POPULARITY
28 episodes with psbs
4 episodes with psbs
4 episodes with psbs
2 episodes with psbs
2 episodes with psbs
2 episodes with psbs
2 episodes with psbs
2 episodes with psbs
2 episodes with psbs
Ponownie będziemy rozmawiać w jaki sposób tworzą, przekazują i przechowują informację rośliny - czy jest to rodzaj inteligencji, czy możemy próbować kopiować "odkrycia" roślin?Naszym przewodnikiem jest prof. Stanisław Karpiński, wybitny odkrywca, badacz, biolog molekularny i fizjolog, szef zespołu badawczego w katedrze genetyki, hodowli i biotechnologii roślin Szkoły Głównej Gospodarstwa Wiejskiego.Badania prof. Karpińskiego skupiają się przede wszystkim na zrozumieniu naturalnych mechanizmów komunikacji i aklimatyzacji roślin – procesów, które wykazują elementy kwantowego przetwarzania informacji, np. poprzez „kwantową pamięć komórkową” związaną z białkiem PsbS. Niektóre aspekty mogą jednak stanowić inspirację dla rozwoju technologii biomimetycznych, w tym również systemów kwantowych.
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, November 6, 2024. This is Nelson John, let's get started. The NSE is likely to see a drop in its trading activity. This is because the market regulator, Sebi, has decided that starting November 20th, the exchange can only offer one type of weekly trading option, focusing on the Nifty series instead of the more popular Bank Nifty series. Ram Sahgal reports on the decision which is part of Sebi's efforts to calm down trading activities and reduce losses for individual investors. Ashishkumar Chauhan, MD and CEO of NSE, said on Tuesday that this change might lead to a decrease in trading volumes, and some of the activity that used to happen every week might just vanish as traders adjust to the new rules. Data from RBI has revealed that state-owned banks have been raising their deposit interest rates to the highest levels in almost eight years, trying to attract more people to save money with them. This increase, reaching 7% in September for public sector banks, is in response to their high credit-deposit ratios, indicating a high use of deposits for lending. The push by PSBs to offer more competitive rates aims to attract more deposits as their loan growth outpaces deposit accumulation. Shayan Ghosh spoke to top public bankers who suggest that deposit rates may have peaked, which could help stabilize their margins. Last month saw a sudden rise in hoax calls that targeted airlines and hotels. These hoax calls were usually bomb threats made by anonymous people on the internet. Shouvik Das writes that these are the latest form of scam calls that use virtual networks and VPNs to hide the caller's digital footprint. India experiences an average of 5 million scam and hoax calls a day. Cyber security experts are investigating the incidents, but have to work through the sophisticated techniques used by perpetrators. Additionally, cross-border regulations complicate matters further. Tracing calls to foreign origins requires cooperation from other nations, and substantial evidence isn't always available. Consumer and e-commerce firms faced subdued sales during the festive season. This could affect year-end bonuses for employees, who could see a potential 15% reduction. Companies typically pay bonuses during the festive season and at the fiscal year's end, with additional performance-linked payouts, Sowmya Ramasbramanian, Shouvik Das and Devina Sengupta report. However, due to less spending by consumers who are cautious due to high prices and relying more on EMIs, overall sales haven't met expectations. This downturn in sales means bonuses tied to sales targets and company performance could be lower. While some sectors, like quick commerce, saw decent festive sales, overall, the scenario remains challenging, impacting how much companies can afford in terms of bonuses this year. India's mattress market has long had stalwarts like Kurlon and Sleepwell. A few years ago, some startups came and disrupted this space. One of them was Wakefit. Fuelled by a steady stream of venture capital funding, Wakefit has increased its revenue by 12x over the last five years. This revenue in excess of ₹1,000 crore has already exceeded that of Kurlon. Samiksha Goel writes about Wakefit's journey and strategy to set itself apart in India's mattress market by using cheaper pricing and strategies such as a 100 day trial period.That's all for today.
Sir Peter Bazalgette was until recently part of the previous Government's committee to review how the BBC was funded. In his distinguished career he has been responsible for shows such as Big Brother, Changing Rooms and Ready Steady Cook, he's also a former chair of Arts Council England and in September 2023 he stepped down as chair of ITV. He is now co-chair of the Creative Council. On this week's programme we discussed the Media Act (was anything left out), BBC funding and the future of public service broadcasters.I see Freely, which has recently been launched as an online way of getting all the public service broadcasting in a streaming service, I see that is just the beginning. I think there needs to be further mergers. And it'll be interesting to see what happens to Channel Five. Now that it looks like the owners Paramount are selling out, because I don't think it's going to be a priority for the new American owners. And it may well change hands in the next six to nine months. To support our journalism and receive a weekly blog sign up now for £1.99 per month: www.patreon.com/BeebWatch/membership Or if you'd rather make a one-off payment (which doesn't entitle you to the blog) please use our crowdfunding page:https://www.crowdfunder.co.uk/p/roger-boltons-beeb-watch-podcast @BeebRogerInstagram: rogerboltonsbeebwatchLinkedIn: Roger Bolton's Beeb Watch email: roger@rogerboltonsbeebwatch.com Get bonus content on Patreon Hosted on Acast. See acast.com/privacy for more information.
July has gotten off to a good start for the market as the Nifty-50 ended at a new all-time closing high of 24,142. Experts expect the NIfty 50 to hit 24,200, followed by 24,500 in the coming sessions, provided it holds 24,000 as immediate support and 23,800 as crucial support.Among stocks in focus will be Auto stocks as investors digest all the month sales data. A couple of banks from both the pvt and PSBs have put out their Q1 business updates. Also, catch Amay Hattangai of Morgan Stanley who shares his views on how FIIs can't afford to miss investing in India and that domestic investors should prepare in case of a drawdown. All that and more in our special Voice of the Day segment. Market Minutes is a morning podcast that puts the spotlight on hot stocks, key data points, and developing trends.
Our greatest moral imperative is to solve the problem of poverty -- and after over 75 years, we still have some distance to travel. Rajeswari Sengupta joins Amit Varma in episode 387 of The Seen and the Unseen for a deep dive into how we got here, where we went wrong, what we got right, and how we should look at the Indian economy going forward. (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out:1. Rajeswari Sengupta's homepage. 2. Demystifying GDP — Episode 130 of The Seen and the Unseen (w Rajeswari Sengupta). 3. Twelve Dream Reforms — Episode 138 of The Seen and the Unseen (w Shruti Rajagopalan, Rajeswari Sengupta & Vivek Kaul). 4. Two-and-a-Half Bengalis Have an Economics Adda -- Episode 274 of The Seen and the Unseen (w Rajeswari Sengupta and Shrayana Bhattacharya). 5. Talks & Discussions on the Indian Economy featuring Rajeswari Sengupta. 6. Rajeswari Sengulta's writings on the Indian economy. 7. Rajeswari Sengupta's writing for Ideas for India. 8. Rajeswari Sengupta's writing on the Leap Blog. 9. Rajeswari Sengupta's pieces on GDP: 1, 2, 3, 4, 5. 10. Rajeswari Sengupta's pieces on fiscal policy: 1, 2, 3. 11. Rajeswari Sengupta's pieces on the banking crisis: 1, 2, 3, 4, 5. 12. Rajeswari Sengupta's pieces on the financial sector: 1, 2, 3, 4, 5, 6, 7. 13. Rajeswari Sengupta's pieces on Covid: 1, 2, 3, 4. 14. Getting the State out of Our Lives -- Rajeswari Sengupta's TEDx talk. 15. Why Freedom Matters -- Episode 10 of Everything is Everything. 16. The Reformers -- Episode 28 of Everything is Everything. 17. The Importance of the 1991 Reforms — Episode 237 of The Seen and the Unseen (w Shruti Rajagopalan and Ajay Shah). 18. The Life and Times of Montek Singh Ahluwalia — Episode 285 of The Seen and the Unseen. 19. The Forgotten Greatness of PV Narasimha Rao — Episode 283 of The Seen and the Unseen (w Vinay Sitapati). 20. India's Lost Decade — Episode 116 of The Seen and the Unseen (w Puja Mehra). 21. The Life and Times of KP Krishnan -- Episode 355 of The Seen and the Unseen. 22. Lant Pritchett Is on Team Prosperity -- Episode 379 of The Seen and the Unseen. 23. Josh Felman Tries to Make Sense of the World — Episode 321 of The Seen and the Unseen. 24. Rohit Lamba Will Never Be Bezubaan -- Episode 378 of The Seen and the Unseen. 25. Yugank Goyal Is out of the Box — Episode 370 of The Seen and the Unseen. 26. The State of Our Farmers — Ep 86 of The Seen and the Unseen (w Gunvant Patil, in Hindi). 27. India's Agriculture Crisis — Ep 140 of The Seen and the Unseen (w Barun Mitra & Kumar Anand). 28. The Tragedy of Our Farm Bills — Episode 211 of The Seen and the Unseen (w Ajay Shah). 29. The Art and Science of Economic Policy — Episode 154 of The Seen and the Unseen (w Vijay Kelkar & Ajay Shah). 30. Two Economic Crises (2008 & 2019) — Episode 135 of The Seen and the Unseen (w Mohit Satynanand). 31. The Indian Economy in 2019 — Episode 153 of The Seen and the Unseen (w Vivek Kaul). 32. Subhashish Bhadra on Our Dysfunctional State -- Episode 333 of The Seen and the Unseen. 33. The Importance of Data Journalism — Episode 196 of The Seen and the Unseen (w Rukmini S). 34. Rukmini Sees India's Multitudes — Episode 261 of The Seen and the Unseen (w Rukmini S). 35. Pramit Bhattacharya Believes in Just One Ism — Episode 256 of The Seen and the Unseen. 36. Understanding the State -- Episode 25 of Everything is Everything. 37. When Should the State Act? -- Episode 26 of Everything is Everything. 38. Public Choice Theory Explains SO MUCH -- Episode 33 of Everything is Everything. 39. Our Population Is Our Greatest Asset -- Episode 20 of Everything is Everything. 40. What's Wrong With Indian Agriculture? -- Episode 18 of Everything is Everything. 41. The Long Road to Change -- Episode 36 of Everything is Everything. 42. India Needs Decentralization -- Episode 47 of Everything is Everything. 43. Beware of These Five Fallacies! -- Episode 45 of Everything is Everything. 44. Stay Away From Luxury Beliefs -- Episode 46 of Everything is Everything. 45. Graduating to Globalisation -- Episode 48 of Everything is Everything (on I18N). 46. Ask Me ANYTHING! -- Episode 50 of Everything is Everything. 47. Four Papers That Changed the World -- Episode 41 of Everything is Everything. 48. The Populist Playbook -- Episode 42 of Everything is Everything. 49. The 1991 Project. 50. The quest for economic freedom in India — Shruti Rajagopalan. 51. What I, as a development economist, have been actively “for” — Lant Pritchett. 52. National Development Delivers: And How! And How? — Lant Pritchett. 53. Economic growth is enough and only economic growth is enough — Lant Pritchett with Addison Lewis. 54. Is India a Flailing State?: Detours on the Four Lane Highway to Modernization — Lant Pritchett. 55. Is Your Impact Evaluation Asking Questions That Matter? A Four Part Smell Test — Lant Pritchett. 56. The Perils of Partial Attribution: Let's All Play for Team Development — Lant Pritchett. 57. Some episodes of The Seen and the Unseen on the state of the economy: 1, 2, 3, 4, 5. 58. Accelerating India's Development — Karthik Muralidharan. 59. Unshackling India -- Ajay Chhibber and Salman Soz. 60. India Grows At Night -- Gurcharan Das. 61. India's Problem is Poverty, Not Inequality -- Amit Varma. 62. Mohit Satyanand's newsletter post on the informal sector. 63. Pratap Bhanu Mehta's column on mission mode interventions. 64. The Hedonistic Treadmill. 65. 77% low-income households saw no income increase in the past 5 yrs -- Vasudha Mukherjee. 66. Pandit's Mind — The 1951 Time magazine cover story on Jawaharlal Nehru. 67. Economic Facts and Fallacies -- Thomas Sowell. 68. An Autobiography -- Jawaharlal Nehru. 69. The Double 'Thank You' Moment -- John Stossel. 70. Profit = Philanthropy — Amit Varma. 71. India After Gandhi -- Ramachandra Guha. 72. The China Dude Is in the House -- Episode 231 of The Seen and the Unseen (w Manoj Kewalramani). 73. The Dragon and the Elephant -- Episode 181 of The Seen and the Unseen (w Hamsini Hariharan and Shibani Mehta). 74. Caste, Capitalism and Chandra Bhan Prasad — Episode 296 of The Seen and the Unseen. 75. The Collected Writings and Speeches of Dr Babasaheb Ambedkar. 76. Population Is Not a Problem, but Our Greatest Strength -- Amit Varma. 77. How to assess the needs for aid? The answer: Don't ask -- William Easterly. 78. The White Man's Burden -- William Easterly. 79. The Elusive Quest for Growth -- William Easterly. 80. The Tyranny of Experts -- William Easterly. 81. Planners vs. Searchers in Foreign Aid — William Easterly. 82. Pandit's Mind — The 1951 Time magazine cover story on Jawaharlal Nehru. 83. 75 Years of India's Foreign Exchange Controls -- Bhargavi Zaveri Shah. 84. Breaking the Mould: Reimagining India's Economic Future — Raghuram Rajan and Rohit Lamba. 85. The History of the Planning Commission — Episode 306 of The Seen and the Unseen (w Nikhil Menon). 86. Adam Smith on The Man of System. 87. The Use of Knowledge in Society — Friedrich Hayek. 88. Price Controls Lead to Shortages and Harm the Poor -- Amit Varma. 89. The Great Redistribution -- Amit Varma. 90. Backstage: The Story behind India's High Growth Years -- Montek Singh Ahluwalia. 91. The Indian State Is the Greatest Enemy of the Indian Farmer -- Amit Varma piece, which contains the Sharad Joshi shair. 92. India's Massive Pensions Crisis — Episode 347 of The Seen and the Unseen (w Ajay Shah & Renuka Sane). 93. The Economic Legacies of Colonial Rule in India -- Tirthankar Roy. 94. The Semiconductor Wars — Episode 358 of The Seen and the Unseen (w Pranay Kotasthane & Abhiram Manchi). 95. BR Shenoy on Wikipedia and Indian Liberals. 96. BR Shenoy: Stature and Impact -- Peter Bauer. 97. The Foreign Exchange Crisis and India's Second Five Year Plan -- VKRV Rao. 98. India's Water Crisis — Episode 60 of The Seen and the Unseen (w Vishwanath S aka Zenrainman). 99. The Delhi Smog — Episode 44 of The Seen and the Unseen (w Vivek Kaul). 100. Fixing Indian Education — Episode 185 of The Seen and the Unseen (w Karthik Muralidharan). 101. Education in India — Episode 77 of The Seen and the Unseen (w Amit Chandra). 102. The Profit Motive in Education — Episode 9 of The Seen and the Unseen (w Parth Shah). 103. Our Unlucky Children (2008) — Amit Varma. 104. Where Has All the Education Gone? — Lant Pritchett. 105. Every Act of Government Is an Act of Violence -- Amit Varma. 106. Narendra Modi takes a Great Leap Backwards -- Amit Varma on DeMon & Mao killing sparrows. 107. The Emergency: A Personal History — Coomi Kapoor. 108. Coomi Kapoor Has the Inside Track — Episode 305 of The Seen and the Unseen. 109. Seven Stories That Should Be Films -- Episode 23 of Everything in Everything, in which Amit talks about the Emergency. 110. Milton Friedman on the minimum wage. 111. The Commanding Heights -- Daniel Yergin and Joseph Stanislaw. 112. Bootleggers and Baptists: The Education of a Regulatory Economist -- Bruce Yandle. 113. Raees: An Empty Shell of a Gangster Film — Amit Varma. 114. Josh Felman on Twitter, Project Syndicate, JH Consulting and The Marginal Economist. 115. Obituaries of SV Raju by Niranjan Rajadhyaksha and Samanth Subramanian. 116. Breaking Out -- Padma Desai. 117. Breaking Through -- Isher Judge Ahluwalia. 118. India's Far From Free Markets (2005) — Amit Varma in the Wall Street Journal. 119. Naushad Forbes Wants to Fix India — Episode 282 of The Seen and the Unseen. 120. The Struggle And The Promise — Naushad Forbes. 121. Half-Lion -- Vinay Sitapati's biography of PV Narasimha Rao. 122. A Game Theory Problem: Who Will Bell The Congress Cat? — Amit Varma. 123. India Transformed -- Rakesh Mohan. 124. Highway to Success: The Impact of the Golden Quadrilateral -- Ejaz Ghani, Arti Grover Goswami and William R Kerr. 125. The Cantillon Effect. 126. The Lost Decade -- Puja Mehra. 127. Modi's Domination – What We Often Overlook — Keshava Guha. 128. XKDR Forum. 129. Beware of the Useful Idiots — Amit Varma. 130. Some of Amit Varma's pieces and episodes against Demonetisation: 1, 2, 3, 4, 5, 6, 7, 8. 131. Episode of The Seen and the Unseen on GST: 1, 2, 3. 132. Miniature episodes of The Seen and the Unseen on PSBs, NPAs and NBFCs. 133. The Bankable Wisdom of Harsh Vardhan -- Episode 352 of The Seen and the Unseen. 134. Politics of Economic Growth in India, 1980-2005 -- Atul Kohli. 135. The Economic Consequences of the Peace -- John Maynard Keynes. 136. India's GDP Mis-estimation: Likelihood, Magnitudes, Mechanisms, and Implications -- Arvind Subramanian. 137. What a Long Strange Trip It's Been -- Episode 188 of The Seen and the Unseen (w Arvind Subramanian). 138. Episodes of The Seen and the Unseen on Covid-19: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14. 139. A Venture Capitalist Looks at the World -- Episode 213 of The Seen and the Unseen (w Sajith Pai). 140. The Indus Valley Playbook — Sajith Pai. 141. India's Trade Policy Is Working Great — for Vietnam -- Andy Mukherjee. 142. A Trade Deficit With a Babysitter -- Tim Harford. 143. The City & the City — China Miéville. 144. A Decade of Credit Collapse in India -- Harsh Vardhan. 145. The Low Productivity Trap of Collateralised Lending for MSMEs -- Harsh Vardhan. 146. Economic Learnings of India for Make Benefit Glorious Nation of Bihar -- Episode 345 of The Seen and the Unseen (w Mohit Satyanand and Kumar Anand). 147. They Stole a Bridge. They Stole a Pond -- Amit Varma. 148. Yes Minister and Yes Prime Minister -- Jonathan Lynn and Antony Jay. 149. The Right to Property — Episode 26 of The Seen and the Unseen (w Shruti Rajagopalan). 150. Episodes of The Seen and the Unseen on agriculture: 1, 2, 3, 4, 5, 6, 7, 8. 151. Some of Amit Varma's pieces on agriculture: 1, 2, 3. 152. The Crisis in Indian Agriculture — Brainstorm on Pragati. 153. Where are the Markets? — Kumar Anand. 154. Empower Women Farmers -- Mrinal Pande. 155. The Mystery of Capital — Hernando De Soto. 156. India Unbound -- Gurcharan Das. 157. In Service of the Republic — Vijay Kelkar & Ajay Shah. 158. We, The Citizens: Strengthening the Indian Republic — Khyati Pathak, Anupam Manur and Pranay Kotasthane. 159. Making Policy Fun with Khyati Pathak and Friends -- Episode 374 of The Seen and the Unseen. 160. Seeing Like a State — James C Scott. 161. Free To Choose — Milton Friedman and Rose Friedman. 162. Classical Liberalism- A Primer -- Eamonn Butler. 163. Friedrich Hayek: The ideas and influence of the libertarian economist -- Eamonn Butler. 164. Milton Friedman: A concise guide to the ideas and influence of the free-market economist -- Eamonn Butler. 165. Public Choice – A Primer -- Eamonn Butler. 166. Adam Smith – A Primer: Eamonn Butler. 167. The Clash of Economic Ideas -- Lawrence H White. 168. Just a Mercenary?: Notes from My Life and Career -- D Subbarao. 169. Who Moved My Interest Rate? -- D Subbarao. 170. Advice & Dissent: My Life in Public Service -- YV Reddy. 171. A Business History of India -- Tirthankar Roy. 172. Courage to Act: A Memoir of a Crisis and Its Aftermath -- Ben Bernanke. 173. Whole Numbers And Half Truths -- Rukmini S. 174. Fragile by Design -- Charles Calomiris and Stephen Haber. 175. Universal Man: The Seven Lives of John Maynard Keynes -- Richard Davenport-Hines. 176. A Life in Our Times -- John Kenneth Galbraith. 177. The Age of Uncertainty -- John Kenneth Galbraith. 178. Fixing the Knowledge Society -- Episode 24 of Everything is Everything. Amit's newsletter is active again. Subscribe right away to The India Uncut Newsletter! It's free! Amit Varma and Ajay Shah have launched a new video podcast. Check out Everything is Everything on YouTube. Check out Amit's online course, The Art of Clear Writing. Episode art: ‘It's Complicated' by Simahina.
Graeme Daniels, lead author of Getting Real About Sex Addiction, discusses the emotional impact of problem sexual behaviors, both for PSBs and their impacted partners, and features a case illustration of a group discussing whether to reveal porn use to an impacted partner
In the week that Ofcom finds GB News in breach of its code five times but will face no sanction, we talk to Chris Banatvala, Ofcom's founding Director of Standards, and Content Board member, who was responsible for drafting and enforcing its codes. He is now an independent member of the Sky News Board, Channel 4's online independent complaint reviewer and advises broadcasters and international regulators. We discuss GB News, Ofcom, impartiality and the chairing of public bodies.“I think it's the drip, drip, drip effect, which could ultimately spell the end for PSBs. And I think politicians, policymakers, the public have to stand up for public service broadcasting and what it means.”To support our journalism and receive a weekly blog sign up now for £1.99 per month: www.patreon.com/BeebWatch/membershipOr if you'd rather make a one off payment please use our crowdfunding page: https://www.crowdfunder.co.uk/p/roger-boltons-beeb-watch-podcast@BeebRogeremail: roger@rogerboltonsbeebwatch.com Get bonus content on Patreon Hosted on Acast. See acast.com/privacy for more information.
Baroness Kidron is one of the country's foremost drama and documentary directors. Her long list of credits includes ‘Storyville', 'Oranges Are Not the Only Fruit', 'Victoria and Abdul' and 'Bridget Jones: The Edge of Reason'. She now sits as a crossbench peer and is the founder of the Five Rights Foundation. For the past five years, she has been one of the most instrumental figures in ensuring better protection for children through the passage of measures such as the Online Safety Bill. On this week's programme we discuss Bridget Jones, controlling the tech giants, ad funded public service broadcasters and what can be done to protect children from online abuse.“The tech companies go in and out of the White House, and in and out of Downing Street, like they've got a cat flap.When I started on this journey, 11 years ago, I was treated like a middle-aged woman who didn't understand the new rock and roll. I am actually quite pleased to say that a lot of people have joined me in saying, actually, this is bad for democracy.”To support our journalism please sign up now for £1.99 per month: www.patreon.com/BeebWatch/membership @BeebRogeremail: roger@rogerboltonsbeebwatch.com Get bonus content on Patreon Hosted on Acast. See acast.com/privacy for more information.
Baroness Kidron is one of the country's foremost drama and documentary directors. Her long list of credits includes ‘Storyville', 'Oranges Are Not the Only Fruit', 'Victoria and Abdul' and 'Bridget Jones: The Edge of Reason'. She now sits as a crossbench peer and is the founder of the Five Rights Foundation. For the past five years, she has been one of the most instrumental figures in ensuring better protection for children through the passage of measures such as the Online Safety Bill. On this week's programme we discuss Bridget Jones, controlling the tech giants, ad funded public service broadcasters and what can be done to protect children from online abuse.“The tech companies go in and out of the White House, and in and out of Downing Street, like they've got a cat flap.When I started on this journey, 11 years ago, I was treated like a middle-aged woman who didn't understand the new rock and roll. I am actually quite pleased to say that a lot of people have joined me in saying, actually, this is bad for democracy.”To listen to this podcast now and support our journalism sign up now for £1.99 per month: www.patreon.com/BeebWatch/membership @BeebRogeremail: roger@rogerboltonsbeebwatch.com Get bonus content on Patreon Hosted on Acast. See acast.com/privacy for more information.
Welcome to another empowering episode of the Black Wealth Renaissance Podcast! In Episode 211, we delve into the remarkable journey of Chris and Erika Cobb, the founders of Chosen Agency. From the streets of Hartwell, Georgia, and the world of engineering to the bustling insurance sector, the Cobbs' story is a vibrant canvas of ambition, adaptability, and entrepreneurial brilliance. Join us as we explore how this power couple transformed their challenges into a groundbreaking online insurance agency, redefining the norms of life insurance sales and setting new benchmarks in the digital age. Chris and Erika Cobb's inspiring narrative is a testament to the power of partnership, innovation, and relentless pursuit of financial independence. Key Moments 1:41 - Guest Introduction: Meet Chris and Erika Cobb and learn about their backgrounds and unique journey into life insurance. 8:50 - The Journey Into Insurance: Discover how Chris and Erika started selling insurance door-to-door and their strategic pivot to social media marketing. 18:10 - Financial Struggles and Triumphs: Uncover the financial challenges they faced during their initial phase and their breakthrough to significant revenue milestones. 24:00 - Understanding Insurance Sales: Dive into the intricacies of how insurance agents make money and the dynamics of sale splits in the industry. 33:58 - Building Chosen Agency: Hear about the Cobbs' transition from working within an agency to establishing their own and overcoming hurdles. 37:48 - Term vs. Whole Life Insurance: Explore the differences between Term and Whole Life insurance policies and the misconceptions surrounding them. 43:30 - Questions to Ask When Buying Insurance: Delve into the important questions consumers should ask before purchasing life insurance and the DIME method for determining coverage. 51:42 - Life-Changing Impact of Life Insurance: Discuss how life insurance transformed the Cobb family's life and their perspective on wealth. 56:08 - Standing on Business (Sponsored by PSBS): Focus on business acumen and development sponsored by PSBS. 1:01:41 - Closing Questions: Wrapping up the episode with engaging questions that delve deeper into the Cobbs' future goals and personal insights. Don't forget to subscribe, rate, and review the Black Wealth Renaissance podcast! Your support and feedback help us grow and bring more enriching content to you. Stay tuned for more episodes where we blend urban insights with financial expertise. Leave Us A 5 Star Rating & Review ⭐️⭐️⭐️⭐️⭐️ If you're interested in advertising on the Black Wealth Renaissance podcast, please email podcast@blackwealthrenaissance.com for further inquiries.
Welcome to another empowering episode of the Black Wealth Renaissance Podcast! In Episode 210, we're excited to share the incredible journey of Mignon Francois, the founder of The Cupcake Collection. Hailing from Louisiana and making her mark in Nashville, Tennessee, Mignon's story is a powerful narrative of overcoming adversity, financial resilience, and entrepreneurial triumph. Join us as we explore how this remarkable woman transformed $5 into a thriving bakery empire while maintaining a strong community spirit. Mignon Francois's inspiring story, as featured on the Black Wealth Renaissance Podcast, is a remarkable example of determination, faith, and entrepreneurial spirit. Her transformation from struggling financially to establishing a successful, family-oriented business offers invaluable lessons for aspiring entrepreneurs and business owners. Tune in next week for more insightful conversations that blend urban flair, educational depth, and financial savvy on the Black Wealth Renaissance Podcast! Key Moments: 1:41 - Guest Introduction: Meet Mignon Francois, a Louisiana native, and learn about her journey from financial struggle to successful entrepreneur. 8:50 - Building the Business: Discover how Mignon transformed a mere $5 into a growing business by baking cupcakes inspired by a suggestion on the radio. 18:10 - Haiti Earthquake Relief: Uncover Mignon's contribution to Haiti's earthquake relief and how her business played a crucial role. 24:00 - Mignon's Spiritual Journey: Learn about the spiritual insights Mignon gained while expanding her business. 33:58 - Joining an Accelerator Program: Hear Mignon discuss the benefits of accelerator programs and networking in business growth. 37:48 - A Family Affair: Explore the dynamics of Mignon's family in her business, with her children playing pivotal roles. 43:30 - Challenges of a Multimillion-Dollar Business: Delve into Mignon's challenges in scaling her business, especially her experience opening a store in New Orleans. 51:42 - Made From Scratch: Discuss Mignon's autobiography, detailing her life and business journey. 56:08 - Standing on Business (Sponsored by PSBS): Focus on key business strategies and insights, sponsored by PSBS. 1:01:41 - Closing Questions: Concluding the episode with engaging questions that delve deeper into Mignon's future goals and personal insights. Leave Us A 5 Star Rating & Review ⭐️⭐️⭐️⭐️⭐️ Get Certified with The Private Small Business Society https://thepsbs.com/ If you're interested in advertising on the Black Wealth Renaissance podcast, please email podcast@blackwealthrenaissance.com for further inquiries.
Tune into Episode 209 as Thad and Ashley Bell share their incredible story, "From Hardship to Hustle: How The Bells Turned $40 into Millions," a journey of resilience, entrepreneurship, and financial mastery in the food truck industry. Join us for an extraordinary episode where we delve into the inspiring story of Thad and Ashley Bell. In "From Hardship to Hustle: How The Bells Turned $40 into Millions," the Bells discuss their journey from facing severe financial struggles to establishing a successful culinary business empire. Key Points with Timestamps: 1:40 - Guest Introduction: Get to know Thad and Ashley Bell, the masterminds behind The Bells Sweet Factory. Their story begins with just $40 and a dream. 9:50 - Life After Jail: Hear how Thad and Ashley faced the aftermath of legal troubles and used these challenges as a springboard to rebuild their lives and finances. 18:49 - The Move to Dallas: Explore their crucial decision to move to Dallas with just $40 in their pockets, marking a new beginning in their entrepreneurial journey. 26:41 - Hustle Until the Sun Up: Delve into their relentless work ethic, which was pivotal in their financial recovery and eventual success. 36:10 - Charging Their Worth: Insights into how Thad and Ashley learned the importance of valuing their offerings and pricing strategies in business. 41:55 - Making Millions with Food Truck: Discover the strategies and determination that led to their food truck's astounding success, turning $40 into millions. 48:24 - Transitioning to Owning a Restaurant: Follow their journey from operating a food truck to opening a restaurant, overcoming various challenges. 1:00:30 - Struggles of Owning a Restaurant: An honest discussion about the realities and lessons of restaurant ownership. 1:13:35 - Leveraging Social Media to Grow Their Brand: Learn how they used social media to enhance their brand and attract a larger customer base. 1:20:30 - Thriving During Covid: Understand how they adapted their business during the pandemic, finding new opportunities for growth. 1:30:11 - Standing on Business: Presented by PSBS: A segment on maintaining firm business principles, presented by PSBS. 1:37:11 - Enjoying Every Season of Life: Reflect on their journey, sharing insights on enjoying life's ups and downs while staying committed to their vision. Leave Us A 5 Star Rating & Review ⭐️⭐️⭐️⭐️⭐️ Share your comments or questions, and check out Thad and Ashley's journey. If you're interested in advertising on the Black Wealth Renaissance podcast, please email podcast@blackwealthrenaissance.com for further inquiries.
In this episode of the Black Wealth Renaissance Podcast, we sit down with Jake Taylor Jacobs to explore the world of small businesses in America. Jake discusses small businesses' challenges, emphasizing the need for adaptability and a versatile skill set. We also delve into The Private Small Business Society (PSBS), a business vocational school dedicated to providing certifications to small business owners. PSBS aims to set industry standards for small businesses. Jake's journey to creating PSBS is marked by resilience, driven by a $4 million loss that could have been devastating for an inexperienced entrepreneur. After recovery, Jake spent two years developing the curriculum for PSBS certifications and Executive fellowship. This episode equips you with valuable insights into small business certification, accreditation, and the impact of trade schools on minority communities. We also touch on broader economic topics and the significance of resilience in business. Tune in to prepare for an enhanced entrepreneurial journey and discover the power of small businesses in shaping the nation's economic landscape. Key Highlights: 00:36 - Intro 04:00 - State of small business address 15:35 - Building A Insurance Business 20:44 - First Hires in new business 28:03 - How to work with merchant accounts 33:15 - Understanding Chargebacks 39:30 - Small business certifications 1:01:31 - Becoming an accredited institute 1:04:30 - The impact of trade schools on minorities 1:09:23 - The fundamentals of a small business 1:18:33 - Knowing your role in a business 1:21:39 - Small business's responsibility to their employees 1:32:40 - Fed's cutting interest rates next year 1:40:20 - Standing on Business Leave Us A 5 Star Rating & Review ⭐️⭐️⭐️⭐️⭐️ If you're interested in advertising on the Black Wealth Renaissance podcast, please email podcast@blackwealthrenaissance.com for further inquiries.
Sign up to the free TellyCast newsletterBranded content and brand funded programming is very much back on the agenda as unscripted commissions from both PSBs and commercial broadcasters are starting to look thin on the ground. This week we're chatting to a leader in branded content and formats in Finland to find out how the market is adapting in his territory.Our guest this week is Lasse Nikkari, executive producer and Head of Formats and Branded Entertainment at Finland's Nelonen Media. In conversation with TellyCast's Justin Crosby.Support the showTellyCast websiteTellyCast instaTellyCast TwitterTellyCast YouTube
The performance of public sector banks (PSBs) in recent times has been a topic of great interest and discussion. The previously widening gap between private banks and PSBs has started to narrow, indicating positive developments within the public banking sector. 12 PSBs crossed ₹1 lakh crore profit mark in the March 2023 quarter. State Bank of India accounted for half of the total earnings. In this podcast, Nabodita Ganguly talks to businessline's Senior Assistant Editor, Hamsini Karthik to discuss the factors that led to the improved performance of the banks and what lies ahead for them. One of the factors contributing to the improved performance of PSBs can be traced back to the series of consolidations that took place starting in 2018. These mergers have provided the necessary impetus for growth and increased capital availability, allowing PSBs to expand their balance sheets meaningfully. Additionally, there has been a notable shift in loan portfolios, with a greater focus on retail loans. Retail lending, including segments such as housing loans, vehicle loans, SME loans, and agricultural loans, has become a crucial growth driver for PSBs. This strategic emphasis on retail loans has resulted in healthier financials, as the default rates for retail loans are typically lower than those for corporate loans. Despite these positive developments, PSBs continue to face challenges in terms of their valuations. Historically, state-owned entities, including PSBs, have earned lower valuations compared to their private counterparts. The dichotomy in valuations is influenced by factors such as corporate governance standards, independence of the board, and decision-making authority within the entities. PSBs, with the government as their primary stakeholder, often face questions regarding the level of autonomy they possess. The perception of governance and decision-making quality can significantly impact the valuations of PSBs. Looking ahead, the future of PSBs remains uncertain, and optimism must be tempered with caution. The transformation of governance structures, along with sustained financial performance, will play crucial roles in improving perceptions and valuations. Strides have been made in reducing external interference and strengthening centralized processing and decision-making. However, it will take time to observe how these changes manifest in the numbers and withstand different market cycles. In conclusion, while recent trends have been encouraging, it is vital to closely observe the performance and governance of PSBs to determine their long-term trajectory. Listen in. --- Send in a voice message: https://podcasters.spotify.com/pod/show/business-line/message
Do Post-Starburst Galaxies Host Compact Molecular Gas Reservoirs? by Fengwu Sun et al. on Thursday 13 October We analysed the high-resolution (up to $sim$0.2") ALMA CO (2-1) and 1.3 mm dust continuum data of eight gas-rich post-starburst galaxies (PSBs) in the local Universe, six of which had been studied by Smercina et al. (2022). In contrast to this study reporting the detections of extraordinarily compact (i.e., unresolved) reservoirs of molecular gas in the six PSBs, our visibility-plane analysis resolves the CO (2-1) emission in all eight PSBs with effective radii ($R_mathrm{e,CO}$) of $0.8_{-0.4}^{+0.9}$ kpc, typically consisting of gaseous components at both circumnuclear and extended disc scales. With this new analysis, we find that the CO sizes of gas-rich PSBs are compact with respect to their stellar sizes (median ratio $=0.43_{-0.21}^{+0.27}$), but comparable to the sizes of the gas discs seen in local luminous infrared galaxies (LIRGs) and early-type galaxies. We also find that the CO-to-stellar size ratio of gas-rich PSBs is potentially correlated with the gas depletion time scale, placing them as transitional objects between LIRGs and early-type galaxies from an evolutionary perspective. Finally, the star formation efficiency of the observed PSBs appear consistent with those of star-forming galaxies on the Kennicutt-Schmidt relation, showing no sign of suppressed star formation from turbulent heating. arXiv: http://arxiv.org/abs/http://arxiv.org/abs/2210.06522v1
After offloading Air India in October last year, the government has now kicked off the process to sell its stakes in its subsidiaries which were not part of the deal. Air India has four subsidiaries which are Air India Airport Services Ltd, or AIASL, Air India Engineering Services Ltd, or AIESL, Alliance Air Aviation Ltd, and Hotel Corporation of India Ltd. And, the process to offload AIASL and AIESL is on. The government is also moving ahead with the privatisation of IDBI Bank. DIPAM Secretary Tuhin Kanta Pandey has confirmed it this month, saying that the department would soon invite preliminary bids. The government holds a 45.48 per cent stake in the bank, while the Life Insurance Corporation of India, which is the promoter of the bank, owns a 49.24 per cent stake. The government will also reportedly invite financial bids for the privatisation of Bharat Earth Movers Limited in the December quarter. But, notwithstanding these moves, the overall picture regarding the government's disinvestment plans looks gloomy. For the current financial year, the government has budgeted to raise 65,000 crore rupees from disinvestment. But, even as half of the fiscal year is over, it has raised only about 25,000 crore rupees so far. Union Finance Minister Nirmala Sitharaman had proposed the privatisation of two public sector banks in her 2021-22 Budget Speech. But, the amendment to the banking laws, which would have enabled the government to offload its stakes, has not been passed so far. Also, a research paper in the August issue of the Reserve Bank of India Bulletin lauded the role of PSBs. It argued that “big-bang” PSB privatisation would not be a panacea. While clarifying later, the RBI said that a gradual approach, as announced by the Centre, would result in a better outcome. Now, in September, Oil Minister Hardeep Singh Puri indicated that the much-delayed BPCL privatisation may not happen in the near future. Puri made it clear that there was “no proposal whatsoever” on his table for now. And earlier this year, the Centre had announced the sale of Pawan Hans to a consortium. But, the sale was scrapped later as questions of impropriety and non-payment of dues were raised about a company that was part of the consortium. The privatisation of Central Electronics Ltd may also be called off and that of the Container Corporation of India Ltd is yet to be initiated. In May, the Cabinet Committee on Economic Affairs approved the sale of the government's entire remaining stake in Hindustan Zinc Ltd, or HZL. The sale of the entire 29.5 per cent stake is estimated to fetch 38,062 crore rupees. But, this sale is also yet to go through and the government is in the process of appointing financial and legal advisors who will see it through to its conclusion. All of this has raised the question, is the government going slow on privatisation? The prevailing investment and economic atmosphere may have made the government go slow on privatisation, but going ahead, every such decision will also have to face another headwind, the fast-approaching 2024 Lok Sabha elections. Privatisation has always been a politically-sensitive topic, and thus, there may be doubts about the government going in for any big-ticket privatisations, especially of the two PSBs, during the remainder of its term.
Q1: The govt has deferred the plan to privatise public sector banks, as the legal amendments have not been made yet. Do you think privatisation of PSBs is an idea whose time has come? Do you think the RBI should relax criterion to allow corporates, especially those with experience in finance business to participate in the privatisation process? Ans: >India needs a larger, stronger, Atmanirbhar financial services sector >It is for the regulators to decide the right way to achieve a strong financial services sector >Good-quality corporate players should be allowed to enter the financial services industry >RBI should build a discussion around what the future of lending looks like Q2: There have been hiccups in the current privatisations of PSUs that have been announced recently, like Central Electronics Ltd and Pawan Hans. Do you think that process should be strengthened and rigorus criteria should be in place to screen bidders for other PSUs as well that have been put on block? Ans: >Need a transparent, clear well-thought-out consistent process for privatisation >The intent of the government is, it should not be in business >There are sensitivities involved. So, some of these things take time Q3: Post FDI hike in insurance, do you think more needs to be to attract foreign capital in the sector? Ans: >Don't have a domestic financial sector that is strong enough to support India's growth opportunity >India can become the manufacturing hub of the world, because of the changing nature of geopolitics >Foreign capital finds the best risk-reward geography over a period of time >Capital must help create a strong domestic financial services industry, led by banking, asset management, insurance and pension Q4: What more financial sector reforms need to be undertaken in India? Ans: >Expand banking to increase financial inclusion >Need to take banking closer to people, and digital tools can make a significant benefit >Need to provide capital to small and medium scale enterprises and explore export opportunities >With the government signing FTAs, we need to ensure capital is easily available to companies >India needs few large banks to strategically help large companies that have built necessary capabilities and are looking to build new capacities overseas >Insurance sector has gathered a large amount of assets, which need to be put to productive use >Move assets from govt securities to fund startups, infrastructure projects and create a viable corporate bond market in India Q5: Mr Bajaj, CII has given a range of GDP estimates for FY23 based on three oil price scenarios. In this scenario of 7.4-8.2 per cent growth rate, do you think growth may be closer to the upper end or lower end? Ans: >If oil price stays around $100 level (per barrel), then I think closer to 8% is what we can look at >Rise in the interest rate and how often it happens will depend on the prevailing inflation >Inflation is partly dependent on fuel prices >Govt should cut taxes on fuel in a collaborative manner between the centre and the states >A normal monsoon is expected this year, which can arrest inflation Q6: What sort of a magnitude of impact of inflation are you seeing India Inc going face on its margin? And: >Impact of inflation on margins will differ from sector to sector >Corporate margins have got compressed partly, in the last two quarters, because of rising input cost >That's why some amount of price rise is passed on to the customers
Tata Group firm TCS began the March quarter results season for Nifty50 companies yesterday. On an aggregate basis, brokerages expect the combined net profit of the companies in the 50-pack index to grow by 29% on a year-on-year basis to an all-time high of Rs 1.61 trillion, from around Rs 1.25 trillion a year ago. The combined net sales of the index companies, meanwhile, is expected to grow by 32 per cent YoY to Rs 14.18 trillion in Q4FY22 from Rs 10.76 trillion a year ago. A large part of this growth, analysts say, would be driven by the banking, finance and insurance -- or BFSI -- companies. Banks, in particular, are expected to put up an impressive Q4 show with systemic loan growth seen in double digits and asset quality staying stable. Deepak Jasani of HDFC Securities, too, says that investors need not worry about the banking sector's earnings this time. Analysts peg net interest income, pre-provision operating profit, and net profit growth for the entire sector at 19%, 6%, and 93% year-on-year. Industry credit loans, meanwhile, may swell nearly 13% year-on-year driven by growth across segments, particularly in unsecured retail, SME and housing finance segments. If one were to analyse the sector in terms of private and public banks, analysts at Kotak Institutional Equities expect the private players under their coverage to report about 21% year-on-year and 6 per cent sequential growth in net interest income. Improvement in profit after tax, meanwhile, is seen at 86% year-on-year and 6% quarter on quarter led by Bandhan Bank (up 978% year-on-year), RBL Bank (226% year-on-year), ICICI Bank (64 per cent year-on-year), and Axis Bank (51% year-on-year). Public sector banks, on the other hand, are likely to experience continued traction in their operating performances, supported by recovery in business growth, and a sustained reduction in provisions. Slippages could continue to subside, which along with healthy recoveries, would reinforce the asset quality performance. Overall, PSBs are likely to deliver net interest income growth of around 20 per cent. PAT growth is seen at 100% year-on-year and 19 per cent quarter on quarter led by Canara Bank (up 100% year-on-year), Punjab National Bank (up 98% year-on-year), and State Bank of India (up 66%). That said, while analysts believe forward flow into the delinquency bucket would likely be restricted in Q4FY22, analysts expect behaviour of ECLGS lending pool and restructured portfolio would be key to watch. In nutshell, Q4FY22 will likely be characterised by stability and normalisation after several quarters of volatility. NIMs, slippages and credit cost are likely to remain stable. Recoveries and upgrades may also outpace fresh slippages and gross NPAs could decline. On Tuesday, markets will react to TCS' Q4 results, which were announced after market hours on Monday. That apart, Anand Rathi Wealth and GM Breweries will be among the six companies set to announce their March quarter results today. Among macro triggers, the domestic Index of Industrial Production (IIP), along with Consumer Price Index (CPI) reading for both India and the US will be released later today.
In Budget 2021, the Centre had announced its plan to privatise two state-owned banks. But it made little progress to implement the plan on the ground. That was because it could not move legislative amendments to enable privatisation of public sector lenders – the first step towards privatisation – due to Covid-19 pandemic and disruptions in Parliament. According to the proposed amendments that were to be moved in the winter session of Parliament, the government is to lower the minimum stake it holds in public-sector banks to 26 per cent from the previously mandated 51 per cent. The legislation also aimed at empowering the government to make a scheme for privatisation of PSBs in consultation with the RBI. The proposed legislation had provisions regarding the disqualification of directors, as well as terms and conditions for service of chairmen, whole-time directors, and boards of directors. The government is also to consider changing the foreign direct investment limit in public-sector banks, which is 20 per cent at present. The government has informed Parliament that the Cabinet has not taken any decision on privatisation of two state-owned lenders announced in Budget 2021-22. However, the NITI Aayog has reportedly recommended privatisation of Indian Overseas Bank and Central Bank of India. Central Bank of India is likely to be removed from the RBI's prompt corrective action framework soon. The Centre is also likely to infuse capital in Central Bank of India and Indian Overseas Bank, which got out of RBI's PCA last September, to meet regulatory requirements. Despite the pandemic, public-sector banks have reported profits in the ongoing financial year. Impressive raising of capital from the market by PSBs has made the government confident that such lenders are now self-sufficient and may not have to look to the Centre for capital in future. PSBs recorded net profit of Rs 31,820 crore in FY21 which has been the highest in the last five financial years. With regard to privatising one public sector insurer, the NITI Aayog has suggested privatisation of United India Insurance, the approval to which is yet to be accorded by the Cabinet. Once approved, the DIPAM would start the privatisation process of the insurer. Besides this, the government is also looking to restructure the regional rural banking space. A panel was appointed by the Centre to suggest turning around RRBs which is learnt to have suggested segregating RRBs into categories based on the capital they require, and if infusing funds in them is feasible. The committee's recommendations are with the government, and the Finance Minister may look at providing a road map to turn around regional lenders in tomorrow's Budget. Watch video
The election commission officials kicked-off their visit to five poll-bound states from Wednesday, the day when the Parliament's winter session was adjourned sine die. The EC visit is usually a precursor to the announcement of the poll schedule, which experts believe may be out early January. Meanwhile, as the session was in progress, farmer unions had intensified their stir against the farm laws. Most protesters sitting at the Delhi borders came from Punjab or western Uttar Pradesh, the two poll bound states. And the bank unions were too up in arms against the proposed Banking Laws (Amendment) Bill, 2021, which sought to privatise two public sector banks. Fearing for their jobs, lakhs of government bank employees observed a two-day nationwide strike recently against the privatisation bid. So, did the government choose a populist path when it announced the scrapping of the pro-reform agriculture laws and didn't table the Banking Laws (Amendment) Bill, 2021. Experts believe so. The government also took a U-turn on abolition of electricity subsidies. It has decided to withdraw the proposal from draft Electricity Bill, 2020, deviating from its plan to introduce Direct Benefit Transfer (DBT) in the electricity sector. The Electricity Amendment Bill was dropped at the behest of farmers as the government agreed to first discuss the bill with them before it is tabled. Not just this, but also the bill to regulate cryptocurrencies was not taken up. A similar bill was earlier listed for the Budget session but could not be introduced. To be sure, there is still no clarity on whether the government wants to regulate the sector or ban it. Cryptocurrencies gained mainstream relevance in India in 2017 and four years later regulations are yet to come. Another year has gone by with the Indian crypto sector still living with uncertainty. At the same time, The Election Laws (Amendment) Bill, 2021, which enables the linking of electoral roll data with Aadhaar, was pushed through the Parliament despite the bill not being listed in the initial business agenda. The actions raise questions on the government's immediate priorities despite stated intent on economic reforms. The privatisation of two public sector banks (PSBs) is unlikely to happen in the current year. Finance Minister Nirmala Sitharaman had announced in this year's Budget that the government will take up this exercise. The 18-day winter session of Parliament was also one of the least productive. Chakshu Roy, Head of Outreach at PRS Legislative, also gave us his views. Now, the fate of these key pro-reform bills is hanging in the balance. With the Budget session just over a month away, we can once again expect these bills to grab the headlines. With reform bills piling up, it's high time the government turned decisive and stopped dragging its feet for yet another year. Watch video
The Centre is tabling a Bill in the upcoming winter session of Parliament beginning November 29 to amend two banking laws. Amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980, and the Banking Regulation Act, 1949, will pave the way for privatisation of two public sector banks, as announced in the Union Budget in February. It is being speculated that Indian Overseas Bank and the Central Bank of India are most likely to go under the hammer. The Centre owns more than 90 per cent in both these banks. Business Standard on Friday reported that the Centre may continue to hold at least 26 per cent stake in these banks for now. The quantum of the initial stake sale will be decided while finalising the contours of the transaction. It would mean an about turn in the government's privatisation strategy, after its successful sale of Air India to the Tata Group. The national carrier had failed to attract any bidders in 2018 when the government tried to offload 76 per cent stake in it. This prompted the government to offload its entire 100 per cent stake, for which it received buyers from all the quarters. Earlier, the government had reaped a bonanza by following a similar model with its sale of a 45 per cent stake in Hindustan Zinc to Vedanta in 2002 and 2003, along with the transfer of management control. The 30 per cent stake the government retained is today valued at Rs 42,000 crore. It may be looking to cash in on a similar upside in the privatised banks in the future as a strategic buyer is expected to bring in improved efficiency. With a 26 per cent holding, the government would have the power to propose or block special resolutions. But if it can give up its other powers that it enjoys under various laws, private buyers will be more than interested to control a bank. So far, it looks like the government is on the right path. Watch Video
The Central Bank of Nigeria granted Airtel Nigeria the approval in principle to operate the super-agent network in Nigeria. Airtel would be able to create an agent network that could service the customers of licenced Nigerian banks, Payment Service Banks (PSB) and licenced mobile money operators in Nigeria. The approval came a few days after the CBN granted Airtel and MTN approval-in-principle to operate as PSBs in Nigeria. Airtel Africa in a statement says under the super-agent licence, they would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.
The Central Bank of Nigeria granted Airtel Nigeria the approval in principle to operate the super-agent network in Nigeria. Airtel would be able to create an agent network that could service the customers of licenced Nigerian banks, Payment Service Banks (PSB) and licenced mobile money operators in Nigeria. The approval came a few days after the CBN granted Airtel and MTN approval-in-principle to operate as PSBs in Nigeria. Airtel Africa in a statement says under the super-agent licence, they would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.
The Central Bank of Nigeria granted Airtel Nigeria the approval in principle to operate the super-agent network in Nigeria. Airtel would be able to create an agent network that could service the customers of licenced Nigerian banks, Payment Service Banks (PSB) and licenced mobile money operators in Nigeria. The approval came a few days after the CBN granted Airtel and MTN approval-in-principle to operate as PSBs in Nigeria. Airtel Africa in a statement says under the super-agent licence, they would be able to create an agent network that can service the customers of licensed Nigerian banks, Payment service banks and licenced mobile money operators in Nigeria.
In this episode, find out why Government has approved Fairfax's proposal to invest Rs 15,000 crore in infra projects, why NCLAT will hear the appeal of Jet employees on 8 October Business Term of the Day: Small Finance Banks
This week Alice and Heather discuss the US upfronts, factual commissioning at the PSBs and, of course, their greenlight of the week. Tune in to find out what's set to hit US screens and laptops this year, and what's working in factual.
A tug of war between bulls and bears was ultimately won by the bulls on Thursday, the day of the expiry of the weekly F&O contracts. That apart, buoyancy in the global markets on the back of a $2 trillion US government spending plan, and record GST collection at Rs 1.24 trillion for the month of March back home gave the requisite armour to investors. Among the frontline indices, the benchmark S&P BSE Sensex reclaimed the 50,000-mark on a closing basis and ended at 50,030, after advancing 521 points or 1.05 per cent. Earlier in the day, the index had briefly slipped in the red to touch a low of 49,478.5. On the NSE, the Nifty50 index closed at 14,867 levels, up 177 points or 1.2 per cent. The indices' breadth remained firmly in the favour of the bulls as 25 of the 30 constituents on the Sensex and 41 of the 50 constituents on the Nifty settled the session in the green. IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Bajaj Finance, Sun Pharma, Axis Bank, and UltraTech Cement outperformed the Sensex today, up between 2 per cent and 4 per cent. JSW Steel, Hindalco, Adani Ports, Tata Steel, and Hero MotoCorp were the additional gainers on the Nifty, rallying up to 8 per cent. On the downside, HUL, Nestle India, TCS, Divis Labs, HDFC Life, TCS, and Titan ended lower between 0.32 per cent and 1.3 per cent. Taking into consideration the BSE MidCap and SmallCap indices' 1.66 per cent and 2 per cent gains, respectively, the overall market breadth was in the ratio of 1:3 in the favour of advances. As regards sectoral performance, the Nifty Metal index settled over 5 per cent higher on the NSE today on hopes of a strong demand going forward. Individually, Tata Steel's market-cap was back above the Rs 1 trillion-mark in Thursday's intra-day trade after the stock hit its highest level since June 2008, on healthy operational performance and expectation of improvement in the company's outlook. In the past one week, the stock has rallied 16 per cent, against 2.2 per cent rise in the S&P BSE Sensex. That apart, shares of JSW Steel rose 5 per cent and hit a new high of Rs 490.95 on the BSE after credit ratings agency Moody's Investors Service changed the outlook on all ratings of the company’s instruments to 'stable' from 'negative'. Meanwhile, the Nifty PSU bank index ended 2.6 per cent higher after the government announced capital infusion of Rs 14,500 crore in 4 PSBs. The Nifty Bank, Auto, Financial Services, Private Bank, and Pharma indices gained up to 2 per cent while the Nifty IT and Realty indices closed with less than a per cent gain. Among other individual stocks, the dream run of Gautam Adani-led group companies continued on the bourses on the first day of the new financial year 2021-22 with Adani Transmission and Adani Total Gas stocks hitting their respective new highs, while Adani Enterprises traded close to its record high. Besides, Adani Power, Adani Green Energy (AGEL) and Adani Ports gained in the range of 2 per cent to 6 per cent in the intra-day trade. The Group was the biggest gainer in FY21 as the seven listed Adani Group companies had a combined market capitalisation of Rs 6.7 trillion till Tuesday — up more than 5x from the group’s m-cap of Rs 1.31 trillion at the end of March 2020. Global markets Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent, while Japan's Nikkei rose 1.3 per cent as a survey showed big manufacturers' mood bouncing back to pre-pandemic levels. In Europe, the pan-European STOXX 600 index rose 0.5 per cent, the German DAX climbed 0.6 per cent to hit a record high, while the UK's FTSE 100 also gained 0.6 per cent. Nasdaq Futures, meanwhile, were last up 0.9 per cent and S&P 500 futures added 0.4 per cent. Domestic markets shall remain shut on April 2 on accoun
A minor blip in the markets earlier today was quickly bought into as healthy December quarter results, consistent FII buying, and hopes of status-quo in the Reserve Bank of India's February monetary policy, due on Friday, kept optimism intact in the markets. Investor wealth reached a new pinnacle today as market capitalisation of all the firms listed on the BSE hit Rs 200-trillion milestone. The day ended with an aggregate m-cap of Rs 200.5 trillion on the BSE. Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687 level in the intra-day trade. At close, the index was 358 points, or 0.71 per cent, up at 50,614 levels. The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today. In the broader markets, midcap stocks such as Jubilant Foods and BHEL (up 7 per cent each), Tata Power (up 6.5 per cent), Sun TV and Balkrishna Industries (up 6 per cent each), and Canara Bank, ABFRL, ABB, and Adani Green (all up between 5 per cent and 5.5 per cent) dazzled at the bourses. Effectively, the S&P BSE MidCap Index settled 1.4 per cent higher on the BSE while the S&P BSE SmallCap index ended 1.2 per cent up. Sectorally, Nifty PSU Bank index outran the markets and closed nearly 6 per cent higher on the NSE. Financial sector stocks, especially banks, have been in the limelight since Finance Minister Nirmala Sitharaman proposed to divest stake in two PSBs while unveiling Budget 2021 proposals. That apart, the FM set aside Rs 20,000 crore for recapitalisation of PSBs. Individually, Indian Bank, Bank of Baroda, Bank of India, SBI, Canara Bank, and Punjab National Bank ended higher between 6 per cent and 18 per cent. That apart, the Nifty Bank index clocked a new closing high of 35,345, up 586 points or 1.7 per cent. The index hit a record high of 35,413 earlier today. Among key December quarter results declared during the day, SBI reported a 6.9 per cent year-on-year drop in standalone net profit at Rs 5,196.22 crore on the back of higher provisions. The number, however, beat Street estimates which had factored-in an up to 58 per cent YoY decline in net profit. Moreover, fresh slippages during the quarter came in at Rs 237 crore, plunging 98.5 per cent YoY and 91.4 per cent QoQ. NTPC, meanwhile, closed 2% higher on the BSE after the company reported a net profit of Rs 3,315 crore for the quarter ended December 31, 2020, up 11 per cent year-on-year. That apart, shares of Hindustan Petroleum Corporation also closed around 2% higher today as the firm registered a little over 3-fold increase in Q3FY21 profit compared to corresponding period, driven by strong operating performance and doubled other income. Net profit jumped sharply to Rs 2,355 crore in Q3FY21 as against Rs 747 crore last year. In the primary market, Brookfield REIT's three-day IPO was subscribed 55% till 4 PM on day 2 of the issue. Global cues Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy. MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent. In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent. Meanwhile, Dow Jones Futures were last down 24 points indicating a flat start on Wall Street later today.
Do you often wonder— ‘Is my money safe in banks?' India is grappling with its worst banking crisis ever, and we are still trying to figure out what landed us here. This podcast episode with economist Madan Sabnavis analyses the role of the government and RBI in allowing the problem to reach the dimension it has assumed today. When will the never-ending NPA issue be resolved? Does it make sense to merge two PSBs when the culture and governance structures are alike? Should the RBI reserves be used in times of crisis? Should the tenure of a CEO be long or short? The book ponders and debates on some of these questions. Hits and Misses presents the two sides of the Indian banking story by giving an account of the reforms as well as quandaries in times of extraordinary economic and political challenges. The podcast just like the book, answers many relevant questions by highlighting the highs and lows of the banking sector, which became subjects of debate in media and financial circles today. Tune in!
Do you often wonder— ‘Is my money safe in banks?’ India is grappling with its worst banking crisis ever, and we are still trying to figure out what landed us here. This podcast episode with economist Madan Sabnavis analyses the role of the government and RBI in allowing the problem to reach the dimension it has assumed today. When will the never-ending NPA issue be resolved? Does it make sense to merge two PSBs when the culture and governance structures are alike? Should the RBI reserves be used in times of crisis? Should the tenure of a CEO be long or short? The book ponders and debates on some of these questions. Hits and Misses presents the two sides of the Indian banking story by giving an account of the reforms as well as quandaries in times of extraordinary economic and political challenges. The podcast just like the book, answers many relevant questions by highlighting the highs and lows of the banking sector, which became subjects of debate in media and financial circles today. Tune in!
The Newswrap is overjoyed to welcome Emmy Award-nominated director Jenny Ash this week, to discuss Channel 5's upcoming documentary on the Nuremberg trials. And in yet another busy news week, insight editor Jesse Whittock and senior reporter Max Goldbart come together to speak about the future of PSB - as third review is launched in the space of less than 12 months, and a 10-strong panel is assembled. All that, plus a smidgeon of 'What We've Been Watchin'', on this week's Broadcast Newswrap
Though the issue of public sector bank (PSB) reforms has been under discussion for several years, not much has moved on the ground. Recent reports have suggested a possible divestment of majority stakes in few PSBs that were left out of consolidation exercise last year. A top government source said there had been intense discussion among the Prime Minister’s Office (PMO), the finance ministry, and the RBI on what level of stake should be retained. In this podcast, Business Standard's Subhomoy Bhattacharjee explains why the Centre again discussing the topic of government owned bank privatisation, a road map for the future about these banks and more Tune in to know more
This newsletter is really a weekly public policy thought-letter. While excellent newsletters on specific themes within public policy already exist, this thought-letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways. It seeks to answer just one question: how do I think about a particular public policy problem/solution?PS: If you enjoy listening instead of reading, we have this edition available as an audio narration courtesy the good folks at Ad-Auris. If you have any feedback, please send it to us.India Policy Watch: Rajan-Acharya on PSB ReformsInsights on burning policy issues in India— RSJRaghuram Rajan and Viral Acharya have a new paper titled, Indian Banks: A Time To Reform?, that looks at a comprehensive set of reforms that will enable public sector banks to drive the Indian economic growth engine instead of being a drag they currently are. Rajan and Acharya have held leadership roles at the RBI and know a thing or two about issues relating to the banking sector. Here’s a nice summary of the recommendations by the BloombergQuint.So, what to make of them? There are 4 points we’d like to raise:Is this the time? Rajan and Acharya argue maintaining status quo is untenable. The huge strain on government finances now shifts the Overton window for much-needed reforms of the public sector banking system. This is their hope. In my view, shifting the status quo at this time carries the risk of falling off the brink. There’s a fog of uncertainty about the duration of the pandemic, the state of our public finances and the nature and length of recovery. More than any immediate reform we need some stability, however precarious, at this moment.What about the empire? The paper reiterates the need for a systemic solution to the bad loan problem. The idea for a nationalised and a private “bad bank” is revived along with a strict time-bound process for bankruptcy procedure. The recent books by Urjit Patel (who succeeded Rajan) and Acharya have outlined in great detail how there’s no incentive for anyone in the political economy or in the banking sector to implement the IBC process. Everyone is happy kicking the can down the road. Any attempt at enforcing strict insolvency guidelines is met with resistance. Patel named the relevant chapter in his book ‘The Empire Strikes Back’. And this resistance to change was the state of affairs before the pandemic. So, to expect a serious reckoning by the government now is out of question. In fact, we seem to be going the other direction. The suspension of IBC is to be extended by another quarter and the restructuring proposal by Kamath committee leaves the discretion with the bank on triggering default procedure. We will have to learn to live with elevated levels of NPAs and banking system stress especially in public sector banks (PSBs).Who will implement them? There are proposals to improve the performance of PSBs through greater operational freedom, performance-linked bank financing plans and winding down the Department of Financial Services (hah!). While these are good intentions, operationalising them in a system that has bloated cost structure, unionisation and relatively lax performance management culture won’t be easy. There are suggestions that are akin to the Kamath committee on giving loans based on cash flow and liquidity position of the companies instead of their assets. More aggressive norms for provisioning for bad loans and making sure the promoters have skin in the game in long-term infrastructure projects are also suggested. There are other suggestions to manage banking system risks better that have been around for some time. But implementing them will mean standing up to the ‘empire’. Is stake sale the panacea? Finally, we have the issue of the ownership structure of banks. The paper proposes bringing the stake of the government below 50 per cent (state-linked banks) and gradual privatisation of select PSBs. While this step to create a distance between it and the everyday operations of the bank is necessary, this alone won’t address the governance issues of the PSBs. There’s an entire superstructure (the ‘empire’) that manages and lives off the PSBs that includes unions, bureaucrats, various oversight committees and temporal political interests. This influences everything from recruitment, performance management, promotions, disbursement guidelines to risk management practices. This won’t change overnight merely because the government stake is below 50 per cent.The paper brings together all the extant issues relating to banking reforms in India. In that sense it is a valuable compendium of ideas – most old, some new. The key question remains: what’s the political will to take up these reforms now? The authors are aware of this too:“While we have put together a variety of suggestions, many of these have been discussed in the past. Many concern public sector banks and their governance. Is there any reason to be more confident they will be implemented now?”And they bring up the issue of incentive. What’s in it either for the bureaucracy or the government (either this or any in future) to take up these urgent reforms? As they write in conclusion:“The government obtains enormous power from directing bank lending. Sometimes this power is exercised to advance public goals such as financial inclusion or infrastructure finance, sometimes it is used to offer patronage to, or exercise control over, industrialists. The government also has potential access to an enormous amount of sensitive information through its state ownership – for instance, the identity of purchasers of electoral bonds is known only to the State Bank of India. The government can oblige party members by appointing favorites to positions in public sector banks, including on their boards – and once there, some of these appointees use their influence to direct bank loans to favored parties. Parliamentarians of all parties are not immune to the lure of public sector banks – the banks are often asked to arrange the logistics for their fact-finding committee meetings in enjoyable locales across the country. And Finance Ministry bureaucrats are reluctant to let go of the power that allows a young joint secretary to order the chairpersons of national banks around.”Just reading that passage is kind of depressing. Besides the above, the ordinary citizen isn’t exercised by the deteriorating condition of public sector banking in India. It will never be an issue in any election. Rajan and Acharya believe the pandemic and the enormous resource constraints it will place on the government will make it difficult to recapitalise the banks. This in turn will curb credit flow and impede growth in the economy. “With government deficits and debt levels reaching enormous levels, there simply are not enough budgetary resources to recapitalize banks. An encumbered, under-capitalized public sector banking system will not lend well, which will be a huge tax on growth, as it has been for the last six years. More worrisome, without reform the banks will cumulate further losses. Status quo is simply not an option.”“It is important that the government use the urgency of the moment to draw key players together to develop a reasonable reform path; it should be comprehensive and not just a one-off “tick-the-box” exercise dealing with a thin sliver of issues. It should then reach a consensus with concerned players such as unions and political parties, and then embark on the reforms.”We aren’t as sanguine as they are. The political capital that will need to be spent (or invested) in implementing the reforms they have suggested in this paper is enormous. While this government and the PM enjoy unprecedented goodwill and support, this is a bet that might just be too big even for it. The PM has shown an appetite for ‘bold’ steps. But they tend to be one-off events. A deeper and deliberate structural reform of this kind that will take years to implement will be a genuine bold measure. One can only hope he take that step. A Framework a Week: Nine Competing Visions of EqualityTools for thinking public policy— Pranay KotasthaneAssume the Indian government plans to distribute ₹50,000 crores to 50 crore Indians this year, how would it go about doing this equitably? The intuitively obvious solution is to divide the sum equally — ₹1000 to everyone. Simple, isn’t it? Think again. Isn’t it unfair to the nearly 80 crore people left out of this distribution in the first place? Even amongst the chosen 50 crore Indians, isn’t equal division unfair to some who need this money more than others? Isn’t it unfair to the socially disadvantaged groups who might not even have access to prove their identity?This is what Deborah Stone calls the paradox of distribution in her textbook Policy Paradox:“equality often means inequality, and equal treatment often means unequal treatment. The same distribution may look equal or unequal, depending on where you focus.”This is a key insight. Stone lays out a useful framework for thinking about what equality means. She lists nine ways in which one can use equity language to distribute, often in ways that you would consider to be unequal. Each of these ways equalises along one dimension and can be considered as being ‘unequal’ on another. These nine ways are split along three dimensions — who gets something, what gets distributed, and how is the distribution done. (Deborah Stone, Policy Paradox, Page 47)Way 1 deals with membership. It’s easy to say that things should be divided equally amongst all but who constitutes this all is a tricky question. Citizenship, for example, is a membership criterion that is exclusive by nature. Way 2 deals with merit. It argues that the more deserving should be rewarded for their accomplishment. Hence, any distribution problem should also be resolved by identifying achievement or aptitude.Way 3 is a claim that resources should be allocated based on ranked subgroups. For example, employees in all organisations are paid according to rank. Equally ranked get equal pay, unequally ranked get unequal payouts.Way 4 is a claim for group-based distribution. Caste-based reservation is an example of this kind of equality.Way 5 expands the boundaries of the item. If the government were to distribute the Rs 50000 crore only to those Indians who haven’t received their rations from the public distribution system in the last one month, the boundary of the item being distributed changes from only cash to a basket comprising of cash and food.Way 6 is a claim on distribution according to the value that the recipients ascribe to that item.Ways 7, 8, and 9 are about equalising the process. Way 7 talks about distribution based on fair competition between all players. Way 8 talks about distributing based on a lottery so that chances are equalised. Way 9 calls for a vote to decide who gets what.This categorisation into nine definitions of equality is useful for a policy analyst. There’s no right answer on which of these is the best method, of course. What can be said is that Way 1 (equal slices amongst all members) and Way 8 (lottery) are intuitively powerful and are used by policymakers when they can't find better reasons to justify their decisions.So the lesson for a policy analyst is that faced with a distributive problem, look at these definitions of equality and pick one that seems the fairest. It’s easy to say that inequality is a problem. It’s far more difficult to answer what being equal means.World Policy Watch: Tool To Change Social NormsInsights on burning policy issues in India—RSJShould courts be framing social policies? This question is the subtext of a number of articles that have appeared since the death of US Supreme Court (SC) associate justice, Ruth Bader Ginsberg (RBG) last week. The Trump administration is moving with speed to get a conservative judge confirmed by the Senate before the elections in November. The Republicans control the senate and nominating a judge of their ideological persuasion now will decisively swing the 9-member SC bench to a 6-3 ‘conservative’ majority. Why has nominating a judge to the highest court turned into such a contentious political issue? Not so long back judges would get nominated with overwhelming majority from the Senate. RBG won her confirmation with a 96-3 majority. Justice Antonin Scalia who was on the other end of the ideological divide won his nomination 98-0. The days of such bipartisanship are over. Why? All About IncentivesLike everything in life, it is about incentives. First, the lifelong tenure of a judge means they have the ability to influence decisions for a long period of time. As the ideological divide has gotten sharper, both Democrats and Republicans are keen on nominating more ‘extreme’ judges. Second, there’s an incentive to nominate relatively younger judges who will sit at the SC for a long time and influence decisions. This has meant nominating less experienced jurists who are ideologically ‘pure’. This riles up the other side. Lastly, an increase in the number of judgments that are decided by the slenderest of margins (5-4) works as a feedback loop to the parties. It feeds into their anxieties of what’s at stake and they have greater motivation to nominate more extreme candidates.At the heart of these debates is a deeper question about the larger role the SC has taken over the years in legislating social issues in the US. The two most famous examples, of course, are Roe vs Wade and Brown vs Board of Education. Courts have turned into lawmakers is how it appears. Seen from here in India, US is a litigious country. As far back as 1835, Tocqueville had noted ‘sooner or later, every major dispute in the US ends up in courtroom.’ So, it is no surprise when women, minorities and other under-represented sections started contesting the social norms handed down to them, the matters reached courts for resolution. The Conservative AnxietyThe conservative preference is for any social change to be gradual. Societal change is shaped through the many eddies of debates and protests that resist the flow of the mainstream. As they gain wider acceptance, they begin changing the course of flow of social norms. This could be painstakingly slow, but it makes change acceptable and sustainable. For the conservatives, the role of the judges is to apply laws, not to create them. Going beyond this brief becomes judicial activism. So, the original conservative view was all issues of public or social policy should be discussed and debated by the legislative and executive branches of the state that represents the society. Courts resolve disputes following the written down law while sending back any ambiguities to the legislative arm for approval. There is a lot of merit in this argument. It is difficult to imagine how a single complainant with a specific grievance in a combative judicial process be the basis for drafting a norm for the society. Isn’t there a risk of the courts overlooking the true costs and benefits to the society while judging a single case? Would the second order impact of their decision be visible to them? Should we allow the judges to bring in their personal values into issues of constitutional merits? And let’s not pretend judges are above this. ‘Judicial activism’ is unavoidable if we let courts decide on such issues. In fact, the current debate in the US about nominations is an implicit acceptance that judges insert their personal code into judgments. When you consider the adversarial nature of many historic social judgments (both in the US and India) and the costs such a process extracts in polarising the society further, it becomes clear litigation is a blunt instrument to carve out social change. Courts shouldn’t pre-empt social and political debates. The Liberal ActivismThe liberal position, as it has evolved over time, is marked with suspicion of the society reforming itself. The classical liberal approach to this problem was to accelerate the process of change in the society. This was to be achieved through a combined political, social and cultural assault on the bastions of conservatism in the society. This led to the portrait of a liberal as a perpetual activist in a constant state of mobilisation to upend existing norms. The liberal belief that society must change from within was no different from the conservative stance. The difference was on the need to induce change through proactive measures and on the speed of change. This need for speed eventually led the liberals to the courts. To the liberals, this wasn’t difficult to justify. The law isn’t ever ‘value neutral’. Like Sahir Ludhianvi once wrote (Chitralekha, 1964):“Yeh paap hai kya, yeh punya hai kya, reeton pe dharm ki moharein hai,Har yug mein badalte dharmon ko kaise aadarsh banaoge?” What’s right or wrong has always been a compilation of enforceable values. This is a forever changing or evolving construct. Since people use these values in their daily lives, the courts can define their boundaries of ‘reasonableness’. A couple of other reasons nudged the liberal position closer to supporting judicial activism. First, it became clear that there can be no regime where every issue of public policy can be resolved through the executive or legislative arms of the state. How representative is the legislature anyway? Or, how compromised? This centralised policymaking unit that changes every few years in a democratic process can’t be expected to draft policies that will be considered the final word and stand the test of time. Also, there are common laws that precede the state and changing them requires blunt force of law itself. Second, as the legislative environment turned more partisan and dysfunctional, the drafting of laws became more imprecise or vague to accommodate political bargains. This has meant a constant need for interpreting or divining the legislative intent of laws. This act of precise interpretation and proofreading has turned judges into lawmakers by default. Lastly, the liberals who are often blamed for nominating activist judges argue this is a matter of perspective. Only when the issue at hand goes against the conservative agenda, it is considered judicial activism. Not otherwise. The Perils Of (Any Kind Of) CentralisationBased on evidence it can be argued the conservatives have lost the argument. The courts are at front and centre of social policymaking today. The many historic judgments that cleave the US society are evidence of it. The legislative arms of the state representing the society aren’t drafting these laws. But here’s the irony. The conservatives have co-opted the liberal model. With a few strokes of good fortune, the single-minded agenda of turning the US SC bench into conservative majority has been fruitful. The peril of pushing social change into the cabins of a powerful, centralised and an autonomous institution is clear to the liberals now when the shoe is on the other foot. A blunt instrument doesn’t look blunt till it is in the hands of your adversary. The path of wresting back control to the society will be long and arduous. Matsyanyaaya: COVID-19 Warrants Long Overdue Doctrinal Shifts in Military PlanningBig fish eating small fish = Foreign Policy in action— Pranay KotasthaneLt Gen Prakash Menon and I have a new paper out in the inaugural edition of the Indian Public Policy Review journal.We argue that the economic shock of COVID-19 makes the current method of defence budgeting redundant. When the GDP itself is set to reduce, defence expenditure demands as a percentage of GDP is less feasible. On the other hand, the situation on the Line of Actual Control (LAC) in Ladakh has demonstrated again that managing China, not just Pakistan, should be the focus of India’s military planning. To overcome these two challenges, a few incremental budget cuts, postponing of capital acquisition plans, and forgoing of salaries for a day would be insufficient. Instead, we argue that it’s imperative to address the mismatches between India’s political objectives and the kind of force structure put in place to meet those objectives. We identify four such mismatches.Derived from these mismatches, we propose six doctrinal shifts — a paradigm of employable power, a structure for integrated theatre commands, conversion of manpower to human capital investment, organisational changes to build firepower, and a shift in focus to the seas and new domains.Do read and let us know what you think. HomeWorkReading and listening recommendations on public policy matters[Article] Excerpts from Charles Tilly classic Misreading, then Rereading, Nineteenth-Century Social Change.[Article] The P.J. Nayak committee (2014) report on Banking reforms. It has a lot of points that remain relevant.[Paper] A must-read paper on equality and fairness by Christina Starmans, Mark Sheskin and Paul Bloom. Money quote: “humans naturally favour fair distributions, not equal ones, and that when fairness and equality clash, people prefer fair inequality over unfair equality”.[Article] Looking beyond reservations for equality. That’s all for this weekend. Read and share. Get on the email list at publicpolicy.substack.com
The Indian markets may open on a flat note today, as indicated by the SGX Nifty, which is trading flat as of 7:40 AM. In overnight deals, US stocks fell as technology-related shares slid for a second day. The S&P 500 ended down 0.84 per cent, and the Nasdaq Composite dropped 1.27 per cent. In Asia, shares were flat to negative in Friday's early deals Australian ASX 200 declined 0.22 per cent in early trading. Japan’s Nikkei was flat, while Hong Kong’s Hang Seng index dipped 0.3 per cent. The Bank of England said it was considering negative interest rates as the UK economy faces rising COVID-19 cases, higher unemployment and a possible new Brexit shock. In commodities, oil perked up as OPEC threatened to clamp down on member states that did not cut output. Brent was last trading at $43.30 per barrel. Back home, the changes in the index constituents of FTSE will be effective from today, which are set to trigger movements in individual stocks. Key additions among Indian stocks include HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. Tata Consumer Products, Adani Greens, IGL, SBI cards, and Balkrishna Industries are some of the other stocks to be added. Meanwhile, Bharti Airtel is likely to see outflow of as much as $128 million. Pharma major Dr Reddy’s Laboratories yesterday said it has settled its patent litigation with Celgene for the latter's cancer drug capsules. Following the development, Dr Reddy's ADR jumped as much as 6 per cent, and as such, the company's shares might also trade actively in the domestic markets today. Besides, investors will continue to track newsflow regarding India-China tensions as well as the Covid-19 trends. India has recorded 96,793 new Covid-19 cases in the last 24 hours, taking its tally past the 52-lakh mark. The death toll has risen by 1,139 to 84,404. And now, a quick look at some other top news. A US-based law firm has filed class action suits against HDFC Bank alleging misleading public statements and for failing to inform investors about the bank's improper internal controls on vehicle loans. The Board of Directors of RITES are scheduled to meet today to consider the proposal for buyback of the fully paid-up equity shares of the company. The RBI on Thursday announced it would go for an outright purchase of Rs 10,000 crore of bonds from the secondary markets on September 24. The proposed divestment of the Centre's majority stake in certain PSBs will be credit negative for these lenders, ratings agency ICRA said on Thursday. ICRA said that most of these PSBs have weak credit profile and their credit ratings are primarily supported by their sovereign ownership and a stable deposit base, which in turn is supported by their ownership.
In a world full of pain and suffering, some say that it is perverse that billionaires exist. Do we need them? Yes, we do, argue Amit Varma and Vivek Kaul in episode 9 of Econ Central. Listen in for the argument, and the caveat, because hey, there's always a caveat. Also discussed: why the Congress Party's actions are the opposite of their words, and how we should think about economic reform. Also check out: 1. A Meditation on Form -- Amit Varma. 2. AoC's tweet, and the responses by Paul Graham and Geoffrey Miller. 3. Paul Graham's essays. 4. Green Shoots in the Desert Sand -- Episode 2 of Econ Central, which discusses the Zero-Sum Fallacy. 5. John D. Rockefeller and the Oil Industry -- Burton Folsom. 6. Trickle-Up, Not Trickle-Down -- Swaminathan S Anklesaria Aiyar. 7. Profit = Philanthropy -- Amit Varma. 8. The Working Rich Improve Our Lives -- John Stossel. 9. Bernie Sanders wants to tax Bezos, Musk, Zuckerberg's 'outrageous pandemic wealth accumulation' -- Caitlin McFall. 10. Government's End: Why Washington Stopped Working -- Jonathan Rauch. 11. Out-Arnabing Arnab -- Episode 8 of Econ Central. 12. The 10 Rules of Successful Nations -- Ruchir Sharma. 13. The Age of Stagnation -- Satyajit Das. 14. Vivek Kaul's controversial Twitter thread on interest rates. 15. Ajit Gulabchand Needs a Lesson in Economics -- Vivek Kaul. 16. The Death of Stock Markets -- Vivek Kaul. 17. The repo rate cut cycles help PSBs shore up capital -- Vivek Kaul. 18. India Today's Mood of the Nation poll. 19. The video clip of the Congress shooting the messenger. 20. Amit Varma's pieces and episodes on DeMon. 21. A Game Theory Problem: Who Will Bell The Congress Cat? -- Amit Varma. 22. The Hype Around the Stock Market -- Episode 6 of Econ Central (explaining the Congress's game theory problem). 23. Priyanka Gandhi extends party support for Ram Mandir -- ET Bureau. 24. Ram temple is coming up with consent of all: Kamal Nath -- PTI. 25. Kamal Nath's Ayodhya Act: 11 Silver Bricks, And 'Hanuman Chalisa' -- Anurag Dwary. 26. In Service of the Republic -- Vijay Kelkar and Ajay Shah. 27. Libertarianism by Necessity -- Episode 1 of Ideas of India, Shruti Rajagopalan's podcast. 28. The Art and Science of Economic Policy -- Episode 154 of The Seen and the Unseen (w Vijay Kelkar and Ajay Shah). 29. In the Wonderland of Investment -- AN Shanbhag and Sandeep Shanbhag. 30. Fixing Indian Education -- Episode 185 of The Seen and the Unseen (w Karthik Muralidharan). 31. Every Act of Government is an Act of Violence -- Amit Varma. Do subscribe to The India Uncut Newsletter, Amit’s new project, and check out his writing course, The Art of Clear Writing. And have a look at Vivek’s books, especially Bad Money.
There is a race to the bottom in Indian media. It is rational. Its reasons are structural. The state and society must share the blame. Amit Varma and Vivek Kaul explain why in episode 8 of Econ Central. Also discussed: public sector banks, our love for simple narratives and Raat Akeli Hai. Also check out: 1. Raat Akeli Hai -- Honey Trehan. 2. 'Does he look depressed?' -- The Times Now tweet. 3. Television Price Controls -- Episode 27 of The Seen and the Unseen (w Ashok Malik). 4. Why Are Indian News Channels so Disappointing? -- Ashok Malik. 5. The top paid newsletters on Substack. 6. 1000 True Fans -- Kevin Kelly. 7. 1,000 True Fans? Try 100 -- Li Jin. 8. The State of the Media — Episode 46 of The Seen and the Unseen (w Prem Panicker). 9. The State of the Media 2 — Episode 89 of The Seen and the Unseen (w Sidharth Bhatia & Peter Griffin). 10. What Happened to Our Journalism? -- Episode 178 of The Seen and the Unseen (w Nidhi Razdan). 11. Persuasion -- Yascha Mounk's newsletter. 12. Fighting Fake News -- Episode 133 of The Seen and the Unseen (w Pratik Sinha). 13. Non-Performing Assets -- Episode 32 of The Seen and the Unseen (w Vivek Kaul). 14. IL&FS and the Indian Financial System -- Episode 91 of The Seen and the Unseen (w Vivek Kaul and Ashutosh Datar). 15. Overdraft -- Urjit Patel. 16. Quest for Restoring Financial Stability in India -- Viral Acharya. 17. The govt and RBI face a trilemma regarding PSBs -- Vivek Kaul. 18. RBI’s forecast on NPAs has often missed the mark -- Vivek Kaul. 19. Indian banks are in for a ₹20-trillion hole -- Vivek Kaul. 20. Privatisation of banks is a great idea, and will remain so -- Vivek Kaul. 21. Urjit Patel Ko Gussa Kyon Aata Hai? -- Vivek Kaul. 22. Whose Money is it Anyway? -- Amit Varma (on Milton Friedman's four ways of spending money). 23. Indian Board President's XI vs England XI, Vadodara, 2006. 24. The Evolution of Everything -- Episode 96 of The Seen and the Unseen (w Matt Ridley). 25. Who Broke Our Republic? -- Episode 163 of The Seen and the Unseen (w Kapil Komireddi). 26. The Economics of the Chilling Effect -- Episode 5 of Econ Central. 27. Facts Don’t Matter. Stories do -- Amit Varma (on Donald Trump & simple narratives). Do subscribe to The India Uncut Newsletter, Amit's new project. And pick up Bad Money, Vivek's bestselling book.
The Indian markets may open slightly higher today as indicated by the SGX Nifty which was trading around 10,680 levels, up 35 points at 7:20 AM. Reports that an experimental vaccine produced by Moderna Inc showed it was safe and provoked immune responses in volunteers lifted the investor sentiment in the US markets overnight. The Dow Jones rose 0.85 per cent, while the S&P 500 gained 0.91 per cent and the Nasdaq grew 0.59 per cent. Asian shares, on the other hand, were trading mixed in Thursday's early deals. Australian ASX 200 dipped 0.2 per cent in early trading. Japan’s Nikkei was down 0.4 per cent while Hong Kong’s Hang Seng index was flat. In commodities, Brent crude settled up 89 cents, or 2.1%, at $43.79 a barrel. Besides global cues, investors will today focus on corporate results, other stock-specific developments, and trend in Covid-19 cases. The session might also turn volatile because of the expiry of weekly derivative contracts. IT services major Infosys yesterday beat Street estimates with an 11.5 per cent YoY rise in net profit which stood at Rs 4,233 crore in the June quarter of FY21, boosted by steady performance in most business verticals and geographies, and healthy order flow. Revenues at Rs 23,665 crore, grew 8.5 per cent YoY basis. Among other results, Bandhan Bank reported a 32 per cent drop in net profit to Rs 550 crore for the quarter largely due to additional provisioning of Rs 750 crore made against the material impact of Covid-19 on standard assets. A total of 22 companies including Cyient and Bajaj Consumer Care are scheduled to announce their quarterly results today. State Bank of India might trade actively today after its board gave its nod to raise Rs 25,000 crore capital through additional tier-1 and tier-II bonds from the market in FY21. This capital is expected to strengthen capacity to grow business and create buffers to withstand shocks. Meanwhile, global rating agency Standard and Poors has said that public sector banks in India would need additional capital of Rs 35,000-40,000 crore in the current financial year and barring the SBI and a few large PSBs, most will need capital infusion from the government and government-owned enterprises. On the Covid-19 front, India has recorded 32,682 new Covid-19 cases in the past 24 hours, taking its total number of Covid-19 cases to 9.7 lakh, as per Worldometer. The country's death toll has now reached 24,929. And now, a quick look at other top headlines: Crisil has said that Indian airlines are staring at a revenue loss of Rs 1.1-1.3 trillion over three financial years, including the current one, owing to the coronavirus pandemic, which has led to visa and travel restrictions, thereby severely affecting aviation industry across the world. Rossari Biotech received 79.4 times the demand of shares on offer in its IPO, on Wednesday, which was the last day of the issue. The institutional investor portion of the IPO was subscribed more than 85 times, the wealthy investor portion subscribed 240 times, and the retail investor portion garnered 7.2 times subscription. The country saw a minor trade surplus in June for the first time in 18 years a exports of $21.91 billion and imports of $21.11 billion resulted in a surplus of around $800 million in trade balance.
PSBs sanctioned loans worth Rs 6.45 trn in lockdown between Mar 1-May 15
What have I done to deserve this? What are we going to do about the rich? I don’t know what you want but I can’t give it to you – musings we should all be considering, or Pet Shop Boys song titles? Both! We’re well into Cycle 4, and for a supposed queer music podcast we took our sweet time getting to this iconic duo. Nevertheless, here we are with the PSBs, an act who have shaped many of the artists we know and love, queer or not, and continue to pump out their own unique brand of pop to this today. This episode, we catch them still cruising through their ‘Imperial Phase’ with their 1990 masterpiece, Behaviour. Released after three consecutive commercial successes, Behaviour was their first chart blip but has stood the test of time as Pet Shop Boy excellence – glorious pop medleys paired alongside vivid storytelling, laced with biting wit. We continue to record remotely, separated by 600 kilometres no less, so bear with us on any technical bumps, but otherwise, we hope you enjoy. Follow us on Facebook, like us on Instagram, email us on email and Spotify us on the companion playlist.
Equity market once again came under selling pressure on Wednesday as concerns over economic fallout due to nationwide lockdown to contain the spread of coronavirus (Covid-19) pandemic weighed on the investor sentiment. The S&P BSE Sensex lost 1,203 points or over 4 per cent to end at 28,265 while NSE's Nifty ended at 8,254, down 344 points or 4 per cent. Meanwhile, MSCI has deferred its decision on increasing foreign inclusion factor (FIF) for the Indian markets. Many were hoping the index provider would increase India’s weight after news rules pertaining to FPI limits kicked in from April 1. This came as a surprise negative developments for the markets, which were as it facing weak trades after the opening bell. Among Sensex stocks, Tech Mahindra (down over 9 per cent) emerged as the biggest loser on the index. TCS (down over 6 per cent), and Infosys (down 5.65 per cent) were next on the losers' list. It was a bad day for auto stocks as well as most automakers posted dismal sales figures for March. Maruti Suzuki India Ltd (MSIL), the country's largest passenger car manufacturer, for instance, reported 47 per cent year-on-year fall in its total sales to 83,792 units while Ashok Leyland reported a whopping 90 per cent decline in total vehicles sales at 2,179 units. As a result, Nifty Auto index ended 1.73 per cent lower at 4,649 levels with 13 out of 15 constituents ending in the red. Nifty Bank index ended around 5 per cent lower at 18,202.50 levels. The government's proposed PSB merger scheme came into effect from today. The consolidation, that will merge 10 PSBs into four, comes at a time when the country and financial system is grappling with adverse fallout of the Covid-19 pandemic. READ MORE In the broader market, the S&P BSE MidCap index ended over 2 per cent lower at 10,340 levels while the S&P BSE SmallCap index lost over a per cent to end at 9,507-mark. Markets will remain closed on Thursday (April 2) on account of Ram Navami. Global Markets World markets fell on Wednesday as the coronavirus threat ensured an ugly start to the second quarter for equities and commodities. Tokyo’s Nikkei slumped 4.5 per cent after the worst plunge in factory activity in almost a decade. The pan-European STOXX 600 sank 3.2 per cent and Wall Street futures dived 3.1 per cent after a dire forecast of likely US coronavirus deaths. Blue-chip Chinese stocks failed to hold their gains, however, though Australian shares bounced 3.5 per cent. In commodity markets, oil slid to $25 a barrel on Wednesday, within sight of its lowest in 18 years, as a report showing a big rise in US inventories and a widening rift within OPEC heightened oversupply concerns.
In this week's episode, Mark & Barney invite the ever-entertaining Neil Tennant to look back on his time at Smash Hits magazine — and on how he became pop's ultimate poacher-turned-gamekeeper.Neil talks about mid-'70s London and about interviewing a pudgy Marc Bolan for Marvel UK. He recalls the laughter and irreverence of his 1982-85 stint at Smash Hits before the Pet Shop Boys shot to No. 1 in Britain and then America. After hearing clips of himself speaking to Steven Daly in 1996, he attempts to explain the longevity of the PSBs but takes issue with the term "national treasure".Mark & Barney pay tribute to the late Andrew Weatherall as we hear a clip of the legendary DJ/producer/remixer talking to DJ History's Bill Brewster in 2009. Neil offers his perspective on the evolution of the UK's club culture through the '90s and then pitches in as Mark guides us through highlights of the week's new library additions. Discussion follows on Hawkwind's topless dancer Stacia, Michael Watts' 1976 dinner with Laura Nyro and the 10th anniversary of Manchester's Haçienda club…Many thanks to special guest Neil Tennant details about the Pet Shop Boys' new album Hotspot and upcoming tour are available via petshopboys.co.uk. The new editions of Chris Heath's Pet Shop Boys, Literally and Versus America are published by Heinemann and out on March 19th.Pieces discussed: Neil Tennant, Neil Tennant audio, Soft Cell, Wham!, The Power of Negative Thinking, Andy Weatherall audio, Andy Weatherall's Mixed Emotions, Andy Weatherall: Pick and Remix, Cilla Black, Jimi Hendrix, Hawkwind's Stacia, Laura Nyro, Curtis Mayfield, the Haçienda, 0(+>/Prince, Steve Earle and Willie Nelson's drummer Paul English.The Rock's Backpages podcast is proud to be part of the Pantheon podcast network.
In this week's episode, Mark & Barney invite the ever-entertaining Neil Tennant to look back on his time at Smash Hits magazine — and on how he became pop's ultimate poacher-turned-gamekeeper. Neil talks about mid-'70s London and about interviewing a pudgy Marc Bolan for Marvel UK. He recalls the laughter and irreverence of his 1982-85 stint at Smash Hits before the Pet Shop Boys shot to No. 1 in Britain and then America. After hearing clips of himself speaking to Steven Daly in 1996, he attempts to explain the longevity of the PSBs but takes issue with the term "national treasure". Mark & Barney pay tribute to the late Andrew Weatherall as we hear a clip of the legendary DJ/producer/remixer talking to DJ History's Bill Brewster in 2009. Neil offers his perspective on the evolution of the UK's club culture through the '90s and then pitches in as Mark guides us through highlights of the week's new library additions. Discussion follows on Hawkwind's topless dancer Stacia, Michael Watts' 1976 dinner with Laura Nyro and the 10th anniversary of Manchester's Haçienda club… Many thanks to special guest Neil Tennant details about the Pet Shop Boys’ new album Hotspot and upcoming tour are available via petshopboys.co.uk. The new editions of Chris Heath’s Pet Shop Boys, Literally and Versus America are published by Heinemann and out on March 19th. Pieces discussed: Neil Tennant, Neil Tennant audio, Soft Cell, Wham!, The Power of Negative Thinking, Andy Weatherall audio, Andy Weatherall's Mixed Emotions, Andy Weatherall: Pick and Remix, Cilla Black, Jimi Hendrix, Hawkwind's Stacia, Laura Nyro, Curtis Mayfield, the Haçienda, 0(+>/Prince, Steve Earle and Willie Nelson's drummer Paul English. The Rock's Backpages podcast is proud to be part of the Pantheon podcast network.
In this week's episode, Mark & Barney invite the ever-entertaining Neil Tennant to look back on his time at Smash Hits magazine — and on how he became pop's ultimate poacher-turned-gamekeeper.Neil talks about mid-'70s London and about interviewing a pudgy Marc Bolan for Marvel UK. He recalls the laughter and irreverence of his 1982-85 stint at Smash Hits before the Pet Shop Boys shot to No. 1 in Britain and then America. After hearing clips of himself speaking to Steven Daly in 1996, he attempts to explain the longevity of the PSBs but takes issue with the term "national treasure".Mark & Barney pay tribute to the late Andrew Weatherall as we hear a clip of the legendary DJ/producer/remixer talking to DJ History's Bill Brewster in 2009. Neil offers his perspective on the evolution of the UK's club culture through the '90s and then pitches in as Mark guides us through highlights of the week's new library additions. Discussion follows on Hawkwind's topless dancer Stacia, Michael Watts' 1976 dinner with Laura Nyro and the 10th anniversary of Manchester's Haçienda club…Many thanks to special guest Neil Tennant details about the Pet Shop Boys' new album Hotspot and upcoming tour are available via petshopboys.co.uk. The new editions of Chris Heath's Pet Shop Boys, Literally and Versus America are published by Heinemann and out on March 19th.Pieces discussed: Neil Tennant, Neil Tennant audio, Soft Cell, Wham!, The Power of Negative Thinking, Andy Weatherall audio, Andy Weatherall's Mixed Emotions, Andy Weatherall: Pick and Remix, Cilla Black, Jimi Hendrix, Hawkwind's Stacia, Laura Nyro, Curtis Mayfield, the Haçienda, 0(+>/Prince, Steve Earle and Willie Nelson's drummer Paul English.The Rock's Backpages podcast is proud to be part of the Pantheon podcast network.
In this week's episode, Mark & Barney invite the ever-entertaining Neil Tennant to look back on his time at Smash Hits magazine — and on how he became pop's ultimate poacher-turned-gamekeeper. Neil talks about mid-'70s London and about interviewing a pudgy Marc Bolan for Marvel UK. He recalls the laughter and irreverence of his 1982-85 stint at Smash Hits before the Pet Shop Boys shot to No. 1 in Britain and then America. After hearing clips of himself speaking to Steven Daly in 1996, he attempts to explain the longevity of the PSBs but takes issue with the term "national treasure". Mark & Barney pay tribute to the late Andrew Weatherall as we hear a clip of the legendary DJ/producer/remixer talking to DJ History's Bill Brewster in 2009. Neil offers his perspective on the evolution of the UK's club culture through the '90s and then pitches in as Mark guides us through highlights of the week's new library additions. Discussion follows on Hawkwind's topless dancer Stacia, Michael Watts' 1976 dinner with Laura Nyro and the 10th anniversary of Manchester's Haçienda club… Many thanks to special guest Neil Tennant details about the Pet Shop Boys’ new album Hotspot and upcoming tour are available via petshopboys.co.uk. The new editions of Chris Heath’s Pet Shop Boys, Literally and Versus America are published by Heinemann and out on March 19th. Pieces discussed: Neil Tennant, Neil Tennant audio, Soft Cell, Wham!, The Power of Negative Thinking, Andy Weatherall audio, Andy Weatherall's Mixed Emotions, Andy Weatherall: Pick and Remix, Cilla Black, Jimi Hendrix, Hawkwind's Stacia, Laura Nyro, Curtis Mayfield, the Haçienda, 0(+>/Prince, Steve Earle and Willie Nelson's drummer Paul English. The Rock's Backpages podcast is proud to be part of the Pantheon podcast network.
Continuing their northward journey, the benchmark indices gained for the fourth straight day on Thursday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 5.15 per cent and maintained 'accommodative' stance in its sixth bi-monthly monetary policy review of the financial year 2019-20 (FY20). READ MORE The S&P BSE Sensex added 163 points or 0.4 per cent to settle at 41,306 levels while the NSE's Nifty50 closed the session at 12,138, up 49 points or 0.4 per cent. On the NSE, the Nifty50 index ended at 12,138, up 49 points or 0.4 per cent. Bank and financial services stocks made impressive gains post the RBI policy announcement. Nifty Bank climbed 285 points or nearly a per cent to end at 31,287 while Nifty PSU Bank index closed at 2,312 levels, up 59 points or 2.63 per cent. Nifty Private Bank index rallied around a per cent to settle at 17,243 levels. Volatility index India VIX slipped nearly 3 per cent to 13.75 levels. In the broader market, Nifty Midcap 100 index gained 0.7 per cent to 18,241 points and the Nifty Small Cap 100 index added 0.48 per cent to settle at 6,235. Ajanta Pharma surged 11 per cent on Thursday, a day after the company reported strong set of numbers for December quarter of the current fiscal (Q3FY20). The company repored 61 per cent year-on-year (YoY) jump in its net profit at Rs 108 crore for the quarter ended December 31, 2019. It had posted profit of Rs 67 crore in the year-ago period.1308.90 +114.50 (+9.59%) Bharti Airtel has joined the elite club of Rs 3-trillion market capitalization (market-cap) as shares of the telecom services provider hit a new high of Rs 550, up 3 per cent on the BSE on Thursday in the intra-day trade. Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, Housing Development Finance Corporation (HDFC), ICICI Bank, Infosys and Kotak Mahindra Bank are the other companies having market-cap of more than Rs 3 trillion. Currently, Bharti Airtel stands ahead of the state-owned banking major State Bank of India (SBI), non-banking finance company Bajaj Finance, and fast moving consumer goods company ITC. GLOBAL MARKETS Global stocks extended their recovery on Thursday, cheered by record closes in Wall Street benchmarks following encouraging economic data, and after China announced a cut in tariffs on some imported goods from the United States. In commodities, oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.
Following the global sell-off, Indian equity markets, too, settled lower on Friday after US military killed Iran Revolutionary Guards' commander Qasem Soleimani in a surprise air-strike. The middle-east tensions sent Brent Crude Futures soaring, while market sentiment turned sour at D-Street. Brent crude futures jumped nearly $3 on Friday after a US airstrike in Baghdad killed top Iranian and Iraqi military commanders, sparking concerns of disruption to Middle East oil supplies. At 3:10 pm, Brent Crude Futures were at $68.62 per barrel-mark, up 3.5 per cent. The S&P BSE Sensex, which hit an intra-day low of 41,348.68, recovered slightly in the fag-end of the session and settled 162.03 points, or 0.39 per cent, lower at 41,464.61 level. 24 of the 30 constituents ending the day in the red. Oil-linked stocks, such as paints, aviation, oil-marketing companies (OMCs), and financial counters remained under pressure. In the intra-day trade, Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL), for instance, declined 2.9 per cent each on the BSE. Reliance Industries, Indraprastha Gas Ltd (IGL), and Indian Oil Corporation (IOC), too, slumped up to 0.7 per cent. On the NSE, the Nifty50 lost 58.40 points, or 0.48 per cent, to settle at 12,223.80-mark. Sectorally, Nifty PSU Bank index slipped the most, down 2 per cent at close. Besides, Nifty Bank, Auto, Private Bank indices slipped over 1 per cent. On the upside, Nifty IT index advanced 1.3 per cent on the back of a weaker rupee. In the broader market, small-caps traded in the green territory, while mid-caps followed benchmarks. The S&P BSE mid-cap index was down 0.41 per cent, while the S&P BSE small-cap index was up 0.03 per cent at close. However, despite a weak sentiment, Adani Green, IIFL Securities and FDC traded higher on Friday. Shares of Adani Green Energy hit a new high of Rs 193, having been locked in the 5 per cent upper circuit for the fourth straight day on Friday on the BSE on strong financial performance. At 02:41 pm, Adani Green’s market cap was Rs 30,131 crore, making it the 95th company with the highest m-cap in India. Besides, shares of IIFL Securities were locked in 5 per cent upper circuit for the third straight day at Rs 47.15 on the BSE on Friday after ace investor Rakesh Jhunjhunwala bought nearly one percentage point stake in the financial services firm via open market. Meanwhile, FDC hit a 52-week high of Rs 222 on the BSE after rallying 5 per cent in intra-day trade today after the drug company received good manufacturing practice (GMP) certificate from UK drug regulator for its Goa plant. The stock closed 1.38 per cent higher at Rs 213.6. A quick look at the global markets: Heightened geo-political tensions between the US and Iran turned Asian markets negative. MSCI’s broadest index of Asia-Pacific shares outside Japan had touched its highest point since June 15, 2018, in early trade, lost 0.16 per cent at close. China’s CSI300 index, one of the world’s best-performing indices last year, struggled to stay in positive territory but was last down about 0.2 per cent. Australian shares finished up 0.64 per cent, but off earlier highs. In Europe, the pan-European STOXX 600 index was down 0.6 per cent at 1:30 pm, with all the major country indexes well in the red.
Snapping three-day losing streak, buying sentiment was back at D-Street with benchmark indices edging a per cent higher on Friday lifted by gains in financial counters. The S&P BSE Sensex gained 411.38 points, or 1 per cent, to close at 41,575.14 level, with Axis Bank (up 3 per cent), Power Grid (2.2 per cent), SBI (2 per cent), and Bharti Airtel (1.89 per cent) settling as the top gainers on the index. On the flipside, UltraTech Cement (0.22 per cent), and Titan (0.17 per cent) were the top drags. On the NSE, the Nifty50 ended 124.15 points, or 1.02 per cent highet at 12,250.70-mark. On the sectoral front, all the key indices on the NSE settled the day in the positive territory. Nifty PSU Bank index was the best performing index, up 3 per cent, at close, followed by gains in Nifty Realty index (1.6 per cent), and Nifty Bank index (1.3 per cent). The broader markets, too, followed headlines indices with the S&P BSE mid and small-cap indices gaining 0.86 per cent each. BUZZING STOCKS Shares of sugar manufacturers extended their rally for the second day in a row. Lower cane crushing and subsequent decline in sugar production has led to sugar stocks ralling in the past few sessions. Sector giant Balrampur Chini Mills hit a13-year high of Rs 185 on the BSE today, but settled 5.37% higher at Rs 184.55. Public sector banks (PSBs) were in focus on Friday, with Nifty PSU Bank index gaining more than 3 per cent on the National Stock Exchange (NSE), on expectation that the banks could benefit from lower yields on government bonds as RBI plans second round of OMO on December 30. Among individual stocks, Punjab & Sind Bank, Bank of Baroda and Punjab National Bank (PNB) gained more than 4 per cent each, while Canara Bank, Union Bank of India, State Bank of India (SBI) and Indian Bank were up in the range of 2 per cent to 3 per cent on the National Stock Exchange (NSE). Shares of ICICI Securities hit a 52-week high of Rs 436.70 on the BSE on Friday amid expectation of earnings improvement going forward. In the past two months, the stock has rallied 38 per cent after the company reported a consolidated net profit of Rs 135 crore in September quarter. The stock closed 17.57% higher at Rs 427.90 GLOBAL CUES Asian shares scaled an 18-month high on Friday while oil prices stayed buoyant in a holiday-shortened week, as investor optimism improved on hopes a US-China trade deal would soon be signed. In early European trade, the pan-region Euro Stoxx 50 futures added 0.4 per cent, German DAX futures rose 0.6 per cent while FTSE futures were up 0.5 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.7 per cent to 555.42, a level not seen since mid-2018. Japan’s Nikkei was off 0.4 per cent, but on track for a near 19 per cent rise this year, matching the annual increase of 2017. Australia’s benchmark index rose 0.4 per cent. Chinese shares gave up early gains with the blue-chip CSI300 down 0.1 per cent.
Indian equity markets edged higher for the third straight session as positive global cues fueled investors' risk appetite. While metal stocks charged ahead during Friday's trading session after US President Donald Trump said Washington and Beijing are very close to signing a “big” trade deal, auto stocks gained as Conservative leader Boris Johnson won election in the United Kingdom, paving way for Brexit-divorce deal by Janurary 31, 2020. Besides, public sector banks (PSBs) rallied today after reports suggested that the government is considering increasing the government bond investment limit of foreign portfolio investors (FPIs) to at least 10 per cent of the outstanding, from 6 per cent now, with an aim to incorporate local bonds into global bond indices. At close, the benchmark S&P BSE Sensex settled 428 points, or 1.05 per cent higher, at 41,009.71 level. Vedanta, Axis Bank, State Bank of India, ans Maurti Suzuki ended as the top gainers among the Sensex pack. On the contrary, Bharti Airtel, Bajaj Auto, and Asian Paints settled as top laggards. On the NSE, the Nifty50 closed near 12,100-mark, up 114 points, or 0.95 per cent, at 12,085.70 level. For the week, Sensex added 1.5 per cent, Nifty50 advanced 1.4 per cent, and Nifty Bank index gained 2.2 per cent. Sectorally, all the indices ended the day with gains. Nifty PSU Bank index gained the most, up nearly 4 per cent, followed by Nifty Metal index (up 2 per cent). In the broader market, both, the S&P BSE mid-cap and small-cap indices closed 0.89 per cent higher at 14,824.80 and 13,334.45, respectively. GLOBAL CUES Asian share markets jumped on Friday as a last-gasp Sino-US trade deal and a likely major election win by Britain’s Conservative Party looked to have cleared a couple of dark clouds from the global horizon. Japan's Nikkei index advanced 2.5 per cent, South Korea's Kospi 1.5 per cent, and China's Shanghai Composite index settled 1.8 per cent higher. In Europe, pan-regional STOXX 600 share market jumped 1.5 per cent higher.
Positive global cues, Cabinet nod to the Insolvency and Bankruptcy Code (IBC) amendment and the government's approval to a partial credit guarantee scheme for state-run banks to purchase high-rated pooled assets from financially sound NBFCs boosted the investor sentiment. The S&P BSE Sensex added 169 points or 0.42 per cent to end at 40,582. Tata Motors (up 7 per cent) emerged as the biggest gainer on the index while Infosys (down over 2.50 per cent) was the worst performer. HDFC Bank, TCS, SBI, Tata Motors, and Reliance Industries (RIL) contributed the most to the index's gains. The NSE's Nifty50 index ended at 11,972, up 62 points or 0.52 per cent. The Nifty Bank index climbed 409 points or 1.31 per cent to settle at 31,665 levels. In the broader market, midcaps fared better than the frontline indices. The Nifty Midcap 100 index rallied 136 points or 0.82 per cent to end at 16,771.50. The Nifty SmallCap 100 index closed at 5,605, up 26 points or 0.47 per cent. Sectorally, barring IT stocks all the other indices ended in the green. The Nifty Metal index climbed 2.36 per cent to settle at 2,569 while Nifty PSU Bank gained 2.23 per cent to 2,471 points. NEW LISTING Shares of Ujjivan Small Finance Bank (USFB) made a strong market debut on Thursday and listed at Rs 58, a 57 per cent premium against its issue price of Rs 37 per share on the BSE. The stock hit a high of Rs 62.80 apiece during the day. It finally settled at Rs 55.90 apiece. BUZZING STOCKS YES Bank ended 6 per cent higher at Rs 45.35 apiece on the BSE. The Mumbai-based lender said its board failed to reach a final decision on potential investors at a meeting on Tuesday, though it favored a $500 million offer from Citax Holdings Ltd. Shares of Aavas Financiers rallied 6 per cent on Thursday to hit a new high of Rs 1,949 on the BSE ahead of board meeting later in the day to consider fund raising via non-convertible debentures (NCDs). The stock eventually ended at Rs 1,915, up over 4 per cent. GLOBAL MARKETS Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent UK election and a deadline for Sino-US trade talks kept investors cautious. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.98 per cent to the highest since November 11. Japan's Nikkei stock index rose 0.22 per cent and US stock futures edged up 0.1 per cent. Chinese shares slipped 0.2 per cent. In Europe, shares rose slightly as investors awaited the outcome of a general election in Britain that will decide the fate of Brexit, as well as a policy meeting by the European Central Bank (ECB). In commodities, oil prices rose after OPEC forecast a supply deficit next year.
Equity markets edged lower on Tuesday as US President Donald Trump fanned fears of yet another trade war. In a tweet on Monday, Trump said that the US would restore, with immediate effect, tariffs on all steel and aluminium that are shipped into the US from Brazil and Argentina. Consequently, metal stocks slipped up to 11 per cent at the bourses. Among individual stocks, Jindal Steel, Tata Steel, JSW Steel, and Vedanta were the worst hit. At the index level, the benchmark S&P BSE Sensex closed at 40,675.45 level, down 126.72 points, or 0.31 per cent. On the NSE, the Nifty50 failed to hold the crucial 12,000-mark and settled 54 points, or 0.45 per cent, lower at 11,994-mark. Sectorally, Nifty PSU Bank index skid the most, down nearly 3 per cent as investors turned cautious ahead of the RBI's fifth bi-monthly monetary policy review. The central bank is expected to cut interest rate by 25 basis points on December 5. Overall, the market breadth remained weak, with nearly 2 stocks declining for every one stock that advanced on the BSE. In the broader market, the S&P BSE mid-cap index slipped close to a per cent to end at 14,825, while the S&P BSE small-cap index shed 0.7 per cent to close at 13,411. Now a development that could further hurt consumer pockets; India's largest carmaker Maruti Suzuki India has announced to increase prices of its vehicles from January. Without giving details on the quantum of the price hike, the company said price increase shall vary for different models, and were being increased to off-set high input costs Here is how Asian markets fared in today's trade: Asian shares fell on Tuesday after US President Donald Trump stunned markets by imposing tariffs on imports from Brazil and Argentina. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.43 per cent as Australian shares recorded their worst day in two months with a 2.2 per cent drop. Japan’s Nikkei shed 0.64 per cent.
Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday. Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India, PSBs reported 5,743 incidents of fraud involving a total amount of Rs 95,760.49 crore from April 1 to September 30 (based on the date of reporting). Nirmala Sitharaman told the upper house of parliament that among these 5,743 cases, most of them had taken place over the last several years, although 1,000 cases worth Rs 2,500 crores had just taken place. State Bank of India reported fraud of ₹25,400 crore followed by Punjab National Bank of ₹10,800 crore and Bank of Baroda of ₹8,300 crore, she said. In a written reply to another question, Minister of State for Finance Anurag Thakur told the Rajya Sabha that government-owned banks reported 26.1 per cent of all frauds worth over Rs 1 lakh brought to notice during 2018-19, while their lending share was 63.81 per cent in the aggregate gross advances of scheduled commercial banks. For the record, Rs 71,500 crore worth of frauds involving 6,801 cases were detected in financial year 2019. This is little more than what the govt wants to spend on merger of BSNL and MTNL as well as the recapitalisation package for PSBs. Listen to the podcast to know more
Benchmark indices ended with nearly half a per cent gains on Tuesday amid buying in counters such as Reliance Industries (RIL), Bharti Airtel, Axis Bank, HDFC Bank, and Infosys. Besides, PSU bank stocks continued to rally post the Supreme Court judgement on Essar Steel resolution in favor of financial creditors. The S&P BSE Sensex added 186 points or 0.46 per cent to settle at 40,470. With over 7 per cent gain, Bharti Airtel emerged as the biggest gainer on the index while YES Bank (down over 2.50 per cent) was the top loser. Of 30 stocks, 11 ended in the green and rest 19 in the red. On the NSE, the broader Nifty50 index ended at 11,940 levels, up 57 points or 0.47 per cent. Volatility index India VIX slipped over 2 per cent to 15.42 levels. In the broader market, the S&P BSE MidCap index lost 7 points or 0.05 per cent to end at 14,830 whereas the S&P BSE SmallCap index added 42 points or 0.31 per cent to settle at 13,405. Market breadth was in favour of declines as out of 2,732 companies traded on the BSE, 1,387 declined and 1,154 advanced while 191 remained unchanged. Sectorally, PSU bank stocks rallied the most with the Nifty PSU Bank index surging around 4 per cent to 2,589. Nifty Bank rose nearly 1 per cent to 31,236 levels. On the flip side, metal, FMCG and auto stocks slipped during the day. Buzzing stocks of the day: Reliance Industries (RIL) on Tuesday became the first Indian company to cross the market capitalisation of Rs 9.50 trillion after the company's stock rallied nearly 4 per cent intra-day to hit a fresh all-time high of Rs 1514.95 on the BSE. The stock ended at Rs 1509.80, up 3.50 per cent. Vodafone Idea and Bharti Airtel zoomed in the trade after the two firms announced they will hike tariffs, starting December 1. Shares of Bharti Airtel ended at Rs 439 on the BSE, up over 7 per cent while Vodafone Idea settled 35 per cent higher at Rs 6 apiece on the BSE. Shares of public sector banks (PSBs) continued to be in focus with most of the names rallying more than 10 per cent on Tuesday, extending their past two days' gain after the Supreme Court judgement on Essar Steel resolution in favor of financial creditors. Shares of SBI Life Insurance Company ended over 6 per cent lower at Rs 936 on the BSE after reports said 3.37 crore shares or 3.4 per cent equity worth Rs 3,222 crore of the company traded in multiple block deals at an average price of Rs 945 per share. Global markets: Asian share markets were mixed in subdued trade on Tuesday, pending clearer news on whether US-China negotiations will reach a preliminary accord to end the prolonged trade war between the world’s two largest economies. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, with Shanghai blue chips gaining 0.6 per cent and Hong Kong’s Hang Seng up 1 per cent. In commodities, oil prices fell for the second straight day.
Equity market ended an action-packed day in the positive territory on Friday, though the benchmark indices trimmed most of their gains towards the end of the session. Shares of telecom companies - Vodafone Idea and Bharti Airtel surged amid hopes that the government would step in to help the ailing sector, a day after the two companies reported a combined loss of Rs 74,000 crore and warned their ability to operate and make profits would depend on relief from the country. Besides, rally in PSU banks post Supreme Court ruling in Essar Steel case and reports that important trade issues between India and the US have been resolved and the countries may sign initial trade package boosted investor sentiment. That apart, US-China trade deal hopes, too, cheered market particpants. The S&P BSE Sensex ended 70 points or 0.17 per cent higher at 40,357. During the day, the index hit a high and low of 40,650 and 40,308, respectively. Bharti Airtel (up around 8.50 per cent) emerged as the biggest gainer on the index while Hero MotoCorp (down nearly 2 per cent) was the top laggard. SBI, Bharti Airtel, HDFC Bank, Reliance Industries (RIL), and Sun Pharma contributed the most to the index's gains while ITC, TCS and Maruti were the top drags. In the broader market, the S&P BSE MidCap index ended at 14,773 levels, up 93 points or 0.63 per cent while the S&P BSE SmallCap index slipped 17 points or 0.13 per cent to end at 13,326. On the NSE, the Nifty50 index added 23 points or 0.20 per cent to end at 11,895 levels. Sectorally, PSU bank stocks advanced the most. Pharma counters came second on the list. Nifty PSU Bank index climbed 3.50 per cent to 2,463 levels. On the other hand, auto stocks bled the most with the Nifty Auto index falling 0.54 per cent to 8,147 levels. Volatility guage India VIX declined over 4 per cent to 14.96 levels. On a weekly basis, Sensex added 0.08 per cent while Nifty lost 0.10 per cent. Buzzing stocks of the day: Telecom major Vodafone Idea plunged 11.5 per cent to hit an all-time low of Rs 2.61 apiece on the BSE on Friday after the company reported a net loss of Rs 50,922 crore, the biggest ever loss in corporate India's history, due to outstanding payment related to adjusted gross revenues, or AGR. The stock, however, bounced back later and ended around 25 per cent higher at Rs 3.68 on the BSE. Bharti Airtel hit a 52-week high of Rs 398 during the day before settling at Rs 393, up around 8.50 per cent on the BSE. Shares of public sector banks (PSBs) inched higher at the bourses on Friday, with the Nifty PSU Bank index gaining more than 3 per cent after the Supreme Court said the NCLAT cannot interfere with the commercial decisions taken by banks in Essar Steel case.
Top headlines --- >> Over to the Commons as UK and European Union reach Brexit deal >> IndiGo promoter Rahul Bhatia moves US court against co-promoter Rakesh Gangwal >> Govt asks PSBs to look for alternative resolution mechanism outside IBC >> Zee's Q2 net profit misses estimates on ICD write-off ******************** Nifty's level -- Nifty closed in the positive territory on Thursday. However, the move on the hourly charts appears to be a corrective one. Hence, the probability of a downside till 11,183 is quite high in the short term till the swing high of 11,425 levels aren’t taken off. Market cues for today -- Corporate earnings, global cues, and minutes of RBI's October monetary policy meeting will be the top factors that will steer the markets today. About 22 companies, including Reliance Industries, ICICI Lombard, and Ambuja Cements, are scheduled to report their September quarter earnings later in the day. With an improvement in refining margins, Reliance Industries is expected to report a strong quarter for the July-September period. Analysts expect refining to offset weakness in petrochemicals and a lower tax rate benefit for the retail and telecom businesses. Domestic indices may track the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal, but concern about the Chinese economy is likely to cap gains with data expected to show weaker growth. Trends on SGX Nifty suggest a negative start to the domestic markets today. Globally, Wall Street advanced on Thursday. The Dow Jones Industrial Average rose 0.09 per cent, the S&P 500 gained 0.28 per cent, and the Nasdaq Composite added 0.4 per cent. Asian stocks edged higher on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 per cent in early trade, echoing Wall Street's small gains. Australian shares were off 0.6 per cent, while Japan's Nikkei added 0.5 per cent. These apart, investors will take note of the Reserve Bank of India's minutes of the last monetary policy committee meeting scheduled to be released today for hints on further rate cuts. They will also track oil price movement, the rupee's value against the dollar and foreign investment by FIIs and DIIs will guide the market trajectory. Oil was mixed ahead of the China data, with U.S. crude up 0.1 per cent to $53.99 a barrel, but Brent crude easing by 0.13 per cent to $59.83 a barrel. Domestic equity markets rallied on Thursday. The benchmark S&P BSE Sensex added over 1 per cent to settle at 39,052 levels. On the NSE, the broader Nifty50 index ended at 11,586.35 levels, up over 1 per cent.
Progress in trade-dialogues between the United States and China, macro-economic data, expectations of more stimulus measures from the government, foreign fund flow, oil price movement and the rupee's trajectory against the US dollar would steer indices this week. Markets, which will remain shut on Tuesday on account of Muharram, will await data on Industrial Production for the month of July, and CPI Inflation print for the month of August, scheduled to be released on September 12. Further, Wholesale Inflation data for the month of August is slated to be released on September 16. That apart, US economic adviser Larry Kudlow's comment that the talks between Washington and Beijing trade negotiators could "heat up" during meetings in October, could keep investors jittery. For Monday, trends on SGX Nifty suggest a flat to positive start for the domestic indices taking cues from Asian peers. Asian stocks registered modest gains on Monday, amid a cautious market mood as investors pinned expectations on likely stimulus to support growth in the world’s major economies. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1%, Australian stocks edged up 0.1%, South Korea's rose 0.8% and Japan's Nikkei was up 0.5%. Equity benchmarks settled with nearly a per cent gain on Friday. The S&P BSE Sensex added 337 points or 0.92% to close at 36,982 level, while the broader Nifty50 settled at 10,946-mark, up 98 points or 0.91%. On Wall Street, US indices ended flat during the overnight trade on Friday. The Dow Jones settled 0.2 % higher, while the Nasdaq Composite closed with gains of 0.17%. In the commodities market, oil prices rose above $61 per barrel after the US Federal Reserve Chairman Jerome Powell said the central bank will act "appropriately" to sustain an economic expansion in the world's biggest economy. Investors would also eye the OPEC meeting, scheduled for Sept 12, to track Brent's movement. ******************************* Now let's take a look at the top headlines and stocks that will remain in focus -- >> Auto industry may have to wait longer for GST cut on cars as weak revenue position has made the Council wary on rate-cut. >> 18 PSBs hit by 2,480 cases of fraud of over Rs 31,000 cr in Q1 >> India is unlikely to underperform emerging markets: Sanjay Mookim, India Equity Strategist for Bank of America Merrill Lynch told Business Standard in an interview. ******************************** Before we wrap, here is a stock recommendation by Angel Broking -- The brokerage rcommends buying Bharat Forge at current levels for a target of Rs 426. The stop loss can be placed at Rs 375.
Markets are likely to remain volatile as investors could react to June quarter GDP numbers, that came in at 6 year low of 5 per cent, government data revealed on Friday. Analysts expect the volatility to continue unless there are visible signs of economic revival. Moreover, stocks of Public Sector Banks will be in focus today after Finance Minister Nirmala Sitharaman, unveiled a mega-merger plan on Friday, after market hours. Under this, 10 public sector banks will be merged to form four large PSBs. Punjab National Bank, Canara Bank, Union Bank of India, and Indian Bank will be the four anchor banks. That apart, investors could react to global developments. New tariffs imposed by the US and China, that came into effect over the weekend, could keep investors jittery. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday after China put new duties on the US crude. China has also lodged a complaint against the United States at the World Trade Organization over US import duties, the Chinese Commerce Ministry said on Monday. Additionally, Market participants will continue to track stock-specific action, oil price movement, and the Rupee's trajectory. Now let's see, how global markets have fared and what they mean for Sensex and Nifty --- Asian shares were trading flat during the early moring trade today. Japan's Nikkei was up 0.05 per cent, while South Korea's Kospi was trading 0.3 per cent higher. At around 7 am, SGX Nifty, the Singaporean Exchange for Nifty Futures, was trading lower indicating a flat to negative start for domestic indices. Back home, markets were shut on Monday on account of Ganesh Chaturthi. On Friday, the S&P BSE Sensex settled 264 points higher at 37,333 level while the broader NIfty50 closed at 11,023-mark, up 75 points. Now, lets look at the top headlines and are likely to move markets-- >> Jet Airways fails to find new suitor; further deadline extension for EoI unlikely >> Maruti Suzuki cuts production for 7th straight month in Aug >> Growth in manufacturing activity declined to a 15-month low of 51.4 in August owing to weak sales >> Road ministry seeks GST rate cut for hybrid cars and CNG vehicles to prop-up sales; totaal GST collection below Rs 1 trillion mark in Aug And before we wrap, here is a stock recommendation by Prabhudas Lilladher-- The brokerage recommends buying Tata Chemicals at current market price with a target price of Rs 640. The stop loss could be placed at Rs 545.
Domestic indices remained volatile on Friday, but rallied in the fag-end of the session, ahead of the June quarter GDP numbers, due later in the day. Further, likely announcement by the Finance Ministry on merger of public sector banks (PSBs) increased buying interest at the counters. That apart, hopes of face-to-face trade talks between the United States and China helped ease market sentiment. The benchmark S&P BSE Sensex settled 264 points, or 0.71 per cent, higher at 37,333 level. HDFC twins, ITC, ICICI Bank, and Hindustan Unilever emerged as the top contributors to the index's gain, which were up in the range of 1-3 per cent. YES Bank, Sun Pharma, IndusInd Bank, and Tata Steel ended the day as top gainers, while Power Grid, ONGC, HCL Tech, and Larsen and Toubro were the top losers. Meanwhile, the broader Nifty50 ended at 11,023-mark, up 75 points or 0.68 per cent. Sectorally, all the indices on the NSE ended in the green. Nifty Pharma index ended the day as top gainer, up 2.4 per cent, followed by Nifty Metal index, up 1.8 per cent. In the broader market, the S&P BSE MidCap index closed at 13,468 level, up 134 points, or 1.01 per cent. The S&P BSE SmallCap index closed at 12,535 level, up 104 points, or 0.84 per cent. PUBLIC SECTOR BANK MERGER ON THE CARDS? Union Finance Minister Nirmala Sitharaman is scheduled to address media later in the day, where she is likely to announce mega plan for merging multiple set of public sector banks (PSB). The department of financial services in the finance ministry called a meeting, on Friday, with chief executives of ten public sector banks which are seen as top contenders for merger. The banks invited for consultations on Friday are: Union Bank of India, Canara Bank, Punjab National Bank, United Bank, Oriental Bank of Commerce, United Bank, Allahabad Bank, Corporation Bank, Syndicate Bank and Andhra Bank. Shares of PSBs ended mixed on the National Stock Exchange (NSE) on Friday. Oriental Bank of Commerce, Central Bank of India, Syndicate Bank and Allahabad Bank gained up to 6 per cent. On the other hand, State Bank of India (SBI), Union Bank of India, Bank of India, Indian Bank and Bank of Baroda were down between 1 and 2 per cent.
Sentiment at D-Street remained subdued on Tuesday as no stimulus was in sight for the staggering economy. Markets ended today's volatile session in the red with stocks of the public sector banks sliding the most. The losses were, however, capped by gains in the information technology, who gained on the back of a weaker rupee. The S&P BSE Sensex ended at 37,328 level, down 74 points or 0.20 per cent. Index heavyweights like Reliance Industries, ITC, and HDFC dipped over 1 per cent each to drag the benchmark indices lower. Maruti, Tata Motors, HCL Tech, and Infosys were the top gainers at the 30-share index, while YES Bank, IndusInd Bank, and ITC were the biggest losers. The broader Nifty50, too slipped 37 points, or 0.33 per cent, to settle at 11,017 mark. Sectorally, only three sectors ended in the green. Nifty PSB index closed 2.4 per cent lower, followed by Nifty metal index, down 1.7 per cent. On the contrary, Nifty auto index gained 1.2 per cent, followed by Nifty IT index, up 1.18 per cent. In the broader market, S&P BSE mid-cap ended at 13,437 level, down 81 points, or 0.6 per cent. The S&P BSE small-cap index, too, closed 79 points, or 0.62 per cent, lower at 12,570 level. Shares of YES Bank were trading lower for the second straight day, down 7 per cent at Rs 71 on the BSE on Tuesday. The stock has fallen 10 per cent in the past two days, despite the company successfully raising Rs 1,930 crore through the qualified institutional placement (QIP) route last week. The stock was trading 15 per cent lower than its QIP price. The private sector lender's share price is less than 1 per cent away from its 52-week low level of Rs 70.50, touched on August 14, 2019 in intra-day deal. Shares of Sterling and Wilson Solar (SWSL) debuted at Rs 706 apiece on the NSE, a discount of 9.48 per cent to the issue price of Rs 780. On the BSE, the stock listed at Rs 700, 10 per cent lower against the issue price. It, however, ended the session at Rs 725 levels. SWSL is promoted by the Shapoorji Pallonji Group and is the demerged Solar EPC Division of Sterling and Wilson (SWPL). The company commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017.
Indices remained buoyed on Friday, ahead of the government's meeting with foreign portfolio investors (FPIs) and representatives from the financial sector, which was scheduled later in the day. Sentiment was further strengthened on reports that government could approach the Goods and Services Tax (GST) Council to relieve the auto-industry from tax payment for three-six months along with measures to relieve real estate sector. The benchmark S&P BSE Sensex soared 480 points intra-day to 37,807.5 level, while the Nifty50 zoomed 149 points to 11,181 mark. At close, the Sensex settled 255 points, or 0.68 per cent, higher at 37,582 levels lifted by gains in auto and banking counters. Maruti Suzuki, Vedanta, Bajaj Finance, and HDFC Bank were the top gainers while YES Bank, Tech Mahindra, Tata Steel, and ITC were the top laggards. The broader Nifty50, too, ended at 11,110 mark, up 77 points, or 0.7 per cent. Sectorally, metal, information technology (IT), pharma and public sector bank (PSBs) indices ended in the red while auto, private bank, realty, and FMCG scrips ended with gains. Nifty auto index was the top gainers, up 2 per cent, while Nifty metal index slipped 0.68 per cent. In the broader market, the S&P BSE mid-cap index ended 104 points, or 0.77 per cent, higher at 13,670 level. The S&P BSE small-cap index, on the other hand, settled 125 points, or 1 per cent, higher at 12,699 level. NBCC (India) shares tumbled 14 per cent to Rs 34 apiece, trading near the stock's five-year low price on the BSE on Friday on weak June quarter results. The state-owned construction & engineering company reported a 38 per cent drop in its consolidated net profit at Rs 51 crore in the June quarter (Q1FY20), due to poor performance by real estate segment. It had a profit of Rs 83 crore in the same quarter year ago. Shares of Page Industries hit an over two-year low of Rs 17,438, down 6 per cent intra-day on the BSE on Friday, after the company reported drop in net profit for the second quarter in a row, due to lower volume growth during April-June quarter (Q1FY20). The stock was trading at its lowest level since February 6, 2018.
Olly Mann is joined by managing director of Gold Wala, Faraz Osman and founder of the Don't Skip podcast network Christina MooreThe BBC goes pop with a brand new controller, the tabloids are rocked by a big legal settlement, and there's more drama with the tax status of on-air talent.Plus why you might be a celebrity without even knowing it (it's all to do with your follower count) and can Channel 5 make money by going highbrow?And in the Media Podcast Quiz, dead formats get the kiss of life as we play In With The Old.We'll be back in August with a special podcast from the Edinburgh TV Festival.The Media Podcast is a PPM Production. Produced by Rebecca Grisedale-Sherry. Support this show http://supporter.acast.com/themediapodcast. See acast.com/privacy for privacy and opt-out information.
Stock markets remained flat throughout the week ahead of the Budget 2019 announcement. How the markets react after that will be the thing to watch out for. In today's episode, we talk about the key takeaways from Budget 2019 which includes recapitalization of PSBs and railway infrastructure. We also talk about several goals that the government will need to work on to achieve the US$ 5 trillion mark. Apart from this, featuring in the podcast is NBFC crisis. And we have lots more. Tune in...
Domestic indices plummted on Friday as Modi government's Union Budget for 2019-20 failed to cheers investors. Even though the markets opened higher with the benchmark S&P BSE Sensex zooming past the 40,000 mark to hit 40,032, the index fell over 500 points from the highs. The S&P BSE Sensex closed 395 points, or 0.99 per cent, lower at 39,513 levels with the YES Bank, NTPC and Mahindra & Mahindra being the top laggards. The broader Nifty50 index tanked 136 points, or 1.14 levels, to end at 11,811 levels. In the broader market, S&P BSE Mid-Cap ended 208 points, or 1.39 per cent, lower at 14,726 levels while the S&P BSE Small-Cap dipped 195 points, or 1.36 levels, to settle at 14,142 levels. Sectorally, all the indices ended in the red except Nifty PSU bank and Nifty Bank index that gained after the finance minister announced that the government will pump in Rs 70,000 crore into public sector banks (PSBs) to strengthen them and enhance their lending capacity. Metals, realty and auto counters were the biggest losers after the Budget proposed import duty hike for auto-parts, metals and other equipment used for manufacturing capital goods. Each index slipped over 3 per cent. PSU Bank index closed 0.18 per cent higher after gaining nearly 4 per cent intra-day on government's proposal to recapitalize banks. Shares of GM Breweries hit a 52-week low of Rs 455, down 8 per cent, in Friday's early morning trade on the National Stock Exchange (NSE), after the company reported a 27 per cent decline in net profit at Rs 16 crore in the first quarter of fiscal 2019-20 (FY20), due to higher raw material cost. The company engaged in breweries & distilleries had posted a profit of Rs 22 crore in June 2018 quarter
Corporate governance issues with certain companies, uncertainty surrounding national elections and global issues like trade wars, Brexit, have taken a toll on the Indian markets. Reversing a nine-session falling streak, the Sensex rebounded 400 points on Wednesday. Post that, Indian share markets traded in a narrow range mostly. Meanwhile, Rupee became Asia’s worst currency as rising crude prices and tensions over Kashmir weighed on sentiments. Globally, US and China entered two days of negotiations aimed at ending a bruising tariff battle. While, Donald Trump threatened to impose tariffs on European auto imports. In a major development this week, the finance ministry announced a Rs 482.4 billion capital infusion in 12 public sector banks. Will it really help PSUs revive or create more structural issues in banking system? We talk in detail about the pros and cons of such measures by government. Apart from that, we also shed light on how mutual fund investors who have been showing the first signs of panic and what should one do in such times. And there’s lots more. Listen in to stay updated on key developments in stock markets this week.
The banking services across the country is likely to get affected today, that is 26th of December. The nation wide strike is called by the United Forum of Bank Unions against the proposed merger of Dena Bank and Vijaya bank with Bank of Baroda. The central government in the month of September had announced that the entities would be merged to create India's third largest bank in the public sector banking space.
The central government on 20th December had sought parliament's approval for capital infusion worth Rs 41,000 crore to the ailing state run banks in the current fiscal. 11 out of total 21 Public Sector Banks have been placed under the PCA frame work of the RBI which restricts such PSBs from lending money, in addition to placing other curbs on them. While on the face of it the intention of the government may seem to be noble but why is the gov in such a hurry to infuse such massive amounts of capital instead of improving the operational efficiency of these ailing banks??
Crops possibly can be grown with significantly less water by altering a gene involved in regulating photosynthesis, according to new research by a team that included UC Berkeley scientists. Berkeley professor Krishna Niyogi, chair of the Department of Plant and Microbial Biology, and his lab found that a increasing a protein called PsbS improved the water-use efficiency of plants — the ratio of carbon dioxide entering the plant to water escaping — by 25 percent without significantly sacrificing photosynthesis or yields. That means the plants were able to thrive on 25 percent less water. Series: "UC Berkeley News" [Agriculture] [Show ID: 33981]
Crops possibly can be grown with significantly less water by altering a gene involved in regulating photosynthesis, according to new research by a team that included UC Berkeley scientists. Berkeley professor Krishna Niyogi, chair of the Department of Plant and Microbial Biology, and his lab found that a increasing a protein called PsbS improved the water-use efficiency of plants — the ratio of carbon dioxide entering the plant to water escaping — by 25 percent without significantly sacrificing photosynthesis or yields. That means the plants were able to thrive on 25 percent less water. Series: "UC Berkeley News" [Agriculture] [Show ID: 33981]
Crops possibly can be grown with significantly less water by altering a gene involved in regulating photosynthesis, according to new research by a team that included UC Berkeley scientists. Berkeley professor Krishna Niyogi, chair of the Department of Plant and Microbial Biology, and his lab found that a increasing a protein called PsbS improved the water-use efficiency of plants — the ratio of carbon dioxide entering the plant to water escaping — by 25 percent without significantly sacrificing photosynthesis or yields. That means the plants were able to thrive on 25 percent less water. Series: "UC Berkeley News" [Agriculture] [Show ID: 33981]
Dan Brooke, Chief Marketing Officer at Channel 4 discusses 'Channel 4's place in a changing public service broadcasting landscape' • How will Channel 4’s remit develop over the coming years? • What is the future of Channel 4’s identity as a champion of original content? • How will the transforming role of PSBs affect the wider broadcasting industry? Find out more about LOVE Broadcasting >> https://bit.ly/2KW5vAd
Bal Samra, Commercial Director BBC, Managing Director TV at the BBC discusses: 'Establishing a new era for Public Service Broadcasters' • Looking beyond the Charter: the BBC focus for the next 5 years • From BBC Store to BBC Three: discussing the future digital strategy • How will the transforming role of PSBs affect the wider broadcasting industry? Find out more about LOVE Broadcasting >> https://bit.ly/2KW5vAd
The third and, thank goodness, final part of Paul and Rob's epic run, back along the coast to Brighton, past it, and back again. Featuring wind and waves, surfing and Starburst, nudism and ball games, piers, poles and the possibility of pasties, an inspiring statue of Steve Ovett, PWs, PSBs and PDBs. We may never know how far they went in the end - but it was pretty darn far. Support this show http://supporter.acast.com/runningcommentary. See acast.com/privacy for privacy and opt-out information.
Today I'm fresh back from a trip to Podcast Midatlantic where I spoke on a panel about podcasting. On Sunday I had some time before I flew home so Rob Greenlee and I Went to see the Liberty Bell in Independence Hall in Philadelphia. There are some things that learned in this visit that I thought we could apply to podcast. - When there is no great entertainment, people will flock to ANYTHING. Case in point the Liberty Bell, an old large bell with a giant crack use to go on tour and people would FLOCK to see it. In today's society, the bar is set pretty low in regards to content so you can stand out pretty easy - The Liberty Bell was flawed. Yet, people came out in droves to see it Did it sound impressive? No, I watched a video, and no it didn't but what it did do was stand for something. People came to the event, but more importantly, wanted to pay tribute to it's ideals. The ideals of the liberty bell is what is strong and stirs emotions. It's not the technology. The creators of the Liberty Bell has never made a bell so large. It shows, x-rays show how there are cracks throughout the bell (and that's why you won't here it ring) when you ring the bell you only make it worse. The lack of knowledge didn't stop the creators from doing their best. In the end, I'm sure they felt they failed, but by creating something, they gave their audience a gift. - After a tour of independence hall (where a large amount of the early forming of America occurred), I learned how they all collaborated together to put together the declaration of independence. Article Five of the United States Constitution detailed the two-step process for amending the nation's frame of government. The constitution was put into place on March 4, 1789. If they had waited until it was perfect, the Constitution wouldn't have been adopted t until May 7 1992 (the date of the last amendments). As of 12/2014 approximately 11,539 proposals to amend the Constitution have been introduced in Congress since 1789. The point being you can "Amend" your podcastwhenever you want. - The bell first cracked when rung after its arrival in Philadelphia, and was twice recast by local workmen John Pass and John Stow, whose last names appear on the bell. When I was there on 9/11/16 reflecting on 9/11 there were people there all over the world. There are probably millions of bells across the world. Some of them are bigger, sound better, and yet here people flock to see an old broken bell because of what itstood for Liberty. More Great Take Aways From Podcast Mid Atlantic I was greeted by Heather from Craflit who presented me with a custom t-shirt that has *psbs and my logo. What does PSBS stand for? Podcasting since before serial. Heather was just as cool in person as she is online. The fact that someone would go out of their way to make me a custom t-shirt was amazing. It these tings that leave me speechless. Heather is a truly amazing person. A mind like hers you don't find often in this world. Mich O'Neil from the solopreneur hour had a great top for interviewing people. How do you avoid having a seasoned guest come on your show and NOT spew the same lame answers? You put their answers in your introduction. You disarm them. Now they can't reference those "traditional answers" and they have to dig deeper into their bag of answers for something new. Mark Asquith from podcastwebsites.com took what I've been saying, "Ask your audience what that want" and sharpened it. Ask them what they NEED. Awesome. Jessica Kupfeman of She Podcasts who help people get sponsors through her www.jkmagency.com showed that people love an underdog. Poor Jess had lost her voice, but we were all pulling for her as she tried to present with her lack of pipes. Her content made up for the lack of tone and quality of voice. This works in person, I'm not sure it would work as a podcast. Your might have a perspective that nobody else has. On Sunday 9/11/16 I had breakfast with Rob Greenlee from Spreaker, and Heather Ordover from Craftlit. We kind of shared some thoughts on 9/11 as it was the 15 year anniversary. Heather's perspective was like no other I had ever heard in 15 years. Why? Because she lived it. The plane engine from the second plane fell on the roof of her school. At one point, she turned to see the second dust cloud as it covered her. Her husband knew she was in the cloud. He was watching it on TV. You are a unique person. Only you have your history, perspective, and experiences. It gave me goosbumps. Christian Lee and CJ - What My Son is Learning From Podcasting Chrisian Lee does a podcast with his 10-year-old son. It's called What are we watching. Chrisitan (a standup comic) was very entertaining and dropped some great knowledge including: His son is learning how to push on when technology lets your down. He is getting to talk to celebrities. Their podcast has lead to some conversations that were needed. They opened the doors to some much-needed conversations. He is comfortable with technology, and working in his school. He is building his confidence. Because of My Podcast: Jim Collison (Starts at 1:56 )Jim Collison does show for his job (how cool is that). Jim was recently given an award for his work on the podcast (demonstrating that his podcast is making him a more valuable employee), and when Jim goes out to meet his audience he is somewhat swarmed. Congrats to Jim. Dave and Jim do the Ask the Podcast Coach show every Saturday Morning at 10:30 AM EST at www.askthepodcastcoach.com/live Jim's show for his job are at Http://coaching.gallup.com Jim also is the man behind the Average Guy Network Dave Jackson Talking Podcast Success I appeared on episode 19 of the Podcast Fiend show talking podcast success Check it out at http://podcastfiend.com/show/19 Podcast Questions? Call them in 888-563-3228 Get Podcast Consulting Find an available time at www.schoolofpodcasting.com/schedule Get the Show Notes Delivered To You www.scoolofpodcasting.com/newsletter
Fakultät für Biologie - Digitale Hochschulschriften der LMU - Teil 02/06
ATP synthase is one of the major photosynthetic complexes that represents one of the smallest molecular motors known in nature. The rotating γ subunit is a key feature of this enzyme. It contains features specific for the chloroplast ATP synthase. In this work the γ subunit has been functionally analyzed in Arabidopsis thaliana. - The nuclear gene atpC1 encoding the γ subunit of the plastid ATP synthase has been inactivated by T-DNA insertion mutagenesis. In the seedling-lethal dpa1 mutant the absence of detectable amounts of the γ subunit destabilizes the entire ATP synthase complex and consequently photophosphorylation is abolished. However, in vivo protein labelling analysis suggests that assemαβ bly of the ATP synthase and subunits into the thylakoid membrane still occurs in dpa1. Further effects of the mutation include an increased light sensitivity of the plants and an altered photosystem II activity. A high non-photochemical quenching develops with increasing actinic light intensity. It has been shown that a high proton gradient is responsible for most quenching (qE). The photoprotective role of qE was further demonstrated in the double mutant dpa1 x psbS in which PsbS, essential factor for qE, is missing. - The expression of a second gene copy, atpC2, is unaltered in dpa1 and is not sufficient to compensate for the lack of atpC1 expression. The two proteins, AtpC1 and AtpC2, share less similarity than AtpC1 of Arabidopsis with γ subunits of other plant species suggesting that the γ subunits so far isolated in other plant species are AtpC1 orthologs. It has been established that AtpC2 is also imported into the chloroplast. Therefore, it is likely that the chloroplast ATP synthase complexes contain both atpC1 and atpC2 encoded γ subunits. However, the atpC2 gene is expressed more than hundred times at a lower level than atpC1 and array data show the differential and tissue specific expression of the two genes. The function of AtpC2 could not be revealed by inactivating the gene. Overexpression of atpC2 in dpa1 generated viable lines with an ATP synthase complex containing only γ2, although wild type phenotype is not completely restored. The second part of this work regarded the optimization of conditions for plastid transformation in Arabidopsis thaliana. An efficient and fast regeneration system from cotyledon protoplasts was established for Arabidopsis thaliana accessions C24, Columbia, and Wassilewskija. Culture conditions and media compositions were optimized for the development of protoplasts embedded in thin alginate layers. The protocol is reproducible, efficient, extremely fast, and regenerated plants are fertile. Thus, this cotyledon-based system could prove useful for studying plant cell and molecular biology in A. thaliana. - The sul gene appeared to be a potential novel candidate as selectable marker for plastid transformation. However, genetic and molecular studies demonstrated that sul can not be used for this purpose. On the other hand a new function of sul appeared. The gene could be the missing marker for mitochondria transformation in higher plants.
© 2020-2025 Ivy Podcast Discovery LLC
