Plane disappearance: Govt says scope of sabotage 'very less'

 New Delhi, Jul 29 (PTI) Government today said in Rajya Sabha that the possibility of sabotage in the mysterious disappearance of AN-32 aircraft of IAF was "comparatively very less" and informed that the help of the US has also been sought in locating the plane.

All types of techniques are being used to locate the aircraft, Defence Minister Manohar Parrikar said while replying to clarifications sought by members on his suo motu statement on the disappearance of the aircraft on July 22.

As members expressed concern and raised questions over how the plane went missing, he said, "I can't speculate because we are searching for it and I will not like to speculate. But I can say only this much. The possibility, although we are checking all angles, of any sabotage is comparatively very less because they have standard operating procedures."

While sharing the concern of the members, he gave details of the operation being carried out for the last one week in trying to locate the plane, carrying 29 people, which went missing during a flight from Tambaram in Tamil Nadu to Port Blair.

"I appreciate anxiety of members. I am also disturbed at the sudden disappearance of the plane. I have spoken to several experts and former air chiefs who were also puzzled by the sudden disappearance," Parrikar said.

The Minister said that at the time of disappearance, the aircraft was on "secondary/passive radar" and that "There was no SOS or transmission of any frequency. It just disappeared so that is the worrying part".

The Government has sought help from the US for detection of images and is seeking help from American defence forces to ascertain whether their satellites had picked up any signal before the disappearance of the plane.

"It is total blank. There was not even a single signal recorded. That is the reason we are contacting American defence forces to ascertain whether their satellites picked up any signal," Parrikar said.

"Besides our own satelleite imagery, we have asked the US for their imagery for the detection of emergency frequency to space based assets. Foreign countries we have already asked. I only hope that our efforts succeed," he added while replying to queries whether foreign help has been sought.

Queried about the age of the aircraft, the Defence Minister said it was "almost as good as new aircraft".

Elaborating he said, "I don't know exact age but it is well within lifetime. It has undergone first overhauling. Lot of replacement has been done.... They are considered as one of the safest aircraft."

He said the accident rate of Indian Air Force is 0.23 out of 10,000 hours of flying against the global rate of 0.023 and assured the House that maximum efforts would be made to ensure that the mishaps come down.

"If aircraft is not fit for flying we don't fly it. We have decided to check up whether we can improve the signalling system," he added. .

Sensex adds to gains for 2nd day, Nifty hits 15-mth high

 Mumbai, Jul 28 (PTI) Stocks kept their winning run going for a second session as the BSE Sensex gained over 184 points to 28,208.62 -- a nearly one-year high -- on more positive signals on GST bill and improvement in corporate earnings.

Besides, the broader NSE Nifty perked up by 50.50 points to touch a fresh 15-month high at 8,666.30.

Shares of Asian Paints hit record high after rising 6.14 per cent to Rs 1,126.95 following 18.46 per cent jump in consolidated net profit to Rs 552.56 crore.

Automaker Maruti Suzuki India surged 4.47 per cent to Rs 4,762.70 after it announced plans to have 250 Nexa outlets by March and said the premium sales and service outlets to contribute 15 per cent of the company's sales by 2020.

The government meanwhile reached out to leaders of several opposition parties, including Congress and Samajwadi Party, over the contentious GST bill which is likely to be taken up by Rajya Sabha next week.

Traders said covering-up of short positions on expiry of July series of derivative contracts and participants carrying positions to new series also boosted sentiment.

"But low F&O rollovers suggest that sharp spikes recently may have prompted a wait-and-watch approach, especially with the outcome of both GST and RBI monetary policy out in less than a fortnight," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

After opening strong, the Sensex rose further to hit a high of 28,240.20 before settling 184.29 points or 0.66 per cent higher at 28,208.62 -- its highest closing since August 7 when it had ended at 28,236.39.

The 50-share Nifty after shuttling between 8,674.70 and 8,625.25, settled 50.50 points or 0.59 per cent higher at 8,666.30. This is the highest closing since April 16 last year at 8,706.70.

Shares of Multi Commodities Exchange of India (MCX) rose 0.84 per cent to Rs 1,068.30 after the government raised the foreign investment limit in stock exchanges to 15 per cent.

Overseas, the US Federal Reserve yesterday kept interest rates at ultra-low level after the conclusion of a two-day monetary policy meeting. The ultra-loose policy is expected to encourage heavy investments into emerging markets.

Asian stocks ended largely lower with Japan's Nikkei falling by 1.13 per cent, while other indices like China, Hong Kong, Singapore and South Korea moved down by 0.20 per cent to 0.62 per cent.

European markets were mixed with London's FTSE falling 0.19 per cent, Paris' CAC down 0.14 per cent and Frankfurt up 0.02 per cent. .

Cabinet increases the limit for foreign investment in Stock Exchanges from 5% to 15%

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for raising foreign shareholding limit from 5% to 15% in Indian Stock Exchanges for a stock exchange, a depository, a banking company, an insurance company, a commodity derivative exchange. The Cabinet has also approved the proposal to allow foreign portfolio investors to acquire shares through initial allotment, besides secondary market, in the stock exchanges.

The move will help in enhancing global competitiveness of Indian stock exchanges by accelerating/facilitating the adoption of latest technology and global best practices which will lead to overall growth and development of the Indian Capital Market.

The approval is in pursuance of implementation of the Budget Announcement made by the Finance Minister Shri Arun Jaitley while presenting the Union Budget 2016-17 regarding reforms in FDI Policy with respect to enhancement of investment limit for foreign entities in Indian stock exchanges from 5% to 15% on par with domestic institutions.


Allowing 74 Per Cent FDI in Pharma Sector

FDI in Brownfield pharma sector has been permitted upto 74% under automatic route; and FDI beyond 74% and upto 100% is allowed under Government approval route. The move to permit 74% FDI under automatic route in Brownfield pharmaceutical sector is aimed at attracting required capital, international best practices and latest technologies in the sector. Further, 100% FDI under automatic route is permitted for Greenfield pharma sector.

The Government while reviewing FDI policy on pharma sector has put in place necessary safeguards by providing that non-compete clause would not be permitted. This will enable Indian promoters to operate in the same line of business in new ventures. Further, to ensure domestic availability of essential medicines and drugs; and to maintain deployment of adequate capital in R&D, extant FDI policy on the sector mandates specified level of production of National List of Essential Medicine drugs and extent of R&D expenditure to be maintained by the investee company.

Both Greenfield and Brownfield investments are in line with the initiative of ‘Make in India’ and thus there is no proposal under consideration of Government to restrict such investments only to Greenfield project.

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

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.