LIVE: Rajasthan Governor orders state govt to call for assembly session

Rajasthan HC dismisses petition by BJP against merger of six BSP MLAs in the state with Congress. Stay tuned for latest news live updates

2:50 AM

Heavy rainfall likely in Delhi-NCR on July 29, 30; IMD issues alert

The India Meteorological Department on Monday issued an alert for heavy rainfall in the national capital on July 29 and 30.

 

In an advisory, the IMD said the heavy rainfall can cause water logging in low-lying areas and roads, leading to disruption of traffic flow and municipal services such as water supply and electricity.

 

"Delhi-NCR is very likely to experience moderate rain with one or two spells of heavy rainfall (more than 65 mm) during the evening of July 29 and July 30," it said.

2:49 AM

25-30 million lost jobs in MSMEs during March-June, says survey

A survey on micro, small, and medium enterprises conducted by SKOCH Group in collaboration with Federation of Indian Micro, Small and Medium Enterprises; Bhartiya Vitta Salahkar Samiti, and Tax Law Educare Society showed that estimated 25-30 million have lost jobs by the end of June.

 

Another 10-15 million jobs may be lost by the end of August. Read more

2:48 AM

Govt, RBI and 15th Finance Commission discuss bank recapitalisation

The Fifteenth Finance Commission is in discussions with the Centre and the Reserve Bank of India on the issue of bank recapitalisation, Commission Chairman N K Singh said on Monday.

 

The banking sector needs to open up to the same levels of ‘liberalisation process’ which other sectors have witnessed, Singh said. Read more

2:48 AM

RBI likely to slash policy rates by 100 bps in FY21: BofA Securities

Analysts at BofA Securities, in their July 26 note, have predicted contraction of Indian economy, as measured by gross domestic product (GDP), at 6 per cent in fiscal year 2020-21 (FY21) as their base case.

 

BofA expects the monetary policy committee (MPC) of the Reserve Bank of India (RBI) to slash policy rates by 100 bps in FY21 (earlier expectation: 75 bps) as base case, with inflation set to slip to 2.5 per cent in the second half of the fiscal year (H2FY21) from 6.3 per cent in July.

1:13 AM

UK, India to collaborate in anti-microbial resistance research worth 8 million pounds

1:12 AM

Oldest living IAF fighter pilot turns 100, Air chief extends greetings

Retired Squadron Leader Dalip Singh Majithia, who holds the distinction of being the oldest living IAF fighter pilot, turned 100 on Monday.

 

Air Chief Marshal RKS Bhadauria extended his greetings to the centenarian who had retired in August 1947 when India achieved Independence.

 

"IAF extends its best wishes to Sqn Ldr Dalip Singh Majithia (retd) on his 100th birthday today. He retired in Aug 1947 & holds the distinction of being the 'oldest' IAF fighter pilot now," the IAF tweeted.

12:26 AM

NASA's next Mars rover is brawniest and brainiest one yet

With eight successful Mars landings, NASA is upping the ante with its newest rover.

 

The spacecraft Perseverance set for liftoff this week is NASA's biggest and brainiest Martian rover yet.

 

It sports the latest landing tech, plus the most cameras and microphones ever assembled to capture the sights and sounds of Mars.

 

Its super-sanitized sample return tubes for rocks that could hold evidence of past Martian life are the cleanest items ever bound for space. A helicopter is even tagging along for an otherworldly test flight.

11:46 PM

Bombay Flying Club becomes country's first DGCA-approved drone training school: Aviation Ministry

11:34 PM

IMD issues alert for heavy rainfall in Delhi on July 29, 30

The India Meteorological Department on Monday issued an alert for heavy rainfall in the national capital on July 29 and 30.

 

In an advisory, the IMD said the heavy rainfall can cause water logging in low-lying areas and roads, leading to disruption of traffic flow and municipal services such as water supply and electricity.

 

"Delhi-NCR is very likely to experience moderate rain with one or two spells of heavy rainfall (more than 65 mm) during the evening of July 29 and July 30," it said.

 

Kuldeep Srivastava, the head of the IMD's regional forecasting centre, said, "At present, the monsoon trough is running close to the foothills of the Himalayas. It will start shifting southwards on Tuesday. It will be close to Delhi-NCR from Tuesday evening to Thursday."

11:33 PM

DRDO launches contest to promote innovators on fifth death anniversary of Kalam

11:17 PM

US drugmaker earnings heat up this week with spotlight on vaccine news

Several major US drugmakers will report second-quarter results this week, with investors eager for fresh details from Pfizer Inc, Merck & Co and others on their efforts to develop vaccines and therapies against the novel coronavirus.

 

The earnings reports, including from Gilead Sciences Inc - maker of one of the only treatments that has shown a benefit for hospitalized Covid-19 patients - will be closely watched for any developments that could help contain the pandemic, which has claimed some 650,000 lives worldwide and upended economies.

 

The supply, pricing and profitability for these potential products also will be hot topics for companies reporting this week, including Eli Lilly and Co, which is developing an antibody treatment for the still rapidly-spreading disease.

 

Earnings reports are also due from British drugmakers GlaxoSmithKline Plc and AstraZeneca Plc and France's Sanofi, which are working on vaccines in various stages of development.

11:16 PM

Gold hits record, equities edge higher on stimulus hopes

Global equity benchmarks edged higher and gold soared to an all-time high on Monday as investors weighed expectations for another US stimulus package with concerns that rising tensions between the United States and China will the slow the recovery of the global economy from the coronavirus pandemic.

 

Gold made a 1.6 per cent jump to surpass its 2011 highs and put $2,000 per ounce in sight. Silver climbed 7.5 per cent, to take its July streak past 30 per cent, which would be its best month on record.

 

China took over the premises of the US consulate in the southwestern city of Chengdu on Monday, after ordering that the facility be vacated in retaliation for China's ouster last week from its consulate in Houston.

11:14 PM

SDMC nod to levy professional tax, decision on electricity tax hike postponed

The BJP-led South Delhi Municipal Corporation on Monday approved levying of professional tax on salaried individuals and others, amid furore from opposition AAP which protested the move in the SDMC House.

 

As per the decision, salaried individuals and professionals like doctors and lawyers will have to pay professional tax if their monthly income is above Rs 50,000, officials said.

 

However, the decision will await approval from the Delhi government, sources said.

10:41 PM

Growth depends on social norms, political culture, institutions; not just economic policies: Kaushik Basu

Economic growth of a country depends on social norms, political culture and institutions, and these are deterioratingin India visibly from 2016, former World Bank chief economist Kaushik Basu said on Monday, emphasising that if these trends are not reversed then Indian dream will come to an end.

 

Participating in a webinar organised by the Institute for Human Development, Basu charged that the breakdown of social cohesion is beginningto hurt India.

 

"India's sharp economic slowdown started two years before the Covid-19 pandemic. The economy does not rely on economic policy alone.

 

"The economy depends on social norms, onpolitical culture, on institutions and on morals. And these are deterioratingin India visibly from 2016 and almost in tandem with the drop in growth," he said.

 

Basu, a professor of economics at Cornell University and former chief economic adviser to the finance ministry during the UPA regime, said that India's growth rate is coming down.

10:28 PM

India's partnership with Bangladesh stands out as role model for good neighbourly ties: EAM

10:24 PM

Google extends work from home for employees till June 30 next year

Tech giant Google on Monday said it is extending work from home (WFH) facility for its employees globally, including in India, till June 30 next year.

 

"To give employees the ability to plan ahead, we are extending our global voluntary work from home option through June 30, 2021 for roles that don't need to be in the office," Google CEO Sundar Pichai wrote in an e-mail to staffers.

 

Google has around two lakh employees, including contractors and full-time workers.

9:59 PM

US manufacturing sector gathers momentum, rising Covid-19 threatens recovery

New orders for key US-made capital goods increased by the most in nearly two years in June and shipments accelerated, but the gains were likely insufficient to avert the deepest plunge in business investment and economic activity since the Great Depression in the second quarter because of the Covid-19 crisis.

The improvement in manufacturing reported by the Commerce Department on Monday was driven by pent-up demand following the reopening of businesses. The budding recovery is threatened by a resurgence in new cases of the coronavirus, which has forced some authorities in the hard-hit South and West regions to either close businesses again or halt reopenings.

"The sugar rush from re-openings has now faded and a resurgence of domestic coronavirus cases, alongside very weak demand, supply chain disruptions, historically low oil prices, and high levels of uncertainty will weigh heavily on business investment," said Oren Klachkin, lead US economist at Oxford Economics in New York.

9:57 PM

Twitter faces backlash over handling of anti-Semitic posts

Some Twitter users are staging a 48-hour boycott of the platform over its handling of a stream of anti-Semitic comments that were posted on British rapper Wiley's social media accounts.

 

The boycott, under the hashtag #NoSafeSpaceForJewHate, followed complaints that Twitter was too slow to remove offensive material. Some offensive material was also posted on Instagram.

 

UK Home Secretary Priti Patel has written to the social media companies demanding an explanation as to the speed of their response. Some of Wiley's posts were visible for more than 12 hours before being removed.

9:53 PM

India lodges strong protest with Pak over reported attempts to convert gurudwara in Lahore into mosque: MEA

9:53 PM

One more person dies in Assam floods, 2.2 million people affected in 22 districts

9:52 PM

BJP MP Anil Baluni invites Priyanka Gandhi and family for meal: Report

BJP MP Anil Baluni has invited Congress leader Priyanka Gandhi Vadra and her family for an Uttarakhand meal' once he shifts into his new house, which was occupied by the Congress leader till recently, sources said on Monday.

 

Baluni has been allocated the 35, Lodhi Estate house in Delhi's Lutyens' zone.

 

According to sources, the BJP MP invited Priyanka Gandhi for a meal comprising cuisines of Uttarakhand like Manduwe ki roti', Jhangore ki kheer', Pahadi raita' and Bhatt ki churkani'.

9:26 PM

Big Oil braces for second-quarter losses after virus whips up perfect storm

Top US and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed.

The expected rare losses for BP, Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and gas prices and demand to levels not seen in decades, creating a perfect storm for the energy companies that produce, refine, trade and sell fuel.

During previous price slumps, integrated oil producers' results were boosted by refining operations whose margins typically benefit from low oil prices and provide an internal hedge.

But as travel, industry and business were all halted by lockdowns, margins for refined oil products, such as gasoline, diesel and kerosene, dipped into negative territory.

9:25 PM

Hope President will intervene, instruct Rajasthan governor to convene Assembly session: Chidambaram

9:24 PM

Priyanka Gandhi speaks to BJP MP Anil Baluni, to vacate official house soon

9:24 PM

Bihar: Floodwaters enter new areas, hit a million more people; 2.45 million affected in 11 districts

9:12 PM

First batch of 5 Rafales reaches UAE airbase on way to India from France

8:49 PM

10-15 MLAs from Gehlot camp will switch sides once set free: Sachin Pilot's supporter

Amid the ongoing political tussle in the Rajasthan, a senior MLA and one of the staunch supporters of Pilot, Hemaram Choudhary, has claimed that 10-15 legislators of Chief Minister Ashok Gehlot camp are in contact with them. He added that they will switch sides once they are set free, according to an ANI report.

 

"10-15 MLAs of Ashok Gehlot camp are in contact with us and are saying they will come to our side as soon as they are set free. If Gehlot removes restrictions, it will become clear how many MLAs remain on their side," Choudhary said in a video.

 

Earlier in the day, Rajasthan Governor Kalraj Mishra said that Raj Bhavan never had an intention "not to call" the assembly session and has asked the Ashok Gehlot government to deliberate on three points including 21-day notice period for convening session and maintaining social distancing norms.

8:36 PM

Rajasthan Governor seeks another Cabinet proposal from CM Gehlot govt for calling session for floor test

Conceding that securing a vote of confidence can be a reasonable ground for calling an assembly session on short notice, Rajasthan Governor Kalraj Mishra on Monday said the revised Cabinet recommendation does not mention it, according to a PTI report. Accordingly, he returned the Cabinet recommendation and sought another recommendation for the purpose, incorporating a 21-day notice period for calling the session for a floor test, a Raj Bhawan statement said.

 

If the government wants to win a vote of confidence, then it can become a reasonable ground for calling the assembly session on short notice, it added.

 

It further quoted the governor as observing that the revised Cabinet recommendations sent by the government, however, do not mention seeking a vote of confidence as the purpose for calling the session but it is clear from the statements in the media that the government wants to go for it.

8:31 PM

Banks should raise capital proactively: RBI Governor Shaktikanta Das

RBI Governor Shaktikanta Das on Monday advised banks to proactively raise capital and not wait for a difficult situation to arise amid the COVID-19 pandemic. Banks are staring at a risk of soaring bad loans due to the coronavirus crisis and would therefore require capital to survive.

 

"In fact, I have already advised banks and the NBFCs to undertake COVID stress tests and raise capital ahead of the curve rather than waiting for a situation to arise, and these are the issues which we are constantly working on in RBI," Das said at a CII event.

 

As per the latest Financial Stability Report (FSR) released by the Reserve Bank, gross non-performing assets of all banks may jump to 12.5 per cent by the end of this fiscal under the baseline scenario, from 8.5 per cent in March 2020.

 

"If the macroeconomic environment worsens further, the ratio may escalate to 14.7 per cent under the very severely stressed scenario," the report released last week said.

8:14 PM

Gehlot, MLAs speak to PM, President to resolve Rajasthan political crisis

The ongoing political crisis in Rajasthan seems to be now reaching the doors of the Prime Minister and the President as chief minister Ashok Gehlot on Monday revealed that he has spoken to Prime Minister Narendra Modi, apprising him of the deadlock between the governor and the state government.

 

Meanwhile, some MLAs have sent a memorandum to the President requesting his intervention to resolve the crisis in the state. The memorandum informed the President of the alleged horse-trading in Rajasthan to topple the elected democratic government by the BJP.

 

Speaking to the MLAs staying in Fairmont hotel here, Gehlot said, "I have spoken to PM Modi and informed him about the governor's behaviour. I have also spoken to him about the letter I sent him a week ago informing about horse-trading in the state." READ MORE...