NEWS TO SHIPS BY NEWS ACCESS INDIA – THURSDAY, JUNE 7, 2018

 

  •  VOTE US TO POWER, WILL WAIVE FARM LOAN IN 10 DAYS: RAHUL IN MP

 

Addressing a rally on Wednesday in Madhya Pradesh’s Mandsaur on the first anniversary of the farmers’ agitation which left six persons dead, Congress chief Rahul Gandhi “guaranteed” to waive farmers’ debt within 10 days if his party comes to power in the state. Madhya Pradesh goes to polls later this year.

“From this stage, I want to tell farmers in Mandsaur and these families (of those killed last year), and with Kamal Nath and (Jyotiraditya) Scindia (as witnesses), I want to assure you that within 10 days of the Congress forming a government in Madhya Pradesh, your debts will be waived. It won’t take a day more, I guarantee it,” Rahul said.

He said he had gone to the Prime Minister’s Office to raise farmers’ issues. “I told him you’ve waived Rs 2.5 lakh crore of 15 tycoons, while with Rs 35,000 crore, we ran NREGA across the country. I told him to waive off farmers’ debts, but he didn’t speak a word,” he claimed. “I’ve been told 1,200 farmers have committed suicide in Madhya Pradesh. I want to ask you, did anyone in their families (of tycoons) commit suicide?”

“The Narendra Modi government gave Rs 35,000 crore to Nirav and Choksi. With that amount, you can waive the debt of every farmer in Madhya Pradesh twice,” he said. On the youth, he said they were promised two crore jobs annually. “Can anyone in this crowd claim to have been given employment by Narendra Modiji?”

“Modiji has a telephone in his pocket and it has ‘Made in China’ written behind it. It is my dream that when we come here five years from now, the phones should read ‘Made in Mandsaur’. And Narendra Modi and Shivraj — MP Chief Minister Shivraj Singh Chouhan — can’t do this. This can be done and will be done by Kamal Nath and Scindia,” he said. “Within 10 years, we will make people in Chinese capital Beijing eat Mandsaur’s garlic.”

Targeting the Prime Minister, he said, “He is educated, but hasn’t studied the right things. It is RSS’s education. His heart is full of anger and hatred. Our education — of Kamal Nathji and Scindiaji and mine — is different. Our education is of love and bringing people together.”

 

 

  • ARUN JAITLEY HITS BACK AT RAHUL GANDHI OVER MANDSAUR SPEECH

 

Soon after Congress president Rahul Gandhi specch in Mandsaur, Union Finance Minister Arun Jaitley led the counter-attack. Posting a point-by-point rebuttal in a blog on his Facebook page, Jaitley questioned Gandhi’s knowledge of things that he talked about during the Mandsaur rally. “How much does he know? when will he know?,” wondered Jaitley.

Jaitley wrote the government had not waived a single rupee due from any industrialist but had enacted the Insolvency and Bankruptcy Code to deter defaulters and creditors. “Those who owed money to the banks and other creditors have been declared insolvent and removed from their companies by IBC. These loans were given largely during the UPA Government,” Jaitley wrote.

Arun Jaitley argued that Gandhi’s assertion that the BJP government was giving loans only to industrialists was factually false and such favours were carried out during the UPA II regime. He said the bulk of present non-performing assets (NPAs) accumulated during 2008-14. “From 2014 we have been systematically taking one step after the other to recover these monies back,” Jaitley said in the FB post.

Jaitley said when UPA lost the 2014 elections, there were only two mobile phone manufacturing units in India. “In 2018, with the result of our electronics policy and the incentives in a four year period, this has increased to 120 units with an investment of Rs.1,32,000 crores,” the finance minister said.

Pointing to the latest GDP rate, which shows India as the fastest growing economy in the world, Jaitley said there was a double-digit growth in construction, expansion in manufacturing and an increased capital formation. “This indicates investment increase, large investment in physical infrastructure and increased investment in rural India. All these are job-creating sectors,” he said.

 

 

  • WHY IS SHAH MEETING US NOW, TAUNTS SENA

 

Amit Shah was greeted with a stinging editorial in Shiv Sena mouthpiece Saamana that mocked his efforts to reach out to allies after by-election defeats, on a day the BJP chief landed in Mumbai to meet disgruntled ally Uddhav Thackeray.

Shah called on Thackeray at his residence in the evening. Neither side revealed what was discussed at the two-and-a-half-hour meeting.

But the message from the Sena through the editorial seemed to be clear: that the BJP leader’s efforts to assuage its oldest ally to remain with the party in the 2019 Lok Sabha polls might not bear fruit.

Stressing that the aim of Shah’s reach-out drive was the 2019 Lok Sabha polls, the editorial asserted the Sena’s resolve to snap ties with the BJP and go it alone.

Shah was in Mumbai as part of his drive to canvass support for Modi in the 2019 polls. The BJP boss met actress Madhuri Dixit and industrialist Ratan Tata earlier in the day and told them about the “path-breaking” achievements of the Modi government in the past four years.

The Sena predicted certain defeat for the BJP in upcoming elections in Rajasthan and Madhya Pradesh and also Maharashtra later.

 

 

  • DAUGHTER DISAPPROVES OF PRANAB MUKHERJEE ADDRESSING RSS EVENT

 

A day before former president Pranab Mukherjee addresses an RSS event in Nagpur, his daughter and Congress leader Sharmistha Mukherjee on Wednesday disapproved of his decision, saying he was giving the BJP and the Sangh a handle to plant false stories as his “speech will be forgotten” but “visuals will remain”.

Taking to Twitter, she hoped the former president would realise how the BJP’s “dirty tricks department” works. She also dismissed “rumours” about her joining the BJP, saying she would rather leave politics than quit the Congress.

Pranab Mukherjee’s visit has already given rise to a lot of speculation and a host of Congress leaders have urged the former president to review his decision for the sake of secularism. He arrived in Nagpur last evening to attend the concluding ceremony of the RSS’s Tritiya Varsh Training programme.

 

 

  • INTERNATIONAL AFFAIRS

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  • EU SET TO LEVY EXTRA DUTIES ON US IMPORTS FROM JULY

 

The European Union expects to hit US imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.

EU members have given broad support to a European Commission plan to set 25 per cent duties on up to 2.8 billion euros of exports from US in response to what is sees as illegal US action. EU exports that are now subject to US tariffs are worth 6.4 billion euros.

US products on the list include orange juice, bourbon, jeans, motorcycles and a variety of steel products.

The European Union, Canada and Mexico have all responded after US President Donald Trump last Friday ended their exemptions from tariffs of 25 per cent for steel and 10 per cent for aluminium.

 

 

  • MUSLIM GROUPS TO BOYCOTT DONALD TRUMP’S IFTAR PARTY

 

Several Muslim organisations have decided to boycott US President Donald Trump’s first Iftar dinner at the White House, citing his alleged anti-Muslim rhetoric.

Last year, Mr Trump broke with decades of precedent by forgoing the annual Iftar dinner – a bipartisan tradition that formally began with Bill Clinton in the 1990s but has conceptual roots tracing as far back as under Thomas Jefferson in 1805.

Leading Muslim groups in Washington who attended the event under previous administrations said Mr Trump’s continued targeting of Islam and its followers made engagement with his administration a futile, if not impossible task. Many of them have announced that they would hold a parallel Iftar dinner outside the White House.

“President Trump has demonstrated overt antipathy towards Muslims in the US and abroad from the beginning of his presidential campaign and continues to support his un-American Muslim and refugee travel bans,” the organisers said in a statement.

 

 

  • MALDIVES LEADER AHMED NIHAN DENIED ENTRY, MALE RAISES ISSUE WITH NEW DELHI

 

A prominent leader from the ruling party in Maldives, Ahmed Nihan, who is considered to be a close aide to President Abdulla Yameen, was not allowed to enter India earlier this week, prompting Male to raise the issue with New Delhi. This incident comes amid the strain in bilateral ties between India and Maldives over the political situation in the island nation.

Describing the incident which took place Monday night as “unfortunate”, Maldives envoy to India Ahmed Mohamed said: “The Maldives foreign ministry has taken up the matter with Indian ambassador in Male Akhilesh Mishra on Tuesday, while I have raised it with officials in Ministry of External Affairs in Delhi Wednesday.”

Nihan had to come to Chennai for medical consultations on Monday night, but was not allowed to enter the country.

The incident comes days after a joint statement by several EU countries, UK, Canada and US expressed concern on May 31 over the “recent deterioration of the situation in the Maldives, especially in relation to the pre-election process”.

Maldives, which is scheduled to hold its presidential elections in September this year, has disqualified all major opposition leaders from contesting the polls.

 

 

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  • RBI INCREASES REPO RATE TO 6.25%, LOANS TO COST MORE NOW

 

Effecting the first hike since the NDA government came to power at the Centre, the Monetary Policy Committee (MPC) of the RBI on Wednesday raised its key policy rate, the repo rate, by 25 basis points to 6.25 per cent. This is expected to result in higher lending rates on housing, auto and other personal loans.

The MPC cited a “major upside risk to the baseline inflation path with a sharp increase in crude oil prices and inflation expectation of households besides the impact of a revision on kharif crops which is expected soon”.

The RBI last raised its policy rate — the rate at which it lends funds to banks — by 25 basis points to 8 per cent in January 2014. Since then, the central bank had reduced the repo rate by 200 basis points to 6 per cent in the last four years.

While all six members of the MPC voted in favour of the decision to increase the repo rate, the committee kept the policy stance neutral.  On maintaining the neutral stance, RBI Governor Urjit Patel said, “a neutral stance leaves all options open and other central banks also do the same. So there is no contradiction or tension between the two (repo rate hike while maintaining a neutral stance).”

 

 

  • CREDITOR STATUS FOR HOME BUYERS

 

resident Ram Nath Kovind on Wednesday approved the Insolvency and Bankruptcy Code Ordinance, 2018, which places home buyers on a par with other financial creditors of a bankrupt realty firm.

The amendment allows home buyers to be treated as secured “financial creditors” for the insolvency process, so that their total investments are reflected in the sum which can be recovered from the sale of assets.

Home buyers can now invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against errant developers, just as banks do.

Besides, the buyers will be represented in the Committee of Creditors. Earlier, home buyers were treated as “unsecured creditor”, which graded their investment as an unsecured loan, to be dealt with only after the bankers and other secured lenders recovered their money. This meant that once a realty firm went bankrupt, the flats for which home buyers had given money would become the property of banks who could auction them without bothering about the investments made by the buyers.

The move assumes significance amid hundreds of home buyer facing difficulties due to delayed and incomplete real estate projects, with quite a number of realty firms coming under insolvency proceedings.

 

 

  • AFTER PATANJALI THREATENS TO EXIT, UP GOVT PROMISES TO SORT LAND ISSUE SOON

 

Hours after a controversy erupted around Rs 2,000-crore mega food park project of Ramdev-owned Patanjali in Greater Noida, when CEO Acharya Balkrishna announced on Tuesday that the group was moving out of the state because of the BJP government’s indifferent attitude, the government went into damage-control mode, saying all issues with the firm will be sorted out soon.

Earlier on Tuesday, Balkrishna tweeted: “The proposed mega food park, which also had central government approval, has been cancelled. The Greater Noida food park would have brought prosperity to the land of Lord Rama and Krishna. But, because of the state government’s indifference, this will remain a dream. We have decided to shift to some other location.”

Proposed to come up over an area of around 465 acre, at an estimated cost of around Rs 2,000 crore, the project entailing establishment of a food processing unit was given a nod by the previous Akhilesh Yadav government in 2016.

Soon after Balkrishna’s tweet, Adityanath reportedly called up Ramdev to clarify there will be no delay in the project. Patanjali’s proposal, to transfer the land from one company to another, was in process to being approved by the cabinet in the next meeting.

 

 

  • INX MEDIA CASE: CHIDAMBARAM QUESTIONED BY CBI FOR 4 HOURS

 

A day after appearing before the Enforcement Directorate (ED), former finance minister and senior Congress leader P Chidambaram on Wednesday was questioned by the CBI in connection with the INX Media corruption case. The central agency probing the matter has alleged irregularities in the clearance of foreign investment in INX media, a venture promoted by former media baron Peter Mukerjea and his wife Indrani.

Chidambaram after coming out of the CBI headquarters in New Delhi said the FIR lodged did not contain any allegations against him. The Congress leader in multiple tweets said, “Appeared before CBI. FIR contains no allegations against me. Questions and Answers were based on the files of FIPB. Hence, there was little to add to the record.”

An FIR was lodged by the CBI on May 15 last year for alleged irregularities in FIPB clearance to INX Media, stating that the firm received overseas funds to the tune of Rs 305 crore in 2007, at a time when the senior Congress leader was the Union Finance minister.

His son Karti Chidambaram was arrested in February for allegedly receiving funds to the tune of Rs 10 lakh. The other accused in the case include then INX media director Indrani Mukerjea and the then INX news director, Peter Mukerjea, both in jail in the murder case of 24-year-old Sheena Bora, who was Indrani’s daughter from previous marriage.

 

 

  • MEDICAL MESSAGE: BEING GAY IS NOT AN ILLNESS

 

The Indian Psychiatric Society has launched its first-ever campaign to assert that homosexuality is not an illness amid concerns that sections of the public and physicians continue to mistakenly believe it can be treated.

Senior members of the IPS plan to address conferences open to the public and use social media platforms to argue that homosexuality and lesbianism are just variations in sexual orientation and provide science-driven guidance to the campaign to decriminalise homosexuality.

The IPS campaign is driven by concerns that many parents continue to approach doctors, including psychologists and psychiatrists, with requests to “convert” the sexual orientation of their children.

Most psychiatric societies have removed homosexuality from definitions of mental illness, a move that IPS executive body members say is backed by an abundance of scientific evidence. The American Psychological Association had cautioned against “conversion therapy” in 2009.

 

 

  • MUGURUZA HAMMERS SHARAPOVA, HALEP BEATS KERBER

 

Maria Sharapova, back at the claycourt slam for the first time since 2015 following a doping-ban, walked on court with two French Open crowns to Garbine Muguruza’s one and a 3-0 head-to-head record against the reigning Wimbledon champion.

An hour and 10 minutes later the 31-year-old was walking off after her worst French Open spanking since she managed only two games against Dominika Cibulkova at the same stage in 2009. Muguruza roared to a 6-2 6-1 victory and on to a semifinal against top seed Simona Halep in which the world No. 1 ranking will also be on the line.

Halep eased past Angelique Kerber in the third set to win the match 6-7(2) 6-3 6-2 and storm into the Last-4.

The otj\her women’s semi final is to be played between two Americans – Madison Keys and Sloane Stephens

Rafael Nadal was in deep trouble when rain interrupted his quarterfinal against Argentinian Diego Schwartzman. The 10-time champion trailed the 11th seed 4-6 2-3, but after a rain break, he came back and led 5-3 in the second set when rain returned and stopped the match. It would be completed today.

 

 

  • IN AUSTRALIA SLEDGING IS A GOOD THING, SAYS COACH JUSTIN LANGER

 

Australia coach Justin Langer insisted “sledging’s a good thing” as the team prepared to face England in their first series since March’s dramatic ball-tampering scandal in South Africa.

After the ball-tampering scandal, there were concerns that sledging or verbal taunts had contributed to a toxic atmosphere between the Australia and South Africa teams. But Langer said that, as far as he was concerned, sledging was just another word for banter.

“In Australia sledging’s a good thing: if I play Uno (a card game) with my daughter we sledge each other,” Langer said at the Lord’s today. “If I play golf with my parents, we sledge each other. There’s a difference between banter and abuse.”

Australian skipper Tim Paine, alongside Langer at the Lord’s, explained: “The thing we’ve spoken about is the difference between abuse and banter. We won’t be silent. We’re going to be speaking, trying to put pressure on teams as we usually do. But we have to be respectful.”

Paine added: “I’m sure you’re going to hear us talking through the stump mic. But it’s up to me, Justin and the senior players to stay on the side of banter and never go to abuse. There’s no doubt our reputation took a bit of a battering (in South Africa).”

 

 

  • INDICATORS

 

Sensex 35,179 (+276), Nifty 10,685 (+92), Trading Value NSE (Rs.crores) 27,089

Nasdaq 7,689 (+51) Dow 25,146 (+346), S&P 2,772 (+24)

US$-Rs. 66.87 GBP-Rs. 89.71, Euro-Rs. 78.62, UAE Dhm-Rs.18.20, Can$-Rs. 51.71, Aus$- Rs. 51.21

GBP 0.74 /US$, Euro 0.85 /US$, Jap.Yen 110.05 /US$, Aus$ 1.30 /US$, Sing 1.33 /US$, Bang Taka 83.55 /US$, Can$ 1.29 /US$, Mal Ring 3.97 /US$,

Pak Re 115.20 /US$, Phil Peso 52.37 /US$, Russian Rouble 61.95 /US$, NZ$ 1.42 /US$, Thai Baht 31.85 /US$, Ukraine Hryvnia 26.00 /US$

Bitcoin – USD 7,586

Dollar Index 93.63 Brent Crude 75.07  BDI 1249

Gold world Spot Price USD/aoz 1,297 India (Rs. per gm 24k/22k) 3129 / 2941, Silver (Rs. Per KG) 42,900

 

 

  • THOUGHT FOR THE DAY

 

We choose our joys and sorrows long before we experience them. – – Kahlil Gibran

 

 

  • OFF TRACK

 

“Everyone goes with the flow.. but the one who goes opposite to the flow becomes someone remarkable in life..”

Before I could explain this to the traffic cop, Pagal ne “parchi” kaat di..!!

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