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Economic Times February 10, 2020 The competition watchdog on Monday gave its approval to the formation of a joint venture between Ford Motor and Mahindra and MahindraNSE -1.99 % and the subsequent transfer of the automotive business of Ford India to the new venture. Mahindra & Mahindra had announced a joint venture (JV) with Ford Motor Company in October last year. The former planned to own a controlling 51% stake with Ford holding the remaining 49% stake in the new company, which was registered as Ardour Automotive Private Limited, a wholly-owned subsidiary of Ford Motor Company (FMC). The marriage between the Indian outfit of Ford and Mahindra was pending approval from the Competition Commission of India, which came through on Monday. Both Ford and Mahindra will continue to have their separate brands and dealerships in India, but vehicles will be co-developed and the companies will strategically manufacture vehicles for each other. Ford will benefit from Mahin

Live Mint February 14, 2020 India is hoping to lure billions of dollars by getting its bonds included in global indexes. The inflow, according to Deutsche Bank AG, hinges on the strategy Prime Minister Narendra Modi’s government uses for the issuance, and its size. The lender says the administration may consider these three options: 1. New Bonds India could lure $10 billion, assuming the new securities account for 30% of the gross debt sales and switches for the year starting April 1. The issuance would take the stock of these bonds to $45 billion by the end of the fiscal year. This “is the cleanest route to take in some sense because you are starting a new series of bonds and designating them as special securities," said Sameer Goel, head of Asia macro strategy at Deutsche Bank in Singapore. 2. Use Existing Benchmarks India could earn higher initial weights in global indexes by re-purposing existing bonds as special securities, Goel and his colleag

Financial Express,  February 14, 2020 However, the 2019 emissions may prove no peak—the 2017 and 2018 emissions proved that the 2014-2016 period was a mere pause—given many Asian countries seem set to take over from advanced countries on emissions ignominy. Finally, there has been some action on the climate-crisis front by developed nations, most of which are the worst emission offenders. Expansion of wind, solar and other sustainable power generation capacity such as nuclear in developed nations, the International Energy Association (IEA) says,has helped energy-related CO2 emissions “flatline” in 2019, at 33 gigatonnes. Global emissions had risen in both 2017 and 2018 after having remained constant since 2014. However, the 2019 emissions may prove no peak—the 2017 and 2018 emissions proved that the 2014-2016 period was a mere pause—given many Asian countries seem set to take over from advanced countries on emissions ignominy. While power sector emissions in advanced countr

Financial Express,  February 14, 2020 The Justice Department has added new criminal charges against Chinese tech giant Huawei and several subsidiaries, accusing the company of a brazen scheme to steal trade secrets from competitors in America, federal prosecutors announced Thursday. The new indictment also alleges the company provided surveillance equipment to Iran that enabled the monitoring of protesters during 2009 anti-government demonstrations in Tehran, and that it sought to conceal business that it was doing in North Korea despite economic sanctions there. The company issued a statement Thursday evening disputing the allegations and calling them “without merit.” The new allegations come as the Trump administration raises national security concerns about Huawei, the world’s largest telecommunications equipment manufacturer, and aggressively lobbies Western allies to bar the company from wireless, high-speed networks. The superseding indictment, brought by fe

Hindustan Times,  February 14, 2020 The visiting IMF mission has asked Islamabad “to reduce its trade and commerce reliance on Beijing” and look for other international options by signing free trade agreements (FTA) with other countries too, a media report said on Friday. The development comes as the mission has extended its stay in Pakistan for making more efforts to strike a consensus on the staff-level agreement as both sides so far persisted with their respective differences on “immediate measures” for reducing the revenue-expenditure gap and fixing cash bleeding energy sector, The News International said in the report. Official sources confirmed to The News International on Thursday night that both sides were busy ironing out differences over revenue generation efforts as the Federal Board of Revenue (FBR) wants a further reduction in its revised target of 5,238 billion Pakistani rupees but the International Monetary Fund (IMF) desires to see the plan aimed at removin

Economic Times February 11, 2020 India is set to give final approval to a $2.6 billion deal for military helicopters from U.S. defence firm Lockheed Martin ahead of a visit by U.S. President Donald Trump this month, defence and industry sources said. Prime Minister Narendra Modi's government is trying to pull out all the stops for Trump's trip in a bid to reaffirm strategic ties between the two countries, which have been buffeted by sharp differences over trade, to counter China. India's defence purchases from the United States have reached $17 billion since 2007 as it has pivoted away from traditional supplier Russia, looking to modernise its military and narrow the gap with China. Modi's cabinet committee on security is expected to clear the purchase of 24 MH-60R Seahawk helicopters for the Indian navy in the next two weeks, a defence official and an industry source briefed on the matter separately told Reuters. "It's a government-to-g

Hindustan Times,  February 13, 2020 Pakistan on Thursday termed the sale of integrated air-defence system to India by the US as “disturbing”, saying it would further destabilise the “already volatile region”. The US has approved the sale of an Integrated Air Defence Weapon System (IADWS) to India for an estimated cost of USD 1.9 billion to modernise its armed forces and to expand its existing air defence architecture to counter threats posed by air attacks. Foreign Office spokesperson Aisha Farooqui told reporters during her weekly media briefing here that Pakistan saw the advance notice issued by US Defence Security Cooperation Agency, notifying the State Department’s approval of Foreign Military Sale to India of IADWS. “Sale of such sophisticated weapons system to India at this time is particularly disturbing as it would further destabilise the already volatile region. The US decision would disturb the strategic balance in South Asia with serious security implicat

Daily Hunt,  February 13, 2020 The Enforcement Directorate has unearthed a massive forex (foreign exchange) scam of over Rs 700 crore involving Capstone Forex Private Limited, a Maharashtra-based firm. Capstone Forex came under ED's scanner. The financial probe agency claims that Capstone Forex bought forex on fudged, forged and fake air tickets and passports. ED's investigation has revealed that Capstone had received more than Rs 700 crore in its accounts from various shell companies. An investigation by the ED also reveals that many of the shell companies transferred funds to various big corporates and reputed companies. Corporates that have come under the radar of ED investigation include CG Power Solutions, Indianapolls Hospitality (Jay Mehta Group), Consultshah Financial Services, Eros International Media, Jain Energy (Jain Irrigation Group), Navarkar Builders, Next Gen Films, Swatantryaveer VD Savarkar Multistate Cooperative Credit Society. Sources s

Firstpost, February 13, 2020 Mumbai: Air India chief Ashwani Lohani on Wednesday said the national carrier's legacy will remain intact even if the ownership changes hands. After inaugurating a five-day exhibition -- which is being organised by the Society for Culture and Environment and supported by the divestment-bound Air India -- to showcase the vast cultural heritage of the airline built over the years, an emotional Lohani told reporters that the airline is still a great organisation. "I have come from the Railways. These people have worked in this company for so many years. I have become emotional after seeing the exhibits. I can only imagine what they must be feeling," he said hinting at the ongoing privatisation bid of the heavily loss-making airline started by the late JRD Tata. Lohani said the airline has an unmatched legacy that will be carried forward even if it changes the ownership.  Air India sale: Ownership change cant undo legacy of

Haaretz,  February 12, 2020 The UN human rights office released Wednesday a long-anticipated report which names companies with ties to Israeli West Bank settlements. OHCHR said it has reasonable grounds to believe that 112 business entities [For full list see below] have ties to Israeli settlements in the West Bank, 94 based in Israel, and 18 in six other countries. In 2019, the publication of a UN database of companies with business ties to Israeli settlements in the West Bank was delayed, drawing the ire of activists who campaigned for it for three years. Israel's Foreign Ministry has instructed its U.S. consulates to approach governors of states in which listed American firms are based and ask them to condemn the list. The issue has been highly sensitive as companies appearing in such a database could be targeted for boycotts or divestment aimed at stepping up pressure on Israel over its West Bank settlements, which most countries and the United Nations

Daily Hunt February 10, 2020  India may be a big importer of defence equipment but has been making steady progress in exports of such products to a number of countries including those who are big names in the export market like the US, Australia, Finland, France, Germany, Israel, South Africa and Sweden. These countries are in the list of 42 nations that also included Azerbaijan, Seychelles, Estonia, Indonesia, Guinea and the Philippines. Minister of State for Defence, Shripad Naik, in a written reply to Rajya Sabha on Monday said the "cost of the items and quantum of foreign exchange earned varies from company to company" and the ministry did not keep a record of the quantum of foreign exchange earned. Indian defence product exports to Australia included 5.56x45mm Ball MK N(SS109) cartridges, while it exported protective headgear and hard armour plates to Azerbaijan, helmets, bomb suppression blanket and soft armor panels to Germany, sleeping bags to Guin

Live Mint,  February 13, 2020 SEOUL : Air pollution from burning fossil fuels is generating economic losses of $8 billion a day, according to a Greenpeace report. That’s about 3.3% of global gross domestic product, or $2.9 trillion per year, according to a report from Greenpeace Southeast Asia and Center for Research on Energy and Clean Air. China, the US and India bear the highest economic cost of soaring pollution, at an estimated $900 billion, $600 billion and $150 billion a year, respectively. Air pollution continues to harm billions of people on a daily basis, despite efforts by some countries and companies to push for greater use of renewable energy and cleaner fuels. Particles thrown off by fossil fuel use account for 4.5 million premature deaths each year around the globe, including 1.8 million in China and a million in India, the researchers found. “Every year, air pollution from fossil fuels takes millions of lives, increases our risk of stroke,