Pepsico India wins US award for saving more than 17 billion litres of water

US Secretary of State Mike Pompeo on Thursday presented the prestigious Award for Corporate Excellence to Pepsico India for its efforts to save more than 17 billions of litres of water through community water programs and positively impacting thousands of community members.

Established in 1999, the ACE recognizes US companies that promote and uphold high standards as responsible members of their communities where they do business.


Today we honour one of PepsiCo's regional arms, PepsiCo India. It is India's largest purchaser of potatoes. And it uses this to power good, sourcing sustainably from 24,000 small Indian farmers. It also has a program aimed at replenishing water in stressed areas, through which it has restored nearly five billion litres of water, he said.

Other recipients of the award are Chambers Federation in the Democratic Republic of the Congo, Procter and Gamble Asia Pacific in Singapore and Agilis Partners in Uganda.

Our four winners today demonstrate the power of free enterprise. They demonstrate to our foreign partners that working with our businesses is a path to prosperity and stability, Pompeoe said at the awards ceremony held at the Foggy Bottom headquarters of the State Department.

These companies, he said represents America's free market values by creating good jobs here in the United States and around the world, investing sustainably, operating transparently, and offering the highest quality products and services in the world.

PepsiCo India has been named the global ACE winner in sustainable operations in the multinational enterprise category for its sustainable farming initiative in India.

The award recognises the company's effort to save more than 17 billion litres of water through its community water programs and replenishing over 5 billion litres of water, positively impacting 60,000 community members.

Manufacturing PMI drops to 2-year low in October on softening demand

International News
Manufacturing activity in the country continued to weaken in October, with factory orders and production rising at the weakest rates in two years, a monthly survey said on Friday.
The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to a two-year low of 50.6 in October from 51.4 in September.
This indicates only a marginal improvement in the health of the manufacturing industry, the survey said.
In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
As per the IHS Markit survey, the cooling of manufacturing sector conditions in India continued in October, with both factory orders and production rising at the weakest rates for two years.
"Subsequently, job creation softened to a six-month low, while companies were reluctant to hold excess stock and lowered input buying in response," it noted.
The PMI data for October showed a continuation of manufacturing sector weakness in India, "with sales growth softening to the slowest in two years", said Pollyanna De Lima, Principal Economist at IHS Markit.
"Weakening demand had a domino effect in the manufacturing industry, knocking down rates of increase in production, employment and business sentiment," Lima said.

With quantities of purchases contracting for the third month in a row, Lima pointed out that input costs fell for the first time in over four years during October.

India is running its telecom companies aground to fill a budget hole

International News
When Arun Sarin, Vodafone Group Plc’s India-born former CEO, was charting the British telecommunications firm’s expansion into emerging markets in the mid-2000s, his home country with more than a billion potential phone users seemed a compelling choice.
Sarin wasn’t alone. Norway’s Telenor ASA, Russia’s Mobile TeleSystems PJSC and Malaysia’s Maxis Bhd were also among a slew of companies that flocked to this fast-growing market. The carriers banded with local partners, bid for airwaves and licenses, spending billions of dollars to prepare their networks.
But what once appeared to be their most-promising Asian wireless market has turned sour. Vodafone’s Indian venture with billionaire Kumar Mangalam Birla, saddled with $14 billion of debt, is said to be seeking to revamp its borrowings amid mounting losses and a tariff war. Tycoon Sunil Mittal’s Bharti Airtel Ltd. is rated junk by Moody’s Investors Service. In a market that had a dozen carriers two years ago, just three are left standing today--two of them, barely.
High fees, frequent policy flip-flops, endless tax demands from an unsympathetic bureaucracy that treated carriers as cash cows have driven most of the operators aground. The industry has become the latest cautionary tale for investors in India, showing why despite moving up the global rankings for ease of business, the burgeoning $2.7 trillion economy with a massive consumer base remains a tough, unpredictable place for those who still dare.
The latest blow to the survivors came last week. The nation’s Supreme Court, ruling on a years-long dispute, ordered several carriers to pay the government an additional $13 billion in past fees. The British firm’s venture, Vodafone Idea Ltd., faces a bill of $4 billion, a burden that could sink the company.

“The government is becoming greedy and extracting the maximum from them,” said Mohan Guruswamy, a former finance ministry official and now chairman of the Centre for Policy Alternatives in New Delhi. “The whole sector is in the doldrums. This judgment will effectively destroy Vodafone Idea, and what you’ll have is an emerging duopoly.”

With toxic haze lingering, Delhi air quality still in 'severe' category

International News
The air quality in Delhi remained in the severe category on Thursday morning, with the smoky haze lingering over the national capital for the third consecutive day becoming a serious health concern for the residents.
At 8 am, the city's overall air quality index stood at 408, a tad better than 415 at 8 pm on Wednesday.Twenty-two of the 37 air quality monitoring stations across Delhi recorded the air quality in the severe category on Thursday morning.Anand Vihar continued to be the most-polluted area with an AQI of 466, followed by Wazirpur with an AQI of 453.An AQI between 0-50 is considered "good", 51-100 "satisfactory", 101-200 "moderate", 201-300 "poor", 301-400 "very poor" and 401-500 "severe". Above 500 falls in the "severe-plus emergency" category.
According to the Ministry of Earth Sciences' air quality monitor, SAFAR, the share of stubble burning in Delhi's pollution rose to 35 per cent on Wednesday, the season's highest, and the hazardous haze shrouding the city could "purely" be attributed to it.Weather experts said the problem aggravated due to an unfavourable wind speed post-Diwali that led to accumulation of pollutants. A relief is likely on the weekend, they added.
The city government has identified five "critically polluted" areas after examining the post-Diwali pollution data and asked the municipal corporations and the Delhi Pollution Control Committee to intensify actions at these locations.

The "critically polluted" areas are Wazirpur, Anand Vihar, Ashok Vihar, Vivek Vihar and Bawana.In view of the hazardous pollution levels in the national capital, doctors advised people to take a lot of precautions, including wearing face masks and avoiding early morning and late evening walks as concentration of pollutants is at its highest during this period...READ MORE

PM Modi offers floral tributes to Sardar Patel on his birth anniversary

International News
Prime Minister Narendra Modi paid floral tributes to Sardar Vallabhbhai Patel, the country's first home minister, at the Statue of Unity here on the occasion of Rashtriya Ekta Diwas on Thursday.
October 31, Patel's birth anniversary, is celebrated as Rashtriya Ekta Diwas (National Unity Day) since 2014.
As the prime minister offered floral tributes, flower petals were showered on the world's tallest statue by an Indian Air Force helicopter.
The 182-metre-tall statue of Sardar Patel was inaugurated by Modi on October 31 last year.
The PM also administered 'national unity pledge' to the gathering on this occasion.
The prime minister watched 'Ekta parade' in which personnel of the Gujarat Police, Jammu & Kashmir Police, Central Reserve Police Force and Border Security Force took part.
Mock drill demonstrations were conducted by the Central Industrial Security Force (CISF), National Disaster Response Force and National Security Guard.
CISF personnel gave a demonstration of how to deal with terrorists at airports, while NDRF demonstrated rescue operations during earthquakes and gas leakage.

The NSG presented a demonstration of how to foil a terrorist attack....READ MORE

ISIS still a threat, may seek vengeance post-Baghdadi's death: US

International News
A top American General has said the Islamic State is still dangerous and it could attempt a retribution attack after the killing of its leader Abu Bakr al-Baghdadi in a US raid.
The head of US Central Command, General Kenneth McKenzie, speaking to reporters after the Pentagon released video and photos of the US special forces raid that resulted in the death of Baghdadi, acknowledged that the terror group's leadership may be disjointed and that it could take some time for it to recuperate, but that doesn't mean it is not a threat.
"ISIS is first and last an ideology so, we're under no illusions that it's going to go away just because we killed Baghdadi. It will remain, McKenzie said at a Pentagon news conference."They will be dangerous. We suspect they will try some form of retribution attack, and we are postured and prepared for that. But we should recognise that, again, since it's an ideology, you're never going to be able to completely stamp it out, he said.
Among the images released by the Defence Department was a black-and-white footage of US troops approaching on foot the high-walled compound in northwestern Syria where Baghdadi was holed up.The Pentagon also released video of airstrikes on a group of unknown fighters on the ground who opened fire on the helicopters that ferried US forces in for the assault on Baghdadi's compound in Syria's Idlib province.
Responding to a question, McKenzie said, It will take them some time to reestablish someone to lead the organisation. And during that period of time, their actions may be a little bit disjointed."McKenzie said that in US' definition of long-term success against ISIS and other entities like ISIS is not the complete absence of that ideology, but rather its existence at a level where local security forces, wherever in the world it exists, can deal with it.

There is no international connective tissue. There is no ability to attack our homeland...READ MORE

WhatsApp sues Israeli firm NSO for spying on journalists, activists

Technology
WhatsApp on Tuesday sued Israeli technology firm NSO Group, accusing it of using the Facebook-owned messaging service to conduct cyberespionage on journalists, human rights activists and others.
The suit filed in a California federal court contended that NSO Group tried to infect approximately 1,400 "target devices" with malicious software to steal valuable information from those using the messaging app.WhatsApp head Will Cathcart said the lawsuit was filed after an investigation showed the Israeli firm's role the cyberattack, despite its denials.
"NSO Group claims they responsibly serve governments, but we found more than 100 human rights defenders and journalists targeted in an attack last May. This abuse must be stopped," Cathcart said on Twitter.The lawsuit said the software developed by NSO known as Pegasus was designed to be remotely installed to hijack devices using the Android, iOS, and BlackBerry operating systems.
The complaint said the attackers "reverse-engineered the WhatsApp app and developed a programme to enable them to emulate legitimate WhatsApp network traffic in order to transmit malicious code" to take over the devices."While their attack was highly sophisticated, their attempts to cover their tracks were not entirely successful," Cathcart said in an opinion piece published in the Washington Post, noting that the investigation found internet-hosting services and accounts associated with NSO.

The suit calls on court to order NSO Group to stop any such attacks and asks for unspecified damages.WhatsApp in May called on users to upgrade the application to plug a security hole that allowed for the injection of sophisticated malware that could be used for spying at the messaging app used by 1.5 billion people around the world...READ MORE

Venture capital firm Jungle Ventures raises $240 million for third fund

Technology
Jungle Ventures, one of Southeast Asia’s largest early-stage venture capital firms, closed its third fund, Jungle Ventures III by raising a total of $240 million. It includes $40 million raised in separately managed account commitments, for investments in innovative technology and digital-driven consumer businesses across Southeast Asia.
Investors range from endowments, funds of funds, and development financial institutions to strategic family offices and leading technology players. These include DEG, Germany’s development finance institution, IFC, a member of the World Bank Group and Bualuang Ventures, a corporate venture capital fund of Bangkok Bank. Dutch development bank FMO, Cisco Investments and Singapore’s Temasek are other investors in the fund.
“We continue to be focused on Southeast Asia and India. We take concentrated bets and are carefully looking for market-leading companies in India which have an opportunity to scale their business into Southeast Asia and globally,” said Jungle Ventures co-founder and managing partner Anurag Srivastava. “Seven of our early-stage investments from our second fund, Jungle Ventures II, have grown to over $2 billion in portfolio valuation, up more than 10-fold over the last 4 years. This is noteworthy because we make only 10 to 15 key investments in each fund and no single company is responsible for delivering a disproportionate share of this growth,” added Srivastava.

Jungle mainly invests in three verticals which include consumer brands for the digitally native, digital platforms for transforming small and medium enterprises and global technology companies born in Asia. Some of Jungle's notable investments in India include Livspace, Moglix, PaySense, Engineer.Ai, Tookitaki and Klinify.Jungle raised more than double the amount of its previous fund, Jungle Ventures II (2016), with nearly 60 per cent of committed capital coming from outside Asia...READ MORE

India's last-minute demands for concessions might jeopardise RCEP deal

Technology
India keeps making last-minute requests after it agreed to terms for the world’s largest regional trade agreement, potentially preventing Asian leaders from announcing a breakthrough on the 16-nation pact during a summit in Bangkok next week, people familiar with the situation said.
In recent days, India angered other negotiators by making additional requests on the China-backed pact covering half the world’s population, said the people, who asked not to be identified because the talks are private. Leaders of the countries had planned to announce a preliminary deal on Nov 4 when leaders gather for meetings hosted by the Association of Southeast Asian Nations, they said.
Chief negotiators are still confident they can reach a broad agreement on the deal, known as the Regional Comprehensive Economic Partnership (RCEP), during a planned meeting on Thursday in Bangkok, the people said. Any announcement would pave the way for nations to finalize the details on the legal framework in the coming months.
A breakthrough after seven years of talks would mark a win for trade liberalization in an era of rising tariffs and resurgent nationalism. The deal would also further integrate Asia’s economies with China at a time when US President Donald Trump is seeking to convince the region to shun Chinese infrastructure loans and 5G technology.

India, which has raised some tariffs under Prime Minister Narendra Modi, has long been the main holdout on an RCEP deal due to strong domestic opposition over fears the country would be flooded with cheap Chinese goods.India DemandsModi, who is fresh off a landslide re-election win in May, agreed to move ahead with the deal after receiving personal assurances from Chinese President Xi Jinping in an informal seaside meeting earlier this month, an Indian official said...READ MORE

OYO to expand footprint in Bihar, create 700 new jobs in next six months

Technology
Buoyed by its success in Bihar where it launched its operations four years ago, OYO Hotels and Homes aims at expanding its footprint in the state by investing in infrastructure and talent.
The investment in infrastructure and talent will create 700 jobs in the hospitality sector in the next six months, a top company official said.
"Bihar is an important market for us and has been performing well since launch. We will continue to invest in expanding our footprint and serve thousands of customers in Patna," Aditya Ghosh, CEO, India and South Asia, OYO Hotels and Homes said in a statement.He said "Since our launch in Patna in August 2015, weve worked closely with small and independent hotel owners and utilized our deep expertise in standardizing amenities and guest experiences to empower them as better hospitality players.
Ghosh said OYO's presence in Bihar includes 28 cities including Patna, Bodhgaya, Muzaffarpur, Purnea and Bhagalpur among others.
"We have all the 6 brands from the OYO portfolio in Bihar currently - OYO Rooms, OYO Townhouse, SilverKey, Collection O, Capital O, Palette Resorts. In the coming year, we aim to strengthen these partnerships and support the states vision while continuously creating and delivering outstanding opportunities for business growth, fostering all- round socio-economic development for the State and its people", he added.

Disclosing the companys aggressive growth plans in the state, Ghosh said "we aim at expanding our room count across the state from 5200 plus to 6000 plus by the end of 2019. Our expansion drive would provide 700 direct and indirect jobs to hospitality professionals in the next six months ......READ MORE

Bharti Infra defers Indus Towers merger to Dec 24 amid delay in govt nod

Technology
Telecom infrastructure firm Bharti Infratel on Friday said it has extended deadline for merger of mobile tower company Indus Towers by two months to December 24 while considering regulatory uncertainty looming over the deal.
The delay in deal will also result in lower payment to Vodafone Idea for its around 11.15 per cent stake, according to a regulatory filing by Bharti Infratel to stock exchanges. It was expected that Vodafone Idea will get around Rs 5,500 crore from stake sale in Indus Towers."The Board of Directors, in its meeting held on October 24, 2019, has accepted the CoD's recommendations to extend the long stop date by 60 days i.e. till December 24, 2019, on the basis of agreements on closing adjustments and other conditions precedent for closing," Bharti Infratel said.
The company said based on the net debt as on September 30, 2019 and such agreed closing adjustments, it is expected that the dilution of equity stake held by the current shareholders of Bharti Infratel shall be lower on account of lesser number of shares to be issued against swap of Indus shares vis-a-vis the illustrative shareholdings disclosed in the original transaction announcement.
" These would also result in lower cash payments to Vodafone Idea Limited vis-a-vis the illustrative amounts disclosed earlier. Since the completion of merger is contingent upon receipt of requisite regulatory approvals and fulfilment of other conditions precedent, there can be no assurance that the merger can be completed within the extended time-frame, " the filing said.

In April 2018, Bharti Airtel, Idea Cellular and Vodafone Group had announced an agreement for the merger of Indus Towers and Bharti Infratel to create the largest mobile tower operator in the world outside China...READ MORE

Whistleblower case: Infy woes mount as auditing regulator, SEC begin probe

Technology
Trouble continues to mount for Infosys, hit by allegations of unethical practices by a whistle-blower. After the Indian market regulator, now the US Securities and Exchange Commission (SEC) has initiated a probe into the allegations, even as the central government has directed the newly formed auditing regulator National Financial Reporting Authority (NFRA) to look into the charges of wrong accounting practices at the firm.
“The company has been in touch with the SEC regarding the anonymous whistle-blower complaint and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the investigation," Infosys said in an exchange filing on Thursday."Also, Sebi (Securities and Exchange Board of India) has requested additional information from the company concerning the anonymous complaint, which it will provide,” it added.
Responding to the BSE, which had demanded a clarification from the company for non-disclosure of the whistle-blower complaint to the exchanges, Infosys on Thursday said the company was not obliged under the law to give such disclosure until the completion of the investigation.
“Before conclusion of the investigation of the generalised allegations in the complaints, a disclosure under Regulation 30 of the LODR (listing obligations and disclosure requirements) Regulations was not required," it said in a filing. "The disclosure made on October 22, 2019, was to respond to multiple media inquiries and reports."

The Bengaluru-headquartered firm said it complied with its whistle-blower policy through placing the complaint before the audit committee of its board.Infosys received some support from ace investor Rakesh Jhunjhunwala. “Sebi should not entertain such baseless complaints of whistle-blower and should make enquiry of all trades done on that day...READ MORE

M&A deals set to surge as founders face acute cash squeeze: Axis Capital

Technology
Deal volumes in India are set to surge as embattled founders sell businesses to tide over a cash squeeze, according to Axis Capital Ltd., the investment banking unit of one of India’s largest private-sector lenders.
“As the funding situation erodes, founders are selling businesses to deleverage, or are raising equity to gain an edge over the competitors,” Chirag Negandhi, co-chief executive officer of Axis Capital, said in a recent interview at his office in Mumbai. “On the equity capital market side, most banks and non-bank lenders will have to keep tapping the market as the well-rated ones are finding more opportunities to grow.”
Indian tycoons from media mogul Subhash Chandra to Anil Ambani have been on an asset sale spree to pare debt as refinancing options dry up amid a prolonged shadow banking crisis. While the government and the nation’s central bank have announced a slew of measures to calm the credit market, investors are still wary as companies continue to delay or default on payments.
The financing squeeze has already taken a toll on the country’s economic expansion, which in turn erodes borrowers’ capability to repay further. The World Bank on Oct. 13 cut India’s economic growth forecast by the most among South Asian nations, saying the nation’s cyclical slowdown is severe and the weak financial sector is weighing on growth.
Axis Capital has the second largest market share in managing initial public offerings in India this year, right after ICICI Securities Ltd., data compiled by Bloomberg show.

The investment banking unit was an adviser on the sale of stressed GMR Chhattisgarh Energy Ltd. and also managed Larsen & Toubro Ltd.’s acquisition of stake in Mindtree Ltd...READ MORE

Indicated in first CoA meeting itself that I didn't want any payment: Guha

Technology
Noted historian Ramchandra Guha on Wednesday said he didn't expect to be paid for his tenure in the outgoing Committee of Administrators and had made this clear in the CoA's very first meeting.
Guha declined a payment of Rs 40 lakh along with another former CoA member, banker Vikram Limaye, who was to be paid Rs 50.5 lakh.
"I had indicated in the first meeting itself that I did not expect or want any payment," Guha told PTI.
Limaye has also refused to accept the payment due to him, citing the same reason, according to a source in the Board.
The Vinod Rai-led CoA, which demits office on Wednesday, was originally a four-member panel appointed by the Supreme Court on January 30, 2017.
The 61-year-old resigned from it in July 2017, citing personal reasons, while Limaye also put in his papers subsequently to take charge as the Managing Director and CEO of National Stock Exchange (NSE).
Guha's resignation letter later created a storm as he lambasted the BCCI for failing to address the conflict of interest issue with regards to players and coaches holding multiple positions.
He also criticised the handling of Anil Kumble as the then coach of the national team, saying that his tenure should have been extended.

 Kumble stepped down after a public fallout with captain Virat Kohli following the Champions Trophy in 2017. Guha had slammed the "superstar culture" in the Indian team...READ MORE

Congress president Sonia Gandhi meets D K Shivakumar in Tihar jail

Technology
Congress president Sonia Gandhi on Wednesday morning met Karnataka Congress leader D K Shivakumar in Tihar jail and enquired about his welfare.
Shivakumar, 57, was arrested by the Enforcement Directorate (ED) on September 3 in a money laundering case. He is lodged in Tihar jail under judicial custody.
According to sources, Gandhi was accompanied by Congress general secretary Ambika Soni.
Shivakumar, a seven-time MLA in Karnataka, was booked along with Haumanthaiah -- an employee at Karnataka Bhavan in New Delhi -- and others for alleged offences under the Prevention of Money Laundering Act (PMLA).

The case was based on a charge sheet filed by the Income Tax Department against them last year before a special court in Bengaluru on charges of alleged tax evasion and ''hawala'' transactions worth crores or rupees...READ MORE

Ola bets big on food biz, to launch portfolio of in-house food brands

Technology
Ride-hailing firm Ola is betting big on the food business and is planning to launch a portfolio of in-house food brands and take them across the country. These brands would not only be available on external platforms like food delivery apps Swiggy and Zomato, but also offline stores including restaurants, cloud kitchens, food trucks and pop-up kiosks that Ola is also planning to set up.
Ola’s food business will focus on becoming a food-first company with a massive kitchen infrastructure and a slew of brands. These include brands related to desserts, rice bowls and biryanis which would be unveiled within this year. These initiatives will also help the company reach new customers by penetrating deeper into the existing markets and expanding to tier-2 and tier-3 cities and towns.
“It is a very big opportunity and there are very few food brands with a national footprint. Eating out was an indulgence four years back and now it is part of the daily routine. And the food and supply has to modify with that behaviour,” said Pranay Jivrajka, chief executive of Ola’s food business. “We aim to have a national presence for our (food) portfolio and our goal is to have 80 per cent penetration in the top markets,” he added.

 To begin with, the SoftBank-backed company has launched its flagship brand ‘Khichdi Experiment’ which has gone live in Bengaluru, Hyderabad, Mumbai, Pune and Chennai. It is offering more than 16 varieties of ‘khichdi’ and the flavours will keep expanding depending upon the feedback from the customers. ‘Khichdi’ is a comfort food which is liked by people across ages and demographics. Ola said the idea was to answer to the hunger pangs, reconnect with the nostalgia and comfort that one attaches with an item like ‘khichdi’ and at the same time surprise customers with different flavours of the dish...READ MORE

L&T Infotech: Second half expected to be stronger on deals, client gains

Technology
After muted numbers in the past few quarters, the Street expected little from L&T Infotech (LTI) in its second-quarter results. However, the company, which declared its results last week, managed to meet estimates.
More importantly, the second quarter of this financial year is expected be a better one for company, especially on account of a ramp-up in existing deals, large deals won in recent quarters, and lower client-specific issues.
Flattish revenue trends over the past few quarters at its top clients were seen as a major concern by the company and the Street. Its top-five clients, for instance, contributed 38 per cent to LTI’s revenues in Q2FY18; this fell to 31.3 per cent in Q1FY20, down 670 basis points.
But the trend now seems to have reversed: Its top-five clients accounted for 31.7 per cent of the company’s revenues in the September quarter. Analysts at HDFC Securities say that the two buckets of top-five as well as clients in the 6-10th positions in terms of contribution to revenues have recovered. The share of top-five clients grew 3.4 per cent sequentially after three quarters of muted performance, they add.Another key trigger for the company is its large deal wins, with a total contract value of $100 million from financial services, energy and utility segments. The revenue momentum in the second half of the year is expected to be led by a ramp-up in large deals won and a traction in larger client accounts.

Analysts expect the company to deliver double-digit revenue growth in dollar terms over the next couple of years. Analysts at Motilal Oswal Research say that among Tier-II firms, the company remains well positioned in terms of a strong portfolio, good execution capabilities and a high-quality management team. Analysts expect the company, which is trading at 19 times its FY20 estimates, to continue commanding a premium over its peers...READ MORE

Infosys audit committee to probe whistleblower allegations: Nilekani

Technology
Infosys Chairman Nandan Nilekani on Tuesday said the company's audit committee will conduct an independent investigation on whistleblower allegations of CEO Salil Parekh and CFO Nilanjan Roy indulging in "unethical practices" to boost short-term revenue and profits.
The committee began consultation with independent internal auditors EY, and has retained law firm, Shardul Amarchand Mangaldas & Co. to conduct an independent investigation, Nilekani noted in his statement to the stock exchanges.
Nilekani said one board member had received two anonymous complaints on September 30, 2019 - one dated September 20, 2019, titled Disturbing unethical practices and an undated note with the title, Whistleblower Complaint.
He said both had been placed before the audit committee on October 10, 2019, and before the non-executive members of the board the following day."Post the board meeting of October 11, 2019, the audit committee began consultation with the independent internal auditors (Ernst & Young) on terms of reference for their prima facie investigation. The audit committee has now retained the law firm of Shardul Amarchand Mangaldas & Co. (October 21, 2019), to conduct an independent investigation," Nilekani noted in his statement.

 The board, in consultation with the audit committee, will take such steps as may be appropriate based on the outcome of the investigation, he added.The whistleblower complaint by a group that calls itself "ethical employees" had alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in "unethical practices" to boost short-term revenue and profits...READ MORE

iPhone's LCD panel supplier JDI sees OLED screens sweeping market by 2021

Technology
Japan Display Inc., the struggling supplier of mobile screens to Apple Inc., says it has about a year before it needs to decide on whether to take a plunge on next-generation organic light-emitting diode displays.
While OLED panels are slimmer, more energy-efficient and offer higher contrast, JDI’s liquid crystal displays will retain a price advantage that keeps them competitive in smartphones through 2021, the company’s new Chief Executive Officer Minoru Kikuoka said in an interview. He anticipates a more decisive shift to the new technology may occur in that time period, declining to elaborate on plans of specific customers.
When Apple launched its first OLED iPhone in 2017, it was seen as the beginning of the end for the LCD’s long reign. For Japan Display, which relies on Apple for a large portion of its revenue, that spelled trouble because the company was falling behind in the development of the new screens. But the iPhone X, which used an OLED display from Samsung Electronics Co., didn’t sell as well as anticipated, and Apple followed up a year later with an LCD-based addition to its lineup with the iPhone XR -- giving the Japanese company some breathing room.
With the smartphone market plateauing and fancier screens failing to ratchet up demand from users already content with their existing devices, value for money has once again risen in importance for people considering a new purchase, according to the CEO.

 “We are seeing consumers put more emphasis on affordability when it comes to their smartphone preferences,” Kikuoka said. “The industry is now gaining a new appreciation for the kind of price competitiveness offered by the LCDs.”Apple’s 2019 phone lineup includes one LCD model -- the iPhone 11, which Apple launched at a starting price $50 lower than its predecessor -- and the company plans to add a second one in the first half of next year to replace the aging iPhone 8....Read More

Huawei's Honor rejigs strategy, to soon launch ecosystem products in India

Technology
Chinese electronics manufacturer Huawei’s smartphone brand Honor has altered its product strategy in India. Known in the country for its smartphones, the company now seeks to bring its ecosystem products to India. These products include smart televisions, speakers, tablets, wearables, glasses, laptops, etc. Most of these, already available in China, will be made available in India starting next year.
“In India, we aim to create an entire product ecosystem that would include smartphones, televisions, tablets, laptops, watches, glasses, etc,” said Honor India President Charles Peng in an interaction with Business Standard.
According to Peng, the new product strategy is called “1+8+N” wherein “1” represents smartphones, “8” represents televisions, speakers, watches, laptops, fitness bands, glasses, etc, and “N” represents partner ecosystem products, including mobile offices, smart homes, sports and health, audio-visual entertainment, and smart travel products.
Honor VisionHonor Vision Smartphones, being at the core of the new product ecosystem, will remain the company’s focus area. By the end of this year, the company will bring to India its recently launched 48-megapixel camera based smartphone the Honor 9x, according to Peng.
Later, in the first quarter of 2020, the company will launch the Honor Vision smart television. This will be Honor's first smart product to run on its proprietary Harmony operating system. According to Peng, the company is in talks with content providers in India to support Honor Vision before it is launched in the country. However, the first batch of the television might be launched without any partnerships.

 Peng also said that there was no defined launch timeline for these products, but the company was aiming to gradually bring to India most of its ecosystem products that were already available in its home country. As for India-exclusive devices, Peng confirmed there was no such plan but Honor would weigh its options based on consumer interest.

Flipkart Big Diwali sale: iPhone 7 to Realme XT, the best smartphone deals

Technology
Home-grown e-commerce platform Flipkart is hosting a five-day festive season sale in which it is offering discounts, deals, exchange offers, bank offers, zero-interest equated monthly instalment schemes, etc, on a wide range of products, including smartphones. Named the Flipkart Big Diwali sale, the festive-season sale started on October 21 and will continue until October 25.
In the sale, the e-commerce platform is offering up to 10 per cent instant discount on SBI cards and credit-card EMI transactions. Additionally, Flipkart is also offering a 10 per cent off on select mobile phones on all debit and credit card transactions.
Here is a look at some of the best deals on smartphones:
iPhone 7 (32GB)
Though three generations old now, the iPhone 7 is still a decent choice for someone who wishes to get into the Apple product ecosystem. This smartphone is currently available at a discounted price of Rs 26,999, nine per cent lower than its prevailing retail price of Rs 29,900. Flipkart is also offering no-interest EMI, exchange offer, and Rs 1,000 off on all prepaid orders. Additionally, the e-commerce giant is offering six months of free YouTube Premium access with this phone.
iPhone 7
Realme XT (4GB/64GB)

 The Realme XT is a midrange smartphone with 64-megapixel sensor-based quad-camera set-up on the back. The phone is currently available at Rs 15,999. Flipkart is also offering no-interest EMI, exchange offer, and bank offers on this phone. Additionally, the e-commerce giant is offering six months of free YouTube Premium access with this phone...READ MORE

Sound legal basis a must for digital monies like Facebook's Libra: G7

Company News

Facebook's proposed digital currency must have legal and regulatory issues worked out in key economies before it can be put into use, the Group of Seven economies said Thursday.
In a new report on stablecoins -- a type of digital currency backed by reserves assets -- the G7 also urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate.
"For stablecoin developers, a sound legal basis in all relevant jurisdictions... is an absolute prerequisite," according to the report from the G7 working group led by Benoit Coeure, a European Central Bank board member.
Facebook's Libra has generated intense scrutiny from officials worldwide who worry about the impact it could have on the financial system.France's Economy Minister Bruno Le Maire is due to hold a news conference to discuss the report's findings.
Digital currencies are ripe for use by terrorist organizations or for money laundering, so developers must have "legal clarity" about "all participants in the stablecoin ecosystem, such as coin holders and issuers," the report said.
They also pose other challenges to the financial system and to banks, if they are adopted widely.
"Ambiguous rights and obligations could make the stablecoin arrangement vulnerable to loss of confidence -- an unacceptable risk, especially in a payment system of potentially global importance," the report said.

 The G7 called said national regulators "must coordinate across agencies, sectors and jurisdictions," to address the risks and "forestall harmful regulatory arbitrage." "These risks, which are of a systemic nature.

Pakistan F-16 jets escorted SpiceJet Boeing 737 aircraft in September

Company News

Pakistan Air Force F-16 planes escorted a Kabul-bound SpiceJet Boeing 737 aircraft in September in a case of mistaken identity. The incident took place amid heightened tensions between two neighbours.
Sources said Pakistan Air Force intercepted the SpiceJet plane operating a Delhi-Kabul flight following a mix-up over its identity. The plane was identified as an Indian Air Force aircraft and then escorted by the Pakistani jets till it exited its airspace. “It was an uneventful flight thereafter. No one was injured. The incident was reported to the Directorate General of Civil Aviation and the pilot was debriefed,” said an official aware of the matter.
Air traffic controllers track aircraft with help of a radar. Aircraft are fitted with transponders that assist in radar identification. Each aircraft is assigned a particular transponder code. During flight pilots use call signs to communicate with air traffic controllers.
SpiceJet did not comment on the incident.
According to a newswire report, there were 120 passengers on board the flight. It added that the pilots of the Indian aircraft were asked to reduce their altitude which they complied with.

 Pakistan had shut its airspace in February after an Indian air strike within Pakistan territory that month. The restrictions were eased and airspace opened for Indian aircraft in July.

'Freak trade': Investors push up yields of Indiabulls Housing bonds to 43%

Company News
Investors on Thursday pushed up the yields of a few Indiabulls Housing Finance (IHFL) bonds to as much as 43 per cent, which a senior executive of the company termed as ‘freak trades’.
Late on Thursday evening, the company notified exchanges that it offered to buy back all its bonds maturing in November and December at par. “The company will also evaluate further premature redemption of its non-convertible debentures from time to time,” IHFL said in its filing.
This would take care of Rs 1,000-core of bonds outstanding. According to sources, the company may also consider an additional Rs 2,500 crore of bond buybacks in the days to come.
A five-year maturity, 8.75 per cent coupon bond, issued on September 26, 2016, with an annual interest payment schedule, shot up to 42.81 per cent.
According to the BSE website, the last traded price of the bond was Rs 60.38, for a trade size of Rs 135 crore. There were two other bonds that were traded, albeit for a small value of Rs 10 crore and Rs 65 crore, respectively, in which the yields touched 43.04 per cent and 33.51 per cent, respectively. The coupons of these bonds were at 8.90 per cent (maturing on September 26, 2021) and 8.57 per cent (maturing on March 30, 2022).
Gagan Banga, managing director and vice-chairman of IHFL, said these were ‘freak trades’ done near the end of the market closure.“There are some motivated groups of people dragging down our equity prices. We are taking a number of actions against them,” said Banga.

 Assuring that the sharp rise in bond yields on a thinly traded basis is not a reflection of the company’s fundamentals but a feature of a shallow bond market, Banga said the company has over Rs 18,000 crore of cash that would cover its repayment obligations for the next 12 months at least.

India International Exchange plans to waive fee to lure rupee trade home

International News
As India works to bring some of the burgeoning offshore rupee trading back home, the exchange that will likely spearhead the move says it’s prepared to cut trading fees to zero to take on overseas rivals.
The India International Exchange (IFSC) Ltd., also known as India INX, plans to waive commissions initially, a strategy it used to bolster liquidity in its equity and gold derivatives contracts.“We will compete with lowest-cost access,” V. Balasubramaniam, chief executive at the bourse based in the tax-incentive zone in the GIFT City, said in an interview. “For us, the cost of running a market is much lower as manpower and infrastructure costs at the IFSC are small.”
Trading charges at the Dubai Gold & Commodities Exchange range from $0.03 to $0.1 per contract, per side on various rupee-related contracts, according to its website. The Singapore Stock Exchange charges 0.0075% of traded value as fees that exclude clearing costs.
Rupee trading onshore has been shrinking at the expense of offshore market, with volumes in London topping those in India’s financial capital Mumbai. In a bid to boost local volumes, the Reserve Bank of India this month allowed trading in rupee on venues like the IFSC and permitted banks to freely share forex rates with non-residents. Further regulatory approvals are awaited before trading starts.The GIFT City, located in the western state of Gujarat -- the home state of Prime Minister Narendra Modi -- has been conceived as a financial hub to rival centers like Singapore and Dubai. Investors based there are exempted from levies on buying and selling of securities and capital gains tax for non-residents.

 INX India, a unit of the BSE Ltd., is currently the biggest exchange in GIFT City. The National Stock Exchange of India Ltd., the nation’s top equities bourse, also has a unit in the zone....READ MORE

Fairfax offloads 4.9% stake in ICICI Lombard for Rs 2,627 crore

International News
Prem Watsa’s Fairfax on Thursday sold 4.91 per cent stake in ICICI Lombard General Insurance Company, exiting the firm it co-founded with ICICI Bank in 2001.
FAL Corporation, a subsidiary of Canada-based Fairfax, sold 22 million shares at Rs 1,178 apiece via block deals, the data provided by stock exchanges showed. The company has mopped up Rs 2,627 crore through the stake sale. The stake was bought by a clutch of buyers whose names couldn’t be ascertained.
This comes after the insurance regulator relaxed the five-year lock-in rule for Fairfax’s stake in ICICI Lombard, which was scheduled to end in March 2021. Watsa has also invested in digital general insurance player Digit General Insurance. Shares of ICICI Lombard fell nearly 5 per cent in the secondary market to end at Rs 1,207 because of poor performance of the company in September.
The total premium collection for ICICI Lombard in September fell 23 per cent. Also, in the first half of 2019-20, the company’s premium collection contracted 11 per cent, compared to the same period last year.
On September 27, Fairfax had sold nearly 5 per cent stake in ICICI Lombard for Rs 2,562 crore. Back then, L&T Mutual Fund (MF), SBI MF, ICICI Prudential MF, and Aditya Birla Sun Life MF were among the buyers.

 ICICI Lombard was set up in 2001, a 64:36 joint venture (JV) between ICICI Bank and Fairfax. The latter has reduced its stake in the JV over the years. When ICICI Lombard came out with an initial public offering in September 2017, Fairfax had sold its 12 per cent stake, while ICICI Bank had sold nearly 7 per cent.Shares of ICICI Lombard have more than doubled since its listing. Currently, ICICI Bank holds 55.86 per cent in the general insurer...READ MORE

A long list of economic problems await Hong Kong. How they can be fixed

International News
Beyond Hong Kong’s current political turmoil, a long list of economic problems await the city’s current and future rulers.
Carrie Lam, Hong Kong’s chief executive, on Wednesday unveiled more than 220 initiatives in housing, land supply and livelihood support, in a recognition that economic policy has a role to play in alleviating some of the city’s frustrations. She also acknowledged that Hong Kong entered a recession in the third quarter and warned of an “unprecedented” economic challenge.
That’s a start, though observers say the long-standing growth model -- as a low-tax, low-regulation entrepot for finance and trade -- has become an element in the political unrest, rather than the main solution.
Huge income inequality, markets controlled by insiders and a spiraling cost of living -- especially of housing -- are by now hallmarks of Hong Kong’s brand of capitalism, alongside the “world’s freest economy” label perennially awarded by The Heritage Foundation, a conservative-leaning U.S. policy group.
From using the city’s fiscal firepower to breaking the dominance of conglomerates and raising the standard of public facilities, there exists a range of proposals from economists and other experts for a way forward. In some areas, the government is already moving ahead. In others, a fundamental shift -- and the political consensus to make it -- is required.
Use Reserves to Tackle Housing

Many in the city question the political will of Hong Kong’s government officials to take bold, aggressive action in a range of policy areas. This criticism often arises in relation to the city’s HK$1.17 trillion ($149 billion) fiscal reserve, which some contend has grown steadily for years while the city’s problems were allowed to fester...READ MORE

Whistleblower alleges siphoning of funds from MIAL; GVK gets MCA notice

International News
The GVK Group, which is in locked in a legal battle with the Adani Group on stake sale in its flagship Mumbai International Airport (MIAL), on Tuesday said it has received a notice from the corporate affairs ministry (MCA), seeking some details about the airport operator.
The group is resisting the Adanis' bid to buy out the 13.5 percent stake being held by its South African JV partner Bidvest in MIAL. The issue is with the Bombay High Court.
The Hyderabad-based infrastructure major, which has interest in power, coal mines and aviation among others, however, denied that other group companies have also received notices from the ministry.
"We confirm only MIAL has received a communication asking for certain details/information, which are being furnished," GVK said in a statement.
MIAL is a JV between GVK-led consortium of Bidvest and Airports Company of South Africa, and the state-run Airports Authority, in which GVK holds majority 50.5 percent and AAI 26 percent and the remaining 23.5 percent are with the two foreign partners.
While Bid Services Division Mauritius or Bidvest owns 13.5 percent, ACSA Global (Airports Company of South Africa) holds 10 percent in the nation's second busiest airport.

 The statement came after a section of the media reported that the GVK group was on the ministry radar following a whistle-blower alleging siphoning of funds, issuance of fake bills to inflate cost to get undue Customs and Excise duty benefits among others."We are not aware of any whistleblower complaint or any allegations that have appeared in a section of the media, which are baseless," the company said....READ MORE

US House passes Hong Kong 'Democracy Act'; move may infuriate China further

International News
The US House of Representatives on Tuesday passed a bill sought by pro-democracy protesters in Hong Kong that aims to defend civil rights in the semi-autonomous territory.
The Hong Kong Human Rights and Democracy Act, which will now move to a similar vote in the Senate before it can become law, has drawn rare bipartisan support in a polarized Congress.
Its passage is likely to further aggravate China which has accused "external forces" of fuelling weeks of unrest in the global financial hub.
"Today we're simply urging the Chinese president and the Hong Kong Chief Executive, Carrie Lam, to faithfully honor the government's promises" that Hong Kong's rights and autonomy would be protected, Republican
Representative Chris Smith, prime sponsor of the bill, said on the House floor.Millions have taken to the streets of Hong Kong, initially against a now-dropped bid by its leaders to allow extraditions to the authoritarian Chinese mainland.
The months-long movement has expanded into a broader pro-democracy push in the territory where activists say freedoms are being eroded by Beijing, despite a deal that outlined Hong Kong's 1997 return to China from British colonial rule.

 The Hong Kong Rights and Democracy Act would end Hong Kong's special trading status with the United States unless the State Department certifies annually that city authorities are respecting human rights and the rule of law.It also requires the US president to identify and sanction people who are responsible for the erosion of autonomy and serious abuses of human rights in Hong Kong....READ MORE

India's Nayara sending fuel to Rosneft in return for Venezuelan oil: Report

International News
India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating US sanctions, three sources with knowledge of the transactions said.
The United States in January prohibited US-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington.
The sanctions have made some banks wary of processing any transaction for Venezuelan oil, even if the seller is not the state-run company. They have also scared away some of PDVSA's customers, while prompting others to buy Venezuelan crude from intermediaries like Rosneft, the sources said.
In exchange for the Venezuelan oil, Nayara, part-owned by a Rosneft-led consortium, is shipping cargoes of gasoline and gasoil to the Russian firm, according to the sources, who declined to be named as they are not authorized to speak to media.
The United States further tightened sanctions on Venezuela in August, threatening non-US companies with punitive action if they 'materially assist' Maduro's government.
But Washington has said that firms, including Rosneft, that take Venezuelan oil to monetize loans are not violating sanctions as long as cash does not reach Maduro's coffers.Rosneft declined to comment. Nayara Energy and PDVSA did not reply to requests for comment.

 Crude-for-fuel swaps are a way around the complications that have arisen because of the sanctions...READ MORE

Economics is changing: A Nobel for 3 pragmatic poverty-fighters shows that

International News
This year’s economics Nobel prize went to three worthy economists — Abhijit Banerjee and Esther Duflo of the Massachusetts Institute of Technology, and Michael Kremer of Harvard University. The prize, which was awarded “for their experimental approach to alleviating global poverty,” shows several important ways that the economics discipline is changing.
A popular conception of economists is that they’re the high priests of the free market, downplaying the role of government and giving short shrift to the needs of society’s poorest. A great many economists defy this stereotype, spending their careers studying how to uplift the poorest citizens of the developing world through government action. Banerjee, Duflo and Kremer fall into this category.
For example, all three have studied the benefits of education. Citizens of developed countries generally take universal public education for granted, along with the economic wealth that an educated populace creates. Developing countries, such as Kenya and India, don’t have this luxury. In 2003, Kremer reviewed a series of randomized controlled trials in Kenya that found that spending more on education was effective, but that health treatments like deworming were also useful for keeping kids in school. Banerjee and Duflo, along with co-authors Shawn Cole and Leigh Linden, studied a program that hired tutors for underperforming students in India, as well as a computer-assisted learning program, and concluded that both were effective. Duflo has also found big wage gains from public education spending in India, confirming the central role of schools for economic growth.

 Over the years, Banerjee, Duflo and Kremer looked at programs that nudge developing-world farmers to use more fertilizer, provide microcredit to slum residents, create quotas for women in local government, provide deworming treatments for the poor, eradicate malaria, and many other targeted ...READ MORE

Donald Trump imposes sanctions on Turkey as Syrian crisis escalates

International News
Protesting Turkey's military offensive into northeast Syria, US President Donald Trump on Monday announced he will authorise sanctions against Turkish officials, raise steel tariffs and end negotiations on a $100 billion trade deal. Turkey launched a cross-border assault on Kurdish fighters on Wednesday after the US decided to withdraw troops from Syria, a move criticised by the Republicans, with some terming it a "betrayal" of the Kurds.
"This (executive) order will enable the US to impose powerful additional sanctions on those who may be involved in serious human rights abuses, obstructing a ceasefire, preventing displaced persons from returning home, forcibly repatriating refugees or threatening the peace, security or stability in Syria," Trump said in a statement.
Turkey's military offensive is endangering civilians and threatening peace, security and stability in the region, he said, adding that he has been perfectly clear with his Turkish counterpart that his action is precipitating a humanitarian crisis and setting conditions for possible war crimes.
"I'm fully prepared to swiftly destroy Turkey's economy if Turkish leaders continue down this dangerous and destructive path," the president said.
Trump said he will be issuing the executive order authorising imposition of sanctions against current and former officials of Turkey and those contributing to destabilising Syria.The order will authorise a broad range of measures, including financial sanctions, the blocking of property, and barring entry into the US, he said, adding that the US will immediately stop negotiations with Turkey on a $100 billion trade deal.

 Steel tariffs will be increased back up to 50 per cent, the level prior to the reduction in May, Trump said....READ MORE

Can paying poor nations to admit refugees solve the mass migration puzzle?

International News
Much of the commentary about Michael Kremer, named this week as one of three winners of the Nobel Memorial Prize in Economic Sciences, has justifiably celebrated his pioneering work in studying poverty — even now, many of us believe, the planet’s greatest moral challenge. But an important 2011 Kremer paper, overlooked in the celebration, helps to shed light on another great challenge of our day: refugee policy.
His work helps explain the immigration pressures that have been roiling politics around the world. In the wake of the disaster in Syria and other crises, refugees have flooded Europe. Nationalist parties have responded by playing to the sentiment that migrants are stealing jobs. They promise tougher standards for immigrants, a stance with the potential to harm migrants fleeing persecution. The United Nations puts the number of people seeking refuge in the tens of millions.
In the U.S., worries about immigration helped swing the 2016 presidential election. The fear that economic migrants hurt wages among blue-collar workers may not be well-founded, but in recent years has been widely shared. Polling data suggest that sentiment may be changing, but to the extent that the fear of economic loss becomes the basis of immigration policy, refugees are likely to suffer from it.

 “The Economics of International Refugee Law,” which Kremer co-authored with Ryan Bubb and David I. Levine, presents a useful model to explain why refugee policy tends to become such a mess, even if everyone starts out with the best of intentions.Kremer and his co-authors begin with a reminder that a nation that chooses to accept migrants fleeing political prosecution provides a public good from which other countries will benefit. The larger the number of countries that provide asylum, the less the incentives for others to do the same...READ MORE

Morgan Stanley, ex-employees' fund bet on India's warehousing space

International News

Morgan Stanley and a store the board organization set up by its previous officials are getting forceful in the nation's warehousing space.
Morgan Stanley, which suspended putting resources into the land division two or three years back, has purchased dominant part stakes in a warehousing engineer and other such tasks this year.
As of late, Morgan Stanley Real Estate Investing (MSREI), the land speculation the board arm of Morgan Stanley Investment Management, acquired a controlling stake in warehousing undertaking worked by the Pragati Group in the National Capital Region (NCR) district.
The 30-section of land undertaking is situated on NH 8 and marked as Pragati One.
Not long ago, MSREI purchased a larger part stake in KSH Infra, a Pune-based warehousing and modern coordinations park engineer. KSH Infra works two warehousing and mechanical coordinations stops in Pune. The distribution centers, with an absolute territory of one million square feet, are rented out to bluechip multinationals.
Morgan Stanley has likewise set up a stage with Bengaluru-based engineer Puravankara Projects for modern parks.
"They are likewise assessing different open doors in the space," said the sources, including that the store director could likewise tap the land speculation trust or REIT space later on.

 In spite of the fact that Morgan Stanley inked private land bargains before, it is presently concentrating just on lease yielding resources, sources said. A mail sent to Morgan Stanley didn't evoke any reaction....READ MORE

Erdogan says Turkish-led offensive will go 30-35 km into Syrian territory

International News
Turkey's attack into Syria will extend from Kobani in the west to Hasaka in the east, going some 30-35 km into Syrian domain, President Tayyip Erdogan said on Sunday, and the town of Ras al Ain was at that point under Turkish control.
Tending to a news meeting in Istanbul, Erdogan said the Turkish-drove powers had additionally assaulted the Syrian bordertown of Tel Abyad, west of Ras al Ain, in its battle against the YPG Kurdish state army, which Ankara says is a psychological oppressor association.
"We concentrated first on the 120-km (75-mile) region between Ras al Ain and Tel Abyad. In this way we will isolate the 480-km psychological militant passageway down the center," Erdogan said.
"At that point we will assume responsibility for Hasaka on the one side and Ain al Arab (Kobani) on the other and complete the activity," he stated, alluding to towns either side of the present focal point of tasks. "We will go down to a profundity of around 30-35 km, in accordance with the protected zone map which we proclaimed beforehand."
Erdogan said two Turkish fighters and 16 Turkey-supported Syrian agitators had been slaughtered in the activity.
He included that Turkish-drove powers had slaughtered 440 contenders from the Kurdish-drove Syrian Democratic Forces (SDF), in which the YPG involves the primary battling component.

 The Turkey-drove powers have so far held onto control of 109 square km (42 square miles), domain including 17 towns around Tel Abyad and four towns around Ras Al Ain, Erdogan said.

A year into India's #MeToo movement, here's how the cases have played out

International News

In October 2018, just about a year to the day after the #MeToo development ejected in the US around film maker Harvey Weinstein, claims of inappropriate behavior and ambush overwhelmed India. Ladies started relating stories from years or even decades sooner, frequently at extraordinary hazard to their notorieties and wellbeing.
For five of India's most unmistakable informers, the cost has been steep. A youthful casualty of supposed assault by a legislator endeavored to consume herself outside the habitation of her state's central clergyman, after her dad kicked the bucket in police care. A prominent columnist has been sued for criticism by the man she denounced. Another writer says she experiences experienced issues looking for some kind of employment. What's more, a Bollywood on-screen character says she feels her claims prompted genuine change in India, however the aftermath since she previously made them over 10 years prior added to her choice to move to the US, depleted.
With respect to the denounced men, some have stayed in their employments. Others said their notorieties and professions were harmed by the claims. Most deny bad behavior and a couple have battled back in court.
In spite of the blended record of India's #MeToo development, a few ladies feel they are seeing the beginnings of long-late lawful and social movements. "#MeToo helped a few people acknowledge how broad attack and provocation are," said Karuna Nundy, a backer in India's Supreme Court who has chipped away at assault cases.
"I can't be anything besides confident," Nundy included. "It is these mediations that change the life of the individual, yet in addition change the framework for every other person."

 A year into India's #MeToo development, here are the tales behind five claims made a year ago, and how they have played out: ….READ MORE

Xi Jinping leaves for Chennai for second informal summit with PM Modi

International News
Chinese President Xi Jinping left for India on Friday morning for the second informal meeting with Prime Minister Narendra Modi in the southern state of Tamil Nadu.
He will arrive at Tamil Nadu capital Chennai late afternoon.
Later in the evening, Xi will meet Modi and hold talks on a host of issues in a relaxed atmosphere at the historic tourist town of Mamallapuram.
After an overnight meeting, the two leaders are scheduled to meet again on Saturday to continue the discussions.The Chinese President is due to leave for Nepal on Saturday afternoon.
This is the second informal summit between Xi and Modi. Their first informal meeting at the Chinese city of Wuhan last year resulted in normalisation of the relations between the two countries after the 2017 Doklam standoff.
State-run Xinhua news agency reported that Xi left for Chennai this morning.
His entourage includes Ding Xuexiang, member of the Political Bureau of the Communist Party of China (CPC), member of the Secretariat of the CPC Central Committee, and director of the General Office of the CPC, Yang Jiechi, member of the Political Bureau of the CPC and director of the Office of the Foreign Affairs Commission of the CPC, State Councilor and Foreign Minister Wang Yi and He Lifeng, vice chairman of the National Committee of the Chinese People's Political Consultative Conference and head of the National Development and Reform Commission.

 Ahead of the summit, the state media said the Modi-Xi meeting would focus more on how to move beyond the past and present differences to forge a cooperative partnership....Read More