Full Mobile Portability from next year

Mobile phone users will soon beable to change their telecom operators and retain their numbers even if they are relocating to areas outside the service providers' operations.

At present, mobile subscribers have restricted facility of changing their telcos while retaining their number within same service area using mobile number portability (MNP). For example, a subscriber in Delhi NCR can switch operator within Delhi NCR only.

The Department of Telecom has set a target date of March 31, 2015 to implement the full mobile number portability (MNP), an official source said.

"The Telecom Commission has accepted TRAI's recommendations on full MNP," the source said.

The panel decision will now be placed before Telecom Minister Ravi Shankar Prasad for the final approval.

Under the full MNP, for instance, a subscriber in Delhi
NCR will be able to switch to a telecom network in Tamil Nadu or in any of the state or place where he is relocating himself/herself while retaining the same number.

As per the latest data released by the Telecom Regulatory Authority of India (TRAI), about 13 crore people have requested for MNP facility as on August 31.

TRAI in its recommendation on full MNP had suggested to give telecom operators six-month time to make necessary changes in their network from the date the proposal is cleared. The source said that DoT will make efforts to get it expeditiously done in about five-month time.

source : hindustantimes.com

Xiaomi President To Jony Ive: Try Our Phones Before You Accuse Us Of Theft

The president of smartphone manufacturer Xiaomi has hit back at Apple design head Jony Ive after he accused the Chinese company of stealing his designs.

Speaking at the Vanity Fair New Establishment summit, Ive was asked what he thought about Xiaomi. The Chinese smartphone maker has often been accused of copying Apple's latest smartphones and selling cheaper versions of them in China. Ive had this to say about his imitators:

I don't see it as flattery. I see it as theft. I have to be honest. The last thing I think is 'Oh, that is flattering ... all those weekends I could've been home with my family' ... I think it's theft and it's lazy. I don't think it's OK at all.

Now, Xiaomi President Lin Bin has hit back at Ive's accusations, defending his company's products. In a statement to the state-run China News Service, reported by The Register, Lin Bin addressed Ive directly:

Xiaomi is a very open company, which would never force anyone to use its products. However, one can only judge Xiaomi's gadgets after he or she has used them. I'm very willing to give a Xiaomi cell phone to him as a present, and I look forward to hearing his remarks after he uses it.

But that wasn't the only reaction from Xiaomi to Ive's comments. Cult of Mac reports that the company's VP for international markets, Hugo Barra, also responded to the accusation in an interview with the Economic Times:

If you look at the iPhone 6, iPhone 6 has been using the design language that has been around for a while. The iPhone 6 is using design language that HTC has had for 5 years. You cannot claim full ownership of any kind of design languages in our industry.

source : businessinsider.in

credits : James Cook

Xiaomi Redmi 1S went out of stock in just 4.5 seconds

Xiaomi Redmi 1S went on sale today after their last sale on September 2, 2014. Just like the previous time, Redmi 1S phone went out of stock within seconds leaving many unhappy. After successfully organising sale for its previous phone Xiaomi Mi3, Xiaomi has now started with the same for Redmi 1S. This being the second sale of the phone, it seems that more sales are on its way.

Being available with an upgraded Snapdragon 400 chipset and 8 GB flash memory at just Rs 5,999, the phone had created a lot of buzz in the Indian market. With Flipkart organizing sales of the phone for the second time, most gadget lovers are praying to get hold of the phone. However, the sale which ends in seconds leaves the people who are curiously waiting for it, highly disappointed.

Along with the normal accessories, the phone also comes with a complimentary screen guard and a micro SIM adaptor. Flipkart has given an estimated delivery period of 7-10 days for the phone. Another brilliant feature of the phone include an amazing display of 4.7 HD and Adreno 305 image processor. It also provides a lot of space for game lovers. The quality music, videos, photos and various apps provide an amazing experience. With some of the best feature of a phone, Xiaomi has truly captured the mind of a lot of Indians.

Flipkart had advised its customer to log into their Flipkart account 2-3 hours before the sale begins for increasing the chances of buying the phone . It had 40,000 Redmi 1S for today’s sale and over 2,00,00 people had already registered for it. The sale opened at 2 pm today for buyers who had registered to buy it.

Registration for the September 16 sale of Redmi 1S Sale will start at 6pm on September 9.

Manu Kumar Jain, Head, Xiaomi India tweeted saying that the sale ended in 4.5 seconds.

SOURCE: http://www.india.com/

Sensex Has Biggest Weekly Loss Since 2011 as Indian Banks Drop

Indian stocks declined for a fourth day, with the benchmark index posting its steepest weekly loss since December 2011, amid concern the rally that drove the market to a record has outpaced the outlook for earnings.

Bharat Heavy Electricals Ltd. (BHEL), the country’s top producer of power equipment, plunged the most in 11 months. State Bank of India had the biggest drop since September. Larsen & Toubro Ltd. (LT), the best performing stock on the benchmark S&P BSE Sensex (SENSEX) this year, lost 4.9 percent. Infosys Ltd. (INFO) led software exporters higher after reporting profit that beat estimates.

The Sensex dropped 1.4 percent to 25,024.35 at the close, taking the weekly loss to 3.6 percent. The gauge’s valuation climbed to 16 times projected 12-month earnings on July 7, the most expensive since April 2011, after the measure climbed to an all-time high. The MSCI Emerging Markets Index trades at a multiple of 11, data compiled by Bloomberg show.

“The rally had gone beyond the valuation comfort zone,” Chokkalingam G., managing director of Equinomics Research and Advisory Pvt., said by phone in Mumbai. “At the end of the day, earnings must support stock prices.”

Bharat Heavy tumbled 8.4 percent, taking this week’s loss to 15 percent, the most on the Sensex. The stock had surged 48 percent this year through last week. Larsen decreased the most in about 11 months, paring this year’s gain to 47 percent.

State Bank lost 4.7 percent, the most since Sept. 23. Bank of Baroda tumbled 5.2 percent, while ICICI Bank (ICICIBC) retreated for a fifth day to its lowest price since May 8. A gauge of lenders decreased 2.7 percent to its lowest level in two months.

The S&P BSE MidCap Index of 238 companies declined to a one-month low, reducing this year’s gain to 32 percent.

Deficit Target

Prime Minister Narendra Modi’s government, two months into power after winning India’s biggest election victory in three decades, outlined plans yesterday to retain the deficit target at the lowest level since 2008 while unveiling tax breaks for power utilities and property investment trusts to spur economic growth from near a decade low.

Finance Minister Arun Jaitley’s speech lacked details on how the reduction in the budget gap will be achieved, Moody’s Investors Service said in a statement yesterday.

“Nothing will change fundamentally in the next three to six months nor will you see substantial improvement in earnings in the next one-to-two quarters,” Prashasta Seth, chief executive officer of India Infoline Asset Management Co., told Bloomberg TV India today.

The Sensex has increased 18 percent this year, the best performance among the world’s 10 biggest markets, as foreigners bought $11 billion of shares on optimism Modi’s landslide win will help him fix India’s $1.8 trillion economy. Gross domestic product expanded 4.7 percent in the year ended March 31, after a decade-low growth of 4.5 percent the previous year.

Underperform

Indian equities may “underperform” in the near term, BNP Paribas SA analysts led by Manishi Raychaudhuri wrote in a note dated today. Indian stocks have trailed Asian equities outside of Japan in 70 percent of “post-budget episodes” in the past seven years, they wrote.

Infosys added 1 percent, ending three days of declines. Net income rose 22 percent to 28.9 billion rupees ($480 million) in quarter ended June, beating the 26.5 billion-rupee median of 33 analysts’ estimates compiled by Bloomberg. Infosys maintained its full-year forecast for sales growth.

Tata Consultancy Services Ltd. (TCS), India’s largest software services exporter, rose 1.8 percent, while Wipro Ltd. (WPRO) gained 1.5 percent.

SOURCE:http://www.bloomberg.com/

Amul to sponsor India for CWG, Asian Games

India's dairy major Amul will be sponsoring the Indian contingent for the Commonwealth Games in Glasgow starting July 23 and the Asian Games in Incheon Sep 19-Oct 4.

Amul and Indian Olympic Association (IOA) Friday signed a Memorandum of Understanding (MoU) for the sponsorship deal.

IOA treasurer Anil Khanna said the deal is worth around Rs.1 crore and would be distributed among the athletes. Talks are also going on with Amul for cash awards for medal winners.

IOA secretary general Rajeev Mehta, who signed the MoU with Amul's managing director R.S.Sodhi, said that Commonwealth Games ticket worth Rs.3 lakh would be given to the sponsors.

"This support to the Indian sports will go a long way and further strengthen the bond between Amul and IOA and leave a longer lasting impact on the sports lovers and sportspersons," said Mehta.

Sodhi said that Amul was committed to strengthening the support to sports in various forms and encourage young generations from all corners of the country to take up sports.

"I take great pleasure and pride in announcing our sponsorship of the Indian contingent to the XX Commonwealth Games and the XVII Asian Games," he said.

SOURCE:http://www.business-standard.com/

HTC One (E8) and Desire 616 now in India

Taiwanese smartphone giant HTC has launched its plastic-bodied flagship One (E8) and mid-range Desire 616 in India at Rs 34,900 and Rs 16,900 respectively. The company has said that the more expensive of the two devices will go on sales at the end of July, while the Desire 616 will start selling as off immediately.

The One (E8) in India will support dual SIMs and feature the same Dual Curve design of the more expensive One (M8). The device however will lack the all-aluminum unibody in exchange for a high quality plastic shell. More importantly the device features the same 5-inch Full HD display is powered by a 2.5GHz Snapdragon 801 processor coupled to 2GB of RAM.

One (E8)

The phone runs on Google's latest Android 4.4 KitKat, with HTC's propitiatory Sense 6 UI loaded on top. In terms of imaging the One (E8) ditches the finicky depth-sensing Duo Camera of its more expensive sibling for a regular 13MP shooter. However it does retain the 5MP front facing camera which is so perfect for those selfies.

The Desire 616 was touted to be a China-only device, but has now made its way to Indian shores. The smartphone features a 5-inch HD (720x1280 pixels) display and is powered by a 1.4GHz octa-core MediaTek processor coupled to 1GB of RAM. Internal storage stands at a miniscule 4GB, but is expandable up to 32GB via a microSD card.

Desire 616

Unlike the Desire 816 which was launched in India a few months ago, the 616 runs on the outdated Android 4.2 Jelly Bean with Sense 5 UI loaded on top of it. An 8MP primary camera sits on the rear while the front gets a 2MP shooter. In terms of connectivity the device supports dual SIMs, 3G, Wi-Fi and Bluetooth 4.0.

source : techtree.com

Microsoft planning to launch three phones

A schedule has leaked out, thanks to famed @EvLeaks, that shows three new handsets from Microsoft waiting to be announced this year. The handsets have been positioned for launch at two different time frames, but not too far apart. One will be out in July itself, while the other two can be expected in the month of September.

The first one, which is technically scheduled for launch this month, shows up on the roadmap as the RM-1017 which in all probability is the Lumia 530. The handset had leaked via a Windows Phone buying guide and has since then been pulled down from the website. Clearly, Microsoft is hiding something.

The next two tagged as the RM-984 and the RM-1028 have both been scheduled for an announcement as per the roadmap, in the month of August. We have no clue what these two handsets could be. The RM-984 may be the Lumia 820’s successor which showed up online a few days ago. While the RM-1028, could be the flagship ‘McLaren,’ which has been in the rumour mill for quite sometime now and is slated to introduce 3d touch to the Windows Phone platform.

One factor that seems certain, is that all of these handsets will come with the new ‘Nokia by Microsoft’ branding instead of just Nokia. Rumours do tell us its high time that Microsoft made a move regarding the brand name which recently also made an appearance on the rumoured Nokia Lumia 830 handset’s render.

source : abplive.in

Government to come up with Biometric Identification

The new technologies of biometric identification and mobile phone payments for various subsidy schemes will lead to poverty reduction, India's Economic Survey for 2013-14 said Wednesday.

"The new technologies of biometric identification and payments through mobile phones have created a range of new possibilities for the design of programmes. These would lead to a reduction in poverty at lower cost when compared with the present subsidy programmes," said the survey, presented in parliament by Finance Minister Arun Jaitley a day ahead of the general budget for 2014-15.

According to the survey, the new technologies will make it increasingly feasible to identify households below the poverty line and give them cash. "Programmes such as food subsidy have huge overhead costs. In other cases, such as fertiliser subsidy, the expenditures generate a distorted resource allocation that hampers productivity. Besides, not all the money put into a subsidy scheme reaches the poor," added the survey.

CDRC fines Torrent Power with 50 lakhs

The Consumer Disputes Redressal Cell (CDRC) of Gujarat has imposed a fine of Rs 50 lakh on the Torrent Power Ltd for alleged illegal recovery of a hefty amount from a user by cutting off electric supply. Torrent Power Ltd is private electricity discom (distribution company) supplying electricity to consumers in Ahmedabad and Surat cities.

"It has been proved that the company (Torrent Power Ltd) threatened to cut the power supply of a consumer. Later, it was cut to recover a hefty amount of Rs 78,000. This is only a tip of the iceberg and other such incidents would have occurred," the CDRC order said. "Under such circumstances, the company is directed to submit a fine of Rs 50 lakh to the Consumer Welfare Fund within two months," the order said.

The CDRC quorum comprising judicial member M T Unadkat and member Nandini Thaker acted upon the appeal of Torrent Power in which they challenged the Surat district Consumer Forum's judgement in which the company was asked to reimburse Rs 78,000 to a consumer.

A Surat-based travel agent Rajendra Sharma had moved the District Consumers' Forum alleging that Torrent Power recovered Rs 78,000 for allegedly damaging cable wires and in addition to that the company also cut power supply until the hefty amount was paid. The company had alleged that Sharma had dug the road by JCB machine and while doing that power-cables were damaged, which resulted in power cut in Puna -Kumbharia road of the city.

However, Sharma had tried to convince the company that his business has nothing to do with road-digging and he was asked to pay Rs 78,000 for the alleged damage he made. When he did not pay the amount, Torrent Power first threatened to cut and later cut the electricity supply of his travel agency's office after that he was imposed to pay Rs. 78,000. The CDRC has mentioned in the order that the recovery of the said amount was done without any basis or any supportive evidence. "As per the norms of the Electricity Act, the company was bound to give a notice to its consumer 15 days before cutting the power supply," the order said. The CDRC found that the company has failed miserably in giving service and committed a serious error while adopting a unreasonable business policy.

source : PTI

India Seeks Foreign Rail Investments Amid Modi’s Reforms

India said it will start bullet-train services and seek overseas investment to modernize its railways as Prime Minister Narendra Modi begins unveiling his policies after taking charge in May.

Overseas investors will be allowed to invest in railroad infrastructure, except the operation of existing trains, Sadananda Gowda, the rail minister, said in parliament today unveiling the railway budget for the year ending March. The proposal will need to be approved by the cabinet.

Gowda also announced a high-speed train to connect financial hub Mumbai with Ahmedabad in western Gujarat state, and scaled back borrowing to repair the financial health of Asia’s oldest network.

The proposals have potential to bring in investments from companies such as General Electric Co. (GE) and Bombardier Inc. as Modi aims to fix the nation’s creaky infrastructure. Gowda said last month the state-run railway needs to focus on improving safety, punctuality, raise average speed to at least 150 kilometers (93 miles) per hour and become more competitive compared with transportation by road.

“Growth of railway sector depends heavily on availability of funds for investment in rail infrastructure,” Gowda told parliament. “Internal revenue sources and government funding are insufficient to meet the requirement.”

Indian Railways last month raised passenger and freight fares, giving Modi room to cut subsidies after he said he’s ready to take unpopular steps to improve fiscal health in Asia’s third-largest economy. Modi led his party to a landslide election win in May with the promise of economic development and slower inflation.

Bullet Train

India will set up a diamond quadrilateral network of high-speed railroads connecting major cities and growth centers and 1 billion rupees ($16.7 million) have been set aside in the budget for initiating the project, Gowda said.

The operator aims to increase the speed of trains to as much as 200 kilometers per hour on nine routes, Gowda said.

“Focus on one bullet train initially, and up-gradation of existing infrastructure for higher speeds on other sectors, is a good balance between affordability and desire,” said Manish Agarwal, leader capital projects and infrastructure at PricewaterhouseCoopers LLP in India. “The intention to develop a rational approach to tariff setting” is welcome, he said.

The government plans to set up private freight terminals in collaboration with non-state companies to build a network of such facilities, the minister said.

Foreign Participation

India is considering allowing overseas investment in new rail infrastructure including the operation of high-speed trains, links to ports and freight corridors, Railway Board Chairman Arunendra Kumar said at a press conference in New Delhi today. The extent of foreign ownership, which could be as much as 100 percent, will be decided by the cabinet, he said.

Tariffs for railroads operated by private companies will need approvals from the government, Kumar said. The companies will be responsible for logistics including hiring if they operate the rail lines, he said.

Indian Railways will develop some stations to international standards through collaborations with private companies, Gowda said. Initially, at least 10 stations will be developed with modern facilities, leveraging land and air space, he said.

Gowda proposes market borrowing of 117.9 billion rupees in the year ending March, compared with the estimate of 128 billion rupees in an interim budget presented by his predecessor in February.

On July 10, Finance Minister Arun Jaitley will present the Modi government’s first general budget.

SOURCE:http://www.bloomberg.com/

Government Railway plans and Opposition Comments

Government on Tuesday proposed "highest ever" plan outlay of Rs 65,445 crore to the railways for the current fiscal, with a budgetary support of over Rs 30,000 crore. Presenting the Railway Budget for 2014-15, Railway Minister Sadananda Gowda said the "highest ever plan outlay" would include market borrowing of Rs 11,790 crore and internal resources of Rs 15,350 crore.Another Rs 6,005 crore would be mopped up through public private partnerships (PPP) mode, while railways would create a safety fund of Rs 2,200 crore.

As per Budget Estimates for 2014-15, total receipts are projected at Rs 1,64,374 crore, while total expenditure at Rs 1,49,176 crore. Operating ratio would be 92.5 per cent, which is an improvement of 1 per cent over the last fiscal. While passenger traffic grew by 2 per cent, passenger earnings stood at Rs 44,645 crore after revenue foregone of Rs 610 crore on account of rollback in monthly season ticket fares, Gowda said, adding freight earnings are estimated at 1,05,770 crore for this fiscal.

The expenditure on pension is pegged at Rs 28,850 crore, while Rs 9,135 crore would be spent on dividend payment. On the challenges facing railways, Gowda said, "Surplus revenues are declining. There is hardly any adequate resources for development works." The surplus resources, which stood at Rs 11,754 crore in 2007-08, is estimated to be only Rs 602 crore in the current financial year, he added. He also said Rs 5 lakh crore was required to complete the ongoing projects alone as only 317 of the 674 projects sanctioned in last three decades could be completed. Completing the unfinished projects would require Rs 1,82,000 crore, he said.

Observing that most of gross traffic receipts was spent on fuel, salary and pension, track and coach maintenance and on safety works, Gowda said that Rs 1,39,558 crore was the gross traffic receipts and total working expenses were at Rs 1,30,321 crore last year.

What Comments Modi Sarkar faces :

•  We expect safety for women & cleanliness. Women appealed to me and I asked from him: Datty Sadananda (Rail minister's wife)

• "Going to present my maiden budget as a rail minister of India today. Hope we are able to meet public expectations," Gowda, former chief minister of Karnataka who represents the Udupi Chikmagalur constituency in Lok Sabha, tweeted.
• Speaking to DD News ahead of the budget, railway minister Sadanand Gowda indicates a special focus on bullet trains.
• We welcome idea of bullet trains,but more important is to connect more districts to metro cities: Tariq Anwar, NCP
• I am not against idea of bullet trains,but it should not be at the cost of basic railway requirements: Jay Panda, BJD
• Yes we faced problems during our time in railway ministry,we paid more attention to populism: Adhir Ranjan Chaudhary,former MoS Railways
• The AAP is of the view that the first rail budget of the BJP-led NDA government turned out to be a missed opportunity. The NaMo government could have used its maiden rail budget to spell out its long term vision for the improvement of the health of railways, but it is unfortunately missing. The people of the county had expected that the new government to lay down its roadmap to improve the efficiency of the railways by curbing the price distortion and corruption, two major problems currently plaguing this critical sector, but the budget appears to be silent on addressing these long term concerns and belies expectations of a long term vision.The railways minister has made an honest confession about the large number of pending projects. The AAP agrees with the government that the focus should be on execution of existing projects, but in this respect too, the minister did not mention any roadmap on how the government plans to complete the job. The AAP does not agree with the minister’s announcement about the proposal to restructure the Railway Board. It is one of the rare board/corporation in the government sector which is not controlled by the IAS officers, and is run by professionals. The Aam Aadmi Party also sees a regional imbalance in announcement of new train services. A government cannot ignore the requirements of one region appease the other.
• Congress vice president Rahul Gandhi on Tuesday described the railway budget as "hopeless". He said that Congress states were not given their due in the Rs.164,374 crore budget. "Congress ruled states were ignored in this budget," Gandhi said.

source : abplive.in

Rail budget out, Sensex down 202 points

The benchmark BSE Sensex retreated from record highs by falling 202 points to dip below the 26,000 mark in mid-session trade after the rail budget failed to impress investors. Besides a weak Asian trend and lower opening in Europe further influenced the trading sentiment, brokers said.

The BSE 30-share Sensex after hitting a new record high of 26,190.44 points in opening trade, retreated to 25,897.33, showing a fall of 202.75 points, or 0.77 per cent. Similarly, the broad-based National Stock Exchange index Nifty lost 42.25 points, or 0.54 per cent, to 7,744.90 after hitting its life-time high of 7,808.85.

Share prices of companies that cater to the railway sector came under pressure and tanked up to 12.15 per cent despite important announcements made by Railway Minister Sadananda Gowda in his maiden rail budget.

Major losers were Texmaco Rail, Titagarh Wagons, Kalindee Rail Nirman, Kernex Micro, Commercial Eng., BEML, Stone India and Bartronics.

The government proposed in the rail budget to attract investment from domestic and foreign players in infrastructure. Among BSE-30 shares, Sesa Sterlite fell 3.89 per cent, Tata Steel by 1.31 per cent, Hindalco by 0.95 per cent, Larsen and Toubro by 1.29 per cent, SBI 1.15 per cent and Reliance Industries 1.31 per cent, dragged down the Sensex.

Globally Hong Kong's Hang Seng index was down 0.10 per cent, while Japan's Nikkei shed 0.14 per cent. European markets opened in negative territory.

Highlights of Railway Minister Sadananda Gowda's budget speech : Complete Rail Budget

• Ten major stations to be developed to international standards on the lines of newly developed airports through PPP mode
• Govt proposes rail connectivity to 'chaar dham' in Uttarakhand
• Introduction of 5 jansadharan, 5 premium, 6 AC, 27 express, 8 passenger trains, 2 MEMU and 5 DEMU services.

• Office-on-Wheels: Internet & Workstation facilities on select trains
• On Staff Welfare: Hospital Management Information System to integrate all railway health units and hospital
• Solar energy to be harnessed through PPP by utilizing rooftop spaces of stations, railway buildings
• Railways to introduce a pilot project for automatic rebate in returning freight trains
• GIS Mapping and Digitization of Railway Land. Extension of logistics support to various e-Commerce Companies
• Future E-Ticketing to support 7200 tickets per minute & to allow 120,000 simultaneous users
• Wifi in A1 and A category stations & in select trains. Internet-based Platform & Unreserved Tickets
• Increase in speed of trains to 160 to 200 kilometres per hour in select nine sectors
• Allocation of 100 crore rupees for Diamond Quadrilateral network of high speed rail connecting major metros
• I propose bullet trains, identified sector is Mumbai-Ahmedabad
• On Safety: Provision of Rs.1785 cr for Road-over/under bridges, multi-pronged approach to eliminate Unmanned Level Crossings
• Lady coaches to be escorted by RPF women constables; additional care will be taken of ladies travelling alone
• Launching feedback service through IVRS on the quality of food. Food can be ordered by SMS & phone
• On cleanliness: Increasing mechanized laundries for quality bedrolls in AC coaches, introduction of RO drinking water
• Bio-toilets in trains to be increased to mitigate direct discharge of human waste on tracks and platform
• On cleanliness: 40% higher allocation, outsourcing at 50 major stations, onboard housekeeping to be extended to more trains
• Cleanliness is Godliness. Very high emphasis is given to improve cleanliness at stations & trains
• Coin-operated automatic ticket vending machines will be experimented.
• Provide battery operated cars for differently abled & senior citizens at railway stations for them to reach platforms
• We propose better amenities and passenger services. Foot-over bridges, escalators and lifts through PPP
• Resource mobilisation through leveraging PSU resources, Foreign Direct Investment and Public Private Participation.
• Surplus revenues declining. Hardly any resources for development works. Rs.5 Lakh Cr required for ongoing projects alone
• The Tariff Policy adopted lacked rational approach. Loss per passenger/km increased from 10 paisa/km (2000-01) to 23 paisa/km (2012-13)
• Railways to explore alternate sources of funding like Rail PSUs, PPP & Private investment including FDI
• Rs 5 lakh cr needed for next 10 years for modernization of Railways
• Railways facing severe funds crunch, corrective measures will be taken
• Indian Railways spent Rs 41,000 crore on laying of 3,700 km of new lines in last 10 years
• 94 paisa of every rupee earned is spent by Railways
• Gross traffic receipts in 2013-14 was Rs 12,35,558 crore; operating ratio was 94 per cent, says Gowda presenting Rail Budget.
• Social obligation of Railways in 2013-14 was Rs 20,000 crore
• Indian railways carry only 31% of the total freight in the country. This is a challenge to be faced
• We target to become the largest freight carrier in the world: Sadananda Gowda
• I believe in the saying, 'Honesty is the first chapter in book of wisdom. I do follow this.': Gowda

Onion and Potatoes to be available at Liquor Shops

As part of its efforts to check prices, the Delhi government is planning to use liquor outlets in the capital to sell onions and potatoes. The idea was put forth by the Delhi State Industrial and Infrastructure Development Corporation Ltd (DSIIDC) at a meeting to discuss ways to contain prices of onions and potatoes, a government official said.

Almost 250 locations in various government premises have been identified for setting up temporary shops to sell onions and potatoes on wholesale rates. In addition, the Delhi Jal Board will sell the vegetables at wholesale rates at 25 locations and SDMs at 33 locations.

Among other departments, the Excise department will set up 15 stalls and the Public Works Department (PWD) 25. Three municipal corporations will also sell onions and potatoes at various earmarked locations. The National Co-operative Federation of India (NFFC) will be running three mobile vans and will also open shops at five locations for sale of onions and potatoes.

The Principal Secretary (Finance) also directed the Commissioner (Food and Supplies) to step up efforts for sale of the vegetables at the wholesale rates through fair price shops (FPS). More than 288 FPS have already been identified for this purpose and more shops are being identified. At present, these are being sold at 70 government premises at the rate of Rs 22 per kg.

This is in addition to the 70 mobile vans which are in operation and cover more than 250 locations every day.

The business head of SAFAL, who was present in the meeting, said they would sell onions and potatoes on "no profit, no loss" basis for the next three months at its 380 outlets in Delhi.

source : PTI

Volkswagen to Add Two Plants in China

Chinese auto workers on the assembly line at the FAW-Volkswagen plant in Chengdu, southwest China's Sichuan province, during the visit of German Chancellor Angela Merkel. Agence France-Presse/Getty Images

SHANGHAI— Volkswagen AG  said Monday it will add two car-making facilities in China as part of its plan to raise production capacity in the world's largest auto market.

VW will team with state-run FAW Group Corp. to build the plants in the eastern Chinese city of Qingdao and the northern city of Tianjin, the German auto giant said. The two parties will spend about two billion euros ($2.72 billion) in building the plants, it said.

"With these investments, Volkswagen is clearly expressing its commitment to the Chinese market," said Jochem Heizmann, president of VW in China.

China is the largest market for Volkswagen, as the company delivered more than a third of its cars to Chinese consumers in the first quarter of this year, according to VW Group. In the period from January to May, VW and its Chinese partners reported an 18% rise in car sales to 1.5 million vehicles.

VW has said that, with its Chinese partners, the company would invest 18.2 billion euros through 2018 to increase annual production capacity in China to more than four million vehicles from 3.3 million.

VW and FAW signed the deal in Beijing on Monday, when German Chancellor Angela Merkel met Chinese Premier Li Keqiang. VW also operates a car-manufacturing joint venture with Shanghai-based SAIC Motor Corp.

SOURCE:http://online.wsj.com/

Make justified requests only : Swiss Bank

As India steps up pressure on Swiss authorities in its pursuit of alleged black money, banks in Switzerland say they follow strict rules and the requests from Indian authorities must be "properly justified". The Association of Foreign Banks in Switzerland, an over four-decade old grouping, is also of the view that a clear and transparent policy can help in dispelling "apprehensions" and the "conjectures" should not be allowed to dominate the public opinion.

To bring back illicit money stashed away overseas, India has recently made a fresh request to Switzerland to seek bank details of such entities. "India should be aware that its reputation in Switzerland as a country with a proper legal system and functioning rule of law has been seriously hampered as of late - for reasons not related to financial matters. But the mistrust spills over in other matters," the Zurich-based association's General Secretary Martin Maurer told PTI.

Indian money in Swiss banks rose 43 per cent last year to close to 2.03 billion Swiss francs (Rs 14,000 crore), as per the latest data from Switzerland's central banking authority Swiss National Bank (SNB). Incidentally, two 'big banks' in Switzerland -- UBS and Credit Suisse -- account for nearly two-third of such funds.When contacted, an UBS spokesperson said, "While we do not comment on specific cases, UBS applies the highest international standards worldwide in the fight against money laundering and corruption. A spokesperson for Credit Suisse also said, "We conduct our banking business in strict compliance with the applicable laws, rules and regulations in the markets where we operate, and our employees receive ongoing training in this area." When contacted, an SBA spokesperson declined to give any specific details and said that "the Swiss Bankers Association has published a number of guidelines, to which its member-banks adhere and which amend to the Swiss jurisdiction".

Sensex hits record high above 26,000

Key benchmark indices edged higher in early trade after provisional data showed that foreign investors remained net buyers of Indian stocks on Friday, 4 July 2014. The barometer index, the S&P BSE Sensex, hit record high, crossing the 26,000 mark for the first time. The 50-unit CNX Nifty also scaled record high. The Sensex was up 100.12 points or 0.39%, up about 30 points from the day's low and off close to 40 points from the day's high. The market breadth indicating the overall health of the market was strong. Indian stocks are witnessing a pre-Budget rally amid expectations that Finance Minister Arun Jaitley will announce measures aimed at bolstering economic growth.

Hero MotoCorp (HMCL) gained after the company announced the formation of a wholly-owned subsidiary in Colombia and the commencement of a state-of-the-art manufacturing plant in the country. Tata Power Company gained after the company said it has signed option agreement to sell 5% stake in a coal mine in Indonesia for $250 million to a Bakrie group entity. Adani Ports and Special Economic Zone (APSEZ) edged higher after the company said it has signed an agreement with France's CMA CGM Group to develop a new common user container terminal at Mundra Port. Ashok Leyland gained after the company said it has raised Rs 666.72 crore by allotting shares to Qualified Institutional Buyers (QIB).

At 9:30 IST, the S&P BSE Sensex was up 100.12 points or 0.39% to 26,062.18. The index jumped 137.29 points at the day's high of 26,099.35 in early trade, a lifetime high of the index. The index rose 68.99 points at the day's low of 26,031.05 in early trade.

The CNX Nifty was up 26.85 points or 0.35% to 7,778.45. The index hit a high of 7,787.95 in intraday trade, a lifetime high of the index. The index hit a low of 7,765.80 in intraday trade.

The market breadth indicating the overall health of the market was strong. On BSE, 1,120 shares gained and 429 shares fell. A total of 57 shares were unchanged.

The BSE Mid-Cap index was up 47.85 points or 0.5% at 9,593.60. The BSE Small-Cap index was up 84.73 points or 0.81% at 10,592.76. Both these indcies outperformed the Sensex.

Tata Power Company gained 2.79% to Rs 110 after the company said after market hours on Friday, 4 July 2104, that it has signed option agreements to sell 5% stake in PT Kaltim Prima Coal KPC) for $250 million to a Bakrie group entity to get additional cash flow as well as to reduce its consolidated debt. Tata Power said that that the company is facing under-recovery and cash flow challenges due to its Mundra Ultra Mega Power Project (UMPP) operations and therefore it took decision to sell a part of its stake in the Indonesia coal mine. In addition, the entire 30% stake in KPC related power infrastructure companies is also covered for sale in the agreement to the same Bakrie group entity, Tata Power said. KPC will continue to be a part of supply chain for Tata Power Group's coal offtake requirements. Tata Power will continue to hold the remaining 25% stake in KPC.

Hero MotoCorp (HMCL) gained 1.06% to Rs 2,609.95 after the company announced on Sunday, 6 July 2014, the formation of a wholly-owned subsidiary in Colombia and the commencement of a state-of-the-art manufacturing plant in the country.

With a project cost of $70 million, HMCL will invest $38 million in capital expenditure, with the rest being utilised as working capital over the next three-year period. The equity investment will be made through HMCL's wholly-owned subsidiary in the Netherlands viz. HMCL BV. The state-of-the-art manufacturing plant is expected to go on stream by the middle of calendar year 2015 with an initial installed capacity of 78,000 units. This will go up to around 150,000 units in the second phase. With this, Hero MotoCorp will be the first Indian two-wheeler company to have a manufacturing plant in Latin America.

The company's decision to start a new plant in Colombia is in line with the company's vision of expanding its global footprint to as many as 50 countries by 2020. By the year 2020, the company aims to cross 100 million units in cumulative production, and annual bike and scooter sales of 12 million units. It also plans to have more than 20 manufacturing and assembly plants across the globe with sales in more than 50 countries by that year.

Ashok Leyland gained 2.49% to Rs 37 after the company said after market hours on Friday, 4 July 2014, that the Fund Raising Committee of the company at its meeting held 4 July 2014, approved the issue and allotment of 18.52 crore shares to eligible Qualified Institutional Buyers (QIB) at the issue price of Rs 36 per share, aggregating to Rs. 666.72 crore.

IDBI Bank gained 0.74% to Rs 108.60. The bank said after market hours on Friday, 4 July 2104, that the Board of Directors of the bank has approved the proposal for mobilization in one or more tranches of Rs 4000 crore and foreign currency resources upto $7.5 billion equivalent outstanding, comprising of Senior Bonds, Basel III Compliant Tier II/Additional Tier I Bonds, by way of Private Placement/Public Issue/Reverse Enquiry/Issuances under MTN programme during the financial year ending 31 March 2015 (FY 2015).

Adani Ports and Special Economic Zone (APSEZ) rose 1.67% to Rs 279.75 after the company said after market hours on Friday, 4 July 2104, that it has signed an agreement with France's CMA CGM Group to develop a new common user container terminal at Mundra Port. This will be the 4th container terminal at Mundra and will be a 650 meters terminal along with 27 hectares of back area, capable of handling 1.3 million TEUs annually. Following this announcement, the construction phase will be initiated immediately and completion will be in a record 24 months. The new terminal will be set up as an equal joint venture between APSEZ and CMA CGM Group.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 943.19 crore on Friday, 4 July 2014, as per provisional data from the stock exchanges

The market has entered a crucial week. Railway Minister Sadananda Gowda will present the final Railway Budget for 2014-15 in Lok Sabha tomorrow, 8 July 2014. On Wednesday, 9 July 2014, the Finance Ministry will table Economic Survey for 2013-14. Jaitley will present the the final Union Budget for 2014-15 in Lok Sabha at 11:00 IST on Thursday, 10 July 2014. After a clear mandate in Lok Sabha elections this year and with BJP perceived as a business friendly party, expectations from the Budget are running high.

There are expectations that the finance minster will announce measures in the Budget aimed at bolstering economic growth. Increase in outlay on infrastructure sector with focus on stricter and time-bound implementation of projects, initiatives towards investments in agriculture and irrigation aimed at easing supply bottlenecks for food-grains, fiscal prudence with roadmap to reduce the fiscal deficit, a roadmap for reducing the subsidy burden and timeline for implementation of the Goods and Service Tax are some of the expectations from the Budget.

Asian stocks edged lower on Monday, 7 July 2104. Key benchmark indices in China, South Korea, Taiwan, Hong Kong, and Japan were off 0.05% to 0.55%. Key benchmark indices in Indonesia and Singapore were up 0.08% to 0.8%.

Business activity in emerging markets expanded last month at its fastest rate since March 2013, boosted by strong growth in China and India, a survey showed today, 7 July 2014. HSBC's composite emerging markets index of manufacturing and services purchasing managers' surveys jumped to 52.3 in June - well above the 50 threshold that indicates expansion - from 50.6 in May.

US markets were closed on Friday, 4 July 2104, for Independence Day holiday.

SOURCE: http://www.business-standard.com/

Idea in partnership : free 10 MB daily

Idea Cellular today said it has partnered mobile classifieds firm Quikr and Opera Software to offer mobile data through "sponsored web passes" to over 137 million customers of the telecom operator in the country.

The tri-partnership is aimed at enabling more Indians to get online and experience the power of the internet on their mobile phones, the first such initiative in South Asia, a statement said. Such a pass offers one-time access to the Internet and is aimed at those who do not want to invest in monthly data plans. The "Sponsored Web Pass" will offer Idea subscribers free 10 MB usage for a day

Tesla Crash: Model S May Have Had Shields to Prevent Battery Fire

Associated Press

The headline-generating collision in West Hollywood on July 4 involving a stolen Model S sheds light on why no one has yet been killed in a Model S.

It is a measure of Tesla's formidable buzz that a stolen-car story involving no celebrities or deaths — albeit accompanied by July 4-worthy fireworks — makes international news. 

The high-speed crash of a Model S yesterday in West Hollywood that split the car in two and may have caused its lithium-ion battery to erupt in flames received coverage in Bloomberg News, the UK's Daily Mail, USA Today, and dozens of other far-flung media outlets. 

A subsequent, deadly crash later the same day involving a Model S that rear-ended a Toyota Corolla in Palmdale, Calif., killing the Toyota's driver and two child passengers, also received extensive coverage. 

Granted, July 4 is a proverbial slow news day, and Tesla's previous difficulties with the Model S's batteries igniting after two of the cars stuck debris drew the attention of the National Highway Traffic Safety Administration. 

According to NHTSA statistics, approximately 30,000 fatal crashes and 1.5 million injury crashes occur in the U.S. annually, or about 4,000 per day. And while both July 4 Tesla accidents involved unusual circumstances — a high-speed chase in the first and multiple fatalities in the second — none of the other crashes the same day made a measurable ripple in the national and international media.

After the earlier incidents, Tesla CEO Elon Musk pointed out that the two Model S fires drew disproportionate coverage given that there were 200,000 fires in gasoline-powered cars the same year.

Meanwhile, the fact that the drivers of both Teslas in the July 4 crashes survived — the driver in the Palmdale crash received only minor injuries — is cited as further evidence of the Model S safety. 

In remarks to shareholders in June, Musk boasted that no one had been killed in a Model S despite the cars having been driven a total of 344 million miles. He stated that no one in a Model S crash has sustained "a serious permanent injury — and there have been some crazy crashes," Musk said. "There was one guy who drove through two concrete walls at 110 mph."

Following the battery fires, Tesla reinforced the Model S with three underbody shields made from aluminum and titanium to prevent debris from compromising the battery pack and starting a fire. All Teslas made since March 6 have the shielding; cars manufactured before can be retrofitted free of charge. 

It was unclear whether the Model S that caught fire after the West Hollywood crash had the shields, but it was stolen from a Los Angeles Tesla store and was reported to be a new model.

SOURCE: http://www.hollywoodreporter.com/

Apple hires Tag Heuer executive and more: iWatch rumour round-up

In the last couple of months, rumours around the alleged Apple iWatch have begun to accelerate. The latest one talks about Apple hiring luxury watch-maker Tag Heuer, for its rumoured stylish smartwatch. It is highly speculated that the iWatch won’t be only about health and fitness, but also about good looks, aesthetics and luxury.

The watch is known to be capable of tracking heath-related factors, and also speculated to serve as a complete hub. Besides, it is also expected to perform some functions independently, but tasks like messaging and voice chat will require some connection to a smartphone. While Apple has been tight-lipped about its rumoured fitness-focused watch, a lot is being said and written about the wearable. From multiple iWatch designs to its release date, there have been speculations about it all. In fact, a comprehensive profile of Apple chief Tim Cook, earlier last month, talked about everything from his childhood memories to his work on human rights, alongside some hitherto unknown details about the rumoured iWatch.

Here’s a quick rumour-roundup for all we know about the iWatch, so far.

Design

If reports circulating the web are to be believed, Apple may launch smartwatches with multiple screen sizes and designs this fall. KGI securities’ analyst Ming Chi Kuo who is well-known for accurate Apple predictions had also predicted that the iWatch will be available in two sizes. She had also added that it could sport a fashionable look and will be able to work with the iPhone, iPad and Mac.

Display

While most of the watches have been sporting a 1.6-inch display, the iWatch is speculated to sport two sizes featuring 1.3-inch and 1.5-inch flexible AMOLED displays. Another reportpoints out that Apple could introduce a smartwatch with a display that likely measures 2.5 inches diagonally and be slightly rectangular. The watch face is also expected to protrude slightly from the band, creating an arched shape, and will feature a touch interface.

Battery

One of the biggest concerns about smartwatches and wearables in general is battery life. With the number of devices-per-household increasing, so does the charging needs for consumers, which is why longer-lasting devices such as the Pebble smartwatches have done better than the likes of the Samsung Galaxy Gear. In terms of battery life, Apple may have something different in mind. If some of the previous rumours are to be believed, Apple is testing newer and innovative ways for charging methods for the watch. This includes technology to enable inductive, solar, and motion charging of the wearable, thus minimising the constant battery consumption. One of the methods being tested by Apple is said to be using magnetic induction. Besides wireless charging, it could also come with and a 200mAh to 250mAh battery.

Other specs

Besides the battery and the display, we also know a few tidbits about some other features of the device. According to Kuo, one can expect a sapphire lens cover, biometric recognition and an NFC chip. Moreover, there has been buzz about Apple working on some new sensors that can check a person’s hydration levels, blood pressure, and sweat,  components that can assist professional athletes during their training exercises. This further fuels speculations about the wearable device combined with Apple’s HealthKit could be capable of tracking steps, calories burned, heart rate and more.

Health and fitness features

As the year flagged off, we have been hearing about Apple going on a medical expert hiring spree. In January, there were reports about two medical wearable specialists, including one of Indian origin, being brought on board by Apple. Nancy Dougherty, formerly with Sano Intelligence and Ravi Narasimhan, who has worked with medical devices firm Vital Connect had joined Apple.

Apple is also believed to have teamed up with some notable athletes to test the alleged iWatch’s fitness capabilities. Over the last month, Apple has reportedly invited athletes from the MLB, NHL, and NBA to its Cupertino campus to brief them on the upcoming smartwatch. The company also provides them ‘the  opportunity for testing to be conducted in professional conditioning environments’.

HealthKit

Apple has already shown at the WWDC that it wasn’t just joking about getting into the Health business. The new HealthKit app is said to be capable of pulling in data from other third-party apps and this can be accessed by healthcare professionals as well of course depending on how much access users give to this app. Apple partnered with the world-renowned Mayo Clinic to make HealthKit happen, and the Clinic was all praise for Apple’s new innovation in the health sphere. With HealthKit, your iPhone will keep a tab on your important health metrics on a daily basis, and over a longer period. Now, the iWatch is believed to work in tandem with the Healthkit and the alleged iPhone 6.

Before the WWDC, Apple was rumoured to be working on an app called ‘Healthbook’ for the iPhone 6, which would utilise data from all motion sensors to bring native fitness tracking to the platform. The supposed motion charging method for the iWatch could also help in this regard, by tracking hand movements besides other vital signs. The app was said to be visually similar to Passbook and could work in tandem with the rumoured iWatch.

Initial rumours also claimed that the iOS 8 is expected to debut with the iPhone 6 and rumour has it that Apple is betting big on health and fitness tracking features, and will come integrated with the ‘Healthbook’ app. In fact, the iWatch was cited as the reason for a sudden interest in health tracking apps within Apple. However, the company has now introduced the HealthKit app platform, and its is unclear whether the app will be called Healthbook or  Apple may simply call it health.

The Healthbook app reportedly can monitor users’ vital signs such as heart rate, blood pressure, hydration levels, and also glucose levels.  The iWatch may collect data gathered by the Healthbook app from the various sensors in the iPhone. This is probably the reason why Apple has integrated the M7 motion co-processor in the A7 chipset. There is also the possibility of integrating iWatch with Apple Maps for location tracking and navigation.

Release date and pricing

There have been several reports pointing at Q4 release for the iWatch. Singing to a similar tune, a report last month had suggested that Taiwan’s Quanta Computer will start mass production of Apple’s first smartwatch in July and the consumer launch is expected in October. The production will be a boost to Quanta, whose work for Apple so far has focused on laptops and iPods, product lines that are in decline. Quanta’s role, though, is likely to raise questions about what involvement Hon Hai Precision, one of Apple’s biggest suppliers, will play in production. Interestingly, Microsoft is also believed to launch its ‘fitness’ band around the same time.  Kuo has also predicted that the watch will be available at varying price points, with the most expensive version costing close to $1,000. Apart from that, there has been absolutely no word on the pricing details of the iWatch, but knowing Apple, it could be rather steep.

SOURCE: http://tech.firstpost.com/