PM embarks on 10-day tour to attend key summits

November 11, 2014

PM key summitsNew Delhi, Nov 11: Asserting that ASEAN is at the core of India's 'Act East' policy, Prime Minister Narendra Modi today headed to Myanmar to attend the Summit with the ten-nation grouping and the East Asia Summit.

Modi left by a special Air India plane for Nay Pyi Taw on the first leg of his 10-day, three-nation tour that will also take him to Australia, where he will attend the G-20 meet, and Fiji.

"ASEAN is at the core of our Act East Policy and at the centre of our dream of an Asian century, characterised by cooperation and integration," the Prime Minister said before his departure.

Modi said he was looking forward to discussing with ASEAN leaders how to take "our relationship to a new level, which will supplement our deepening bilateral ties with each member".

The Prime Minister will meet over 40 leaders from countries in Asia, Africa, Europe, North America, South America and Pacific Region during the India-ASEAN and East Asia summits on November 12-13 in Myanmar's capital Nay Pyi Taw, the G 20 Summit in Brisbane and the visit to Fiji Islands.

Noting that no other region in the world embodies so much dynamism or faces so many challenges as the region spanning the Indian Ocean, continental Asia and Pacific Ocean, he said the East Asia Summit has the potential to shape this region and the world's future.

"At the East Asia Summit, I look forward to discussing with ASEAN and seven global leaders how we can strengthen regional institutions, international norms and regional cooperation in pursuit of peace, stability and prosperity," the Prime Minister said in a statement.

On the sidelines of the international summits in Myanmar, Modi is slated to meet Russian Prime Minister Dmitry Medvedev, South Korean President Park Geun-hye and Singapore President Tony Tan, besides the host President Thein Sein.

The ASEAN members are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, Philippines and Vietnam, while the EAS members 10 ASEAN nations and Australia, China, Japan, New Zealand, South Korea, Russia and the US.

At the G-20 Summit, the Prime Minister said, highlighting the importance of international cooperation against black money would be a key issue.

He will also discuss with other leaders ways to accelerate the creation of next generation infrastructure, which also includes digital infrastructure, and ensure access to clean and affordable energy.

The Prime Minister noted that G-20 countries account for 85 per cent of the world's economic output and it is a key forum to coordinate activities and pursue collective action to support global economic growth and stability, stable financial markets and global trading regimes and employment generation.

Modi will also have bilateral talks with Australian Prime Minister Tony Abbott in Canberra after the G20 summit. He will be the first Indian Prime Minister to visit Australia in 28 years since Rajiv Gandhi in 1986.

"While we have much in common with Australia, our political, strategic and economic relations have been below potential," he said.

Pitching for closer strategic partnership with Australia, he said it will support India's economic goals, "promote our security interests, including maritime security, and reinforce our efforts to foster a climate of peace and stability in our extended continental and maritime neighbourhood."

The four-city, three-day visit from November 16 covers Melbourne and Sydney besides Melbourne and Canberra.

Referring to his day-long visit to Fiji on November 19, Modi said it will be his privilege to visit that country, with which India shares "historical and ethnic links', soon after the return of democracy in September this year.

"We also owe them a debt of gratitude for hosting our scientists on the island in support of our Mars Mission," Modi, who will be meeting leaders and representatives of 12 Pacific Island nations, said.

Modi will be the first Indian Prime Minister to visit Fiji after a gap of 33 years, the first being Indira Gandhi in 1981. He will have talks with Premier Frank Bainimarama.

Out of the 849,000 population in Fiji, 37 per cent people are of Indian origin. Many Indians arrived in Fiji as indentured labour in the 19th century.

He said said he was looking forward to a future of regular engagement and more robust cooperation with Fiji and other Pacific Island countries.

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News Network
March 16,2020

New Delhi, Mar 16: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani was asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are among the big entities whose loans went bad after borrowing from the crisis-hit bank.

The officials said Ambani, 60, has sought exemption from appearance on some personal grounds and he may be issued a new date.

Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.

Finance Minister Nirmala Sitharaman had said in a March 6 press conference that the Anil Ambani Group, Essel, ILFS, DHFL and Vodafone were among the stressed corporates Yes Bank had exposure to.

Officials said promoters of all the big companies who had taken large loans from the beleaguered bank which later turned bad are being summoned for questioning in the case to take investigation forward.

Ambani's statement will be recorded under the Prevention of Money Laundering Act (PMLA) upon deposition, they said.

Kapoor, 62, is at present in ED custody after he was arrested by the central probe agency early this month.

The ED has accused Kapoor, his family members and others of laundering "proceeds of crime" worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned NPA.

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News Network
April 21,2020

Thiruvananthapuram, Apr 21: Not just in China, but in Kerala also robot is now playing a key role in the health workers' fight against COVID-19, thanks to the innovative spirit of a group of young minds and the support of the state Health Department.

Named "Nightingale-19", the robot is deployed to provide food and medicines among patients at the district coronavirus centre in Ancharakandi in Kannur district where a large number of cases have been reported.

The special display facility, attached to it, also allows patients to communicate with health workers and their relatives if necessary, the health minister's office here said.

Designed by the students of Chemberi Vimal Jyothi Engineering College with the support of the Health Department, the remote control-operated robot can carry food and water for at least six persons at a stretch.

Also Read: Pandemic Podcast: How the lockdown is affecting women

The machine, which can travel up to one kilometre, distributes food, water and medicine in each room, a department statement said.

The robot would be disinfected after each use, it said.

Health Minister K K Shailaja inaugurated the new venture from here recently through the robot's video facility, the statement added.

Robots have been put to use in other parts of the country to help in the health workers' fight against COVID- 19.

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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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