Evening digest: India received $19.78 billion FDI from nations visited by PM in FY15

GN Bureau | August 6, 2015



India received $19.78 billion foreign direct investment (FDI) from 12 countries visited by prime minister Narendra Modi in financial year 2014-15, Parliament was informed today. During the period, Indian companies invested $3.42 billion in these countries which include Bhutan, Brazil, Nepal, Japan, the US, Myanmar, Australia, Fiji, Seychelles, Mauritius, Sri Lanka and Singapore. In 2014-15, FDI in India increased by 27 per cent to $30.93 billion.

SC order on referring Aadhaar matter to larger bench on Tuesday
The Supreme Court today reserved its verdict for Tuesday on Centre's plea that petitions challenging government's ambitious project to grant Aadhaar cards to all citizens be referred to a Constitutional bench. "Whether the Right to Privacy is a fundamental right guaranteed under Part III of the Constitution of India, in the light of express ratio to the contrary by an eight-judge bench in MP Sharma case and also by a six-judge bench of this court in Kharaksingh's case," one of the questions raised by Attorney General Mukul Rohatgi, who appeared for the Centre, reads. "If so, what are the contours of the Right to Privacy," another question says.

No one approached me for revoking MPs' suspension, says speaker
Making it clear that she cannot take any suo motu decision on the suspension of 25 Congress MPs, Lok Sabha speaker Sumitra Mahajan said on Thursday that no one had approached her on the matter till now. "Neither have I got any proposal from anyone to revoke the suspensions, nor anyone has approached me till date," Mahajan told reporters outside parliament.

Airtel launches 4G services in 296 towns across India
Bharti Airtel has launched its high-speed 4G services in 296 towns across India. The telco is offering 4G services at 3G data prices with packs starting at Rs 25. In addition, with every 4G SIM swap, Airtel is offering six months of unlimited music streaming and downloads on 'Wynk Music' and five free movies per month for six months on the Eros Now channel of 'Wynk Movies'. In addition, it has introduced a new range of 'Infinity Plans' starting Rs 999, offering unlimited voice calls on mobile along with data benefits and access to 'Wynk Movies' and 'Wynk Music'.

Capital infusion in public sector banks is credit positive: Moody's
Government's decision to infuse Rs 70,000 crore in PSU banks is a credit positive but "not a game changer" as the amount is relatively small and they will have to access capital from markets to meet their needs, Moody's said today. As per government's capital infusion plan, Rs 25,000 crore would be infused in 2015-16 and 2016-17 and Rs 10,000 crore each in 2017-18 and 2018-19. "The front-loading of the capital allocation -- with Rs 50,000 crore of the total Rs 70,000 crore coming in the first two years -- is also credit positive, while the four-year timespan offers medium-term visibility regarding the PSU banks' capital positions," Moody's said.

Nestle shares fall as FSSAI questions all-clear reports to Maggi
Shares of Nestle India fell 5.42 per cent in intraday trade on Thursday, after the Food Safety Standards Authority of India (FSSAI) said that it has not given clean chit to company's 2-minute instant noodles Maggi. The authority clarified that the results of the FSSAI-approved laboratory of the Central Food Technological Research Institute (CFTRI) in Mysore, which on Tuesday declared Maggi safe for consumption, had no bearing on the order to recall Maggi noodles. It also cast doubt over clean chits given to Maggi noodles by the UK and Singapore, saying Swiss food giant Nestle had not shared details of the foreign test reports.

Can't deny maintenance to first wife because of second
A Delhi court has directed a man to pay his first wife and their two children Rs 8,000 interim maintenance per month in a domestic violence case, saying he cannot shirk his liability on pretext of having responsibility of maintaining second wife. "The court is of the view that the complainant and her two children are entitled to interim maintenance in view of the fact that the man being her husband and father of their kids, is legally and morally duty-bound to maintain them as per means available to him."

Gold crashes below Rs 25,000 to hit over 4-year lows
Continuing its slide for the fourth consecutive day, gold prices on Thursday dipped below Rs 25,000 by losing Rs 40 to trade at over four-year lows of Rs 24,980 per 10 grams at the domestic bullion market. It was trading at five-year lows in the global market. On the other hand, silver managed to recover some grounds on the back of scattered demand from consuming industries and rose by Rs 100 to Rs 33,800 per kg.

Bill Gates tops Forbes richest tech billionaires' list, Amazon's Bezos surges
Microsoft's Bill Gates was the unsurprising leader of the first Forbes list of the richest global tech billionaires. He led the group with an estimated worth of $79.6 billion, trailed by Oracle founder Larry Ellison at $50 billion. The surprising number three was Bezos, who saw a gain of some $13 billion in his fortune this year with the rise of Amazon shares, and is now worth $47.8 billion. The Forbes survey released on August 5 found US-based tech magnates made up 51 of the 100 richest people in technology, with 33 from Asia and eight from Europe.

CJI worried as 40% of HC judges’ posts are vacant

Chief Justice of India H L Dattu is worried about the huge vacancy in judges posts in high courts caused by the lingering vacuum on appointment of judges to the higher judiciary. While hearing a case today he said, "the request for a direction to the HC to expeditiously decide the appeals is just not possible. More than 40% of the judges are not in place. Please understand the burden on my judges."

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