CPI(M) leader Pinarayi Vijayan sworn in as Kerala CM

Thiruvananthapuram, May 25 (PTI) CPI(M) strongman Pinarayi Vijayan was today sworn in as Chief Minister of Kerala heading a 19-member ministry of the party-led Left Democratic Front(LDF) that had 13 new faces including two women.

72-year-old Vijayan, who pipped his bitter party rival V S Achuthanandan to the top post in Kerala politics, was administered the oath of office and secrecy by Governor Justice (Retd) P Sathasivam at the Central Stadium here.

Hailing from a poor toddy tapper's family, Vijayan, a first time Chief Minister, took the oath in Malayalam. A CPI-M Politburo member, he is the 12th chief minister of Kerala.

Out of the 19-member cabinet, 12 including the Chief Minister are from CPI(M), 4 from CPI, one each from NCP, Janata Dal(S) and Congress(S). The outgoing Congress-led UDF had 21 ministers.

There are 13 new faces, including two women, in the Cabinet. Five ministers had held positions in previous LDF ministries.

The CPI(M)-LDF had unseated the Congress-led UDF by securing 91 seats in the 140-member House in the May 16 assembly polls.

A huge pandal to accommodate at least 30,000 persons was put up at the stadium, adjacent to the state Secretariat.

CCTVs erected at various places enabled the large crowd, who had gathered to view the ceremony streamed live.

The slight drizzle failed to dampen the spirits of the party workers who had arrived in buses and other vehicles from various parts of the state, especially the northern districts of Kasaragod, Kannur and Kozhikode, to witness the swearing-in ceremony, which began at 4 pm.

In 2006 also, the swearing in of then Chief Minister V S Achutanandan and his cabinet colleague was held outside the Raj Bhavan.

Former Prime Minister H D Deve Gowda, former Chief Ministers Oommen Chandy, V S Achutanandan, CPI(M) General Secretary Seetharam Yechury, Prakash Karat, 97-year-old K R Gowri Amma, who was Revenue minister in the EMS Namboodiripad cabinet of 1957, former union minister and lone member of BJP in the assembly O Rajagopal, religious and cultural leaders and film actors attended the function. .

Sensex zooms 576 pts to log biggest gain in nearly 3 mths

Mumbai, May 25 (PTI) Market benchmark Sensex today soared nearly 576 points -- its biggest single-session gain in nearly three months -- to end at 25,881.17 and the NSE Nifty crossed the 7,900-mark on a flurry of buying by foreign funds and retail investors amid a firm overseas cues.

The rupee recovering against the dollar from 2-1/2 month low and a string of encouraging earning numbers also contributed to the upmove amid covering-up of pending short positions by speculators ahead of tomorrow's May monthly expiry in the derivatives segment, brokers said.

Buying activity gathered momentum as global equities rallied after investors also adjusted to the prospect of a US rate hike in the near future amid a surge in home sales.

The Sensex opened strong at 25,432.10 and continued to rise to hit the day's high of 25,897.87. Finally, it settled at one-month high of 25,881.17, a gain of 575.70 points or 2.28 per cent -- its biggest single-day gain since March 1.

The 50-share NSE Nifty recaptured the 7,900-mark to hit a high of 7,941.20 before winding up at 7,934.90, a hefty rise of 186.05 points or 2.40 per cent.

From the 30-share Sensex pack, 29 scrips ended higher.

Cipla ended in the red with a fall of 4.97 per cent at Rs 470.30 after pharma major March numbers came below market expectations.

ICICI Bank emerged as the top gainer from the index by climbing 4.48 per cent to Rs 234.45 while BHEL jumped 4.34 per cent to Rs 122.65 after the company said it has commissioned the first 800 mw supercritical thermal unit in Raichur, Karnataka.

Shares of Bajaj Auto climbed 3.96 per cent to Rs 2,478.85 after the company reported 29.18 per cent growth in standalone net profit to Rs 803.06 crore for the fourth quarter ended March 31.

Other major gainers included L&T 4.02 per cent, Maruti (3.47 pc), SBI (3.30 pc), HDFC Ltd (2.87 pc), HDFC Bank (2.80 pc), GAIL (2.76 pc), Asian Paint (2.74 pc), Axis Bank (2.67 pc), NTPC (2.46 pc), TCS (2.40 pc), ITC Ltd (2.24 pc) and Tata Steel (2.13 pc).

Sectorally, the BSE banking index gained the most by rising 3.17 per cent followed by capital goods (2.96 pc), IT (2.25 pc), teck (2.21 pc), power (2.04 pc), oil&gas (2.01 pc), FMCG (1.88 pc), infrastructure (1.82 pc), auto (1.82 pc), PSU (1.77 pc) and metal (1.10 pc).

Broader markets too were in a bullish form with BSE mid-cap rising 0.97 per cent and the small-cap up 0.94 per cent.

Meanwhile, the government today approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025.

In Asian markets, Japan's Nikkei surged 1.57 per cent while Hong Kong's Hang Seng rose 2.77 per cent. However, Shanghai composite index slipped 0.23 per cent.

European markets were trading in the positive terrain with the London FTSE rising 0.68 per cent, while Paris up 1.15 per cent
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Dia Mirza tries her hand at horror with web series

Mumbai, May 25 (PTI) Known for playing soft romantic roles, Bollywood actress Dia Mirza is making a switch by featuring in an episode of the horror web series, "Shockers".

The "Rehna Hai Tere Dil Mein" actress will be seen playing the title role in an episode titled "The Good Wife".

"As an actor it is exciting to be a part of different mediums of story telling. Short films as a format are exciting, because in a limited period of time a lot can be conveyed. Samaira's (the character) story, in 'The Good Wife' could be anyone's experience," Dia said in a statement.

The episode deals with a supernatural presence in the character's house. Dia, 34, says the experience for shooting it was "extraordinary".

"It is real and extraordinary. I enjoyed shooting for this in one night with Faruk Kabir who as a director is pushing the envelope of spookiness." 

"The Good Wife", written and directed by Faruk Kabir, is available on Hotstar.

Be partners in India's growth story, tells President to Chinese investors

The President, Shri Pranab Mukherjee addressing the Plenary Session of Business Forum Meeting, in Guangzhou, China on May 25, 2016.

The President of India, Shri Pranab Mukherjee addressed the India-China Business Forum event at Guangzhou today (May 25, 2016). 

Speaking on the occasion, the President said India believes that there is great potential for economic and commercial cooperation among our two nations, which face similar opportunities and challenges. The stability of our relationship in recent years provides an enabling basis for utilizing these opportunities and coming together. To realize the full potential of our economic partnership, it is important to bridge the information gap between our business communities. India is committed to providing a conducive environment for more investments from China. We stand ready to facilitate many more collaborations between the industry and businesses of our two countries across different sectors. India invites investors from China to be partners in India's growth story. 

The President said India is a young nation. Our primary goal is to build a modern economy that puts a premium on sustainable development. We are steadily moving towards this objective and a profound socio-economic transformation is taking place in our country. China's economic achievements are a source of inspiration for us. We believe that stepping up our two way trade and investment flows will be of mutual benefit to both our nations. We welcome Chinese investments and entrepreneurs to participate in ‘Make in India’ and other flagship initiatives of Government of India. India will facilitate efforts of Chinese investors to make their investments in India profitable. We must take advantage of the opportunities that abound in the growth of both our economies. 

Russia, Ukraine commit to Minsk accords in call with France, Germany

Ukrainian President Petro Poroshenko gestures during a news conference in Kiev, Ukraine, January 14, 2016.

The leaders of Russia and Ukraine discussed with German Chancellor Angela Merkel and the French President preparations to hold elections in an eastern Ukrainian area hit by a pro-Russian insurrection, according to the german government.

Progress on implementing the Minsk peace accords, negotiated by Berlin and Paris, has stalled. The elections are a key step in the agreement designed to end a conflict that has killed more than 9,000 people since April, 2014.

Moscow and Kiev accuse each other of failing to stick to the deal, which also includes restoring Kiev's control over the whole border with Russia and the withdrawal of heavy weaponry from the conflict zone.

"In the center of the consultations were security questions and the preparations for local elections in the conflict areas in eastern Ukraine," said German government spokesman Steffen Seibert in a statement.

"The participants on the call agreed to intensify their cooperation in both areas to swiftly achieve progress."

The EU imposed sanctions on Russia after Moscow annexed Crimea from Ukraine in March 2014 and stepped them up later that year when pro-Russian rebels seized territory and fought Ukrainian troops in eastern Ukraine. Russia denies Western accusations it has supplied equipment and troops to the rebels.

The conference call, including Merkel, Russian President Vladimir Putin, Ukrainian President Petro Poroshenko and France's Francois Hollande took place late on Monday.

In a constellation called the Normandy Format, Germany and France have repeatedly tried to push Russia and Ukraine towards resolving the conflict.

(Reporting by Madeline Chambers; editing by Ralph Boulton)

Sensex logs first rise in five sessions on earnings lift

Mumbai, May 24 (PTI) Market benchmark Sensex today reversed its four-day fall and ended higher by over 75 points, taking comfort from encouraging corporate earnings despite lingering worries about a likely rate hike by the US Fed as early as June.

A higher opening in Europe and a mixed trend in Asia offered some respite.

Sentiment got a lift after Tata Power and National Fertilisers posted strong earnings for the March quarter, brokers said.

But the possibility of the US Federal Reserve raising borrowing costs kept investors on a leash, which capped the gains. A higher rate would temper capital flows to emerging markets, including India.

The 30-share Sensex slipped in early trade on sustained foreign fund outflows and a weakening rupee against the dollar. However, some value-buying and higher opening in Europe took the barometer to 25,305.47 at the close, up 75.11 points, or 0.30 per cent.

The gauge had fallen 549 points in the past four sessions on foreign fund outflows after regulator Sebi tightened guidelines to check any misuse of P-Notes.

Tata Power and National Fertilisers surged up to 3 per cent after their quarterly numbers for the March quarter gave investors much to cheer.

However, Jubilant FoodWorks and Britannia Industries tumbled up to 4.45 per cent today amid concerns over bread samples of virtually all top brands in Delhi reportedly containing cancer-causing chemicals.

The NSE Nifty gained 17.80 points or 0.23 per cent to 7,748.85 after shuttling between 7,761.55 and 7,715.80.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 65.60 crore yesterday, as per provisional data.

Of the 30-share Sensex pack, 16 ended higher.

NTPC stayed in the lead, up 2.03 per cent, followed by Tata Motors (1.70 per cent), ICICI Bank (1.56 per cent) and HDFC (1.33 per cent).

Among BSE sectoral and industry indices, auto rose by 0.32 per cent followed by banking 0.28 per cent and FMCG 0.18 per cent. Oil and gas fell 1.01 per cent and healthcare shed (0.88 per cent).

However, broader markets showed a downward trend as small-cap and mid-cap indices slumped by 0.65 per cent and 0.16 per cent, respectively.

Japan's Nikkei ended 0.94 per cent higher while China's Shanghai Composite closed 0.77 per cent up while Hong Kong's Hang Seng closed 0.11 per cent higher.

European shares climbed after a drop in the euro helped boost European stocks as investors weighed implications of a possible Federal Reserve interest rate increase. Key indices, like France and the UK rose by up to 1.35 per cent.

Mukherjee arrives in China to boost bilateral ties

Mukherjee, who is making his first visit to China as President, has made a number of trips to this country. PTI File

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  Guangzhou: President Pranab Mukherjee arrived here today on a four-day visit to China that will see significant political and economic push to bilateral ties while irritants like Beijing's opposition to India's membership of NSG and the blocking of UN bid to blacklist JeM chief Masood Azhar as a global terrorist will also figure. Mukherjee, who is making his first visit to China as President, has made a number of trips to this country in various capacities including as Deputy Chairman of the Planning Commission and Defence Minister.

India, Thailand, Myanmar to be linked by road

From Jaishree Balasubramanian

Bangkok, May 23 (PTI) India, Thailand and Myanmar are working on a 1,400-kilometre long highway that will link India with Southeast Asia by land for the first time in decades, giving a boost to trade and cultural exchanges between the three countries.

Indian Ambassador to Thailand Bhagwant Singh Bishnoi said 73 bridges in Myanmar, built more than seven decades ago during World War II, were being renovated with funding from India to allow vehicles to cross the highway safely.

When the repair work will be completed in 18 months, the highway could be opened to traffic from all three countries, he said. 

The planned highway starts in the eastern region of India from Moreh to Myanmar's Tamu city.

Negotiations are currently underway to conclude a tri- nation motor vehicle agreement for the use of the 1,400-km road that will reach Thailand at Tak, Mae Sot district.

"There has always been a meeting of minds between India and Thailand. Our two countries share cultural, spiritual and linguistic links. With this road we will also have physical connectivity," Bishnoi told PTI.

The road will help in transportation of goods and further development of SMEs in North East India, he said, adding the tri-nation highway exemplifies India's "Act East" policy.

Myanmar's Dawei deep-sea port and industrial estate project near the Thai border is also expected to help further integrate eastern India with South East Asian countries.

The planned port can be linked up with India's Chennai port as well as Thailand's Laem Chabang Port on the other side of the ocean, the envoy said.

India is also preparing to negotiate a Regional Comprehensive Economic Partnership (RCEP) which includes the 10-country grouping, on top of the current India-Asean free-trade agreement (FTA).

Thai-Indian trade amounted to USD 8 billion last year, while more than a million Indian tourists visited Thailand last year.

There were also about 300 Indian weddings held here.

Among major Thai investors in India are CP Group, Delta Electronics, Ital-Thai and Pruksa Real Estate, while the major Indian firms operating in Thailand are Tata Group, Aditya Birla and Indorama.

India, Iran to combat terror; ink Chabahar, 11 other pacts

The Prime Minister, Shri Narendra Modi with the President of Iran, Mr. Hassan Rouhani and the President of Afghanistan, Dr. Mohammad Ashraf Ghani, during the Trilateral meeting, in Tehran on May 23, 2016.

Tehran, May 23 (PTI) India and Iran today pledged to combat terrorism and radicalism as the two nations signed 12 agreements including a "milestone" pact on developing the strategic Chabahar port, giving a boost to economic partnership in the post-sanctions era.

India committed around USD 500 million for the important port in Iran's southern coast, which will serve as a "point of connectivity" between India, Afghanistan, Commonwealth of Independent States (CIS) countries and East Europe.

"We have agreed to consult closely and regularly on combating threats of terrorism, radicalism, drug trafficking and cyber crime. We have also agreed to enhance interaction between our defence and security institutions on regional and maritime security," Prime Minister Narendra Modi said here.

Modi, who is the first Indian Prime Minister to visit the Islamic nation after 15 years on a bilateral visit after Atal Bihari Vajpayee, was addressing a joint press conference with Iranian President Hassan Rouhani after one-on-one talks.

His visit comes months after lifting of international sanctions on Iran following Tehran's historic nuclear deal with the Western powers over its contentious atomic programme.

Terming terrorism as a "big problem running rife and rampant in the region", Rouhani said that both the nations have discussed the issue and agreed to share intelligence to combat the menace.

"Due to the importance of stability and security in the region and especially in the countries like Afghanistan, Iraq, Syria and Yemen and because a big problem called terrorism is running rife and rampant in the region.

"The two countries discussed about political issues as well and how they can cooperate on intelligence sharing and how they can get closer to each other in the fight against terrorism and extremism and how they can contribute to peace and stability in the whole region," Rouhani added.

As regards the economic cooperation, besides developing the Chabahar port, the two sides also signed agreements in diverse fields like trade credit, culture, science and technology as well as railways.

"The bilateral agreement to develop the Chabahar port and related infrastructure and availability of about USD 500 million from India for this purpose, is an important milestone," said Modi.

"This major effort would boost economic growth in the region. We are committed to take steps for early implementation of the agreements signed today," he said.

U.S. lifts arms ban on old foe Vietnam as regional tensions simmer

  

Hanoi : The United States announced an end to its embargo on sales of lethal arms to Vietnam on Monday, an historic step that draws a line under the two countries' old enmity and underscores their shared concerns about Beijing's growing military clout.

The move came during President Barack Obama's first visit to Hanoi, which his welcoming hosts described as the arrival of a warm spring and a new chapter in relations between two countries that were at war four decades ago.

Obama, the third U.S. president to visit Vietnam since diplomatic relations were restored in 1995, has made a strategic 'rebalance' toward Asia a centerpiece of his foreign policy.

Vietnam, a neighbor of China, is a key part of that strategy amid worries about Beijing's assertiveness and sovereignty claims to 80 percent of the South China Sea.

The decision to lift the arms trade ban, which followed intense debate within the Obama administration, suggested such concerns outweighed arguments that Vietnam had not done enough to improve its human rights record and Washington would lose leverage for reforms.

Obama told a joint news conference with Vietnamese President Tran Dai Quang that disputes in the South China Sea should be resolved peacefully and not by whoever "throws their weight around". But he insisted the arms embargo move was not linked to China.

"The decision to lift the ban was not based on China or any other considerations. It was based on our desire to complete what has been a lengthy process of moving towards normalization with Vietnam," he said. Obama later added his visit to a former foe showed "hearts can change and peace is possible".

The sale of arms, Obama said, would depend on Vietnam's human rights commitments, and would be made on a case-by-case basis.