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Three, one of Britain&#39;s biggest mobile phone companies, said on Thursday hackers had accessed its customer upgrade database after using employee logins.

The cyber security breach could put the private information of two-thirds of Three&#39;s 9 million customers at risk, the Telegraph said, citing sources familiar with the incident.

&quot;This upgrade system does not include any customer payment, card information or bank account information,&quot; Three spokesman Nicholas Carter told Reuters in an email.

The company, part of CK Hutchison Holdings Ltd, said that over the last four weeks Three has seen an increasing level of attempted handset fraud.

&quot;To date, we have confirmed approximately 400 high-value handsets have been stolen through burglaries and eight devices have been illegally obtained through the upgrade activity,&quot; Carter said.

&quot;This has been visible through higher levels of burglaries of retail stores and attempts to unlawfully intercept upgrade devices.&quot;

Britain&#39;s data protection regulator fined broadband provider TalkTalk Telecom Group Plc 400,000 pounds ($496,200) in October for security failings that enabled a cyber attack last year which affected around 4 percent of the company&#39;s 4 million customers and cost it around 60 million pounds. 
&nbsp;

(Reuters)

The company said hackers accessed its customer upgrade database after using employee logins

Three, one of Britain's biggest mobile phone companies, said on Thursday hackers had accessed its customer upgrade database after using employee logins. The cyber security breach could put the private information of two-thirds of Three's 9 million customers at risk, the Telegraph said, citing sources familiar with the incident. "This upgrade system does not include any customer payment, card information or bank account information," Three spokesman Nicholas Carter told Reuters in an email. The company, part of CK Hutchison Holdings Ltd, said that over the last four weeks Three has seen an increasing level of attempted handset fraud. "To date, we have confirmed approximately 400 high-value handsets have been stolen through burglaries and eight devices have been illegally obtained through the upgrade activity," Carter said. "This has been visible through higher levels of burglaries of retail stores and attempts to unlawfully intercept upgrade devices." Britain's data protection regulator fined broadband provider TalkTalk Telecom Group Plc 400,000 pounds ($496,200) in October for security failings that enabled a cyber attack last year which affected around 4 percent of the company's 4 million customers and cost it around 60 million pounds. (Reuters)

Three mobile cyber hack: Information of 6 million customers at risk

India&#39;s Income Tax (IT) department has summoned Tata Trusts to explain the misuse of tax exemption granted to the trusts for charitable purposes, reported Indian business daily, Business Standard.

A Comptroller and Auditor General (CAG) report of 2013 had stated that the trusts are earning huge profit instead of using it for charitable purposes. The IT department has thus asked the executive trustee of Tata trusts, R Venkataramanan, to give it an explanation on Friday evening in Mumbai.

The trusts headed by Ratan Tata are using surplus funds for creating fixed assets or are transferred to other trusts to avoid tax, the CAG alleged. Its audit stated that the 22 trusts under scrutiny have accumulated surpluses to the tune of Rs 819 crore.

The CAG also accused the IT department for allowing irregular exemptions to Jamshetji Tata Trust and Navajbai Ratan Tata Trust.

The Business Standard report said that the Jamshetji Tata Trust and Navajbai Ratan Tata Trust earned Rs 1,905 crore and Rs 1,234 crore from capital gains during 2009 and 2010, respectively, as stated by CAG.

They invested this amount in prohibited mode of investments, which is in contravention to the provisions of Section 13(1)(d) of the Income Tax Act, the business daily reported.

The summons for Friday are part of the promise made by India&#39;s ministry of finance to take action.

(WION with inputs from agencies)

A Comptroller and Auditor General report of 2013 had stated that the trusts are earning huge profit instead of using it for charity

India's Income Tax (IT) department has summoned Tata Trusts to explain the misuse of tax exemption granted to the trusts for charitable purposes, reported Indian business daily, Business Standard. A Comptroller and Auditor General (CAG) report of 2013 had stated that the trusts are earning huge profit instead of using it for charitable purposes. The IT department has thus asked the executive trustee of Tata trusts, R Venkataramanan, to give it an explanation on Friday evening in Mumbai. The trusts headed by Ratan Tata are using surplus funds for creating fixed assets or are transferred to other trusts to avoid tax, the CAG alleged. Its audit stated that the 22 trusts under scrutiny have accumulated surpluses to the tune of Rs 819 crore. The CAG also accused the IT department for allowing irregular exemptions to Jamshetji Tata Trust and Navajbai Ratan Tata Trust. The Business Standard report said that the Jamshetji Tata Trust and Navajbai Ratan Tata Trust earned Rs 1,905 crore and Rs 1,234 crore from capital gains during 2009 and 2010, respectively, as stated by CAG. They invested this amount in prohibited mode of investments, which is in contravention to the provisions of Section 13(1)(d) of the Income Tax Act, the business daily reported. The summons for Friday are part of the promise made by India's ministry of finance to take action. (WION with inputs from agencies)

Tata Trusts get summons from India's income tax department

Faced with liquidity comfort, major lenders, including ICICI and HDFC Bank, today lowered FD rates by up to 0.25 per cent in view of surge in deposits following the demonetisation.

The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days.

For fixed deposit between 390 days to 2 years, the banks has lowered the interest rate by 0.15 per cent effective yesterday, ICICI Bank website showed. ICICI Bank will pay 7.10 per cent as against 7.25 per cent earlier.

Meanwhile, HDFC Bank has reduced interest rate by 0.25 per cent across all tenures on bulk deposits ranging between Rs 1-5 crore. The new rates are effective today, as per HDFC Bank website.

With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier.

For fixed deposits between &#39;3 years 1 day-5 years&#39;, the rate has been lowered to 6.5 per cent from 6.75 per cent.

Yesterday, the country&#39;s largest lender SBI slashed fixed deposit rates on select maturities by up to 0.15 per cent.

Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 per cent.

Till yesterday, SBI collected Rs 1,14,139 crore in deposits over the last seven days after the government announced to scrap Rs 500 and Rs 1,000 notes.

(PTI)

&nbsp;

The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days

Faced with liquidity comfort, major lenders, including ICICI and HDFC Bank, today lowered FD rates by up to 0.25 per cent in view of surge in deposits following the demonetisation. The lowering in fixed deposit rates may herald reduction in lending rate as well in the next few days. For fixed deposit between 390 days to 2 years, the banks has lowered the interest rate by 0.15 per cent effective yesterday, ICICI Bank website showed. ICICI Bank will pay 7.10 per cent as against 7.25 per cent earlier. Meanwhile, HDFC Bank has reduced interest rate by 0.25 per cent across all tenures on bulk deposits ranging between Rs 1-5 crore. The new rates are effective today, as per HDFC Bank website. With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier. For fixed deposits between '3 years 1 day-5 years', the rate has been lowered to 6.5 per cent from 6.75 per cent. Yesterday, the country's largest lender SBI slashed fixed deposit rates on select maturities by up to 0.15 per cent. Private lender Axis Bank has cut marginal cost of fund-based lending rate (MCLR) by 0.15-0.20 per cent. Till yesterday, SBI collected Rs 1,14,139 crore in deposits over the last seven days after the government announced to scrap Rs 500 and Rs 1,000 notes. (PTI)

Cash flood: ICICI, HDFC Bank cut fixed deposit rates by 0.25%

Demand for natural gas will grow in 2017 but at a slower rate than in recent years, Qatar&#39;s energy minister said. The ministers from the Gas Exporting Countries Forum (GECF) discussed &quot;long-term strategy&quot; at Thursday&#39;s meeting in Doha to usher a &quot;new environment and competitiveness&quot; on the supply side.&nbsp;

&quot;The big news, of course, is that the demand for natural gas grew in 2015 by 1.9 per cent, more than double of that in 2014,&quot; he said. &quot;And it is expected to continue growing in the next year albeit at a lower pace.&quot;

The GECF group of 12 countries, which accounts for more than 40 per cent of global gas output, is meeting at a time when Liquefied Natural Gas (LNG) production is growing because of output from non-members Australia and the United States.

After conclusion of the meeting, Saleh al-Sada confirmed that at least 11 OPEC members will also meet in Doha for an &quot;informal and consultative meeting&quot; on Friday morning. The impromptu meeting is likely to focus on a deal to limit oil production.

Saudi Arabia, which may attend Friday&#39;s meeting in Doha, has lobbied for a deal to limit oil production because of perceived global oversupply. OPEC countries reached a provisional deal on supply in Algeria back in September.

(WION with inputs from AFP) 
&nbsp;

The impromptu meeting is likely to focus on a deal to limit oil production due to the global oversupply

Demand for natural gas will grow in 2017 but at a slower rate than in recent years, Qatar's energy minister said. The ministers from the Gas Exporting Countries Forum (GECF) discussed "long-term strategy" at Thursday's meeting in Doha to usher a "new environment and competitiveness" on the supply side. "The big news, of course, is that the demand for natural gas grew in 2015 by 1.9 per cent, more than double of that in 2014," he said. "And it is expected to continue growing in the next year albeit at a lower pace." The GECF group of 12 countries, which accounts for more than 40 per cent of global gas output, is meeting at a time when Liquefied Natural Gas (LNG) production is growing because of output from non-members Australia and the United States. After conclusion of the meeting, Saleh al-Sada confirmed that at least 11 OPEC members will also meet in Doha for an "informal and consultative meeting" on Friday morning. The impromptu meeting is likely to focus on a deal to limit oil production. Saudi Arabia, which may attend Friday's meeting in Doha, has lobbied for a deal to limit oil production because of perceived global oversupply. OPEC countries reached a provisional deal on supply in Algeria back in September. (WION with inputs from AFP)

OPEC members to hold 'informal' Doha meeting

The US Federal Reserve Chair Janet Yellen said on Thursday that an interest rate hike can be expected &quot;relatively soon&quot; if economic data gives further evidence of progress in the economy.&nbsp;

In November meeting, Fed policymakers judged that the case for a rate hike had strengthened but the increase will only be gradual, keeping in mind the slowly improving labour market and rising inflation.&nbsp;

The experts noted that the market conditions had improved which would push inflation toward the Fed&#39;s 2 per cent target. The lawmakers on the Federal Open Market Committee, which includes members of both the House and Senate, will now have an opportunity to question Yellen before the decision is taken.&nbsp;

Yellen said there is still room for improvement in the labour market but the Fed cannot delat raising rates for too long. Keeping rates low &quot;for too long could also encourage excessive risk-taking and ultimately undermine financial stability,&quot; she said.

(WION with inputs from agencies) 
&nbsp;

Chair Yellen said according to the Fed experts the economy appeared on track to grow moderately, allowing for a hike 'relatively soon'

The US Federal Reserve Chair Janet Yellen said on Thursday that an interest rate hike can be expected "relatively soon" if economic data gives further evidence of progress in the economy. In November meeting, Fed policymakers judged that the case for a rate hike had strengthened but the increase will only be gradual, keeping in mind the slowly improving labour market and rising inflation. The experts noted that the market conditions had improved which would push inflation toward the Fed's 2 per cent target. The lawmakers on the Federal Open Market Committee, which includes members of both the House and Senate, will now have an opportunity to question Yellen before the decision is taken. Yellen said there is still room for improvement in the labour market but the Fed cannot delat raising rates for too long. Keeping rates low "for too long could also encourage excessive risk-taking and ultimately undermine financial stability," she said. (WION with inputs from agencies)

US Federal Reserve hints at interest rate hike next month

Jaijit Bhattacharya, Partner at KPMG, talks to us about how analytically, demonetisation is good for the common man in the long run.

Wion Wallet: Deconstructing Demonetisation

Cyrus Mistry&#39;s &quot;hostility&quot; to primary promoters had led to his removal as chairman of Tata Global Beverages as it posed significant risk to the company&#39;s future performance, said the new head, Harish Bhat.

He said a resolution seeking removal of Mistry was brought in a fully legal manner, is in compliance with the Companies Act and Mistry was voted out 7:3.

&quot;I proposed a resolution (seeking removal of Mistry) as I believed that TGBL is at significant risk from having a chairman who is in a position of hostility to major promoter company, that is Tata Sons,&quot; Bhat told PTI, referring to yesterday&#39;s board meeting of TGBL, Starbucks Corp&#39;s Indian partner.

Mistry, he said, no longer enjoys confidence or support of Tata Sons, which holds 35.27 per cent stake in TGBL.

&quot;When you have hostile relationship between the chairman and the primary promoter, there are significant risks which are detrimental to all stakeholders, including minority shareholders,&quot; he said.

The risks can be about use of Tata trademark, attracting and retaining talent, quality of partnership with partners and future performance and implementation of strategic plans, he said.

&quot;It can come from the rating that the company enjoys. The risks can arise from several such factors,&quot; he said, adding that interest of all stakeholders of the company, including minority shareholders, calls for a &quot;good alignment&quot; between the chairman and the major promoter company.

At the yesterday&#39;s board meeting, seven out of the ten directors present voted for Mistry&#39;s removal, showing that he had lost support of the board, he said.

Mistry had yesterday slammed the move as &quot;a repeat of the illegality that the board of directors of Tata Sons Ltd did on October 24&quot; when he was removed as chairman of the holding company of the USD 103-billion Tata group.

A statement issued by his office stated that there was nothing on the agenda of the TGBL board, a meeting of which was called to approve second quarter earnings, &quot;about replacement of the chairman just as there was nothing in the Tata Sons board agenda on October 24&quot;.

Asked about Mistry&#39;s statement, Bhat said the resolution was &quot;brought to the board in a fully legal manner.&quot;

The Company&#39;s Act provides for bringing resolutions or proposal that are not on agenda, he said, adding that he &quot;respectably disagrees&quot; with Mistry&#39;s assertion.

The board meeting, he said, was very much in progress when the resolution was brought in. &quot;The board meeting was being chaired by Santhanakrishnan, who was elected to chair the meeting&quot; for that session.

It was during this period that one of the directors proposed Bhat&#39;s name as chairman, he said, adding due process of law was followed in bringing the resolution.

(PTI)

A resolution seeking removal of Mistry was brought in a fully legal manner, in compliance with the Companies Act, Harish Bhat said

Cyrus Mistry's "hostility" to primary promoters had led to his removal as chairman of Tata Global Beverages as it posed significant risk to the company's future performance, said the new head, Harish Bhat. He said a resolution seeking removal of Mistry was brought in a fully legal manner, is in compliance with the Companies Act and Mistry was voted out 7:3. "I proposed a resolution (seeking removal of Mistry) as I believed that TGBL is at significant risk from having a chairman who is in a position of hostility to major promoter company, that is Tata Sons," Bhat told PTI, referring to yesterday's board meeting of TGBL, Starbucks Corp's Indian partner. Mistry, he said, no longer enjoys confidence or support of Tata Sons, which holds 35.27 per cent stake in TGBL. "When you have hostile relationship between the chairman and the primary promoter, there are significant risks which are detrimental to all stakeholders, including minority shareholders," he said. The risks can be about use of Tata trademark, attracting and retaining talent, quality of partnership with partners and future performance and implementation of strategic plans, he said. "It can come from the rating that the company enjoys. The risks can arise from several such factors," he said, adding that interest of all stakeholders of the company, including minority shareholders, calls for a "good alignment" between the chairman and the major promoter company. At the yesterday's board meeting, seven out of the ten directors present voted for Mistry's removal, showing that he had lost support of the board, he said. Mistry had yesterday slammed the move as "a repeat of the illegality that the board of directors of Tata Sons Ltd did on October 24" when he was removed as chairman of the holding company of the USD 103-billion Tata group. A statement issued by his office stated that there was nothing on the agenda of the TGBL board, a meeting of which was called to approve second quarter earnings, "about replacement of the chairman just as there was nothing in the Tata Sons board agenda on October 24". Asked about Mistry's statement, Bhat said the resolution was "brought to the board in a fully legal manner." The Company's Act provides for bringing resolutions or proposal that are not on agenda, he said, adding that he "respectably disagrees" with Mistry's assertion. The board meeting, he said, was very much in progress when the resolution was brought in. "The board meeting was being chaired by Santhanakrishnan, who was elected to chair the meeting" for that session. It was during this period that one of the directors proposed Bhat's name as chairman, he said, adding due process of law was followed in bringing the resolution. (PTI)

Mistry's hostility towards Tata Sons led to his removal, says Tata Global Beverages' new head

Moody&#39;s Investors Service on Wednesday affirmed India&#39;s sovereign ratings, citing economic and institutional reforms under Prime Minister Narendra Modi, but said the measures have yet to produce enough dividends to warrant an upgrade.

Moody&#39;s becomes the second ratings agency after Standard &amp; Poor&#39;s to decline an upgrade to India&#39;s ratings despite government lobbying. Moody&#39;s rates India at &quot;Baa3&quot;, the lowest investment-grade rating, but with a &quot;positive&quot; outlook.

The credit agency welcomed economic and institutional reforms introduced under Modi, saying they &quot;offer a reasonable expectation that India&#39;s growth will outperform that of its peers over the medium term.&quot;

However, Moody&#39;s said &quot;the reform effort to date has not yet achieved the conditions that would support an upgrade,&quot; saying the country still needed to accelerate private investment in order to reduce the government&#39;s debt burden.

Since taking office in May 2014, Modi has taken a slew of measures to control inflation, revive investments and boost economic growth.

He has revamped the country&#39;s monetary policy framework, giving the Reserve Bank of India an explicit mandate to target inflation. He is also on track to roll out a goods and services tax next April that will transform the $2 trillion economy into a single customs union.

While India has emerged as the fastest growing major economy, those initiatives have not yet succeeded in convincing cautious companies to commit to fresh capital spending. Nor have they materially improved public finances.

Earlier this month, S&amp;P affirmed India&#39;s sovereign ratings, but ruled out any upgrade this year or in 2017 because of weak public finances and low per capita income.

S&amp;P&#39;s decision had caused disappointment within the Modi administration, which criticised it for not reflecting its efforts to improve economic growth and public finances.

(Reuters)

Moody's said India's ratings has declined 'Baa3', the lowest investment-grade rating but has a positive 'outlook'

Moody's Investors Service on Wednesday affirmed India's sovereign ratings, citing economic and institutional reforms under Prime Minister Narendra Modi, but said the measures have yet to produce enough dividends to warrant an upgrade. Moody's becomes the second ratings agency after Standard & Poor's to decline an upgrade to India's ratings despite government lobbying. Moody's rates India at "Baa3", the lowest investment-grade rating, but with a "positive" outlook. The credit agency welcomed economic and institutional reforms introduced under Modi, saying they "offer a reasonable expectation that India's growth will outperform that of its peers over the medium term." However, Moody's said "the reform effort to date has not yet achieved the conditions that would support an upgrade," saying the country still needed to accelerate private investment in order to reduce the government's debt burden. Since taking office in May 2014, Modi has taken a slew of measures to control inflation, revive investments and boost economic growth. He has revamped the country's monetary policy framework, giving the Reserve Bank of India an explicit mandate to target inflation. He is also on track to roll out a goods and services tax next April that will transform the $2 trillion economy into a single customs union. While India has emerged as the fastest growing major economy, those initiatives have not yet succeeded in convincing cautious companies to commit to fresh capital spending. Nor have they materially improved public finances. Earlier this month, S&P affirmed India's sovereign ratings, but ruled out any upgrade this year or in 2017 because of weak public finances and low per capita income. S&P's decision had caused disappointment within the Modi administration, which criticised it for not reflecting its efforts to improve economic growth and public finances. (Reuters)

Moody's affirms India's rating, says reforms yet to produce results

British telecom giant Vodafone today said its losses had doubled to 5.1 billion euros largely due to fierce competition in the Indian market and an impairment charge of 6.4 billion euros on the group&#39;s investment in India.

Vodafone said its loss after tax soared to 5.1 billion euros (USD 5.5 billion) in the six months to September 30, compared with a net loss of 2.5 billion euros one year earlier.

&quot;Competition in India has increased in the year, reducing revenue growth and profitability,&quot; Vodafone chief executive Vittorio Colao said in the results statement on Tuesday.

&quot;We have responded to this changing competitive environment by strengthening our data and voice commercial offers and by focusing our participation in the recent spectrum auction on acquiring frequencies in the more successful and profitable areas of the country,&quot; he said.

The firm said it had been hit by an impairment charge of 6.4 billion euros &quot;in respect of the group&#39;s investment in India&quot;.

India&#39;s three big telecom players Bharti Airtel, Vodafone and Idea Cellular&nbsp;are being challenged by new entrant Reliance Jio Infocomm, backed by Reliance chief Mukesh Ambani.

However, better than expected growth in Europe meant the world&#39;s second largest mobile phone operator reported earnings before interest, tax, depreciation and amortisation of 7.9 billion euros, beating a 7.8 billion euros consensus forecast.

The London-headquartered major saw a 4.3 per cent rise in core earnings in the first half of the year, helped by improving trading in big European markets like Germany and Italy.

&quot;We expect to sustain our underlying performance in the second half of the year and remain on track to meet our full-year objectives despite macroeconomic uncertainties,&quot; Colao said.

(PTI)

The firm said it had been hit by an impairment charge of 6.4 billion euros 'in respect of the group's investment in India'

British telecom giant Vodafone today said its losses had doubled to 5.1 billion euros largely due to fierce competition in the Indian market and an impairment charge of 6.4 billion euros on the group's investment in India. Vodafone said its loss after tax soared to 5.1 billion euros (USD 5.5 billion) in the six months to September 30, compared with a net loss of 2.5 billion euros one year earlier. "Competition in India has increased in the year, reducing revenue growth and profitability," Vodafone chief executive Vittorio Colao said in the results statement on Tuesday. "We have responded to this changing competitive environment by strengthening our data and voice commercial offers and by focusing our participation in the recent spectrum auction on acquiring frequencies in the more successful and profitable areas of the country," he said. The firm said it had been hit by an impairment charge of 6.4 billion euros "in respect of the group's investment in India". India's three big telecom players Bharti Airtel, Vodafone and Idea Cellular are being challenged by new entrant Reliance Jio Infocomm, backed by Reliance chief Mukesh Ambani. However, better than expected growth in Europe meant the world's second largest mobile phone operator reported earnings before interest, tax, depreciation and amortisation of 7.9 billion euros, beating a 7.8 billion euros consensus forecast. The London-headquartered major saw a 4.3 per cent rise in core earnings in the first half of the year, helped by improving trading in big European markets like Germany and Italy. "We expect to sustain our underlying performance in the second half of the year and remain on track to meet our full-year objectives despite macroeconomic uncertainties," Colao said. (PTI)

Vodafone loss doubles to $5.5 billion due to India write-down

The Greek economy emerged from recession for the first time since 2014, managing two straight quarters of GDP growth, figures released Monday showed.

Greece&#39;s gross domestic product (GDP) increased by 0.5 per cent in the three months to September from the previous quarter, and by 1.5 per cent from the third quarter of 2015, statistics bureau Elstat said.

It had already nudged 0.2 per cent higher in the second quarter from the first. Two consecutive quarters of growth officially mark the end of a recession.

The Greek government expects the Greek economy to contract by 0.3 per cent in the full-year 2016, before returning to growth next year when it predicts GDP to surge by 2.7 per cent.

On Thursday it said the growth dynamic was now in better shape than at any point since the financial crisis.

&quot;The Greek economy has not known a comparable growth rhythm since the first quarter of 2008,&quot; government spokesman Dimitris Tzanakopoulos said.

He said Greece was counting on debt relief to support growth, as well as on Athens gaining access to the European Central Bank&#39;s quantitative easing programme which involves purchases of sovereign bonds.

Apart from a brief respite in 2014, the Greek economy has been steadily contracting since 2008 as the country&#39;s creditors as well as the European Union and the IMF imposed harsh austerity measures accompanying successive bailouts.

Falling salaries and pensions combined with tax hikes have had a devastating impact on demand, particularly consumer spending.

In May, Greece&#39;s eurozone partners and the IMF agreed in principle to debt relief as well as series of short-term measures to be finalised in December.

They have not, however, been able to agree on the pace or the scope of long-term debt restructuring. European Union heavyweight Germany has pushed back any such deal to end-2018.

(AFP)

Greece's gross domestic product (GDP) increased by 0.5 per cent in the three months to September from the previous quarter

The Greek economy emerged from recession for the first time since 2014, managing two straight quarters of GDP growth, figures released Monday showed. Greece's gross domestic product (GDP) increased by 0.5 per cent in the three months to September from the previous quarter, and by 1.5 per cent from the third quarter of 2015, statistics bureau Elstat said. It had already nudged 0.2 per cent higher in the second quarter from the first. Two consecutive quarters of growth officially mark the end of a recession. The Greek government expects the Greek economy to contract by 0.3 per cent in the full-year 2016, before returning to growth next year when it predicts GDP to surge by 2.7 per cent. On Thursday it said the growth dynamic was now in better shape than at any point since the financial crisis. "The Greek economy has not known a comparable growth rhythm since the first quarter of 2008," government spokesman Dimitris Tzanakopoulos said. He said Greece was counting on debt relief to support growth, as well as on Athens gaining access to the European Central Bank's quantitative easing programme which involves purchases of sovereign bonds. Apart from a brief respite in 2014, the Greek economy has been steadily contracting since 2008 as the country's creditors as well as the European Union and the IMF imposed harsh austerity measures accompanying successive bailouts. Falling salaries and pensions combined with tax hikes have had a devastating impact on demand, particularly consumer spending. In May, Greece's eurozone partners and the IMF agreed in principle to debt relief as well as series of short-term measures to be finalised in December. They have not, however, been able to agree on the pace or the scope of long-term debt restructuring. European Union heavyweight Germany has pushed back any such deal to end-2018. (AFP)

Greece out of recession for first time in two years

German engineering group Siemens has agreed to buy U.S.-based Mentor Graphics in a $4.5 billion deal that will bolster its industrial software operations and help it keep pace with changes to manufacturing technology.

Siemens will pay Mentor Graphics shareholders $37.25 per share, a 21-per cent premium to Friday&#39;s closing price, and expects to fund the deal from cash reserves, it said on Monday.

Siemens Chief Executive Joe Kaeser has set out to reshape the group, a household name in Germany, to make it more profitable and agile by selling off non-core businesses and investing in areas such as software that promise faster growth and fatter margins.

Kaeser has so far managed to reassure investors that he will improve on his predecessor Peter Loescher&#39;s weak track record on making acquisitions pay off in the longer run.

Mentor Graphics makes software that helps semiconductor companies design and test their chips before they manufacture them and represents Siemens&#39;s biggest deal in the industrial software sector since it bought UGS for $3.5 billion in 2007.

Siemens said it now had all software that its customers needed to develop complex electronic machinery such as aeroplanes, trains and cars.

&quot;Our customers are driving a paradigm shift towards more and more complex and smart connected products such as autonomous vehicles,&quot; Siemens finance chief Ralf Thomas told analysts and journalists during a conference call on Monday.

&quot;This acquisition is our answer to this development,&quot; he added.

Baader Helvea analyst Guenther Hollfelder, who has a &quot;buy&quot; recommendation on Siemens shares, said the acquisition did not appear overly expensive at a valuation of 18.5 times operating profit.

Activist shareholder support

Shares in Mentor Graphics jumped 18.5 per cent to $36.37 in early U.S. trading, while Siemens was 1.1 per cent higher by 1435 GMT.

Mentor Graphics has been under pressure since activist hedge fund Elliott Management Corp reported an 8.1 per cent stake in the company in September and said its shares were deeply undervalued.

Elliott said on Monday it supported the deal and saw it as &quot;great outcome&quot; for Mentor Graphics&#39; shareholders and customers.

People familiar with the matter had flagged the planned deal to Reuters, saying Siemens would pay $4.5 billion to $4.6 billion for Mentor Graphics, which competes with Synopsys and Cadence.

Siemens said last week that it planned a public listing of its $15 billion healthcare business, which pushed its shares to a 16-year high as investors hoped for an injection of capital to boost its valuation while funding new investments.

Siemens said it expected the acquisition to add to its earnings per share within three years and to lift earnings before interest and tax (EBIT) by more than 100 million euros ($107.21 million) within four years.

About half of the earnings boost will come from revenue synergies and the other half from lower costs, including from some job cuts, Siemens CFO Thomas said.

The deal will boost its software revenue by about a third from 3.3 billion euros, to around 6 per cent of group revenue.

Deutsche Bank and JP Morgan advised Siemens on the transaction, which is expected to close in the second quarter of 2017. Bank of America advised Mentor Graphics.

(Reuters)

Siemens will pay Mentor Graphics shareholders $37.25 per share, a 21-per cent premium to Friday's closing price

German engineering group Siemens has agreed to buy U.S.-based Mentor Graphics in a $4.5 billion deal that will bolster its industrial software operations and help it keep pace with changes to manufacturing technology. Siemens will pay Mentor Graphics shareholders $37.25 per share, a 21-per cent premium to Friday's closing price, and expects to fund the deal from cash reserves, it said on Monday. Siemens Chief Executive Joe Kaeser has set out to reshape the group, a household name in Germany, to make it more profitable and agile by selling off non-core businesses and investing in areas such as software that promise faster growth and fatter margins. Kaeser has so far managed to reassure investors that he will improve on his predecessor Peter Loescher's weak track record on making acquisitions pay off in the longer run. Mentor Graphics makes software that helps semiconductor companies design and test their chips before they manufacture them and represents Siemens's biggest deal in the industrial software sector since it bought UGS for $3.5 billion in 2007. Siemens said it now had all software that its customers needed to develop complex electronic machinery such as aeroplanes, trains and cars. "Our customers are driving a paradigm shift towards more and more complex and smart connected products such as autonomous vehicles," Siemens finance chief Ralf Thomas told analysts and journalists during a conference call on Monday. "This acquisition is our answer to this development," he added. Baader Helvea analyst Guenther Hollfelder, who has a "buy" recommendation on Siemens shares, said the acquisition did not appear overly expensive at a valuation of 18.5 times operating profit. Activist shareholder support Shares in Mentor Graphics jumped 18.5 per cent to $36.37 in early U.S. trading, while Siemens was 1.1 per cent higher by 1435 GMT. Mentor Graphics has been under pressure since activist hedge fund Elliott Management Corp reported an 8.1 per cent stake in the company in September and said its shares were deeply undervalued. Elliott said on Monday it supported the deal and saw it as "great outcome" for Mentor Graphics' shareholders and customers. People familiar with the matter had flagged the planned deal to Reuters, saying Siemens would pay $4.5 billion to $4.6 billion for Mentor Graphics, which competes with Synopsys and Cadence. Siemens said last week that it planned a public listing of its $15 billion healthcare business, which pushed its shares to a 16-year high as investors hoped for an injection of capital to boost its valuation while funding new investments. Siemens said it expected the acquisition to add to its earnings per share within three years and to lift earnings before interest and tax (EBIT) by more than 100 million euros ($107.21 million) within four years. About half of the earnings boost will come from revenue synergies and the other half from lower costs, including from some job cuts, Siemens CFO Thomas said. The deal will boost its software revenue by about a third from 3.3 billion euros, to around 6 per cent of group revenue. Deutsche Bank and JP Morgan advised Siemens on the transaction, which is expected to close in the second quarter of 2017. Bank of America advised Mentor Graphics. (Reuters)

Siemens boosts software business with $4.5 billion deal with Mentor Graphics

Google and Facebook moved Tuesday to cut off advertising revenue to bogus news sites, acting after criticism of the role fake news played in the US presidential election.

&quot;We&#39;ve been working on an update to our publisher policies and will start prohibiting Google ads from being placed on misrepresentative content, just as we disallow misrepresentation in our ads policies,&quot; a Google statement to AFP said.

&quot;Moving forward, we will restrict ad serving on pages that misrepresent, misstate, or conceal information about the publisher, the publisher&#39;s content, or the primary purpose of the web property.&quot;

Facebook is implementing a similar policy, a spokesman said.

&quot;In accordance with the Audience Network Policy, we do not integrate or display ads in apps or sites containing content that is illegal, misleading or deceptive, which includes fake news,&quot; a Facebook statement said.

&quot;While implied, we have updated the policy to explicitly clarify that this applies to fake news. Our team will continue to closely vet all prospective publishers and monitor existing ones to ensure compliance.&quot;

The electoral victory of Donald Trump has sparked heightened scrutiny of online and social media, especially the role of bogus news that appeared to help rally Trump supporters.&nbsp;

Some news stories which went viral included headlines such as &quot;Hillary Clinton Calling for Civil War If Trump Is Elected&quot; and &quot;Pope Francis Shocks World, Endorses Donald Trump for President.&quot;

On Monday, internet users searching on Google were delivered a bogus report saying Trump won the popular vote in addition to the Electoral College.

The numbers on a blog called 70News -- contradicting official results tallied so far by states -- said Trump received 62.9 million votes to 62.2 million for Hillary Clinton.

The blog urged those petitioning for the Electoral College to switch their votes to reflect popular will to scrap their effort.

(AFP)

The electoral victory of Donald Trump has sparked heightened scrutiny of online and social media, especially the role of bogus news

Google and Facebook moved Tuesday to cut off advertising revenue to bogus news sites, acting after criticism of the role fake news played in the US presidential election. "We've been working on an update to our publisher policies and will start prohibiting Google ads from being placed on misrepresentative content, just as we disallow misrepresentation in our ads policies," a Google statement to AFP said. "Moving forward, we will restrict ad serving on pages that misrepresent, misstate, or conceal information about the publisher, the publisher's content, or the primary purpose of the web property." Facebook is implementing a similar policy, a spokesman said. "In accordance with the Audience Network Policy, we do not integrate or display ads in apps or sites containing content that is illegal, misleading or deceptive, which includes fake news," a Facebook statement said. "While implied, we have updated the policy to explicitly clarify that this applies to fake news. Our team will continue to closely vet all prospective publishers and monitor existing ones to ensure compliance." The electoral victory of Donald Trump has sparked heightened scrutiny of online and social media, especially the role of bogus news that appeared to help rally Trump supporters. Some news stories which went viral included headlines such as "Hillary Clinton Calling for Civil War If Trump Is Elected" and "Pope Francis Shocks World, Endorses Donald Trump for President." On Monday, internet users searching on Google were delivered a bogus report saying Trump won the popular vote in addition to the Electoral College. The numbers on a blog called 70News -- contradicting official results tallied so far by states -- said Trump received 62.9 million votes to 62.2 million for Hillary Clinton. The blog urged those petitioning for the Electoral College to switch their votes to reflect popular will to scrap their effort. (AFP)

Google, Facebook cut ad revenue to 'fake' news sites

Tata Global Beverages, which co-owns and runs Starbucks coffee stores across India, said on Tuesday the board of directors has voted to remove Cyrus Mistry as chairman and appoint Tata veteran Harish Bhat in his place.

Seven out of 10 directors voted for Mistry&#39;s ouster, making Tata Global Beverages the first company board to vote against Mistry, who was ousted as chairman of holding company Tata Sons last month.

(Reuters)

Seven out of 10 directors voted to oust Mistry who was ousted as chairman of holding company Tata Sons last month

Tata Global Beverages, which co-owns and runs Starbucks coffee stores across India, said on Tuesday the board of directors has voted to remove Cyrus Mistry as chairman and appoint Tata veteran Harish Bhat in his place. Seven out of 10 directors voted for Mistry's ouster, making Tata Global Beverages the first company board to vote against Mistry, who was ousted as chairman of holding company Tata Sons last month. (Reuters)

Tata Global Beverages board removes Cyrus Mistry as chairman

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India&rsquo;s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth.

Economising on cash

India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a &lsquo;leakage&rsquo; from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India&rsquo;s GDP is cash economy&mdash;around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes.

It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected.

The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money.

Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That&rsquo;s not enough to clean up the economy.

A necessary stealth

It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent.

Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper.

One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn&rsquo;t get time to think and park their money. The suddenness of the move is expected to deliver the results.

Future holdings

A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don&rsquo;t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy.

Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

It is the biggest overseas acquisition ever by a South Korean firm

The turning of the black economy into white is possibly the single biggest decision taken by the Indian government since Independence. India’s financial management has not changed since the British were thrown out of India. The corrupt systems have continued. What also continued is the class-ridden autocracy with a few controlling most of the wealth. Economising on cash India has a thriving cash economy. A majority of businesses in India run on cash with no transparency or accountability. This money never enters the tax system of the country. It is a ‘leakage’ from the economic cycle adversely impacting the working of the Indian economy. According to reports, two thirds of India’s GDP is cash economy—around Rs 90 lakh crores. It is the honest tax-paying citizen of the country who suffers. Yesterday, I was talking to my local grocery store owner. He was abusing the government for announcing the demonetisation of the currency as he had a handsome amount of money lying in cash at his home. On further talks, I realised that he earns much more than a college graduate at a consulting firm. The local grocery store owner pays no taxes, whereas the college graduate takes a significant cut in his salary to pay the taxes. It just shows that the law abiding tax paying citizens of the country subsidise the ones dealing in black money. With a large amount of unaccounted money in the economy, the government is unable to collect enough tax revenues. This forces them to increase taxes, which in turn impacts the honest tax paying citizens rather than the ones dealing in black money. They remain unaffected. The cash economy is responsible for the existence of rampant corruption. Money just runs the system with no accountability. With demonetisation, it is not necessary that corruption will be weeded out of the system, but it will definitely enable the system to capture the flow of money. Inflated property prices will be the first one to get affected by this clamp down of black economy. There were properties that were selling at a ratio of 90 per cent black money and 10 per cent white. This ratio may reverse with the new demonetisation drive. When the the Income Disclosure Scheme (IDS) was launched in 2015, 64,275 people revealed assets worth Rs 65,250 crore. That’s not enough to clean up the economy. A necessary stealth It is not the first time in the history of India or globally that demonetisation has happened. In India, it occurred one-and-a-half years before independence in 1946, and again in 1978. The drive could not be successful earlier as people anticipated the move. Thus, they had ample time to park their black money in safe zones. Also, the circulation of higher denomination notes was not as high then as the current 86 per cent. Similarly, several countries around the world, such as Zimbabwe, Myanmar, Libya, Turkey etc, have demonetised their currency over the years either to curb a black economy or hyperinflation. But, none of them did it the way current Indian government has done it. Within three hours, almost 80 per cent of Indian currency was turned into paper. One of the biggest reasons that why this move would possibly have a significant impact is that no one saw it coming. Hence, people didn’t get time to think and park their money. The suddenness of the move is expected to deliver the results. Future holdings A step like this can result in the cleaning up of a system for which many believed it could not be done, as earlier attempts did not have significant impact. However, the decision by Prime Minister Modi is one the most historic steps in Independent India. A decision like this can help curb inflation, recapitalise banks, reduce interest rates and make the economy vibrant with capital inflows. The taxes will be spread to a much larger population. At present only 2.6 per cent of the Indian population pays taxes. Some just don’t make enough and the others who do, siphon off the money. If this plan works, the ramifications of the currency demonetisation can touch all parts of the Indian economy. Such changes can never be a walk in the park. It will have collateral damage in terms of inconveniences, lack of liquidity, adjustments and more. It is not just an ATM machine that is being recalibrated, but the whole financial machinery is. But it is a small price to pay for the bigger goal of flushing out the entire black money from the country. It is what the people have been asking for a long time, and has finally happened. Nations were never built in a day and stepping stones like these may not be easy to traverse but are essential to reach the final destination.

Samsung to buy car tech firm Harman for $8 billion

China&#39;s retail sales growth rose to 10.0 per cent on-year in October, missing analysts&rsquo; forecasts of 10.7 per cent growth -- the rate sales grew at the previous month. Thus there was a slowdown in retail sales despite the growth.&nbsp;

Industrial output rose 6.1 per cent in October from a year earlier, the National Bureau of Statistics said, again below analysts&rsquo; estimates of 6.2 per cent.

The world&rsquo;s second largest economy has been facing slowing growth of late.&nbsp;

China is predominantly an export-led economy but with global demand falling, the country needs to re-work its growth strategy. The country has been trying to move towards consumption-led growth but the transition has been bumpy.

Recent data points to the fact that China&rsquo;s growth is increasingly dependent on government spending and ballooning debt as private investment hovers around record lows.

Last week, Alibaba&#39;s Singles&rsquo; Day festival posted record sales of $17.73 billion.&nbsp;

While sales were good, the day-long shopping gala saw slow growth as Chinese shoppers searched for heavier discounts and lower price tags. &nbsp;

China&rsquo;s fixed asset investment rose by 8.3 per cent in the first ten months of the year, slightly higher than market expectations.

(WION)

The increase was still lower than the predicted 10.7%

China's retail sales growth rose to 10.0 per cent on-year in October, missing analysts’ forecasts of 10.7 per cent growth -- the rate sales grew at the previous month. Thus there was a slowdown in retail sales despite the growth. Industrial output rose 6.1 per cent in October from a year earlier, the National Bureau of Statistics said, again below analysts’ estimates of 6.2 per cent. The world’s second largest economy has been facing slowing growth of late. China is predominantly an export-led economy but with global demand falling, the country needs to re-work its growth strategy. The country has been trying to move towards consumption-led growth but the transition has been bumpy. Recent data points to the fact that China’s growth is increasingly dependent on government spending and ballooning debt as private investment hovers around record lows. Last week, Alibaba's Singles’ Day festival posted record sales of $17.73 billion. While sales were good, the day-long shopping gala saw slow growth as Chinese shoppers searched for heavier discounts and lower price tags. China’s fixed asset investment rose by 8.3 per cent in the first ten months of the year, slightly higher than market expectations. (WION)

China retail sales grow 10% on-year in October

Strengthening its SUV portfolio, Hyundai Motor India has launched the all-new Tucson. The new SUV is priced between Rs 18.99 lakh and Rs 24.99 lakh (ex-showroom Delhi).

Hyundai has introduced the third generation Tucson in both petrol and diesel variants. The manual petrol variant is priced at Rs 18.99 lakh, while the diesel models are priced between Rs 21.59 lakh and Rs 23.48 lakh.

The petrol automatic is priced at Rs 21.79 lakh, while the one with diesel powertrain carries a price tag of Rs 24.99 lakh.

The petrol version with manual transmission comes with 155 PS of power and is claimed to deliver a fuel efficiency of 13.03 km/ litre. The petrol automatic is touted to deliver a fuel efficiency of 12.95 km/ litre.

The diesel variant with manual transmission offers 185 PS of power and a claimed fuel efficiency of 18.42 km/litre. The diesel automatic, on the other hand, is said to offer a fuel efficiency of 16.38 km/ litre.

&quot;With the launch of all new Tucson, we aim to strengthen presence in the premium segment with strong leadership positions,&quot; said Hyundai Motor India MD &amp; CEO YK Koo.

New features in the Tucson include a puddle lamp, downhill brake control and front and rear parking sensors.

Hyundai Motor India aims to have four SUV models in its product portfolio in the next four years.

The company also plans to launch a sub 4-metre compact SUV in order to fill the gap that lies below Creta. It had showcased concept compact SUV Carlino at the Auto Expo this year in February. The model is in the works right now.

With Tucson, the company now has three SUVs along with Creta and Santa Fe.

(WION with inputs from PTI)

The new SUV is priced between Rs 18.99 lakh and Rs 24.99 lakh

Strengthening its SUV portfolio, Hyundai Motor India has launched the all-new Tucson. The new SUV is priced between Rs 18.99 lakh and Rs 24.99 lakh (ex-showroom Delhi). Hyundai has introduced the third generation Tucson in both petrol and diesel variants. The manual petrol variant is priced at Rs 18.99 lakh, while the diesel models are priced between Rs 21.59 lakh and Rs 23.48 lakh. The petrol automatic is priced at Rs 21.79 lakh, while the one with diesel powertrain carries a price tag of Rs 24.99 lakh. The petrol version with manual transmission comes with 155 PS of power and is claimed to deliver a fuel efficiency of 13.03 km/ litre. The petrol automatic is touted to deliver a fuel efficiency of 12.95 km/ litre. The diesel variant with manual transmission offers 185 PS of power and a claimed fuel efficiency of 18.42 km/litre. The diesel automatic, on the other hand, is said to offer a fuel efficiency of 16.38 km/ litre. "With the launch of all new Tucson, we aim to strengthen presence in the premium segment with strong leadership positions," said Hyundai Motor India MD & CEO YK Koo. New features in the Tucson include a puddle lamp, downhill brake control and front and rear parking sensors. Hyundai Motor India aims to have four SUV models in its product portfolio in the next four years. The company also plans to launch a sub 4-metre compact SUV in order to fill the gap that lies below Creta. It had showcased concept compact SUV Carlino at the Auto Expo this year in February. The model is in the works right now. With Tucson, the company now has three SUVs along with Creta and Santa Fe. (WION with inputs from PTI)

Hyundai Tucson launched in India; prices start at Rs 18.99 lakh

Prime Minister Narendra Modi&rsquo;s demonetisation policy has evoked a sharp response from various quarters. One end of the spectrum has praised Modi for bold decision-making and another end criticised it for causing massive inconvenience to the general public. The debate misses the larger point that being a new model of governance has arrived and it will stay the course till BJP is in power and it cannot be compared with his predecessor who ran the administration with half a dozen squabbling political partners.

What makes Modi different from his predecessor is that he invests his personality into policy issues and turn them into a campaign for nation building through individual action and reconstruction of one&rsquo;s own self for the larger good. Though such campaigns were pioneered by Gandhi in colonial India, Modi has taken it to a different level through of social media. Even though the decision is unilateral and closely guarded, asking people to participate in it makes it far more effective and broad based.

UPA and NDA 1 also launched multiple policies for people but could not generate public enthusiasm of a political campaign. This is despite the fact that process was consultative and far more open, it was benefit oriented and did not require public participation for its success which excluded public ownership.

Secondly, all political campaigns in last 35 years have been directly connected to elections but Modi reversed the game by creating campaigns between elections which allow him to transcend his traditional vote bank and create new political constituencies around, nation, honesty, cleanliness and integrity.

One can argue that the number in Lok Sabha gives him power and authority but history proves otherwise. Manmohan Singh with less numbers during UPA 1 had far more political capital than a stable UPA 2 which was compromised and subsequently stigmatised because of scams and lack of decision making. And it is this decision making and ability to politically owe it up makes Modi his own man in people&rsquo;s eye.

The discourse created to legitmise Sonia Gandhi&rsquo;s interference in the government and subsequent withdrawal of Manmohan Singh into a shell convinced millions in India that prime minister has been robbed of his authority. It is through his style decision-making Modi restores power to the top office public&rsquo;s eye. The Opposition describes it as unilateral, authoritarian and dictatorial but one must not forget that both Indira Gandhi and Rajiv Gandhi before there down falls were adulated by the masses for the decisions they took whether it was Pokhran by Indira or Operation Meghdoot which wrested Siachin by Rajiv Gandhi.

Even the argument that leadership needs to be consultative falls flat on many counts. Except for BJP almost every party has turned dynastic. Secondly, a simple majority has created a new normal which was absent for past 25 years and thirdly, the Cabinet today constitutes of colleagues and leaders and not power centres which instead of adding richness to decision making only ended choking decisions.

Modi is changing rules of the game and long drawn right and wrong of the existing power structure which more or less remained unchanged. The inability of the same web of relationship to exert pressure on decision making and lack of public legitimacy through criticism adds more muscle to the present regime which despite its lack of institutional and intellectual work has successfully marshaled public opinion as a political resource against Opposition. It is this truth which Opposition needs to understand to reinvent its politics.

Campaigns cannot be met with criticism all the time. What is required is independent campaigns which stand true to itself. Congress had a chance in Uttar Pradesh when it ran a successful campaign around farmers issue but blew it up in the end when it concluded it on khoon ki dalali statement in Delhi. So what is required is a creative reengagement on issues so that it can work as an effective Opposition.

Modi is changing rules of the game and long drawn right and wrong of the existing power structure

Prime Minister Narendra Modi’s demonetisation policy has evoked a sharp response from various quarters. One end of the spectrum has praised Modi for bold decision-making and another end criticised it for causing massive inconvenience to the general public. The debate misses the larger point that being a new model of governance has arrived and it will stay the course till BJP is in power and it cannot be compared with his predecessor who ran the administration with half a dozen squabbling political partners. What makes Modi different from his predecessor is that he invests his personality into policy issues and turn them into a campaign for nation building through individual action and reconstruction of one’s own self for the larger good. Though such campaigns were pioneered by Gandhi in colonial India, Modi has taken it to a different level through of social media. Even though the decision is unilateral and closely guarded, asking people to participate in it makes it far more effective and broad based. UPA and NDA 1 also launched multiple policies for people but could not generate public enthusiasm of a political campaign. This is despite the fact that process was consultative and far more open, it was benefit oriented and did not require public participation for its success which excluded public ownership. Secondly, all political campaigns in last 35 years have been directly connected to elections but Modi reversed the game by creating campaigns between elections which allow him to transcend his traditional vote bank and create new political constituencies around, nation, honesty, cleanliness and integrity. One can argue that the number in Lok Sabha gives him power and authority but history proves otherwise. Manmohan Singh with less numbers during UPA 1 had far more political capital than a stable UPA 2 which was compromised and subsequently stigmatised because of scams and lack of decision making. And it is this decision making and ability to politically owe it up makes Modi his own man in people’s eye. The discourse created to legitmise Sonia Gandhi’s interference in the government and subsequent withdrawal of Manmohan Singh into a shell convinced millions in India that prime minister has been robbed of his authority. It is through his style decision-making Modi restores power to the top office public’s eye. The Opposition describes it as unilateral, authoritarian and dictatorial but one must not forget that both Indira Gandhi and Rajiv Gandhi before there down falls were adulated by the masses for the decisions they took whether it was Pokhran by Indira or Operation Meghdoot which wrested Siachin by Rajiv Gandhi. Even the argument that leadership needs to be consultative falls flat on many counts. Except for BJP almost every party has turned dynastic. Secondly, a simple majority has created a new normal which was absent for past 25 years and thirdly, the Cabinet today constitutes of colleagues and leaders and not power centres which instead of adding richness to decision making only ended choking decisions. Modi is changing rules of the game and long drawn right and wrong of the existing power structure which more or less remained unchanged. The inability of the same web of relationship to exert pressure on decision making and lack of public legitimacy through criticism adds more muscle to the present regime which despite its lack of institutional and intellectual work has successfully marshaled public opinion as a political resource against Opposition. It is this truth which Opposition needs to understand to reinvent its politics. Campaigns cannot be met with criticism all the time. What is required is independent campaigns which stand true to itself. Congress had a chance in Uttar Pradesh when it ran a successful campaign around farmers issue but blew it up in the end when it concluded it on khoon ki dalali statement in Delhi. So what is required is a creative reengagement on issues so that it can work as an effective Opposition.

Understanding Modi?s politics

A majority of businesses in India run on cash with no transparency or accountability

Demonetisation: This is a new Indian sunrise

South Korean prosecutors investigating a corruption scandal engulfing President Park-Geun Hye have quizzed Samsung group scion and the chairman of Hyundai Motor, a report said Sunday.

Lee Jae-Yong, vice chairman of Samsung Electronics and the heir-apparent of the Samsung group, was being questioned by prosecutors, Yonhap news agency said.&nbsp;

It cited an official at the Seoul prosecutors&#39; office, which is probing whether Park pressured the firms to donate millions of dollars to dubious foundations controlled by her longtime confidant, Choi Soon-Sil.

Samsung made the largest donation of more than $15 million and is accused of separately offering 2.8 million euros ($3.1 million) to Choi to bankroll her daughter&#39;s equestrian training in Germany.

Hyundai Motor chairman Chung Mong-Koo was also quizzed along with the bosses of other powerful conglomerates, Yonhap said.&nbsp;

The president reportedly had a meeting last July with the top businessmen at her office and urged them to donate money to the two cultural foundations that Choi used for personal gain.

Prosecutors also announced Sunday a plan to quiz Park this week. If this happens she will be the first South Korean president to be questioned by prosecutors while in office.&nbsp;

The &quot;donations&quot; from the firms amounted to nearly $70 million, including 20 billion won ($17.5 million) from Samsung and 12.8 billion won from Hyundai.

Choi was arrested recently for allegedly using her ties with Park to coerce donations from the firms and meddling in a wide range of state affairs although she holds no official position.&nbsp;

The scandal has sparked nationwide fury and massive protests calling for Park to resign.

(AFP) 
&nbsp;

Prosecutors questioned the bosses of the conglomerates whether President Park pressured the firms to make donations to dubious foundations

South Korean prosecutors investigating a corruption scandal engulfing President Park-Geun Hye have quizzed Samsung group scion and the chairman of Hyundai Motor, a report said Sunday. Lee Jae-Yong, vice chairman of Samsung Electronics and the heir-apparent of the Samsung group, was being questioned by prosecutors, Yonhap news agency said. It cited an official at the Seoul prosecutors' office, which is probing whether Park pressured the firms to donate millions of dollars to dubious foundations controlled by her longtime confidant, Choi Soon-Sil. Samsung made the largest donation of more than $15 million and is accused of separately offering 2.8 million euros ($3.1 million) to Choi to bankroll her daughter's equestrian training in Germany. Hyundai Motor chairman Chung Mong-Koo was also quizzed along with the bosses of other powerful conglomerates, Yonhap said. The president reportedly had a meeting last July with the top businessmen at her office and urged them to donate money to the two cultural foundations that Choi used for personal gain. Prosecutors also announced Sunday a plan to quiz Park this week. If this happens she will be the first South Korean president to be questioned by prosecutors while in office. The "donations" from the firms amounted to nearly $70 million, including 20 billion won ($17.5 million) from Samsung and 12.8 billion won from Hyundai. Choi was arrested recently for allegedly using her ties with Park to coerce donations from the firms and meddling in a wide range of state affairs although she holds no official position. The scandal has sparked nationwide fury and massive protests calling for Park to resign. (AFP)

Samsung, Hyundai bosses quizzed in South Korea scandal probe

Honda Motor Co expects to ramp up production of business jets as part of its plan to expand in the growing industry, the head of the Japanese automaker&#39;s aircraft operations said in the United States.

The firm hoped to produce 80 business jets annually by March 2019, from up to 36 currently, Honda Aircraft Company CEO Michimasa Fujino told reporters at its plant in Greensboro, North Carolina.

&quot;By the end of the 2018 financial year (in March 2019), we&#39;d like to be near full production of around 80 units,&quot; he said.

The company began deliveries of its $4.5 million jets in December and says it has received around 100 orders so far, mainly from customers in North America and Europe.

Honda is Japan&#39;s first automaker to develop and market aircraft globally. Its luxury jets seat up to seven people and have engines mounted above the wings, enabling roomier cabins, reduced noise and higher fuel efficiency.

The jet competes with similar-sized aircraft produced by Cessna, Bombardier Inc and Embraer SA.

Honda Aero Inc, which jointly developed the jet&#39;s HF 120 engine with General Electric Co, currently procures all of its parts from outside suppliers, but company President Atsukuni Waragai said it would begin producing a number of parts in-house from next March.

(Reuters) 
&nbsp;

Japan's first automaker Honda plans to ramp up production of its $4.5 million luxury jets and begin in-house production of a number of parts

Honda Motor Co expects to ramp up production of business jets as part of its plan to expand in the growing industry, the head of the Japanese automaker's aircraft operations said in the United States. The firm hoped to produce 80 business jets annually by March 2019, from up to 36 currently, Honda Aircraft Company CEO Michimasa Fujino told reporters at its plant in Greensboro, North Carolina. "By the end of the 2018 financial year (in March 2019), we'd like to be near full production of around 80 units," he said. The company began deliveries of its $4.5 million jets in December and says it has received around 100 orders so far, mainly from customers in North America and Europe. Honda is Japan's first automaker to develop and market aircraft globally. Its luxury jets seat up to seven people and have engines mounted above the wings, enabling roomier cabins, reduced noise and higher fuel efficiency. The jet competes with similar-sized aircraft produced by Cessna, Bombardier Inc and Embraer SA. Honda Aero Inc, which jointly developed the jet's HF 120 engine with General Electric Co, currently procures all of its parts from outside suppliers, but company President Atsukuni Waragai said it would begin producing a number of parts in-house from next March. (Reuters)

Honda plans to produce 80 business jets annually by March 2019

The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits.

The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country&#39;s economic performance and agreed milestones in implementing the reforms.

The program &quot;will help Egypt restore macroeconomic stability and promote inclusive growth,&quot; the board said in a statement.

IMF managing director Christine Lagarde said the IMF would be supporting an Egyptian &quot;homegrown economic program&quot; that addresses a huge budget deficit, rising debt, slow growth and high unemployment.

&quot;The authorities recognize that resolute implementation of the policy package under the economic program is essential to restore investor confidence, reduce inflation to single digits, rebuild international reserves, strengthen public finances, and encourage private sector-led growth,&quot; she said in a statement.

She said that there were &quot;significant&quot; risks to implementing the program, but that those risks were mitigated by key actions already being taken by the government and &quot;broad political support&quot; for the loan program&#39;s goals.

Six years of turmoil

The loan announcement by the global crisis lender comes after Cairo took crucial preliminary reform steps in recent weeks to meet IMF requirements, including cutting fuel subsidies, announcement of a value added tax, and floating the Egyptian pound, which subsequently lost 45 per cent of its value against the US dollar.

Egypt is reeling after six years of political and economic turmoil involving the ousters of two presidents. Police had to put down some small protests Friday against rising prices, and analysts warn the government will continue to face challenges.

Cairo governments had avoided implementing the economic reforms for years fearing unrest, but President Abdel Fattah al-Sisi said Egypt no longer has the luxury of postponing them.

The IMF said Egypt&#39;s economic program will be subject to five reviews over the life of the loan. The reviews are traditionally held every quarter, after which another tranche of the loan is released.

The IMF last month forecast the country&#39;s economy will grow 3.8 per cent this year and 4 per cent next year, but inflation is approaching 14 per cent and was expected to surge above 18 per cent in 2017. This is amid a budget deficit of 12 per cent.

The loan approval came hours after Standard and Poor&#39;s announced it was upgrading the outlook on Egyptian sovereign debt to stable from negative, while keeping the rating at B-.

&quot;A more competitive exchange rate could benefit Egypt&#39;s export of goods and services, particularly the depressed tourism sector, if the security environment stabilizes further,&quot; S&amp;P said.

However, S&amp;P cautioned that floating the currency will increase inflation in the short term and &quot;subsidy cuts on top of recent interest rate hikes will weigh on domestic consumption and may raise social tensions.&quot;

The IMF is fully aware of the potential for unrest, and has said repeatedly that social protection measures in the Egypt loan deal &quot;are a cornerstone of the program, not an add-on or afterthought,&quot; and include providing for increases in food subsidies even while advocating budget cuts.

&quot;Even if the IMF has changed and is no longer imposing the same austerity measures, the reality in the ground is that it&#39;s a very difficult agreement to implement,&quot; Bessma Momani, expert on the Arab world at the Centre for International Governance Innovation, told AFP.

Loans from Saudi Arabia and China will help Egypt gather the $5-$6 billion in additional financing required to complement the IMF loan.

(AFP)

IMF chief Christine Lagarde said the program will help Egypt restore macroeconomic stability, address a huge budget deficit and rising debt

The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits. The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country's economic performance and agreed milestones in implementing the reforms. The program "will help Egypt restore macroeconomic stability and promote inclusive growth," the board said in a statement. IMF managing director Christine Lagarde said the IMF would be supporting an Egyptian "homegrown economic program" that addresses a huge budget deficit, rising debt, slow growth and high unemployment. "The authorities recognize that resolute implementation of the policy package under the economic program is essential to restore investor confidence, reduce inflation to single digits, rebuild international reserves, strengthen public finances, and encourage private sector-led growth," she said in a statement. She said that there were "significant" risks to implementing the program, but that those risks were mitigated by key actions already being taken by the government and "broad political support" for the loan program's goals. Six years of turmoil The loan announcement by the global crisis lender comes after Cairo took crucial preliminary reform steps in recent weeks to meet IMF requirements, including cutting fuel subsidies, announcement of a value added tax, and floating the Egyptian pound, which subsequently lost 45 per cent of its value against the US dollar. Egypt is reeling after six years of political and economic turmoil involving the ousters of two presidents. Police had to put down some small protests Friday against rising prices, and analysts warn the government will continue to face challenges. Cairo governments had avoided implementing the economic reforms for years fearing unrest, but President Abdel Fattah al-Sisi said Egypt no longer has the luxury of postponing them. The IMF said Egypt's economic program will be subject to five reviews over the life of the loan. The reviews are traditionally held every quarter, after which another tranche of the loan is released. The IMF last month forecast the country's economy will grow 3.8 per cent this year and 4 per cent next year, but inflation is approaching 14 per cent and was expected to surge above 18 per cent in 2017. This is amid a budget deficit of 12 per cent. The loan approval came hours after Standard and Poor's announced it was upgrading the outlook on Egyptian sovereign debt to stable from negative, while keeping the rating at B-. "A more competitive exchange rate could benefit Egypt's export of goods and services, particularly the depressed tourism sector, if the security environment stabilizes further," S&P said. However, S&P cautioned that floating the currency will increase inflation in the short term and "subsidy cuts on top of recent interest rate hikes will weigh on domestic consumption and may raise social tensions." The IMF is fully aware of the potential for unrest, and has said repeatedly that social protection measures in the Egypt loan deal "are a cornerstone of the program, not an add-on or afterthought," and include providing for increases in food subsidies even while advocating budget cuts. "Even if the IMF has changed and is no longer imposing the same austerity measures, the reality in the ground is that it's a very difficult agreement to implement," Bessma Momani, expert on the Arab world at the Centre for International Governance Innovation, told AFP. Loans from Saudi Arabia and China will help Egypt gather the $5-$6 billion in additional financing required to complement the IMF loan. (AFP)

IMF approves $12 bn loan to support Egypt's economy

South Korean prosecutors investigating a corruption scandal engulfing President Park Geun-Hye questioned the head of the country&#39;s largest steelmaker as well as a top Samsung executive today.

<meta charset="utf-8" />

Posco chief executive Kwon Oh-Joon was grilled overnight about allegations surrounding the 2014 sale of the company&#39;s in-house advertising unit.

Kwon was the first head of a major South Korean conglomerate to be questioned over the scandal centred on Park&#39;s close personal friend Choi Soon-Sil.

The allegations are that one of Choi&#39;s associates attempted to force the company that bought Posco&#39;s advertising subsidiary to hand over 80 per cent of its shares.

Kwon, 66, returned home early Saturday after undergoing 12 hours of intensive questioning at the Seoul Central District Prosecutors&#39; Office, Yonhap news agency said.

Prosecutors are investigating allegations that Choi, 60, leveraged her personal ties with Park to coerce donations from large companies like Samsung and Posco to non-profit foundations which she set up and used for personal gain.

She is also accused of interfering in government affairs, despite holding no official position.

Park Sang-Jin, a Samsung Electronics&#39; president for corporate relations, was also questioned Saturday about reports that Samsung Electronics may have funnelled as much as 2.8 million euros (USD 3.1 million) to Choi to bankroll her daughter&#39;s equestrian training in Germany.

Park was quizzed four days after prosecutors raided Samsung Electronics&#39; headquarters in Seoul.

The world&#39;s largest smartphone maker has said it will cooperate with any investigations.

(AFP)

Posco chief Kwon Oh-Joon was grilled overnight about allegations surrounding the 2014 sale of the company's in-house advertising unit

South Korean prosecutors investigating a corruption scandal engulfing President Park Geun-Hye questioned the head of the country's largest steelmaker as well as a top Samsung executive today. Posco chief executive Kwon Oh-Joon was grilled overnight about allegations surrounding the 2014 sale of the company's in-house advertising unit. Kwon was the first head of a major South Korean conglomerate to be questioned over the scandal centred on Park's close personal friend Choi Soon-Sil. The allegations are that one of Choi's associates attempted to force the company that bought Posco's advertising subsidiary to hand over 80 per cent of its shares. Kwon, 66, returned home early Saturday after undergoing 12 hours of intensive questioning at the Seoul Central District Prosecutors' Office, Yonhap news agency said. Prosecutors are investigating allegations that Choi, 60, leveraged her personal ties with Park to coerce donations from large companies like Samsung and Posco to non-profit foundations which she set up and used for personal gain. She is also accused of interfering in government affairs, despite holding no official position. Park Sang-Jin, a Samsung Electronics' president for corporate relations, was also questioned Saturday about reports that Samsung Electronics may have funnelled as much as 2.8 million euros (USD 3.1 million) to Choi to bankroll her daughter's equestrian training in Germany. Park was quizzed four days after prosecutors raided Samsung Electronics' headquarters in Seoul. The world's largest smartphone maker has said it will cooperate with any investigations. (AFP)

Posco chief, Samsung executive questioned over South Korea scandal

Twitter Inc&nbsp;said on Wednesday that Chief Operating Officer Adam Bain, widely credited with building a robust advertising business at the company even as it struggled with user growth, is leaving to explore other opportunities.

&quot;Mr. Bain will remain at Twitter in the coming weeks to assist with the transition of the chief operating officer role,&quot; the company said.

The move is a blow for struggling Twitter, which has hired bankers to field acquisition offers but has seen a dearth of potential bidders. The company said last month it would cut 9 per cent of its global workforce to keep costs down.

Twitter shares were down 4.3 per cent in after-hours trading.

Bain will be replaced by Chief Financial Officer Anthony Noto, the company said, adding it would begin a search for a new CFO.

Noto, who became the finance chief in 2014, will continue to manage the live content business as well as Twitter&#39;s global advertising sales, data and mobile ad exchange MoPub.

Bain joined Twitter in 2010 when it had almost no revenue and built an advertising sales machine that generated some $2.2 billion last year. A popular executive who was once considered a possible chief executive for the company, Bain was named COO in October last year.

&quot;I think Adam Bain is the most competent person at Twitter,&quot; said Wedbush Securities analyst Michael Pachter. &quot;The one part of the business that actually worked was the part he works on, which is advertising.&quot;

In announcing his departure on Twitter, Bain heaped praise on CEO Jack Dorsey and added: &quot;I&#39;m excited to take with me everything I&#39;ve experienced at Twitter &amp; do something totally different and new outside the company. Stay tuned!&quot;

Twitter has assumed a central role in public conversations around the world and US&nbsp;President-elect Donald Trump made it a centrepiece of his controversial election campaign.

But the company has struggled to make the service appealing to a broad audience and has been unable to address problems with abuse and harassment on the platform, which unlike rival Facebook allows people to remain anonymous.

With user growth stagnant at a little over 300 million compared to 1.7 billion for Facebook, Twitter has seen its stock price plunge to below $18 from a peak of $69 in early 2014. The company went public at $26 in 2013.

Companies including Salesforce.com Inc, Walt Disney Co&nbsp;and Alphabet Inc&nbsp;considered an acquisition of Twitter earlier this year, sources said, but all three decided not to pursue a deal.

Twitter has long had turmoil in the executive suite and a number of executives have departed since Dorsey returned as permanent CEO last year.

Pachter said he believed the latest moves were part of Twitter&#39;s efforts to sell itself. Noto is highly regarded on Wall Street, he noted.

(Reuters)

The move is a blow for the struggling company, which has hired bankers to field acquisition offers

Twitter Inc said on Wednesday that Chief Operating Officer Adam Bain, widely credited with building a robust advertising business at the company even as it struggled with user growth, is leaving to explore other opportunities. "Mr. Bain will remain at Twitter in the coming weeks to assist with the transition of the chief operating officer role," the company said. The move is a blow for struggling Twitter, which has hired bankers to field acquisition offers but has seen a dearth of potential bidders. The company said last month it would cut 9 per cent of its global workforce to keep costs down. Twitter shares were down 4.3 per cent in after-hours trading. Bain will be replaced by Chief Financial Officer Anthony Noto, the company said, adding it would begin a search for a new CFO. Noto, who became the finance chief in 2014, will continue to manage the live content business as well as Twitter's global advertising sales, data and mobile ad exchange MoPub. Bain joined Twitter in 2010 when it had almost no revenue and built an advertising sales machine that generated some $2.2 billion last year. A popular executive who was once considered a possible chief executive for the company, Bain was named COO in October last year. "I think Adam Bain is the most competent person at Twitter," said Wedbush Securities analyst Michael Pachter. "The one part of the business that actually worked was the part he works on, which is advertising." In announcing his departure on Twitter, Bain heaped praise on CEO Jack Dorsey and added: "I'm excited to take with me everything I've experienced at Twitter & do something totally different and new outside the company. Stay tuned!" Twitter has assumed a central role in public conversations around the world and US President-elect Donald Trump made it a centrepiece of his controversial election campaign. But the company has struggled to make the service appealing to a broad audience and has been unable to address problems with abuse and harassment on the platform, which unlike rival Facebook allows people to remain anonymous. With user growth stagnant at a little over 300 million compared to 1.7 billion for Facebook, Twitter has seen its stock price plunge to below $18 from a peak of $69 in early 2014. The company went public at $26 in 2013. Companies including Salesforce.com Inc, Walt Disney Co and Alphabet Inc considered an acquisition of Twitter earlier this year, sources said, but all three decided not to pursue a deal. Twitter has long had turmoil in the executive suite and a number of executives have departed since Dorsey returned as permanent CEO last year. Pachter said he believed the latest moves were part of Twitter's efforts to sell itself. Noto is highly regarded on Wall Street, he noted. (Reuters)

Twitter says COO Adam Bain to leave company

US&nbsp;stocks rose sharply on Wednesday in a dramatic turnaround from deep overnight losses as Wall Street embraced the upset presidential election victory of Republican Donald Trump.

After warning for months that a Trump White House would create uncertainty and damage sentiment, investors poured money into sectors that may benefit from the former reality TV show star&#39;s victory.

That was a steep reversal from the previous night, when financial markets reacted violently as Democrat Hillary Clinton&#39;s path to victory disintegrated and S&amp;P futures&nbsp;dropped 5 per cent before a trading limit kicked in.

&quot;The stock market is acting like a teenager. It makes a lot of demands but it doesn&#39;t know what it wants,&quot; said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

Gains of over 3 per cent each in the heavily weighted healthcare and financial sectors pushed the Dow Jones industrial average up over 1 per cent. The Dow was just shy of its record high.

The real estate sector&nbsp;fell 2.28 per cent and utilities&nbsp;lost 3.68 per cent. Both sectors are proxies for bonds, which also fell.

&quot;Anything that Trump mentioned during the campaign, any industry he has mentioned, favourably or unfavourably, is moving today big-time,&quot; said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

A curb on drug pricing was a key campaign theme for Clinton, while Trump has called for repealing the Affordable Care Act and loosening restrictions on banks enacted after the financial crisis.

The Dow Jones industrial average&nbsp;jumped 1.4 per cent to end at 18,589.69, just 0.25 per cent below its all-time high set in August. The S&amp;P 500 surged 1.11 per cent to 2,163.26 and the Nasdaq Composite&nbsp;added 1.11 per cent to end at 5,251.07.

Trading volume was the highest since June, when Britain voted to abandon the European Union.

(Reuters)

It was a steep reversal from the previous night, when financial markets reacted violently to Hillary Clinton's loss

US stocks rose sharply on Wednesday in a dramatic turnaround from deep overnight losses as Wall Street embraced the upset presidential election victory of Republican Donald Trump. After warning for months that a Trump White House would create uncertainty and damage sentiment, investors poured money into sectors that may benefit from the former reality TV show star's victory. That was a steep reversal from the previous night, when financial markets reacted violently as Democrat Hillary Clinton's path to victory disintegrated and S&P futures dropped 5 per cent before a trading limit kicked in. "The stock market is acting like a teenager. It makes a lot of demands but it doesn't know what it wants," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. Gains of over 3 per cent each in the heavily weighted healthcare and financial sectors pushed the Dow Jones industrial average up over 1 per cent. The Dow was just shy of its record high. The real estate sector fell 2.28 per cent and utilities lost 3.68 per cent. Both sectors are proxies for bonds, which also fell. "Anything that Trump mentioned during the campaign, any industry he has mentioned, favourably or unfavourably, is moving today big-time," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. A curb on drug pricing was a key campaign theme for Clinton, while Trump has called for repealing the Affordable Care Act and loosening restrictions on banks enacted after the financial crisis. The Dow Jones industrial average jumped 1.4 per cent to end at 18,589.69, just 0.25 per cent below its all-time high set in August. The S&P 500 surged 1.11 per cent to 2,163.26 and the Nasdaq Composite added 1.11 per cent to end at 5,251.07. Trading volume was the highest since June, when Britain voted to abandon the European Union. (Reuters)

Wall Street rises sharply after Donald Trump's win

Shares in Samsung&#39;s drug-making unit soared almost six per cent on their market debut on Thursday&nbsp;after one of South Korea&#39;s biggest-ever initial public offerings that raised nearly $2 billion.

Samsung Biologics, a contract manufacturer of biotech drugs for global pharmaceutical firms, soared 5.88 per cent to 144,000 Won ($125) in Seoul, putting its total value at nearly 9.5 trillion Won.&nbsp;

The firm was set up by the South Korean conglomerate in 2011 as part of a multi-billion-dollar drive to find new growth avenues including healthcare and green energy over the next decade.

The highly anticipated IPO is the second largest in South Korea&#39;s history, raising 2.25 trillion won ($1.96 billion), which the unit says will be used to expand production capacity and invest in research and development.&nbsp;

The firm makes biopharmaceutical drugs for major firms including Bristol-Myers Squibb and Roche at plants near Seoul.

Bio-drugs, unlike chemically synthesised drugs, are made of organic, live substances such as plant or animal cells and are more complex to research and manufacture.&nbsp;

Construction unit Samsung C&amp;T and the flagship Samsung Electronics together hold a 75 per cent stake in Samsung Biologics after the share sale.&nbsp;

The firm has been in the red for years with a net loss of 75.7 billion won in 2015 as it invested heavily in its two existing plants and a new facility slated to open in two years.&nbsp;

Completion of the third plant is expected to make the company the world&#39;s top contract drug manufacturer in terms of production capacity, said Woo Chang-Hee, analyst at IBK Investment &amp; Securities.&nbsp;

The global biopharmaceutical market is expected to grow to $488 billion by 2025, compared with $164 billion in 2012, due to the world&#39;s ageing population, Woo said. &nbsp;

(AFP)

Samsung Biologics soared 5.88 per cent to 144,000 Won ($125) in Seoul, putting its total value at nearly 9.5 trillion Won

Shares in Samsung's drug-making unit soared almost six per cent on their market debut on Thursday after one of South Korea's biggest-ever initial public offerings that raised nearly $2 billion. Samsung Biologics, a contract manufacturer of biotech drugs for global pharmaceutical firms, soared 5.88 per cent to 144,000 Won ($125) in Seoul, putting its total value at nearly 9.5 trillion Won. The firm was set up by the South Korean conglomerate in 2011 as part of a multi-billion-dollar drive to find new growth avenues including healthcare and green energy over the next decade. The highly anticipated IPO is the second largest in South Korea's history, raising 2.25 trillion won ($1.96 billion), which the unit says will be used to expand production capacity and invest in research and development. The firm makes biopharmaceutical drugs for major firms including Bristol-Myers Squibb and Roche at plants near Seoul. Bio-drugs, unlike chemically synthesised drugs, are made of organic, live substances such as plant or animal cells and are more complex to research and manufacture. Construction unit Samsung C&T and the flagship Samsung Electronics together hold a 75 per cent stake in Samsung Biologics after the share sale. The firm has been in the red for years with a net loss of 75.7 billion won in 2015 as it invested heavily in its two existing plants and a new facility slated to open in two years. Completion of the third plant is expected to make the company the world's top contract drug manufacturer in terms of production capacity, said Woo Chang-Hee, analyst at IBK Investment & Securities. The global biopharmaceutical market is expected to grow to $488 billion by 2025, compared with $164 billion in 2012, due to the world's ageing population, Woo said. (AFP)

Samsung drug-making unit soars on market debut

The Indian indices, the BSE Sensex and the Nifty, fell fast after the opening bell Wednesday. The Sensex went into free fall and plunged by more than 1,500 points. Both the Sensex and the Nifty nosedived by almost 6 per cent.&nbsp;

The falls were expected, considering Prime Minister Narendra Modi&#39;s announcement last night that 500- and 1000-rupee notes would cease to be legal tender starting midnight. And world markets went into a panic as the possibility of a Donald Trump win in the US election began to look more and more real. &nbsp;&nbsp;

Most sectoral indices,m led by realty, consumer durables&nbsp;and auto, tumbled.

Real estate was the hardest hit. This is where people park their black money and the sector tanked after the Prime Minister&#39;s announcement.

Real estate prices were down by 15 per cent.

The major losers were DLF, Sobha Developers, India Bull Real Estate, Godrej Properties, HDIL and Unitech, down by up to 15 per cent.

The Rupee weakening against the US dollar by 23 paise to 66.85 added to the market sentiment.

Brent oil prices also dived 2.65 per cent to 44.82 per barrel in Asian trade. US S&amp;P futures plunged 4.45 per cent.&nbsp;

(WION)

Both the Sensex and the Nifty nosedived by almost 6 per cent

The Indian indices, the BSE Sensex and the Nifty, fell fast after the opening bell Wednesday. The Sensex went into free fall and plunged by more than 1,500 points. Both the Sensex and the Nifty nosedived by almost 6 per cent. The falls were expected, considering Prime Minister Narendra Modi's announcement last night that 500- and 1000-rupee notes would cease to be legal tender starting midnight. And world markets went into a panic as the possibility of a Donald Trump win in the US election began to look more and more real. Most sectoral indices,m led by realty, consumer durables and auto, tumbled. Real estate was the hardest hit. This is where people park their black money and the sector tanked after the Prime Minister's announcement. Real estate prices were down by 15 per cent. The major losers were DLF, Sobha Developers, India Bull Real Estate, Godrej Properties, HDIL and Unitech, down by up to 15 per cent. The Rupee weakening against the US dollar by 23 paise to 66.85 added to the market sentiment. Brent oil prices also dived 2.65 per cent to 44.82 per barrel in Asian trade. US S&P futures plunged 4.45 per cent. (WION)

India: Sensex crashes, falls more than 1,500 points