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NEW DELHI: The Delhi Metro has set April, 2018 as the fresh deadline for the completion of its longest upcoming corridor, Mukundpur-Shiv Vihar Pink Line, which has been battling land acquisition woes at certain stretches.

With this, Delhi's wait for the crucial extension of its signature mass rapid transit, which provides a much needed sheen to its lumbering and inadequate public transport system, just got longer.

However, a major part of the line, from Mukundpur to Lajpat Nagar, will be "completed" by September, a Delhi Metro Rail Corporation (DMRC) official said, adding that its eventual commissioning may take some more time.

The metro's Phase III, of which the 59-km-long Pink Line is a part, has already missed its December 2016 deadline.

Since then, the metro has revised the new target date of completion several times.

Around 91 per cent of civil works on the line is complete as of March, says the latest available project status report.

Magenta Line, another crucial project of Phase III, that will connect west Delhi to Noida via IGI Airport's domestic terminal, is likely to be opened in three stages - from May to September, the report adds.

Here, the progress of civil works up to March stands at 91.37 per cent.

A small section of the 38-km-long line (Line 8), running between Noida, Botanical Garden and Kalkaji, may be opened by May, before its launch in entirety in December, an official said.

Pink Line will touch portions of the inner-ring road and also drastically cut travel time between eastern and southern flanks of the national capital.

It will connect northwest Delhi's Mukundpur to northeast Delhi's Shiv Vihar cutting across various south Delhi areas including Sarojini Nagar, INA, South Extension and densely populated parts of east Delhi such as Mayur Vihar Phase I, Vinodnagar and Karkardooma.

DMRC chief Mangu Singh had earlier said that both these lines will be launched in a staggered manner, meaning, small sections will be made operational instead of the entire corridors being thrown open in one go.

Under the phase-III expansion project being implemented at a cost of around Rs. 40,000 crore, a total of 140 km of network will be added to the current coverage of 213 km.
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Yes Bank reported better-than-expected increase in March quarter net profit at Rs 914.1 crore, up 30.2 percent compared to the same period last year due to sharp rise in other income, net interest income & operating profit, but the growth was restricted by higher provisioning and deterioration in asset quality.
The private sector lender's net interest income stood at Rs 1,639.7 crore, a rise of 32.1 percent against Rs 1,241.4 crore reported during the same quarter last year. Meanwhile, the net interest margin increased to 3.6 percent against 3.5 percent during the previous quarter.

The bank's managing director and CEO, Rana Kapoor, attributed the increase in net interest income due to strong advances and CASA. He also highlighted that the NIM expanded to 3.6 percent for the first time.

Other income or non interest income of the bank shot up 56.6 percent year-on-year to Rs 1,257.4 crore and operating profit jumped 38 percent to Rs 1,691 crore in the quarter ended March 2017.

However, the bank's asset quality witnessed a deterioration as net non-performing assets (NPAs) grew substantially to Rs 1,072.3 crore against Rs 342.5 crore that it posted in the previous quarter. The spike in NPA was seen due to a slippage of one account of Rs 911 crore.

Gross NPAs more than doubled to Rs 2,018.5 crore compared to Rs 1,005.9 crore in the previous quarter.

The bank also witnessed sharp increase in its provisions that rose to Rs 309.7 crore against Rs 186.5 crore during the same quarter last year. In the December quarter, the company had posted provisions of Rs 115.4 crore.

According to a CNBC-TV18 poll, profit was seen at Rs 896.3 crore and net interest income at Rs 1,596.4 crore during the quarter.

Among key ratios, the lender's CASA ratio was reported at 36.3 percent, savings account growth at 60.06 percent, while advances were up 34.7 percent at Rs 1.32 lakh crore. A dividend of Rs 12 per share was also announced by the bank.
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Reliance Jio Prime, the subscription plan that will bring down data costs for Jio customers once the free services expire, are open to consumers now. You can sign up for the service at an annual fee of Rs. 99 till March 31, and enjoy Jio 4G data and other bundled services part of the Jio Happy New Year Offer at ultra-low rates. Mukesh Ambani said that the bundled apps subscription with the Jio Prime service is worth Rs. 10,000. Jio Prime plans available right now provides benefits to both prepaid and postpaid customers, but are these benefits enough to help retain the company retain its 100 million users on the network when the free services end? We find out:
Rs. 19 Jio Plan – Prepaid and Jio Prime

Reliance Jio is offering the Rs. 19 recharge pack with validity of 1 day to prepaid customers. For non-Prime customers, the recharge pack comes with 100MB of 4G data, free calls, 100 SMSs per day (local + STD, on roaming, to all operators), Jio apps subscription. On the other hand, if you are a Prime subscriber, you will get 200MB of 4G mobile data, double of what is offered as standard.
Rs. 49 Jio Plan – Prepaid and Jio Prime

The Rs. 49 prepaid recharge pack has validity of three days, and offers all the same benefits as the Rs. 19 plan except for 300MB data. Jio Prime subscribers get 600MB data.
Rs. 96 Jio Plan - Prepaid and Jio Prime

The Rs. 96 prepaid recharge pack comes with 600MB data and all the other standard services. However, if you are a Jio Prime user, you get 7GB of data, with FUP of 1GB per day. Validity of the Rs. 96 Jio prepaid recharge pack is seven days.
Rs. 149 Jio Plan - Prepaid and Jio Prime

Jio's Rs. 149 recharge pack with 28-day validity comes with 1GB of 4G data, along with other bundled services. However, a Jio Prime customer gets to use 2GB of high-speed data.
Rs. 303 Jio Plan – Prepaid, Postpaid and Jio Prime

Both the postpaid as well as prepaid Rs. 303 plans come with 2.5GB of 4G data. However, for Prime customers on prepaid, the data limit is raised to 28GB for the 28-day validity period, with FUP of 1GB per day. Postpaid customers who use the company’s new subscription plan get 30GB data for the billing cycle, with daily FUP of 1GB.
Rs. 499 Jio Plan - Prepaid, Postpaid and Jio Prime

The Rs. 499 plan comes with 5GB data for both prepaid and postpaid customers. Those who subscribe to Prime, however, get 56GB on prepaid (2GB daily FUP, 28-day validity) and 60GB data (2GB daily FUP for the billing cycle), respectively.

Rs. 999 Jio Plan - Prepaid, Postpaid and Jio Prime

This plan comes with validity of 60 days, and 12.5GB of bundled 4G data. However, those who are using the company's subscription service will get 60GB of data without any daily FUP.
Rs. 1,999 Jio Plan - Prepaid and Jio Prime

The Rs. 1,999 plan has validity of 90 days and comes with 30GB of data without any FUP for prepaid users. However, you get 125GB of data with no daily cap by signing up for Jio Prime service.
Rs. 4,999 Jio Plan - Prepaid and Jio Prime

This plan has validity of 180 days and provides 100GB of 4G data with no daily FUP to prepaid Jio customers. However, those on Jio Prime get 350GB rather than 100GB, and no FUPs.
Rs. 9,999 Jio Plan - Prepaid and Jio Prime

The Rs. 9,999 Jio prepaid plan, with validity of 30 days, provides users with 200GB of 4G data. However, if you are on Jio Prime, you get 750GB of data and the validity of the pack is increased to 360 days.
Jio Prime vs. Non-Prime Plans
Jio Monthly rentalJio Prime PrepaidJio Prime PostpaidJio Prepaid PlanJio Postpaid PlanFUPRs. 19200MBN/A100MBN/ANo FUP
Rs. 49600MBN/A300MBN/ANo FUP
Rs. 967GBN/A600MBN/ADaily 1GB FUP for Jio Prime Users
Rs. 1492GBN/A1GBN/ANo FUP
Rs. 30328GB30GB2.5GB2.5GBDaily 1GB FUP for Jio Prime Users
Rs. 49956GB60GB5GB5GBDaily 2GB FUP for Jio Prime Users
Rs. 99960GB60GB12.5GB12.5GBNo FUP
Rs. 1,999125GBN/A30GBN/ANo FUP
Rs. 4,999350GBN/A100GBN/ANo FUP
Rs. 9,999750GBN/A200GBN/ANo FUP

With these data benefits, it’s clear that signing up for Jio Prime is an obvious decision for any Reliance Jio customer - you get a lot more data at a once-a-year fee of Rs. 99. At the lower price points, you're often doubling the amount of data you can use - for just about Rs. 8 more per month. And with the more expensive plans, Prime benefits are even bigger. Add to that the Rs. 303 and Rs. 499 plans, and Prime seems like a must-have add-on for any Jio user. Do you plan to opt for the new subscription service or dump Jio altogether because of its below par coverage? Tell us in comments below.
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Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.




In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards.


These charges are for cash transactions in the branches, and not through ATMs.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.


For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.


According to details on ICICI Bank website, there will be no charge for first four transactions a month at branches in home city while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month.

The third party limit would be Rs 50,000 per day.

For non-home branches, ICICI Bank would not charge anything for first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

For anywhere cash deposit, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for first cash deposit of a calendar month and Rs 5 per thousand thereafter.


ATM intercharge charges have also been re-introduced.

At Axis Bank, the first five transactions or Rs 10 lakh of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

It could not be ascertained whether the public sector banks have also begun imposing such charges.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.
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NEW YORK: Be careful the next time you visit the nearby automated teller machine (ATM), as the keypad may be loaded with bacterias from spoiled food to parasites that may also cause sexually transmitted disease (STDs), researchers say.

ATM keypads represent a specific and unexplored microhabitat for microbial communities.

"Our results suggest that ATM keypads integrate microbes from different sources, including the human microbiome, foods, and potentially novel environmental organisms adapted to air or surfaces," said Jane Carlton, Professor at New York University, US. 

"DNA obtained from ATM keypads may therefore provide a record of both human behaviour and environmental sources of microbes," Carlton added.

The researchers in June and July 2014 took swabs of keypads from 66 ATM machines from Manhattan, Queens, and Brooklyn, in the US.

Specifically, the most common identified sources of microbes on the keypads were from household surfaces such as televisions, restrooms, kitchens and pillows, as well as from bony fish, mollusks and chicken. 

Residual DNA from a meal may remain on a person's hands and be transferred to the ATM keypad upon use, the researchers suggested.

ATM keypads located in laundromats and stores had the highest number of biomarkers with the most prominent being Lactobacillales (lactic acid bacteria), which is usually found in decomposing plants or milk products. 

In other samples, the researchers observed the biomarker Xeromyces bisporus, which is associated with spoiled baked goods.

In addition, the team found a parasite typically seen in the gut of humans and other mammals, along with a species closely related to the human parasite Trichomonas vaginalis, which can potentially cause STD.

However, there is no significant difference was found in the keypads from ATMs located outdoors versus indoors, the researcher noted, in the paper published in the journal 'mSphere.'
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Wedding apparel stores and jewelry. The government’s decision to demonetize high denomination notes coinciding with the wedding season had been a cause of sorrow for many households. Offering some respite to families celebrating, on Thursday, Economic Affairs Secretary Shantikala Das announced that those in need of money can withdraw up to Rs 2.5 lakh cash per wedding. shops have downed shutter,citing lack of business since the demonetization move.

Das said a member of the family, be it father or mother, can make the one-time withdrawal upto that limit. “Up to Rs 2.5 lakh cash can be drawn from bank account for a marriage during ongoing wedding season,” Das said.

The move comes as a relief to not only the people who have weddings lined up in their families, but also to the shopkeepers whose business has been heavily affected since old Rs 500 and Rs 1000 notes were demonetised on November 8. Wedding apparel shops and jewellery shops have downed their shutters, citing lack of business since the announcement was made.

With the government allowing people to get Rs 2.5 lakh in cash, it will be less daunting to arrange for currency notes of smaller denominations to pay vendors, ranging from florists to mehendi artists, who generally accept only cash. Apart from this, central government employees, up to group C, will be allowed to draw their salary in advance up to Rs 10,000 in cash. However, the limit for over the counter exchange of old Rs 500, Rs 1000 notes has been reduced from Rs 4,500 to Rs 2,000.








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U.S. President-elect appoints RNC chairman Priebus chief of staff; campaign head Bannon made chief strategist

In the first appointments that he announced and the first television interview that he gave after being elected the 45th President of the United States, Donald Trump appeared to strike a balance between the existing order of politics and the nationalistic rhetoric that fuelled his ascent.

Reince Priebus, a long-time Washington insider and that current chairman of the Republican National Committee, will be Mr. Trump’s chief of staff, a position considered the most important in the White House. His campaign chief Stephen Bannon, a far-right activist, will be the President-elect’s chief strategist and senior counsellor.

Though Mr. Bannon said he and Mr. Priebus had “a very successful partnership on the campaign” and “will have that same partnership” in the days to come, the arrangement might create two power centres in the White House. Mr. Trump typically allows multiple centres of power in organisations that he creates.

Mr. Priebus, as head of the party, helped Mr. Trump’s campaign efforts wholeheartedly even as most senior leaders either turned their back or turned hostile to the nominee. Mr. Bannon led the efforts to build the promise to “take back the country,” the motif of the winning campaign.

Meanwhile, in his first detailed interview, Mr. Trump toned down his campaign rhetoric and promised to be more restrained on Twitter. He said remaining a “monotone character” is easier for him to do, but some amount of rhetoric is essential.

“Well, sometimes you need a certain rhetoric to get people motivated. I don’t want to be just a little nice monotone character and in many cases I will be,” he said on CBS News, when asked whether he would continue with the type of rhetoric that he used during the campaign.

He took a conciliatory approach to abortion rights, on building a wall along the border with Mexico and on appointing a special prosecutor to investigate Hillary Clinton. On the rights of gay people and same sex marriages, he reiterated his earlier position, which is not in tune with the conservative position. Asked if he supports same-sex marriages, Mr. Trump said: “It — it’s irrelevant because it was already settled. It’s law. It was settled in the Supreme Court. And, I’m fine with that.”

Pro-life justices

He said he would appoint pro-life justices to the Supreme Court and they might allow States to decide on abortion laws. “Yeah, well, they’ll perhaps have to go, they’ll have to go to another State,” he said of women seeking abortions. Asked whether he found that acceptable, the President-elect said: “It’s got a long way to go, just so you understand. That has a long, long way to go.”

During the interview, Mr. Trump first denied knowledge of the racial slurs, and threats to African Americans, Latinos and Muslims that have been reported from across the country since his victory, but then added that he heard of some instances and was saddened by it. “I would say don’t do it, that’s terrible, ‘cause I’m gonna bring this country together,” he said.

When pointed out that some of his supporters were harassing Latinos and Muslims, he said: “I am so saddened to hear that. And I say, ‘Stop it.’ If it — if it helps. I will say this, and I will say right to the cameras: ‘Stop it.’”

Mr. Trump also defended his decision to rope in several Washington lobbyists to his transition team but added that he would phase out their influence. “…they know the system right now, but we’re going to phase that out. You have to phase it out.”

No Hillary probe

The President-elect has no plans to carry out his promise to pursue investigation against Hillary Clinton, his former opponent. “I don’t want to hurt them. I don’t want to hurt them. They’re, they’re good people. I don’t want to hurt them,” he said of Hillary and Bill Clinton.

On President Barack Obama, he was even nicer. “I found him to be terrific. I found him to be — very smart and very nice. Great sense of humour, as much as you can have a sense of humour talking about tough subjects, but we were talking about some pretty tough subjects.”

He also rejected a suggestion that his victory was a repudiation of Mr. Obama’s presidency. “No, I think it’s a moment in time where politicians for a long period of time have let people down.”
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After seeing the success the Creta has garnered over the past year, Hyundai has now launched its third SUV in India, the Tucson. The carmaker has positioned the new mid-size SUV in between its existing compact SUV the Creta, and its most premium offering in the SUV segment in India, the Santa Fe. The base trim of the Tucson has been priced at Rs 18.99 lakh (Ex-showroom, New Delhi) 


The latest SUV from Hyundai follows the Fluidic 2.0 design philosophy that is present on their other cars. The new hexagonal front-grille gives the Tucson an imposing stance and the wrap around headlamps with LED DRLs gel well with the design of the car. The rear features wrap-around tail lamps which look a lot like the i20. The Tucson measures 4,475mm in length, 1,850mm in width, 1660mm in height and has a wheelbase of 2670mm.


The Tucson will be offered with two different engine options in India, one petrol and one diesel. The petrol variant is a 2.0-litre DOHC Dual VTVT motor that pushes out 155bhp and 192Nm of torque. The diesel variant will also get a 2.0-litre mill but this one dishes out 185bhp and 400Nm of torque. Both the engines will be available with a six-speed automatic and manual gearbox, although the manual gearbox will only be available on base trims of both diesel and petrol while the top-spec model will only be as a diesel variant with the six-speed automatic gearbox.



The all-new Tucson received a five star rating from EURO NCAP in 2015. It comes loaded with safety features like 6-airbags, Electronic Stability Program (ESP), Hill-start Assist Control (HAC), Downhill Brake Control (DBC), ABS with EBD, and front/rear parking sensors. Other features present on the Tucson are Hands free tail gate with height adjustment, Electric parking brake, auto ORVM with heating function. HAC, front parking sensors, DBC, Hands free tailgate with height adjustment and heated ORVMs are a segment first. The Tuscon will get a 3 year/unlimited kilometre warranty.
The Tucson will be available in five colours: Pure White, Sleek Silver, Star Dust, Phantom Black and Wine Red. It will compete against the SsangYong Rexton, Mahindra XUV500, Honda CR-V and the Tata Safari.
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MUMBAI: At a time when the city's air quality is beginning to dip, this bit of news may come as a relief. The number of private cars running on compressed natural gas (CNG) in Mumbai has more than doubled in just three years while public transport vehicles plying on clean fuel like autos and taxis has risen by 30%.

In three years, the population of private cars running on CNG increased from 1 lakh to 2.2 lakh, a growth of over 100% in the Mumbai metropolitan region. Similarly, public transport vehicles rose from 2.2 lakh in October 2013 to 2.9 lakh this year, show latest statistics released by Mahanagar Gas Limited (MGL).

Its officials said the increase in CNG-run vehicles had led to a 1,300 kg/day reduction in pollutants spewed by vehicles. "The primary reason for a significant growth in CNG vehicles has been the economic benefits of CNG over regular fuels like petrol and diesel," said MGL managing director Rajeev Mathur. CNG is 44% more economical than petrol and 33% cheaper than diesel. The state also gives a minimum 4% rebate on taxes for those registering cars run on CNG.

Although the CNG car population is small (less than 10%) compared to the total number of private cars run on diesel and petrol, the surge in numbers is a "good trend".

"Besides, it is improving air quality and we are committed to provide uninterrupted supply of this eco-friendly gas,'' said MGL's Mathur.
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Tata Sons hit out at ousted chairman Cyrus Mistry on Thursday, accusing him of underperforming and doing little to fix problem areas in India’s biggest business group.

A blistering nine-page statement issued by the holding company of the $103 billion conglomerate said dividends of 40 group firms, excluding Tata Consultancy Services, declined during Mistry’s four-year tenure while staff expenses zoomed.

The statement said Mistry was appointed chairman in 2012 – replacing Ratan Tata – because of his recorded views and plans but hardly any of his major views “have been implemented”.

“Even the then existing structure of the group which had stood the test of a long period of nearly 100 years… seem to have been consciously dismantled.”

The Tata Sons shocked the corporate world last month when it removed Mistry -- the single largest individual shareholder in the group that operates in 150 countries.

Ratan Tata, patriarch of the salt-to-software conglomerate, will take over as interim chairman for four months while a company-appointed search panel finds Mistry’s replacement.

Since then, a bruising war of words has erupted between the two sides.

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In a crackdown to curb its soaring immigration figures, the UK government has announced changes to its visa policy for non-EU nationals, which will affect a large number of Indians especially IT professionals.

Under the new visa rules announced on Thursday evening by the UK Home Office, anyone applying after November 24 under the Tier 2 intra-company transfer (ICT) category would be required to meet a higher salary threshold requirement of 30,000 pounds from the earlier 20,800 pounds.

The ICT route is largely used by Indian IT companies in Britain and the UK's Migration Advisory Committee (MAC) had found earlier this year that Indian IT workers accounted for nearly 90 per cent of visas issued under this route.

The changes come just days before British Prime Minister Theresa May lands in India on Sunday for her three-day visit.

"The first of two phases of changes to Tier 2, announced by the government in March following a review by the Independent Migration Advisory Committee, will affect applications made on or after November 24 unless stated otherwise," a UK Home Office statement said.

Besides the Tier 2 ICT salary threshold hike, the other changes announced include increasing the Tier 2 (General) salary threshold for experienced workers to 25,000 pounds, with some exemptions; reducing the Tier 2 (ICT) graduate trainee salary threshold to 23,000 pounds and increasing the number of places to 20 per company per year; and closing the Tier 2 (ICT) skills transfer sub-category.

A number of changes have also been announced for the Tier 4 category, which covers maintenance requirements for the Doctorate Extension Scheme.

Nationals outside the European Union, including Indians, will also be affected by new English language requirements when applying for settlement as a family member after two and a half years in the UK on a five-year route to residency settlement in the UK.

The new requirement will apply to partners and parents whose current leave to remain in the UK under the family immigration rules is due to expire on or after May 1, 2017.

The changes follow advice by the MAC earlier this year to curb the Tier 2 ICT route and reduce reliance on foreign workers.

"(Immigration) is not serving to increase the incentive to employers to train and upskill the UK workforce. Ready access to a pool of skilled IT professionals in India is an example of this," the MAC report had said in its findings.

"We did not see any substantive evidence of long-standing reciprocal arrangements whereby UK staff are given the opportunity to gain skills, training and experience from working in India," it noted.
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New Delhi: Jindal Steel and Power Ltd on Thursday said it has failed to pay Rs. 15.43 crore interest on non convertible debentures (NCDs), which was due on October 31.

"The company has not made payment of Rs. 15.43 crore towards the interests due on NCDs, the due date for payment of which was October 31, 2016," JSPL said in a regulatory filing.

Last month, the firm had said it has defaulted on payment of interest on NCDs, due on September 30, 2016 on account of cash flow mismatches. 

In the last few months, the Naveen Jindal led company has divested some of its assets to pare debt. JSPL has a net debt of around Rs. 46,000 crore.

In October, the company said it will sell its 24 MW wind power plant in Satara, Maharashtra to a subsidiary of India infrastructure Fund II for an undisclosed amount.

Similarly, in May this year, the firm inked an agreement with JSW Energy, a firm led by Naveen's brother Sajjan Jindal, to sell its 1,000 MW power plant, at Raigarh, Chhattisgarh.

According to the deal, JSW will pay at least Rs. 4,000 crore, excluding net current assets, and an additional Rs. 2,500 crore if JSPL's power plant secures a long term power purchase agreement.

Likewise, in March, JSPL announced that its subsidiary Jindal Power has entered into a definitive agreement to divest 4.12 per cent stake in Indian Energy Exchange for an undisclosed amount by month-end.
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In a statement, Tata Sons said that it is unfortunate that Mistry is making all the allegations and misrepresenting facts about business decisions which he was party to for over a decade in different capacities.
The Cyrus Mistry-Tata row turned ugly on Thursday with Tata Sons rubbishing the allegations of its sacked chairman as malicious. In a statement, Tata Sons said that it is unfortunate that Mistry is making all the allegations and misrepresenting facts about business decisions which he was party to for over a decade in different capacities. The company said response to Mistry’s allegations will be given in an appropriate manner.
Mistry, in a confidential mail to the board members of Tata Sons, had expressed shock over his sudden removal as the chairman of the company and alleged fraud by Tata in Air Aisa venture beside claiming that the Nano project was incurring huge loss to the company and and was being continued only due to emotional reasons. He had maintained that he was pushed as a ‘lame duck chairman’.

Tata Sons also reiterateed that reports of the exit of Rakesh Sarna, Managing Director and CEO of Taj Hotels Resorts and Palaces, are completely baseless and unfounded.

The statement from Tata Sons

It is a matter of deep regret that a communication marked confidential to Tata Sons board members has been made public in an unseemly and undignified manner. The correspondence makes unsubstantiated claims and malicious allegations, casting aspersions on the Tata group, the Tata Sons board and several Tata companies and some respected individuals. These will be responded to in an appropriate manner.

Mr. Cyrus Mistry, the former Chairman of Tata Sons, has been on the Board of the Company since 2006. He was appointed Deputy Chairman in November, 2011, and formally appointed Chairman of Tata Sons on December 28, 2012. He would be fully familiar with the culture, ethos, governance structure, financial and operational imperatives of the Tata Group as well as various group companies. As the Executive Chairman, he was fully empowered to lead the group and its companies. It is unfortunate that it is only on his removal that allegations and misrepresentation of facts are being made about business decisions that the former Chairman was party to for over a decade in different capacities. The record, as and when made public, will prove things to the contrary.

Efforts are now being made to level accusations against individuals and company boards for ignoring corporate governance norms that were supposedly upheld by the former Chairman while in office. The Tata Sons board gives its Chairman complete autonomy to manage opportunities and challenges. However, the tenure of the former Chairman was marked by repeated departures from the culture and ethos of the group.

The Board of Directors of Tata Sons is composed of several eminent personalities from all walks of life. This is not a group of people who one would expect to act without exercising proper judgement in the best interests of the entities they sit on the boards of. It is unfortunate that Mr. Mistry had overwhelmingly lost the confidence of the Members of the Board of Directors for a combination of several factors. The Directors of the Tata Sons board had repeatedly raised queries and concerns on certain business issues, and Trustees of the Tata Trusts were increasingly getting concerned with the growing trust deficit with Mr. Mistry, but these were not being addressed. The Tata Sons board, in its collective wisdom, took the decision to replace its Chairman in the manner undertaken.

The strength of the Group is not just confined to its value system and ethics in the Board room but to a very large extent by the adherence to the values by its 600,000 plus employees whose spirit and cooperation has built the Group to where it is today. It is unforgivable that Mr. Mistry has attempted to besmirch the image of the Group in the eyes of the employees.

It will be beneath the dignity of Tata Sons to engage in a public spat with regard to the several unfounded allegations appearing in his leaked confidential statement. These allegations are not based on facts or the true state of affairs. It is convenient to put selective information in the public domain to defend one’s point of view. There is a multitude of records to show that the allegations made by Mr. Cyrus Mistry are unwarranted and these records will be duly disclosed before appropriate forums, if and when necessary, sufficiently justifying the decision made by responsible Boards of Directors, of Tata Sons and its Group companies.

The Interim Chairman in his first interaction with senior leaders has stressed to them the need to continue on focusing on building great businesses while emphasising on delivering strong shareholder returns. Board members of Tata Sons have in the past stressed on the need to be more decisively focused on bringing down debt, sharpening focus on both the portfolio and capital efficiency.

The Tata Group is proud of its rich legacy of contributing to the growth of the nation. During a long history, it has faced many challenges and the employees of this group have worked hard to create great companies, and deliver shareholder value. The Tata way is to not run away from problems, or constantly complain about them, but firmly deal with them and build a better tomorrow.
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MUMBAI: India's largest conglomerate Tata faces one of the most turbulent periods in its long history after its shock decision to sack its chairman, analysts say, as it battles to save its global reputation.

Seventy-eight-year-old patriarch Ratan Tata dramatically returned to the helm of the family business this week after he became upset at the direction Cyrus Mistry was taking the sprawling group.

The abrupt sacking of Mistry on Monday, out of character for the 148-year-old organisation, has plunged the $100 billion conglomerate into acrimony and highlighted its divisions at a time when it faces major financial challenges.

"Tata group is going through an economic crisis and most of its businesses are not performing well," G Chokkalingam, managing director at Mumbai-based Equinomics Research & Advisory Pvt, said.

Tata Group's revenue slipped 4.6 percent for the financial year ended March to about $103 billion.

One of its worst performers is Tata Steel, which last month reported a quarterly net loss of almost 32 billion rupees (US$475 million), as it winds back its European operations.

The company announced earlier this year that it was selling its loss-making British assets owing to a global oversupply of steel, cheap Chinese imports into Europe, high costs and currency volatility.

Tata Motors' profits have also slowed because of falling sales of Jaguar Land Rover(JLR) in China as the country's economy stutters, while IT behemoth Tata Consultancy Services is suffering from cautious client spending in the face of an uncertain global economic outlook.

"It was not any leadership problem but economic factors that played out in ousting Mistry," said Chokkalingam, suggesting he had unfairly lost his job over circumstances out of his control.

An outstanding payment of almost $1.2 billion to Japan's NTT Docomo is also tarnishing Tata's reputation abroad. "It could take a new leader 10 years to get control of things and maintain Tata Group's image," Mahesh Singhi of corporate advisory firm Singhi Advisors said.

Ratan Tata led the company for 21 years during arguably its most successful period, increasing the group's revenues from around $6 billion to $100 billion as he made a string of big-name purchases.

While he travelled the globe buying the likes of JLR, Britain's Tetley Tea and Anglo-Dutch steel firm Corus, Mistry has focused on reducing the sprawling group's $30 billion debt level by selling assets and refinancing loans.

Ratan Tata is said to have become increasingly frustrated by 48-year-old Mistry's focus on divestments, believing the group should hold on to its assets for the long term and not reduce its global reach.

But Chokkalingam stresses that Mistry's departure should not mark the end of his more prudent approach, saying Tata has no option but to reduce its size to balance the books.

"With no return to the parent companies in recent times due to a weak economic outlook, divestment has become a compulsion. Tata Sons had to either continue with losses or restructure their businesses," said the analyst.

Mistry became the first chairman from outside the immediate Tata family when he succeeded Ratan Tata in December 2012. His coronation was carefully planned, with the group announcing Mistry as heir a year beforehand.

He was only the sixth chairman in the history of the conglomerate, which was formed in 1868, and analysts say the unceremonious manner in which Mistry was deposed speaks of a wider malaise.

"It highlights a leadership vacuum," corporate governance expert Shriram Subramanian of InGovern Research Services said.

Mistry's sudden dismissal following a vote at a routine board meeting has unsurprisingly been acrimonious.
Tata immediately scrapped a council of advisors he had set up and on Tuesday it filed caveats at an employment tribunal as a precautionary measure in case Mistry sought to legally challenge his sacking.
Whoever succeeds Tata at the end of the four-month search period faces a fight to maintain its international reputation that has been damaged by its travails in Britain, where 15,000 jobs are at risk.

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In a surprise move, Tata Sons on Monday removed Cyrus Mistry as its Chairman, nearly four years after he took over the reins of the over USD 100 billion salt-to-software conglomerate. The decision was taken at a Board meeting held in Mumbai.

“Tata Sons today announced its board has replaced Mr Cyrus P Mistry as Chairman of Tata Sons. The decision was taken at a board meeting held here today,” a Tata Sons statement said.

Ratan Tata, who Mistry had replaced on December 29, 2012, has been appointed as interim Chairman for four months during which a search committee will look for a replacement.

The search committee comprises of Ratan Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharya. The committee has been mandated to complete the selection process in four months.

CEOs at the operating company level have not been touched in the rejig.

There were no reasons given for the change of leadership of the man who was brought in with much fanfare but it is believed that Tata Sons was unhappy with Mistry’s approach of shedding non-profit businesses, including the conglomerate’s steel business in Europe, and concentrating only on cash cows.
Tata Sons is the main holding company of the group.
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EIH Ltd is planning to invest over Rs 500 crore to renovate the iconic Oberoi New Delhi, which was closed down on April this year. The dwindling profitability of the 50-year-old property has led the group to make this decision and go for a complete renovation.

The 271-room Oberoi property in the Capital used to post a revenue of around Rs 200 crore and a profit of Rs 90 crore per year, which went down to Rs 65 crore in 2015-16. PRS Oberoi, the chairman of EIH Ltd and The Oberoi Group, said the company is aiming to regain the top slot with the renovated Delhi hotel. "The hotel which opened in 1965 needed extensive work to protect against declining market share and to ensure a future leadership position in national capital region."

The company has witnessed a loss of Rs 12.24 crore in the first quarter of this fiscal from a profit of Rs 21.15 crore during the same period last year. "The loss was largely owing to the closure of New Delhi hotel," he added. EIH Ltd had written off Rs 18.35 crore on the account of Oberoi, New Delhi. However, EIH Ltd has increased its consolidated average room rate by Rs 450 in the first quarter compared to the year-ago period.

Elaborating on the latest position of Golden Jubilee Hotels that owns Trident Hyderabad, EIH CEO and MD Vikram Oberoi said that it has made a provision of Rs 16 crore for the project but has not written off as it is still a live investment.

Later, EIH vice chairman S S Mukherjee said Trident Hyderabad is doing well but Golden Jubilee Hotels, where Oberoi group has 16% stake, has been declared non-performing assets by banks which has a debt of Rs 1,000 crore. Mukherjee added the group even had a plan to set up a hotel under Oberoi brand. EIH sold its Darjeeling property in the year-ago quarter.
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The Union government has on Tuesday published the implementation notification of the 7th Pay Commission. The notification is dated July 25, 2016. The decision comes as a sigh of relief to lakhs of employees who were hopeful that the new pay will figure in their August salary. Central government employees will now get the revised pay from their August salaries.

The Cabinet, in June, approved the recommendations made by the 7th pay commission. Speaking at a press conference, Finance Minister Arun Jaitley accepted the recommendation to increase minimum pay from existing Rs 7,000 to Rs 18,000 per month. He announced that a fitment factor of 2.57 would apply for pay revision of all employees. And the rate of annual increment has been retained at three per cent.

The government also announced that CBSE chief Rajesh Kumar Chaturvedi will be given additional charge of chief of the implementation cell of the Seventh Central Pay Commission. Chaturvedi will serve as Joint Secretary in the cell for three months or till appointment of a regular incumbent, an order issued by Department of Personnel and Training said.

The pay panel had in November last year recommended 14.27 per cent hike in basic pay at junior levels, the lowest in 70 years. The previous 6th Pay Commission had recommended a 20 per cent hike which the government doubled while implementing it in 2008. The Seventh Central Pay Commission recommended changes in the pay of around 1 crore individuals — 33 lakh central government employees, 14 lakh armed forces personnel, and 52 lakh pensioners. Meanwhile, during a discussion in the Rajya Sabha, the government said it is‘not appropriate to compare 7th pay panel with previous ones’.
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Italy's economy will not return to the levels seen before the 2008 financial crisis until the mid-2020s, the IMF has said, implying "two lost decades".
By the mid-2020s, it says the economies of other eurozone members will be 20-25% larger than levels seen in 2008.
The Fund's comments came as it cut its growth forecasts for the eurozone's third largest economy.
It now expects Italy's economy to grow by less than 1% this year, compared with an earlier estimate of 1.1%.
The IMF also cut its growth forecast for 2017 to about 1% from 1.25%.
Italy has an unemployment rate of 11% and a banking sector in crisis, with government debt second only to that of Greece.
Italian banks are weighed down by massive bad debts, and may need a significant injection of funds.
  • What's the problem with Italian banks?
  • Italy's Renzi buffeted on all fronts
The IMF said any recovery in the Italian economy was likely to be "fragile and prolonged", adding that the authorities faced a "monumental challenge".
"The recovery needs to be strengthened to reduce high unemployment faster and buffers need to be built, including by repairing strained bank balance sheets and decisively lowering the very high public debt."
Speaking after the release of the report, Italian Prime Minister Matteo Renzi said that Britain's vote to leave the European Union would add pressure to all countries in the eurozone.
"Growth estimates are down after the Brexit," he told Italian radio station RTL. "Europe's economy will slow briefly, but in the mid-term the English are the ones who will feel the damage the most."

"Italy is not the sick man of Europe", Italian Prime Minister Matteo Renzi said on Tuesday - trying to fight back the perception that his country's economic woes constitute the most severe threat to the eurozone this summer.
On both main concerns - Italy's troubled banks and low growth estimates - the prime minister has this week deflected the attention (and blame) elsewhere.
On Monday, he said that the Italian banks were being unfairly singled out - since other European banks had much bigger problems. Many interpreted this as a swipe at Germany's Deutsche Bank, which is dealing with its own troubles.
And on Tuesday, Renzi blamed low growth estimates on the uncertainty that has followed the UK's decision to leave the European Union, and said it would be the UK, and not Italy or the EU, who would pay the highest cost.
The increasing fears over Italy's economy couldn't come at a worst time for Renzi.
He's fighting a rise in the polls of the Five Star protest party and the increasing prospects that he may lose a referendum over a major constitutional reform he has called for later this year.

Luring banks

Last week, the IMF cut its growth forecast for the eurozone as a whole because of the expected impact of the UK voting to leave the EU.
It now expects the eurozone's economy to grow by 1.6% this year and 1.4% in 2017. Before the referendum the IMF had predicted growth of 1.7% for both years.
Mr Renzi said that Italy would try to lure financial institutions who decide to leave London in the wake of Britain's departure from the EU.
There has been speculation that banks will move European headquarters out of London, currently Europe's largest financial centre, because they would no longer have access to the passporting system.
This allows them to offer financial services across all EU nations without having a permanent base in each country.
"We are trying with (Milan's mayor) Beppe Sala to bring to Milan a small part of the financial institutions that are in London," Mr Renzi said.
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The pound has hit a new low in Asian trading as concerns about the UK's vote to leave the European Union continue to weigh on investor confidence.
It touched $1.2798 against the dollar on Wednesday, a 31-year low, before recovering slightly to $1.2929.
The pound has now fallen about 14% against the dollar since hitting $1.50 ahead of the referendum result.
US government bond yields also fell to record lows as investors rushed to put money in perceived havens.
The falls follow decisions by fund managers, including Standard Life and Aviva, to stop investors withdrawing money from their UK property funds.
They said the high levels of uncertainty caused by the referendum had led to investors rushing to pull their money out.
Investor confidence was further undermined by the Bank of England's warningon Tuesday that there was evidence some of the risks it identified related to Brexit were already emerging.
Disappointing data on the UK services sector and a decline in US factory orders also fuelled pessimism.

'More uncertainty'

Financial markets were shaken by the Brexit vote two weeks ago, with trillions of dollars lost from global equity markets and currencies like the pound suffered steep falls.
They have since recovered some ground on speculation central banks will ramp up stimulus measures to stabilise the markets.
However, investors now face more uncertainty after UK Prime Minister David Cameron, who campaigned for the UK to stay in the EU announced his resignation, leading to a sharply contested ballot to replace him as leader of the Conservative Party and PM.
As a result, there has been a rush to buy up government debt, another haven investment, from certain countries.
This includes 10-year US, UK, Swiss and German bonds which have seen their yields at or near their lowest on record.
Yields on Australian and Japanese government bonds have also hit record lows.
High demand tends to push up bond prices, and when the price of bonds rises their yield falls.

Asian markets

The renewed Brexit concerns hit Asian stock markets. Japan's benchmark Nikkei 225 shares index closed 1.85% lower at 15,378.99, but it had been more than 3% lower at one point during the day.
The broader Topix index shed 1.8% to 1,234.20 as the yen, another haven investment, strengthened against the US dollar.
South Korea's Kospi index fell 1.9% to close at 1,953.12 and its currency the won extended losses to a one-week low.
Australia's S&P/ASX 200 shares index lost 0.6% to shut at 5,197.50.
Hong Kong's Hang Seng index was down 1.7% at 20,404.47, although the Shanghai Composite edged up 0.1% to 3,009.54.
Stock markets in Indonesia, India, Singapore, Malaysia and the Philippines are closed for holidays.
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