National:
Chandrababu Naidu takes oath as first CM of new Andhra Pradesh:
Chandrababu Naidu takes oath as first CM of
new Andhra Pradesh
Telugu Desam Party president N Chandrababu
Naidu was sworn in as the first chief minister of new Andhra Pradesh at a
function at Nagarjuna Nagar, 18 kms from Vijaywada on Sunday.
Governor E S L Narasimhan administered the
oath of office and secrecy to Chandrababu Naidu.
Several Union ministers, chief ministers of
various states and senior leaders of the Bharatiya Janata Party attended the
swearing-in ceremony. Naidu took oath in the name of God in Telugu amidst
thunderous cheers by party workers.19 cabinet ministers, including three women,
were also sworn in on the occasion.
First
session of Telangana Assembly commences today
The first
session of the Telangana Legislative Assembly commences in Hyderabad on Monday
as Chief Minister of the new state, K. Chandrasekhar Rao, extended a hand of
friendship to his counterpart in the residuary Andhra Pradesh, N. Chandrababu
Naidu.
Protem Speaker K
Jana Reddy, who has also been elected as Leader of Congress Legislature Party
recently, would administer the oath to the members. Speaker's election is
slated to be held on June 10.
Telangana
Rashtra Samiti (TRS) has a strength of 63 in the 119-member Assembly.
Uday Kotak wins EY World Entrepreneur Of The Year Award
Uday Kotak wins EY World Entrepreneur Of The Year Award
Kotak Mahindra Bank executive
vice-chairman and managing director Uday Kotak has become the second
Indian entrepreneur to win the EY World Entrepreneur of the Year
Award after 11 years.
Infosys Ltd co-founder and
chairman N.R. Narayana Murthy was the first from India to win this
prestigious award in 2003.
A 10-member global jury named Kotak the
winner from among 60 finalists from 51 countries at an award ceremony held at
Salle des Etoiles in Monaco
Kotak set up Kotak Capital Management Finance Ltd in
1985 and the company became the first non-banking finance company in India’s
corporate history to be converted into a bank in 2003. It has progressed from a
seed capital of less than $250,000 to an international group with $2.8 billion
in revenues at present.
Why is EY Entrepreneur Of The Year so special:
ICICI Bank overtakes HDFC Bank as top private bank employer
With
addition of over 10,000 jobs last fiscal,ICICI
Bank has overtaken rival HDFC
Bank as the biggest employer in the private banking space with more than
72,000 employees.
Incidentally,
HDFC Bank saw its employee headcount decline by 900 during the fiscal ended
March 31, 2014, while at least five other major private sector banks saw their
workforces grow during the year.
ICICI
Bank has also recorded higher total income and profits than HDFC Bank in the
latest fiscal year.
These
five lenders - ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank and
Yes Bank -saw their employee strength rise by over 20,000 in 2013-14.
Sourav Ganguly to join Mudgal probe panel
The Supreme Court last month appointed
Justice Mudgal to probe into the findings against 13 people whose names were
mentioned in a sealed envelope.
The panel is
headed by retd. Justice Mukul Mudgal and includes advocates L. Nageswara Rao,
Niloy Dutta and senior IPS officer B.B. Mishra.
The apex court has already barred N
Srinivasan to function as the BCCI president pending inquiry.
The expose
led to arrests of former Chennai Super Kings team principal Gurunath Meiyappan
as well as India discard S Sreesanth, first-class cricketers Ankeet Chavan and
Ajit Chandila along with Bollywood actor Vindoo Dara Singh to name a few.
FDI in services sector drops 54% in 2013-14
Foreign
direct investment in the services sector declined by about 54 per cent
year-on-year to $2.22 billion last fiscal, according to data from the
Department of Industrial Policy and Promotion.
The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $4.83 billion during 2012-13.
The services sector accounts for over 60 per cent to India's GDP.
FDI inflows have also declined in sectors including construction development and hotel and tourism.
Foreign investments are considered crucial for India, which needs about $1 trillion in the 5-year Plan period ending March 2017 to overhaul infrastructure such as ports, airports and highways and boost growth.
The decline in foreign investments could affect the country's balance of payments and the rupee.
Overall foreign inflows into the country grew by 8 per cent to $24.29 in the last fiscal as against $22.42 billion in 2012-13.
To further attract foreign inflows, the government is planning to relax FDI policy in sectors such as defence, railways and construction activities.
The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing, had received FDI worth $4.83 billion during 2012-13.
The services sector accounts for over 60 per cent to India's GDP.
FDI inflows have also declined in sectors including construction development and hotel and tourism.
Foreign investments are considered crucial for India, which needs about $1 trillion in the 5-year Plan period ending March 2017 to overhaul infrastructure such as ports, airports and highways and boost growth.
The decline in foreign investments could affect the country's balance of payments and the rupee.
Overall foreign inflows into the country grew by 8 per cent to $24.29 in the last fiscal as against $22.42 billion in 2012-13.
To further attract foreign inflows, the government is planning to relax FDI policy in sectors such as defence, railways and construction activities.
International:
India's trade deficit with China mounts to $9 bn in January-April
China's
trade with South Asian nations including India has touched a whopping $100
billion even as the deficit in trade between the two countries neared $nine
billion in the first four months of this year.
Trade volume between China and South Asian nations jumped from $35 billion in 2006 to about $100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more, state-run Xinhua news agency reported.
The India-China trade topped much of the $100 billion as the bilateral trade totalled $65.47 billion in 2013 with trade deficit mounting to $31.42 billion.
Trade volume between China and South Asian nations jumped from $35 billion in 2006 to about $100 billion in 2013, but the fast growth features a rising trade imbalance with China exporting more, state-run Xinhua news agency reported.
The India-China trade topped much of the $100 billion as the bilateral trade totalled $65.47 billion in 2013 with trade deficit mounting to $31.42 billion.
The huge
trade deficit figured high on talks between External Affairs Minister
Sushma Swaraj and her Chinese counterpart Wang Yi in New Delhi. Wang arrived in
India on a two-day visit to establish first contacts with the government of
Prime Minister Narendra Modi.
The two leaders discussed ways to increase Chinese investments in India through setting up industrial parks and infrastructure projects. They also discussed ways to address India's concern of huge trade deficit of nearly $ 40 billion.
The two leaders discussed ways to increase Chinese investments in India through setting up industrial parks and infrastructure projects. They also discussed ways to address India's concern of huge trade deficit of nearly $ 40 billion.
FIIs pump Rs
20,000 cr in debt market
The net
inflow last month came after Foreign Institutional Investors (FIIs) had pulled
out net amount of about Rs 9,200 crore in April.
According to market experts, FIIs have
pumped in huge investments in the Indian debt market on hopes that
the new government will take steps to revive the economy and a favourable
interest rate scenario.
As per data compiled by capital markets
regulator Sebi, FIIs were gross buyers of debt securities worth Rs 40,478 crore
in May, while they sold bonds to the tune of Rs 20,706 crore during the same
time. This translates to a net inflow of Rs 19,772 crore ($3.35 billion) for
the month.This was the highest monthly net inflow since December 2011, when
FIIs had made a net investment of Rs 21,774 crore in the debt market.
Rafael
Nadal wins ninth French Open, 14th Grand Slam
The world
number one also became the first man to win five Roland Garros crowns in succession
as the 28-year-old took his record at the tournament to 66 wins against just
one defeat.
His tally of 14 majors equals the mark of Pete Sampras and puts him just three behind the all time record of Roger Federer who is almost five years older.
Defeat was cruel for world number two Djokovic, the 2012 runner-up, who still needs a French Open title to become just the eighth man to complete the career Grand Slam.
His tally of 14 majors equals the mark of Pete Sampras and puts him just three behind the all time record of Roger Federer who is almost five years older.
Defeat was cruel for world number two Djokovic, the 2012 runner-up, who still needs a French Open title to become just the eighth man to complete the career Grand Slam.
Hsieh Su-Wei
and Peng Shuai lift Paris doubles crown
Hsieh, of Taiwan, and China's Peng, both 28
and born four days apart, extended their win-loss record to 12-0 in doubles
finals with their victory on the Paris clay, building on the Wimbledon title
they lifted last year.
The Italian pairing, seeded second, had won
four of the last eight grand slams, including the 2012 Roland Garros crown and
this year's Australian Open.
Andy Murray has appointed former Wimbledon champion Amelie Mauresmo as
his new coach
Murray
split with Ivan Lendl in March after a successful partnership that saw the Scot
win an Olympic gold medal, the US Open and Wimbledon.
The former women's world No.1 has previous
experience of coaching a man, having worked with compatriot Michael Llodra over
the 2010 grass-court season when he won the Eastbourne ATP event.
Mauresmo also acted as coach to Marion
Bartoli when she won Wimbledon in 2013 - the first Frenchwoman to do so since
Mauresmo herself in 2006.
Women coaching men in professional tennis
is not unknown. Denis Istomin, of Uzbekistan, is coached by his mother, while
Kazakhstan's Mikhail Kukushkin, the world No.54, is coached by his wife.
Murray himself has previously been coached
by his mother, Judy, during his younger days before he turned professional.
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