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Tuesday, June 30, 2020

Civil Engineer

June 30, 2020 0
Civil Engineer
Mulhern MRE - Englewood, CO - Mulhern MRE seeks Civil Engineer in Englewood, CO. Responsible for designing/planning civil engineering projects. Req's Bach in Civil Eng + 2yrs exp as Civil Eng performing construction estimating & project mgmt w/ AutoCAD & Civil 3D. Resumes to Mulhern MRE, Attn: Laurie Tatlock, 188 Inverness Dr W Ste 150, Englewood CO 80112. recblid txtr8ox0bhus1n1krhzeexgnuuen9o... - Permanent - Full-time

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Warehouse Worker - Package Handler

June 30, 2020 0
Warehouse Worker - Package Handler
UPS - Jefferson County, CO - $15.00/hr. paid weekly for Sunrise Preload and Twilight shift Package Handlers Shift: Sunrise (3:00 AM - 7:30 AM) WAREHOUSE WORKER €“ PACKAGE HANDLER Find out what you €™ll become as a Package Handler at UPS. In this fast-paced warehouse job, you €™ll lift, lower and slide packages up to 70 lbs. You €™ll typically work 3 ½ - 4 hour shifts, approximately 17 ½ - 20 hours per week in this part-time or seasonal role. As part of the UPS team, you €™ll receive a competitive hourly rate and an attractive benefits package. Take the next step on your career journey as a Package Handler/Warehouse Worker at UPS. If you €™re a student at an approved college, university, trade or technical school, UPS offers an educational assistance program that could provide you with up to $25,000 for tuition, books and fees. If you qualify, you €™ll be eligible for the program on your first day of work at UPS. UPS is an equal opportunity employer. UPS does not discriminate on the basis of race/color/religion/sex/national origin/veteran/disability/age/sexual orientation/gender identity or any other characteristic protected by law... - Permanent - Part-time

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Administrative Assistant / Receptionist

June 30, 2020 0
Administrative Assistant / Receptionist
Die Services International - Belleville, MI - Die Services International, LLC, an industry leader in service and medium volume stamping for the automotive industry has opportunities open for a full-time Administrative Assistant/Receptionist in Belleville, Michigan. We are looking for someone who is dependable, highly organized, hardworking and has previous experience as an Administrative Assistant/Receptionist. The Administrative Assistant/Receptionist position will be responsible for greeting and screening guests, fielding phone calls, filing, maintaining and creating spreadsheets for various projects. This position will assist Accounting and Human Resource departments with various tasks, including data entry and entering Vendor bills. This position will also be supporting staff with projects and organization. Experience with Microsoft Office Word and Excel, and an ERP system or Global Shop a plus. Click Apply Now to submit your resume! We offer health insurance and 401K, and paid vacation after one year. Die Services International is close to major expressways making it an excellent location for Southeast Michigan candidates. recblid j7lc5c7ncxonhg9jr118g4uuty0upn... - Permanent - Full-time

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We Train New Truck Drivers – Refrigerated, Safest in Trucking

June 30, 2020 0
We Train New Truck Drivers – Refrigerated, Safest in Trucking
C.R. England - Shively, KY - Immediate Opportunities! Refrigerated Trucking is one of the safest bets in the trucking industry as it relates to jobs. The country will always need food, medicine, and supplies. There will always be a need for truck drivers. At C.R. England, we hire new and experienced CDL-A truck drivers. C.R. England is seeking drivers with a safe and clean record that can handle 18 wheels, 40 tons, and 400 horsepower. If that sounds anything like you—Apply Now. You Get ALL the Benefits • Weekly Pay & Consistent Home Time • Health Benefits & 401k Participation • Paid Vacation & Bonus Incentives • Unlimited Cash Referral Program Better Pay, Home Time, and Miles — Apply Now.... - Permanent - Full-time

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We Train New Truck Drivers – Refrigerated, Safest in Trucking

June 30, 2020 0
We Train New Truck Drivers – Refrigerated, Safest in Trucking
C.R. England - Rock Springs, WY - Immediate Opportunities! Refrigerated Trucking is one of the safest bets in the trucking industry as it relates to jobs. The country will always need food, medicine, and supplies. There will always be a need for truck drivers. At C.R. England, we hire new and experienced CDL-A truck drivers. C.R. England is seeking drivers with a safe and clean record that can handle 18 wheels, 40 tons, and 400 horsepower. If that sounds anything like you—Apply Now. You Get ALL the Benefits • Weekly Pay & Consistent Home Time • Health Benefits & 401k Participation • Paid Vacation & Bonus Incentives • Unlimited Cash Referral Program Better Pay, Home Time, and Miles — Apply Now.... - Permanent - Full-time

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Restaurant General Manager

June 30, 2020 0
Restaurant General Manager
Taco Bell - Kent, OH - At Taco Bell, we're hungry for Mas. Mas Heart, Mas Flavor and Mas Value. If you want Mas in your life read on! Think About it… Do you go out of your way to make someone smile? When you say thank you do you mean it? Do you believe that everything is possible? Are you a foodie? Would your family members want to work for you? Glass half full? Really? Do you take your work seriously but not yourself? If no, your career aspiration with Taco Bell has died here. The overall success of your restaurant is in your capable hands. You identify the strongest crew and train them to deliver the best customer experience. You will feel the pride of setting the standard that all other managers strive for. You will be in charge of recruiting and training your people, leading them to be promoted and empowering them to have a successful career. By empowering a team of top performers, you create a culture that is exciting, optimistic and rewarding. Your success will be measured by the success of your team. No Brainers… Treat others as you want to be treated Hire, train & develop great talent Manage a P&L Grow sales Follow brand standards Last but not least, create a restaurant experience for team members and customers that you are proud of. This Summary Overview generally describes key job standards for Taco Bell Corporate employees. It is not all-inclusive, and a similar job at other Brands, Franchise or License locations may be different.... - Permanent - Full-time

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With no tax, MNCs ramp up dividends | Economic Times

June 30, 2020 0
With no tax, MNCs ramp up dividends | Economic Times
Mumbai: The big dividend rush by MNCs is on. Taking advantage of the absence of dividend distribution tax (DDT), many multinational companies have been doling out large dividends over the past two months. Finance minister Nirmala Sitharaman in her budget for 20/21 removed the dividend distribution tax on corporates and transferred it to investors from April 1. The trend of large dividend payouts is expected to continue, say experts.Pharma major Pfizer paid a special dividend of Rs 320 per share, or 3,200 per cent, last month compared to Rs 22.50 last year. Sanofi India paid Rs 106 per share dividend and a one-time special dividend of Rs 243 per share recently. Sanofi’s payout last year was 66 per share compared to this year’s total dividend of Rs 349 per share.“The abolition of DDT augurs well for MNCs as the foreign parent entity can claim credit for the corporate taxes paid in India on dividends in their home jurisdictions,” said Amit Tandon, MD of proxy advisory firm Institutional Investor Advisory Services, (IiAS). “MNCs are likely to pay higher dividends from current fiscal onwards.”Oracle Financial Services paid a dividend of Rs 180 per share. The company did not pay any dividend last year. Bayer CropScience paid an interim dividend of Rs 90 per share in June compared with Rs 18 per share last year. ESAB India, which did not pay any dividend last year, paid Rs 70 per share in June. 76721124“In case of non-resident investors, there is a clear advantage as they will be able to resort to the provisions of a tax treaty, which may prescribe a lower rate subject to qualifying conditions being met,” said Sunil Badala, partner & head, financial services, tax, KPMG in India. “For instance, the Mauritius Treaty prescribes a rate of 5 per cent if the shareholding is more than 10 per cent in the Indian company.The 25 largest locally-listed MNCs paid nearly Rs 18,000 crore in aggregate dividends in FY19.

Pakistan part of the move China is making? | Economic Times

June 30, 2020 0
Pakistan part of the move China is making? | Economic Times
By Avinash MohananeyAs Sino-Indian relations nosedive and head for a possible confrontation, Pakistan is deriving vicarious pleasure at the way China has applied a chokehold in Ladakh by occupying the Galwan Valley.Pakistan is part of the bigger strategic move that China is making to subdue India, settle the border dispute to its advantage, push India to accept its hegemony in the region and stay away from a possible US-led anti-China alliance.How will Pakistan help China in stepping up military pressure on India without getting directly involved? Is it not an opportune moment for Pakistan to avenge its dismemberment in 1971? The answers are simple.Pakistan will synchronise its actions with that of China, on the border and within Jammu and Kashmir, to engage as many Indian troops as possible.Pakistan will keep the Line of Control (LoC) alive by continued shelling and by stepping up infiltration. This will leave little scope for any possibility of thinning of troops from the border and from the anti-infiltration grid.Unfortunately, relations with Pakistan became hostage to domestic electoral considerations in India soon after the new government took over in 2014. We did not realise that peace on the LoC was in our interest - which helped our troops lay effective ambushes on known infiltration routes without having to duck from cross-border shelling.At the same time, Pakistan would like to keep the pot boiling within J&K. In its assessment of the post-August 5, 2019 scenario in Kashmir, Inter-Services Intelligence (ISI) went awfully wrong on this count.Pakistan PM Imran Khan claimed at the UN General Assembly on September 27, 2019, that Kashmiris will be “massacred” by Indian troops once restrictions are removed. Now, making a course correction, ISI has decided to take direct control of militancy and the separatist movement rather than operating through proxies.Pakistan floated an umbrella terrorist organisation, ‘The Resistance Front’, and ensured that all major terror groups based on its soil, including Hizb-ul-Mujahideen, joined hands and operated under its command. It is being presented as a home-grown outfit resenting Indian “occupation” of Kashmir and the changes that took place on August 5 last year. Pakistan believes that it will help in better control of violence with complete deniability.Pakistan is also deeply disappointed by the failure of separatists in bringing people out on the streets for violent protests. Pakistan realised that all three leaders of the “Joint Resistance Leadership” are handicapped in doing so for different reasons. SAS Geelani, its best proxy in the Valley, is in extremely poor health. Mirwaiz Umar Farooq is under house arrest and not strong enough to confront the government. Yasin Malik faces serious charges and is unlikely to be out early.So, there is an urgent need to take control of the separatist movement even if it means ditching Geelani.Geelani was outraged at the appointment of Mohammad Hussain Khatib, a low-level operative from Doda district of Jammu region, as convener of the PoK chapter of Hurriyat Conference. On June 28, he dissociated himself from the organisation and criticised Pakistan for turning this “freedom struggle” into a movement for its own benefit. He accused Pakistan of converting Kashmir into graveyard and Kashmiris in PoK as drug addicts/peddlers.What Geelani says now has been obvious from the beginning to any sensible person. How can Geelani escape responsibility now? He is equally, if not more, responsible for turning Kashmir into a graveyard. The crucial question is, how to tackle and neutralise the threat from Pakistan?Reach out to all our friends in the international community to expose Pakistan’s game so that they warn it to stay away from any India-China confrontation.In the 1962 conflict with China, US president John F Kennedy not only supplied crucial military hardware to India, but also personally wrote to Pakistan president Ayub Khan to keep the border calm so that India can concentrate on China. Kennedy further pressed Ayub to send a personal message to Indian Prime Minister Jawaharlal Nehru that Pakistan would not make any moves on the ground.Internally, we need to keep Kashmir calm and take Kashmiris with us. The first step is to halt the process of issuing controversial domicile certificates. Otherwise, we will straightaway be playing into Pakistan’s hand. Release all those detained around August 5 last year. Assure the people of J&K that their concerns will be addressed.Remember, a two-front war would not be in India’s strategic and territorial interests.(The writer is a former IB officer, who served in Pakistan)

Extended lockdowns offer diminishing returns | Economic Times

June 30, 2020 0
Extended lockdowns offer diminishing returns | Economic Times
Unlock 2.0 kicks in today but states such as Maharashtra and Tamil Nadu have extended their lockdowns while others like Karnataka and West Bengal have tightened restrictions. This comes as India has been adding nearly 20,000 Covid-19 cases a day. Yet, extensive lockdowns — even state-wide ones — may not be the best strategy. Here’s why.76721469

India refuses to bail aviation billionaires out | Economic Times

June 30, 2020 0
India refuses to bail aviation billionaires out | Economic Times
By Anurag KotokyWith two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.Indian carriers need as much as $2.5 billion to keep flying, CAPA Centre for Aviation in Sydney says, and that may only last to the end of this year if they’re lucky. Airlines suffered a total collapse in demand from March 25 to late May as India banned commercial passenger flights as part of its virus lockdown.Governments in Europe, the U.S. and elsewhere have provided $123 billion to support airlines through the Covid-19 crisis. But Prime Minister Narendra Modi’s administration, facing a widening fiscal deficit, hasn’t doled out funds to individual industries or airlines backed by private businesses and, in some cases, billionaires.The country’s airlines need significant investment or one or more will fail, said Satyendra Pandey, an independent consultant and former head of strategy at Go Airlines India Ltd. That puts them on track to follow the likes of Flybe Group Plc in the U.K., Virgin Australia Holdings Ltd. and Latam Airlines Group SA in Chile into administration or collapse.“Airlines with weak balance sheets and inadequate collateral have survived by withholding payments to suppliers for two months and counting,” Pandey said.The Indian aviation market was challenging enough before the pandemic as crushing fare wars and high costs took their toll. There were two major collapses in the last decade: Jet Airways India Ltd., the country’s oldest private-sector carrier, and Kingfisher Airlines Ltd., which was owned by Vijay Mallya. Air India Ltd. has been limping along under a mountain of debt for years searching for a buyer.In addition to Indian states imposing levies of as much as 30% on jet fuel, a weakening rupee adds to the pain. The currency has fallen nearly 10% against the dollar over the past year, the weakest in Asia, which hurts Indian airlines as their costs are mostly dollar-denominated.“We haven’t given a financial bailout package, but that doesn’t mean the government has not been helping the aviation sector,” said Pradeep Singh Kharola, the top bureaucrat in India’s aviation ministry. “The help can be in various ways.”Kharola cited an announcement to open up the nation’s airspace -- part of a $277 billion government stimulus package for the economy first proposed in 2013. Another decision to reform plane-repair facilities was announced in 2016, and a plan is in the works to privatize more airports.Without immediate government support, any cash infusion would need to come from tycoon owners, CAPA’s South Asia Chief Executive Officer Kapil Kaul said on Bloomberg Television. Tata Group, India’s biggest conglomerate, owns majority stakes in Vistara and AirAsia India Pvt Ltd., while Wadia Group -- a family business empire -- owns GoAir. Billionaires Rahul Bhatia and Rakesh Gangwal own IndiGo.But wealthy backers don’t guarantee salvation, as Jet and Kingfisher show.Two senior bankers who approve loans to large companies, including airlines, said there’s little desire to lend to them without a government backstop, adding that there is now a big gap between carriers’ revenues and expenses. Cash flows have almost dried up, but the airlines still need to pay salaries, maintain airlines and cover outgoings, the bankers said, asking not to be identified as they weren’t authorized to speak publicly on the matter.SpiceJet Ltd., Air India and Vistara had cash ratios of less than 1, the latest annual figures show, indicating there’s a risk of not fulfilling current liabilities with cash and cash equivalents, according to data compiled by Bloomberg.Close to 3 million jobs in aviation and related industries could be lost in India this year because of the pandemic, as well as more than $11 billion in revenue, according to the International Air Transport Association. India is one of the worst-affected countries, with more than half a million confirmed virus cases and 16,475 deaths.Even after some domestic routes reopened in late May, planes were flying only about half full in the first week back, according to data shared by the country’s aviation regulator. The fixed costs of maintaining grounded planes and meeting financial obligations to banks, oil companies, lessors and staff make it even harder for weaker carriers to stay afloat.There is an added legal risk, too, that could run the airlines dry, with India’s top court hearing a plea to mandate carriers refund passengers whose flights were canceled due to the lockdown. That figure that could top $500 million, according to CAPA.Vistara, a joint venture between Tata Group and Singapore Airlines Ltd., said it is working to lower or defer operating expenditure and avoiding discretionary expenses. It also reduced staff costs to save jobs. SpiceJet said it is confident of emerging stronger after the crisis and has adequate cash flow. The listed carrier, whose market value has more than halved this year, hasn’t cut jobs.Representatives at IndiGo, GoAir and AirAsia India didn’t respond to requests for comment.Also at stake are orders with Boeing Co. and Airbus SE. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s biggest customer for Airbus’s best-selling A320neo-family of jets, while GoAir also has ordered 144 of them. SpiceJet is one of the biggest buyers of Boeing’s now-grounded 737 Max jets, with as many as 205 on order.“The growth of airline capacity in India far outstripped demand at economic prices, placing the viability of fleet plans and entire carriers in doubt,” said Robert Mann, New York-based head of aviation consultancy R.W. Mann & Co. “Covid will accelerate the reduction of capacity, in a number of cases by extinguishing airlines.”

Airlines risk extinction as India refuses to bail billionaires out | Economic Times

June 30, 2020 0
Airlines risk extinction as India refuses to bail billionaires out | Economic Times
By Anurag KotokyWith two-cent airfares, high fuel costs and taxes, India’s aviation market already was one of the toughest around. The coronavirus pandemic could be the final straw for some of the country’s airlines.Indian carriers need as much as $2.5 billion to keep flying, CAPA Centre for Aviation in Sydney says, and that may only last to the end of this year if they’re lucky. Airlines suffered a total collapse in demand from March 25 to late May as India banned commercial passenger flights as part of its virus lockdown.Governments in Europe, the U.S. and elsewhere have provided $123 billion to support airlines through the Covid-19 crisis. But Prime Minister Narendra Modi’s administration, facing a widening fiscal deficit, hasn’t doled out funds to individual industries or airlines backed by private businesses and, in some cases, billionaires.The country’s airlines need significant investment or one or more will fail, said Satyendra Pandey, an independent consultant and former head of strategy at Go Airlines India Ltd. That puts them on track to follow the likes of Flybe Group Plc in the U.K., Virgin Australia Holdings Ltd. and Latam Airlines Group SA in Chile into administration or collapse.“Airlines with weak balance sheets and inadequate collateral have survived by withholding payments to suppliers for two months and counting,” Pandey said.The Indian aviation market was challenging enough before the pandemic as crushing fare wars and high costs took their toll. There were two major collapses in the last decade: Jet Airways India Ltd., the country’s oldest private-sector carrier, and Kingfisher Airlines Ltd., which was owned by Vijay Mallya. Air India Ltd. has been limping along under a mountain of debt for years searching for a buyer.In addition to Indian states imposing levies of as much as 30% on jet fuel, a weakening rupee adds to the pain. The currency has fallen nearly 10% against the dollar over the past year, the weakest in Asia, which hurts Indian airlines as their costs are mostly dollar-denominated.“We haven’t given a financial bailout package, but that doesn’t mean the government has not been helping the aviation sector,” said Pradeep Singh Kharola, the top bureaucrat in India’s aviation ministry. “The help can be in various ways.”Kharola cited an announcement to open up the nation’s airspace -- part of a $277 billion government stimulus package for the economy first proposed in 2013. Another decision to reform plane-repair facilities was announced in 2016, and a plan is in the works to privatize more airports.Without immediate government support, any cash infusion would need to come from tycoon owners, CAPA’s South Asia Chief Executive Officer Kapil Kaul said on Bloomberg Television. Tata Group, India’s biggest conglomerate, owns majority stakes in Vistara and AirAsia India Pvt Ltd., while Wadia Group -- a family business empire -- owns GoAir. Billionaires Rahul Bhatia and Rakesh Gangwal own IndiGo.But wealthy backers don’t guarantee salvation, as Jet and Kingfisher show.Two senior bankers who approve loans to large companies, including airlines, said there’s little desire to lend to them without a government backstop, adding that there is now a big gap between carriers’ revenues and expenses. Cash flows have almost dried up, but the airlines still need to pay salaries, maintain airlines and cover outgoings, the bankers said, asking not to be identified as they weren’t authorized to speak publicly on the matter.SpiceJet Ltd., Air India and Vistara had cash ratios of less than 1, the latest annual figures show, indicating there’s a risk of not fulfilling current liabilities with cash and cash equivalents, according to data compiled by Bloomberg.Close to 3 million jobs in aviation and related industries could be lost in India this year because of the pandemic, as well as more than $11 billion in revenue, according to the International Air Transport Association. India is one of the worst-affected countries, with more than half a million confirmed virus cases and 16,475 deaths.Even after some domestic routes reopened in late May, planes were flying only about half full in the first week back, according to data shared by the country’s aviation regulator. The fixed costs of maintaining grounded planes and meeting financial obligations to banks, oil companies, lessors and staff make it even harder for weaker carriers to stay afloat.There is an added legal risk, too, that could run the airlines dry, with India’s top court hearing a plea to mandate carriers refund passengers whose flights were canceled due to the lockdown. That figure that could top $500 million, according to CAPA.Vistara, a joint venture between Tata Group and Singapore Airlines Ltd., said it is working to lower or defer operating expenditure and avoiding discretionary expenses. It also reduced staff costs to save jobs. SpiceJet said it is confident of emerging stronger after the crisis and has adequate cash flow. The listed carrier, whose market value has more than halved this year, hasn’t cut jobs.Representatives at IndiGo, GoAir and AirAsia India didn’t respond to requests for comment.Also at stake are orders with Boeing Co. and Airbus SE. IndiGo, operated by InterGlobe Aviation Ltd., is the world’s biggest customer for Airbus’s best-selling A320neo-family of jets, while GoAir also has ordered 144 of them. SpiceJet is one of the biggest buyers of Boeing’s now-grounded 737 Max jets, with as many as 205 on order.“The growth of airline capacity in India far outstripped demand at economic prices, placing the viability of fleet plans and entire carriers in doubt,” said Robert Mann, New York-based head of aviation consultancy R.W. Mann & Co. “Covid will accelerate the reduction of capacity, in a number of cases by extinguishing airlines.”

Indian banks set aside Rs 13,653 cr in Covid-19 provisioning | Economic Times

June 30, 2020 0
Indian banks set aside Rs 13,653 cr in Covid-19 provisioning | Economic Times
Indian banks set aside Rs 13,653.2 crore for provisions towards moratorium and deferments related to Covid-19 in the March 20 quarter, ETIG analysis shows. This amount was over and above the loan loss provision of Rs 60,058.8 crore made for the quarter raising the total loss provisions by 22.7% to Rs 73,712 crore. This was 15.8% lower than the previous year. COVID provisioning was 18.5% of the total loan loss provisioning in the March 2020 quarter.In April, the Reserve Bank of India stipulated banks to make 10% additional provisioning over a span of two quarters (5% each in the March and the June 2020 quarters) on loan accounts where the facility of 90-day moratorium was given. According to the estimates by SBI Research, 35-40% of the loan portfolio of banks on average is under moratorium. Majority of the banks in the ETIG sample of 31 undertook the entire COVID provisioning in the March quarter and some of them provided beyond the RBI’s mandatory rate. 76721154The top five banks based on the March quarter total interest earned such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Bank of Baroda, and Axis Bank reported COVID provision of Rs 9,023.7 crore or 66.1% of the sample’s total COVID related provisioning.The sample’s loan loss provisioning excluding COVID related provisioning for the quarter was lower than Rs 76,736.1 crore in the previous quarter. This was largely due to fall in provisioning of YES Bank to Rs 4,872 crore from a spike of Rs 24,766 crore in the December 2019 quarter. Excluding YES Bank, the sample’s provisioning increased to Rs 55,186.8 crore in the March quarter from Rs 51,970.1 crore in the prior quarter.Gross non-performing assets (GNPA) of the sample fell to Rs 7.5 lakh crore from Rs 7.9 lakh crore in the previous quarter following reduced pressure of bad loans. “…the moratorium has prevented any loan-account to downgrade and helped banking industry in reining in fresh slippages but the real picture will emerge after the September quarter,” said SBI Research in a report.The aggregate provisions and contingencies, which include provisions for loan loss, restructured advances, standard assets, investment depreciation among other items, increased to Rs 83,071.4 crore in the March quarter from Rs 79,415.4 crore in the previous quarter.

Brokerages’ views mixed on Glenmark Pharma | Economic Times

June 30, 2020 0
Brokerages’ views mixed on Glenmark Pharma | Economic Times
Mumbai: Brokerages have a mixed view on Glenmark Pharma after its fourth quarter results. While the majority of the brokerages have maintained their ratings and increased price targets significantly, some like CLSA, JP Morgan, ICICI Securities and HSBC have downgraded their ratings on the stock.BofA Securities increased target price to Rs 535 and said debt reduction, divestment of non-core assets, control in expenses, capex and lower R&D expenses will drive further re-rating of the stock currently trading at bottom valuations.However, global brokerage CLSA cut its FY22 EPS estimate by 4 per cent and target price to Rs 420 from Rs 440 per share after March-quarter earnings citing flat earnings outlook for FY21 and limited scope for debt reduction.Shares of Glenmark declined 3.7 per cent to close at Rs 450 on Tuesday.76721291Glenmark’s March-quarter performance was above estimates with higher domestic sales and visible efforts towards cost control. The company’s revenues grew by 8 per cent over March 2019 quarter, Ebitda margin improved 160 bps and profits increased 13.3 per cent.Shares of Glenmark rallied 26 per cent in the past one month especially after the company announced the launch of antiviral drug Favipiravir for the treatment of mild-to-moderate Covid-19 patients on June 20.Considering the recent rally, ICICI Securities downgraded the stock to ‘add’ rating from ‘buy’ with a revised target price of Rs 500 share.Domestic brokerage Emkay Global while retaining its buy rating said any meaningful upside would depend on a pick-up in US business as well as clarity of debt reduction.

Sify partners with Talview to bring remote proctoring solutions to its iTest platform | Economic Times

June 30, 2020 0
Sify partners with Talview to bring remote proctoring solutions to its iTest platform | Economic Times
CHENNAI: Sify Technologies on Tuesday announced their partnership with Talview, an AI enabled Talent Assessment technology provider, to integrate Remote Proctoring Solutions with its iTest platform. This integration with Talview’s proctoring solution, Proview, will ensure authentic invigilation of online assessments held remotely.Sify’s iTest is a platform providing end-to-end admission, recruitment and assessment engine. iTest has hosted approximately 4 million assessments online in the last year. “Outbreak of COVID-19 has given a definitive surge to the online examination software market and has increased the need for advanced proctoring solutions. Remote proctoring offers a series of advantages over traditional online examination method. Our iTest platform will come equipped with this AI based proctoring solution to ensure the quality and integrity of exams and candidates during remote examination,” said Kamal Nath, Chief Executive Officer, Sify Technologies Limited.Talview’s Proctoring Solution, Proview, will enable iTest with powerful features such as live and automated remote proctoring that uses AI-powered facial recognition to detect impersonation, browser policing, real-time alerts, activity log to inspect suspicious activities, and more."With this integration, iTest can now create a bio-metric record of the candidate, track their movements across multiple browser windows and for every session, and flag other suspicious activities like copy-paste in real time. The solution is designed to work in low bandwidth environment making it the perfect solution for the current situation," Nath said. The AI-enabled online proctoring solution, available in automated mode monitors suspicious activity using advanced video and audio analytics. It ensures the candidate focuses only on the test screen; monitors the light and other factors in the room; checks for suspicious actions and objects and background voice activity; and watches the browser window to detect changes. Adding to the automated module is the Live remote proctored solution that deploys trained resources in conjunction with the automated proctoring to offer a solution that gives an exam body the confidence to deliver exams in a remote manner.The exam administrator can also monitor the online test from their preferred locations. A detailed log of browser activity and audio-visual responses of the candidate is provided, and the AI sensors disable the candidates’ facility to copy/paste answers. Real-time access restriction ensures the examiner can take action immediately if a candidate is using any fraudulent means. Real-time recording of users’ actions facilitates secure and authentic online tests. The recorded streams can be stored and viewed for up-to six months.A statement from the company said the proctoring solution comes with advanced facial recognition features that ensures that the candidate is the original person taking the exam. Using an advanced algorithm in Machine Learning, it provides a confidence score to help ensure a match, and Two-Factor Authentication process that avoids fraudulent activity by quickly restricting test access.Along with automated proctoring, facial recognition and live monitoring the solution also provides analytics on user behavior and user actions. It also offers browser patrolling and real-time communication via a ChatBot and configurable alerts to avoid fraudulent activities during tests.“Sify is a pioneer in the online assessments market and we are glad to be partnering with a player who has in-depth knowledge of the existing demand. Our AI tools are built on the foundation of years of assessing candidates in a virtual environment. Our combined solution will help the target customers to administer secure exams at scale with best in class test-taker experience," Sanjoe Jose, CEO, Talview said.

France offers support of its forces | Economic Times

June 30, 2020 0
France offers support of its forces | Economic Times
New Delhi: France has become the first country to offer India the support of its armed forces amid growing tensions on the China border and has proposed a visit by its defence minister to New Delhi at the earliest. In a letter to defence minister Rajnath Singh, his counterpart Florence Parly has said that India is France’s strategic partner in the region and has conveyed condolences for the loss of soldiers during the Galwan Valley skirmish on June 15.“This was a hard blow against the soldiers, their families and the nation. In these difficult circumstances, I wish to express my steadfast and friendly support, along with that of the French armed forces. I request you to kindly convey my heartfelt condolences to the entire Indian armed forces as well as to the grieving families,” the minister, who earlier had a phone conversation with Singh, has written.France, a key partner as well as weapons supplier to India with cutting-edge platforms ranging from Rafale fighter jets to Scorpene submarines, has also proposed a visit by Parly to follow up on the “ongoing discussions” and has reiterated its “deep solidarity” in this time of tensions.This is also the first defence minister-level visit proposed by a friendly nation since the Covid crisis broke out, indicating that Paris wishes to convey its deep commitment to India. Rajnath Singh visited Russia last week and discussed the ongoing crisis with China and India’s requirements with the top leadership in Moscow.As first reported by ET, France has promised to deliver additional combat ready Rafale jets next month and even committed that it will deploy its aerial refuelers to ensure that the jets make it to India with just a single hop.On a request from India, fighter pilots currently in France have also been given specialised training for aerial refuelling. Cutting-edge weaponry on jets, including air-to-air and air-to-ground missiles are being sent ahead of time.

Pak moves 20k soldiers to Gilgit-Baltistan LoC | Economic Times

June 30, 2020 0
Pak moves 20k soldiers to Gilgit-Baltistan LoC | Economic Times
New Delhi: Pakistan has moved two divisions of troops along the LoC in occupied Gilgit-Baltistan and Chinese officials are holding talks with cadres of terrorist outfit Al Badr to incite violence in J&K, as per intelligence inputs, indicating clearer signs of a China-Pak collaboration on the border.Pakistan has moved almost 20,000 additional soldiers to LoC in northern Ladakh to match Chinese deployments on the LAC in the east. The level of troops Pakistan has deployed is more than what it did after the Balakot air strikes. Pakistani radars are believed to be fully activated all along the region too.The simultaneous build up on the Pakistan and China borders and efforts to incite terrorism in Kashmir has brought the possibility of a two-front war and fighting terrorists in Kashmir, the worst case scenario strategic experts fear, closer to reality. Sources said there have been a series of meetings between Chinese and Pakistani officials in recent weeks, followed by amassing of troops in Gilgit-Baltistan, the area that adjoins Ladakh on the north. The buildup comes at a time when thousands of Chinese soldiers have been aggressively deployed along LAC in eastern Ladakh, apart from intrusions at several points that has led to a tense standoff.A build up in Gilgit-Baltistan would require additional responsibility for the Indian Army that has deployed a credible force in eastern Ladakh to counter China. After the bifurcation of J&K , Gilgit-Baltistan is part of the Union Territory of Ladakh, but occupied by Pakistan. The area adjoins Kargil-Drass where India fought a war to evacuate Pakistani intruders in 1999.According to intelligence reports, Chinese officials have undertaken meetings with cadres of the Al Badr, a Pakistan-based terror group that has a history of wreaking violence in Kashmir. “The assessment is that China may provide support to revive the organisation. This is among the signs we have received that indicate Pakistan and China are collaborating on the ground,” sources said.Earlier this month, J&K Police DG Dilbag Singh had said there were signs that the Al Badr, decimated long ago, was being revived for operations. These signs of collaboration are worrying as tensions continue on LAC, with talks failing to make any headway and PLA increasing concentration across eastern Ladakh, apart from Arunachal Pradesh, Uttarakhand and Sikkim.As first reported by ET, India has been keeping an eye on airbases in Pakistan-occupied Kashmir after a Chinese refueller aircraft landed in Skardu earlier this week. Chinese air activity has increased opposite eastern Ladakh, raising the possibility of PLA Air Force (PLAAF) using airbases in Gilgit-Baltistan. Limited activity is being observed at the Skardu airbase where an IL 78 tanker of the Chinese air force landed earlier in the month.

SBG Cleantech taps Brookfield for up to $600 mn funding | Economic Times

June 30, 2020 0
SBG Cleantech taps Brookfield for up to $600 mn funding | Economic Times
MUMBAI: Softbank backed green energy company SB Cleantech has approached Brookfield for a $500-600 million funding infusion to complete their ongoing and pipeline projects in India and US, said people aware of the development. Both sides are in negotiations to finalise the exact structure and quantum which is expected to be a combination of a convertible instrument like mezzanine debt and equity, they added.SB Energy, the renewable energy arm of SoftBank, initiated a formal fund raising exercise by mandating Barclays and Bank of America Merrill Lynch to help raise $500-$750 million from potential new co-investors in SBG Cleantech, it's 80:20 joint venture with Bharti, ET had reported in its May 29th edition.“The need for funds is immediate and so they are open to various structures. They even unsuccessfully attempted to raise a bond. They have approached several with an offer to dilute around 30% of SB Energy’s stake in the joint venture,” said a global clean tech investor privy to these discussions. However, most industry participants believe parent Softbank may eventually sell a larger chunk, even majority to bring on board large institutional investors to deal with its own liquidity challenges.ET in January reported that SoftBank was in talks with SWFs in the Middle East and Asia, some of whom are limited partners (LPs) of SoftBank Vision Fund, besides Silicon Valley-based technology giants that are big buyers of clean energy for an investment, and was even open to selling a majority stake in the venture. This was part of an ongoing review as parent SoftBank was facing record losses and liquidity pressures.76721257The company’s management in India led by CEO Raman Nanda has always maintained that it will not divest the business and is committed to growing it. On offer is the JV's entire global portfolio, except Japan where SoftBank’s renewable projects are owned by a separate entity.Brookfield declined comment. “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform. Given recent and growing interest in ESG investments at scale, SoftBank decided to take further steps towards identifying a growth partner. SoftBank is committed to the long-term success of SB Energy,” a Softbank spokesperson said.Bharti did not respond to ET’s detailed queries.SBG Cleantech predominantly has operating assets in India but also has assets across the US, Latin America and Middle East through acquisitions and bidding.Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms with a portfolio consists of approximately 19,300 MW of capacity and 5,288 generating facilities in North America, South America, Europe and Asia. With the acquisition of Terraform Global, the emerging market yieldco of former Sun Edison, Brookfield got a 300 MW footprint in India. Subsequently, it also took over two wind farms of Axis Energy that gave them an additional 210 MW of generating capacity. Earlier in the year, Brookfield was in active discussions to acquire a significant stake from Goldman Sachs in ReNew Power but those discussions did not yield any results.There is no guarantee that the ongoing Brookfield SB Energy conversations will also lead to an investment, cautioned the sources mentioned above.In 2015, with huge fanfare, SoftBank had teamed up with Bharti Enterprises and Taiwan’s Foxconn Technology Group to form a 70:10:20 alliance to build solar and wind parks and subsequently start manufacturing panels in India to promote Prime Minister Narendra Modi’s push for clean energy and Make in India initiatives. Together they were to invest $20 billion over a 10-year period to set up 20,000 MW, or 20 GW, of clean energy projects, subject to certain conditions. Later, Foxconn exited without investing and it became a 80:20 alliance.In India, the company has aggressively chased central government projects participating in auctions by Solar Energy Corporation of India (SECI) and NTPC to bulk its portfolio.PORTFOLIO CHALLENGESAccording to industry peers, the company’s near-$1-billion leverage in operating projects could be a handicap in attracting investments. “The problem with their portfolio is on one hand their PPAs are very aggressively priced but their costs are at least 25-30% higher than most industry peers,” observed a CEO of rival green energy company familiar with the assets. “That in turn impacts the IRR. They believe it’s a technology based utilities company and expect such valuations but that’s a hard sell.”The company claims to have 7.7-gigawatt pipeline of projects in India and will reach its 20-gigawatt target within the next five years. Currently, as per the management, it has nearly 2 GW operating renewable energy capacity in the country, 2 GW under construction, and additional 3,700 MW under “active development” with contracts in hand.As on December 2019, the joint ventures partners had made equity financing of $737 million in SBG Cleantech with around $590 million coming from Softbank alone.Another $1.2 billion of equity was required then for the pipeline and operational projects to get completed.In April, SB Energy, emerged as the largest bidder when NHPC’s floated tenders for solar projects and secured 600 megawatts of capacity at Rs 2.55/kwh. Interestingly, Axis Energy Ventures, backed by Brookfield Asset Management, grabbed 400 megawatts in the same competitive auction. Its partnership with NHPC is aimed at providing affordable, round-the-clock renewable energy in a hybrid combination of solar and hydro.In the US, too, the company is looking at a gigawatt of solar parks by next year out of the 1.7 GW platform that it acquired in 2019. But supplier shutdown in China, duty hikes on imports are expected to impact rollout plans for most players.

Softbank-Bharti green energy JV taps Brookfield for upto $600 million funds | Economic Times

June 30, 2020 0
Softbank-Bharti green energy JV taps Brookfield for upto $600 million funds | Economic Times
MUMBAI: Softbank backed green energy company SB Cleantech has approached Brookfield for a $500-600 million funding infusion to complete their ongoing and pipeline projects in India and US, said people aware of the development. Both sides are in negotiations to finalise the exact structure and quantum which is expected to be a combination of a convertible instrument like mezzanine debt and equity, they added.SB Energy, the renewable energy arm of SoftBank, initiated a formal fund raising exercise by mandating Barclays and Bank of America Merrill Lynch to help raise $500-$750 million from potential new co-investors in SBG Cleantech, it's 80:20 joint venture with Bharti, ET had reported in its May 29th edition.“The need for funds is immediate and so they are open to various structures. They even unsuccessfully attempted to raise a bond. They have approached several with an offer to dilute around 30% of SB Energy’s stake in the joint venture,” said a global clean tech investor privy to these discussions. However, most industry participants believe parent Softbank may eventually sell a larger chunk, even majority to bring on board large institutional investors to deal with its own liquidity challenges.ET in January reported that SoftBank was in talks with SWFs in the Middle East and Asia, some of whom are limited partners (LPs) of SoftBank Vision Fund, besides Silicon Valley-based technology giants that are big buyers of clean energy for an investment, and was even open to selling a majority stake in the venture. This was part of an ongoing review as parent SoftBank was facing record losses and liquidity pressures.76721257The company’s management in India led by CEO Raman Nanda has always maintained that it will not divest the business and is committed to growing it. On offer is the JV's entire global portfolio, except Japan where SoftBank’s renewable projects are owned by a separate entity.Brookfield declined comment. “SB Energy is exploring potential co-investment partnerships to accelerate growth of its leading renewable energy platform. Given recent and growing interest in ESG investments at scale, SoftBank decided to take further steps towards identifying a growth partner. SoftBank is committed to the long-term success of SB Energy,” a Softbank spokesperson said.Bharti did not respond to ET’s detailed queries.SBG Cleantech predominantly has operating assets in India but also has assets across the US, Latin America and Middle East through acquisitions and bidding.Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms with a portfolio consists of approximately 19,300 MW of capacity and 5,288 generating facilities in North America, South America, Europe and Asia. With the acquisition of Terraform Global, the emerging market yieldco of former Sun Edison, Brookfield got a 300 MW footprint in India. Subsequently, it also took over two wind farms of Axis Energy that gave them an additional 210 MW of generating capacity. Earlier in the year, Brookfield was in active discussions to acquire a significant stake from Goldman Sachs in ReNew Power but those discussions did not yield any results.There is no guarantee that the ongoing Brookfield SB Energy conversations will also lead to an investment, cautioned the sources mentioned above.In 2015, with huge fanfare, SoftBank had teamed up with Bharti Enterprises and Taiwan’s Foxconn Technology Group to form a 70:10:20 alliance to build solar and wind parks and subsequently start manufacturing panels in India to promote Prime Minister Narendra Modi’s push for clean energy and Make in India initiatives. Together they were to invest $20 billion over a 10-year period to set up 20,000 MW, or 20 GW, of clean energy projects, subject to certain conditions. Later, Foxconn exited without investing and it became a 80:20 alliance.In India, the company has aggressively chased central government projects participating in auctions by Solar Energy Corporation of India (SECI) and NTPC to bulk its portfolio.PORTFOLIO CHALLENGESAccording to industry peers, the company’s near-$1-billion leverage in operating projects could be a handicap in attracting investments. “The problem with their portfolio is on one hand their PPAs are very aggressively priced but their costs are at least 25-30% higher than most industry peers,” observed a CEO of rival green energy company familiar with the assets. “That in turn impacts the IRR. They believe it’s a technology based utilities company and expect such valuations but that’s a hard sell.”The company claims to have 7.7-gigawatt pipeline of projects in India and will reach its 20-gigawatt target within the next five years. Currently, as per the management, it has nearly 2 GW operating renewable energy capacity in the country, 2 GW under construction, and additional 3,700 MW under “active development” with contracts in hand.As on December 2019, the joint ventures partners had made equity financing of $737 million in SBG Cleantech with around $590 million coming from Softbank alone.Another $1.2 billion of equity was required then for the pipeline and operational projects to get completed.In April, SB Energy, emerged as the largest bidder when NHPC’s floated tenders for solar projects and secured 600 megawatts of capacity at Rs 2.55/kwh. Interestingly, Axis Energy Ventures, backed by Brookfield Asset Management, grabbed 400 megawatts in the same competitive auction. Its partnership with NHPC is aimed at providing affordable, round-the-clock renewable energy in a hybrid combination of solar and hydro.In the US, too, the company is looking at a gigawatt of solar parks by next year out of the 1.7 GW platform that it acquired in 2019. But supplier shutdown in China, duty hikes on imports are expected to impact rollout plans for most players.

Top-level government panel to probe data practices of Chinese apps | Economic Times

June 30, 2020 0
Top-level government panel to probe data practices of Chinese apps | Economic Times
NEW DELHI | BENGALURU: Representatives from the 59 Chinese apps banned by India on Monday can appear before a government-constituted committee within 48 hours of the announcement to prove that the data of Indian users is not being sent to servers in China, top officials told ET.The committee, which is likely to meet on Wednesday, will conduct a detailed inquiry into the data-sharing practices of these apps, including top social media platforms TikTok, Helo and WeChat.Executives from apps such as TikTok, Bigo Live and Likee said they will cooperate with the government in the investigations and that they had begun the process.Officials from the ministry of home affairs, ministry of electronics & IT, ministry of information & broadcasting, and law & justice will be part of the panel, along with Sanjay Bahl, director general of CERT-In — India’s nodal agency for internet security.76721129“Given the threat to national security and public order, the ban was necessary at a time of increasing tensions with China,” said a senior government official.“Emergency provisions” under law were invoked to ban the apps owing to concerns that some of these were being used for “espionage” on Indians, the official said.China Expresses Serious ConcernOn Tuesday, China issued a statement expressing serious concern over the ban.“India’s measure selectively and discriminatorily aims at certain Chinese apps on ambiguous and far-fetched grounds, runs against fair and transparent procedure requirements, abuses national security exceptions, and (is) suspected of violating the WTO rules,” said Ji Rong, a spokesperson of the Chinese embassy.Arguing that the ban goes against the general trend of international trade and ecommerce, the spokesperson said it was also not conducive to consumer interest and market competition. “The ban will affect local employment in India,” the spokesperson said.Meanwhile, government officials said they were confident the ban order will stand legal scrutiny. Pointing out that the ban is an interim one, an official said, “These are all provisions under the law.”Nikhil Gandhi, India head of TikTok, said the company had been invited to meet with government stakeholders for an opportunity to respond and submit clarifications. “TikTok continues to comply with all data privacy and security requirements under Indian law and has not shared any information of our users in India with any foreign government, including the Chinese government. Further, if we are requested in the future, we would not do so.”On Tuesday, the app went offline with a message to users: “We are in the process of complying with the government of India’s directive to block 59 apps. Ensuring the privacy and security of all our users in India remains our utmost priority.”INDIA A HUGE MARKETIn terms of users, India is one of the largest markets for Chinese apps after their home market and the US.Stocks of Chinese companies such as Alibaba, Baidu, Weibo and YY closed in the red on US stock exchanges on Monday, following the announcement of the ban.ByteDance, which owns TikTok, is said to be mulling a listing on US stock exchanges by 2021. TikTok’s ranking on the Android Play Store dropped significantly following the ban order.A senior executive with Joyy Inc, the parent of Chinese apps Bigo Live and Likee, said the company will consult the government, and is not contemplating any legal action. “The intent is to work with the government and not against it. We are happy to take initiative and comply with any policy changes proposed,” he said.LEGAL CHALLENGES FACTORED INThe government has factored in potential legal challenges by the owners of the banned Chinese apps and is hopeful the courts will support its decision. More so, as the decision to ban the apps was based on 300 documented requests from eminent people and organisations, including the Congress party, and has been imposed with respect to public order and national security at a time when tensions with China are at an all-time high, said the official cited earlier.“We don’t think any court will disagree with the government and ask us to conduct an inquiry before banning the apps, especially in such a tense situation,” said a top official.Digital activists such as the Internet Freedom Foundation have argued that each case needs to be considered individually. “The website blocks are directed on an aggregated basis against 59 websites. Here common grounds and reasoning is made which goes against the individualised nature of the blocking power under Section 69A and the Blocking Rules,” it said on Twitter on Monday.‘LOOKING TO HOLD TALKS’A lawyer representing ByteDance indicated the company may not approach courts directly and will first try to engage with the government. The person, who requested anonymity, questioned the move to “club” the 59 apps together. “ByteDance will engage with the government. If the government thinks China cares about banning social media apps, it is mistaken. These aren’t strategic industries,” the person said.ShareIT, UC Browser and shopping app Club Factory are among the other prominent apps that have been blocked amid heightened tensions along the border with China. The ban was meant to counter the threat posed by these applications to the country’s “sovereignty and security”, the government said in a press release late on Monday.Paul Haswell, partner for Hong Kong-based law firm Pinsent Masons, said the development was part of a larger geopolitical situation as increasing tensions play out globally. “Technology is increasingly being subject to restrictions as states fall into disputes over a broad range of topics, as we have seen with US sanctions against Chinese tech vendors,” he said.‘MOVE JUSTIFIED’Haswell said India is free to take any steps and may be justified since there are concerns as to how the apps in question compromise user data. “Certainly, China restricts apps and technology within China. So India is just following suit.”“The ban has opened a Pandora’s Box with regard to regulating data flows and is a short-term solution to an ongoing crisis,” said Kazim Rizvi of digital policy think tank The Dialogue.“There is a need for stronger data protection frameworks, secure digital infrastructure and deeper cooperation between like-minded countries in fighting rising threats from across the borders,” Rizvi said. (With inputs from Dipanjan Roy Chaudhury)

S&P 500 ends best quarter since 1998 on a high note | Economic Times

June 30, 2020 0
S&P 500 ends best quarter since 1998 on a high note | Economic Times
NEW YORK: The S&P 500 rallied on Tuesday to finish higher and secure its biggest quarterly percentage gain in more than two decades as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the U.S. economy was on the horizon. Coming off a drop of 20% in the first quarter, the biggest quarterly decline since the financial crisis in the fourth quarter of 2008, the S&P rallied more than 19.95% to notch its biggest quarterly gain since 1998, at the height of the tech boom. The gains have been fueled by unprecedented levels of fiscal and monetary stimulus and the easing of restrictions. But the S&P 500 is still down about 4% on the year, and gains in June stood at just 2% due to the flare-up in virus cases that has threatened to delay reopenings and derail a tentative economic recovery. Federal Reserve Chairman Jerome Powell reiterated in comments on Tuesday that the path of the economy is "highly uncertain." "What everybody sees is if we can get something that puts an end to the spread or the spread becomes less, there is literally so much money out there that the Fed has put out there that when we turn, it is going to be a rocket ship the other way," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. Still, comments from Anthony Fauci, the U.S. government's top infectious diseases expert, who said there was no guarantee the United States will have an effective COVID-19 vaccine and warned the virus spread "could get very bad," were a reminder that a full economic recovery could be a long road. Gains were capped on the Dow, pressured by a 5.75% drop in Boeing Co, as the airplane maker gave back some of Monday's 14% surge after Norwegian Air canceled orders for 97 aircraft and said it would claim compensation. The Dow Jones Industrial Average rose 217.08 points, or 0.85%, to 25,812.88, the S&P 500 gained 47.05 points, or 1.54%, to 3,100.29 and the Nasdaq Composite added 184.61 points, or 1.87%, to 10,058.77. The 17.78% gain in the Dow marked its best quarterly performance since a 21.56% rally in the first quarter of 1987 while the Nasdaq's 30.63% jump was its best quarter since a 48.18% gain in the fourth quarter of 1999. While coronavirus cases continue to surge in many states, the U.S. economy is showing signs of pickup, with data indicating consumer confidence increased much more than expected in June. Simmering U.S.-China tensions also remained a possible headwind, with Washington beginning to eliminate Hong Kong's special status under U.S. law in response to China's national security law for the territory. China said it would retaliate. All of the 11 major S&P 500 sectors traded higher, with a 2.2% rise in energy stocks leading the pack. Micron Technology Inc jumped 4.8% as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers. The company's results also boosted other chipmakers and lifted the Philadelphia semiconductor index by 2.7%. Uber advanced 4.9% after reports that the ride-hailing services company was in talks to buy food-delivery app Postmates. Advancing issues outnumbered declining ones on the NYSE by a 2.02-to-1 ratio; on Nasdaq, a 2.09-to-1 ratio favored advancers. The S&P 500 posted 13 new 52-week highs and 1 new low; the Nasdaq Composite recorded 76 new highs and 16 new lows. Volume on U.S. exchanges was 10.72 billion shares, compared with the 13.55 billion average for the full session over the last 20 trading days.

India-China tussle live: Telcos block access to apps | Economic Times

June 30, 2020 0
India-China tussle live: Telcos block access to apps | Economic Times

Live: Gas explosion at clinic kills 19 in Tehran | Economic Times

June 30, 2020 0
Live: Gas explosion at clinic kills 19 in Tehran | Economic Times

PM extends free ration scheme till end of November | Economic Times

June 30, 2020 0
PM extends free ration scheme till end of November | Economic Times
NEW DELHI: Prime Minister Narendra Modi extended the free ration scheme for 800 million people until the end of November and warned against negligence in following distancing and other norms, asking authorities to strictly implement fines as the country enters Unlock 2.0 from Wednesday. The timely imposition of a lockdown on March 25 had saved lives but disregard for protocols such as wearing masks and “do gaz doori” when Unlock 1.0 began June 1 had been a cause for worry, he said in a 16-minute address to the nation on Tuesday.The PM Garib Kalyan Anna Yojana will be extended for another five months to benefit the poor. The scheme was to run for three months when it was started in April. The extension will cost ?90,000 crore, adding up to a total cost of ?1.5 lakh crore, the PM said. “It has been decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana up to Diwali and Chhath Puja, till November-end,” he said.PM Holds Meeting on VaccineModi said the world was surprised that 800 million were getting free ration in India as that’s more than 2.5 times the population of the US, 12 times that of the UK and double that of the European Union. Many states and Congress president Sonia Gandhi had asked the PM for extension of the scheme.Before his address, Modi held a high-level meeting to review progress on a possible vaccine. Doctors, nurses, healthcare staff and non-medical frontline workers as well as vulnerable sections among the general public should be prioritised for early vaccination.“The PM said the vaccination must be affordable and universal,” the Prime Minister’s Office (PMO) said in a release. “No person should be left behind and that the entire process from production to vaccination should be monitored and supported in real time with the use of technology.”Considering the global death rate, India is in a better position compared with many other countries, the PM said. The death rate and the test positivity rate were the two numbers being closely tracked by the Centre, a senior government official told ET. The worst-affected states had been advised to focus on lowering these through extensive testing, contact tracing and increased medical infrastructure.“While cases are bound to increase in the states where case load was high in their urban centres and with more testing now, the key is to keep the mortality low and test positivity rate within limits,” the official said. “This will further increase the recovery rate that is touching 60% as we enter Unlock 2.0. Some urban centres got the wave early, like Mumbai, Indore, and Ahmedabad and are plateauing now while some have got it late, like Delhi, Chennai, Hyderabad, and Bengaluru.”Reports from states showed that the number of fines being imposed for social distancing violations were not adequate despite several central advisories in this regard, said another official. “So the message is being reiterated by the PM himself to step up compliance,” the official said.Modi referred to Bulgaria’s Prime Minister being fined for not wearing a mask in a public place.“In India too, the local administration should work with the same enthusiasm,” he said. “This is a drive to protect the lives of 130 crore countrymen. Be it a village pradhan or the Prime Minister, no one is above the law in India. Rules were followed very strictly during the lockdown. Now governments, local bodies, citizens, need to show similar alertness. Especially, we need to focus more on containment zones. Those not following the rules will need to be stopped and cautioned.”The PM also said that the One Nation-One Ration Card scheme was being implemented in some states. The Centre has asked other states to follow suit so as to make schemes such as the Pradhan Mantri Garib Kalyan Anna Yojana more beneficial for the poor. Modi said the nation’s top priority was to ensure no one goes hungry and thanked the farmers and taxpayers of the country for enabling the government to achieve this.

Monday, June 29, 2020

Director of Pupil Services Director of Food Services

June 29, 2020 0
Director of Pupil Services Director of Food Services
Ringgold School District - New Eagle, PA - The Ringgold School District is seeking applications for a Director of Pupil Services & Director of Food Services. Please visit the District website at www.ringgold.org for additional information on each position. Applications and resumes must be submitted to the Ringgold School District Administration Office at 400 Main Street, New Eagle, PA 15067. recblid oy2ir23tpofr6m0be9sjbn1v2x0bgb... - Permanent - Full-time

source http://jobviewtrack.com/en-in/job-191f416b420b0b4e7411521501020b1445641d1a0c105e444f2f6b0b000a072745111e080d021622320706170a6f545f48071b01557673061a1707040053542c00014f4849425f663f1b571d4c433b041c110c43111b6842131d0914/985e3e69fbec5e2f9c6c609e0edb4712.html?affid=f584d43114bf1954a48e3ec6be21b6ec

Airport Design Engineer

June 29, 2020 0
Airport Design Engineer
The Thrasher Group, Inc. - Canton, OH - Job Title: Airport Design Engineer - (901) Organizational Unit: Transportation - Transportation (00.08X.080) Location: Canton, OH, US 44702 Job Type: Full-time Exemption Type: Exempt Education: Bachelor's Degree Category: Transportation Travel: 20 - 30% Job Title: Lead Airport Design Engineer Location: Canton, OH Company: The Thrasher Group, Inc. Type: Full Time Division: Transportation / Aviation Salary Range: Negotiable The Thrasher Group is a multi-disciplinary consulting firm that began as a small-town civil engineering firm and has grown to a regional powerhouse. With offices throughout the Mid-Atlantic Region, we have scaled to meet our clients' needs. When you work at Thrasher, you'll make things happen by rolling up your sleeves and getting to work with access to all the resources required to solve complex infrastructure and environmental needs . We're looking for a Civil Engineer with experience in Airport and Runway Design to join our Canton, OH team. In this role, the selected candidate will forge new client relationships, cultivate and expand existing relationships, and continue to grow the economic footprint of the Airport Engineering and Consulting team. Key Responsibilities will look like; Work with design and engineering teams on air carrier and general aviation airport improvements, including pavement, drainage, utility, and landslide/site projects Review construction plans and specifications, cost, and schedule Work on procurement plans and review bids Monitor field activities, review contractor work and execution plan QA/QC inspection, and close-out of projects Coordinate and direct efforts with technical staff Exercise discretion and balance the need for independent and collaborative efforts Possess the ability to be both the seller and designer, attracting new business and delivering quality work Maintain existing network of clients, while exploring new markets Provides mentorship to junior engineers and staff Business Development PM19 Requirements Include; Preferred experience in airport/aviation engineering and construction projects Proficient in FAA standards and specifications specifically in the Great Lakes Region Familiar with ODOT Office of Aviation Familiarity with Airport/City capital projects and Public Program execution processes Licensed Professional Engineer (P.E.) preferably in Ohio Understanding of project scheduling tools, and proficient in Microsoft (MS) Office Suite Ability to solve problems using sound professional judgment, creativity and innovation Current driver's license, ability to obtain airport security badge, and passing required security background check as required PI121173424... - Permanent - Full-time

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Heavy and Highway Site Foreman

June 29, 2020 0
Heavy and Highway Site Foreman
H&K Group, Inc. - Bernville, PA - H&K Group, Inc. H&K does not discriminate in employment opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, veterans' status, or any other characteristic protected by law. We are always looking for the best, most qualified people to join our team. Pre-employment drug testing (EOE) Great Benefits offered! Location: US-PA-Bernville Job ID: 2020-1292 Category: Contracting Job Type: Regular Full-Time Overview Landis Deck & Sons, a division of The H&K Group, Inc. is looking for the ideal Site Foreman! The foreman directs activities of workers concerned with construction of highways, pipelines, or other construction projects. Responsibilities Essential Duties and Responsibilities: Ability to read blueprints and job related documents. Record daily events in job diary. Schedules materials, equipment and work for the crew. Analyze crew SIP's to create site SIP's. Obtains quantities from crews and prepare for billing process with PM. Analyzes cost reports for production adjustments. Accurately code onsite costs and control them. Conducts site meetings. Attend E&S meetings and Job Turnover meetings. Communicates goals and purposes effectively. Lead and demonstrate by example. Influences and enforces company values. Recognizes misalignments with company values and culture and ensures compliance. Understands and anticipates customer's needs. Understands business practices within the organization. Understands the importance of repeat business. Communicates with customer representatives and represents the Company professionally. H&K provides complete heavy civil contracting and construction materials solutions with safety, speed, quality, efficiency and value. Beginning as a small family business a half century ago, we are now a dynamic group of vertically integrated companies that has been growing and prospering for 50 years. Thank you for your interest in employment with H&K Group, Inc. At H&K, we invest in our people, providing the essential training, instruction and supervisory support that they need to develop and grow within our company. We acknowledge that H&K's strength and success is directly related to our employees and the talents, dedication and job performance they exemplify. We seek dynamic, motivated people who are driven to make a difference. PI121170836... - Permanent - Full-time

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Pipe Foreman

June 29, 2020 0
Pipe Foreman
H&K Group, Inc. - Bernville, PA - H&K Group, Inc. H&K does not discriminate in employment opportunities or practices on the basis of race, color, religion, gender, national origin, age, disability, veterans' status, or any other characteristic protected by law. We are always looking for the best, most qualified people to join our team. Pre-employment drug testing (EOE) Great Benefits offered! Location: US-PA-Bernville Job ID: 2020-1293 Category: Contracting Job Type: Regular Full-Time Overview Landis Deck & Sons, a division of The H&K Group, Inc. is looking for the ideal Pipe Foreman! The foreman directs activities of workers concerned with construction of highways, pipelines, or other construction projects. Responsibilities Essential Duties and Responsibilities Ability to read blueprints and job related documents. Record daily events in job diary. Schedules materials, equipment and work for the crew. Analyze crew SIP's to create site SIP's. Obtains quantities from crews and prepare for billing process with PM. Analyzes cost reports for production adjustments. Accurately code onsite costs and control them. Conducts site meetings. Attend E&S meetings and Job Turnover meetings. Communicates goals and purposes effectively. Lead and demonstrate by example. Influences and enforces company values. Recognizes misalignments with company values and culture and ensures compliance. Understands and anticipates customer's needs. Understands business practices within the organization. Understands the importance of repeat business. Communicates with customer representatives and represents the Company professionally. H&K provides complete heavy civil contracting and construction materials solutions with safety, speed, quality, efficiency and value. Beginning as a small family business a half century ago, we are now a dynamic group of vertically integrated companies that has been growing and prospering for 50 years. Thank you for your interest in employment with H&K Group, Inc. At H&K, we invest in our people, providing the essential training, instruction and supervisory support that they need to develop and grow within our company. We acknowledge that H&K's strength and success is directly related to our employees and the talents, dedication and job performance they exemplify. We seek dynamic, motivated people who are driven to make a difference. PI121170838... - Permanent - Full-time

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Operating Room Travel Nurse RN - $60/hour

June 29, 2020 0
Operating Room Travel Nurse RN - $60/hour
Nomad Health - Ohio - Nomad Health, the modern healthcare staffing company, seeks an experienced registered nurse for this rewarding travel assignment opportunity. Join Nomad's growing team of registered nursing professionals. Nomad offers nurses a hassle-free experience, industry-leading pay rates, full benefits, and exceptional service. Earn more. Stress less. Be a Nomad! Start Date: Immediate Start QUALIFICATIONS Active Registered Nurse license in the specified state. RN degree from an accredited registered nurse program. BLS and all relevant specialty/department-specific certifications required. Two years of RN experience and 1 year of recent experience in the specialty. NOMAD BENEFITS Housing: Stipend provided. Best-in-class availability through our housing partner. Travel: Up to $1,000 reimbursement for travel to your assignment. Medical/Dental: Major medical and dental plans available from your first day of work. Payroll: Weekly deposits direct to your bank account. PandoLogic. Keywords: Operating Room Nurse, Location: Commercial Point, OH - 43116... - Permanent - Full-time

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Post-Anesthesia Care Unit (PACU) Travel Nurse RN - $49/hour

June 29, 2020 0
Post-Anesthesia Care Unit (PACU) Travel Nurse RN - $49/hour
Nomad Health - Pass Christian, MS - Nomad Health, the modern healthcare staffing company, seeks an experienced registered nurse for this rewarding travel assignment opportunity. Join Nomad's growing team of registered nursing professionals. Nomad offers nurses a hassle-free experience, industry-leading pay rates, full benefits, and exceptional service. Earn more. Stress less. Be a Nomad! Start Date: 2020-6-22 QUALIFICATIONS Active Registered Nurse license in the specified state. RN degree from an accredited registered nurse program. BLS and all relevant specialty/department-specific certifications required. Two years of RN experience and 1 year of recent experience in the specialty. NOMAD BENEFITS Housing: Stipend provided. Best-in-class availability through our housing partner. Travel: Up to $1,000 reimbursement for travel to your assignment. Medical/Dental: Major medical and dental plans available from your first day of work. Payroll: Weekly deposits direct to your bank account. PandoLogic. Keywords: PACU Nurse, Location: Pass Christian, MS - 39571... - Permanent - Full-time

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Amazon Order Picker

June 29, 2020 0
Amazon Order Picker
Amazon - Waynesville, OH - Shifts: Overnight, Sunrise, Day, Evening, Weekend Location: Monroe, Mason, West Chester, Dayton Job opportunities vary by location. We update postings daily with open positions. Hourly pay rate: Earn $15/hr or more Immediate openings available now. Start as soon as 7 days. No resume or previous work experience required. Amazon remains open as an essential service to serve our communities delivering critical supplies directly to the doorsteps of people who need them. Become part of the dedicated team that gets orders ready for people relying on Amazon’s service. From flexible part-time roles to full-time set schedules with health care benefits, Amazon has a variety of jobs. Find the right Amazon opportunity for you today. Candidates must be 18 years or older with ability to read and speak English for safety. Reasons you’ll love working here: Health and safety are a top priority with all of our roles and sites. We continue to consult with medical and health experts, and take all recommended precautions in our buildings and stores to keep people healthy. Earn more: You can expect a competitive wage and reliable paycheck when you work for Amazon. Career development: Many of our entry-level employees become leaders in operations, HR, and other areas. See where your Amazon journey can take you. Benefits: From a 401(k) savings plan to employee discounts, Amazon has you covered on perks. Stay active: You’ll be on the move for your whole shift in our fast-paced environments. Check out what some of our employees have to say about their jobs: Amazon is hiring for the following types of roles in your area: Fulfillment Centers – Work inside an Amazon warehouse, selecting, packing and shipping customer orders. If you like a fast-paced, physical position that gets you up and moving, then come help bring orders to life. Work a set, full-time schedule. Shift options include overnight and days, and usually at least one weekend day. WHOLE FOODS SHOPPERS – Prime Now offers shopping services from Whole Foods Market, so customers can order online and have items delivered in under two hours. As a Shopper, you’ll work in a grocery store setting at Whole Foods, locating and carefully selecting items and packaging them for delivery. If you need flexibility in your schedule, this job allows you to choose from available shifts each week to create your own. Flexible hours, a reliable pay rate, and no surprises! AMAZON FRESH WAREHOUSES (2 Hour or Less Delivery) – Become a part of Amazon’s super-fast (2 hours or less) delivery service. We offer fresh, frozen, and packaged groceries, so you’ll work in varying climates from room temperature to freezer environments. We will provide you with the right gear to stay warm during the colder parts of your shift. If you need flexibility in your schedule, this job allows you to choose from available shifts each week to create your own.* Flexible hours, a reliable pay rate, and no surprises! *Full-time and part-time roles with set schedules may also be available. Basic qualifications: High school, GED, or equivalent diploma Amazon is committed to a diverse and inclusive workplace. Amazon is an equal opportunity employer and does not discriminate on the basis of race, national origin, gender, gender identity, sexual orientation, protected veteran status, disability, age, or other legally protected status. For individuals with disabilities who would like to request an accommodation, please visit .... - Permanent - Full-time

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Package Delivery Driver

June 29, 2020 0
Package Delivery Driver
Amazon Contracted Delivery Partners - USA - Job Description Location: DCN1 - Fairfield 4250 Port Union Road Fairfield OH 45014 Compensation: $15.00/hr Amazon Delivery Service Partners are seeking bright, motivated, hardworking individuals to fill Contracted Delivery Associate / Driver positions! No experience needed! Apply today to schedule your in-person interview with Amazon Delivery Service Partners. We're making on the spot job offers! (All job offers contingent on meeting eligibility requirements.) Responsibilities: Our Delivery Associates/Drivers drive a delivery van to drop off Amazon packages to customers within their community You can plan on working about 4-5 days a week You can plan on a typical working day being 10 hours Our drivers follow strict safety standards on and off the road You'll interact with Amazon customers and the public in a professional and positive manner You'll use handheld technology to manage the delivery process We Offer: Competitive Compensation Employee benefits available Community interaction Every day is fun and different Job Requirements Delivery Associates / Drivers must meet the following requirements: Must be at least 21+ years old Must have a valid driver's license within the state of employment Must be able to operate and navigate a delivery van, GVWR 10,000 lbs. or less Must be able to move boxes up to 70 lbs., with or without reasonable accommodation Must consent to a drug screening Must have good communication skills and the ability to work well with customers... - Permanent - Full-time

source http://jobviewtrack.com/en-in/job-4b1e4169480806184206594338000d0c044711482d01435d585f2f200a024e02451111412a150c56111a6b234b48564c4a014f2a421849150d1317653541170308144f0b795f44120a1c2530520a1e041c665015/e31072f8b7a8252f6ee967d2e1b89929.html?affid=f584d43114bf1954a48e3ec6be21b6ec

Physician Financial Assistance Program

June 29, 2020 0
Physician Financial Assistance Program
U.S. Air Force - Palm Beach, FL - Medical Residency Financial Assistance Program U.S. Air Force Position Summary The U.S. Air Force offers the Financial Assistance Program (FAP) to help pay for your medical residency. You’ll receive a high-quality education, practice medicine without the bureaucracy and serve around the world in your chosen profession. Careers in this field include Family Medicine, Psychiatry and Emergency Medicine. The Financial Assistance Program offers: $45,000 for each year. Over $2,000 monthly stipends for living expenses. After you complete your residency, you will serve one year of active-duty service for each year of financial assistance. About the Air Force The mission of the U.S. Air Force is to fly, fight and win in air, space, and cyberspace. We live by three core values: integrity first, service before self and excellence in all we do. The Air Force offers hundreds of careers from healthcare to engineering in order to serve the American people and provide precise and reliable global vigilance, reach and power for the nation.... - Permanent - Full-time

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Wealthy Indians in Dubai need to submit proof of money made | Economic Times

June 29, 2020 0
Wealthy Indians in Dubai need to submit proof of money made | Economic Times
MUMBAI: By end of Tuesday, hundreds of wealthy Indians and NRIs will have to regularise their outfits, subsidiaries, and paper companies that were set up in Dubai to escape tax and park undisclosed fund moved from Switzerland.Under the United Arab Emirates (UAE) regulations, companies will have to justify their presence there — with evidence of employees and assets to demonstrate that there is genuine economic activity — and explain that profits booked are indeed generated from activities undertaken in the region.The deadline to submit all documents for the ‘significant purpose test’ is June 30, 2020 – which many companies, either due to challenges posed by Covid-19 or their inability to produce adequate proof, will miss. Some have asked UAE authorities for more time.Many businesses, which hire warehouses in Dubai, a trading hub, show profits generated in other jurisdictions in UAE to avoid income tax. Several use post office companies and their bank accounts (thanks to little exchange control) to hold funds after closing their Swiss bank accounts and eliminating paper trail. 76701370Tax and finance professionals ET spoke to spelt out the pitfalls for dodgy and profit-shifting entities.“There are concerns due to the unanswered questions. Are UAE subsidiaries set up by Indian holding companies geared up to satisfy the significant purpose test? If not, will UAE authorities share such information with India? Does that pose a potential tax risk as permanent establishment or place of effective management of these entities is in India?” said Mitil Chokshi, senior partner at Chokshi & Chokshi.Some of the companies are trying to hurriedly appoint local managers to pass the regulatory test. The economic substance regulation requires a company to show that an adequate number of qualified employees are physically present in the UAE; directed and managed in UAE; have reasonable level of operating expense, physical assets and premises in UAE, and conducts core income-generating activity in that country.According to senior chartered accountant Dilip Lakhani, “The regulations, applicable to onshore and offshore companies operating in UAE, will ensure that profits that are not commensurate with economic substance are not artificially attracted. It will cover subsidiary or JV of Indian companies. Though their accounts will be consolidated with Indian parent, they will have to satisfy the test laid down by the regulation. If inquired they will have to satisfy the authorities as to how a large income is earned with little or no substance, and there is no leakage in the tax-paying jurisdiction.”

Mystery of stock rallies after investor meets | Economic Times

June 29, 2020 0
Mystery of stock rallies after investor meets | Economic Times
Mumbai: Is there a strengthening co-relation between companies’ investor meets and the performance of their share prices? It may be a soft indicator for now but a study of the performance of shares around the time the company discloses its scheduled meetings with investors shows prices do move up in the period. Companies are required to disclose meetings with investors to stock exchanges. Out of the 15 mid-cap companies that have seen the highest number of investor meetings in June, shares of 13 have risen between 2 per cent and 28 per cent in the period.There are a few explanations here. It is possible that some of the institutional investors who met the companies would have gone ahead and invested after the meetings.A meeting, however, need not translate into an investment. Another possibility is that traders have mopped up shares to make a quick buck in anticipation of investments by influential names that could prop up prices. 76701495For instance, 79 fund managers and analysts from various funds including Capital International, Amansa Capital, Tokio Marine AMC among others held meetings with the management of plastic pipe manufacturer Astral Poly Technik in June. The stock rose 8.86 per cent in the period. Meanwhile, Shoppers Stop met 40 investors and analysts but its stock jumped 28 per cent.

The mutual fund middleman is dead | Economic Times

June 29, 2020 0
The mutual fund middleman is dead | Economic Times
ET Intelligence Group: The average Indian saver is no longer a stranger to D-Street. Why so? Well, for a start, the role of intermediaries in channelling household savings to the financial markets through mutual funds appears to be less dominant than it earlier was.The share of national and regional distributors as a distribution channel to open mutual fund investment accounts has more than halved to 17 per cent in FY20, from 38 per cent in FY13. In the same period, the share of mutual fund investments through the direct-scheme mode has nearly doubled to 45 per cent in FY20 from 23 per cent, showed the data from the Association of Mutual Funds of India, collated by Reliance Securities research.The reasons aren’t hard to find. For starters, it is not just about the awareness of mutual funds as an investment product that has increased its attractiveness among investors. Savers, especially those in tier-II and tier-III cities, have realised that direct schemes fetch higher returns than regular schemes. That’s because direct schemes do not entail distributor’s fee, which crimps the Net Asset Value (NAV) of a unit. 76701581Furthermore, opening of new mutual fund offices or new branches of banks in tier-II and tier-III cities has increased investor access. Additionally, the increasing use of digital applications has boosted the prospects of the direct investment schemes at the expense of those offered by intermediaries.To be sure, the decision to do away with upfront commissions on selling mutual funds schemes has resulted in the decline in the share of national and regional distributors in the resource mobilisation business. Analysts point out that these distributors are not selling mutual fund products as aggressively as they earlier were because of the disincentives linked to commissions.

Zomato to raise $100mn from Singapore's Temasek | Economic Times

June 29, 2020 0
Zomato to raise $100mn from Singapore's Temasek | Economic Times
NEW DELHI|BENGALURU: Singapore's Temasek is in discussions with Zomato to pump in as much as $100 million into the online food delivery major, according to people aware of the developments, at a time when a previously announced investment by Ant Financial has been delayed due to the current anti-China sentiment and new foreign direct investment (FDI) rules.An existing Zomato backer, Temasek's potential funding is part of a larger investment round that the Gurgaon-based company has been negotiating since the end of last year.The discussions between the parties are still ongoing, according to two sources aware of the developments."The round was almost finalised, but the terms of the deal are being renegotiated given the impact of Covid-19 on business operations, India's investment policies and competitive landscape with Amazon's launch (of its food delivery business)," said one of the persons cited above. "Covid-19 has hurt both the profitable listing and discovery businesses as well as the food delivery arm (of Zomato)," he said.The company's fund-raising process has been filled with challenges, including changes to the FDI policy announced in April.76701674Company raised $5 million in AprilThe new policy mandates prior government approval for investments by entities based in countries that share a land border with India. Ant Financial, an affiliate of Alibaba Group Holdings, has pumped in only $50 million - of an expected $150 million - into Zomato, according to BSE and NSE-listed Info Edge, also an early investor in the company. Hangzhou-headquartered Ant Financial is the largest institutional stakeholder in Zomato, holding a 26% stake in the company.Temasek, which first invested in Zomato in 2015, has always been in the mix to pump in further capital. It holds a 3% stake, having invested Rs 310 crore into the company, according to data collated by Tracxn. The Deepinder Goyal-led company was valued at $3 billion in January. The valuation was, however, contingent on Ant fulfilling its commitment.When contacted by ET, a Zomato spokesperson declined to comment. Temasek did not reply to queries.In April, Zomato raised $5 million from Pacific Horizon Investment Trust, a fund managed by British investment manager Baillie Gifford, as a part of its ongoing round.

The curious case of stock rallies after investor meets | Economic Times

June 29, 2020 0
The curious case of stock rallies after investor meets | Economic Times
Mumbai: Is there a strengthening co-relation between companies’ investor meets and the performance of their share prices? It may be a soft indicator for now but a study of the performance of shares around the time the company discloses its scheduled meetings with investors shows prices do move up in the period. Companies are required to disclose meetings with investors to stock exchanges. Out of the 15 mid-cap companies that have seen the highest number of investor meetings in June, shares of 13 have risen between 2 per cent and 28 per cent in the period.There are a few explanations here. It is possible that some of the institutional investors who met the companies would have gone ahead and invested after the meetings.A meeting, however, need not translate into an investment. Another possibility is that traders have mopped up shares to make a quick buck in anticipation of investments by influential names that could prop up prices. 76701495For instance, 79 fund managers and analysts from various funds including Capital International, Amansa Capital, Tokio Marine AMC among others held meetings with the management of plastic pipe manufacturer Astral Poly Technik in June. The stock rose 8.86 per cent in the period. Meanwhile, Shoppers Stop met 40 investors and analysts but its stock jumped 28 per cent.

Mutual fund investors give middlemen the slip | Economic Times

June 29, 2020 0
Mutual fund investors give middlemen the slip | Economic Times
ET Intelligence Group: The average Indian saver is no longer a stranger to D-Street. Why so? Well, for a start, the role of intermediaries in channelling household savings to the financial markets through mutual funds appears to be less dominant than it earlier was.The share of national and regional distributors as a distribution channel to open mutual fund investment accounts has more than halved to 17 per cent in FY20, from 38 per cent in FY13. In the same period, the share of mutual fund investments through the direct-scheme mode has nearly doubled to 45 per cent in FY20 from 23 per cent, showed the data from the Association of Mutual Funds of India, collated by Reliance Securities research.The reasons aren’t hard to find. For starters, it is not just about the awareness of mutual funds as an investment product that has increased its attractiveness among investors. Savers, especially those in tier-II and tier-III cities, have realised that direct schemes fetch higher returns than regular schemes. That’s because direct schemes do not entail distributor’s fee, which crimps the Net Asset Value (NAV) of a unit. 76701581Furthermore, opening of new mutual fund offices or new branches of banks in tier-II and tier-III cities has increased investor access. Additionally, the increasing use of digital applications has boosted the prospects of the direct investment schemes at the expense of those offered by intermediaries.To be sure, the decision to do away with upfront commissions on selling mutual funds schemes has resulted in the decline in the share of national and regional distributors in the resource mobilisation business. Analysts point out that these distributors are not selling mutual fund products as aggressively as they earlier were because of the disincentives linked to commissions.

China’s untenable demand to resolve standoff | Economic Times

June 29, 2020 0
China’s untenable demand to resolve standoff | Economic Times
New Delhi: In a seemingly untenable demand to de-escalate matters in the Finger areas of Pangong Tso, China is believed to have proposed that Indian forces move back to Finger 2 as a pre-condition to Chinese troops withdrawing to Finger 6. At present, both sides are in a standoff at Finger 4.China, sources said, is making unacceptable demands while the Indian position has been consistent that status quo ante has to be restored as the PLA has been the aggressor by moving its troops forward and setting up infrastructure across the Line of Actual Control (LAC).A third round of Corps Commander-level talks is planned for Tuesday between 14 Corps Commander Lt Gen Harinder Singh and his Chinese counterpart Maj Gen Liu Lin. These talks will take place at an Indian meeting point in Chushul.The ground situation in Eastern Ladakh has remained unchanged for several weeks now with thousands of troops locked in a standoff and talks yielding little results. Sources said there has been no reduction of troops at friction points along the LAC and disengagement will be a prolonged process.76701369No Change in Troop BuildupThe standoff could stretch on through the winter but talks would continue, they said.The Finger area is a series of spurs that rise along the bank of the Pangong lake, with the Indian perception of the LAC lying at Finger 8. The disputed area between Finger 4 and 8 — over 50 sq km — used to be patrolled by both sides.However, in an aggressive move, China moved in soldiers and equipment to Finger 4 since late April, cutting off Indian access and unilaterally changing the ground situation. Over the past month, it has built several dozen defences and hundreds of structures between Finger 4 and 8, in gross violation of all border protocols and agreements.Sources said that Chinese demands are untenable as the change in status quo was carried out by the PLA and Indian troops did not try to alter ground positions. In addition, moving back to Finger 2 would involve dismantling of two Indian military camps on the banks of the lake. Moreover, the Indian claim is till Finger 8, and anything short of restoring that would not be acceptable.Also, the ground position of PLA troops does not match what was agreed to during the last two rounds of talks. In Galwan, Chinese troops remain dug in and the troop buildup in the rear has not been dismantled.At Finger area too, there have not been signs that the Chinese troops are pulling back – satellite images show defensive structures both along the banks of the lake and at the ridgelines. The first attempt to de-escalate at Galwan, which was agreed to at a Corps Commander-level meeting on June 6, ended in disaster when a skirmish took place on June 15 in which 20 Indian soldiers were killed along with an undeclared number of PLA troops, including the Commanding Officer. India is approaching all promises of disengagement by the Chinese side with extreme caution after the skirmish.

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