Govt may hive off Coal India into separate listed firms to raise funds

International News

India may spin off units of Coal India Ltd, the world's largest coal miner, into separate listed companies to boost competition and raise government funds, according to people with knowledge of the matter.
The state-run company and the coal ministry are studying a proposal by the finance ministry's Department of Investment & Public Asset Management to list four of Coal India's biggest production units, as well as its exploration arm, said the people, who asked not to be named as the plan isn't public. The development is in an early stage and it was unclear how long it may take, the people added.
Prime Minister Narendra Modi's government has sought to sell some state assets to raise funds, and these divestments will continue to remain a priority, Finance Minister Nirmala Sitharaman said July 5, setting a record target of raising Rs 1.05 trillion ($15 billion) in the current fiscal year. Spinning off Coal India subsidiaries would also lead to greater competition in the domestic coal market and improve corporate governance, the people said.
A spokesman at Coal India didn't respond to requests seeking comment, while press officials at the coal and finance ministries declined to comment.
The four units -- Mahanadi Coalfields, South Eastern Coalfields, Northern Coalfields and Central Coalfields -- account for more than three-fourths of the company's output, while constituting less than half of its workforce. The fifth unit would be Central Mine Planning & Design Institute.

 India's state run coal giant has been unable to meet growing demand despite abundant resources. Coal India produced a record 607 million metric tons in the last fiscal year to March, falling short by 22 per cent of a target proposed in 2017...Read More

Govt to auction over 41 new coal blocks 'very shortly', says Prahlad Joshi

International News

The government plans to auction more than 41 new coal blocks "very shortly", Union minister Prahlad Joshi said on Wednesday.
He told the Lok Sabha that a number of important steps have been taken to augment and monitor coal dispatches to power plants.
In 2018-19, all commodities loading by the Indian Railways was 1,223.29 million tonnes, out of which coal loading was 605.82 MT, which is almost 50 per cent, the Coal and Mines minister said.
A committee, comprising coal and power secretaries, and Member (Traffic) of Railway Board reviews coal transportation and supply on a regular basis.
Responding to supplementary queries during the Question Hour, Joshi said, "we are going to auction more than 41 new coal blocks very shortly".

 He also said that coal production as well as demands are increasing in the country...Read More

Pak has taken initial steps on anti-India groups; US Defence Secy nominee

International News

U S Defence Secretary nominee Mark Esper has said Pakistan had taken initial and promising steps against anti-Indian groups, adding that he would use all possible tools to promote a change in Islamabad's strategic approach to the region. Esper said the president's South Asia Strategy recognises Pakistan as a key partner in advancing US interests in the region, including developing a political settlement in Afghanistan, defeating the Al-Qaeda and the ISIS-K, providing logistical access and enhancing regional stability.
"We have seen Pakistan take some constructive steps on Afghan reconciliation. Pakistan has also taken initial, promising steps against anti-Indian groups, such as Lashkar-e-Taiba and Jaish-e-Mohammed, which threaten regional stability," Esper told members of the Senate Armed Services Committee on Tuesday.
"It is difficult to assess whether the security assistance suspension itself has driven these constructive actions, or whether progress on Afghan reconciliation and the escalation following the Pulwama terrorist attack have also influenced Pakistan's calculations," Esper noted in a written response to questions submitted ahead of his confirmation hearing.
Esper said he would advocate for the Department of Defense to maintain the right set of tools and authorities to maintain decision space and flexibility in America's policy approach, in order to maintain a "bridge back" for Pakistan.
"If confirmed, I would aim to make use of all of the tools at our disposal to promote a change in Pakistan's strategic approach to the region," he said.

 Assistance and operational reimbursements like Coalition Support Funds (CSF) and International Military Education and Training (IMET), which are currently suspended, may be useful to reinforce positive actions Pakistan takes in response to US requests related to terrorism...Read More

Hong Kong protests have residents plotting their exit to Canada, Australia

International News

When Kevin Tsang tuned into Carrie Lam's predawn press conference to condemn protesters who had ransacked government offices during a dramatic escalation of tensions over Hong Kong's controversial extradition bill, he didn't like what he heard.
So much so, that the 25-year-old surveyor is now considering emigrating to Australia.
Lam, the city's chief executive, dodged questions whether she could face the families of three people who had committed suicide to protest the bill, which would allow criminal suspects to be extradited to the mainland and is seen as a further erosion of the city's independence from Beijing.
"People sacrificed themselves to make their voices heard, but she just avoided the questions," he said. "If the democracy, freedom we have now would stay intact, I wouldn't think about leaving at all, all my family and friends are here. But the environment gives me a feeling that if I say something wrong, I may be arrested."
He's not alone. Even with the bill shelved, weeks of mass protests and sometimes violent police clashes in the city have seen emigration inquiries surge, according to interviews with migration consultants, brokers and accountants.
At Goldmax Immigration Consulting Co, inquiries and applications have jumped 20 per cent since May, said Margaret Chau, an immigration program director at the firm.

 "In the past, people would ring up for inquiries, but now they seem to be very determined," said John Hu, director of John Hu Migration Consulting, adding that the number of inquiries his firm handled doubled in June...Read More

How tech cos make us feel like we own their apps and how that benefits them

International News

Possessions are going out of fashion. An endless stream of media reports claim millennials – that amorphous mass of people born in the 1980s and 1990s who have grown up with the internet and digital technology – are in favour of accessing rather than owning stuff.
And yet my research shows that owning possessions is still something millennials hunger for. It is just that these possessions are now digital rather than physical.
People who become heavy users of the apps they download can develop deep relationships with these services, so deep that they take on what we call “psychological ownership” of them. This means they perceive each app as something that belongs just to them and has effectively become an extension of themselves. After using it frequently and adjusting the settings to their liking, it becomes “my app”, even though their rights to use the service and transfer their data are actually restricted and their accounts can be terminated at any time.
Psychological ownership can benefit the companies because it leads users to take on valuable extra roles. In the real world, companies have long pushed for shoppers to give feedback, recommend their products and help other shoppers. App “owners” are willingly doing all of this in the digital sphere and often with more expertise and commitment than traditional consumers.

 My colleagues and I studied this phenomenon for users of music streaming apps such as Spotify and QQ Music and found that they went the extra mile in four ways. They provided services such as answering the queries of other users on internet forums or offering other information that would enrich the experience of users. They improved the app by giving the company feedback or taking part in the app’s governance. They advocated for the app by championing it in public or defending it against critics....Read More

RBI slaps Rs 7-crore penalty on SBI for violating various regulatory norms

International News

The Reserve Bank of India (RBI) has imposed a penalty of Rs 7 crore on State Bank of India (SBI) for non-compliance with regulatory norms such as income recognition and asset classification (IRAC) and sharing information. This is one of the highest penalty amounts on any bank in the recent past.
SBI, the country’s biggest bank, also failed to comply with directions on opening and operating current accounts, reporting of data to the Central Repository of Information on Large Credits (CRILC), and reporting of frauds. The RBI had carried out the statutory inspection to assess SBI’s financial position on March 31, 2017.
The inspection revealed non-compliance with directions on IRAC norms, sharing of information about
customers with other banks, reporting of data, fraud risk management, and classification and reporting of frauds.
Following the inspection, the RBI issued a show-cause notice.
After considering the bank’s reply and oral submissions, the RBI came to the conclusion that charges of non-compliance were substantiated and warranted imposition of monetary penalty.
The RBI said the penalty has been imposed in exercise of powers vested under various sections of the Banking Regulation Act, 1949. This action is based on deficiencies in regulatory compliance. It is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
Rs 10-lakh fine on Union Bank
.

 The Reserve Bank of India(RBI) has imposed a penalty of Rs 10 lakh on Union Bank of India for non-compliancewith the directions on cyber security framework.

Democrats condemn Trump's tweet against four women lawmakers as 'racist'

International News

The Democratic party, which has a majority in the House of Representatives, introduced a resolution on Monday condemning the tweets of US President Donald Trump against four of their women lawmakers as "racist".
The opposition leaders and the president continued to clash over the issue that has caught the national attention for the past few days.
"The Dems were trying to distance themselves from the four "progressives," but now they are forced to embrace them. That means they are endorsing Socialism, hate of Israel and the USA! Not good for the Democrats" Trump said as he unleashed a series of tweets against four Democratic Congresswomen.
Congresswomen Alexandria Ocasio-Cortez, Ilhan Omar, Rashida Tlaib and Ayanna Pressley held a news conference at the Capitol to denounce a tweet by the president in which he apparently suggested that they leave.
"This is a president who has overseen the most corrupt administration in our history," Omar said.
"To distract from that, he's launching a blatantly racist attack on four duly elected members of the United States House of Representatives, all of whom are women of colour," she said. "This is the agenda of white nationalists, whether it is happening in chat rooms or it's happening on national TV. And now it's reached the White House garden."

 Trump had in a tweet, which was widely considered as against these four Democratic progressive lawmakers, said they should "go back and help fix the totally broken and crime infested places from which they came" before speaking out about how the United States government should be run...Read More