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Modi hails BJP win in Bengaluru civic polls

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Narendra_Modi

New Delhi: Prime Minister Narendra Modi on Tuesday hailed the BJP’s winning show in the Bengaluru civic polls, saying people’s faith in his party “is humbling and gladdening”.

“People’s continuous faith in the BJP is humbling and gladdening,” Modi tweeted as results showed the Bharatiya Janata Party ahead of the Congress in the election.

“We are fully committed to fulfilling (the) aspirations of 125 crore Indians,” he said.

The prime minister said after similar civic polls wins in Madhya Pradesh and Rajasthan, the Bengaluru results “complete a hat-trick of wins for the BJP”.

“This is a win for politics of development and good governance.

“Thank you Bengaluru! My gratitude to (the) people and congratulations to Karnataka BJP leaders and workers for the great election results,” he added.

(Agencies)

BJP all set to regain power in Bengaluru, big setback for Congress

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bjp

Benagluru: As the BJP is all set to grab power in BBMP after winning 100 seats, the ruling Congress suffer their biggest setback after the 2013 elections.

Siddaramaiah has called for an emergency meeting of his close aids to discuss the situation.

The Bharatiya Janata Party won 100 seats, the Congress is in 75 and the JD( S) in 14 in the 198-member council of the greater Bengaluru Municipal Corporation. The final results are expected to be out by 2pm.

KPCC President, G Parameswar said that the Congress party accepts the people’s mandate. “We had approached the people with the blue print to develop Bengaluru city, but people has rejected Congress. This is not our party’s defeat as we are close to the victory line,” he added.

BJP chief Amit Shah tweeted, “I congratulate our karyakartas for victory in Bengaluru civic polls & also thank people of Bengaluru for showing faith in BJP”

The century-old BBMP was expanded in 2007 by including seven city municipal councils, one town municipal council and 111 surrounding villages to increase civic wards to 198 from 100.

Delimitation of the wards on the basis of the 2011 population census with 50 percent of them reserved for women have forced political parties to field wives or relatives of former corporators as contestants in many wards.

In all, 1,120 candidates, including 197, 198 and 187 from BJP, Congress and JD-S respectively, a dozen from regional outfits like Vatala Chaluvali Paksha, AIADMK and Socialist Democratic Party of India and 399 Independents, including many rebels contested in the bitterly fought civic election.

In the previous five-year term (2010-2015), the BJP ruled the BBMP for the first time by winning in 116 wards, as against 62 wards by the Congress, 14 by JD-S and eight by Independents.

(IANS)

China stocks suffer biggest one-day loss in eight years

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China market plummets more than eight percent as investors disillusioned with measures taken dump shares.

EPA/WOO HE

EPA/WOO HE

by Al Jazeera

China’s stock market has fallen by its biggest margin in eight years at the end of trading, defying the government’s multibillion-dollar effort to stop a slide that has wiped out the gains of this year’s price boom.

The plunge on Monday in China’s equities followed last week’s losses of 11 percent, and hammered stock prices across Asia, as fears grew that a slowdown in China could send the rest of the world into a recession.

The Shanghai Composite Index fell 8.5 percent to close at 3,209.91 points, its biggest one-day loss since an 8.8 percent decline on February 27, 2007. The index is down 38 percent from its June 12 peak.

Analysts blame the fall on both weak onshore performance and investors moving money out of yuan-denominated assets after a surprise devaluation in the Chinese currency earlier in August.

The further decline threatened to weigh anew on global markets after last week’s Chinese losses triggered a worldwide selloff.

Meanwhile, Hong Kong’s Hang Seng index fell for the seventh straight day, dropping 5.2 percent to 21,251.57 points as Taipei stocks tumbled 583.85 points to 7,203.07 in morning trading, a drop of 7.49 percent.

More than $5 trillion has been wiped off the value of global equities markets since China’s shock devaluation.

Many investors had expected the People’s Bank of China would over the weekend cut the amount banks have to keep in reserves, which could boost stocks by increasing market liquidity and address weakness in China’s vast manufacturing sector.

No such move materialised, and the only policy support in evidence was an announcement formalising rules allowing pension funds to buy stocks, a policy initiative that had already been trailed.

Earlier measures taken

Beijing already carried out rounds of cuts to transaction fees and encouraged companies to buy back their own stock. Such buybacks usually result in increased valuations of outstanding shares by reducing net supply.

Rajiv Biswas, a senior director and economist for IHS Global Insight in Singapore, told Al Jazeera that Beijing needs to do more to prop up the economy.

“It doesn’t seem that they are prepared to really put in a big package of measures, but would rather put in dribs and drabs along the way. And that is not convincing anybody that the economy is about the turn around anytime soon,” he said.

“One of the problems is that they are directing their efforts towards stabilising the stock market. But we are not seeing enough initiatives to support the real economy,” Biswas added.

“It’s the real economy that investors in the country are not confident about. All the signs are showing that the economy is cooling.”

Al Jazeera’s Adrian Brown, reporting from Beijing, said that malaise on the markets could continue as investors awaited US gross domestic product or GDP figures set for release this week, and a decision on whether the US Federal Reserve would lift interest rates.

Monday’s falls followed heavy falls on Wall Street on Friday, with the Dow Jones Industrial Average posting its worst single-day session in four years and all benchmark indices losing more than three percent.

‘You Stink’: Beirut protesters now calling for revolution

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Thousands of protesters pour into Lebanese capital’s streets demanding government’s resignation.

Lebanese activists shout 'Revolution! Revolution!' as they are sprayed by riot police using water cannons Sunday evening in Beirut, Lebanon, Aug. 23, 2015. (AP photo)

Lebanese activists shout ‘Revolution! Revolution!’ as they are sprayed by riot police using water cannons Sunday evening in Beirut, Lebanon, Aug. 23, 2015. (AP photo)

by Common Dreams

Tens of thousands anti-government protesters clashed with police in central Beirut on Sunday evening just hours after Lebanese Prime Minister Tammam Salam hinted he might step down following violence triggered by the month-long ‘You Stink‘ trash protests.

Gunfire was heard as government riot police opened fire in an apparent effort to drive protesters away from central Beirut government offices, witnesses said.

Chants of “Revolution! Revolution!” were ringing through the crowds as police attacked Sunday night.

Thousands of protesters had camped overnight Saturday in the capital’s Riad al-Solh square waiting for Prime Minister Tammam Salam’s response to Saturday’s police violence.

Al-Jazeera reports that in a televised address Sunday morning, Salam said members of the security forces will be held accountable for the violence against protesters . Salam also called on an emergency parliament session on Thursday to deal with the country’s ongoing political crisis. “I have been, like many other fellow Lebanese, patient enough, but yesterday’s outcry should not be ignored,” he said. “I was never in this for a position in government, I am one of you. I am with the people. Do not pit this conflict [as] one camp against the other. Target all the politicians.”

Angered by Salam’s speech, the protesters chanted: “The people want the fall of the regime”.

Al Jazeera’s Jamal Elshayyal, reporting from Beirut, said the protests had drawn people from across Lebanon’s political divide.

“This is very much a grassroots movement that has come out on to the streets…there seems to be a very significant movement forming here in Beirut. “(The protests) were triggered by the trash crisis but the people we’ve been speaking to say that this is the straw that broke the camel’s back…they point to power shortages, water shortages, inherent corruption within the state.”


Iraqi forces clash with ISIL in push for Anbar

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Dozens of casualties reported as army backed by militias expand offensive to retake western province.

Iraqi forces and loyalists launched an offensive to recapture Anbar province in July [Reuters]

Iraqi forces and loyalists launched an offensive to recapture Anbar province in July [Reuters]

by Al Jazeera

Dozens of Iraqi forces have reportedly been killed by the Islamic State of Iraq and the Levant (ISIL) in Iraq’s Anbar province, which has witnessed heavy fighting since Iraqi forces launched an offensive in July.

Three car bombs in Al Toui, northwest of Ramadi, killed at least 18 Iraqi forces and members of the Popular Mobilisation Forces on Monday, sources told Al Jazeera.

A total death toll of 46 Iraqi forces and Popular Mobilisation Forces has been reported following days of heavy clashes in several areas as Iraqi forces advanced in their offensive to recapture Anbar province.

At least seven ISIL fighters have been killed, military sources said.

Karim al-Nouri, a spokesman for the Popular Mobilisation Forces, an umbrella organisation of mainly Shia militiamen, said the operation to recapture Anbar has been difficult but the forces have been able to advance towards Ramadi, the capital of Anbar.

“We entered from near Fallujah and pushed northwest of the city. We lost forces along the way but the army and several government hospitals have been a great help,” al-Nouri told Al Jazeera.

“Our aim is to trap ISIL, and it is no longer about who outnumbers who – it’s about the type of weapons being used and we are prepared.”

Al-Nouri said a large number of Iraqi soldiers, moblisation forces and tribal fighters were taking part in the operation.

Significant province

ISIL captured Ramadi in early May and controls most of Anbar, including the city of Fallujah.

Anbar stretches from Iraq’s western borders with Syria, Jordan and Saudi Arabia all the way east along the Euphrates to the outskirts of Baghdad.

Iraqi forces and loyalists launched an offensive to recapture Anbar province in July, and have been trying to enter the province from several points but have been met with strong resistance from ISIL.

On Friday, ISIL ambushed Iraqi forces and loyalists west of Ramadi, killing up to 50 soldiers.

Anbar has been rocked by violence since the beginning of 2014, months before ISIL launched a nationwide offensive that saw it advance through northern Iraq.

It is currently the main focus of the Iraqi government’s efforts to regain lost ground, with large military operations under way in several parts of the province and multiple daily air strikes by jets from the US-led coalition.

UN Tribunal asks Italy, India to stop court proceedings on Italian marines

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Salvatore Girone Massimilliano Latorre

Hamburg /New Delhi: The International Tribunal for the Law of the Sea on Monday asked India and Italy to suspend all court proceedings in the marines case. It has also asked both countries to submit reports by September 24.

The Tribunal also asserted its jurisdiction in the case. It maintained that the Italy’s action of filing appeal twice was wrong and unacceptable.

There were differences in the Tribunal regarding the case and it sought more time for a final judgement.

The Tribunal had examined which country has the power to try the two Italian marines Massimiliano Latorre and Salvatore Girone who have been charged with shooting dead two Indian fishermen in February 2012 off Kerala coast.

India had claimed that it could finish the trial in four months. Italy sought the intervention of the Tribunal based on a UN clause meant for solving issues occurred on seas between countries. Italy’s main argument is that the issue occurred in international waters at the time of the incident. Italy had also demanded that India “refrain from taking or enforcing any judicial or administrative measures” against the marines.

However, India rejected the request, arguing that the case is not a maritime dispute but “about a double murder at sea”, in which one fisherman was shot in the head and the other in the stomach. India alleged that Italy did not even fulfil the basic legal procedures to be followed in the country.

Salvatore Girone and Massimilliano Latorre were part of an anti-piracy mission allegedly fired shots in 2012 that killed two Indian fishermen on a boat off the coast of Kerala.

India detained the two marines days later and a court case is pending.

Massimiliano was last year allowed to temporarily return to Italy for medical treatment and is still there. Salvatore has been living at Italy’s embassy in New Delhi ever since.

(Agencies)

India beat Sri Lanka by 278 runs, level series at 1-1

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Sri Lanka

Colombo: India defeated Sri Lanka by massive 278 runs in the second cricket Test to level the three-match series just after lunch on the fifth and final day here Monday.

Brief Scores:

India: 393 and 325/8 declared

Sri Lanka: 306 and 134 all out in 43.4 overs (Dimuth Karunaratne 46; Ravichandran Ashwin 5/42, Amit Mishra 3/29).

Trying to bring back Maggi by end of this year: Nestle India

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MAGGI

New Delhi: Bolstered by the Bombay High Court order overturning ban on Maggi, Nestle India plans to bring back the popular instant noodles back in the market by end of this year subject to certain clearances.

The company, which has taken a hit of Rs 450 crore, including destroying over 30,000 tonnes of the instant noodles since June when it was banned because of alleged excessive lead content, says it will continue with the existing formula of the product and not change the ingredients.

“We will try and target something that is better than that. My desire is to do it before that but let’s see,” Nestle India Managing Director Suresh Narayanan told PTI in an interaction when asked whether Maggi noodles could be back in the market by start of the next year.

He said as per court directives, this quarter it would go in for testing of Maggi samples at three independent laboratories in Punjab, Hyderabad and Jaipur which are accredited with National Accreditation Board for Testing and Calibration Laboratories (NABL).

“By the time we get everything done (all clearances), it will be middle of September. I can tell you this quarter no, unlikely. Subsequent quarter, we will try (to bring back Maggi),” Narayanan said.

He said the company has to test the Maggi samples within six weeks and after that it would start manufacturing and then the noodles would be tested again.

Asked whether the recent problems would make the company change ingredients of the instant noodles, Narayanan replied in the negative saying “what has worked for 30 years” must work in future too, although the company would continue to work on innovation and add more variants in future.

Acknowledging that the ban has ‘dented’ the company, Narayanan said the company has to win back consumer confidence and will “spend aggressively” on rebuilding the brand from a “zero” level through customer engagement activities and advertisements.

When asked if the company would consider seeking damages from food regulators on the back of Bombay High Court judgement, Narayanan remained non-committal said the company’s focus would be to bring back Maggi as soon as possible, look ahead and move on while working together with authorities. The Consumer Affairs Ministry has filed a class action suit against Nestle India seeking about Rs 640 crore in damages for alleged unfair trade practices, false labeling and misleading advertisements.

It was for the first time that the ministry dragged a company to the National Consumer Disputes Redressal Commission (NCDRC) using a provision in the nearly three-decade-old Consumer Protection Act.

Narayanan said the company was confident of defending itself as it has done in the Bombay High Court, which lifted the ban imposed by food regulators on Maggi noodles while ordering a fresh test of samples in three independent laboratories across India.

Nestle India had reported a standalone loss of Rs 64.40 crore for the quarter ended June 30, 2015, its first quarterly loss in over three decades. It had posted a net profit of Rs 287.86 crore during the April-June quarter of FY 2014-15.

On questions raised by the Food Safety and Standards Authority of India (FSSAI) that why did Nestle destroy Maggi if it was safe and not export it, he said: “There was some confusion in the mind of consumers. We took a call that consumer trust is most important for us, we will withdraw everything. Once you withdraw what do you do do? Either you change the packaging and put it back in the market or you destroy it.”

He said a lot of consumers at some stage had started asking the question about monosodium glutamate (MSG) as to whether it is an added chemical or does it occur naturally.

“We explained that glutamic acid naturally exists in a lot of food products. We don’t add it as a chemical or additive,” he said. The company had removed ‘no added MSG’ label from its packs when the controversy broke out in June.

On allegations of difference in Maggi’s export and domestic consumption quality, Narayanan said: “Difference in exported product and Indian product is only of packaging. It is very difficult to export (Maggi meant for consumption in India) as the packaging is different in every country.”

Narayanan had earlier stated that Nestle India would consider introducing new products, including those under the Maggi brand, while looking to drive growth of other categories with increased advertising spending, as it looks to overcome the setback from the ban on its flagship instant noodles.

In June, the FSSAI had banned Maggi noodles saying it was “unsafe and hazardous” for consumption after finding lead levels beyond permissible limits. The company had withdrawn the instant noodles from the market.

(PTI)

DRDO ties up with Ramdev to market supplements, food products

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DRDO-Ramdev

Leh: India’s premier defence research organisation DRDO has now roped in yoga guru Ramdev’s Patanjali Ayurveda Limited to manufacture and market in the country and abroad some herbal supplements and food products developed by it.

DRDO today entered into licensing agreements with Ramdev’s company for transfer of Seabuckthorn technology based products developed by Defence Institute of High Altitude Research (DIHAR).

The technology has been transferred under the DRDO FICCI ATAC (Accelerated Technology Assessment & Commercialisation) programme that has been established to identify spin-off technologies for commercial markets within India and abroad, with a special focus on social benefit technologies, an official statement said.

DIHAR, a frontier laboratory of DRDO which is located in Leh with detachments in the strategic Siachen sector has pioneered cold arid-agro animal technologies for augmenting local availability of fresh food in the region.

The laboratory, through its translational laboratory to land approach, develops technologies for fresh food cultivation, poultry, goat and dairy farming and green house cultivation which are disseminated to the local farmers.

Speaking on the occasion, Defence Minister Manohar Parrikar said seabuckthorn is a unique product. “Apart from what has been commercialised, there are many more applications which Patanjali Ayurveda could explore to exploit the full potential of Seabuckthorn,” he said.

Parrikar wanted Patanjali Ayurveda to bring many more health products to exploit the full potential of the technologies beyond what DIHAR has found out.

He added that DRDO in collaboration with FICCI under DRDO FICCI ATAC programme is striving to commercialise more and more spin off technologies for the benefit of society at large.

DRDO Chief S Cristopher mentioned that DIHAR has been relentlessly working for development of products which in addition to their usefulness for Armed Forces has tremendous commercial potential in India and abroad.

“The benefits of the research done by DIHAR will help the local population to derive the economic benefits,” he said.

While giving an overview, Bhuvnesh Kumar, Director, DIHAR said that the farmers adopt the technologies developed by his scientists and sell their produce to the army.

“This unique approach not only results in local availability of fresh food but also results in socio-economic development of Ladakh and stronger civil-military cooperation in this strategically important region,” the statement quoted him as saying.

(PTI)

Sensex crashes over 1,200 points; investors lose over Rs 3 lakh cr

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Sensex

Mumbai: In a stock market bloodbath, benchmark Sensex today crashed over 1,200 points — biggest in over seven years — amid a global rout, while more than Rs 3 lakh crore got wiped out of the investors’ wealth.

The BSE 30-share index was trading 1,205.7 points down at 26,160.37, while the broader Nifty index of NSE was down 353.35 points at 7,946.60.

The overall investors’ wealth, measured in terms of total valuation of all listed stocks, was also down nearly Rs 3.5 lakh crore as it crashed below Rs 100-lakh crore mark and stood at Rs 97,64,237 crore in early afternoon trade.

The loss suffered by the 10 biggest companies in terms of market capitalisation was itself close to Rs 2 lakh crore.

This is the biggest crash in seven and a half years and the third biggest ever for the BSE benchmark index.

Interestingly, eight out of the top-10 intra-day falls took place in the year 2008. Today’s fall is biggest since January 21, 2008 when the Sensex crashed by 2,062.2 points.

The market was witnessing all-round heavy selling across realty, power, oil&gas, bankex, auto, metal, capital goods and IT sectors.

The 50-unit Nifty fell below the psychological 8,000-mark, while Sensex was seen moving close to 26,000.

(PTI)

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