Make smart move don't pay off your mortgage early

Sukanya Kumar
RetailLending.com

Many people jump at the first opportunity to pay off their mortgage, and while it may seem like a great financial relief, a closer look can help us uncover the advantages of holding on to a mortgage until the end of its tenure.

There may be a belief that paying off a mortgage delivers peace of mind, financial freedom and a sense of financial security, but this belief may be short-lived once you compare it to the benefits of holding on to your mortgage. Many of my clients start off with this view, and it's surprising how many of them don't consider the benefits of not paying off your mortgage early. For a person unaware, it is an astonishing eye opener as its counter intuitive to their thinking. Let take a closer look at these benefits. 

#1 It's the cheapest loan available in India
With the current interest rate levels of home loans, it is certainly the cheapest form of credit available in India. Other financial lending products such as personal loans, educational loan, credit cards and business loans are significantly more expensive than home loan products. So this begs the question, why pay off the cheapest loan? Rather, it's better to pay off the other types of loans and hang on to your mortgage.

#2 Maximise on the retirement premium
Over the years with increase in inflation and cost of living, it is scary, at the least, to imagine living without a regular inflow of funds post retirement. Understanding this fear, retirement products to secure your future are available form banks today. In case of extra funds, it would make logical sense to invest this surplus into retirement products allowing one to have access to funds post retirement. It is advisable that people invest into these products rather than using them to repay the mortgage.

#3 It's a tax saving investment
Sections in the Income Tax Act, namely 24(b) and 80EE, allow for significant deductions on the interest payable on a housing loan. These deductions are major advantages of not paying off your mortgage early. Why pay it off and lose the tax benefit?

# 4 Saving for emergencies
We live in a world of uncertainty, and the need for surplus funds may arise at any time. It is always a good idea to keep a contingency fund for unplanned medical, repair, and accidental expenses that may just pop up their ugly head every once in a while. Surplus funds should be used as a contingency corpus for these types of expenses that none of us can predict.

# 5 Enjoying your retirement
After working for most of your life, we all deserve to enjoy our post-retirement phase. Saving for traveling the world, spoiling your grand kids, and just plain enjoying your life is a great idea. Most people spend 25-30% of their lifetime's earning post-retirement, why spend it in a cash-poor and miserable way? Invest into enjoying this phase of your life from now, and avoid using free funds in foreclosing your mortgage.

After analyzing the benefits, it's easy to see why you should resist foreclosing your home loan sooner than required. There are much better ways to use your surplus funds, and these methods are bound to give you true financial security, peace of mind and happiness. Maybe counter intuitive, but definitely the smarter move!

23.55 | 0 komentar | Read More

Beware: Fill your investment declaration carefully

Arnav Pandya

Salaried individuals often find themselves in a bind because some of their financial details have changed and they find that the tax that is deducted each month is actually higher than what it should be. One of the ways in which they can tackle the position is through the use of the investment declaration form as this would allow them to ensure that they have mentioned the right points to their employer who would take this into consideration and hence ensure that a lower amount of tax is actually deducted. Here is a closer look at the issue and what the individual can actually do.

Actual process
There is a certain amount of income that is earned by the employee and this is distributed under various heads. Depending upon the figures here plus the various tax saving investments that would be undertaken by the employee during the year the employer works out the annual tax liability and then ensures that the required amount of tax is deducted each month on the salary that is paid out. Thus there are two main factors that are at play here. One is the income amount and the heads under which this is received while the other is the investments that are actually done by the individual which will lead to the benefit of a lower tax for them.

Changes
The ideal situation for the individual taxpayer would be that the details of the investments and other processes that they do is available right at the start of the financial year so that these details are provided to the employer in the investment declaration form. This would ensure that the entire figure is considered by the employer right from day one and the maximum possible tax savings are considered in the workings and the action is taken accordingly. However this is not always the case as there might be some steps that happen in the middle of the year which might not have been present earlier. This could be something like a home loan taken after a few months from the start of the financial year so this might not have been present in the earlier workings but would now have to be included because the impact can be quite significant.

Prompt action
Whenever there is any such change that is actually witnessed then the individual should ensure that they transmit these details to their employer. This might require the filling in of the investment declaration form again with the updated details and giving of some other details that would help the employer in ensuring that the right amount of deduction is done on the tax front. The employee should ensure that they consider this aspect and finish this process because there is a need to ensure lower tax deduction and this opportunity should not be missed. If this is not done immediately then there could be a higher tax deduction which they would need to claim later from the tax department as refund.

Need
The need to ensure that there is some action taken on this front is important because this is to ensure that while the issue is still with the employer before the end of the financial year in terms of the amount of the tax deducted at source the right details are considered.  If this chance is missed out then there would be a position where the individual would find that they have to take the refund from the government which can only be done when the return is to be filed and hence this will have a long time lag. This would mean that the amount involved during this time would not be recoverable but early action could lead to adjustments in future tax deductions during the year.

23.55 | 0 komentar | Read More

How can Budget boost real estate sector?

Kishor Pate
Amit Enterprises Housing
 
The forthcoming budget announcement by the financial ministry of the new government is a critical one. It will be the first step on the 'walk' that must follow the electoral 'talk' of economic recovery and ushering in new, growth-oriented policies for the country. At this stage, every industry in the country - from textiles to agriculture, from aviation and tourism, from manufacturing to banking and allied financial services, from pharmaceuticals to information technology, from telecommunications to healthcare and from retail to real estate, depends on major fiscal reforms.
 
It is not only India's continued viability in the global sweepstakes that is at stake now. The very welfare of its people and a revival of their trust in their country are on the 'critical' list. Over the past few years, the confidence that Indians have in the power of a ruling government to revive its flagging fortunes has been esriously eroded. Bureaucratic muddle, corruption and policy paralysis have become accepted norms. The arrival of a new and very proactive government at the centre is the first sign of real hope for positive change.
 
Boost industrial expansion and output

A country's economic health rides on how well its primary industries perform. It depends on how encouraged these industries are to expand, how many jobs they create in the bargain, to what degree foreign funds are attracted and encouraged to invest in various industries, and how much consumption increases because of all these factors. The consumption sentiment is one of the most critical, because it dictates how well various sectors will perform. 
 
Real estate is just one of many major industries in India. A government focused on the country's overall economic revival must consider the needs of all its industries. This holds true even if real estate is an industry that, unlike other industries such as electronics and luxury apparel, addresses very visible deficits. Residential real estate addresses the deficit for housing in India, while consumption of commercial real estate is directly related to how many jobs will be created in a certain city.
 
Increase financial confidence and boost consumption

Given that overall consumption sentiment is key, the new government will primarily need to present a budget that increases Indians' financial confidence. To achieve this, it will have to introduce a more benevolent taxation regime. Specific to boosting the real estate sector, the government must formulate and present a policy which provides clear and attractive tax benefits to developers who are focused on affordable housing. At the same time, raising the income tax exemption limit for home loans from the current Rs 1.5 lakh to at least Rs 5 lakh would encourage Indians to buy more homes.

Such measures are very much within the purview of the upcoming budget, which must also ensure that it provides incentives to boost entrepreneurial spirit and generally help Indians to earn more, save more and invest more. It is axiomatic that the real estate industry, as well as various other industries, will see significant revival merely on the basis of such a rebooted climate of confidence.

Provide infrastructure status for housing

Real estate faces several hurdles other than flagging consumption sentiment that have harmed it immensely over the past few years of sectorial slow-down. Clearing all these hurdles in a single revamp of existing policies would be extremely challenging, if not impossible. However, one game-changing measure that new government can certainly undertake in the immediate future is to grant infrastructure status to the housing sector.

In the past, such a provision has proved to be a major turning point for the real estate sectors of many other countries, enabling them to significantly narrow their housing deficits. While such a measure would not fall within the ambit of budget announcement, it can and should be addressed in the ensuing parliamentary monsoon session.
 
So far, India has only provided infrastructure status to industries and companies involved in the development of ports, airports, highways, public transportation networks, etc. By granting the housing sector infrastructure status as well, the new government will ensure that housing developers become eligible for critical incentives and subsidies at the Central and State levels. It will also mean that institutional lending to the housing sector becomes more liberalized - banks will increase lending to housing developers, who will also be able to raise bonds to help generate funding for housing projects.

23.55 | 0 komentar | Read More

Google's Nest to buy Dropcam for USD 555 mn

Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.

Google Inc's Nest Labs will buy home-monitoring camera startup Dropcam for about USD 555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers' homes.

Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.

Also Read: Google to buy satellite company Skybox Imaging for $500m

Google is increasingly expanding into new markets, with efforts ranging from high-speed Internet access to advanced research on self-driving cars and robotics.

It bought Nest, which makes smart thermostat and smoke alarms, this year for USD 3.2 billion, the Internet firm's second-largest ever acquisition.

The deal was touted as a foray into the fast-growing "smart" home automation market, at a time consumer appliances and Internet services are merging. But it also raised concerns about the privacy implications for Google, which already collects rafts of data about users' online habits.

Dropcam, which lets users monitor homes and offices via its camera hardware and software, will adopt Nest's privacy policy after the acquisition, the latter company said in its blog post. That means data will not be shared with any other firm, including Google, without a user's permission, it said.

Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.

23.55 | 0 komentar | Read More

'Govt in process of framing separate policy for MSMEs'

To improve the condition of micro, small and medium enterprises, the government is working on simplifying processes to facilitate such entrepreneurs and a separate policy for this sector is on the anvil.

"If work is done properly, effectively and on priority basis in this sector, then we can see that a person with minimum income can get employment. He can feel self reliant," Union MSME Minister Kalraj Mishra told reporters here today. He said the MSME ministry is encouraging small entrepreneurs by which they can stand strongly.

"The facilities which entrepreneurs should get are not there like single window system. We are simplifying the process to facilitate entrepreneurs," he said.

The Minister said that till now MSME was governed by the industrial policy and does not have a policy of its own.

"We are in process of framing a separate policy for MSME sector," he said.

"Even people in rural areas can feel self-reliant financially, therefore a thought of "berozgaar se rozgaar tak (from unemployment to employment) has come and we will give a practical shape to it," he said.

The Minister said that skill-related training is already being imparted.

"What Prime Minister (Narendra Modi) said about removing poverty, this can be a very strong medium. It can also be a medium for what PM said about skill to every hand," he said.

However, he refused to specify the time frame in which the policy would be given a formal shape.

"But it will be much before then expected. The objective is to remove problems being faced by the entrepreneurs," he added.

He termed coordination between the state and the Centre important to promote the MSME sector and said that work is being done to bring an integrated system in place.

A survey is being conducted across the country and on the basis of its report lakh of people can be made self-employed in poor and backward areas, he added.

23.55 | 0 komentar | Read More

Rail fare hike: Tough job of new govt has just begun

R Jagannathan
Firstpost.com

Last night (20 June) one saw an unedifying spectacle on TV channels. After taking the bold decision of raising passenger fares by 14.2 percent and freight by 6.5 percent to fix the Indian Railways' weak finances, BJP party spokesmen were busy distancing themselves from it.

The decision was taken by the UPA, they bleated. We are only reluctantly implementing what they wanted to do. Railway Minister Sadananda Gowda had this pathetic line: "I was forced to implement the order of my predecessor. I am only withdrawing the withholding order."

The point is, no government can be "forced" to do something it does not want to do, especially if the decision is bound to be unpopular. If the Narendra Modi government wanted to avoid a passenger fare hike, it could have done so and claimed credit for it. But since it did not do so, it means it decided it had to implement the fare hike. So trying to pass the buck to the UPA is a self-defeating approach. Once you are in power, you have to take ownership of a decision, even if it is politically convenient and correct to blame the previous government for bringing us to a pretty pass. You have to take the political flak that comes your way and roll with the punches, but you cannot slink away.

Prime Minister Narendra Modi must follow up the bold decision on rail fares and freight by claiming authorship for it. He must own up the fare hike and the additional inflation to follow. Leaders cannot distance themselves from the consequences of their actions. In Goa last week, Modi had warned party workers about the hard decisions coming up. Having delivered on this promise, Modi must follow up and tell the people why this decision had to be taken, and why more bitter medicine may be coming their way in the short run. He can also tell them how the long run will be better. There will be difficult days before achche din.

The simple point is this: it was only because the UPA failed to take the tough decisions in time that the economy is up the creek today. The electorate understood that India needed someone decisive, and saw Modi as the man who could lead the country. Can Modi now pretend he is all about taking the easy decisions and not the ones he was elected to do?

The feisty, combative Modi we saw at the hustings was a great communicator. This was what brought him to power, as people saw him as a brave doer, someone who will do good things for the country. Having won the electoral battle, Modi cannot now lose the larger war of governance by letting the minions offer unconvincing explanations for what is going on.

The war to revive the economy is one Modi has to lead from the front, owning, explaining, and coaxing people to join in the fight all the time. It cannot be fought from behind the scenes. The biggest mistake India's political leadership has made since the economy was opened up in 1991 was to de-market reforms and try to pretend they were never in favour of change.

If reforms are a bad word in politics nearly a quarter century after we have all benefited from it, if reforms are forever going to be done only by stealth and subterfuge, we might as well have re-elected the UPA to blunder along, moaning and groaning and whining about it. What we expected from Modi was change and open leadership, confident in his actions and taking the people along in this fight.

Minimum government, maximum governance is not possible without getting the people to march along with you. You can have minimum government only with maximum political leadership. If Modi believes that the fight for reform and change can be fought behind closed doors, he is seriously mistaken. He has forgotten the lessons of his own victory in May.

Modi won the elections because he was out there in the battlefield, day in and day out, giving his opponents hell. A Modi in government cannot withdraw into a shell. Already, his political opponents are sniffing a comeback chance. If he wants to be the harbinger of change, he has to lead the change. He cannot shrink from this challenge.

With the announcement of the rail fare hike, the political battle will begin in earnest. One presumes that this bold decision will be followed by many others in the energy, labour and land acquisition areas, all of which will be politically tough to sell and pull off. If anyone can do it, it is Modi. But if even Modi can't do it, we might as well remain a banana republic that gets pushed around by the world and its own internal political mafia.

The people of India voted for Modi because they saw him giving 100 percent, when Manmohan Singh was wimpishly wringing his hands in impotence. In government, Modi can't be seen as anything less than 100 percent leader, however hard he may be working behind the scenes, putting in 18-hour days and giving his ministerial colleagues and bureaucratic staff sleepless nights.

The hard work in the PMO and ministries is vital, but a visible Modi is even more critical to pull off success in the economic challenges we face now. He must be seen, heard and be at the centre of the fight to revive growth and economic vitality. The war cannot be won without being in constant communication with the people.

Despite a poor performance as Prime Minister, Manmohan Singh will still be remembered for 1991 (even though Narasimha Rao must get greater credit for it). Modi will have no such luck. If he falters as PM, no one will remember him as a great Chief Minister of Gujarat. He has to be Maximum Prime Minister. It is all or nothing.

The writer is editor-in-chief, digital and publishing, Network18 Group

23.55 | 0 komentar | Read More

Managing parking issues with automated parking solutions

A Shankar
JLL India

India, the second most populated country in the world houses more than 40 million vehicles and is the only country which saw a growing car sales even during the recession and recorded the highest sales volume during 2009 and 2010. Since it has a strong domestic market, the growth is expected to be sustainable and increase over the next few years since India's car per capita ratio is currently among the lowest in the world's top 10 auto markets.

However infrastructure available for the vehicles like roads parking spaces have been a challenge in most the Indian cities. 

Indian cities face severe problem of congestion due to runway growth of personalized vehicles. The traffic management in the many cities is marked by introduction of a series of one-way traffic system. The one–way traffic system has, however, implications on pedestrian safety and fuel consumption. One-way traffic is generally desirable when there are complementary roads and the additional traveling distance is not more than 300m as per IRC. Hence whenever such systems are introduced, the interests of public transport modes and pedestrians are duly addressed. 

Demand for parking in the CBD areas of Indian cities is twice the supply. Acute shortage of parking supply is witnessed in commercial areas and indiscriminate parking impedes free flow of traffic and cause accidents. 

Automatic multi-storey car parks provide lower building cost per parking slot, as they typically require less building volume and less ground area than a conventional facility with the same capacity. However, the cost of the mechanical equipment within the building that is needed to transport cars internally needs to be added to the lower building cost to determine the total costs. Other costs are usually lower too, for example there is no need for an energy intensive ventilating system, since cars are not driven inside and human cashiers or security personnel may not be needed. 

Automated car parks rely on similar technology that is used for mechanical handling and document retrieval. The driver leaves the car in an entrance module. It is then transported to a parking slot by a robot trolley. For the driver, the process of parking is reduced to leaving the car inside an entrance module.

23.55 | 0 komentar | Read More

Review: DSP Blackrock small and mid cap fund

Jun 21, 2014, 05.14 PM IST | Source: Moneycontrol.com

Investors looking for an exposure to small and mid cap funds can consider this as a part of their portfolio. It is suitable for slightly aggressive investors who are comfortable with a slightly higher amount of risk.

Like this story, share it with millions of investors on M3

Review: DSP Blackrock small and mid cap fund

Investors looking for an exposure to small and mid cap funds can consider this as a part of their portfolio. It is suitable for slightly aggressive investors who are comfortable with a slightly higher amount of risk.

Nature: Equity oriented open ended

Inception: November 2006

Assets under Management: Rs 1148 crore at the end of May 2014

Fund Managers: Apoorva Shah and Vinit Sambre

Analysis:

• DSP Blackrock Small and Mid Cap Fund focuses on stocks that are not in the top 100 ones by market capitalisation so there is a broad range of options from which it can choose its investments. At the end of November 2012 finance was the top sector in the portfolio with a share of 11 per cent. Consumer non durables, banks, Pharma and construction were some of the other sectors with a significant share. Around 2.5 per cent of the portfolio was in cash and cash equivalents. Godrej Industries was the top individual stock with Eicher Motors, Pantaloon Retail, Tata Global beverages, Bombay Dyeing, EID Parry, Max India and ING Vysya Bank being some of the other leading holdings. The portfolio turnover ratio was 0.87 times. Around 47 per cent of the portfolio was in mid caps while 23 per cent in small caps and 22 per cent in micro caps.  The CNX Midcap index was the benchmark index for the fund and it was an outperformer over the one and three year time periods ended September 2012.
• Finance continued to be the leading sector in the portfolio at the end of April 2013 and now its share had gone up to 15 per cent. Consumer non durables, software, chemicals and Pharma were some of the other leading sectors. The mid cap exposure in the portfolio was up to 56 per cent while the  small and micro cap exposure each fell below 20 per cent. Godrej Industries was the top individual holding in the portfolio. Eicher Motors, HPCL, Glenmark Pharma, ING  Vysya, Tata Global Beverage,  CMC and Max India were some of the other leading holdings. The turnover ratio was steady at 0.85 times. The fund was an outperformer over the one and three year time periods ended March 2013.
• The end of November 2013 saw Pharma and software as the top sectors in the portfolio with a share of around 11 per cent each. Consumer non durables, banks and finance were the other areas with a significant share. The mid cap exposure in the portfolio remained around the 55 per cent mark while the micro cap one fell to 12 per cent.  The portfolio turnover ratio had climbed to 0.95 times. Tata Communications was the top individual holding with IPCA Labs, CMC, Persistent Systems, Arvind, ING Vysya Bank, Bayer Cropscience, Britannia and Eicher Motors some of the other significant ones. The fund was an underperformer over a one year period but an outperformer over the three year period ended September 2013.
• Banks was the top sector in the portfolio at the end of May 2014. The portfolio had undergone a change with industrial capital goods, textile products, software and Pharma being some of the other top sectors. Arvind was the top individual holding in the portfolio. Bharat Electronics, CMC, Federal bank, ING Vysya Bank, IPCA labs, SKS Microfinance and Bayer Cropscience were some of the other leading holdings. The portfolio turnover ratio had climbed to 1.3 times. Mid caps constituted 42 per cent of the portfolio while small caps were 21 per cent and micro caps around 18 per cent. The fund was an outperformer over the one and three year time periods ended March 2014.
• Investors looking for an exposure to small and mid cap funds can consider this as a part of their portfolio. It is suitable for slightly aggressive investors who are comfortable with a slightly higher amount of risk.

video of the day

Expect heavy FII interest in Indian midcap story: Ambit

23.55 | 0 komentar | Read More

Check out: Mumbai's new luxury housing trends

Om Ahuja
Jones Lang LaSalle India 

In marked contrast to other cities, the dynamics of luxury housing in Mumbai have changed dramatically over the last decade. Delhi, Kolkata and Chennai continue to have location-specific premiums, which have risen consistently. Boat Club Road in Chennai, Jor Baug in Delhi and Ballygunge in Kolkata continue as the most premium areas of these cities, while Cuffe Parade, Marine Drive, Pedder Road and other premium locations in Mumbai have witnessed a slowdown in demand and price appreciation.

In Mumbai, with the CBD shifting to BKC for all practical purposes, even the most attractive parts of the city have not witnessed increased action in terms of sales, relative appreciation and leasing over the last 5-7 years.

With the CBD and even the Diamond Market moving to Bandra Kurla Complex (BKC), there has been a dramatic shift of preferences for luxury housing in Mumbai. South Mumbai residents now show increasing preference for moving to complexes in Mahalaxmi and Jacob Circle, giving up the standalone buildings they have been occupying since security and parking have become a challenge.

The shift towards Worli reflects that a desire to be close to the Sea Link for faster access to BKC is another important market trend. The Bandra-Khar-Santacruz belt and specifically BKC have become the best options for corporate employees who wish to live closer to their workplaces. Diamond traders are also shifting to these areas and to Worli for the same reason.

The Media, Pharma, FMCG and SME sectors are the key residential property drivers in the Andheri-Malad-Goregaon-Powai belt. With HUL, P&G, Glenmark, Sun Pharma and many other larger names shifting their headquarters to the Andheri-Powai belt, we have seen a sudden increase in demand for premium and marquee properties in this market. The wish to reside closer to the airports, highways and Metro stations are the key drivers for this preference. 

Denizens of the media world (i.e. television and film artist) prefer living in the Andheri-Malad-Goregaon belt, as these areas are closer to the major studios. With the sudden increase of channels and programs over the last 5-7 years, there is now an unprecedented demand for good premium and marquee properties in this belt.

South Mumbai properties that have perennial demand:

	Building Name	Location	Reason	Indicative Price Points in the Re-sale space
1	Samudra Mahal	Worli	Sea Facing/Profile of Occupants	Starting from Rs.1 Lac per square feet
2	Kalpataru Horizon	Worli	Sea Facing/Profile of Occupants	Starting from Rs. 70,000 per square feet
3	Godrej Bayview	Worli	Sea Facing/Profile of Occupants	Starting from Rs.75,000 per square feet
4	Raheja Vivarea	Mahalaxmi	Race Course /Sea Facing / Profile of Occupants	Starting from Rs.60,000 per square feet
5	Jolly Maker Chambers (Cluster)	Cuffe Parade	Sea Facing / Profile of Occupants	Starting from Rs.65,000 per square feet
6	Signature Island	BKC	Only Luxury Project inside G Block of BKC & Profile of Occupants	Starting from Rs.55,000 per square feet
7	Oberoi Woods	Lokhandwala	Preferred by Media world	Starting from Rs.25,000 per square feet

 

Mumbai's new alternate luxury locations: 

A family living in South Mumbai that wants to upgrade from a 2 BHK to 3 BHK or 4 BHK usually operates with a limited additional budget after selling its existing home. After a prolonged stint in South Mumbai, very few locations provide comparable appeal – or, indeed, comparable options.

Such families will consider options in Mahalaxmi, Parel, Lower Parel and Worli, and tend to be open to locations such as Mazgaon and Byculla as secondary options. The additional investment for exploring these alternatives is usually between Rs. 2-4 crore. Reputed developers like K Raheja Corp., Kalpataru and Runwal have luxury projects in these areas and are actively catering to the demand coming from erstwhile residents of South Mumbai.

South Mumbai residents who cannot stretch their budget to accommodate their new space requirement are looking at Wadala as alternate option. With the arrival of the Eastern Freeway and the Monorail, Wadala has in fact become a hot destination for South Mumbai residents whose children study in Cathedral, G D Somani Memorial and other reputed schools. Currently, Dosti Group's projects are clear leaders in this location, thanks to the superior social infrastructure they provide.

In the CBD area, the BKC belt has surprised most market pundits over the last decade. With the robust development in this prime location of Mumbai, many families from South Mumbai have been able to move into luxury projects there with just marginal budget additions. In the process, they have gained the advantages of additional bedrooms as well as significantly enhanced luxury living experience. The BKC luxury residential market is being serviced by developers like Sunteck, Kalpataru and Hubtown.

'Affordable Luxury' locations: 

In a city like Mumbai, the concepts of luxury and affordability tend to be mutually exclusive concepts. Given the ever-escalating shortage of land in the city, coupled with the skyrocketing cost of construction, property price increases and multiple new taxes introduced in the last budget have conspired to push up the consumer cost of buying homes. 

The new trend 'affordable luxury' does address the traditional clientele for luxury homes in Mumbai, but applies to local residents of suburban and far-suburban areas who are seeking to upgrade their lifestyles within their current localities. Developers who cater to the demand for affordable luxury are constrained upon to ensure that their offerings meet the actual requirements as well as affordability of these buyers, as well as the interest of investors who are seeking to capitalize on the trend of 'localized upgradation'.

Currently most suburbs have multiple choices in this category. A few areas that rank high on factors such as overall living standards and growth are: 

• Airoli
• Ghodbunder Road in Thane
• Goregaon
• Malad
• Kanjurmarg 
• Vikhroli
• Bhandup 

Reputed developers that are successfully catering to this segment include Dosti Realty, Romell Group, Godrej, Omkar, Soham Group and Kalpataru.

23.55 | 0 komentar | Read More

TOP TEN RAINIEST CITIES IN INDIA ON FRIDAY

According to the latest weather update by Skymet Meteorology Division in India, good Monsoon showers will continue over most parts of Northeast and East India. Konkan, Goa and Karnataka along the west coast of peninsular India will also continue to receive good amounts of rain. As predicted, Southwest Monsoon has covered east Uttar Pradesh and is likely to cover central parts of the state in next 24 hours.

Here are the top ten rainiest cities in India on Friday, 20th June-

Cities State Rainfall (in millimetres) Cherrapunji Meghalaya 232 Gorakhpur  Uttar Pradesh 84.4 Darjeeling West Bengal 84.1 Karwar Karnataka 70.2 Bokaro Jharkhand 67 Agumbe Karnataka 68.4 Honnavar Karnataka 59.3 Burdwan West Bengal 59 Coochbehar West Bengal 51 Barpeta Assam 50  

By: Skymetweather.com

23.55 | 0 komentar | Read More

Govt to review FTAs with countries, SEZs across nation

The Centre is studying Special Economic Zones in the country and all the Free Trade Agreements with other nations to analyse the benefits they have given to the Indian economy, Commerce and Industry Minister Nirmala Sitharaman today said.

"I have instructed my ministry officials to look at all FTAs and decide individually on whether they are useful or not and decide on changes. I have also instructed officials to do a complete review of SEZs and why they have not worked. We are going to review and rework SEZs," she told reporters.

The Minister also said that traders and stakeholders have raised concerns about certain provisions in the new Companies Act.

"Next Saturday in Delhi, we are holding a consultation with all stakeholders to look into the provisions."

On government's stand on FDI in retail sector, she said, "Our stand on the issue is clear. FDI in multi-brand retail is not welcome at the moment."

On the controversy triggered by the recent IB report on NGOs, she said, "It is a report generated by previous government. BJP has not initiated this. We will check authenticity of this report and look into the issue."

The report noted that funding of several Non-Governmental Organisations (NGOs) was "cleverly disguised" as donations for issues like human rights and instead used for funding protests to stall developmental projects.

About the fishermen issue with Sri Lanka and recent arrests made by its Navy,she said, "We are  constructively working for a long term solution to the issue."

On ceasefire violations by Pakistan, Sitharaman said, "Defence Minister Jaitley is in Jammu and Kashmir today to see and assess the situation. Defence Minister and Ministry of External Affairs are working together to ensure sovereignty and safety of our country is not compromised."

To a query on the nature of the budget, the government is presently working on, she said, "It will be a very inspiring budget. A budget that will give a message for sentiments to be revived, a budget that will send the right signals and for growth and business to improve."

Sitharaman was in the city to meet delegates of trade bodies like Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI) and others, ahead of the Union Budget.

23.56 | 0 komentar | Read More

Will Nissan Sunny get a new lease of life in India?

The Sunny has been a household name the world over for almost half a century. The car did well in India after its launch in 2011 but after that the sales started to dwindle. Since February this year, Nissan has decided to take matters into its own hands and it has also launched a face lifted version of the car.

The Sunny has been a household name the world over for almost half a century. The car did well in India after its launch in 2011 but after that the sales started to dwindle. Since February this year, Nissan has decided to take matters into its own hands and it has also launched a face lifted version of the car. Jamshed Patel of Overdrive brings you his first impressions.

23.56 | 0 komentar | Read More

Sikka to chart own course sans founder interference: Murthy

Sagar Salvi
moneycontrol.com

Infosys 's 33rd Annual General Meeting (AGM) will be remembered for the historic change of guard at the India's second largest IT company, which has got its first external CEO. Also, this was NR Narayana Murthy's last AGM as the executive chairman.

Murthy, who first retired in 2011, was called back in June last year to head the firm and put it back on a high-growth trajectory when peers  TCS and  HCL Tech were outperforming Infosys.

Speaking at the AGM, Murthy thanked the shareholders for their support and welcomed ex-SAP executive Vishal Sikka into the top job. Sikka will take over as the CEO and MD of the company from August 1, 2014.

"Sikka is well-known for being a tech visionary and a great leader," Murthy told the shareholders at the AGM. He said the new CEO will chart his own goals without founder interference.

Sikka, however, was not present at the all-important AGM.

Also Read: Murthy failed to do a Steve Jobs: Now will Sikka deliver

Murthy's return has been marred by a host of executive exits, including board members Ashok Vemuri, V Balakrishnan and BG Srinivas. The selection process of the new CEO also got a lot of press.

Murthy was also criticized for breaking corporate governance rules Infosys was famous for by getting his son Rohan Murthy to assist him. Murthy had said in the past that the children of Infosys's founders should stay out of the company.

Murthy defended his decision saying he needed someone "smart and fresh" when the company called upon him to get its business back on track. Murthy said he came back to assist the board in finding a suitable CEO and stablise growth in the company.

He said the Sikka was zeroed in on after a long and tedious selection process, which second-to-none in transparency and rigour. But managers weren't the only staff leaving. Infosys's attrition rate has climbed from one of the lowest in the industry to one of the highest.

Around 19 percent of its employees left the company in the 12 months ended March 31.

Analysts say that many of the departures were part of Murthy's efforts to shake things up. In February, Murthy said most of those that have quit "were deriving high salaries and not adding value."

Investors have not been so sure. Infosys shares have plunged from last year's highs and underperformed other technology stocks. Former Infosys official Mohandas Pai attributed the exits to lack of empowered senior managers.

"Lack of empowerment of senior managers is the reason the company failed in the last three years. The people who left, they are doing extraordinarily well, wherever they are," Pai, who held the finance and HR responsibilities at Infosys said.

Despite the employee exodus, Infosys's bottom line improved under Murthy's leadership. In the nine months ended in March, profit rose 16 percent from a year earlier, while revenue measured in dollars grew 11 percent.

Also Read: Here's what experts make of Infosys' 33rd AGM

According to Murthy, employees are the biggest asset for the company. He identified a need to start a fast-track career programme and incentives for high performers. The not-so-well performing people are being moved to other tasks, he said.  

Sales, which a lot of analysts feel is the biggest challenge for the IT major, will be a focus point for the company along with delivery.

Murthy said the company has improved its assessment process in hiring trainees and freshers. It is invested in creating a process to enhance quality, he promised shareholders. He said Infosys gave salary increases twice in the last 12-months.

He said is it extremely important to cut wasteful and avoidable spends. Also, he said Infosys needs to reduce expenditure on non-revenue earning people abroad. "We have started initiatives to encourage technical competence," he said.

23.56 | 0 komentar | Read More

Infosys AGM disappointing; Sikka must have attended: Expert

Infosys  chairman NR Narayana Murthy bids adieu to the iconic company he founded and welcomed the IT major's new MD and CEO Vishal Sikka in its 33rd Annual General Meeting (AGM) on Saturday.

Experts believe the induction of Sikka as CEO is positive for the company and has the potential to turn around the fortunes of the company, which has been struggling due to top management exits since last year.

However, Sikka's absence from the AGM disappointed a few.

Sudin Apte, CEO and Research Director, Offshore Insights believes Sikka should have attended the AGM as it was great opportunity for him t connect with the shareholders. He also says that the AGM left industry analysts with an uncomfortable feeling as it was all about the past and the review of 33 years.

"The company is not in a stage where it can afford to spend time on reviewing the past, it should focus more on future," he adds.

Former Infosys CFO V Balakrishnan believes the new CEO will have to create emotional connect with the staff because it is majorly a services company, founders had a great emotional connect with their employees but all of them are getting off and therefore, the new CEO has to re-connect with the employees and create the emotional connect.

Sikka is the first non-founder CEO of the company. Ex-Infoscion TV Mohandas Pai, chairman, Manipal Universal believes there is no problem in having an outsider as the CEO once in a while. He also adds that the company should not have different standards for the founders and the non-founder members.

On growth prospects going ahead, Moshe Katri of Cowen & Co expects to see a dollar revenue growth of 6-7 percent for FY15 and around 8 percent in FY16.

Ravi Menon, IT Analyst, Centrum Broking also contributed to the discussion.

Below are excerpts from the discussion:

Q: How would you rate this AGM? What is the key thing that stood out for you?

Balakrishnan: I have not attended the AGM but it's a beginning of a new era. The founders have built a great organization like Infosys and you can't build another organization like Infosys in India. In standards, in technology, in corporate governance, in way a company can be run and become globalized so it is a big change in era from a founder driven company to a non-founder driven company and that is a big change for Infosys.

Two, the values practiced by Infosys all along setting standards in the industry as to be ablated by the whole industry is a great case study to write about founders how the built the company from scratch to become a global corporation and of course the new leader coming in with fresh slate has to create a new team and create a new path and we have to see how that is going to be.

So, it's a big changeover from the past to the future and there is a total cutoff from past and the future and we will see a new Infosys from now on.

Q: You heard Shibulal talk about the challenges that were behind him, there are challenges ahead. You were there during the tough times. What do you think are the key issues that the new management will face from the earlier mistakes and that is something even Murthy said in his speech that there were mistakes, there were challenges and they are working to overcome them. What will be the key areas that we will need to look for?

Balakrishnan: The biggest challenge for the company has always been on the sales front because the customer connect needs to be improved, they have to invest more in sales and marketing, get the growth back because in the last few years what they lagged behind as compared to peers in the industry is on the revenue growth more than the profitability because Infosys has a great execution engine. What they lagged is in sales so that is going to be the biggest challenge.

Now, the second biggest challenge for the new CEO will be creating an emotional connect with the employees because at the end of the day it is a services company, founders had a great emotional connect with their employees but all of them are getting off now so the new CEO has to re-connect with the employees and create the emotional connect.

Two, he has to build a second level team because most of the leaders are left in the last one-two years and you need to create a team, the team was missing today and that is what has differentiated Infosys from the rest of the peer group in the industry. So, he has to re-built a team, connect with the clients and also connect with the employees and all that he has to do being in the public market so that is going to be a big challenge for the new CEO.

Q: From attrition to the way forward to admittance of mistakes made, what do you think about Murthy's speech and what do you have to say on this?

Pai: First of all people should stop living in denial. We must accept that Infosys made mistakes, Infosys should rectify it and make sure they put a structure in place and do not make mistakes. For somebody to say we have retained those we wanted and the people who left were low performers is a very wrong statement and that is a bad reflection of the person who makes that statement because the people who left are gone on to higher positions in many large companies and they are the ones who actually built this company, not only the founders.

The company was built by the hard work of the thousands of people who spent 12 to 14 hours a day without getting extra compensation year after year all over the world, so he must acknowledge that. The key challenge like Bala said was the lack of sales growth because the company had become complacent and the company was not quick in decision making.

Whenever a management team is in place for so much of time they have taken a company from 1x to 500x and created tremendous value everybody become defensive, they rather defend the value than create greater value and that is why management team should change every seven to ten years. If we have the same set of people being CEOs they will start becoming extremely defensive and not go after aggressive growth.

In the last three years the markets were not so bad as the company used to say because other companies have grown very well and we have seen that two or three other companies accelerate and take over the company. This means they were lacking in sales, they were lacking in quicker responses to clients, they were lacking in taking appropriate pricing decisions and they were not focusing enough for external world to internally focus. They did not do the internal structures well and all these were the mistakes that they made and they have to be rectified.

I am happy that NRN has come back and rectified some of them though not all. The area where he has not been able to do well is keep the team together. There were three people who were put on the board in June 2011; Bala, BG and Ashok Vemuri. All three have left.

Somebody has to take responsibility that all three have left. These were extraordinary people which any large company in any part of the world would have been proud to have and they left because they were not empowered adequately, they were not given a great role to play and they were very constrained and they were not very sure of the future. This is something that is wrong for the corporation.

Hopefully now they have learnt all the mistakes because investors have been harsh on them, media has been harsh on them, employees have been unhappy and they must make sure that they treat everybody equally whether you are a founder or a non-founder, if you fail you have to pay for it. You cannot have differential standards between founders and non-founders which has been the culture of the company for quite some time. So all that is behind us and Infy should come back on the future path and for me the biggest focus has to be on sales growth.

If the sales comes back and they start growing in double digits and they take a leading position rest of the things like compensation and all other issues will fall by the wayside, because it is revenue, revenue and revenue and for that you require aggressive growth, aggressive decision making very good empowerment for the front people and a good set of people who run behind customers, take the business and compete and win.

23.56 | 0 komentar | Read More

RBI to soon announce rules for on-tap banking licenses

"The RBI will soon come out with policy guidelines in differentiated banking licenses within a short period of time", Gandhi told reporters on the sidelines of ICC Banking Summit today.

The Reserve Bank of India (RBI) would soon come out with policy guidelines for differentiated banking licenses which would be given on tap, deputy governor of the apex bank R Gandhi said.

Besides, he criticised banks for not extending financial assistance to the micro, small and medium size enterprises (MSMEs) and asked lenders to consider the working dynamics of this sector while extending credit.

"The RBI will soon come out with policy guidelines in differentiated banking licenses within a short period of time", Gandhi told reporters on the sidelines of ICC Banking Summit today.

Gandhi said that there was need for more variety of banks in the country.

"We intend to give licenses to set up niche banks in the country. These licenses will be given on tap", he said. On-tap licensing means the RBI window for granting banking permits would be open through the year.

The policy guidelines would be put on the public domain first for inviting suggestions from the stakeholders after which applications would be invited, he said.

The RBI recently awarded licenses to micro-finance institution (MFI) Bandhan and finance major IDFC for setting up full-fledged banks.

On MSME, Gandhi said: "The MSMEs get a raw deal from the banks. The credit flow to the MSMEs are not commensurate with their contribution to the economy."

He said that MSMEs serve the large corporates and their cash flow gets lumpy as they have to depend on payments. "Banks need to consider this (matter)", he said.

23.56 | 0 komentar | Read More

Gold maintains surge on good offtake, firm global cues

Silver also rallied due to increased industrial demand. Standard gold (99.5 purity) rose by Rs 120 to conclude at Rs 27,325 per 10 grams from overnight Rs 27,205. Pure gold (99.9 purity) also went up by same margin to finish at Rs 27,475 per 10 grams from Rs 27,355.

Gold prices strengthened further at the domestic bullion market today on the back of continued buying interest from jewellery stockists and retailers tracking a firm overseas undertone.

Silver also rallied due to increased industrial demand. Standard gold (99.5 purity) rose by Rs 120 to conclude at Rs 27,325 per 10 grams from overnight Rs 27,205. Pure gold (99.9 purity) also went up by same margin to finish at Rs 27,475 per 10 grams from Rs 27,355.

Silver (.999 fineness) moved up by Rs 170 to finish at Rs 42,605 per kg as compared to Friday's Rs 42,435. Globally, the shiny metal settled at near a two-week high on safe-haven demand benefiting from ongoing geopolitical tensions in Iraq as well as weak equity markets. But gains were capped ahead of the Federal Open Market Committee Monetary Policy meet next week.

Gold for August delivery settled higher at USD 1,274.10 an ounce on the Comex division of the NYMEX late yesterday, while silver July contract ended at USD 19.655 an ounce.

23.56 | 0 komentar | Read More

What a beauty! Jaguar E-type, the classic sports car

This week Overdrive takes a break from testing regular cars and transport itself back in time. The automotive world has a history of inimitable classics, exclusive cars, iconic vehicles that are time immemorial. This week Overdrive gets its hands on one such beauty, it is from the Jaguar's stable.

This week Overdrive takes a break from testing regular cars and transport itself back in time. The automotive world has a history of inimitable classics, exclusive cars, iconic vehicles that are time immemorial. This week Overdrive gets its hands on one such beauty, it is from the Jaguar's stable. Rohit Paradkar of Overdrive gets to drive this inimitable classic in its own backyard.

23.56 | 0 komentar | Read More

Outlook for 10 day Monsoon Performance

Southwest Monsoon has been making a slow advancement after making a sluggish start this year. Nevertheless, according to the latest weather update rain is picking up now. Tropical cyclone 'Nanauk' had been restricting the actual outburst of Monsoon in India. Now that the system has weakened it lost its hold over the monsoon current, allowing free flow of westerly winds favourable for the Monsoon surge. Rain will gradually pick up from now on across the country. Here's an outlook of Monsoon performance in coming 10 days:

A small system developing in the Bay of Bengal in the form of a cyclonic circulation will enhance rain over the west coast of peninsular India. Monsoon rain will gradually pick up in Mumbai and the city will receive good showers next week. Intensity of rain over the interiors of South India will also increase gradually in coming 10 days. Southwest Monsoon will cover entire West Bengal, Bihar and touch east Uttar Pradesh by the 21st of June. Monsoon is still behind schedule as normally by the 15th it should have covered Bengal, Bihar and reached central parts of Uttar Pradesh. As of 13th June, the northern limit of monsoon (NLM) passes through- Ratnagiri, Agumbe and Madikeri in west coast, Chennai in east coast, And Coochbehar and Gangtok in Sub Himalayan West Bengal and Sikkim. The onset of Monsoon phase should normally witness significant rain and the actual outburst of Southwest Monsoon is expected in the coming week. Here's a look at the Monsoon performance from 1st to 10th June-

National - The national cumulative average Monsoon rain was deficient by a whopping 43% until the 10th June. Kerala and Karnataka- Monsoon rain over Kerala witnessed to be deficit by 40% while coastal Karnataka was deficit by 80%. Northeast India- Assam and Arunachal Pradesh were deficit by 25%. Nagaland, Manipur, Mizoram and Tripura have hardly received rain accounting for 80% deficit. Sub Himalayan West Bengal- This region has been witnessing good Monsoon showers and is surplus by 60%. In the next 10 days, rain will increase over the country but will fail to cover up the deficiency.By: Skymetweather.com

23.56 | 0 komentar | Read More

Get answers to all your motoring queries on Auto Selector

Get answers to all your motoring queries on Auto Selector.

Get answers to all your motoring queries on Auto Selector.

23.56 | 0 komentar | Read More

PM Modi warns of tough decisions ahead to improve economy

"I have taken over the reins of the country in circumstances when there is nothing left behind by the previous government. They left everything empty. The country's financial health has hit the bottom," Modi said.

With just a few days left for the commencement of Budget Session of Parliament, Prime Minister Narendra Modi on Saturday said that his Cabinet would take really tough measures to improve the economy of the country which is in shambles currently owing to the steps taken by the previous government.

Addressing BJP workers in Goa's Bambolim, PM Modi said, "In the coming years we will take tough decisions to improve the condition of country. People might even stop liking me in the coming times becuase of these tough decisions to improve the economy," said the PM dedicated the country's latest warship aircraft carrier INS Vikramaditya to the nation earlier in the day.

This is the first occasion in less than three weeks since taking over reins of power that Modi has made sharply critical comments on the previous Manmohan Singh government's performance.

"I have taken over the reins of the country in circumstances when there is nothing left behind by the previous government. They left everything empty. The country's financial health has hit the bottom," Modi said.

However, in the short run, such measures may not go down well with everybody, he said.

"I am well aware that my steps may dent the immense love that the country has given to me. But when my countrymen would realise that these steps would result in getting the financial health back, then I will regain that love," said the Prime Minister.

On the other hand, if these tough measures were not taken, the financial situation would not improve, he said, adding "we need to take action wherever required".

"We won't be helping the country by praising Modi and praising BJP. There is no guarantee that just singing praise of Modi would improve the situation. We need to take harsh measures to improve the financial situation," he said.

Shortly later, Modi tweeted that "time has come to take tough decisions in the interest of the nation. Whatever decisions we take will be solely guided by national interest".

(With inputs from PTI)

23.56 | 0 komentar | Read More

Check out the motoring news from the world this week

It is now time for all the news from the motoring world this week.

It is now time for all the news from the motoring world this week.

23.56 | 0 komentar | Read More

Tata's Research and Design Centers in the UK

Tata Motors hasn't made any noise in a long time now and it has been a while since any significantly new product has rolled out from their stables. If you've been wondering what they've been up to, Tata Motors is in fact on its way for a complete overhaul of its passenger cars and manufacturing processes - and they're calling it the HorizonNext.

Tata Motors hasn't made any noise in a long time now and it has been a while since any significantly new product has rolled out from their stables. If you've been wondering what they've been up to, Tata Motors is in fact on its way for a complete overhaul of its passenger cars and manufacturing processes - and they're calling it the HorizonNext.

23.56 | 0 komentar | Read More

CenturyPly's new ad campaign features Nana Patekar

We've got Century Ply's new campaign on NoticeBoard this week. Conceptualized by DDB Mudra Group, the campaign repositions the laminates and veneers brand, and aims to build brand affinity to its end consumers.

We've got Century Ply's new campaign on NoticeBoard this week. Conceptualized by DDB Mudra Group, the campaign repositions the laminates and veneers brand, and aims to build brand affinity to its end consumers. The brand has roped in actor Nana Patekar, and for the first six weeks, the plan is to advertise on general entertainment channels, regional and news channels.

23.56 | 0 komentar | Read More

Hindustan Motors terminates 240 managerial staff

The plant manufactured the iconic Ambassador cars, whose demand in the market place dwindled owing to the onset of stiff competition from Japanese and Korean players.

India's oldest car maker Hindustan Motors , which declared suspension of work at its Uttarpara plant on May 24, has terminated the services of around 240 managerial staff.

The company, however, retained some staff in disciplines such as finance and HR.

Company sources told PTI that the termination notices on the staff were served yesterday.

The company had given employment to around 2,300 workers. When contacted a company spokesperson said: "Managerial restructuring has been an on-going process over the last 2-3 years and continues in an effort to optimise work flow whilst retaining staff that remains critical to the continuity of operations."

The plant manufactured the iconic Ambassador cars, whose demand in the market place dwindled owing to the onset of stiff competition from Japanese and Korean players. Commenting on the termination of the managerial staff, HR professionals were of the opinion that this action on the part of the existing top management would create a psychological impact in the minds of the workers.

"The workers will now have a feeling that since the managerial staff were retrenched, so there are little hopes of reopening," a senior HR professional said. He further said that "as the workers were not getting their wages, so it will now be easier on the part of the management to come up with a separation scheme, and in all probability, workers will be mentally induced to accept that."

In that case, the liability of the company would get reduced to a large extent with no decrease in assets. "It will probably be in a better situation to rope in a new investor for revival of the plant," he said. Meanwhile, the West Bengal labour department has called a tripartite on June 12.

Hind Motors stock price

On June 03, 2014, Hindustan Motors closed at Rs 9.68, down Rs 0.37, or 3.68 percent. The 52-week high of the share was Rs 13.30 and the 52-week low was Rs 6.04.

The latest book value of the company is Rs -1.71 per share. At current value, the price-to-book value of the company was -5.66.

23.56 | 0 komentar | Read More

Centre committed to AP, Telangana growth: Commerce Minister

Talking to reporters, Union Commerce Minister Nirmala Sitharaman said emphasis would be on promoting food processing industries in the new State, which came into existence on June 2.

Stating that the Centre was committed to the development of Andhra Pradesh and Telangana,
Union Commerce Minister Nirmala Sitharaman today said thrust would be on industrial development in the two states. "With the formation of Telangana state, scope for creating employment opportunities for the local youth has increased. We need to provide necessary training for skill development," she said.

Also Read: India Inc meets FM to discuss issues before Budget

Sitharaman was accorded a warm reception and felicitated by BJP cadres on her maiden visit to the city after taking charge as Union Minister last month. Talking to reporters at the party office later, she said emphasis would be on promoting food processing industries in the new State, which came into existence on June 2. "Our policies will be guided by our election manifesto," she said adding, the Centre would take steps to bring back black money stashed in foreign countries.

Expressing concern over the growing atrocities on women, Sitharaman said the Government would take effective steps to curb them.

BJP MP Bandaru Dattatreya, MLAs and other party leaders were present at the felicitation function. Sitharaman will attend the swearing-in ceremony of N Chandrababu Naidu as Andhra Pradesh Chief Minister at Nagarjuna Nagar, Guntur district, tomorrow.

23.56 | 0 komentar | Read More

Goa mining stakeholders want early resumption of operations

The drafting of a new mining policy, which is mandatory to resume iron ore extraction and exports from Goa, should be expedited so that the key industry gets back on its feet, according to stake-holders.

Chief Minister Manohar Parrikar had earlier said the policy would be drafted by June-end but the stakeholders feel the government should fast-track the process so that the mining industry, which has been reeling under a Supreme Court ban for last two years, can resume operations.

Also Read: CoalMin mulls transfer petitions in mine deallocation cases

The ban, which has been now lifted, and halt in mining operations had resulted in loss of jobs and revenue to both companies and the state exchequer, they said. "Everybody dependent on the mining industry hopes the activity resumes immediately. It's up to the state government to make it happen. I don't understand why the Chief Minister is delaying the process (of policy formulation)," Suhas Naik, Convenor, Goa Mining People's Front, told PTI.

The front is a body representing people affected by suspension of mining activity in Goa. The mining industry has been facing allegations of rampant illegalities, leading to the ban in 2012.

The ban was lifted in April by the apex court, which gave powers to the state government to regulate the industry. The SC order had also declared the exports since last five years as illegal and cancelled mining leases which were not renewed after 2007, rendering them as state property.

Post the ruling, Parrikar had said his Government will come out with a new policy for the sector. "Parrikar used to say let (Narendra) Modi come to power at the Centre, I will resume the mining immediately. Now Modi is in the Centre. What stops Parrikar from fulfilling his promise?" Naik said.

He pointed out that mining in Karnataka, Chhattisgarh and Odisha has restarted, while Goa is still lagging behind. Goa Mineral Ore Exporters Association (GMOEA), too, has called for immediate resumption of mining activity. "Our expectation is that the mining should restart as early as possible," GMOEA Chief Executive Officer S Sridhar said. The mine owners are reluctant to come on record, but said they are ready to cooperate with the government on the
issue.

Parrikar has said he is waiting to visit New Delhi and meet the Union Minister concerned as part of mining policy formulation process.

23.56 | 0 komentar | Read More

Vodafone reveals scale of govt snooping in India

Government snooping into phone networks is extensive worldwide, one of the world's largest cellphone companies revealed on Friday, saying that several countries demand direct access to its networks without warrant or prior notice.

The detailed report from Vodafone, which covers the 29 countries in which it operates in Europe, Africa and Asia, provides the most comprehensive look to date at how governments monitor mobile phone communications. It amounts to a call for a debate on the issue as businesses increasingly worry about being seen as worthy of trust.

The most explosive revelation was that in six countries, authorities require immediate access to an operator's network - bypassing legal niceties like warrants. It did not name the countries for legal reasons and to safeguard employees working there.

"In those countries, Vodafone will not receive any form of demand for lawful interception access as the relevant agencies and authorities already have permanent access to customer communications via their own direct link," the report said.

Vodafone's report comes one year after former NSA systems analyst Edward Snowden revealed that U.S. and other countries' intelligence agencies routinely gathered huge amounts of private data belonging to millions of innocent people in America and across the globe.

The revelations have focused particular attention on the role of Western technology and telecommunications firms, which stand accused of facilitating the mass surveillance by giving spies unrestricted access to their networks. Several Silicon Valley companies have since attempted to restore consumers' trust by publishing data on government surveillance.

But telecoms companies found themselves in an even more uncomfortable position. Historically closer to governments since many were once state-owned, telecoms companies are much more heavily regulated and have employees on the ground - making them more sensitive to government demands for data.

By making its report public, together with a breakdown on requests for information, Vodafone took the unusual step of entering the international debate about balancing the rights of privacy against security. Rather than being stuck with responsibility and consumer backlash when consumers realize their data has been scooped up without their knowledge, companies like Vodafone have decided it is time to push for a debate.

"Companies are recognizing they have a responsibility to disclose government access," Daniel Castro, senior analyst for the Information Technology and Innovation Foundation in Washington, D.C. "This is new."

The study comes at a time when other businesses are also calling for a revamp of laws too outdated to stand up to the quickly changing telecommunications universe.

Executives in Silicon Valley, for example, have stepped up pressure on President Barack Obama to curb the U.S. government surveillance programs that collect information off the Internet.

Twitter Inc., LinkedIn Corp., AOL Inc., Google Inc., Apple Inc., Yahoo Inc., Facebook Inc. and Microsoft Corp. are pushing for tighter controls over electronic espionage - fearing that eavesdropping threatens the technology industry's financial livelihood.

"They want their customers to be able to trust them to store their data in a private and secure manner," Castro said.

Vodafone's report is also seen by some as an effort to turn the page on the company's embarrassing role in the protests that toppled Egyptian strongman Hosni Mubarak in 2011. As the protests raged, Vodafone bombarded its Egyptian subscribers with pro-government text messages. At the time, the company said it had no choice but to comply, but was severely criticized for its actions. A change in culture followed.

"They took a hard lesson there," said Cynthia Wong, a senior internet researcher at Human Rights Watch. "Even if the government is the ultimate problem, they realized they needed to take steps to mitigate harm to their users."

Civil rights advocates applauded Vodafone for releasing the report, and cracking open the debate, even as they expressed alarm at the infringements into civil rights.

"For governments to access phone calls at the flick of a switch is unprecedented and terrifying," said Shami Chakrabarti, director of the human rights group Liberty, adding that the Snowden revelations showed the Internet was already being treated as "fair game."

"Bluster that all is well is wearing pretty thin - our analogue laws need a digital overhaul," she said.

Though some of the governments included in the report were able to block disclosure of any aspect of how interception was conducted, the report is unique in that it offers insight into how governments conduct surveillance.

Though some of the U.S. operators, such as AT&T and Verizon offered information amid the Snowden allegations, the level of detail is minuscule compared with Friday's report, Wong said.

Civil rights advocates weren't the only ones applauding Vodafone's actions. Norway's Telenor Group, which also has operations across Eastern Europe and Asia, offered support, noting governments have the ultimate responsibility to act.

The countries included in the report are: Albania, Australia, Belgium, the Czech Republic, Congo, Egypt, Fiji, France, Germany, Ghana, Greece, Hungary, India, Ireland, Italy, Kenya, Lesotho, Malta, Mozambique, the Netherlands, New Zealand, Portugal, Qatar, Romania, South Africa, Spain, Tanzania, Turkey and the U.K.

23.56 | 0 komentar | Read More

Checkout new AMG version of Mercedes: CLA45 AMG

We bring to you the all-new C-Class from Mercedes. The Mercedes' have a entry-level sedan, the sparkling new CLA sedan. We went to UK to Affalterbach in Germany to drive the AMG version of the baby Merc - CLA45AMG.

We bring to you the all-new C-Class from Mercedes. The Mercedes' have a entry-level sedan, the sparkling new CLA sedan. We went to UK to Affalterbach in Germany to drive the AMG version of the baby Merc - CLA45AMG.

23.56 | 0 komentar | Read More

Check the happenings in the automotive world this week

It's now time for our Autoselector Segment where we answer all your motoring queries and doubts. Bert joins us as always.

It's now time for our Autoselector Segment where we answer all your motoring queries and doubts. Bert joins us as always.

23.56 | 0 komentar | Read More

TOP TEN HOTTEST PLACES IN INDIA

According to the latest weather update by Skymet Meteorology Division in India, summer heat conditions have further strengthened its grip in Rajasthan. Heat wave conditions prevailed at many places in Punjab, Rajasthan, Madhya Pradesh, Uttar Pradesh and Vidarbha and at a few places in Haryana and Delhi. The hottest place in the country was Churu followed by Ganganagar and Satna.

The Palam Observatory in Delhi that recorded 47.2°C as maximum has also entered the list of top ten hottest places in India since Thursday.

Places State Maximum temperature on Friday Forecast trend for next 24 hours Churu Rajasthan 48.6°C Drop Sri Ganganagar Rajasthan 48°C Drop Satna Madhya Pradesh 48°C Same Damoh Madhya Pradesh 47.7°C Same Bikaner Rajasthan 47.6°C Same Nowgong Madhya Pradesh 47.6°C Drop Banda Uttar Pradesh 47.6°C Drop Brahmapuri Maharashtra 47.5°C Same Barmer Rajasthan 47.4°C Drop Palam Delhi 47.2°C Same Wardha Maharashtra 47.2°C Same  

By: Skymetweather.com

23.56 | 0 komentar | Read More