India

Walmart CEO Doug McMillon and Flipkart Co-Founder and CEO Binny Bansal during an programme to announce Walmart Inc.'s acquisition of Flipkart 77% stake, in Bengaluru on May 9, 2018. (Photo: IANS)

businesses, India, international, News 7 February 2019

American retail giant Walmart bets on India despite change in FDI norms

Bengaluru/New Delhi, Feb 7. American retail giant Walmart and its Indian e-tail major Flipkart are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce, the companies said. “Walmart’s and Flipkart‘s commitment to India is deep and long term. Despite the recent changes in regulations, we remain optimistic about the country,” the regional Chief Executive Officer of Walmart Asia and Canada Dirk Van den Berghe told IANS in a statement in New Delhi. The companies will continue to focus on creating “sustained economic growth and bringing sustainable benefits to India, including employment generation, supporting small businesses and farmers, and growing Indian exports to Walmart’s global markets”, added Berghe, who is also the retail giant’s Executive Vice President. Walmart’s assertion on the company’s commitment to India came after American investment bank Morgan Stanley in a report on Monday said the former might exit the country after the new FDI norms in e-commerce came into force on February 1. “An exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated,” the New York-based financial services firm said in its report titled “Assessing Flipkart Risk to Walmart EPS (earnings per share)”. In May last year, Walmart bought 77 per cent equity stake in Flipkart for a whopping $16 billion (Rs 1,16,256 crore). The revised FDI norms in e-commerce, however, have tightened the noose around the businesses of the country’s leading e-tailers – Walmart-owned Flipkart and Indian arm of American e-commerce giant Amazon. The policy revisions, issued by the Ministry of Commerce and Industry on December 26, 2018, barred e-commerce platforms providing a marketplace from exercising control or ownership over the inventory and forbids any company to sell its products exclusively on an e-commerce platforms alone. The e-tail companies are now working towards changing the ownership of their inventory, so as to comply with the norms. क्या यह ख़बर/ लेख आपको पसंद आया ? कृपया कमेंट बॉक्स में कमेंट भी करें और शेयर भी करें ताकि ज्यादा लोगों तक बात पहुंचे कृपया हमारा यूट्यूब चैनल सब्सक्राइब करें स्तम्भ ‘मोदी युग’ की दो…

Fog File Photo

Climate Environment and Science, India, News 7 February 2019

Flight operations suspended at Srinagar airport due to poor visibility and heavy snowfall

Srinagar, Feb 7. Flight operations were suspended on Thursday at the Srinagar airport due to poor visibility and heavy snowfall. “All flights to and from Srinagar were cancelled on Wednesday. No flight could land or take off from the airport today morning,” officials at the Srinagar International Airport said. “Flight operations will start only after visibility improves,” the officials said, adding that snow clearance on the runway was getting hampered by continuing snowfall. The Jammu-Srinagar highway remained closed for the second consecutive day on Thursday due to fresh snowfall and landslides. क्या यह ख़बर/ लेख आपको पसंद आया ? कृपया कमेंट बॉक्स में कमेंट भी करें और शेयर भी करें ताकि ज्यादा लोगों तक बात पहुंचे कृपया हमारा यूट्यूब चैनल सब्सक्राइब करें सुर्खियों में अगर कामयाब रहा ये परीक्षण तो गुर्दा दान समस्या से छुटकारा मिलने की उम्मीद कश्मीर के राज्यपाल का खतरनाक सियासी बयान सरकार ने जासूसी के लिए जोर डाला तो भारत छोड़ सकता है वाट्स एप कॉमेडी की सफलता अली असगर के लिए बन गई ट्रेजेडी गजब रिकॉर्ड, कुल 10 रन का स्कोर जिसमें वाइड से छह और बल्ले से चार रन

businesses, India, News, Politics 6 February 2019

ED questions Robert Vadra for over six hours in money laundering case

New Delhi, Feb 6. Four days after a Delhi court ordered Robert Vadra to join the Enforcement Directorate (ED) investigation, he was questioned for over six hours on Wednesday. Robert Vadra, the brother-in-law of Congress President Rahul Gandhi, arrived at the ED’s office located in central Delhi’s Jamnagar House at 3.45 p.m and left at 9.35 p.m. He was accompanied by his wife and Congress general secretary for Uttar Pradesh East, Priyanka Gandhi Vadra to the agency office earlier in the day. However, after dropping Vadra at the ED office, Priyanka left the premises. It was the first time that Vadra was questioned by any investigative agencies. He was questioned by a team of seven ED officials of the rank of Deputy Director and Assistant Directors under the sections of Prevention of Money Laundering Act. According to a financial probe agency official, Vadra was asked questions relating to transactions, purchase and possession of certain immovable assets in London. The case relates to the ownership of 1.9 million pounds of undisclosed assets abroad, allegedly belonging to Vadra. The ED also lodged a money laundering case against Vadra’s close aide Manoj Arora after his role surfaced during a probe by the Income Tax Department into another case under the new Black Money Act and tax law against absconding arms dealer Sanjay Bhandari. The London property was allegedly bought by Bhandari and sold in 2010 for the same amount despite incurring additional expenses on its renovation. On December 7, as part of the investigation, the ED conducted searches at a number of premises in Delhi-NCR and Bengaluru. The ED counsel told the court earlier that the London property was part of the kickbacks received in a petroleum deal. The money was transferred by Santech International, FZC, a UAE-based company controlled by Bhandari. There were a few more properties that needed to be probed, the counsel said. The official said that Arora, an employee of Vadra’s Skylight Hospitality LLP, is a key suspect in the case as he is aware of the overseas investments and purchases made by his employer. He also said that…

Prince Albert II of Monaco calls on the President Shri Ram Nath Kovind

businesses, Climate Environment and Science, India, international, News 5 February 2019

Climate change, renewable energy priorities in India-Monaco ties: President Ram Nath Kovind

New Delhi, Feb 5. India and Monaco can further augment their ties by focusing on areas such as environment and climate change and renewable energy where they have a “strong meeting of minds”, President Ram Nath Kovind said on Tuesday. Welcoming Monaco’s ruler, Prince Albert II, who is on a week-long visit to India, he said that the two countries have always enjoyed a relationship of trust, friendship and mutually beneficial cooperation. “India-Monaco ties are doing well. However, there is scope to do a lot more together. On issues such as renewable energy, climate change and the environment, there is a strong meeting of minds between us. We must prioritise these areas for bilateral cooperation,” the President said. “India is the fastest growing major economy in the world, and Monaco’s technology and investment companies can significantly benefit from the Indian growth story.” President Ram Nath Kovind and Prince Albert also discussed various issues like trade and energy. On Monday, Prince Albert had attended the India-Monaco Business Forum. On the same day, The Prince Albert II of Monaco Foundation – founded by the Prince himself with an aim to protect the environment – had also signed a memorandum of understanding (MoU) with The Energy and Resources Institute (TERI) to support work in areas of priority which include energy, environment, climate, resource efficiency and sustainable agriculture. According to a statement released by TERI, both organisations will work towards information exchange on the strategies and programmes implemented in their countries, including sectoral policies, and priority actions to promote in those countries and the conditions for their implementation. President Kovind presented Prince Albert II of Monaco a photograph of his visit to the Indian Research Station ‘Maitri’ in Antarctica in 2009 pic.twitter.com/fDFm7xklPZ — President of India (@rashtrapatibhvn) February 5, 2019 “They will also aim to implement joint projects in these areas. A committee will also be set up under the agreement in order to facilitate the exchange of technical and scientific knowledge to benefit the common areas of work,” it said. The Prince will proceed on a private tour of India after his official…

Environment and climate change

Climate Environment and Science, India, News 5 February 2019

Scientists to study impact of fog on Bengaluru airport

Bengaluru, Feb 05. A team of scientists from the state-run Jawaharlal Nehru Centre for Advanced Scientific Research will conduct a 40-month atmospheric study on the impact of fog on the Bengaluru airport operations, said its operator on Monday. “The study will enable the airport to predict fog conditions more accurately, minimising air traffic congestion,” said operator Bangalore International Airport Ltd (BIAL) in a statement here. The research centre and BIAL signed an agreement to conduct the study with joint funding on atmospheric conditions in the vicinity of the airport at Devanahalli, about 40 km northeast of Bengaluru. Bharat Ratna, eminent scientist and research centre founder C.N.R. Rao was present on the occasion. Fog and poor visibility in the morning hours disrupt arrivals and departures of about 200 domestic and overseas flights at the country’s third busiest airport during the winter, causing delays, diversions and re-schedules. “The outcome will be a relief for passengers, flying in and out of Bengaluru during the winter months, when fog is at its peak,” said the statement. The team, led by Professor Sreenivas, will develop a numerical simulation tool capable of predicting onset, intensity and dissipation of fog. “Factors influencing the occurrence of fog, such as atmospheric variability, ground temperature, atmospheric aerosol loading, radiative fluxes, water vapour and energy transport in the surface layer will be monitored during the fog season and the preceding months,” said the statement. To ensure accuracy of the study, specific instruments, including a wind cube, humidity temperature profiler, net radiation meters, total sky scanner, data acquisition switches and velocity and temperature probes will be set up at designated areas in the vicinity of the airport runway. “We pursue scientific research and have capabilities to support the airport operator in this exercise to benefit air travellers and airlines,” said the Centre’s President Nagaraja. Fog-related delays and diversions inconvenience passengers during the fall season and cause financial losses to the stake holders. “We believe the study will generate data to facilitate flight planning and scheduling, bringing relief to passengers,” said BIAL Chief Executive Hari Marar. The greenfield airport will open its second…