SBI, associate banks surge after Cabinet okays merger

NEW DELHI: Shares of SBI and its associates rose sharply by as much as 13.5 per cent today after the Cabinet approved their merger, a step aimed at strengthening the sector through consolidation of public banks.

The scrip of State Bank of Mysore soared 13.54 per cent, State Bank of Bikaner and Jaipur zoomed 10.86 per cent, State Bank of Travancore jumped 10.54 per cent while SBI gained 3.10 per cent on BSE.

Seeking to create a global-sized bank, the Cabinet yesterday gave the go-ahead to the merger plan of SBI and its five associates.

However, no decision was taken on the proposal to merge the Bharatiya Mahila Bank with SBI.

Latest Comment

Excellent news for banks. Now time to merge all small and loss making banks into BOB and PNB for cost cutting.RaMa Rajya

The merger of associate banks is likely to result in recurring savings, estimated at more than Rs 1,000 crore in the first year, through a combination of enhanced operational efficiency and reduced cost of funds, an official statement said.

The two unlisted associate banks which will be merged with SBI are State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH).

source”cnbc”

Nougat update for Huawei Honor 6X might not arrive in March after all

Earlier this month, Huawei confirmed that the Nougat update for the Honor 6X will start rolling out in March. That was indeed a pleasant surprise given that the company had earlier said the rollout would begin in Q2 this year.

However, turns out that’s not the case. The source of the report has now clarified that the March time-frame is for the review unit they’ve received for testing.

The Chinese company, for its part, is officially sticking to the H1 2017 time-frame for the public roll-out of the Honor 6X Nougat update. Keep in mind that the final roll out could still begin in March; Huawei isn’t out-rightly denying it – it’s just that they aren’t promising it

source”cnbc”

Iran retaliates, Canada opens arms after Trump immigration ban

President Donald Trump speaks during a joint press conference with British Prime Minister Theresa May in the East Room of the White House January 27, 2017 in Washington, DC.

Getty Images
President Donald Trump speaks during a joint press conference with British Prime Minister Theresa May in the East Room of the White House January 27, 2017 in Washington, DC.

World leaders reacted harshly Saturday to President Trump’s executive order suspending immigration and visas for citizens from certain countries with majority Muslim populations. Iran, one of the targeted nations, suggested it would limit issuing visas to American tourists.

Trump on Friday suspended all refugee admissions to the U.S. for four months and banned the entry of Syrian refugees indefinitely pending a security review meant to ensure terrorists cannot slip through vetting. Trump also issued a 90-day ban on all entry to the U.S. from seven Muslim-majority countries with terrorism concerns, including Syria.

The official IRNA news agency Saturday carried a statement by the Iranian foreign ministry that says Iran will resort to “counteraction” to Trump’s executive order.

“Iran, to defend the dignity of the great Iranian nation, will implement the principle of reciprocity until the removal of the insulting restriction against Iranian nationals,” the statement reads. “It will apply corresponding legal, consular and political actions.”

The two countries have had no diplomatic relations since 1979 when militants stormed the U.S. embassy.

Iranian Foreign Minister Javad Zarif issued a series of tweets in response to President Trump’s order, saying the move would be “a great gift to extremists and their supporters.”

He explained that statement further, tweeting: “Collective discrimination aids terrorist recruitment by deepening fault-lines exploited by extremist demagogues to swell their ranks.”

Follow

Javad Zarif

@JZarif

Collective discrimination aids terrorist recruitment by deepening fault-lines exploited by extremist demagogues to swell their ranks. 2/7

  • 2,4582,458 Retweets

  • 3,9293,929 likes

A follow-up tweet promised a reciprocal response: “While respecting Americans & differentiating between them & hostile U.S. policies, Iran will take reciprocal measures to protect citizens.”

Follow

Javad Zarif

@JZarif

While respecting Americans & differentiating between them &hostile U.S. policies, Iran will take reciprocal measures to protect citizens.5/7

  • 1,2041,204 Retweets

  • 2,5972,597 likes

Other world leaders, including officials from Canada and Scotland, also tweeted responses to the new U.S. policy.

More from USA Today:
About 1,000 flood SFO to protest immigration ban
NBA asks State Department for clarity on Trump immigration order
World blasts Trump’s refugee move, although some cheer it

Canadian Prime Minister Justin Trudeau embraced refugees, also temporarily prohibited from entering the U.S., making a pointed comment about not discriminating on religious grounds: “To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith. Diversity is our strength #WelcomeToCanada”

Follow

Justin Trudeau

@JustinTrudeau

To those fleeing persecution, terror & war, Canadians will welcome you, regardless of your faith. Diversity is our strength #WelcomeToCanada

  • 370,869370,869 Retweets

  • 641,158641,158 likes

Nicola Sturgeon, first minister of Scotland, retweeted Trudeau, seconding his invitation: “#WelcometoScotland too.”

People in the affected countries reacted with dismay to the U.S. move, the Associated Press reported.

“I am shocked beyond words. This will mean that my new husband will never be able to join me in the U.S.,” said Fatima Ashkir, a Somali-American woman from Florida who came to Mogadishu to marry her Somali boyfriend.

In Jordan, a Syrian refugee who submitted to an initial security screening in the hopes of moving to the U.S., sees his hopes dashed with President Trump’s order.

“When we heard of the order, it was like a bolt of lightning, and all our hopes and dreams vanished,” Ammar Sawan said Saturday.

Other Syrian refugees in Jordan warned that U.S. policy could inflame anti-American sentiment in the region.

‘Complete chaos,’ 1,000 calls after Trump immigrant ban hits

“This decision made the U.S. lose its reputation in the world as the biggest economy, the biggest democracy,” said refugee Nasser Sheik, 44, who was paralyzed by a stroke two years ago and lives with his family in Amman.

source”cnbc”

After IIM bill, more central institutions could be granted autonomy: Javadekar

Giving autonomy to IIMs is a “milestone” Javadekar said adding that while government will continue to provide funds for the development of these institutes but “sans government controls”

In picture, Union HRD Minister Prakash Javadekar (File Photo)

In picture, Union HRD Minister Prakash Javadekar (File Photo)

  • UP Class 10 Boards 2017: Date sheet released, exams to begin from March 16
  • Quality of education remain a challenge, but access to higher education improved: Venkaiah Naidu
  • Instead of taking over private schools, improve public schools: Delhi High Court
  • 10 districts awarded on National Girl Child Day for contributing towards woman empowerment
  • DU: First public university to hoist

On the lines of the IIM Bill, more Central institutions could be given autonomy and freed from government’s “micro-management”, said Union HRD minister Prakash Javadekar.

He also expressed hope that the proposed legislation would come in the upcoming Budget Session of Parliament and would be passed soon.

A day after the cabinet gave its nod to IIM Bill, 2017 which empowers these institutes to give degrees, Javadekar in an interaction with reporters said that it gives autonomy also in establishing a system of accountability in terms of CAG audits and presenting reports to the Parliament.

Giving autonomy to IIMs is a “milestone” Javadekar said adding that while government will continue to provide funds for development of these institutes but “sans government controls”.

Views of HRD minister Prakash Javadekar:

“It is not necessary that an IIM Director should sit at the table of a ministry Joint Secretary,” Javadekar said. Javadekar had mentioned that he may not be the chairperson for IIM Bill, but someone from among Directors could be.

The IIM Bill has a provision for setting up a coordination forum, the chairperson of which would be an eminent person, chosen by the members, it is learnt.

The HRD minister said that the IIM Bill was an indication that other institutes, which excel in their field, could get more autonomy. He said it was being considered that best institutions are given maximum autonomy, those which are average get some autonomy and some regulation while a different system is there for those which are not performing too well.

Asked if the ministry planned to take the IIM Bill to the Parliament in the upcoming Budget session, Javadekar said that the government would introduce the Bill. “If the House decides they can straight away discuss, or if comes to a Standing Committee, I am still sure it will be passed soon,” he said.

He said that the mentality that government would taking care of the money, control and everything else would not work in education. “India lacks in innovation, and it comes with young minds working free and where there is no fear of failure,” the HRD minister said.

As he emphasised on the importance of giving more autonomy, Javadekar said that Modi government is a very democratic one where decisions are taken on the basis of consultations. “In this government, no letter comes from somewhere,” he said in what appeared a dig at political rivals.

Speaking about the IIM Bill, Javadekar said that there will be periodic reviews of the functioning of these institutes. Responding to question whether the IIMs would be able to set up campuses abroad, Javadekar said that would be subject to the existing norms.

On a question about reservations, he said the law of the land would apply. He also refuted questions that there were differences between the HRD ministry and PMO on the provisions of the Bill.

Asked about when the HRD ministry would announce a new panel to work on the New Education Policy, Javadekar told the reporters that they may have to wait a bit in this regard

source”cnbc”

After hours buzz: YHOO, RMD, MRCY

Traders work on the floor of the New York Stock Exchange (NYSE) on the first day of trading after Donald Trump was sworn in as president on January 23, 2017 in New York City.

Traders work on the floor of the New York Stock Exchange (NYSE) on the first day of trading after Donald Trump was sworn in as president on January 23, 2017 in New York City.

Check out which companies are making headlines after the bell on Monday:

Shares of Yahoo shot up 1 percent after the company said its merger with Verizon would be delayed until the second quarter of 2017. Yahoo also reported earnings that were above analysts’ estimates. Yahoo reported earnings per share of 25 cents per share, 4 cents higher than the 21 cents per share expected. Revenue for the company also beat estimates, coming in at $1.47 billion versus $1.38 billion expected.

ResMed shares jumped above 6 percent after reporting earnings exceeding expectations. The medical equipment company reported earnings per share of 73 cents per share compared to Wall Street expectations of 70 cents. ResMed’s revenue came in at $530 million versus $551 million expected, according to a Thomson Reuters survey of analysts.

Shares of Mercury Systems jumped 7 percent after beating analysts’ earnings expectations. Mercury reported earnings per share of 13 cents per share and revenue of $98 million. Wall Street expectations were 10 cents per share and $93.2 million for revenue, according to FactSet

source”cnbc”

John Paulson: Increased long exposure to stocks after Trump’s win

Hedge fund manager John Paulson, who openly supported Donald Trump’s candidacy and played a role in helping to shape his economic agenda, echoed many in the business community who are optimistic about the coming administration’s policies.

“An administration that supports growth supports everyone,” Paulson told CNBC in an exclusive interview on Thursday night, during the inaugural’s VIP Candlelight Dinner.

Paulson said he increased his firm’s long exposure to stocks following Donald Trump’s win.

“American companies are going to retain more of their after tax income (with Trump’s policies) which is a huge boost to earnings per share and the S&P 500,” Paulson said at the event which was attended by the President-elect, the soon-to-be first family and several prominent politicians including House Speaker Paul Ryan.

“Companies will have more to invest and a better return on that investment. It can be a positive self-fulfilling prophesy,” Paulson said.

Mr. Paulson was one of several prominent business titans at Washington’s Union Station, who came to support the President-elect.

Among the heavy-hitters also in attendance were outspoken Trump supporter and billionaire investor Carl Icahn along with casino magnates Sheldon Adelson and Steve Wynn and NFL owners Daniel Snyder, Robert Kraft, Shad Khan, and Woody Johnson who Mr. Trump has tapped to be the new Ambassador to Great Britain.

Mr. Paulson listed several initiatives he’d like to see passed as quickly as possible, including what he called the “dialing back” of unnecessary regulations, reforming corporate taxes to make US companies more competitive and renegotiating trade agreements.

“Lower taxes, less regulations, less lawsuits, deals that support US manufacturers is all very positive,” Mr. Paulson said.

source”cnbc”

Single National Engineering Entrance Test: Government to take final decision after consulting with states

Another key proposal which was discussed at the meeting pertained to making an exit test mandatory for students, who are passing out of college to assess their skill sets

Government will take a final decision on holding of a NEET like single entrance examination after consulting with different states

Government will take a final decision on holding of a NEET like single entrance examination after consulting with different states

  • JNU: Academic registration finally allowed for 9 suspended students
  • Several colleges in Maharashtra including IIT-B stands for LGBTQ rights
  • 10 quotes by Swami Vivekananda: The visionary who changed the way Indian youth think
  • Delhi Metro helped this boy to crack CAT 2016
  • National Youth Day: UGC asks universities to promote digital payment

Government will be soon taking a final decision on holding NEET like single entrance examination for admissions into the engineering colleges for medicine after holding consultation with different states.

According to official sources, at a high level meeting of the All India Council for Technical Education (AICTE) on Wednesday, the issue of holding a single examination for engineering college admissions, similar to what NEET is for medical college admissions came up.

Report in details:

  • The proposal received widespread support from a lot of participants but it was decided that before a final decision is taken in the matter, it should be discussed with various states, as well
  • There is a view in the Prakash Javadekar led HRD ministry that holding a single entrance examination for engineering colleges across the country would not only help in curbing irregularities and bring transparency, but will also also reduce the burden on students who are going to appear in several examinations
  • It is also learnt that one of the representatives of a state government who was present in the meeting also expressed some reservations to the idea
  • Another key proposal which was discussed at the meeting pertained to making an exit test mandatory for students, who are passing out of college to assess their skill sets
  • It was again decided in the AICTE meeting that the proposal too would be discussed with states before a final decision is taken, sources said
  • source”cnbc”

Mexican peso jumps against US dollar after central bank intervention

A worker counts Mexican peso bills on top of U.S. dollar bills at a currency exchange store in Mexico City, on Monday, Feb. 15, 2016.

A worker counts Mexican peso bills on top of U.S. dollar bills at a currency exchange store in Mexico City, on Monday, Feb. 15, 2016.

Susana Gonzalez | Bloomberg | Getty Images
A worker counts Mexican peso bills on top of U.S. dollar bills at a currency exchange store in Mexico City, on Monday, Feb. 15, 2016.

The Mexican peso briefly spiked more than 1 percent against the U.S. dollar on Thursday after Mexico’s central bank took steps to buttress its slumping currency.

Juan Garcia, director of national operations for the bank, told Reuters it began selling dollars, but did not specify how many dollars the bank was selling. The peso hit an all-time low versus the dollar on Wednesday, amid uncertainty over President-elect Donald Trump’s trade policies.

Mexico’s currency has taken a beating since Trump shocked the world by winning the U.S. presidential election. Trump called for an overhaul of the North American Free Trade Agreement and has repeatedly said he will construct a wall along the U.S.-Mexico border. Since Nov. 8, the peso has shed more than 16 percent against the dollar.

Dollar/peso since Nov. 8Source: FactSet

Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said he expects the peso’s weakness against the dollar to persist, but added that Wednesday’s sell-off was “a bit exaggerated.”

“If the intervention can push the peso below 21 [to the dollar], we could see some consolidation,” Chandler said. “If the peso can break below 20.70, it would be even more convincing.

source”cnbc”

Chandigarh school kids adopt ‘Wall of kindness’ campaign to look after the needy

Recently, a campaign named ‘Wall of Kindness’ was launched in Chandigarh with the efforts of an NGO, Yuvsatta . People can come and hang clothes or things to be given away on hangers or may nail them on the walls from where the needy can take them away.

Representative Image

Representative Image

  • Retired JNU professors condemn JNU administration for suspending 10 students
  • Jammu and Kashmir to introduce skill development courses in educational institutes
  • IITs, NITs to either close or reduce seats in unpopular courses: HRD ministry
  • Scholarships for Indians worth over AUD 1.8 million at Macquarie University, Australia: Check details

Recently, a campaign named ‘Wall of Kindness’ was launched in Chandigarh with the efforts of an NGO, Yuvsatta, and students of private and government schools and other institutions in the Union Territory have adopted the same.

The “wall” is marked on the outer facade of participating institutions, so that the givers and the takers can easily leave and pick up things. People can come and hang clothes or things to be given away on hangers or may nail them on the walls from where the needy can take them away.

(Read: Nursery Admissions 2017 begins today)  

Who are taking part in the campaign?

Hundreds of students in various schools and institutions across Chandigarh have adopted the newly launched campaign. People in some private houses have also shown initiatives on this front at a smaller level.

An initiative to help the needy

Yuvsatta coordinator Pramod Sharma told IANS, ”While working on our social projects, we realised that there was a segment of society which needed clothes, books and other things. Also, many people don’t know what to do with such used things which are still usable otherwise. So, we decided to launch this campaign ‘Wall of Kindness’ with school children in Chandigarh, so that the gap could be bridged.”

Where did the concept of Wall of Kindness come from?

He further added, ”The concept originated in Iran some years back. Over the years, it has been done in Pakistan, parts of China and other countries. The unique thing about this concept is that the giver and the receiver remain anonymous to each other. It has an element of kindness from the giver and gratitude from the receiver.”

Other schools starting ‘Wall of Kindness’ campaigns:

Sharma pointed out that they had not expected such a good response to the campaign. “Many schools and institutions are coming forward to join the campaign,” he said. The success of the campaign can be gauged from the fact that government school authorities want to extend it to individual classes.

The “Wall of Kindness” has already been started by leading institutions in Chandigarh, like Carmel Convent School, Dev Samaj College of Education, St Joseph School, St Stephen’s School, Dev Samaj School and the Government Girls Model Senior Secondary School in Sector 18.

source”cnbc”

Monte,Paschi,to,issue,$15.8,billion,in,debt,after,EU,approves,support:,Paper

 

The headquarters of Banca Monte dei Paschi di Siena SpA, the oldest surviving bank in the world and Italy's third-largest bank.

Matt Clinch | CNBC
The headquarters of Banca Monte dei Paschi di Siena SpA, the oldest surviving bank in the world and Italy’s third-largest bank.

Italy’s Banca Monte dei Paschi di Siena, which is being bailed out by the state, plans to issue 15 billion euros ($15.8 billion) of debt next year to restore liquidity and boost investor confidence, several newspapers said on Friday.

The debt sales would be supported by government guarantees which form part of a liquidity scheme for banks in need which the European Commission has agreed to extend for six months.

Under EU state aid rules, banks with a capital shortfall cannot benefit from general liquidity support schemes, meaning the Commission takes decisions on a case-by-case basis, as it did for Monte dei Paschi.

The key issue in the BMPS rescue

The key issue in the BMPS rescue  Thursday, 22 Dec 2016 | 9:11 PM ET | 01:56

According to daily La Repubblica, Monte dei Paschi would issue the debt in the form of bonds and commercial paper. A third of that debt would have a short-term maturity date, while the rest would mature in three years, it added.

The bank could not immediately be reached for comment.

Monte dei Paschi, Italy’s third biggest lender and the world’s oldest, had to ask Rome for help after failing to win investor backing for a share issue meant to keep it afloat.

The bank said on Monday the European Central Bank had estimated its capital shortfall at 8.8 billion euros, compared with a 5 billion euro gap previously indicated by the bank.

The Treasury may have to put up around 6.6 billion euros to salvage the lender, including 2 billion euros to compensate around 40,000 retail bond holders, the Bank of Italy said on Thursday, while the rest will come from the forced conversion of the bank’s subordinated bonds into shares

source”cnbc”