Modi calls for 'stronger and closer' ties with new British PM

 New Delhi/London, Jul 27 (PTI) Prime Minister Narendra Modi has spoken to Britain's new Prime Minister Theresa May congratulating her on her assumption of office and discussed with her "stronger and closer" bilateral ties, including in trade and defence.

During the telephonic conversation yesterday, Modi also appreciated the UK's consistent support to India in various global fora, the MEA spokesperson said today.

Thanking Prime Minister Modi, May said she looked forward to working closely with him for developing stronger bilateral ties and enhancing cooperation in tackling pressing global challenges.

Modi also recalled his memorable visit to the UK last November.

A statement from Downing Street in London said that trade and investment formed the central feature of the discussions between the two leaders during their conversation.

"Trade and investment featured strongly in the conversation with Prime Minister Modi who expressed his hope that the relationship would become even stronger and closer in the future, particularly given the shared values and common interest," the statement said.

May took over after the resignation of David Cameron following the UK s vote to leave the European Union (EU) in a referendum on June 23.

She sought to highlight London and the UK s continued importance within the India-UK relationship during her first official conversation with Modi.

"The Prime Minister [May] pointed out that the launch next month of the first rupee-denominated bond in London is a concrete example of our close and growing economic cooperation and underlines that the city remains a global hub for innovative finance," Downing Street said.

"The Prime Minister also emphasised the UK s continued commitment to our defence and security partnership and support for India's increasing role in international fora. Finally, both welcomed the valuable contribution of the Indian diaspora to the UK," the statement added.

Talks on restoration of Russia-Turkey relations to start immediately on ministerial level

A wide range of issues of trade and economic cooperation was discussed at the meeting of Russian and Turkish ministers Alexei Ulyukayev and Nihat Zeybekci on Tuesday

Turkey’s Economy Minister Nihat Zeybekci and Russian Economic Development Minister Alexei Ulyukayev

MOSCOW, July 26. /TASS/. The negotiations on the restoration of Russian-Turkish relations will begin today at the level of ministries, Economic Development Minister Alexei Ulyukayev said after the meeting with Turkey’s Economy Minister Nihat Zeybekci.

"We had a break in formation of the contractual framework for further development of our relations such as mid-term program of trade and economic cooperation, a draft agreement on liberalization of services and investments and the agreement on establishing a joint Russian-Turkish Investment Fund. We have agreed to give orders to our subordinates, our colleagues to resume the negotiating process already today to resume the interrupted negotiating process," the Russian minister said.

According to the ministers, a wide range of issues of trade and economic cooperation was discussed at the meeting on Tuesday.

In particular, the parties discussed mutual access to markets of agricultural products, resumption of tourist exchange, opening of customs checkpoints.

"We defined the starting point where we are now and what possibilities we have to remove the current obstacles. It concerns a wide range of issues, not only those that emerged in relation to the events that darkened our relations last November. It concerns the access to the markets, air shipments, visa regime, terms of customs information exchange," Ulyukayev said.

Russia’s Economic Development Minister will meet his Turkish counterpart in Turkey on August 6, Turkey’s Economy Minister Nihat Zeybekci told reporters.

"It was decided to meet with the Economic Development Minister once again in Turkey on August 6. At this meeting we will discuss what was done and what should be done," he said.

According to him the ministers will meet every three months.

The Russian-Turkish intergovernmental commission will meet in Turkey in October, Turkey’s Economy Minister also said.

"The decision was made to hold the intergovernmental commission meeting this October in Turkey. We agreed to hold meetings every three months with Russian Minister of Economic Development Alexey Ulyukayev," Zeybekci said.

The Russian Government suspended the activity of the intergovernmental Russian-Turkish commission on trade and economic activity on December 1, 2015. The Russian part of the commission is headed by Energy Minister Alexander Novak.

Relations between Russia and Turkey deteriorated after the incident on November 24, 2015, when a Turkish F-16 fighter jet brought down a Russian Sukhoi Su-24M bomber, which, Ankara alleges, violated the country’s airspace near the Syrian border. The Russian Defense Ministry said the warplane was flying over Syrian territory and had never violated Turkey’s airspace.

President Putin warned that the incident would have serious consequences for the bilateral relations.

In late June, Turkish president Recep Tayyip Erdogan sent a letter to Russian President Vladimir Putin in which he apologized for the downed plane.

Sensex slips from 11-month high ahead of Fed, BoJ meets

 Mumbai, Jul 26 (PTI) Market benchmark Sensex broke below the 28,000-mark today after sliding 119 points as investors booked profits in recent winners amid caution ahead of key meetings of central banks in the US and Japan.

The broader NSE Nifty also failed to maintain the key 8,600-level.

Shares of the country's largest carmaker Maruti Suzuki plunged 1.44 per cent to Rs 4,485.25 despite reporting a 23 per cent jump in profit for June quarter to Rs 1,486.2 crore.

Drug major Dr Reddy's Laboratories plummeted 4.37 per cent to Rs 3,322.85 after its consolidated net profit declined by 80 per cent to Rs 126.3 crore for the June quarter.

Offloading of positions by participants on upcoming July derivatives expiry on Thursday also influenced sentiment.

"With earnings season failing to sizzle so far and GST poised to face hurdles, stocks faced a confidence crunch and came off the lofty peaks seen yesterday," said Anand James Chief Market Strategist Geojit BNP Paribas Financial Services.

"With a string of firm US economic data and positive surprises on the earnings front, the chances of rate hike, though less likely in July, have also vastly improved, putting global equities under a cloud of caution ahead of FOMC rate decision," he added.

The US Federal Reserve is due to conclude a two-day meeting tomorrow and the Bank of Japan will meet on Friday.

On the day, the 30-share BSE Sensex after opening a shade higher at 28,121.37, slipped into the negative zone to touch a low of 27,927.13, before settling 118.82 points or 0.42 per cent down at 27,976.52.

The 50-issue NSE Nifty also dropped by 45 points or 0.52 per cent to end at 8,590.65 after shuttling between 8,644.90 and 8,577.15.

Broader markets, however, depicted a mixed trend with BSE small-cap index falling by 0.69 per cent and mid-cap gaining 0.17 per cent.

Overseas, Japan edged lower as expectations receded with regard to the government's soon-to-be announced fiscal stimulus package. The Nikkei 225 Average ended 1.43 per cent lower. Other Asian indices like China, Hong Kong, Singapore, South Korea and Taiwan firmed up by up to 1.14 per cent.

European markets were also mixed as indices in Germany and the UK moved up by up to 0.25 per cent, while France's CAC was down 0.22 per cent. .

Response to arbitration

In the UNCITRAL arbitration between GoI and Mauritius based investors of M/s Devas Multimedia Private Limited, under the Indo – Mauritius BIPA (Treaty), the Arbitral Tribunal have issued their award on Jurisdiction and Merits on July 25, 2016. 

The Tribunal has said that GoI's essential security interest provisions of the Treaty do apply in this case to an extent. The limited liability of compensation shall be limited to 40% of the value of the investment. The precise quantum has not been determined as yet.

The Tribunal has dismissed the Claims as regards violation of other provisions of the Treaty viz., (i) unreasonable or discriminatory measures; as also (ii) Most Favoured Nation treatment. 

The Government of India reiterates that it had invoked the essential security interests through a well reasoned, valid and proper CCS decision. The award of the Tribunal is being examined and legal recourse, as deemed fit, will be taken. We also remain committed to pursue our larger national interests including sovereign strategic security interests in this matter. 

Meanwhile, the Enforcement Directorate, has issued a show cause notice to Devas for violation of FEMA, 1999 and are further investigating the case under Prevention of Money Laundering Act, 2002. Enforcement Directorate have issued show cause notice to Devas for contravention to the provisions of FEMA, 1999. 

The CBI have filed an FIR against, inter-alia, M/s Devas Multimedia Pvt. Ltd, Bangalore; and other unknown public servants of M/s Antrix/ISRO/DOS. This case is presently under investigation. 

LS Speaker advises Mann not to attend House till security issue resolved

 issue resolved

New Delhi/Chandigarh, Jul 25 (PTI) AAP MP Bhagwant Mann, whose videography of Parliament House complex kicked up a row, was today "advised" not to attend Lok Sabha by Speaker Sumitra Mahajan till a decision is taken on the alleged security breach which will be probed by a nine-member House panel.

Mann on his part accused BJP, Congress and Akali Dal of joining hands to "suppress his voice" in view of the Punjab Assembly polls due in 2017.

The panel set up by the Speaker has been asked to submit its report by August 3, while Mann has time till tomorrow morning to submit his explanation to the committee.

It is chaired by BJP member Kirit Somaiya,

"The act of the member of audio-visual recording of the Parliament and posting it on the social media puts the security of Parliament in peril," the Speaker said, adding that several members had expressed concern over the issue on Friday last.

The member is "advised not to attend the sittings of the House" until a decision is taken in the matter, Mahajan said.

Mann was not present in the House.

As soon as the House assembled, she informed it about the action being taken on the issue which had led to the adjournment of Lok Sabha proceedings on July 22.

"The inquiry committee shall inquire into the serious security implications and related aspects.... (and) suggest suitable remedial measures to avoid recurrence of such incidents in future and recommend appropriate action in the matter," the Speaker said.

Last week, Mann had put out in the social media a video of his vehicle passing security barricades and entering the Parliament complex. He had also videographed a room where Parliament questions were being sorted out.

Apart from chairperson Somaiya, the panel has two other BJP members -- Meenakshi Lekhi and Satyapal Singh. Others are Anandrao Adsul (Shiv Sena), B Mahtab (BJD), Ratna De (TMC), Thota Narasimham (TDP), K C Venugopal (Cong) and P Venugopal (AIADMK).

The panel has no member from Shiromani Akali Dal. Mann represents Sangrur in Punjab.

The panel would look into the serious security implications and related aspects "germane to and arising out of the conduct of audio-visual recording around Parliament House by Mann on July 21, 2016 and subsequent uploading of the said audio-visual recording by him on social media".

Mann claimed he has been "barred" from raising issues of public by being not allowed to attend the House proceedings.

He said the "grand alliance" of BJP, Congress and Akalis has hatched a "conspiracy against me as I am very active in the House and raise issue of the public".

"It has happened in the wake of Punjab polls," he told reporters in Chandigarh.

"With this decision, it means that I cannot raise issues of public till August 3. They could have told me to appear before the committee and allowed me to attend the House to raise issues of the public. Attending the Session in Parliament is my right. They have encroached upon the rights of lakhs of people," he said.

Sensex zooms 292 pts to regain 28,000, Nifty hits 15-mth high

 Mumbai, Jul 25 (PTI) Market made a stunning comeback from early losses today as the BSE Sensex reclaimed the 28,000-mark by surging 292 points while Nifty closed at its highest level in 15 months, fuelled by widespread gains on optimism over passage of the GST bill in Parliament.

Moreover, continued foreign fund inflows and a firm trend in Asian and European bourses following assurances from global policymakers on the need to boost growth, lifted market sentiment.

Leaders from the Group of 20 countries agreed at the weekend to work to support global growth and better share the benefits of trade, in a meeting dominated by the impact of Britain's exit from Europe and fears of rising protectionism.

"Markets closed on strong note as participants engaged in widening their bets on hopes that much-awaited GST bill may by passed in Rajya Sabha," Manoj Choraria, a Delhi-based NSE stock broker said, adding foreign fund inflows will pick up further once the bill is passed.

The Sensex after resuming down at 27,753.96 slipped further to the day's low of 27,736.51. Thereafter, it staged a solid comeback to reclaim the 28,000-mark and hit a high of 28,110.37, before finishing 292.10 points or 1.05 per cent higher at 28,095.34, its highest closing since August 10.

The 50-share NSE Nifty recaptured the 8,600-level and went up to hit the day's peak of 8,641.15. It finally settled higher by 94.45 points or 1.11 per cent at 8,635.65. This is the highest close since April 16 last year when the index ended at 8,706.70.

From the Sensex pack, Maruti Suzuki India, the country s biggest carmaker, climbed 3.11 per cent to Rs 4,550.60 followed by SBI, rising by 2.86 per cent at Rs 229.85.

Other blue-chips that supported the rally included Asian Paint, ICICI Bank, ONGC, Sun Pharma, HDFC Ltd, TCS, M&M, HDFC Bank, Lupin Ltd, Cipla, Wipro, Bharti Airtel, L&T and Infosys.

Axis Bank after initial hesitancy on disappointing earning numbers, ended 0.14 per cent higher at Rs 538.30.

Sector-wise, BSE PSU gained the most (1.92 per cent) followed by banking (1.65 per cent), oil&gas (1.52 per cent), consumer durables (1.38 per cent), realty (1.15 per cent) infra (1.10 per cent) teck (0.96 per cent), power (0.96 per cent) and IT (0.96 per cent).

Buying activity in broader markets also gathered momentum, with the BSE small-cap index rising 1.05 per cent and mid-cap gaining 1 per cent.

Globally, Asian markets closed the day mixed with Hang Seng rising 0.13 per cent, Shanghai Composite Index up 0.10 per cent, while Japan's Nikkei fell 0.04 per cent.

European stocks were higher in their early session. Key indices, like the UK's FTSE was up 0.17 per cent, Paris CAC gained 0.77 per cent and Frankfurt's DAX rose 0.98 per cent.

Belgium parliament to consider resolution on lifting EU sanctions against Russia — MP

The member of the parliament Aldo Carcaci said the draft resolution discussion may be organized after the parliamentary holidays

© EPA/OLIVIER HOSLET


BRUSSELS, July 24. /TASS/. Belgium's parliament has registered for further consideration a resolution on lifting of the European Union's sanctions against Russia, author of the draft resolution MP Aldo Carcaci told TASS on Sunday.

The member of the parliament said the draft resolution discussion may be organized after the parliamentary holidays.

The EU economic sanctions against Russia remain in force to January 31, 2017. This autumn, the EU Council will have a wide discussion on further relations between the European Union and Russia, including milder sanctions or lifting them.

Sanctions and import substitution

For incorporation of Crimea after last year’s coup in Ukraine, Russia came under sanctions on the part of the United States and many European countries. The restrictive measures were soon intensified following Western and Ukrainian claims that Russia supported militias in self-proclaimed republics in Ukraine’s southeast and was involved in destabilization of Ukraine.

As countermeasures, Russia imposed on August 6, 2014 a one-year ban on imports of beef, pork, poultry, fish, cheeses, fruit, vegetables and dairy products from Australia, Canada, the European Union, the United States and Norway.

The Russian authorities have repeatedly denied accusations of "annexing" Crimea, because Crimea reunified with Russia voluntarily after a referendum.

A system of import substitution had to be introduced in Russia in connection with imposition of Western sanctions on Russia for developments in Ukraine and Moscow’s countersanctions.

No clue of missing IAF plane, satellite imagery sought

 Chennai/Vishakhapatnam, Jul 24 (PTI) As the arduous operation to trace the IAF's missing AN32 aircraft with 29 people on board stretched into the third day today, the search and rescue team is now seeking satellite imagery to find any clue of the plane that lost contact over the Bay of Bengal.

"There is no sign of the plane as yet," a senior defence official said.

At least 18 navy and coast guard ships including a submarine, and eight aircraft like P 81, C 130 and Dorniers are involved in the round the clock operation to search for the Port Blair-bound transport plane which went missing after it took off from the Tambaram air base near Chennai at 8.30 AM on July 22.

Inclement weather was posing a major challenge in the operation. The authorities are now seeking satellite imagery of the area.

"The search operation is continuing on a 24-hour basis and all resources at disposal are being used.

"We have also sought satellite information," Eastern Naval Command chief Vice Admiral HCS Bisht said in Vishakhapatnam.

"The depth of water there is about 3,500 metres and in some place it is even more. As the depth increases, challenges also increase," he said, adding that the weather was rough and it was raining.

He said the family members are being updated on a regular basis.

Meanwhile, airforce authorities have lodged a formal complaint with Tamil Nadu police over the missing AN-32 aircraft.

"We have received a complaint that Air Force's AN-32 transport aircraft has gone missing," a senior police official said today.

"The complaint was lodged last night with Selaiyur police," he said.

"The complaint says that 29 personnel on board AN-32 and the aircraft have gone missing. Among the missing personnel is one person from Tamil Nadu," the official told PTI.

The complaint has been lodged for legal purposes. A similar complaint was filed when Coast Guard's Dornier aircraft went missing last year. The wreckage of the CG Dornier aircraft and bodies of its crew were later found off Cuddalore in Tamil Nadu.

The Russian-made workhorse made the last radio contact at 0846 hours, 16 minutes after take off, on Friday.

Worries mounted for the authorities as time was running out and no positive signals emerged from the operations 

Defence Minister Manohar Parrikar yesterday undertook an aerial survey to personally monitor the search and rescue operations.

GST listing in RS likely this week, Jaitley to meet state FMs

 New Delhi, Jul 24 (PTI) Government is likely to list the much-delayed GST Bill for discussion in the Rajya Sabha this week after Finance Minister Arun Jaitley meets state finance ministers on Tuesday.

Jaitley, who has been engaged in back-channel negotiations with Congress leaders to get the main opposition party on board, will discuss proposed amendments to the GST legislation passed by the Lok Sabha at the meeting of the empowered committee of state finance ministers.

The meeting may take up changes as demanded by the Congress in the constitutional amendment Bill, including one for scrapping of one per cent additional tax in hands of the states, official sources said.

The Goods and Services Tax (GST) Bill will be listed for discussion in the Rajya Sabha after taking on board views of the states.

On Friday, while listing out government business for the week beginning July 25, Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told the Rajya Sabha that the GST Bill will come up for discussion next week.

"(This is for) further consideration and passing of the Constitution 122nd Amendment Bill, 2014, as passed by the Lok Sabha and as reported by the Select Committee of the Rajya Sabha," he said in the Upper House.

The Congress, which originally mooted GST in 2009 to replace all indirect taxes, has been demanding that the overall rate be capped at 18 per cent and scrapping of an additional 1 per cent tax designed to compensate manufacturing states that fear losing out on revenue. It also wants an independent mechanism to resolve disputes between states over revenue sharing.

While Jaitley has indicated his openness in scrapping the 1 per cent additional tax after a panel headed by Chief Economic Advisor Arvind Subramanian favoured it, the issue needs to be discussed with the manufacturing states.

In order to mobilise support from regional parties for the long-pending indirect tax reform, Jaitley met Bihar Chief Minister and JD(U) leader Nitish Kumar and courted senior leadership of Andhra Pradesh and Telangana over the weekend.

SC junks plea for action against Bollywood actor Aamir Khan

 New Delhi, Jul 22 (PTI) The Supreme Court today dismissed a plea seeking registration of an FIR against Bollywood super star Aamir Khan for allegedly making "improper" use of national emblem on his TV show 'Satyamev Jayate'.

A bench comprising Chief Justice T S Thakur and Justices F M I Kalifulla and A M Khanwilkar rejected the plea of Chandigarh-based NGO Arrive Safe Society and said if the petitioner has any grievances, the proper forum like police could be approached.

Harman S Sidhu, who runs the Chandigarh-based NGO, had approached the apex court after his plea was dismissed by the Punjab and Haryana High Court.

Sidhu in his plea argued that offences punishable under Emblems and Names (Prevention of Improper Use) Act, 1950 and The State Emblem of India (Prohibition of Improper Use) Act, 2005 has been committed by the actor by showing the emblem without due permission of the Union government.

He had also alleged that Khan and others made improper use of national emblem "for private commercial gains," which is illegal.

To buttress his claims, Sidhu had referred to an episode of the 'Satyamev Jayate' series in which Khan had highlighted how a majority of road accidents cannot be dismissed as accidents and should be termed murders.