Strike turns violent in UP, vehicles set on fire in Noida

February 20, 2013

Fire_Service

Lucknow, Feb 20: The two-day nationwide strike called by Central trade unions disrupted normal life in many states on Wednesday leaving commuters in the lurch.

Violence erupted in some places on the first day of a two-day strike as workers, angry about high fuel prices in particular, tried to keep vehicles off the roads.

The strike turned violent in Noida in Uttar Pradesh, adjoining Delhi, after angry workers protested in Noida Phase II. They pelted stones at some factories and burnt vehicles, including a fire engine. The police had to resort to lathicharge to disperse the restive crowd.

The two-day nationwide strike called by trade unions in support of their demands evoked a good response in Uttar Pradesh on Wednesday. Roadways buses remained off roads and bank branches were closed in support of the strike call, adversely affecting normal life since morning.

Reports from different parts of the state said employees of various government departments and banks assembled at their respective offices and held protest meetings raising slogans in support of their demands.

Commuters were left stranded, and overcrowding was reported at railway stations. Following this, the state government pressed 200 buses into service at the Kumbh in Allahabad.

The state government had made alternative arrangements like pressing private buses into service, but these were not enough to clear the office rush and people had to depend either on private vehicles or autorickshaws to reach their destinations.

In the state capital, all the major offices have remained shut with employees also taking out protest marches.

The bandh was total in Meerut, Ghaziabad, Noida, Kanpur, Varanasi, Lucknow, Saharanpur, Unnao, Moradabad and Allahabad.

Major markets in Lucknow like Aminabad and Hazratganj were deserted, and operations at post offices and state-run banks were disrupted.

Banking, transport services hit

Normal banking operations were hit today as employees of public sector banks went on a two-day strike in response to a call given by central trade unions to press for wage hike in the backdrop of rising inflation.

The nationwide strike call has been given by United Forum of Bank Unions (UFBU), consisting of nine national level unions, including AIBEA, NCBE, BEFI, INBEF, NOBW and AIBOC.

Apprehending disruption in their normal banking operations, many banks had already informed their customers about the proposed strike.

Meanwhile, sources said, banks have taken steps to ensure that public do not face problems at least on the cash front during the strike period.

Banks have fed additional cash in ATMs to meet the cash needs of their customers.

Bank unions are pressing for early wage revision of employees, which they said is due from November 2012. They are also opposing banking sector reforms and any plan for merger of banks.

There are 26 public sector banks with employees strength of around 10 lakh.

In December 2012 also, four bank unions went on strike opposing amendments carried out in Banking Regulation Act and Banking Companies Act, enabling foreign equity in public sector banks.

The bank strike is part of a general strike call given by 11 central trade unions including Indian National Trade Union Congress (INTUC), All India Trade Union Congress (AITUC), Bharatiya Mazdoor Sangh ( BMS), Centre of Indian Trade Unions (CITU) and All India United Trade Union Centre.

Trade union leader killed in Ambala

A trade union leader, who was squatting along with a group of workers near the local bus depot as part of the two-day nationwide strike call, on Wednesday died when he was hit by a bus in his bid to stop it from plying, a senior Roadways official said here.

"The incident took place around 4 am this morning when Narender Singh, a bus driver by profession, tried to stop the vehicle which was being taken out from the Ambala Depot despite the strike," district president, Haryana Roadways Workers Union's, Inder Singh Bhadana told reporters here.

Bhadana alleged that the district administration tried to forcibly ply the bus, which hit Singh, who was also the treasurer of a AITUC union, killing him on the spot.

After the incident, the other workers resorted to violence damaging vehicles belonging to the Ambala's Deputy Commissioner of Police and SHO of the Baldev police station area, police said.

Meanwhile, Bhadana demanded a case to be lodged against the General Manager of the Roadways, failing which they will not allow the body to be cremated.

In view of the tense situation, heavy police force had been deployed at the bus depot and its surrounding areas.

Earlier, however, AITUC general secretary Gurudas Dasgupta said that the victim was allegedly stabbed to death by some miscreants.

Financial sector crippled as shutdown starts in Mumbai

India's financial sector was crippled on Wednesday after all banks, insurance companies and commercial establishments in this commercial capital remained shut on the first of the two-day nationwide strike, organisers said.

"The banking and financial sector is 100 percent closed, not only in Mumbai and Maharashtra but all over the country," All India Bank Employees Association vice-president V Utagi told IANS.

Utagi said all banks -- nationalised, private, foreign, regional, rural and cooperative -- had "wholeheartedly" participated in the strike.

Trains, road services hit in Bihar

Thousands of people were stranded across Bihar on Wednesday as trains were stopped and key highways blocked by activists affiliated to various trade unions that have called for a nationwide two-day strike.

Workers of trade unions stopped nearly a dozen passenger and long-distance trains at Patna, Gaya, Jehanabad, Hajipur, Bhagalpur and Darbhanga railway stations.

Strike hits normal life in Kerala

The 48-hour nationwide strike called by central trade unions hit normal life across Kerala today with workers from varied sectors, including transport and banking, staying away from work to protest the UPA government's economic and labour policies.

Early reports said buses and taxis were off the roads and shops and restaurants remained closed. Train services were not affected.

The Congress-led UDF government has declared 'dies non' (no work, no pay) as pro-Left service and teachers unions are also striking work.

Security has been tightened and no violence has been reported from anywhere. Police have offered protection to those willing to work and public conveyances ready to ply, police sources said.

West Bengal partially hit by strike

Life was partially affected in West Bengal on the first day today of the two-day countrywide strike called by central trade unions with the situation remaining peaceful.

Shops, markets and business establishments were closed in many parts of the metropolis, while government run buses and trams ran in large numbers in comparison to private buses and taxis, which were less.

Banking operations remained paralysed in the state. Chief Minister Mamata Banerjee said that attendance at the Writers' Buildings was 100 per cent.

Finance Mitra Amit Mitra also said that his department registered 100 per cent attendance.

Many government employees stayed overnight in their offices.

Partial impact to strike call in Tamil Nadu

The strike call given by 11 trade unions country wide had partial impact in Tamil Nadu as a majority of shops remained open and transport services plied normally.

However, banking services were hit hard as most public and private sector banks remained closed.

The United Form of Bank Unions, an association representing the banking community, had said it would join the strike call given by the Trade Unions.

City buses and auto-rickshaws plied as usual. Partial inter-city services were operated from Chennai Mofussil Bus Terminus, sources said.

Members of agitating workers union including CITU and all India Bank Employees Association staged a demonstration in Chennai as part of the strike call.

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News Network
January 24,2020

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

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Agencies
March 6,2020

New Delhi, Mar 6: After Yes Bank was placed under moratorium, digital payments were impacted as PhonePe, which depends on the cash-strapped lender for its transactions, could not operate.

It can be noted that the bank's own net banking facilities have not been operational since last evening. Other fintech operators who rely on Yes Bank to settle their transactions are also down.  “We sincerely regret the long outage. Our partner bank (Yes Bank) was placed under moratorium by RBI. Entire team's been working all night to get services back up asap (as soon as possible),” the app's chief executive Sameer Nigam tweeted early in the morning.

PhonePe, one of the country's largest digital payment platforms, is dependent on Yes Bank to process its transactions.

He added that the app hopes to be live in a “few hours”.

Yes Bank placed under a moratorium Thursday evening, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.

He added that the app - one of the most popular interfaces for UPI transactions - hopes to be live in a “few hours”.

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News Network
April 23,2020

Apr 23: Mukesh Ambani is again Asia's richest person after a deal with Mark Zuckerberg's Facebook Inc. sent his conglomerate's stock surging.

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

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