Trump appoints Ajit Pai to head communications agency — But There’s No Record He’s Done So The Total Investment & Insurance Solutions

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24 January 2017

President Donald Trump has appointed Ajit Pai to head the powerful US communications regulatory agency, becoming the third Indian American picked for key positions in his administration. The Total Investment & Insurance Solutions

Pai, 44, will be the Chairman of the Federal Communications Commission (FCC), the federal authority regulating cellphone spectrum and services, radio, television, phone, internet and satellite and cable.

Pai announced his appointment on Twitter, saying he was told of it on Monday and that "it is a deeply humbling honour". He added that he would work to bring the benefits of the digital age to all Americans.

The FCC also has a major role in controlling the content of television and radio, a sensitive issue given Trump's contentious relations with the media. The Total Investment & Insurance Solutions

The agency sets and enforces certain norms on content like obscenity in TV and conditions like having a certain amount of local news content for stations to keep their licences.

Underscoring its importance, Representative Frank Pallone said: "By some measures, the FCC oversees approximately one sixth of the US economy." The Total Investment & Insurance Solutions

Nikki Haley, Trump's nominee for the cabinet-level post of US ambassador to the UN, is scheduled to be recommended on Tuesday by the Senate Foreign Relations Committee for approval by the entire Senate for the job. The Total Investment & Insurance Solutions

Another Trump nominee is Seema Verma, who is to head the Centers for Medicare and Medicaid Services, the agency for government health insurance programmes.

Already a member of the FCC, Pai will succeed Tom Wheeler, a Democrat, who quit recently.

A free enterprise advocate, Pai has been a critic of the functioning of the FCC and clashed with its Democratic Party leadership. Recently he took issue with an FCC report that questioned the legality of offerings given free of charge for people to access online music, videos and other content.

He has said he wants to end net neutrality, which prevents internet service providers from giving special preferences to certain web sites or accept payment from a web service to give it priority or better access.

Democrats expressed their concern about Pai's role in a letter to him. 

The senior Democrat on the House Committee on Energy and Commerce that deals with communications wrote to him saying his success would depend on being responsive to members of Congress from both parties and working for consensus on major decisions. The Total Investment & Insurance Solutions

Before his appointment to the FCC in 2012, Pai had worked as a lawyer for the telephone and communications giant Verizon, the Senate Judicial Committee and the Justice Department.

Pai's parents, both doctors, immigrated from India.

Trump has also appointed an expert on strategic communications and political research, Raj Shah, as deputy assistant and research director on the White House staff.

Another Indian American, Balaji Srinivasan, is under consideration to head the Federal Drug Administration (FDA), according to Sean Spicer, Trump's spokesperson.

Srinivasan is a biotechnology entrepreneur who has been critical of the connections between large pharmaceutical companies and FDA. He now heads a start-up that deals with bitcoin, the internet-based currency.The Total Investment & Insurance Solutions

Cabinet approves Varishtha Pension Bima Yojana-The Total Investment & Insurance Solutions

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24 January 2017

The Union Cabinet on Tuesday gave its post-facto approval for Varishtha Pension Bima Yojana 2017 (VPBY 2017) as a part of financial inclusion and social security programme. The Total Investment & Insurance Solutions

"The scheme would be implemented through Life Insurance Corp (LIC) during the current financial year to provide social security during old age and protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions," the Finance Ministry said in a statement. The Total Investment & Insurance Solutions

The scheme would provide an assured pension based on a guaranteed rate of return of 8 per cent per annum for 10 years, with an option to opt for pension on a monthly, quarterly, half-yearly or annual basis. The Total Investment & Insurance Solutions

"The differential return, i.e. the difference between the return generated by LIC and the assured return of 8 per cent per annum, would be borne by the government as subsidy on an annual basis," it added. The Total Investment & Insurance Solutions

VPBY-2017 is proposed to be open for subscription for a period of one year from the date of launch.The Total Investment & Insurance Solutions

Nifty, Sensex: Bulls take charge again – Tuesday closing report-The Total Investment & Insurance Solutions

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24 January 2017

I had mentioned in Monday’s closing report that Nifty would have to close above 8,450 to regain upward momentum. The major indices of the Indian stock markets rallied on Tuesday and closed around 1% higher than Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equities surged during the mid-afternoon trade session on Tuesday as rupee appreciation, coupled with positive Asian markets, lifted investors' sentiments. Buying was witnessed in the automobile, capital goods and oil and gas stocks and the trend lifted the key indices to trade with substantial gains. The BSE market breadth was tilted in favour of the bulls -- with 1,474 advances and 1,052 declines. On the NSE, there were 885 advances, 517 declines and 69 unchanged on Tuesday. The CNX Nifty maintained its morning gains and most of the sectors, barring FMCG, traded in the positive territory. The Indian rupee continued to hold on to its gain against the US dollar, whereas the US dollar index fell near its seven-week low as (President Donald) Trump formally withdrew the United States from the now 11-nation Pacific Rim Trans-Pacific Partnership (TPP), distancing America from its Asian allies. Looking at the market volume and rollover data, it seems there might not be heavy volatility tomorrow (on Wednesday) during F&O (futures and options) expiry, pointed out market analysts.

HDFC Bank Ltd on Tuesday closed the third quarter of current fiscal with higher net profit of Rs3,865.33 crore. In a regulatory filing with the BSE, the bank said it posted the net profit for the quarter which ended on 31 December 2016, as compared to Rs3,356.84 crore for the quarter ended 31 December 2015. The bank earned a total income of Rs20,748.27 crore for the quarter ended up to 31 December 2016, up from Rs18,283.31 crore in the corresponding period the previous year. HDFC Bank shares closed at Rs1,267.75, up 1.84% on the BSE.

The cabinet on Tuesday approved a new housing scheme to provide interest subsidy for loans up to Rs2 lakh for construction of new houses or renovation of existing ones in rural areas. The decision to improve "housing stock and create employment opportunities in rural housing sector" was taken at a cabinet meeting here chaired by Prime Minister Narendra Modi, an official statement said. However, the scheme will not be extended to those who have already availed benefits under a similar programme, the Pradhan Mantri Aawas Yojana-Grameen (PMAY-G). "The Union Cabinet has approved a new scheme for promotion of rural housing in the country. The government would provide interest subsidy under the scheme. Interest subsidy would be available to every rural household not covered under the PMAY-G," the statement said. "The beneficiary who takes a loan under the scheme would be provided interest subsidy for a loan amount up to Rs2 lakh," it said. The scheme would be implemented by the National Housing Bank -- a wholly-owned subsidiary of the Reserve Bank of India. The central government would provide "net present value of the interest subsidy of 3% to the National Housing Bank upfront which will, in turn, pass it to the primary lending institutions (scheduled commercial banks, NBFCs). As a result, the equated monthly instalment (EMI) for the beneficiary would be reduced". The cabinet also decided that it would take necessary steps for proper convergence with PMAY-G, including technical support to beneficiaries through existing arrangements. Housing finance companies’ shares are likely to improve in value over FY2017-18.

Global software major HCL Technologies Ltd has retained its annual double-digit revenue growth for fiscal 2016-17 in dollar terms. In a regulatory filing to the stock exchanges, the Noida-based outsourcing firm said revenue for this fiscal (FY 2017) would grow 10%-12% in dollar terms based on the December 31 exchange rates. "We expect our FY2017 revenue to be in the middle of this (10%-12%) range," said the filing. The company had earlier guided revenue to grow 12%-14%, based on the average exchange rates of fiscal 2015-16. "The acquisitions and Intellectual Property-led partnerships during the third quarter are likely to contribute 0.6%-1 1.0% in revenues depending upon the date of consummation of Geometric deal," noted the filing. The operating margin - earnings before interest and tax (Ebit) is expected to be 19.5%-20.5% post-acquisitions. "We expect the margin to be in the same range for the fourth quarter (January-March) of FY2016-17," added the filing. The company’s shares closed at Rs849.20, down 0.93% on the BSE. The Total Investment & Insurance Solutions

The CBI (Central Bureau of Investigation) on Monday arrested four former IDBI Bank officials, including a former Chairman, and four former executives of now-defunct Kingfisher Airlines in its ongoing probe into the Vijay Mallya loan default case, officials said. A senior CBI official requesting anonymity told IANS: "The agency on Monday arrested former Chairman of IDBI Bank Yogesh Agarwal from Delhi and three other former employees -- S.K.V Srinivasan, O.V. Bundelkhand and Sridhar -- from other places." "The four former employees of the Kingfisher Airlines, who were also arrested included its former CFO A. Raghunath, Shailesh Borkar, Amit and A.C. Shah," the official said. Earlier in the day, the CBI raided at over 11 places in Delhi, Bengaluru and Mumbai. IDBI Bank shares closed at Rs76.35, up 0.33% on the BSE on Tuesday.

The top gainers and top losers of the major Indian indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Supreme Court junks plea for deferring Union budget -The Total Investment & Insurance Solutions

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23 January 2017

The Supreme Court on Monday rejected a plea for deferring the Union budget 2017-18, in view of assembly polls in five states, holding that the presentation has to be done before the start of the financial year (FY) -- from April 1 -- and not during the FY. The Total Investment & Insurance Solutions

Rejecting the plea, a bench of Chief Justice Jagdish Singh Khehar, Justice N.V. Ramana and Justice D.Y. Chandrachud said: "If there is something that the Centre does that affects elections in the states then the Election Commission would come into the picture ... but does it extend to the central budget?" The Total Investment & Insurance Solutions

Advocate M.L. Sharma, however, persisted with his plea for deferment of the presentations of the budget as, he contended, it would influence the voters and thus affect free and fair elections. The Total Investment & Insurance Solutions

The bench then asked him to give one concrete example to show that one step in the budget that would affect the minds of the voters and the outcome of the elections in the states.The Total Investment & Insurance Solutions

Tamil Nadu passes bill to legalize Jallikattu -The Total Investment & Insurance Solutions

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23 January 2017

The Tamil Nadu assembly on Monday passed a bill that replaces an ordinance and legalizes Jallikattu, the bull taming sport, in the state. The Total Investment & Insurance Solutions

The bill replaced the ordinance that was promulgated on Saturday amending the Prevention of Cruelty to Animals Act.The Total Investment & Insurance Solutions

Trump Promised to Resign From His Companies — But There’s No Record He’s Done So The Total Investment & Insurance Solutions

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23 January 2017

 

Trump (The Total Investment & Insurance Solutions

At a news conference last week, now-President Donald Trump said he and his daughter, Ivanka, had signed paperwork relinquishing control of all Trump-branded companies. Next to him were stacks of papers in manila envelopes — documents he said transferred "complete and total control" of his businesses to his two sons and another longtime employee. The Total Investment & Insurance Solutions

Sheri Dillon, the Trump attorney who presented the plan, said that Trump "has relinquished leadership and management of the Trump Organization." Everything would be placed in a family trust by Jan. 20, she said. The Total Investment & Insurance Solutions

That hasn't happened.

To transfer ownership of his biggest companies, Trump has to file a long list of documents in Florida, Delaware and New York. We asked officials in each of those states whether they have received the paperwork. As of 3:15 p.m. today, the officials said they have not.

Trump and his associates "are not doing what they said they would do," said Richard Painter, the chief ethics lawyer for President George W. Bush. "And even that was completely inadequate."

ProPublica's questions to the transition team were referred to an outside public relations firm, Hiltzik Strategies, which declined to comment. The president's team did not allow reporters to view documents, which they said were legal records separating Trump from his eponymous business empire. Dillon's law firm, Morgan Lewis, has not released the records and they declined further comment, saying it doesn't comment on client issues.

ProPublica looked at more than a dozen of Trump's largest companies, which are registered or incorporated in three states. Officials in New York and Delaware said documents are logged as soon as they are received. In Florida, officials told us there is typically a day or two before documents are logged into the system. The Total Investment & Insurance Solutions

Here is what we found:

·         Business filings for Trump Organization LLC, Trump's primary holding company, had not been changed, according to New York's Department of State. Wollman Rink Operations LLC, which runs the Wollman Rink in Central Park through an agreement with New York City, hasn't been updated either. Trump is listed as the sole authorized representative of the company. 

·         Ivanka Trump is still listed as the authorized officer on records for two entities related to the Old Post Office in Washington, D.C., which the Trump family bought and turned into a hotel. No changes have been filed for either of the companies, which are registered in Delaware.

·         Documents on The Donald J. Trump Foundation, which Trump has said he would dissolve, haven't been updated. The charitable foundation has been in a swirl of controversy over its collection and disbursement of funds and an active investigation by New York's attorney general. (The foundation cannot legally dissolve until the investigation is complete, but the New York Attorney General's office told ProPublica that Trump can resign as an officer at any time.)

·         In Delaware, where the majority of Trump's businesses are registered, state officials told ProPublica that no amendments have been filed for four businesses tied to the Old Post Office and that the most recent filings for two businesses related to the Trump National Golf Club in Washington, D.C., were made more than a year ago.

·         In Florida, no changes have been made for years to three key Trump businesses operating there: the Trump International Golf Club in Palm Beach, the Mar-A-Lago Club, and DJT Holdings, which has controlling interest in most of Trump's golf courses in the U.S. and abroad, according to the state's Division of Corporations. The Total Investment & Insurance Solutions

Even if Trump hands over his companies to a new trust, the plan fails to solve many of his bigger business conflicts, experts say. Terms of the trust that would insulate the president from the Trump Organization haven't been made public. Trump's decision not to divest his assets has also been heavily criticized by several former White House attorneys and ethics chiefs.

"What are the terms of the trust? Who is going to be the ethics monitor and what standards will he or she abide by?" said Norman Eisen, who served as the White House chief ethics lawyer under President Obama. "There are 1,000 unanswered questions."

DJT Holdings Managing Member LLC Mar a Lago Club, L L C OPO Hotel Manager LLC OPO Hotel Manager Member Corp The Donald J Trump Foundation, Inc Trump International Golf Club, L C Wollman Rink Operations LLC.The Total Investment & Insurance Solutions

November IIP 'false positive', doesn't reflect reality: Crisil -The Total Investment & Insurance Solutions

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23 January 2017

Descibing the official data on the index of industrial production (IIP) for November 2016, during which demonetisation was announced, as a "false positive", Crisil Research has said that the latest IIP figures do not reflect the true condition of the Indian manufacturing sector. The Total Investment & Insurance Solutions

Belying popular expectations, India's factory output, as measured by the IIP released earlier this month, rose 5.7 per cent in November, the first month of the government's demonetisation drive. Index of Industrial Production in October had declined by 1.81 per cent, while there was a 3.4 per cent slide in the corresponding month of last year. The Total Investment & Insurance Solutions

"The index of industrial production grew by 5.7 per cent on-year in November, on account of a weak base. Going by the production trend in some sectors such as auto, next month's (December) IIP growth data may be more indicative of the impact of demonetisation," said a note by Crisil, a subsidiary of American ratings agency Standard & Poor's. The Total Investment & Insurance Solutions

"The IIP base year has not been updated," said Crisil Chief Economist D.K. Joshi.

He explained "false positive" as a term used in data analysis.

"The term implies that the growth rate indicated is too high. It was expected to be in the negative zone as November was the first month to have captured the impact of demonetisation," Joshi said. 

"IIP had fallen by 1.8 per cent in October. In November it suddenly shoots up, and so we say it is not a true reflection of the condition of manufacturing," he said. The Total Investment & Insurance Solutions

"Such month-to-month the data is too volatile, it cannot be used to make long-term projections," he added. The Total Investment & Insurance Solutions

Besides, the cumulative growth of the country's factory output for the April-November period at 0.4 per cent, was much lower compared to the cumulative growth of 3.8 per cent during the corresponding period of the last fiscal. The Total Investment & Insurance Solutions

Prime Minister Narendra Modi had on November 8 announced demonetisation of Rs 500 and Rs 1,000 currency notes, saying the move was aimed against black money, counterfeit currency and terror financing. The unprecedented measure set off a massive cash crunch, while citizens were given till December 30 to deposit the old notes in the banks.The Total Investment & Insurance Solutions

Nifty has to close above 8,450 to regain upward momentum – Monday closing report-The Total Investment & Insurance Solutions

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23 January 2017

I had mentioned in Friday’s closing report that Nifty, Sensex were in a downtrend. The major indices of the Indian stock markets were range-bound on Monday and closed with small gains over Friday’s close. NSE turnover was on the lower side on Monday. The trends of the major indices in the course of Monday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Indian equities markets traded on a flat-to-positive note during the mid-afternoon trade session on Monday, as rupee appreciation, coupled with hopes of positive incentives in the upcoming Union Budget and broadly positive Asian indices, kept investors' sentiments buoyed. The key indices traded marginally in the green, even as gains were capped by profit booking. Buying was witnessed in metal, oil and gas, and FMCG stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,607 advances and 1,108 declines. On the NSE, there were 899 advances, 532 declined and 70 unchanged. The Total Investment & Insurance Solutions

Asian markets barring Nikkei traded flat-to-positive, but the domestic market witnessed profit booking as investors are in a wait and watch mode for the Union Budget, according to market analysts.  US President Trump's protectionist address has made the global markets to be in a profit-booking mode. Meanwhile, gold has hit a 2-month high, as investors sought safer assets amid uncertainty around the economic policies of the new US President and as the dollar declined against other major currencies. The Total Investment & Insurance Solutions

A farmers’ body on Monday urged the Centre to reduce tax on the cigarette industry to enable tobacco growers to get the right prices for their crop. The Federation of All India Farmer Associations (FAIFA) said the measure was required as the tobacco farmers' agricultural output was currently in less demand by the cigarette companies. The association-- representing millions of farmers of commercial crops in India -- said tobacco provides livelihood to 4.6 crore farmers, farm labour, retailers and bidi workers.  It claimed that it was witnessing a continued onslaught in terms of punitive and sustained increase in taxation and impractical regulation over the past few years. Cigarette manufacturers’ shares are likely to be in a bearish trend on the Indian stock exchanges. The Total Investment & Insurance Solutions

Following special forward e-auction for power sector and exclusive e-auction for non-power consumers being conducted in a "regular manner", Coal India Ltd (CIL) has advised its subsidiaries to stop conducting the Forward e-auction Scheme 2007. "In view of the fact that 'Special Forward e-auction' for power and 'Exclusive e-auction' for non-power consumers are now being conducted in a regular manner, it was decided to discontinue with the 'Forward e-auction Scheme 2007'. Coal companies are accordingly advised to stop conducting 'Forward e-auction Scheme 2007' immediately," CIL said. "If there are any residual bookings against already conducted forward e-auction, the same may be allowed to be completed," it added. Meanwhile, the coal miner envisages selling 10% of its annual output in the next three years via e-auction, for which it invited bids from service providers. CIL shares closed at Rs304.10, up 0.12% on the BSE. The Total Investment & Insurance Solutions

Expectations from the upcoming Union Budget, along with global cues and domestic quarterly earnings results, are expected to determine the trajectory of Indian equities markets this week. Market observers pointed out that investors are expected to closely follow rupee volatility, global crude oil prices and the assessment of the demonetisation impact on the India Inc's bottom line.

The top gainers and top losers of the major indices are given in the table below:The Total Investment & Insurance Solutions

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)