Mary Dawson

Passenger traffic down 4% in April due to supply challenges: SIAM

Internal shipments of passenger vehicles fell 4 percent in April due to continued supply-like challenges, the Society of Indian Automobile Manufacturers (SIAM) said on Wednesday.

In April 2021, domestic wholesale sales for passenger vehicles were 2,61,633 units, and shipments were 1,12,857 units, compared to 1,41,194 units in April 2021. Period years ago.

The number of van dispatches was flat at 11,511 in April, down from 11,568 in April 2021.

Two-wheeler sales rose 15 percent to 11,48,696 units last month from 9,95,115 units in April 2021.

The number of motorcycles sold in April 2021 increased to 7,35,360 units from 6,67,859 units in April 2021. In the same vein, scooter shipments increased to 3,74,556 units last month from 3,01,279 units a year ago.

Wholesale three-wheeler sales last month rose to 20,938 units from 13,856 units in April 2021.

“Passenger vehicle sales are still below the April 2017 figure, while two-wheelers are lower than the April 2012 figure,” said Rajesh Menon, SIAM’s director general.

The three-wheeler has yet to reach normal levels, as sales are still less than 50 percent of the April 2016 figure, he added.

Manufacturing companies are working hard to manage their supplier ecosystems with agility and flexibility as supply-side challenges continue, Menon said.

“Also, producers are keeping an eye on the potential impact on demand due to the recent repo rate hike, as it will increase consumer lending rates,” he said.

Earlier this month, the Reserve Bank of India raised the repo rate, the rate at which it lends to commercial banks, to control inflation by 40 basis points to 4.4 percent, which has exceeded 6 percent for three consecutive months.

(With input from PTI)

FCRA violation: CBI arrested 14 people, recovered Rs 3.21 crore during search

The CBI has arrested 14 people and recovered Rs 3.21 crore in cash during searches in 40 places against NGOs, mediators and Union Home Ministry officials for allegedly violating the Foreign Contribution (Control) Act and facilitating foreign grants, officials said on Wednesday.

The agency had on May 10 registered the case against seven officials of the FCRA department of the Home Ministry and 36 others, including NICs, mediators and NGO representatives.

On Tuesday, the CBI conducted searches at 40 places across the country.

The ministry found that at least three networks, working closely with government officials, were charging NGOs “speed money” and “troubleshooting fees” to expedite FCRA clearances so they could receive foreign grants, officials said.

The ministry has directed a CBI probe into the incident.

In a communication to the CBI on March 29, Union Home Secretary Ajay Bhalla said that at least three FCRA clearance networks were working in close collaboration with some government officials.

The three network NGOs affiliated with government officials are charging “speed money” and “troubleshooting fees” to expedite FCRA clearances and resolve issues related to the application process for new registrations and renewals, officials said.

“It was alleged that some officials of FCRA department, promoters / representatives of various NGOs, conspired with the middlemen, were involved in corrupt activities for the backdoor FCRA registration / renewal of NGOs so that they could continue to accept grants even though the objectives were not met.” Joshi says.

Officials said that when the matter was brought to the notice of Home Minister Amit Shah, he had directed that strict action should be taken against those involved.

Yoshi said some government employees were disguising officials in the FCRA department and accepting bribes from NGOs for renewing their registration / registration under the FCRA and other FCRA-related work.

He said that during the investigation, the two accused were caught distributing and accepting a bribe of Rs 4 lakh on behalf of a senior accountant at MHA, New Delhi.

He said the bribe was allegedly distributed through a hawala operator in Avadi (Tamil Nadu) and a close associate of the said government employee.

Among the accused are Paramod Kumar Vasin, Alok Ranjan, Raj Kumar, Md. Gajanfar Ali, Uma Shankar and Tushar Kanti Roy.

Iris Multipurpose Social Service Society, Center for Tribal and Rural Development, Mohammad Jahangirabad Educational Trust, Christian Life Center Ministries, Reformed Presbyterian Church North East India and Nyi Roshni.

Employees of hawala operators, middlemen, representatives of executive and consulting firms, relatives and employees of officials have also been charged in the FIR, they said.

We can create a Silicon Valley in India: Anil Agarwal, Chairman, Vedanta

Anil Agarwal, chairman of Vedanta Group, said the government’s incentive project on semiconductors could turn India into another Silicon Valley or Taiwan. He said that electronics is a sector where the country has immense potential for development.

“Today we only have branded products like mobile phones etc. Once our raw materials (chips), the cycle will be complete. We can create a Silicon Valley in India or elsewhere in Taiwan, “Agarwal said in an interview with FE.

Agarwal said Vedanta is confident of getting global orders once its semiconductor manufacturing unit is launched in India. The company is already making fab glasses and optic fiber globally, so it’s not going to be a new business.

He added that funding for the semiconductor business – which is capital intensive and has a long gestation period – would not be a problem in India as it would generate enough cash to feed other businesses such as oil and gas, mining, iron and steel fab units. . “We have decided not to de-merge our businesses into separate verticals of aluminum, iron and steel, oil and gas so that cash flow can continue. This year we will make a profit of 10 10 billion so that there will be cash flow, ”Agarwal said.

The chairman hopes that the government’s approval for the semiconductor unit will come within two months but the work of design, land and location identification etc. is going on in parallel in the company.

“We have an initial investment plan of 2 2 billion that will eventually reach 20 20 billion. Various state governments have approached us to provide land for the project, and we are in talks with several of them. We will mark the location to set up the unit soon. We want to see which state can create a complete cluster of units, ”he said.

Five companies have applied for the government’s `76,000 crore incentive project to develop semiconductor and display manufacturing ecosystems. Of these, two are from Vedanta Group – one where it has formed a joint venture with Foxconn to manufacture chips and the other for its own display fabs.

Speaking about Hindustan Zinc (HZL), Agarwal said that Vedanta has withdrawn its arbitration against the central government in the second call option for acquiring a 29.5% stake in the company. The arbitration was withdrawn after assurances from the government that it would expedite the sale of the remaining shares. Although Vedanta cannot buy more than 5% because of a cap, Agarwal said the company would not have to go to the government for every little thing as soon as private parties arrive. The government can also get Rs 40,000 crore by selling shares. He said he would be willing to buy more if the government removed the cap, but that a diversified private holding was also okay.

In November 2021, the Supreme Court allowed the center to invest its remaining portion of HZL in the open market, citing the fact that the firm had long ceased to be a state-owned company. In 2002, Vedanta bought a 26% stake in HZL. It used the first call option in 2003 and acquired an additional 18.9% stake. Later, Vedanta acquired another 20% through an open offer. To occupy the remaining 29.5% of the government, it used the second call option in 2009, but the government rejected it. In view of this, Vedanta started arbitration proceedings against the government.

Agarwal said he advised the government that state-owned enterprises should move forward instead of privatizing, corporatizing them for better returns and greater equity participation. “In corporatisation, the government can sell its entire market share but keep a cap that an entity cannot buy more than 5%. This way new owners can look for professional management and run the company better and this will not be the case for a single owner to become rich and wealthy, ”Agarwal said.

Moto Edge 30 will launch in India tomorrow

Moto Edge 30 Price: Lenovo-owned smartphone brand Motorola is getting ready to launch a new mobile phone in India – Moto Edge 30 during a virtual event tomorrow. The smartphone brand has also unveiled a number of specifications, including the design and color options of the Moto Edge 30 smartphone.

The smartphone maker has confirmed that the Moto Edge 30 will be sold in India through Flipkart, Reliance Digital and other retail stores and will come in black, blue and green color options. The launch event is expected to start tomorrow between 12:00 pm – 12:30 pm The company has not yet announced the timing of the live virtual event. Readers can check out the G Business site for the latest updates.

Introducing # Motorolaedge30, the world’s thinnest 5G smartphone! It is India’s lightest 5G phone in the segment with 144Hz pOLED display, India’s first Snapdragon 778G + 5G, flagship camera and more. Launching on Flipkart Launching in stores! The company wrote on Twitter.

The Moto Edge 30 is already available in the European market. The smartphone is expected to cost around Rs 30,000 in India. According to Motorola India, the upcoming smartphone is “the world’s thinnest 5G smartphone”. The Flipkart teaser of the smartphone revealed that it is 6.79 mm thin and weighs 155 grams.

The Motorola Moto Edge 30 is said to be priced at Rs 27,999 in India. On top of that, the brand will offer some bank discounts. The phone will have Rs 2,000 bank discount which will bring the price down to Rs 25,999. The above price is expected for the + 128GB variant. The device is also expected to have a 256GB storage variant, “the BGR India report said.

The Moto Edge 30 will be powered by a Qualcomm Snapdragon 778G + processor and will come with a 144Hz refresh rate display and a 50MP quad rear camera setup. The smartphone will be available for purchase at Flipkart, Reliance Digital and leading retail outlets in India.

The Moto Edge 30 may have a 6.5-inch FHD + AMOLED panel that offers a 144Hz refresh rate. It will be powered by Qualcomm Snapdragon 778G + processor and it can offer up to 8GB RAM and up to 256GB internal storage. The smartphone is expected to run on Android 12-based MyUX skin.

Sri Lankan President Rajapaksa will appoint a new prime minister and cabinet this week

Troubled Sri Lankan President Gotabaya Rajapaksa said on Wednesday he would appoint a new prime minister and a cabinet this week that would introduce constitutional reform amid widespread anti-government protests over the country’s worst economic crisis.

In his address to the nation, President Gotabaya said that after the appointment of a new Prime Minister and government, a constitutional amendment would be introduced to implement the provisions of the 19th Amendment to the Constitution, which would give more power to Parliament.

“I will appoint a young cabinet without Rajapaksa,” Gotabaya said as he began talks with political parties to stop the country from drifting towards anarchy.

He added, “The prime minister of the new government will be given a chance to take the country forward by creating a new program.

Sri Lanka has been without a government for the past two days since the resignation of its President Gotabhaya’s elder brother and Prime Minister Mahinda Rajapaksa, paving the way for the formation of an all-party interim government.

The President is constitutionally empowered to run the country without a cabinet.

Talking about the violence that took place in the country earlier this week, he said that what happened on May 9 was very unfortunate.

“Assassinations, assaults, intimidation, destruction of property and subsequent heinous acts cannot be justified,” the president said.

Gotabaya said the inspector general of police had been instructed to investigate.

He added that the Sri Lankan police and the three-armed forces have been instructed to strictly enforce the law against those who cause violence.

“Strict law enforcement action will be taken against those who planned, aided, abetted and involved the incident,” Gotabaya said, urging everyone to remain calm. In 1948. The crisis is partly caused by a lack of foreign exchange, which means the country cannot afford to import major food and fuel, leading to severe shortages and high prices.

Thousands of protesters have taken to the streets across Sri Lanka since April 9 to demand the resignation of President Gotabaya and his brother Mahinda, as the government runs out of money for vital imports; The prices of essential commodities have skyrocketed and there is a severe shortage of fuel, medicine and electricity.

Shirking Liability: A mockery of the EU’s carbon tax diversity

By RV Anuradha

In all, 193 countries have informed the Nationally Determined Contributions (NDCs) under the Paris Agreement to the United Nations Framework Convention on Climate Change (UNFCCC). These include the European Union, the United Kingdom and India. The NDCs are based on the UNFCCC policy of “common but separate responsibilities and associated powers” (CBDR-RC). This stems from the UNFCCC recognition that developed countries are “responsible for the largest share of historical and current global greenhouse gas emissions,” and that “global emissions from developing countries will increase to meet their social and development needs”. Developed countries were also tasked with transferring technology and financial resources to enable developing countries to take a green path of development. However, initial experience of implementing obligations under the UNFCCC, including the CBDR-RC policy, has not been effective. The United States refused to ratify the 1997 Kyoto Protocol at the UNFCCC, Canada withdrew in 2012, and many countries refused to commit after 2012. The 2015 Paris Agreement was anchored by each country on the NDCs, an agreement that reached with greater awareness. Climate change presents that clear and current danger.

NDCs are based on economy-wide emissions reduction – a country has sovereign discretion over how to distribute reduction responsibilities across different sectors. In an ideal world, each country would play its part, live up to the NDC commitments and enable the transfer of money and technology to achieve green growth. Unfortunately, this ideal world does not exist. As widely reported, the promise of অর্থ 100 billion annually by developed countries for climate change by 2020 remains unfulfilled in developing countries. Add to that the EU’s proposed implementation of the Carbon Border Adjustment Mechanism (CBAM), a unilateral charge that countries’ climate policies differ from those of the EU. The UK is likely to follow the recent directives of the UK Parliament’s Environmental Audit Committee to implement similar measures soon. Canada and the United States are also considering such a move. At the heart of this effort is the equalization of climate policy differences through unilateral trade arrangements. Such measures are therefore a mockery of the rationale and principles of internationally agreed climate action.

The EU argues that in the absence of its international partners sharing the same level of climate ambition, there is a risk of carbon leakage due to the shift of EU industry to countries with lower emissions targets. Beginning January 1, 2023, the EU’s CBAM Order, which imports into five sectors in the EU – iron and steel, aluminum, fertilizer, cement and electricity – must comply with the requirements for detailed reporting of emissions related to their manufacturing. This “reporting only” conversion period will last until December 31, 2025. From 1 January 2026, five sectors must be accompanied by CBAM certification related to verified emissions for imports into the EU.

CBAM is a mandate that a country wishing to export to the EU must replicate its requirements for emissions reduction and carbon pricing as determined by it. The price of the CBAM certificate will reflect the average weekly auction price of the EU Exit Trading System (EU-ETS). Annual revenues from CBAM are expected to reach 2.1 billion by 2030. It will probably be set up for CBAM administrative and other related expenses. There are no plans to return the money raised as climate finance to developing countries. At the constructive stage of its CBAM proposal, a legal assessment conducted for the EU Parliament in 2020 proposed that the EU may consider a waiver for imports from the parties to the Paris Agreement. However, the EU has chosen to ignore a simple approach that measures its compliance with the principles of equity and climate justice. In addition to the immediate impact on the five target sectors, carbon boundary systems will have an impact on downstream products across the supply chain and especially on MSMEs across both developed and developing countries. Sectoral opportunities for the inclusion of paper, glass and chemicals are also expected to expand. From the lens of international trade law, a CBAM that distinguishes between similar products based on emissions in the manufacturing process is less likely to stand the test of compliance with WTO rules. Due to the lack of alignment with internationally agreed differential emissions reduction commitments under the UNFCCC, it may be difficult for the EU to justify CBAM as an environmental exception to WTO rules.

However, the WTO Dispute Settlement System with a non-effective appeals body gives little hope for any real or timely solution to the problem. The US unilateral tariffs on steel and aluminum imports in 2018 and subsequent retaliatory measures imposed by some affected countries (including India) against US imports are still awaiting a decision at the WTO. Similar results in the case of EU CBAM will only increase trade friction, and will not contribute to a green planet. The only realistic option for countries is to resolve this at the UNFCCC and agree that unilateral trade arrangements cannot weaken the NDC. The WTO Director-General warned against the risk of unilateral action and suggested that countries work towards setting the carbon price attached to the Paris Agreement. Any alignment of the Paris Agreement means that there cannot be a global common value and countries must recognize the value of the differential carbon associated with the NDC. When the clock is ticking for climate change, it is important to take timely steps to prevent it, instead of wasting time and resources on futile unilateral border measures and countermeasures.

Author Partner, Clarus Law Associates, New Delhi

Inflation creates market volatility, says Sunil, founder of Abacus Asset Manager

Inflation is one of the main reasons for the current market downturn, said Sunil Singhania, founder of Abacus Asset Manager LLP, in an exclusive interview with Anil Singhvi, Business Managing Editor. To control inflation, interest rates have changed one after another – one by the Reserve Bank of India by 40 bps (basis points) and the other by the US Federal Reserve by 50 bps, he said.

This has created an environment where interest rates are expected to rise further, the founder said. He said volatility or market volatility stems from the fact that when everyone is selling, it is time to buy when the market is down.

Domestic stock markets closed in red on Wednesday amid high volatility. The Sensex fell 276 points, or 0.5 percent, to close at 54,088.39.

However, it is reasonable to assume that there will be no problem in the Indian market on a long-term basis, said Singania. He added that the market had reached a point where a correction was needed.

The ongoing Russia-Ukraine war has affected commodity prices, currency and global markets. In the end, investors face all these uncertainties, he added.

Calculating the positive aspects, Singania said that while the price of metals has fallen by 15 per cent, the price of oil, which was once close to USD 130-135, has now dropped to a level close to USD 100-105. He is also hopeful that the price of crude oil will come down further with positive news. He expects a correction between USD 10 and 20.

His advice to experts is to stay positive, arguing that people in India have been optimistic they have done well in the market over the last 20-25 years. In addition, being positive will help people find opportunities to buy rather than just sell in the market.

Watch the full video here for more details:

Rabindra Jadeja has been dropped from the rest of the IPL and has returned home with a rib injury

Senior India and Chennai Super Kings all-rounder Rabindra Jadeja has been ruled out of the rest of the IPL due to a rib injury, just days after leaving the leadership role on Wednesday.

“Rabindra Jadeja will miss the next two matches of CSK due to a rib injury. He has already gone home, ”CSK CEO Kasi Bishwanathan told PTI.

Jadeja apparently did not play the match against Delhi Capitals due to an injury to his upper body, surviving the previous match against RCB.

Jadeja, who captained CSK in the first eight games, had a memorable season as he managed just 116 runs at an average of 20 in 10 matches and took just five wickets at an economy rate of 7.51.

Although the official reason given for Jadeja’s unavailability is injury, sources tracking events at the CSK camp have claimed that the all-rounder has been dropped.

” I think there is more. Jadeja also unfollowed CSK on Instagram, “An IPL source told PTI on condition of anonymity.

When the CSK CEO asked about Jadeja’s decision to unfollow the franchisee on social media, he didn’t want to read too much into it.

“I have no idea about all these things like Instagram and Twitter and so I can’t tell you much about these things,” the CEO said. Jadeja has won two of the eight matches under CSK’s leadership, losing six, while the ‘Yellow Brigade’ has won three of the four games since Dhoni’s return as leader.

Dhoni, after taking over the reins from Jadeja, claimed in a roundabout manner that the all-rounder had been told last season that he would be given the captaincy for the 2022 edition. It was a simple Dhoni-style subtle message about the Saurashtra player not doing his homework.

At 33, Jadeja is a senior Indian star and self-styled actor. It appears that he was not given full responsibility when he was in the lead, an indication of which was when he was seen fielding deeply. Don’t come. Those who are left out sit in the dug-out. And Jadeja was dug out for the record.

Uber will hire 500 engineers in India by the end of 2022

Uber Technologies on Wednesday said it plans to hire another 500 engineers in India by the end of 2022. The agency said the engineers would be hired across the board and not for any specific business purpose.

The announcement comes after the app-based mobility and distribution company became a 1,000-member strong technology team at its centers in Hyderabad and Bangalore.
India is the second largest technology hub for ride-hailing apps after the US. It recruited 250 engineers to its India team in 2021.

“Uber is looking for top-notch engineers, data scientists and program managers to join its global engineering and product team with the goal of building locally and scaling globally. We are excited about the possibility of presenting a rapidly evolving dynamic space, and will continue to lead innovation for our customers around the world, ”said Manikandan Thangarathanam, Senior Director, Engineering, Uber.

Uber further announced that it is currently piloting Uber buses, a new service that guarantees its customers a seat on an air-conditioned bus. It is currently being tested and tested in Delhi and Cairo, Egypt.

Uber will allow users to track their buses, share rides with family members and issue affordable monthly passes. It first launched in India in 2013 and has launched several services to date, Uber Bus being its latest expedition.

Recently, the government asked Uber, among its Indian competitors, among other cab aggregators, to explain to Ola how to deal with rental pricing algorithms, drivers’ payment structures, and so on.

PNB Q4 Results 2022: State-run bank’s PAT reduced by 65% ​​to Rs 201.57 crore; Money announcement

PNB Q4 Results 2022: Punjab National Bank (PNB) reported a net profit of Rs 201.57 crore for the quarter ended March 31, 2022. It declined by more than 65 per cent year-on-year (YoY) versus Q4FY21’s post-tax profit (PAT) of Rs 586.33. cr, said in his filing with the state-run Bank Exchange.

For the financial year, net profit of Rs 3456.96 crore has been reported as against Rs 2021.62 crore.

The total separate revenue for the Q4 quarter of FY22 was Rs 21,095.17 crore as against Rs 21,386.01 crore reported in FY21, according to the exchange filing.

The interest earned during the reporting quarter stood at Rs 18645.12 crore as against Rs 18808.81 crore reported during the same period of FY21.

Total assets stood at Rs 1314805.01 crore in the reporting quarter as against Rs 1260632.62 crore in FY21 Q4.

Citi-headquartered lender asset quality shows improvement, with gross non-performing assets (GNPAs) falling to 11.78 percent of total growth by March 2022, from 14.12 percent a year earlier.

Net NPAs or bad loans also fell from 5.73 per cent to 4.8 per cent.

Watch G Business Live TV streaming below:

However, the lender placed higher provisions for bad loans and subsidiaries in FY22 Q4 at Rs 4,851.47 crore, up from Rs 3,540.32 crore earlier.

The Board of Directors has recommended a dividend of Rs.

Results are announced after market time.

PNB shares ended at Rs 33.10 on the NSE, down 0.6 per cent from Tuesday’s close.

Input from PTI