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The Economic Times June 05, 2019 In a financial scandal evoking Nirav Modi and Vijay Mallya, a leading industrialist in Mumbai, who is well connected to the corridors of power, has been declared a “wilful defaulter” by the Bank of Baroda Vijay Goverdhandas Kalantri, chairman and managing director of Dighi Port, and his son Vishal Kalantri, a director of the port, owe approximately Rs 3,334 crore to a consortium of 16 Indian banks led by Bank of India, for loans given to develop the port. The Bank of Baroda placed a public notice in a Mumbai newspaper on Sunday, 2 June, which states: “Notice is hereby given to the public at large that Vijaya Bank (now Bank of Baroda) has declared the following persons as wilful defaulters, in terms of the bank’s/RBI’s rules and regulations. 1) Dighi Port Limited , (borrower) 2) Vishal Vijay Kalantri, director and guarantor and 3) Vijay Goverdhandas Kalantri, director and guarantor. The bank has sent a suitable communication to the borrower/guara

Dawn June 05, 2019 Sri Lanka's government will introduce five-year jail terms for those caught spreading fake news and hate speech on social media, the government said Wednesday, following a surge in online vitriol and disinformation after the Easter suicide attacks. The cabinet of ministers approved a proposal by the acting justice minister, which will also see offenders fined one million rupees ($5,715), the government said in a statement. It did not immediately release a definition of the two offences, but said the penal code will be amended to introduce the new penalties. The move follows repeated government allegations that platforms such as Facebook, Twitter and Whatsapp have been used to spread online hate, in a country where ethnic divisions still linger after decades of war. Sri Lanka shut down internet access in March last year to prevent further violence when anti-Muslim mobs went on the rampage in the island nation's central region, killing three people

BusinessLine June 03, 2019 Over 6,800 cases of bank fraud involving an unprecedented Rs 71,500 crore have been reported in 2018-19, the Reserve Bank of India has said. A total of 5,916 such cases were reported by banks in 2017-18 involving Rs 41,167.03 crore, it said. As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal (increase of over 73 per cent in the fraud amount), the Reserve Bank of India (RBI) said in reply to an RTI query filed by this PTI journalist. In the last 11 fiscal years, a total of 53,334 cases of fraud were reported by banks involving a massive amount of Rs 2.05 lakh crore, the central bank’s data said. During 2008-09, a total of 4,372 cases were reported involving an amount of Rs 1,860.09 crore. In 2009-10, Rs 1,998.94 crore worth fraud was reported in 4,669 cases. A total of 4,534 and 4,093 such cases were reported in 2010-11 and 2011-12

FirstPost June 05, 2019 Srinagar: Clashes between protestors and security forces broke out after Eid prayers in some parts of Kashmir on Wednesday, officials said. There were no reports of anyone getting hurt, they said. Protesters pelted stones on security personnel in some parts of the old city after Eid prayers. Similar incidents were reported in Sopore in north Kashmir and Anantnag in south Kashmir, the officials said. In Nowhatta area of the city, masked protestors reportedly held banners in support of banned Jaish-e-Mohammed chief Masood Azhar and slain militant commander Zakir Musa. However, police officials said they are verifying the veracity of these reports. Security forces exercised maximum restraint while dealing with the law and order situation, they said. The situation elsewhere in the valley remained peaceful, they said. The festival of Eid was celebrated with much fanfare in other parts of the state with people thronging mosques, shrines and Eidgahs to off

FirstPost June 06, 2019 By David Lawder WASHINGTON (Reuters) - The International Monetary Fund does not see the threat of a global recession brought on by a widening U.S.-China trade war and potential U.S. tariffs on Mexican goods and autos, IMF Managing Director Christine Lagarde said on Wednesday. Lagarde told Reuters in an interview, however, that such escalating tariff threats were sapping business and market confidence, and could slow growth that is currently expected to improve next year. "We don't see a recession," Lagarde said when asked whether U.S. President Donald Trump's threatened tariff actions could turn global growth negative. "Decelerating growth, but growth nonetheless -- 3.3 percent at the end of this year, and certainly a strong U.S. economy. We do not see at the moment, in our baseline, a recession." Earlier on Wednesday, the IMF said current and threatened U.S.-China tariffs could cut 2020 global gross domestic product by 0.

Hindustan Times June 06, 2019 UNICEF study released on Wednesday claimed Prime Minister Narendra Modi’s pet scheme, Swachh Bharat [Clean India] mission, has reduced ground water contamination in many villages while another study by Bill and Melinda Gates Foundation said the scheme mobilised around Rs 23,000 crore for creating awareness on sanitation in rural areas. The UNICEF study, based on ground reports from three states — Bihar, Odisha and West Bengal — said that groundwater samples suggested that villages not free of open defecation were 11.25 times more likely to have their groundwater sources contaminated with faecal matters as compared to open defecation free villages. Also Read | India sees 50% dip in malaria cases in 2018 According to the study, soil contamination was found to be 1.13 times more likely in non-ODF villages as compared to ODF villages. Similarly, non-ODF villages are 1.48 times more likely to have their food contaminated and 2.68 times more likely to

The Washington Post June 04, 2019 A team of researchers inside Pfizer made a startling find in 2015: The company’s blockbuster rheumatoid arthritis therapy Enbrel, a powerful anti-inflammatory drug, appeared to reduce the risk of Alzheimer’s disease by 64 percent. The results were from an analysis of hundreds of thousands of insurance claims. Verifying that the drug would actually have that effect in people would require a costly clinical trial — and after several years of internal discussion, Pfizer opted against further investigation and chose not to make the data public, the company confirmed. Researchers in the company’s division of inflammation and immunology urged Pfizer to conduct a clinical trial on thousands of patients, which they estimated would cost $80 million, to see if the signal contained in the data was real, according to an internal company document obtained by The Washington Post. “Enbrel could potentially safely prevent, treat and slow progression of Alzhe

NDTV June 05, 2019 NEW DELHI: With eradication of terrorism from Jammu and Kashmir being the focus of new Union Home Minister Amit Shah, the centre has issued a list of 10 most wanted terrorists operating in the state who need to be eliminated. The list includes wanted terrorists of Jaish-e-Mohammad (JeM), Lashkar-e-Taiba (LeT), Hizbul Mujahideen and Al Badr based on inputs shared with the Ministry by the Jammu and Kashmir Police, the Central Reserve Police Force (CRPF) and the Intelligence Bureau (IB). Six of the 10 most wanted terrorists named in the list belong to Hizbul Mujahideen, two from JeM, and one each from LeT and Al Badr. LeT chief Wasim Ahmed alias Osama, active in Jammu and Kashmir's Shopian district, and Hizbul Mujahideen commander Riyaz Naikoo alias Mohammed Bin Qasim are mentioned on the most wanted list. Hizbul Mujahideen's Anantnag district commander Mohammad Asraf Khan, Baramulla district commander Mehraj-ud-Din, cadre of Srinagar Dr

Firstpost June 05, 2019 The Competition Commission of India (CCI) has levied a total fine of over Rs 74 crore on pharma firms—Himalaya Drug Company and Intas Pharmaceuticals—along with its senior officials as well as two Madhya Pradesh-based drug groupings for indulging in anti-competitive trade practices. The two drug associations are Madhya Pradesh Chemists and Druggist Association (MPCDA) and Indore Chemists Association (ICA) as per an order by the Competition Commission of India (CCI). The fair trade regulator held both the drug associations and pharma companies responsible for mandating the requirement of obtaining NOC (No Objection Certificate) prior to the appointment as stockists which resulted in limiting and controlling the supply of drugs and medicines in Madhya Pradesh. The act of entities contravened Section 3 of the Competition Act which pertains to the anti-competitive agreement, the regulator said in an order dated 3 June. Regarding Himalaya Drug and Intas

News18, June 04, 2019 New Delhi: Congress leader and former Union minister Jairam Ramesh Tuesday said the Kashmir issue is a political problem and agencies such as the IB and R&AW should play a lesser role in it. The Congress leader made the remarks at the launch of a book -- 'Kashmir as I see it' -- penned by Ashok Dhar, the founder-director of the Kolkata chapter of the Observer Research Foundation. "It is not a military problem, but a political problem. So when Satyapal Malik became the governor (of Jammu and Kashmir), I was elated... that the first time there was recognition that retired civil servants and army officers do not hold the key, and this a process based on political engagement," Ramesh said. "There are people who believe that infrastructure development is the key and that bringing investment in the state will solve the problem. I think now we have come to realise that this is a political problem," he said. The Congress leader

The Economic Times June 05, 2019 NEW DELHI: Moving at jet speed, the two-stage bid process for selling of entire 100 per cent equity stake in national carrier Air India could kickstart as early as July 7.  The government has decided to come out with the preliminary information memorandum (PIM) inviting expression of interest (EoI) by the first week of July.   "Besides offering 100 per cent stake to private investors, more loans of the airline would be transferred to the special purpose vehicle (SPV) in order to further sweeten the deal," said a senior official.  The government had decided to transfer debt amounting Rs 29,464 crore along with other non-core assets to the newly-created SPV to attract bidder interest for the carrier.  "The transaction advisor (EY) has proposed to raise the transferable debt amount," the official quoted above said.  Multiple sources said that selling of Air India is the unfinished agenda of the previous gover

BusinessLine June 04, 2019 India is likely to oppose attempts by developed countries, including Japan, at the G-20 Ministerial meeting on trade and digital economy at Tsukuba City, Japan, beginning this weekend, to get a consensus on initiating multilateral rule-making for e-commerce. Commerce & Industry Minister Piyush Goyal, who will represent India in the meet, is expected to stick to India’s stance so far of saying no to e-commerce negotiations on rules, a government official told BusinessLine. “The G-20 meeting will be the Minister’s first international engagement after taking charge of his new portfolio. He is expected to argue that it would be premature to go in for multilateral rules on e-commerce as the sector was still evolving,” the official said. Japan, which is one of the countries keen to negotiate on e-commerce rules at the World Trade Organization (WTO) platform, is likely to push for consensus on the matter amongst G-20 members using its role as the host