The anchorless anchor

[email protected] (B.V. Rao for Arab News)
November 29, 2013

Arnab_GosamyFor most TV news consumers, Arnab Goswami is both a name and a phenomenon. But there are still large parts of the world to be conquered by Times Now's bulldog of an inquisitor.

B.V. Rao, editor of Governance Now, explains the name and the phenomenon to a childhood friend who lives in Canada.

Dear Sharada

Sometime ago during a Googlegroup discussion you innocently asked: “But who is Arnab?”.

In India not knowing Arnab is against national interest. You are lucky you live in Canada. But if you don't want to be deported on arrival on your next visit, you better pay attention to this complimentary crash course on the subject.

Arnab, as in Arnab Goswami, is India's most-watched prime time news anchor and editor-in-chief of Times Now. But designations don't even begin to describe him or what he is famous for.

You must have heard about hurricanes Katrina and Sandy. Arnab is also a storm, a news-storm that hits India every night via his show, the “Newshour.” Nobody is quite sure how, but somehow Arnab gets to know the questions that the “whole nation” wants answers for, or the sinners the nation wants hanged before midnight that night.

In effect then, Arnab speaks for a “billion-plus people” each time he takes the center stage.

I can't say for sure if he took this burden upon himself voluntarily or if his employers made it a contractual obligation. Whatever it is, the fact is that Arnab has come to relish asking the most “simple and direct” questions to the most dubious people demanding instant answers to complex problems because the “nation wants to know” and it wants to know “tonight” as in right now.

That's how impatient India has become while you've been away, Sharada.

The Newshour airs on weekdays from 9 p.m. and continues till Arnab's pleasure lasts. Often the show stretches up to 10.50 pm. That's actually “News hour-and-three-quarters-and-then-some” but I guess Arnab has not asked himself a “simple, direct” question: How many minutes make an hour?

That, or his primary school math's teacher is not his viewer. In which case it is safe to say Arnab speaks for a billion-plus minus one Indians.

You will see that at the altar of national interest it is not just the hour that is stretched. About two decades ago, Dileep Padgaonkar was the editor of the Times of India owned by the Jains off Bennett & Coleman who also own Times Now. Padgaonkar had pompously proclaimed that he held the second most important job in the country after the prime minister's.

Arnab hasn't said it, but I think he disagrees with Padgaonkar on the pecking order: It's now the prime minister who holds the second most important job in the country.

Hence Arnab runs the show like he would run the country or like the prime minister should but doesn't.

You see, Sharada, there's an awful lot of stuff the nation wants to know by nightfall but our prime minister isn't much of a talker. Arnab fills the needed gap. He opens his show with a passionate agenda-setting preamble that spells out all the problems of the day and how he wishes to solve them. We gratefully receive this wisdom and call it Arnab's Address to the Nation, a prime ministerial duty that has fallen on his broad shoulders because the real guy has abdicated it.

Let me tell you this, however. Arnab is a very reluctant power-grabber. It is not his intent to upstage the prime minister or make him look silly.

He gives the prime minister an entire day to prove his worth and gets to work only at 9 p.m. when it is clear that the latter can't handle stuff.

He then solves all outstanding national issues of the day in just one 110 minute-hour of feverish debates where he grills the skin off the back of everybody who dares to stand in the way of India's national interest.

He is unrelenting in his pursuit of the truth and doesn't give up unless everybody has agreed with him.

“I am worried”, “I am concerned”, “I won't let you politicize,” “I don't agree”, “you can't get away….” are some of the phrases he uses to suggest he is in complete control and that endears him to a nation starved of decision makers.

Arnab hates homework. He wants to settle everything here and now, tonight. As a result, in Arnab country, there is no trace of the policy paralysis that has grounded the prime minister in the real country. Here you get resolutions, decisions, orders, diktats, judgments, justice and denouements all in one place, one show, by one man.

The only people paralyzed are the subjects of his grilling and the bevy of experts he gathers around himself, not because he needs them, he doesn't, but because it must feel awfully good to invite experts and out-talk them on national prime time.

Like confused baboons trapped in little boxes, the experts, who are neatly arranged around Arnab's own imposing self in the center of the screen, keep staring into nothingness most of the time.

It is tough to figure out why Arnab needs any experts at all because he knows the answers to all his questions. Times Now insiders say that more often than not he finds questions to the answers he already has.

Corruption, political expediency, opportunism, forked tongues, doublespeak, dishonesty and hypocrisy, are red rags to Arnab. He takes them head-on with the help of his reporters who keep throwing up “documentary” evidence ever so often to expose scamsters.

Usually this is a thick sheaf of indistinguishable papers that Arnab holds up threateningly. It could be a bunch of used airline e-tickets for all we know, but since we don't, he waves the sheaf confidently in the face of the enemies of the nation and it is generally assumed he's got some incendiary stuff in there.

Arnab's problem-solving repertoire is not restricted to national boundaries. In fact, he is at his best when dealing with nations that have evil designs on India. The patriot in Arnab is best aroused when he is dealing with Pakistan.

He deals with Pakistan like no prime minister has ever been able to or decimates it like no Army has ever managed to. Each time a blade of grass bends to the breeze on the LoC, Arnab breathes fire at Pakistan for trying to sneak in terrorists into the country. He lines up a battery of serving and retired generals of Pakistan and conducts the verbal equivalent of a summary execution.

The Times of India, the country's oldest English newspaper and the mother brand from the Times Now stable runs Aman Ki Aasha (Hope for Peace), the widely-acclaimed campaign for ending India-Pakistan hostilities.

Just as Arnab doesn't seem to know of this campaign, the Times of India seems quite oblivious of the fact that the last time there was absolute peace on the LoC was when Arnab took a two-week holiday in early September. It could be the marketing genius of the Times group to milk the issue from both ends or it could also be that their internal boundaries are not as porous as our LoC.

Apart from conducting war exercises against Pakistan, Arnab land is eyeball-to-eyeball with China, exposes the double standards of America in almost anything it does and highlights the hypocrisy of racist Australia. Which loves the education dollars from India but not the brown students who come along with.

I can go on and on, Sharada, but everything good must come to an end and so must my Arnab eulogy.

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
July 13,2020

New Delhi, Jul 13: The Income Tax Department has facilitated a new functionality for banks and post offices to ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh in case of a non-filer of the income-tax return and that of above Rs 1 crore in case of a filer of the income-tax return.

In a statement, the Central Board of Direct Taxes (CBDT) said that now banks and post offices have to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.

So far, more than 53,000 verification requests have been executed successfully on this facility, a statement by the CBDT said.

"CBDT today said that this functionality available as 'Verification of applicability u/s 194N' on www.incometaxindiaefiling.gov.in since 1st July 2020, is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank's internal core banking solution," it said.

On entering PAN by the bank or the post office, a message will be instantly displayed on the departmental utility: "TDS is deductible at the rate of 2 per cent if cash withdrawal exceeds Rs 1 crore", in case the person withdrawing cash is a filer of the income-tax return.

In case the person withdrawing cash is a non-filer of income tax return, the message shown would be: "TDS is deductible at the rate of 2 per cent if cash withdrawal exceeds Rs 20 lakh and at the rate of 5 per cent if it exceeds Rs 1 crore."

The CBDT said that the data on cash withdrawal indicated that huge amount of cash is withdrawn by the persons who have never filed income-tax returns.

To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020 further amended IT Act to lower threshold of cash withdrawal to Rs 20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5 per cent on cash withdrawal exceeding Rs 1 crore by the non-filers.

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Agencies
February 27,2020

Feb 27: With the window to submit comments on India's proposed personal data protection law closing on Tuesday, a period of anxious wait for final version of the Bill started for social media firms.

This comes even as global Internet companies have called on the government for improved transparency related to intermediary Guidelines (Amendment) Rules and allay fears about the prospect of increased surveillance and prompting a fragmentation of the Internet in India that would harm users.

As per the proposed amendments, an intermediary having over 50 lakh users in the country will have to be incorporated in India with a permanent registered office and address.

When required by lawful order, the intermediary shall, within 72 hours of communication, provide such information or assistance as asked for by any government agency or assistance concerning security of the state or cybersecurity.

This means that the government could pull down information provided by platforms such as Wikipedia, potentially hampering its functioning in India.

In the open letter to IT Minister Ravi Shankar Prasad, leading browser and software development platform like Mozilla, Microsoft-owned GitHub and Cloudflare earlier called for improved transparency by allowing the public an opportunity to see a final version of these amendments prior to their enactment.

According to a Business Insider report, Indian users may lose access to Wikipedia if the new intermediary rules for internet and social media companies are approved.

Since the rules would require the website to take down content deemed illegal by the government, it would require Wikipedia to show different content for different countries.

Anusha Alikhan, senior communications director for Wikimedia told Business Insider that the platform is built though languages and not geographies. Therefore, removing content from one country, while it is still visible to other country users may not work for the company’s model.

India is one of Wikipedia’s largest markets. Over 771 million Indian users accessed the site in just November 2019.

Also read: Explained: What is the Personal Data Protection Bill and why you should care

The Personal Data Protection Bill, 2019, which was introduced in Lok Sabha in the winter session last year, was referred to a Joint Parliamentary Committee (JPC) of both the Houses.

The government last month decided to seek views and suggestions on the Bill from individuals and associations and bodies concerned and the last date for submitting the comments was on Tuesday.

Prasad, while introducing the Personal Data Protection Bill, 2019, in the Lok Sabha on December 11, announced that the draft Bill empowers the government to ask companies including Facebook, Google and others for anonymised personal data and non-personal data.

There was a buzz when the Bill's latest version was introduced in the Lok Sabha, especially the provision seeking to allow the use of personal and non-personal data of users in some cases, especially when national security is involved.

Several legal experts red-flagged the issue and said the provision will give the government unaccounted access to personal data of users in the country.

In their submission to the JPC, several organisations also flagged that the power to collect non-personal and anonymised data by the government without notice and consent should not form part of the Bill because of issues regarding effective anonymisation and potential abuse.

"Clauses 35 and 36 of the Bill provide unbridled access to personal data to the Central Government by giving it powers to exempt its agencies from the application of the Bill on the basis of various broad worded grounds," SFLC.in, a New Delhi-based not-for-profit legal services organisation, commented.

The Software Alliance, also known as BSA, a trade group which includes tech giants such as Microsoft, IBM and Adobe, among others said that the current version of the privacy bill pose substantial challenges, including the sweeping new powers for the government to acquire non-personal data, restrictions on data transfers, and local storage requirements.

"We urge the Joint Parliamentary Committee, as it considers revisions to the Bill, to eliminate provisions concerning non-personal data from the Personal Data Protection Bill and to remove the data localisation requirements and restrictions on international data flows," said Venkatesh Krishnamoorthy, Country Manager-India, BSA.

The Personal Data Protection (PDP) Bill, 2019 draws its origins from the Justice B.N. Srikrishna Committee on data privacy, which produced a draft of legislation that was made public in 2018 ("the Srikrishna Bill").

The mandatory requirement for storing a mirror copy of all personal data in India as per Section 40 of the Srikrishna Bill has been done away with in the PDP Bill, 2019, meaning that companies like Facebook and Twitter would be able to store data of Indian users abroad if they so wish.

But the bill prohibits processing of sensitive personal data and critical personal data outside India.

What is more, what constitutes critical data has not been clearly defined.

As per the proposals, social media companies will have to modify their application as they are required to have a system in place by which a user can verify themselves.

So legal experts believe that some system to upload identification documents should be there and something like the Twitter blue tick mark should be there to identify verified accounts.

"The 2019 Bill introduces a new category of data fiduciaries called social media intermediaries ('SMIs'). SMIs are a subcategory of significant data fiduciaries ('SDFs') and will be notified by the Central government after due consultation with the DPA, or the Data Protection Authority. Clause 26(4) of the Bill defines SMIs as intermediaries who primarily or solely enable online interaction between two or more users," SFLC.in said.

"On a plain reading of the definition, online platforms like Facebook, Twitter, YouTube, TikTok, ShareChat and WhatsApp are likely to be notified as SMIs under the Bill," it added.

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