Cong demands PM Modi’s apology for ‘insulting’ Bengaluru

Agencies
May 5, 2018

New Delhi, May 5: The Congress today accused Prime Minister Narendra Modi of "insulting" Bengaluru and the people of Karnataka by calling it a "valley of sins" and demanded his apology for his "deplorable" remarks.

Congress chief Rahul Gandhi described Bengaluru as the garden city and the pride of India and said calling it a "garbage city" is "insulting".

"Building lies comes naturally to you, but you seem to find building cities very difficult. The data nails your lies," he said on Twitter, targeting the prime minister.

"Cosmopolitan, innovative and historic, beautiful Bengaluru, India’s pride, is the world’s most dynamic city!," he said in another tweet, adding that his government is committed to investing Rs 1 lakh crore to further develop Bengaluru and other cities in Karnataka.

Congress spokesperson Abhishek Singhvi said that as the Karnataka assembly election approaches, "the fears, frustration and follies of the BJP grow due to its impending defeat and this is reflected in the idioms and the language used by its leaders including the prime minister".

He also accused Modi of spreading "divisiveness" in the poll-bound state and alleged that such language was being used to divert the public attention from key issues such as the Cauvery water dispute, the dilution of the Scheduled Caste and Scheduled Tribe (Prevention of Atrocities) Act, joblessness and declining economy.

Singhvi said the prime minister failed to be the custodian of federal cooperation and maintain equilibrium between Karnataka and Tamil Nadu in the Cauvery river water-sharing dispute.

"You accuse Bengaluru, the Kannadiga of being a ‘valley of sin'. I think it is shameful and I think the country needs an apology which I am sure we will never get from the prime minister," he told reporters.

"As you see the heat mounting up on this campaign, you find the defamatory, the criminally culpable statements coming, deliberately inflaming and inciting communal passions, deliberately polarising communities, religious and groups and comprising blatant falsehood," he alleged.

The Congress leader said the country's prime minister lacked his grasp of the country's history as was evident from his yesterday's "false and superficial" statements on Field Marshal K C Cariappa and General K S Thimayya.

"The prime minister in his insatiable urge bordering on greed to attack the Congress party actually ended up insulting comprehensively the people of Karnataka, insulting each and every one of its entrepreneurs, insulting each and one of its IT technologists and labelling Bengaluru as the ‘valley of sin' from the Silicon Valley," he said.

"This is SIN - a ‘Special Insult. ‘S' for special and IN for insult which the prime minister of the country has heaped upon Bengaluru and the people of Karnataka," he said.

Describing Bengaluru as a birthplace of IT giants, a technological hub, a start-up hub, he said, "The prime minister has ignored the ‘S' for superior, the ‘I' for Information Technology and ‘N' for Novelty and calls it ‘SIN'."

He said, "The prime minister ignores the ‘S' for Super Highway which Bengaluru and its IT industry are and ignores the ‘I' for IT and the ‘N' for Network. He only finds 'SIN' and that is "deplorable" as he is unable to create jobs and stop farmer suicides, and instead accuse Bengaluru, the ‘Kannadiga' of being a ‘Valley of Sin'."

"The higher the divisiveness factor, the higher goes the BJP's decibel. Their decibel is linked to divisiveness. Why it is - to digress and draw the attention of the people of Bengaluru and Karnataka away from their failures in one day yesterday," he alleged.

In a full-scale attack on the Siddaramaiah government in Karnataka on city-related issues, Prime Minister Narendra Modi yesterday accused it of having turned Bengaluru into a "garbage city and valley of sin" from "Silicon Valley." 

Comments

MR
 - 
Sunday, 6 May 2018

All the perfumes in Arabia cannot wash away the sins Modi alone has committed.

People of Karnataka will give him a fitting reply by voting for Congress!

 

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News Network
June 12,2020

Jun 12: The global number of COVID-19 cases has increased to over 7.5 million, while the death toll was nearing 421,000, according to the Johns Hopkins University.

As of Friday morning, the overall number of cases stood at 7,500,777, while the deaths increased to 420,993, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US continues with the world's highest number of confirmed cases and deaths at 2,022,488 and 113,803, respectively, according to the CSSE.

In terms of cases, Brazil comes in the second place with 802,828 infections.

This was followed by Russia (501,800), the UK (292,860), India (286,605), Spain (242,707), Italy (236,142), Peru (214,788), France (192,493), Germany (186,691), Iran (180,156), Turkey (174,023), Chile (154,092), Mexico (133,974), Pakistan (125,933) and Saudi Arabia (116,021), the CSSE figures showed.

Regarding fatalities, the UK continues in the second position after the US with 41,364 COVID-19 deaths, which also accounts for the highest number of fatalities in Europe.

The other countries with over 10,000 deaths are Brazil (40,919), Italy (34,167), France (29,349), Spain (27,136) and Mexico (15,944).

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
March 16,2020

New Delhi, Mar 16: Due to the coronavirus pandemic, most airlines in the world will be bankrupt by the end of May and only a coordinated government and industry action right now can avoid the catastrophe, said global aviation consultancy firm CAPA in a note on Monday.

"As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," it stated.

Across the world, airlines have announced drastic reduction in their operations in the wake of the coronavirus outbreak. For example, Atlanta-based Delta Air Lines stated on Sunday that it would be grounding 300 aircraft in its fleet and reduce flights by 40 per cent.

The US has suspended all tourist visas for people belonging to the European Union, the UK and Ireland. Similarly, the Indian government has suspended all tourist visas and e-visas granted on or before March 11.

CAPA, in its note on Monday, said, "By the end of May-2020, most airlines in the world will be bankrupt. Coordinated government and industry action is needed - now - if catastrophe is to be avoided."

Cash reserves are running down quickly as fleets are grounded and "what flights there are operate much less than half full", it added.

"Forward bookings are far outweighed by cancellations and each time there is a new government recommendation it is to discourage flying. Demand is drying up in ways that are completely unprecedented. Normality is not yet on the horizon," it said.

India's largest airline IndiGo -- which has around 260 planes in its fleet -- said on Thursday that it has seen a decline of 15-20 per cent in daily bookings in the last few days.

The low-cost carrier had stated that it expects its quarterly earnings to be materially impacted due to such decline.

CAPA said the failure to coordinate the future will result in protectionism and much less competition.

"The alternative does not bear thinking about. An unstructured and nationalistic outcome will not be survival of the fittest.

"It will mostly consist of airlines that are the biggest and the best-supported by their governments. The system will reek of nationalism. And it will not serve the needs of the 21st century world. That is not a prospect that any responsible government should be prepared to contemplate," the consultancy firm said.

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