No runway expansion at Mangaluru Airport for now

Bengaluru, Apr 22: Former Chief Minister and the Opposition Leader in the Karnataka Assembly Siddaramaiah appealed the state government not to discriminate the poor on political lines while distributing relief package to the COVID-19 affected people in the state.

He was speaking to newsmen after attending a grocery kits distribution programme, organised in Jayanagar Assembly constituency, which was represented by the Congress MLA and former minister Ramalinga Reddy.

Charging that there are complaints about the state government in discriminating the Congress MLAs represented constituencies in providing relief kits to distribute among the poorer sections in the society, he said that “there should not be no room for politics, while fighting the COVID-19 disease”.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

Mangaluru, Apr 28: Trucks carrying fish loads from Kerala will not be allowed to enter Dakshina Kannada district as the authorities are not being able to control the rush in markets, state Fisheries Minister and district-in-charge Kota Srinivas Poojary said Monday.

The deputy commissioner has been instructed to restrict the entry of fish transport vehicles from outside the district forthwith, in view of the difficulty in maintaining social distancing at the markets identified in the district, the minister told reporters here.

The coastal district has to take more precautionary measures to fight COVID-19 as the number of positive cases have risen in the last couple of days, he said.