LAC STAND OFF: INDIA, CHINA AGREE NO MORE ESCALATION

In what is the first sign of India and China resolving the 20-week military

standoff along the Line of Actual Control in Ladakh, the two sides have

agreed to not add any more troops along the frontline and refrain from

unilaterally changing the ground situation.

A joint statement was issued on Tuesday night detailing the outcome of the

meeting of senior military commanders in Ladakh on Monday. The meeting had

ended at 11 pm.

The statement said the two sides agreed “to stop sending more troops to the

frontline, refrain from unilaterally changing the situation on the ground,

and avoid taking any actions that may complicate the situation”.

In New Delhi, this is being seen as a first step to resolve the issue at the

LAC as both sides have issued matching statements in New Delhi and Beijing.

The two sides also agreed to hold the 7th round of Military Commander-Level

meeting as soon as possible and also take practical measures to properly

solve problems on the ground, and jointly safeguard peace and tranquillity

in the border area.

The joint statement said the two sides had candid and in-depth exchanges of

views on stabilising the situation along the LAC. “They agreed to earnestly

implement the important consensus reached by the leaders of the two

countries, strengthen communication on the ground, avoid misunderstandings

and misjudgments,” the statement said.

The meeting yesterday was the sixth round of talks at the level of the Lt

General. Between June 6 and August 2, the two commanders met five times.

NO FARMER IN ANTI-BILL AGITATION, SAYS GOVT; OPPN BOYCOTTS LOK SABHA AS WELL

Opposition parties led by the Congress on Tuesday boycotted Lok Sabha

proceedings after the govt defended the farm Bills in the house and said

there was no farmer in the ongoing agitation against the agriculture

market-related reforms.

“The Congress hypocrisy stands exposed. This party says one thing in

Parliament and does another thing outside. There are no farmers in the

ongoing agitation. There are only Congress-sponsored people. The Congress

canÂ’t stomach the fact that the new bills are going to improve agriculture

growth rate, financial status of farmers and connect the farmers to

technologies. The farmers should not fall in for the myths being spread by

Congress and its propaganda,” Agriculture Minister Narendra Singh Tomar said

when the house reassembled at 4 pm after an hour-long adjournment. Tomar

also assured the farmers that the MSP regime will be protected.

“In six years, the NDA govt has given three times more money in the form of

MSP than the Congress led UPA gave from 2009 to 2014. Also, we announced the

Rabi MSP yesterday even before sowing has begun. This shows our govtÂ’s

commitment to MSP. Even the Congress wanted to bring farm-related reforms

but could not due to pressures from middlemen. Former PM Manmohan Singh and

Sharad Pawar have all spoken for reforms in the past,” Tomar added.

The Congress led by Adhir Ranjan Chowdhury attacked the minister for what it

called a “while lie” and announced boycott of house proceedings saying “the

govt hasn’t left us any choice”.

‘GOVT READY TO DISCUSS FARM BILLS, IF SUSPENDED MEMBERS EXPRESS REGRET’

The govt on Tuesday committed in the Rajya Sabha that it was ready for the

extension of time to further discuss farm-related bills and also the

division of votes on condition that the suspended members expressed regret

about their conduct. They had been passed on Sunday by voice vote which has

been opposed by the Opposition.

Leader of the Opposition Ghulam Nabi Azad said the behaviour of the members,

though improper, was an expression of the pent-up feeling of Opposition on

being not allowed sufficient time to express their views. He said the

division of votes on the Bills was not allowed by the Deputy Chairman

Harivansh Singh, who was presiding the proceedings. He said the discussion

should have been extended to discuss the Bills, as had been asked for by the

Opposition.

Azad wondered at the hurry displayed by the govt to pass the Bills, and also

expressed doubt if it had sufficient numbers to face division of votes.

Parliamentary Affairs Minister Pralhad Joshi said the govt had comfortable

numbers in the House with 110 against 72 member opposing Bills when they

were passed.

Rebutting the allegation that time was not extended, Joshi said the members

resorted to uncalled for aggression no sooner than he had concurred for

extension of time. The Deputy Chairman, Harivansh Singh, had also agreed to

allow division of votes provided the members go to their respective seats

and restore order.

Joshi expressed concern at Azad for justifying the unruly conduct of the

eight members of the opposition parties for their unruly conduct by "laying

the blame on the chair". He appealed to the members to express regret for

their conduct as it was in the interest of all that the House should

function.

House Chairman Vekaiah Naidu expressed concern at the developments that it

had hurt the image of the House. He said he was ready to consider the action

taken against the members provided they express regret for the conduct.

Azad said the Opposition will boycott the House for the remaining period the

Monsoon Session till the suspension of the members were revoked, and a fresh

Bill ensuing that agriculture produce will be purchased by private parties

and govt agencies at MSP rates were brought in the House.

LOK SABHA TO BE ADJOURNED SINE DIE TODAY

The Lok Sabha will be adjourned sine die on Wednesday ahead of the October 1

schedule due to looming fear of Covid infections. The LS business advisory

committee in its last meeting had a consensus on curtailing the session with

all opposition leaders in agreement.

INTERNATIONAL AFFAIRS

======================

CHINA HAS NO INTENTION TO FIGHT 'A COLD WAR OR HOT ONE: XI JINPING AT UN

Chinese President Xi Jinping told the United Nations General Assembly on

Tuesday that Beijing has "no intention to fight either a Cold War or a hot

one with any country," as tensions grow between China and the United States.

"We will continue to narrow differences and resolve disputes with others

through dialogue and negotiation. We will not seek to develop only ourselves

or engage in zero sum game," Xi said in a pre-recorded video statement to

the annual gathering of world leaders, conducted virtually this year due to

the coronavirus pandemic.

In what appeared to be a rebuke to US President Donald Trump, though both

leaders' speeches were pre-recorded, Xi called for a global response to the

virus and giving the WHO a leading role.

Trump has announced plans for the United States to leave the Geneva-based

WHO, accusing the agency of being a puppet of China, a claim the WHO denied.

"Facing the virus, we should enhance solidarity and get through this

together. We should follow the guidance of science, give full play to the

leading role of the World Health Organization," Xi said. "Any attempt of

politicizing the issue or stigmatization must be rejected."

UN Secretary-General Antonio Guterres told the 193-member General Assembly

earlier on Tuesday that everything must be done to avoid a new Cold War,

warning that "we are moving in a very dangerous direction." "Our world

cannot afford a future where the two largest economies split the globe in a

great fracture," he said.

COVID FATALITIES TOP 200,000 IN US AS UK TIGHTENS CURBS

The US death toll from Covid-19 topped 200,000 on Tuesday - grim milestone

in America was reported only hours after the UK announced new restrictions

short of a total lockdown, with the countryÂ’s authorities reporting a sharp

increase in cases in recent weeks.

In the UK, the disease has claimed over 41,800 lives.

The new measures would last at least six months, Johnson told the House of

Commons. The curbs include a 10pm curfew for pubs, restaurants and

hospitality centres. Fines of up to £10,000 and compulsory wearing of masks

are among the new steps.

Another advice from the UK PM was to “work from home”, a reversal of the

recent “back to work” advice. Weddings will also be limited to 15 people,

instead of 30, while planned pilot events for the return of spectator sport

have been cancelled.

FACEBOOK THREATENS TO LEAVE EUROPE OVER NEW DATA-SHARING REGULATIONS

Facebook said it may stop operating its core app in Europe, thanks to new

regulations impacting how it transfers data from the EU to the US.

Facebook had filed an affidavit to IrelandÂ’s high court on September 10 in

which it challenged a preliminary order issued by IrelandÂ’s data privacy

watchdog, Data Protection Commissioner, which had threatened to block

Facebook from transferring EU data back to the US over privacy concerns.

Facebook and Instagram have over 410 million combined users in the EU

region, and all of them, theoretically, would lose access to both platforms,

if Facebook discontinues its operations in the region.

THE REST

========

LOK SABHA PASSES LABOUR CODES; WIDEN SOCIAL SECURITY NET FOR WORKERS

The Lok Sabha on Tuesday passed three labour codes which seek to amalgamate

29 central legislations into one with the purposes of widening the social

security net for workers and making it easy for companies to do business.

“The Codes provide for issuance of appointment letters to all workers to

encourage formal employment, widens the definition of migrant worker for the

purpose of their benefit, provides for re-skilling of retrenched workforce

and lays down the role of trade unions in industrial dispute resolution.

These codes will prove a milestone for worker welfare in India,” said Labour

Minister Santosh Gangwar, as the Bills were passed amid opposition boycott

of proceedings.

The minister allayed concerns around the right of workers to strike being

made difficult saying the codes do not take away this right. The Bills,

however, made it mandatory for striking labour unions to give a 14 day prior

notice for a strike and say the workers will not strike while negotiations

are on. The Bills also make it mandatory for a valid trade union to show

support of 75 per cent workers.

The codes will cover 50 crore workers from the organised, unorganised and

self employed sector for purposes of minimum wages, social security.

The codes will also cover gig workers opening doors for social security to

those in the self-employment sector. One concern around the Codes is – these

allow employers of units with less than 300 workers to terminate employment

without prior notice. The threshold limit earlier was 100 workers.

SONIA GANDHI, RAHUL RETURN FROM ABROAD AFTER HER MEDICAL CHECK-UP

Congress president Sonia Gandhi and her son Rahul Gandhi returned from

overseas early Tuesday. Sonia Gandhi, 73, had gone to the United States for

her routine medical check up on September 12, two days ahead of the Monsoon

session of Parliament. Rahul Gandhi had accompanied her during the visit.

Reports say her medical check-up was overdue and was delayed due to the

COVID-19 pandemic.

COLLEGE CLASSES TO COMMENCE FROM NOV 1

The delayed academic session for freshers in universities and colleges will

begin from November 1, and the winter break this year, the summer vacation

in 2021 and other holidays would be curtailed to compensate for the time

lost, according to the University Grants Commission.

Universities and schools across the country have been closed since March 16

when the Centre announced a countrywide classroom shutdown as part of

measures to contain the spread of coronavirus.

As per the revised calendar, the admission process for first year students

needs to be completed by October 31 and classes for the first semester

should commence by November 1.

The UGC has said in order to avoid financial hardship being faced by the

parents due to the lockdown and related factors, full refund of fees be made

on account of all cancellation of admissions or migration of students, up to

November 30, 2020, for this very session as a special case.

CENTRE STREAMLINES OXYGEN LOGISTICS AND PROTOCOLS FOR COVID-19 PATIENTS

The Centre has identified three major “problem areas” in the management of

oxygen inventory and clinical management of patients on oxygen support,

which resulted in poor availability of oxygen, especially in big states with

high Covid-19 caseloads. Over the past week, the Centre has held multiple

meetings with states about the availability of oxygen.

According to the clinical management protocol, the moment a patient reaches

a saturation level of 95, they should be taken off oxygen. It doesnÂ’t make a

difference if the patientÂ’s saturation level is the range of 95-99. However,

treating doctors are trying to achieve a 100 per cent saturation level. Over

a video conference, it was emphasised that achieving 100 per cent was not

the idea, and the oxygen has to be unhooked the moment 95 per cent is

achieved.

At the weekly briefing on the pandemic, Health Secretary Rajesh Bhushan said

several decisions had been taken on the issue of oxygen supply. “First,

there will be unrestricted and unhindered transpiration of oxygen, both

interstate, and intrastate. Second, oxygen tankers will be permitted to move

freely within city limits in the day time,” he said.

COVID-19 : DAILY RECOVERIES MORE THAN NEW INFECTIONS FOR LAST 5 DAY

With India recording the highest number of COVID-19 recoveries in the world,

the govt on Tuesday said that for the past four consecutive days the number

of daily recovered cases surpassed the new infections reported per day.

Addressing a press briefing, Union Health Ministry Secretary Rajesh Bhushan

said India had the highest number of recovered cases in the world at

44,97,867.

"The daily recoveries from COVID-19 are more than number of new infections

reported per day since past four consecutive days," he said.

The trend has held good for the fifth day running now.

In the 5 days, from Friday to Tuesday, the absolute number of current

infected persons (Active cases) has dropped by 3,810, 2,932, 6,701, 28,651,

7,775 respectively. Before this latest five day declining trend, this daily

number had dropped only on 7 days in last 6 months, and only once on two

consecutive days. The no. of Active Cases in India currently stands at about

9.68 lakhs, with about 90,000 deaths so far, with an average of about 1140

daily deaths over last 10 days.

SHAPOORJI PALLONJI GROUP AGREES TO EXIT TATA SONS, CALLS FOR SEPARATION

In an attempt to end the long-standing and bitter dispute with the Tata

group, the SP group, owned by the billionaire Mistry family, on Tuesday told

the Supreme Court (SC) that it would exit Tata Sons, provided an early,

fair, and equitable solution was reached.

In a late evening statement, the Mistry family said a separation from the

Tata group was necessary due to the potential impact the ongoing litigation

could have on livelihoods and the economy.

The Mistry family owns 18.37 per cent in Tata Sons and is its largest

minority shareholder.

The statement came within hours of the Tata group informing the SC that it

was ready to buy out the SP groupÂ’s stake. The Tata group did not mention

any valuation or timeline for this.

But the valuation cited by the Mistrys could be a hurdle, though. The SP

group is expecting a valuation of Rs 1.78 trillion for its stake, against

the current valuation of about Rs 1.5 trillion.

Reports suggest that SP Group is severely cash strapped and

under-capitalised after betting high on infra sector.

CONTRASTING TALES: ECONOMY IS DOWN, BUT MARKETS HAVE DEFIED FEARS

The GDP contracted an unprecedented 23.9 per cent in the April-June period

of 2020-21 — the first two months saw the lockdown, which was partially

eased in June.

The govt is hopeful of a V-shape recovery in the coming quarters, but the

RBI is not. Lead indicators lend credence to RBI's theory of gradual

recovery.

In contrast, equity markets, which crashed over 40 per cent even before the

lockdown came into effect on March 24, have defied fears, staging a dramatic

recovery fuelled by aggressive stimulus measures by global central banks and

support from the Centre and the RBI.

In the past six months, Nifty has gained 52 per cent in rupee terms and 58

per cent in dollar value — making India one of the best-performing markets

globally.

The rally has been supported by strong buying by overseas investors, pushing

valuations to multi-year highs and indicating that stocks are penciling in

sharp earnings recovery.

TESLA'S VALUE DROPS $50 BN AS MUSK SAYS CHEAPER BATTERY IS 3 YEARS AWAY

Investors slashed $50 billion from Tesla Inc's market value on Tuesday

despite CEO Elon Musk's promise to cut electric vehicle costs so radically

that a $25,000 car that drives itself will be possible, but not for at least

three years.

Tesla's market cap dropped $20 billion in just two hours after trading

closed Tuesday, as Musk and other Tesla executives presented their new

battery and manufacturing strategies. Shares closed down 5.6% and dropped

another 6.9% after hours.

Investors had expected two significant announcements at Musk's oft-touted

"Battery Day": The development of a "million mile" battery good for 10 years

or more, and a specific cost reduction target -- expressed in dollars per

kilowatt-hour -- that would finally drop the price of an electric vehicle

below that of a gasoline car.

Musk offered neither. Instead, he promised over the next several years to

slash battery costs in half with new technology and processes and deliver an

"affordable" electric car.

"In three years . . . we can do a $25,000 car that will be basically on par

(with), maybe slightly better than, a comparable gasoline car," Musk said.

INDICATORS

Sensex 37,734 (-300), Nifty 11,154 (-97), Trading Value NSE ,(Rs.crores)

60867.42

Nasdaq 10,963 (+185) Dow 27,288 (+140), S&P 3,315 (+36)

US$-Rs. 73.43 GBP-Rs. 93.81, Euro-Rs. 86.16, UAE Dhm-Rs.19.98, Can$-Rs.

55.16, Aus$- Rs. 52.83

GBP 0.78 /US$, Euro 0.85 /US$, Jap.Yen 104.73 /US$, Aus$ 1.38 /US$, Sing

1.36 /US$, Bang Taka 83.36 /US$, Can$ 1.33 /US$, Mal Ring 4.13 /US$,

Pak Re 165.73 /US$, Phil Peso 48.43 /US$, Russian Rouble 76.06 /US$, NZ$

1.50 /US$, Thai Baht 31.33 /US$, Ukraine Hryvnia 27.97 /US$, Norway NOK 9.32

/US$

Bitcoin - USD 10,492

Dollar Index 94.18 Brent Crude 41.32 BDI 1,314

Gold world Spot Price USD/aoz 1,895 India (Rs. per gm 24k/22k) 5,,063 /

4,963 Silver (Rs. Per KG) 61,300

THOUGHT FOR THE DAY

He has achieved success who has worked well, laughed often, and loved much.

- Elbert Hubbard

OFF TRACK

The New Year's Eve party had turned into a marathon with numerous guests

coming and going. At one point, a man knocked on the door, was greeted

heartily though no one knew who he was, and was led to the bar. He sat

there happily for about an hour before confiding to the person sitting next

to him, "I wasn't even invited to this party. I just came over to tell

someone that some of the guests' cars are blocking my driveway. My wife

must still be sitting out in the car.”