HP may launch Windows 10-powered smartphone in early 2016

Famous for its wide range of printers and computers, California-based global company Hewlett-Packard (HP) is reported to unveil its first Windows 10-powered smartphone early next year.

The surprise announcement about its “HP Falcon” flagship smartphone may come during the upcoming “Mobile World Congress 2016” in Barcelona, Spain, from February 22-25, www.bidnessetc.com reported.

The HP Falcon is rumoured to be powered by the new Qualcomm Snapdragon 820 chip set with 2GB RAM and 5.8 inch display.

The device may have an in-built 64 GB storage and will feature a 20 mega pixel rear camera with a 12 MP front camera.

These specifications may make it well ahead of other Windows 10 smartphones like recently launched Lumia 950 and Lumia 950XL.

According to the report, the launch of HP Falcon will present Windows lovers with more choices and may force Microsoft to go ahead with its Surface smartphone.

Source : IndianMediaBook - Bussiness

Phones in 2016 to be more powerful

Chinese technology major Letv, the new entrant in the Indian smartphone space, is to introduce in 2016 its superphones that promise incredible speed, stunning graphics and ultra-fast connectivity.

Letv could be a refreshing new arrival (in India) with an array of products and a vision to create an entire ecosystem consisting of platform, content, device and application, a company release said on Tuesday.

The Chinese technology company had earlier announced that it would be launching at disruptive price points more than one phones in January next year.

According to industry sources, the company could be launching its superphones in January 2016, powered by Qualcomm Snapdragon and Mediatek Helios X10 processors that support incredible speed, stunning graphics, ultra-fast connectivity and longer battery life so you can do more of the things you love.

The Mediatek inside the Le Superphones enhances the performance of the phones by 10 percent, which enable users to enjoy a superior 3D gaming experience.

The devices are seen as a game changer in the premium and value phone categories in India.

The company promises to equip its phones with industry best RAM to ensure zero lag even with intensive multi-tasking.

The company is currently holding interactive meetings in multiple Indian cities to give a hands-on experience to fans and tech enthusiasts of Le products that are to be launched soon.

Source : IndianMediaBook - Bussiness

Cabinet nod for exchange of tax information with Maldives

The union cabinet on Wednesday approved signing of an agreement for exchange of information related to taxes between India and the Maldives.

“The agreement will stimulate effective exchange of information between the two countries which will help curb tax evasion and tax avoidance,” a cabinet communique said.

At the G20 nations summit in Australia in November last year, the leaders endorsed a new global transparency standard by which more than 90 jurisdictions would begin automatic exchange of tax information, using a common reporting standard by 2017-18.

The deal will not only allow the countries to extract bank details for future, but they could also avail account balance information of the past five to six years upon request.

Source : IndianMediaBook - Bussiness

Government approves MoU for developing Smart Cities

The union cabinet on Wednesday approved the signing of a Memorandum of Understanding (MoU) between the ministry of urban development and Bloomberg Philanthropies to support the development of Smart Cities.

The union cabinet meeting was chaired by Prime Minister Narendra Modi.

“The proposal entails Bloomberg Philanthropies to work as knowledge partner and support the development and execution of cities challenge under the Smart Cities Mission,” an official statement said.

The cabinet has already approved the Smart Cities Mission, launched by the prime minister.

The proposal under the Smart Cities Mission seeks to facilitate creation of quality urban infrastructure that will lead to improvement in the quality of urban life.

“Bloomberg Philanthropies Government Innovation Initiatives equip mayors and local leaders with practical tools and approaches to solve major challenges and enable public sector innovation to flourish,” the statement added.

As knowledge partner, Bloomberg Philanthropies will also support the ministry in helping design and manage the cities challenge.

There is no financial implication for the government, as the cost implications to the activities done in supporting the mission would be incurred by Bloomberg Philanthropies, it said.

Source : IndianMediaBook - Bussinessv

Essar Oil promoters complete largest privatisation in India Inc

Essar Oil Ltd. (EOL) promoters on Wednesday announced the successful completion of the company’s delisting offer, which has emerged as the largest privatisation bid in the history of corporate India. EOL is valued at Rs.38,000crore ($5.75 billion) of market capitalisation.

The promoters, Oil Bidco (Mauritius) Limited, have acquired 10.1 crore of the 14.25 crore shares held by public shareholders through an offer, as against the requirement of 9.26 crore shares for delisting, Oil Bidco said in a statement here.

The shareholders tendered their shares between December 15 and 21, through the reverse book-building window made available under the delisting regulations.

While the floor price for the delisting was set at Rs.146.05 per share, Oil Bidco has agreed to pay Rs.262.80 per share — a premium of 80 percent.

The Rs.3,745crore that will be paid to shareholders makes this the largest payout to privatise a publicly-listed company in India, Oil Bidco claimed.

The shareholders who have not tendered their scrips in the delisting offer can do so at the delisting price for a period of one year from the date of delisting.

Commenting on the transaction, Essar’s founder chairman Shashi Ruia said: “We are happy that we have been able to reward our public and institutional shareholders for the faith they reposed in us over the years. I want to take this opportunity to thank investors, stock exchanges and regulators for their support in this journey.”

Over the years, Essar Group, through privatisation of its corporate entities Essar Oil Ltd., Essar Ports Ltd., Essar Steel Ltd. and India Securities Ltd., has made a payout of over Rs.7,200 crore to investors, thus providing substantial returns.

With this transaction, Essar ranks among one of the world’s largest privately-held conglomerates with large-scale, world-class operations across the globe, spanning oil refining and marketing, power, steel, ports, shipping, EPC and BPO. Essar businesses have revenues of over $35 billion and employ more than 60,000 people.

Source : IndianMediaBook - Bussiness

Odisha to have MSME Trade Fair from January 8

Aiming to provide an enabling platform to MSMEs for exploring new markets and expose them to technological advancements, the Odisha government will hold MSME Trade Fair-2016 from January 8 to January 14 here.

Micro, Small, Medium Enterprises (MSME) Minister Jogendra Behera said that MSMEs will be given a platform to showcase their products and services along with an opportunity to imbibe advancements in technology which will be displayed at this mega event.

Credit facilitation and information dissemination for facilitating entrepreneurs in the sector would be taken through banks and different agencies, he added.

Large industries will also participate to identify potential suppliers, vendor development and downstream activities and seminars and workshops on different themes or concepts, buyer-seller meets will also be organized, said the minister.

The event is a destination for several delegations comprising of buyers, participants and service providers from various states all over India and has thus become a brand of immense value and tremendous potential.

Behera said that in this fair, it is proposed to have around 250 stalls for participation of MSMEs, technology providers, large industries, banks and promotional agencies.

Looking at the scope and potential of agro and food processing, tourism, handicrafts and handloom sectors in the state, focus has been given to highlight the products and services of these sectors, he said.

A business delegation from Vietnam will be visiting the fair.

Source : IndianMediaBook - Bussiness

Foodpanda India slashes 300 jobs

Online food delivery and ordering platform Foodpanda India on Wednesday said it has slashed 300 jobs owing to high automation levels achievement in operations.

Foodpanda India CEO Saurabh Kochhar said the company reduced its workforce by 300 people (15 percent) as it has achieved 98 percent automation in processing orders.

Focusing on technological innovation and automation, Foodpanda India is aiming for profits.

With 2,200 employees, the food ordering platform offers menus from 12,000 restaurants across 200 cities in the country.

Source : IndianMediaBook - Bussiness

Oil prices decline amid rising inventories

Oil prices fell Wednesday as US crude stockpiles increased unexpectedly.

The West Texas Intermediate for February delivery moved down $1.27 to settle at $36.6 a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased $1.33 to close at $36.46 a barrel on the London ICE Futures Exchange.

Source : IndianMediaBook - Bussiness

Falling oil prices renewed hopes for India’s energy economy, security

For India’s energy sector, the past year held promise, thanks to a commendable fall in electricity shortage, a global recognition for the country’s focus on renewables, a grand plan to shore up the finances of state-run utilities and a sharp fall in the cost its oil import basket to the lowest level since 2014.

At the same time, there were some misses as well, notably on the oil exploration front which still awaits the new policy for auction of oil and gas blocks and the announcing of the premium to be paid on natural gas for all new discoveries in difficult deep-sea areas.

The government, late in the year, did manage to circulate a consultation paper inviting comments, about easing doing business in exploration that proposed to free domestic natural gas pricing and replace the existing production sharing contract by the revenue-sharing model for all future hydrocarbon acreage auctions.

The price of domestic natural gas fell this year on applying the NDA government’s new formula for calculation, and was cut 18 percent, from $4.66 per unit to $3.82 per unit, for six months starting October 1.

What defined India’s petroleum sector in 2015 was the plunge in global crude oil prices driven by a supply glut that saw the Indian basket of crude oils fall by over 60 percent from levels of well over $100 a barrel to less than $35. While this reduced foreign exchange outflow and improved the country’s current account deficit position, producers piled up major inventory losses.

In the second half of the fiscal, the government approved auction of 69 small and marginal oil and gas fields on a new revenue sharing model, where bidders will quote the revenue they will share with the government at both low and high ends of the price and production band. The new revenue sharing model will replace the controversial production sharing contracts (PSCs) – by which oil and gas blocks are awarded to those firms which show they will do maximum work on a block – that has governed bidding under the earlier nine New Exploration Licensing Policy rounds.

Domestic gas producers continued the wait for a decision pending from the year before. While approving a new gas pricing formula in October 2014, the government had decided that new gas discoveries in deep-water, ultra-deep sea or high-temperature and high-pressure areas will be given a premium over and above the approved price.

The year also saw Reliance Industries, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves, surrendering its Krishna Godavari basin gas discovery block, KG-D3, owing to operational restrictions placed by the defence ministry.

Moving to the wider energio scenario, the country’s electricity shortage also fell to its lowest level ever from 8.5 percent in 2011 to 2.4 percent in October, while the peak shortage dipped to 3.2 percent from 10.6percent, as per official data.

The focus, nonetheless, was in the renewable energy space.

At the beginning of 2015, the Government has up-scaled by more than double the targets set for renewables at 175 GW by 2022 — which includes 100 GW from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro-power.

“India is graduating from megawatts to gigawatts in renewable energy production,” Prime Minister NarendraModi said. India also made a commitment that 40 percent of its cumulative capacity will be from non-fossil fuel based resources by 2030 if it gets low cost technology and international financing.

At the UN climate change talks in Paris last month, Modi launched an alliance of 120-odd nations to tap solar energy better and asked the rich nations to shoulder their responsibilities in protecting the environment, with funding and transfer of clean technology to poor and emerging economies without further delay.

Oil continued to slide, stepping up pressure on India to acquire assets abroad and build its strategic petroleum reserves at home.

The year closed with India signing major deals last week with its time-tested ally Russia, where the former returned after six years for a slew of oil deals worth around $2-3 billion. Rosneft, the world’s largest publicly-traded oil company, formalised sale of 15 percent stake in its subsidiary Vankorneft to ONGC Videsh (OVL) for $1.3 billion. The deal gives OVL access to Rosneft’sVanko, Russia’s largest onshore field developed in the past 25 years. This was followed by agreements for giving OVL partnerships in other onshore fields.

In December, the government allowed Oil and Natural Gas Corp. (ONGC) to convert Rs.5,000crore of existing loans to its overseas arm OVL, into equity in order to expand the exploration and production business abroad, including by acquisition of oil and gas assets. The company is currently running 36 projects in 17 countries and has 13 producing blocks.

The year closed also closed with the realising of a major milestone for the wider region by starting construction of the long delayed 1,735 km-long gas pipeline from Turkmenistan through Afghanistan and Pakistan to India (TAPI).

Along with India’s Vice President Hamid Ansari, others present at the ground-breaking ceremony earlier this month in Mary in Turkmenstan were Turkmen President GurbangulyBerdimuhamedow, Afghanistan President Ashraf Ghani and Pakistani Prime Minister Nawaz Sharif.

Highlights:

* Global crude oil prices plunge from well over $100 to below $35

* Nod for auction of small and marginal oil and gas fields on a new revenue sharing model

* Government proposes replacing production sharing contract by the revenue-sharing model for future hydrocarbon acreage auctions

* Electricity shortage falls to lowest level, from 8.5 percent in 2011 to 2.4 percent in October

* Target for renewable energy production more than doubled at 175 GW by 2022

* Modi launches “solar alliance” of 120 nations to tap solar energy better

* ONGC signs oil deals potentially worth around $2-3 billion with Russia’s Rosneft

* Construction started in December of the long delayed TAPI gas pipeline from Turkmenistan through Afghanistan and Pakistan to India.

Source : IndianMediaBook - Bussiness

Bank union perceives merger of associates with SBI

A major union in the banking sector, All India Bank Employees’ Association (AIBEA) apprehends the uniform service condition between the State Bank of India and its five associate banks as sort of a precursor for merger, said a top union leader.

The union on Thursday said it would go ahead with the January 8 strike as the management of the five associate banks of State Bank of India (SBI) is firm on implementing service conditions unilaterally.

“We do have the apprehension that common service conditions between SBI and its five associate banks is a step towards merger of the five banks with SBI,” C.H. Venkatachalam, AIBEA general secretary, told IANS on Thursday.

According to him, already there is uniformity in technology, branding, work procedure, usage of ATMs by the account holders of the six banks.

The five associate banks of the SBI are State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, and State Bank of Travancore.

Speaking about the strike on January 8, Venkatachalam said the conciliation meeting held on Wednesday by the chief labour commissioner (CLC) in New Delhi was a failure.

He said the management of SBI’s five associate banks remained steadfast on implementing the new Career Progression Scheme (CPS) for their employees, violating the bilateral agreement with the union.

According to Venkatachalam, the five banks want to abolish permanent cadres like sweepers and outsoucre their labour activity, but this cannot be done unilaterally.

In a statement on Thursday, the AIBEA said at the conciliation meeting on Wednesday the CLC had advised the management of associate banks to put on hold the implementation of new service conditions.

The CLC also advised the bank management to find an amicable solution through mutual discussion.

The bank managements were not agreeable to the CLC’s advice and the talks failed, forcing the employees to go on a strike soon after the New Year is rung in.

“We also informed the CLC that IBA (Indian Banks’ Association), having signed the settlement on behalf of the banks based on their mandate, cannot remain a spectator when the terms of the settlement are violated by any of the banks and has to play its role to ensure proper implementation. Otherwise it would lead to chaotic situation and result in serious industrial disputes and conflicts,” Venkatachalam said.

Source : IndianMediaBook - Bussiness

Brazil’s new finance minister takes office amid recession

Brazilian new finance minister has assumed office with the responsibility of taking the country out of deep recession and ensuring economic growth.

The government announced last week that Joaquim Levy would step down as finance minister and would be replaced by Nelson Barbosa, the planning and budget minister.

Valdir Simao will replace Barbosa, Xinhua reported.

In the inauguration ceremony on Monday, President Dilma Rousseff, who is battling the opening of impeachment proceedings in Congress, thanked Levy for his efforts to carry out the fiscal adjustments and praised his dedication, despite his failure to achieve his goal of rebalancing the public finances.

“His dedication and efforts helped the fiscal regulations despite an environment of political crisis,” Rousseff said.

“Joaquim Levy revealed a great capacity of acting with serenity and efficiency even when under great pressure.”

The President said ministers Barbosa and Simao now have the responsibility of convincing the Brazilian people that fiscal balance and economic growth can walk hand in hand, and ensuring the resumption of economic growth without resorting to sharp changes.

“They both have more than enough experience and competence. They know the public administration and participated in most priority projects we implemented over the past few years,” Rousseff said.

Source : IndianMediaBook - Bussiness

China unveils economic blueprint for 2016

China’s top leadership has announced an overarching strategy to lead the economy’s ongoing transition, the media reported on Tuesday.

President Xi Jinping said the country’s emphasis next year will be on supply-side reform, or a package of supply-side policies to release new demand and boost new productivity, the Global Times reported.

He was speaking on Monday at the conclusion of the Central Economic Work Conference, which was held along with the Central Urban Work Conference.

Economists said this means that China will no longer seek to fuel economic growth solely by using fiscal and monetary measures to boost capital investment, consumption and exports.

Instead, the government will be more focused on devising policies which, from the supply side, are aimed at helping the industries it wants to support. Outdated businesses will also be phased out.

The Central Economic Work Conference has pledged to launch a series of policies next year that have been discussed for a long time, including more tax cuts, incentives for specific industries, regulatory reforms and more aid to lift people out of poverty.

Source : IndianMediaBook - Bussiness

Canara Bank to raise Rs.2,400 crore through bonds

State-run Canara Bank on Tuesday said it will raise Rs.2,400crore through bonds to fund business expansion.

The coupon rate for the bonds is to be decided by the bond committee of the bank, it said in a statement.

The fund collected is intended to support asset growth during 2015-16 and also maintain a healthy level of Capital to Risk Weighted Assets Ratio (CRAR).

Source : IndianMediaBook - Bussiness

Modi to visit Russia, trade high on agenda

Prime Minister Narendra Modi will leave for Moscow on Wednesday to attend the 16th India-Russia annual summit meeting during which a number of bilateral agreements are expected to be signed, with trade being a major focus area.

This will be the first meeting between Modi and Russian President Vladimir Putin since the two had a formal interaction at the BRICS (Brazil, Russia, India, China, South Africa) summit in Ufa in July, Foreign Secretary S. Jaishankar said at a media briefing here on Tuesday.

“The visit will start with a private dinner hosted by President Putin on December 23. The actual summit will be held on December 24,” Jaishankar said.

He said Modi and Putin would also interact with Indian and Russian CEOs at the Kremlin.

“Then the prime minister would be addressing a gathering of the Friends of India and the Indian community at the Expo Centre in Moscow,” the foreign secretary said.

Modi will also visit the Russian Emercom agency, a centre for national disaster management forces, where he will be briefed on the real-time monitoring of civil emergencies.

“We have a very special strategic relationship with Russia and this spanned key sectors such as defence, nuclear cooperation and space,” Jaishankar said.

At the last summit held in New Delhi in December 2014, both Modi and Putin had given a lot of attention to expanding the economic pillars of the relationship between the two countries and that would continue to be a major issue in this summit as well.

In the New Delhi summit, the two countries also released a vision document called “DruzhbaDosti”.

Calling Russia an “old and trusted partner of India”, Jaishankar said the two countries’ approach to a lot of global and regional issues were very similar.

In the upcoming Moscow summit, he said, a number of agreements are expected to be signed covering a very range of fields.

“Our trade with Russia last year was a shade below $10 billion and we hope in the next 10 years to really take it up to $30 billion. So, expanding trade is a very big priority,” he said.

“Similarly, mutual investments are roughly around $11 billion of each other. We hope to take it up to $30 billion by 2025.”

According to Jaishankar, a lot of work has been done to facilitate trade and improve the investment climate.

“There have been discussions and understandings, for example, on the customs side, movement of goods,” he said.

Last year’s initiative to exhibit and promote the sale of diamonds has got off the ground and the Indian side was giving a lot of focus on agro-products.

“We had discussions with Russia on the Eurasian economic zone and the FTA (free trade agreement) with them. The study for that has been completed on our side,” the foreign secretary said.

He also said India has an understanding with Russia to build 12 nuclear power plants.

“That work is going on and the first plant at Kudankulam has been built and is in the process of getting connected to the grid,” Jaishankar said, adding that discussions were going on between the two sides on the rest of the plants.

On the defence side, he said Russia has been a very major military and strategic partner for India and there would be a lot of discussions in this connection.

“Similarly, on the energy and natural resources side, oil and even coal is an area in which we have a lot of interest in working with the Russians,” he said.

Stating that Russia has been historically an important technology partner of India, Jaishankar said: “Whether it is in super-computing, whether it is in heavy engineering, satellites on the space side and even in the area of renewable energy we think we can do a lot.”

He said a number of global issues with current relevance will come up for discussions between Modi and Putin.

Promotion of tourism and facilitating travel for people of the two countries will also come up for discussion.

Source : IndianMediaBook - Bussiness

India likely to see gradual growth recovery: Morgan Stanley

The Indian economy is expected to experience a gradual and sustainable recovery and post GDP growth of 7.5 percent this fiscal, American financial services firm Morgan Stanley said in a report on Tuesday.

“We expect a slightly slower pick-up in growth trajectory, given the trailing weakness from external demand and concerns about agriculture growth, with related impact on rural consumption,” Morgan Stanley said in a research note.

“We expect GDP growth (new series, on market prices) to accelerate gradually to 7.5 percent in financial year 2016 and 8.1 percent in fiscal year 2017,” it said.

India is decidedly moving out of the macro-economic adjustment phase and into the recovery phase aided by government policy actions and the Reserve Bank of India’s (RBI) monetary policy response, the brokerage firm said.

However, it would be a “longer-duration expansion cycle for India with low risks of overheating in the next two years, considering the overall policy approach of the government and RBI”, it added.

The report said the upside and downside risks to the forecast will be influenced by two key factors – the pace of policy actions to revive productivity dynamics and improve the growth mix, and the strength of external demand recovery and trend in capital inflows into emerging markets.

“We currently see risks to our growth outlook as evenly balanced,” it said.

Meanwhile, the government’s mid-year review released last week sharply lowered the economic growth forecast for the current fiscal to the 7-7.5 percent range, from the previously projected 8.1-8.5 percent, mainly because of lower agricultural output due to deficit rainfall.

It also said there may be a need to reconsider next year’s fiscal deficit target of 3.5 percent.

Source : IndianMediaBook - Bussiness

CCEA approves Rs.3,000crore scheme for fisheries

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minster Narendra Modi on Tuesday approved a Rs.3,000crore umbrella scheme for integrated development and management of fisheries.

“The central sector scheme covers development and management of inland fisheries, aquaculture, marine fisheries including deep sea fishing, mariculture and all activities undertaken by the National Fisheries Development Board (NFDB),” said a cabinet communique.

The scheme has six broad components: National Fisheries Development Board (NFDB) and its activities; development of inland fisheries and aquaculture; development of marine fisheries, infrastructure and post harvest operations; strengthening of database and geographical information system of the fisheries sector; institutional arrangement for fisheries sector; and monitoring, control and surveillance (MCS) and other need-based interventions.

The umbrella scheme also provides linkages and convergence with the shipping ministry’s Sagarmala Project, the Mahatma Gandhi National Rural Employment Guarantee Scheme, the Rashtriya Krishi Vikas Yojana and the National Rural Livelihoods Mission.

Source : IndianMediaBook - Bussiness

Cabinet nod for ONGC’s Rs.5,000crore investment in ONGC Videsh

The Cabinet Committee on Economic Affairs on Tuesday approved an investment of Rs.5,000crore to be made by public sector explorer ONGC into the equity share capital of its foreign arm ONGC Videsh.

“The Cabinet Committee on Economic Affairs has given its approval for investment of Rs.5,000crore by Oil and Natural Gas Company Limited (ONGC) into the equity share capital of ONGC Videsh by conversion of existing loan of equivalent amount into equity,” a cabinet communique said.

The approved investment will strengthen the capital base of ONGC Videsh, the statement said.

“It will enhance the ability of ONGC to undertake overseas exploration and production business, thereby improving the energy security of the country,” it added.

Source : IndianMediaBook - Bussiness

Jet Airways appoints Amit Agarwal as CFO

Private airline Jet Airways on Tuesday said it has appointed Amit Agarwal as its new chief financial officer (CFO).

“I am delighted that Amit Agarwal has joined Jet Airways as chief financial officer and a key member of our operating committee,” said airline chairman Naresh Goyal in a statement.

Earlier, Agarwal was the CFO of renewable energy company Suzlon.

A premier Indian airline, Jet Airways flies to 51 destinations within India and 22 across the world with a fleet of 115 aircraft.

Source : IndianMediaBook - Bussiness

Call drops to 4G: Full spectrum of bad, good for telecom

A successful auction of airwaves and the launch of 4G services were the high points for India’s telecom industry in 2015 even as the lingering problem of call drops and bottlenecks in infrastructure, notably on transmission towers, remained major areas of concern.

Early in the year, the country saw the biggest auction of spectrum when the government garnered Rs.1.10 lakh crore ($17.6 billion) to licence 380.75 MHz of airwaves in the 900 MHz, 1,800 MHz and 800 MHz and 2100 MHz bands across 17 out of 22 telecom circles.

The telecom service providers that participated in the marathon auctioning were: Idea Cellular, Bharti Airtel, Vodafone India, Reliance Communications, Reliance Jio, Tata Teleservices, Telenor and Aircel.

While the auction was welcomed, since availability of spectrum was a major cause for concern, the high bid prices proved to be a dampener.

“The outcome of the auction, in whichever manner, eventually led to significant outflow of funds and further burdened the industry, which remains under a debt of Rs.3.5 lakh crore ($53.8 billion),” Rajan S. Mathews, director general of the Cellular Operators’ Association of India, told IANS.

Mahesh Uppal, CEO of telecom consultancy firm Com First agreed, but said: “The high demand for spectrum made auctions was unavoidable. The challenge is to design better auctions where there is less incentive to bid as high as last time.”

But the auction over two straight years could not stop the menace of call drops. The problem took such a shape that even Prime Minister Narendra Modi voiced his concern. Communications Minister Ravi Shankar Prasad even said he did not want to be remembered as “call drop minister”.

The watchdog, on its part, also intervened and in mid-October directed mobile phone operators to compensate subscribers on call drops from Jan 1 at the rate of Re.1 for each failure — a decision that left the industry upset with legal help kept as an option.

There was also a related problem. Across the country, many telecom towers became inoperational as citizens started complaining that radiation emanating from it are health hazardous. This took its toll on telephone connectivity.

“The government will have to help by releasing more spectrum and make it easier and cheaper to install towers,” Uppal said.

“Call drops will be resolved when operators invest in enhancing network coverage. This, in turn, depends on current availability of spectrum, as well as future roadmap in receiving spectrum,” Romal Shetty, partner and head for telecom sector with KPMG-India, told IANS.

India also tried hard to catch up with the world in telecom technology. BhartiAirtel launched its fourth generation (4G) communications services in 296 towns across the country. Britain-based Vodafone launched the same on Dec 14, while Reliance Jio was expected to do so anytime.

“The 4G ecosystem is still weaker than 3G. For example, 3G devices are cheaper and more numerous than 4G devices. The 4G technology is new and expensive. The nature and size of customer demand for 4G is unclear,” Uppal said.

“Internationally, it took three-four years to roll out 3G and 4G services. We are not far back. Issues causing delay have been obtaining towers, right of way, RoW (right of way to deploy some crucial infrastructure) and power availability,” Mathews said.

“The availability of affordable smartphones has been another major constraint. Now that some of these issues have been addressed, we should expect to see rapid roll-out of 3G and 4G services,” the association chief added.

Another trending activity was tower sale by various operators. Industrialist Anil Ambani-led Reliance Communications signed a non-binding pact with the US-based Tillman Global Holdings and TPG Asia to sell its nationwide tower assets and related infrastructure for an undisclosed amount. Industry sources valued it at Rs.22,000crore (nearly $3.4 billion).

State-run Bharat Sanchar Nigam also got Cabinet approval to hive off its tower assets into a separate company. BSNL’s chairman-cum-managing director AnupamShrivastava told IANS that the valuation of it could be in the region of Rs.20,000crore ($3 billion).

Among the big ticket mergers and acquisitions was Reliance Communications’ accord to acquire the Indian telecom business of Russia’s Sistema, which operates under the ‘MTS’ brand, in a unique stock-cum-spectrum-fee payment deal.

The government also allowed spectrum trading in India to help telecom companies to buy and sell unused radio waves from each other, without waiting for the next round of auction. Also, spectrum sharing was allowed by the government, which is expected to improve the quality of telecom services.

Highlights of telecom industry in 2015:

* Biggest spectrum auction over 19 days mopped up $17.6 billion

* Government allowed spectrum trading and sharing

* Watchdog directs operators to compensate for call drops from Jan 1, 2016

* Tariff on national roaming sharply cut

* Service providers gear up for 4G launch

* Global leader Foxconn to invest $5 billion to make devices in India

* Debate starts over net neutrality with draft note awaiting government nod

* Mobile number portability made applicable pan-India

Source : IndianMediaBook - Bussiness

Key Indian equity indices surge 1 percent on global cues

Key Indian equity markets indices opened higher on Wednesday, in cue with Asian peers, as investors looked for fresh positions after profit taking the previous day. An hour into trading, they surged ahead even further.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 25,697.66 points, against the previous close at 25,590.65 points on Tuesday, was ruling at 25,844.46 points with a gain of 253.81 points or 0.99 percent.

At the National Stock Exchange (NSE), the broader 50-share Nifty was ruling at 7,859.25 points, with a gain of 73.15 points, or 0.94 percent.

On Tuesday, the Sensex, which had opened at 25,731.07 points, closed with a loss of 145.25 points or 0.56 percent. Similarly, the wider 50-scrip Nifty closed lower by 48.35 points or 0.62 percent.

Most Asian indices also inched up on Wednesday.

“US indices ended the day firmly in positive territory but off their highs for the session. The strength on Wall Street partly reflected optimism about the possibility of further Chinese stimulus following statements from government officials,” Angel Broking said in an analysis ahead of the opening bell.

“An increase by the price of crude oil also generated some buying interest, with crude for February delivery rising $0.33 to $36.14 a barrel in its first day as the front-month contract. European markets closed with mixed results as the gains and losses were rather modest, due to the light trading action,” it said.

“The approaching holiday season has many investors away from their desks. Energy and resource stocks were among the best performing stocks. Indian shares fell on profit taking Tuesday after the previous session’s rally and amid caution ahead of Christmas break.”

Source : IndianMediaBook - Bussiness

Letv launches world’s first mirror-surfaced fingerprint scanner smartphone

Internet conglomerate Letv has launched its flagship “superphones” billed as the world’s first smartphones with mirror-surfaced fingerprint recognition technology.

Le 1s and Le Max “superphones” have taken the fingerprint sensor to the next level through combining functionality, performance and aesthetics, the company said in a statement on Wednesday.

With the patented LeTouch technology, Le 1s fingerprint sensor enables flash recognition within just 0.15 seconds and 99.3 percent accurate identification.

It also allows touch in 360 degree to unlock the phone, with five fingerprints option available.

Installed at the back panel of the phone, LeTouch with mirror surface is anti-scratch.

Unlike painted sensors on most smartphones in the market, which have only hardness as much as 3H, the sensors on Le 1s boast a hardness of 6H, which does not hinder the performance of identification at all.

Some fashionistas said this sensor could be used as a mini make-up mirror.

Available in silver and gold, Le 1s is chic and elegant in appearance with in-built privacy security, state-of-the-art technology and top-of-the-line features.

The all-metal body phone has a 5.5-inch full high definition 1920 x1080-pixel resolution display.

The Le 1s powered by Android 5.0, but running a custom skin called EUI that delivers an interface similar to Apple’s iPhone.

Le 1s uses MediaTek’s Helio X10 Turbo octa-core processor packed with 3GB of RAM and 32GB of onboard storage.

It has a 13-megapixel quick auto-focus camera and 5-megapixel front shooter. It comes with an embedded 3,000mAh battery.

Launched in October in China, Letv’s Le 1s and Le Max smartphones are yet to be shipped to India.

Source : IndianMediaBook - Bussiness

Russia, India ‘unwavering friends': Modi

Russia and India are linked together with an unwavering friendship and strategic partnership, Prime Minister Narendra Modi said in an interview with TASS news agency ahead of his two-day visit to Moscow starting Wednesday.

“Russia is India’s unwavering friend,” Modi said.

“Russian citizens too maintained unwavering relations with India. And politically apart, the Russian citizens have shown considerable interest in the Indian traditions and India’s culture. And it makes our relationship stronger.”

Modi said that when he goes to Russia, “there is a thought in my mind that I have delayed the visit a bit”.

“But I am filled with enthusiasm that I’m going to a friend’s house. And visit a friend, the feeling of oneness, the emotions, I am feeling it.”

According to the prime minister, relations between India and Russia are linked together through the water, land and sky.

“Our defence source, defence power, in all these Russia is associated with us for all those years. Similarly, in the global environment, in times of crisis, where you need a friend, Russia has always stood with us,” he said.

“We never had to wait to know what Russia will do with us in this regard. We remain confident that we are doing this, Russia will do it with us,” he said adding that an atmosphere of trust continued between the two countries.

“And in this sense, our relationship, in one way is a new level of strategic partnership, which is taking us in that direction.”

The premier said he was “pleased to see where our relationship is today.”

“Russia was the first country with which we concluded a formal agreement on strategic partnership, which has since been elevated to the level of ‘special and privileged’ strategic partnership in recognition of our multifaceted bilateral engagement,” Modi said.

He said he saw positive signs of further growth owing to complementarities of both the countries.

“The strengths of Russia in science and technology, military technology and nuclear energy to name a few, complement the large market of India, expanding economy and demand of its young population. This provides us with the confidence that we can take forward our existing dynamic partnership,” the prime minister said.

Source : IndianMediaBook - Bussiness

Two wheelers to be exempted in odd-even formula

Two wheelers will be exempted from the odd-even formula that the Delhi government wants to implement in January to curb air pollution, an official source said on Wednesday.

Women driving car may also be exempted, the source added.

Source : IndianMediaBook - Bussiness

Micromax YU Yureka top searched phone on Google India

Micromax YU Yureka smartphone was the top trending mobile device on Google India in 2015, the global internet search engine giant said on Wednesday.

According to Google India’s “2015 Year in Search” results, Micromax and Lenovo smartphones captured three spots each under “Top Trending Mobile Devices” and Samsung Galaxy S6 and Note 5 did not feature in the top 10.

Micromax Yu Yureka features a 5.5-inch, 720p high-definition display and runs on Android 4.4 (KitKat) operating system. It has 1.7 GHz Cortex-A53 processor, 2 GB RAM and 16 GB onboard memory.

Second on the list was Apple iPhone 6s. The phone is the improved version of iPhone 6 offering upgrades in camera, battery life and 3D Touch that no other phone offers.

Next up is Lenovo K3 Note, which is powered by 1.7GHz octa-core MediaTek MT6752 processor and 2GB RAM. The phone packs 16GB of internal storage and is available for Rs. 9,999 on Flipkart.

Powered by 1.5GHz 64-bit octa-core MediaTek MT6752m CPU and 2GB RAM, the 5.5-inch 720p high-definition display Lenovo A7000 has taken fourth spot in the top 10 list.

It runs on Android 5.0 (Lollipop) operating system, has 8-megapixel primary and 5-megapixel fixed focus front camera.

Next is Moto G3 which was launched in mid 2015. It features a 5-inch high-definition display with Corning Gorilla Glass 3, Qualcomm Snapdragon 400 processor featuring a 1.4 GHz quad-core CPU for seamless multitasking.

Following Moto G3 was Canvas Sliver 5. Featuring Hollywood actor Hugh Jackman in its ad, Micromax claimed that it is the thinnest and lightest phone in the world.

Running on 64 Bit Qualcomm Snapdragon 410, 1.2GHz Quad Core processor and 2GB RAM, the phone has 4.8-inch high-definition display with Corning Gorilla Glass 3 and 1280×720 resolution.

It has an eight megapixel Sony autofocus primary camera with wide angle lens, 2000mAh battery life, 16 GB onboard memory and Android 5.0 (Lollipop).

Featuring eighth on the list, Samsung Galaxy J7 was launched in July and the 4G-enabled smartphone features a 5.5-inch display, 1.5 GHz Octa-core processor, 1.5 GB RAM, 13-megapixel primary camera and 3,000 mAH battery. It runs on Android 5.0 (Lollipop) operating system.

The Moto X Play comes next with 5.5-inch display, 1.7GHz octa-core Qualcomm Snapdragon 615 processor assisted by 2GB of RAM, 21 MP camera and Android 5.1 (Lollipop) operating system.

The last entry, Micromax Canvas Spark is a decent option for those on a budget. It comes with 4.70-inch 540×960 display powered by 1.3GHz processor alongside 1GB RAM and 8-megapixel rear camera.

Google’s “Year in Search” offers a perspective on the year’s biggest interests, major events, and hot trends reflecting the aspirations, thoughts and imagination of Indians online.

The “Year in Search” also included lists of top trending movies, personalities and sportspersons, among others.

Source : IndianMediaBook - Bussiness

Committed to develop tourism in northeast India: Taj Hotels

Taj Hotels Resorts and Palaces, India’s leading luxury hotel chain owned by the Tata Group, on Wednesday affirmed its commitment to the development of the hotel and tourism sector in the northeast region.

“We remain very committed to the development of the hotel and tourism industry in Assam and beyond in the northeast for we know the future lies to our east.

“We know we must develop the infrastructure in order to develop the people and human capital of Assam and the northeast. We are duty bound to do that,” Managing Director and Chief Executive Officer, Taj Hotels Resorts and Palaces, Rakesh Sarna said here.

Speaking at the launch of the Vivanta by Taj here, Tata Group chairman Cyrus P. Mistry hoped the hotel would boost tourism in Assam and the region.

“It will spur tourism in the region: in Assam, in other parts of the northeast and neighbouring countries,” Mistry said.

India’s northeast, said Mistry, “will also be a natural gateway for us and other Indian business to access key markets with which India is building long-term relationships: Bhutan, Bangladesh, Thailand, Myanmar and China”.

Assam Chief Minister TarunGogoi formally opened the hotel by unveiling a plaque in the presence of Mistry and Sarna.

Gogoi hoped Assam would emerge as the hub of not only the northeast India but also of the south Asian countries.

“The message to the whole world is peace has returned to Assam… stability has returned to Assam. We want to be the hub of not only northeast India but also southeast Asian countries. There is a lot of potential. This Guwahati is definitely going to be the hub of whole of southeast Asian countries,” he said.

Equipped with 150 guestrooms, the hotel’s main pavilion is based on the famed Kamakhya temple in Guwahati while the motifs represent Assam’s strong tradition of woven crafts.

Bangladesh approves $12.65 billion n-plant

Bangladesh’s cabinet committee on purchase on Wednesday approved a proposal to establish a 2,400-MW nuclear power project at a cost of $12.65 billion.

The proposal was approved at a meeting of the country’s cabinet committee on purchase with Finance Minister A.M.A. Muhith in the chair in the capital Dhaka here on Wednesday, Xinhua reported.

Prime Minister Sheikh Hasina’s ruling Bangladesh Awami League party said “Rooppur Nuclear Power Plant” to be constructed in the country’s Pabna district, 216 km west of, was part of the government’s vision to produce 20,000 MW of power by 2021.

The Bangladesh government on December 15 reportedly finalised the biggest ever investment project in the country by inking an initial agreement with Russia.

Source : IndianMediaBook - Bussiness

Karnataka eyes Rs.1 lakh crore at investors’ meet

The Karnataka government on Wednesday set a target of Rs.1 lakh crore in investments at the upcoming Global Investors’ Meet (GIM) to be held here from February 3-5, an official said on Wednesday.

“In view of the overwhelming response to our road shows held across the country and overseas, we are setting a realistic target of Rs.1 lakh crore from the GIM-Invest Karnataka 2016,” state additional chief secretary Ratna Prabha told reporters.

In the run-up to the event, Karnataka organised 72 Business to Government (B2G) meetings in Delhi, Mumbai, Hyderabad, as well as the US and France identifying 12 focus sectors.

In the road shows in India, the state received investment proposals worth Rs.25,000crore and is hopeful of receiving more from domestic and overseas investors during the summit, said Prabha.

According to an audit committee meeting held on November 27, another Rs.36,193crore worth of projects were in the pipeline, said an official statement.

Major investments so far include a Rs.2,300 crore Asian Paints plant in Mysuru, Rs.1,000 crore GSK pharmaceutical plant, Rs.600 crore Tata Power SED plant in Vemgal, Scania bus plant in Narasapura and Toyota engine plant in Bengaluru among others.

Source : IndianMediaBook - Bussiness

Chicago University gets $1 mn to collaborate with Lucknow NGOs

The Center for Inter-disciplinary Inquiry and Innovation in Sexual and Reproductive Health (Ci3) at the University of Chicago will get a $1 million grant for the next two years from the Bill and Melinda Gates Foundation, an official said on Wednesday.

Ci3’s newly launched Transmedia Story Lab (TSL) will collaborate with leading non-governmental organisations in Lucknow to train them in novel, youth-friendly data collection techniques.

Together with their community partners, Ci3 will conduct workshops with Lucknow youth aged 15-24 using games, storytelling and art to learn more about the daily lives of young people to better understand the social determinants of adolescent reproductive health and well being.

Digital storytelling will anchor the project.

Digital stories are short, first person documentaries produced with music, images and narratives of young people communicating their daily lives, hopes and dreams.

The storytelling methodology helps to paint a rich portrait of the lives of young people living in urban slums, enhance the field’s understanding of gender and social norms and create new insights for improving adolescent sexual and reproductive health and reducing the unmet need for family planning.

Workshops will be accompanied by interviews with policy makers, non-governmental organisations, parents and healthcare providers.

In the second year, Ci3 will create a small grants programme to invest in young people’s ideas on how best to advance the lives of girls in India.

This project also reflects Ci3’s commitment to developing novel partnerships. Ci3 will work with the University of Chicago alumnus Sandeep Ahuja MPP ’06, director of Operation ASHA, an international leader in tuberculosis (TB) eradication.

Operation ASHA is known for its innovative approaches and outcome-oriented research.

Ci3 recently launched Transmedia Story Lab which builds upon South Side Stories, a two-year project funded by the Ford Foundation.

Culminating in the summer of 2014, South Side Stories chronicled and digitally archived stories that countered dominant narratives about African- American adolescent’s sexuality.

Founded in 2012, Ci3 is a University-wide centre established to empower young people and remove policy and systemic barriers to sexual and reproductive health and well being.

Ci3 develops novel interventions using technology, games and narrative in collaboration with youth, partner organisations and University faculty.

Source : IndianMediaBook - Bussiness

India likely to ink $600 mn Kamov chopper deal with Russia

As Prime Minister Narendra Modi arrived in the Russian capital for summit-level talks on Wednesday, a $600 million deal with Moscow for the purchase of Kamov helicopters is on the cards, with a large “Make in India” component, sources here said.

“This project will be implemented under the inter-governmental pact between India and Russia,” a source said.

“Out of 200 Kamovs, some 60 will be made in Russia and the remaining will be assembled and manufactured in India under the public private partnership mode.”

State-run Hindustan Aeronautics Limited is the lead for the Indian side.

Recently, Defence Minister Manohar Parrikar had visited Moscow and the Kamov project was among the items on his agenda for discussions with the Russian side. Ahead of the visit, the minister had specifically mentioned the Kamov project.

“For example, the project for joint production of Kamov Ka-226 helicopter — I hope to use my visit to have it inked on paper when the prime minister arrives. Also the purchase of S-400 missile systems. We anticipate these projects to be coordinated by next month,” he had said.

Source : IndianMediaBook - Bussiness

China to continue financial support for Tibet

China will continue preferential financial policies to support Tibet for the next five years.

Pan Gongsheng, deputy head of the People’s Bank of China on Wednesday urged commercial banks to provide more credit resources for Tibet while risks are under control, Xinhua news agency reported.

He stressed on diversifying financial businesses and increasing branches in Tibet, and encouraging qualified capital to establish small institutions like private and village banks.

More direct financing and financial bonds are expected to facilitate enterprises, especially small and micro businesses, in Tibet.

Liu Shiyu, chairman of Agricultural Bank of China, said the bank has set up 511 branches in Tibet and will try to establish financial services in all counties with access to highways, electricity and phone signals by the end of 2016.

Heads of Agricultural Development Bank and People’s Insurance Group also said there will be more capital and policy support for Tibet’s local financing and industrial expansion.

Source : IndianMediaBook - Bussiness

Ratan Tata invests in services firm UrbanClap

Leading multi-utility services provider Urban Clap on Thursday announced that Tata Sons chairman emeritus Ratan Tata had invested an unspecified amount in it in his personal capacity.

“Tata’s personal investment in our unique start-up is a testament to the market opportunity and calibre of our team, which is building a valuable marketplace,” the Gurgaon-based UrbanClap said in a statement here.

As a marketplace to hire professionals for local services, the over-year-old start-up offers about 80 types of services in six places – Bengaluru, Chennai, Hyderabad, Mumbai, Delhi NCR (National Capital Region) and Pune – across the country.

The enterprises enables customers to get services of various traders such as plumbers, electricians, carpenters, a beautician, a yoga trainer, a math tutor or a wedding photographer.

About 25,000 professionals in diverse occupations are registered with the firm, co-founded by Abhiraj Bhal, Varun Khaitan and Raghav Chandra in October 2014.

“We are well positioned to create thousands of jobs for service professionals and spawning a new breed of micro-entrepreneurs,” the company claimed.

Prior to Tata investing, the company raised $25 million from venture funds led by Bessemer Venture Partners on November 19 in the second round and $10 million in first round from Accel, SAIF partners and e-tailer Snapdeal co-founders Rohit Bansal and Kunal Bahl.

Source : IndianMediaBook - Bussiness

US seeking common ground with India on climate deal

Starting with President Barack Obama, the US is making a concerted effort to seek common ground with India with assurances to help countries adapt to the impacts of climate change, says the White House.

“Anytime you negotiate an agreement with more than 180 countries, there are going to be a lot of issues to work through,” White House press secretary Josh Earnest told reporters on Wednesday.

“So, I’m not sure that that statement is quite entirely fair to the Indians” to describe them as the “biggest obstacle” to a climate change deal, he said.

“But there’s no denying that there has been a concerted effort on the part of the United States, starting at the level of the president, but also including the rest of our negotiating team to seek common ground with the Indians,” Earnest said.

The US also sought “to reassure them about our commitment to investments moving forward and helping countries adapt to the impacts of climate change”.

It also wanted to make “sure that those countries are demonstrating a commitment of their own to reducing carbon polluting, and joining the rest of the world in the fight against climate change”, Earnest said.

Asked if Obama in his call on Tuesday with Prime Minister Narendra Modi previewed a proposal by Secretary of State John Kerry to expand the amount of money available to developing nations, the official said he didn’t have a more detailed readout of their call.

But “I can tell you that, in general, that US support both in the public sector and the private sector for efforts to assist countries as they adapt to the impacts of climate change is something that President Obama and Prime Minister Modi have discussed extensively over the last several weeks and months”.

“This was something that was discussed extensively when the president sat down face-to-face with Prime Minister Modi just last week when they were both in Paris,” he said.

“So I wouldn’t be surprised if it came up in their conversation.”

Given its commitment “to those kinds of investments”, Earnest said: “We want to make sure that there is also a commitment on the part of the Indians and the other 180 or so countries that have showed up to Paris to make serious down payments on cutting carbon pollution”.

“A commitment to doing that is not automatically in direct conflict with the kind of economic priorities that many of those countries have identified for themselves,” he said.

Earlier at a New York Times Energy for Tomorrow Event in Paris, Kerry describbed Modi as “a really interesting leader who is appropriately seized by technology and by the possibilities, and he faces this enormous challenge also”.

“India, a very poor country, has an enormous challenge of bringing Indians in to the modern economy,” he noted.

“Their baseline needs for energy production to keep their economy going are what they are. And he doesn’t have the luxury of cutting that off and then still growing and moving.”

“So we’ve got to help,” Kerry said. “Everybody has to help. And there are ways we think we can help – technology transfer, adaptation, mitigation.”

“There are things we can do. We really want a joint venture, work with India to try to do it just as we are with China.”

“We have an obligation, I think, to try to do that, and we’re trying to work through the modality of how do you present that, what’s appropriate, what can we do politically and what can we do substantively. And we’re trying to get there,” Kerry said.

Source : IndianMediaBook - Bussiness