Latest News Headlines Mon Sep 10 12:14:34 IST 2018
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- Florence expected to become a major hurricane as it heads to US
- Japan: Death toll from last week's powerful earthquake and mudslides in Hokkaido rises to 44
- Union Minister for HRD ShriPrakashJavadekar Inaugurates 4thWorld Summit on Accreditation(WOSA-2018)
- Children have key role to eradicate illiteracy from India - Shri Prakash Javadekar
- President of India attends a roundtable of Czech Indologists at Charles University in Prague; receives briefings at ELI Beamlines, Europeâs leading Laser Research Centre, on tie-up with TIFR in Mumbai
- President of India in Czech Republic; leads delegation level talks and emphasises defence and tech relations. India and Czech republic sign five agreements, welcome special carve-out for Indian skilled workers
- Visit of ECIâs Team to Hyderabad
- PM meets leaders of global automotive companies
- Japan: Death toll from last week's powerful earthquake and mudslides in Hokkaido rises to 40
- Indian Railways undertakes various IT initiatives to improve train operations and provide better passenger experience
- Shri Nitin Gadkari urges Automobile Companies to diversify to alternate fuel or electricity based public transport
- More than 28,000 nominations received for Padma Awards â" 2019, process open till 15th September
- WAN Connectivity to district and subordinate courts
- WCD Ministry invites applications for National Children Awards 2018
- Ministry of Defence announces aeroshow
- BJP Slams Opposition on âBharat Bandhâ
- Another accused convicted in Hyderabad twin blast case
- US likely to close Palestinian mission in Washington: Report
- Lukewarm response to Bharat Bandh in West Bengal
- Apple acquires global rights of 2 feature films
- Grocery store shooting in US kills 2
- Business travel a social status for millenials: Report
- Targeting double digit growth in India: Fujifilm India MD
- Tapping into painful past for 'A Star Is Born' was 'cathartic' for Cooper
- In Punjab's food capital, international chefs to showcase culinary art (Food Feature)
- 13 policemen, 10 Taliban men killed in Afghan fighting
- Bharat Bandh evokes mixed response in J&K
- Pressure high of making 'Mowgli' acceptable in India: Freida Pinto (IANS Interview)
- TGBL consolidates overseas operations as one unit, exits non-core market
- Aircel-Maxis case: ED moves court to get Karti's interim relief cancelled
- Fight for affordable food in Maharashtra multiplexes - more to come?
- ED seeks cancellation of interim bail for Karti Chidambaram
- No arrest made in missing bank executive case: Police
- Police probing the disappearance of a 39-year-old bank executive were talking to his colleagues and other people known to him for clues to solve the case, an official said Monday.
- We want to see oppn strength on raising public issues: Sena
- The Shiv Sena Monday took a jibe at opposition parties, stating their nationwide bandh against the rising fuel prices should not look like a sudden act undertaken after waking up from a "long sleep".
- Missing HDFC official's body found
- Cong workers stage protests in Maha over rising fuel prices
- The Maharashtra Congress Monday staged protests in various parts of the state in response to the Bharat Bandh called by the party's central leadership against rising fuel prices.
- Refined soya oil futures rise 0.51% on spot demand
- Amid pick up in demand at the domestic spot market against restricted supplies from growing regions, refined soya oil prices went up by 0.51 per cent to Rs 743.20 per 10 kg in futures trade Monday as participants built up fresh positions.
- Nickel futures rise 0.27% on firm spot cues
- Nickel prices rose 0.27 per cent to Rs 896 per kg in futures trade today as traders widened their bets on pick-up in demand from consuming industries at the spot market.
- Bharat Bandh: Normal life hit in Karnataka
- Normal life was thrown out of gear during the 'Bharat Bandh' called by the Congress and supported by JD(S), its ally in the coalition government, and other parties, to protest the rise in prices of petroleum products.
- Rupee weakens further, hits fresh low to 72.48 against USD
- The rupee weakened further to hit a fresh low of 72.48 against the US currency, falling 75 paise in late morning deals Monday on rising crude oil prices, strengthening dollar and a widened current account deficit.
- Workers still search for 9/11 remains, 17 years on
- Seventeen years later, more than 1,100 victims of the hijacked plane attacks on the World Trade Center have yet to be identified.
- Japan toll 44 after strong quake, no more missing
- The death toll from a powerful earthquake that triggered massive landslides in northern Japan rose to 44 on Monday with tens of thousands of police and troops still on the ground to support survivors.
- Some people trying to make word Hindu 'untouchable, 'intolerable': Naidu
- Some people are trying to make the word Hindu "untouchable" and "intolerable", Vice President M Venkaiah Naidu has said as he underlined the need to preserve the true values of Hinduism as taught by seers like Swami Vivekananda to alter the "ill-informed" opinions.
- Florence expected to become a 'major hurricane' as it heads to US
- Hurricane Florence is expected to become a dangerous "major hurricane" by late Monday as it heads toward the US East Coast, the National Hurricane Center said, as states of emergency were declared in preparation for the storm.
- I want to finish inside top-10 on Order of Merit: Madappa
- New Asian Tour champion Viraj Madappa is eyeing a top 10 finish in the order of merit as he returns to the USD 1.36 million Asia-Pacific Diamond Cup, a tournament he played as an amateur in 2015.
- Janel Parrish and Chris Long get married
- Pretty Little Liars" star Janel Parrish and longtime boyfriend Chris Long have tied the knot.
- Rajkummar Rao, Nushrat Bharucha reunite for 'Turram Khan
- Singapore to return $11 million in 1MDB-linked funds to Malaysia
- Richemont appoints Jerome Lambert as chief executive
- Rupee falls against dollar, rallies around 72
- Apple's cheaper iPhone XC spotted in new leaks
- InCred on-boards Kamlesh Dangi as Group Head for HR
- Are sepsis patients at higher risk of stroke?
- Sensex, Nifty hit fresh intraday low
- How Indonesia Rupiah woes will affect India
- CPEC to have two major dimensions
- Amitabh Chaudhry, axis bank
- Karti Chidambaram, son of former union minister P Chidambaram. File photo: PTI
- Unlisted firms, Sebi. Illustration: Binay Sinha
- MARKETS LIVE: Rupee hits new low; Sensex down 300 pts, Nifty below 11,500
- Amid weed-smoking row, Musk elevates Tesla insider to head auto operations
- Emmanuel Macron takes on Viktor Orban and Matteo Salvini
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- IT IS tempting these days to divide the continent of Europe into two opposed camps. On the one side, the flat-white-sipping liberals of Berlinâs Prenzlauer Berg or Warsawâs Praga, led by the impeccably globalised Emmanuel Macron of France.
- In European politics, the big divide is not open v closed but innovator v conservative
- A New ERA of Transparency & Accountability in Real Estate â" 2 Years of Implementation -Shri Hardeep Puri Inaugurates âFirst Regional Workshop on RERA
- Facebook can do better to retain new mothers: Ex-data scientist
- Rupee opens at fresh low of 72.18 per dollar
- In Punjab's food capital, international chefs to showcase culinary art
- Pressure high of making 'Mowgli' acceptable in India: Freida Pinto
- In a push to enter the film and TV market, Apple has acquired global rights to two feature films -- Victoria Stone and Mark Deebles documentary "The Elephant Queen" and an animated film "The Wolfwakers".
- Tokyo-headquartered photography and imaging major Fujifilm Corp is targeting double-digit growth of its business in India this financial year and subsequent years, according to Fujifilm India Managing Director Haruto Iwata.
- By Gokul Bhagabati
- Alibaba's Jack Ma to retire next year, Daniel Zhang to succeed (Second Lead)
- New York State Education Department Recognizes Kasturba Medical College, Manipal
- Huaren Capital Offers Chip Fund
- Cambodian court releases opposition leader on bail
- Two men have been fatally shot at a grocery store in the US state of Minnesota, officials said.
- At least 13 police officers and 10 Taliban militants were killed following a fierce fighting in Afghanistan's Kunduz province on Monday, officials said.
- The Trump administration will announce on Monday that it is closing the Palestine Liberation Organization (PLO)'s office in Washington, according to a Wall Street Journal report.
- Bharat Bandh evokes partial response in Telangana, Andhra
- Normal life unaffected due to strike in TN
- 3 killed in Hyderabad accident
- Rahul reaches Rajghat, participates in protest against fuel price hike
- Rail, road traffic hit in Bihar during shutdown
- A court here on Monday convicted a third accused in the 2007 Hyderabad twin bomb blasts which had claimed 42 lives while the other two convicts are likely to be sentenced later in the day.
- Amritsar has always been famous for its rich food, but when international-level chefs descend on this Sikh holy city next month to fill the city with the aroma of their food art, it will be a culinary treat of a different kind.
- The nationwide shutdown called by the Congress and Left parties against the fuel price hike on Monday evoked lukewarm response in West Bengal, with vehicular traffic remaining near normal.
- A day-long Bharat Bandh or nationwide shutdown called by the Congress and Left parties to protest rising fuel prices evoked mixed response in Jammu and Kashmir on Monday.
- For an audience that has grown up with the peppy and lyrical "Jungle jungle pataa chala hai..." from a TV version of "The Jungle Book", the creative team behind Andy Serkis' adventure fantasy film "Mowgli" is under pressure to make the movie acceptable in India with its darker theme, says actress Freida Pinto.
- Hardik discharged from hospital (Lead)
- Desire to pen book on India's unsung conservation heroes: Dia Mirza
- Patidar leader Hardik Patel, whose indefinite fast continued on the 16th day on Sunday, was discharged from a private hospital and taken home from where he intends to continue with his indefinite hunger strike.
- Australian SHORAD receives Mode 5 IFF certification
- Gauri Lankesh is immortalised in the pages to be read
- Facebook can do Better to Retain New mothers: Ex-data Scientist
- Can autoimmunity cause lung disease?
- Nine out of 10 people globally breathe toxic air: WHO
- Misty Wednesday morning in Delhi
- Smoking e-cigarettes daily can be more dangerous
- Know what your body needs for monsoon
- Eat more plant-based diet to avoid obesity in later life
- Heavy Rains Forecast for Uttarakhand
- BJP set to lose Kairana
- Spider-Man Co-Creator Steve Ditko Dead
- 5 Amazing Healing Benefits of Neem to Beat your Monsoon Woes
- BJP Lawmaker Asks For ‘Purush Aayog’
- Goa SIT summons ex-CM in Rs 35,000 mining scam
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- Michelle Obama-George Bush Exchange Candies At Funeral, Other Embarrassing Moments Of World Leaders
- MagicScroll: World's first rollable, touchscreen tablet
- Save yourself from hypertension, monitor blood pressure at home
- Head to Melaka if you want a perfect getaway from Singapore’s set pieces and Kuala Lumpur’s bustle
- Ultimate Ears Wonderboom Freestyle Collection: These Bluetooth speakers will work even if you dunk them in water
- Want to make a difference to the planet? Google's new tool will tell your carbon footprint
- Nick Jonas opens up about engagement to Priyanka Chopra, shares hilarious celebrity couple nickname
- An all-white Twitter: Tech giant testing new, brighter design with tons of features
- Bharat Bandh: Offices, schools and colleges open at regular time
- Rajasthan CM Vasundhara Raje announces a 4-per cent reduction in VAT on petrol and diesel
- Tweak in rules can help SC cut use of paper, save trees, environment
- In South Asia high income does not mean more medals
- Despite President Trump’s hollering, US-India ties have actually thrived on his watch
- Unpaid overtime lands Infosys in a soup again
- Despite Trump's hollering, US-India ties thrive
- Fuel prices continue to rise, petrol hits Rs 80.73 in Delhi
- Rupee continues miserable run, hits new low
- डà¥à¤²à¤° à¤à¥ मà¥à¤à¤¾à¤¬à¤²à¥ रà¥à¤ªà¤¯à¤¾ à¤à¤: रिà¤à¥à¤°à¥à¤¡ निà¤à¤²à¥ सà¥à¤¤à¤° पर रà¥à¤ªà¤¯à¤¾, 72.25 à¤à¤¾ हà¥à¤ à¤à¤ डà¥à¤²à¤°
- A turnaround expert as Axis’s new CEO gives stock new leg-up
- Mkt reflects bearish mood; these stocks fall
- IT mixed amid Re fall; HCL Tech, Infosys climb
- FMCG stocks fall, make Nifty FMCG top loser
- Re weakening credit negative for cos: Moody's
- India's 10-yr bond yield highest since late-2014
- Jimeet Modi
- Journey towards correction begins: It’s time for selective profit taking
- Rupee hits fresh record low of 72.25 against dollar
- 12 stocks that can still give you gains in a weak market
- Once-in-a-lifetime deals fuel a $100 billion India M&A boom
- Billionaire Michael Bambang is the oldest participant of Asian Games 2018
- Dilip Vengsarkar’s selection tip: Watch new talent; listen to local cricket grapevines
- 23K vying for 5 peon posts ignites debate in Rajasthan
- Prashant Kishore not to be part of 2019 elections
- Russia prepares for biggest war games in its history
- 11:58 AM | 10 Sep
- Infosys has had run-ins with overtime matters before. In 2008, it had to pay $26 million to settle disputes.
- Career Times
- Ad: Mahindra Marazzo
- Switching to electric vehicles: Get ready for a long drive
- Land sharks hack Bhoomi data, shift government land title
- Bharat Bandh: âRahul leads Opposition's 'Bharat Bandh' protest against fuel price hike
- Need to stop distortions of the word 'Hindu:' Vice President Venkaiah Naidu at World Hindu Congress
- Despite President Trumpâs hollering, US-India ties have actually thrived on his watch
- Airports near seas in clear and present danger
- A turnaround expert as Axisâs new CEO gives stock new leg-up
- Itâs all lies, says Modi on opposition charges against government
- India a hypergrowth market for Veeam Software
- Heavy police deployment was made in the national capital with reserve police forces deployed and motorcycle patrols being put on high alert, a senior police officer said.
- Reports of traffic blockades have so far come from rural areas of Patna district, Muzaffarpur, Lakhisarai and Nalanda districts, police said.
- A comparison of Indiaâs record performance at the just concluded Jakarta-Palembang Asian Games with its SAARC neighbours shows that prosperity alone doesnât drive sporting success.
- For the first time, India will have a liaison person at the Bahrain naval base of Centcom, the first âdialogueâ with a US command that has been traditionally closer to Pakistan
- The young leaders are not keen to work in difficult areas. The senior leadership doesn't listen to them even as they enjoy a good life. Due to this, many middle level and even senior cadres are surrendering as they are unhappy with the leadership," the CRPF assessment report said.
- A turnaround expert as Axisâs new CEO gives stock new leg-upRumours of Chaudhryâs joining Axis Bank helped the stock rally 25 per cent in last one quarter.
- âPlaintiff estimates that between May of 2015 and June of 2017, he worked approximately one thousand eighty-four overtime hours for Defendant, each of which was over and above his weekly forty hours, without any form of compensation,â the filing states.Infosys has had run-ins with overtime matters before. In 2008, the company paid $26 million to the California Division of Labour Standards Enforcement to settle an investigation into unpaid overtime.âInfosys denies all the allegations made by this employee and will defend itself in this action. Infosys seeks to comply with all laws throughout the United States,â a company spokesperson said.Infosys said the decade-old case in California was of no relevance to the current case. Kapoor declined to make a statement for this story, citing legal advice. According to correspondence seen by ET, the Wage and Hour Department in the State of Rhode Island had begun a preliminary investigation into the possibility that Infosys is filing for H1-B visas under the âexempt salariedâ category while using the employees as non-exempt hourly workers.An exempt visa issuance requires the company to comply with fewer non-displacement and recruitment obligations.âThe Wage and Hour Division of the Department of Labor is looking into the matter of incorrect listings of employees,â a person with knowledge of the matter told ET.The Department of Labor declined to comment for this story. Infosys did not respond to questions related to the Department of Labor.Indian IT companies have faced lawsuits from employees before. Wipro was sued by an employee for unpaid overtime. However, the current regulatory environment in the US makes lawsuits and complaints raise concerns. âAs long as companies have followed the applicable laws and terms of the labor condition application (LCA) for H-1B workers, they will have no problem but would, of course, have to incur expenses to defend the cases in court. Further, even if there is even a slight grey area about the issue then it could be more complicated,â said Poorvi Chothani, managing partner at immigration law firm LawQuest.
- *left the found house in May 2018; ^switched from UTI MF to IDFC MF during period under consideration. Data considers performance during both stints; Note: The ranking is based on risk-adjusted returns so some managers with a higher asset weighted returns may be ranked lower than others; The study pertains to the period between 1 July 2013 and 30 June 2018.How we ranked the managersUniverse of fundsOur study was restricted to open-ended, actively managed, diversified equity funds segregated into three distinct categoriesâ" large-cap, multi-cap (including ELSS), and mid- and small-capâ"according to Morningstar Indiaâs classification prior to June 2018. Schemes with a corpus of at least `200 crore were considered. Index, thematic, sector and balanced funds were not considered.Time periodStudy is based on the fundsâ performance between 1 July 2013 and 30 June 2018.Experience, AUM managedOnly managers who helmed funds throughout the five-year period under study were considered, with the exception of a maximum four-month gap between two stints. The track record only for the completed months was considered for analysis. For a fund to qualify, the fund manager needed a minimum twoyear track record with the fund as lead manager. The study was restricted to fund managers cumulatively managing an AUM of at least Rs 500 crore, across all qualifying funds.Risk and returnsAfter short-listing the fund managers, the aggregate returns generated by each fund manager were calculated over the five-year period for all the funds managed by him/her that met the qualifying criteria.The returns were then adjusted for risk to account for the degree of risk taken by the fund manager to generate the return. To get the risk-adjusted score, the assetweighted monthly returns of all the funds satisfying the above-mentioned criteria were calculated. Weighing scheme performance by its corpus size helps give due importance to the size of each fund.Then, the annualised geometric mean for the five-year period was calculated to arrive at the annualised five-year returns. Further, the annualised standard deviation of the monthly asset-weighted returns was calculated.The final risk-adjusted return was calculated by deducting the risk-free returnâ"three-month FBIL MIBOR (Mumbai Interbank Offer Rate) returnâ" from the annualised geometric returns generated by each fund manager, and dividing these by the respective standard deviation.
- Sri Lanka: Sri Lanka (then Ceylon) has participated in every edition since the Games began in 1951. Once the island nation used to produce world-class women sprinters like Damayanthi Dharsha (three gold medals in 200m and 400m) and Susanthika Jayasinghe (one gold in 100m). Incidentally, Susanthika also won a silver in 200m at the 2000 Sydney Olympics. But these are hard times for Lankan sport. The contingent returned without a medal for the first time in 2018. The countryâs downward spiral in athletics was evident in 2014 Incheon, when its two medals came in cricket (men, gold; women, bronze). Cricket was dropped from the menu in Jakarta.Maldives: Maldives has been participating in Asian Games since 1990. The picture postcard country hasnât won a medal. Ever.Bangladesh: After earning independence in 1971, Bangladesh started competing in the Asian Games from 1978 onwards. Since then, it has won a total 12 medals, including 1 gold. Seven of these medals have come in kabaddi (both men and women teams) and four in cricket (both men and women). In 2010 Guangzhou, the menâs cricket team won the countryâs lone gold. In 2018, the contingent failed to open its account. They had a highlight moment though when the football team overcame Qatar 1-0 in a group game. Nepal: A second spot in cross-country paragliding provided the lone silver lining for the Himalayan country at the 2018 Jakarta Games.Bhutan: Bhutan has participated in nine Asian Games and yet to stand on the medalâs podium. There was a near miss in Bangkok 1998 when the menâs archery team lost a face-off for bronze against China.
- LIVE UPDATES
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- Delhi govt rolls out home delivery of public services, here is a list of services on offer
- मà¥à¤¸à¤²à¤®à¤¾à¤¨à¥à¤ à¤à¥ बड़ॠपà¥à¤®à¤¾à¤¨à¥ पर हिरासत मà¥à¤ लॠरहा à¤à¥à¤¨, à¤à¤¾à¤¨à¤¿à¤ à¤à¥à¤¯à¤¾ हॠडà¥à¤°à¥à¤à¤¨ à¤à¤¾ मà¤à¤¸à¤¦
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- Mumbai, Sep 10
- The benchmark index of Bombay Stock Exchange (BSE) on Monday tumbled down by 243 points at 38,143.78 following Asian markets after US President Donald Trump raised the stakes in the heated trade dispute with China.
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- Agartala, Sep 10 (UNI) The Congress sponsored 12 hours general strike supported by the Left parties protesting the price hike of petroleum products has mixed response in Tripura today though most of the private schools were declared holiday, business establishments were closed and passenger vehicles were stayed off the road.
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- In a first, Kathacafe brings out Malayalam audio versions of classic and contemporary books. Today is International Literacy Day
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- Stoning of a private bus and a KSRTC bus each in the city and in Bantwal led to stoppage of movement of private and KSRTC buses since morning on acc
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- display: inline-block;
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Ú©Û ØªÛØ§Ø±Ûاں 2h ago 3h ago 10.09.2018 [10:30] Don’t tell Jon Snow, but Tyrion might be in love with Daenerys The upgraded Anova sous vide cooker is discounted today on Amazon The 10 best free iPhone games of the week A $25 Fire TV Stick for Prime members is the best deal you’ll find today The fast wireless charger you wish had come with your phone is only $9.99 today Amazon Gold Box deal drops the Harry Bosch novels everyone’s going crazy over to $2.99 and up 9 new movie trailers you need to watch from this past week Coincidence? Netflix killed user reviews right after bad scores piled up for Netflix originals A new âultrathinâ MacBook is coming soon The Galaxy S10 with 5G might cost a fortune You don’t have to wait two weeks to get Apple’s awesome new features on your iPhone Zach Epstein Netflix is trailing HBO, Hulu and Amazon when it comes to quality content, one analysis shows 4 days ago 6 paid iPhone apps you can download for free on September 7th Chris Mills The first ‘Captain Marvel’ trailer wasn’t released, but here are the first official spoilers 15 hours ago The massive iceberg that broke off Antarctica last year is now spinning for some reason September 4th at 10:02 PM Scientists built a robot that hunts and kills starfish NASA’s planet-hunting Kepler telescope wakes up once again to begin probing the depths of space Anyone who upgrades from the iPhone X to the iPhone Xs will ‘lose’ $320 12.03PM IST Rumours of Chaudhry’s joining Axis Bank helped the stock rally 25 per cent in last one quarter. CEO, Samco Securities & StockNote I bought my dream car in 4 months, thanks to this! Michelle Obama-George Bush Exchange Candies At Fun... Smooth as a shark. Silent as a shark The 78-year-old runs a clove cigarette-manufacturing business. The device is inspired by ancient scrolls. Home blood pressure monitoring can improve hypertension control and save medical costs. The modern-day Melaka in Malaysia has become a quiet backwater kept alive by tourist trade. The portable speaker can withstand drops from up to 5 feet. The tool called Your Plan, Your Planet, is an interactive way to understand your environmental impact. Jonas dished out all the details in his appearance on a television show. The upcoming version is under beta and only a handful of users are able to preview. The availability of better-quality paper and the advent of efficient printers have now negated the need for large fonts, wide margins, double-spacing and one-sided printing. Copyright:(C)Mon 10 Sep 2018, 12:00:092018Mon 10 Sep 2018, 12:00:09 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html Unpaid overtime lands Infosys in a soup againInfosys has had run-ins with overtime matters before. In 2008, it had to pay $26 million to settle disputes. Despite Trump's hollering, US-India ties thriveFor the first time, India will have a liaison person at the Bahrain naval base of Centcom, the first âdialogueâ with a US command that has been traditionally closer to Pakistan The IT index was the lone gainer among the sectoral indices on NSE. The report disputes the placement figures provided by the Rajasthan Skill and Livelihoods Development Corporation (RSLDC) for imparting skill training between 2014 and 2017. Delivering the valedictory address at the BJP National Executive Meeting here, Modi also referred to the SC/ST Act amendment issue and the backlash from the upper caste in some parts where protests have been held against the BJP. Copyright:(C)Mon 10 Sep 2018, 11:55:512018Mon 10 Sep 2018, 11:55:51 Bennett Coleman & Co. Ltd, http://info.indiatimes.com/terms/tou.html by George Smith AlexanderThe biggest mergers-and-acquisitions boom in Indian history has investment bankers preparing for even more dealmaking to come.Transactions involving Indian companies have reached $104.5 billion in 2018, trouncing the previous annual record with almost four months left in the year, according to data compiled by Bloomberg. The tally may surpass $100 billion again in 2019, said Sanjeev Krishan, a Gurgaon-based partner at PwC India who focuses on private equity and deals.The combination of a new bankruptcy law, a race for dominance in the e-commerce industry and a record war chest at Asia-focused private equity funds has created what some are calling an unprecedented opportunity for dealmaking in the worldâs fastest-growing major economy. The burst of activity is not only good news for investment bankers, itâs also helping to rid the Indian financial system of bad debt and modernize a retail sector that serves 1.3 billion people.âItâs a once-in-a-lifetime opportunity,â said Atul Mehra, co-chief executive officer of investment banking at JM Financial Ltd. in Mumbai.The new Indian bankruptcy code has put dozens of delinquent borrowers on the block, spanning industries from steel to power and infrastructure. The more than $5 billion purchase of bankrupt Bhushan Steel Ltd. by Tata Steel Ltd. in May was this yearâs second-biggest deal between two Indian companies.âThe new Indian bankruptcy code has led to consolidationâ in industries like steel, said Utpal Oza, head of India investment banking at Nomura Holdings Inc. BENGALURU: Infosys faces a lawsuit by a former employee for failure to pay overtime, an issue that has dogged the company before and one that may result in a US Department of Labor investigation, documents accessed by ET show.Anuj Kapoor, a former employee on a CVS project in Rhode Island, filed the suit against Infosys in June, alleging the company made him work more than 1,000 hours of overtime without pay. The company responded in August, stating that the employee was an âhourlyâ worker on an H1-B visa even though Infosys had listed him as a salaried employee in an application with the Department of Labor, a potential reason for its Wage and Hour Division to look into the case.Kapoor said in the court filings that he was required to work 11-hour days at times and was paid for eight hours or fewer as CVS ârefused to be billed for overtime wages.âKapoorâs manager allegedly told him that overtime would not be paid and employees who refused to work more than 40 hours a week would be sent back to India. The suit claims the manager said that extra work would be provided without billing because Infosys was looking to replace a competing company as CVSâ primary software service vendor. A comparison of Indiaâs record performance at the just concluded Jakarta-Palembang Asian Games with its SAARC neighbours shows that prosperity alone doesnât drive sporting success.Afghanistan: One of the founding member-countries of the Asian Games, Afghanistanâs appearances have been occasionally interrupted by war. After 14 visits, the strife-torn country has grabbed a combined 13 medals: five silver and eight bronze. Two of those - one for wushu and one for korash -came in Jakarta 2018. A gold medal, though, continues to elude Afghanistan.Pakistan: Pakistan did not participate in the first Asian Games at New Delhi, 1951. But made its debut with a bang at Manila in 1954. Pakistan swept the menâs sprints winning 100m, 200m and 400m claiming five gold, six silver and two bronze. The country finished fourth in the medal tally, a rank better than Indiaâs fifth. Eight years later in 1962 Jakarta, Pakistan ranked fourth with eight gold and a total of 28 medals. It has been downhill since for Indiaâs neighbours beyond the barbed wire, especially in the last few Games. In 2018, it earned only four bronze medals and finished fourth in the menâs hockey. This was only the second time in history after 2002 that the team had failed to win a medal. Pakistan dominated menâs hockey in its prime clinching the top spot a record eight times. Pakistanâs final position in the 2018 medalâs tally was 34, its worst-ever. NEW DELHI: The government wants to deploy Insolvency & Bankruptcy Code (IBC) as the main tool for bank debt resolution and is not keen on the use of asset reconstruction companies (ARCs) and proposed asset management companies (AMCs).While some of the banks have shown their keenness in pursing the plan proposed by a committee headed by PNB chairman Sunil Mehta, which prepared Project Sashakt, a section in the government believes that the move will once again give discretionary powers to bankers, something that the IBC has done away with."Things like the inter-creditor agreement (ICA) are good elements of the report, which banks have decided to adopt and the government too does not have a problem with. But the finance ministry is not favourably inclined towards the AMC concept," said a source, who did not wish to be identified.The committee had submitted its report to the finance ministry a few months ago and there has been little movement beyond ICA. The government is distancing itself too, saying the entire arrangement was between banks and it did not have anything to do with the report or its implementation.Sources told that the government was of the view that bankers were not wellequipped to manage corporate assets. "It is best left to the owners. What is the need for bankers to get into it? They have no experience in doing that. It is best to take it through a legally laid-down process, which is beginning to show results," a source said.Project Sashakt was seen as an alternate mechanism to push through resolution of large assets and improve recoveries for banks, which have to deal with ARCs that offer low payouts. The idea was to push through resolution during 180 days and with AMCs managing the assets and banks as partners, the panel had hoped that lenders would be able to realise better value. NEW DELHI: Shares of Axis Bank climbed 4 per cent in Mondayâs trade after the bank said Amitabh Chaudhry of HDFC Life will join as chief executive officer from January 1, 2019.At 54, Chaudhry would be the youngest CEO among all new private banks. The Axis Bank stock rose 4.19 per cent to Rs 671.80 on BSE in Monday trade.Rumours of Chaudhryâs joining Axis Bank were doing the rounds for past weeks and that helped the stock rally 25 per cent in last one quarter, beating the BSE Sensex by 1,700 basis points.Analysts see the development as game changer, as the appointment could restrict weakening of Axis Bankâs brand image.The news marked the beginning of many transitions in CEO roles in private banks over the next 1-2 years, said Nomura India, which believes Chaudhryâs appointment is very positive for Axis Bank, given his diverse experience and technology/innovation leadership that he helped HDFC Life to achieve.âAxis Bankâs stock has outperformed over the past three months in anticipation of Chaudhryâs joining, but there could be more legs to the re-rating journey for the bank if he is able to improve the bankâs operating profitability,â the brokerage said.A sharp rise in corporate non-performing loans (NPLs), issues relating to demonetisation and divergence were three key issues that had impacted Axis Bankâs brand image and valuations over the past few years, said IDFC Securities. The brokerage, which calls Chaudhry a turnaround expert, said Axis Bank needed a strong leader to improve profitability and market positioning, which it now has. It may help the bank reclaim its lost market position.âWe do not expect earnings upgrades for FY19/20E, as high provisioning and slower corporate growth will continue. However, there is a strong case for longer-term profitability (FY21E and beyond) to improve strongly with top quality leadership. While FY20E RoA will remain at 1-1.2 per cent, we expect longer-term RoA to move back to the 1.7-1.8 per cent range. We also expect Chaudhary to use his insurance expertise to extract more value out of life insurance for Axis Bank,â the brokerage said. Things are falling in place, said Motilal Oswal Financial Services, which expects Axis Bankâs earnings momentum to accelerate over FY18-21E.With Chaudhryâs appointment, the focus will be on ensuring management stability alongside delivering business growth. The business mix and loan growth strategy may also see a change, as the new management evaluates risk-adjusted returns across business segments and looks at it in the context of the bankâs long-term sustainable growth ambitions and strengths, Motilal Oswal said.As there were already reports of the bank entering into life insurance, expectations will naturally be higher given Chaudharyâs proven track record in building a life insurance business.Axis Bank may even look to tie up with other life insurers, including HDFC Life, Motilal Oswal said, adding while it would be little pre-mature at this stage but will have material implications for Max Life.IDFC Securities has raised its target multiple for Axis Bank to 2.4 times from 1.9 times, with a target of Rs 750 and upgraded the stock to outperformer.Nomura said a potential asset quality clean-up at Axis Bank over next 2-3 quarters will be a key near-term uncertainty. Any large incremental additions to the stress book would be taken negatively, it said, while maintaining a buy rating on the stock. Software investments in the Indian data center infrastructure market are pegged to touch $3.6bn, making it a strategically important market for Veeam. Apple Watch Series 1 & Series 3 supply starts to run low ahead of Series 4 launch Nodus launches iPhone Xs, Xs Plus & 9 cases ahead of Apple’s event w/ 20% off preorder…
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