Thursday, 27 July 2017

Government ties itself in knots in the Right to Privacy Case -The Total Investment & Insurance Solutions

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27 July 2017
 
Supreme Court (The Total Investment & Insurance Solutions) 
The government on Thursday apparently tied itself in the issue whether right to privacy is a fundamental right or no in India.  Attorney-General KK Venugopal, jumping into the discussion with the claim that protecting privacy through a legislative Act meant that there was no fundamental right to privacy. He reiterated that if there was a fundamental right to privacy it could not be claimed in relation to Aadhaar. 

On Thursday, arguing for the Union, the Attorney-General began with reading out US Supreme Court decisions arguing that "informational privacy" can never be a fundamental right. 

In the discussion, Justice DY Chandrachud countered this position saying America lagged behind Europe in protecting informational privacy. In response, the Attorney General reiterated that the right to privacy could not be determined without taking into account cultural and environmental norms, which he held the US courts had done, and that India should not imitate foreign jurisprudence.

Justice Chandrachud expressed the need to determine what kind of data gets protection under privacy laws, which in turn brought up the question of balancing compelling state interest and legitimate state interest. To the AG's subsequent argument for the consideration of legitimate state interest (with which Justice Chandrachud and Justice Rohinton Fali Nariman did not agree), Justice Chandrachud underlined the need for robust data security mechanisms. The Total Investment & Insurance Solutions

The nine-Judge Constitution Bench on Thursday continued hearing the arguments of the Government of India to settle the question of whether there exists a fundamental right to privacy in India. 

Subsequently, Additional Solicitor-General (ASG) Tushar Mehta read out provisions from the Aadhaar Act 2016, dealing with information sharing. The Total Investment & Insurance Solutions

Justice Nariman asked if the discussion on privacy interests in the Aadhaar Act suggested a legal recognition of privacy. Choosing not to answer that directly, the ASG sought to assure the court that the Act protected both privacy and data. The Total Investment & Insurance Solutions

In conclusion, AG VEnugopal revisited the two cases at the heart of the Constitution Bench hearing - MP Sharma and Kharak Singh- and emphasised that the majority views in these should be upheld.

Senior Advocate CA Sundaram then argued for Maharashtra, claiming that privacy could not be unambiguously defined and could only be protected insofar as the impact on other fundamental rights.

Justices Sharad Bobde, Chief Justice JS Khehar, and Justice Chandrachud retorted that even life and dignity could not unambiguously denied. Continuing after lunch, Mr Sundaram claimed that the framers of the Constitution had only included exact rights as fundamental rights. He argued for testing privacy against other Fundamental Rights and said it was not a fundamental right per se. 

Sparring with the Judges, Mr Sundaram sought to show how Kharak Singh as well as various subsequent judgments in India and the US primarily dealt with other fundamental rights rather than privacy, and that zones of privacy were created by specific guarantees. The Total Investment & Insurance Solutions

Justice Nariman countered that seeing privacy solely in the context of liberty was difficult, but agreed to the later point that if privacy was recognized as a fundamental right, its extent would have to be defined.

On the same day, Right to Food campaign issued a strongly worded statement stating that the Campaign was "shocked and dismayed" that Government had claimed in court a day earlier that even if Aadhaar infringed on privacy, it was doing to so to protect Right to Food and Right to life. 

The Right to Food campaign stated that government data shows lakhs of low income households, pensioners are not able to access their food rations because of errors in Aadhaar seeding, network failures, and biometric failures. The Campaign opposes the use of Aadhaar in ration, mid day meals, and other nutrition schemes. Aadhaar does not protect or enhance the Right to Food and the Right to Life in fact it deepens the difficulty faced by the poor in accessing these fundamental rights. 


In August 2015, the Government had denied that a fundamental right to privacy exists in India in the ongoing Aadhaar case. After the nine-judge bench finishes hearings on the limited question of whether Indians have a fundamental right to privacy, a five-judge bench is then expected to rule on whether the Aadhaar scheme violates such a fundamental right and will thereby decide the fate of the Aadhaar project.The Total Investment & Insurance Solutions

World Stocks Mixed Amid Raft Of Corporate Earnings-The Total Investment & Insurance Solutions

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27 July 2017

Japan financial markets (The Total Investment & Insurance Solutions)

Global stocks were mixed on Thursday as investors digested a raft of corporate earnings results and the Federal Reserve's decision to pause its slow-moving campaign to raise interest rates.

KEEPING SCORE: European markets lost early gains, with the CAC 40 of France flat at 5,188 and Britain's FTSE 100 down 0.1 percent at 7,444. Germany's DAX slipped 0.7 percent to 12,222. Dow and S&P 500 futures pointed to a positive start on Wall Street, with both up 0.1 percent.

FEDERAL RESERVE: The Federal Reserve's meeting Wednesday ended with officials saying it may begin paring the massive $4.5 trillion balance sheet it built up following the financial crisis "relatively soon," which some analysts took to mean September. The Fed also said that inflation will likely remain below its target of 2 percent in the near term. The Total Investment & Insurance Solutions

EARNINGS: Company quarterly reports were on the whole upbeat. Despite the arrest of its chief in a corruption scandal and the recalls and discontinuation of fire-prone Galaxy Note 7 smartphones, Samsung Electronics reported record high quarterly earnings thanks to booming demand for memory chips. Germany's Volkswagen saw a doubling in its profit, largely putting the costs of its diesel scandal behind it. But drugmaker AstraZeneca saw its shares slide 15 percent after disclosing that a key cancer drug trial had disappointed. Other companies that did well included Fiat Chrysler, AB Inbev and Southwest Airlines, while Deutsche Bank, Nokia and Nestle were more downbeat.

ASIA'S DAY: Japan's Nikkei 225 gained 0.2 percent to 20,079.64 and Hong Kong's Hang Seng climbed 0.7 percent to 27,131.17. South Korea's Kospi added 0.4 percent to 2,443.24 and the S&P ASX 200 of Australia climbed 0.2 percent to 5,785.00. Taiwan's index climbed 0.9 percent after electronics maker Foxconn announced a $10 billion investment in Wisconsin that is expected to create 3,000 jobs. The Shanghai Composite index edged 0.1 percent higher to 3,249.78. Shares in Southeast Asia were mixed.

ENERGY: Benchmark U.S. crude fell back after topping $48 per barrel for the first time in seven weeks overnight. It slipped 38 cents to $48.37 per barrel in electronic trading on the New York Mercantile Exchange after surging 86 cents to $48.75 per barrel on Wednesday. Brent crude, the international standard, fell 35 cents to $50.62 per barrel. The Total Investment & Insurance Solutions


CURRENCIES: The dollar edged up to 111.44 Japanese yen from 111.17 yen on Wednesday. The euro rose to $1.1692 from $1.1637, and the British pound rose to $1.3138 from $1.3117.The Total Investment & Insurance Solutions

Wednesday, 26 July 2017

Nifty, Sensex trending higher – Wednesday closing report-The Total Investment & Insurance Solutions

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26 July 2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex might stagnate. The major indices of the Indian stock markets were range-bound on Wednesday and closed with gains over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions
 
Major Indices (The Total Investment & Insurance Solutions)
Indian equity markets traded at a fresh high during the mid-afternoon session on Wednesday on expectations of healthy quarterly results, coupled with broadly positive cues and intense buying activity witnessed in metal, automobile and capital goods stocks. However, some gains were capped as investors continued to book profits. Caution also prevailed in the global markets ahead of the outcome of the two-day US Federal Open Market Committee meet later in the evening. The wider Nifty of the National Stock Exchange (NSE) traded above the 10,000-level and scaled an intra-day high of 10,010.80 points. On the NSE, there were 736 advances, 738 declines and 59 unchanged. The advance-decline ratio of Nifty on the NSE stood at 19 advances, 31 declines and 1 unchanged. Top gainers on NSE were Infratel, Indiabulls Housing Finance and Vedanta, while top losers were Zee Entertainment, Eicher Motors and Tata Motors.

The key Indian equity index -- NSE Nifty 50 -- has the potential to sustain beyond the 10,000-point mark, contingent on healthy quarterly results outcome, experts opined on Tuesday. The optimism over the continued uptrend on NSE Nifty comes after the index breached the 10,000 points mark during the early-morning trade session on Tuesday.

Paint manufacturer Asian Paints reported a 20.23% fall in its consolidated net profit at Rs440.74 crore for the quarter ended June 30, 2017 as compared to Rs552.56 crore in the corresponding quarter last year. Its total income increased by nearly 5% to Rs4,306.60 crore during the quarter under review as against Rs4,103.56 crore in the same period last year. “The decorative business in India registered low single digit volume growth in the current quarter with the business getting impacted especially in the month of June due to GST roll-out from July 1,” said its Managing Director and CEO K.B.S. Anand. "Good demand conditions in the auto original equipment manufacturer and general industrial business segment led to improved performance of the automotive coatings JV. In the industrial coatings JV, Industrial Liquid Paints segment registered good growth," he said. The company’s shares closed at Rs1,135.50, down 1.43% on the BSE.

Software major Wipro tied up with global IT major Hewlett Packard Enterprise (HPE) to offer IT (information technology) infrastructure solutions to enterprises on pay-per-use billing. "The consumption-based or pay-per-use IT Infrastructure procurement and provisioning will be offered to HPE and our customers, globally," said the outsourcing firm in a statement here. The partnership will enable Wipro to leverage HPE capacity to offer flexible and scalable IT infrastructure services for digital transformation of the latter's customers. "The alliance will enhance security, agility, scalability of our customers' IT infrastructure and help them ascertain and regulate the public cloud economics of their data centres," asserted the statement. Highlighting the significance of the tie-up with HPE, Wipro Chief Executive Abidali Neemuchwala said the consumption-based model would allow the company to offer variable pricing for the IT infrastructure value chain. The company’s shares closed at Rs289.95, up 0.03% on the BSE. The Total Investment & Insurance Solutions

Two-wheeler major Hero MotoCorp Ltd. reported a net profit of Rs914 crore for the quarter ended June 30, 2017 up from Rs883.09 crore posted for the quarter ended June 30 last year. The company has logged a total income of Rs8,744.61 crore for the period ended June 30, 2017 -- up from Rs8,131.03 crore earned during the corresponding quarter of the previous fiscal. The company’s shares closed at Rs3,714.80, up 0.21% on the BSE.

The top gainers and top losers of the major 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)

Right to privacy not absolute in a developing economy like India: Government -The Total Investment & Insurance Solutions

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26 July 2017
 
















SC (The Total Investment & Insurance Solutions)
The Union Government on Wednesday told the Supreme Court that the right to privacy was a fundamental right but not all its facets will be covered under it.

Attorney General KK Venugopal told a nine-judge Constitution Bench headed by Chief Justice JS Khehar, "There is a fundamental right to privacy, but it is a wholly qualified right since the right to privacy consists of various aspects and is a sub-species of the right to liberty. Every aspect of it will not qualify as a fundamental right". The Total Investment & Insurance Solutions

In an important development, several State governments decided to join the issue on the side of the petitioners and argued that there does exist a fundamental right to privacy in India.

The nine-Judge constitutional bench on Wednesday resumed hearings to settle the question on whether there exists a fundamental right to privacy in India. This bench, in the words of Justice Rohinton Fali Nariman, "...will decide the issue once and for all for conceptual clarity for the nation." 

Senior advocate Kapil Sibal began the day's proceedings representing the States of Karnataka, West Bengal, Punjab, and the Union Territory of Pondicherry. He took the position that privacy was indeed a fundamental right, but argued that it was not absolute, and the court would have to strike a balance between rights and restrictions. His elaboration that the contours of privacy would have to considered afresh was cut short by Chief Justice Khehar reiterating that the concern at present was only whether privacy was a fundamental right. Responding to Justice Jasti Chelameswar's question on the location of a potential fundamental right to privacy, Mr Sibal suggested Article 21 but also maintained that it is an inalienable natural right that inheres in all human beings.

The counsel for the state of Himachal Pradesh, JS Atri, then made a brief submission supporting privacy as a fundamental right and being part of personal liberty flowing from the Preamble to the Indian Constitution. The Total Investment & Insurance Solutions

Attorney General Venugopal's primary prayer was that privacy is not a fundamental right, that it is too vague to qualify as a fundamental right. He argued that there can be no independent right called right to privacy, and that privacy is only a sociological notion, not a legal concept. If privacy were declared a fundamental right, then it can be a qualified right. He asked judges to state that only some aspects of privacy are fundamental, not all, and it is a limited fundamental right that can be taken away in legitimate state interest. The Total Investment & Insurance Solutions

The Attorney General also said that in developing countries something as amorphous as privacy could not be a fundamental right, that other fundamental rights such as food, clothing and shelter override the right to privacy. The Total Investment & Insurance Solutions

Last week, a large number of lawyers with an illustrious record argued for privacy as a fundamental right. This included Soli Sorabjee, Anand Grover, Arvind Datar, Meenakshi Arora, S Poovayya. Senior advocate Shyam Divan who argued in the PAN-Aadhaar case that Aadhaar was like an "electronic leash" on the people also appeared for the petitioners.

The government's contention -- riding on the back of the Kharak Singh judgement -- which had raised the question on privacy as a fundamental right in the first place did not seem to convince the bench. There have been 40 judgements since then reiterating the right to privacy.

In fact, the government has itself, in its earlier submissions in the Aadhaar matter, not contested privacy as a fundamental right. In fact, Finance Minister Arun Jaitley has said so on the floor of the House. Further, in the WhatsApp case, the government has this week argued for the right to privacy!


The government will continue its submissions on Thursday.The Total Investment & Insurance Solutions

Nitish quits, says he can't run Bihar coalition -The Total Investment & Insurance Solutions

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26 July 2017

Bihar Chief Minister Nitish Kumar said on Wednesday he had quit in the interest of the state after failing to resolve a crisis plaguing the ruling Grand Alliance. The Total Investment & Insurance Solutions

"I have resigned for the sake of Bihar," the Janata Dal-United (JD-U) leader told the media after meeting Governor Keshari Nath Tripathi who accepted his resignation.


He made it clear that it was becoming difficult to continue to head the coalition of his party, the RJD -- whose Deputy Chief Minister Tejashwi Yadav is facing corruption charges -- and the Congress.The Total Investment & Insurance Solutions

Britain To Ban Sale Of New Diesel And Gasoline Cars By 2040-The Total Investment & Insurance Solutions

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26 July 2017
Britain diesel (The Total Investment & Insurance Solutions)

Britain's government says it will ban the sale of new cars and vans using diesel and gasoline starting in 2040 as authorities move to tackle air pollution. The Total Investment & Insurance Solutions
The decision announced Wednesday by Environment Secretary Michael Gove follows similar moves in France and Norway. It also comes as the technology for electrical cars improves.
Gove told the BBC that "there is no alternative to embracing new technology."
Britain's government is expected to announce a 255 million pound ($326 million) fund to help local communities address diesel pollution. The measures are part of a clean air strategy authorities are due to publish Wednesday, only days before a deadline mandated by the High Court.

Campaigners want the final plans to have government-funded and mandated clean air zones, together with a diesel scrappage scheme.The Total Investment & Insurance Solutions

Global Stocks Rise On Corporate Earnings, Ahead Of Fed-The Total Investment & Insurance Solutions

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26 July 2017
Japan stock markets (The Total Investment & Insurance Solutions)

World stock markets rose Wednesday, lifted by generally positive corporate earnings and as investors kept a cautious eye on the Fed's upcoming interest rate decision.
KEEPING SCORE: In Europe, France's CAC 40 added 0.5 percent to 5,184 and Germany's DAX climbed 0.2 percent to 12,287. Britain's FTSE 100 rose 0.4 percent to 7,461. U.S. shares were poised to open higher. Dow futures were up 0.2 percent and the broader S&P 500 futures edged up 0.1 percent.
FED IN FOCUS: The U.S. central bank's policymaking committee is holding a two-day meeting, where most analysts expect officials to keep rates unchanged. The Fed has already raised rates three times since December and market watchers don't expect another hike until later this year or in 2018.
ANALYST VIEW: "Investors most probably will use this opportunity to closely scrutinize the policy statement for clues on the Federal Reserve's tightening plan," said Lukman Otunuga, an analyst at FXTM. He added that markets will also be looking for hints on how the Fed plans to reduce its massive $4.5 billion in bond holdings and its view on inflation.
EARNINGS SEASON: Investors are assessing the latest round of quarterly earnings reports. Better than expected profits at U.S. companies like McDonald's and Caterpilllar helped propel Wall Street to another record day. On Wednesday, Ford and Coca-Cola also did better than expected. Carmaker Daimler and drugs company GlaxoSmithKline did not do as well. And in Asia, Nintendo Co.'s Switch hybrid game machine helped the Japanese video-game maker swing into a $190 million profit from a loss from the previous year. South Korean automaker Hyundai Motor's profit fell by half because of weakness in its SUV lineup. The Total Investment & Insurance Solutions
ASIA'S DAY: Japan's benchmark Nikkei 225 index climbed 0.5 percent to close at 20,050.16 but South Korea's Kospi index slipped 0.2 percent to 2,434.51. Hong Kong's Hang Seng index added 0.3 percent to 26,941.02 and the Shanghai Composite index edged up 0.1 percent to 3,247.67. Australia's S&P/ASX 200 rallied 0.9 percent to 5,776.60. India's Sensex gained 0.3 percent to 32,338.57 and benchmarks in Southeast Asia were mostly higher. The Total Investment & Insurance Solutions
ENERGY: The benchmark U.S. crude future added 50 cents to $48.39 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.55, or 3.3 percent, to settle at $47.89 per barrel on Tuesday. Brent crude, the international standard, gained 40 cents to $50.60 a barrel in London.

CURRENCIES: The dollar weakened to 111.81 yen from 111.91 yen late Tuesday. The euro slipped to $1.1646 from $1.1649.The Total Investment & Insurance Solutions

Tuesday, 25 July 2017

Nifty, Sensex may stagnate – Tuesday closing report-The Total Investment & Insurance SolutionsMajor Indices (The Total Investment & Insurance Solutions)

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25 July 2017

I had mentioned in Monday’s closing report that Nifty, Sensex were on an uptrend. The major indices of the Indian stock markets were range-bound on Tuesday and closed flat. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
Major Indices (The Total Investment & Insurance Solutions)

After touching record highs during the early morning session, the key Indian equity indices succumbed to profit booking and traded with marginal losses during the mid-afternoon session on Tuesday. Expectations of healthy quarterly results, coupled with broadly positive global cues, lifted both the NSE Nifty and BSE Sensex to experience "gap-up" opening from their previous session's close and touch new record highs during early hours of trade. Besides, factors such as hopes of a lending rate cut by the Reserve Bank of India in its next policy review meet, along with inflows of foreign funds and consistent projection of economic growth, enhanced investors risk taking appetite. The Total Investment & Insurance Solutions

Indian shares have hit multiple records this year amid optimism about Prime Minister Narendra Modi's policies. A big factor for the phenomenal rise in stock value has been the shift of Indian savers to more financial assets as prices of gold and property moderated after the government's ban on high-value currency notes. Also, market participants expect healthy quarterly results going forward. On the NSE, there were 621 advances, 851 declines and 59 unchanged.

Reliance Infrastructure subsidiary Reliance Defence and Engineering Limited (RDEL) on Tuesday announced the launch of its first two Naval Offshore Patrol Vessels (NOPVs) at their shipyard in Pipavav, Gujarat. The two NOPVs -- 'Shachi' and 'Shruti' -- are among five ships being constructed by RDEL under the P-21 project of the Indian Navy, the company said in a statement. Reliance Defence and Engineering Limited is the first private shipyard in India to obtain defence production licence and sign a contract for defence ships in 2011. The company is also engaged in construction of one training ship and 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard, the statement said. The company’s shares closed at Rs60.95, up 0.49% on the BSE. The Total Investment & Insurance Solutions

Tata Communications reported a 22.27% fall in its consolidated net profit at Rs32.94 crore in the quarter ended June 30, as compared to Rs42.38 crore in the year-ago period. Its total income also fell by 4.34% to Rs4,354.39 crore during the quarter under review from Rs4,552.30 crore in the same period a year ago. "On a year-on-year basis core revenues declined, as expected, primarily due to de-growth in the voice business; in-line with the industry trends," the company said in a statement. It also said that its data services revenue improved by 4.6% on year-on-year basis. The company’s shares closed at Rs671.50, up 3.69% on the BSE.

Lending major HDFC Bank reported a rise of 20.22% in its net profit for the quarter ended June 30, 2017. The bank's net profit rose to Rs3,893.84 crore from Rs3,238.91 crore reported in the fourth quarter of FY 2017-18. The income increased by 14.81% on a year-on-year (YoY) basis to Rs22,185.38 crore during the quarter under review from Rs19,322.63 crore in the quarter ended June 30, 2017. "Net interest income (interest earned less interest expended) for the quarter ended June 30, 2017 grew by 20.4% to Rs9,370.7 crore, from Rs7,781.4 crore for the quarter ended June 30, 2016, driven by average loan growth of 20.7% and a core net interest margin for the quarter of 4.4%," the company said in a statement. "Operating expenses for the quarter ended June 30, 2017 were Rs5,367.5 crore, an increase of 12.6% over Rs4,768.9 crore during the corresponding quarter of the previous year." "The core cost-to-income ratio for the quarter was at 42.7% as against 46.2% for the corresponding quarter ended June 30, 2016." The bank’s shares closed at Rs1,739.35, up 0.28% on the BSE. The Total Investment & Insurance Solutions

The Competition Commission of India (CCI) has given approval for the Vodafone-Idea merger. "Idea Cellular is pleased to confirm receipt of the letter from the Competition Commission of India dated July 24, 2017, according approval to the proposed merger of Vodafone India, Vodafone Mobile Services Limited, and Idea Cellular under sub section (1) of section 31 of the Act," Idea Cellular said in a statement. "The transaction is expected to close during calendar year 2018 subject to customary approvals," it added. Vodafone India and Aditya Birla Group-promoted Idea Cellular on March 20 announced their much-awaited amalgamation. Kumar Mangalam Birla, Chairman of the Aditya Birla Group, will be its Chairman. "Vodafone Group and Idea Cellular announced they have reached an agreement to combine their operations in India (excluding Vodafone's 42% stake in Indus Towers) to create India's largest telecom operator," a joint statement by the companies had earlier said. "The combined company would become the leading communications provider in India with almost 400 million customers, 35% customer market share and 41% revenue market share," it added. The merger will create an entity with over Rs80,000 crore revenue. "Vodafone will own 45.1% of the combined company after transferring a stake of 4.9% to the promoters of Idea and/or their affiliates for Rs3,874 crore in cash concurrent with the completion of the amalgamation," the statement said. "The promoters of Idea will hold 26% of the company and the balance will be held by the public." Idea Cellular shares closed at Rs97.80, up 6.48% on the BSE.

The top gainers and top losers of the major 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)