Air India disinvestment: Unions celebrate as national carrier draws no EoIs

Air India employee unions today claimed "victory" as the government failed to attract bidders for the loss-making airline's strategic disinvestment.

"No bids for Air India, victory for joint forum in our endeavour to save the airline," a joint forum of various Air India unions said in a statement as the last date for submission of bids ended this evening.

The joint forum, which is a platform of various Air India unions, associations and guilds, has been opposing the move to privatise the national carrier on the grounds of massive 'job losses'.

In a major setback to the Air India disinvestment process, the government said no initial bids were received for the proposed strategic stake sale of the airline by the end of the deadline on May 31, and that "further course of action will be decided appropriately".

Alibaba-backed Paytm tops $29-bn mark in gross transaction run-rate

Digital payments major Paytm on Friday said it has crossed an annual gross transaction run-rate of $29 billion, driven by growth across mobile payments and bank transfers through its platform.

A Paytm spokesperson said the company is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers, which has been recently introduced.

"We are already seeing a GTV (gross transaction value) run rate of $29 billion. We are currently logging about one billion transactions per quarter and we aim to double it this year," the spokesperson added.

GTV refers to the total transaction value through the platform in a given time period.

INX Media case: HC grants P Chidambaram interim protection till July 3

The Delhi High Court on Thursday granted former Union minister P Chidambaram interim protection from arrest till July 3 in the Central Bureau of Investigation's INX Media corruption case.

Justice A K Pathak asked Chidambaram to join and cooperate in the questioning session as and when called by the CBI.

The court also sought the investigating agency's response on the Congress leader's anticipatory bail plea and listed the matter for further hearing on July 3.

Additional Solicitor General Tushar Mehta, appearing for the CBI, opposed the anticipatory bail plea saying he was merely called for questioning.

Chidambaram had on Wednesday rushed to a trial court for protection from arrest in Aircel-Maxis case before approaching the Delhi High Court in connection with the INX Media case, in which he has been asked by probe agencies to join investigations.

Arun Jaitley likely to leave hospital soon, may be back at work by June-end

Finance Minister Arun Jaitley is expected to be discharged from hospital earliest by Friday after his kidney transplant surgery earlier this month. Jaitley will still follow a closely monitored recovery process at home, and if all goes well, may rejoin work in Finance Ministry by end-June.

Sources close to Jaitley say that he is recovering well and has started walking in his hospital room at the All India Insititute of Medical Sciences. After getting discharged, he will still follow a strict diet regime and access to him will be severely restricted for at least 10-15 days, as part of continuing post-operative care.

Jaitley is currently listed on the Prime Minister of India’s official website and “Minister Without Portfolio”. He is expected to start working from home and receive files and official briefings with two-three weeks.

“If all goes well, you could see him in North Block by June-end,” said a person aware of the progress of Jaitley’s treatment. “So far he has responded well, but precautions will still have to be maintained once he is discharged from the hospital,” the person added.

10-day farmers' strike from today to disrupt fruit, vegetables, milk supply

Supply of fruit, vegetables and milk is likely to get disrupted in some pockets of India, with a 10-day strike call from Friday, given by a Rashtriya Kisan Mahasangh (RKM), describing itself as an umbrella body of nearly 110 farmer associations.

However, among those saying they are not part of this stir are Confederation of Indian Farmers’ Association (CIFA) and Swabhimani Shetkari Sanghatana (led by Raju Shetty, MP). Hence, the impact is likely to be partial.

Another farmers body, Akhil Bharatiya Kisan Sabha, a parent body of 10 associations in Maharashtra, says it will gherao offices of district collectors across the state in protest at non-implementation of the earlier announcement of loan waivers, said its state secretary, Ajit Nawale.

“We are not supporting any organisation like RKM. We are ourselves representing to the government for the farmers’ cause,” said R V Giri, president of CIFA.

Farmers' strike in MP to increase veggie prices; BJP dubs it Cong agitation

On the first anniversary of the death of seven farmers due to beating and firing by police in Mandsaur district of Madhya Pradesh on June 6 last year, the farmers are going to launch "Gaon Bandh" (village blockade) agitation from Friday, said a farmer representative on Thursday.

During the period, no eatables would be supplied from villages to cities in the state. Although the state government has made arrangements to minimise the impact of agitation, cities are set to see shortage of items like vegetables and milk.

Chief of Aam Kisan Union, Kedar Sirohi told IANS that the agitation enjoys the support of more than 150 farmers organisation. Besides, all 50 Panchayats of the state have also announced to fight for the rights of farmers.

"The government responds to the rightful demands of the farmers with lathis and bullets. June 6 is a black day for farmers. Nothing will be supplied by villages to cities for the next 10 days, neither will anything be brought from the cities during the period," Sirohi said.

GM's self-driving car unit to get SoftBank push with $2.25-bn investment

Japan's SoftBank Group Corp will invest $2.25 billion in General Motors Co's autonomous vehicle unit Cruise, the companies said on Thursday, a deal that validates the venerable Detroit automaker's leadership in self-driving cars and sent GM shares up nearly 13 per cent.

The move by SoftBank's $100-billion Vision Fund is one of the highest profile, largest investments to date in self-driving technology, an industry that could revolutionize transportation but faces engineering, safety and regulatory challenges, as well as scepticism among potential users.

SoftBank has made a string of large bets in so-called mobility companies, such as ride services provider Uber Technologies Inc , expecting that transportation services for people and goods will explode. The Cruise deal extends that wager, betting that computers will displace drivers and cut operating costs.

GM Chief Executive Officer Mary Barra said GM might explore "other opportunities" with some of the companies that SoftBank has funded, including Uber, China's Didi, India's Ola and Southeast Asia's Grab.

Malaysia's Petronas buys 25% stake in Shell-led LNG project

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Malaysia’s Petroliam Nasional Bhd. agreed to take a 25 per cent stake in a proposed liquefied natural gas project in Canada led by Royal Dutch Shell Plc.

The Canadian unit of Shell will hold a 40 per cent stake, while subsidiaries of PetroChina. and Mitsubishi. will have a 15 percent share each, according to a statement Thursday from Petronas. A unit of Korea Gas. will hold 5 percent. The proposed C$40 billion ($31 billion) export facility at Kitimat near Prince Rupert -- North America’s closest port to Asia -- could eventually have capacity to ship 26 million tons a year of liquefied gas.

The agreement marks a turnaround by Petronas after it abandoned its own $27 billion LNG proposal in British Columbia last July after the project faced spiraling costs and staunch opposition from environmental and indigenous groups.

Cambridge Analytica's parent firm helped shape Saudi reform drive

The price of oil was in free fall and a youthful population restive. So the government of Saudi Arabia turned in recent years to the parent company of the political data firm Cambridge Analytica (CA) for help, according to Western consultants who worked in the kingdom, company executives and a review of public documents.

The work by Cambridge’s parent, a secretive defense and intelligence contractor called SCL Group, presaged the tumultuous changes that are reshaping the kingdom. The company, now mired in scandals related to its corporate practices and the use of Facebook user data, conducted a detailed population study. It provided a psychological road map of the kingdom’s citizenry and its sentiment toward the royal family, even testing potential reform steps as they charted a path forward to preserve stability.

The consultants and executives spoke on the condition of anonymity because they were bound by nondisclosure agreements.

A deal scuttled: Warren Buffett had plans to invest $3 bn in Uber

Billionaire Warren Buffett had proposed to invest $3 billion in Uber Technologies earlier this year, but the talks failed following disagreements over the deal's terms, Bloomberg reported on Wednesday, citing unidentified people familiar with the matter.

Buffett's Berkshire Hathaway Inc would have provided a convertible loan to Uber that would have protected Buffett's investment should the Silicon Valley ride-hailing company hit financial crisis, the report said. Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source.

Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.

Khosrowshahi also confirmed in an interview with CNBC that Uber did have discussions with Buffett, but added that he didn't think “the reporting was entirely accurate.” Asked about whether the talks could resume, Khosrowshahi said it was "always possible" and he would welcome any kind of dialogue with Buffett.

Trump aims to impose tariffs on steel, aluminium imports from EU: Report

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported on Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs.

Goldman Sachs vice president charged with insider trading

Federal prosecutors charged a vice president at Goldman Sachs Group Inc on Thursday with insider trading by illegally using non-public information about several companies that were clients of the investment bank.

Prosecutors said Woojae "Steve" Jung, a 37-year-old Korean citizen, made more than $130,000 by trading illegally on confidential information relating to upcoming transactions and merger negotiations that he was privy to through his job.

Authorities said Jung, who joined Goldman in 2012 and worked in San Francisco, conducted his trades through a brokerage account in the name of a friend living in South Korea.

"Woojae Jung violated his duty to his company and traded on stolen insider information, over and over again," U.S. Attorney Geoffrey Berman in Manhattan said in a statement.

Christopher Steskal, a lawyer for Jung, declined to comment.

"We are aware of the situation regarding Mr. Jung and are cooperating with legal authorities on the matter," Goldman said in a statement.

RCom, Ericsson agree on settlement; green signal for Reliance Jio deal

The National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted Reliance Communications (RCom) and two of its subsidiaries for insolvency proceedings.

The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September.

With the stay on bankruptcy proceedings, RCom can now continue with its asset monetisation scheme involving the sale of towers, optic fibre cable network, spectrum and media convergence nodes to brother Mukesh Ambani-controlled Reliance Jio Infocomm (Jio) for Rs 170 billion.

On Tuesday, NCLAT chairman Justice S J Mukhopadhaya asked the parties to settle the matter stating that the fate of operational creditors under the corporate resolution process was not ideal, especially if Ericsson wished to recover the majority of its dues.

NCLAT also asked RCom and Ericsson to file an affidavit by June 7 stating that the two companies will abide by the settlement.

Arun Jaitley likely to leave hospital soon, may be back at work by June-end

Finance Minister Arun Jaitley is expected to be discharged from hospital earliest by Friday after his kidney transplant surgery earlier this month. Jaitley will still follow a closely monitored recovery process at home, and if all goes well, may rejoin work in Finance Ministry by end-June.

Sources close to Jaitley say that he is recovering well and has started walking in his hospital room at the All India Insititute of Medical Sciences. After getting discharged, he will still follow a strict diet regime and access to him will be severely restricted for at least 10-15 days, as part of continuing post-operative care.

Jaitley is currently listed on the Prime Minister of India’s official website and “Minister Without Portfolio”. He is expected to start working from home and receive files and official briefings with two-three weeks.

“If all goes well, you could see him in North Block by June-end,” said a person aware of the progress of Jaitley’s treatment. “So far he has responded well, but precautions will still have to be maintained once he is discharged from the hospital,” the person added.

Kathua rape case: Minor or not? Fate of juvenile to be decided next week

The fate of the juvenile accused in the rape and murder of an eight-year-old girl in Kathua will be decided next week by the Jammu and Kashmir High Court with the Crime Branch moving a petition to contest that he is a minor, officials said on Thursday.

A decision on the petition, which will be heard early next week, will give clarity on whether his case will be heard along with the seven other accused before the Pathankot district and sessions judge or continue to be tried by the Juvenile Board in Kathua.

"The police has conducted a thorough probe and also carried out medical tests on the accused. The reports suggest his age to be in the 19-23 age bracket," said a senior official of the state law department.

He said all the evidence collected in the case was the same for all the accused.

"We cannot make a witness depose twice -- once in Pathankot and the second time before the Juvenile Board. The clarity is important," the official said.

Rahul Gandhi stresses the need for a united opposition for 2019 elections

Congress President Rahul Gandhi on Thursday said there were "valuable lessons" to be learnt from the results of the bypolls across the country, in a reference to the need for a united opposition for the 2019 general elections.

"Congratulations to all the winners in the by polls, across India. Valuable lessons to be learnt from the victories and defeats for all parties," tweeted Gandhi.

"I want to thank all the workers and leaders of the Congress party for their hard work and dedication in these elections. God bless you all," he added.

A united opposition got a major boost on Thursday when it delivered a huge blow to the BJP, defeating it in the Kairana Lok Sabha by-election in Uttar Pradesh and Bhandara-Gondiya in Maharashtra while the saffron party managed to retain the Palghar parliamentary seat and win only one out of the 10 Assembly bypolls in 10 states.

Google steps into Facebook's turf with hyperlocal query app Neighbourly

Google is stepping into social networking giant Facebook’s territory with its new app called Neighbourly that will allow users to ask queries and get them answered by other users in their vicinity.

The internet giant on Thursday launched the beta version of the hyperlocal app for the users in Mumbai, and said it would take a call on rolling out in other cities based on the response the company receives. Available on Google Play Store, the app supports smartphones with Android Jelly bean and higher versions operating systems.

While Google has existing platforms like Search, Assist and Local Guides to cater to a number of different queries that users may have, the new app will be a standalone platform without integrating any of these services for the time being, said Josh Woodward, Group Product Manager at Google’s Next Billion Users team.

“Google Search got started by connecting people to information on the web. We found that most of life happens within one km radius of where you live, so we created an experience from the collective knowledge within the range,” said Woodward. Neighbourly lets people share their own expertise and keep up with their neighbourhood safely through multiple queries they can post and view on the app.

Trump aims to impose tariffs on steel, aluminium imports from EU: Report

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported on Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

The oddest things about China's $7.4 trillion stock market

China may be somewhat of a mystery to the majority of international investors who will soon find themselves owning mainland shares for the first time.
The country’s main bourse, opened in Shanghai in the early 1990s, is accessible only through a link with Hong Kong or using either of two licences available to institutions like insurers or pension funds, both of which impose quotas and limitations. There will be a third route come Friday, when anyone tracking MSCI Inc’s indexes will be forced to own a piece of the 234 companies that were picked for inclusion this month.

A gauge tracking Shanghai shares has taken quite a beating in the past six days, closing Wednesday at its lowest level since October 2016. While the bearish sentiment hardly bodes well for China’s big debut, it does mean foreigners are getting in at the cheapest valuations in more than two years. Below are seven things that outsiders might find strange about China’s $7.4 trillion equity market, the second-largest in the world.

ED may investigate AirAsia case; Venkataramanan denies any wrongdoing

The Enforcement Directorate (ED) has sought from the Central Bureau of Investigation (CBI) details of the case of alleged corruption filed against top executives of AirAsia, according to ED sources.

“We will analyse the case registered by the CBI to see if a fresh case has to be filed by us or what further action we can take,” said an ED official. The CBI on Tuesday named AirAsia Group CEO Tony Fernandes and Tata Trusts’ R Venkataramanan for allegedly trying to subvert aviation laws for their joint venture AirAsia India by bribing government officials.

The ED is already probing corporate lobbyist Deepak Talwar, the middleman named in the CBI FIR, in a case of alleged money laundering and had raided several premises linked with him a week ago.

Both AirAsia and Venkataramanan have denied the charges, saying the accusations were made with mala fide intention and will be defended in court.

India seeks UK help in extradition of Mallya, Lalit Modi

India on Thursday sought the help of United Kingdom forearly extradition of liquor baron Vijay Mallya and former IPL honcho Lalit Modi andin locating diamantaire Nirav Modiduring the third Indo-UK home affairs dialogue here, officials said.

New Delhi also asked London not to allow the British territory to be used for anti-India activities by Kashmiri and Khalistani separatists.

"We have sought the help of the authorities in the UK in extradition of our wanted persons. The process is on and everyone knows because of our proactive action, Mallya had to go to a court in the UK," an official privy to the two-hour long meeting here.

While the Indian delegation was led by Union Home Secretary Rajiv Gauba, the UK team was led byPatsy Wilkinson.

Kerala announces cut in petrol, diesel prices by Rs 1 per litre from June 1

Amid soaring fuel prices, Kerala Chief Minister Pinarayi Vijayan on Wednesday said petrol and diesel prices in the state would be slashed by Rs one per litre from June 1.

A decision in this regard was taken at the state cabinet on Wednesday.

The reduction would cause a yearly loss of Rs 5.09 billion to the state exchequer on the tax front, he said.

The petrol price in the state on Wednesday was Rs 82 per litre, while for diesel it was Rs 75, he said.

"The Centre should reduce the rising fuel prices as it was causing severe hardship to the common man", Vijayan said, adding that by reducing the petrol and diesel prices in Kerala, the government has set an example for the Centre to follow.

Even as international crude oil prices are coming down, fuel prices in the country were going up, he claimed.

Water war in Shimla: Corporation distributes water under police protection

Following an acute drinking water shortage, the Municipal Corporation is distributing water under police protection.

Over 70 police personnel have been deployed to specially deal with the situation in the water-deprived hill-station.

Meanwhile, a mineral water wholesale trader, Jasvir Singh told ANI that the demand for bottled water has increased by 50 to 60 percent due to water scarcity in Shimla.

"Usually I supply 400 packs of water bottles but now the demand has increased to 700 plus for retailers," he said.

The tourism industry in Himachal Pradesh's Shimla has also been massively hit as tourists are cancelling their visits to the hill-station.

The local hoteliers and others related to the tourism industry are worried as social media is flooded with news about the water crisis, preventing the inflow of tourists into the state.

Bypoll results 2018 LIVE: SP leading in Noorpur; Cong leading in Shahkot

Bypoll results 2018 will be out in a few hours as counting of votes for by-elections to four Lok Sabha seats and 10 Assembly constituencies will be held on Thursday.

The Lok Sabha seats that went to polls are Palghar and Bhandara-Gondiya in Maharashtra, the politically-crucial Kairana Lok Sabha constituency in Uttar Pradesh, and the Nagaland parliamentary constituency.

Further, by-elections were held in the Legislative Assemblies of Shahkot (Punjab), Tharali (Uttarakhand), Ampati (Meghalaya), Chengannur (Kerala), Jokihat (Bihar), Gomia (Jharkhand), Silli (Jharkhand), Maheshtala (West Bengal), Noorpur (Uttar Pradesh), and Palus Kadegaon (Maharashtra).

The Kairana results, in particular, will also serve as a test case for a united Opposition against the Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP). The Kairana bypoll is also significant as it will test the ruling BJP's popularity in the electorally crucial state of Uttar Pradesh a year ahead of the 2019 general elections.   

Sir, please tell RSS why their ideology is wrong: Chidambaram tells Pranab

After former President Pranab Mukherjee accepted RSS' invitation for an event in Nagpur, senior Congress leader P Chidambaram on Wednesday requested him to tell the organisation what is wrong with their ideology.

"Now that he (Pranab Mukherjee) has accepted invitation there is no point debating why he accepted it. More important thing to say is, sir you have accepted invitation, please go there and tell them what is wrong with their ideology," Chidambaram said at an event in Delhi.

Meanwhile, Congress Leader Ramesh Chennithala wrote to Pranab Mukherjee requesting him to refrain from attending the RSS event which is to be held on June 7.

"I have been associated with him for many years; I am very concerned and surprised by his decision. RSS is always trying to divide the society," Chennithala told media here.

Earlier in the day, another Congress leader C. K. Jaffer Sharief wrote a letter to the former President wherein he requested him to "reconsider and avoid visiting" the RSS event scheduled.

Trump aims to impose tariffs on steel, aluminium imports from EU: Report

President Donald Trump intends to impose steep import duties on steel and aluminium imports from Europe starting Friday, after weeks of talks failed to reach a compromise, The Wall Street Journal reported on Wednesday.

Trade officials from Washington and Brussels had continued discussions to find a solution, such as import quotas, that would convince Trump to extend the exemption for the European Union from the 25 per cent tariff on steel and 10 per cent on aluminium.

But The Wall Street Journal cited people familiar with the matter saying a last minute deal appeared unlikely, and the tariff announcement could come as early as Thursday.

Trump imposed the tariffs in March to address global oversupply of the metals, but though it was largely aimed at China it hit US allies as well.

Washington exempted Canada and Mexico from the tariffs while negotiations continue to revamp the North American Free Trade Agreement, and South Korea agreed to quotas instead of tariffs.

Italy pushes euro to fore, the last place Europe wants it

Through more than two months of tough negotiations to form a government in Italy after inconclusive March elections, global financial markets remained relatively calm. Italy’s uncertainties seemed contained to Italy, and Europe’s economy kept growing.

That changed this week when Italy’s president, Sergio Mattarella, effectively blocked two populist parties from forming a government. He judged that a crucial member of their proposed cabinet was intent on having Italy abandon the euro, though they had not explicitly campaigned on that issue.

In doing so, Mr. Mattarella may have laid the groundwork for a new election, one that amounts to a referendum on the euro. The European Union and financial markets reacted with dread. On Tuesday, the Dow plunged almost 400 points, the value of the euro plummeted and the cost of borrowing for Italy shot up.

For the European Union, another Italian election would be terrifically bad timing.

Ready to fight back if US is looking for a trade war, says China

China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by US Commerce Secretary Wilbur Ross.

In an unexpected change in tone, the US said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.

Washington also said it will press ahead with restrictions on investment by Chinese companies in the US as well as export controls for goods exported to China.

Its tougher stance comes as President Donald Trump prepares for a June 12 summit with North Korean leader Kim Jong Un, whose key diplomatic backer is China, and as Washington steps up efforts to counter what it sees as Beijing's efforts to limit freedom of navigation in the South China Sea.

Goldman Sachs slashes euro, dollar forecasts citing Italian instability

US investment bank Goldman Sachs said on Wednesday it had cut its euro/dollar forecast for the next 3, 6 and 12-months because of uncertainty stemming from Italy's political crisis.
The bank said it forecast the euro to trade at $1.15 over the next three months, versus $1.20 previously. It also cut its six-month forecast to $1.20 from $1.27 and the 12-month forecast to $1.25 from $1.30 referendum on Italy's membership of

the euro zone.

Only 24 female CEOs at Fortune 500 companies against 32 in 2017

Not even 5 per cent of all Fortune 500 companies have female CEOs. Even though discussions about equal payment and hiring seem to be slowly bearing fruit amongst America’s employers, change in leading roles seems to be long in coming when looking at top management positions. In fact, 2017 started off with 32 females occupying chief executive positions in Fortune 500 companies. In May 2018, there are only 24 women left leading the biggest US companies

Russian scribe was found dead in pool of blood. Then, he came back to life

It was another horrific murder of a Russian journalist that reverberated around the world, a man pictured lying dead in a pool of blood.

Arkady Babchenko was shot dead at his home in Kiev, the Ukrainian capital, after returning from buying bread, local police said late Tuesday.
The world’s media, including Bloomberg News, reported the killing all day on Wednesday with details of previous assassinations and archive footage of the 41-year-old reporter who had been critical of the Kremlin. The news sparked condemnation from the international community and Russia protested being blamed.
Then, at about 5:20 p.m., Babchenko reappeared in Kiev.
To the amazement and applause of the assembled journalists at the headquarters of the State Security Service, or SBU, Ukrainian authorities said they had staged his murder. And even his wife wasn’t in on it.

Copy our data privacy policies too, Snap CEO Evan Spiegel to Facebook

Hitting out at Facebook once again, Snap CEO Evan Spiegel has suggested the social networking giant to not only copy its features but also its data protection policies.

During a ReCode conference in California on Tuesday, the Snapchat chief said Facebook has failed to sufficiently overhaul its user privacy protections.

"We would really appreciate it if they copied our data protection practices also," Spiegel was quoted as saying during the event.

"Fundamentally, I think the changes have to go beyond window dressing to real changes to the ways that these platforms work," he added.

Reacting to Spiegel, Facebook Chief Security Officer Alex Stamos tweeted on Wednesday, "Snapchat's implicit promise that photos really disappear combined with poor API security has lead to serious mass leaks of revenge porn. So no, I don't think copying Snapchat would be a smart move."

India-Indonesia ties: First interfaith dialogue to be held in October

Prime Minister Narendra Modi and President Joko Widodo on Wednesday agreed to organise an interfaith dialogue in Indonesia in early October 2018, which will be followed by a similar dialogue in India next year to promote pluralism and eradicate radicalism.

The two leaders shared the view on the imperative need to eradicate radicalism and reiterated the importance of promoting peaceful pluralism that would lead to true civilisation harmony, and moderation through a holistic approach, said a joint statement issued after their meeting.

"Interfaith dialogue is a reflection of the united commitment of both countries to explore a new understanding on the rise of religious identities, the dynamic of pluralism and to eradicate radicalism, terrorism, and violent extremism," it added.

Indonesia and India have pursued the ideals of pluralism, tolerance, rule of law and values of peaceful co-existence, the statement said.

"Thus, both leaders agreed to organise an interfaith dialogue in Indonesia in early October 2018, which will be followed by a similar dialogue in India next year," it added.

Karnataka CM Kumaraswamy facing challenges from friends and foes alike

Karnataka Chief Minister H D Kumaraswamy seems to be facing challenges from friends and foes alike as on one hand, the Janata Dal (Secular) and Congress tussle over portfolio allocation in the state Cabinet even as uncertainty continues over Kumaraswamy serving a full five-year term as CM. On the other hand, the Bharatiya Janata Party (BJP) has sharpened its attack on the newly-formed government over the issue of a farm loan waiver.

As the bigger partner in the coalition, the grand old party is eyeing key portfolios of finance, industries, and home, which together cover mining, power, irrigation, excise, among other things. However, JD(S) also wants to have a piece of cake and is looking to get hold of at least finance as Kumaraswamy would want to fulfil his promise of a farm loan waiver of Rs 530 billion.

Amid the current stalemate over portfolio allocation, doubts over the JD(S) and Congress partnership might gain ground considering Congress leader and Deputy Chief Minister G Parameshwara's remarks ahead of last week's floor test. Parameshwara had said that no decision had been taken yet on whether Kumaraswamy would be the chief minister for a full five-year term.

Nifty outlook and top trading ideas from Prabhudas Lilladher for today

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
The daily trend in Nifty & Bank Nifty continues to be positive since 3 days. Market still does not have a clear trend. Crude & Rupee have been the market drivers, which brings in lot of uncertainty to the stocks. The support for the day is seen at 10570 while resistance is seen at 10680. A decisive break of 26000 would bring heavy weight banks like HDFC Bnk, Kotak Bank, etc. under pressure.

BUY MAH & MAH 
CMP : Rs 870.25

TARGET : Rs 950
STOP LOSS : Rs 840
The stock has made a higher bottom formation pattern in the daily chart and has indicated a decent upward movement with still further potential maintained for an upward rally from here on in the coming days. The indicators are favourable with a positive bias and also the stock has moved past the 34 WMA moving average and is poised for an up move. With good volume participation witnessed, we recommend a buy in this stock for an upside target of 950 keeping a stop loss of 840

5000 complaints received on visa frauds after Trump tightens H-1B visa rule

More than 5,000 complaints of H-1b visa fraud and abuse have been received by a federal agency on a dedicated email helpline that was launched by the Trump administration last year, an official said.

"As of May 21, 2018, the USCIS has received over 5,000 tips to the dedicated H-1B email address," Philip Smith, a Spokesperson for the US Citizenship and Immigration Services (USCIS) told PTI.

After US President Donald Trump Signed "Buy American, Hire American" executive order last year, Fraud Detection and National Security Directorate (FDNS) established email addresses dedicated to receiving information about suspected H-1B and H-2B fraud or abuse.

FDNS leads USCIS's efforts to combat immigration benefit fraud.

Anyone (including both American workers and workers who suspect they or others may be the victim of H-1B or H-2B fraud or abuse) can email ReportH1BAbuse@uscis.dhs.gov or ReportH2BAbuse@uscis.dhs.gov to submit tips, alleged violations, and other relevant information about potential fraud or abuse, Smith said.

Sterlite shut down: Vedanta to challenge order once protests cool down?

Vedanta Resources is working on a legal challenge to the Tamil Nadu government's closure of one of its copper smelters, but it will not proceed until tensions over the deaths of 13 people during protests last week have eased, two sources told Reuters.

The Tamil Nadu government ordered the permanent closure of the smelter on Monday after police fired on protesters demanding its closure on environmental grounds.

London-listed Vedanta, majority owned by billionaire Anil Agarwal, considers it is now left with no other option than to file a writ petition challenging the Tamil Nadu government's decision in the Madras High Court or the Supreme Court in New Delhi, the two sources close to the company said.

"They have not presented a single (piece of) evidence against the company," said one of the sources, both of whom declined to be named. "Vedanta is confident that it has a strong case legally. It has not violated any law."

Banks on 2-day nation-wide strike from today: Here's how it will affect you

Employees and officers of various public sector banks across the country are on a two-day strike starting today to protest a nominal 2 per cent wage hike offered by the Indian Banks' Association (IBA).

The strike is expected to hit bank customers hard as it may disrupt month-end salary credit operation. Further, the strike could trigger a country-wide cash crunch as ATMs of most banks would not be replenished in the next two-days. Several ATMs might even remain closed during the strike as security guards employed in these ATMs are also likely to participate in the protest.

Owing to the strike, operations such as clearing of cheques, money transfer, cash remittances, and deposit and withdrawals at branches will not be possible in the next two days.

RBI monetary policy: Four charts show markets are preparing for a rate hike

The interest-rate cycle in India is turning. The central bank may be set to tighten policy next week to keep inflation in check and stem the declines in the rupee if the rate-market moves are any indication.

The Reserve Bank of India hasn’t tinkered with rates since August, and even cut inflation projections last month, raising expectations that borrowing costs would remain on hold. But a surprising hawkish tilt revealed in its April policy minutes and the recent spike in oil has boosted speculation the authority may lift rates at its June 6 meeting.

“Front-end bonds are fully pricing in a 25-basis point hike in June,” said Suyash Choudhary, head of fixed income at IDFC Asset Management Co. in Mumbai. “Even accounting for some higher supply absorption premium, one can say that a 75-basis point increase seems to be comfortably discounted over the next year.”

March quarter was good for Indian economy but will road ahead be bumpy?

India’s economy probably gained a little momentum in the first three months of 2018 which should ensure that it remains the world’s fastest growing major economy, a Reuters poll found.

Gross domestic product expanded an annual 7.3 percent in the first three months of 2018, the May 24-29 poll of 55 economists predicted, a touch faster than the 7.2 percent achieved in the last three months of 2017 — and well above China’s pace of 6.8 percent for the quarter ending in March.

Forecasts ranged from 6.9 to 7.7 percent.

If the poll is right, January-March would have the fastest expansion since before the government’s surprise decision in November 2016 to scrap high-value currency notes and a botched implementation of a goods and services tax (GST) in July last year stalled growth.

“Domestic dynamics are very strong and external volatility won’t derail the current economic recovery,” noted Hugo Erken at Rabobank, one of the most accurate forecasters on India GDP, and whose view is that growth reached 7.5 percent.

Child health in India: 14 out of 20 states cut spending on key programmes

Despite greater fiscal autonomy and higher tax revenues shared by the Centre with states, 14 of 20 states surveyed cut spending on a key nutrition programme–Supplementary Nutrition Programme or SNP–that bridges the gap between a child’s actual and ideal dietary needs, according to an analysis of national health-spending data.

The SNP is the most popular service under the national child-support system–the Integrated Child Development Services (ICDS)–as it is used by 35.6% of urban and 53% rural residents, according to data from the National Family Health Survey 2015-16 (NFHS-4). As many as 55% and 61% of India’s lowest and second-lowest income classes, respectively, depend on the ICDS.

The fall in funding could jeopardise not just child health but, as a consequence, future productivity and economic growth; these cuts come three years after the Centre increased the states’ share of net tax revenues from 32% to 42% and at a time when two out of three nutritional parameters improved over 10 years to 2016.

The greater share of net tax revenues to the states followed the recommendations of the 14th Finance Commission in 2015.

Is China ahead of the United States in development of self driving cars?

Everybody wants autonomous vehicles now: It’s the auto industry’s way forward and Silicon Valley’s latest preoccupation. China is no different.

Alibaba Group Holding Ltd. is testing self-driving cars in China, and Baidu Inc. started trials of autonomous technology last year. BMW AG earlier this month was the first foreign carmaker to get a license to test its offering in China. In mid-May, Shenzhen-based Roadstar.Ai LLC raised a record amount from Chinese investors.

Meanwhile, Tencent Holdings Ltd. and bigger-than-Uber ride-hailing provider Didi Chuxing said in the last couple of weeks they’re testing autonomous cars in California. They join a host of niche Chinese tech companies that now account for about one-fifth of those with permits for self-driving trials in the U.S., alongside carmakers and startups.

A lot of this follows a Beijing-mandated push. In April, the government laid out national road-testing guidelines for autonomous vehicles, adding to rules in place in Shanghai and Beijing. That will make it possible for China to collect vast amounts of data on AV testing on public roads, the way Alphabet Inc., Google’s parent, did with its sibling Waymo. If automakers see a future in China, the world’s largest car market, they’ll need to have data collected and created in China. Californian data won’t fly.

The cult of Elon Musk: The demi-god protected by an army of trolls

Jean-Paul Sartre famously refused a Nobel Prize for literature (in 1964) because, he said, he didn’t want to be “institutionalised”. His eagerness to prevent this transformation wasn’t misguided. Perhaps more famously, at least among science journalists, many Nobel laureates in the sciences have turned into institutions after winning the coveted prize. Their presence in a room is typically interpreted as the presence of a Nobel laureate more than anything else.

By this measure, they bring along the weight of their awards and other honours as well as that of the research bodies with which they are affiliated. As a result, they’re often taken more seriously than they ought to be – particularly when they’re commenting on subjects they’re not experts in.

Elon Musk does not have a Nobel but he has already become one such institution. His successes as an entrepreneur (with PayPal, Tesla and SpaceX) have rendered him a techno-financial laureate of sorts among the people. His triumphs in the business sphere have put a halo on his head and the hashtag reads “Midas”. He’s a champion of the masses that speak English, have at least an undergraduate education, live in cities and make enough to dream about spaceflight.

Wall Street falls on Italy political turmoil; S&P, Dow Jones down over 1%

The S&P 500 and the Dow Jones Industrial Average fell more than 1 per cent on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone.

Italy has been unable to assemble a coalition government since inconclusive elections in March, which saw the rise of anti-establishment parties that support leaving the euro. The most recent nominee for prime minister failed to secure support from the country's major political parties.

The political crisis in Rome, and the threat to the euro project it represents, triggered a rush to traditional safe havens like US debt, pulling down US 10-year bond yields and in turn spurring losses for US banks.

The market's main measure of short-term volatility, the CBOE Volatility index spiked to its highest level since April 25.

"The direct connection between the Italian government and the S&P 500 is tenuous, but it indirectly reminds people of geopolitical uncertainty," said Ed Keon, chief investment officer of QMA in Newark, New Jersey.

The Dow Jones Industrial Average fell 376.91 points, or 1.52 percent, to 24,376.18, the S&P 500  lost 30.88 points, or 1.13 percent, to 2,690.45 and the Nasdaq Composite dropped 36.31 points, or 0.49 percent, to 7,397.54.

Over 50% employees are ready to accept, embrace robot co-workers: Survey

More than 50 per cent employees believe that robots are an addition to the workforce as they automate repetitive or mundane work that they would otherwise have to do themselves, a survey has found.

The survey showed that workers are actually ready and willing to embrace robot coworkers rather than being worried about job losses.

Nearly 30 per cent of employees cited that machines are more attractive than co-workers because they do not get involved in office politics.

On the other hand, 34 per cent employers also agree that robots are more efficient and improve productivity than humans in the workplace.

"Far from workers worrying about their jobs being taken by robots, our study shows that employees are actually very happy to work alongside machines. With all the advantages of robots not getting involved in office politics too, we can expect to see more of this in the future!" Terri Hiskey, Vice President (product marketing, manufacturing) at Epicor Software Corporation, US-based global enterprise software provider, said in a statement on Tuesday.

Vivo X21 with fingerprint sensor under glass launched: Know price, features

Vivo, a Chinese mobile phone brand, is one of the first smartphone manufacturer to launch consumer-ready notch screen-based smartphone the Vivo V9 in India. Now, in another first, the company has launched an in-screen fingerprint sensor-based device the Vivo X21. Priced at Rs 35,990, the Flipkart-exclusive smartphone will go on sale starting May 29.

The Vivo X21 is a flagship smartphone with top of the line specifications. The phone sports a vivid fullHD+ super AMOLED 6.28-inch notch-based screen, which has an embedded fingerprint sensor at the lower bottom. The phone boasts premium glass-metal-glass sandwich design, which look plush and in-line with other premium offerings.

Here's what history of advertising suggests about the future of fake news

Jordan Peele, the comedian turned horror-movie director, recently made a video meant to give American voters shivers of dread.

It showed President Barack Obama giving a speech he never gave, and uttering sentences that he didn’t actually say. The video demonstrated how easy it is to use current technology to create powerful and persuasive lies, now also known as fake news.

When this video magic is coupled with the ability of companies like Facebook to micro-target each of us and select the news we see, the implications for the future of our democracy seem dire. Fake news and microtargeting can be combined to create a kind of advertising that’s like an evil version of Reese’s Peanut Butter Cups, and we are being exposed to more of these pernicious morsels every year.

But two lessons from the history of advertising suggest that the fake news phenomenon is likely to change significantly in the years to come. Prospects are gloomy for the near future, as this kind of advertising extends beyond politics. History also suggests, though, that the danger will probably recede over time as people grow accustomed to the ads, which will cease to work as effectively.

'Imperative' to dismantle North Korean nuclear weapons say Trump, Abe

President Donald Trump and Japanese Prime Minister Shinzo Abe on Tuesday agreed that it is "imperative" to completely dismantle North Korea's nuclear weapons and ballistic missile program, the White House said.

During a telephone call, the pair "discussed recent developments in North Korea and confirmed they would meet again to continue close coordination in advance of the expected meeting between the United States and North Korea," a statement read.

"The president and the prime minister affirmed the shared imperative of achieving the complete and permanent dismantlement of North Korea's nuclear, chemical and biological weapons and ballistic missile programs".

China's Ant Financial closes funding; raises $10 bn at $150 bn valuation

Ant Financial Services Group, operator of China's biggest online payment platform by market share, Alipay, has closed its latest funding round having raised $10 billion from a clutch of global and local investors, five people with direct knowledge of the matter told Reuters.

The fundraising values the firm at $150 billion, the people said, compared with about $60 billion after its previous fundraising in April 2016.

A number of global sovereign wealth funds and private equity firms joined the fundraising as main investors. They include Singapore's sovereign wealth fund GIC Pte Ltd and state investor Temasek Holdings (Private) Ltd, as well as US private equity firm Warburg Pincus LLC, the people said.

The people spoke to Reuters on the condition of anonymity as the deal details are not yet public. The amount and investor line-up are finalised and the transfer of funds is underway, the people also said.

Ant, controlled by Alibaba Group Holding Ltd founder Jack Ma, declined to comment. Temasek and Warburg declined to comment. GIC did not immediately respond to a request for comment.

Pak, India DGMOs agree on no ceasefire violations in hotline contact: Army

A special hotline contact was established between the Director General of Military Operations (DGMO) of Pakistan and India on Tuesday, the Pakistan army said.

Both DGMOs reviewed the prevailing situation along the Line of Control and Working Boundary and mutually agreed to undertake sincere measures to improve the existing situation ensuring peace and avoidance of hardships to the civilians along the borders," the Inter-Services Public Relations (ISPR), the media wing of the Pakistan Army, said in a statement.

They agreed to fully implement the ceasefire understanding of 2003 in letter and spirit and to ensure that the ceasefire agreement will not be violated by both sides from now on, it said.

The officials also agreed that in case of any issue, restraint will be exercised and the matter will be resolved through utilisation of existing mechanisms of hotline contacts and border flag meetings at local commander's level.