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Showing posts from March, 2019

NCLAT asks IL&FS to give details of debt-ridden group's dues

The National Company Law Appellate Tribunal (NCLAT) Friday asked the newly-appointed board of debt-ridden IL&FS to submit details of the group's dues. A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS companies. During the proceedings, the bench said that whatsoever step is taken by the newly-appointed board and the government for resolution of IL&FS and its over 300 group companies would have to be passed by the appellate tribunal. The NCLAT has listed the matter for next hearing on April 8. The bench also said it would hear the banking regulator RBI on moratorium against IL&FS group companies at the next hearing. During the proceedings, senior secured financial creditors of IL&FS asked the tribunal to direct the 'amber' classified companies to discharge their debt liability. Under its resolution plan, the government has categorised IL&

TRAI deadline for DTH, Cable TV ends today! How to enrol; what will happen if you don’t

An industry executive, whom Financial Express Online spoke to, said that if a customer has paid for beyond the target date (which is 31 March 2019 for now) and hasn’t exercised their TV viewing choice, they would be transferred to best-fit-plan. from The Financial ExpressThe Financial Express https://ift.tt/2FCdlJK

Now watch ISRO rocket launches from its new viewing gallery, and there is more!

The 47th journey of India’s polar satellite launch vehicle (PSLV) carrying aboard an Indian satellite to measure electromagnetic spectrum along with 28 international commercial satellites takes off on April 1, followed by the launch of India’s second mission to the moon. from The Financial ExpressThe Financial Express https://ift.tt/2Oy84XP

Germans Invented Daylight Saving Time—Now They’re Going to Kill It

Is Daylight Saving Time annoying? Millions of Germans say, ja. The notoriously time-conscious nation is behind a new initiative from the European Parliament to end the practice of pushing clocks forward by one hour in the spring (which will occur this Sunday in Europe), and back by one hour in the fall. On Tuesday, the Parliament voted in favor of stopping the practice by 2021, following a poll last year from the EU in which 84% of the respondents voted in favor of reverting to one time year-round. The law must now be passed by national governments. The debate isn’t just limited to Europe. Earlier this month, U.S. President Donald Trump endorsed ending the changing of the clocks in a tweet. European Commission President Jean-Claude Juncker is a force behind the movement, having vowed to back the end of Daylight Saving Time in September last year, after the results of the poll were released. The survey proved it was the will of the people, he declared ; "Clock-changing must st

Europe’s Brand New Tech Giant Doesn’t Even Have a Name Yet

European-listed tech giants are so scarce they are set to be trumped in size by a newcomer that hasn't decided what to call itself yet. African conglomerate Naspers Ltd. revealed this week that it plans to list a portfolio that includes a range of tech investments, from food delivery to online platforms for second-hand goods. The new Amsterdam-based company will also hold a massive $133 billion stake in Chinese game-maker Tencent Holdings Ltd. By comparison, the largest tech company in Europe, at least by market value, is German software firm SAP SE, at about 124 billion euros ($139 billion). Next on the current list is ASML Holding NV, the Dutch semiconductor manufacturer, at 69 billion euros. While not a straight comparison, the fair value for the new Naspers listing could still be about $150 billion, according to Renaissance Capital analyst David Ferguson. Still lacking an official name — currently called NewCo — Naspers' spin-off will be unlike any company that Europe

How ‘Medicare for All’ Could Mean Change for Everyone

Through Medicare, the government health-insurance program created in 1965 to help older Americans afford their medical bills, the U.S. helps one in five of its citizens pay for doctor visits, blood tests, prescription drugs, stays in hospitals or nursing facilities, and hospice care. Why not offer those benefits to everybody? "Medicare for All" has emerged as a rallying cry among Democrats in the early stages of the 2020 U.S. presidential campaign, though it means different things to different people. 1. Who can get Medicare now? About 85 percent of Medicare's 59.7 million members are eligible because of their age — 65 or older. The rest are eligible because they have permanent disabilities. Beneficiaries are responsible for paying premiums, deductibles and other out-of-pocket costs, and most purchase some type of additional coverage to help with services that aren't covered, such as long-term care, dental and vision treatment, and hearing aids. 2. What would Med

At least 7 killed in China’s latest industrial accident

BEIJING — At least seven people were killed and five injured Sunday when a container containing scrap metal exploded in the latest in a series of industrial accidents in eastern China. The early morning blast in the city of Kunshan in Jiangsu province caused a fire that spread to a nearby workshop, the city government said on its microblog. The cause of the explosion is under investigation, it said. China experiences frequent industrial accidents despite orders from the central government, including president and ruling Communist Party leader Xi Jinping to improve safety at factories, power plants and mines, on pain of prosecution. Skirting of safety regulations — sometimes with the collusion of corrupt local officials — is generally given as the cause. In March, 78 people were killed in a blast at a chemical plan in the Jiangsu province city of Yancheng that had numerous safety violations, in one of China’s worst industrial accidents in recent years. A massive crater was formed, wi

Survey: China’s manufacturing activity ticks up in March

BEIJING — A survey of Chinese manufacturing shows activity improved in March in a possible sign government efforts to reverse an economic slowdown might be gaining traction. The government statistics bureau and an industry group said Sunday a monthly gauge rose to 50.5 on a 100-point scale on which numbers above 50 show activity increasing. That was up 1.3 points from February. Chinese manufacturing weakened last year as economic activity slowed and a tariff war with Washington and weaker global demand weighed on exports. The government loosened lending controls and increased spending to reverse the slowdown, but authorities moved gradually to avoid igniting a rise in debt. Private sector forecasters expect the downturn to bottom out by the middle of this year but say any growth rebound will be modest. from Financial Post https://ift.tt/2UnexKk

Facebook says some of Mark Zuckerberg’s posts were deleted

NEW YORK — Facebook says some of CEO Mark Zuckerberg’s posts on the social media site were deleted due to technical errors. The company says it is unclear which posts were deleted. Facebook says the posts were mistakenly deleted a few years ago and the work required to restore them was extensive and might not have worked. The deleted posts were first reported by Business Insider. All posts from 2007 and 2008 have been deleted, according to the report. The way Facebook shares company information has changed over the years. It introduced its current “Newsroom” page in 2014 and shares and archives major company announcements there. from Financial Post https://ift.tt/2YCUUgI

New dam collapse in Brazil; no casualties reported

RIO DE JANEIRO — Brazil has suffered another mining dam collapse, though this time there are no reports of dead or missing. The Rondonia state environment secretary says the dam in Oriente Novo gave way after a waterspout damaged its structure on Friday. Authorities say there’s no risk of contamination from the water, sand and clay that spilled from the dam owned by the Metalmig company. A dam owned by mining giant Vale collapsed on Jan. 25, killing at least 217 people and leaving 84 missing in Minas Gerais state. Vale said last week that auditors have determined that another dam in that state could collapse at any time and people in three cities practiced evacuation drills on Wednesday. from Financial Post https://ift.tt/2uyDdB6

Judge restores Obama-era drilling ban in Arctic

President Donald Trump exceeded his authority when he reversed bans on offshore drilling in vast parts of the Arctic Ocean and dozens of canyons in the Atlantic Ocean, a U.S. judge said in a ruling that restored the Obama-era restrictions. U.S. District Court Judge Sharon Gleason in a decision late Friday threw out Trump’s executive order that overturned the bans that comprised a key part of Obama’s environmental legacy. Presidents have the power under a federal law to remove certain lands from development but cannot revoke those removals, Gleason said. “The wording of President Obama’s 2015 and 2016 withdrawals indicates that he intended them to extend indefinitely, and therefore be revocable only by an act of Congress,” said Gleason, who was nominated to the bench by Obama. A Department of Justice spokesman, Jeremy Edwards, declined comment Saturday. The American Petroleum Institute, a defendant in the case, disagreed with the ruling. “In addition to bringing supplies of afford

Facebook CEO Zuckerberg calls for more outside regulation

NEW YORK — Facebook CEO Mark Zuckerberg is calling for more outside regulation in several areas in which the social media site has run into problems over the past few years: harmful content, election integrity, privacy and data portability. In an opinion piece Saturday in The Washington Post, Zuckerberg says governments and regulators rather than private companies like Facebook should be more active in policing the Internet. He says privacy rules such as the General Data Protection Regulation, which took effect in Europe last year, should be adopted elsewhere in the world. The piece comes days after Facebook was criticized after a shooting rampage in New Zealand that killed 50 people was broadcast live on the site. It said Wednesday it was extending a ban on hate speech to white nationalists. from Financial Post https://ift.tt/2V81M3A

Power line project through Maine gets key recommendation

AUGUSTA, Maine — A much debated transmission line through Maine to bring Canadian power to Massachusetts has received an important recommendation. Maine Public Utilities Commission staff is recommending the project receive a permit from state utility regulators. The transmission line would bring Canadian hydropower through Maine, and it has drawn criticism from residents, conservationists and outdoors lovers in the state. The Portland Press Herald reports the recommendation was released on Friday night. The move represents a win for Central Maine Power and Hydro-Quebec. The members of the commission itself aren’t required to abide by the recommendation, and their discussions about it haven’t been scheduled. The transmission line would be 145 miles long and stretch through Maine’s North Woods, which is one of the state’s beloved outdoor destinations. from Financial Post https://ift.tt/2WBfZGt

Report: Trump’s Federal Reserve pick rebuked over alimony

NEW YORK — President Donald Trump’s pick for the Federal Reserve Board was found in contempt of court for failing to pay $300,000 in alimony and other payments related to a divorce, according to a report by The Guardian. Stephen Moore was reprimanded by a judge in November 2012 for not paying Allison Moore spousal support, child support and other money owed, the Guardian reported, citing Virginia court records. The judge ordered Moore to sell his house to satisfy the debt in 2013. But that was halted by his ex-wife after Moore paid her about two-thirds of what he owed. Moore is a former Trump campaign adviser who helped design the 2017 tax cuts and the co-authored “Trumponomics.” He did not respond to a request for comment. from Financial Post https://ift.tt/2FLDfff

Leaders hint Poland will not fully apply EU copyright law

WARSAW, Poland — Poland’s right-wing leaders hinted Saturday they will not fully implement the European Union’s new copyright reform, saying it stifles freedom of speech. Ruling party leader Jaroslaw Kaczynski said Saturday that a copyright directive adopted by EU lawmakers this week threatens freedom. The bloc’s 28 nations have some two years to incorporate it into their legal systems. Proponents say the changes ensure that authors and artists are paid for their work available in the internet. Critics, including the Polish government, say the rules will ban the linking of text, images and memes, thus stifling creativity and spread of information. The most controversial section would require companies such as YouTube and Facebook to take responsibility for copyrighted material that’s uploaded to their platforms. Without elaborating, Kaczynski said the Law and Justice party will implement it “in a way that will preserve freedom.” His words at the euroskeptic party’s campaign conven

1Q Market Review: Great returns, but with a twist at the end

NEW YORK — It’s been a fabulous start to the year for investors — as long as you ignore all those simmering worries about a possible recession. The S&P 500 on Friday closed out its best quarter in nearly a decade, having jumped 13.1 per cent through the first three months of 2019, and many other investments from junk bonds to foreign stocks have also bounced back from their dismal end to 2018. But the returns would have been even better if not for concerns that slowing growth around the world may drag down the U.S. economy. The quarter’s twists are just the latest for the markets, which have yo-yoed from record heights to fear-induced sell-offs for more than a year. The big swings have left stock and bonds looking fairly valued, said Frances Donald, head of macroeconomics strategy at Manulife Asset Management. She’s optimistic markets can keep climbing this year, but she anticipates more swings along the way. When she talks with big institutional investors, the mood is usually o

This Garage Is Turning $27,000 Cars Into $1 Million Collectibles

The Geneva Motor Show this year was characterized by what might as well have been alien life forms. There wasn't much room to navigate between the $2 million electric cars in carbon fiber exoskeletons and $3 million jet-propelled bugs designed to break 300 mph. But those who paid attention to more mundane matters were rewarded by a stylish Brit sitting quietly in the center of it all--"mundane" being a relative term. The ?520,000 ($685,000) Speedback GTs on display from David Brown Automotive are hand-built odes to times past. Open their doors, elegant and long like a woman's glove, and encounter such sundry pleasures as burled-walnut steering wheels, tartan interiors, hand-braided saddle-leather accents, picnic sets of enamel crockery, and silver plated tools ingeniously folded into hatchback trunks. The ruby-red Speedback GT sitting at the center of the display was a dead ringer for a Jaguar Jane Birkin would have driven--at least, from the front. From the back,

Leaky Databases Are a Scourge. MongoDB Is Doing Something About It

MongoDB, a database software provider whose stock has been on a tear recently , just hired its first-ever chief information security officer. The appointment, which came Friday, signals that the company plans to take security more seriously even as it faces stiffened competition from the likes of Amazon and other tech giants. The new boss is Lena Smart, a Glaswegian cybersecurity professional. Smart formerly held the same title at IPO-bound Tradeweb , a financial services firm that supplies the technology behind certain electronic trading markets. Prior to Tradeweb, she headed security at the New York Power Authority, where she worked for more than a decade. A cellist in her spare time, Smart told me in her Scottish brogue that her priority in the new job will be “knowing what the crown jewels are--that’s our customer data--and making sure that’s always protected.” People leaving MongoDB and other databases unsecured on the web has been a persistent source of data-leaks over the ye

Cyber Saturday—MongoDB Bolsters Security, ASUS Hacked, NSO Group on ’60 Minutes’

MongoDB, a database software provider whose stock has been on a tear recently , just hired its first-ever chief information security officer. The appointment, which came Friday, signals that the company plans to take security more seriously even as it faces stiffened competition from the likes of Amazon and other tech giants. The new boss is Lena Smart, a Glaswegian cybersecurity professional. Smart formerly held the same title at IPO-bound Tradeweb , a financial services firm that supplies the technology behind certain electronic trading markets. Prior to Tradeweb, she headed security at the New York Power Authority, where she worked for more than a decade. A cellist in her spare time, Smart told me in her Scottish brogue that her priority in the new job will be “knowing what the crown jewels are--that’s our customer data--and making sure that’s always protected.” People leaving MongoDB and other databases unsecured on the web has been a persistent source of data-leaks over the ye

Huawei: Hundred Billion Dollar Troll

The Financial Times reported earlier this week that Chinese telecom equipment manufacturing giant Huawei Technology has hired top-drawer Washington public relations group Burson Cohn & Wolfe to “help it make its case in the US following months of media and political scrutiny.” One wonders where those spin doctors were on Thursday when Huawei summoned global press to its headquarters in Shenzhen to trumpet its annual financial results. The headline Huawei hoped for--and in some instances received --was that the company’s 2018 sales surged nearly 20% to a record $107 billion despite U.S. government efforts to cast doubt on the security of its products. Profits leapt 25% to $8.8 billion. Very impressive. And yet most stories led with the in-your-face comments of Huawei’s rotating chairman Guo Ping: “The U.S. government has a loser's attitude. They want to smear Huawei because they can't compete with us." “Huawei Urges U.S. to Drop ‘Loser’s Attitude ‘” blared the Reu

For an Edge in Ivy League Admissions, Grab an Oar and Row

In middle school, Amanda Grady played golf because her parents thought it would get her into a good college. She didn't stick with it. Then she discovered rowing, which was offered at her public high school in a well-off Orlando suburb. Though relatively small for an open weight rower at 5-foot-9 and 130 pounds, Grady qualified for the U.S. junior development rowing program, which gave her direct access to college coaches. Such programs can now charge more than $5,000 for summer training camp. That exposure, along with her high school team's reputation as one of the best in the country, gave her a leg up when it came time to apply for college. She took official recruiting visits to four Ivy League schools, and the coaches at Yale, her top choice, helped walk her through the early admissions process. An international baccalaureate student and merit scholar, Grady was a good candidate for Yale on academics alone. But she isn't certain she would have gotten in without cre

A Once-Popular Motorcycle League Seeks A Multi-Million Dollar Resurgence

A 65-year-old sports league that's fallen into obscurity is funneling millions of dollars into rebuilding its loyal and lucrative fan following. American Flat Track, the series that features competitors sliding their motorcycles upwards of 140 mph around a dirt oval, opened its third season in Daytona, Fla., on Thursday with hopes of creating a household name. "We will do whatever we need to do to expand the footprint, to expand the reach, of the sport," CEO Michael Lock told Fortune. Interest the series, which began in 1954 under the name AMA Pro Racing, waned over the last several decades with the rise of other styles of motorcycle racing. Lock, a former Ducati chief executive, rebranded the series as American Flat Track in 2016 and began implementing measures to resurrect the sport, from raising ticket prices to providing a play area for children. The efforts seem to be working: revenue from ticket sales has increased at a double-digit clip since the rebranding pr