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Major News and Events of 09 July 2015

What Happened on 09 July 2015


PM Modi says he and Chinese President Committed to take India-China Relationship to New Heights

A day after raising Zaki-ur-Rehman Lakhvi's release issue with Chinese President Xi Jinping, Prime Minister Narendra Modi today said that both the leaders are “strongly committed” about taking bilateral relationship to “new heights”. While saying more about the 90-minute discussion between him and Xi at Russia’s Ufa yesterday, PM Modi said that their meeting was comprehensive where they discussed both global issues and Indo-China relationship. Chinese President Xi Jingping said both the neighbours should work together in building a comprehensive partnership among BRICS nations. PM Modi today arrived at BRICS summit and while delivering his speech said that global economy is getting hurt through "unilateral sanctions", taking dig at US’s unilateral imposition of sanctions on BRICS’s constituent country, Russia, on the issue of Ukraine crisis. He also advocated need of tapping "unique" strengths of the constituent countries of BRICS and linking developmental aspects with each other.  

Supreme Court orders CBI to Investigate Madhya Pradesh's Vyapam Scam Thoroughly

In sync with the hopes of Vyapam Scam whistleblower, Ashish Chaturvedi, and many others in Madhya Pradesh and rest of India, Supreme Court has ordered a thorough CBI investigation in all the cases related to the scam including related deaths. Investigation on Vyapam scam will be started by the central sleuth agency from coming Monday. Chief Justice H.L. Dattu said that the question of CBI investigation being monitored by Supreme Court or not will be decided on 24 July, the date of next hearing, after consulting the matter with CBI. SC slammed Madhya Pradesh High Court for deferring the state government’s plea of handing over the Vyapam scam issue to CBI. Supreme Court noted that this act of HC is nothing but passing the buck to the apex court. Chief Justice Dattu appreciated Attorney General Mukul Rohatgi’s stand in favour of CBI probe.  

Anna Hazaare to Join Protest Rally of Ex-servicemen at Jantar Mantar on OROP Demand

At a time when solidarity and support is pouring in favour of protesting ex-servicemen’s demand on “One Rank, One Pension” scheme, renowned social activist Anna Hazare has supported the demand by referring it to be a “fair demand”. Media advisor to United Front of Ex-Servicemen (UFESM), Col (Retd) Anil Kaul, has said that the veteran social activist, who is also an ex-serviceman himself, has not only written to Prime Minister Narendra Modi on the matter but also assured UFESM that he will be joining their relay hunger strike protest programme at Jantar Mantar shortly. Col. Anil Kaul (retd) also told media that their agitating organisation has taken a decision of not to approach any political person or leader any further as they feel the onus of further meeting rests with the establishment. Reports say UFESM is peeved with the defence ministry because of no further meeting on OROP yesterday.     

Shot-putter Inderjeet Singh Creates History by Winning Gold at World University Games

27-year-old shot-putter from Bhiwani, Inderjeet Singh, has created history by becoming first ever gold medalist from India at World University Games. Inderjeet has been in the best of forms for the last couple of months as he has not only qualified for 2016 Rio Olympics but also won gold medal at Asian Athletics Championships (played at China’s Wuhan) as well as three Grand Prix events in Thailand. In the World University Games, played at South Korea’s Gwangju, Inderjeet started with a foul throw but quickly recuperated in the second throw by covering 18.79 metres. With every throw Inderjeet Singh bettered his performance as the distances covered in the consecutive throws are 18.95 metres, 19.80 metres, and finally 20.27 metres. Reports say, after next month’s world championships, Inderjeet Singh is most likely to get trained by John Carl Godina, legendary shot-putter from USA.   

Union Railway Minister Launches New Mobile Ticketing App

Suresh Prabhu, Union Railway Minister, launched a new mobile ticketing application that will help around 35 lakh daily commuters of suburban Western Railway. The application was launched by the minister from Delhi through video conferencing. As per a senior railway official, this paperless ticketing facility will be available at suburban system of Western Railway from Churchgate to Dahanu Road. This new initiative is in sync with the union government’s 'Digital India' programme. Reports say this app-based ticketing facility will be made available to the commuters of Central Railway Suburban trains after two months. Currently, commuters can access this app on both Windows and Android based smartphones. However, it will be made available on iOS phones too. Chief Commercial Manager of Western Railway, C P Sharma, said that commuters have to download the app in their smartphone, select “Mumbai”, and recharge R-Wallet with anything from Rs. 100 to Rs. 5,000.  

S&P says Confidence Level in India Growing inspite of Asia-Pacific Region's Slower Growth Forecast

Standard & Poor's, a renowned global rating agency, has said in “Asia-Pacific Could Be Entering A Steady State Of Slower Growth” report that in spite of the indications of Asia-Pacific region’s slower growth, confidence level in India is continuously growing. The report suggests that because of downward pull by the property sector in Chinese economy, coupled with weaker global trade, Asia-Pacific region is expected to see slower growth in the coming future. In terms of analysis on India, the report stressed on the fact that the economy is expected to grow by 7.4 per cent in 2015, followed by 8.2 per cent in 2016 on the basis of continuing rise in confidence in Indian economy. However, S&P’s report did note that there are concerns of investment quality in India. A report published by Organisation for Economic Cooperation and Development has said that India is witnessing a "stable growth momentum".

Enforcement Directorate sends Summon Copy in Money Laundering Case to Lalit Modi through Email

Tussle between Enforcement Directorate (ED) and former IPL chief Lalit Modi has taken a new turn as the former has sent a copy of summon on money laundering allegations to the latter through email. ED’s recent move comes after lawyer of the beleaguered ex-IPL supremo returned ED’s summon by noting that he has no authority of receiving the same. However, sources at ED say that on 3 July their summon was initially accepted by Lalit Modi’s lawyer and ED has his acknowledgement document. Ex-IPL chief earlier said he will not respond to any summons until and unless ED serves him the same in London. Reports say ED has the option of moving court and seeking non-bailable warrant against Lalit Modi if the latter doesn’t respond to the summons. Sources say ED is also contemplating the idea of issuing red corner notice if LaMo doesn’t respond.    

Joint Lenders Forum Agrees to Extend Long-Term Loan Restructuring to Bhushan Steel

Debt ridden Bhushan Steel Limited has got a shot in the arm as Joint Lenders Forum (JLF) has decided to extend loans of the beleaguered steel company for a tenure of 25 years under a scheme of Reserve Bank of India for long-term loan structuring in line with cash flows. Nittin Johari, Chief Finance Officer of Bhuhan Steel, has said that around 70 per cent of the lenders have agreed to the RBI scheme. He also showed confidence in closing the deal by month end. Johari also added that the plan will begin as soon as the approval of the concerned scheme comes from few more banks. Reports say that the total worth of loan exposure Punjab National Bank led bank consortium has is Rs. 30,000 crore. The other banks in this consortium are Dena Bank, Bank of India, Canara Bank, and State Bank of India.

Kamath says BRICS Bank Will Set its Own Standards

K V Kamath, eminent Indian banker and the first chief of BRICS’s New Development Bank (NDB), has said that he will try to bring about a change in the functioning of multilateral banks. While saying this Kamat also added that NDB, which starts operation with $100 billion reserve fund pledged by the constituent countries, will not go into any kind of rivalry with the existing multilateral banks. Reports say, in a paradigm shift from the ongoing international lending practice of giving paramount importance to lenders’ preference only, this bank will also emphasise on interest of borrowers while providing loans. He assured that BRICS bank will dole out its first loan in the ongoing fiscal (FY 2015-16) itself. Kamath, who will be the NDB chief for coming 5 years, stressed on writing rules of the banks and complete other procedures, when asked about expansion of membership.   

RIL Subsidiary sells 49.9 Per Cent Stake in US Pipeline Venture at $1.073 Billion

Reliance Industries has issued a statement that its subsidiary Reliance Holding USA Inc has successfully sold its entire stake of 49.9 per cent in EFS Midstream LLC, a US shale oil and gas pipeline joint venture. Reliance Holding USA has raised $1.073 billion by selling its stake to an affiliate of Enterprise Product Partners L.P. It is learnt that the move comes after the concerned RIL subsidiary and the other partner at EFS Midstream, Pioneer Natural Resources Company (51.1 per cent stake), agree on 31 May of selling their respective shares at an aggregate $2.15 billion. The deal closed yesterday with “effective date being 1 July 2015”. RIL received $574 million gross cash consideration as first tranche of sale proceeds and $528 million as net proceeds yesterday. The final $499 million payment in cash will be received on or within first anniversary of the deal’s closing date.      

Report indicates Ongoing Greece Debt Crisis may delay $1.5 Billion Bond Sale

Reports say that State Bank of India (SBI) is all set to delay issuance programme worth $1.5 Billion overseas bond due to foreign market volatility, owing to looming threat of Greek default and exit from Greece. As per a SBI official, no one will venture in the continuing volatile market “till stability returns”. The internal decision came even when the process of holding road shows was going on for issuing the overseas bond. SBI had raised $1.25 billion in April 2014 by selling overseas bond through dual tranche bond programme. This is still the largest offering from a domestic issuer ever, which could have been dethroned if SBI issued $1.5 billion worth overseas bonds. Greeks gave an overwhelming “No” to Troika’s austerity measures and the situation remains turbulent as Eurozone leaders have asked PM of Greece, Alexis Tsipras, to come up with a viable proposal by coming Sunday.      

Sania-Hingis Duo make it to Women's Doubles Semis of Wimbledon

India’s ace tennis player Sania Mirza along with her Swiss partner Martina Hingis cruised to the semi final of Wimbledon’s Women’s Doubles tournament by defeating 9th seeded Australian-Kazakh pair Casey Dellacqua and Yaroslava Shvedova in straight sets 7-5, 6-3 at All England Club’s Court 3. With this win, Sania touched her earlier best performance at Wimbledon. In the Mixed Double’s tournament, 2nd seeded Sania Mirza along with her Brazilian partner Bruno Soares beat unseeded pair from Croatia - Marin Draganjah and Ana Konjuh – by 6-3, 6-7, 6-3. In the mixed doubled quarter final match, the Indo-Brazilian pair will take on Austrian-Hungarian duo Alexander Peya and Timea Babos. In men’s doubles semi final match, India’s Bopanna with his Romanian partner Mergea is taking on Rojer-Tecau pair. Per latest available information, the first set was won by Indo-Romanian pair 6-4 but lost the 2nd set 2-6.