New Delhi, Apr 15 ,2016: The Akali splinter group Shiromani Akali Dal (Longowal) headed by Surjit Singh Barnala’s wife is all set to merge with Congress.
A formal announcement is expected to be made by Rahul Gandhi during his visit to Punjab tomorrow.
The decision to merge the outfit with Congress came after the Barnala family met Congress president Sonia Gandhi at her residence here yesterday.
Among others who met Gandhi included Akali Dal (Longowal) President Surjit Kaur Barnala, her son and outfit general secretary Gaganjit Singh Barnala and Gaganjit s son Simar Partap Barnala.
Simar Pratap had unsuccessfully contested the 2015 Dhuri bye-election on Congress symbol.
“We have decided to merge out party with Congress unconditionally,” Gaganjit Barnala told PTI, adding that a formal announcement to this effect will most likely be made tomorrow.
The merger is viewed as a move to strengthen anti-SAD-BJP and to counter the growing influence of AAP in Punjab.
Barnala, along with Sant Harchand Singh Longowal, had signed an accord with then Prime Minister Rajiv Gandhi in 1980s for bringing peace to Punjab during the troubled times of militancy.
Punjab chief minister Parkash Singh Badal’s estranged nephew Manpreet Badal earlier joined Congress and merged his outfit People s Party of Punjab (PPP) with Congress.
Congress general secretary and incharge of Punjab affairs Shakeel Ahmad said the announcement is likely tomorrow.
The Barnalas share a good rapport with former chief minister and Punjab Congress president Amarinder Singh and this has helped in initiating the merger mover ahead of Punjab assembly elections slated early next year.
Sources said Simar Pratap Barnala is likely to be the party candidate in Dhuri, a seat represented by Gaganjit Barnala once.
agenc y report.
Mumbai, Apr 15 ,2016: Corporate earnings are expected to grow by about 25 per cent in 2016-17, on likelihood of good monsoon, monetary easing as well as recovery in commodity prices, says a report.
According to the report by Motilal Oswal Securities, last fiscal’s earnings decline was heavily influenced by headwinds from low commodity (metals and crude oil) prices, significant NPAs, two consecutive years of poor monsoon impacting consumer sector growth and lack of material transmission of rate cuts.
“For 2016-17, most of these headwinds are turning into tailwinds along with favourable base,” the report said.
“We estimate 25 per cent PAT (profit after tax) growth in FY17 and 24 per cent CAGR (compound annual growth rate) over FY16-18,” it added.
The report further said, likelihood of normal monsoon, government’s focus on rural areas and implementation of the 7th Pay Commission’s recommendations would provide strong impetus to consumption.
Besides, recovery of metal prices from bottom driving metal sector earnings and transmission of RBI’s 2016-17 rate cuts will benefit corporate earnings.
Moreover, large part of banking and financial sector NPA being provided in previous fiscal would give a favourable base for the the current financial year.
Auto, FMCG and financial sector would exhibit continuous strong earnings growth.
In the financial sector, Bank of Baroda, M&M Financial Services Ltd and Shriram Transport would see a sharp recovery in this fiscal, on the back of significant NPA provisioning in 2015-16.
“Commodity companies like UltraTech (recovery in cement volumes driven by investment cycle recovery) and JSW Steel (recovery in steel prices coupled with strong volume growth) would also witness sharp profit growth,” the report said.
@ Agency report.
Iran, no longer under sanctions, has ended free shipping of crude oil to India and has terminated a three-year-old system of getting paid for half of the oil dues in rupees. The Persian Gulf nation is now insisting on being paid in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) to clear nearly USD 6.5 billion of past dues in Euros, officials said.
Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.
@ Agency report.
New Delhi, Apr 14 ,2016: Taking strong note of the fact that almost 400 government schools in the new state of Telangana have “zero enrolment”, the Supreme Court has sought a report from an experts’ panel on reasons for non- participation of children.
The apex court’s concern came after Telangana informed it that out of 18,139 primary schools, 398 schools have zero enrolment, 980 schools have between 1-10 students and 2333 schools have between 11-20 students in year 2015-16.
“An educational institution without having a pupil is like existence of an individual without health, or to put in a different manner, life without essence or purpose of living.
Right to education has been made a fundamental right. It is the obligation of the State to see that the children between 1 to 14 years of age are imparted education,” a bench headed by Justice Dipak Misra said.
The bench, also comprising Justice Shiva Kirti Singh, said the establishment of schools would come within the domain of infrastructure which would meet the partial commitment to carry out the provisions of the Right to Free and Compulsory Education Act.
“There has to be generation of enthusiasm, cultivation of spirit and interest for education and sustenance of culture to send the children to school. The parents do have the responsibility to send the children to school but the State has the primary duty to create an atmosphere of faith so that the people at large believe that their children are going to be properly educated,” the bench said.
It said that creation of awareness was imperative and it was “rather sad, nay unfortunate” that a situation has emerged where 398 schools have no enrolment.
“Therefore, we would like to know the reason for zero attendance/enrollment in these schools and, accordingly, we direct the Committee to go to the areas in question and verify with some of the members of the Telangana Parents Federation along with their counsel Sravan Kumar and submit a report to this Court within four weeks,” the bench said.
The direction of the bench, which posted the matter for further hearing on May 10, came on a plea filed by J K Raju and others, seeking direction for steps to be taken for filling up of vacancies of teachers in schools of Andhra Pradesh and Telangana.
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New Delhi, Apr 14,2016 : Issuance of rupee-denominated masala bonds overseas is a step towards making the Indian currency global, CARE Ratings said today.
Rupee-denominated bonds issued overseas can become an important instrument from the point of view of Indian companies which can raise such funds from global markets without taking on the currency risk, CARE Ratings said in a note.
“It differs from External Commercial Borrowings (ECBs) as these are issued in rupees and repaid in the same currency. It is a step towards making the rupee a global currency where foreign investors buy such bonds”, it said.
Presently the limit of USD 51 billion for foreign investment in corporate debt has been fixed in rupee terms at Rs 2,443.23 billion.
Issuance of rupee-denominated bonds overseas is also within this aggregate limit of foreign investment in corporate debt, it said.
On maturity period of three years for rupee denominated bonds issued overseas so that it is aligned with the maturity for foreign investment in corporate bonds, CARE said the it is a positive move and will lead to more companies raising funds through this route.
“This route can also be used by foreign companies or governments who would like to invest in India by borrowing from overseas markets provided the cost is favourable”, it added.
@ Agency report.
Jammu, Apr 14,2016 : Kashmiri Pandits today inaugurated a replica of an ancient temple of Goddess Sedh-Lakshmi in Jammu which is actually situated in South Kashmir’s Lokbhawan belt.
“A newly constructed temple of Mata Sedh-Lakshmi, a replica of an ancient spring temple in Kashmir, was inaugurated at Durga Nagar in Jammu by Bali Bhagat, Minister for Health and Medical Education,” said Sanjay Koul, member of Managing Committee of Sedh-Lakshmi Peeth Lokbhawan in Anantnag.
A ‘mahayagya’ of goddess Sedh-Lakshmi was performed by pandits of Lokbhawan amid chanting of Vedic mantras and religious lectures.
Lokbhawan is the abode of four other temples dedicated to Shiv, Ram-Sita-Laxman, Durga and Laxmi Narayan in South Kashmir with springs around them.
The Mata Sedh-Lakshmi temple is situated at Lokbhawan village, at a distance of about 10 kms from the headquarters of Anantnag district, Kaul said about the actual temple.
There is a large fresh water spring spread over vast woodland. The Teerath Raj is surrounded by hillock on one side and giant Chinars on the other, the scenic and spiritual beauty is heightened by Vaman Ganga (in the shape of a Spring) within the premises.
@ Agency report.
United States health officials have confirmed the worst fears of many pregnant women in the US and Latin America by saying there is no longer any doubt the Zika virus causes babies to be born with abnormally small heads and other severe brain defects.
Since last year, doctors in Brazil have been linking Zika infections in pregnant women to a rise in newborns with microcephaly, or an unusually small skull. Most outside experts were cautious about drawing such a connection. But now the Centers for Disease Control and Prevention (CDC) says enough evidence is in.
But the new finding should help officials make a more convincing case to the public for taking precautions. Some experts hope it will change public thinking about Zika the way the 1964 surgeon general’s report convinced many Americans that smoking causes lung cancer.
“We’ve been very careful over the last few months to say, ‘It’s linked to, it’s associated with.’ We’ve been careful to say it’s not the cause of,” said the CDC’s Dr Sonja A Rasmussen. “I think our messages will now be more direct.”
The World Health Organisation (WHO) has made similar statements recently. A WHO official applauded the CDC report.
“We feel it’s time to move from precautionary language to more forceful language to get people to take action,” said Dr Bruce Aylward, who is leading WHO’s Zika response.
The CDC announced its conclusion in a report published online by the New England Journal of Medicine.
Zika has been sweeping through Latin America and the Caribbean in recent months, and the fear is that it will only get worse there and in the US with the onset of mosquito season this spring and summer.
Public health authorities have mounted aggressive mosquito-eradication efforts, including extensive spraying and campaigns to eliminate the sources of standing water in which mosquitoes breed. Those can include flower pots, swimming pool covers, discarded tires and pet water bowls.
The virus causes only a mild and brief illness, at worst, in most people. But in the last year, infections in pregnant women have been strongly linked to fetal deaths and devastating birth defects, mostly in Brazil, where the Health Ministry said on Tuesday that 1,113 cases of microcephaly have been confirmed since October.
@ Agency repot