Around the Globe

Around the Globe

SC orders probe against former CBI director Sinha

A little over two years after he superannuated as CBI chief in a maze of controversy, the scrutiny is back on Ranjit Sinha (in pic) again. The Supreme Court on Monday constituted a special investigation team (SIT), to be headed by the CBI director, to look into the prima facie allegations against former CBI chief Ranjit Sinha, for trying to influence the probe in the coal scam cases.
A bench headed by justice MB Lokur said the CBI director could take the assistance of two officers of his choice after duly intimating the apex court.

‘I’ve a feeling we’re over frightened of DeMo’

Commerce and industry minister with independent charge Nirmala Sitharaman reckons that the deleterious impact of demonetisation is overplayed.
Talking to Financial Chronicle, she said, “I have a feeling we are over frightened. Of course, its negative impact will be visible in third quarter numbers, but the exports picture is contrarian, with the numbers being quite stable. The pick up in economic activity post December 25 has been good and the fourth quarter will reverse things. We are back on a high growth trajectory.”

JSW Steel in talks to buy out Bhushan’s Odisha unit for $3b

Sajjan Jindal-promoted JSW Steel may buy out promoters’ stake in the debt-ridden Bhushan Steel’s 5.6 million tonne Odisha unit for $3 billion. Sources privy to the development said the country’s largest private sector steel player is in discussions with lenders of Bhushan for acquiring the controlling stake in the Odisha unit through the strategic debt-restructuring (SDR) route.

‘Focus Should Be To Keep Cost Of Capital Low’

A look at the mix of earnings of Nifty constituents indicates that India’s budget has only a limited direct impact, but has a larger indirect impact through cost of capital and INR/USD rate. A large part of Nifty earnings (50 per cent to 60 per cent) are directly driven by factors that the Indian government has little control over, like commodity prices and global growth. The big delta in earnings in FY18 is likely to come from stocks which are globally linked, like Tata Motors, ONGC, Tata Steel and Coal India and from corporate banks.

Break from the past

This year’s Union Budget is unique for a number of reasons. It will be presented on the first day of February instead of the last. But that isn’t the only practice that is being done away with. The railway budget, which used to be presented separately, will now be part of the Union Budget for 2017-18.

TN Assembly unanimously passes Jallikattu Bill

The student power has ultimately won in Tamil Nadu, with the state legislative assembly unanimously passing the Jallikattu Bill on Monday evening, paving way for un-disrupted conduct of the ‘bull taming’ sport in the state. However, the ultimate victory did come with lot of bloodshed and violence, on a scale never before witnessed in the state in the recent past. By dusk, when the state assembly had passed the bill, large-scale violence had been witnessed across the state, even as life was thrown out of gear in the state capital.

India turns to AI as cyber threats grow

In the darkened offices of a tech start-up, a handful of computer engineers sifts through a mountain of intelligence data that would normally be the work of a small army of Indian security agents.

Solar-powered system to provide safe drinking water in India

Scientists are developing a low-cost, solar-powered water purification system that may help over 77 million people in remote parts of India get access to safe drinking water.

According to researchers at the University of Edinburgh in the UK, there is no systematic treatment of sewage in rural India.

The government has focused on purifying contaminated water in rivers and streams, but the situation could be greatly improved by tackling the problem at source, researchers said.

Govt to set FY18 fiscal deficit target at 3.3-3.4 pc: Reports

Government is likely to set fiscal deficit target in the range of 3.3-3.4 per cent of GDP for the financial year 2017-18 in the upcoming Budget, say research reports.

The Budget for the financial year 2017-18 will be presented on February 1. "We think that the government will have to tread very carefully between the need for stimulating demand in a weak economic environment after demonetization and continuing on the path of fiscal consolidation.

Court grants time to CBI to file final report in proper format

A special court today granted time to CBI for filing the final report in a coal block allocation scam case against Congress leader and industrialist Naveen Jindal, ex-Minister of State for Coal Dasari Narayan Rao and others, in a proper format.

Special CBI Judge Bharat Parashar allowed the investigating officer's plea seeking time on the ground that he has finalised the report, forwarded it to senior authorities and awaiting approval.

The court directed the CBI officer to file the final report on February 6, the next date of hearing.