Canada’s PM Justin Trudeau downplays talk of snub by Modi govt

Agencies
February 21, 2018

Mumbai, Feb 21: Canadian Prime Minister Justin Trudeau downplayed talk of a snub by the Indian government on his first state visit to the country this week, and cast his trip as being focused on building business and cultural ties and not just political ones.

“We are here in such large number and for so many days for a very simple reason. India matters to Canada,” Trudeau told a gathering in Mumbai on Tuesday, where he said his delegation had just inked significant investments in Canada, by Indian tech companies like Tech Mahindra, Infosys and Tata Consultancy Services.

“We welcomed over C$1 billion worth of commercial contracts and agreements,” said Trudeau. “This will lead to the creation of more than 5,800 good Canadian jobs.”

Trudeau’s eight-day trip got off to an awkward start after Prime Minister Narendra Modi, who often greets his counterparts on their arrival, sent a junior minister from the agriculture department to meet him at the airport. By contrast, Modi himself was on the tarmac to greet and bear-hug Israeli Prime Minister Benjamin Netanyahu when he visited last month.

Trudeau’s lukewarm reception, according to media reports, was due to India’s concerns about his perceived soft approach to Sikh extremist groups in his country, and those that sympathize with them.

In comments to the media on Monday however, Trudeau strongly rejected suggestions that Canada was encouraging Sikh extremism, saying Canada’s position of supporting “one united India” had not changed.

Trudeau, whose 10-day trip to China back in 2016 also caused controversy over its duration and expense, said the India visit was “not just about political ties. It’s about deep business and economic ties that Canada will grow.”

Trudeau dismissed a question from a reporter on Monday that he had been snubbed by Modi, saying: “I have met with the prime minister in various places around the world and looking forward to sitting down with him on Friday.”

On Wednesday, he will meet the chief minister of the Punjab who has in the past said he was concerned about Sikh groups in Canada trying to revive an independent state called Khalistan.

The Indian government, which put down an armed Sikh separatist revolt in the 1980s, is sensitive to any attempts to revive the Sikh secessionist movement.

Trudeau will be visiting the Golden Temple in Amritsar, the holiest of Sikh shrines, and state chief minister Amarinder Singh said he looked forward to meeting him there.

“I’m hopeful that this meeting will help strengthen the close Indo-Canadian business ties as well as the deep-rooted people-to-people relations between our two countries,” Singh said in a Twitter post.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
May 5,2020

Kochi, May 5: India has sent three naval ships to evacuate its citizens stranded in the Maldives and UAE due to the COVID-19 pandemic, a defence spokesperson said in the early hours on Tuesday.

INS Jalashwa deployed off Mumbai coast, along with INS Magar, diverted for Maldives on Monday night, he said.

While INS Shardul diverted to Dubai to evacuate the expatriates, the spokesperson added.

The three ships will return to Kochi, he said.

INS Magar and INS Shardul are Southern Naval Command ships, while INS Jalashwa is from Eastern Naval Command.

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News Network
June 24,2020

Thiruvananthapuram, Jun 24: Kerala on Tuesday was among those honoured for tackling the Covid-19 pandemic when the United Nations celebrated the Public Service Day.

The function, held on a virtual platform, saw the participation of UN Secretary General Antonio Guterres and other top UN dignitaries who applauded all the leaders which included state Health Minister K.K. Shailaja for effectively tackling Covid-19.

Speaking on the occasion, Shailaja noted that the experiences of tackling Nipah virus and the two floods - 2018 and 2019 - where the health sector played a crucial role, all helped in tackling Covid-19 timely.

"Right from the time when Covid cases got reported in Wuhan, Kerala got into the track of the WHO and followed every standard operating protocols and international norms and hence, we have been able to keep the contact spread rate to below 12.5 per cent and the mortality rate to 0.6 per cent," she said.

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