UK fighter jets set to intercept Russian bombers

30 01 2015

Two Russian Bear long-range bombers flying close to UK airspace were intercepted by RAF Typhoon fighter jets, according to Britain’s Ministry of Defence (MoD).

The Typhoons were scrambled from bases at Lossiemouth in Scotland and Coningsby in eastern England on Wednesday after the Russian bombers were detected flying over the Channel to the south of the UK, the MoD said.

The Russian planes were escorted by the RAF until they were out of the UK area of interest,” the ministry’s Thursday statement said, Reuters reported. “At no time did the Russian military aircraft cross into UK sovereign airspace.”

NATO nations have been worried by Moscow having increased its air patrols near their borders. There were 100 intercepts of Russian aircraft in 2014 – three times as many as 2013 – according to British Defense Secretary Michael Fallon.

It has been acknowledged, though, that Russia’s military flights were strictly in international airspace.

Russia’s Defense Ministry earlier stressed that “all of the Russia air force flights have been carried out in strict compliance with the international rules on flights in the airspace above neutral waters, without violating other countries’ borders.”

Moscow explains the increase in air patrols near the borders of the NATO members as a response to the alliance beefing up its European presence in the wake of the Ukraine crisis. Russia’s Defense Ministry announced in November it was expanding its patrol missions of long-range aircraft to cover the Gulf of Mexico.

In the current situation we have to maintain military presence in the western Atlantic and eastern Pacific, as well as the Caribbean and the Gulf of Mexico,” Defense Minister Sergey Shoigu said.





Co-pilot flying AirAsia jet before crash

30 01 2015

The French first officer of an AirAsia passenger jet that crashed into the sea last month was at the controls just prior to the accident, Reuters quoted Indonesia’s lead investigator as saying on Thursday. “The co-pilot, who usually sits to the right of the cockpit. At the time, he was flying the plane,” said head National Transport Safety Committee (NTSC) investigator Mardjono Siswosuwarno, referring to First Officer Remi Plesel. “The captain, sitting to the left, was the pilot monitoring.” Captain Iriyanto, 53, was believed to have taken over control of the aircraft from Plesel when it started to ascend and then descend sharply.





Global FDI flows declined in 2014

30 01 2015

 – China becomes the world’s top FDI recipient

 

29 January 2015 – Global foreign direct investment (FDI) inflows declined by 8 per cent in 2014 to an estimated US$1.26 trillion, the latest UNCTAD Global Investment Trends Monitor reports.

China became the world’s largest recipient of FDI while the United States fell to the third largest host country. Among the top five FDI recipients in the world, four are developing economies.

The UNCTAD report analyses the most recent trends in global investment and assesses their prospects for 2015. It covers FDI trends in developed, developing and transition economies.
For the latest issue of the Global Investment Trends Monitor:  http://unctad.org/en/PublicationsLibrary/webdiaeia2015d1_en.pdf

 

An in-depth analysis of FDI trends will feature in the forthcoming World Investment Report 2015, to be published in June 2015.





New BJP strategy, asks 5 questions to Kejriwal

30 01 2015

On Arvind Kejriwal in a TV interview explains why Kiran Bedi is merely a scapegoat in the Delhi elections.

“No one in the BJP is ready to take the blame for a humiliating loss, so an outsider has been brought in.”

All factions in BJP are working to embarrass Ms Bedi, while Delhi’s voter is working to bring an AAP government to power.

 BJP strategy, asks 5 questions to Kejriwal

1. Why tie up with Congress when you said earlier that you won’t?

2. Why no case against Sheila Dikshit after coming to power?

3. Why the U-turn on Z-grade security after becoming CM?

4. Why did Kejriwal order SUVs for his ministers?

5. Why did Kejriwal travel in chartered flight when he was CM?





Beating the Retreat ceremony

30 01 2015

Once the army marches it is obligatory,customary to come back the way it marches ahead.Beating retreat is thus an extended ceremony to bring an end to Republic Day Parade for the marchers to come back to barracks. This bring an end to the ceremony,  with charms.
Beating the Retreat ceremony marking the culmination of the Republic Day celebrations is being held at Vijay Chowk in the national capital today.The ceremony kicked off with the President Pranab Mukherjee taking the salute of National Flag. This year 15 Military Bands, 18 Pipes and Drum Bands from Regimental Centres and Battalions are participating in the Ceremony. Besides, one each of Indian Navy and Indian Air Force band is also taking part in the event. Indian tunes played by the bands are mesmerising the spectators. Our correspondent reports that Prime Minister Narendra Modi, Chief Justice of India H L Dattu, several Union Ministers and former Prime Minister Dr Manmohan Singh are among those present on the occasion.





Odisha to get more Central aid in 2015-16

30 01 2015

 

Jan 29
Odisha is likely to get more Central assistance during the 2015-16 fiscal based on the recommendation of the 14th Finance Commission. The state government will get an additional 6000 crore rupees from the enhanced state share in Central taxes, Central assistance and Centrally sponsored schemes.

The 14th Finance Commission has recommended disbursement of 50 percent of Central revenue to states from the current fiscal as against the 42 percent earlier. A total of 48 percent of Odisha’s annual budget comes from the Central assistance. The state government had expected to get 39,000 crore rupees assistance from the Centre during the 2014-15 fiscal.





OBC HIGHLIGHTS OF FINANCIAL RESULTS up to 31 st Dec 2014

30 01 2015

 

 

HIGHLIGHTS OF FINANCIAL RESULTS FOR QUARTER ENDED 31ST DEC, 2014

 

                                                                                        (Rs. in Crore)

  Dec,2014 Dec,2013 % Growth (YoY)
Business Mix 3,39,157 3,16,432 7.18%
Total Deposits 1,97,820 1,82,470 8.41%
Total Advances 1,41,337 1,33,962 5.50%
Core Deposits 1,67,072 1,53,978 8.50%
Retail Term Deposits (less than Rs.1 Cr) 72,996 63,643 14.69%
CASA Deposits 46,804 44,156 6.00%
Retail Advances 16,961 15,738 7.77%
Housing Loan 7,739 6,944 11.45%
Business per Employee 16.65 16.12 3.29%
Book Value per Share (in Rs.) 447.30 425.66 5.08%
Cost of Deposits (%) – Q3 7.58% 7.74% -16 bps
Cost to Income Ratio (%) – Q3 43.92% 45.37% -145 bps

 

                                                     (Rs. in Crore)

  Q3FY-14-15 Q3FY-13-14 % Growth (YoY)
Total Income 5,458.79 5,063.98 7.80%
Non Interest Income 512.02 340.81 50.24%
Operating Profit 1,014.83 858.40 18.22%

 

v During Q3, 8.87 Lac New CASA accounts were opened by the Bank.

       

Net Interest Margin (NIM) stood at 2.69% (Q3).

 

Capital Adequacy of the Bank under BASEL III: 11.26% (Tier I: 8.54%,                       Tier II: 2.72%)

 

v The Bank is in the process of raising Unsecured Non-Convertible Basel III Compliant Perpetual Debt Instruments in the nature of Debentures for inclusion in Additional Tier I Capital aggregating Rs. 500 crore. The Issue opened on 23.01.2015 and will close on 06.02.2015 and the deemed date of allotment is 10.02.2015. If we consider the amount of additional Tier-I capital to be raised, then our CRAR will further improve to 11.58%                 (Tier I: 8.86%, Tier II: 2.72%)

 

PRIORITY SECTOR ADVANCES

                                                       (Rs. in Crore)

  Dec,2014 Dec,2013 % Growth (YoY)
Total Priority Sector Advances 54,156 48,017 12.79%
Total Agriculture Advances 21,240 17,159 23.78%
Micro & Small Enterprises 24,590 23,286 5.60%
Weaker Section 14,698 12,663 16.07%
Minority Community 8,287 7,908 4.80%

 

v RECOVERY & NPA

  • Total Recovery including Upgradation during the Nine Months ended                       31st Dec, 2014 was Rs.1,576.48 crore compared to Rs.1,259.94 crore in corresponding Nine Months of previous financial year.
  • Gross NPA ratio at 5.43% and Net NPA ratio at 3.68%.
  • Provision Coverage Ratio stood at 57.39%.

 

v PROGRESS UNDER PRADHAN MANTRI JAN-DHAN YOJANA (PMJDY)

The Bank is implementing the Pradhan Mantri Jan-Dhan Yojana (PMJDY) in a mission mode.  The progress under the scheme is as under:

  • No. of Accounts Opened : 20.55 Lac
  • No. of RuPay Cards Issued : 19.82 Lac
  • Amount of Deposit in above Accounts: Rs.867 crore

 

v During the Nine Months ended 31st Dec, 2014, 74 New Branches were opened & 333 New ATMs were installed. The Total Delivery Channels of the Bank as on 31st Dec, 2014, stood at 4661 (2200 Branches and 2461 ATMs).

 

v  The Customer Base of the Bank stands increased to 24.78 million.

 

v During the Nine Months ended Dec, 2014 Bank recruited 1407 personnel including 530 Officers & 856 Clerks.

 

v OTHER INITIATIVES DURING Q3

  • Festival offer on Home & Car Loans launched with 100% waiver in process fee has been now extended till 31st March, 2015.
  • To boost the Home Loan portfolio, a HOME LOAN POINT has been made functional at B/O New Railway Road, Gurgaon.
  • Bank has introduced state Govt. tax, VAT etc collection modules for the state of Odisha. These facilities are also available for states of Delhi, Maharashtra,                 Tamil Nadu, Andhra Pradesh, Rajasthan & West Bengal through Net Banking.

 

LATEST CSR INITIATIVES

  • Swachch Bharat Abhiyan: The Bank has earmarked an amount of Rs. 2.00 crore for constructing toilets in various Govt. schools. The Bank has taken up the Project of Swachch Bharat through its own Regional Offices across the country. The construction is being done in Pan India level on Priority and as focused CSR activity, leading towards the dream of a “Clean and Safe” India. Presently Bank has constructed Toilets in 164 Government schools across the country. The entire project as proposed by our Bank is likely to be completed by 31-03-2015.
  • St. Michael’;s Hostel, Jangpura, New Delhi: The Bank adopted 10 poor & needy Girl Children of St. Michael’;s Hostel, Jangpura, New Delhi for fulfilling their educational, medical and other needs.
  • CSR Activity at Benti Village, Lucknow : The Bank awarded scholarships to                20 children of the village, provided benches to Government Schools and constructed/repaired toilets of primary schools of that village. This village has been adopted by Hon’ble Home Minister, Govt. of India under Saansad Adarsh Gram Yojana.

 

Place  : Gurgaon

Date   : 29.01.2015





US President Barack Obama’s on visit to India,Key Announcements

30 01 2015

US President Barack Obama’s visit to India

 Key Announcements

“Chalein saath saath; forward together we go”. Reflecting the close ties between the two great democracies, India and the United States agree to elevate our long-standing strategic partnership, with a   Declaration of Friendship that strengthens and expands the relationship between the two countries

 

The Hon’ble President of the United States of America, Mr. Barack Obama and the First Lady Michelle Obama marked a three days historic visit to India (25th -27th  January 2015) to grace the India’s 66th Republic Day as the Chief Guest.  Mr. Obama is the first U.S. President to have been invited as the Chief Guest for India’s Republic Day in addition to being welcomed by a Guard of Honour.  During his visit, the President attended the event with his wife; made crucial talks with hon’able Prime Minister of India Shri Narendra Modi at Hyderabad House; addressed the India-US CEO Forum; delivered a national address to students and shared his thoughts together with Shri Narendra Modi on Mann Ki Baat. During this visit, the two leaders assessed the extensive bilateral strategic and global partnership between their two countries and pledged to continue to enhance cooperation across the spectrum of human endeavour to better their citizens’ lives and that of the global community. 

A brief details of the key developments during three days’ visit of President Obama in India is stated here below:

 

KEY ANNOUNCEMENTS

 

1. “Indo-US Civil Nuclear Deal”

 

India and the United States achieved a landmark break-through on operationalisation of the civil nuclear deal. This is one of the most important decisions taken as it broke the deadlock on Civil Nuclear deals, which was stuck since last decade between the two nations. India agreed to amend few of it’s clauses related with Insurance, and in return US pledged to make it go live. India has created an Insurance pool worth Rs 750 crore led by General Insurance, and contributed another Rs 750 crore to make the insurance regulations stronger. The finalization of nuclear deal between the two nations would pave the way for stalled nuclear projects in the coming times.

 

2. “Renewal of Defense Pact”

 

Under the purview of deepening defence and security cooperation, the two leaders principally agreed to renew the ‘New Framework for India-US Defense Relationship’ for another 10 years, wherein co-development and coproduction of specific advanced defence projects would be pursued. This would enhance the joint production of defence equipements in India and bolster the India’s defence industrial base. In addition both leaders had expressed their mutual interest in exploring cooperation in other areas of advanced defense technologies and maritime security.

 

3. “Climate Change”

 

The two leaders agreed to a number of important steps to promote clean energy and confront climate change.  President Obama offered to support financially India’s ambitious target of solar energy and sought PM Modi’s support at global climate talks in Paris later this year.  India is seeking investments of US$100bn over 7-years period to boost the country’s solar energy capacity by 33 times to 100,000 megawatts. In addition, the two leaders have agreed to work together and combat climate change by cooperating to reduce air pollution in Indian cities and increase finance and technology for India’s renewable energy target.

 

4. “Economic Ties”

 

The two nations have agreed to resume dialogue on Bilateral Investment Treaty (BIT) which aims to protect private investment, to develop market-oriented policies in partner countries, and to promote domestic exports. Presently, the bilateral trade between the two nations is around US$62bn and is expected to grow beyond US$100bn by 2018. In addition, the two sides agreed to resume talks on Totalization Agreement that will help Indian workers in the US get annual refunds of around US$3bn worth of social security contributions they make.

 

5. “New Initiatives of US$4billion”

 

During the CEO Forum, President Obama announced the US$4bn investment in India including US$1bn for financing exports from US to aid Make-in-India programme, US$1bn for small and medium industries and US$2bn in renewable energy projects. US Government’s business development and finance arm: U.S. Overseas Private Investment Corporation (OPIC) will give an assistance of US$1 billion for Micro-SMEs and SMEs from rural and urban India. This decision was made to encourage entrepreneurship and business, along with technological assistance. U.S. Export-Import Bank will provide an assistance of $1 billion for Make in India campaign launched by PM Modi, which will help made in India products to be exported to US and increasing trade relations in this sector. US Trade & Development Agency will pitch in with US$2 billion investments in the renewable energy sector in India, which includes Solar Power and Wind Energy to help India solve its energy crisis, and to bring down costs related with power production using traditional means.

 

6. “Intellectual Property Rights & Tax Regime”

 

President Obama expressed concerns over issues pertaining to Intellectual Property Right (IPR) and unstable tax regime in India. PM Modi promised to upgrade the laws related with IP protection, an open business environment and predictable tax regime so as to boost Indo-US trade relations.

 

7. “Trade Ties”

 

The leaders of the two nations said that they will establish several bilateral mechanisms to identify opportunities to boost business, trade and investment ties. The two economies have targeted to increase the Indo-US bilateral annual trade to US$500bn by 2025.

 

8. “Smart Cities”

 

US has lended its support to India for development of smart cities whereby the United States Trade and Development Agency (USTDA) signed 3 Memorandums of Understanding (MoUs) on Cooperation to Support the Development of Smart Cities in Uttar Pradesh , Rajasthan and Andhra Pradesh with respective state governments. The USTDA will contribute funds for feasibility studies and pilot projects study tours, workshops or trainings and other projects which would be determined mutually.

 

9. “Asia-Pacific and Indian Ocean Region”

 

The two leaders also agreed to a new vision for the Asia pacific so as to do more together to advance shared security and prosperity in this critical region. To support regional economic integration, India and US have agreed to promote accelerated infrastructure connectivity and economic development in a manner that links South, Southeast and Central Asia, including by enhancing energy transmission and encouraging free trade and greater people-to-people linkages.

 

10. “US India Strategic and Commercial Dialogue”

 

A high level US India Strategic and Commercial Dialogue has been created which will help break the red-tape logjams in India. This high level committee will ensure that all Indo-US trade decisions and investment plans are accomplished fast track, and there are no delays.





Ashok Leyland reports 72 % growth in revenue

30 01 2015

Ashok Leyland reports 72 % growth in revenue and substantial improvement in profits

 

Chennai, January 29, 2015:Ashok Leyland, flagship of the Hinduja Group, reported revenues of Rs. 3361.00 crores, as against Rs. 1953.21 crores for the corresponding period last year.

Net profit stood at Rs. 32.09 crores for Q3, as against a net loss of Rs. 167.21 crores for Q3 last year

For YTD, the operating profit was at Rs. 588.62 crores as against an operating loss of Rs. 17.38 crores for first nine months last year.

Mr. Vinod K. Dasari, Managing Director, said, “This marks a significant turnaround for the Company. In addition to our export orders from Sri Lanka and Africa, we are hopeful of making significant inroads into newer markets, maintaining network expansion and also opening small assembly centers in overseas markets like our experience in Ras Al Khaimah (UAE).  We are today reasonably confident that the domestic market is indeed coming back and that the worst may be behind us”.

“We believe this growth momentum will continue and we should close this fiscal on a good note.  Total industry volume has grown 10 percent year-on-year. A more stable and optimistic business environment, improvement in profitability of fleet owners, pre-buying ahead of the excise duty hike contributed to the increase in sales in the last quarter. Our single-minded focus on fiscal discipline and customer profitability reflects in the results of the company” added Mr. Dasari.

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