RBI may pay govt up to Rs 40,000 crore interim dividend: Sources

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January 7, 2019

The Reserve Bank of India (RBI), having changed management last month following a clash with the government, is likely to transfer an interim dividend of Rs 30,000-40,000 crore ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter.

The dividend could help Prime Minister Narendra Modi’s administration bridge a widening budget deficit following a drop in tax collections and would come after the government pushed the RBI for the additional funds ahead of a national election due by May.

Former finance ministry official Shaktikanta Das was appointed as the new governor of the RBI, following the resignation of Urjit Patel last month amid tensions over the dividend payout and other issues.

The government and RBI have now appointed a panel to look into the issue around the sharing of the RBI’s reserves.

“We are absolutely sure that an interim dividend of more than Rs 300 billion (Rs 30,000 crore) would be paid before March end,” one of the sources told agencies.

The RBI did not respond to an email seeking comment, while the Finance Ministry declined to comment.

The funds are crucial to meet the fiscal deficit target of 3.3 percent of the GDP for the financial year ending in March, as the government’s revenue shortfall may be as high as Rs 1 lakh crore, according to two finance ministry officials who declined to be named.

The RBI could make a final decision on the dividend by the time Jaitley presents the government’s budget on February 1, the sources said.

Golden Globe for Best Actress Drama goes to Glenn Close, Christian Bale wins Best Actor

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January 7, 2019

Glenn Close won the Best Actress in a Motion Picture-Drama award for ‘The Wife’ at the 76th Golden Globe Awards.

Before stepping on stage to collect the trophy, the Hollywood veteran, according to an online portal, shook hands with fellow nominee Lady Gaga – who was up for ‘A Star Is Born.’

While tearfully accepting the honour, the 71-year-old delivered an empowering message in which she called for all women to fulfill their dreams.

“We have gotten to know each other a little bit so far, and I can’t wait to spend more time with you. I’m so – everything that you did this year, or what you are here for – we all should be up here together, that’s all I can say. Oh, my god, I just don’t believe it,” she said.

Close added, “Here I am today, I will have been 45 years in September that I am a working actress. And I cannot imagine a more wonderful life.”

Apart from Gaga, she beat out Nicole Kidman (Destroyer), Melissa McCarthy (Can You Ever Forgive Me?) and Rosamund Pike (A Private War).

Meanwhile, Christian Bale bagged the Best Actor in a Musical or Comedy award at the 2019 Golden Globes for his role as former US Vice President Dick Cheney in ‘Vice’.

The 44-year-old earned his second ever Golden Globe honour for his uncanny portrayal of Cheney in Adam McKay’s political satire, which traces the politician’s rise to power.

While accepting his award, Bale said, “Aw, look at us, what a bunch of lucky buggers we are, to make a life out of doing something that we love. Thank you for allowing me to be a part of that for so many years.”

‘The Dark Knight’ star concluded the speech by thanking “Satan for giving me inspiration.”

The actor won his first Golden Globe award in 2011 for his role in ‘The Fighter’.

Bale beat out Lin-Manuel Miranda (Mary Poppins Returns), Viggo Mortensen (Green Book), Robert Redford (The Old Man & The Gun) and John C. Reilly (Stan & Ollie) to take home the trophy.

‘Bohemian Rhapsody’ bags top honours at Golden Globes

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January 7, 2019

Queen biopic “Bohemian Rhapsody” was the surprise winner in the Best Motion Picture Drama category at the Golden Globes, besting front-runners “A Star Is Born”, “Black Panther”, “If Beale Street Could Talk” and “BlacKkKlansman”.

The film had garnered mixed reviews by critics despite being named the highest earning music biopic of all time.

The film’s lead star Rami Malek, who has been widely hailed for his career-best turn as Freddie Mercury, won the award for Best Performance by an Actor in a Motion Picture, Drama over Bradley Cooper, Willem Defoe, Lucas Hedges and John David Washington.

Malek thanked “the beautiful man”, the late Queen frontman, for the award.

“Thank you to Freddie Mercury for giving me the joy of a lifetime. I love you, you beautiful man. This is for and because of you, gorgeous,” he said.

Malek also thanked Queen founding members Roger Taylor and Brian May, who were in the audience, for “ensuring that authenticity and inclusivity exist in the music and in the world and in all of us”.

The film, that went through a lot of trouble before its release, is finally having its moment in the sun.

Initially, Sacha Baron Cohen was attached to play Mercury but he dropped out due to “creative differences” with the surviving band members. Director Bryan Singer was fired before he could complete the film due to repeated absences and was replaced by Dexter Fletcher though he retains the credit.

Producer Graham King accepted the award on behalf of the cast and crew, and noticeably omitted Singer’s name from his speech.

Singer, whose name has cropped up in #MeToo movement, was missing from the ceremony.

“That was unexpected. Thank you so much to the Hollywood Foreign Press Association. That’s amazing,” King said.

“The power of movies is that it brings us all together. Freddie Mercury and Queen did that so successfully through their music and that’s what we always want to accomplish in the cinemas. To see that magic come alive and to see the incredible response to this film has been truly humbling for everyone. I want to thank everyone,” he added.

He also hailed Malek for his “unbelievable” performance as Mercury.

Lower revenue, profit growth expected in Q3 for Corporates

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January 7, 2019

India Inc is set to report a decline in both revenue as well as profit growth numbers in the December quarter, says a report.

Revenue growth will dip by up to 5 percentage points on average to 12-13 percent, domestic ratings agency CRISIL said in a report on January 7 and attributed the estimate mainly to a high base in general and also due to certain sector-specific issues.

Auto companies will post a revenue growth of only 4 per cent on rise in ownership costs and weaker finance options which have crimped sales during the quarter, while the same for the FMCG sector will be 8 percent on sluggish rural demand, it said, adding sugar, aluminium, and telecom will face pressure from lower realisations.

Operating profit growth will decline to 10 percent, a sharp decline from 15 percent growth levels achieved in the preceding three quarters, the report said.

Commodity-linked sectors will see a jump in revenue growth, led by natural gas (37 per cent), steel products (27 per cent), cement (10 per cent), while infrastructure-related sectors like construction are expected to clip at 12 per cent.

The rupee was weaker by 11 per cent during the quarter, which will benefit export-linked sectors such as software and pharma, which are estimated to grow by 21 per cent and 10 per cent, respectively, it said.

“Commodity and infrastructure-linked sectors are expected to support revenue for the December quarter,” said Prasad Koparkar, a senior director at CRISIL.

In consumption spending-led sectors such as airlines and retail, revenue will be supported by positive demand sentiment, while in export-oriented segments such as software services and pharma, the boost would come from a weak rupee, he said.

Golden Globes: Sandra Oh wins big, becomes first Asian actor to win multiple awards

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January 7, 2019

golden The co-host for Golden Globes 2019, Sandra Oh won the Golden Globe for Best Actress in a TV Drama for her role in Killing Even.

Taking to the stage, Oh thanked series created Phoebe Waller-Bridge and the entire cast of the series.

The win is Oh’s second Golden Globe win, making her the first Asian performer to win multiple Golden Globes. She had earlier won it in 2006 for essaying the role of Cristina Yang in Grey’s Anatomy.

“But mostly, there are two people here that I’m so grateful that they’re here with me. I’d like to thank my mother and my father,” Oh added, reported Entertainment Weekly.

This is Oh’s first win for playing the character of an MI5 analyst Eve Polastri, who became obsessed with an unhinged female assassin named Villanelle.

The role had earned her an Emmy nomination last year.

10% reservation for economically distressed in general category approved

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January 7, 2019

Ahead of the crucial Lok Sabha elections this year, in a landmark move, 10 per cent reservation in jobs and educational institutions for the economically deprived section among the general category gets its approval from the Union Cabinet on Monday as per the sources.

The section doesn’t get reservation as of now and this move by the Modi cabinet is being seen as a step to consolidate the upper castes.

As per reports, this reservation will be over and above the existing 50 per cent reservation. Moreover, the government is likely to bring a constitutional amendment bill in Parliament on Tuesday to implement the scheme at its earliest.

“The reservation will be given to those economically backward poor people who are not availing the benefit of reservation as of now,” a source said.

The reservation benefit is likely to be availed by those whose annual income is below Rs 8 lakh and have up to five acres of land, a source said.

Articles 15 and 16 of the Constitution will have to be amended for implementation of the decision

(More details awaited.)

Uber driver, 2 other found dead in Ranhola, bodies bear bullet injuries

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January 7, 2019

Two men, including a 21-year-old cab driver, were allegedly shot dead and their bodies dumped beside the Nangloi-Najafgarh road in Baprola area of outer Delhi’s Ranhola, police said on Monday.

The deceased have been identified as Deepak, a driver of cab aggregator Uber, and Neeraj, they said.

On being informed about the bodies around 10 pm on Sunday, officials of Ranhola police station reached the spot and found the bodies with bullet injuries lying there, a senior police official said.

A case has been registered and the matter is being probed, Deputy Commissioner of Police (Outer) Seju Kuruvilla said, adding the motive behind the killing will be ascertained only after the accused are nabbed.

3 more pacers needed to manage workload: Kohli looks ahead after Test series triumph

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January 7, 2019

India captain Virat Kohli on Monday said that he is on the lookout for three more pacers as relentless as the current crop to manage the workload of the attack that played a crucial role in the team’s maiden Test series triumph in Australia.

The attack comprising Jasprit Bumrah, Mohammad Shami, Umesh Yadav, Bhuvneshwar Kumar, and Ishant Sharma has been hailed as India’s best ever. Not only in Australia, the fast bowlers had done their job even in England and South Africa but batsmen let them down in the two preceding tours.

“It’s important to take care of these guys especially manage workloads, that’s going to be our priority going forward. But even more so, finding three more guys who can bowl as fast as and as relentless as these guys,” said Kohli in his post-match interaction on Monday.

“We already are in the process of identifying (three pacers), and then keep them ready make them travel with the team, make them understand the importance of Test cricket, what areas to bowl, what the mindset should be. Because once you create this kind of culture in the team, you want it to continue.”

Kohli said it is imperative to think about the future teams.

“The effort is all around. Even on the outside, you need to keep scouting people who can take that legacy forward and not just end in a season. So, we are already in the process of identifying how we can extend this legacy and culture for as long as possible, and set up a system so that it continues for many more years to come.

The skipper said that some of the bowlers need a good break now, which is indicative the Jasprit Bumrah might be rotated during the upcoming ODIs.

“I think the most important thing is to look after these guys because they deserve a good break now. They deserved to be looked after because they are the reason we are sitting here having won in Australia for the first time,” said the skipper.

Kohli hopes the success in Australia will inspire the next generation to become world-class Test cricketers.

“I see this series as a stepping-stone for this team to inspire the next lot of Test cricketers. To be passionate about Test cricket firstly, because if the Indian team respects Test cricket we know the fans are going to come in and watch Test cricket. So, the vision is to promote Test cricket back home, to make kids realize that there is no greater satisfaction than playing Test cricket and winning series like these,” the skipper said.

“In a world where a lot of people want the easy stuff, matches that finish in the evening, I think it’s important to spread that message. As long as the purest format stays alive cricket will be healthy. And to promote that we have to play the kind of cricket we have played here. If we play for boring draws, no results, the game is going nowhere,” he added. Kohli looks ahead, says three more pacers needed to manage workload.

INX Media case: ED questions P Chidambaram for second time

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January 7, 2019

Former Union minister P Chidambaram was questioned once again by the Enforcement Directorate on Monday in connection with the INX Media money laundering case, officials said.

This is the second time that the senior Congress leader has deposed before the agency in the case. He was earlier grilled by the ED in December.

Chidambaram, 73, was asked to depose before the investigating officer (IO) of the case to record his statement under the Prevention of Money Laundering Act (PMLA) and was given a time for Monday, they said.

It has earlier questioned him in the Aircel-Maxis PMLA case.

The Delhi High Court, in November last year, had extended till January 15 the interim protection from arrest granted to Chidambaram on his pleas seeking anticipatory bail in the INX Media case lodged by both the ED and the Central Bureau of Investigation (CBI).

The court had also directed him to cooperate with the investigation.

The ED has questioned Chidambaram’s son Karti Chidambaram in the INX Media case in the past and has also attached his assets worth an estimated Rs 54 crore, located in India and abroad.

It had registered a PMLA case in this deal case on the basis of a CBI FIR and had alleged that irregularities took place in the FIPB clearance to INX Media for receiving overseas funds to the tune of Rs 305 crore in 2007 when P Chidambaram was the Union finance minister.

It had registered an Enforcement Case Information Report (ECIR), the ED’s equivalent of a police FIR, against the accused named in a CBI complaint, including Karti Chidambaram, INX Media and its directors Peter and Indrani Mukerjea.

Karti Chidambaram was also arrested on February 28 by the CBI for allegedly taking money to facilitate the FIPB clearance to INX Media in 2007. He was later granted bail.

Citizenship Bill tabled in Lok Sabha; to be discussed tomorrow

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January 7, 2019

A report by the Joint Parliamentary Committee on the contentious Citizenship (Amendment) Bill 2016, which seeks to provide Indian citizenship to non-Muslims from Bangladesh, Pakistan and Afghanistan was tabled in Lok Sabha on Monday. However, the bill is expected to be discussed in the lower house on Tuesday. The report was prepared by the Joint Parliamentary Committee by a majority vote as opposition members in the panel had objected to the provisions saying Indian citizenship cannot be granted on the basis of religion and it is against the Constitution.

Some of the opposition members have also given dissent notes over this.

BJP allies, the Shiv Sena and the JD(U), have already said that they will also oppose the bill.

The bill seeks to amend Citizenship Act 1955 to grant Indian nationality to people from minority communities – Hindus, Sikhs, Buddhists, Jains, Parsis and Christians – from Afghanistan, Bangladesh and Pakistan after six years of residence in India instead of 12 even if they don’t possess any proper document.

This was an election promise of the BJP in 2014.

The Congress, Trinamool Congress, CPI-M and a few other parties have been steadfastly opposing the bill claiming that citizenship can’t be given on the basis of religion.

Various members from opposition parties have been asserting that citizenship is a constitutional provision and it cannot be based on religion, as India is a secular nation.

Rather than resolving the situation in Assam, this bill is making the situation more volatile in the already tense state, an opposition member in the panel had alleged.

Echoing similar sentiments, a Congress member had said if all the proposed amendments come into force, then the Centre has to nullify the Assam Accord under which anyone, irrespective of religion, entering the state illegally after March 1971, should be declared foreigner and deported.

A large section of people and organisations in the Northeast have also opposed the bill saying it will nullify the provisions of the Assam Accord of 1985, which fixed March 24, 1971 as the cut-off date for deportation of all illegal immigrants irrespective of religion.

Even the governments of Meghalaya and Mizoram have strongly opposed the bill and adopted resolutions against it.

During the course of its examination and study visits, the committee met a cross-section of people in Gujarat, Rajasthan, Assam and Meghalaya and heard views of organisations, individuals, experts and others.

The committee also heard the views of the chief secretaries and police chiefs of Assam, Bihar, Gujarat, Jharkhand, Maharashtra and West Bengal.