UAE ups profile at Indian Ocean group

[email protected] (Khaleej Times)
November 3, 2012

indianocean

New Delhi, November 3: The UAE is taking its green responsibility seriously and has offered to host the Indian Ocean Rim renewable energy forum next year. Minister of State for Foreign Affairs Dr Anwar Mohammed Gargash, speaking at the 12th ministerial meeting of the association in Gurgaon on Friday, said UAE officials will discuss with the IOR-ARC secretariat on how to take the proposal forward.

The UAE is home to the International Energy Agency and much can be gained by the group in developing and promoting alternative forms of energy.

Dr Gargash also announced the UAE’s contribution of $500,000 to a special fund of the association. He said the country is committed to the group of 20 nations, with Comoros joining as a full member on Friday. “The IOR-ARC must show will and determination for tangible results,” said the minister. He said the organisation needs to be energised through improved coordination, and new projects in member countries.

He warned of the dangers of the eurozone financial crisis spreading to the region and said the group must shield itself with further investments and press ahead through sustainable growth. He mentioned the Abu Dhabi Sustainable Energy Week in January next year and said the UAE is taking the lead in tapping environment-friendly, sustainable sources of energy.

“We must promote cultural understanding and tolerance in this association with its diverse interests and rates of growth,” Dr Gargash said, and added the UAE’s efforts to host Expo 2020 will bring people and businesses together. He said the Indian Ocean Rim group of countries must interact more to grow and expand.

On maritime security, he said the UAE would continue to combat piracy and has been instrumental in bringing warring factions in Somalia together to tackle the problem at source. Pirate attacks off the coast of Somalia have fallen by 50 per cent since that meeting in June and with the formation of a new Somali government.

“There’s a lot more we can do. We must invest time and effort to further the interests of the group,’’ he said.

Growing together

Earlier, the meeting of ministers was inaugurated by Indian External Affairs Minister Salman Khurshid, who echoed Dr Gargash’s call for the 15-year-old grouping to show tangible benefits for the two billion people of these countries.

“There must be greater structure for people in the IOR-ARC countries to grow together,” said Khurshid. Job creation and security are important for the region to prosper, he said. He laid emphasis on economic cooperation, technology exchange, education and development of fisheries in the region. The minister even mooted a university for the Indian Ocean Rim.

India has contributed $1 million for projects being carried out by the association. China, which is a dialogue partner, chipped in with $100,000.

The Indian External Affairs minister said he is committed to maintaining the momentum of the grouping, but suggested a pragmatic approach for holistic development.

The IOR-ARC, which was formed in 1997, is an apolitical body with interests in maritime security, trade and investment, fisheries management, disaster risk reduction, academics, science and tourism. It has three projects in Iran and Oman on fisheries, science and technology and maritime transport.


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News Network
March 21,2020

New Delhi, Mar 21: Novel coronavirus cases in India rose to 258 on Saturday after 35 fresh cases were reported in various parts of the country, according to the Health Ministry.

Among the 258 are 39 foreign nationals, including 17 from Italy, three from the Philippines, two from the UK, one each belonging to Canada, Indonesia and Singapore.

The total figure also includes four deaths reported from Delhi, Karnataka, Punjab and Maharashtra.

"The total number of active COVID-19 cases across India stands at 231 so far," the ministry said, adding that 23 others have been cured/discharged/migrated while four have died.

Delhi has, so far, reported 26 positive cases, which include one foreigner, while Uttar Pradesh has recorded 24 cases, including one foreigner.

Maharashtra has 52 cases, including three foreigners, while Kerala has recorded 40 cases, which include seven foreign nationals.

Karnataka has 15 coronavirus patients. The number of cases in Ladakh rose to 13 and Jammu & Kashmir four. Telangana has reported 19 cases, which include 11 foreigners.

Rajasthan has also reported 17 cases, including two foreigners. Gujarat has reported seven cases so far.

Tamil Nadu, Andhra Pradesh and Uttarakhand have reported three cases each.

West Bengal, Odisha and Punjab each reported two cases while Puducherry, Chhattisgarh and Chandigarh reported one case each.

In Haryana, there are 17 cases, which include 14 foreigners.

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News Network
January 13,2020

New Delhi, Jan 13: The Delhi High Court on Monday sought response of the city police, Delhi government, WhatsApp Inc, Google Inc and Apple Inc on a plea of three JNU professors to preserve data, CCTV footage and other evidence relating to the January 5 violence on the varsity campus.

The Delhi Police informed the court that it has asked the JNU administration to preserve and hand over CCTV footage of the violence.

Justice Brijesh Sethi listed the matter for further hearing on Tuesday.

The court was told by Delhi government Standing Counsel (criminal) Rahul Mehra that the police has not yet received any response from the university administration.

The counsel said police has also written to WhatsApp to preserve data of two groups "Unity Against Left" and "Friends of RSS" including messages, pictures and videos and phone numbers of members, related to JNU violence incident.

The petition was filed by JNU professors Ameet Parameswaran, Atul Sood and Shukla Vinayak Sawant seeking necessary directions to the Delhi Police Commissioner and Delhi government.

The petition also sought direction to the Delhi Police to retrieve all CCTV footage of JNU campus.

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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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