Buddha would have helped Myanmar's Muslims: Dalai Lama

Washington, Jun 2: There is no place for hate and racism in the society, Microsoft CEO Satya Nadella has said, asserting that empathy and shared understanding are a start, but more needs to be done. Nadella’s remarks come in the wake of the custodial death of George Floyd, a 46-year-old African-American man who was pinned to the ground in Minneapolis on May 25 by a white police officer who kneeled on his neck as he gasped for breath.

“There is no place for hate and racism in our society. Empathy and shared understanding are a start, but we must do more,” Nadella said in a tweet on Monday.

“I stand with the Black and African American community and we are committed to building on this work in our company and in our communities,” Nadella said.

A day earlier, Google CEO Sunder Pichai expressed solidarity with the African-American community.

“Today on US Google & YouTube homepages we share our support for racial equality in solidarity with the Black community and in memory of George Floyd, Breonna Taylor, Ahmaud Arbery & others who don’t have a voice,” Pichai wrote on Twitter on Sunday.

“For those feeling grief, anger, sadness & fear, you are not alone,” Pichai said, sharing a screenshot of the Google search home page which said, “We stand in support of racial equality, and all those who search for it.”

Nadella’s Microsoft also said they will be using the platform to amplify voices from the Black and African American community at the company.

Nadella had also spoken out a few months ago about the discriminatory Citizenship Amendment Act passed in his native country. Talking to BuzzFeed’s editor-in-chief, Ben Smith, in Manhattan, Nadella said what’s happening in the country is “sad.”

“I think what is happening is sad. I feel, and in fact quite frankly, now being informed (and) shaped by the two amazing American things that I’ve observed which is both, it’s technology reaching me where I was growing up and its immigration policy and even a story like mine being possible in a country like this.

“I think, it’s just bad, if anything, I would love to see a Bangladeshi immigrant who comes to India and creates the next unicorn in India or becomes the CEO of Infosys. That should be the aspiration. If I had to sort of mirror what happened to me in the US, I hope that’s what happens in India,” Microsoft’s India-born CEO was quoted as saying by BuzzFeed.

Warangal, May 26: A 26-year-old man from Bihar was arrested here for murdering nine people by throwing them into a well to cover the murder of a woman, police said on Monday.

Dr Ravinder, Commissioner of Police (CP), Warangal, said that the bodies were recovered on May 21 and May 22 from the well. Investigation has revealed that the accused, Sanjay Kumar Yadav, killed all of them to cover up the murder of Rafiqa, with whom he had a relationship.

He said that Yadav got acquainted with a person named Maqsood and his sister-in-law Rafiqa. "Slowly, he came close to Rafiqa and started living together with her three children. Yadav tried to misbehave with Rafiqa's 15-year-old daughter. Rafiqa did not like this and threatened to lodge a complaint against him," Ravinder said.

"Then, Yadav planned to kill Rafiqa in order to live with her daughter. Yadav promised Rafiqa to marry. They boarded a train to West Bengal from March 7. Yadav mixed sleeping tablets in the food packet and later strangulated her, and threw her body outside the train," he said.

According to police, Yadav later came back to Warangal but Maqsood's wife Nisha started questioning him about the whereabouts of Rafiqa.

"Nisha threatened to lodge a police complaint against him. With a premeditated motive, from May 16 to May 20, he visited Maqsood's family who stayed in a gunny bag factory," he said.

Yadav purchased sleeping pills from Warangal and mixed in the food on the birthday of Maqsood's elder son on May 20, police said.

"Maqsood and his five family members were living there. Yadav mixed sleeping pills in the food and later they consumed it. Maqsood's family friend Shakeel was also there. Then, he went to the first floor of the factory where two labourers were staying. He mixed sleeping pills in their food too. He suspected that they may get up and create a problem. To cover up the murder of Rafiqa, he killed nine people," Ravinder said.

At around 12:30 am, Yadav woke up and saw that everyone is asleep, according to police.

"Then, he used the gunny bags to drag all the nine people into the well. He threw the gunny bag one by one into the well," Ravinder said.

According to the police, six teams were deployed to investigate the case.

"Yadav has been arrested now and will be taken to police custody. We will collect all evidence and ensure that he gets maximum punishment for this offence," Ravinder said.

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.