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August 26, Friday 2016 1:35 AM       
       HEADLINES: Two RSS activists hacked in Kannur                                              Two injured after bus rams into shop                                              CM to teach on ‘Teachers Day’                                              Jaya Surya now joins the bandwagon against street-dogs                                              Another bench to hear self-financing management’s plea                                              Rajan, Subramanian 'foisted' on India by Americans, says Swamy                                              Pawan Kalyan supporter stabbed to death                                              I stand by every single word, says Rahul                                              Odisha man carries wife's body on shoulder for 10 kms                                              Alternatives to pellet guns in few days: Rajnath                                              Tulsi Gabbard called 'devil' by Republican opponent                                              Pakistan 'laments' US blocking USD 300 mn military aid                                              India's plan to deploy BrahMos missiles on border riles China                                              Militants attack American University of Afghanistan in Kabul                                              Ashwin, Dhawan & Bhuvneshwar visit Miami Heats                                              India will slip in ICC T20 ranking if it loses 0-2 in T20Is                                              Tillakaratne Dilshan to retire after 3rd ODI                                              Coach Nikolai says Jaisha said no to personalised refreshment                                              Kaumudi Facebook
         Monsanto drops plan to launch next gen GM cotton seed in India    
NEW DELHI: US biotechnology major Monsanto today said it has withdrawn application seeking approval for the next generation genetically modified (GM) cotton seeds in India because of regulatory uncertainties. The application seeking environment clearance for commercial cultivation of 'Bollgard-II Roundup Ready Flex technology' was withdrawn on July 6.

         India's GDP to expand by 7.9% this fiscal: Goldman    
NEW DELHI: Indian economy is expected to clock 7.9 per cent growth in the current fiscal driven by better monsoon, government pay hike, key reforms and FDI inflows, Goldman Sachs said today. The global financial services major said the GDP is expected to improve gradually and for the April-June quarter it may slow a tad to 7.8 per cent, in part due to unfavorable base. It had grown at 7.9 per cent in the previous quarter.

         BSNL launches unlimited 3G plan for Rs 1,099, cuts rate by 50%    
NEW DELHI: To counter competitors, state-run BSNL today announced a national unlimited 3G mobile data plan for Rs 1,099 and doubled the data usage limit in some existing plans.

         TCS settles Orange County lawsuit for USD 26 mn; shares down    
NEW DELHI: India's largest IT firm Tata Consultancy Services and its US affiliate have paid Orange County, Calfornia, USD 26 million to settle a lawsuit over what the latter termed as a "failed replacement" to the county's automated property tax system. "TCS and Orange County have agreed to settle an ongoing dispute regarding the joint development of a Property Tax Management System," a TCS spokesperson said.

         Microsoft buys artificial intelligence startup Genee    
HOUSTON: Software giant Microsoft has bought a smart scheduling app Genee, as part of its effort to embed artificial intelligence (AI) to compete with the likes of Google Now and Apple. The start-up, which was founded in 2014, will shut down its service on September 1. The financial terms of the deal were not disclosed by Genee founders Ben Cheung and Charles Lee, who will join Microsoft.

         January Budget to bring more efficiency: CBDT    
NEW DELHI: Favouring the proposal to prepone the presentation of Union Budget to January, head of the apex direct tax authority CBDT Rani Singh Nair today said it will bring in "more efficiency" as public expenditure will start from first day of the fiscal. As part of larger exercise of Budget overhaul, government is looking at advancing the dates of its presentation in Parliament by a month to January-end to ensure that the whole process is completed before the new financial year begins.

         Infosys denies laying off 500 people    
NEW DELHI: Infosys today said it has laid off "a few" people on grounds of non-performance and disciplinary issues but denied reports of 500 jobs being cut by the country's second largest software services company.

         Gionee to spend Rs 400 cr on marketing    
NEW DELHI: Handset maker Gionee will spend around Rs 400 crore on marketing and branding activities over the next few months to capitalise on the festive season demand. The Chinese company, which plans to launch four new smartphones by mid-October, also aims to expand its market share in India to 7-10 per cent by next March.

         Moderate taxes, high evasions cannot coexist: Jaitley    
MUMBAI: Amid intense speculation over the rate of Goods and Services Tax (GST), Finance Minister Arun Jaitley today said moderate taxes and high evasions cannot coexist. "If all taxpayers pay their taxes, it will help bring in tax rates further low. The more the evasions and exemptions, the higher will be the tax rate. So, moderate tax rates and evasions cannot co-exist," Jaitley told a meeting of BJP workers here. The minister was replying to a demand made by Ashish Shelar, Mumbai BJP u

         Merger to add Rs 8 trillion to asset base: SBI    
MUMBAI: State Bank of India today said the ongoing merger of five of its associate banks and Bharatiya Mahila Bank will add Rs 8 trillion or USD 120 billion to its assets and will create a banking behemoth with global scale.

         Trai allows 1-year validity for mobile Internet data packs    
NEW DELHI: Telecom regulator Trai today permitted increase of validity for mobile data packs to 365 days, from the current up to 90 days, to boost usage by marginal consumers and also attract first-time Internet users.

         Service Tax Dept may go for reauction of Mallya's jet    
MUMBAI: The Service Tax Department may go for another round of bidding for luxury jet of embattled businessman Vijay Mallya as the highest bid received during the auction here was a measly Rs 27 crore against the reserve price of Rs 152 crore.

         Govt slaps USD 380 million additional penalty on Reliance Industries    
NEW DELHI: Government has slapped an additional penalty of USD 380 million (around Rs 2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields. With this, the total penalty, which is in form of disallowing recovery of cost incurred, for missing the target in five fiscal years beginning April 1, 2010, now stands at a cumulative USD 2.76 billion.

         Haunting image of Syrian boy rescued from Aleppo rubble    
BEIRUT: Syrian opposition activists have released haunting footage showing a young boy rescued from the rubble in the aftermath of a devastating airstrike in Aleppo. The image of the stunned and weary looking boy, sitting in an orange chair inside an ambulance covered in dust and with blood on his face, encapsulates the horrors inflicted on the war-ravaged northern city and is being widely shared on social media.

         Bank unions decide to join national strike on Sep 2    
VADODARA: Nearly 5 lakh bank union workers and officers are set to join the strike called by trade unions on September 2 to protest against what they call anti-people policies of the Modi government and labour reforms. "There have been increasing attacks in the banking industry and the government has been taking steps which are anti-people. It's attempting to privatise state-run banks and merge associate banks with State Bank of India. It is also looting the public money in the name of bad

         Cisco to cut 5,500 jobs globally, India may feel the heat    
NEW YORK: US-based networking giant Cisco Systems will cut about 5,500 jobs, representing nearly 7 per cent of its global workforce. The move is also expected to impact operations in India, which is its second largest site with 11,000 employees.

         Ola shuts down TaxiForSure, lays off at least 700 people    
NEW DELHI: Transportation app Ola has decided to shut down the TaxiForSure (TFS) business, about 18 months after acquiring the rival for USD 200 million. The development is expected to result in slashing at least 700 jobs, which includes employees in support services and business development, according to sources.

         Sensex up over 71 pts in early trade    
MUMBAI: Benchmark BSE Sensex was trading 71.49 points higher after oscillating between red and green in the early session taking cues from cautious global markets amid US Federal Reserve indicating raising interest rates as early as September. Besides, domestic sentiment was affected by the discouraging macro-economic data as wholesale inflation soared to a 23-month high of 3.55 per cent in July, making investors trim their positions.

         PSU banks underpay at top; I too feel 'under-paid': Rajan    
MUMBAI: Flagging difficulties in getting top talent at public sector banks, RBI Governor Raghuram Rajan today said they tend to over-pay at the bottom but under-pay their top executives, even as he rued, albeit jokingly, himself being "under-paid". "One of the problems, of course, is that as with all public sector entities, you overpay at the bottom and underpay at the top... Yes, you feel that you are doing the job for the broader public but you just make it harder to attract top talent,

         RBI must continue with Rajan's policies: Moody's    
NEW DELHI: RBI Governor Raghuram Rajan’s policy of tight leash on inflation has showed results, and the Reserve Bank should continue with similar policies and communication going forward, Moody’s Investors Service has said. Moody’s Investors Service Senior Vice President Sovereign Risk Group Marie Diron said that credibility and effectiveness of monetary policy are factors which impact India’s sovereign ratings. Moody’s has a ‘Baa3’ rating on India, with a positive outlook.

         WPI inflation hits 23-month high of 3.55% in July    
NEW DELHI: Wholesale inflation soared to a 23-month high of 3.55 per cent in July as vegetables, pulses and sugar turned costlier. The wholesale price-based inflation, reflecting the annual rate of price rise, in June stood at 1.62 per cent. In July 2015, WPI inflation was (-)4.00 per cent.

         3,000 jobs to get affected post RBS project scrap: Infosys    
NEW DELHI: Infosys has said it will ramp-down about 3,000 jobs following Royal Bank of Scotland's decision to cancel the project to set up a separate bank in the UK. RBS announced last week that it will not pursue its plan to separate and list a new UK standalone bank, Williams & Glyn (W&G), for which Infosys was a key technology partner. "Infosys has been a W&G program technology partner for Consulting, Application Delivery and Testing services, and subsequent to this decision, will car

         UBL withholds Rs 1.64 cr payment to Mallya    
NEW DELHI: United Breweries Ltd has withheld Rs 1.64 crore payment to its Chairman Vijay Mallya after tax authorities barred any payments made to him in view of ongoing tax case against his defunct Kingfisher Airlines.

         BSNL to offer unlimited calls on Sundays from Aug 21    
NEW DELHI: Customers of state-run BSNL will be able to make free unlimited calls on any mobile or landline number in the country on Sundays from August 21. "Unlimited free calling from BSNL landline to any network's mobile and landline on all Sundays on pan India basis w.e.f. 15th August, 2016," Telecom Minister Manoj Sinha said in his tweet today.

         Attempts made to hack online system of a PSU bank: Jaitley    
NEW DELHI: Attempts were made to hack the online system of a PSU bank recently but they were foiled by timely action, Finance Minister Arun Jaitley said today. Jaitley said after the hacking attempts, all banks and the Reserve Bank of India have taken a number of security measures to check such designs.

         Industrial output growth slows to 2.1% in June    
NEW DELHI: Industrial output grew by 2.1 per cent in June, although down from 4.2 per cent a year ago, on account of poor show by manufacturing and heavy contraction in capital goods production. On cumulative basis, the factory output in the April-June quarter grew by 0.6 per cent compared to 3.3 per cent growth in the year-ago period. The June growth was however higher than 1.1 per cent (revised from 1.2 per cent provisionally) in May.

         Action on Panama paper names depends on probe's outcome: Jaitley    
NEW DELHI: Finance Minister Arun Jaitley today said it has undertaken expeditious investigations into the Panama paper leaks and would take legal action depending upon the outcome of the probe.

         IEA cuts oil demand forecast on Brexit impact    
PARIS: The IEA said today it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain's vote to leave the European Union.

         VW Korea head apologises, questioned on emission fraud    
SEOUL: The head of Volkswagen's South Korean unit apologised today as he presented himself to state prosecutors for questioning over the German carmaker's emissions fraud scandal. Johannes Thammer, CEO of Volkswagen Korea, was summoned by the Seoul Central District Prosecutors' Office a week after South Korea banned the sale of 80 Volkswagen AG models.

         Rajan says attacks on him abominable; was open to extension    
NEW DELHI: Terming political attacks on him as abominable, outgoing RBI Governor Raghuram Rajan today said he was open to staying a bit longer to complete the unfinished work of bank clean up, but is perfectly happy to go. Rajan, who had in June decided against seeking a second term after 3-year tenure which ends next month, said the process of dialogue with the government did not reach a stage where he could have agreed to stay on.

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