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- DGH refuses commerciality of ONGC’s deepest gas find
- Gems and jewellery export shrinks 8.12% in April-August
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- Prefer FDs to MFs for saving tax? You’ve been wrong all along
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| U.K.’s manufacturing PMI falls to 55.9 in September, missing views Posted: 02 Oct 2017 01:50 AM PDT This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.    
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| DGH refuses commerciality of ONGC’s deepest gas find Posted: 02 Oct 2017 01:48 AM PDT NEW DELHI: Upstream oil regulator DGH has refused to review the commerciality of India’s deepest gas discovery made by Oil and Natural Gas Corp (ONGC) on grounds that developing the find poses technological challenges. ONGC plans to invest Rs 21,528.10 crore to develop the ultra deepsea UD-1 discovery in its Bay of Bengal block KG- DWN-98/2 (KG-D5) by 2022-23. The find would have helped double the output from the KG block. It had earlier this year submitted to the Directorate General of Hydrocarbons (DGH) for approval a declaration of commerciality (DoC) of UD-1 find, sources with direct knowledge of the development said. DGH, however, refused to review the DoC on grounds there was no technology available to produce gas from such water depths, they said. A senior ONGC official said it is beyond the mandate of the regulator to not review a discovery and look into technology. “We are the operator and are confident of technology being available to develop the discovery,” he said adding the company has replied to DGH over its concerns. ONGC plans to drill nine wells on the discovery that lies in water depths of 2,400-3,200 metres and will produce a peak output of 19 million standard cubic metres per day. UD-1 holds some 75 billion cubic meters of inplace reserves. The official said that there are consultants who have showed to ONGC that discoveries deeper than UD-1 have been put to production in recent times, particularly in Gulf of Mexico. “An expression of interest (EoI) meeting we had earlier this year for developing the KG finds saw several consultants offering solutions for such water depths,” he said. ONGC is in the process of appointing a consultant who will assist in developing the UD-1 discovery. The 7,294.6 sq km deepsea KG-D5 block, which sits next to Reliance Industries’ flagging KG-D6 fields, has been broadly categorised into Northern Discovery Area (NDA – 3,800.6 sq km) and Southern Discovery Area (SDA – 3,494 sq km). The NDA has 11 oil and gas discoveries while SDA has the nation’s only ultra-deepsea gas find of UD-1. These finds have been clubbed into three groups – Cluster-1, Cluster-II and Cluster-III. Last year, the company finalised a Rs 34,012 crore (USD 5.076.37 billion) plan for developing the Cluster-II finds by 2019-20. First gas production is envisaged by June 2019 and oil would start flowing from March 2020, he said. From Cluster-II, a peak oil output of 77,305 barrels per day is envisaged within two years of start of production. Gas output is slated to peak to 16.56 million standard cubic metres per day by end-2021. The official said that Cluster-1 field will be developed at an additional investment of Rs 4,259.59 crore and will produce about 3 mmscmd of gas. Cluster-2A mainly comprises oil finds of A2, P1, M3, M1 and G-2-2 in NDA which can produce 77,305 bpd (3.86 million tonnes per annum) and 3.81 mmscmd of gas. Cluster 2B, which is made up of four gas finds — R1, U3, U1, and A1 in NDA — envisages a peak output of 12.75 mmscmd of gas. Peak output is likely to last seven years, he said. |
| Gems and jewellery export shrinks 8.12% in April-August Posted: 02 Oct 2017 01:48 AM PDT NEW DELHI: Gems and jewellery export contracted 8.12 per cent to USD 13.5 billion during April- August this year, data from the Gems and Jewellery Export Promotion Council (GJEPC) showed. This compares with USD 14.7 billion in the same period last year. The labour-intensive sector contributes about 14 per cent to the country’s overall export. The drop in shipments is mainly due to negative growth in export of gold jewellery, gold medallions and coins and rough diamonds. Gold jewellery shipments during the period declined about 8 per cent to USD 1.30 billion. Similarly, export of gold medallions and coins and rough diamonds contracted by 18 per cent and 5 per cent, respectively. However, silver jewellery export went up to USD 2 billion in April-August 2017-18, from USD 1.67 billion a year ago. Export of cut and polished diamonds reported a growth of just 0.51 per cent. India’s main export destinations are Europe, Japan, China and the US. According to GJEPC, the sector is facing issues related to compliance of the Goods and Services tax (GST). It had demanded exemption from Integrated GST (IGST) on procurement of precious metals from nominated agencies for the purpose of manufacturing and export of jewellery. According to the data, import of rough diamonds rose by 8.84 per cent to USD 7.7 billion in April-August. Import of gold bars, however, slid 38.5 per cent to USD 1.26 billion. |
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| Prefer FDs to MFs for saving tax? You’ve been wrong all along Posted: 02 Oct 2017 01:38 AM PDT By Dhirendra Kumar A few months ago, I had written an article on replacing bank fixed deposits (FDs) with fund investments. However, a lot readers don't really understand how mutual funds attract less taxation, so here's a detailed explanation of the entire mechanism. In three years, falling interest rates have knocked off around 40% from the annual income that a FD would yield. That's a shocking decline. People generally don't do the math of returns correctly. Each step in the decline of FD rates appears small. They're generally around 0.25% to 0.5%, which sounds trivial. However, the actual reduction in income is much more significant. For instance, a decline in the interest rate from 7.5% to 7% is a reduction of 7% in the income that the deposit generates. This adds up fairly quickly. Over the past three years, you would have seen a 2.5% decline in the rate of interest that you earn from your FDs, from 8.75% to 6.25% . However, in terms of actual income, that's a reduction of 40%. The logical way to deal with this issue is to shift your money from FDs to mutual funds. Mutual funds that have a low risk profile would appeal to FD holders. These have rates of return that appear to be only marginally higher than those of fixed income. However, the math works the same way as in the above example. Over the past year, a FD would have yielded 7% interest, which was the rate in late 2016. Over the same period, an average liquid fund, which has negligible risk and variability, would have yielded 7.5%. That's 10% higher in terms of earnings. However, in addition to this, there's the cherry on the cake: taxation. For investments of less than three years, the taxation is the same for the two options. If you sell off the entire mutual fund investment, the earnings will indeed be taxed in the same way as the FD, that is, by being added to your income. However, if your goal is to withdraw the gains, the tax paid in the case of mutual funds is much less. The reason is simple. Interest is income, while mutual fund returns are capital gains. When you receive interest from a deposit, the entire thing is considered income. However, when you withdraw money from your mutual fund investment, a part of it is the original principal you invested, which is obviously tax-free. Here's a concrete example. Let's say you invest Rs 10 lakh in a mutual fund. A year later, the value of the investment has increased to Rs 10.8 lakh. Now, you want to withdraw the Rs 80,000 you have gained. Note that out of the investment you hold, 7.4% is the gain and the remaining 92.6% is the principal that you had invested. Here's the key idea: when you withdraw any money, the withdrawal shall be deemed to consist of the gains and the principal in this same proportion, for tax purposes. Therefore, of that Rs 80,000, only Rs 5,926 will be considered gains and will therefore be added to your taxable income. This makes an enormous difference. In an equivalent FD, you would pay Rs 24,720 as tax in the highedt slab. In the mutual fund, you would pay Rs 1,831 as tax. There are other benefits which fund investors understand but bank depositors seem to be unaware of. There's TDS and annual taxation, for instance. For cumulative FDs, you have to pay tax every year. That's money that won't be earning returns in the future. In the equivalent mutual fund investment, there's no annual tax liability because the gains are not considered income. So the money is available for compounding for as long as the investment is held. After three years, the accumulated amount in the mutual fund will be almost one and a half times that in the deposit, assuming you are in the top tax bracket. For an initial investment of Rs 1 lakh, at the end of three years, the FD will effectively be worth Rs 1.26 lakh while the fund investment will be worth Rs 1.4 lakh. Since the FD tax outgo is split between 10% TDS and the rest paid out directly, the exact rate of return depends on how you account for this tax. Whichever way you look at it, in these times of falling interest rates, the tax advantages makes the mutual fund alternative twice as attractive. The author is the Founder and CEO of Value Research Disclaimer: The facts and opinions written in this column are those of the author and do not reflect the views of economictimes.com. |
| Is govt hiding something behind its exclusive DeMo focus? Read what this politician says Posted: 02 Oct 2017 01:38 AM PDT By: Salman Anees Soz Demonetisation will live in infamy as one of the worst economic initiatives in post-Independence India. However, focussing almost exclusively on demonetisation detracts attention from a series of missteps by the government that hurt the economy well before November 8, 2016. In the first quarter of 2017-18, the economy grew by 5.7% after growing by only 6.1% in the previous quarter. Job losses, farm distress, anaemic credit offtake, weak private investment and industrial activity, uneven export performance, food price inflation, and other indicators show an economy in trouble. Demonetisation can partially explain this malaise. However, it cannot explain slowing growth prior to demonetisation. In fact, the growth rate has declined for six straight quarters. I believe policy missteps helped slow the economy down well before demonetisation. The government has been far more concerned with managing public finances and public perception than with making tough and smart choices to help the broader economy grow. While fiscal prudence is commendable, it cannot be the single biggest focus of a government.Prime Minister Narendra Modi and finance minister Arun Jaitley, the stewards of India's economy, appear obsessed with taxes and the fiscal deficit. At times, the government has gone to absurd lengths to manage its own finances at the expense of consumers and the private sector. Worse, the government has failed to act in other vital areas impacting the economy. Banking is widely considered an economy's lifeblood. In 2014, when the Modi government took over, non-performing assets (NPAs) were beginning to choke banks. Gross NPAs as a share of total advances stood at 4.1%. But, instead of proactively dealing with NPAs, the government spent its considerable political capital on an ill-conceived plan to roll back the land acquisition law that BJP helped pass in 2013. NPAs now stand at about 10% of total advances. This has contributed to a slowdown in lending. In 2016-17, overall bank credit grew at about 7% with credit to industry contracting by 1.6%. Aggressive action in 2014 could have mitigated the NPA problem. A new and popular PM with a gift of oratory could have explained the necessity of prioritising the NPA problem. Instead, the government's pussyfooting has created a huge problem that continues to weigh the economy down. Even the Rs 70,000 crore under the Indradhanush scheme for bank recapitalisation was considered "far from sufficient" by the government's own Economic Survey. Banking sector problems are mirrored in weak private investment, which started to shrink in 2015-16 and contracted by more than 7% in 2016-17. The government stepped in with public investment but the Economic Survey considers it insufficient to "arrest a fall in overall investment". The government has been marketing Make in India even as manufacturing capacity utilisation hovers around a mere 71%. While the government takes credit for attracting FDI, we should remember that it accounts for only about 2% of GDP. If India's private sector is not investing at home, is it reasonable to expect foreigners to invest in a big way in India? The incoherent response to the twin balance sheet problem (banks and corporates) is a serious error of omission. Policies for rural India have also contributed to the slowdown. When PM Modi formed the government, drought warnings had already been issued. This was a time for the government to step up assistance in rural areas through minimum support prices (MSPs) and the safety net of MGNREGA. Instead, the government blindly followed right wing dogma to restrict MSPs. Modi used a speech in Parliament to run down MGNREGA. In the three years between 2014 and 2016, two of which were drought affected, the government increased MSPs of rice by a mere 3.9% per year, 6 percentage points below the rate in the last three years of the UPA. In FY15, MGNREGA generated the least number of person days and household employment since the start of the scheme. By restricting support, the government contributed to rural distress. This ended up adversely affecting the broader private sector as well. The government missed the forest for the trees. Management of fuel prices is another example of the Modi government prioritising fiscal over economic management. After crude prices dropped precipitously, the government decontrolled diesel prices in October 2014 (UPA decontrolled petrol prices). However, as crude prices kept falling, the government started levying excise duties to mop up extra revenue instead of passing on the benefits to consumers. According to the Economic Survey, the increase in petrol tax was 150% between June 2014 and November 2016. Having more money with consumers could have had a positive impact on household and business finances, which could have resulted in higher economic output. The inept rollout of a seriously flawed GST is making matters worse. Cheering a bad tax in the middle of an economic slowdown makes the government look arrogant and unmindful of principles of economics. Perhaps due to a deficit of experience and a surplus of arrogance, the government has frittered away a huge mandate. The obsession for managing public finances and public perception must end. Modi and Jaitley must learn from their mistakes, consult widely, and help reverse the Indian economy's downward trajectory. Otherwise, demonetisation won't be the last big blunder they commit. DISCLAIMER : Views expressed above are the author’s own. |
| Trai’s net neutrality views by October-end; OTT consultation soon Posted: 02 Oct 2017 01:38 AM PDT NEW DELHI: Telecom regulator Trai will come out with its views on net neutrality by October-end and also start consultation on “residual” issues around over-the-top (OTT) applications soon, its chairman R S Sharma has said. The Telecom Regulatory Authority of India (TRAI) has already concluded open house discussions around the controversial issue of net neutrality and is in the process of drafting the recommendations. Sharma told in an interview that the regulator will frame its views on net neutrality “by October-end”. Net neutrality calls for access to internet content without any discrimination in data speed and cost, and telecom operators and internet firms have been at loggerheads over various aspects of the contentious issue. The Trai chief further said the regulator is preparing a consultation paper on “residual issues” with regard to OTT players like WhatsApp, Skype, Hike, among others. “On OTT, we had floated a consultation paper in early 2015. Much water has flown since then and many of the issues have been taken care of, by our efforts around differential pricing, net neutrality etc… For the residual issues of OTT, we will float a consultation paper soon,” he said. In March 2015, Trai had initiated a discussion to analyse the implications of OTT proliferation and recommend suitable changes in the regulatory framework, if required. That paper had touched upon aspects like whether OTT players offering communication services (voice, messaging and video call services) through applications should be brought under the licensing regime, and also had thrown up issues around net-neutrality, differential pricing and traffic management practices. It had also sought stakeholders’ views on whether the growth of OTT impacted the traditional revenue stream of telecom operators, and if increase in data revenues of service providers was sufficient to neutralise that impact. Sharma said that over the last two years, the telecom sector had undergone a “lot of significant changes”, and data had assumed centerstage. “A lot of regulations have also come in between… the world has gone from voice to data. So now we will cull out the residual issues which are still relevant from that (earlier) paper and take it forward… We will take up issues like regulatory imbalance,” he added. The new OTT paper is under preparation and will be out “hopefully” in October, he added but did not comment on the specifics. An official familiar with the development said that the “residual issues” could deal with larger question around level-playing field between OTT offerings (like voice and messaging) and the services offered by licensed telecom service providers. It may also look at issues around security practices such as data records and logs that need to be put in place for OTT players, the official added. The term OTT refers to applications and services which are accessible over the internet and ride on operator networks offering internet access services, that is, social networks, search engines, video aggregation sites. Skype, Viber, WhatsApp, Instagram and Hike are some examples of OTT services. MBI MKJ ANU |
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| Sony’s updated PlayStation VR won’t block HDR Posted: 02 Oct 2017 01:36 AM PDT
Source: engadget |
| Reliance Communications adds 4 new Board members from its top management Posted: 02 Oct 2017 12:58 AM PDT Reliance Communications (Rcom) added four of its senior management to its Board on Monday, a day after it decided to call off its merger with Aircel. Punit Garg, president, telecom Business has been elevated to the Board as executive director of the company, said gone telco in a statement. Garg has been part of leadership team for the last 17 years and has held several positions in the Company, including CEO of Indian and global enterprise business, corporate strategy and regulatory affairs. Manikantan V., chief financial officer (CFO) has also been elevated to the board as director and CFO of the Company. The Anil Ambani owned telecom operator said that Suresh Rangachar, who heads the fiber and Tower business as director of Reliance Infratel Limited (RITL), a subsidiary of the company, has been appointed as executive director of RITL, said the company. Gurdeep Singh, Co-CEO of the Company and CEO of the mobility business, has been elevated as executive director of Reliance Telecom Limited. The telco on Sunday called off merger citing regulatory uncertainties and alluding to sabotage by "vested interests," dealing a blow to the hopes of the two debt-ridden telcos to jointly take on stronger rivals Bharti Airtel and Reliance Jio Infocomm besides raising questions about their long-term survival. RCom and Aircel–struggling to cope with falling revenue, increasing losses and a shrinking user base along with debt of Rs45,000 crore and Rs20,000 crore, respectively–were hoping to combine their wireless businesses and become a stronger fourth player. A price war intensified by the entry of Jio has severely dented industry revenue and profitability, forcing consolidation. RCom and Aircel had announced a 50:50 joint venture in September 2016. The merger with Aircel and its ongoing tower stake sale to Canada's Brookfield was crucial to RCom paring 60% of its debt amid an ongoing strategic debt restructuring (SDR) process and a standstill agreement RCom is confident of the Brookfield deal going through. |
| Nasscom pushes IT to open shop in EU, other America Posted: 02 Oct 2017 12:45 AM PDT
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| Nasscom pushes IT to open shop in EU, other America Posted: 02 Oct 2017 12:45 AM PDT
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| Smartphones made in India? Manufacturing ambition hits hurdles Posted: 02 Oct 2017 12:38 AM PDT NEW DELHI: India’s ambitions to become a smartphone-making powerhouse are foundering over a lack of skilled labour and part suppliers along with a complex tax regime, industry executives say. Prime Minister Narendra Modi has championed a manufacturing drive, under the slogan ‘Make in India’, to boost the sluggish economy and create millions of jobs. Among the headline-grabbing details was a plan to eventually make Apple iPhones in India. Three years on, as executives and bureaucrats crowded into a Delhi convention centre for an inaugural mobile congress last week, India has managed only to assemble phones from imported components. While contract manufacturers such as iPhone-maker Foxconn Technology Co and Flextronics Corp have set up base in India, one of the world’s fastest-growing smartphone markets, almost none of the higher value chip sets, cameras and other high-end components are made domestically. Plans for Taiwan-based Foxconn to build an electronics plant in the state of Maharashtra, which local officials said in 2015 could employ some 50,000 people, have gone quiet. According to tech research firm Counterpoint, while phones are assembled domestically because of taxes on imported phones, locally made content in those phones is usually restricted to headphones and chargers – about 5 percent of a device’s cost. “Rather than feeling that India is a place where I should be making mobile phones, it’s more like this is the place I need to (assemble) phones because there is lower duty if I import components and assemble here,” a senior executive with a Chinese smartphone maker said. He declined to be named for fear of harming business. TAX DISPUTES Others listed the lack of skilled engineers and a sparse network of local component makers. They also cited high-profile tax disputes between India and foreign companies such as Nokia . Nokia eventually suspended mobile handset production at its southern India facility. “The Nokia escapade is in people’s memory when they try to come here,” a second industry source told Reuters at the first Indian Mobile Congress in capital New Delhi, which ended on Friday. India’s nationwide sales tax (GST), which kicked in this year to replace a string of different levies, is also fraught with its own challenges, such as a lengthy tax-refund process that delays payments to suppliers, the source added. Last week, India rattled investors after publicly musing about possible changes in a $2.6 billion 2015 diesel locomotive contract with General Electric. The government has since said it would not take any hasty decisions. “We needed some push from the government to start manufacturing,” said Neeraj Sharma, the India head of Chinese chipmaker Spreadtrum. “It was required, because without that nothing was happening.” But India now needs more sophisticated technology – such as surface-mounting technology, which places components directly on top of a printed board – to build a supply chain, he said. Otherwise, firms will not do research in India, Sharma said. “For design to happen, we need strong local players.” PHASED PROGRAMME The government says it has a phased programme to manufacture phones, aiming to step up value added locally every year. “While we have made a start with getting in mobile assembling, we want to move up the value chain,” India’s telecoms secretary Aruna Sundarajan told reporters. “A lot of investors have shown very significant interest in this area.” The Phased Manufacturing Programme began in 2016 with the manufacture of phone chargers and batteries and envisages the production of higher-end components by 2020. Sundarajan said the government was also trying to give investors “a reasonable degree of certainty”, while also dealing with constant disruption to the industry. But for smartphone makers used to China’s predictability, India may need to do more, executives warn. A third senior source at a Chinese smartphone maker in India said some Chinese players were rattled by labour unrest, including suspended operations at a facility belonging to smartphone maker Oppo earlier this year, after a foreign employee was reported to have torn a picture of the Indian flag. Oppo said at the time it regretted the incident. “Labour laws are lax, there’s little effort to build a component ecosystem and logistics, and transport remains a big problem,” the third source said. “No one seems to be investing in skilled labour that will build the phones |
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| Spanish banks slide at the open after Catalonia referendum Posted: 02 Oct 2017 12:30 AM PDT This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.  
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