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- Maharashtra: Teachers say election duty will lead delay in checking SSC papers
- Ahmedabad: Defrauder arrested after 17 years on the run
- Mukesh Ambani needs an investor to back his next big disruption - economic news of india - world economic news - economics news for students - indian economy news
- A nasty tax surprise may be coming your way - economic news of india - world economic news - economics news for students - indian economy news
- Is your job in trouble? Here's how to find out - economic news of india - world economic news - economics news for students - indian economy news
- Untrained ATC officials manning flights, claims study - economic news of india - world economic news - economics news for students - indian economy news
- Miraj Cinemas plan 200 screens in 15 months - economic news of india - world economic news - economics news for students - indian economy news
- Wind projects exit Gujarat as leasing land gets tougher - economic news of india - world economic news - economics news for students - indian economy news
- Sebi plan to build KYC database of beneficial owners irks FPIs - economic news of india - world economic news - economics news for students - indian economy news
- Bullish sentiment, Re’s gain take Nifty’s 2019 returns to +ve zone - economic news of india - world economic news - economics news for students - indian economy news
- Nasscom, MeitY in talks to open up FutureSkills doors - economic news of india - world economic news - economics news for students - indian economy news
- MSME sector added up to 14.9 million jobs per annum in last four years, claims CII survey - economic news of india - world economic news - economics news for students - indian economy news
- This Lok Sabha polls, candidates will have to advertise their criminal records
- Bihar LRC recruitment: Apply for 6875 posts, salary up to Rs 59,000
- Huawei Watch GT Active, Elegant to launch alongside the P30 series on March 26
- Model Code of Conduct come into force: Nirmala Sitharaman shuns special aircraft
- India vs Australia: Shikhar Dhawan admits that team read conditions wrong in successive games
- US woman stuck in Saudi Arabia granted legal residency
- PUBG Mobile India Series 2019: Team Soul wins the tournament with Rs 30 lakh prize money
- Iran’s Hassan Rouhani begins official visit to Iraq, hopes for better trade ties
- Watch: Manchester United’s Chris Smalling shoved by fan during Arsenal game
- Ethiopian Airlines grounds its Boeing 737 MAX 8 fleet
| Latest World News, World News, Current Affairs, Daily Current Affairs Posted: 11 Mar 2019 05:25 AM PDT
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| World News Updates, World News, Current Affairs, Daily Current Affairs, World News Updates Posted: 11 Mar 2019 02:22 AM PDT
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| World News, World News Updates, World News Headlines, Latest World News, Current Affairs Posted: 11 Mar 2019 01:48 AM PDT
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| Maharashtra: Teachers say election duty will lead delay in checking SSC papers Posted: 11 Mar 2019 12:05 AM PDT Maharashtra: Teachers say election duty will lead delay in checking SSC papers Members of Maharashtra state board teachers' association, who are assigned with checking test papers, have been assigned election duties through letters. Source: DI  | ||||||||||||||||
| Ahmedabad: Defrauder arrested after 17 years on the run Posted: 11 Mar 2019 12:05 AM PDT Ahmedabad: Defrauder arrested after 17 years on the run A team from the Special Operations Group (SOG) of the city police nabbed Paresh Thakkar, 50 from Mumbai while he was there to visit his sister. Source: DI  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Mukesh Ambani needs an investor to back his next big disruption Global pension and sovereign wealth funds and long-only infrastructure-focussed financial investors have been sounded out as Reliance Jio Infocomm's efforts to monetise its pan-India optic fibre assets to deleverage its balance sheet gather momentum.Three investment banks—Moelis, Citi and ICICI Securities—have been appointed to reach out to potential investors across the Americas, Middle East and Asia, and Australia, according to people with knowledge of the matter.Reliance is in the process of demerging the fibre assets into a separate company which could then be monetised via a sale and leaseback or infrastructure investment trust (InvIT) structure. However, it is keen to continue as the sponsor of the InvIT and even retain a minimum 15% stake in it. In that case, the remaining 85% will be sold to five global investors. Potential investors are said to include Canada Pension Plan Investment Board (CPPIB), Caisse de Dépôt et Placement du Québec (CDPQ), Abu Dhabi Investment Authority, Qatar Investment Authority, Kuwait Investment Authority, Kingdom Holdings, Khazanah, Allianz and Macquarie among others. The valuation of the fibre assets is expected to be $6-8 billion.The talks are still preliminary in nature and management meetings are expected to kick off in the coming weeks. The company is expecting to complete the transaction by the middle of the new financial year. The final deal contours will evolve as negotiations progress.Liabilities to Go Down: CFOA Jio spokesperson declined to comment.In January, after Q3 results, Reliance executives had spoken about demerging the fibre and tower businesses into Jio Digital Fibre Pvt Ltd and Reliance Jio Infratel Pvt Ltd, respectively. This move was a precursor to transferring fibre and tower assets into two separate firms to monetise them via a sale and leaseback or InvIT structure. Reliance Jio Infratel is expected to be sold separately to Canadian investor Brookfield.Brookfield, along with a clutch of insurers including ICICI Prudential, family offices of Russell Mehta and Poonawalla family, is also buying East West pipeline for $2 billion and will transfer the asset into a separate InvIT, ET reported on February 11. 68350813 "The end objective will be to have different set of investors who would want to run these companies. This means that these assets go off our balance sheets, so the liabilities also go down," RIL's joint CFO Srikanth Venkatachari said in January.Industry experts believe even though Singapore's Temasek and GIC — perceivably aligned to Bharti — may not be tapped for Jio, most other longterm capital pools will be tapped. "They have different return thresholds too compared to a fund like SoftBank or a private equity fund," said an executive whose firm has been approached.BACKBONE TO FUTUREJio operates 220,000 towers and over 300,000 route kilometres of fibre. The telco, backed by a Rs 3 lakh crore capital investment, said its home broadband and enterprise service —JioGigaFiber—has seen strong customer interest across 1,400 cities. It had notched up 280.1 million subscribers at the end of Q3. Jio is the key tenant of the fibre backbone but in the future it may lease out the pipe to others as well. Incremental capital expenditure related to network infrastructure will also be made by the InvIT, which will lower Jio's capex intensity."With DSL and ethernet forming 75% of current fixed-line broadband connections, a strong fibre offering by Jio could drive market-share gains," said CLSA's Deepti Chaturvedi and Akshat Agarwal. "Jio has reiterated target of 50 million home broadband subscribers. We estimate that 10 million subscribers at Rs 700 average revenue per user would add incremental Rs 11,000 crore to capex and Rs 3,500 crore to ebitda (13% of FY20CL ebitda) and $4.4 billion to Jio's EV."According to their estimates, Jio's net debt is at Rs 1.12 lakh crore, including Rs 21,100 crore in spectrum liabilities due to the government at December-end. The firm clocked an ebitda (earnings before interest, taxes, depreciation and amortisation) of Rs 4,053 crore in the third quarter, which annualises to over Rs 16,000 crore, putting the new entrant's leverage ratio at around 7x.Chairman Mukesh Ambani had announced plans to launch Jio GigaFiber at the 2018 AGM. Although timelines have not been specified, Jio is putting the fibre network in place to deliver fibre-to-the-home (FTTH) services ahead of its shift to 5G.The Jio GigaFiber service, which will threaten existing broadband, DTH and cable TV operators, will offer a combination of services including high-speed internet access, video on demand, broadcast and IPTV, music, video conferencing and ecommerce among others, all enabled by a single connection. Using the same pipe it also seeks to provide new generation services like internet of things and home security. It has also acquired controlling stakes in Hathway and Den Networks, two of India's largest cable TV operators, and have invested in content production directly through Viacom 18 (via TV18 Broadcast) as well as acquired non-controlling interest in several content firms.Reliance is building this quadruple play by bundling connectivity, carriage, content and commerce to gain a higher share of consumer wallets and stickiness, comparable to that of Alibaba and Amazon. As per estimates by UBS, the consumer-centric ecosystem can generate 47% of RIL's consolidated ebitda by FY23. However, the capital expenditure of the consumer-facing businesses is likely to remain high due to intensifying competition and hence the net debt will expand even in FY20, declining only from FY21, analysts at the Swiss investment bank have said.Jio's rivals are seeking to match the competition. Bharti Airtel is in talks with Vodafone Idea to create a fibre joint venture similar to their co-owned tower company, Indus Towers. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT A nasty tax surprise may be coming your way MUMBAI: Some taxpayers may be in for a nasty surprise in the next few weeks if the taxman has his way.The income tax (I-T) department is stepping in to lift some of the stay orders obtained by taxpayers from appellate tribunals which function as quasi judicial authority.The rationale behind the department's action is a Supreme Court ruling that stay orders, irrespective of whether a case is criminal or civil, will not extend beyond six months except in exceptional cases.Thus, the department is focusing on cases where I-T Appellate Tribunal (ITAT) has extended stay orders beyond six months.The move is aimed to shore up revenue before March 31: if a stay can be vacated in the next few weeks, the taxpayer would come under immediate pressure to pay up before fiscal closing."But the SC's decision may not apply to proceedings before ITAT as ITAT is not a court and tax proceedings cannot be equated with trials," said senior chartered accountant Dilip Lakhani.A few applications (to vacate stay orders) have already been filed in ITAT and more are expected by March 15, sources told ET. It is learnt that the decision to move ITAT was endorsed by PC Mody, chairman, Central Board of Direct Taxes (CBDT), during a recent video conference with senior tax officials.The tax department's desperation stems from a stiff target of Rs 12 lakh crore fixed in the Interim Budget. Total net collection as on March 7, 2019, was a little over Rs 8.45 lakh crore — up from Rs 7.79 lakh crore till February 20.Tax professionals, who are familiar with the department's high-pitched demands, delayed refunds, and aggressive recovery of tax deducted at source (TDS) are somewhat taken aback by the recent development."Considering the facts of a case, the ITAT judiciously grants extension beyond 6 months... in case where Tribunal has given ruling in favour of the assessee after interpreting the law in a particular manner, and on the same law point there is a subsequent SC decision overruling the earlier position, then it can be construed that there was mistake apparent from record; but, when ITAT has stayed the demand based on facts the above principle of law cannot apply," said Lakhani. In the case Asian Resurfacing of Road Agency & others versus Central Bureau of Investigation (CBI), which the I-T department is relying on, the apex court on March 28, 2018, said: "Delay in trials affects the faith in Rule of Law and efficacy of the legal system. It affects social welfare and development. Even in civil or tax cases it has been laid down that power to grant stay has to be exercised with restraint… In cases where stay is granted in future, the same will end on expiry of six months from the date of such order unless similar extension is granted by a speaking order. The speaking order must show that the case was of such exceptional nature..."Having received the assessment order, a taxpayer can first challenge the order before Commissioner of I-T Appeals and is required to deposit 20% of the amount on obtaining a stay; if the appeal is dismissed, the assessee can move the ITAT. The Tribunal may grant a stay for six months and even extend it for another six months but rarely beyond a year."This means assessees would now need to approach high court for reinstatement of stay after 6 months. The department's stance is purely aimed at augmenting collection.A stay pending justice is a right which assessees enjoy... Such applications by the department may not carry the right message, particularly for high-pitch assessments….," said Mitil Chokshi, partner at Chokshi & Chokshi.CBDT's responseResponding to ET's query, a CBDT spokesperson said: "…the department in its normal course of functioning is interested in the expeditious disposal of each case on merits, including those involving stay matters. Each case needs to be taken to a logical conclusion which may, at times, necessitate moving for vacation of stay depending on the facts of each case.That it may result in a collection of revenue may only be incidental." "The apex court in its recent decision has also endorsed periodic review of such matters, an action which is routinely being done by the department while monitoring all cases, including those which may involve stay matters," the person added. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Is your job in trouble? Here's how to find out NEW DELHI: One of the biggest uncertainties in an employee's life is triggered by two small words: "You're fired!" With a family to support, bills to pay and EMI liabilities to take care of, the sudden truncation of income can let loose untold trauma. This havoc was probably played out in countless homes last year, with 1.09 crore job losses reported in 2018 by the Centre for Monitoring Indian Economy (CMIE). Nearly 83% of these were in rural India and, in urban areas, it was limited to specific sectors and industries.The telecom sector saw a major disruption in 2018, with BSNL reportedly asked to remove 35,000 employees, Aircel letting go of 5,000, and Telenor firing as many as 700 staffers. "The telecom sector endured a difficult year, whittling the playing field from eight to four, due to pricing pressures, technology transformation and unsustainable debt," says Paul Dupuis, MD & CEO, Randstad India. The tech sector, too, witnessed downsizing, with Cognizant laying off 200 people and SAP letting go of 300-400 staffers.Some of these sectors may continue to go slow this year. "The year 2019 will be one of cautious growth in terms of headcount addition by India Inc," says Dupuis. "Telecom, construction and real estate, and BPO/ITeS will see the slowest job creation this year," says Neeti Sharma, Senior Vice-President, TeamLease. On the other hand, the sectors that will show growth include IT, infrastructure, manufacturing and healthcare, as per Randstad. Some HR firms are more upbeat about jobs in 2019, with Mercer India claiming that more than 50% of companies intend to increase hiring and only 3% firms may reduce the headcount.Losing a job is not merely a function of macro factors, such as overall economic slowdown or poor sectoral performance. It could be just your company that has fallen into bad times or, more likely, your own performance that has left a lot to be desired. Whatever the reason for dismissal, it seldom comes without a warning. There are signs aplenty to watch out for before the axe comes. Has the company imposed a hiring freeze or are you the only one who has missed out on an increment this year? Is your relationship with the boss deteriorating or are new people being brought in to do the same job as yours? Are you witnessing an exodus in the company or are you suddenly missing out on all the plum assignments?"Awareness is key to staying a step ahead of being laid off. Awareness with regards to the company's financials and operational health can help serve as a barometer for whether or not you are in danger of losing your job," says Dupuis. While there's little you can do to alter the macro factors, upgrading your performance is in your own hands. So be vigilant and tune into the skills that are likely to be in demand in the coming years, or upskill yourself to stay at the top of your career.In the following pages, we will list six indicators to show if you are on the verge of losing your job and the steps you can take to mitigate this risk. Pay heed and you may never have to hear those two dreaded words.1. You've got poor appraisal & incrementHave you received consistently poor appraisals and less-than-average increments for two or three years running? It is a red flag that is hard to miss and one of the clearest indicators of what's in store.However, low increments should not be seen in isolation. If these are low across the board, it could be because of the company's underperformance or cost-cutting measures undertaken to tide over a bad patch. These could also reflect the industry or sector's trend over the years. For instance, the sectors projecting a double-digit increment in India have come down over the years, with only five sectors projecting a double-digit increment in 2019, according to Aon, a professional services firm. Employees, as per Aon, can expect an average hike of 9.7% in 2019, which is marginally higher than the previous years. So, if you get a 8-9% hike, it will reflect good performance, not bad.If, however, you receive a low increment, but the company and sector are doing well, you clearly are not. If the firm ever considers downsizing, you may be among the first to be fired. What to doThe first step is to talk to your boss or HR official to know the reason for the poor increment. "You could have been passive at work and may not have shown too much interest. Whatever the reason, if you act upon the feedback, you could have the promotion or hike," says Sharma."Have another chat to fix targets that are linked to the next promotion and obtain commitments and resources for the same," says Devashish Chakravarty, CEO, QuezX.com & Head Honchos. "If a promotion is unworkable due to no vacancies, evaluate whether promotion is important or only increment is adequate," he says.Also read: This is the key to job security2. You are losing plum projects, are out of loopAre important assignments that you handled earlier being passed on to juniors or other colleagues? Are you being left out of meetings that used to give credence to your inputs and opinions? It's also possible that budgetary constraints are being imposed on you and you are being hauled up for minor administrative lapses. All these are surefire indicators that you are no longer in favour with the authorities. If you want to stay relevant in the organisation, find out the reason for this change of heart at the earliest.A common culprit is competitiveness. Insecurity or rivalry could see your immediate boss or a team member taking credit for your inputs or creating an impression that you are not contributing as well to the organisation as you actually are. It's also possible that you have inadvertently said or done something that has not gone down well with the bosses or some of your actions or words have been misunderstood or interpreted wrongly.What to doFirstly, introspect if you have been the cause of your own downfall. Have you performed, said or acted in a way that could have offended the bosses? If you can't pinpoint it, talk to colleagues or your manager to clarify.Have a candid chat with your boss to understand why you are being sidelined and what you can do to change the situation. If the fault lies with you, accept it and commit to rectify it. If, however, the problem has become deep-seated and there is little you can do to resolve the problem, you may have to start looking for a new job.3. You are not learning new skills, stagnating at workYou should start to feel concerned if you have been performing the same tasks at work for more than a couple of years. "Performance is a prerequisite to ensuring that the employee is identified as a high performer or one with high potential by the organisation," says Dupuis.If you are not innovating, improvising and outperforming to contribute to the company's profits or visibility, you are likely to be branded a non-performer eventually. This could translate to an early exit if the company considers slashing jobs. "So it makes sense to be proactive to ask for intervention if one has hit a plateau in one's career," says Dupuis. This can be done by talking to your boss and requesting a redefinition of your work profile. You could also shift laterally in the organisation to fit into a role that suits your skills. Make sure you continuously upgrade and develop new skills or upskill yourself (see How to upskill) through specialised training courses.What to doTo ensure that you stay ahead of the curve and competition, learn to exit the comfort zone. "Volunteer new stuff, suggest initiatives, help colleagues, look for lateral transfers, and train to up your game," says Chakravarty. "It is also essential to identify roles that will allow you to grow, take up new challenges and show innovation at work," says Sharma. If things don't work out, find a new job for yourself.4. Machines are being brought in to do your workA development that signals distress for employees and has been in the making for a few years is automation and artificial intelligence. As per a survey on the future of jobs in India by EY and Nasscom, technology adoption will change the job scenario by 2022, with 9% people in jobs that don't exist currently, 37% in jobs with altered skill sets and 54% in unchanged jobs. Another study by PwC states that AI will replace jobs ranging from 3% by 2020 to 30% by mid-2030s in the US. So what are the indicators that you could be replaced by a machine?"The roles that require manual intervention, follow a standardised procedure and are repeatable will be impacted. Machine learning and robotic process automation will reduce the number of people required for customer service, back-office and testing roles, impacting the ITeS, IT and consumer-facing industries," says Dupuis. The other jobs include those in BPOs, data entry and basic banking operations. So take heed if you are performing any of these roles. And act.What to do"AI is here to stay and the sooner we understand it, the better it will be. The one way to combat it is to acquire new skills rather than become obsolete," says Sharma. You will not only need to keep up with the pace of digitisation by improving tech skills, but also focus on more niche segments. Another way is to upskill yourself by opting for in-house courses or getting fresh degrees.Also read: Where are the jobs in 2019? Find out5. Relationship with boss or colleagues is deterioratingHas your boss started ignoring your suggestions and mails, or is criticising your work? Are you having verbal spats with him in front of colleagues? If the disagreement is healthy and the criticism constructive, ignore it. But if the problem is deeper, spawning from personal or professional reasons, you will either have to find a way to bring the relationship on an even keel, or quit.Having frequent disagreements with your co-workers can also work against you. "The first to get fired are the ones who don't get along with others even if they are performing decently," says Chakravarty. "Bosses don't want the morale to suffer, so unpopular people are fired earlier for minimum impact on the team," he adds.What to doThe first step is to identify the problem. "Find out if the work-related, behavioural or personal problem involves both the parties or if it has been triggered by a specific incident," says Sharma. If it is professional and you are at fault, take responsibility and find ways to improve.If the friction still remains and the relationship is unworkable, seek a role or job where you can add more value because if you don't trust your boss, or vice versa, you will never be able to deliver your best. "If, on the other hand, the problem is personal, be outstanding professionally and impeccable in social behavior," says Chakravarty. It's difficult to get rid of an over-achiever or a popular person.6. Your firm is cutting costs or has imposed a hiring freezeYour job could be in danger not for any fault of yours, but simply because the industry or your company is going through a bad phase. In such a case, it could impose temporary cost-cutting measures in the form of withdrawal of perks or a hiring freeze. If things become worse or the financial problems last longer, as in the case of several telecom companies last year, the firm may even consider letting go of its employees. If this happens, the staffers in non-core functions will be the first to exit before the focus shifts to employees in core areas.You could also lose your job if the company undergoes a change in business strategy, or if it witnesses a merger and reorganisation. For instance, the merger of two e-commerce portals, Jabong and Myntra, both owned by Walmart, resulted in a loss of 200 jobs last year. Another indicator is the loss of senior-most employees or star performers. Conversely, a new boss could result in sifting and firings.What to doWhile there is little you can do to retain your job, tracking developments involving your company can prepare you for the eventuality. Keep tabs on the company's performance, as well as the sector, in the broader context. A gradual exodus of staffers and persistently low increments could also indicate danger to your job. If you suspect firings, update your resume, circulate it among head hunters and start a search for a new job.Also read: Top career skills to acquire in 2019What not to do if you are at risk…To protect your job and reputation, don't react impulsively and remain professional.1. Don't bad-mouth your boss or companyYou haven't lost your job yet. Talking ill about your boss or firm on social media may hasten your exit. Or worse, it will reflect poorly on your ethics if seen by prospective employers and scuttle your chances of getting a new job.2. Don't jump the gun and quit your jobThere's a chance that you may not lose the job. By acting hastily and accepting the first job offer that comes your way, you may find yourself saddled with a worse job without recourse to an easy exit.3. Don't stop working or be unprofessionalEven if you think you are losing your job, don't stop working. If at all, work harder and put in your best performance. Your work ethic and professionalism may be noticed and things may turn out differently for you.4. Don't wait to be fired, update resumeDon't preempt your dismissal, but be prepared. Update your resume and circulate it. Start a discreet search for a new job without letting others know about it.5. Don't lose emotional control at workDon't be frazzled by the negativity in office or rumours about your impending lay-off. Remain calm and don't talk about your fears or feelings to colleagues. Don't become offensive or defensive and certainly don't grovel before your boss to save your job. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Untrained ATC officials manning flights, claims study NEW DELHI: The Aircraft Accidents Investigation Bureau (AAIB) has said that some of the staff guiding planes at the country's air traffic control towers were not qualified to do so in a preliminary report on a near miss over Nagpur airspace that was released last month.The main reason was "handling of aircraft by an untrained/unauthorised radar controller, who was only trained to handle air traffic in the non-radar environment/procedural/planning," AAIB said, regarding the Nagpur incident.The AAIB said this wasn't the first time its inquiries had uncovered the presence of untrained air traffic controllers (ATCOs) guiding flights. On earlier occasions, 19 unauthorised ATCOs were found in Nagpur, 85 in Delhi and 20 in Varanasi.ET has seen a copy of the AAIB report."Detection of such a large number of untrained radar controllers guiding flights is a serious concern and should be looked into," said a government official, who did not want to be identified.The AAIB, which was formed in 2012 to investigate serious air accidents by the civil aviation ministry, was investigating the near miss between aircraft belonging to IndiGo and Emirates in January last year.The IndiGo plane at 33,000 feet had been asked to descend to 25,000 feet, bringing it close to the Emirates aircraft that was at 30,000 feet.The "unauthorised" ATC officer asked IndiGo to descend further despite the traffic collision avoidance system (TCAS) sounding on both vessels. Another reason for the Nagpur incident was failure of the radar controller to identify the conflict and take appropriate corrective action, the report said.It also cited the "casual attitude" of the controller in handling the aircraft and leaving the active channel frequently without a proper handover.Another finding in the report pointed to possibly inadequate staffing levels. It said controllers were exceeding duty time limits — they are meant to take a 30-minute break after every two hours.The Airports Authority of India (AAI), which provides ATC services in the country, didn't respond to queries. The Directorate General of Civil Aviation (DGCA), which began regulating controllers sometime last year, couldn't be reached.An air traffic controller dismissed the suggestion that untrained ATCOs are handling planes, at least in the capital's airport. "These untrained ATCOs are never allowed to guide flights and they do not do it in Delhi. There seems to be a lapse in the case of the Nagpur incident," said the official, on condition of anonymity.Earlier, ATCOs were being regulated by the Airports Authority of India (AAI), which is also the provider of air traffic control services, raising concerns over supervision.The regulation of ATCOs in the country had been one of the key concerns raised by the International Civil Aviation Organisation (ICAO), which had led to a lowering of India's performance on key safety parameters in 2018. The government subsequently entrusted the regulation of air traffic controllers to the Directorate General of Civil Aviation (DGCA). Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Miraj Cinemas plan 200 screens in 15 months MUMBAI: Miraj Cinemas, the fifth-largest multiplex chain in India, aims to double its screen count to 200 in 15 months, keeping with its strategy of expanding by acquiring independent theatres and converting them.The big four which dominate the market — PVR, Inox Leisure, Carnival Cinemas and Cinepolis India — have been expanding businesses by acquiring smaller multiplex chains.Miraj Cinemas, owned by Rajasthan-based diversified business group Miraj, acquires single-screen theatres or independent properties and converts them into 3-4-screen multiplexes with amenities like Barco projectors, Harkness screens, Dolby sound, pushback seats and gourmet food.Mirage Cinemas is the sixth player to cross 100 screens. "We took over three months to reach from 96 screens to 100 because of permissions, but since then, we have picked up speed. Today, we have 110 screens operational with 15 more screens ready and awaiting permission," Miraj chief executive Amit Sharma told ET.The company, Sharma said, also has 35 screens under fitout, which will be ready by Diwali and is in talks for 30-40 more screens. "We have a smaller roadmap for bigger vision. From here, we see reaching 200 screens by Q1 of 2020 and we can comfortably add 50-plus screens per year," he said. Miraj is expecting to close this financial year with a revenue of Rs 165-170 crore from the cinema exhibition business with an Ebitda of Rs 25-28 crore, he said.Started in late 2012, Miraj took almost six years to reach 100 screens, not a small feat to achieve, industry experts say. r worked "Sharma hard and in his this team market have to get to 100 screens. At a time when the four big players are trying to buy whatever good properties are available, and consolidation wave is on, it's commendable that Miraj has stayed on its path of organic growth and have not sold out to make quick money," said Shaaminder Malik, North India-based independent film distributor and trade analyst. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Wind projects exit Gujarat as leasing land gets tougher Bengaluru: Gujarat appears to be losing its status as the favourite destination of wind energy developers.Most winners of the latest wind auction by the Solar Energy Corporation of India, nodal agency that offers renewable energy projects, have decided to set up projects outside Gujarat because of land issues that have arisen lately, according to several people aware of the matter.Gujarat was favoured for wind projects because it has many sites, especially in the Kutch area, where wind speeds are very high. However, over several months, the state has gone slow on leasing land to projects auctioned by central agencies.About 2 acres are needed to generate a megawatt of wind energy. Of the 7,000 MW of wind projects auctioned last year, almost 3,500 MW are expected to be commissioned in Gujarat. However, with the state reluctant to lease land, some developers have started buying private land there, an expensive alternative.Also, winners of the 2,000 MW wind auction conducted last month will set up projects outside Gujarat.With the tender allowing projects to be built anywhere in the country, developers are looking at other good wind-producing states.Gujarat government officials had earlier indicated that land should be leased out only to projects auctioned by its distribution company.Winners of the sixth tranche of SECI's auction include Renew Power, SB Energy, Adani Green Energy and Continuum Wind Energy. The lowest tariff bid was .`2.82 per unit."Given all the issues there, we will most certainly not be going to Gujarat," said one of the biggest winners of the auction on condition of anonymity."Winners commissioning projects in Gujarat are those that acquired land long ago," said a person familiar with the development.Even equipment manufacturers that also acquire land and offer it to those buying their towers and turbines are considering other states."We have not offered Gujarat for SECI VI to anybody. We are looking at Karnataka, Maharashtra and a few pockets in Tamil Nadu," said an executive of one of the biggest Indian wind equipment manufacturers.Other auction winners did not respond to queries or said they are yet to decide on their project location. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Sebi plan to build KYC database of beneficial owners irks FPIs MUMBAI: Large overseas fund managers such as Templeton, Fidelity and BlackRock have opposed the Securities and Exchange Board of India (Sebi) proposal to create a central database containing the personal information of all beneficial owners of offshore funds, said two people with direct knowledge of the matter. Such a database held by an external agency in India would violate the law in their home countries, they argue.The issue pertains to disclosure of know-your-customer (KYC) information of beneficial owners (BOs). Sebi had issued a circular on April 10 last year asking foreign portfolio investors (FPIs) to identify the BO of a fund based on not just ownership but control as well. In cases where there is no significant BO based on economic ownership, fund managers and other senior management officials of the funds were to be considered BOs. All publicly pooled funds such as foreign mutual funds have no significant BO since they raise money from thousands of small unit holders. In such cases, the chief investment officers or other senior management officials become the BOs. 68350934 Stiff opposition from FPIs, especially non-resident Indians (NRIs), on this issue forced Sebi to water down the rule. The regulator restricted the new interpretation of beneficial ownership to KYC purposes. Under this, FPIs will have to submit KYC documents of beneficial owners to custodian banks, which in turn will share them with registrars. 68240455 65857278 68273898 Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Bullish sentiment, Re's gain take Nifty's 2019 returns to +ve zone Indian markets have turned positive for the first time since the beginning of 2019. After a 250-point rally last week, supported by a 1 per cent jump in the rupee against the US dollar, the Nifty has returned 1 per cent since January 1 compared to a negative 2 per cent a week ago. In rupee terms, the index is up 1.1 per cent for the year till date.The performance is mainly driven by the FIIs and index heavyweights like ITC, Axis Bank and RIL – up 7 per cent, 4.5 per cent and 4 per cent, respectively, in the last one week in dollar terms. In terms of year-to-date performance, these stocks are up 2.3 per cent, 16 per cent and 12 per cent, respectively. The biggest drags on the index in 2019 so far have been L&T, Maruti Suzuki and HUL – down 8.1 per cent, 7.7 per cent and 6.6 per cent, respectively, in dollar terms. 68351449 With the smart gains last week, India and the US are the only markets, among the 20 most followed global markets, that have given positive returns over the past one year. The Nifty has gained 0.1 per cent in the past one year and the Dow Jones Industrial Index (US market) has gained 2.3 per cent. This is despite the rupee falling almost 8 per cent against the greenback during the same period. In rupee terms, the Nifty is up 8 per cent. Also, India is the best performing market since early October, after rupee made a smart comeback against the US dollar. This will leave foreign investors, who own 45 per cent of Nifty's free float, with very little to complain. 68350992 68350848 Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT Nasscom, MeitY in talks to open up FutureSkills doors BENGALURU: The National Association of Software and Services Companies (Nasscom) is in talks with the Ministry of Electronics and Information Technology (MeitY) to fund part of the skilling service platform it plans to open up for general use, a member of the lobby's executive council told ET.Last year, Nasscom had launched the FutureSkills platform that would allow member companies to get their employees trained in new skills. The platform, which offers training in internet of things (IoT), robotic process automation (RPA), virtual reality, big data analytics, cloud computing and 3D printing, among others, went live with courses has participants from Nasscom member companies. "The next step of the platform is a Government of India-MeitY project that is there, to move it into B-to-C mode. The government will fund a substantial part of it to do the B-to-C model. It is in the final stages of discussion and we also need to scale the platform to that level," BVR Mohan Reddy, executive vice-chairman at engineering research and design company Cyient, told ET in an interview.Reddy, who is a member of Nasscom's executive council, declined to specify what proportion of the cost the government might be willing to bear.He said that FutureSkills currently has over 100,000 users, and that over a period of time, the platform could train about 200 million people. Reddy said he is also working on a digital skilling roadmap with Niti Aayog to determine how to bring digital skills into the educational system.68350970 ET had reported that Nasscom has planned take the platform to colleges and allow students to skill themselves online."If one completes a course on emerging technology for example in machine learning or cloud computing, that person gets the course fee partly refunded. But we are still waiting for approvals. While the duration of the course could be as short as two months, the course fee cannot be exorbitant," a Nasscom executive said. Skilling is an area where both the government and Nasscom have a significant interest. The government's Skill India mission aims to train 400 million people by 2022, but only about 25 million people have been skilled under various government programmes.ET had reported that it is considering issuing skill vouchers, or skill wallets, to incentivise young people to be skilled in a programme of their choosing. The recently created 'National Policy on Software Products' also talked about creating a sustainable talent pipeline through skilling and training programmers.For Nasscom, skilling is crucial as it is part of their strategy to enable IT companies to capitalise on the demand for new services. IT companies are spending hundreds of millions of dollars to retrain and skill their employees. Source: ET  | ||||||||||||||||
| Posted: 11 Mar 2019 12:05 AM PDT MSME sector added up to 14.9 million jobs per annum in last four years, claims CII survey Amid all gloom over not enough jobs being created in the country, the Confederation of Indian Industry survey of over one lakh small and medium enterprises have shown 13.9% increase in net jobs created in the MSME sector in last four years or 3.3% per annum."Given that the total workforce size according to the labour bureau is estimated at 450 million (projected for 2017-18), the overall job additions work out to 13.5 – 14.9 million per annum," CII said in the survey which it claims to be the largest ever in recent times covering 105,347 MSME firms.According to the survey, Maharashtra, Gujarat and Telangana have been the largest job generators over the past four years while in the case of case of exporters, Maharashtra, Tamil Nadu and Telangana have emerged as the top three states.As per the survey, last four years have seen sectors like hospitality and tourism, textiles and apparel and metal products generating more jobs while machinery parts and transport & logistics were the next significant job creators."The survey also indicates optimism on higher growth expectations on employment for the next three years, which emanates from the fact that the government initiatives like the 2% interest rate subvention given to all MSMEs and trade receivables e-discounting system (TReDS) implemented recently would drive future growth leading to more employment," it said.CII has said in the survey that the users of government schemes expect tangible growth benefits to accrue, particularly in the medium term (three years), in a way that users expect to grow faster relative to overall growth especially the interest subvention facility which it said is expected to be the biggest growth booster.The survey, however, points out the need for greater hand-holding of those MSMEs who are currently not using these initiatives to help them gain from these initiatives."The survey has indeed thrown up the most promising outcomes. There is a very healthy growth in employment among the MSME segment of industry and with the kind of disruptions and innovations that are likely to sweep through industry in terms of new technologies and practices, our skills development front is also undergoing rapid changes," Rakesh Bharti Mittal, president, CII said.The survey covered 105,347 MSMEs located in about 350 industrial centres spread across 28 states of India. The survey focussed on jobs generated in the sector and government initiatives for MSMEs. Source: ET  | ||||||||||||||||
| This Lok Sabha polls, candidates will have to advertise their criminal records Posted: 11 Mar 2019 12:04 AM PDT This Lok Sabha polls, candidates will have to advertise their criminal records Source: TIE  | ||||||||||||||||
| Bihar LRC recruitment: Apply for 6875 posts, salary up to Rs 59,000 Posted: 11 Mar 2019 12:04 AM PDT Bihar LRC recruitment: Apply for 6875 posts, salary up to Rs 59,000 Source: TIE  | ||||||||||||||||
| Huawei Watch GT Active, Elegant to launch alongside the P30 series on March 26 Posted: 11 Mar 2019 12:04 AM PDT Huawei Watch GT Active, Elegant to launch alongside the P30 series on March 26 Source: TIE  | ||||||||||||||||
| Model Code of Conduct come into force: Nirmala Sitharaman shuns special aircraft Posted: 11 Mar 2019 12:04 AM PDT Model Code of Conduct come into force: Nirmala Sitharaman shuns special aircraft Source: TIE  | ||||||||||||||||
| India vs Australia: Shikhar Dhawan admits that team read conditions wrong in successive games Posted: 11 Mar 2019 12:04 AM PDT India vs Australia: Shikhar Dhawan admits that team read conditions wrong in successive games Source: TIE  | ||||||||||||||||
| US woman stuck in Saudi Arabia granted legal residency Posted: 11 Mar 2019 12:04 AM PDT US woman stuck in Saudi Arabia granted legal residency Source: TIE  | ||||||||||||||||
| PUBG Mobile India Series 2019: Team Soul wins the tournament with Rs 30 lakh prize money Posted: 11 Mar 2019 12:04 AM PDT PUBG Mobile India Series 2019: Team Soul wins the tournament with Rs 30 lakh prize money Source: TIE  | ||||||||||||||||
| Iran’s Hassan Rouhani begins official visit to Iraq, hopes for better trade ties Posted: 11 Mar 2019 12:04 AM PDT Iran's Hassan Rouhani begins official visit to Iraq, hopes for better trade ties Source: TIE  | ||||||||||||||||
| Watch: Manchester United’s Chris Smalling shoved by fan during Arsenal game Posted: 11 Mar 2019 12:04 AM PDT Watch: Manchester United's Chris Smalling shoved by fan during Arsenal game Source: TIE  | ||||||||||||||||
| Ethiopian Airlines grounds its Boeing 737 MAX 8 fleet Posted: 11 Mar 2019 12:04 AM PDT Ethiopian Airlines grounds its Boeing 737 MAX 8 fleet Source: TIE  | ||||||||||||||||
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