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You are here: Home / Archives for 2018

Archives for 2018

Punjab National Bank detects $1.8 bn fraud, shares crash

February 14, 2018 by Nasheman

Express photo by Sumit Malhotra

India’s second-biggest state-run bank said it has detected a $1.8 billion fraud at a single branch in the nation’s financial hub, the impact of which could extend to other lenders as well.

Punjab National Bank has detected some fraudulent and unauthorized transactions in one of its branches in Mumbai “for the benefit of a few select account holders with their apparent connivance,” it said in an exchange filing on Wednesday. “Based on these transactions other banks appear to have advanced money to these customers abroad.”

The case poses further questions about the health of India’s banks, which are already grappling with one of the worst bad-loan ratios among big economies. It’s also likely to create a challenge for Chief Executive Officer Sunil Mehta, who took charge last May about a year after PNB and 12 other lenders were fined for violating rules on some $1 billion of foreign-exchange deals.

The Reserve Bank of India didn’t immediately reply to an email seeking comment.

Investigative agencies have been informed about the latest fraud transactions, PNB said. The bank didn’t elaborate on what impact the fraud may have on its finances and it didn’t name the other lenders which could be hurt.

“So far there is no clarity on impact on the lender’s bottom line from this,” said Asutosh Kumar Mishra, a Mumbai-based banking analyst at Reliance Securities Ltd. “There is no clarity on whether these transactions are reversed, whether the bank is holding collateral that could back part of these transactions or whether enforcement authorities will be able to recover this amount.”

The fraudulent transactions are the equivalent of eight times the lender’s 2017 net income of about 13.2 billion rupees ($206 million), exchange filings show. PNB shares fell as much as 7.5 percent as of 11:20 a.m. in Mumbai, poised for the steepest drop since October.

It’s also unclear if the fraud is linked to another case PNB had reported earlier this month, where a jeweler allegedly acquired fraudulent letters of undertaking worth 2.8 billion rupees from PNB in order to obtain loans. At the time PNB had said it’s digging into records to see if the hit is much deeper.

(Anto Antony, Bloomberg)

Filed Under: India

Congress hits out at Modi over security situation in J&K

February 14, 2018 by Nasheman

Expressing concern over the rising number of terror incidents in Jammu and Kashmir, the Congress on Wednesday asked Prime Minister Narendra Modi the same five questions he had shot at the UPA government over the security situation in the country ahead of the 2014 general elections.

Congress spokesperson Abhishek Manu Singhvi described the Modi government’s foreign and defence policies as “directionless” that have created an “unquiet border” and “disquiet on the border” with Pakistan.

“It shows utter hypocrisy and double standards. Not one of these five questions have been attempted to be answered by the ruling party and by our 56-inch Prime Minister. The 56 inches is only in talk and in paper tigers,” Singhvi said.

He claimed that the number of terror incidents and killing of civilians and soldiers and ceasefire violations had increased drastically in the last 45 months of the Modi government.

“But how long can we ignore that directionless, irresolute, inconsistent, zig-zag, arbitrary foreign policy and defence policy which is going to endanger these brave soldiers. Can you get away every time by pointing a finger at the neighbour who is beyond care and beyond cure,” Singhvi said, referring to Pakistan.

He sought answers from Modi on how militants get these arms from across the borders. “All the borders are under the central government’s jurisdiction. Border Security Forces come under your jurisdiction.”

The Congress is “only repeating exactly what you used to ask us” and asked Modi where do these terrorists get money and funding from. “The entire money transaction business…is under RBI’s jurisdiction, it happens through banks. Why can’t the Prime Minister, Modi, keep surveillance on these transactions? This is under your jurisdiction, why can’t you stop it?

A third question “in the exact same language as Modi” asks about infiltration. “Everything is, Prime Minister, under your control. Borders are under your control. Coastal security is under your control. Navy is under your control. Then how can these infiltrators enter India?”

The fourth question seeks an answer on the government’s inability to intercept communications between the terrorists and their handlers. “You can prevent these attacks.

We want to ask you, PM Modi ji, what have you done in this regard?”

Singhvi asked the Prime Minister why his foreign policy has not been able to extradite terrorists who fled India and sit in foreign countries and indulge in these terror activities in India.

“Modiji, we again repeat your own words. First act with regards to these five things – then terrorism will be routed out. Modiji, you don’t have answer to the same questions, which you had asked us, once upon a time.”

The Congress leader was referring to Modi’s speech at election rallies ahead of the 2014 Lok Sabha polls during which he had boasted of his 56-inch chest to battle it out with Pakistan and the terrorist outfits there.

“Facts and figures show a deplorable, an astonishing and a sorrowful increase in the case of major terror incidents” since the BJP came to power, Singhvi said.

He compared the number of terror incidents in the last 45 months of the Congress with the BJP’s 45 months in power.

In the last 45 months of the NDA government, there have been 207 terror incidents while there were 96 incidents in the UPA’s 45 months.

“In the same period 286 jawans got martyred while during UPA the number was 115. During 45 month period of the NDA 138 civilians have been killed while in UPA’s period the number of civilian deaths was 72.”

(IANS)

Filed Under: India

Trump wants to cut funds for UN missions in Middle East

February 14, 2018 by Nasheman

The US State Department earlier this week said it seeks a 42 percent cut in funding for the UN Force in Lebanon [Karamallah Daher/Reuters]

by Al Jazeera

US President Donald Trump’s administration is seeking to decrease its financial contributions to the Middle East in 2019, most notably to UN missions in Lebanon, the occupied Golan Heights, and Western Sahara.

The plan, revealed on Monday, is unlikely to make it past sceptical politicians in Congress, however.

Douglas Pitkin, the director of the state department’s Bureau of Budget and Planning, told reporters on Monday that “because [the department is] looking for greater cost containment at the UN more generally, [it does] have a lower funding level than the full peacekeeping estimate”.

Pitkin added that these figures are subject to change.

Trump’s plan includes slashing US contributions to the United Nations mission in Lebanon, as well as international peacekeeping missions worldwide.

The Department of State said earlier this week that it seeks a 42 percent cut for the UN Force in Lebanon (UNIFIL), leaving the mission with $84.2m. The UNIFIL was established in 1978, and has been supporting the Lebanese army in maintaining calm in Lebanon’s south, where the country shares a border with Israel.

Cuts made to the UNIFIL may hinder its ability to perform its mandate of maintaining “security and stability in the south along the border with Israel” due to the fighting in neighbouring Syria.

The administration also revealed proposed cuts to missions in at least 10 other countries and regions.

This includes a 55 percent cut to the UN Disengagement Observer Force in the Golan Heights. The administration proposes the force receive $11.1m as opposed to the $24.6m it received in 2017.

In Western Sahara, the Trump administration wants to cut Department of State budget for the UN mission from $18.4m to $8.4m.

Trump had previously called for cuts to UN peacekeeping, including in his budget proposal for last year.

Under pressure from the US, the UN General Assembly voted last year to cut $600m from the body’s $8bn peacekeeping budget.

At the time, US Ambassador to the UN Nikki Haley said, “We’re only getting started.”

According to the Better World Campaign, an organisation working to improve the US-UN partnership, the Trump administration “is proposing unwise and disproportionate cuts to US foreign affairs spending, which would undermine American leadership globally, including at the United Nations and its agencies”.

“The foreign affairs UN-related budget numbers are almost an exact replica of last year’s request, which was widely and wisely dismissed as harmful to US interests abroad,” the organisation said in a statement.

“In fact, over the past year, we have seen military voices, business leaders and leaders in Congress all stress the importance of robust foreign affairs funding and continued support for the UN.”

The suggested cuts are part of a wider proposal that would slash the state department and US Agency for International Development budget by about 25 percent.

The plan is unlikely to make it past Congress, where cuts to diplomatic efforts and other aid programmes face strong opposition.

Trump’s budget plan also increases military spending, while calling for cuts to domestic social programmes.

Prior to revealing his administration’s plan, Trump said he wanted to spend more money at home.

“This will be a big week for infrastructure,” Trump said in a Tweet. “After so stupidly spending $7 trillion in the Middle East, it is now time to start investing in OUR Country!” he added, using a figure on US war expenditure in the region that is often disputed.

But the administration is requesting Congress approve $686bn Pentagon budget, one of the largest in US history. This includes an $800bn increase in military spending.

According to the Pentagon, the increase is aimed at countering increasing threats from China and Russia.

Filed Under: Muslim World

India wins silver at Asian Games basketball test event

February 14, 2018 by Nasheman

Jakarta: The Indian men’s team bagged the silver medal at the Asian Games 5×5 basketball test event here.

The India side went down fighting 68-78 to hosts Indonesia at the Istora Sanayan Hall, Gelora Bung Karno Sports Complex to finish runners-up in the invitational tournament.

The hosts thus avenged their loss against their opponents a few days back, which was India’s first victory of the tournament.

Considering that India started their campaign with a 72-79 loss against Thailand, the second-place finish could be considered a creditable one.

The first quarter of the game saw both the teams competing neck and neck but Indonesia took a single point lead over India. The hosts increased the lead even further in the next two quarters, making it 58-45.

India fought hard in the fourth quarter to bounce back but it was not enough as Indonesia kept on scoring at regular intervals.

Indian forward Aravind Annadurai led all the scorers in the game with 25 points, whereas veterans Joginder Singh and Yadwinder Singh chipped in with 15 and 13 points respectively.

Andakara Prastawa led the Indonesian team with 18 points.

(Agencies)

Filed Under: India

Main accused in Dalit student’s lynching arrested

February 14, 2018 by Nasheman

Allahabad: The main accused in the killing of a Dalit student of Allahabad University has been arrested, police said today.

Vijay Shankar Singh was arrested from Sultanpur in the early hours today, Senior Superintendent of Police Akaash Kulhari said.

Dileep (26), a second-year LLB student, was thrashed by a group on Friday following an altercation outside a restaurant. He succumbed to injuries two days later.

Four people have already been arrested in connection with the incident.

The Yogi Adityanath government came in for criticism from rival parties over the killing, with Samajwadi Party chief Akhilesh Yadav saying it showed Uttar Pradesh was in the “grip of criminal elements”.

Bahujan Samaj Party supremo Mayawati said the killing was the result of “narrow and casteist politics of hatred” being pursued by the ruling BJP.

(Agencies)

Filed Under: News & Politics

Tejashwi taunts Modi over death of 45 soldiers in 30 days

February 14, 2018 by Nasheman

Patna: In a jibe at Prime Minister Narendra Modi, Bihar Leader of Opposition and RJD leader Tejashwi Yadav on Wednesday said that demonetisation has “hit terrorism so hard that our 45 brave soldiers were martyred in last 30 days”.

“Modiji ki notebandi ne aatankavad ki aisi kamar todi ki vigat ek maah mein hamare 45 bahadur sainik shahid ho chuke hai (The noteban by Modi has broken the back of terrorism so badly that we lost 45 brave soldiers in just the last 30 days),” Tejashwi Yadav said in a tweet.

Tejashwi Yadav also targeted RSS chief Mohan Bhagwat for his “poor knowledge” about the Indian Army.

Bhagwat, on last Sunday, in Bihar’s Muzaffarpur district said the army will take six months to fully get ready to fight but the RSS has the capacity to form an army within three days to fight against the enemy on the border.

The Rashtriya Janata Dal leader also attacked JD-U supremo and Bihar Chief Minister Nitish Kumar for “neglecting two brave soldiers from Bihar” who were killed in a Kashmir attack.

“Neither were their bodies received by a Minister nor did any Minister attend their last rites,” he said.

(IANS)

Filed Under: India

Kejriwal slams Centre for creating hurdles in Delhi’s development

February 14, 2018 by Nasheman

New Delhi: Chief Minister Arvind Kejriwal on Wednesday accused the Modi government of causing hindrances in Delhi’s development and said he could prove wrongdoing by the Centre if its files were made available to him.

Speaking at an event to mark the third anniversary of the AAP government, he said the Delhi government was struggling to get approval for its policies from Lt Governor Anil Baijal, an appointee of the Central government.

Referring to the government files stuck with the Lt Governor, Kejriwal said the MLAs were forced to virtually camp at his residence whenever this happened.

He added that the Shunglu committee, appointed by the Centre, failed to find any wrongdoing in the 440 government files of the Delhi government even after investigating them for months.

In turn, he challenged the Modi government to submit its files to him.

“Show me your files for four days, and I will teach you a lesson,” the Aam Aadmi Party leader said.

He said 16 to 17 bills passed by the Delhi Assembly were pending with the central government.

He accused the Lt Governor of delaying his government’s flagship Mohalla Clinics as he kept sending the files back and forth for one and a half years.

(IANS)

Filed Under: India

After stopping Haj subsidy, BJP offers to send Christians to Jerusalem — for free

February 14, 2018 by Nasheman

(AFP/Ahmad Gharabli)

Among the promises the Bharatiya Janata Party is making while campaigning in poll-bound Nagaland is a free trip for Christians to Jerusalem. “We plan to send groups of senior Christian citizens to Jerusalem if our party comes to power,” Nagaland BJP spokesperson James Vizo told the newspaper.

The Congress, meanwhile, has promised voters in the Christian-dominated state a subsidy for the trip. Nagaland Assembly polls are on February 27.

The offer from the BJP, which is contesting the elections as an ally of the Nationalist Democratic Progressive Party, comes a week after the Nagaland Baptist Church Council warned voters against Hindutva forces in the state. “We cannot deny that the Hindutva movement in the country has become strong and invasive in the past few years with the BJP, the political wing of the RSS, in power,” the council wrote in its letter to presidents of all political parties.

Some other reports said it was unclear if the BJP’s offer of a free trip to Jerusalem applied only to Christians in Nagaland or also to the other two poll-bound states in the North East – Tripura and Meghalaya. Meghalaya will vote on February 27 along with Nagaland, and Tripura will have its polls on February 18.

Political leaders criticised the BJP’s announcement, especially as it came just weeks after the government cancelled Haj subsidies for Muslims. “I was right, BJP continues with subsidy if it suits its electoral needs,” All India Majlis-e-Ittehadul Muslimeen leader Asaduddin Owaisi said on Twitter.

(Agencies)

Filed Under: India

US denies alleged West Bank settlement annexation plan

February 13, 2018 by Nasheman

Palestinian leaders condemned reports of an Israeli plan to annex settlements in the West Bank [File: Reuters]

by Al Jazeera

The US has dismissed reported discussions between Israeli Prime Minister Benjamin Netanyahu and Washington officials over plans to annex Jewish settlements in the occupied West Bank.

“Reports that the United States discussed with Israel an annexation plan for the West Bank are false,” said White House spokesman Josh Raffel, late on Monday. “The United States and Israel have never discussed such a proposal.”

Raffel added the “focus remains squarely” on US President Donald Trump’s “Israeli-Palestinian peace initiative”.

The Israeli prime minister was quoted as telling a meeting of Likud legislators: “On the subject of applying sovereignty, I can say that I have been talking to the Americans about it for some time.”

Netanyahu was referring to applying Israeli law to the settlements, which are currently under the jurisdiction of Israel’s military.

Netanyahu’s office later sought to clarify what was discussed, saying in a statement the prime minister “updated the Americans on the initiatives being raised in the Knesset”.

On Sunday, Netanyahu blocked a bill to annex settlements that was proposed by right-wing Likud lawmakers.

“The Americans expressed their unequivocal position that they are committed to advancing President Trump’s peace plan,” Netanyahu’s office said.

Palestinian reaction
Responding to Netanyahu’s reported comments, a senior Palestinian official said the statements confirmed “Israel’s commitment to apartheid”.

Saeb Erekat of the Palestine Liberation Organisation said on Monday any unilateral moves to annex Palestinian land would violate their right to self-determination and independence, while confirming “US complicity with Israeli colonial plans”.

“This is a confirmation that final status issues are being unilaterally decided upon by Israel in coordination with the US administration,” Erekat said in a statement.

Israel occupied the Gaza Strip, West Bank, and East Jerusalem in 1967. Today, between 600,000 and 750,000 Israeli settlers live in more than 200 Jewish-only settlements in the occupied West Bank and East Jerusalem.

The settlements are illegal under international law and violate the Fourth Geneva Convention, which states an occupying power cannot transfer its population into the territory it occupies.

Nabil Abu Rudeineh, spokesman for Palestinian Authority President Mahmoud Abbas, said any unilateral decision to annex the settlements “would only result in more tension and instability”, Palestinian news agency Wafa reported.

Israeli legislation to annex the settlements “would destroy every international effort that aims to salvage the peace process”, Abu Rudeineh said.

Filed Under: Muslim World

IPL: Warne appointed Rajasthan Royals mentor

February 13, 2018 by Nasheman

Shane Warne will be associated with the Indian Premier League in 2018 as he was appointed the mentor of the Rajasthan Royals franchise for the 11th edition of the tournament.

In a press release issued by the Rajasthan Royals franchise, Warne said he was associated with a franchise that was very close to his heart. “Rajasthan Royals holds a very special place in my cricketing journey. I am overwhelmed by the love and affection showered on me by the franchise and fans of Rajasthan Royals,” he said.

Speaking on the appointment of Shane Warne, Rajasthan Royals co-owner Manoj Badale said, “Bringing back Shane Warne is also a way to giving back to our fans who have stood by us in trying times.”

Speculations were rife last week when Shane Warne tweeted about his association in the Indian Premier League with Rajasthan Royals when he stated, “Looking forward to making an announcement to you guys this week which I’m very excited about & yes it involves the #IPL2018.”

During his tenure with the Rajasthan Royals, the ace Australian legspinner, who has 708 wickets, helped the team to a fairytale title finish as captain-cum-coach in the first edition of the Indian Premier League in 2008. Overall, he has 56 wickets in 52 IPL games, with his last game being in the 2011 edition.

Contrary to their thrifty approach previously, Royals spent big in the recent IPL auction, buying troubled England all-rounder Ben Stokes for a whopping Rs 12.5 crore and India pacer Jaydev Unadkat for Rs 11.5 crore.

Australian captain Steve Smith and India batsman Ajinkya Rahane are the other big names in the team.

(With inputs from PTI)

Filed Under: Sports

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