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Hello Jammu News at 11:29:00 PM 0


New Delhi, Jun 15 :  The goal of making India a USD 5 trillion economy by 2024 is "challenging, but achievable" with the concerted efforts of states, Prime Minister Narendra Modi said at the fifth meeting of NITI Aayog's Governing Council here Saturday

The meeting is being attended by all chief ministers, except Mamata Banerjee (West Bengal) and K Chandrashekhar Rao (Telangana), and senior union ministers

Modi, according to an official release, stressed that NITI Aayog has a key role to play in fulfilling the mantra of "Sabka Saath, Sabka Vikas, SabkaVishwas"

Recalling the recent general elections as the world's largest democratic exercise, the prime minister said that it is now time for everyone to work for the development of India

He spoke of a collective fight against poverty, unemployment, drought, flood, pollution, corruption and violence

The goal to make India a USD 5 trillion economy by 2024 is challenging but can surely be achieved and stressed that the states should recognise their core competence, and work towards raising GDP targets right from the district level

Amid several parts of the country facing drought-like situation, Modi called for effective steps to tackle it by adopting 'per-drop, more-crop' strategy

He said that the newly created Jal Shakti Ministry will help provide an integrated approach to water and states can also integrate various efforts towards water conservation and management.  [Agencies]
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Hello Jammu News at 4:26:00 PM 0

New York, Oct 3: Pepsico's Indian-origin CEO Indra Nooyi, who will step down Wednesday after 12 years at the helm of the global beverage giant, said that "lot of fuel" is still left in her "tank" and she looks forward to doing something different with her life and spend more time with her family.

Chennai-born Nooyi not only broke the glass ceiling in corporate America when she was named CEO of the global beverage giant in 2006 but, through her journey, inspired millions of young Indians who dreamed of and aspired to emulate the success the India-born woman achieved in America.

In her concluding remarks during PepsiCo's Third Quarter 2018 Earnings Conference Call on Tuesday, Nooyi said, "You know 12 years is a long time as a CEO, and even though I have a lot of fuel still left in my tank. I wanted to do something different with my life. Spend more time with my family and give the next generation in PepsiCo a chance to lead this great company."

Nooyi said she has been blessed to have had the opportunity to lead PepsiCo and work with such incredible people including our outstanding board, executives and other associates, our customers and other partners, our shareholders and all our other stakeholders.

Nooyi will step down after 24 years with the company, the last 12 as CEO. She will remain Chairman until early 2019 to ensure a smooth and seamless transition.

PepsiCo's Board of Directors had in August announced that they unanimously elected Ramon Laguarta, 54, to succeed Nooyi, 62, as Chief Executive Officer. Laguarta was also elected to the company's Board of Directors, effective October 3.

One of the most powerful and influential business leaders in the world, Nooyi was regularly featured on power lists compiled by Forbes and Fortune magazines. She was also among the few female executives to lead global corporate giants. Just under five per cent of Fortune 500 companies currently have a female CEO.

Apart from being a prominent face of women leadership across the world, she was also the epitome of success for the millions of young Indians who aspired to be like her as they watched her journey through the ranks of PepsiCo and eventually leading the global conglomerate.

She was among the first of a handful of India-born executives to helm global corporates. Nooyi was appointed as CEO in 2006, becoming PepsiCo's fifth chief executive in its 41-year history, and the first woman.

Nooyi, a mother of two daughters, was also very vocal about the challenges women faced in trying to find a balance in managing their home and work. She had famously said at an Aspen Ideas Festival in Colorado in 2014 that women "cannot have it all."

In a parting letter she wrote before stepping down as CEO, Nooyi shared some reflections on what she has learnt during her tenure and the lessons that have guided her throughout my career.

"Think hard about time," she said. "We have so little of it on this earth. Make the most of your days, and make space for the loved ones who matter most. Take it from me. I've been blessed with an amazing career, but if I'm being honest, there have been moments I wish I'd spent more time with my children and family. So, I encourage you: be mindful of your choices on the road ahead, she said.

Nooyi wrote in the letter that serving as PepsiCo's CEO has been the honour of a lifetime.

Now it's on to the next adventure for us all. Thinking about my life beyond PepsiCo, I'm reminded of the words of the great Sufi mystic Rumi, she said. Quoting Rumi, she said, Goodbyes are only for those who love with their eyes. Because for those who love with heart and soul, there is no such thing as separation.

In the conference call, Nooyi said throughout her tenure, PepsiCo has strived to achieve a difficult balance between attending to short term pressures while managing for the long-term.

She noted that PepsiCo has made positive contributions to communities around the globe in which it operates through its support of access to clean drinking water, human rights, nutrition, agricultural programmes and many more initiatives.

She said in the midst of managing the business for the long-term, PepsiCo also delivered strong and consistent financial performance specifically during the period 2006 to 2017.

Net revenue grew more than 80 per cent and the company added a new billion dollar brand almost every other year. We return USD 79 billion to shareholders through dividends and share repurchases. Our market capitalisation increased by USD 68 billion. Dividends per share nearly tripled from USD 1.16 to USD 3.17, and we generated total shareholder return of 162 per cent, she said.

The quarterly earnings report on Nooyi's final day on the job beat analyst estimates. Revenue rose 1.5 per cent to USD 16.5 billion while earnings totalled USD 1.59 a share, both figures beating analyst estimates.

Nooyi described her successor Laguarta as a terrific executive with a long and proven track record of growing businesses. She said he has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully.

She expressed confidence he will lead PepsiCo to "new and greater heights in the years to come. (PTI)
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Hello Jammu News at 1:50:00 PM 0

Washington, Sep 21: Nikki Haley, the US Ambassador to the UN, on Thursday slammed The New York Times for publishing a wrong story about expensive curtains at her official residence despite knowing the actual facts.

Last week the The New York Times alleged that the US State Department spent about USD 52,701 last year on customised and mechanised curtains for the official residence of Haley at a time when the department was undergoing deep budget cuts and had frozen hiring.

The report had said that Haley is the first US ambassador to live in the residence, located in a new building just blocks away from the UN headquarters.

"I hadn't even taken the job when these curtains were picked out. And so, the idea that this came out, we told the reporters that these were the facts. They knew the facts and they released the story anyway," Haley told Fox News in an interview on Thursday.

Haley, 46, is the highest ranking Indian-American in the Donald Trump administration.

Haley said that every where she went she was asked about the curtains.

"All last weekend, every day wherever I went, people were asking me about my curtains. The damage is done once the story is out. I appreciate the retraction but that story follows you everywhere you go. But that's the tough part about public life now, she said.

The original version of the story was titled "Nikki Haley's View of New York is Priceless. Her Curtains? USD52,701." 

The daily later said that the headline and the story gave an incorrect impression.

"An earlier version of this article and headline created an unfair impression about who was responsible for the purchase in question," the daily said a day later. 

"The article should not have focused on Ms Haley, nor should a picture of her have been used," the New York Times said.

The headline was a later changed to "State Department Spent USD52,701 on Curtains for Nikki Haley's Residence. (PTI)
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Hello Jammu News at 4:22:00 PM 0

Washington, Sep 19: China has taken out USD 500 billion and more a year from the US to rebuild itself, President Donald Trump has said as he defended his controversial trade policies, including the latest move to slap duties on USD 200 billion worth of Chinese imports.

Trump's remarks came a day after Trump announced that the US will slap 10 per cent tariffs on USD 200 billion worth of Chinese imports and the duties will rise to whopping 25 per cent at the end of the year.

"If you look at what's going on, our market is going up like a rocket ship. I don't want their market to go down, but their market is down 32 per cent in three months. Because we can't let them do anymore what they've done," he said.

He said China rebuilt itself with the "tremendous amount" of money pouring out of the US.

"Over the last number of years, China has taken out of this country USD 500 billion and more a year. That would go a long way for Poland, wouldn't it? You could rebuild your whole country. And that's what China did," he said addressing a joint news conference with the visiting Polish President Andrzej Duda at the White House.

Poland is a member of the European Union.

Trump said he keeps a close watch on trade deficits as it was "very important".

Trump has repeatedly pointed to the large US trade deficit as one of the primary reasons his administration has embarked on trade fights with China, the European Union, Canada and Mexico.

"When a country has USD 375 billion in trade deficits, and then many billions of dollars in other liabilities of all different types, one has to do something about it," said the US President.

Trump said the US has become a "piggy bank" to the world.

"We have been ripped off by China. We've been ripped off by the European Union We've been ripped off by everybody," he said.

Responding to a question on his announcement of trade tariffs against China, Trump said, "It got to a point where the numbers were too big. This should have been done for the last 20 years. If you look at the World Trade Organisation, that's when China really happened, economically. It was like a rocket ship, because they took advantage of the rules of the WTO."  (PTI)
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Hello Jammu News at 3:36:00 PM 0

New Delhi, Sep 19: An Indian man has been arrested by customs officials for allegedly trying to smuggle out foreign currency worth Rs 51.64 lakh at Delhi airport, according to an official statement issued Wednesday.

The accused was intercepted at the airport on Tuesday. He was to travel to Bangkok.

"Due to suspicion, detailed personal search was done and examination of the baggage of the passenger subsequently resulted in the recovery of foreign currency amounting to USD 72,900 which he was attempting to smuggle out of the country illegally," the customs department said in the statement.

The foreign currency, equivalent to Rs 51.64 lakh, has been seized and the passenger was arrested, it said. (PTI)
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Hello Jammu News at 4:55:00 PM 0

Changzhou, Sep 18: Olympic and world championship silver-medallist P V Sindhu Tuesday progressed to the pre-quarterfinals of the USD one million China Open World Tour Super 1000 tournament here.

The third-seeded Indian defeated World No. 39 Saena Kawakami of Japan 21-15, 21-13 in the opening round at the Olympic Sports Center Xincheng Gymnasium.

The match started out as a close contest with Sindhu and Saena before the Indian broke off to grab a 13-7 lead at one stage. She kept dominating the rallies and pocketed the opening game without much trouble.

In the second game, Sindhu zoomed to a 6-0 lead but Saena managed to make it 8-10 before the Indian entered the interval with a slender 11-9 lead.

After the break, Sindhu jumped to 15-11 before grabbing eight match points at 20-12 and sealed it comfortably. (PTI)
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Hello Jammu News at 4:44:00 PM 0

Washington, Sep 18: US President Donald Trump on Tuesday slapped 10 per cent tariffs on USD 200 billion worth of Chinese imports and the duties will rise to whopping 25 per cent at the end of the year, escalating the trade war with the world's second largest economy.

The tariffs on USD 200 billion worth of products comes on top of the USD 50 billion worth already taxed earlier this year.

The next wave of tariffs, which are scheduled to go into effect on September 24, will start at 10 per cent before climbing to 25 per cent on January 1.

The staggered increase will partially reduce the toll of price increases for holiday shoppers buying Chinese imports in the coming months.

Alleging that China has been unwilling to change its unfair trade practices, Trump said the new additional tariff structure would give fair and reciprocal treatment to American companies.

"Further, if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately USD 267 billion of additional imports," Trump warned.

After a thorough study, the US Trade Representative (USTR) concluded that China is engaged in numerous unfair policies and practices relating to United States technology and intellectual property such as forcing United States companies to transfer technology to Chinese counterparts, Trump said.

These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy, he added.

"For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies. We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said.

"But, so far, China has been unwilling to change its practices," he said.

China, he said, has had many opportunities to fully address US concerns.

"I urge China's leaders to take swift action to end their country's unfair trade practices," Trump said.

The US has already levied tariffs on USD 50 billion worth of Chinese products. Beijing responded with measures targeting USD 50 billion on American goods, raising fears about damage to the American farm industry.

Some administration officials have pushed for additional talks with China. But Trump contended last week that the US was under "no pressure" to reach an agreement.

China's foreign and commerce ministries have said Beijing would hit back if the US moved forward with tariffs.

But Trump said he hopes the situation will be "resolved, in the end, by myself and President Xi [Jinping] of China, for whom I have great respect and affection."

Economists warn the tariffs could chip away at economic growth in the US.

A senior administration official told reporters that China has had many opportunities to change those practices.

By imposing such a tariff, the official said, the US is not trying to constrain China's growth.

"We have no problem with China trying to grow its economy, trying to lift its people out of poverty, that's a good thing. But, in doing so, they can't take actions that deliberately discriminate against other countries; actions that hurt American workers. And they can't take actions that entirely flout the rules of the international trading system," the official said.

"But this is an effort to work with China and say, it's time that you address these unfair trading practices that we have identified, that others have identified, and which have harmed the entire global trading system," the official asserted.

At the same time, the official said, the US remains open to negotiations. (PTI)
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Hello Jammu News at 1:25:00 PM 0

Washington, Sep 14: A Redmond-based information technology staffing company was asked to pay over USD 300,000 to its 12 H-1B employees for paying them far below their salary and has been imposed a penalty of over USD 45,000 for violating the labour provisions.

The US Department of Labour Wage and Hour Division (WHD) during an investigation found the company, which has offices in Bengaluru and Hyderabad, violated the labour provisions of the H-1B visa programme by paying its guest workers far below the required wages, a media release said Thursday.

As a result, People Tech Group Inc has been asked to pay its 12 employees USD 309,914 and has been slapped with a penalty of USD 45,564, it said.

Investigators found that the company paid entry-level wages to H-1B computer analysts and computer programmers who performed the work of much more experienced employees and should have received higher prevailing rates, the Department of Labour said.

The People Tech Group also failed to pay workers for the time when it did not provide them work, as the law requires, the department said.

"The intent of the H-1B foreign labour certification program is to help American companies find the highly skilled talent they need when they can prove that a shortage of US workers exists," said Wage and Hour Division Acting District Director Carrie Aguilar in Seattle.

"The resolution of this case demonstrates our commitment to safeguard American jobs, level the playing field for law-abiding employers, and ensure no one is being paid less than they are legally owed," Aguilar said.

The Wage and Hour Division has listed nearly 30 companies as willful violator employers under the H-1B programme.

As per the list maintained since 2013, a majority of willful violators are Indian Americans or companies owned by them. At least 10 companies, which includes eight willful violators, have been debarred or disqualified from hiring foreign guest workers on H-1B visas. (PTI)
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Hello Jammu News at 1:01:00 PM 0

San Francisco, Sep 8: Alibaba co-founder and chief Jack Ma announced he will leave from the Chinese e-commerce giant Monday to devote his time to philanthropy focused on education.

Ma was an English teacher before starting Alibaba in 1999 and built it into a multibillion-dollar internet colossus.

His own worth has soared along with that of the company, which was valued at USD 420.8 billion based on its share price at the close of trading on Friday.

Ma told The New York Times that he plans to step down from the company, referring to his retirement as "the beginning of an era" rather than an end.

After being knocked back by US venture capitalists in 1999, cash-strapped Chinese entrepreneur Ma persuaded friends to give him USD 60,000 to start an e-commerce firm called Alibaba.

As he prepares to leave the company, Ma is among China's super rich. His net worth was estimated at USD 36.6 billion by Forbes.

Ma will turn 54 years old on Monday, the day he is retiring.

He gave up his university teaching job after discovering the internet.

Seeing an opportunity for small businesses to buy and sell their goods online, he started Alibaba, initially running the company out of his apartment in the eastern city of Hangzhou.

"The first time I used the internet, I touched on the keyboard and I find 'well, this is something I believe, it is something that is going to change the world and change China,'" Ma once told CNN.

Ma has inspired strong devotion among his employees and users, drawing comparisons with late Apple co-founder Steve Jobs -- although he practiced a more open management style.

A devotee of tai chi, he has made references to Chinese martial arts in both business strategy and corporate culture.

Porter Erisman, a former Alibaba employee who made a documentary about the firm, "Crocodile in the Yangtze," said: "What Silicon Valley is known for, he embodies a lot of that with Chinese characteristics -- that spirit of openness, risk-taking, innovation."

Ma graduated from the Hangzhou Teachers College with a major in English-language education, and went on to teach at another university in the city, where Alibaba is still headquartered.

Chinese state media have burnished his rags-to-riches story, saying his parents were poorly educated and his father depended on a monthly retirement allowance of just USD 40 to support the family.

Ma's success was evident after Alibaba's Taobao bested eBay in China, forcing the US auction site to largely withdraw from the country in 2006. (AFP)
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Hello Jammu News at 1:45:00 PM 0

Washington, Sep 5: US Secretary of State Mike Pompeo has defended the Trump administration's decision to cut USD 300 million aid to Pakistan, saying Islamabad did not make satisfactory progress in combatting terrorism.

Pompeo is arriving in Islamabad along with General Joseph Dunford, Chairman of the Joint Chiefs of Staff, days after the Trump administration cancelled USD 300 million in military aid to Pakistan as it was not doing enough against terrorist groups inside its borders, the latest controversy to hit Islamabad's troubled relationship with Washington.

Pompeo's talks will be the Trump administration's first high-level dialogue with Pakistan since the new government of Prime Minister Imran Khan assumed office after the July 25 elections.

Talking to reporters travelling with him hours before landing in Pakistan, the Secretary of State said: "The rationale for them (Pakistan) not getting the money is very clear. It's that we haven't seen the progress that we need to see from them".

The top American diplomat, during his meeting with Khan, army chief Gen. Qamar Javed Bajwa and Foreign Minister Shah Mehmood Qureshi, would convey the same message of acting tough on terrorist organisations in Pakistan.

"The very reason for this trip is to try and articulate what it is our expectation is, the things that they can do, the things that they expect us to do, and see if we can't find a path forward together," Pompeo said amid reports that the Pentagon has sought a Congressional approval to reprogramme USD 300 million meant for financial assistance to Pakistan because of the lack of progress in fight against terrorism.

However, Pompeo said that this was not news for Pakistan.

"Look, this wasn't news to the Pakistanis. It made a lot of headlines over the last few days because of the formality... but they were told this past summer that they weren't likely to get that money," he said.

Ahead of the meeting with Khan, Pompeo hoped that they can turn the page and begin to make progress.

"There are real expectations. We need Pakistan to seriously engage to help us get to the reconciliation we need in Afghanistan... They have important interests, security interests in Afghanistan to make sure they get the issues at their border right, and we need their help," Pompeo said.

On his first trip to Pakistan after Khan became the Prime Minister, Pompeo said he wanted to get there at the beginning of Khan's tenure in an effort to "reset the relationship" between the two countries.

"We have worked closely with the Pakistanis in my role as the CIA director. Our teams have been working together for a long time. There are lots of challenges between our two nations for sure, but we're hopeful that with the new leadership that we can find common ground and begin to work on some of our shared problems together. They have expressed good-faith intention to do so," the Secretary of State said.

Pompeo said that he and Dunford would have opportunities to walk through the complexity that is this relationship and hopefully begin to make some progress so that they can get back to a set of common understandings.

"So that's really the very straightforward objective. I think it's important to meet the new prime minister early on in his time in office," Pompeo said.

Responding to a question, Pompeo said that US aid to Pakistan could be restored, but he has not seen the progress yet.

"We certainly haven't seen the progress that we would hope to have seen, certainly not progress that would be sufficient for us to have advocated for turning back on that financial support," said the top American diplomat.

"Would that aid be back on the table if you do see measures that meet yours," he was asked.

"I think the answer is probably yes," Pompeo said.

"If we get to the place you have to remember what it was. Some of this was we use the term 'aid' loosely there. It's more complicated; it's different sets of resources.

"But we were providing these resources when they made sense for the US, when it made sense because the partnership was in a place that the actions of our two countries, it made sense to do that. If that arises again, I am confident we'll present to the President the rationale for that, and then something like that might make sense," Pompeo added. (PTI)
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Hello Jammu News at 3:27:00 PM 0

Washington, Sep 4: An activist who has spent 40 years fighting for Rohingya rights in Myanmar will donate USD 1 million, he received as prize money for his work, to provide medical aid and assistance to around 3,75,000 Rohingya refugees staying across South East Asia.

More than 700,000 Rohingya Muslims have fled Myanmar's violence hit Rakhine state to neighbouring Bangladesh since August when the military intensified crackdown against alleged militant outfits of Rohingya Muslims.

Some have also fled to Malaysia.

Aurora Prize laureate Kyaw Hla Aung, also a noted lawyer, on Tuesday announced he would donate his USD 1 million award money towards humanitarian relief work among Rohingya refugees.

He was given the award this year for his fight against injustice and advocating on behalf of the Rohingya people.

The money will be distributed among three international organisations -- Medecins Sans Frontieres (MSF), the International Catholic Migration Commission (ICMC) and MERCY Malaysia -- providing medical aid and assistance to Rohingya refugees across South East Asia, the Aurora Humanitarian Initiative (AHI) has announced.

MSF UK will receive USD 400,000, while MERCY Malaysia and the ICMC USD 300,000 each. This initiative will benefit around 3,75,000 Rohingya refugees, a media release said.

The AHI, founded on behalf of the Armenian Genocide survivors, seeks to help those in urgent need of basic humanitarian aid.

MSF is directing the funds to further advance the emergency response in the Balukhali Makeshift Settlements in Bangladesh, the AHI said.

The organisation estimates that it will benefit approximately 2,50,000 Rohingya refugees, it said.

MSF has hugely increased its operations in response to the unfolding of the humanitarian crisis in Bangladesh's Cox's Bazar where several Rohingyas, who fled their homes in Myanmar's Rakhine state, are living.

Our team of more than 2,000 staff is running 10 health posts, four primary health centres (open around the clock), and five inpatient health facilities (providing 24-hour secondary healthcare).

"This potential support comes at a crucial time, especially as the Monsoon season approaches and with it the likelihood of devastating flooding and landslides in the camps, MSF executive director Vickie Hawkins said.

The ICMC is allocating its share of the Aurora funds to two initiatives directed at empowering Rohingya refugees in Klang Valley and Kuala Lumpur in Malaysia .

It also aims at improving damaged infrastructure at the Kutupalong Camp settlement in Bangladesh. The ICMC estimates that over 20,000 people will benefit from these projects.

We would use the Aurora award to advance our work with Rohingya and other refugees in Malaysia and elsewhere, Secretary General, ICMC, Monsignor Robert J Vitillo, said

MERCY Malaysia will use its share of the funds to provide primary and maternal health care, and operational support to Rohingyas by collaborating with the Rakhine State Health Department in the Sittwe IDP camps and Kyauktan village.

MERCY Malaysia estimates that over 1,00,000 Rohingya people will benefit from this initiative. (PTI)
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Hello Jammu News at 4:07:00 PM 0

New Delhi, Sep 3: Gold prices drifted lower by Rs 100 to Rs 31,250 per 10 gram at the bullion market Monday, snapping its three-day rising streak, amid weakening global trend and easing demand from the local jewellers.

Silver followed suit and slumped below the Rs 38,000-mark by plunging Rs 650 to Rs 37,700 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said sentiment turned bearish on the back of weak trend overseas where gold edged lower with prices breaking back below the psychological USD 1,200 level as the dollar rose on the back of worries about escalating global trade tensions.

Globally, gold fell by 0.17 per cent to USD 1,198.80 an ounce and silver by 0.52 per cent to USD 14.43 an ounce in Singapore.

Besides, a fall in demand from local jewellers and retailers at existing levels in the domestic spot markets, too, dampened the sentiment, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity declined by Rs 100 each to Rs 31,250 and Rs 31,100 per 10 gram, respectively. The precious metal had gained Rs 270 in the last three days.

Sovereign gold, however, remained flat at Rs 24,500 per piece of 8 gram.

Silver ready also dipped by Rs 650 to Rs 37,700 per kg and weekly-based delivery by Rs 420 to Rs 36,695 per kg.

Silver coins, too, dropped by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (PTI)
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Hello Jammu News at 5:59:00 PM 0

New Delhi, Aug 22: Continuing its upward trend for the third straight day today, gold prices gained another Rs 50 to Rs 30,650 per 10 grams at the bullion market on the back of sustained buying by local jewellers amid firm global cues.

However, silver eased by Rs 50 to Rs 38,100 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said persistent buying by local jewellers to meet the ongoing festive season demand at the domestic spot market and firm trend overseas kept gold higher.

Globally, gold rose 0.45 per cent to USD 1,195.50 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 50 each to Rs 30,650 and Rs 30,500 per 10 grams, respectively. The precious metal had gained Rs 350 in the last two days.

Sovereign gold also edged up by Rs 100 to Rs 24,500 per piece of eight grams.

On the other hand, silver ready declined by Rs 50 to Rs 38,100 per kg, while weekly-based delivery held steady at Rs 36,950 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (PTI)
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Hello Jammu News at 3:09:00 PM 0

Mumbai, Aug 13: The outlook for the country's banking sector is likely to remain negative until its capital position strengthens in proportion to the bad loans and weak financial performances, according to Fitch Ratings.

The rating agency said the USD 151-billion stock of bad loans remains a risk for the sector's weak income base, which is vulnerable to ageing provisions and slower non-performing loans (NPLs) resolution.

"Outlook on the Indian banking sector is likely to remain negative until the banks address their weak core capital positions against mounting bad debt and poor financial performance," it said in a report today.

The capital position of state-run banks banks is most at risk, with the core capital ratios of 11 of the 21 public sector banks (PSBs) below the 8 per cent common equity tier 1 (CET1) regulatory minimum that will come into place at the end of FY19, according to the report.

The rating agency believes the country's banks will need USD 40-55 billion in additional capital to meet the Basel-III requirements by 2019.

Of this, the state-run banks will require the bulk of the amount and most of the capital is likely to be used for meeting minimum capital requirements and absorbing non-performing loans provisions, around three quarters of which are in the form of CET1, the report said.

Fitch Ratings said the government is likely to be forced into providing most of the required capital, since capital raising remain challenging due to state-owned banks' weak equity valuations.

Last October, the government had announced Rs 2.11 lakh crore capital infusion programme for the state-run banks, spread over two fiscals years - 2017-18 and 2018-19.

As per the plan, the PSBs were to get Rs 1.35 lakh crore through re-capitalisation bonds, and the balance Rs 58,000 crore through raising of capital from the market.

Out of the Rs 1.35 lakh crore, the government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during FY19.

The report further said that banks' credit costs rose sharply following regulatory changes aimed at accelerating bad-loan recognition.

It resulted in losses that cumulatively eroded nearly all of the USD 13 billion in government capital injected in FY18, adding to capital positions which were already weak, the report said.

In FY18, loan growth improved to 10.4 per cent, from 4.4 per cent in FY17.

"This improvement was shouldered by a few large banks, and sustaining the growth momentum will be difficult without adequate capital replenishment," the report said.

The financial of large private-sector banks weakened further in FY18, but are better than those of their state-owned counterparts, 11 of which are under the central bank's prompt corrective framework, it added.

The report believes the sector's legacy problems have been largely recognised, but the system NPL ratio could witness more upside due to residual stress and new risks emerging out of the retail and SME sectors. (PTI)
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Hello Jammu News at 6:55:00 PM 0

New Delhi, Aug 11: Gold prices rebounded by Rs 180 to Rs 30,700 per 10 grams at the bullion market today on emergence of brisk buying by local jewellers even as the metal weakened overseas.

Silver also recaptured the Rs 39,000-mark per kg by gaining Rs 105 due to increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet festive season demand at domestic spot market led to the recovery in gold prices but a weak trend overseas squeezed the gain.

Globally, gold fell 0.07 per cent to USD 1,211.20 an ounce and silver by 0.94 per cent to USD 15.28 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 180 each to Rs 30,700 and Rs 30,550 per 10 grams, respectively. The metal had lost Rs 65 in the previous three sessions.

Sovereign, however, remained steady at Rs 24,600 per piece of eight grams in scattered deals.

In line with the overall trend, silver ready also recovered by Rs 105 to Rs 39,000 per kg, while weekly-based delivery shed Rs 35 to Rs 37,965 per kg.

Silver coins spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces. (PTI)
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Hello Jammu News at 5:53:00 PM 0

Bangkok, Aug 9: A Thai court today sentenced a disgraced former monk to 114 years in prison, a court official said, more than a year after he was extradited from the United States.

Wiraphon Sukphon made headlines in 2013 when footage emerged of him wearing designer aviator sunglasses with a Louis Vuitton bag on a private jet.

The 39-year-old fled to the US but was sent back after he was accused of raping a minor and deceiving donors who gave him money to build the world's largest emerald Buddha image.

A further probe revealed he owned luxury cars and multiple bank accounts valued at about USD 700,000.

Wiraphon was convicted of money laundering, fraud and violating the Computer Crime Act for raising funds online, a Bangkok court official told AFP.

"Judges convicted him and sentenced him altogether to 114 years," the official said, adding that under Thai law Wiraphon would not serve more than 20 years for the convictions.

Wiraphon was also required to return 28.6 million baht (USD 861,700) to 29 donors who filed complaints.

The ruling on the rape charge is expected in October, a public prosecutor said.

The monk is accused of having sex with an under-age girl around a decade ago and fathering a child with her. He faces the prospect of an additional 20 years behind bars if convicted.

Thailand is mostly Buddhist and the religion is woven into everyday life, with most men spending at least some time in a monastery as novice monks.

But the junta that seized power in 2014 has taken a strong line against a Buddhist clergy mired in scandal.

Extortion, sex and drug cases tied to the clergy have shocked the public, and authorities last year floated the idea of introducing digitised ID cards to better track monks with criminal convictions.

In May the abbot of the tourist magnet "Golden Mount" temple in Bangkok surrendered to police after USD 4 million was found in bank accounts in his name.

Police are also investigating whether millions of dollars under control of the National Office of Buddhism was misused.

In a high-profile case in February 2017, troops laid siege to the temple of a mega-rich Dhammakaya sect on the outskirts of Bangkok for weeks in an effort to find and detain its controversial abbot, who remains at large despite accusations of massive fraud. (AFP)
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Hello Jammu News at 4:35:00 PM 0

New Delhi, Aug 8: Gold prices softened by Rs 20 to Rs 30,565 per 10 grams at the local market today owing to a slackened demand from local jewellers despite a firm trend in overseas markets.

Silver followed suit and cracked below the Rs 39,000-mark by falling Rs 85 to Rs 38,915 per kg due to reduced offtake by industrial units and coin makers.

Marketmen attributed the slide in gold prices to easing demand from local jewellers and retailers at current levels in the domestic spot market but a firm trend overseas capped the fall.

Globally, gold rose 0.32 per cent to USD 1,214.40 an ounce and silver by 0.39 per cent to USD 15.40 an ounce in Singapore.

Trading volume remained thin due to diversion of funds by investors towards soaring equity markets, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 20 each to Rs 30,565 and Rs 30,415 per 10 grams, respectively.

Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.

On the other hand, silver ready declined by Rs 85 to Rs 38,915 per kg and weekly-based delivery by Rs 65 to Rs 37,965 per kg.

Silver coins also dropped by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces. (PTI)

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Hello Jammu News at 12:43:00 PM 0

Washington, Aug 8: The Trump administration announced today that it would impose 25 per cent tariffs on imports of 279 items from China amounting to USD 16 billion.

This is the second tranche of such tariffs and comes into effect on August 23.

Washington had already imposed tariffs on USD 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from US companies.

This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said.

After coming to power, the Trump administration has initiated steps to address the issue of massive balance of trade with China and to the alleged Chinese theft of intellectual property.

In March 2018, the USTR had released the findings of its "exhaustive" Section 301 investigation that found China's acts, policies and practices related to technology transfer, intellectual property, and innovation are "unreasonable and discriminatory and burden US commerce".

The investigation had revealed that China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from US companies and it deprives US companies of the ability to set market-based terms in licensing and other technology-related negotiations.

It also found that China directs and unfairly facilitates the systematic investment in, and acquisition of, US companies and assets to generate large-scale technology transfer.

The USTR claimed that China conducts and supports cyber intrusions into US commercial computer networks to gain unauthorized access to commercially valuable business information.

The world's two biggest economies are locked in a trade dispute.

But there seems no solution at sight as the Trump administration prepares for tariffs of up to 25 per cent on an additional USD 200 billion in Chinese products. (PTI)
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Hello Jammu News at 6:03:00 PM 0

New Delhi, Aug 7: Silver fell by Rs 200 to Rs 39,000 per kg at the bullion market today owing to reduced offtake by consuming industries gold prices remained flat on scattered deals.

Traders attributed the slide in silver prices to easing demand from industrial units and coin makers at the local spot market.

However, gold ruled flat at Rs 30,585 per 10 gram in limited deals, despite a better trend overseas.

Globally, gold rose by 0.25 per cent to USD 1,210.20 an ounce and silver by 0.72 per cent to USD 15.36 an ounce in Singapore.

In the national capital, silver ready drifted down by Rs 200 to Rs 39,000 per kg, while weekly-based delivery recovered by Rs 120 to Rs 38,050 per kg on speculative buying.

However, silver coins remained steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

On the other hand, gold of 99.9 per cent and 99.5 per cent purity ended flat at Rs 30,585 and Rs 30,435 per 10 gram, respectively. The precious metal had gained Rs 150 in the previous three days.

Sovereign also remained unaltered at Rs 24,600 per piece of 8 gram. (PTI)
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Hello Jammu News at 6:08:00 PM 0

Beijing, Aug 1: China's government has warned it will retaliate if Washington imposes new trade penalties following a report the Trump administration will propose increasing the tariff rate on an additional USD 200 billion of Chinese imports.

A foreign ministry spokesman, Geng Shuang, warned Tuesday that Beijing will "definitely fight back" to defend its "lawful rights and interests." He gave no details of possible retaliatory measures.

Bloomberg News reported, citing three unidentified sources, the Trump administration would propose imposing 25 percent tariffs on a 200 billion list of Chinese goods, up from the planned 10 percent.

The two sides have imposed 25 percent tariffs on billions of dollars of each other's goods in a dispute over China's technology policy. (AP)
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