE mission, retrieves supplies for some mid-mission fixes dropped by parachute from a C-130 in the Arctic Ocean.Kathryn Hansen | NASA | Reuters September 2020 was the warmest month on record worldwide, with this year set to be one of the five hottest in recorded history, scientists with theÂ Copernicus Climate Change ServiceÂ announced Wednesday.Rising global temperatures driven byÂ climate change have been accompanied by countless climate disasters. Just this year, record-setting wildfires scorched the U.S. West and it's been one of the most active Atlantic hurricane seasons on record.Â Arctic sea ice also plummetedÂ to itsÂ second-lowest levels on record, scientists confirmed,Â as climate change takes an alarming toll on the region.Â Scientists have forecast that by midcentury, Arctic ice could melt away completely during the summer."The combination of record temperatures and low Arctic sea ice in 2020 highlight the importance of improved and more comprehensive monitoring in a region warming faster than anywhere else in the world," saidÂ Carlo Buontempo, director of Copernicus service.Â John Terrezza looks out at a flooded street in front of his home as Hurricane Sally passes through the area on September 16, 2020 in Pensacola, Florida.Joe Raedle | Getty Images Temperatures were well above average in many areas of the world, including northern Siberia, the Middle East and parts of South America and Australia.Last month wasÂ 0.63 degrees Celsius (1.13Â Fahrenheit) warmer than average, making it 0.05 degrees Celsius (0.09 Fahrenheit) warmer than September 2019 and 0.08 degrees Celsius (1.4 Fahrenheit) warmer than September 2016, previously the warmest and second warmest Septembers, according to the agency's analysis.More from CNBC Environment:Â Antarctica, the only continent without coronavirus, braces for summer rotationThese charts show how wildfires are getting larger, more severe in the U.S.It's virtually certain that 2020 will be among the hottest years ever with a higher than 98% likelihood it will rank in the top five, according to theÂ National Oceanic and Atmospheric Administration,Â which also releases monthly temperature analyses.Â 2019 was the second-hottest year ever, which finished off the hottest decade worldwide. Six of the warmest years ever occurred in the last decade.Â Fire fighters keep watching an approaching fire line on the outskirts of Santa Rosa, on September 27, 2020.Samuel Corum | AFP | Getty Images

Electric two-wheeler sales up 72% in September: Electric vehicles' group

07 Oct, 2020, 06:01PM | Business Standards

The sales of electric two-wheelers increased by 72 per cent in September on a year-on-year basis, the Society of Manufacturers of Electric Vehicles (SMEV) said on Wednesday. The registrations stood at 2,544 units last month as against 1,473 vehicles sold in September last year. "We are experiencing huge customers' interest in green vehicles as buyers have seen how the environment feels when no fuel-guzzling vehicles are on roads," said SMEV Director General Sohinder Gill. "The upcoming festive season will add to the pent-up demand and help manufacturers to recover what they lost in the first and second quarter due to COVID lockdown," he said in a statement. Between April and September, the industry registered sales of 7,552 electric two-wheelers as against 10,161 in the corresponding period of last fiscal. "The outlook for rest of the year remains positive as we hope the recent move by the Centre allowing vehicles to be sold without a battery will help the industry to move forward," said Gill. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Green shoots of revival seen in electric two-wheeler sector: Industry body

07 Oct, 2020, 03:12PM | Livemint

After prolonged sales slump due to covid-induced lockdown, electric two-wheeler industry is showing signs of revival, said industry body SMEV. In September, sales of High-Speed Electric two-wheelers (HS E2W) have increased by 72% on YoY basis. The registration stood at 2544 units in September 2020, as against 1473 vehicles sold in the corresponding month of the last year. “We are experiencing huge customers’ interest in greener vehicles as they have seen how the environment looks like when no fuel-guzzling vehicles are running on roads. The upcoming festive season will add to the pent up demand and help OEMs to recover what they lost in the quarter 1 and 2 due to Covid lockdown," Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV) said. The first six month of the Financial Year 21 have been a roller coaster ride for the EV industry. The financial year started with an uncertainty due to Covid 19 which led to lockdown in the country. Between the period of April’20 and September’20, the industry registered sales of 7552 HS E2W as against 10161 HS E2W sold in the corresponding months of the last FY. “One of the main reasons of the stagnant sales is attributed to customers not able to buy products due to COVID 19, which led to lockdown in the country. However, the industry has been quickly able to enter the positive curve soon after the government announced the unlock process," he said. “Lately there have been many positive news on the EV policy front from the central and state governments that has led to a higher confidence amongst OEMs, Component suppliers and investors. We look forward to a big push by the government to set right what went wrong with FAME 2 so as to assist generation of demand which is already showing some green shoots. Some of the measures that could be adopted are removal of the 'range criteria' from two wheelers for subsidy, reduction of GST on batteries from 18 % to 5% when sold separately, mandating delivery businesses to convert their fleets to EVs, promote electric mobility under ‘Swatchh Bharat Campaign’ added Sohinder Gill. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics SMEVTwo-wheeler

Xiaomi launches Redmi Sonicbass wireless earphones and Redmi Earbuds 2c

07 Oct, 2020, 01:37PM | Business Standards

Chinese technology company Xiaomi on Wednesday launched in India the Redmi Sonicbass wireless earphones and Redmi Earbuds 2c wireless earbuds. Priced at Rs 1,299, the Redmi SonicBass Wireless earphones will be available in black and blue colours at an introductory price of Rs 999 from October 7 at Mi online store, Flipkart, Mi Homes, Mi Studios and select retail stores. The Redmi Earbuds 2C are priced at Rs 1,499 and it will be available at an introductory price of Rs 1,299 from October 7 at Mi online store, Amazon, Mi Homes, Mi Studios and select retail stores. Redmi SonicBass wireless earphones: Features The Redmi SonicBass wireless earphones are in-ear neckband styled earphones. It boasts an anti-slip design made of flexible material for comfort. The earphones have an on-board volume controls and a multi-function button for ease of access to various multimedia controls. The earphones weigh 21.2g and feature anti-wax silicone ear tips with magnetic earbuds. It has 9.2mm audio driver tuned for bass-heavy output. The Redmi SonicBass Wireless Earphones has IPX4 rating for protection from water spillages and splashes. It features a dual-pairing through multipoint Bluetooth technology, which allows it connect with two devices simultaneously. It has dual mics for voice and ENC (Environmental Noise Cancellation). document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Redmi Earbuds 2C: Features The Redmi Earbuds 2C is an affordable pair of true wireless stereo earbuds. Like the Redmi Earbuds S, the Earbuds 2C feature silicone ear tips for passive noise isolation. It features easy Bluetooth pairing feature, which allows single earbud to be used independently. The earbuds feature tactile buttons for controls like receiving/ending calls, playing/pausing music and for voice assistants. The Redmi Earbuds 2C support ENC through its built-in microphones. It comes with an IPX4 rating for sweat and splash resistant.

14 million tonnes of microplastics on sea floor: Australian study

07 Oct, 2020, 01:16PM | Times Of India

SYDNEY: The world's sea floor is littered with an estimated 14 million tonnes of microplastics, broken down from the masses of rubbish entering the oceans every year, according to Australia's national science agency. The quantity of the tiny pollutants was 25 times greater than previous localised studies had shown, the agency said, calling it the first global estimate of sea-floor microplastics. Researchers at the agency, known as CSIRO, used a robotic submarine to collect samples from sites up to 3,000 metres (9,850 feet) deep, off the South Australian coast. "Our research found that the deep ocean is a sink for microplastics," principal research scientist Denise Hardesty said. "We were surprised to observe high microplastic loads in such a remote location." The scientists, who published their findings in peer-reviewed journal Frontiers in Marine Science , said areas with more floating rubbish generally had more microplastic fragments on the sea floor. " Plastic pollution that ends up in the ocean deteriorates and breaks down, ending up as microplastics," study lead Justine Barrett said. "The results show microplastics are indeed sinking to the ocean floor." Hardesty called for urgent action to find solutions to marine plastic pollution, which affects ecosystems, wildlife and human health. "Government, industry and the community need to work together to significantly reduce the amount of litter we see along our beaches and in our oceans," she said.

30 Asia-based market strategists reveal how they're playing the U.S. election

07 Oct, 2020, 06:36AM | CNBC

Joe Biden and Donald Trump speak during the first U.S. presidential debate on Sept. 29, 2020.Kevin Dietsch/UPI | Bloomberg | Getty Images SINGAPORE â Stock market analysts in Asia clearly do not agree on who will win the U.S. presidential election. But they're pretty unified on how they plan to play it.CNBC asked 30 strategists a series of questions about the U.S. election and their current investments, offering them anonymity in exchange for their views. All 30 respondents were based in the Asia-Pacific region.CNBC carried out the email-based early last week, and subsequently followed up with the strategists to ask if they had changed their outlook following the first presidential debate and the news that President Donald Trump tested positive for coronavirus. (Of the 30 respondents, three modified their predictions on the election's outcome.) Who will win the U.S. presidential election? The Asia-based investors were sharply divided on the central political question. Twelve analysts predicted a victory for former Vice President Joe Biden, 11 predicted a contested election, and seven picked Trump to win. The Democrats have given no indication that they will be any easier on China than the GOP.Asia-based market strategist "This (diagnosis) news adds some uncertainty, and Biden has gained a bit with market predictors," one analyst said via e-mail. "But too much is still unknown to expect a change yet." How strategists are playing the vote A clear majority of market analysts polled by CNBC are raising cash and buying relatively safe assets such as gold ahead of the Nov. 3 vote. Nineteen of the 30 strategists said they are increasing their cash holdings, including the U.S. dollar and Japanese yen. They're also moving into gold and U.S. Treasurys. We are constructive for 2021 outlook and expect Asian markets to bounce back eventually, should we see volatility in the next couple of months around U.S. elections.Asia-based strategist Ten of 30 said it's a good time to rotate out of expensive stocks such as technology shares and into less popular sectors: They identified travel and tourism, as well as stocks that track the wider economy including banks and industrials.Â Buying more "defensive" stocks like health care, consumer goodsÂ and dividend stocks is another investment strategy that was identified.Only one of the 30 market players polled by CNBC sees value in alternative investments including real estate investment trusts (REITs), infrastructure bonds, or the much-discussed "ESG" funds that factor environmental, social and governance factors into their holdings. China tech vs U.S. tech Asked which they find more attractive between U.S. technology stocks or Chinese tech names, a clear majority â 18 of the 30 Asia-based analysts â cited Chinese companies as their preferred choice."Asian tech is cheaper than the U.S., less risk of tradable options, and less regulatory risk," said one, who explained that speculative options trading linked to U.S. tech names makes them more volatile than their Asian counterparts. Another strategist said that "a Biden win could subject U.S. technology to greater regulation."The IPO markets in Hong Kong, mainland China and South Korea have drawn much investor interest in 2020, and "that interest is only set to grow," said another respondent.Â The scheduled initial public offering of Chinese financial technology company Ant Group "will spur upward revaluations in tech" in Asia, said another analyst. AlibabaÂ affiliate Ant Group, which is still controlled by Alibaba founder Jack Ma, operates the wildly popular Alipay mobile payment app in China. Outlook for Asia markets Sixteen of 30 market experts said they're bullish on Asian markets, despite the near-term volatility. Those respondents said they believe Asia has more upside once the election risk is out of the way, given the apparent fading of the coronavirus in Asia and signs of economic recovery. VIDEO2:3402:34Biden has consistently been ahead in the polls and that's unlikely to change, professor saysSquawk Box Asia "We are constructive for 2021 outlook and expect Asian markets to bounce back eventually, should we see volatility in the next couple of months around U.S. elections," said one strategist."That said," the strategist continued, "Asian equities will likely outperform U.S. equities in the near term," especially if Biden wins the election, "which could weigh on U.S. equities but will likely have limited direct fundamental impact on Asian equities." Biden vs Trump: Which countries benefit? The strategists said a Biden victory would be most positive for China, Japan and South Korea, while a Trump win would be beneficial for India, Vietnam, the Philippines and also Taiwan.Biden as president would be expected to take a more moderate approach toward China, whereas a Trump reelection would be seen strengthening India's position in order to counterbalance China's dominance. VIDEO2:4402:44India is under 'tremendous pressure' to respond to China over border clash: ExpertSquawk Box Asia "India always needs a common enemy for political purposes, and recent altercations with Pakistan and China have been politically popular," one analyst said. "Continuing this, Trump's blessing has only strengthened [Indian Prime Minister Narendra] Modi's position. Taiwan also will find more support from the U.S. under Trump â this is China's red line, and Trump knows when to push this button." U.S.-China relations But a moderate tone toward China from a President Biden may not translate into less tension between the world's two biggest economies."The Democrats have given no indication that they will be any easier on China than the GOP" has been, said one of the participants. That view came through clearly among the 30 poll respondents when they were asked what a Biden presidency would mean for U.S.-China relations. Even under Biden, tensions with China will continue, because "the entire foreign policy, defense and intelligence establishment in the U.S. are anti-China," as one said.Still, most analysts said that a second Trump term could bring higher tension around Hong Kong, human rights and the Covid-19 pandemic. And an economic "decoupling" between the two countries would remain in the cards.âCNBC's Naman Tandon and Celestine Francis Xavier contributed to this report

As long-term Treasury yields rise, investor Peter Boockvar warns inflation would spark the 'market's worst nightmare'

07 Oct, 2020, 04:50AM | CNBC

VIDEO1:2001:20Stagflation risks are growing as long-term Treasury yields rise: Peter BoockvarTrading Nation Investor Peter Boockvar believes Wall Street is on the cusp of taking inflation more seriously.With the 10-year and 30-year Treasury Note yields trading around four-month highs, the Bleakley Advisory Group chief investment officer warns high inflation paired with slower economic growth, otherwise known as stagflation, is becoming a major risk."A stagflationary-type environment, if it were to happen, is the market's worst nightmare," he told CNBC's "Trading Nation" on Tuesday. "Higher inflation becomes particularly dangerous because it's going to come with still very mediocre economic growth."Â He predicts the impact would have far-reaching consequences."[It] could handcuff the ability of the Fed to do more easing, lead to higher interest rates which would crimp a very credit-dependent economy and can also hurt... those high-flying P/E stocks," said Boockvar, a CNBC contributor.He notes higher long-term yields, which aren't anchored by the Fed like short-term yields, would make pricey big cap growth plays less attractive to investors."One of the rationale for the higher multiples, particularly in the technology sector, was very low interest rates," said Boockvar.This isn't the first time he's sounding the alarm on inflation. According to Boockvar, he started getting worried about it around June or July as the economy started to reopen and more effective coronavirus treatments became available.His inflation warning is getting louder now due to higher yields, higher probability of an effective vaccine and the eventual cost of a second virus aid package, which he expects will still happen.On Tuesday, the benchmark 10-year note yield closed at 0.734%Â â up 37% over the past two months.Â Disclosure: Peter Boockvar owns gold, silver, TIPS, energy and agriculture stocks.Â Disclaimer VIDEO3:3703:37Inflation comeback would spark the 'market's worst nightmare:' Peter BoockvarTrading Nation

Piyush Goyal invites startups to register on public procurement portal GeM

06 Oct, 2020, 08:49PM | Economic Times

New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday invited startups to register at public procurement portal GeM and offer goods as well as services to government organisations and PSUs. He said that about 4,000 startups have already registered at Government e-marketplace (GeM). “I invite all startups to list their products and start offering goods and services to government organisations, PSUs, state government bodies, hospitals, schools, and colleges run by the government,” Goyal said at the first edition of the National Startup Awards 2020 event. He added that huge potential is there for startups in areas including railways, airport services, food processing, education, healthcare, agriculture, electronics and defence, and that about Rs 4,000 crore was already disbursed through Fund of Funds for startups, to about 361 startups. The minister also called for creating a large pool of language interpreters as huge demand is there for them in missions abroad and other places. He said that for a long time, ministries including external affairs, commerce and tourism are grappling with the need to have a large number of interpreters. Aloe vera powered batteries, carbon fibre 3D printer The awards, conceived by the Department for Promotion of Industry and Internal Trade (DPIIT), recognise and reward outstanding startups and ecosystem enablers with high potential of employment generation or wealth creation. The first edition of the Awards invited applications across 12 sectors, which were further sub-classified into a total of 35 categories. These 12 sectors are agriculture, education, enterprise technology, energy, finance, food, health, industry 4.0, space, security, tourism and urban services. Apart from these, startups were selected from those which create impact in rural areas, are women-led and founded in academic campuses. The winners included the developers of a solar powered robotic device for coconut sap tapping (Nava Design Innovation Private Limited), jackfruit flour (God’s Own Food Solutions Pt Ltd), world’s first 100% eco- friendly and non-hazardous batteries from Aloe Vera (Aloe Ecell Private Limited), a platform enabling UPI payments and lending to SME sector merchants (BharatPe), a 3D printer with capabilities to use carbon fiber as the raw material instead of plastic (Fabheads Automation) and a bike sharing service (Wickedride Adventure Services Private Limited). “A total of 1641 applications were received from startups spread across 23 states and 4 Union Territories,” commerce and industry minister said in a statement. These applicants included 654 women-led, 165 academic institution based and 331 startups working in rural areas. All applicants were evaluated against six broad parameters namely innovation, scalability, economic impact, social impact, environmental impact, and inclusiveness and diversity. After three rounds of detailed evaluation, 199 startups were selected for presentation before the jury. 192 out of these made presentations before the 15 specialist jury panels, which comprised domain experts from industry, investors and government. “31 applications were received from incubators and 10 applications were received from Accelerators ,” the ministry said. 9 incubators and 5 Accelerators were selected after three rounds of evaluation for presentation before the Jury Panel .

Steelmakers are witnessing early signs of recovery from Q2 FY21: Icra

06 Oct, 2020, 06:56PM | Economic Times

MUMBAI: Indian steel industry is witnessing early signs of recovery from the September quarter of FY 2021, supported by easing of mobility restrictions, and a gradual improvement in the domestic demand environment. “The performance of steel mills, especially blast furnace players, is expected to register a healthy rebound in Q2, supported by rising capacity utilisation rates, successive steel prices hikes, and tepid input costs,” rating agency Icra said in a webinar on Tuesday. However, the rating agency noted that there is an uneven pace of recovery between the primary and secondary steel producers, with the former managing to increase market share, helping them operate at higher asset utilisation rates than the secondary mills. “Nonetheless, the overall financial performance for FY2021 is likely to remain subdued, given the pandemic related disruptions suffered in the early part of the fiscal,” said Icra’s senior vice-president, Jayanta Roy As per Icra, the domestic steel industry, especially the primary players have already surpassed the average capacity utilisation level of 77% which was prevailing in FY2020 full year. “The steel industry’s capacity utilisation rates have steadily inched up from the lows of 27% in April 2020 to 78% in August 2020, which suggests that the operating environment is improving,” said Roy Steelmakers have announced multiple price hikes in recent months, whereas the input costs are likely to trend lower, largely due to tepid seaborne coking coal prices. This would support a recovery in mill margins from the Q1 lows, he added. Given the significant disruption in various steel consuming industries during April and May 2020, domestic steel mills were increasingly tapping export markets to maintain capacity utilisation rates and shore up balance sheet liquidity. “Apart from finished steel exports, Indian mills also exported large volumes of semis in the current fiscal. Around 64% of India’s semis exports were directed to China, which led to China displacing Vietnam as India’s leading steel export destination in FY2021 thus far,” the rating agency said. As the domestic demand is showing signs of recovery, and the share of exports gradually declining, the profit margins of domestic mills would benefit from a richer product mix from Q2 FY2021, noted Icra. With regards to RBI’s circular on restructuring loans for the steel sector, Icra said that the eligibility criteria being restricted to accounts classified as “standard” and also not in default for more than 30 days as on March 1, 2020, would make steelmakers who were already under significant stress even before the pandemic would find themselves ineligible. The RBI’s August 6, 2020 circular on the “Resolution Framework for COVID-19-related Stress” and the September 4, 2020 “Report of the Expert Committee” headed by Mr. K.V. Kamath provides a one-time window for eligible steelmakers, under stress due to the pandemic, to restructure their loans on more favorable terms. Based on the implementation of restructuring schemes in the past, Icra has identified that only companies that cross the threshold level of total debt to Ebitda of 5.3 times will make the cut. However, Icra research shows only 10% of the agency’s rated portfolio made the cut in FY2020. “For steel makers under Covid-19 related stress, the restructuring plans may have to look at past track records and carefully fine tune strategies to ensure achievement of the targets set by the RBI,” the agency said.

Indian banks face tough operating environment in near term: Fitch

06 Oct, 2020, 06:18PM | Business Standards

Fitch Ratings on Tuesday said Indian banks face a tough operating environment in the near term as stressed loans and write-offs increase due to the economic fallout from the coronavirus pandemic. It said limited room for fiscal support, fragilities in the financial system and a continuing rise in COVID-19 cases are hampering normalisation of activity.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER "Indian banks face a tough operating environment in the near term, as stressed loans and write-offs increase as a result of the economic fallout from the coronavirus pandemic, but a swift economic recovery will be critical to limiting loan losses in what is likely to be a protracted period of weakness in the asset-quality cycle," Fitch Ratings said in a statement. Banks have been permitted by the Reserve Bank of India (RBI) to undertake a one-time restructuring exercise of loans affected by the pandemic, which will provide relief in terms of bad loan recognition and provisioning, Fitch said. "However, the exercise could leave the sector saddled with a high bad loan burden over the next few years if restructured loans do not perform according to agreed milestones," it added. Fitch said the central bank's data shows that Indian banks wrote off nearly USD 85 billion over FY14-FY19, of which state-owned banks contributed nearly 80 per cent. "The economic stress this time around is set to be deeper and more broad-based, which could make restructuring more challenging. Execution risk remains high, notwithstanding the safeguards built in by RBI in terms of tighter timelines, penal provisioning and more monitoring by the expert committee of loans beyond Rs 15 billion," Fitch said. State-run banks have a significantly higher share of loans under moratorium than their private-sector peers, it added. Fitch does not expect GDP to return to pre-pandemic levels until first quarter of 2022. Fitch has projected Indian economy to contract 10.5 per cent in the current fiscal and expects growth to rebound to 11 per cent in fiscal 2021-22, with downside risks. Indian economy contracted 23.9 per cent in April-June quarter of current fiscal. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

India may close its dirtiest coal plants as green focus grows

06 Oct, 2020, 03:19PM | Economic Times

By Rajesh Kumar Singh India is considering a proposal that may force some of its dirtiest coal plants to close, as policy makers in one of the world’s top polluters increasingly focus on climate change . The plan under consideration by the power ministry would cap plants’ so-called heat rate, which is a measure of how much coal energy is needed to produce each unit of electricity, according to people with knowledge of the issue. Power stations totaling 10 gigawatts have been identified as breaching the proposed benchmark and more could be added, said the people, who asked not to be named as the discussions are ongoing and no policy has been finalized. That would account for roughly 5% of the coal power capacity in India, the world’s second-biggest consumer of the fuel after China. The power ministry wasn’t immediately able to respond to a request for comment. Efforts in India to close old coal plants have gathered pace amid rising outcry against air pollution and deepening concerns over climate change. Besides the environmental benefits, the shut downs can also boost the use of more-efficient facilities that have remained underutilized for years. The proposal would cap the heat rate for coal plants at 2,600 kilocalories per kilowatt-hour of electricity, according to the people. That’s still higher than what some newer plants are able to achieve. Tata Power Co. Ltd.’s 4-gigawatt plant in Gujarat, for example, runs at a heat rate of 2,050 kilocalories per kilowatt hour, the federal power regulator said in an order last year. India has nearly 200 gigawatts of coal-fired capacity, nearly 54% of the nation’s total. During the first five months of the current fiscal year, coal plants ran at an average 48% of capacity and produced 64% of the country’s electricity, a share that’s been sliding with the rise in renewable power. There could be some resistance to the plan from state distribution firms that rely on cheaper power from some of the targeted plants, the people said, particularly those that are fully depreciated and located near coal mines. The central government in India has limited control over how states generate, sell and distribute power. India’s coal fleet is already facing requirements to add pollution control equipment by 2022 to help fight smog. Plants with about 5 gigawatts of capacity have already been identified for closure for failing to submit plans to comply with these new norms, Power Minister Raj Kumar Singh told lawmakers last month.

JSPL records 30% YoY growth in steel sales in Q2 FY21

06 Oct, 2020, 11:06AM | Economic Times

Mumbai: Steelmaker , JSPL has recorded a 30% yoy growth in consolidated steel sales at 2.41 million tonnes in the September quarter of FY 21 as against a sale of 1.85 million tonnes a year ago. “ We are setting new production benchmark for ourselves and would like to surpass them consistently going forward,"said JSPL's managing director, V.R. Sharma. The company is ramping up sales & production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path, he added. "With the revival of domestic steel demand , Jindal Steel & Power Limited records 29% (Y-o-Y) growth in Standalone Steel Sales with 1.93 Million Tons Q2FY21 as compared to 1.49 mt in Q2 FY20," the company said in a statement on Tuesday. JSPL's steel exports contributed to 38% of the total sales volumes with 0.74 mt. The company's Barbil pellet plant has recorded a quarterly pellet production of 2.01 mt in Q2FY21.

Digital manufacturing could be the next big opportunity for India

05 Oct, 2020, 04:09PM | Economic Times

PUNE: India has the potential to become a global manufacturing hub if it speeds up the adoption of technology on the shopfloor, according to a new paper by foreign policy think-tank Gateway House . The country could be a beneficiary of the global decoupling from China as companies start to move their manufacturing operations out and need a new supply chain partner, it said. “India needs to look at digital manufacturing and go beyond industry 4.0 – it needs accelerated manufacturing, but needs to create jobs as well,” said Manjeet Kriplani, executive director, Gateway House. She said Indian software firms and startups would have an important role to play in helping domestic enterprises make this transition. Digital manufacturing goes beyond just Industry 4.0, blending manufacturing with IT, including artificial intelligence, virtual reality and the Internet of Things . Already, the United States and Japan have called to move manufacturing out of China, primarily on security concerns. In July, the Japanese government said it would pay companies to move their manufacturing operations out of China, putting aside over $500 million for this. Indian enterprises need to build strong digital manufacturing capabilities in order to take advantage of this situation, the think-tank said. This can be a great opportunity for India, but things are moving slowly because of the Covid-19 pandemic, said Rajan Navani, managing director, Jetline Group. “We are a source of tech talent to the world and can make the most of this opportunity. But Indian industry needs to invest much more than what they currently are,” said Navani, who is also Chairman of CII ’s India @75 initiative. Most of the automation and tech initiatives in India are driven by multinationals, and by the time Indian companies do invest, it is more about playing catch up. The pandemic is driving faster adoption of digital technologies in India, said Ashish Gaikwad, managing director, Honeywell Automation India. With changing customer demands, quality parameters, and environment and safety regulations, the manufacturing sector will adopt automation and Industry 4.0 much faster, he said. “As we slowly embrace a ‘new normal’, we are ready to serve our customers’ needs to help provide a safe, secure, and productive work environment with our mobility solutions. Across our businesses, we have a suite of products and solutions that enable remote operations, worker safety, and rapid adjustment to the post-Covid-19 world,” said Gaikwad. The company is currently implementing various solutions in pharma companies to provide complete visibility of essential manufacturing processes and help speed up time to market. Chizel, a startup that offers manufacturing as a service, has seen a sharp spike in international inquiries after the early days of the pandemic. “There is demand from European and Australian companies that were earlier sourcing parts from China. These are mainly heavy engineering companies and equipment manufacturers,” said Yash Rane, founder, Chizel, which provides an online platform for customers to upload their drawings. Chizel then manufactures them through its network of job shops. The challenge, said Rane, is convincing them of the quality of the end-product. Several of these companies have worked with Indian companies before and have concerns over quality even though it is a cost competitive option. Small and medium businesses, often an important part of the supply chain, are also realising the importance of technology. A recent study by Cloud firm Digital Ocean found that demand for digital services by SMEs in India far outpaces demand in the United States. Respondents in India (in businesses with under 1,000 employees) reported greater spending on IT security and the cloud, and higher demand for cloud services in the next 3-6 months. Indian businesses also need to increase focus on sustainability. Treeni Sustainability Solutions provides enterprises sustainable supply chain management solutions. “Adopting sustainable supply chain practices is another factor that would help enterprises attract global customers as they look at reducing the supply chain dependence on China,” said Ankush Patel, CEO, Treeni. Even as some Indian businesses are making the transition and adopting more digital manufacturing practices, experts pointed out that it needs to happen at a wider scale for the country to truly benefit.

Conservation success or pests? Seals spark passionate debate

05 Oct, 2020, 03:58PM | Times Of India

PORTLAND: Nick Muto has fished up and down the New England coast and there is nothing that gets his blood boiling more than the sight of a seal. Muto, whose two boats fish for groundfish such as skate and monkfish as well as lobster, is among a growing group of anglers, beach goers and local officials who are quick to blame everything from disease to depleted fisheries to increased shark sightings on the exploding seal population. "Areas that we used to traditionally fish that were as close to guarantees as you could get have been strip mined of fish, and the fish have been driven out of there by seals ," Muto said. "They have eaten fish out of our nets. They have been caught in our nets. They are everywhere", he said. The debate over seals was reignited after the death in July of a swimmer killed by a great white off Harpswell, Maine. Seals are often shark prey , and experts believe Julie Dimperio Holowach may have been mistaken for a seal. No one questions that seal and shark numbers are on the rise, mostly due to federal protections. It's estimated there are as many as 50,000 grey seals in New England waters plus a lesser number of harbor seals. The animals were almost eliminated through hunting and bounties decades ago. But experts maintain there is not enough science to determine whether the current population is too big and little basis for culling the marine mammals . Even suggesting seals are destroying fisheries or are solely to blame for shark attacks is not supported by hard evidence. Experts say warming waters and other factors also could be playing a role. The Gulf of Maine , which stretches from Cape Cod to Nova Scotia, has been heating up faster than 99 per cent of the world's oceans. "We get into this question of how many grey seals there are. The next question is how many seals should there be, which is kind of where people are going to go next with that, which is a very challenging thing," said David Johnston, a marine ecologist at Duke University who has done grey seal population estimates using Google Earth and tagged seals to demonstrate how their feeding behavior changes due to sharks in the Northwest Atlantic. Seal population rise has prompted the national oceanic and atmospheric administration to propose guidelines for deterring marine mammals, including physical barriers to keep seals away from fishing gear. "Frustration by fishermen and property owners stemming from conflicts with marine mammals has increased," notes NOAA's proposal. The agency is taking comments until October 30. But Johnston and Stephanie Wood, a University of Massachusetts Boston seal biologist currently surveying seals in the Boston Harbor , said the public should view seals as a conservation success story, rather than a problem to be managed. Hunted almost into extinction by the 1900s, seals were given federal protection in 1972 by the Marine Mammal Protection Act. Seals began returning to New England waters in the 1980s and 1990s from Nova Scotia and have thrived ever since — often raising pups on federally protected islands once home to hunting and fishing camps. They also disperse widely and have benefited from a wide-ranging diet, including fish, crustaceans and squid. "Habitat opened up for seals, which is sort of the opposite story that we hear about a lot of other populations struggling to recover," said Wood, noting that other marine mammals such as whales and monk seals "haven't recovered in the same way." Trying to reduce the numbers of seals is more complicated than opening up a hunt for an abundant species such as deer, said Kristina Cammen, a marine mammal scientist with University of Maine. Bounties on seals in the 20th century reduced their populations by as many as 135,000, and marine mammal protections are designed to prevent that kind of population loss again, Cammen said. Learning to coexist with the growing seal population makes far more sense, even if it contributes to more shark sightings in coastal waters, she said. "A healthy ecosystem has sharks, seals and humans and they all have a place in that ecosystem." Some species of sharks have rebounded because there are protections for them, not just because there are more seals to eat, said Andrea Bogomolni, chair of Northwest Atlantic Seal Research Consortium, based in Woods Hole, Massachusetts. "Communicating that message of conservation success entails more than just a single species," Bogomolni said.

Business leaders call for urgent reforms as global economy faces its 'worst state in a century'

05 Oct, 2020, 01:40PM | CNBC

A "Store Closing" sign is displayed in the window of a store at the Elephant And Castle Shopping Centre in London, U.K., on Sept. 24, 2020. The shopping center is being closed to make way for a Qatari Diar Real Estate Investment's venture to build almost 1,000 homes, a new college campus and stores.Simon Dawson | Bloomberg | Getty Images Top business leaders say the global economy is facing its worst crisis in a hundred years, and "downside risks remain elevated" unless urgent reforms are enacted during the G-20 summit hosted by Saudi Arabia in November."The global economy is in its worst state in a century," warned Yousef Al-Benyan, chairman of the Business Twenty (B20), a group made up of high-level CEOs from around the world. "The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders," he added.The B20 is an engagement group that seeks to represent the voice of the global business community across all member states and economic sectors in the Group of 20. As the economic recovery evolves over the next couple of years, downside risks remain elevated.Yousef Al-Benyanchairman, Business Twenty The group is urging G-20 leaders to undertake "bold and broad based" policy action to put the post-pandemic economic recovery on a stronger, more stable growth path. It said trade tensions, policy uncertainty, geopolitical strains and building financial vulnerabilities were key risks to the outlook, as societies and economies navigate the crippling impact of the coronavirus."As the economic recovery evolves over the next couple of years, downside risks remain elevated," Al-Benyan said, raising concern about low productivity growth and rising inequalities.Â "Business has its share of responsibilities to honor and a substantial role to play in building back an economy that is socially inclusive and environmentally sustainable," he added.Saudi Arabia will be the first country in the Middle East and North Africa region to host a G-20 summit. The event brings together the leaders of the largest economies of the world to address financial and socioeconomic issues. B20 warns of trade crisis exacerbated by Covid-19 On Monday, the B20 leadership made 25 policy recommendations for the G-20 group. Each recommendation fell into three key areas: empowering people, safeguarding the planet and shaping new frontiers.1. Empowering peopleUnder the area of empowering people, the B20 made 10 recommendations aimed at accelerating efforts to empower women and youth and to build workforces resilient to technological, health and economic risks. It also called for a scaling up of financing for sustainable development and economic diversification, including in job-creating sectors such as sustainable tourism.The group also urged substantial progress on trade cooperation.Specifically, the B20 called on the G-20 to strengthen the multilateral trade and investment system by rolling back protectionism, supporting open markets and "enforcing and enhancing the rulebook to ensure a global level playing field" through institutions such as the World Trade Organization (WTO).Â "The business community strongly supports a robust multilateral trading systm anchored in the WTO," the group said. "But the system faces a crisis that has been exacerbated by the COVID-19 pandemic," it added.The recommendation comes as trade and technology tensions continue to drive a wedge between the United States and China, and concern over the Trump administration's efforts to use sanctions as a tool of foreign policy leverage to address issues of reciprocity in its key trading relationships.Â 2. Safeguarding the planetThe B20 made three recommendations to "foster growth within the limits of the planet." Specifically, it recommended G-20 leaders commit to carbon neutrality in the second half of the century, preferably by 2050, and accelerate the implementation of policies toward that goal.Â "Our planet is under greater pressure than at any point in human history," the group said.Â 3. Shaping new frontiersUnder the area of shaping new frontiers, the B20 made another 12 recommendations, focusing on enhancing the environment for fintech and leveraging technologies to manage risks related to corruption and fraud.Â It recommends investment in digital infrastructure like the next generation of wireless technology systems known as 5G, artificial intelligence and the Internet of Things â Â which refers to devices connected to the internet like home appliances and cars that can be controlled via apps.Specifically, it recommends a "comprehensive, balanced and high standard WTO agreement" to foster the growth of e-commerce. Reform agenda could boost long-term growth The policy recommendations will be formally presented to the G-20 during the B20 virtual summit on Oct. 26-27, with this year's theme being "Transforming for Inclusive Growth."The group said implementing the policy recommendations would "safeguard stability in the short term and can raise the level of G20 GDP by more than four percent in the long term."Â It also said each of the policy recommendations contribute to the advancement of the United Nations' sustainable development goals â which if also reached, could bring market opportunities worth $12 trillion and create 380 million new jobs.â Correction: This article has been updated to accurately reflect thatÂ the B20 leadership made 25 policy recommendations for the G-20 on Monday, andÂ 12 recommendations were made in the area of shaping new frontiers.Â

SAIL exploring new markets to source coking coal: Chairman Anil Chaudhary

04 Oct, 2020, 12:49PM | Economic Times

New Delhi: State-run steel maker SAIL is exploring new markets for the sourcing of coking coal with a view to reducing dependence on select countries for the raw material, its chairman Anil Kumar Chaudhary said. According to official data, the country imports about 56 million tonne (MT) of coking coal worth around Rs 72,000 crore. Out of this, about 45 MT is imported from Australia alone, and the remaining from South Africa, Canada and the US. "Domestic steelmakers depend heavily on imported coking coal. For SAIL as well metallurgical coal (coking coal) is largely procured through imports apart from some domestic sourcing. We are looking at developing new destinations and vendors for sourcing coking coal from the international market to avoid dependence on limited sources," the SAIL chairman told in an interview. Raw material security holds significance for the steelmaker which plans to more than double its capacity to 50 MTPA by 2030. Chaudhary further said that SAIL is part of a joint venture International Coal Ventures Limited ( ICVL ) with the aim to acquire mining assets abroad. PSUs like RINL, NMDC, CIL and NTPC are partners in the JV. ICVL has acquired coal mines and assets in Mozambique with coal reserves of more than 500 MT. The mining from these overseas assets is gradually being enhanced, he said. According to the company data, during 2019-20, requirement of about 1.53 MT coking coal was met from indigenous sources like Coal India Limited and captive sources while the balance 13.70 MT was met through imports. Earlier, official auditor CAG had pulled up the steel giant for being heavily dependent on imported coking coal. On sourcing of iron ore, another key steel making raw material, he said the company meets its entire iron ore requirements from captive sources. During 2019-20, the company's captive mines produced about 29.28 MT of iron ore. The steel maker, under the Ministry of Steel , has five integrated steel plants and over 20 captive mines spread across Jharkhand, Odisha, Chhattisgarh and West Bengal. When asked about its expansion plan, Chaudhary said "SAIL is always aligned with the country's vision of reaching 300 MTPA by 2030-31 which is a huge leap from the current domestic levels of around 140 MTPA. "So, in sync with the rising domestic steel capacity, SAIL has also envisaged going beyond its current installed levels. Depending upon market demand and the new opportunities, the company will take suitable actions." On the plans of setting up an auto-grade steel plant in JV with ArcelorMittal in India, he said SAIL and the L N Mittal-owned company had entered into an MoU in this regard and discussions were even in advanced stages. "Even though the discussions with ArcelorMittal reached an advanced stage, the same took a back seat when AM (ArcelorMittal) got engaged in acquisition of Essar Steel under the NCLT mechanism," the chairman added. However, the technology for making auto-grade steel is available with other steel companies as well for which SAIL is exploring different options, he said. Earlier, two separate delegations of Indian steel PSUs led by Ministry of Steel visited Japan and South Korea for deliberations with the steel firms in these countries for further expansion and probable areas of technological collaboration towards manufacturing of high grade steel including steel for auto-body sheets, Chaudhary informed. SAIL and the Luxembourg-based ArcelorMittal had entered into an MoU in May 2015 to explore the possibility of setting up an auto-grade steel manufacturing facility under a joint venture in India. About two-and-a-half years later in December 2017, the SAIL board approved the proposal to enter into a joint venture with the world's largest steelmaker ArcelorMittal for manufacturing high-end automotive steel. However, a definitive agreement in this regard was to be finalised in due course, subject to financial viability. While speaking to earlier, the chairman had said that there was no delay from SAIL's side. The company had even written a letter to ArcelorMittal asking the latter to expedite the process for signing the definitive agreement but the effort could not gain fruitful results.

Study provides solid support for wearing face-covering in enclosed environments with poor ventilation

04 Oct, 2020, 12:07AM | Times Of India

WASHINGTON: The airborne transmission of Covid-19 has increased manifold in enclosed spaces, suggest the findings of a new study led by University of Georgia researchers . Researchers were able to link a community outbreak of Covid-19 in China to a source patient who likely spread the virus to fellow bus riders through the bus's air conditioning system. "The possibility of airborne transmission has long been suspected, but with limited empirical evidence. Our study provided epidemiologic evidence of transmission over long distances, which was likely airborne," said Ye Shen, an associate professor of epidemiology and biostatistics at UGA's College of Public Health and lead author on the study. The study, which was published recently in JAMA Internal Medicine, calls into question the prevailing thought on how Covid-19 can spread. "It was largely believed that close contact through droplets is a major route of transmission for Covid-19. However, the widely adopted social distancing and handwashing did not effectively prevent transmission globally. Instead, the number of new Covid-19 cases increased steadily," said Shen. Shen and his co-authors worked with epidemiologists from two regional Centers for Disease Control and Prevention in China to trace infections following a large outdoor worship event in Zhejiang province. Some of the attendees, it turns out, took two buses to the event creating a unique natural experiment for the researchers. Both buses had closed windows and had the air conditioning running, said Changwei Li, an associate professor of epidemiology at Tulane University and study co-author - but one bus carried a patient infected with the virus, and the other did not. Of the passengers who later got sick, the majority of them rode on the same bus as the source patient. Even though the two groups later mixed in with the larger crowd at the worship event, the number of new cases attributed to the event was much lower, suggesting that the bus was the major point of transmission. Further, some of the bus passengers who later showed symptoms of Covid-19, the authors found, were not sitting close to the infected passenger. These findings highlight scenarios where Covid-19 could be spread through fine aerosol particles being circulated in an enclosed space, and as the weather turns colder, Shen and Li hope this work will persuade more people to wear face masks in public areas, particularly in indoor spaces. "Understanding the transmission routes of Covid-19 is critical to contain the pandemic so that effective prevention strategies can be developed targeting all potential transmission routes," said Shen. "Our findings provide a solid support for wearing face-covering in enclosed environments with poor ventilation," Shen added.

Chinese conglomerate Jingye expresses interest to takeover Tata Steel UK Assets

03 Oct, 2020, 11:44PM | Economic Times

Mumbai: Chinese steelmaker, Jingye has expressed an interest in taking over Tata Steel 's UK operations, said a leading UK-based televison channel on Saturday. Sky News has learnt that Jingye Group told Tata's parent company and the government that it is keen to explore a takeover of Britain's largest steel producer. "Banking sources said this weekend that Jingye's interest was at a tentative stage, and insisted that there was not a formal sale process for Tata Steel UK's operations," said the report by SkyNews. Jingye Group took control of British Steel after it was placed in compulsory liquidation, with debts of £880 million in May 2019. Earlier in September, the same news agency reported that the British government had planned to rope in investment bankers to come up with a rescue plan for Tata Steel. The Indian parent had earlier indicated that the company will be unable to fund the losses in the UK operations. During the recent Tata Steel annual general meeting, the company’s chairman, N Chandrasekaran assured shareholders that the company is “in discussion” with the UK government to find a “sustainable, structural solution,”. The company had also sought roughly £900m of cash from the British government in exchange for an equity stake of up to 50% in its UK business. “In UK we are still in talks with the government and we will do what is good for the company,” Chandrasekaran had told shareholders during the recent AGM. Tata Steel, reported a consolidated net loss of Rs 4,609 crore for the June quarter, mainly due to its loss-making Europe operations. Tata Steel Europe 's consolidated earnings before interest, tax and depreciation reported a loss of Rs 625 crore.

Supplied 8,500 tonne of steel for all-weather Atal Tunnel , says RINL

03 Oct, 2020, 08:26PM | Economic Times

NEW DELHI: State-owned RINL on Saturday said it has supplied over 8,500 tonne of steel for the all-weather Atal Tunnel which reduces the distance between Manali and Leh by 46 kms and travel time by four to five hours. Prime Minister Narendra Modi inaugurated the tunnel on Saturday along with Defence Minister Rajnath Singh . The 9.02 km long tunnel connects Manali to Lahaul-Spiti valley, ensuring connectivity throughout the year. The valley was earlier cut off for about six months every year due to heavy snowfall. In a statement, Rashtriya Isapt Nigam Ltd (RINL) said it has contributed to the mega project by supplying more than 8,500 tonne of TMT steel. "Cutting through the mighty Pir Panjal range, the tunnel will reduce the travel time from Manali to Leh by 4-5 hours, enhance connectivity in remote border area of Himachal and Ladakh, save crores of rupees in transportation costs and bring in new opportunities in the region," Steel Minister Dharmendra Pradhan was quoted as saying in the statement. RINL CMD PK Rath said the company joins the nation in thanking the Prime Minister on inaugurating the engineering marvel at a height of more than 10,000 ft. "RINL takes pride in supplying around 8,500 tonne of TMT, which is the highest share amongst all the steel suppliers in TMT section," he added.

Where Elon Musk and Tesla earn real credit 'eating the lunch' of auto competitors

03 Oct, 2020, 07:30PM | CNBC

Elon Musk guest appearance on CBS sitcom "The Big Bang Theory." The renewable energy credit market has created a trade in which Tesla competitors have been compelled to buy zero emissions compliance from Musk's company, or as one renewable energy expert put it, "The last thing a company wants to do is pay their competitor to eat their own lunch."Monty Brinton | CBS | Getty Images Tesla's ability to manufacture electric vehicles without losing money has been a constant concern for investors. As renewable energy credits have played a significant role in the recent string of quarterly profits from Elon Musk's EV company, they have been a source of some frustration for Wall Street analysts â who have struggled to get a handle on how much revenue these credits will rack up in any quarterÂ â as well as generating skepticism from investors.But there's nothing dubious about the renewable energy credit market. In fact, Tesla's domination of zero-emission vehicle credit tradingÂ â where it is estimated to have sold more credits than any other company â is an example of a climate finance mechanism that is working as it was designed to work. Tesla, unlike traditional automakers, risked it all on making and selling EVs. Meanwhile, traditional car companies are required to pay up, by other means, for the choice of delaying their transition to battery electric or fuel cell electric zero-emission vehicles."The last thing a company wants to do is pay their competitor to eat their own lunch," said Simon Mui, deputy director of the clean vehicles & fuels group at the Natural Resources Defense Council. But he added that is exactly what car makers like Fiat Chrysler Automobiles â which signed a private deal with Tesla to buy credits in the European market â have had to do.Â "Automakers are scrambling to catch up and they see that Tesla, like any other automaker who can produce more EV credits than they require, can monetize the credits. They've done it from the beginning and it has been a big element in terms of providing a strong tailwind," Mui said.The NRDC expert compared the marketÂ to the renewable portfolio standards implemented by U.S. states which have provided renewable energy companies in sectors like solar and wind power with a market to sell to utilities. "That's how the renewable energy industry got its start. .... We will see Rivian and Lordstown and all of these other EV start-ups coming to market taking advantage," Mui said. "Rivian is seeing it and also licking their lips."The recent numbers related to this trading are large. In Q2 2020, revenue from the renewable energy credit market were $428 million, and that's revenue that comes at no-cost, unlike the challenges that an auto manufacturer faces in trying to eke out profit margins from the factory operations. It all flows down to the bottom line and the last quarter was the largest ever for these credits at Tesla. They won't advertise this, but you can bet that every company, whether GM or Toyota or FCA, does not want to pay Tesla.Simon MuiNatural Resources Defense Council The role of the RECs in the U.S. car market â in programs like California's ZEV (zero-emission vehicle) credit transfers â is going to grow in the years to come. Tesla's CFO Zachary Kirkhorn recently said that its revenue from RECs will double in 2020. That will continue to be a cause of consternation on Wall Street. Stock analysts need firm numbers to build their financial models and attempt to estimate how a company will perform in any single quarter. The lack of transparency on renewable energy credit trading has bedeviled those efforts."It's probably the biggest source of their earnings beat over the last four quarters, and a line item that is so unpredictable," said Garrett Nelson, senior equity analyst at CFRA Research."The market is not transparent, like an equity market or bond market," Nelson said. "That makes it harder to model, difficult to model. As an analyst, you know that probably will be the biggest swing factor every quarter in terms of whether they meet or miss estimates, and that's why we've had this wide range of massive earnings beats over the last four quarters. That line item has been larger than anyone expected."Renewable energy analysts agree about the lack of transparency. Unlike California's greenhouse gas cap-and-trade market which has transparent pricing and volumes, most of the information about the ZEV trading remains obscure. "Car companies might know what these credit prices are going for, but it's really hard to say how much information they even have when making choices," said Benjamin Leard, an environmental economist and fellow at Resources for the Future, who has made estimates of the trading market based on California's required disclosures. "There's room for improvement," he said. Zoom In IconArrows pointing outwardsThe market for trading zero emission vehicle credits is not transparent, but Resources for the Future and others have attempted to shed some light on Tesla's trading action and revenue per credit in recent years.Resources for the Future But CFRA Research analyst Nelson does not begrudge Tesla the success in the climate finance market, even as it makes his job harder."We view the regulatory tax credits as sort of a reward for producing EVs that people want to buy. Aside from Tesla's Models 3, X and S, only one other non-hybrid, battery EV model sold over 10,000 units in the U.S. in 2019 (the Chevy Bolt). The vast majority of other EV models haven't sold very well at all," Nelson said. He added that while it is impossible to accurately estimate the revenue Tesla will generate from these credits due to the lack of disclosures, he does expect it to remain strong through the end of 2021. "Other manufacturers don't have the EV sales Tesla has right now," he said.CFRA expects next quarter's revenue from the renewable energy credits to surpass $600 million and Nelson said there is a direct correlation between Tesla's market share in EVs, which keeps growing, and the size of the regulatory credit revenue. Tesla vehicles accounted for 58% of all EVs sold in the U.S. last year, up from 14% in 2014. The credit revenue will continue to go up because Tesla will increase market share even more into 2021," he said.Tesla just reported a record Q3 delivery number."Shipments are up 30%-40% this year, while other EVs have not caught on," Nelson said. "That will change over time, but over the next four to six quarters, Tesla will continue to increase market share."Tesla did not respond to requests for comment. Credits market to get stricter and bigger To date, the zero-emission vehicle credits market "is basically just Tesla selling," said Leard, though his research shows that Nissan also benefited to a lesser extent in the early years of this program due to the Nissan Leaf. "If you look at the list of companies that have traded in every year, Tesla is one of them, and maybe the only one among sellers."Â He expects the market will get stricter and more widespread, and for car makers, that means either selling more electric vehicles or paying up in the form of banking the credits. Ideally, the climate mechanism pushes more automakers to make the decision to invest in electric vehicle technology, and at the same time, place more pressure on the credits market.ZEV programs similar to the California one are in place in eleven other states across the country, including most recently Colorado. Together, those states comprise 30% of the U.S. vehicle market. "Those credits, the number and volume, will go way, way up and the value may go up as well," he said."We have sold these credits, and will continue to sell future credits, to automotive companies and other regulated entities who can use the credits to comply with emission standards and other regulatory requirements," said Tesla in an annual report.Tesla revenue from the sale of automotive regulatory credits increased from $360 million to $419 million and then $594 millionÂ in the 2017-2019 period. The Q2 2020 sales alone were above the full-year 2018 sales figure.There is also a federal law covering greenhouse gas ("GHG") emissions which allows Tesla to sell excess credits to other manufacturers. These programs are growing, and that is not taking into account the U.S. presidential election outcome, which could also be a significant driver of climate finance."We could see a huge expansion in these programs, depending on the election," Nelson said.Â "A Biden win would be bullish for EV manufacturers as he has proposed increasing number of EV charging stations by 20 times the current infrastructure, from 27,000 to over a half million.Mui said in the years to come the ZEV programs will approach 40% of car sales, with additional states considering it. And the U.S. is just one market, with new entrants like Nio from China also to benefit, whether it enters the U.S. market in the near future or not. "All of these automakers are facing similar standards in the other largest markets, like China and Europe. ... Automakers are finding themselves in make-or-break moment, either shift to innovate or become irrelevant. That's why we see the success of Tesla in market value," the NRDC analyst said.Â By 2025, the California ZEV program requires over 16% of sales by large manufacturers to be pure zero-emission vehicles, either battery electric or fuel cell, or comply through credits market purchases.California also adopted a ZEV advanced truck requirement this year, which will spur the development of the credit market for Amazon-backed Rivian and Tesla's semi truck program. And 15 U.S. governors have signaled their states will pursue ZEV requirements for commercial trucks. "These are not just blue states but red and purple states as well," Mui said.California Governor Gavin Newsom recently announced the state's intention to require all new car sales be non-gasolineÂ powered by 2035. Automaker innovation shift is coming Today, automakers can comply with the EV sales requirements just through passenger cars, but that will be changing, and the car companies do see the writing on the wall."These standards are not going down, air pollution is not reduced as a problem and governments will be ratcheting up standards over time, so one or two EV products will not be enough. They will need to have a wholesale portfolio shift in each and every product line," Mui said.Â Teslas and Rivians will not meet all of the demand so the traditional automakers will pick up the pace of innovation, especially if they want to compete in China, he said.GM recently made a significant investment in Nikola, whose founder shortly thereafter left the electric truck company. But that big shift to innovation may continue to be a tough investment decision today for many auto players. If traditional auto companies feel more cost pressure today on the side of technology investment,Â they will go to the credit market to comply. And as more states add more requirements, "it will boost up the demand for these credits, which will raise the price," Leard said."A company trying to make a profit and maximize profits, isÂ can either choose tech adoption or can go to the credit market and buy from other companies, which they are already doing," Leard said. "Definitely, in the short run, I think car companies are having a hard time justifying dumping a billion dollars into new models and the credit market is serving as way for car companies to comply and avoid large fixed investments they need to make now to bring a new car onto the market. ... If car companies don't want to introduce new models, they can just buy credits indefinitely." VIDEO5:0405:04Elon Musk: Tesla will be worth more in five yearsSquawk Alley For the zero-emission credits, it will continue to be "a seller's market," Leard said. While he says traditional auto companies are moving in the right direction, with projects coming in future years like Ford's electric F150 pickup truck and the electric Mustang Mach-E, "The big boys, the Fords and GMs, these companies are still kind of far from really getting a good high-selling electric vehicle on the market."And that seller's market will be Tesla's market for the foreseeable future."They are far behind Tesla introducing popular, affordable electric vehicles ... so Tesla and other companies introducing EVs will really be cashing in on these markets and the ZEV programs will become a lot more stringent in the next 5 to 10 years," Leard said. Tesla's credits strategy Even if the market ultimately does work to push more companies to make and sell more EVs, as it should, with the percentage of sales that have to be ZEV going up over time there will be car companies that don't have enough sales to not buy credits, Leard said.Â "They will have to go to Tesla, and say 'we really need those credits,' and that will bid up prices."In the first two quarters of 2020 combined, Tesla had $780 million in credits' revenue, but to put that in perspective, Tesla had roughly $12 billion in revenue in the first half of the year.With record volumes for Tesla deliveries expected in Q4 2020 as well, though much of that due to the China factory ramping up, CFRA expects Tesla to be a net seller of these credits for years to come.Nelson is estimating $560 million for Q3 and $670 million in credits' revenue in Q4. "Directionally, it will be up over the next two quarters, but it's more of a guesstimate. I don't think anyone has a really good handle where it comes in, except that it will be higher," he said.Â "It doesn't make-or-break revenue, but it certainly helped increase profit margins," NRDC's Mui added.Ultimately, Tesla knows that depending on a credit market is not building a long-term sustainable, and solid profit margin, auto business."They really want to have a credit market as an extra bonus on top of other healthy profit margins," Leard said.Â What Tesla wants to show investors is that it can make a consistent profit, or at least avoid consistent losses, without depending on the credits. Its CFO Kirkhorn has indicated as much, saying after its big Q2 credit market revenue that over time the company expects the ZEV trading to fade away as a financial resource for the company."Analysts complain and the bears question the earnings quality because so much is driven by RECs," said CFRA's Nelson. "We view the credits market as operating efficiently and it is separate issue from the lack of predictability in forecasting earnings. Tesla takes all the risk and has many other hurdles to overcome and high fixed costs and it is a capital-intensive business with high barriers to entry," he said.The Tesla stock analyst said Musk & Co. are approaching the business the right way: not expecting the credits to be an earnings driver in the future as other OEMs ramp up. We don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future.Zachary KirkhornTesla CFO GM, for one, is planning to be all-EV in the future. Nelson said his view is that Tesla is buying time to lower their battery costs so they can widen their competitive gap in terms of range of EVs and cost and build a better moat versus other manufacturers."That's what they are trying to do. They are not trying to run a business based on the sustainability of EV credits. They are not assuming zero-cost revenue continues going forward," Nelson said. "Could it use more transparency? Absolutely, but that will come with time and Tesla disclosure can improve. ... The entire street would agree they could do a better job providing guidance on the credits and quarterly revenue."On the company's Q2 earnings call, Kirkhorn responded to the latest analyst question about RECsÂ â focused on the fact that margins without the credit revenue would have been much lower over the prior year without them â by providing what Nelson said was more disclosure about the future of this revenue source than Tesla has given in the past, even if it remained less than detailed."I've mentioned this before in terms of regulatory credit. ... we don't manage the business with the assumption that regulatory credits will contribute in a significant way to the future. I do expect regulatory credit revenue to double in 2020 relative to 2019, and it will continue for some period of time. But eventually, the stream of regulatory credits will reduce."For now, at least, difficulty measuring Tesla's success down to the dollar-of-revenue source won't get easier when it comes to the RECs, but it will be easy to measure Tesla's success in other automakers being forced to pay Musk's company for selling EVs and racking up credits."We fully expect some automakers to take a slower path," Mui said, but he did cite one compelling reason for car companies to move more quickly to making and selling EVs: "They won't advertise this, but you can bet that every company, whether GM or Toyota or FCA, does not want to pay Tesla to eat their lunch."

Additive manufacturing will drive new frontiers of innovation in the near future

03 Oct, 2020, 12:27PM | Economic Times

By Renuka Srinivasan The adoption of additive manufacturing has gained momentum in recent years to become a prominent part of industrial engineering and manufacturing workflows. From biomedical applications to fashion and consumer goods, products manufactured using 3D Printer are becoming popular with both manufacturers as well as consumers. Some of the key advantages of the technology for the production of prototypes and single parts are flexibility, cost, and speed. However, additive manufacturing is not limited to just prototyping today. Companies are exploring and investing in this technology for series production as well. Research in additive manufacturing processes and materials continues to be intense with innovations impacting multiple Industries. Today, besides the traditional mobility industry (of Automotive, Aerospace and Rail), construction, fashion, pharmaceutical and life sciences all see additive manufacturing as a major trend. Additive manufacturing generates parts in a 3D printer through a layer-by-layer “addition” of material based on digital construction data. The materials currently used in a 3D printer are special plastics, metals, ceramics, synthetic resins and even living cells. A key advantage of the additive manufacturing is the ability to create complex shapes and have sophisticated internal structures resulting in a lower overall weight and reduced material usage. Optimized parts, reduced weight The aerospace Industry has been actively pursuing additive manufacturing, given the Industry’s emphasis on weight reduction. The additive process results in substantial material savings as less material is used and material waste (compared to a subtractive process) is reduced. Reduced total weight also has a direct effect on the fuel consumption of an aircraft in the air, resulting in better environmental compatibility. Since additive manufacturing allows for complex shapes, the functional requirements of the part can be used to derive an optimal shape. Generative design uses automated shape design in modeling industrial components, drawing on pre-defined parameters that meet mechanical requirements and fit smoothly with other components. This automated process produces a unique, lightweight three-dimensional shape that offers extremely high performance and can only be made using 3D printing . In the past few years, aircraft OEMs have begun using additive manufacturing and generative design to design and manufacture functional parts for their aircrafts. To fully leverage the advantages of additive manufacturing, the designer must re-design the part keeping in mind the operational and manufacturing requirements. This requires collaboration between designers, analysts and manufacturing personnel. Cutting material and assembly costs With the increased focus on sustainability, companies are trying to economize the use (and waste) of materials as much as possible. By leveraging topology optimization and additive manufacturing, companies can focus on harmonizing and improving the use of materials. As seen earlier, additive manufacturing can generate complex shapes with lattice internal structures allowing for light weighting. Further as additive manufacturing builds parts in layers, there is reduced material wastage. By contrast, consider a subtractive process (i.e. conventional manufacturing) where, for example, a metal part is milled from a large block. After manufacturing, leftover material cannot be re-used as is and additional processing would be needed resulting in increased energy consumption. Additive manufacturing makes it possible to produce whole assemblies in one piece. Given the complicated geometries allowed, some of the parts in the assembly can be combined, resulting in a reduced number of parts. In addition, this also improves the overall manufacture & assembly time, while reducing the possibility of assembly errors. It is important to note that the design rules developed for traditional manufacturing may not always apply here. Instead, product development for additive manufacturing requires a collaboration across design, analysis and manufacturing domains to higher degree than seen for traditional manufacturing. Companies that have been successful with additive manufacturing understand the need to design for additive manufacturing considering the impact of manufacturing, material and process parameters upfront in the design process by leveraging virtual testing. A US-based manufacturer to the Oil & Gas, aerospace, geotechnical and medical industry produces high-precision part components as well as complicated turnkey assemblies. The company is transforming its business by combining their knowledge and know-how of subtractive and additive manufacturing with the capabilities of our platform. The company uses the platform to simulate models that will be 3D-printed and iron-out problems beforehand, including the prediction of build failures and account for any distortions. Simulating the additive manufacturing process has helped them educate customers about the quality and strength of additive manufactured parts and gain customer confidence and buy-in to 3D print their products. Flexible response to custom demand A further advantage of additive manufacturing is the flexible creation of prototypes or single parts, for lower costs compared to conventional manufacturing. This can be leveraged for disruptive business models where spares may be printed on-demand and where products may be personalized for the end-user. The personalization can be a key advantage in healthcare and consumer goods. For instance, a shoe brand started a personalization project combining 3D scanning and 3D printing. In select stores, customers can have their feet measured and configure how a shoe fits. The personalized shoe model is then quickly produced — there and then. Additive manufacturing also enables flexibility that can benefit any company that manufactures elaborate prototypes or spare parts. The technology helps produce product quickly and flexibly in close collaboration with the customer. If a company generally produces in Europe but needs a spare part in India for instance, it can be easily manufactured through 3D printing on the spot. That not only means more customer proximity, it also helps to cut cost of transportation and logistics. What does the future hold? Currently, a major focus in the use of additive manufacturing is in sectors wanting to produce prototypes, custom parts or small series. However, there are also ongoing efforts to establish additive manufacturing in series production. In the medical sector, intensive research and development are underway, especially on the use of materials. Additive manufacturing is used in designing and making personalized prosthetics and artificial limbs. Biomedical engineering companies can map the patient data from scans and other medical technology, to create artificial limbs that are specific to the patient geometry. Other research projects today in the area of organ reconstruction indicate further potential to assist many persons in the future. During the COVID-19 pandemic, additive manufacturing has been in the news as individuals, universities, and private organizations have stepped up to contribute to critical shortages of equipment. Additive manufacturing has been used to print test swabs, ventilator values, splitters, personal protective equipment (PPE) and more to help in the fight against the pandemic. The demand is being tackled through 3D printing in two ways. One, companies that have adopted 3D printing had leveraged this towards manufacturing the critical equipment. Two, individuals who have a 3D printer at home are creating components that can be used by the local hospitals. One of our colleagues, for example, created face-shield frames using a 3D printer that he has at home, and donated them to the local hospital. We are hearing many such stories within India. Additive manufacturing is a disruptive technology, destined to gain in significance in the near future. It can enable a company to realize competitive advantages by disruptive business models, more agile operation, through innovative product design, flexible manufacturing, and sustained reduction of costs. ( The writer is SIMULIA Sales Director, India, Dassault Systemes )

Best of BS Opinion: Not labour's love alone, BJP's new star in Bihar & more

03 Oct, 2020, 05:27AM | Business Standards

The real test of the labour market reforms will be growth in employment, in particular an increase in employment in the organised sector, where productivity tends to be better and wages therefore higher, notes T N Ninan. The column further underlines, if the reforms don’t work, it will be because labour law changes are a necessary but not sufficient condition for achieving the intended objectives. Read here Other opinion pieces talk about Bihar elections, influence of social media, and central banking. document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Elections came and went. Ironically, despite the party’s best efforts, where Sushil Modi exerted himself, the party notched up victories. Where he didn’t, it slumped, writes Aditi Phadnis The momentary dopamine high becomes hardwired into a pattern where users begin to relate to social media platforms as digital pacifiers every time they run into fear, discomfort, pain or uncertainty”, writes Chintan Girish Modi In trying to increase by a fairly random amount an index of prices that they largely can’t control, central banks couldn’t have done much more harm, notes Richard Cookson Quote “Removal of rigidity in labour laws, reduction of compliance requirements and time-bound delivery of services would act as a stimulus for setting up larger industries which, along with the steps taken for formalisation, would act as a catalyst for employment generation.” Labour and Employment Minister Santosh Kumar Gangwar

Honda to withdraw from Formula 1 at end of 2021 to attain carbon neutrality

03 Oct, 2020, 12:17AM | Business Standards

Honda will withdraw from Formula One at the end of the 2021 season as it shifts to a goal of carbon neutrality, the Japanese car manufacturer said Friday. Honda is the engine supplier for the Red Bull and AlphaTauri teams. It had resumed competition in F1 in 2015. Red Bull Racing said it was “disappointed” but noted the success of the partnership with Max Verstappen scoring Honda's first victory since 2006 at the 2019 Austrian Grand Prix, followed by three other wins and 13 podium finishes. Team principal Christian Horner said they respect Honda's decision “to re-deploy their resources.” “Their decision presents obvious challenges for us as a team but we have been here before and with our strength in depth we are well prepared and equipped to respond effectively, as we have proven in the past,” Horner said in a statement. In its statement, Honda noted the partnership's success but also a period of change. “In the meantime, as the automobile industry undergoes a once-in-one-hundred-years period of great transformation, Honda has decided to strive for the 'realization of carbon neutrality by 2050,'” Honda said. “This goal will be pursued as part of Honda's environmental initiatives which is one of the top priorities of Honda as a mobility manufacturer. “Toward this end, Honda needs to funnel its corporate resources in research and development into the areas of future power unit and energy technologies, including fuel cell vehicle (FCV) and battery EV (BEV) technologies, which will be the core of carbon-free technologies,” it said.

Jobs report shows fewer hires as recovery loses momentum

02 Oct, 2020, 10:11PM | CNBC

VIDEO1:1601:16U.S. jobs rose by 661,000 in September, unemployment rate 7.9%Squawk Box Nonfarm payrolls rose by a lower than expected 661,000 in September and the unemployment rate was 7.9%, the Labor Department said Friday in the final jobs report before the November election.Economists surveyed by Dow Jones had been expecting a payrolls gain of 800,000 and the unemployment rate to fall to 8.2% from 8.4% in August. The payrolls miss was due largely to a drop in government hiring as at-home schooling continued and Census jobs fell."The issue is momentum, and I think we're losing it," said Drew Matus, chief market strategist for MetLife Investment Management. "When you go through a significant disruption to the labor market, it takes time to fix itself. That's without regard to whether there's a virus." Zoom In IconArrows pointing outwards The decline in the unemployment rate came along with a 0.3 percentage point drop in the labor force participation rate to 61.4%, representing a decline of nearly 700,000.Â However, a separate, more encompassing measure that counts discouraged workers and those working part-time for economic reasons also saw a notable decline, falling from 14.2% to 12.8%.The unemployment decline for Blacks was even sharper than the headline rate, falling from 13% to 12.1%. The Asian rate declined from 10.7% to 8.9%.Leisure and hospitality led job gains with 318,000 while retail added 142,000 and health care and social assistance increased by 108,000.As expected, government was the biggest drag on the month, losing 216,000 due to a drop in local and state government education as many schools maintained at-home instruction due to the virus. A reduction in Census workers also pulled 34,000 from the total.In other sectors, health care and social assistance gained 108,000, professional and business services contributed 89,000 and the transportation and warehousing sector was up 74,000. Manufacturing grew by 66,000, financial activities added 37,000 and the other services category rose by 36,000.Markets reacted little to the report, with stocks still heading for a lower open following news that President Donald Trump said he and first lady Melania Trump tested positive for Covid-19.Despite the deceleration in job creation, there were some positive signs as the economy continues its pandemic-era recovery. Zoom In IconArrows pointing outwards Those reporting being on temporary layoff fell by 1.5 million to 4.6 million. Workers holding part-time jobs for economic reasons fell by 1.3 million to 6.3 million, and the totals for longer-term layoffs also decreased considerably.The temporary layoff total peaked at 18.1 million as payrolls fell by 22 million in March and April.However, permanent job losses increased by 345,000 to 3.8 million, in total a 2.5 million increase since February, the month before the World Health Organization declared the coronavirus pandemic."Permanent jobs losses rose by more than 300,000. That's not a good thing. The labor force participation rate declined, which pulled the overall unemployment rate down. That's not a good sign, either," said Kathy Jones, head of fixed income at Charles Schwab. "We're looking at state and local government layoffs, we're looking at a higher level of permanent job losses and more people leaving the workforce. None of that is good for the long run."The report comes amid a raft of mostly positive economic signals, including strong signs from the housing market and retail spending, as well as worries that rising coronavirus cases could threaten the recovery.While millions more remain unemployed, September's activity means that about 12 million jobs have been recovered since the mid-March economic shutdown that saw about 22 million layoffs.Previous months' job totals were revised higher. July moved up 27,000 to 1.76 million while August's already strong total went up by 118,000 to 1.49 million.Average hourly earnings were little changed over the month but still about 4.6% higher than a year ago. However, hourly comparisons are difficult in the current environment considering the virus impact and the continued tendency of higher-wage workers returning to their jobs before those on the lower end.

Supplied 9,000 tonnes of steel for Atal Tunnel: SAIL

02 Oct, 2020, 09:17PM | Economic Times

NEW DELHI: State-owned SAIL on Friday said it has supplied over 9,000 tonnes of steel for the all-weather Atal Tunnel which reduces the distance between Manali and Leh by 46 kms and travel time by four to five hours. Atal Tunnel is the longest highway tunnel in the world. The 9.02 km long tunnel connects Manali to Lahaul-Spiti valley, ensuring connectivity throughout the year. The valley was earlier cut off for about six months every year due to heavy snowfall. Prime Minister Narendra Modi will inaugurate the tunnel on Saturday along with Defence Minister Rajnath Singh . In a statement, the Steel Authority of India Ltd (SAIL) said it has contributed to the mega project by supplying more than 9,000 tonnes of steel. Two-thirds of the total 15,000 tonnes of steel used in the project has been supplied by SAIL, it said. Out of the 9,000 tonnes, 6,500 tonnes was TMT, 1,500 tonnes structurals and 1,000 tonnes plates for fabricating beams, besides a small quantity of GP/GC sheets for constructing stations and control rooms. "The tunnel will be of great significance to the locals as well as for strategic movements. It will boost connectivity of the Spiti Valley . This is an achievement considering the very challenging conditions of the construction site and weather," Steel Minister Dharmendra Pradhan was quoted as saying in the statement. SAIL Chairman Anil Kumar Chaudhary said, "It is a proud moment for the company to have partnered in such an important project for strengthening India. As India moves forward in becoming Atmanirbhar , SAIL will participate in producing the strong steel needed to fuel every infrastructural need of the nation."

Ford's Q3 vehicle sales outperform industry as demand recovers from coronavirus lockdowns

02 Oct, 2020, 07:09PM | CNBC

2021 F-150 LimitedFord Sales of F-Series pickups and SUVs helped Ford Motor outperform its Detroit crosstown rivals as well as the broader auto industry in the third quarter.While Ford's vehicle sales fell by just 4.9% from the same time last year, the drop was about half that of the broader industry and smaller than the sales declines felt byÂ General MotorsÂ andÂ Fiat Chrysler.Such declines typically aren't cause for celebration, but this year is anything but typical. New vehicle sales have recovered far faster than many expected from the second quarter when the coronavirus pandemic caused plant shutdowns and shuttered dealerships, sending sales down more than 30% compared to 2019."The industry had a very sharp recovery from Q2 to Q3," Mark LaNeve, Ford vice president of U.S. marketing, sales and service, told CNBC on Friday. "It's been a crazy year but the industry has been resilient and our dealers have done a great job." VIDEO1:3501:35September auto sales rate estimated as much as 15.9 million vehiclesSquawk Box Ford said its third-quarter sales were up 27% relative to the previous three months. It also reported its best third quarter sales of pickups since 2005, according to the company.Consumer sales helped drive the recovery, while Ford's fleet sales to businesses also started showing signs of a recovery in the third quarter, the company said."Fleet also rebounded nicely. It was very good to see that. We were down 13.7% in Q3, but we were up 137% compared to Q2," LaNeve said, citing sales of the company's Explorer police interceptor vehicles.Explorer sales rose 74% in the third quarter compared to a year earlier. Ford F-Series pickups were up 3.5%. Smaller Ford Ranger pickups were up 8.2%. VIDEO18:4718:47Why Ford dominates the police vehicle marketAutos Ford is "cautiously optimistic" regarding vehicle sales in the fourth quarter, according to LaNeve.Â "We're carrying really good momentum into Q4," he said. "Obviously, nobody really knows what twist and turns could come from a pandemic environment or the election, but certainly Q3 exceeded expectations and we're looking forward to Q4."Ford's sales through the third quarter were down 17.5% from the same time in 2019. GM's sales during that time were down 17.4%, while Fiat Chrysler was down about 20%.Â Â

Commercial mining: Steel companies stay away from bidding in coking coal blocks

02 Oct, 2020, 05:48PM | Economic Times

Kolkata: No steel company has shown interest in bidding for four coking coal blocks of 38 mines put on auction for commercial mining as they have concern about fuel quality and high capital cost, officials said on Friday. Of the four blocks with coking coal, a key raw material for manufacturing of the metal, two received bids from companies which do not make steel, they said. "Steel companies did not show interest in bidding for the coking coal blocks as the quality of the fuel from these mines is not very good and capital expenditure for mining is high. "Availability of capex (capital expenditure) funds is also limited during the COVID-19 pandemic. Import is a viable option," an official of a steel company said on condition of anonymity. He said, "The four mines were offered four times in the past for captive use but no steel makers had shown interest earlier. In this round, steel companies have not submitted bids." The two coking coal mines that received bids are Brahamadiha in Jharkhand and Urtan in Madhya Pradesh , he claimed. The government has in total put up for auction 38 coal blocks for commercial mining. As many as 42 companies have submitted 76 bids for 23 coal mines in the auction process. The coal ministry had said two or more bids were received for 19 coal mines. "The government will go ahead with the 19 coal blocks for which two or more bids were submitted. The auctioning process has been annulled for the rest of the mines that received either one bid or nothing," another official said. In the auction process, eight of 11 blocks in Madhya Pradesh received bids, while companies have shown their interest in six of nine coal mines in Jharkhand. Firms submitted bids for five of Odisha's nine blocks put on for sale, while two of seven mines in Chhattisgarh attracted bidders. Maharashtra witnessed interest of companies for its two mines put on for auction. In June, Prime Minister Narendra Modi launched the auction process for 41 coal blocks for commercial mining, a move that opens India's coal sector for private players, and termed it a major step in the direction of the country achieving self-reliance. The coal ministry had later revised the list of mines to be auctioned for commercial mining to 38 instead of the 41 announced earlier. The auction of coal blocks for commercial mining is expected to garner Rs 33,000 crore of capital investment over the next five to seven years. Despite being the world's fourth-largest producer, India is the second-largest importer of the dry-fuel.

Fiat Chrysler's and GM's 3Q auto sales fall from last year, but demand improves from depths of coronavirus lockdowns

02 Oct, 2020, 01:39AM | CNBC

The Key Auto Mall car dealership in Moline, Illinois.Daniel Acker | Bloomberg | Getty Images Fiat Chrysler's and General Motor's auto sales fell in the third quarter, but both automakers saw a significant rebound in demand from the second quarter when the coronavirus pandemic wreaked havocÂ on the industry.Fiat Chrysler's sales fell 10% from a year ago, but they jumped 38% from the second to third quarter with 140,265 more vehicles sold from July through September than the previous three months. GM said its sales during the third quarter declined 9.9% from a year ago but improved sequentially each month, showing continued signs of a recovery. Both automakers beat most sales expectations of industry analysts.Industry forecasters expect domestic U.S. auto sales to show vast improvements from the second quarter but remain down between 11% and 13% from the third quarter of 2019.Sales during the second quarter slid more than 30% compared with a year ago as theÂ coronavirusÂ caused consumers to stay at home, andÂ dealerships and factories to shutter. A major driver for U.S. auto sales recovering faster than anticipated is retail sales, or those to individual consumers.Â VIDEO1:3501:35September auto sales rate estimated as much as 15.9 million vehiclesSquawk Box "While the economy has made a substantial rebound in the third quarter, retail auto sales have been even more resilient," GM Chief Economist Elaine Buckberg said in a release. "Super low auto loan interest rates have boosted retail auto sales; yet more strength comes from pandemic-induced demand."GM said its retail sales, or those to consumers, were nearly flat from the third quarter of 2019. The company declined to provide specific details of those sales as well as its vehicle inventory levels, including critically low supplies of its Chevrolet and GMC pickups.Led by gains of its Palisade SUV, Hyundai MotorÂ only reported a decline of 1.3% for the third quarter compared with the same time period last year. That includes a 5.5% increase in September, accordingÂ to the South Korean automaker."The market has definitely come back a lot quicker than we anticipated," Randy Parker, vice president of sales for Hyundai Motor America, told CNBC in a phone interview. "The Palisade is a very hot-selling product. I can't get enough at this point. Our dealers are asking for more."Fiat Chrysler, GM and Hyundai were among the first automakers to report third-quarter sales. Most automakers are expected to report their results on Thursday.Others to report third quarter sales include:Nissan Motor, down 32%.Toyota Motor, down 11%.Honda Motor, down 9.5%

Secondary steel players gasp for oxygen as supply is restricted

01 Oct, 2020, 09:33PM | Economic Times

India's secondary steel players that together account for more than 55% of the industry are facing a shortage of industrial oxygen besides a sharp increase in prices, with several states diverting supplies to meet the demand from hospitals treating Covid patients . “We are facing a shortage of oxygen supply. There is no doubt that the oxygen requirements for medical use should be met. The logistics of the supply should be handled in such a manner that it can meet both the medical and industry needs,” said Suketu Shah, Joint Managing Director, Mukand Ltd. Mukand Ltd is one of the top secondary steelmakers with a rolling capacity of around 5,50,000 tonnes per year. “We require around 25-30 Kgs of oxygen for each tonne of steel production. Now the district administrator has sent letters to oxygen suppliers to stop the supply to us, so we have reduced our production from 100% to 60%. Prices have also gone up by 700-1,000 per tonne,” said a senior executive at a secondary steel company in Maharashtra. The person is also a member of Metal Recyclers Association of India. “We understand medical is a priority, but we are forced to shut down our unit. Iron ore prices shot up, now oxygen prices are going up; this is a double whammy for us,” said yet another steel player, requesting anonymity. An industrial unit in Tamil Nadu that manufactures paper also faced a similar issue. “District administration controls the supply of oxygen. With acute shortage like this we cannot run the plant. We have shut down operations,” he said. “Several steel players in Nashik too are facing acute shortage of oxygen. However, as a breather, a day before, the collector of the district has sent a letter saying that the supply of oxygen will be restored for smaller companies soon,” said a person representing Nashik Industries & Manufacturers' Association. Steelmakers require several kgs of oxygen in the steel melting process where oxygen reacts with impurities like carbon, silicon, phosphorus and sulphur in hot metal to produce steel. Steel players also use oxygen for value-added ancillary services, like scrap cutting, dilution of certain elements and for other laboratory uses. “For bigger players, oxygen is readily available, but we require smaller amounts and we are the most affected,” the person quoted above added. Top steel players like JSW and SAIL said that they are cushioned by their own oxygen units. But they have received letters from the government enquiring about the capacities and to supply some units to the government. SAIL has so far supplied around 300-400 tonnes of oxygen to the government for medical purposes and JSW around 200 tonnes. In Dolvi and Vijaynagar, the company can produce more than 4000 tonnes of oxygen per day. So the company has enough to also contribute, said sources at JSW Steel. On September 15, steel minister Dharmendra Pradhan tweeted that the ministry along with the DPIIT and the ministry of health and family welfare would provide medical oxygen to various hospitals, pan India. About 4,329 tonnes of medical oxygen have been supplied by the steel plants in the last four days. “Priority is medical. We too faced glitches in supply but now we expect the situation to cool down as we heard that several oxygen manufacturers are ramping up production,” said yet another TMT Steelmaker from Maharashtra.

How one Michelin-star restaurant is reopening its New York City dining room

01 Oct, 2020, 03:14PM | CNBC

o.d.o. by Odo's chef counterPhoto credit: Cody Rasmussen When o.d.o. by Odo reopens its dining room for the first time in more than six months on Wednesday evening, the 14-seat chef's counter that helped create its intimate atmosphere will be empty.Instead, up to eight diners will sit in a private dining room after getting their temperatures checked to enjoy a prix fixe dinner prepared by Chef Hiroki Odo.The Japanese fine-dining restaurant, which earned its first Michelin star last year, is among the many New York City restaurants that are adapting their dining rooms to reopen for customers during the coronavirus pandemic. After the city became the epicenter of the pandemic, government officials were more cautious in reopening its economy, fearing a return of overcrowded hospitals and nonstop ambulance sirens. Facing a $2 billion lawsuit from hundreds of restaurant owners, Gov. Andrew Cuomo announced three weeks ago that indoor dining could return to the five boroughs at 25% capacity on the last day of the month.The decision is meant to help stem the losses of the city's restaurant industry, which has been upended by the crisis. In August, 87% of restaurant owners could not pay their full rent, according to a survey by the New York Hospitality Alliance.Â But the 25% capacity limit means that restaurant owners are having to make do with fewer customers and higher costs, like masks for employees and more frequent cleaning. O.d.o. co-ownerÂ SatoruÂ Yasumatsu said that the speakeasy-style restaurant will keep its outdoor dining open for now, until the capacity limit is raised.Other New York restaurants, like Porter House Bar and Grill in Manhattan's Time Warner Center, are holding off on reopening their dining rooms until capacity limits are only half of pre-pandemic limits.Restaurant owners might not have to wait more than a few more weeks to unlock the higher capacity limit. Cuomo has said that restrictions will be reassessed on Nov. 1 and restrictions could be loosened, as long as the infection rate is not increasing.But local health officials have been sounding the alarm in recent days about the rising number of cases in the city. Outbreaks in Brooklyn and Queens neighborhoods have pushed the city's positive test rate to its highest level since June.Â AÂ recent report from the Centers for Disease Control and Prevention linked restaurant dining to increased risk of contracting Covid-19, although the National Restaurant Association has called the study's methodology flawed and said it is irresponsible to pin the spread of the virus on one industry.Â As o.d.o. tests the waters for New Yorkers' appetite to eat indoors, its private dining room will only be open on Monday, Tuesday and Wednesday evenings, with just two reservation times: 5:45 p.m. and 8:30 p.m."Our restaurant is small," Yasumatsu said. "Even using a private room, we can accommodate eight people maximum, depends on the size of the parties. That's not enough for us to survive."While the changes to its seating might hinder the experience of eating at o.d.o.,Â Yasumatsu said that the restaurant is planning to raise the stakes on its food for the private dining room.Â "That's the only option that we are thinking about at this moment," he said. "And hopefully the city allows the bar seating to open, even at 25% capacity."Yasumatsu expects that indoor dining will bring back higher-paying customers. Current sales are down about 50% compared with last year. Before the pandemic pushed o.d.o. to offer delivery for the first time and to move tables outdoors, the restaurant could count on a customer to spend $200 on a prix fixe multi-course meal known as kaiseki.But o.d.o.'s dexterity during the crisis has also extended to its menu. Rather than offer the traditional multi-course dinner, its outdoor offerings are a la carte and come at a lower price point than kaiseki. Still, outdoor dining has brought first-time customers to the restaurant, according to Yasumatsu.On Friday, New York Mayor Bill de Blasio made expanded outdoor dining permanent and year-round for restaurants. Before, the option was set to expire at the end of October. As temperatures in New York drop, Yasumatsu joins other restaurant owners in looking for ways to extend its lifespan, from tents to heaters.Still, o.d.o. isn't betting entirely on customers wanting to eat at its restaurant, either outdoors or inside. It's launching sushi and House of Suntory whiskey events at a larger venue several blocks south of its Flatiron location.Â Yasumatsu said that the restaurant is also working on citywide sushi delivery, aimed at wider-range audience than its usual pricey fare, and taking its higher-end delivery nationwide through a potential partnership with Goldbelly. VIDEO3:0803:08Indoor dining returns in New York City at 25% capacitySquawk Box

SBI, HUL tie up for providing easy access to credit to small retailers

01 Oct, 2020, 02:21PM | Economic Times

NEW DELHI: The country's largest bank SBI and FMCG major HUL on Thursday announced a partnership to enable easy access to credit to small retailers and also help them join the digitisation bandwagon in order to "survive in the new world". Under the partnership, HUL's retailers who use the company's Shikhar app will be able to avail of credit facility for payments to distributors through an integration with State Bank of India 's (SBI) Yono app. Hindustan Unilever (HUL) Chairman and Managing Director Sanjiv Mehta said while there are around ten million retailers in India, they have faced constraints in access to credit as they have always operated in an informal environment, while they have also been reluctant to adopt digital technology. "What our partnership does today is try to solve some of the very important constraints that the retailers and small shopkeepers face in the country today," Mehta said while addressing a virtual press conference. He further said, "SBI has agreed to bring forth credit in a very seamless and easy fashion to these retailers without having to go through paperwork so that they can very quickly and in a very easy manner have access to credit. This is going to be a tremendous gamechanger." HUL's Shikhar app allows retailers to place orders without even the salesman visiting stores, and with COVID-19 intensifying focus on touchless sales, Mehta said the app has proved to be a very big boon with lakhs of retailers across the country. Another important aspect of the partnership, he said, is "cajoling and making the retailers adopt the technology. This we believe is extremely important if they have to survive in the new world". He said the partnership with SBI will also enable " UPI based payment from our retailers to our distributor" with the interface allowing instant transfer of funds. "These are small but very important things in strengthening the ecosystem of the millions of retailers in the country," he added. SBI Chairman Rajnish Kumar said with the kind of developments which are happening in the country and the digitisation of economy, "this is not only about partnership between the two giants SBI and HUL. This is the shift which is happening in the country in the way we do business and the impact which it will have on the overall productivity." He said availing of credit has always been a painful process and the partnership aims to address the issue. "Today when we are integrating the system, HUL's Shikhar app and SBI's Yono, we are entering into some sort of new age relationship, which is nothing to do with lending money to HUL, (but) is catering to their supply chain," Kumar added. He said while the model developed with HUL is "unique", going forward, "we will be also using with more corporate partners and at the same time will contribute towards more jobs, more employment opportunities and bringing in efficiencies as far as supply chain and logistics of corporate giants like HUL are concerned." Both Kumar and Mehta said the partnership was initiated much before COVID-19 and the fact that the pandemic makes it more relevant is clearly coincidental. "Our vision is very clear, it aims to help millions of traders in the country, bring them into the formal economy, help them digitise..." Mehta said. Kumar also said the partnership with HUL is also a "perfect way of expanding our Mudra loans" considering the banks push for e-Mudra loans. When asked how many retailers are expected to benefit from the partnership, Mehta said,"Our ambition is very high. We have just kicked off the process. All of you are aware that there are over 10 million retailers (in India). We cover a few million retailers. So our endeavour would be to bring as many retailers as possible into this thing."

How to get more productive? Try this meditation app

01 Oct, 2020, 12:21PM | Economic Times

As the pandemic continues to roil the country, the level of stress, anxiety and worry that an individual faces has increased manifold. As uncertainty increases, the nervous tension can take a toll on health and productivity. Meditation, which looks to harness the power of mindfulness, can be an important part of solving the problem. For many, meditation and training our mind and body may be in the realm of spirituality, but as the pressure of everyday life becomes tough to handle, mindfulness can be very beneficial. And as with everything today, meditation comes dressed in the form of apps. “We all have potential, but not all of us live up to our potential. If in terms of Vedic sciences, meditation was your state of super consciousness, then my idea of meditation is to live up to your potential at all times,” says Om Swami. Swami is a tech entrepreneur turned monk and has combined his knowledge of technology and mysticism to develop the Black Lotus meditation app in 2019. With the pandemic increasing the level of stress for many, Swami says meditation can make you calmer, it makes you more aware, it makes you more effective, and it makes you more mindful. “Stress means there is something happening in our life that we cannot handle the way we like, and then that is how we feel stressed. If I can handle it better, I would be less stressed. And that is the reason in a home, under exactly the same situations, circumstances, two people have a very different reaction and stress levels,” says Swami. The leadership team of Black Lotus Includes, Harish Abhichandan,i who is also Group CFO at Ola , Vikram Shastry , Director at Uttara Infosloutions and Jaya Kumar, MD at Kalpavriksha Associates. Being aware Swami says the actual goal behind Black Lotus app is to make people aware of genuine meditation and not just based on talk and hearsay. “With intense good meditation, even if you spend just a few minutes every day, you can elevate your consciousness which leads to better memory, better productivity, better efficiency, even better appetite, better sleep. Everything that you do in your life becomes more effective with good meditation. And Black Lotus helps you do that - good meditation,” says Swami. Explaining the workings of the app, Swami says it has guided meditations that look to handhold the user. Based on his years of experience, Swami says just sitting down in meditation is rarely enough; there are other things that are needed to reinforce that meditation. “For that, we have this framework called RARE, which is Reflect, Act, Reinforce and Evaluate. So throughout the day we only expect the user to spend 15-17 minutes maximum a day. Sprinkled throughout the day, these activities help them become an expert meditator, and they can measure their progress. We even have a path where they can see how they are trending and how they are progressing on the path of meditation,” says Swami. One of the greatest components of our everyday life is the demand from our digital devices. Apps in our mobile phones take a lot of our time and bring out varied emotions. Having an app for meditation, therefore, almost seems counterproductive. “Well, it’s quite a reasonable challenge, no doubt about it. And that is the whole reason there's an app for it. If you would spend your time on other apps that will not yield much, you might as well spend your time on this. Because there is a basic human tendency which few people realise, but all psychologists know it - it is very hard to kill a habit. But it is much easier to replace a habit. If you replace any of your habits with a good habit, the old habits will disappear on their own. So we are replacing your online time with quality online time, which makes you more mindful, kinder, and just overall a more effective person,” says Swami. In its early days, the app is seeing some ardent followers. Indian Chess Grandmaster Vidit Gujrathi has been following Swami's blogs closely for some time, and that is where he found out about the Black Lotus app. “I tried it out for a couple of days, but then I stopped. It was after a visit to Sri Badrika Ashram in May last year that I started using it again. The people I met at the Ashram were using it, and their experiences probably influenced me a little. Since then, I have not looked back,” says Gujrathi. For the Chess Grandmaster, the app has impacted both his game and his life. After using it every day, Gujrathi says he noticed that whenever he felt low, a story about a Random Act of Kindness (Rak) would put him in a positive frame of mind. “I think there are scientific studies that say even if you observe an act of kindness, it also evokes the same emotions in you as you would feel if you did the kind act yourself. That’s what I noticed in myself. Then I started using the guided meditation on the app and managed a streak of 180 days - which is nothing because the app has users who have been doing it for over 600 days,” says Gujrathi. Gujrathi says he meditated with the BL app every day, and it helped him get rid of the stress and be ready for tournaments in the right frame of mind. “Its impact has been gradual. As they say change comes in tiny immeasurable units,” says Gujrathi. Not alone Black Lotus operates in a space that has strong competitors. California-based apps like Calm and Headspace have been wildly popular, but Swami says his app has some real differentiation. Om Swami “Well, the actual difference is that we are not just telling you to do a guided meditation. We have these goal packs, which are particularly geared at achieving one outcome at a time. And this app has been founded based on actual experience, not just based on feel-good meditation. If you just want to do feel-good meditation I would say, sure, go with Calm or Headspace. But if you really want real meditation, that changes the way you look at the world, that changes the way you process information, that changes the way you tap into your higher states of consciousness, for that it is Black Lotus,” says Swami. He adds that it’s for people who really want to see what meditation can do for them. Otherwise, if it’s just about feeling good for about 5 to 7 minutes, Swami says you may as well put on your most favourite song, or a bhajan, or some lullaby and listen to that. “And those apps were not designed with an Indian audience in mind. And we gave the world meditation. So in India, it was about time that we paid attention to our environment, our users, our user base here and created something that took into account the everyday challenges of most people and not just slapping on a simple sleep module or just funny animations. Not intending to point at anybody, but we are the real deal here,” says Swami. India is the spiritual capital of the world, but ironically it is Silicon Valley that has combined the power of wisdom and tech and packaged it in a neat app. “We gave the world Ayurveda, we created yoga, but we rarely get the credit for it. When it comes to the proliferation of technology or mass adoption, other countries are more startup friendly,” says Swami. He adds that these countries have been able to pour venture capital and fully support a startup even in the mediation space. In India, meditation is still in the realm of spirituality and not in the domain of technology or business. “Although we have access to capital in India, are Indian investors or other VCs open to investing in meditation apps? So, the good news is that we have had some activity on that front. We've had people interested, so we will change this, we will be on the forefront,” says Swami.

Pausing, then starting up again

01 Oct, 2020, 09:39AM | Economic Times

As the pandemic continues and employees live and work in the new normal, startups have been grappling with their own share of issues — right from reimagining their services to driving company DNA in a remote work environment. ET speaks to five startup founders on the challenges their companies have faced and how they plan to tackle these in a post-Covid world: Varun Khaltan, Cofounder, Urban Company Realigning business After being completely shut in April, our business has bounced back strongly since June. The biggest challenge for us now is reimagining our services in light of the post-Covid world. We have to focus on steady business growth while ensuring 100% compliance of safety standards. We are dealing with this in different ways. For instance, we have moved a large part of our training modules online — all our 30,000 service professionals are being trained through online video platforms. We plan to grow our business by 3x over the next year and bring over 50,000 new service partners on our platform. As the economy continues to move towards recovery, our objective is to create more jobs while delivering services safely to our consumers. Swati Bhargava, Cofounder, CashKaro Evolving to the new normal Our business took a hit when ecommerce was badly affected during the initial days of the lockdown. In June, our revenues bounced back, and we are now on an aggressive growth trajectory for the months ahead. We have hired 40-odd people since the lockdown began, and they have all been interviewed and onboarded virtually. When everyone is working remotely for an extended period of time, there is a difficulty in driving company vision and culture, but we have evolved our strategy to deal with this. One of the ways we’re doing this is through hosting a morning talk show every day, where all 150 employees log in to connect with each other. This video call is not just about sharing company numbers but helps bring people closer — particularly those who joined during the lockdown and haven’t met the rest of the team. Vamsi Krishna, CEO & Cofounder, Vedantu Methodical in virtual context In the initial days of the pandemic, our challenges were more from a business standpoint. Now, a new kind of challenge has emerged in the very nature of working. Since we are expected to work from home for the rest of the year and possibly beyond that, we are trying to bring in more efficiency into the processes. We’ve had to tweak our interviewing and onboarding processes to make them more methodical within a virtual context. We’re also reinventing the way we do our strategy planning. For instance, we have increased our pace of communication — townhalls which were held once a quarter are now held every fortnight, we have regular checkins,and we encourage employees to stay connected on ideas and projects. Abhay Hanjura, Cofounder, Licious Making deeper connections One of the biggest challenges we’re facing as a company is driving engagement and alignment. Traditionally this has always been the role of human resources teams, but now as Covid-19 has disrupted everything, we are seeing that leaders themselves have to take responsibility for driving deeper connections. My cofounder Vivek Gupta and I have been out on the field since the early days of the pandemic, when the agri supply chains broke down — we worked on getting our licensing and processes back in place. Since then, we have worked on growing our business and ironing out issues that arose, while at the same time prioritising people’s safety and livelihoods. We’re also driving conversations and programmes around mental health and continuing to keep employee engagement at the top of our priority list, as we gear up for 5x growth during this time. Chaitanya Ramalingegowda, Cofounder, Wakefit.co Getting everybody fired up Our company has been seeing high demand for sleep and home solutions and products during the pandemic. Topmost on our mind has been ensuring that we’re able to maintain this growing demand while maintaining our DNA of customer centricity. As everyone works remotely, driving company culture can be difficult, especially to the 200-odd people we hired since the pandemic began who’ve never had a chance to interact with their colleagues outside of the virtual world. Every two weeks, my cofounder Ankit Garg and I meet with the recent hires, and we regularly send out company updates and plans for the coming month. We’re ensuring teams have regular huddles. Emotional and mental wellbeing is the crucial factor — the productive professional outcome is a by-product of it.

Biden and Trump agreed on at least one thing in debate: Support for electric vehicles

01 Oct, 2020, 03:08AM | CNBC

VIDEO9:2709:27Trump and Biden answer questions on California wildfires and climate change policiesElections During the 2020 presidential debate Tuesday, moderator Chris Wallace asked candidates Donald Trump and Joe Biden about their views on climate change and their plans to protect the environment.While they clashed on most points, both candidates said they supported electric vehicles. That's potentially good news for battery makers, automakers and charging infrastructure companies with a stake in the U.S. market, including Tesla, Ford,Â General Motors, Panasonic and QuantumScape, which recently went public via SPAC.Â According to research by the International Energy Agency, sales of electric cars hit 2.1 million globally in 2019, accounting for just 2.6% of global car sales, with 880,000 of those battery-powered vehicles sold in the U.S. Even with new EV offerings on the rise here, sales of vehicles with an electric powertrain are likely to account for only 9.1% of total U.S. vehicle sales in 2025, according to forecasts by IHS Markit.Part of Biden's climate plan includes dedicating government spending to support electric vehicles."We're going to make sure that we are able to take the federal fleet and turn it into a fleet that's run on â they're electric vehicles," Biden said. "Making sure that we can do that, we're gonna put 500,000 charging stations on all of the highways that we're going to be building in the future."Â As of May 2019, the U.S. Department of Energy's office of Energy Efficiency and Renewable Energy, or EERE, reported that there were 68,000 electric vehicle charging stations in the U.S., with 22,620 of them in California.Â While most electric vehicle owners can charge overnight at home, it's not always practical for urban apartment dwellers or drivers taking electric vehicles on longer trips. Adding charging infrastructure could speed up adoption of electric vehicles for commercial and consumer use by alleviating so-called "range anxiety."Â In an exchange with Wallace about Trump's relaxation of fuel economy standards, the president said that he also supports electric cars."I'm OK with electric cars, too. I'm all for electric cars. I've given big incentives for electric cars. What they've done in California is just crazy."Trump continues to take umbrage with California'sÂ auto emissions standards, which are stricter than federal rules, as well asÂ Gov. Gavin Newsom'sÂ planÂ to banÂ sales of new, gas-powered passenger cars and trucks in California by 2035.Tuesday's comments contrast with Trump's prior actions on electric vehicles. In March 2019, the White HouseÂ proposed ending the $7,500 federal tax creditÂ for people who purchase a battery-powered electric vehicle rather than a gas-powered car.Â However, in a January 2020 interview with CNBC's Joe Kernen, Trump said of Tesla CEO Elon Musk: "He's one of our great geniuses; we have to protect our genius!" He also said, "He's going to be building a very big plant in the United States. He has to! Because we help him so he has to help us." Tesla is now embarking on design and construction of a new plant in Texas. VIDEO1:0001:00Trump on Elon Musk: I was worried about him, because he's one of our great geniusesSquawk Box

Adani Group bids for 8 commercial coal blocks

30 Sep, 2020, 06:12PM | Economic Times

NEW DELHI: Adani Group is eyeing a maximum number of eight blocks in the commercial coal mining auctions followed by five each by Hindalco Industries and a Kolkata-based firm JMS Mining . Andhra Pradesh Mineral Corporation has also put in bids for four mines. Jindal Steel & Power Ltd and its subsidiary Jindal Power Ltd have put in bids for two blocks each, an official statement by the coal ministry said. Vedanta Ltd and Sarada Energy & Minerals have submitted bids for three blocks each, while JSW Steel, Bharat Aluminium Co, DB Power and Nalco have put in bids for one mine each, the statement said. Aurobindo Reality & Infrastructure Pvt Ltd and EMIL Mines & Minerals Resources Ltd have submitted four bids each while Stratatech Mineral Resources Pvt Ltd has put in three bids. Sunflag Iron & Steel will participate in auctions for two mines. Adani Enterprises has bid for seven mines, while Adani Power for one block. “A total of 76 bids have been received for 23 coal mines. Two or more bids have been received for 19 coal mines,” the statement said. Bidding for a block can be conducted only when it receives two or more bids. A total of 42 companies have submitted their bids in the auction process. The auction process of 38 coal mines for sale of coal was launched by the coal ministry on June 18, 2020. The last date of submission of technical bids was Tuesday. Technical Bids consisting of online and offline bid documents were opened on Wednesday. The bids will be evaluated by a multi-disciplinary technical evaluation committee and technically qualified bidders would be shortlisted for participation in the electronic auction to be conducted on MSTC portal from October 19, 2020, the statement said. The entire bidding process is expected to be concluded by the end of October, it said. The maximum number of eight bids has been received by Gare Palma IV/7coal block in Chhattisgarh with about 56 million tonnes extractable reserves and Gotitoria (East) & Gotitoria (West) in Madhya Pradesh with 10 million tonnes reserves. Brahmadiha and Urma Paharitola in Jharkhand have received six bids each. Chendipada & Chendipada II, one of the big blocks with about 40 million tonnes reserves, has received just one bid. Other big blocks like Radhikapur East and Radhikapur West blocks in Odisha, Rajhara North (Central & Eastern) in Jharkhand, Sahapur (East) and Saharpur West mines in Madhya Pradesh have received four bids each.

Google partners with Zoho, Instamojo, others to help SMBs go digital

30 Sep, 2020, 05:31PM | Economic Times

NEW DELHI: Google India on Wednesday said it has partnered with companies like Zoho , Instamojo and others to help small and medium businesses (SMBs) build digital presence and navigate through the challenging economic environment. Building on its effort to help consumers discover small businesses on Google search and maps, the company's new initiative will focus on accelerating the efforts to help businesses build digital presence in partnership with Zoho and Instamojo. Small businesses will be able to create websites using Zoho inventory and sell online through Zoho Commerce for free till March 31, 2021. Instamojo, on the other hand, is offering a six-month free subscription to its 'Premium Online Store Solution'. Google has also partnered with Dunzo and Swiggy to fast track the on-boarding process, with both partners committing to provide additional support to small businesses to start accepting orders online and enable delivery logistics. SMBs can avail Dunzo's 24x7 merchant support for free with zero sign-up fee and instant registration, and use Swiggy's seven-days 'Fast track Onboarding'. All these will be available for SMBs on Grow with Google Small Business hub in India. "Today, the need to go digital is a necessity and SMBs are hard-pressed to digitise fast. We need to do everything we can to handhold millions of small businesses in their digital-transformation journey and support business recovery during the current crisis," Shalini Girish , Customer Solutions Director at Google India, told reporters in a virtual briefing. Google is partnering with industry leaders to offer more support to help small businesses go digital, she added. Google will also be launching a new show in partnership with Doordarshan called Namaste Digital, serving as a mass media program for SMBs to learn about the Internet and help them grow their business, she said. As per a Google-Kantar small business tracker research conducted in July, customer-related challenges topped the list for small businesses along with revenue loss due to low demand and payment of fixed costs. The report also highlighted that businesses are seeing the benefits of going digital to engage their customers. Girish said Google has also launched a nationwide campaign 'Make Small Strong' to rally support from citizens to support small businesses by buying locally, giving reviews and ratings and promoting their favourite retailers on social media to help generate demand for these businesses. Anand Nergunam Sr, Vice President - Revenue Management and Growth at Zoho Corp, said since the beginning of the pandemic, the company has announced several initiatives and resources to serve SMBs in these tough times. "The dramatic shift in consumer preference towards digital commerce has caught most of the small businesses off-guard with many of them struggling to win their customers back," he said. Through the Grow with Google initiative, Zoho is providing them with basic tools necessary for these businesses to digitise their operations with ease and the company will assist them with building awareness, onboarding, and implementation as well, he added. Instamojo co-founder Akash Gehani said the company currently serves over 1.3 million MSMEs across the country. "Small businesses are the backbone of Indian economy and a significant contributor to India's GDP. Given the current circumstances, our mission is more important than ever to unlock the potential of digital and Internet to startups and MSMEs in India," he added. Google India is also investing in efforts to scale its outreach to help small businesses learn to use digital tools in local Indian languages. As part of this effort, Google has worked closely with FICCI to drive an industry wide skilling program which has already trained 1.2 million individuals.

ABB aims to double proportion of female managers worldwide by 2030

30 Sep, 2020, 05:02PM | Economic Times

New Delhi: Swiss engineering and technology firm ABB on Wednesday launched a new diversity and inclusion strategy to double the proportion of female managers worldwide over the next ten years. With its 'Global Diversity & Inclusion Strategy 2030', ABB aims at reaching a 25 per cent share of women in senior management positions from currently 12.5 per cent, a company statement said. "The target forms part of ABB's broader ambition to foster inclusion and equality across all areas of diversity, including gender, abilities, generations, ethnicity, and LGBTQ+," the statement added. It will be offering employees inclusive leadership training and development programmes , mentoring programmes and learning interventions to foster an inclusive culture. "Building and fostering a culture of diversity and inclusion is a key priority for ABB and represents a foundation for innovation and better decision making," ABB CEO Bjorn Rosengren said. Recently, ABB was among more than 50 leading European companies in the industrial and technology sectors to reaffirm a pan-European commitment to diversity and inclusion in the context of the initiative #EmbraceDifference, the company said. Spearheaded by the European Round Table for Industry (ERT), of which CEO Rosengren is a member, the effort is designed to create an environment suitable to promote inclusion and diversity in the workplace. ABB has signed the Standards of Conduct for Business, Tackling Discrimination against Lesbian, Gay, Bisexual, Trans and Intersex People, put forth by the Office of the United Nations High Commissioner for Human Rights, the statement said. The Standards of Conduct provides five concrete steps that companies can take to align their policies and practices with international standards on human rights of LGBTI people, it added. The technology firm expects these standards to be followed by its suppliers to generate a real impact in the more than 100 countries it operates in. Further, it has signed a partnership with Europe's largest LGBT rights organisation Stonewall to help develop a roadmap on LGBTQ+ for employees, it added.

AgniKul partners with Alaska Aerospace to launch from Pacific Spaceport Complex

30 Sep, 2020, 03:17PM | Economic Times

NEW DELHI: Alaska Aerospace Corporation and India-based AgniKul Cosmos have signed a memorandum of agreement to test launch the Agnibaan launch vehicle from the Pacific Spaceport Complex –Alaska (PSCA) on Kodiak Island in the United States. Under the agreement, Alaska Aerospace and Agnikul will work together to secure regulatory approvals such as US Federal Aviation Administration (FAA) launch licensing, US export control, and will comply with export laws & regulations in India to receive necessary clearances from the concerned Indian authorities as well. The aim is to define launch vehicle-spaceport interfaces and procedures, and conduct at least one test launch from PSCA. These launches are likely to start from 2022, according to a release. Chennai based AgniKul Cosmos was incubated at the Indian Institute of Technology , Madras (IIT Madras). It is building a small satellite rocket, Agnibaan, that will be capable of carrying up to 100 kg of payload to low Earth orbits up to 700 km. While Alaska Aerospace Corporation was established in 1991 by the state of Alaska, USA, to develop a high technology aerospace industry in the state. Alaska Aerospace owns and operates the Pacific Spaceport Complex - Alaska (PSCA) on Kodiak Island, a FAA-licensed multi-user spaceport. Mark Lester, president and CEO of Alaska Aerospace said, “Agnikul has established itself as a leading rocket technology company." “This is further evidence of our company’s progress towards launch,” said Srinath Ravichandran, CEO and co-founder of Agnikul Cosmos. Additional tests and operational launches are also possible under the agreement. This is a step in moving the small satellite launch market towards a customer-centric business model as opposed to what it is today – a vehicle-centric model. This would mean faster, easier commercial space access, and ultimately will open up space for everyone, the release added. “By partnering with Alaska Aerospace, Agnikul engineers and staff can focus on the technical complexities of perfecting Agnibaan's launch operations from different environmental conditions across geographies,” said Agnikul co-founder & COO Moin SPM. “Having access to high latitude launch locations is an important aspect of our strategy for offering customer-centric launch services, and this partnership with Alaska Aerospace is going to be directly helpful.”

Ex-Nissan boss Carlos Ghosn launches business program to revive Lebanon's struggling economy

30 Sep, 2020, 12:38PM | CNBC

Carlos Ghosn, ex-CEO Nissan, at a press conference on the second press day of the Paris International Motor Show.Picture Alliance | Picture Alliance | Getty Images SINGAPOREÂ â Carlos Ghosn, the scandal-hit former CEO and chairman of Nissan who fled trial in Japan, is launching a business training program to help spark economic recovery in his native, crisis-hit Lebanon.The French-Lebanese auto executive revealed on Tuesday plans to coach business leaders, provide tech training and create start-up jobs as part of a new tie-up with the Universite Saint-Esprit de Kaslik (USEK), a private university north of Beirut.Â The announcement comes less than two months after a devastating blast rocked the capital and compounded the economic woes of a country hampered by decades of corruption and political mismanagement.Â VIDEO9:2509:25Who is Carlos Ghosn?CNBC Explains Ghosn, himself facing allegations of financial wrongdoing after dramatically escaping TokyoÂ for Beirut in December 2019, said the initiative was not politically motivated but intended to support Lebanon "during this difficult period.""This is about creating jobs, employment and entrepreneurs to allow society to take its role in the reconstruction of the country," he told a news conference announcing the program.Until his arrest in November 2018, Ghosn was widely celebrated for turning around the fortunes of Japanese car manufacturer Nissan. A Brazil-born businessman raised in Beirut, he was a towering figure in the auto industry and held key leadership positions at Renault, Mitsubishi Motors and Michelin North America. The role model is my experience, what I think are the basic needs of a top executive in a very competitive environment.Carlos Ghosnformer CEO and chairman on Nissan The partnership with USEK, for which Ghosn was approached by the university shortly after his return to Lebanon late last year, is dubbed "Moving Forward." It will focus on helping struggling companies and teaching individuals to "make yourself invaluable."He will be joined in his supervisory role by international executives such as Jaguar and Land Rover chief executive Thierry Bollore and former Goldman Sachs vice chairman Ken Curtis, who have agreed to give pro bono courses.Â "The role model is my experience, what I think are the basic needs of a top executive in a very competitive environment," said Ghosn.Â The first of the courses, which is set to launch in March, will be available to 15 to 20 senior executives in Lebanon and the Middle East.The second program focuses on providing technical training, including in areas such as computer-aided design and artificial intelligence, while the third will act as an incubator for start-ups, with a particular emphasis on environmental impact.Â "If you bring back trust, money will come," Ghosn said. "You can have an excellent plan for Lebanon but if you don't execute it you are not even at starting point."

Japan’s Kyokuto Kaihatsu Kogyo acquires Bengaluru-based Satrac Engineering

30 Sep, 2020, 08:01AM | Economic Times

Mumbai: Japan’s construction equipment manufacturer Kyokuto Kaihatsu Kogyo has acquired Satrac Engineering , a Bengaluru-based manufacturer of special-purpose vehicles such as truck tipper bodies, trailers, and tank trucks in India. The company that is a supplier to all leading truck OEMs, most major logistic companies and retail fleet owners in India is being valued at an enterprise value of around $30 million (around Rs 220 crore), sources said. The Nishinomiya , Japan headquartered company has $1.1 bn revenue and offers special purpose vehicles such as dump truck , sprinkler truck, Concrete boom pumps, Transit mixers, tailgate lifter, tank truck and pneumatic bulk carrier. The company has affiliate entities in Japan, China, India and Indonesia. “The Indian special-purpose vehicle market has been temporarily stagnant due to last year’s increased axle norms and tightening of financing by financial institutions and the impact of the Covid19 disaster. However, in the medium to long term, demand for construction and logistics vehicles is expected to expand due to the promotion of large-scale infrastructure projects and growth in logistics and steel and cement industry,” said Tatsuya Nunohara, President of Kyokuto. Demand for environmental vehicles, such as refuse collection vehicles, is also expected to grow, particularly in urban areas, due to an increase in the amount of garbage generated by population growth and economic growth, as well as the policies of Clean India and Smart City promoted by the government. “Our group plans to further strengthen our business foundation in India by securing excellent manufacturing bases and customer relations in southern India through the acquisition of Satrac and expand and develop our special-purpose vehicle business in the country while utilizing the business and technical platforms that we have cultivated till now,” he added. Satrac Engineering Private Limited (SEPL) was incorporated in 1997 by M. C. Bantwal and Geetha Bantwal. SEPL is engaged in manufacturing of trailers, tippers, tractors and various other truck bodies for some of the major truck and engineering equipment manufacturers companies. Its manufacturing unit located at Dabaspet, Bangalore. “Satrac remains a very well recognized tipper, trailer and body supplier to the Indian CV industry. We see a great fit between Satrac’s manufacturing excellence and Kyokuto’s technological expertise and are delighted to be a part of their growth story in India,” said Mrinal Bantwal, Managing Director of Satrac. Lincoln International was the financial advisor to the deal. “This transaction, coming in the midst of significant industry headwinds, reiterates the continuing global interest for high quality industrial businesses in India and more specifically the increased activity in the Indo-Japan corridor,” said Preet Singh, Managing Director and head of Industrials at Lincoln India. Total operating income of Satrac Engineering stood at Rs 210.93 crore as on March 31, 2019, a Care Ratings release in March 2020 shows. The company’s profit after tax or PAT was Rs 9.3 crore during the same period. “The capital structure marked by the overall gearing ratio has strengthened from 1.45x as on March 31, 2018 to 0.28x as on March 31, 2019 due to increase in net worth backed by y-o-y accretion of profits to reserves along with a nil outstanding balance of working capital as on March 31, 2019,” Care ratings release said. “The debt coverage indicators marked by the PBILDT interest coverage ratio was also strong at 6.27x and total debt to GCA stood comfortable at 0.54x in FY19. The improvement in debt coverage indicators was primarily due to improved cash accruals as well as decline in finance cost led by scheduled repayment of term loans.” Satrac competes with companies such as Tata International DLT, Kedaara Capital-backed Ajax Engineering among others. Last year, Tata International and Sri Lanka-based Dutch Lanka Trailer Manufacturers (DLTM) said they had sold their JV Tata International DLT (Tata DLT) to Canyon Point Investment, a wholly-owned subsidiary of private equity firm ADV Partners. However, that deal did not go through post announcement. “Most of the deals in the sector are around 8-9 times EBITDA,” an investment banker with knowledge of the sector said.

Second alignment plane of solar system discovered

30 Sep, 2020, 12:47AM | Times Of India

WASHINGTON:: A study of comet motions indicates that the solar system has a second alignment plane. Analytical investigation of the orbits of long-period comets shows that the aphelia of the comets, the point where they are farthest from the Sun, tend to fall close to either the well-known ecliptic plane where the planets reside or a newly discovered ' empty ecliptic .' This has important implications for models of how comets originally formed in the solar system. In the solar system, the planets and most other bodies move in roughly the same orbital plane, known as the ecliptic, but there are exceptions such as comets. Comets, especially long-period comets taking tens of thousands of years to complete each orbit, are not confined to the area near the ecliptic; they are seen coming and going in various directions. Models of solar system formation suggest that even long-period comets originally formed near the ecliptic and were later scattered into the orbits observed today through gravitational interactions, most notably with the gas giant planets. But even with planetary scattering, the comet's aphelion, the point where it is farthest from the Sun, should remain near the ecliptic. Other, external forces are needed to explain the observed distribution. The solar system does not exist in isolation; the gravitational field of the Milky Way Galaxy in which the solar system resides also exerts a small but non-negligible influence. Arika Higuchi, an assistant professor at the University of Occupational and Environmental Health in Japan and previously a member of the NAOJ RISE Project, studied the effects of the galactic gravity on long-period comets through analytical investigation of the equations governing orbital motion. She showed that when the galactic gravity is taken into account, the aphelia of long-period comets tend to collect around two planes. First the well-known ecliptic, but also a second "empty ecliptic." The ecliptic is inclined with respect to the disk of the Milky Way by about 60 degrees. The empty ecliptic is also inclined by 60 degrees but in the opposite direction. Higuchi calls this the "empty ecliptic" based on mathematical nomenclature and because initially, it contains no objects, only later being populated with scattered comets. Higuchi confirmed her predictions by cross-checking with numerical computations carried out in part on the PC Cluster at the Center for Computational Astrophysics of NAOJ. Comparing the analytical and computational results to the data for long-period comets listed in NASA's JPL Small-Body Database showed that the distribution has two peaks, near the ecliptic and empty ecliptic as predicted. This is a strong indication that the formation models are correct and long-period comets formed on the ecliptic. However, Higuchi cautions, "The sharp peaks are not exactly at the ecliptic or empty ecliptic planes, but near them. An investigation of the distribution of observed small bodies has to include many factors. Detailed examination of the distribution of long-period comets will be our future work. The all-sky survey project known as the Legacy Survey of Space and Time (LSST) will provide valuable information for this study."

New York bankruptcies reportedly surge 40% during pandemic

29 Sep, 2020, 08:44PM | CNBC

People wearing protective masks walk by a going out of business sign displayed outside Century 21 on the Upper West Side as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 27, 2020 in New York City.Noam Galai | Getty Images Bankruptcies in the New York City region have surged 40% during the coronavirus pandemicÂ compared with the same time a year ago, according to Bloomberg.The crisis has hit a number of industries across the United States, with retailers and restaurants among those hardest hit. Century 21, the parent company of Chuck E. Cheese and Neiman Marcus are among the companies that have filed for bankruptcy as a result of the pandemic. But in New York City, which became the epicenter of the virus in March, the environment has been especially challenged. Tourism has plummeted, government officials have been more cautious about reopening the economy and many wealthy residents have fled to the suburbs.From March 16 to Sept. 27, 610 businesses filed for bankruptcy in the Southern and Eastern Districts of New York, the publication reported Tuesday. The two districts include some counties in the city's neighboring suburbs.Owners of small businesses, which have struggled more during the pandemic, are less likely to file for bankruptcy. Instead, many are simply leaving the keys in the door. Yelp data shows that more than 4,000 New York City businesses have permanently closed since March.Â Another flurry of bankruptcies and permanent closures is expected as cold weather arrives along with a forecast second wave of coronavirus cases. Local health officials issued a warning Monday as cases in New York rise and hospitalizations increase.Â Read more about rising New York bankruptcies here.

Adani, JSPL, Vedanta, 43 others bid for commercial coal mines

29 Sep, 2020, 07:22PM | Economic Times

NEW DELHI: Forty six companies including Vedanta Group, Hindalco Adani Group, Jindal Steel & Power, Bharat Aluminium Company and JSW Energy have put in bids in the country's first commercial coal mine auctions. Of the 38 mines on auction , 10 mines have received very good response with 5-6 bidders each, while about 10 more have received more than two bids, required to carry the auctions, sources said. There has been no or tepid response for the balance mines on auctions, they said. “A total number of 82 bids from 46 companies have been received off-line / physically in the office of the Nominated Authority for 23 coal mines/blocks. 2 or more bids have been received for 20 coal mines / blocks,” an official statement said. The online bids will be opened on Wednesday, an official said. Each bidder had to submit bids both physically and online, a ministry spokesperson said. “The interest is likely to be good for big blocks like Radhikapur East and Radhikapur West, Gare Palma IV/1, Gare Palma IV/7 with participation from atleast 5-6 big companies,” the official said. The technical bids were opened on Tuesday after the Supreme Court on Monday refused a plea made by the Jharkhand government to stay the auction process. Tuesday was the last day for bid submission as the process was started in June 18. The Supreme Court will hear the matter again on Wednesday. The Jharkhand government had in July approached the Supreme Court against the Centre's decision to auction coal blocks situated in the state for commercial mining saying the auction will not benefit the state and will rather result in loss in the prevailing Covid-19 pandemic. It also alleged that the announcement was made unilaterally without consultations with the state. Earlier, the coal ministry had revised the list of mines to 38 blocks from 41 mines announced earlier following opposition from the Chhattisgarh government. It added three blocks – Dolesara, Jarekela and Jharpalam-Tangarghat – and withdrew five blocks in the eco-sensitive Hasdeo Arand zone. The Cabinet Committee on Economic Affairs had on May 20 approved the methodology for auction of coal and lignite mines for sale on revenue sharing basis and increasing the tenure of coking coal linkage. Developers of the blocks will have easy entry and exit options. Any company registered in India will be eligible to participate in coal auctions and there will be no restrictions on sale or utilisation of coal. Companies that start early production from the blocks will be offered 50% rebate on revenue share payable to the government.

India occupies 8th spot of total Russian coal exports globally

29 Sep, 2020, 07:18PM | Economic Times

NEW DELHI: Russia, rich in key natural resources, has exported 7.5 million tons to India (642.1 million US dollars), which is 3.7% of total Russian coal exports in 2019. According to UN Comtrade Database , at the end of 2019, Russia exported 205.3 million tons of coal — 180.9 million tons of energy coal (88% of total exports) and anthracite 24.4 million tons (12%). As much as 7.5 million tons were exported to India (642.1 million US dollars), which is 3.7% of total Russian coal exports and 8th place among the recipient countries of russian coal (after China , South Korea, Germany, Japan, Netherlands, Poland, Turkey). The volume of anthracite exports to India amounted to 1.8 million tons (165.6 million US dollars), which is 7.4% of the total anthracite exports from Russia and 5th among recipient countries according to Anton Beloglazov, expert of Russia’s leading think-tank, Center for Strategic Research or CSR. Compared to 2018, the volume of coal russian exports increased by 2.9% (energy plus 3.8%, metallurgical minus 2.6%). Coal exports to India as a whole increased by 74.5% (or 3.2 million tons). Only Germany (+7.4 million tonnes), China (+ 4.1 million tonnes), Vietnam (+3.3 million tonnes) have a larger increase in absolute terms. At the same time, in terms of the volume of export of anthracite from Russia, India is the absolute leader: an increase of 120.2% or 989.9 thousand tons. This growth was facilitated by an increase in steel production in India by 4.4% [from 106.5 million tons to 111.2 million tons (2nd place in the world after China) - according to the World Steel Association]. In the period January-July 2020, steel production in India decreased by 24.3% (from 66.4 to 50.2 million tons) compared to the same period last year, which was associated with the expansion of COVID-19 in the world. GDP in the second quarter decreased by 19.9% on an annualized basis, the industrial production index in the second quarter of 2020 in India was 77.3% (before COVID-19 in the fourth quarter of 2019 130.8%). The Indian government plans to invest about $ 700 million by 2030 in railway infrastructure, including to eliminate bottlenecks in the railway corridor connecting New Delhi with India's largest container port in Navi, Mumbai. Such actions support the steel industry. At the end of 2019, India's total nominal capacity was 129.1 million tonnes [43.8% for basic oxygen furnace (BOF) and 56.2% for electric arc furnaces (EAF)]. The total volume of coal consumption for steel production in 2019 was 54 million tons (based on the calculation of 770 kg and 150 kg of coal for the production of 1 ton of steel under the BOF and EAF – data from the Word Coal Association.) 13 million tons of additional capacities (BOF) are under construction with start until 2022 (NMDC 3 million tons, JSW Holdings 5 million tons, Tata Steel 5 million tons), which can provide an increase in coal consumption by 10 million tons. If the plan for the production of 300 million tons by 2030 is implemented, as stated by the Minister of Natural Gas and Steel of India, the consumption of coal by the steel industry could grow to 146 million tons (+92 million tons).

Auto ancillary sector's revenue may fall 16-20% this fiscal: India Ratings

29 Sep, 2020, 05:43PM | Business Standards

The auto ancillary sector's revenue is expected to shrink 16-20 per cent in the current financial year, with both domestic market as well as exports likely to see contraction in demand, according to India Ratings and Research. The rating agency, in a release on Tuesday, also said it has maintained a negative outlook for the auto ancillary sector for the October-March period of 2020-21. It said auto ancillaries with high exposure to the commercial vehicle segment are expected to continue to be the worst impacted, in relation to those with higher two-wheeler, passenger vehicle or tractor segment exposures. While the sector was expected to start recovering from the second half of 2020-21, the revenue may now record a decline of 16-20 per cent y-o-y in the overall fiscal, India Ratings and Research (Ind-Ra) said in a release. Although demand from the after-market segment is also likely to remain subdued, it would be the least affected. However, the performance in the October-March period of 2020-21 is expected to be better than the previous half, as auto demand has shown a gradual improvement in both domestic and exports markets. According to the release, a recovery to pre-COVID-19 levels is expected by the second half of this fiscal stoked by an improvement in demand from OEMs and exports. Ind-Ra expects auto ancillaries to record revenue growth of 12-15 per cent y-o-y in 2021-22, as most auto ancillaries have taken cost cutting measures to curtail fixed costs in FY21. However, lower operating leverage could constrain profitability margins by 200-250 basis points Year-on-Yera, it said. Ind-Ra has also maintained a negative outlook on its rated portfolio for 2020-21 based on the expectations of a continued weaker-than-envisaged operating performance and credit metrics amid a challenging economic environment, the ratings agency said. Credit metrics are expected to further weaken in 2020-21. Although sector companies had deferred non-essential capex in 2019-20 and 2020-21, the lower profitability in these two years is likely to negatively affect credit metrics, it said. Credit metrics are expected to improve in 2021-22, as profitability recovers. However, it would remain weaker than 2019-20 levels, it said. The capital expenditure (capex) requirements to cater to evolving regulations, such as corporates' average fuel economy norms to be implemented in the next two years, could weaken credit metrics in the medium-term, if demand is unable to pick up as expected, the agency said. It added that cost control and working capital management remain key in this environment. Favourable regulatory changes such as GST cuts or incentive-based scrappage policy could help revive demand in the medium term for the auto sector and in turn for auto ancillaries, it said. Furthermore, original equipment manufacturers could look at local procurement of components that are currently imported, benefiting the sector in the medium-to-long term, the ratings agency added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

COVID-19 delays NMDC s Chhattisgarh steel plant commissioning planned this year

29 Sep, 2020, 04:27PM | Economic Times

HYDERABAD: The commissioning of state-owned miner NMDC Limited Rs 21,000 crore three-million tonne capacity steel plant in Chhattisgarh, targeted this year, has been delayed due to COVID-19 and is now expected by July next year, a top official said on Tuesday. Experts from foreign countries, engaged in the project work, could not undertake a visit for an inspection and clearance in view of COVID-19 travel restrictions, the city- headquartered NMDC's Chairman cum Managing Director Sumit Deb said. Senior officials of the PSU had earlier indicated that the plant would be operational this year. Replying to shareholders' queries at the virtual Annual General Meeting , Deb said NMDC has so far invested Rs 16,000 crore in the plant and the total cost would be Rs 21,000 crore once completed. Nagarnar steel Plants targeted date was this year but due to COVID-19 impact foreign experts could not visit the plant. Now the revised target is it will start by July 2021," he said. He also said the company planned to take some debt also before commissioning the activity. "The plant is on the verge of completion. We have some balance work which will be taken up, the official said. According to him, the steel plant is expected to generate annual revenues of Rs 14,000-Rs 15,000 crore (at the optimum production levels) with EBITDA (Earnings before tax depreciation and amortisation) margins of 15-20 per cent. Replying to a question on the demerger of the steel plant, Deb said the Board of Directors has already given the clearance with mirror shareholding. Deb said NMDC normally invests about Rs 2,000 crore towards capital expenditure. However, this fiscal it would slightly reduce to Rs 1,860 crore. Earlier in his speech, he said NMDC has been in discussions with both the Karnataka government and the Centre on Donimalai Mine lease extension to resolve certain unviable terms in the lease agreement. On September 15, the state Cabinet cleared the company's application for starting mining operations at Donimalai. However, the actual resumption of mining operations in Donimalai mines is expected to be started in the month of October, 2020 which will add production of 5-6 lakh tonnes per month, the CMD added.

Bids for commercial coal mining blocks to open tomorrow

29 Sep, 2020, 07:52AM | Economic Times

NEW DELHI: The government will open bids received for commercial coal mining blocks on Wednesday as the Supreme Court refused to stay the auctions. Vedanta Group , Adani Group , Jindal Steel & Power Ltd and JSW Steel are among the companies believed to be eyeing the coal blocks with which India will open up the coal sector for commercial mining to private players. People aware of the matter said the apex court refused the plea made by the Jharkhand government to stay the auction process. Tuesday is the last day for submission of bids while the bid opening is scheduled to take place on Wednesday. The coal ministry said on Monday that 278 tender documents were purchased by prospective bidders for the 38 coal blocks on auction. “In the present tranche of coal block auctions, 278 tender documents have been purchased by the prospective bidders in respect of 38 coal mines. The nominated authority will receive the bids till 2 pm on September 29 and bid opening will be taken up at 10 am on September 30, 2020,” said an official statement. Earlier, the coal ministry had revised the list of mines to 38 blocks from 41 mines announced earlier following opposition from the Chhattisgarh government. It added three blocks – Dolesara, Jarekela and Jharpalam-Tangarghat – and withdrew five blocks in eco sensitive Hasdeo Arand zone . The five blocks are Morga South, Fatehpur, Madanpur (North), Morga-II, and Sayang. The ministry also withdrew Bander mine in Chandrapur district of Maharashtra from auction as the mine lies in the eco sensitive zone of Tadoba Andhari Tiger Reserve.

Steel production recovered as auto plants resumed operations, Cleveland-Cliffs CEO says

29 Sep, 2020, 05:47AM | CNBC

VIDEO3:0103:01Cleveland-Cliffs CEO on the decision and timing of its Arcelormittal dealClosing Bell Steel production has rebounded alongside the recovery in automotive production this quarter, Cleveland-Cliffs CEO Lourenco Goncalves told CNBC Monday.U.S. automakers are sprinting to re-stock showrooms and get back on production schedule after plants were shut down earlier this year as the country took action to slow the spread of a novel coronavirus."We have been through a very profitable quarter and very strong in terms of the recovery of demand particularly in automotive,"Â he said in an appearance on "Closing Bell."The U.S. economy quickly fell into a recession as businesses closed up and unemployment shot up across the country, but autos demand, much like demand in the housing market, has been one of the unexpected stronger parts in the economic recovery.Plants of Detroit's Big Three automaker are now operating at near full-speed to get back on production schedule and deliver new cars to dealerships as the holiday season approaches. SUVs and pickup truck sales have picked up particularly well among consumer purchases.Cleveland-Cliffs is the largest U.S. producer of iron ore pellets, which are used in the production of steel. The Cleveland, Ohio-based company announced Monday it would purchase the U.S. assets ofÂ ArcelorMittal SA, the world's world's largest steelmaker, for about $1.4 billion. The acquisition follows Cleveland-Cliffs' $1.1 billion purcahse of AK Steel in December.The steelmaking industry suffered its worst downturn sinec the 2008 financial crisis as demand and prices for the product plummeted from the factory closures."Cleveland-Cliffs has a massive exposure to automotive and that affected us very seriously during the second quarter," Goncalves said. "When automotive shut down in this country, we were forced to reduce our output" but "Q3 has been a completely different story."North American car production is down 2 million cars from this time last year in part because consumer demand is outpacing the time it takes to get new vehicles from the plants to showrooms, according to Charlie Chesbrough, a senior economist at Cox Auto.When automakers report September U.S. auto sales Thursday, analysts estimate that the annualized sales pace will top the rate in August, which came in at 15.2 million vehicles. That number is up from an annualized sales rate of 8.6 million vehicles in April, when the industry hit a pandemic-induced bottom.Total sales for the month of September are forecast to come in at 1.29 million units, which would be a dip from 1.33 million units sold last month and a slight increase from the 1.28 million units a year ago.Shares of Cleveland-Cliffs rallied 11.6% in Monday's session to close at $6.56.

Over half of small businesses worry social distancing will hurt their chances of survival: Survey

28 Sep, 2020, 07:51PM | CNBC

A cone to promote social distancing sits on the floor of a restaurant and bar in Austin, Texas, U.S., on Saturday, May 23, 2020.Alex Scott | Bloomberg | Getty Images Governors across the U.S.Â are allowing restaurants to reopen, some limited to outdoor dining but others at full capacity. A new survey shows one reason why there's pressure to get Main Street businesses like dining back to normal: over half (55%) of small business owners are worried that continued social distancing measures that limit business capacity will harm their survival chances.That's according to a new survey from Verizon Business, released on Monday, that was conducted by Morning Consult and focused on 600 small- and medium-size businesses that are currently open or plan to reopen. The national study was done Aug. 26 through Sept. 4, 2020 and surveyed businesses in a wide range of industries from construction and retail to restaurants, bars and real estate.A little over half (52%) of small business decision makers reported concerns about their own job security, down from 56% in the previous wave of the survey conducted in April.Even as business owners worry about the ongoing effects of the public health crisis, many are feeling better about their financial health than in April when shutdowns were spreading across the U.S. But conditions do remain challenging. Sixty-seven percent of those taking the survey reported declining sales, which was an improvement from 78% in April.Â If conditions stay the same, 72% believe they can stay open at least six months or longer."It's crucial for us to understand the obstacles our small business customers are facing," said TJ Fox, President of Verizon Business Markets, in a survey release. Work from home on Main Street Small businesses are adapting to the new work environment created by the Covid-19 pandemic, with 36% saying they have implemented new systems or technologies to allow for remote collaboration.Â But among these businesses, 67% reported challenges, and risk of employee burnout. Fifty-six percent of small businesses with remote staff say work-from-home has blurred the lines between work and personal life.But as in the corporate world, the picture is mixed when it comes to work from home. Sixty-two percent of small businesses with remote staff say remote work has allowed employees to balance work and personal responsibilities more effectively, but 59% of small businesses with remote staff say remote work has made it more difficult for employees to feel connected to one another. Less than half (49%) say remote work has boosted employee satisfaction and morale.Â Another key finding related to the politics of coronavirus: 81% of small business owners, regardless of their party affiliation, say the 2020 election will impact the small business sector, while 57% say it will have direct consequences for their business. These findings come as lawmakers in Washington D.C. still negotiate over another round of financial relief for businesses, as well as changes to loan requirements of the existing Paycheck Protection Program. VIDEO2:1002:10Mnuchin: Many businesses need grants, not loansHalftime Report

Automobile dealers expect flat or moderate growth in festive season: ICRA

28 Sep, 2020, 06:34PM | Business Standards

Automobile dealerships are cautiously optimistic, expecting flat or moderate growth in the festive season after suffering twin blows of demand slowdown due to macroeconomic challenges and the impact of the coronavirus pandemic, according to ratings agency ICRA. Across India, theautomobile dealershipscontinue to face tough times. They are among the worst impacted segments within the entire automotive value chain, ICRA said in a statement. After witnessing a sharp 75-90 per cent decline during Q1 FY2021 across the automotive sub-segments, wholesale dispatches are on a recovery trend with certain segments like two-wheelers (2W) and passenger vehicles (PV) registering year-on-year growth in the wholesale volume during September 2020, it added. However, retail demand continues to remain weak, indicating wholesale dispatches are resulting in inventory build-up at dealerships, ICRA said. Citing a survey done by the ratings agency across PV, 2W and the CV (commercial vehicles) segments with presence in rural, semi-urban and the metro areas, ICRA Vice President & Co-Head Ashish Modani said, "Overall, the response indicates that sentiments remain cautiously optimistic with most dealerships expecting flattish to moderate growth trend in the upcoming festive season." Most players (58 per cent) are expecting a flattish (5% Y-o-Y) performance during this period and none of the participants projected over 10 per cent growth during the season, he added. "Amongst all dealerships, the CV dealers continue to witness pressure whereas there is a certain level of optimism amongst the PV dealers," Modani said. ICRA said as per its survey, nearly 53 per cent participants highlighted that conversion has improved, as only serious buyers are stepping out during the COVID-19 period. "However, financing continues to remain a concern for the industry, as lenders are becoming increasingly stringent while sanctioning which will be a drag on the overall volume growth," it added. Regarding automobile retail demand, ICRA said the same has come under pressure over the last several quarters due to the confluence of multiple factors like liquidity crunch and tighter financing environment, and the overall slowdown in economic activity, which negatively impacted consumer sentiments. "Moreover, vehicle prices and cost of ownership also increased in the recent period due to regulatory changes (safety, emission, insurance) and fuel prices. Real income growth has been modest in the recent period, which directly impacts large discretionary purchases like cars, real-estate amongst others," it said. ICRA's survey also highlights that industry participants are not expecting any significant recovery in retail demand in the upcoming festive season. Almost 74 per cent believed that wholesale funding (inventory funding) from banks/NBFCs has tightened whereas 58 per cent of the participants have witnessed an increase in the turnaround time for retail funding, ICRA said. "Moreover, 26 per cent felt that the rejection rate had increased for retail financing, which is a concern area. Further, almost 63 per cent of the participants have highlighted that the OEMs have not provided any material financial support and gross margin has largely remained at a similar level," the ratings agency added. It further said auto dealerships are witnessing increased inventory levels. This trend is reflected from much higher wholesale dispatches than retail volume. The survey highlighted an increase in inventory levels with 47 per cent of the dealerships having four to seven weeks of inventory level compared to three to four weeks of normal inventory, indicating inventory stocking ahead of the festive season, ICRA said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Ratnamani Metals bags order worth Rs 216 crore for supply of carbon steel pipes

28 Sep, 2020, 12:06PM | Economic Times

NEW DELHI: Tubes and pipes manufacturer Ratnamani Metals and Tubes on Monday said it has received an order worth Rs 216 crore for supply of carbon steel pipes in the domestic market. The company has received a domestic order of Rs 216 crore for the supply of coated CS (carbon steel) pipes for oil and gas sector to be executed between January, 2021, and January, 2022, Ratnamani Metals & Tubes Ltd said in regulatory filing. The firm's manufacturing facilities are located at Chhatral and Indrad (near Ahmedabad) and Bhimasar (near Gandhidham, Kutch), in Gujarat, India. Shares of the company were trading 2.96 per cent higher at Rs 1,234 apiece on BSE .

Leaders to UN: If virus doesn't kill us, climate change will

27 Sep, 2020, 06:25PM | Times Of India

JOHANNESBURG: In a year of cataclysm, some world leaders at this week's annual United Nations meeting are taking the long view, warning: If Covid-19 doesn't kill us, climate change will. With Siberia seeing its warmest temperature on record this year and enormous chunks of ice caps in Greenland and Canada sliding into the sea, countries are acutely aware there's no vaccine for global warming. “We are already seeing a version of environmental Armageddon,” Fiji's Prime Minister Frank Bainimarama said, citing wildfires in the western US and noting that the Greenland ice chunk was larger than a number of island nations. This was meant to be the year “we took back our planet,” he said. Instead, the coronavirus has diverted resources and attention from what could have been the marquee issue at this UN gathering. Meanwhile, the UN global climate summit has been postponed to late 2021. That hasn't stopped countries, from slowly sinking island nations to parched African ones, from speaking out. “In another 75 years, many... members may no longer hold seats at the United Nations if the world continues on its present course,” the Alliance of Small Island States and the Least Developed Countries Group said. The main goal of the 2015 Paris climate accord is to limit the rise in global temperatures to 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial times, but scientists say the world is on track to soar past that. A new study found that if the world warms another 0.9 degrees Celsius (1.6 degrees Fahrenheit), the West Antarctic ice sheet will reach a point of irreversible melting. It has enough water to raise global sea levels by 5 meters (16 feet). The Pacific island nation of Palau hasn't had a single Covid-19 infection, but President Tommy E. Remengesau Jr. warns it's the rising seas that will bring the country down. “The momentary drop in (carbon) emissions this year cannot be allowed to generate any complacency about global progress,” he said, referring to the sparkling skies that followed lockdowns to slow the spread of the virus around the world. Pollution has crept back up as restrictions ease. World powers cannot shirk their financial commitments to fighting climate change during the pandemic, Remengesau said, even as economies are battered. But few pledges have emerged at the UN gathering, aside from China's announcement that it aims to have carbon dioxide emissions peak before 2030 and achieve carbon neutrality by 2060. The pandemic has muted the UN meeting, with world leaders speaking not from the podium in New York but via video from home. That has sapped the urgency of diplomacy and left nations wondering just how many people are listening. Amid concerns that the world is distracted, it was perhaps no surprise that the student-led movement Fridays for Future returned to the streets this week for the first major demonstrations for climate action in months. Still, island nations have seized on the unusual circumstances to show off what's at stake. The prime minister of Tuvalu, Kausea Natano, delivered his UN speech with a vista of turquoise waters and swaying fronds behind him that instantly fired the imaginations of house-bound viewers. But the prime minister quickly shattered any dreams. While Tuvalu is free of the coronavirus, the pandemic struck as the island nation was recovering from a pair of tropical cyclones — storms that scientists say are likely to become wetter as the planet warms. Tuvalu's highest point is just a few meters (yards) above sea level. The pandemic's effect on the movement of goods exposed food insecurity as local agriculture becomes more difficult with rising sea levels, Natano said. “While Covid-19 is our immediate crisis, climate change remains the single greatest threat to the livelihoods, security and well-being of the Pacific and its peoples in the long run,” the prime minister said. From the Marshall Islands, also free of Covid-19, President David Kabua used the virus's example to plead for more help now. “Change relies on protecting the most vulnerable, because those on the frontline – whether healthcare workers battling the pandemic or small island nations sounding the alarm on climate change – are critical to the survival of us all,” he said. “Small island and atoll nations like mine do not have time for paper promises,” Kabua added. Urgent pleas also came from Africa, which contributes least to global warming but stands to suffer from it the most. “In favoring solutions based on the respect for nature, we're also preserving the health of our peoples,” said President Issoufou Mahamadou of Niger, part of the Sahel region south of the Sahara desert where temperature increases are expected to be 1.5 times higher than the world average. “Our global home that was teeming with millions of species of God-given creatures, both great and small, is slowly dying,” said Kenyan President Uhuru Kenyatta, who last year noted that his country was the only one in Africa to reach the goal of making renewable energy 75% of its energy mix. He added: “Our world is yearning for us to stop its ruin.”

India's crude steel output falls over 4% to 8.48 MT in August: worldsteel

27 Sep, 2020, 02:34PM | Livemint

India's crude steel production fell over 4% to 8.478 million tonnes (MT) in August 2020, according to the World Steel Association (worldsteel). The country had produced 8.869 MT of crude steel during the same month last year, the global industry body said in its latest report. However, global steel output has started showing a positive trend, the data showed. "World crude steel production for 64 countries reporting to the worldsteel was 156.244 MT in August 2020, registering a rise of 0.6% compared to August 2019," the worldsteel said. "Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month's figures are estimates that may be revised with next month's production update," it added. Global steel production was at 155.374 MT in August 2019. China registered a 8.4% year-on-year growth in steel output at 94.845 MT during August 2020 as compared to 87.499 MT in August 2019. The US produced 5.588 MT of crude steel in August 2020, registering a fall of 24.4% as compared to 7.396 MT output in August 2019. Japan produced 6.446 MT of crude steel in August 2020, down 20.6% from 8.120 MT a year ago. South Korea's steel production for the month stood at 5.800 MT, down 1.8% as compared to 5.905 MT in August 2019, the data showed. Germany produced 2.830 MT of crude steel in August 2020, down 13.4% from August 2019, while Italy produced 0.939 MT of crude steel in the month, up 9.7% from a year ago. France produced 0.722 MT of crude steel in August 2020, down 31.2% over August 2019. Spain's steel production for August 2020 stood at 0.696 MT, down 32.5% year-on-year. "Brazil produced 2.7 MT of crude steel in August 2020, up by 6.5% from August 2019. Turkey's crude steel production for August 2020 was at 3.2 MT, up 22.9% from August 2019," worldsteel said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

India's crude steel output falls over four percent to 8.48 million tonnes in August: World Steel

27 Sep, 2020, 11:31AM | Economic Times

NEW DELHI: India 's crude steel production fell over 4 per cent to 8.478 million tonnes (MT) in August 2020, according to the World Steel Association (worldsteel). The country had produced 8.869 MT of crude steel during the same month last year, the global industry body said in its latest report. However, global steel output has started showing a positive trend, the data showed. "World crude steel production for 64 countries reporting to the worldsteel was 156.244 MT in August 2020, registering a rise of 0.6 per cent compared to August 2019," the worldsteel said. "Due to the ongoing difficulties presented by the COVID-19 pandemic , many of this month's figures are estimates that may be revised with next month's production update," it added. Global steel production was at 155.374 MT in August 2019. China registered a 8.4 per cent year-on-year growth in steel output at 94.845 MT during August 2020 as compared to 87.499 MT in August 2019. The US produced 5.588 MT of crude steel in August 2020, registering a fall of 24.4 per cent as compared to 7.396 MT output in August 2019. Japan produced 6.446 MT of crude steel in August 2020, down 20.6 per cent from 8.120 MT a year ago. South Korea's steel production for the month stood at 5.800 MT, down 1.8 per cent as compared to 5.905 MT in August 2019, the data showed. Germany produced 2.830 MT of crude steel in August 2020, down 13.4 per cent from August 2019, while Italy produced 0.939 MT of crude steel in the month, up 9.7 per cent from a year ago. France produced 0.722 MT of crude steel in August 2020, down 31.2 per cent over August 2019. Spain's steel production for August 2020 stood at 0.696 MT, down 32.5 per cent year-on-year. "Brazil produced 2.7 MT of crude steel in August 2020, up by 6.5 per cent from August 2019. Turkey's crude steel production for August 2020 was at 3.2 MT, up 22.9 per cent from August 2019," worldsteel said.

Closer scrutiny of imports under FTAs: Importers now need to comply with stringent norms

26 Sep, 2020, 10:02AM | Economic Times

By Saloni Roy and Ankur Goel In today’s globalised economy, countries have put in place measures to encourage bilateral and multilateral trade through trade agreements. India too has entered into free trade agreements (FTA) with various countries - bilateral trade agreements with Japan, Singapore, etc. and multilateral trade agreements with ASEAN countries, SAARC countries, etc. India is also negotiating trade agreements with Australia, Israel, European Union and the Gulf Cooperation Council , etc. A key benefit under FTAs is preferential tariff, i.e. applicability of lower customs duty on import of goods from partner countries. India has notified separate rules for determining whether goods being imported from a country are eligible for preferential tariff benefit under FTA arrangement. These rules also prescribe the procedure for determining the “origin” of goods from these countries and the documents to be submitted by importers . Recent procedural changes for claiming duty benefits under FTAs Importers were required to submit only a Certificate of Origin (CoO) at the time of import for claiming benefit of preferential tariff along with invoice and bill of entry. For verification of CoO, customs authorities were required to approach the relevant governmental authority of the exporting country. In the Union Budget 2020, the Finance Minister had highlighted that imports under FTAs are on the rise. Also, an observation was made that benefits under FTAs were being misused which caused an adverse effect to the domestic industry. A change was, therefore, made in the customs law where provisions relating to stringent checks on imports under FTAs were introduced. While the provisions of Customs law brought out the enabling provisions for undertaking the checks, the procedure has been provided in the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTA Rules) to claim preferential tariff benefits under FTAs. The CAROTA Rules are effective from 21 September 2020 and importers would have to comply with these provisions in order to claim preferential tariff benefit. Additional compliances to be undertaken by importers As per the CAROTA Rules, apart from CoO, importers are required to submit additional information in relation to the goods, at the time of import itself. Importers would now be required to give a declaration that the goods qualify as originating goods for a preferential rate of duty under the relevant FTA. Also, details relating to the CoO, such as reference number, date of issuance, etc., would also need to be furnished in such a declaration while filing the bill of entry. Importers are required to possess relevant information related to country of origin criteria, including the manufacturing process, regional value content, product specific criteria etc. Such information is required to be preserved for a period of 5 years from the import. The authorities are now empowered to conduct a detailed investigation into the claim of preferential tariff. If the authorities have “reason to believe” that the country of origin criteria has not been met by importers, investigation can be undertaken. Thus, powers of the customs authorities have also been widened through the introduction of the new provisions governing administration of Rules of Origin. The authorities can also deny the benefit if there are issues such as the CoO being incomplete, alteration in CoO not being authenticated by the competent authority, etc. without verification. Authorities can also approach a designated authority for further verification with the exporting country to examine the authenticity of the preferential tariff claims of importers. The onus is now on importers to have the necessary information regarding the origin of goods, even before importing goods into India. Importers need to exercise “reasonable care” as to the accuracy and truthfulness of the information furnished. Mere submission of CoO would not mean that importers are exercising reasonable care for claiming preferential tariff benefit. Therefore, more responsibility has been placed on importers under the new provisions. Way forward for importers Importers utilise benefits under FTAs to sustain themselves in a competitive world. Though such imports may undergo stringent checks in the new environment, a few changes to the business processes can be made, to prepare in case of scrutiny. Importers should start a dialogue with the overseas supplier seeking information about the goods (such as the production process followed by the supplier) even before import into India and also build comfort regarding the authenticity of the claim of preferential tariff benefit. Maintaining a proper audit trail of documents containing information about the manufacturing process, regional value content, product specific criteria etc. would help in responding to the queries of the authorities. Suitable clauses to the procurement agreement can be added by the importers for safeguarding against any liability which may arise due to incorrect information provided by the overseas supplier. Importers need to adhere to the new stricter norms for claiming preferential tariff benefit. Importers should build a robust mechanism to gather information about the goods being imported, well in advance, for effective supply chain management. (Saloni Roy is Senior Director and Ankur Goel is Senior Manager, Deloitte Haskins and Sells LLP)

Auto parts imports from China down 42% during April-July: Ministry data

25 Sep, 2020, 06:03PM | Business Standards

Auto components and parts imports from China dropped by around 42 per cent during April-July 2020 to $246.33 million from $424.32 million, a year ago. Internal combustion (IC) engines and imports reduced to $58.78 million from $89.57 million, according to the Ministry of Commerce and Industry data. Industry representatives have attributed the drop to the pandemic-driven slowdown in automobile sales. However, with the government's push for more localisation and initiatives undertaken by the industry, additional business of Rs 25,000–30,000 crore within the next 3-4 years is possible and if volumes are sustained. Last year, India imported components worth $17 billion, of which China accounted for 26 per cent or $4.5 billion. The rest came from South Korea, Germany and Japan, among others, Auto Component Manufacturers' Association of India (ACMA) data shows. ALSO READ: Auto component firms eye higher exports, low imports to become self-reliant ACMA Director General Vinnie Mehta attributed the drop in component imports in April-July mainly to a decline in vehicle production due to the lockdown. "However," he said, "while localisation of components will take some time, with the Government's effort and industry's initiatives, we will start showing positive results in next 12-18 months." Mehta said the supply chain had started getting disrupted in February, eventually with shutdown production coming to a standstill in April and most of May. It is only now that the production is gradually returning to pre-Covid levels. "While the industry, OEMs and the components manufacturers are closely working and are committed to deep localisation, it would take around 2-3 years to develop a product, test it and validate it. Besides, it is important that regulations allow sufficient time for technologies to be localised," he said. "Government is taking all the right measures. For example, the recent order on quality control for wheel rims will help check rampant imports of the item by aftermarket traders. In the same vein, we need to mandate standards for other components sold in the aftermarket. These are low-hanging fruits for localisation. Invoking standards will also benefit the customers as they will get access to quality products ensuring vehicle safety", he said. A recent report by EY stated that power train, automatic transmission and electronic components have contributed to over 60 per cent of the total imports by value. ALSO READ: Auto dealers looking at rationalisation of infrastructure, manpower: FADA Some raw materials like platinum, palladium and rhodium, used for exhaust after-treatment devices are 100 per cent imported, as they aren't available in India. Even local raw material suppliers of steel, copper, plastics, and engineering plastics have a high import content. This is primarily due to constraints such as unavailability, inadequate quality, and dependence on other industries. With technological advancements and disruptions in the mobility ecosystem due to introduction of BS VI norms, regulatory measures on vehicle safety and the push towards e-mobility, the reliance on imports of these components has increased in the recent past. Full realisation of this will be visible in the year 2020. Therefore, the import content is expected to show an increase in the short term since the industry did not get adequate time for localization e.g. BS VI in 2020 was introduced just three-years after BS IV Emission Norms in 2017. Subsequently, with concerted on-going efforts, import is expected to come down.

View: The IPO rush in the US illustrates the capital opportunity the government of India is wasting

25 Sep, 2020, 05:48PM | Economic Times

Vivek Ranadive’s Bow Capital recently floated a Special Purpose Acquisition Company ( SPAC ) and raised $480 million in an initial public offering (IPO). Snowflake, a cloud management company walked off with the biggest tech IPO in history, reaching a valuation of $70 billion. Many other IPOs are on track. There is an IPO fever raging in the US, apart from Covid19. China also has an IPO boom, with a mineral water seller upstaging Jack Ma as the richest man in China after an IPO. It shows that there is a mass of capital out there hungry for profitable deployment and raring to finance infrastructure and revive growth in India, if only the government shows the sense to offer it assurance as to returns and predictable tax treatment. Vivek Ranadive’s name is of interest, in particular, to those of a leftist persuasion who still bear the burden of Stalin’s atrocities on their conscience and in the kind of political party they see as the vehicle of social redemption. He is the nephew of BT Ranadive, one of the founding leaders of the Communist Party of India (Marxist). The nephew settled down in the US, founded a software company that integrated, for the first time, all the relevant economic and financial information with the stream of stock and currency market data that streamed on to a trading terminal’s screen. He took the company public at the height of the tech boom in the late 1990s, became a multi-millionaire, sold the company to a private equity company for over $4 billion and bought a basket ball team, while continuing to invest in technology companies. This year, he formed his SPAC. SPACs are a hassle-free way for a company to go public. SPACs are formed and listed, on the strength of their founders’ reputation. The investors trust their ability to find and acquire a company that would make their investment in the SPAC worthwhile. This is why a SPAC is also called a blank cheque company. According to one report, 60 of the 95 IPOs in the US this year took the SPAC route. A company that wants to get listed reverse-merges with a listed SPAC, and avoids having to file a prospectus, engage and engage with merchant banks, hold roadshows, and so on. "Communists in India continue to believe, or at least, pretend to believe, that capitalism has become moribund and is about to collapse. They steadfastly refuse to entertain a project of promoting broadbased capitalist growth in India, as if there were some other path of growth possible. Thus, they marginalise themselves to the periphery of the polity, as flat-earthers whose other-worldly economic policies would spell stagnation, if not ruin." A nephew of one of their tallest leaders lives out the vibrant potential of capitalism to create new wealth, income and prosperity. But this is not just a sorry tale of Communist apathy to the potentialities of capitalist development in contemporary India. It is also a tale of government failure to tap into the pool of global capital desperately seeking returns as extra-easy monetary policy forces down the return from bonds across the developed world. Consider a pension fund that promises its investors a particular amount of pension or a particular rate of return, and invests accordingly in a mix of products that diversify risk and optimise returns. Suppose the fund had assumed that a government bond would yield 4%. However, incessant creation of money by the world’s largest central banks, in the wake of the global financial crisis and, now, the pandemic, to buy tonnes of government bonds and, increasingly, corporate debt has, combined with negative policy rates in Europe and Japan, pushed yields close to zero. The fund has two options, if it does not want to default on its promise to its investors: increase the size of the corpus or switch investments to products that offer higher rates of return and reasonable safety. This is what makes some proactive resource mobilisation by the government of India possible. It could set up a special purpose vehicle, offer a guaranteed 4% return in dollar terms, shorn of the risk of rupee depreciation. Just a fraction of the money feeding the IPO frenzy in the US needs to be distracted to India. Money would pour in. With this money, the government could finance the assorted projects identified in the National Infrastructure Pipeline. Additionally, it could fund investment in digitising government services, building additional healthcare infrastructure. The greater the investment, the greater the demand for cement, steel, aluminium, earthmoving machinery, trucks, forklifts, software, knowhow and advice. The greater such demand, the greater the employment and the greater the output of the private sector that has been languishing hitherto. This is the route to revive growth sustainably. The billions of dollars coming into the special purpose vehicle would not add to the fiscal deficit. Only the implicit cost of the guarantee would figure as a contingent liability on the government’s books. The infrastructure built with the funds would boost growth and productivity across the board, and this, in turn, would offer a natural hedge against currency depreciation, making servicing of the capital perfectly manageable. By failing to take advantage of the surfeit of global capital scouring the world for profitable deployment, the government fails the people of India, in desperate need of growth, incomes and jobs.

Appointments Committee of the Cabinet approves restructuring of SAIL's board

25 Sep, 2020, 02:17PM | Economic Times

NEW DELHI: The Appointments Committee of the Cabinet (ACC) has approved the restructuring of SAIL 's board, the steel ministry said in a statement on Friday. The restructuring of the board will bring in greater efficiency, and decentralisation in the company, it said. "The Appointments Committee of the Cabinet has approved the restructuring of the board of SAIL. The 4 posts of CEOs of SAIL's integrated steel plants are to be elevated as functional directors by designating them as directors-in-charge of Bokaro, Rourkela, Bhilai and one director-in-charge jointly for Burnpur and Durgapur steel plants," the statement said. The restructuring also involves merging the functions and duties of the post of Director (Raw Materials and Logistics) and that of Director (Projects, and Business Planning) with the post of Director (Technical) and its consequent re-designation as Director (Technical, Projects and Raw Materials). The restructured board will consist of Chairman, Director (Finance), Director (Commercial), Director (Technical, Project and Raw Materials), Director (Personnel), Directors in-charge of integrated steel plants (ISPs). Besides, the board will have non-official directors as per the Companies Act 2013 and 2 government nominee directors as per the DPE ( Department of Public Enterprise ) policy. The move will facilitate greater decentralization and nimble decision making with the directors-in-charge of plants as direct ACC appointees, it said. Their views will have weightage in the central corporate governance structure. This will also facilitate speedy modernization and expansion program of the country's largest steel making company, the ministry said.

Indian-American-led team wins $100,000 NIH prize for phone-based saliva test

25 Sep, 2020, 09:36AM | Livemint

A research team led by an Indian-American has won USD 100,000 prize for developing a quick, non-invasive, mobile phone-based system to detect infectious diseases, inflammation and nutritional deficiencies in saliva. The Cornell researchers' team led by Saurabh Mehta was awarded the National Institutes of Health (NIH) Technology Accelerator Challenge prize that encourages the development of new, non-invasive diagnostic technologies important for global health. According to Mehta, technologies using salivary biomarkers could revolutionise how conditions such as malaria and iron deficiency are identified and addressed, especially in settings where access to primary health care and traditional, laboratory-based tests is limited. "This concept provides noninvasive, rapid and accurate results anywhere in the world. A breakthrough in such mobile diagnostics could provide untold health benefits for vulnerable populations globally," Mehta said. For the group's saliva-based test, a small 3D-printed adapter is clipped to a mobile phone and synced with a mobile app. The app uses the phone's camera to image test strips to detect malaria, iron deficiency and inflammation, with results in under 15 minutes. The proposal builds on the FeverPhone and NutriPhone platforms developed by the team at Cornell’s Institute for Nutritional Sciences, Global Health and Technology (INSiGHT). The technologies, funded by the NIH and the National Science Foundation, evaluate infections and nutritional status using blood. "These types of potentially world-changing innovations are only possible when you foster strong multidisciplinary research and a culture of innovation, such as we do here at Cornell," said David Erickson, another team member. The team was led by Mehta, associate professor of global health, epidemiology and nutrition in the Division of Nutritional Sciences, in the College of Human Ecology (CHE), and the Department of Global Development in the College of Agriculture and Life Sciences (CALS). This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics Saurabh MehtaCornell

Best of BS Opinion: Mainstreaming of ESG, growing cyber-risks & more

25 Sep, 2020, 06:20AM | Business Standards

India had one of the world’s most draconian lockdowns yet it is clear that it did nothing to stem the velocity and intensity with which the infection has spread. With the economy shrinking at an unprecedented rate as a result, it is clear that the government needs to tackle the Covid-19 crisis before things can get back on track. The principal problem, Naushad Forbes points out, is the lack of communication over basic safety measures that are required to ensure that economic activity swings back to normal with minimal risk. He offers a five suggestions to improve our handling of the crisis here. document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Other opinion critiques Parliament’s uniquely productive session, the future of “Environment, Social & Governance’ metrics in corporate governance and data privacy. Kanika Datta sums up the views. This monsoon session of Parliament has been extraordinarily productive in numerical terms but it is doubtful whether the numbers tell the true story. The top edit explains why this “efficiency” is a sad reflection of democracy. Read it here The resignation of Rio Tinto’s CEO for the mining conglomerate’s destruction of ancient Aboriginal caves turned the spotlight on Environment, Social & Governance’(ESG) in the business world. Taking cue from a changing global investor landscape, regulators in India too are pushing the ESG envelope, says Shailesh Dobhal. Read it here Recent revelations about cyber-spying and surveillance have highlighted the multiple lacunae in India’s regulatory regime for protecting data privacy, says the second edit, making a case for strong privacy legislation. Read it here QUOTE OF THE DAY ‘Just find out what the bloody facts are’ Harold Evans (1928-2020) in an interview to The Guardian, 2010

Vaccine Phasebook: The Essence of Trials

24 Sep, 2020, 10:33PM | Livemint

It’s one of those pandemic sidelights. We’ve learned plenty of resonant phrases and concepts that we might not otherwise have done. Like: exponential growth, herd immunity (or even, as a certain President recently had it, herd mentality), peaking … and Phase 1, or even 2 and 3. Those last three refer to clinical trials of vaccines to fight the virus. That is, a potential vaccine has to go through three different kinds of trials, each more elaborate and wide-ranging than the previous. Only after it has passed those trials can the vaccine be put on the market for widespread use. With this particular virus, there are efforts around the globe to find a vaccine, and some are now starting Phase 3 trials. This may mean a vaccine will be available soon. Or not. There’s doubt because it must actually pass the Phase 3 trials, and we don’t know if it will. But what we have no doubt about is that we don’t yet have a vaccine. Oh, there are those who may tell you different. They may try to sell you a “cure" for the virus that will give you “100% recovery" from it. Until it has gone through those trials, treat such “cures" as the snake-oil they are. But leave aside snake-oil. What do those trials entail, anyway? Let’s say you lead a lab that has been working feverishly for weeks with the corona virus, peering at it under the microscope. You’ve made progress. You’ve identified its vulnerabilities and have put together a cocktail of chemicals to mount an attack on them. At least on your Petri dishes and under your microscopes, the cocktail seems able to neutralize or even destroy the virus. It’s time, you believe, to try it on humans. Thus Phase 1. This is a trial in which you ask for a few healthy volunteers — typically a few dozen — and administer the cocktail to them, the first people to get it. Why healthy? Think about it: the first priority with a new medicine must be to ensure it doesn’t cause some entirely different complications in otherwise healthy people. This is particularly important when a virus has caused so many infections that there is already an undue strain on healthcare systems. Nevertheless, the kinds of questions you want answered in Phase 1 are: does the vaccine have any side-effects? If so, does the size of the dose make a difference to the side-effects? Is it safe? And of course, does it appear to be working? Also, with any new medicine, you want to find its most appropriate dosage, with the fewest side-effects. So the first few volunteers are given in a very low dose and observed closely. If side-effects are only minor, the next set of volunteers get a higher dose. This cycle repeats until we find a dose strength that seems to work, while only causing an acceptable level of side-effects. This is called the “maximum tolerated dose" of the potential vaccine. When Phase 1 tests suggest that the new medicine is safe, it’s time for Phase 2. This time, you call for a larger number of volunteers, perhaps a few hundred. While they are not all infected with the virus, many are. They are treated with doses of the medicine up to the maximum tolerated dose, as identified in Phase 1. Again, there are questions that need answers. How effective is the medicine in preventing the virus from infecting healthy people, and in treating people who are already infected—that is, does the medicine work as preventive vaccine and curative drug? Is there an “optimum dosage" — short of the maximum tolerated dose — that we can identify? Does the medicine affect the volunteers’ immune systems and, if so, how? How do factors like age and gender affect its effectiveness? Typically in Phase 2, there will also be a group of patients simultaneously being given a placebo — meaning something that looks identical to the treatment under trial, but that has no medicinal value and does nothing by way of treatment. The point here is to establish a standard, a reference, against which the performance of the new drug can be measured. Absent such a “control" reference, how can you conclude that the medicine is working? And if you do come to that conclusion, you will probably embark on Phase 3 trials. By this time, you have a good idea of the final chemical composition of your cocktail, and of the appropriate dosage to give both healthy and infected people. So now, the medicine is administered to several thousand people — one Phase 3 trial of a potential corona vaccine in the US, for example, is enrolling up to 30,000 adult volunteers. Typically, Phase 3 volunteers will come from different countries and living conditions. It is also usually administered in conditions and environments similar to the way it will be used when fully approved. Again, some volunteers will be treated with a placebo, so they are a control group. If your cocktail passes the Phase 3 trials, you can apply for a licence to manufacture and distribute it as an approved vaccine. Now, this is a broad and not necessarily definitive outline of these trials. But perhaps you’re wondering: what does it mean to conduct these trials, and for a particular new vaccine to “pass"? Well, apart from administering doses and monitoring patients, there’s a reason these tests interest me. Just a taste of that here; I’ll leave a more detailed exploration for a future column. For one thing, how do you decide that the medicine has side-effects? Suppose your Phase 1 trial involves 100 volunteers. Of those, two start limping after taking the medicine. Is that worth noting? What if 60 start limping? That is, at what point do you decide that limping is a likely side-effect of this new medicine? Also, since you are choosing healthy volunteers for Phase 1, you’re not gathering a random set of people. That automatically means these tests might suffer from a well-known problem when analysing numbers. Who chooses the volunteers, and how? To make this clear, imagine that you deliberately, for reasons of your own, choose volunteers who have already been infected and have recovered. Volunteers who are, thus, now immune. What effect will this “selection bias" have on your trial? Consider the administration of placebos and the “control" group of volunteers. Suppose the trial is being run by a doctor who is already persuaded that the medicine works. Knowingly or not, he might try to help volunteers who appear more ill than others by putting them in the group that’s getting the actual treatment, not the placebo. Clearly, this will skew the test results. This is why we must ensure that neither the volunteers nor the researchers know who will receive what treatment. This produces a “double blind" control. Finally, how does a medicine “pass" these tests? If 50% of our Phase 3 volunteers recover from the infection, is that a pass? Is that enough to allow it to be promoted as a cure? Will 50% of those who use it actually recover? Answers to questions like these take into account concepts like “sample size" and a “confidence interval" for our results. Those quoted phrases in the last few paragraphs are mathematical — really, statistical — terms. They signal that phase trials are essentially mathematical exercises. That’s why we gain confidence in the drugs we use. That’s why these trials so fascinate me. Once a computer scientist, Dilip D’Souza now lives in Mumbai and writes for his dinners. His Twitter handle is @DeathEndsFun Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics Covid-19Vaccine

B-schools should flourish under India’s revised education policy

24 Sep, 2020, 08:54PM | Livemint

Much water has flown under the long-awaited National Education Policy (NEP) bridge in a short while since July this year, when the policy was announced by the Union government. Debate on its salient features has been aplenty. But one area that hasn’t received enough attention is that of the pathway for the policy’s execution. The policy’s key plans with respect to higher education involve the setting up of a National Research Foundation, National Education Technology Forum, and Special Education Zones, and inviting top foreign universities to set up campuses in India. While all these merit deep-dive analysis, what draws immediate attention is the last one, on the internationalization of higher education. Implementing this will not be easy. I share some insights on the promise and challenges of this step, and how it can be implemented. This article will confine itself to management education within the broader framework of higher education. The government intends to invite the top 100 foreign universities to set up campuses in India. This will promote competition and consolidation in higher education, as we saw with Indian industry after the economic liberalization of 1991. It is estimated that India can save around $18 billion that goes out of the country, even as India receives foreign exchange by attracting students from other nations to these foreign universities. Consider the shifting landscape. In a post-covid world, paradoxically, the traditional understanding of internationalization has taken a 180-degree turn. While it used to be a flat world with free borders, students now find barriers coming up in many nations, from the US to the UK. The other important way that the pandemic has shrunk the world is through greater digitalization. Digital learning with sophisticated technologies like artificial intelligence and virtual reality will crunch distances, tuition costs and the need for physical campuses. Faculty and students will have to relearn ways of engaging with each other, conducting research and working with industry and government to develop solutions for problems. If and when the 100 foreign universities identified in the NEP set up campuses, there will be consolidation in higher education. Many tier-2 and tier-3 colleges may find the going tough. The cost of education could go up, but the country needs inclusive higher education. Balancing the two will be critical but challenging. Innovative solutions will be needed so that bright students from less-privileged sections of society are also able to benefit from world-class education, and they are retained in the country. We need a fresh perspective. There are a few pre-conditions that are necessary for the success of this form of globalization. International-quality faculty is the first step. While setting up foreign universities will bring some of the best faculty to India, that by itself may not be enough. Pay scales and incentives will have to match global standards. In this regard, the model of the Indian School of Business (ISB) may be worth emulating. When it started in 2001, it attracted the best of non-resident Indian faculty. What made this possible was its partnerships with Wharton, Kellogg and the London Business School. In the marketing domain, for example, at least 10 professors from the global top 25 teach at ISB. We need to create an environment to involve them in nurturing India’s educators of tomorrow. ISB has also had some high-profile global chief executive officers (CEOs) on its board. It is worth noting that global firms have had the benefit of Indian C-suite leadership in Satya Nadella, Sundar Pichai, Arvind Krishna, Indra Nooyi and others. Also, there would be around 50 global Indian CEOs in the Fortune 500 list. All of them have achieved their potential overseas, but the moot question is whether that would have happened in an Indian environment as well. China has been able to attract high-quality Chinese talent back through innovative schemes such as term professorships in leading universities and opportunities to serve on public- and private-sector boards. India needs to do much more to attract Indian-origin business and academic leaders back. The other changes that would help in the globalization of management education are better governance of academic institutions, greater autonomy and world-class infrastructure. However, there could also be calls from existing management institutions for a level-playing field. Therefore, we have to tread carefully. We also need new models for execution. The internationalization of higher education has been done in limited ways in India so far. We need to set up world-classes institutions like Ashoka University, O.P. Jindal University and ISB. Second, Indian institutes of higher education like SP Jain Global now have physical presence overseas. Third, we need alliances between Indian and overseas institutions for curriculum development, student exchange programmes and dual certification. We need to take bold, not baby steps. In the future, this can take new directions. For example, dual degrees could be awarded by both Indian and foreign universities. We could even have partnerships with more universities than just two. We must also be creative. Indian institutions can also partner with private-sector initiatives. There could be programmes between, say, our technology and management institutes and the Infosys Leadership Institute or IBM Institute for Business. These are common in Germany, where companies such as SAP and Diamler “share" professors and labs with universities. ISB is taking such steps, working with Microsoft India in areas ranging from entrepreneurship to business innovation. Joint appointments, by which a faculty member teaches the same course in two institutions, can also be pursued. We could have cooperation between the Indian Institutes of Technology and management schools, for example. Industry-academia partnerships would also bring the best of industry practices to teaching. Further, apart from traditional MBA courses, executive education would also benefit greatly from the opening up of management education. The NEP is a significant step forward. But its implementation holds the key to the transformation to Indian education. Rajendra Srivastava is the dean of the Indian School of Business. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Cut import dependence for special grade steel by boosting local capacity: Government to industry

24 Sep, 2020, 04:03PM | Economic Times

New Delhi: The government on Thursday stressed the need to cut import dependence for special grade steel, exhorting the domestic players to go for research and development activities and take required measures to make India self-reliant in value-added steel production. Union Minister of State for Steel Faggan Singh Kulaste, while speaking at a Ficcci event, said though the country is the second largest producer of crude steel in the world, it is purely dependent on imports for special grade steel. Value added steel or special grade steel is used in segments like power, ship, rail, metro, defence, auto etc. Kulaste asked steel makers to identify those grades of steel which are not manufactured in the country and are widely used and develop them in India. He said the industry players can conduct research and development (R&D) activities, go for transfer of technology or form Joint Venture to set up special grade steel plants in the country. This will help India become 'Aatmanirbhar' in value-added steel and save huge forex outgo besides generating employment opportunities, the minister said at the conference on 'FICCI-Manufacturing Value Added Steel - Contribution Towards Vocal for Local & Aatmanirbhar Bharat '. "India is the second largest producer of steel in the entire world, yet it is fully dependent on imports for special grade steel. Let's have a look at the import dependence of 2019-20. In the year import of 6.778 million tonne took place and India exported 8.356 MT... In monetary terms, import of Rs 44,683 crore happened while export was (lower) at Rs 36,726 crore," he said. The figures, he said, clearly show that even as the export exceeds import, the value of imported special grade remains higher. The country needs to increase the volume keeping the prices in mind. The government has also prepared a draft framework policy for development of steel clusters in the country that will help to increase production of value-added steel and generate employment. The draft framework policy aims at facilitating setting up of greenfield steel clusters along with development and expansion of existing steel clusters.

In Siberia forests, climate change stokes 'zombie fires'

24 Sep, 2020, 02:56PM | Times Of India

SHIPUNOVO,RUSSIA: Equipped with a shovel, Grigory Kuksin lifts and turns smouldering earth in the marshy clearing of a sprawling Siberian forest. Together with a small cohort of volunteer firefighters, he is battling a winter-resistant, underground blaze, a growing problem in Russia that he calls a "climate bomb". "These are underground fires -- zombie fires," said Kuksin, the 40-year-old head of Greenpeace's wildfire unit in Russia. The vast bog topped with nettle and hemp surrounded by a thick pine forest is part of the Suzunsky nature reserve , located a two-and-a-half-hour ride south of Russia's third-largest city Novosibirsk . Its soft surface is peat -- a fuel formed by the slow decomposition of organic matter in humid environments -- which has been smouldering for around five years, Kuksin estimated. Lying dormant one metre (three feet) beneath the earth's surface, the fire has survived biting Siberian winters because of low groundwater levels -- a result of regular droughts. "But peat never catches fire on its own. Man is always responsible," Kuksin said, suggesting that a poorly stubbed out cigarette is enough to start a fire that will take years to extinguish. After winter -- when summer temperatures soar -- the fires can return from the dead, igniting dry grass on the surface and spreading over large areas. "That's what happened last summer," said 60-year-old Sergei Akopov, one of the volunteer firefighters tackling the blaze, saying he battled a wildfire that sparked from the bog last year. "We saw the foxes and hares running from the flames," said the trained lawyer who has repeatedly wrestled with bog fires over the past few years. Scientists say Siberia and the Arctic are especially vulnerable to climate change and have recorded startlingly high temperatures and worsening forest blazes. In June, the Arctic city of Verkhoyansk recorded unprecedented temperatures of 38 degrees Celsius and around nine million hectares of forests -- an area the size of Portugal -- have been impacted by fires this year, officials said. Peatland fires are an additional threat to the climate because of the large quantities of carbon dioxide they release into the atmosphere. "It's a climate bomb," said Kuksin. He said it was a vicious circle where fires made worse by climate change release gases that in turn exacerbate climate change. "We are fighting both against the result of climate change and the very thing that causes it," he said. The Nature website has recently reported an alarming increase in the frequency of peatland fires in the Arctic zones, both in North America and Russia. Peatland is also often more complicated to extinguish than conventional forest fires. "To extinguish a bog, you have to flood it and mix the earth thoroughly until you get a liquid paste," said Ekaterina Grudinina, 38, a Greenpeace coordinator in Siberia and the Far East. Nearby, volunteers drenched the ground with water pumped from a nearby marsh and sprayed it with two fire hoses. Once the earth is turned over and saturated, the temperature of the underground layer of peat is measured. If the temperature is above 40 degrees, the process is repeated. "It's a dirty job", said Alexander Sukhov, a 38-year-old farmer who last year created the volunteer group that was trained by Greenpeace. The environmental group says its volunteers are left to carry out the difficult work without help from local emergency services who it says lack the skills and experience to put out peat fires. "They pretended this fire didn't exist for five years," Kuksin said. After failing to get local authorities to support his team of volunteers earlier this month, Kuksin appealed to a senior forest protection official in Moscow, circumventing protocol and "calling in a favour". The local natural resources ministry told AFP that it had dispatched three vehicles and six men and that they had put out the fire after 24 hours. Both the professional and volunteer firefighters have since left, Kuksin said, but he is confident that beneath the surface, "the bog continues to burn."

Michael Farr: The problem with the U.S. economy is there are too many poor people

24 Sep, 2020, 02:29PM | CNBC

A Kelly Center for Hunger Relief volunteer sorts through food for distribution as residents in vehicles wait in line at a church in El Paso, Texas, on July 17.Joel Angel Juarez/Bloomberg via Getty Images Are you in the top 1%, 5% or 10% of the U.S. income and wealth scale? If you are, congratulations on being rich and economically successful. Good for you too for not being a big part of our current economic challenges.Â You're protected from the headwinds affecting the other 90% of your fellow citizens.It's easy to hate the rich for all that they have and all that you don't, but the rich aren't the problem.Most of the rich were rich 10 years ago and have become richer.Â The rich are good at being rich; they buy expensive houses, cars, planes, and other toys. They hire people and create some jobs but not enough to have a discernible impact in an economy the size of the U.S. A few Americans have been able to enter this top tier, but not nearly enough.Since the financial crisis of 2008, the Federal Reserve and federal government have engineered economic rescue efforts consisting of large deficit spending and liquidity injections totaling trillions of dollars. This drenching downpour of cash successfully staved off economic collapse and deeper financial tragedies. The government gets high marks for disaster aversion.But, while the deficit spending and interest-rate suppression kept the ship afloat, they didn't do much to get the ship moving very well, or improve the lots of the steerage passengers and crew. Yes, the first-class passengers are fine, were fine, and have almost always been fine. They have all been assigned a lifeboat. But the ship has not been safely steered clear from icebergs.The U.S. economy is the largest in the world, and nearly 70% of it is driven by consumer spending. Billionaires are a fraction of the top 1%, and they literally can't spend all their money. There is so much money in so few hands at the very top that they simply can't spend enough of it to make a difference to an economy as large as America's. The problem is that the poor and middle class don't have enough money. VIDEO5:4605:46Mohamaed El-Erian on how much longer markets can be disconnected from the economyClosing Bell If your economy depends on consumer spending, the consumer needs money to spend. If your consumer economy is to increase, the consumers need to have more money to spend. The government's approach that saved our economy has created a surge in asset prices that has made rich people richer but hasn't done much for the average American family.By the fourth quarter of 2019, there were encouraging signs.Unemployment was below 4% and there were more job openings than people seeking jobs. When employers compete to get workers, they have to pay more for them. Wage gains, while inflationary, are a crucial step in getting more money into the hands of a larger number of Americans.This additional money in more pockets creates demand for more stuff and requires increased manufacturing and hiring and results in economic expansion. This is a great formula for economic renaissance. But this hasn't happened. It hasn't happened because Milton Friedman was wrong. The inflation problem Widely acknowledged as one of the greatest economists ever, Friedman said "inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output." We have had more than 10 years of rapidly and steadily increasing money supply, but we haven't had any meaningful inflation.Therefore, Farr's addendum to Friedman (I can't believe I just wrote that) is that unless the increase of money leads to an increase in demand, there is no inflation (or for that matter, significant economic growth.)The government's monetary and fiscal programs that saved the economy from collapse are precisely those that led to the ever-increasing wealth gap. The middle class and poor are stuck and struggling while the wealthy become wealthier.The popular political response is to blame and tax the rich. It appeals to the great American paradox of dreaming to be rich while simultaneously hating everyone who already is. The rich aren't the problem, and it's not their fault. This is government policy that began on a good path, accomplished meaningful and important goals, and lost its way.The policy is the problem, and it needs to change.Most of the money that has been spent just this year resulted in temporary relief for those who received it and very little in terms of sustained or long-term effect. The relief was needed, but without ongoing stimulus to spur growth, the impacts fade quickly.Had a portion of the government funding been spent on repairing all of the bridges and highways in the U.S., people would have been hired by the hundreds of thousands; concrete, steel and other materials would have been purchased; and those resulting structures would have increased commerce and added to economic growth. The same can be said for longer-term investments such as energy infrastructure, education, and research and development.I'm not arguing against relief; I'm arguing that stimulus that doesn't spur long term growth isn't stimulus at all.Â Politicians on both sides of the aisle need to better understand what is keeping the ship afloat, versus what will get it moving again.The poor and middle class are the crux of the American economic dilemma, and until we are able to sustainably increase their lot, our economy will continue to suffer.Taxing the rich may feel good, but it won't raise enough money to dent this economic ill. I'm not arguing against higher taxes for the rich, but I am looking at the numbers.Taxes on the wealthy could certainly be higher. Taxing the rich will provide more funds to pay for the government and to pay for interest on the government's debt. But unless those monies are deployed such that they can create jobs and growth, the problem of the trapped poor and middle class will remain unchanged and may worsen.Until employment and wages increase, the U.S. economy will remain at best bogged down and at worst digging a deeper hole for all of us, our children and grandchildren.âCNBC contributor Michael Farr is CEO of Farr, Miller and Washington. See disclosure.

Magic Leap tried to create an alternate reality. Its founder was already in one

24 Sep, 2020, 10:43AM | Economic Times

By Joshua Brustein and Ian King Reality finally set in for Rony Abovitz in May. The augmented reality headset that had been under development for nine years inside his company, Magic Leap Inc., had been a colossal flop. In a tearful address over video conference, Abovitz told employees that he would resign. Abovitz, whose infectious optimism helped Magic Leap secure total investments of about $3.5 billion, didn’t stay down long. Just as his replacement, Peggy Johnson, was taking over, he tweeted that he was “working in stealth mode on something new:-).” The cryptic message was accompanied by a change to Abovitz’s Twitter bio referencing something called Project Phoenix. Abovitz, one could assume, is the mythical bird. That makes Magic Leap the ashes. Magic Leap once burned bright. Many high-profile investors made the pilgrimage to a swampy, downtrodden suburb of Miami, where they became convinced Abovitz was building a kind of Apple Inc. for computers strapped to people’s faces. Private demonstrations of the technology, which made it appear as though digital objects viewed through the headset existed in the physical world, helped procure capital from China’s Alibaba Group Holding Ltd. , AT&T Inc., Google and the chipmaker Qualcomm Inc. Magic Leap’s plan was to squeeze the technology down into a consumer device, construct a factory to manufacture it at scale, design an operating system, video games and films and spark the creation of a vast new content industry. Doing it all, in Abovitz’s eyes, was the only way to outrun the corporate giants who also wanted to own the future. “It’s like if we were a coffee company, and we would have acquired a mountain and the soil and created the coffee bean in the particular climate and then made the roaster and controlled all the parameters,” Abovitz told Bloomberg at Magic Leap’s headquarters in Plantation, Florida, in 2018. “If you look at the best computing products, at the history of them, people that had hardware and software integration and understand the entire consumer experience, they built the best overall products.” He elaborated in a separate interview: “This is like Apple in 1978.” At its peak—a peak that predated any public evidence of an actual product—technologists raved about Magic Leap’s potential. Shortly before he was appointed CEO of Google, Sundar Pichai joined Magic Leap’s board in 2014 and declared the product would “revolutionize the way people communicate, purchase, learn, share and play.” Pichai quietly withdrew from the board in 2018 and installed a Google subordinate in his place. After Magic Leap’s $2,300 headset bombed, the startup narrowed its focus to professional applications, tried unsuccessfully to sell the company and fired more than half of its staff. Investors wrote down their stakes by an average of about 94% over a 12-month period ending in June, a steeper decline than WeWork, according to data collected by Zanbato, a research firm that tracks institutional investors. The new CEO, Johnson, is trying to revive the business through partnerships. Magic Leap is engaged in discussions with Amazon.com Inc. about packaging the headsets with Amazon’s cloud services, according to three people familiar with the talks. The conversations are at an early stage and may not result in a deal. A spokeswoman for Magic Leap declined to comment, and Amazon didn’t respond to request for comment. Abovitz responded to an interview request with a message consisting entirely of link to a research report, which estimates long-term growth in the augmented reality market. His spokesman later clarified that there would be no interview and referred subsequent questions to Magic Leap, which declined to comment. People familiar with Abovitz’s next project said it centers on building entertainment content for smartphones and augmented reality devices, including Magic Leap. The co-founder’s departure came as little surprise to those who worked with him. Interviews with over two dozen people familiar with Magic Leap’s operations, including current and former employees, investors and business partners, suggest Abovitz’s world-building aspirations had become increasingly disconnected from the company’s reality. When employees found they would be unable to deliver on Abovitz’s vision, Magic Leap went from being one of the most intriguing tech startups outside of Silicon Valley to a parable about believing one’s own hype. The company’s failings reflect a broader struggle within the industry to commercialize a technology with so much promise. The question for Magic Leap is what parts of Abovitz’s dream, if any, can be salvaged. Magic Leap was always Rony Abovitz. Cherubic and curly haired, Abovitz evokes a mix of Apple’s Steve Wozniak and Gene Wilder from Charlie and the Chocolate Factory. He spent his early childhood in the eastern suburbs of Cleveland before his extended family moved en masse to Florida in his adolescence. Abovitz studied biomedical engineering, drew cartoons and threw javelin at the University of Miami. After college, Abovitz co-founded a medical robotics company named Mako Surgical Corp. in 2004 and helped take the company public in 2008. Two years later, he stepped down as chief technical officer and into the amorphous role of chief visionary officer. By Abovitz’s own account, he was drifting, daydreaming in the evenings and looking for something else to do. As a thought experiment, he began building a fictional universe called Hour Blue and soon saw it as a business opportunity. At first, Abovitz envisioned some sort of media venture, a film, perhaps, or a game. Then he became fixated on building one aspect of his fantasy world—augmented reality headsets—for people back on Earth. Intrigue spread through the tech industry in the years after Magic Leap’s founding in 2011. Abovitz liked to keep it weird: A TEDx Talk in 2012 titled “the synthesis of imagination” consisted entirely of Abovitz wordlessly dancing around in a spacesuit alongside several people in furry monster outfits. Another video showed a life-size whale splashing through a school gymnasium. Investors flew from the Bay Area to Florida and signed strict non-disclosure agreements so they could strap on unwieldy prototypes. Then they wrote big checks and raved coyly about how they now understood the future of computing. Abovitz drew people in with a nerdy charm and naked ambition, said people who worked with him. He alternates between bursts of inspiration and intense dissections of medical research or sci-fi movie plots in hard-to-follow monologues that many people find captivating. Magic Leap recruited at technical conferences by handing out cards that read, “Wizards Wanted,” and the staff was peppered with physicists, game developers, supply chain experts and at least one legendary science fiction novelist, Neal Stephenson. “It was a grand vision,” said Khizer Khaderi, a California-based ophthalmologist and entrepreneur who Abovitz recruited in 2014 as an adviser. As a leader, though, Abovitz was divisive. He often pitted Magic Leap teams against one another, sending them to develop competing versions of similar ideas and then let the projects fall into stasis instead of choosing a winner, according to the accounts of over a half-dozen former colleagues, who requested anonymity to avoid alienating Abovitz or the historically litigious Magic Leap, which has filed several suits alleging trade secret theft. Abovitz had the final say on all matters but had little patience for details, they said. The company settled into a kind of paralysis, unable to either deliver on or dial back its ambitions. Spencer Lindsay, an early employee, described his time at Magic Leap as complete chaos but expressed appreciation for Abovitz’s vision. “He was so kind to geeks and a believer in magic,” he said. Lindsay was fired in 2017 due to what he said were conflicting instructions about what his job was supposed to be. In the end, Lindsay felt Abovitz wasn’t equipped to run a company the size of Magic Leap. “Rony really believes in this and tried his hardest,” Lindsay said. “When it came to making concessions to reality, he didn't have that ability.” In September 2018, Abovitz invited two Bloomberg reporters to Florida to see the Magic Leap factory. The company commands a massive building in a drained stretch of the Everglades in Plantation, a town that gets its name from a failed attempt to plant rice fields in the early 20th century. The first stop was Abovitz’s office, a glass-walled room on the second floor. His interior design style could be defined as hobby-shop chic. There were models of spaceships on the coffee table, sketches of ray guns on white boards and shelves stacked high with action figures, sci-fi books and other knickknacks, including a half-dozen R2D2s from Star Wars, a Willy Wonka lunchbox and a photograph of an Apple I computer signed by Steve Jobs. Abovitz, as he does, quickly slipped into fantasy when describing his management style. “A lot of tech startups, it’s like the Spider-Man movie, and everyone talks about Spider-Man. Everyone in my company knows that my goal is to distribute Magic Leap, to be more like an Avengers team.” When asked whether he had succeeded, Abovitz shrugged. “I actually think turning yourself into Spider-Man is kind of cool,” he said. The primary purpose of the tour was to show off Magic Leap’s manufacturing facility, located a floor below Abovitz’s office in the part of the building he referred to as “little Shenzhen.” Any piece of consumer gadgetry is made up of many components from an array of manufacturers. The main processor in the Magic Leap 1 headset, for instance, is made by Nvidia Corp., and the chip that manages the device’s cameras comes from Intel Corp. Abovitz insisted that Magic Leap make one component itself: the lenses used to enable the headset’s augmented reality features. Each lens, known as a diffractive waveguide, is etched with tiny grooves that redirect light across the surface before being steered into a wearer’s eye. Because the lenses are transparent, users can see both the physical world and the digital images the headset creates. Existing technology had limitations, and Abovitz thought Magic Leap could make some breakthroughs in secret. He also really wanted to build a factory. His previous company, Mako, had its own production facility, and Abovitz saw it as critical to helping him understand how best to push the technology forward. (He’d also discovered that showing surgeons around a factory floor bustling with robots was an effective way to win their business.) In consumer electronics, though, components are typically the domain of specialty manufacturers, many of which are in Asia. Some of Magic Leap’s executives and investors questioned the wisdom of an expensive undertaking to make parts that could be purchased elsewhere, according to two people with knowledge of those discussions. Abovitz went ahead anyway. He mined the staff of Tessera, an optics business in North Carolina, to build a manufacturing team. The first key recruit was Paul Greco, a soft-spoken engineer with a taste for loud Hawaiian shirts. Greco had spent 16 years at Motorola, where he helped run a smartphone production facility in Plantation. At Greco’s suggestion, Magic Leap moved into the old Motorola building. He then set out to gut and renovate the ground floor to establish an operation every bit as utilitarian as the rest of the office was whimsical. Greco led a tour of the production lines, where workers in clean-room bunny suits operated machinery. At the time, he was preoccupied with adding a second assembly line that would be nearly autonomous, he said. “Rony loves it, because essentially we’re going to have the robots, like little R2D2s, that are literally going to move the materials around,” Greco said. Magic Leap designed a supply chain fit for a multinational corporation. The lenses and other materials were built in Florida and shipped to Guadalajara, Mexico, where a partner assembled the headsets and sent them back to the U.S. Abovitz ran Magic Leap as though it was already a serious rival to companies like Apple, which wasn’t always the cheapest or most effective approach. “I’m not sure why there wasn’t anybody who said you can’t build this out, and you can’t turn all this stuff on at this stage,” said an early Magic Leap investor. Like many investors, this one had initially been won over by a dazzling demo, only to watch things go wrong, not just technically but culturally. For those on the inside, Abovitz’s vision had become a sort of blindfold to common business sense. “Everyone was so bought in, they’d drunk the Kool-Aid together. Nobody stopped to say, ‘This product sucks,’” the investor said. “The first time I put on the real one, it was just like, ‘Oh shit. You guys did not deliver on your promise.’” As Abovitz was publicly declaring he would crush the Big Tech companies, he maintained a backchannel with nearly all of them, just in case. The CEOs of Apple, Facebook Inc . and Google each journeyed to Florida for discussions about a potential acquisition in 2016, according to the technology news site the Information. The talks with Apple progressed far enough that Abovitz flew to Cupertino, California, to meet with the company’s senior leadership, said a person familiar with the trip. Abovitz named the sale talks Project Batman. Silicon Valley has long been seduced by the idea of augmented reality and has struggled nearly as long to make the technology useful. When Google’s attempt, Glass, flopped, it steered the product toward medical professionals. Microsoft Corp.’s HoloLens was an impressive gaming machine but unaffordable to most. Now it’s mostly targeted at businesses. Apple’s work on a product that combines augmented and virtual reality, code-named N301, has been ongoing since at least 2015, with more than 1,000 engineers dedicated to the project. Progress has been halting. Magic Leap executives consistently bristled at reports of the company’s profligacy over the years, saying rivals were actually spending more but obscuring their projects deep within massive balance sheets. Still, Abovitz never figured out how to distill the magic produced by the enormous prototypes into a viable product, former employees said. The headset Magic Leap released two years ago was based on a different technique, and its limitations were evident immediately. A narrow field of view meant that digital images had to be small or risk appearing cut off, and the headsets couldn’t be used reliably outdoors. The company found tricks to compensate. In one demo billed as a huge dinosaur wandering around an office, it created the effect by situating the creature at the far end of an open hallway so it would fit in the display. The Magic Leap 1, with its steampunk-inspired design, did offer glimpses of potential. One app allowed people to drop small digital creatures around a room, where they’d adorably bump into the legs of coffee tables and fall off chairs. (They disappeared completely if you weren’t looking directly at them, then suddenly reappeared when turning your head back.) These gimmicks wore off quickly, though. Despite having spent heavily on content and touting collaborations with CNN, the National Basketball Association and Walt Disney Co.’s Lucasfilm, there wasn’t much to do with the device. Experts in augmented reality hardware were underwhelmed, too. Palmer Luckey, the co-founder of Facebook’s virtual reality headset Oculus VR, dissected Magic Leap’s device and determined it was “the same technology everyone else has been using for years.” Even engineers who used to work at Magic Leap questioned whether the company’s signature lenses will ever be fit for a consumer device because they use too much power and absorb too much light to operate outside of controlled environments. As Magic Leap floundered, it began to re-examine its options. The company’s senior leadership seriously considered multiple acquisition offers late last year, according to people with knowledge of the deliberations. It decided to raise more capital instead. The cash spigot that had been flowing to startups throughout Magic Leap’s lifetime slowed to a trickle this year when the coronavirus pandemic struck. Investors balked at Magic Leap’s requests for more money, angering Abovitz, who had said privately that he didn’t sell the company last year because investors assured him of their support, according to a person familiar with his thinking at the time. Magic Leap made another attempt to sell itself this spring and then resorted to layoffs. In his departing address to employees in May, Abovitz largely blamed the coronavirus, an assertion that rang false to some people in the audience, according to a person in attendance. Somehow Apple, which doesn’t even sell a headset today, has emerged as the company most likely to own the mass market when it releases one as soon as 2022. For businesses, Microsoft is the clear leader. That leaves Magic Leap and its new CEO in an awkward spot. If Abovitz was a visionary with trouble staying grounded, Johnson was there to execute. With two decades of experience at Qualcomm, Johnson was one of Satya Nadella’s first big hires after he was named Microsoft CEO in 2014. Johnson helped Microsoft repair relationships with companies like Salesforce.com Inc. and Samsung Electronics Co., which had frayed in the Steve Ballmer era. Johnson started her job at Magic Leap last month and had to wait weeks before getting into the office due to the pandemic. She declined an interview request, and Magic Leap didn’t provide anyone else for an interview. She will likely focus on medical and industrial applications for the product, which have proven to be the only realistic near-term markets for augmented reality. She’s also focused on making Magic Leap more competitive with the HoloLens, a $3,500 headset that Microsoft sells to manufacturing and medical institutions and that critics say is technically superior to what Magic Leap offers. The startup has a handful of corporate customers signed on, and Johnson’s first task is to close other deals in the works, including the one with Amazon, according to people familiar with the plans. Some of the people who left or were dismissed by Magic Leap this year have landed at Apple and Facebook. Even several current employees acknowledge Magic Leap will never fulfill the goals Abovitz so convincingly pitched. Abovitz offered a different message on the day he resigned: “We have created a new field. A new medium,” he said. “And together we have defined the future of computing.” It’ll be up to someone else to make that future a reality.

Delay in deciding BPSL case will only hurt lenders and bidder

24 Sep, 2020, 09:56AM | Economic Times

Mumbai: Delays in deciding the Bhushan Power & Steel ( BPSL ) case will only hurt the affected lenders and the bidder, a top JSW Steel executive told ET, even as the Enforcement Directorate approached the top court against a judicial order that had approved the JSW bid for the debt-laden steelmaker. “The case must be resolved quickly as this is of public interest, the banks are losing around Rs 20,000 crore and a lot of things can be done strategically that can improve the company,” the executive said, declining to be named. On February 17, NCLAT approved JSW Steel's bid for BPSL under the new amendment under section 32(A) of the Indian Bankruptcy Code that provides immunity to the new owners from ongoing criminal proceedings against erstwhile promoters of the company. JSW Steel's capacity would have gone up to 26 million tonnes with the acquisition of the Odisha-based BPSL, which has an integrated steel making capacity of around 3.5 million tonnes. However, ED on September 21 said that while investigating, it found documents that show ‘suspicious transactions’ between JSW Steel and Bhushan Power. The case is listed for hearing on September 24. “NCLAT has clearly given its direction through its order; ED is just repeating the same complaints, except that they have added some investigation angle to it and found something suspicious…to further delay the deal,” the executive added. Officials at the ED could not be reached immediately. With the uncertainty prevailing over the acquisition of the asset, the company is also incurring heavy costs. “We have to look at both intangible and tangible costs. Due to the uncertainty of the transaction of such a big size, there will be a beating on the market price, on the overall rating and in turn the loans will have higher interest rates,” the executive said. Despite incurring interest cost on the asset and higher intangible costs, the deal is still on the table, the official said. “There is no option of giving up on this deal. For a company of our stature, we don’t have an option to walk away from this deal. We want to complete the transaction at the earliest,” he added.

Best of BS Opinion: Beyond FCRA, raise demand via govt spending & more

24 Sep, 2020, 06:25AM | Business Standards

There are no other viable short-term options to boost income for the least-skilled migrant and rural labour but for the government to spend directly on infrastructure, says Jaimini Bhagwati, but he points out that there are few shovel-ready infrastructure projects in the pipeline, and significant coordination with state governments is tough. What’s to be done? He suggests here that the Centre identify projects in Bharatiya Janata Party-ruled states that could be quick picks for execution. Other opinion examines debt fund managers’ risk models, the Reserve Bank’s monetary management challenges and the Foreign Contribution Regulation Amendment Act. Kanika Datta sums up the views The stockmarket regulator is considering asking all funds to hold a percentage of their portfolios in liquid assets as a way of handling sudden major redemption calls. But much of the woes of the debt fund segment arise from structural factors beyond the control of individual fund managers, says the top edit. Read it heredocument.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Rajesh Kumar outlines the challenges confronting the central bank in a world of near-free money. Read it here Amendments to the FCRA Act points to the regime’s aversion to implicit criticism embedded in the actions of civil society organisations, says the second edit. Read it here QUOTE OF THE DAY ‘Trump’s implicit motto when it comes to Covid-19 and environmental protection is always the same: Your money OR your life?” Thomas Friedman in the New York Times

The complex matter of TV news regulation in India

23 Sep, 2020, 10:48PM | Livemint

Even as the debate on the quality of journalism on news television rages on, a clutch of channels continues with their malevolent programming: Be it the populist stand taken on actor Sushant Singh Rajput’s death along with a parallel investigation of their own or the recent show on a Hindi news channel on how a minority community is “infiltrating" the civil services. The matter related to the show on Sudarshan TV has reached the Supreme Court, which heard a petition claiming Sudarshan TV’s multi-episode show Bindas Bol equated Muslims joining the civil services with “infiltration" and “jihad". Last week, the court said it cannot allow such insidious comments in the name of freedom of press that are used to vilify a particular community and disturb the harmony in the country. A three-judge bench headed by Justice D.Y. Chandrachud had asked the government to file an affidavit seeking its response on the need to regulate electronic media. The government had earlier allowed Sudarshan TV to air the show, albeit with a warning that it should not violate the programming code meant for television. The television programming and advertising code has been prescribed under the Cable Television Network Rules, 1994. It states that cable services should not carry any programme that contains an attack on religions or communities or visuals or words contemptuous of religious groups or which promote communal attitudes. It also says nothing should be carried that contains “innuendos and half-truths". Of course, these prescribed guidelines have long been thrown out of the window by several of the country’s news channels. News regulation, especially of channels with right-wing bias, has become very tricky. In 2007, leading news and current affairs channels formed the News Broadcasters Association (NBA) to deal with ethical, operational, and regulatory issues facing news channels. Later, it set up a News Broadcasting Standards Authority (NBSA), an independent body to adjudicate upon broadcast complaints. A similar mechanism was followed by the Indian Broadcasting Foundation for adjudication of complaints against non-news channels, including entertainment, children’s channels and other niches. It set up the Broadcasting Content Complaints Council (BCCC), an independent self-regulatory body in 2011. The BCCC worked efficiently, but NBSA seems to have faltered with not all news channels adhering to its suggestions despite complaints. When complaints against Arnab Goswami’s Republic TV were filed, he set up a new association called the News Broadcasters Federation (NBF) along with some regional language news channels. In the Sudarshan TV matter, the NBA requested the Supreme Court to grant recognition to NBSA. It said that all news channels, irrespective of membership, should follow its directives and accept the penalties so the regulatory mechanism could be strengthened. Media experts agree that while self-regulation has to be the mainstay of news channels in India, the independent authority that oversees complaints requires statutory powers. “The ministry of information and broadcasting should have given statutory powers to both BCCC and NBSA a long time ago. This would have given both the bodies the required teeth. This would have also prevented the split in NBA and encouraged many news channels to come on board," said an industry veteran, declining to be named. Once the government recognized the Advertising Standards Council of India (ASCI) and its complaints redressal body, even advertisers who were not ASCI members listened to its rulings. “Those not satisfied with their ruling could go to court but each time the court refused to interfere with ASCI rulings," the executive said. In its affidavit to the court, NBA requested that its Code of Ethics should be included under Rule 6 of the ‘Programme Code’ of the Cable Television Networks Rules, 1994. According to a report on legal news website LiveLaw, it said amenability to the NBSA mechanism should be made a term of the uplinking/downlinking permission of the news channel. A top news TV executive agreed: “All news TV licences must be subject to signing up to being supervised by an independent regulatory authority on the lines of Ofcom (the government-approved regulatory and competition authority for broadcasting and telecommunications sector) in Britain. No opt out clause." That’s something to chew on. Shuchi Bansal is Mint’s media, marketing and advertising editor. Ordinary Post will look at pressing issues related to all three. Or just fun stuff. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics Televison NewsNBSA

Bidding goodbye to ?Mistrys can cut both ways for the Tata Group

23 Sep, 2020, 08:03PM | Livemint

NEW DELHI : First, Cyrus Mistry was forced out of the Tata Sons board. Now the Shapoorji Pallonji (SP) Group is on its way out entirely. It issued a statement on Tuesday that a separation of interests was the best solution for both the groups. The nitty-gritty of how the separation will be worked out is not clear, and it is likely to be a long-drawn process. The SP Group has said it believes its 18.4% stake in Tata Sons is worth ₹1.8 trillion, based on the value of the underlying operating companies, as well as the value of the Tata brand. The Tata Group is likely to throw in things such as debt, holding company discounts, and whatever else it takes to drive the valuation down. It also has the upper hand on the negotiation table—the SP Group is desperate for cash, and there is no market for the unlisted Tata Sons shares. View Full ImageWhat's at stake ? Share Via “The primary hope for the seller is that the famed ‘values’ of the Tata Group will help them get a somewhat fair deal," says the head of research at a multinational brokerage. “With most other Indian promoter groups, the hope of getting a fair deal in such a situation would be very low," he adds. This is ironic, of course, because the SP Group has gone to town the last few years raising doubts about the group’s values. Parting ways may well turn out to be a catalyst for the Tata Group, which has lagged in terms of generating decent returns vis-à-vis broad benchmarks such as the Nifty, leave alone close competitors such as the Reliance Industries group. It may be forced to part with some of its holdings in the golden goose, Tata Consultancy Services Ltd (TCS). This may result in more discipline in the oversight of other operating companies, say some analysts. “The Group will no longer be able to stay hinged on TCS’ performance—other companies of the Group will have to perform, or in some instances, perish. The performance pressures will likely drive cultural change: one that is tougher and more commercial," Institutional Investor Advisory Services (IIAS) said in a note. If some financial investors are roped in to fund the buyout of the SP Group, that may lead to increased discipline in the Group as well. But if there is no culture change, as IIAS mentioned, the Tata Group will end up worse-off, as it will have reduced financial flexibility alongside legacy problems. The SP Group has an effective stake of 13.3% in TCS, which is nearly half of the existing free float in the stock. A share transfer of this magnitude can impact valuations, depending on how much is eventually offloaded in the secondary markets. Whether it invites a new minority shareholder or not, to bridge any funding gap, the Tata Group should look for ways to improve governance across the group, with a view to drive returns for shareholders in all companies, rather than just a few. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.Topics Cyrus MistryTata Sons

The economic case for Joe Biden as America’s president

22 Sep, 2020, 08:49PM | Livemint

Commentators have offered many reasons why [American citizens] should vote in November for Joe Biden, the Democratic nominee for US president. Yet the economic dimension of the election has been of little interest to pundits, and few, if any, economists speaking on the subject have bothered to highlight how the outcome bears directly on people’s welfare. But the economy is the stage on which people work in the hope of gaining personal development and the satisfaction of success. It isn’t just about money. The economic case for Biden begins with the economic case against President Donald Trump. Consider Trump’s costly corporate tax cut. It did not deliver anything like the investment and growth he promised, and the main effect was to run up fiscal deficits in the first three years of his presidency. Trump’s disregard of fiscal profligacy has set a precedent for unnecessary deficits in future administrations. (Of course, the deficit incurred more recently in responding to the pandemic was unavoidable and, under the circumstances, beneficial.) His habitual threats to American businesses have added new uncertainty to investment and trade decisions. He practises Mussolini’s doctrine of corporatism: the government as puppet master pulling the strings of companies. That economic policy inhibits enterprise and innovation at a time when they are desperately needed. Trump’s misguided crusade to reduce a harmless US trade deficit has shrunk world trade, thus worsening the efficiency of resource allocation at home and abroad. His populist rhetoric has not translated into better pay for less advantaged workers or victims of discrimination. He has sought to erase any sense of economic justice. He seems to care nothing about the appallingly low wage rates for those at the bottom or about the terrible living standards that such wages afford. And he has done nothing to support the eradication of statistical discrimination—racial, gender, and LGBT+. His weakening of Obamacare has heavily affected people with low incomes. Trump’s insistence that climate change is a hoax has put the world economy and the viability of the planet in further danger. He says that the wildfires ravaging the US west are the result of poor “forest management." In attacking US institutions from the Federal Bureau of Investigation to the US Centers for Disease Control and Prevention, Trump is hollowing out the governmental structure. In imposing pointless obstacles that lead to trade wars, he has alienated US allies. In his admiration for dictators and authoritarian leaders, he is helping them establish 21st-century fascism. And his chronic lying from the Office of the President undermines people’s confidence in their government. There are other outrages too numerous to mention. But one of the most appalling was his effort to eliminate a programme for undocumented aliens who were brought to the US as children, who, after being raised and educated in America, now face deportation. Yet another outrage is his tactic of instilling fear of reprisals and arrest. As a result, there is a growing climate of anxiety and distrust. Today, a great many people support Biden on these grounds and others. Trump stands in the way of the nation regaining a sense of flourishing, equity and social harmony. But it is not clear that he could be defeated on these grounds alone. Many Americans dread a government devoted to ministering to a mélange of social groups without a thought to core matters of economic growth and job satisfaction. But there is also a positive argument for supporting Biden. First, Biden understands that in America, there is still a crushing disparity between the wages of the seriously less-advantaged and those paid to middle-income people—and payments for single mothers do not change that. Biden, having grown up in the steelmaking region of Pennsylvania, can hardly be blind to the deprivations and pain of low-paid workers. So, if elected, we would have a president responsive to legislative initiatives for subsidies designed to pull up these workers’ meagre compensation. Biden is also attentive to the existential threat of climate change. There is a vast litany of problems, such as the burning of fossil fuels causing increased levels of carbon dioxide and rising temperatures. Addressing these problems will require government intervention and international cooperation, such as that mandated by the 2015 Paris climate agreement, from which Trump withdrew the US. No one can doubt that, if elected, Biden would be eager to play a central role in the resumption of the battle against global warming. Finally, Americans are living with the virtual stagnation of the economy since the early 1970s (interrupted for about a decade by the Information Revolution). This continuing malaise lies behind wage earners’ increased frustration over their relative standing in wage distribution—a sentiment that, more than anything else, accounted for Trump’s rise. There can be no question that a President Biden would want to restore the economy to its former glory. For all these reasons, it is vitally important that [Americans] vote for the Biden-Harris ticket. Trump has gravely weakened the nation’s economy, while Biden has shown over his life that he cares about people’s chances of prosperity and [leading lives that are rewarding]—of achieving the American Dream. © 2020 Project Syndicate. Edmund S. Phelps is the 2006 Nobel laureate in economics and director of the Center on Capitalism and Society at Columbia University Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Cheaper electric cars may help oil firms to green their businesses faster

22 Sep, 2020, 05:36PM | Business Standards

A decade ago, some of the smartest minds at the US Department of Energy set an ambitious goal: lower the cost of battery packs to $100 per kilowatt-hour from more than $1000 per kWh. If achieved, electric cars would reach cost parity with internal-combustion engine cars — unleashing a revolution. That moment is here. Later today, at Tesla’s Battery Day event, Elon Musk could announce that the California-based company now makes batteries that cost less than $100 per kWh. Even if he doesn’t, the goal is within reach. In March, General Motors, partnering with South Korean battery maker LG Chem, set a goal of reaching $100 per kWh soon. Volkswagen has hinted that its newest electric car, the ID.3, uses batteries that cost less than $100 per kWh. So where is the revolution? It’s not like you see electric cars every where all the time. My environmentally minded friends who have cars or want to buy them (not that there’s a lot of them wanting to buy cars) aren’t choosing electrics just yet. They still complain about the lack of charging infrastructure and the inconvenience of taking battery-powered cars on long weekend trips. That skepticism bears out in the numbers. Electrics made up less than 4% of global car sales in 2019. Even China, which has invested heavily in promoting a homegrown industry of electric cars, is hesitant about setting a firm timeline for phasing out fossil-fuel vehicles. But revolutions are messy, and signs of big changes are there if you look for them. First, the DOE’s goal, which many in the industry have called the “magic number,” wasn’t so much about the absolute figure, says Venkat Viswanathan, a battery expert at Carnegie Mellon University. ALSO READ: FAME: Over 27,000 electric vehicles supported till Sept 10 under phase-II It was about setting the speed of travel for technology improvements and cost declines. That has now become a reality. Batteries are expected to only make up only 15% of a vehicle’s total costs by 2030, compared with 30% today, according to BloombergNEF estimates. Second, Viswanathan says, the DOE goal was more about spurring industry interest than ensuring adoption. Falling battery costs have made automakers jump on the opportunity. Hyundai plans to launch 44 electric-vehicle models by 2025. GM says it will have 20 by 2023. Volkswagen is lining up 34 of them this year. “As the Covid-19 crisis hammers the auto industry, electric cars remain a bright spot,” the International Energy Agency declared in May. Third, even though China is expected to dominate the electric-car market, other regions are joining in. Europe’s electric-car sales are expected to grow rapidly because of emissions regulations and generous subsidies, after already exceeding China’s in the first half of 2020. Other markets will follow: Boston Consulting Group sees electric cars reaching a tipping point around 2025. Electric cars cut air pollution, and that will save lives. From a climate perspective, however, the electric-car evolution isn’t just about cutting emissions. Even if all passenger cars were to switch overnight to running on electricity, the total reduction in global emissions will be much less than 10%. Cars make up only about 25% of global oil demand and about 65% of electricity still comes from fossil fuels. ALSO READ: Electric vehicle charge network ChargePoint nears deal to go public: Report The switch to electric mobility is indicative of more important trends. If consumers are willing to choose a cleaner car despite some inconveniences, then it might not be that difficult to convince them to move away from eating a lot of meat or flying so much. If governments continue providing sustained policy support to the transport sector -- which costs them much more than other clean-energy subsidies -- then it might be easier to convince them to take on more difficult challenges, such as reducing industrial emissions. A 2018 Harvard study found that the cost of subsidizing offshore wind stood at $105 per ton of CO2 avoided, whereas subsidies for electric vehicles could be as high as $640 per ton of CO2 avoided. The second-order impacts of the transition could also be profound. Cheaper electric cars will help push oil companies to green their businesses faster. In its energy outlook published last week, BP predicted oil consumption may have already peaked and could fall rapidly if governments continue to embrace more ambitious climate policies. That would keep oil prices, which haven’t budged much from $40 per barrel for the last few months, lower for longer and, in turn, squeeze oil-dependent economies. They may have no choice but to diversify soon, or risk creating more Venezuelas, argues Bloomberg Opinion columnist David Fickling. Akshat Rathi writes the Net Zero newsletter, which examines the world’s race to cut emissions through the lens of business, science, and technology. You can email him with feedback.

Beijing unlikely to approve Oracle, Walmart's TikTok deal: Global Times

22 Sep, 2020, 02:55PM | Livemint

SHANGHAI : Beijing is unlikely to approve an "unfair" deal Oracle Corp and Walmart Inc said they have struck with ByteDance over the future of video-streaming app TikTok, state-backed newspaper Global Times said in an editorial. The US majors have said they will buy into a new mainly US-owned company, TikTok Global, with a board of directors comprised mainly of Americans, as the parties work to pacify the administration of US President Donald Trump which had planned to ban TikTok in the United States on security grounds. In contrast, ByteDance has said TikTok Global will be its US subsidiary with 80% ownership. "It is clear that these articles (terms) extensively show Washington's bullying style and hooligan logic. They hurt China's national security, interests and dignity," said the English version of the editorial published late on Monday and which was also carried in the newspaper's Chinese edition. "From the information provided by the US, the deal was unfair. It caters to the unreasonable demands of Washington. It's hard for us to believe that Beijing will approve such an agreement," the editorial read, echoing tweets the same evening by the newspaper's editor-in-chief, Hu Xijin. The Global Times is a tabloid published by the People's Daily, the official newspaper of China's ruling Communist Party, but does not speak on behalf of the party and government unlike its parent publication. China's government has largely refrained from directly commenting on the deal's details, though its foreign ministry has repeatedly said the United States should offer a fair and non-discriminatory environment for foreign companies. The deal requires approval from regulators in both Beijing and Washington, ByteDance has said. China's Ministry of Commerce in late August revised a tech export control list that experts said would give it regulatory oversight over any TikTok deal. ByteDance and the commerce ministry did not immediately respond to Reuters' requests for comment on Tuesday. Main objections Over the weekend, ByteDance, Oracle and Walmart said they had reached a deal that would satisfy Trump's call for TikTok to be sold to an American firm or be shutdown in the United States. However, the sides have framed the deal differently in public statements. Whereas ByteDance said it will majority-own TikTok Global, Oracle and Walmart together said ByteDance's ownership would be distributed to its investors - many of which are U.S.-based - and that ByteDance itself would have no direct stake. They also said four of TikTok Global's five-member board would be American. The unidentified author of the Global Times editorial objected to there being only one board seat reserved for a Chinese national, as well as the stipulated inclusion on the board of a U.S-approved "national security director". It also denounced the need for a ByteDance to reveal source code to Oracle as part of the latter's role of "trusted technology partner" and criticised the likelihood of TikTok Global blocking Chinese access to its app. TikTok has never been available in China. It has said it has over 100 million monthly active U.S. users, compared with 600 million daily users at mainland equivalent Douyin. "As TikTok and Douyin should have the same source code, this means the U.S. can get to know the operations of Douyin," the editorial continued. "If the reorganization of TikTok under US manipulation becomes a model, it means once any successful Chinese company expands its business to the US and becomes competitive, it will be targeted by the US and turned into a US-controlled company via trickery and coercion, which eventually serves only US interests," the author wrote. Beijing-based ByteDance itself currently has only two Chinese nationals on its five-member board, with the other three being foreigners running US-based companies. ByteDance has also said Oracle's ability to inspect TikTok's source code before investing is akin to previous instances of US companies such as Microsoft Corp sharing source code with Chinese technology experts. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Share Via Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Ready to remanufacture? Why it’s time for (re)Make in India

22 Sep, 2020, 12:49PM | Economic Times

By René Van Berkel and Rajiv Ramchandra India is well tuned into recovering the utility and economic value of discarded and/or dysfunctional manufactured products and components. This has traditionally been driven by need or scarcity with an acceptance that recovered products will have lower performance. Remanufacturing ‘industrialises’ this practice by designing products for multiple product use cycles while ensuring that the remanufactured product or component has equal, if not superior performance compared to new ones. This creates valuable jobs, makes good business sense, and supports the transition to a circular economy – indeed an opportunity worth a concerted effort by industry, government and consumers – as India endeavours to build back better from the current socio-economic crisis. Given the significant downturn in the Indian economy and labour market due to the pandemic, lockdown and cascading effects, sectors with high job creation potential deserve specific support. Remanufacturing provides a case in point. When compared to regular manufacturing from virgin materials and parts, remanufacturing in principle doubles the labour requirement. This is because remanufacturing requires that products be disassembled and assembled, with rigorous refurbishing and testing in between. The UK’s Waste and Resources Action Programme ( WRAP ) estimated that reuse and remanufacturing create 8-20 jobs per thousand tonnes of unwanted products, compared to 5-10 jobs for recycling and as little as 0.1 jobs for waste products sent to landfill. There are no comparable figures for India. Remanufacturing though will require transformation of waste management into resource recovery, providing safer and more dignified jobs for those currently involved in the informal scavenging and recycling activities. Remanufacturing is based on controlled and replicable processes that achieve and guarantee at least equal performance of the remanufactured product compared to newly manufactured ones. Doing so is already big business globally. The European Remanufacturing Network ( ERN ) estimated the value of the remanufacturing industry in 2015 at 30 billion EUR in the EU, followed by Japan (3.8 billion EUR), Malaysia (825 million EUR) and South Korea (670 million EUR). For India, ERN found remanufacturing underdeveloped and repair to be more common. ERN identified almost 30,000 businesses that are reportedly engaged in some form of printer cartridge refilling or remanufacturing. In unregulated markets, quality varies and counterfeiting occurs - only about 70 firms remanufactured printer cartridges under reputable brands. Other known Indian business examples include Volvo, which started remanufacturing construction equipment in Bangalore and Cummins which operates two remanufacturing facilities. Remanufacturing in India is likely to be more common, as to the user, a genuinely remanufactured product is no different from a new one. Remanufacturing not only recovers materials (as with recycling) but also retains the form, shape, and functionality of products, which when manufactured from either virgin or recycled material, require significant amounts of energy and create waste. Thereby, remanufacturing is a practical approach to achieve resource efficiency and operationalize the circular economy. Resource use efficiency has been highlighted as a strategic priority for India by NITI Aayog in its 2017 Resource Efficiency Strategy and through the draft Resource Efficiency Policy issued in 2019 by the Ministry of Environment, Forest and Climate Change ( MoEFCC ). A circular economy aims at changing the predominantly linear take-make-use-throw economic model into a circular take-make-use-recover-retain model. Contrary to common perceptions, this goes beyond a recycling economy, and involves policy and action for changes in resource selection, greater efficiencies in resource use, and perpetual recovery and recycling. The circular economy offers a contemporary lens to review and innovate the way products and services are designed, manufactured, used and recovered, and indeed already provides a launchpad for cleantech innovators and start-ups in India and elsewhere. The International Resource Panel (IRP), the global think tank on natural resources convened by the United Nations, hence speaks of nothing less than a ‘manufacturing revolution’ based on value-retention processes (VRPs), comprising remanufacturing, refurbishment, repair and direct reuse. Based on its detailed case studies, IRP found that remanufacturing, relative to new manufacturing, can achieve 80-98% materials savings and 79-99% reduction of emissions of greenhouse gases. Cost advantages of VRPs are conservatively estimated between 15 and 80% of the costs of new products. Remanufacturing has proven beneficial in diverse industries, such as automotive, aerospace, electronics and machinery. It is not equally applicable to all products to solve their waste generation challenges, climate impacts, and resource use constraints. A modern and forward-looking manufacturing policy recognizes and achieves synergies between manufacturing and remanufacturing. This is an opportunity India cannot afford to miss as the country establishes world class manufacturing hubs, as foreseen through Make in India , and aims to recover towards self-reliance, in accordance with Atmanirbhar Bharat. ( René Van Berkel is India Representative of the United Nations Industrial Development Organization (UNIDO) and Rajiv Ramchandra is Founder and Director, Recreate India Research Foundation (Re:CREATe). )

Winning the post-pandemic economic battle: Tapping the pent up demand in Tier 2 and Tier 3 cities

22 Sep, 2020, 11:39AM | Economic Times

By Rajneesh Kumar The outbreak of the COVID-19 pandemic and the subsequent lockdown in India, has made the use of technology a necessity rather than an option. As we collectively adapt to the ‘new normal’, digitization has emerged as a key pillar to support the needs of the communities, individuals and businesses alike. In the evolving scenarios of production and consumption, ecommerce lies in the sweet spot of striking a balance between supporting product value-chains, spurring latent demand and boosting economic growth. Enabling e-commerce has a domino growth effect on several other sectors including logistics, warehousing, data analytics and digital payments. This sudden pivot in operations has introduced a new way of thinking, thereby encouraging innovation across sectors. It is noteworthy that digitization is not just reforming a company or a sector, it is a close interplay among sectors to increase value and efficiencies. This is also an integral premise of e-commerce. Given its impact and reach, e-commerce is now being seen as the preferred channel to connect with consumers and the local MSME ecosystem across the country. Supply-side support MSMEs are the growth drivers of the Indian economy and to ensure that they continue to lead the country towards economic growth, Prime Minister Narendra Modi led Government has announced strategic measures, including those under the ‘AatmaNirbhar Bharat’ initiative. In conjunction with these measures, it is an opportune time for MSMEs to capitalize on technology and enhance use of e-commerce to achieve resource optimization and efficiencies. This is also an opportunity for MSMEs and sellers to clear up the piled-up inventory by catering to a pan-India market through e-commerce. This market access and liquidity in the hands of MSMEs, by leveraging online channels can expedite the economic recovery process for small sellers and manufacturers. In the last few months, several MSMEs have transitioned towards digitization and e-commerce. Uttar Pradesh, Maharashtra, West Bengal and Tamil Nadu are the top states where local enterprises have shown maximum interest in taking their businesses online. Due to the current sentiment towards digital transformation and e-commerce, more than 70% of the new sellers on Flipkart for instance, came from smaller cities. Online channels can also help to transform and propel India’s unique handicraft ecosystem which can be a shot in the arm for “AatmaNirbhar Bharat”. Propelling demand There is a significant pent up demand in the economy, especially from Tier 2 and Tier 3 cities, which can be spurred up through e-commerce. Giving access to quality products & wide selection at affordable prices has been one of the hallmarks of e-commerce in India. It is this attribute that is pulling a new set of buyers, especially from Tier 2 and Tier 3 towns, towards online buying. The Prime Minister announced that the task to connect over six hundred thousand villages in India with an optical fibre network will be completed in the next 1000 days. This will bring in a new set of customers looking to buy quality products at affordable prices and is an opportunity which can be leveraged by sellers on e-commerce platforms. The focus on voice and vernacular language interface on ecommerce is significantly boosting the prospects for a large number of consumers in Tier 2 & Tier 3 towns, while bringing new growth opportunities of lakhs of MSMEs & sellers in India. The lockdown has definitely changed the way we buy products, and we have seen that the trust in buying through e-commerce is increasing across generations. The demographic profile of online consumers is expanding and evolving drastically, especially in the wake of social distancing norms of the pandemic. From Gen Z to baby boomers, all sections of consumers are actively looking at digital means for availing goods and services. If numbers are to be taken as guiderails, then a Goldman Sachs report indicates that e-commerce in India is likely to register a growth of over 18% for the current fiscal with around 33% in 2021 and 28% in 2022. The Domino effect Most importantly, enabling and creating a conducive environment for e-commerce to flourish can have a compounding impact on several other sectors including logistics, warehousing, data analytics and digital payments. Ancillary service providers are coming up in small towns and villages and can provide huge employment opportunities in logistics, warehousing and supply chain functions. Here in lies the potential for locally developed technology to solve unique Indian problems and help grow an inclusive & efficient retail ecosystem. Be it enabling language interface for consumers to get comfortable with their online journey or using technology to develop solutions on the supply chain to digitize Kiranas and local MSMEs. On the logistics side, there is an enormous opportunity to digitize Indian supply chain using state of the art local technology. This will help build a more resilient, efficient & transparent supply chain in the country, which will support the ongoing reforms in the manufacturing and agriculture ecosystem resulting in boost to key initiatives such as ‘ Make in India ’ & ‘Doubling Farmers’ income’. India is gradually and vigilantly moving towards opening up major economic activities, after several phases of lockdowns and unlocking. While the pandemic has affected everything and everyone in one way or the other, the most vulnerable ones will require mindful measures to kick start. There is no doubt that e-commerce today lies at the heart of the convergence of demand and supply, with MSMEs in tow. All that is needed now is further boost through digital transformation, which can propel economic activity in an evolving retail ecosystem. ( The writer is SVP and Chief Corporate Affairs Officer at Flipkart Group )

Nikola confronts future of doubts on chair exit, stock drop

22 Sep, 2020, 09:04AM | Economic Times

By Ed Ludlow and David Welch Nikola Corp. faces an uncertain future following the sudden departure of its founder and chairman in the wake of regulatory probes and a collapse of its stock price, even as partner General Motors Co. said it won’t abandon the electric-truck startup. Trevor Milton stepped down as executive chairman effective immediately and was replaced by Stephen Girsky , the former GM vice chairman who oversaw Nikola’s stock listing and helped broker their partnership. Nikola’s shares -- already reeling from claims of deception leveled by short seller Hindenburg Research -- plunged as much as 30% at one point, its steepest drop ever. Shares of Nikola closed down 19.3% to an almost four-month low of $27.58. GM fell 4.8% to $30.00. “Nikola is truly in my blood and always will be, and the focus should be on the company and its world-changing mission, not me,” Milton said in a statement. “So I made the difficult decision to approach the board and volunteer to step aside.” The shakeup raises questions about Nikola’s fate without its charismatic 39-year-old founder, who was the public face of the company and the architect of its key strategic projects. In its prospectus to investors, the company said it was “highly dependent” on him: “Mr. Milton is the source of many, if not most, of the ideas and execution driving Nikola.” Analysts said Nikola must rebuild its credibility with Wall Street after a steady drip of negative news about the company. “Trevor stepping down voluntarily at Nikola will be perceived by the Street as a major near-term gut punch for the company’s lofty EV ambitions as he plays a key role strategically in driving the company’s vision,” Dan Ives, an analyst at Wedbush Securities with a “neutral” rating on the stock, said in a note to clients Monday. More responsibility now falls to Chief Executive Officer Mark Russell, 58, and Chief Financial Officer Kim Brady, 56. In a debut earnings call in August, Russell and Brady faced investors without Milton and took the lead in media interviews. Both have been on a charm offensive during the past week, making appearances on analyst calls and virtual conferences to defend the company. Prior to becoming CEO in early 2019, Russell served as chief operating officer and president of Worthington Industries Inc., an early investor in Nikola. He has no experience working at large automakers but headed Worthington’s steel-processing unit at one point. Brady was a managing director at SOLIC Capital Management, an investment banking and restructuring advisory firm, where he is still listed as an “emeritus senior advisor.” Some analysts viewed the reshuffling as a positive catalyst. Jeffrey Osborne at Cowen & Co., who has an “outperform” rating on Nikola, wrote in a research note that Milton’s resignation is an effort to minimize distractions rather than an admission of any wrongdoing. “We would view this weakness as a buying opportunity, but acknowledge it may take a few days for the dust to settle.” GM Backing The worsening stock rout also is a blow to GM, which agreed to take an 11% equity stake in Nikola earlier this month. While GM Chief Executive Officer Mary Barra obtained the holding by agreeing to help Nikola bring its Badger electric pickup to market and without spending any cash, she’s had to defend her company’s due diligence on the deal. The Detroit-based company said Monday it would continue to finalize its agreement with the startup after Milton’s departure. “We will work with Nikola to close the transaction we announced nearly two weeks ago to seize the growth opportunities in broader markets with our Hydrotec fuel cell and Ultium battery systems, and to engineer and build the Nikola Badger,” it said in a statement. The resignation marks a remarkable fall from grace for Milton, a college dropout whose fortune soared when he took Nikola public through a reverse merger in June. He agreed to relinquish stock units that were worth about $166 million as of Friday’s close and also gave up his board seat at Nikola, which has yet to generate any meaningful revenue. Hindenburg Research, a firm that owns a short position in Nikola’s stock and stands to gain from a decline in the share price, said Sept. 10 that Milton and Nikola deceived investors about its business prospects -- claims that are now the subject of inquiries by the U.S. Securities and Exchange Commission and, reportedly, the Justice Department. In a statement released on Twitter , Milton vowed to defend himself against “false allegations” made by “outside detractors” he didn’t identify. I will be cheering from the sidelines with you. Your greatest fan. pic.twitter.com/IaYfZedYhK — Trevor Milton (@nikolatrevor) September 21, 2020 Hindenburg said Monday that Milton’s resignation is not enough to salvage the company. “We believe this is only the beginning of Nikola’s unraveling,” it said in a statement. “General Motors should carefully evaluate the potential long-term damage to its 112 year brand by continuing to tie itself to Nikola.” Shrinking Fortune Nikola’s stock soared after the company went public following a reverse merger with a special-purpose acquisition company run by Girsky, 58, in early June. The listing coincided with an exuberant run for shares of Tesla Inc., which is also working on an electric semi truck. Phoenix-based Nikola is working on models powered both by batteries and fuel cells and planning a hydrogen refueling network. At its closing-price peak of $79.73 on June 9, Nikola’s market capitalization was $28.8 billion and at times surpassed Ford Motor Co.’s valuation. Milton -- who owns 35% of the company, according to regulatory filings -- was worth $9 billion within days of the listing, according to the Bloomberg Billionaires Index. His fortune shrank to $4 billion before Monday’s stock plunge. The stock tumbled after Hindenburg questioned the validity of Nikola’s claims about its technology, accusing Nikola of being “an intricate fraud built on dozens of lies.” Milton called Hindenburg’s report a “hit job” on Twitter and posted videos on Instagram -- including one laden with expletives -- dismissing Hindenburg’s accusations. Nikola issued a more detailed statement four days after Hindenburg’s report on Sept. 14, though some of the company’s responses were more counterarguments than rebuttals. In addition to making other claims, the short seller said it corroborated a June report by Bloomberg News that said Milton had exaggerated the capabilities of the company’s debut truck, Nikola One. Milton, like Tesla Inc. Chief Executive Officer Elon Musk, has relied on social media to promote his company. In February, he introduced the Badger truck via a tweet, calling it “the most advanced electric & hydrogen pickup, designed to take down the Ford Raptor.” On June 8, he tweeted that Nikola would start taking Badger reservations later in the month for “the most bad a-- zero emission truck.” Potential buyers paid deposits as high as $5,000 -- without even seeing a prototype of a vehicle that won’t go on sale until 2022. Investors have sometimes struggled to keep up with Milton’s messages, especially given the evolving list of projects Nikola is pursuing: battery-electric big rigs in Europe, fuel cell-powered semis in the U.S., an electric pickup to be built by GM and becoming the preeminent supplier of hydrogen for fleets of vehicles. “It’s a bit confusing trying to follow Trevor on his various social-media outlets about the timing and cadence of communication of the different variables that you’re talking about,” Cowen analyst Osborne told executives during Nikola’s first earnings call on Aug. 4. Norway Knock-on Effect Nikola has had a co-development agreement with Germany’s Robert Bosch GmbH since 2017 to develop key components including fuel cells, motors and battery packs. It plans to build a battery electric semi-truck with CNH Industrial NV’s Iveco at a facility in Ulm, Germany, by the end of next year. A fuel-cell semi truck is planned for 2023 that will be built at a Nikola factory under construction in Coolidge, Arizona. GM plans to provide the fuel cells and battery packs. Nikola also plans to lease fuel-cell-powered semi trucks bundled with the cost of fuel and maintenance at a fixed price per mile. It currently has a single demo hydrogen fueling station at its headquarters in Phoenix, but the company envisions a network of 700 stations throughout North America supplying hydrogen “at cost parity to diesel.” Milton’s resignation pulled down shares of Norway’s Nel ASA, which has a contract to supply Nikola with electrolyzers and fueling equipment. The first shipment is slated to arrive in 2023 to support a handful of hydrogen stations in the U.S.

Indian steelmakers turn net exporters to China in April-August: Crisil

21 Sep, 2020, 06:05PM | Economic Times

Mumbai: Indian steelmakers have turned net exporters to China during April-August for the first time in several years, owing to weak domestic demand due to COVID-19 pandemic, according to Crisil Research. With 69 per cent of semi-finished steel and 28 per cent of finished steel heading there between April and August, India turned net exporter of steel to China for the first time in several years, the rating agency said. Primary steelmakers exported 60-80 per cent of their total production between April and August this year to various destinations, with China leading the pack, it added. Crude steel production fell a lower 27 per cent on-year despite a massive 38 per cent decline in domestic demand between April and August, the agency said. The fall in production was far less severe for export-oriented primary manufacturers with around 20 per cent decline, compared to 40 per cent fall in the secondary steel segment. "However, the jump in exports, by as much as 400 per cent on-year in June, has come off peaks since then, owing to the easing of domestic lockdowns and some revival in economic activity, reclaiming domestic demand for steel," it said. For China, supply disruptions and elevated global iron ore prices led to higher steel imports in these months, given that it imports over 90 per cent of its iron ore requirement. "While global steel prices were on a slide from end-February till June, iron ore prices soared, led by supply-side disruptions especially in Brazil and Australia. Iron ore prices zoomed past coking coal prices – another first in the past 25 quarters. This prompted port-based capacities in China to import semis and process them further in order to save on increased iron ore costs," the agency said. According to Crisil, more than two-thirds of Indian semi-finished exports were to China in April-August. "Notwithstanding soaring iron ore prices, global steel prices fell to a low of USD 409 per tonne in April, the lowest since October 2016, given weak demand and limited export opportunities. But demand recovery in China, especially in the current quarter, aided a nine per cent on-month rise in steel prices in August to USD 502 per tonne," it said. Crisil Research expects global steel prices to rise to close at USD 460-490 per tonne, or 3-5 per cent lower on-year. "While global steel prices will witness a 3-5 per cent drop on-year in calendar 2020, domestic prices are expected to decline only 1-2 per cent, also given that anti-dumping duties are in place," it noted.

Dalmia OCL launches new refractory line in Odisha to bring down the import dependence on China

21 Sep, 2020, 04:06PM | Economic Times

Mumbai: Dalmia Group ’s refractory manufacturing arm , Dalmia OCL has announced opening a 1.08 lakh tonne brownfield facility in Rajgangpur , Odisha to manufacture Magnesia Carbon refractory bricks , in a move to bring down dependence on imports, especially from China. “First phase of 36,000 tonne has been launched and 2 more phases to be added over the next two years. Our investment on this facility for phase 1 will be around Rs 20 crore and this will increase our capacity by 33%” the Group CEO, Sameer Nagpal said. The total investment on this line is around Rs 70 crore, Nagpal said. Dalmia-OCL plans to make a cumulative investment of another Rs 100 crore in the next five years to boost its domestic manufacturing capacity. The company is localizing the production of most refractories to provide support to its key customers such as SAIL, Tata Steel, JSW Group, JSPL Group, and AMNS. With the launch of the new manufacturing line, the company aims to substitute imports with locally manufactured MgO-C bricks and expects to capture 25% of the market share. “Once fully commissioned, this will be India’s largest refractory line for production of Magnesia Carbon Bricks and promises to cut nation’s import dependence by up to 50%,” Refractories are necessary materials used in various high-temperature equipment like in the internal linings of blast furnaces and converters used for steel making and in furnaces for heating materials before further processing. Currently around 80% of Magnesia carbon refractory bricks are imported from China mainly for their cost competitiveness. However, Dalmia is planning to bring down the cost to China’s level within the next 6 months to 1 year. “The incremental cost of manufacturing this product has been 5-7% cheaper in China, however we are working along with our customers to see how this can be reduced. Over a period of next 6 months to 1 year, our aim is to bring it as close as possible to the Chinese manufacturing cost,” said Nagpal. Any support from the government in terms of tax benefits, import duty reduction, production linked incentives will go a long way in making this happen, he added. Amid the ongoing India-China standoff , several steel and cement companies voiced out bringing down dependence on China. Top steel player JSW Steel announced that their China dependence will come down to zero. Thus, Dalmia sees a big opportunity in making the magnesia based refractories in-house. “We have already got some customers and some of the big steel companies have booked orders,” Nagpal said. While the company will make these products in-line with the Atmanirbhar Bharat initiative, raw materials for making these refractories are still dependent on China. “At this point of time, China still remains a large supplier of raw material for making magnesia-based bricks as it is cost effective. First we need to start making finished goods in India, which will be one level of derisking,” Nagpal said The company is also planning to source raw material within India and has identified 5-6 Magnesia companies, but it will be done in a step-by-step approach, gradually, Nagpal added.

Stakeholder capitalism: The squishy idea made more relevant by Covid-19

21 Sep, 2020, 10:52AM | Economic Times

By Mukul Gulati "Gradually… then suddenly" is Ernest Hemingway's famous response to the question "How did you go bankrupt?” 'Gradually… then suddenly' also describes the rapid adoption of stakeholder capitalism, sustainability, and impact investing by the world's largest investors and corporations. Climate change, persistent inequality, and COVID-19 have contributed to the increasing awareness of the private sector's responsibility to the broader community of stakeholders. In August 2019, 181 CEOs of the largest corporations in the United States announced their commitment to explicitly move beyond shareholder primacy and commit to serving key stakeholders, including customers, employees, suppliers, and local communities. Amongst the signatories were Larry Fink, the CEO of Blackrock , the largest asset manager globally, and Jamie Dimon, the Chairman of JP Morgan , the largest bank in the United States. Why the sudden embrace of these squishy ideas by such hardened capitalists? This movement didn't happen overnight. A gradual movement toward Environment , Social, and Corporate Governance (ESG) driven investing has been stirring for more than a decade. Businesses are noticing the impact of climate change and political convulsions resulting from the lack of economic opportunity experienced by large society sections. Low-income communities have endured the economic devastation caused by Covid-19. In India and other emerging economies, federal and local governments have limited fiscal space and administrative capacity to address low-income populations' economic challenges. The private sector has a critical role to play in addressing the needs of underserved communities. Companies need to deliver both products and jobs for low-income populations. While the private sector alone cannot solve all of India's problems, businesses have to take the lead in formal job creation, 'inclusion,' and food security in the absence of state capacity. During the COVID-19 lockdowns, the sight of thousands of migrant workers walking to their villages was a stark reminder of India's precarious employment state. Most jobs in India are informal, come with no health benefits, and can be terminated overnight. While all of us in the white-collar world quibble about 'zoom fatigue,' millions of poor Indians have lost their livelihoods. First, we need economic growth and business investment for job creation. Second, we need formal, not informal jobs. Businesses need to ensure that jobs are 'formal,' i.e., on the payroll. Improvement in the regulatory environment will allow enterprises to create 'on the rolls employment.' Large businesses should emphasize that they will only work with vendors who ensure minimum labor standards and formal employment. By 'inclusion,' we mean that companies should develop products and services for low-income customers. Take home loans, for example. A salaried employee in a big city will have ten banks chasing her for a mortgage loan, while poor people in villages have almost zero options for getting a loan for home construction. These market segments can be served sustainably and profitably. Digitization and technology allow banks and NBFC 's to underwrite and disburse loans digitally and collect payments via mobile phones instead of incurring costs from employees having to drive to faraway locations. While India produces enough food grain to feed its entire population, food security and undernourishment remains a significant challenge for many people. These issues can be addressed by improving agricultural productivity, increase farmer incomes, and improve logistics. There are significant growth and innovation opportunities for businesses that can improve agricultural productivity by providing high-quality inputs such as seeds and helping farmers by providing access to modern farming techniques. There is also a need for improved logistics, including storage and modern transportation. Digitization and low-cost mobile communications have made these problems easier to solve. Several examples of successful businesses have done well by delivering profits for shareholders while serving their local communities. Bandhan Bank serves 20 million low-income customers and has a market capitalization of $7 billion. Narayana Hrudayalaya performs heart surgeries at 2% of the global cost and is valued at $1 billion. Indian businesses have an obligation to solve the problem of India's poor. This will help improve lives and provide economic opportunities to the poor. It will also create a broad and sustainable market for these businesses, which can be a real 'win-win' proposition for shareholders and society. ( The writer is the Managing Partner of Zephyr Peacock India. Zephyr Peacock is an India-focussed SME funds manager, an affiliate of the Zephyr Management in New York. He Tweets at @mukul_value. )

The future of energy

21 Sep, 2020, 12:05AM | Business Standards

In the 1990s Daniel Yergin emerged as one of the great chroniclers of our day. Both The Prize, his epic history of oil (which won the 1992 Pulitzer Prize in general nonfiction), and The Commanding Heights: The Battle for the World Economy, written with Joseph Stanislaw, were turned into blockbuster television series. The New Map is Mr Yergin’s effort to chart the world of 2020. A sense of increasing disorder and multipolarity pervades The New Map. Indeed, it is implied in the book’s organising idea — the map. Maps are ordering devices. But they are also perspectival. There are as many maps as there are mapmakers. What Mr Yergin offers us is not one map, but an overview of the many maps contending for influence in the world today.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); googletag.cmd.push(function(){googletag.display('div-gpt-ad-1490771277198-0');}); INPAGE_BANNER Mr Yergin’s selection follows the contours of the fossil fuel economy, as seen from the point of view of the major oil and gas suppliers. Vladimir Putin’s Russia has a map on which the lost boundaries of the Soviet Union are marked in red. The Chinese assert their control over Central Asia and the South China Sea. Saudi Arabia and Iran vie for influence across West Asia. The Kazakhs, the Brazilians, the Mexicans all get a look in. But what about the rest? If energy is the theme, why does Mr Yergin concentrate only on the producers? Oil and gas are worthless without demand. But the world’s big consumers — India, Europe, and Japan — barely figure in his book. No less striking is Mr Yergin’s treatment of the United States. One might expect him to start with the strategies of the American oil majors. But Exxon and Chevron play almost no part in the narrative. Mr Yergin’s main American subjects are the shale frackers. But they are small fry. They matter as a herd, not as individuals. They have changed world markets by vastly increasing quantity and flexibility of supply. This encouraged some American strategists to talk of “energy dominance.” But if that is a map, it has turned out to be utterly misleading. Grand visions for the export of the frackers’ liquefied natural gas have run up against the harsh realities of market competition. No big producer, not even Russia or Saudi Arabia, any longer controls the market. What this multiplicity of sources gives Washington is not dominance but flexibility. That is only of value if you know how to use it. And on American strategy Mr Yergin is surprisingly silent. Perhaps Mr Yergin is conflicted, torn by America’s painful polarisation. He seems at odds with the recent turn against China. But he does not elaborate an alternative. On Russia, he merely notes that it has become a hot-button issue. The result is a history without a centre. A collage in which pigheaded Texan oil men, aspiring tech whizzes, Saddam Hussein, Qaddafi — dead in a drain pipe — Xi Jinping and his guy-pal Vladimir Putin, Saudi dynasts and vast arctic gas plants pass in review. The chronology is similarly helter-skelter. No less jarring is the alternation of voices. Here is Mr Yergin the master storyteller transporting us to the Saudi desert in the late 1930s. And there is Mr Yergin transcribing bullet points on the future of auto-tech. At times the juxtapositions are so disorienting that they evoke surreal associations, for instance, between Syrian suicide bombers and the question of how we might regulate self-driving vehicles. THE NEW MAP: Energy, Climate, and the Clash of Nations Author: Daniel Yergin Publisher: Penguin Press Price: $38 Pages: 512 The saga of entrepreneurship, great power politics, the climate crisis, the tech economy — any one of these could have provided an organising frame, but Mr Yergin never commits. The New Map is a miscellany. Perhaps the key to the problem is to be found in his other role as an energy consultant. In that capacity Mr Yergin inserts himself into the flow of the narrative as one of the mapmakers — the co-author of a 2019 report on clean energy and breakthrough technologies. His thinking about transport futures, he tells us, is informed by a planning scenario developed by IHS Markit, a firm of which he is vice chairman. The New Map might best be thought of as the narrative elaboration of a scenario planning exercise, a collection of unusually well-written backgrounders for managerial role-play (if you are Abu Dhabi’s crown prince, this is what you need to know about the Houthis). Maybe it is wrong, therefore, to complain about the lack of narrative coherence. What Mr Yergin is doing is holding up a mirror in which we see ourselves, the disillusioned survivors of the end-of-history moment, torn between the pros and cons of Uber, and vague worries about such problems as the historic impasse of Shia-Sunni relations or Mr Putin’s revanchism. Mr Yergin leaves it up to us to make what we will of his panorama. But Mr Yergin’s indecision has a price and this is most evident with regard to his treatment of climate politics. He oscillates between insisting on the vital importance of the issue and dismissing environmental activism as a pesky nuisance. “The debate over how rapidly the world can and must adjust to a changing climate … is unlikely to be resolved in this decade.” Given the timeline that we face, this blithe acceptance of indecision is a road map for catastrophe. ©2020 The New York Times News Service

Thermal, coking coal imports at major ports dip 28% to 46 mn tonnes in Apr-Aug: IPA

20 Sep, 2020, 04:26PM | Economic Times

New Delhi: Hit by coronavirus-related disruptions, both thermal and coking coal imports at India's 12 major ports dipped 27.93 per cent to 45.77 million tonnes (MT) in April-August 2020 over the same period a year ago, according to the apex ports' body IPA. Thermal coal imports dropped 25.42 per cent to 28.93 MT and coking coal shipments fell 31.87 per cent to 16.84 MT during this period. Coal volumes at these 12 major ports under the control of the Centre declined for the fifth straight month in August 2020, as per the Indian Ports Association (IPA). These ports had handled 38.79 MT of thermal coal and 24.72 MT of coking coal in the April-August period of the previous financial year. The IPA, which maintains cargo data handled by these ports, in its latest report said "percentage variation from the previous year" in thermal coal and coking coal handling was 25.42 per cent and 31.87 per cent, respectively. Together, thermal and coking coal handling saw a decline of 30.83 per cent at these ports in the April-July period at 36.7 MT. Thermal coal is the mainstay of India's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel making. India is the third-largest producer of coal after China and the US, and has 299 billion tonnes of resources and 123 billion tonnes of proven reserves, which may last for over 100 years. In the wake of the COVID-19 outbreak, sharp declines were also witnessed in handling of containers, coal and POL (petroleum, oil and lubricant) among other commodities. These ports have registered 16.56 per cent dip in cargo handling to 245.04 million tonnes (MT) between April and August this fiscal. Cargo volumes at these ports declined for the fifth straight month in August 2020 and all ports barring Mormugao saw a negative growth. These 12 ports had together handled 293.67 MT of cargo during April-August 2018-19. Ports like Chennai, Cochin and Kamrajar saw their cargo volumes nosedive about 30 per cent during April-August, while JNPT and Kolkata suffered a drop of over 20 per cent. India has 12 major ports under the control of the central government -- Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia). These ports handle about 61 per cent of the country's total cargo traffic. These ports handled 705 MT of cargo last fiscal.

34K startups gave direct employment to 4.2L: Government data

20 Sep, 2020, 10:07AM | Economic Times

(This story originally appeared in on Sep 20, 2020) BENGALURU: Emerging as a major job creator, more than 34,000 startups , as of September 2020, gave direct employment of over 4.2 lakh people. According to data released by the ministry of commerce and industry , the department for promotion of industry and internal trade (DPIIT) has so far recognised 36,106 startups, of which 34,267 have self-reported employment data. The 4.2 lakh count is a significant increase from the 1.9 lakh such jobs startups created in 2016. At that time, DPIIT had listed only 16,105 recognised startups. Guruprasad Mohapatra, secretary, DPIIT, told TOI, "The figures have been provided by startups registered with us. The registration enables them to avail some direct and indirect tax benefits. It also helps them gain access to other departments and ministries of the central government. But yes, not all startups register with us." While the present dataset did not give a sector-wise break-up, past trends show that a majority of these jobs are likely to be in the Information Technology services sector, followed by healthcare and life sciences, education and food and beverages. A DPIIT document released in November 2019 shows that of the 24,948 registered firms, 3,443 were involved with IT services, 2,063 were in healthcare and life sciences, and 1,766 and 1,009 were from the other two categories. The latest data trend shows that 36% of the jobs were created in Maharashtra and Karnataka, which are also states that have the most number of startups, followed by Delhi. V Balakrishnan, chairman, Exfinity Ventures, a venture capitalist firm that invests in startups, said, "The overall number is positive, but new employment is happening only in patches. The startup job environment is not so bad, but it is not as good as last year as firms are more concerned about fundraising and business management."

The Modi govt must forget pakoras and let the likes of Toyota create jobs

20 Sep, 2020, 07:09AM | Business Standards

Narendra Modi says, “Make in India.” Toyota Motor Corp. says, stop treating cars as though they were drugs or alcohol. The Japanese carmaker has a point about the tax structure being unviable for the industry, and Shekar Viswanathan, vice chairman of the India unit, made it forcefully in an interview to Anurag Kotoky of Bloomberg News. However, instead of trying to address the specific concern about the high sin levies on cars, the government turned it into a public relations issue. The minister for heavy industries, who also looks after information and broadcasting, took to Twitter to announce that “the news that Toyota... will stop investing in India is incorrect.” The additional luxury-tax burden — 1% to 22% depending on the size of the vehicle and engine capacity — is what jacks up the overall levy in the world’s fourth-biggest car market to as much as 50% on some sports utility vehicles. Six years of headline management should have been enough for Prime Minister Modi’s government. From justifying its bizarre overnight ban on most banknotes in 2016 to defending suspiciously cheerful gross domestic product data and suppressing a not-so-rosy household consumption survey, Team Modi has left no stone unturned when it comes to spinning a narrative in which it’s doing everything right. The longer this pretense continues, the higher the risk of India getting stuck in a post-pandemic sub-5% growth rut. It’s time to start an honest dialogue with unhappy stakeholders — labor, capital, and state governments. Lockdowns are easing even though the coronavirus continues to spread. Workers desperately want jobs to return because there isn’t much of a safety net beyond the family or village. Businesses weren’t investing even before Covid. It’s impossible to cut consumption taxes to stoke demand. India’s fund-starved 29 state governments badly need the sin levies that are earmarked for their exclusive use. Businesses were hoping that these, which are in addition to the regular goods and services tax, would expire as planned in 2022. However, because of the hit to collections this year, they may continue well into the future. That isn’t the whole story. Import duties on steel and electronic components may go up, ostensibly to promote Modi’s Make in India campaign, pushing prices for cars still higher. The market will then be even smaller. So what can be done? Auto analyst Govind Chellappa has practical suggestions. Even if taxes remain high for now, end the constant tinkering with the rates, regulation and the fuel policy — diesel, petrol or hybrid — and commit to stability for 15 years. “It takes 24 to 36 months to develop a new product and another 12 months to set up the physical infrastructure. If taxes and regulation change every 24 months, how does one decide what to invest in?” Chellappa asks. Similarly, the badly designed goods and services levy needs a one-time overhaul, followed by long-term certainty. India must break out of this vicious cycle in which taxes are high, consumer demand is low, investment and job creation are constrained, and wage incomes are insufficient to boost purchasing power at the bottom of the pyramid. Taxes are hence exorbitant and have to be collected from a small consuming class that can afford a $23,000 Toyota sedan — and fill it up with highly taxed gasoline that costs three-quarters more than what Americans pay. Modi said in an early 2018 television interview that those earning $3 a day by selling “pakoras” — Indian fritters — should also be counted as employed. That would leave the government off the hook for the absence of new jobs in the formal economy. This false pakora/Toyota equivalence must end. India should enable large companies to grow and create good jobs with social security. When they’re more productive and paid a little better, low-wage workers will be able to afford Made in India shirts and trousers, which, as economist Rathin Roy has noted, are more expensive than imported clothing from Bangladesh and Vietnam. Ultimately, the Modi government needs to focus on one simple statistic highlighted by Ambit Capital Pvt. and Singapore-based investor Akash Prakash. As much as 40% of the country’s listed nonfinancial firms have revenue of less than $15 million. They’re tiny even by emerging-market standards, and the ratio hasn’t increased at all over the past decade. Just when India should be presenting itself as an alternative to China by making it easy for enterprises to scale up, the Soviet-style statism that New Delhi discarded three decades ago is creeping back into politics, policies,and even court orders. The first step for course correction will be to listen to criticism, rather than dismiss concerns as sour grapes or fake news. Otherwise, India Inc. will consist of a handful of very large business islands surrounded by tiny atolls that will be first to go underwater in bad weather.

Can India be a toy hub of the world, as PM Modi has exhorted? It’s a tough game

19 Sep, 2020, 11:00PM | Economic Times

For seven days, Manish Kukreja had to shut down his 18,000 sq ft toy factory where thousands of colourful playthings — pullback cars and tractors, helicopters and air planes — are made. This time, the toys came to a standstill not during the peak lockdown months of April-June but in the middle of the unlock process in the first week of September. Ironically, Kukreja brought the shutters down on his plant in Silvassa, Dadra & Nagar Haveli, just a couple of days after Prime Minister Narendra Modi exhorted startups and entrepreneurs to turn India into a global toy hub. Kukreja was in a fix as the government had made it mandatory for all toys, manufactured in or imported to India, to comply with the safety norms of the Bureau of Indian Standards (BIS) from September 1. “Every unit was mandated to have a toytesting lab in the factory. I had ordered the equipment needed for BIS certification but there was a delay in shipment,” says Kukreja, CEO of Min Toy and president of The All India Toy Manufacturers Association (TAITMA). He says the BIS issue stalled production at his facility “just as we were reaching 40% manufacturing level of pre-Covid months”. Now, he can take a breather and his factory can keep churning out pink cars. The government on Tuesday extended the deadline for BIS certification to January 1, 2021. “In the present circumstances, the government has done enough. Now, we have a chance to comply with the norms. But the industry is vast and BIS equipment is not reaching us on time. To avoid closure of small companies, we have suggested a cooperative for such entities so that BIS charges do not weigh them down.” Like Kukreja, many toymakers feel setting up of labs at every facility is a challenge, especially for small players. “We welcome the extension of deadline but the number of BIS lab equipment must be brought down. The government should allow the setting up of cluster labs where manufacturers of a particular area can go and get their toys tested instead of each manufacturer setting up a lab of their own,” says Rajesh Arora, VP of TAITMA and a partner in Play Craft, which makes about 150 kinds of toys. The government is clear that safety standards of toys is not to be trifled with. “No import and sale of non-standard toys will be allowed in India,” Consumer Affairs Minister Ram Vilas Paswan told ET Magazine. According to sources in the Ministry of Consumer Affairs, the Quality Council of India (QCI) found that nearly two-thirds of imported toys had failed safety standard tests, necessitating the order. While the government aims to rein in substandard imports from China and maintain the quality of toys made in India, most industry players ET Magazine spoke to feel BIS certification labs at each unit is not practical as most toy manufacturers in the country are small-scale units. Industry experts also say the PM’s call to develop India into a toy hub and the commerce ministry’s move to make BIS certification compulsory after it raised import duty for toys in the budget are contradictory. Tarun Dewan, executive director, Sports Goods Export Promotion Council (SGEPC), too, points to the difficulty in implementing BIS in micro and cottage industries and among craftspeople in villages. “BIS may only create problems for traditional toymakers in smaller towns and villages who are already facing hardships due to lockdown. They must be exempted,” says Dewan. Indian toy industry is fractured, with just 3% of the 4,000-odd manufacturers being large-scale players, according to SGEPC. About 75% are micro units and 22% small and medium enterprises. Play Ground India is an old playground of a myriad of toys made from a variety of materials like wood, polymer, cloth, fibre, wood pulp, rubber and metal. Some of the traditional toy manufacturing hubs are Channapatna in Karnataka, Chitrakoot in Uttar Pradesh, Kondapalli in Andhra Pradesh and Budni-Rewa in Madhya Pradesh. The artisans are hard at work, keeping the crafts alive. Till the 1980s, most Indian kids had to be content with the toys made in the country. India met 90% of its toy requirement, with the rest coming from the US, UK, France, Italy, Japan and Germany. The opening up of the economy in 1991 changed how children played, as it did everything else. Made in China toys began to flood the market. Even as wooden toys remained popular, children were reaching out for mechanised toys, mostly imported from China. While China became the toy capital of the world, India played catch up with little success. Labour laws, taxation issues, lack of technology and poor government incentives meant no major industrial house ventured into the segment. Compared with China’s end-to-end, integrated manufacturing facilities, India’s small-size factories ensured there were no economies of scale. Today China manufactures almost 75% of the world’s toys. Post-1991, many Indian manufacturers shut their production units and became traders of imported toys. Kukreja was one of the exceptions. In the name of his company Min Toy, “Min” stands for Made in India. There are three types of toy dealers in India: indigenous toy manufacturers that operate at low or medium scale; licensed importers or channel distributors of a particular MNC; and traders who go to China, buy in bulk and sell in India. The government wants to clamp down on the last segment as they bring back low-quality and often hazardous toys at low cost. According to SGEPC, the organised toy industry in India is estimated to be Rs 3,500-4,500 crore. Homegrown toys constitute just around 15%, while 85% are imported toys. And China accounts for 90% of the toys imported to India. Doubts notwithstanding about India becoming the toy hub of the world, the recent call by the PM to be vocal for local toys has given some hope to the industry. After all, there is a big domestic market. India is home to 25% of the world’s children aged between 0 and 12, according to the World Bank’s 2019 data. The domestic toy demand is expected to grow at 15-20% CAGR between 2020 and 2025 as against the global average of 5%, according to SGEPC. But will international toy brands shift their manufacturing base from China to India?