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Last month the National Sample Survey Organization (NSSO), India&rsquo;s pre-eminent public data collection agency released a report right in time for some Independence Day deliberations. But it hardly got any press coverage anywhere, despite the fact that it deals with the condition of nearly 70 per cent&nbsp;of India&rsquo;s non-agricultural workforce. This is a report based on a survey of nearly three lakh enterprises all over the country in the informal manufacturing and service sectors.&nbsp;

The unorganised or informal sector refers to those millions of tiny businesses that employ a handful of workers each, or in many cases do not employ any hired workers at all, but operate only with family labour. Seventy years after Independence, the Indian economy remains dominated, in numerical terms by the informal sector.

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<h5>111 million is a large number, nearly 70 per cent of the nonagricultural labour force of India.</h5>
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The NSSO report estimates the number of such enterprises in manufacturing and services (that is, excluding agriculture and construction) at 6.34 crore. The estimated size of the workforce employed in this sector is 11.1 crore or 111 million. It is important to emphasise that these are the estimates based on the sample survey. As is well-known, small informal businesses are hard to investigate. So, despite the best efforts of the NSSO (and it is widely known to be one of the best at the job it does) in reality the numbers may be much higher. In any case, 111 million is a large number, nearly 70 per cent of the nonagricultural labour force of India. And it has increased from 108 million in 2010 (the previous survey round). Of the 111 million, 36 million are in manufacturing, 39 in trade and 36.5 in other services.&nbsp;

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<h5>The majority of the non-agricultural workforce in India reports being self-employed and this fact has not changed for decades.</h5>
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Interestingly, of the over 6 crore enterprises in this sector, 84 per cent do not report employing any hired workers and this proportion has remained more or less constant over the past 30 years. Such firms account for 62 per cent of all workers in this sector. In other words, the majority of the non-agricultural workforce in India reports being self-employed and this fact has not changed for decades.

In this backdrop, let us consider the statement made by BJP President Amit Shah earlier this year, that the government would not be able to provide jobs to everyone who needs or wants one, but would rather encourage self-employment. Self-employment is, in fact, already the default option for anyone who cannot secure a job. So this statement does not amount to saying much.

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<h5>In the informal sector, a family of even three members (say a husband-wife team with a child) that works together running a shop, a restaurant, a workshop, etc. earns only INR 8000 per month even today.</h5>
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The most important part of the report is the data on earnings in the informal sector. If we look at the enterprises that work only with family labour, the report shows that the earnings of such enterprises (measured as Gross Value Added or receipts minus non-wage expenditures) are on average INR 95,753 per year or roughly INR 8000 per month. The good news is that this number has increased substantially, at least in nominal terms, since 2010, when it was INR 57,883. But the absolute value is still low. What it means is that in the informal sector, a family of even three members (say a husband-wife team with a child) that works together running a shop, a restaurant, a workshop, etc. earns only INR 8000 per month even today. What about hired workers in this sector? The report estimates their earnings to be INR 87544 per year or around 7300 per month. Very similar to self-employed workers.

What is the reason for such low earnings? A typical answer is because these workers are not very skilled and the businesses are not very productive. In fact, there is no shortage of skills in the informal sector. What they lack is formal certification of their skills, because most workers are informally trained. And as for productivity, the situation is similar to that of farmers who often fail to capture the value of what they produce because of their vulnerable position in a supply chain dominated by more powerful actors such as fertilizer and seed companies, and big retailers. In the informal manufacturing and service sector too, intense competition and a weak position in the supply chain result in informal businesses failing to capture most of the value they produce. Thus, appearing to be of low productivity and earning a pittance.

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<h5>This very large section of our workforce does not earn enough to be in the income tax net either from the wage or the business income end.</h5>
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Needless to say, this very large section of our workforce does not earn enough to be in the income tax net either from the wage or the business income end. Further, many transactions still occur in cash. There are many reasons for this, two important ones being that banking is expensive for low amounts of money and that these workers are not treated with respect in banks.&nbsp;

The Modi government&rsquo;s response to the persistent informal and cash-based nature of the economy has been to force formality by measures such as demonetisation and the Goods and Services Tax. These are meant to ensure that such economic activity also becomes visible to the government and can be monitored and taxed.&nbsp;

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<h5>On the heels of demonetisation came the confusion and shock of GST.</h5>
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Unfortunately, the NSSO survey cannot help us understand the effect of demonetisation on this sector because it was conducted from July 2015 to June 2016. But, it is telling that to date no comprehensive survey has been carried out by the government to assess the extent of the damage to the informal economy due to demonetisation. I know from my own conversations with the handloom and power loom weavers in Banaras that business was at a standstill for several weeks in November and December. And its effects are still being felt because losses forced many weavers to sell assets, including machines, to survive. On the heels of demonetisation came the confusion and shock of GST.&nbsp;

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<h5>The most important one is to give the informal sector the infrastructure it needs to flourish, building functional cooperatives that improve the bargaining power of small producers, ensuring effective government support at least equal to what big businesses receive, and so on.</h5>
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</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=The most important one is to give the informal sector the infrastructure it needs to flourish, building functional cooperatives that improve the bargaining power of small producers, ensuring effective government support at least equal to what big businesses receive, and so on." target="_blank">&nbsp;</a></div>
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In fact, the Modi approach is misguided on several levels. First, these measures are authoritarian, nonfederal, and undemocratic. Second, the economics behind them is unsound. Third, there are many better ways to ensure that the government tax base widens and transactions become formal. The most important one is to give the informal sector the infrastructure it needs to flourish, building functional cooperatives that improve the bargaining power of small producers, ensuring effective government support at least equal to what big businesses receive, and so on.

But let us step back for a bit. This August 15th marks the 70th anniversary of India&rsquo;s independence. That is seven decades of policy-making with the aim of creating a modern Indian economy. The early development planners and economists in the 1950s spoke of the elimination of the small-scale economy that later came to be called the informal sector. Textbooks commonly referred to it as a transient phenomenon, soon to be replaced with large, modern firms. What happened? How come, even after decades of both planning and market-led growth, the better part of our workforce is still self-employed in tiny businesses and earns half of what a peon in a government office earns?

Plainly, the policies that were followed, both during the planning and the post-reform periods have not worked. But a nation-wide serious debate on both these failures has not occurred. It is in no political party&rsquo;s interest to conduct such a debate because they have no imagination other than what has been tried already.&nbsp;

&nbsp;

Though India has barely made the shift to big industries, the informal businesses are failing to prosper because of intense competition and a weak position in the supply chain.

Last month the National Sample Survey Organization (NSSO), India’s pre-eminent public data collection agency released a report right in time for some Independence Day deliberations. But it hardly got any press coverage anywhere, despite the fact that it deals with the condition of nearly 70 per cent of India’s non-agricultural workforce. This is a report based on a survey of nearly three lakh enterprises all over the country in the informal manufacturing and service sectors. The unorganised or informal sector refers to those millions of tiny businesses that employ a handful of workers each, or in many cases do not employ any hired workers at all, but operate only with family labour. Seventy years after Independence, the Indian economy remains dominated, in numerical terms by the informal sector. 111 million is a large number, nearly 70 per cent of the nonagricultural labour force of India. × The NSSO report estimates the number of such enterprises in manufacturing and services (that is, excluding agriculture and construction) at 6.34 crore. The estimated size of the workforce employed in this sector is 11.1 crore or 111 million. It is important to emphasise that these are the estimates based on the sample survey. As is well-known, small informal businesses are hard to investigate. So, despite the best efforts of the NSSO (and it is widely known to be one of the best at the job it does) in reality the numbers may be much higher. In any case, 111 million is a large number, nearly 70 per cent of the nonagricultural labour force of India. And it has increased from 108 million in 2010 (the previous survey round). Of the 111 million, 36 million are in manufacturing, 39 in trade and 36.5 in other services. The majority of the non-agricultural workforce in India reports being self-employed and this fact has not changed for decades. × Interestingly, of the over 6 crore enterprises in this sector, 84 per cent do not report employing any hired workers and this proportion has remained more or less constant over the past 30 years. Such firms account for 62 per cent of all workers in this sector. In other words, the majority of the non-agricultural workforce in India reports being self-employed and this fact has not changed for decades. In this backdrop, let us consider the statement made by BJP President Amit Shah earlier this year, that the government would not be able to provide jobs to everyone who needs or wants one, but would rather encourage self-employment. Self-employment is, in fact, already the default option for anyone who cannot secure a job. So this statement does not amount to saying much. In the informal sector, a family of even three members (say a husband-wife team with a child) that works together running a shop, a restaurant, a workshop, etc. earns only INR 8000 per month even today. × The most important part of the report is the data on earnings in the informal sector. If we look at the enterprises that work only with family labour, the report shows that the earnings of such enterprises (measured as Gross Value Added or receipts minus non-wage expenditures) are on average INR 95,753 per year or roughly INR 8000 per month. The good news is that this number has increased substantially, at least in nominal terms, since 2010, when it was INR 57,883. But the absolute value is still low. What it means is that in the informal sector, a family of even three members (say a husband-wife team with a child) that works together running a shop, a restaurant, a workshop, etc. earns only INR 8000 per month even today. What about hired workers in this sector? The report estimates their earnings to be INR 87544 per year or around 7300 per month. Very similar to self-employed workers. What is the reason for such low earnings? A typical answer is because these workers are not very skilled and the businesses are not very productive. In fact, there is no shortage of skills in the informal sector. What they lack is formal certification of their skills, because most workers are informally trained. And as for productivity, the situation is similar to that of farmers who often fail to capture the value of what they produce because of their vulnerable position in a supply chain dominated by more powerful actors such as fertilizer and seed companies, and big retailers. In the informal manufacturing and service sector too, intense competition and a weak position in the supply chain result in informal businesses failing to capture most of the value they produce. Thus, appearing to be of low productivity and earning a pittance. This very large section of our workforce does not earn enough to be in the income tax net either from the wage or the business income end. × Needless to say, this very large section of our workforce does not earn enough to be in the income tax net either from the wage or the business income end. Further, many transactions still occur in cash. There are many reasons for this, two important ones being that banking is expensive for low amounts of money and that these workers are not treated with respect in banks. The Modi government’s response to the persistent informal and cash-based nature of the economy has been to force formality by measures such as demonetisation and the Goods and Services Tax. These are meant to ensure that such economic activity also becomes visible to the government and can be monitored and taxed. On the heels of demonetisation came the confusion and shock of GST. × Unfortunately, the NSSO survey cannot help us understand the effect of demonetisation on this sector because it was conducted from July 2015 to June 2016. But, it is telling that to date no comprehensive survey has been carried out by the government to assess the extent of the damage to the informal economy due to demonetisation. I know from my own conversations with the handloom and power loom weavers in Banaras that business was at a standstill for several weeks in November and December. And its effects are still being felt because losses forced many weavers to sell assets, including machines, to survive. On the heels of demonetisation came the confusion and shock of GST. The most important one is to give the informal sector the infrastructure it needs to flourish, building functional cooperatives that improve the bargaining power of small producers, ensuring effective government support at least equal to what big businesses receive, and so on. × In fact, the Modi approach is misguided on several levels. First, these measures are authoritarian, nonfederal, and undemocratic. Second, the economics behind them is unsound. Third, there are many better ways to ensure that the government tax base widens and transactions become formal. The most important one is to give the informal sector the infrastructure it needs to flourish, building functional cooperatives that improve the bargaining power of small producers, ensuring effective government support at least equal to what big businesses receive, and so on. But let us step back for a bit. This August 15th marks the 70th anniversary of India’s independence. That is seven decades of policy-making with the aim of creating a modern Indian economy. The early development planners and economists in the 1950s spoke of the elimination of the small-scale economy that later came to be called the informal sector. Textbooks commonly referred to it as a transient phenomenon, soon to be replaced with large, modern firms. What happened? How come, even after decades of both planning and market-led growth, the better part of our workforce is still self-employed in tiny businesses and earns half of what a peon in a government office earns? Plainly, the policies that were followed, both during the planning and the post-reform periods have not worked. But a nation-wide serious debate on both these failures has not occurred. It is in no political party’s interest to conduct such a debate because they have no imagination other than what has been tried already.

After 70 years Independence, Indian economy remains dominated by the informal sector

The benchmark BSE Sensex surged 154 points in early trade today buoyed by high capital inflows by domestic investors.

NSE Nifty was up 36.60 points at &nbsp;9,830.75 points as brokers told PTI sentiment was upbeat due to buying by domestic institutional investors (DIIs).

The markets did not react to recent retail inflation figures which jumped over two per cent in July.&nbsp;

The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets.

Hong Kong&#39;s Hang Seng was up 0.45 per cent, while Japan&#39;s Nikkei gained 0.02 per cent in their early trade.

NSE Nifty was up 36.60 points at ?9,830.75 points as brokers told PTI sentiment was upbeat due to buying by domestic institutional investors

The benchmark BSE Sensex surged 154 points in early trade today buoyed by high capital inflows by domestic investors. NSE Nifty was up 36.60 points at 9,830.75 points as brokers told PTI sentiment was upbeat due to buying by domestic institutional investors (DIIs). The markets did not react to recent retail inflation figures which jumped over two per cent in July. The fact that Asian markets had picked up as US-North tensions ebbed over the weekend also influenced the markets. Hong Kong's Hang Seng was up 0.45 per cent, while Japan's Nikkei gained 0.02 per cent in their early trade.

Sensex jumps 154 points in early trade

Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China&#39;s acquisitive conglomerates to restrict capital outflows.

Chinese acquisitions in the 68 countries officially linked to President Xi Jinping&#39;s signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016.

Unveiled in 2013, the Belt and Road project is aimed at building a modern-day &quot;Silk Road&quot;, connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa.

At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing&#39;s professed desire to spread prosperity.

The surge in Chinese companies&#39; acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 per cent year-on-year as of Monday.

Beijing&#39;s move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad.

Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group, and Fosun Group.

The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs.

The scrutiny, however, has not impacted Chinese companies&#39; pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy.

&quot;People are thinking in a long-term approach when making investments along Belt and Road countries,&quot; said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills.

&quot;The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals,&quot; he said.

The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015.

Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers.

&quot;If you are doing One Belt, One Road, that becomes the first sentence in the document&quot; to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses.

&quot;It is a wise thing to point out early on,&quot; said the advisor, who requested anonymity because he was not authorised to speak to the media.

The largest deal in a Belt and Road country so far this year was a Chinese consortium&#39;s $11.6 billion buyout of the Singapore-based Global Logistics Properties.

Other top deals include the $1.8 billion purchase of an 8 per cent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group&#39;s $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed.

The State Administration of Foreign Exchange, China&#39;s foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities.

HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritise investments that are in industries and regions mapped out under the Belt and Road initiative.

The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills.

&quot;We&#39;ve seen a lot of activities recently in Indonesia, Malaysia, and Myanmar. The whole Sri Lanka, India, and Bangladesh corridor is also hot as it&#39;s connecting the East and West,&quot; he said.

Unveiled in 2013, the Belt and Road project is aimed at building a modern-day 'Silk Road'

Mergers and acquisitions by Chinese companies in countries that are part of the Belt and Road initiative are soaring, even as Beijing cracks down on China's acquisitive conglomerates to restrict capital outflows. Chinese acquisitions in the 68 countries officially linked to President Xi Jinping's signature foreign policy totalled $33 billion as of Monday, surpassing the $31 billion tally for all of 2016. Unveiled in 2013, the Belt and Road project is aimed at building a modern-day "Silk Road", connecting China by land and sea to Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. At a summit in May, Xi pledged $124 billion for the plan, but it has faced suspicion in Western capitals that it is intended more to assert Chinese influence than Beijing's professed desire to spread prosperity. The surge in Chinese companies' acquisition-linked investments in the Belt and Road corridor comes as the volume of all outbound mergers and acquisitions from China has dropped 42 per cent year-on-year as of Monday. Beijing's move to prop up the yuan by restricting the flow of capital outside the country and clamp down on debt-fuelled acquisitions to ensure financial stability has made it tougher for buyers to win approvals for deals abroad. Regulators have tightened the screws further since June, reviewing deal agreements in minute detail and ordering a group of lenders to assess their exposure to offshore acquisitions by several big companies that have been on overseas buying sprees, including HNA Group, Dalian Wanda Group, and Fosun Group. The heightened regulatory scrutiny of overseas acquisitions comes after companies spent a record $220 billion in 2016 on assets overseas, buying up everything from movie studios to European football clubs. The scrutiny, however, has not impacted Chinese companies' pursuit of targets along the Belt and Road corridor, as those investments are considered strategic for the companies as well as the Chinese economy. "People are thinking in a long-term approach when making investments along Belt and Road countries," said Hilary Lau, a corporate and commercial lawyer and partner at the law firm Herbert Smith Freehills. "The acquisitions are also policy-driven. There are funds allocated by Chinese banks and state funds for Belt and Road deals," he said. The number of Chinese deals targeting Belt and Road countries totalled 109 this year, compared to 175 in the whole of last year and 134 in 2015. Companies enjoy a relatively smooth approval process for deals along the Belt and Road project as regulators tend to put them in a different basket when reviewing outbound investments, according to lawyers and dealmakers. "If you are doing One Belt, One Road, that becomes the first sentence in the document" to the regulators, said a senior investment advisor at a Chinese company that has acquired several overseas businesses. "It is a wise thing to point out early on," said the advisor, who requested anonymity because he was not authorised to speak to the media. The largest deal in a Belt and Road country so far this year was a Chinese consortium's $11.6 billion buyout of the Singapore-based Global Logistics Properties. Other top deals include the $1.8 billion purchase of an 8 per cent ownership interest in an Abu Dhabi oil company by the state-owned oil giant China National Petroleum Corp, and HNA Group's $1 billion acquisition of a logistics company, CWT Ltd, which has not yet closed. The State Administration of Foreign Exchange, China's foreign exchange regulator, said this month that domestic companies would still be encouraged to participate in Belt and Road activities. HNA, which has seen at least two overseas deals hit a hurdle as a result of the crackdown on transferring money, has said it plans to prioritise investments that are in industries and regions mapped out under the Belt and Road initiative. The belt and road acquisitions are predominantly in energy and infrastructure sectors, said Hilary Lau of Herbert Smith Freehills. "We've seen a lot of activities recently in Indonesia, Malaysia, and Myanmar. The whole Sri Lanka, India, and Bangladesh corridor is also hot as it's connecting the East and West," he said.

China's Belt and Road acquisitions surge despite outbound capital crackdown

Apple Inc priced its C$2.5 billion ($1.96 billion) in seven-year bonds in a Canadian-dollar-denominated issue, one of the joint book-running managers said on Tuesday, setting a record amount for an issuer in the Maple bond market.

The deal, which also tied as the biggest corporate issue in Canada, was priced at a spread of 80 basis points over the curve, said Brad Meiers, head of debt capital markets and syndication at HSBC Securities (Canada) Inc.

The deal comes as the Maple bond market, which had previously been dominated by foreign banks, attracts more issuance from companies.

AB InBev did a C$2 billion two-tranche deal in May, according to Thomson Reuters IFR.

The pricing compares with unofficial guidance which had been set in the area of 83 basis points over the curve plus or minus 3 basis points.

Apple&#39;s size and brand name allow the company to borrow cheaply, said Altaf Nanji, head of corporate research at Manulife Asset Management.

In a regulatory filing on Tuesday, Apple said the proceeds of the transaction will be used for general corporate purposes, including repurchases of common stock and payment of dividends.

An Apple spokesman declined to comment on the size or price of the deal.

Despite the size of the deal, investors said it will not erode the capacity of the market to absorb bonds from other issuers after a period of slower issuance throughout the summer.

&quot;The deal may have taken out some near-term liquidity but it doesn&#39;t mean that there won&#39;t be room for other issuers as well, said Darcy Briggs, a fixed-income portfolio manager with the Bissett unit of Franklin Templeton Investments.

The pricing compares with unofficial guidance which had been set in the area of 83 basis points over the curve plus or minus 3 basis points

Apple Inc priced its C$2.5 billion ($1.96 billion) in seven-year bonds in a Canadian-dollar-denominated issue, one of the joint book-running managers said on Tuesday, setting a record amount for an issuer in the Maple bond market. The deal, which also tied as the biggest corporate issue in Canada, was priced at a spread of 80 basis points over the curve, said Brad Meiers, head of debt capital markets and syndication at HSBC Securities (Canada) Inc. The deal comes as the Maple bond market, which had previously been dominated by foreign banks, attracts more issuance from companies. AB InBev did a C$2 billion two-tranche deal in May, according to Thomson Reuters IFR. The pricing compares with unofficial guidance which had been set in the area of 83 basis points over the curve plus or minus 3 basis points. Apple's size and brand name allow the company to borrow cheaply, said Altaf Nanji, head of corporate research at Manulife Asset Management. In a regulatory filing on Tuesday, Apple said the proceeds of the transaction will be used for general corporate purposes, including repurchases of common stock and payment of dividends. An Apple spokesman declined to comment on the size or price of the deal. Despite the size of the deal, investors said it will not erode the capacity of the market to absorb bonds from other issuers after a period of slower issuance throughout the summer. "The deal may have taken out some near-term liquidity but it doesn't mean that there won't be room for other issuers as well, said Darcy Briggs, a fixed-income portfolio manager with the Bissett unit of Franklin Templeton Investments.

Apple sets record with C$2.5 billion Maple bond market issue

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley&#39;s statement today (August 16) that the government sympathy is with flat buyers.

&quot;Flat buyers who have given money to developers should get their flats, government&#39;s sympathy is with the flat buyers,&quot; Finance Minister Arun Jaitley said at a press conference.

Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers&#39; plea for initiating insolvency proceedings against Jaypee for defaulting 
on a Rs 526-crore loan.

On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the 
company.

&quot;The government is looking at ways to provide relief to Jaypee Infratech home buyers,&quot; the official said.

&quot;We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects.&quot;

The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats.

&quot;We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects 
could be completed,&quot; he said.

Insolvency proceedings, he said, can continue simultaneously.

Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech.

It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code.

The implication of an interim resolution professional&#39;s appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a 
property.

Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI.&nbsp;

The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida.

The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.&nbsp;

Hundreds of home buyers have been left in lurch - their investments stuck - after the insolvency proceedings against realty company Jaypee Infratech

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley's statement today (August 16) that the government sympathy is with flat buyers. "Flat buyers who have given money to developers should get their flats, government's sympathy is with the flat buyers," Finance Minister Arun Jaitley said at a press conference. Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers' plea for initiating insolvency proceedings against Jaypee for defaulting on a Rs 526-crore loan. On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the company. "The government is looking at ways to provide relief to Jaypee Infratech home buyers," the official said. "We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects." The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats. "We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects could be completed," he said. Insolvency proceedings, he said, can continue simultaneously. Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech. It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. The implication of an interim resolution professional's appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a property. Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI. The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida. The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.

Home buyers who have given money to developers should get flats: Arun Jaitley

<a href="http://www.wionews.com/videos/watch-xiaomi-makes-a-phone-every-second-in-india-2697">Xiaomi</a>&#39;s Redmi Note 4 exploded in the pocket of a user in Andhra Pradesh causing him serious injuries.

Bhavana Suryakiran, a resident of Ravulapalem in Andhra Pradesh&#39;s East Godavari district, had bought the phone recently from Flipkart.&nbsp;

The company contacted the victim and launched an investigation into the incident.&nbsp;

&ldquo;We take such matters seriously as customer safety is of utmost importance for Xiaomi. All of our devices go through stringent quality tests,&rdquo; a Xiaomi spokesperson said.

Suryakiran has claimed compensation from <a href="http://www.wionews.com/science-tech/qa-xiaomis-jai-mani-on-mi-6-india-launch-hugo-barras-exit-and-redmi-phones-slowdown-complaints-17006">Xiaomi</a>. He also said that he will lodge a case against the company.

&nbsp;

Bhavana Suryakiran, a resident of Ravulapalem in Andhra Pradesh's East Godavari district, had bought the phone recently from Flipkart

Xiaomi's Redmi Note 4 exploded in the pocket of a user in Andhra Pradesh causing him serious injuries. Bhavana Suryakiran, a resident of Ravulapalem in Andhra Pradesh's East Godavari district, had bought the phone recently from Flipkart. The company contacted the victim and launched an investigation into the incident. “We take such matters seriously as customer safety is of utmost importance for Xiaomi. All of our devices go through stringent quality tests,” a Xiaomi spokesperson said. Suryakiran has claimed compensation from Xiaomi. He also said that he will lodge a case against the company.

Xiaomi Redmi Note 4 explodes in user's pocket in Andhra Pradesh

China&#39;s industrial output, a key engine of growth, slowed sharply in July as government efforts to rein in debt weighed on demand and economic activity, official data showed Monday.

The figures come as the authorities have sought to tighten regulations to tame debt as well as reduce excess capacity left over from massive government-backed infrastructure spending at the height of the global financial crisis.

Output by Chinese factories and workshops grew by a lower-than-expected 6.4 per cent compared to the same month last year, the national statistics bureau said.

Economists surveyed by Bloomberg News had expected growth of 7.1 per cent for July after industrial production expanded by 7.6 per cent in June.

Retail sales, meanwhile, slowed slightly to 10.4 per cent last month, compared to 11 per cent in June, while fixed asset investment posted 8.3 per cent growth in the January-July period -- both slightly below expectations.

&quot;In general, the national economy was generally steady in July with continued positive momentum and deepening structural reform,&quot; national statistics bureau spokesman Mao Shengyong said at a news conference.

&quot;But we also see that the international circumstance is still complicated and fluid, domestic structural conflicts still stand out, and there are still a lot of hidden concerns.&quot;

Mao said industrial production was affected by the weather -- high temperatures and floods -- and efforts in some regions to speed up the reduction of excess capacity that does not meet environmental rules.

Economic growth could slow by up to 0.2 percentage points in the second half of the year, Mao said.&nbsp;

While China has posted better-than-expected second quarter growth of 6.9 per cent, economic analysts have warned that the momentum will not last as authorities clamp down on debt.

Property development investment eased between January and July, signalling that the government&#39;s tightening policies &quot;have finally trickled down through the economy,&quot; according to ANZ Research in Hon

Julian Evans-Pritchard, China economist at Capital Economics, said Monday&#39;s figures provided &quot;mixed signals&quot; as growth in electricity and steel output accelerated while production of consumer goods and most other commodities slowed.

&quot;The upshot is that both foreign and domestic demand appear&nbsp;to have softened at the start of (the third quarter),&quot; Evans-Pritchard said.

&quot;A few sectors, such as steel, seem to have defied this slowdown in economic activity. But the strength in these areas likely won&#39;t last given that policy tightening is set to further weigh on infrastructure and property investment in coming months,&quot; he said.

But Betty Rui Wang, senior China economist at ANZ, said the slowdown is likely to be temporary as the bad weather was partly to blame for July&#39;s industrial output.

&quot;We expect a rebound in the upcoming months,&quot; she said.

China&#39;s economy faces another looming challenge as US President Donald Trump was due to sign on Monday a memorandum to launch an investigation into the Asian giant&#39;s intellectual property practices.

Trump will direct US Trade Representative Robert Lighthizer to determine whether any Chinese laws, policies or practices discriminate against or harm American innovators and technology companies, US officials said.&nbsp;

The officials, who spoke on condition of anonymity, bluntly accused China of &quot;stealing our intellectual property&quot; -- long a concern of Western companies seeking a share of the enormous Chinese market.&nbsp;

China&#39;s state-run Global Times in an editorial warned the move could spark a &quot;trade war&quot; as the world&#39;s second largest economy would retaliate.

Economists surveyed by Bloomberg News had expected growth of 7.1 per cent for July after industrial production expanded by 7.6 per cent in June

China's industrial output, a key engine of growth, slowed sharply in July as government efforts to rein in debt weighed on demand and economic activity, official data showed Monday. The figures come as the authorities have sought to tighten regulations to tame debt as well as reduce excess capacity left over from massive government-backed infrastructure spending at the height of the global financial crisis. Output by Chinese factories and workshops grew by a lower-than-expected 6.4 per cent compared to the same month last year, the national statistics bureau said. Economists surveyed by Bloomberg News had expected growth of 7.1 per cent for July after industrial production expanded by 7.6 per cent in June. Retail sales, meanwhile, slowed slightly to 10.4 per cent last month, compared to 11 per cent in June, while fixed asset investment posted 8.3 per cent growth in the January-July period -- both slightly below expectations. "In general, the national economy was generally steady in July with continued positive momentum and deepening structural reform," national statistics bureau spokesman Mao Shengyong said at a news conference. "But we also see that the international circumstance is still complicated and fluid, domestic structural conflicts still stand out, and there are still a lot of hidden concerns." Mao said industrial production was affected by the weather -- high temperatures and floods -- and efforts in some regions to speed up the reduction of excess capacity that does not meet environmental rules. Economic growth could slow by up to 0.2 percentage points in the second half of the year, Mao said. While China has posted better-than-expected second quarter growth of 6.9 per cent, economic analysts have warned that the momentum will not last as authorities clamp down on debt. Property development investment eased between January and July, signalling that the government's tightening policies "have finally trickled down through the economy," according to ANZ Research in Hon Julian Evans-Pritchard, China economist at Capital Economics, said Monday's figures provided "mixed signals" as growth in electricity and steel output accelerated while production of consumer goods and most other commodities slowed. "The upshot is that both foreign and domestic demand appear to have softened at the start of (the third quarter)," Evans-Pritchard said. "A few sectors, such as steel, seem to have defied this slowdown in economic activity. But the strength in these areas likely won't last given that policy tightening is set to further weigh on infrastructure and property investment in coming months," he said. But Betty Rui Wang, senior China economist at ANZ, said the slowdown is likely to be temporary as the bad weather was partly to blame for July's industrial output. "We expect a rebound in the upcoming months," she said. China's economy faces another looming challenge as US President Donald Trump was due to sign on Monday a memorandum to launch an investigation into the Asian giant's intellectual property practices. Trump will direct US Trade Representative Robert Lighthizer to determine whether any Chinese laws, policies or practices discriminate against or harm American innovators and technology companies, US officials said. The officials, who spoke on condition of anonymity, bluntly accused China of "stealing our intellectual property" -- long a concern of Western companies seeking a share of the enormous Chinese market. China's state-run Global Times in an editorial warned the move could spark a "trade war" as the world's second largest economy would retaliate.

China industrial output slows sharply in July

A group of Twitter users will be indicted in Saudi Arabia on charges of harming public order for threatening the &quot;safety and moderate ideology of society&quot; through extremism, according to a statement on state news agency SPA.

The country&#39;s chief prosecutor summoned the Twitter users on Sunday, the statement said, without naming them or specifying how many were accused.

A spokesman for the Ministry of Culture and Information had earlier tweeted that a radical Sunni cleric, Ali al-Rabieei, had been referred to a &quot;publication crimes&quot; committee for unspecified violations.

Ministry officials did not respond to requests for comment on whether Rabieei was among the group.

Saudi Arabia has stepped up efforts to muffle political dissent in recent years, using tough new cybercrime laws to sentence offenders to prison terms for online posts deemed insulting to rulers or threatening to public order.

In a separate statement, Public Prosecutor Sheikh Saud bin Abdullah al-Muajab said he respected freedom of opinion but asserted his office&#39;s power to pursue cases against those who promote hatred or sectarianism, or mislead public opinion.

Rabieei&#39;s tweets largely consist of broadsides against Shi&#39;ites, a minority group in Sunni-dominated Saudi Arabia. One tweet refers to the core Shi&#39;ite belief that the prophet&#39;s son-in-law was his rightful successor as &quot;one of the Jew&#39;s tricks.&quot;

He issued a statement on Twitter declaring his commitment to publication laws, &quot;if they are not contrary to the Quran, the Sunna, or statements made by senior scholars Bin Baz, Bin Uthaymin or the Council of Senior Scholars.&quot;

Religious scholars from the official Wahhabi school of Sunni Islam, like those named by Rabieei, hold influential semi-legal roles in the kingdom. The Quran and the Sunna, or sayings of the prophet, are the country&#39;s constitution.

Many members of the state-employed clergy have long taught that Shi&#39;ism is heretical. Last year, Saudi Arabia&#39;s grand mufti, the kingdom&#39;s top religious authority, said the leaders of Iran, Saudi Arabia&#39;s regional Shi&#39;ite rival, were not Muslims.

But as the kingdom&#39;s Shi&#39;ites have come under attack by Islamic State jihadists since 2013, authorities have also made efforts to curb open incitement and sectarianism, including arrests for anti-Shi&#39;ite social media posts.

A group of Twitter users will be indicted in Saudi Arabia on charges of harming public order for threatening the 'safety and moderate ideology of society' through extremism

A group of Twitter users will be indicted in Saudi Arabia on charges of harming public order for threatening the "safety and moderate ideology of society" through extremism, according to a statement on state news agency SPA. The country's chief prosecutor summoned the Twitter users on Sunday, the statement said, without naming them or specifying how many were accused. A spokesman for the Ministry of Culture and Information had earlier tweeted that a radical Sunni cleric, Ali al-Rabieei, had been referred to a "publication crimes" committee for unspecified violations. Ministry officials did not respond to requests for comment on whether Rabieei was among the group. Saudi Arabia has stepped up efforts to muffle political dissent in recent years, using tough new cybercrime laws to sentence offenders to prison terms for online posts deemed insulting to rulers or threatening to public order. In a separate statement, Public Prosecutor Sheikh Saud bin Abdullah al-Muajab said he respected freedom of opinion but asserted his office's power to pursue cases against those who promote hatred or sectarianism, or mislead public opinion. Rabieei's tweets largely consist of broadsides against Shi'ites, a minority group in Sunni-dominated Saudi Arabia. One tweet refers to the core Shi'ite belief that the prophet's son-in-law was his rightful successor as "one of the Jew's tricks." He issued a statement on Twitter declaring his commitment to publication laws, "if they are not contrary to the Quran, the Sunna, or statements made by senior scholars Bin Baz, Bin Uthaymin or the Council of Senior Scholars." Religious scholars from the official Wahhabi school of Sunni Islam, like those named by Rabieei, hold influential semi-legal roles in the kingdom. The Quran and the Sunna, or sayings of the prophet, are the country's constitution. Many members of the state-employed clergy have long taught that Shi'ism is heretical. Last year, Saudi Arabia's grand mufti, the kingdom's top religious authority, said the leaders of Iran, Saudi Arabia's regional Shi'ite rival, were not Muslims. But as the kingdom's Shi'ites have come under attack by Islamic State jihadists since 2013, authorities have also made efforts to curb open incitement and sectarianism, including arrests for anti-Shi'ite social media posts.

Saudi Arabia to prosecute Twitter users for harming society's ideology

Tokyo stocks dropped Monday morning as lingering worries about the war of words between the United States and North Korea offset better-than-expected Japanese economic growth.

The market headed south as investors returned from a three-day holiday weekend in Japan after geopolitical tensions dented overseas markets on Friday.

CIA director Mike Pompeo tried to lower the temperature at the weekend, offering assurances there was &quot;nothing imminent&quot; in the escalating standoff between Washington and Pyongyang.

That came after US president Donald Trump hinted at military action over Pyongyang&#39;s threat to launch missiles towards the Pacific island of Guam, a US territory.

Japanese shares &quot;are likely to follow US shares&#39; slump&quot; last week, Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute, told Bloomberg News.

But &quot;I don&#39;t think there&#39;s any imminent danger over the situation between the US and North Korea,&quot; he added.

Still, with joint South Korean&ndash;US military exercises scheduled and North Korea celebrating &quot;Liberation Day&quot; Tuesday, volatility could return to markets, analysts said.

&quot;The market is in a &#39;risk-off&#39; mood, and falls are likely particularly during the early part of this week,&quot; Okasan Online Securities said in a commentary.

Tokyo&#39;s benchmark Nikkei 225 index lost 0.84 per cent, or 164.76 points, to sit at 19,564.98 by the lunch break, while the broader Topix index of all first-section issues fell 0.82 per cent, or 13.30 points, to 1,603.95.

Investors largely shrugged off government data showing Japan&#39;s economy grew a forecast-beating 1.0 per cent in the second quarter to mark the longest economic expansion in more than a decade.

Calculated on an annualised basis, growth came in at a blistering 4.0 per cent, according to the figures released by the Cabinet Office.

Among major Tokyo shares, Uniqlo operator Fast Retailing fell 1.88 per cent to 31,870 yen while telecom giant SoftBank, another market heavyweight, dropped 0.95 per cent to 8,669 yen.

Automaker Toyota fell 0.88 per cent to 6,220 yen and Sony lost 1.45 per cent to end the morning at 4,275 yen.

In forex trading, the dollar bought 109.37 yen, edging up from 109.11 yen in New York on Friday, but still sharply lower than 109.99 yen in Tokyo on Thursday.

Automaker Toyota fell 0.88 per cent to 6,220 yen and Sony lost 1.45 per cent to end the morning at 4,275 yen

Tokyo stocks dropped Monday morning as lingering worries about the war of words between the United States and North Korea offset better-than-expected Japanese economic growth. The market headed south as investors returned from a three-day holiday weekend in Japan after geopolitical tensions dented overseas markets on Friday. CIA director Mike Pompeo tried to lower the temperature at the weekend, offering assurances there was "nothing imminent" in the escalating standoff between Washington and Pyongyang. That came after US president Donald Trump hinted at military action over Pyongyang's threat to launch missiles towards the Pacific island of Guam, a US territory. Japanese shares "are likely to follow US shares' slump" last week, Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Institute, told Bloomberg News. But "I don't think there's any imminent danger over the situation between the US and North Korea," he added. Still, with joint South Korean–US military exercises scheduled and North Korea celebrating "Liberation Day" Tuesday, volatility could return to markets, analysts said. "The market is in a 'risk-off' mood, and falls are likely particularly during the early part of this week," Okasan Online Securities said in a commentary. Tokyo's benchmark Nikkei 225 index lost 0.84 per cent, or 164.76 points, to sit at 19,564.98 by the lunch break, while the broader Topix index of all first-section issues fell 0.82 per cent, or 13.30 points, to 1,603.95. Investors largely shrugged off government data showing Japan's economy grew a forecast-beating 1.0 per cent in the second quarter to mark the longest economic expansion in more than a decade. Calculated on an annualised basis, growth came in at a blistering 4.0 per cent, according to the figures released by the Cabinet Office. Among major Tokyo shares, Uniqlo operator Fast Retailing fell 1.88 per cent to 31,870 yen while telecom giant SoftBank, another market heavyweight, dropped 0.95 per cent to 8,669 yen. Automaker Toyota fell 0.88 per cent to 6,220 yen and Sony lost 1.45 per cent to end the morning at 4,275 yen. In forex trading, the dollar bought 109.37 yen, edging up from 109.11 yen in New York on Friday, but still sharply lower than 109.99 yen in Tokyo on Thursday.

Tokyo shares fall by break as North Korea worries linger

SpaceX Falcon 9 rocket is all set to make a new addition into the International Space station.&nbsp;

The rocket that took of at 12:31PM ET from Cape Canaveral, Florida,&nbsp;will launch a supercomputer called Spaceborne, from Hewlett Packard Enterprise.

The Computer system is a joint project between HPE and NASA which aims to check the vulnerability of commercial computer in harsh space environment.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Weather remains 70% GO for tomorrow&#39;s 12:31pm ET launch of <a href="https://twitter.com/SpaceX">@SpaceX</a> <a href="https://twitter.com/hashtag/Dragon?src=hash">#Dragon</a> carrying science/cargo to <a href="https://twitter.com/Space_Station">@Space_Station</a>: <a href="https://t.co/bIT8bGXhdB">https://t.co/bIT8bGXhdB</a> <a href="https://t.co/kR2itmA0rP">pic.twitter.com/kR2itmA0rP</a>
&mdash; NASA (@NASA) <a href="https://twitter.com/NASA/status/896875505474863105">August 13, 2017</a></blockquote>
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<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

Mark Fernandez, the HPE engineer said that the space-bound computer is designed with an ability to make one trillion calculations in a single second.&nbsp;

The space station is placed in lower Earth orbit which makes it an unfavourable place for computers.The ISS is exposed to more radiation from solar flares and cosmic rays because of its presence outside the Earth&#39;s protective atmosphere.&nbsp;

In order to safeguard computers from this exposure they are shielded to make them physically &quot;hardened&quot; which can help in making them adaptable to higher radiation environment.

The project will be experimenting the regular &quot;off- the -shelf&quot; computers to examine their operation in space for longer time. These computers with upgraded software are designed to deal radiation exposure differently.&nbsp;

Running on open-source Linux operating system the computer is programmed to detect &nbsp;high-radiation event.

NASA said that the computer&nbsp;will respond by throttling its systems and lowering its operating speed to save power and avoid damage.

The computer has passed 146 safety tests and certifications by NASA before the space travel, according to HPE. The system is expected to last for an year in the space station after which it will be compared to an identical computer that HPE will be monitoring on the ground.&nbsp;

Later, after the project works similar software hardened computers can be developed as critical tool for future deep space missions beyond Earth.&nbsp;

&nbsp;

The rocket that took of at 12:31PM ET from Cape Canaveral, Florida,?will launch a supercomputer called Spaceborne

SpaceX Falcon 9 rocket is all set to make a new addition into the International Space station. The rocket that took of at 12:31PM ET from Cape Canaveral, Florida, will launch a supercomputer called Spaceborne, from Hewlett Packard Enterprise. The Computer system is a joint project between HPE and NASA which aims to check the vulnerability of commercial computer in harsh space environment. Weather remains 70% GO for tomorrow's 12:31pm ET launch of @SpaceX #Dragon carrying science/cargo to @Space_Station: https://t.co/bIT8bGXhdB pic.twitter.com/kR2itmA0rP — NASA (@NASA) August 13, 2017 × Mark Fernandez, the HPE engineer said that the space-bound computer is designed with an ability to make one trillion calculations in a single second. The space station is placed in lower Earth orbit which makes it an unfavourable place for computers.The ISS is exposed to more radiation from solar flares and cosmic rays because of its presence outside the Earth's protective atmosphere. In order to safeguard computers from this exposure they are shielded to make them physically "hardened" which can help in making them adaptable to higher radiation environment. The project will be experimenting the regular "off- the -shelf" computers to examine their operation in space for longer time. These computers with upgraded software are designed to deal radiation exposure differently. Running on open-source Linux operating system the computer is programmed to detect high-radiation event. NASA said that the computer will respond by throttling its systems and lowering its operating speed to save power and avoid damage. The computer has passed 146 safety tests and certifications by NASA before the space travel, according to HPE. The system is expected to last for an year in the space station after which it will be compared to an identical computer that HPE will be monitoring on the ground. Later, after the project works similar software hardened computers can be developed as critical tool for future deep space missions beyond Earth.

Spaceborne: SpaceX new launch into international space station

Hackers have released more unaired episodes of popular HBO shows but the latest leak did not include anything on the hit series &quot;Game of Thrones,&quot; the Associated Press reported on Sunday.

The hackers, who broke into HBO&#39;s computer network and have released stolen information for several weeks, provided more unaired episodes, including the popular show &quot;Curb Your Enthusiasm, &quot; which returns in October.

They also leaked episodes of &quot;Insecure,&quot; &quot;Ballers&quot; and &quot;The Deuce,&quot; according to the Associated Press.

Time Warner&#39;s HBO said Sunday that it was &quot;not in communication with the hacker, and we&#39;re not going to comment every time a new piece of information is released.&quot;

&quot;It has been widely reported that there was a cyber incident at HBO,&quot; it said. &quot;The hacker may continue to drop bits and pieces of stolen information in an attempt to generate media attention. That&rsquo;s a game we&rsquo;re not going to participate in.&quot;

HBO acknowledged the hack earlier this summer. It said the thieves had been leaking stolen materials and asking for a multi-million-dollar ransom.

The hack came at a sensitive time for HBO parent Time Warner as it awaits regulatory approval to sell itself to AT&amp;T in a $85.4 billion deal announced in October.

The latest leak did not include anything on the hit series "Game of Thrones," the Associated Press reported

Hackers have released more unaired episodes of popular HBO shows but the latest leak did not include anything on the hit series "Game of Thrones," the Associated Press reported on Sunday. The hackers, who broke into HBO's computer network and have released stolen information for several weeks, provided more unaired episodes, including the popular show "Curb Your Enthusiasm, " which returns in October. They also leaked episodes of "Insecure," "Ballers" and "The Deuce," according to the Associated Press. Time Warner's HBO said Sunday that it was "not in communication with the hacker, and we're not going to comment every time a new piece of information is released." "It has been widely reported that there was a cyber incident at HBO," it said. "The hacker may continue to drop bits and pieces of stolen information in an attempt to generate media attention. That’s a game we’re not going to participate in." HBO acknowledged the hack earlier this summer. It said the thieves had been leaking stolen materials and asking for a multi-million-dollar ransom. The hack came at a sensitive time for HBO parent Time Warner as it awaits regulatory approval to sell itself to AT&T in a $85.4 billion deal announced in October.

Hackers release more HBO episode shows: report

Japan has posted its longest economic expansion in over a decade on the back of a pickup in household and company spending, data showed Monday.&nbsp;

The country&#39;s Gross Domestic Product grew by 1.0 per cent in the April-June period, marking the sixth straight winning quarter in the longest string of gains since 2006.

The world&#39;s number three economy has been picking up steam, mainly on the back of a surging exports including smartphones parts and memory chips, with investments linked to the Tokyo 2020 Olympics also giving growth a boost.

But the latest GDP figures -- which translate into a &nbsp;whopping 4.0 per cent annualised growth rate -- were driven by robust domestic demand and capital spending, which offset a quarterly decline in exports.

Private consumption picked up 0.9 per cent in the second quarter. Individual spending accounts for more than a half of Japan&#39;s GDP.

The second quarter growth blew past market expectations for a 0.6 per cent rise, according to figures from the Cabinet Office. It was well up from a 0.4 per cent expansion in January-March GDP.&nbsp;

The labour market is tight and business confidence is high but efforts to lift inflation have fallen flat despite years of aggressive monetary easing by Japan&#39;s central bank.

The latest reading nonetheless means Japan&#39;s economy has had its best string of gains since the tenure of popular former prime minister Junichiro Koizumi.

Monday&#39;s figures are good news for the current prime minister Shinzo Abe -- whose brief and underwhelming first term as Japan&#39;s premier came directly after Koizumi.

A string of short-term leaders followed Abe&#39;s first term before he swept back to power in late 2012 on a pledge to reignite Japan&#39;s once-booming economy with a plan dubbed Abenomics.

The scheme -- a mix of huge monetary easing, government spending and reforms to the economy -- stoked a stock market rally and fattened corporate profits.

&#39;Tailwind for Abenomics&#39;

Some critics have cast doubt on the plan, as heavily indebted Japan grapples with low birthrates and a shrinking labour force.

Abe has seen his public support ratings plummet in the past few months over an array of political troubles, including allegations of favouritism to a friend in a business deal.

&quot;This is a good result and tailwind for Abenomics,&quot; Shinke Yoshiki, chief economist at Dai-ichi Life Research Institute, said of Monday&#39;s data release.

&quot;Consumption and corporate investment are particularly strong, a result of brisk corporate earnings and improved business confidence.&quot;

In a commentary, Barclays said: &quot;The strength of private consumption reflects an improvement in employment and income conditions (eg, drop in unemployment, four consecutive years of increasing base pay), but likely also such factors as favourable weather during that period.&quot;

Still, wages have not been rising enough to kickstart tepid inflation, and few analysts expect the same kind of growth next quarter.

&quot;Japan&#39;s structural problems have not changed: ageing population, decreasing working age population, deteriorating fiscal conditions,&quot; said Junko Nishioka, chief economist of Sumitomo Mitsui Banking Corp.

Japan has been struggling to defeat years of deflation and slow growth that followed the collapse of an equity and property market bubble in the early nineties.

The Bank of Japan, aiming to create two-per cent inflation as a key part of Tokyo&#39;s growth bid, now expects to reach that goal by sometime in the year to March 2020 -- four years later than planned.

Falling prices can discourage spending by consumers, who will postpone purchases until prices drop more or look to save money instead.

That puts pressure on businesses, creating a cycle in which firms then cut back on expanding production, hiring new workers or boosting wages.

The Japanese economy grew for the sixth successive quarter

Japan has posted its longest economic expansion in over a decade on the back of a pickup in household and company spending, data showed Monday. The country's Gross Domestic Product grew by 1.0 per cent in the April-June period, marking the sixth straight winning quarter in the longest string of gains since 2006. The world's number three economy has been picking up steam, mainly on the back of a surging exports including smartphones parts and memory chips, with investments linked to the Tokyo 2020 Olympics also giving growth a boost. But the latest GDP figures -- which translate into a whopping 4.0 per cent annualised growth rate -- were driven by robust domestic demand and capital spending, which offset a quarterly decline in exports. Private consumption picked up 0.9 per cent in the second quarter. Individual spending accounts for more than a half of Japan's GDP. The second quarter growth blew past market expectations for a 0.6 per cent rise, according to figures from the Cabinet Office. It was well up from a 0.4 per cent expansion in January-March GDP. The labour market is tight and business confidence is high but efforts to lift inflation have fallen flat despite years of aggressive monetary easing by Japan's central bank. The latest reading nonetheless means Japan's economy has had its best string of gains since the tenure of popular former prime minister Junichiro Koizumi. Monday's figures are good news for the current prime minister Shinzo Abe -- whose brief and underwhelming first term as Japan's premier came directly after Koizumi. A string of short-term leaders followed Abe's first term before he swept back to power in late 2012 on a pledge to reignite Japan's once-booming economy with a plan dubbed Abenomics. The scheme -- a mix of huge monetary easing, government spending and reforms to the economy -- stoked a stock market rally and fattened corporate profits. 'Tailwind for Abenomics' Some critics have cast doubt on the plan, as heavily indebted Japan grapples with low birthrates and a shrinking labour force. Abe has seen his public support ratings plummet in the past few months over an array of political troubles, including allegations of favouritism to a friend in a business deal. "This is a good result and tailwind for Abenomics," Shinke Yoshiki, chief economist at Dai-ichi Life Research Institute, said of Monday's data release. "Consumption and corporate investment are particularly strong, a result of brisk corporate earnings and improved business confidence." In a commentary, Barclays said: "The strength of private consumption reflects an improvement in employment and income conditions (eg, drop in unemployment, four consecutive years of increasing base pay), but likely also such factors as favourable weather during that period." Still, wages have not been rising enough to kickstart tepid inflation, and few analysts expect the same kind of growth next quarter. "Japan's structural problems have not changed: ageing population, decreasing working age population, deteriorating fiscal conditions," said Junko Nishioka, chief economist of Sumitomo Mitsui Banking Corp. Japan has been struggling to defeat years of deflation and slow growth that followed the collapse of an equity and property market bubble in the early nineties. The Bank of Japan, aiming to create two-per cent inflation as a key part of Tokyo's growth bid, now expects to reach that goal by sometime in the year to March 2020 -- four years later than planned. Falling prices can discourage spending by consumers, who will postpone purchases until prices drop more or look to save money instead. That puts pressure on businesses, creating a cycle in which firms then cut back on expanding production, hiring new workers or boosting wages.

Japanese economy posts longest expansion in over a decade

Japan&#39;s economy grew in the second quarter at the fastest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years, highlighting stronger domestic demand.

Gross domestic product expanded an annualised 4.0 per cent in April-June, government data showed, more than the median estimate for 2.5 per cent annualised growth and the biggest increase since January-March 2015.

Compared to the previous quarter, the economy expanded 1.0 per cent, versus the median estimate for 0.6 per cent growth.

Annualised GDP for the previous quarter was revised to a 1.5 per cent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 per cent growth from a 0.3 per cent increase.

Economic growth is expected to continue in coming quarters, offering the Bank of Japan (BOJ) the hope that a tight labour market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation.

&quot;The engines of consumer spending and capital expenditure both fired well in the second quarter, and that&#39;s why domestic demand was so strong,&quot; said Hidenobu Tokuda, senior economist at Mizuho Research Institute.

&quot;The pace of growth may moderate slightly, but we are still in recovery mode. This is a positive development for inflation.&quot;

The economy grew for six straight quarters in April-June. The last time the economy had a run of six consecutive quarters of growth was January-March 2005 through April-June 2006.

Private consumption, which accounts for about two-thirds of GDP, rose 0.9 per cent from the previous quarter, more than the median estimate of 0.5 per cent growth.

That marked the fastest expansion in more than three years as shoppers splashed out on durable goods such as cars and home appliances. Consumers also spent more money on dining out, the data showed. These are all encouraging sign that consumer spending is no longer the weak spot in Japan&#39;s economic outlook.

Capital expenditure jumped by 2.4 per cent in April-June from the previous quarter, doubling the median estimate for a 1.2 per cent increase. That was the fastest growth in business investment since January-March 2014 as companies spent more on software and construction equipment.

Japanese Economy Minister Toshimitsu Motegi was more cautious on the outlook for domestic demand and pledged to implement more policies to strengthen the economy.

&quot;If you ask me whether private consumption has fully recovered, I would say it still lacks strength in some areas, which will need to be followed with policy,&quot; Motegi told reporters.

&quot;We&#39;ll make sure that the domestic demand-led recovery continues. What is needed is supply-side reform. We&#39;ll focus our efforts on human resource investment, improvement in productivity, and new growth strategies.&quot;

While growth was faster than expected, it is not expected to nudge the Bank of Japan into dismantling its massive stimulus programme anytime soon, as inflation remains stubbornly weak.

External demand subtracted 0.3 percentage point from GDP growth in April-June in part due to an increase in imports. This is notable because Japan usually relies on exports to drive growth.

Since launching quantitative easing in April 2013, the BOJ has pushed back the timing for reaching its 2 per cent inflation target six times in part due to weak consumer spending.

The GDP data for April-June show private consumption is finally starting to move in the direction that the BOJ and other government ministers have long predicted.

Compared to the previous quarter, the economy expanded 1.0 per cent, versus the median estimate for 0.6 per cent growth

Japan's economy grew in the second quarter at the fastest pace in more than two years as consumer spending and capital expenditure both rose at the fastest in more than three years, highlighting stronger domestic demand. Gross domestic product expanded an annualised 4.0 per cent in April-June, government data showed, more than the median estimate for 2.5 per cent annualised growth and the biggest increase since January-March 2015. Compared to the previous quarter, the economy expanded 1.0 per cent, versus the median estimate for 0.6 per cent growth. Annualised GDP for the previous quarter was revised to a 1.5 per cent increase, while quarterly real (inflation adjusted) GDP was revised up to 0.4 per cent growth from a 0.3 per cent increase. Economic growth is expected to continue in coming quarters, offering the Bank of Japan (BOJ) the hope that a tight labour market is finally starting to boost consumer spending, which in turn makes it easier to generate sustained inflation. "The engines of consumer spending and capital expenditure both fired well in the second quarter, and that's why domestic demand was so strong," said Hidenobu Tokuda, senior economist at Mizuho Research Institute. "The pace of growth may moderate slightly, but we are still in recovery mode. This is a positive development for inflation." The economy grew for six straight quarters in April-June. The last time the economy had a run of six consecutive quarters of growth was January-March 2005 through April-June 2006. Private consumption, which accounts for about two-thirds of GDP, rose 0.9 per cent from the previous quarter, more than the median estimate of 0.5 per cent growth. That marked the fastest expansion in more than three years as shoppers splashed out on durable goods such as cars and home appliances. Consumers also spent more money on dining out, the data showed. These are all encouraging sign that consumer spending is no longer the weak spot in Japan's economic outlook. Capital expenditure jumped by 2.4 per cent in April-June from the previous quarter, doubling the median estimate for a 1.2 per cent increase. That was the fastest growth in business investment since January-March 2014 as companies spent more on software and construction equipment. Japanese Economy Minister Toshimitsu Motegi was more cautious on the outlook for domestic demand and pledged to implement more policies to strengthen the economy. "If you ask me whether private consumption has fully recovered, I would say it still lacks strength in some areas, which will need to be followed with policy," Motegi told reporters. "We'll make sure that the domestic demand-led recovery continues. What is needed is supply-side reform. We'll focus our efforts on human resource investment, improvement in productivity, and new growth strategies." While growth was faster than expected, it is not expected to nudge the Bank of Japan into dismantling its massive stimulus programme anytime soon, as inflation remains stubbornly weak. External demand subtracted 0.3 percentage point from GDP growth in April-June in part due to an increase in imports. This is notable because Japan usually relies on exports to drive growth. Since launching quantitative easing in April 2013, the BOJ has pushed back the timing for reaching its 2 per cent inflation target six times in part due to weak consumer spending. The GDP data for April-June show private consumption is finally starting to move in the direction that the BOJ and other government ministers have long predicted.

Japan Q2 GDP blows past expectations on robust domestic demand

The BSE Sensex jumped 191 points in opening trade on Monday despite <a href="http://www.wionews.com/business-economy/sensex-posts-biggest-weekly-fall-in-1-12-years-sbi-drags-18906">Industrial production (IIP) entering negative territory in June</a> with realty, metal and infrastructure trading in green.&nbsp;

The big gainers in morning trade were: Adani Ports, Cipla, Tata Steel, Hero MotoCorp, Reliance Industries, M&amp;M, Maruti Suzuki, Coal India, Power Grid, Tata Motors, ICICI Bank, Axis Bank and NTPC.

The <a href="http://www.wionews.com/business-economy/sensex-nifty-fall-over-us-north-korea-tensions-18860">Sensex broke its five-session losing streak with 30-share barometer</a>, which had lost 1,111.82 points in the previous five straight sessions, trading higher by 190.65 points, or 0.61 per cent, to 31,404.24.

The NSE Nifty also rose 62.20 points, or 0.64 per cent, to 9,773 in early trade.

Asian stocks which had bled on Friday due to US-North Korea tensions recovered today with Hong Kong&#39;s Hang Seng up 1.10 per cent and Japan&#39;s Nikkei shedding 0.84 per cent in early trade. Shanghai was flat ahead of the release of Chinese economic data.

The NSE Nifty also rose 62.20 points, or 0.64 per cent, to 9,773 in early trade

The BSE Sensex jumped 191 points in opening trade on Monday despite Industrial production (IIP) entering negative territory in June with realty, metal and infrastructure trading in green. The big gainers in morning trade were: Adani Ports, Cipla, Tata Steel, Hero MotoCorp, Reliance Industries, M&M, Maruti Suzuki, Coal India, Power Grid, Tata Motors, ICICI Bank, Axis Bank and NTPC. The Sensex broke its five-session losing streak with 30-share barometer, which had lost 1,111.82 points in the previous five straight sessions, trading higher by 190.65 points, or 0.61 per cent, to 31,404.24. The NSE Nifty also rose 62.20 points, or 0.64 per cent, to 9,773 in early trade. Asian stocks which had bled on Friday due to US-North Korea tensions recovered today with Hong Kong's Hang Seng up 1.10 per cent and Japan's Nikkei shedding 0.84 per cent in early trade. Shanghai was flat ahead of the release of Chinese economic data.

Sensex, Nifty rise in early trade

Resolution of bad loans in the banking system is on &#39;right track&#39; and will &#39;open the door&#39; to rapid credit expansion and growth, Niti Aayog Vice Chairman Arvind Panagariya has said.

Terming the non-performing assets (NPAs) or bad loans problem as a &#39;legacy issue&#39;, he said that even after three years of the NDA government taking charge, it has not gone away.

&quot;Now we are on absolutely right track. Once we solve the NPAs issue, it will open up also the door to faster credit expansion. If this is done, this problem of twin balance sheet issue (over-leveraged companies and bad-loan-encumbered banks) will get addressed as a the result of this.

&quot;So banks will be better equipped to lend and on the sides of borrowers there will be greater appetite,&quot; Panagariya told PTI.

The banking sector is saddled with NPAs of over Rs 8 trillion (Rs 8 lakh crore), of which Rs 6 trillion is with public sector banks (PSBs).

As part of its strategy to <a href="http://www.wionews.com/south-asia/india-cabinet-clears-ordinance-to-help-banks-recover-bad-loans-from-defaulters-15215" target="_blank">rein in the unacceptable level of NPAs</a>, Reserve Bank of India recently identified 12 accounts for Insolvency and Bankruptcy Code (IBC) proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks.

The 12 identified cases account for 25 per cent or about Rs 2 lakh crore of NPAs.

When asked about his view on merger of a weak bank with a strong bank, the outgoing Vice Chairman of Niti Aayog said that consolidation of public sector banks (PSBs) is necessary, also because the pool of talented people who have the specialisation of running the banking business is limited one.

&quot;So if you have 25 PSBs, then you spread it over too many banks and everybody who is an expert says, we do not have good management, and so consolidation will also bring good management to the banks.

&quot;Then need for number of competent people...Would be smaller if number of banks is smaller,&quot; he noted.

The finance ministry has sought help of NITI Aayog and global consultancy firms to examine the possibility of next round of consolidation of PSU banks with an aim to create a few lenders of global size and scale.

NITI Aayog&#39;s report is expected to set the tone for consolidation roadmap.

Five associate banks and Bharatiya Mahila Bank (BMB) became part of SBI on April 1, 2017, catapulting the country&#39;s largest lender to among the top 50 banks in the world.

Panagariya termed the bad loans problem as a 'legacy issue'

Resolution of bad loans in the banking system is on 'right track' and will 'open the door' to rapid credit expansion and growth, Niti Aayog Vice Chairman Arvind Panagariya has said. Terming the non-performing assets (NPAs) or bad loans problem as a 'legacy issue', he said that even after three years of the NDA government taking charge, it has not gone away. "Now we are on absolutely right track. Once we solve the NPAs issue, it will open up also the door to faster credit expansion. If this is done, this problem of twin balance sheet issue (over-leveraged companies and bad-loan-encumbered banks) will get addressed as a the result of this. "So banks will be better equipped to lend and on the sides of borrowers there will be greater appetite," Panagariya told PTI. The banking sector is saddled with NPAs of over Rs 8 trillion (Rs 8 lakh crore), of which Rs 6 trillion is with public sector banks (PSBs). As part of its strategy to rein in the unacceptable level of NPAs, Reserve Bank of India recently identified 12 accounts for Insolvency and Bankruptcy Code (IBC) proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks. The 12 identified cases account for 25 per cent or about Rs 2 lakh crore of NPAs. When asked about his view on merger of a weak bank with a strong bank, the outgoing Vice Chairman of Niti Aayog said that consolidation of public sector banks (PSBs) is necessary, also because the pool of talented people who have the specialisation of running the banking business is limited one. "So if you have 25 PSBs, then you spread it over too many banks and everybody who is an expert says, we do not have good management, and so consolidation will also bring good management to the banks. "Then need for number of competent people...Would be smaller if number of banks is smaller," he noted. The finance ministry has sought help of NITI Aayog and global consultancy firms to examine the possibility of next round of consolidation of PSU banks with an aim to create a few lenders of global size and scale. NITI Aayog's report is expected to set the tone for consolidation roadmap. Five associate banks and Bharatiya Mahila Bank (BMB) became part of SBI on April 1, 2017, catapulting the country's largest lender to among the top 50 banks in the world.

Resolution of bad loans in banking system on 'right track': Arvind Panagariya

The Wholesale Price Index (WPI) for all commodities for the month of July 2017 registered a 1.1 percent surge from June, and was recorded at 113.9 (provisional) from 112.7 (provisional) for the previous month.

The numbers registered the annual rate of inflation, based on monthly WPI, stood at 1.88 percent (provisional) for the month of July, 2017, as compared to 0.90 percent (provisional) for the previous month and 0.63 percent during the corresponding month of the previous year.

Build up inflation rate in the financial year so far was 0.62 percent, compared to a build up rate of 3.81 percent in the corresponding period of the previous year

The index for the Food Articles group rose by 6.2 percent to 147.6 (provisional) from 139.0 (provisional) for the previous month, owing to higher price of fruits and vegetables (29 percent), peas (six percent), ragi (four percent) and condiments and spices, barley, poultry chicken and paddy at one percent each.

However, the price of betel leaves, tea, arhar, fish and jowar declined by 21 percent, five percent, four percent and one percent respectively.

In the Non-Food Articles group, the index rose by 0.6 percent, at 118.5 (provisional) from 117.8 (provisional) for the previous month, due to higher price of raw rubber (eight percent), safflower (four percent) and castor seed (one percent).

However, the price of groundnut seed, raw silk and jute and sesamum declined by four percent, three percent and one percent respectively.

The index for Crude Petroleum and Natural Gas&nbsp;group declined by 7.8 percent to 64.0 (provisional) from 69.4 (provisional) for the previous month due to an 11 percent decline in the price of crude petroleum.

The index for Manufacture of Tobacco Products&nbsp;group declined by 0.5 percent to 143.6 (provisional) from 144.3 (provisional) for the previous month due to lower price of other tobacco products by three percent. However, the price of cigarette surged by two percent.

The index for Manufacture of Textiles&nbsp;group declined by 0.3 percent to 113.4 (provisional) from 113.7 (provisional) for the previous month due to lower price of viscose yarn, manufacture of cordage, rope, twine and netting and woollen yarn, cotton yarn and manufacture of other textiles. However, the price of manufacture of knitted and crocheted fabrics was up by two percent.

The index for Manufacture of Wearing Apparel&nbsp;group rose by 2.1 percent to 136.0 (provisional) from 133.2 (provisional) for the previous month due to higher price of manufacture of wearing apparel.

On the contrary, the index for Manufacture of Leather and Related Products? group declined by 0.3 percent to 119.5 (provisional) from 119.9 (provisional) for the previous month due to lower price of canvas shoes, chrome tanned leather, harness, saddles and other related items and gloves of leather.

However, the price of belt and other articles of leather saw a surge by three percent.

The price of betel leaves, tea, arhar, fish and jowar declined by 21 percent, five percent, four percent and one percent respectively

The Wholesale Price Index (WPI) for all commodities for the month of July 2017 registered a 1.1 percent surge from June, and was recorded at 113.9 (provisional) from 112.7 (provisional) for the previous month. The numbers registered the annual rate of inflation, based on monthly WPI, stood at 1.88 percent (provisional) for the month of July, 2017, as compared to 0.90 percent (provisional) for the previous month and 0.63 percent during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 0.62 percent, compared to a build up rate of 3.81 percent in the corresponding period of the previous year The index for the Food Articles group rose by 6.2 percent to 147.6 (provisional) from 139.0 (provisional) for the previous month, owing to higher price of fruits and vegetables (29 percent), peas (six percent), ragi (four percent) and condiments and spices, barley, poultry chicken and paddy at one percent each. However, the price of betel leaves, tea, arhar, fish and jowar declined by 21 percent, five percent, four percent and one percent respectively. In the Non-Food Articles group, the index rose by 0.6 percent, at 118.5 (provisional) from 117.8 (provisional) for the previous month, due to higher price of raw rubber (eight percent), safflower (four percent) and castor seed (one percent). However, the price of groundnut seed, raw silk and jute and sesamum declined by four percent, three percent and one percent respectively. The index for Crude Petroleum and Natural Gas group declined by 7.8 percent to 64.0 (provisional) from 69.4 (provisional) for the previous month due to an 11 percent decline in the price of crude petroleum. The index for Manufacture of Tobacco Products group declined by 0.5 percent to 143.6 (provisional) from 144.3 (provisional) for the previous month due to lower price of other tobacco products by three percent. However, the price of cigarette surged by two percent. The index for Manufacture of Textiles group declined by 0.3 percent to 113.4 (provisional) from 113.7 (provisional) for the previous month due to lower price of viscose yarn, manufacture of cordage, rope, twine and netting and woollen yarn, cotton yarn and manufacture of other textiles. However, the price of manufacture of knitted and crocheted fabrics was up by two percent. The index for Manufacture of Wearing Apparel group rose by 2.1 percent to 136.0 (provisional) from 133.2 (provisional) for the previous month due to higher price of manufacture of wearing apparel. On the contrary, the index for Manufacture of Leather and Related Products? group declined by 0.3 percent to 119.5 (provisional) from 119.9 (provisional) for the previous month due to lower price of canvas shoes, chrome tanned leather, harness, saddles and other related items and gloves of leather. However, the price of belt and other articles of leather saw a surge by three percent.

WPI up by 1.1% from June, inflation at 1.88%?

China will halt iron, iron ore and seafood imports from North Korea starting Tuesday as it implements new UN sanctions, the commerce ministry said Monday.

Beijing had pledged to fully enforce the latest sanctions against its diplomatic ally after coming under pressure from the United States to do more to compel Pyongyang to drop its nuclear weapons programme.

The ministry said on its website that all imports of coal, iron, iron ore and seafood will be &quot;completely prohibited&quot; from Tuesday.

The announcement follows days of increasingly bellicose rhetoric between US President Donald Trump and Kim Jong-Un&#39;s regime, which has raised the international alarm.

The United Nations Security Council, including permanent member Beijing, approved tough sanctions against Pyongyang on August 6 that could cost the hermetic country $1 billion a year.

The sanctions were in response to the North&#39;s two intercontinental ballistic missile tests last month, after which Kim boasted that he could now strike any part of the United States.

The US has accused China, which is North Korea&#39;s main economic lifeline, of not doing enough to rein in its neighbour.

But Chinese Foreign Minister Wang Yi vowed after the UN sanctions were given the green light that his country &quot;will for sure implement that new resolution 100 per cent, fully and strictly&quot;.

Beijing had pledged to fully enforce the latest sanctions against its diplomatic ally after coming under pressure from the United States to do more to compel Pyongyang to drop its nuclear weapons programme

China will halt iron, iron ore and seafood imports from North Korea starting Tuesday as it implements new UN sanctions, the commerce ministry said Monday. Beijing had pledged to fully enforce the latest sanctions against its diplomatic ally after coming under pressure from the United States to do more to compel Pyongyang to drop its nuclear weapons programme. The ministry said on its website that all imports of coal, iron, iron ore and seafood will be "completely prohibited" from Tuesday. The announcement follows days of increasingly bellicose rhetoric between US President Donald Trump and Kim Jong-Un's regime, which has raised the international alarm. The United Nations Security Council, including permanent member Beijing, approved tough sanctions against Pyongyang on August 6 that could cost the hermetic country $1 billion a year. The sanctions were in response to the North's two intercontinental ballistic missile tests last month, after which Kim boasted that he could now strike any part of the United States. The US has accused China, which is North Korea's main economic lifeline, of not doing enough to rein in its neighbour. But Chinese Foreign Minister Wang Yi vowed after the UN sanctions were given the green light that his country "will for sure implement that new resolution 100 per cent, fully and strictly".

China halts iron, seafood imports from North Korea

Indian shares fell for a fifth session and ended their worst week in one-and-a-half years after State Bank of India sank following weak June-quarter results, further weakening sentiment in a market reeling under North Korea tensions.

Weakening global risk appetite has sparked a wide round of profit-taking after shares scaled record highs last week.

The benchmark BSE&nbsp;Sensex&nbsp;closed down 1.01 per cent at 31,213.59, its lowest close in over a month.

The broader NSE Nifty ended 1.11 per cent lower at 9,710.80.

Both indices ended nearly 3.5 per cent lower for the week, snapping a five-week winning streak, marking their worst week since mid-February 2016.

Indian shares fell for a fifth session and ended their worst week in one-and-a-half years

Indian shares fell for a fifth session and ended their worst week in one-and-a-half years after State Bank of India sank following weak June-quarter results, further weakening sentiment in a market reeling under North Korea tensions. Weakening global risk appetite has sparked a wide round of profit-taking after shares scaled record highs last week. The benchmark BSE Sensex closed down 1.01 per cent at 31,213.59, its lowest close in over a month. The broader NSE Nifty ended 1.11 per cent lower at 9,710.80. Both indices ended nearly 3.5 per cent lower for the week, snapping a five-week winning streak, marking their worst week since mid-February 2016.

Sensex posts biggest weekly fall as North Korea tension spooks markets

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the <a href="http://www.wionews.com/business-economy/watch-chief-economic-adviser-says-54-lakh-tax-payers-added-post-demonetisation-18899" target="_blank">Economic Survey said today</a>.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said.

&quot;These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled,&quot; the mid- term Survey said.

Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year.

&quot;It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector,&quot; the Survey said.

Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said.

The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16.

Against the backdrop of China&#39;s recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China&#39;s demand for steel, the survey said.

In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said.

&quot;In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers,&quot; the Survey said.

The government notified the MIP of steel in February 2016 for a period of one year.

On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China.

The steel sector is one of the core industries in the economy.

India is the at present the third largest producer of Steel in the world.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the Economic Survey said today. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said. "These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled," the mid- term Survey said. Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year. "It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector," the Survey said. Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said. The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16. Against the backdrop of China's recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China's demand for steel, the survey said. In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said. "In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers," the Survey said. The government notified the MIP of steel in February 2016 for a period of one year. On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China. The steel sector is one of the core industries in the economy. India is the at present the third largest producer of Steel in the world.

Steel exports double to 8.2 MT in FY17: Economic Survey

The chief economic adviser has said inflation will be well within the 4% target set by the RBI by March 2018.&nbsp;

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&quot;Substantially overachieved on checking inflation; by the end of March inflation will be well within the target,&quot; ANI reported Arvind Subramanian as saying.&nbsp;

He added that 5.4 lakh new tax payers had been added post-demonetisation.&nbsp;

<a href="http://www.wionews.com/business-economy/steel-exports-double-to-82-mt-on-govt-safeguard-steps-survey-18905" target="_blank">Also read:&nbsp;Steel exports double to 8.2 MT in FY17</a>

And that farm&nbsp;loan waivers were going to be deflationary, not inflationary.&nbsp;

Arvind Subramaniam was speaking on the Economic Survey

The chief economic adviser has said inflation will be well within the 4% target set by the RBI by March 2018. #WATCH Live from Delhi: Chief Economic Adviser, Dr Arvind Subramanian addresses on Economic Survey 2016-17: Volume … https://t.co/HqLSf12iF6 — ANI (@ANI) August 11, 2017 × "Substantially overachieved on checking inflation; by the end of March inflation will be well within the target," ANI reported Arvind Subramanian as saying. He added that 5.4 lakh new tax payers had been added post-demonetisation. Also read: Steel exports double to 8.2 MT in FY17 And that farm loan waivers were going to be deflationary, not inflationary.

WATCH: Chief economic adviser says 5.4 lakh tax payers added post-demonetisation

China has launched probes into three of its largest social networking platforms over the suspected dissemination of violence and obscenity -- the latest move aimed at sanitising the country&#39;s increasingly closed-off internet.

The world&#39;s most popular messaging service WeChat, the Twitter-like Weibo as well as the Tieba discussion forum are being investigated, according to an announcement from the Cyberspace Administration of China on Friday.

Citing reports from internet users, the administration said other users on WeChat, Weibo and Tieba&#39;s platforms &quot;have disseminated content showing violence, terrorism, fake rumours, obscene pornography and more&quot;.&nbsp;

Such materials &quot;endanger national security, public security, and the social order&quot; and are illegal under a cybersecurity law that came into force in June, the agency said.&nbsp;

China&#39;s internet is already considered one of the most tightly-controlled in the world, with a censorship system known as the &quot;Great Firewall&quot;.

But restrictive measures have multiplied in recent months, as celebrity gossip blogs and online video streaming sites alike have fallen victim to the new web regulations.

Last month, the Cyberspace Administration directed the country&#39;s biggest technology firms -- including Baidu, Tencent, and Sohu -- to shut down accounts on their networks that publish &quot;bad information&quot;.

The content was deemed to misinterpret policy directives and distort Chinese Communist Party history.

Another mandate in the new cybersecurity law requires online platforms to get a licence to post news reports or commentary about the government, economy, military, foreign affairs, and social issues.

There has also been increasing concern among internet users that they will completely lose access to virtual private networks (VPN), software which allows people to circumvent the Great Firewall.

In January China&#39;s Ministry of Industry and Information Technology (MIIT) announced it would be banning the use of unlicensed VPN providers.

While there has been little clarity on what exactly the rule meant and how, or even if, it would be implemented, Apple said last month that it was removing VPNs from its China app store.

&quot;The Red Guard generation is in power now,&quot; one Weibo commenter said of the latest investigation, alluding to a 1960s youth paramilitary movement that tormented and attacked people whom they perceived to be opposed to Mao Zedong&#39;s Cultural Revolution.

Citing reports from internet users, the administration said other users on WeChat, Weibo, and Tieba's platforms 'have disseminated content showing violence, terrorism, fake rumours, obscene pornography and more'

China has launched probes into three of its largest social networking platforms over the suspected dissemination of violence and obscenity -- the latest move aimed at sanitising the country's increasingly closed-off internet. The world's most popular messaging service WeChat, the Twitter-like Weibo as well as the Tieba discussion forum are being investigated, according to an announcement from the Cyberspace Administration of China on Friday. Citing reports from internet users, the administration said other users on WeChat, Weibo and Tieba's platforms "have disseminated content showing violence, terrorism, fake rumours, obscene pornography and more". Such materials "endanger national security, public security, and the social order" and are illegal under a cybersecurity law that came into force in June, the agency said. China's internet is already considered one of the most tightly-controlled in the world, with a censorship system known as the "Great Firewall". But restrictive measures have multiplied in recent months, as celebrity gossip blogs and online video streaming sites alike have fallen victim to the new web regulations. Last month, the Cyberspace Administration directed the country's biggest technology firms -- including Baidu, Tencent, and Sohu -- to shut down accounts on their networks that publish "bad information". The content was deemed to misinterpret policy directives and distort Chinese Communist Party history. Another mandate in the new cybersecurity law requires online platforms to get a licence to post news reports or commentary about the government, economy, military, foreign affairs, and social issues. There has also been increasing concern among internet users that they will completely lose access to virtual private networks (VPN), software which allows people to circumvent the Great Firewall. In January China's Ministry of Industry and Information Technology (MIIT) announced it would be banning the use of unlicensed VPN providers. While there has been little clarity on what exactly the rule meant and how, or even if, it would be implemented, Apple said last month that it was removing VPNs from its China app store. "The Red Guard generation is in power now," one Weibo commenter said of the latest investigation, alluding to a 1960s youth paramilitary movement that tormented and attacked people whom they perceived to be opposed to Mao Zedong's Cultural Revolution.

China probes social media platforms for 'obscenity'

Cipla Ltd, India&#39;s fourth-largest drugmaker by sales, reported a 20 per cent rise in quarterly profit, beating analysts&#39; estimates, as higher sales in Europe and South Africa offset weakness in its key domestic market.

Revenue from South Africa, Cipla&#39;s third largest market, rose 21 per cent to 4.88 billion rupees ($76.03 million) compared with last year while Europe revenues climbed 33 per cent to 1.58 billion rupees.

India revenues fell 13 per cent to 12.71 billion rupees, impacted by a nationwide tax reform. Cipla&#39;s Chief Executive Umang Vohra said on Friday the company is working on building its India business through new drugs for diabetes and chronic diseases.

It&#39;s also working on improving its presence in North America, a market where copycat drugmakers&#39; growth has been hit due to pressure on drug prices. Cipla&#39;s North America sales fell 2 per cent in the quarter, but Vohra said the company was &quot;on target to ramp-up our launch trajectory in the US&quot;

First-quarter net profit rose to 4.08 billion rupees from 3.39 billion a year earlier, the company said.

Analysts were on average expecting a profit of 3 billion rupees in the first quarter, Thomson Reuters data showed.

Cipla&#39;s shares were down 2.4 per cent after the results as of 0850 GMT in a broader Indian market that was 1.3 per cent lower.

First-quarter net profit rose to 4.08 billion rupees from 3.39 billion a year earlier

Cipla Ltd, India's fourth-largest drugmaker by sales, reported a 20 per cent rise in quarterly profit, beating analysts' estimates, as higher sales in Europe and South Africa offset weakness in its key domestic market. Revenue from South Africa, Cipla's third largest market, rose 21 per cent to 4.88 billion rupees ($76.03 million) compared with last year while Europe revenues climbed 33 per cent to 1.58 billion rupees. India revenues fell 13 per cent to 12.71 billion rupees, impacted by a nationwide tax reform. Cipla's Chief Executive Umang Vohra said on Friday the company is working on building its India business through new drugs for diabetes and chronic diseases. It's also working on improving its presence in North America, a market where copycat drugmakers' growth has been hit due to pressure on drug prices. Cipla's North America sales fell 2 per cent in the quarter, but Vohra said the company was "on target to ramp-up our launch trajectory in the US" First-quarter net profit rose to 4.08 billion rupees from 3.39 billion a year earlier, the company said. Analysts were on average expecting a profit of 3 billion rupees in the first quarter, Thomson Reuters data showed. Cipla's shares were down 2.4 per cent after the results as of 0850 GMT in a broader Indian market that was 1.3 per cent lower.

Cipla June-quarter profit rises 20 percent, beats estimates

China is investigating its top social media sites, including WeChat and Weibo, for failing to comply with cyber laws, the latest step in the country&#39;s push to secure the internet and maintain strict Communist Party control over content.

President Xi Jinping has made China&#39;s &quot;cyber sovereignty&quot; a top priority and has also reasserted the ruling party&#39;s role in limiting and guiding an online discussion. Surveillance is being further tightened ahead of the 19th National Congress of the Communist Party later this year when global attention will be on news coming from the world&#39;s No.2 economy.

Apart from Tencent Holdings Group Ltd&#39;s WeChat and Weibo Corp, China&#39;s Cyberspace Administration said it was also investigating Baidu Inc&#39;s forum site Tieba over failing to comply with strict new laws that ban content which is obscene, violent and deemed offensive by the Communist Party.

&quot;Users are spreading violence, terror, false rumours, pornography and other hazards to national security, public safety, social order,&quot; the regulator said on its website.

Baidu said it felt &quot;deep regret&quot; over the content and will &quot;actively cooperate with government departments to rectify the issue and increase the intensity of auditing&quot;.

Tencent and Weibo did not respond to requests for comment.

Shares of the Hong Kong-listed firm were in the red after the news, down almost 5 per cent. Investors will now be waiting to see how shares of the US-listed firms react.

Just last month, all three were asked to carry out immediate &quot;cleaning and rectification&quot; at a meeting with authorities who cited examples of illicit content, including rumours about party officials and misrepresenting Chinese military history.

Prior to the meeting, Weibo was asked to partly close its video site over violations, wiping out a total $1.3 billion worth of stock between Weibo and parent firm Sina Corp.

In recent months, regulators have taken severe and unprecedented moves to shutter content and media across a variety of platforms. In May, it released regulations for online news sites and network portals that expanded curbs on content and required all services to be overseen by party-sanctioned editorial staff.

It has taken down popular celebrity gossip social media accounts and there has also been a sweeping campaign to remove virtual private network apps that allow users to circumvent China&#39;s so-called &#39;Great Firewall&#39; and access foreign websites.

Western social media websites like Facebook and Twitter are banned by the country&#39;s censors, which in turn has helped drive up the popularity of home-grown messaging app WeChat and microblogging service Weibo.

WeChat and Weibo have about 940 million and 350 million monthly active users, respectively.

Western social media websites like Facebook and Twitter are banned by the country's censors, which in turn has helped drive up the popularity of home-grown messaging app WeChat and microblogging service Weibo

China is investigating its top social media sites, including WeChat and Weibo, for failing to comply with cyber laws, the latest step in the country's push to secure the internet and maintain strict Communist Party control over content. President Xi Jinping has made China's "cyber sovereignty" a top priority and has also reasserted the ruling party's role in limiting and guiding an online discussion. Surveillance is being further tightened ahead of the 19th National Congress of the Communist Party later this year when global attention will be on news coming from the world's No.2 economy. Apart from Tencent Holdings Group Ltd's WeChat and Weibo Corp, China's Cyberspace Administration said it was also investigating Baidu Inc's forum site Tieba over failing to comply with strict new laws that ban content which is obscene, violent and deemed offensive by the Communist Party. "Users are spreading violence, terror, false rumours, pornography and other hazards to national security, public safety, social order," the regulator said on its website. Baidu said it felt "deep regret" over the content and will "actively cooperate with government departments to rectify the issue and increase the intensity of auditing". Tencent and Weibo did not respond to requests for comment. Shares of the Hong Kong-listed firm were in the red after the news, down almost 5 per cent. Investors will now be waiting to see how shares of the US-listed firms react. Just last month, all three were asked to carry out immediate "cleaning and rectification" at a meeting with authorities who cited examples of illicit content, including rumours about party officials and misrepresenting Chinese military history. Prior to the meeting, Weibo was asked to partly close its video site over violations, wiping out a total $1.3 billion worth of stock between Weibo and parent firm Sina Corp. In recent months, regulators have taken severe and unprecedented moves to shutter content and media across a variety of platforms. In May, it released regulations for online news sites and network portals that expanded curbs on content and required all services to be overseen by party-sanctioned editorial staff. It has taken down popular celebrity gossip social media accounts and there has also been a sweeping campaign to remove virtual private network apps that allow users to circumvent China's so-called 'Great Firewall' and access foreign websites. Western social media websites like Facebook and Twitter are banned by the country's censors, which in turn has helped drive up the popularity of home-grown messaging app WeChat and microblogging service Weibo. WeChat and Weibo have about 940 million and 350 million monthly active users, respectively.

China investigates top local social media sites in push to control content

German state broadcasters ARD and ZDF have struck a deal with Discovery Communications for the right to show the Olympic Games from 2018 to 2024, after months of tough talks.

ARD did not say on Friday how much the broadcasters were paying to sub-license the rights, but said the deal &quot;takes into account the financial abilities of the public broadcasters&quot;.

US-based Discovery won the European broadcast rights for the Olympics from 2018 to 2024 for 1.3 billion euros ($1.5 billion) in 2015, beating national public broadcasters such as the BBC and France Television.

It had been expected to pass on some lucrative rights, but last November ARD and ZDF said they would not show the Olympic Games for the first time, having failed to clinch a deal.

Media reports have said the two sides disagreed on the price of the sub-licence, with ARD and ZDF wanting to pay no more than 100 million euros ($118 million) for the broadcast rights in Germany and Discovery demanding at least 150 million euros.

They said last month that talks had resumed.

ARD said on Friday the broadcasters would not be able to show all events at the Pyeongchang Winter Games live due to the short lead time, saying they would offer only highlights of figure skating, short track speed skating, and snowboarding.

Discovery won the European broadcast rights for the Olympics from 2018 to 2024 for 1.3 billion euros

German state broadcasters ARD and ZDF have struck a deal with Discovery Communications for the right to show the Olympic Games from 2018 to 2024, after months of tough talks. ARD did not say on Friday how much the broadcasters were paying to sub-license the rights, but said the deal "takes into account the financial abilities of the public broadcasters". US-based Discovery won the European broadcast rights for the Olympics from 2018 to 2024 for 1.3 billion euros ($1.5 billion) in 2015, beating national public broadcasters such as the BBC and France Television. It had been expected to pass on some lucrative rights, but last November ARD and ZDF said they would not show the Olympic Games for the first time, having failed to clinch a deal. Media reports have said the two sides disagreed on the price of the sub-licence, with ARD and ZDF wanting to pay no more than 100 million euros ($118 million) for the broadcast rights in Germany and Discovery demanding at least 150 million euros. They said last month that talks had resumed. ARD said on Friday the broadcasters would not be able to show all events at the Pyeongchang Winter Games live due to the short lead time, saying they would offer only highlights of figure skating, short track speed skating, and snowboarding.

German state broadcasters secure Olympics rights deal with Discovery

Venture capital firm Benchmark Capital is suing former <a href="http://www.wionews.com/world/guess-who-got-into-shouting-match-with-his-uber-driver-uber-ceo-travis-kalanick-12926">Uber Chief Executive Officer Travis Kalanick to force him</a> off the board, Reuters reported.

The lawsuit filed Thursday accuses Kalanick of concealing a range of misdeeds from the board and scheming to retain power at the company even after he was forced to resign <a href="http://www.wionews.com/world/uber-fires-20-employees-over-harassment-probe-16511">as chief executive of Uber Technologies Inc in June following a series of scandals</a>.&nbsp;

Travis Kalanick, 41, co-founder of the <a href="http://www.wionews.com/business-economy/uber-ceo-travis-kalanick-resigns-under-shareholder-pressure-nyt-17092">app-based cab service resigned two months ago under pressure from investors </a>who were unhappy with the ex-CEO over issues of corporate governance and series of alleged sex&nbsp;scandals in the company.

Even as he stepped down it was widely believed he would remain part of the board but the latest development has clouded his future links with a company he founded in 2009.

Uber was blamed for &#39;&#39;toxic&quot; company culture as the company faced a series of lawsuits filed by drivers over pay and treatment. In June, Uber had fired 20 employees for incidents involving discrimination, sexual harassment and bad behaviour.

Kalanick issued a statement calling the lawsuit &quot;completely without merit and riddled with lies and false allegations.&quot; The statement accused Benchmark of &quot;acting in its own best interests contrary to the interests of Uber&quot; and denounced the legal action as a &quot;transparent attempt to deprive Travis Kalanick of his rights as a founder and shareholder.&quot;

Uber and Benchmark Capital declined to comment.

The San Francisco based company operates in over 600 cities worldwide and boosts of over 12,000 employees, after Kalanick&#39;s exit the company is currently looking for a CEO but has made little headway.

The lawsuit filed accuses Kalanick of concealing a range of misdeeds from the board and scheming to retain power at the company

Venture capital firm Benchmark Capital is suing former Uber Chief Executive Officer Travis Kalanick to force him off the board, Reuters reported. The lawsuit filed Thursday accuses Kalanick of concealing a range of misdeeds from the board and scheming to retain power at the company even after he was forced to resign as chief executive of Uber Technologies Inc in June following a series of scandals. Travis Kalanick, 41, co-founder of the app-based cab service resigned two months ago under pressure from investors who were unhappy with the ex-CEO over issues of corporate governance and series of alleged sex scandals in the company. Even as he stepped down it was widely believed he would remain part of the board but the latest development has clouded his future links with a company he founded in 2009. Uber was blamed for ''toxic" company culture as the company faced a series of lawsuits filed by drivers over pay and treatment. In June, Uber had fired 20 employees for incidents involving discrimination, sexual harassment and bad behaviour. Kalanick issued a statement calling the lawsuit "completely without merit and riddled with lies and false allegations." The statement accused Benchmark of "acting in its own best interests contrary to the interests of Uber" and denounced the legal action as a "transparent attempt to deprive Travis Kalanick of his rights as a founder and shareholder." Uber and Benchmark Capital declined to comment. The San Francisco based company operates in over 600 cities worldwide and boosts of over 12,000 employees, after Kalanick's exit the company is currently looking for a CEO but has made little headway.

Uber row: Investor firm sues Kalanick to force him off board

Cochin&nbsp;Shipyard shares rose more than 20 per cent on their trading debut on Friday after a $225 million initial public offering, as investors bet on strong growth prospects for the state-run company buoyed by a flagship government programme and push to localise defence manufacturing.

The stock was trading at 514 rupees by 0600 GMT, 19 per cent higher than its IPO issue price of 432 rupees, having risen to a high of 528.15 rupees. Retail investors were issued shares at a discounted price of 411 rupees.

India, the world&#39;s fifth-biggest defence spender last year, is expected to spend $250 billion over the next decade to modernise its armed forces, and Prime Minister Narendra Modi wants new deals to involve a share of local production to help the country grow its nascent defence industry.

Cochin&nbsp;Shipyard, the largest state-run&nbsp;shipyard&nbsp;in terms of dock capacity, gets majority of its revenue from defence sector clients.

The company, which also operates in the commercial segment, plans to double its capacity by adding a stepped dry dock and an international ship repair facility from the 9.4 billion rupees it received from the IPO.

&quot;The company has a very strong balance sheet and they have the best capital allocation in this industry. They are also now moving more towards the ship repair business, which has almost twice the margins as in the shipbuilding business,&quot; said Jaikishan Parmar, senior equity analyst at Mumbai&#39;s Angel Broking.

&quot;Going ahead, the kind of orders they get will be key, but expect the stock to do well in the short to medium term,&quot; he said.

The company&#39;s IPO last week had been subscribed more than 76 times.

The Indian government, which fully owned the shipbuilder before the IPO, sold part of the stake in the offering and will own 75 per cent of the company after the new shares issue.

India&#39;s IPO market has been strong this year with $2.6 billion worth of initial share sales in the first half. A host of state-run company IPOs including that of General Insurance Corp is set to hit the market in the coming months.

&nbsp;

Cochin?Shipyard shares rose more than 20 per cent on their trading debut on Friday after a $225 million initial public offering

Cochin Shipyard shares rose more than 20 per cent on their trading debut on Friday after a $225 million initial public offering, as investors bet on strong growth prospects for the state-run company buoyed by a flagship government programme and push to localise defence manufacturing. The stock was trading at 514 rupees by 0600 GMT, 19 per cent higher than its IPO issue price of 432 rupees, having risen to a high of 528.15 rupees. Retail investors were issued shares at a discounted price of 411 rupees. India, the world's fifth-biggest defence spender last year, is expected to spend $250 billion over the next decade to modernise its armed forces, and Prime Minister Narendra Modi wants new deals to involve a share of local production to help the country grow its nascent defence industry. Cochin Shipyard, the largest state-run shipyard in terms of dock capacity, gets majority of its revenue from defence sector clients. The company, which also operates in the commercial segment, plans to double its capacity by adding a stepped dry dock and an international ship repair facility from the 9.4 billion rupees it received from the IPO. "The company has a very strong balance sheet and they have the best capital allocation in this industry. They are also now moving more towards the ship repair business, which has almost twice the margins as in the shipbuilding business," said Jaikishan Parmar, senior equity analyst at Mumbai's Angel Broking. "Going ahead, the kind of orders they get will be key, but expect the stock to do well in the short to medium term," he said. The company's IPO last week had been subscribed more than 76 times. The Indian government, which fully owned the shipbuilder before the IPO, sold part of the stake in the offering and will own 75 per cent of the company after the new shares issue. India's IPO market has been strong this year with $2.6 billion worth of initial share sales in the first half. A host of state-run company IPOs including that of General Insurance Corp is set to hit the market in the coming months.

Cochin Shipyard makes strong market debut after IPO