March 2023 - Page 44 of 63 - Lokmarg

US Regulators Shut Down Silicon Valley Bank

By LokMarg 11th March 2023

In a move that sent global banking shares into turmoil, US regulators on Friday (local time) shut down Silicon Valley Bank, as markets fretted over possible contagion from the biggest banking failure since the 2008 financial crisis.

California regulators closed down the tech lender and put it under the control of the US Federal Deposit Insurance Corporation (FDIC).
The FDIC is acting as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and creditors.

Silicon Valley Bank collapsed after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.

All insured depositors will have full access to their insured deposits no later than Monday morning, March 13, 2023, read FDIC statement.

The FDIC will pay uninsured depositors an advance dividend within the next week. Uninsured depositors will receive a receivership certificate for the remaining amount of their uninsured funds. As the FDIC sells the assets of Silicon Valley Bank, future dividend payments may be made to uninsured depositors.

To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.

Silicon Valley Bank’s decline stems partly from the Federal Reserve’s aggressive interest rate hikes over the past year.

After years of interest rates hovering around zero, the central bank last spring began a series of historic rate hikes to make borrowing for businesses and individuals more expensive — a way to cool the economy and bring inflation in line.

Silicon Valley Bank had 17 branches in California and Massachusetts. The main office and all branches of Silicon Valley Bank will reopen on Monday, March 13, 2023.

The DINB will maintain Silicon Valley Bank’s normal business hours. Banking activities will resume no later than Monday, March 13, including on-line banking and other services. Silicon Valley Bank’s official checks will continue to clear.

As of December 31, 2022, Silicon Valley Bank had approximately USD 209.0 billion in total assets and about USD 175.4 billion in total deposits.

At the time of closing, the amount of deposits in excess of the insurance limits was undetermined. The amount of uninsured deposits will be determined once the FDIC obtains additional information from the bank and customers, read the statement.

Silicon Valley Bank is the first FDIC-insured institution to fail this year. The last FDIC-insured institution to close was Almena State Bank, Almena, Kansas, on October 23, 2020. (ANI)

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Gujarat Assembly Passes Resolution Against BBC Documentary

By LokMarg 11th March 2023

Gujarat Assembly on Friday passed a resolution requesting the Centre to take strict action against the BBC for tarnishing the image of Prime Minister Narendra Modi with its documentary on the 2002 Godhra riots.

“The documentary was not just against PM Modi but against 135 crore citizens of the country,” said minister Harsh Sanghavi.
“PM Modi dedicated his entire life to the service of the nation, weaponized the instrument of development and gave a befitting reply to anti-national elements. He worked hard to put India on the global stage,” he said.

The BBC had in January this year released the documentary film titled ‘India: The Modi Question,” which features the Gujarat riots of 2002. The film caused controversy for alluding to the leadership of Modi as chief minister during the riots while disregarding the clean chit given by the Supreme Court.

The Ministry of External Affairs had termed it a “propaganda piece”, saying it reflected a “colonial mindset”.

During a visit to India, British Foreign Secretary James Cleverly said that the issue of searches on BBC offices in India was raised with External Affairs Minister S Jaishankar during a bilateral meeting.

Speaking to ANI in an exclusive interview, Cleverly said that BBC is an independent organization and is separate from the UK Government.

“I didn’t see the documentary but I’ve seen reactions in UK and India. BBC is an independent organization and separate from the government. I enjoy a strong personal relationship with Dr. Jaishankar…relationship between UK-India growing stronger by the day,” said Cleverly when asked about the BBC documentary on Prime Minister Narendra Modi.

In February this year, Income Tax authorities conducted searches at the offices of the British broadcaster in New Delhi and Mumbai.

The central government, in January, issued directions for blocking YouTube videos and Twitter posts sharing links to the controversial BBC documentary ‘India: The Modi Question’. (ANI)

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India’s Factory Production Rises 5.2 Per Cent In January

By LokMarg 10th March 2023

India’s industrial output grew 5.2 per cent in January, according to the Ministry of Statistics & Programme Implementation. It was a 4.7 per cent rise in December 2022.

A double-digit surge in electricity generation for the third successive month was one of the factors that bolstered the increase.

Consumer durables output contracted for the second month in a row, declining 7.5 per cent in January. December saw 11 per cent drop in consumer durables output.

In January, primary goods’ output grew 9.6 per cent, capital goods’ output grew 11 per cent, intermediate goods output was up 0.1 per cent, construction goods’ grew 8.1 per cent while durables’ output grew 6.2 per cent, the government data said on Friday.

For the month of January 2023, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 146.5. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2023 stand at 135.9, 144.3 and 186.6 respectively.

Mohit Ralhan, Chief Executive Officer, TIW Capital, said, “The 5.2 per cent growth in IIP for the month of January has come slightly ahead of the estimates of 5 per cent. The average since April-2022 has been 5.4 per cent and therefore the January number has come quite close to the average. It is a significant improvement from the 4.3 per cent number in December.”

He said, “The IIP growth in India has demonstrated and an average of 6.05 per cent between 1994 and 2022 and from this perspective there is still quite a headroom for it to grow further from here on, especially in manufacturing which increased only by 3.7 per cent in the month of January.”

“The on-ground business activities appear to be stabilising with higher growth in capital goods and infrastructure goods of 11 per cent and 8.1 per cent, respectively. A revival of the capital investment cycle and high spending on infrastructure are likely to keep IIP growth above 5 per cent, keeping Indian economic growth on track,” he added. (ANI)

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Indian ForEx Reserves Rise For 1st Time In 5 Months to $562.4mn

By LokMarg 10th March 2023

The Reserve Bank of India on Friday said India’s foreign exchange reserves rose for the first time in five weeks to USD 562.40 billion as of the week ended March 3.

The reserves rose USD 1.46 billion at the end of last week after falling by a total of USD 15.8 billion in the previous four weeks, the RBI’s statistical supplement showed on Friday. It said the reserves stood at USD 560.94 billion in the week to February 24.

The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments.

Foreign exchange reserves declined by USD 5.681 billion to USD 561.267 billion in the week ending on February 17. (ANI)

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Chhattisgarh CM Meets Modi Over GST Dues, Coal Royalty

By LokMarg 10th March 2023

Chhattisgarh Chief Minister Bhupesh Baghel on Friday called on Prime Minister Narendra Modi in New Delhi. During the meeting, CM Baghel discussed issues like the conduct of an early census, GST dues, and coal royalty with the Prime Minister.

Speaking to media persons, Baghel told that he has asked the Prime Minister to get the census done soon. Baghel said that there is a problem in the selection of the right beneficiary due to the non-availability of the census after 2011. “Those who should get the benefits are being deprived of the benefits,” he said.

CM Baghel said Chhattisgarh has been facing commercial tax revenue deficit. Since June 2022, GST dues amounting to Rs 1,375 crore is pending with the central government.

Baghel further said he also demanded the due royalty of Rs 4,170 crore from the coal blocks.

The Chief Minister said that he has sought cooperation from the Prime Minister for the light metro service to be started from Nava Raipur to Durg.

He informed that the meeting of the fourth Standing Finance Working Group of G20 is going to be held in Chhattisgarh in the month of September. “A discussion was held with the Prime Minister regarding its preparation,” he said.

Baghel said that he has assured the Prime Minister of world-class arrangements for the guests of G20. (ANI)

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Assam Rly Station Gets Its First Transgender Tea Stall

By LokMarg 10th March 2023

A ‘Trans tea stall’ was opened at Guwahati Railway station on Friday in a bid to empower the transgender community.

The tea stall will be fully managed by the transgender community, the Northeast Frontier Railway official said. The tea stall named Trans Tea Stall was launched in the Kamrup (M) Deputy Commissioner Office compound in Guwahati.

It has been done with the active collaboration of the All Assam Transgender Association.

“Anshul Gupta, General Manager of Northeast Frontier Railway inaugurated the “Trans tea stall” at platform number 1 of Guwahati railway station on Friday in presence of Swati Bidhan Baruah, Associate Vice Chairman of the Transgender Welfare Board of Assam,” Sabyasachi De, CPRO of NF Railway said.

During the inaugural ceremony, Anshul Gupta said that NFR has taken the initiative for the empowerment of transgender.

He further said that this initiative is the first of its kind in NFR as well as in Indian Railways.

“This is also the first such initiative in any Central government organization and NFR will take more such initiatives in future,” he said.

The Government of India has approved a comprehensive scheme for Transgenders named “Support for Marginalised Individuals for Livelihood and Enterprise” including a sub-scheme for Comprehensive Rehabilitation for the Welfare of Transgender Persons.

Northeast Frontier Railway is also planning to operate more such trans tea stalls at other railway stations in the region. (ANI)

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Govinda On Satish Kaushik: You Will Always Be Missed

By LokMarg 10th March 2023

Remembering actor-director Satish Kaushik, Govinda took to Instagram and posted an emotional note. Govinda shared a couple of stills from the movies, he has worked with the veteran actor.

Sharing the stills, he wrote, “Ek mitra… Ek kalakar… ek saathi… Dukh kaise bayaan karu. Apki kami hamesha khalegi hamein….bahut dukh hua. Gone to soon. RIP.”

Govinda and Satish has worked in many films like ‘Saajan Chale Sasural’, ‘Deewana Mastana’, ‘Bade Miyan Chote Miyan’, ‘Pardesi Babu’, ‘Aunty No. 1’, ‘Haseena Maan Jaayegi’, ‘Kyo Kii… Main Jhuth Nahin Bolta’ and others.

Satish Kaushik passed away after suffering a cardiac arrest in the early hours of Thursday and was cremated at Mumbai’s Oshiwara crematorium later in the evening.

His mortal remains were flown to his home in Mumbai on Thursday afternoon after the post-mortem at Delhi’s Deen Dayal Upadhyay hospital.

The last rites of the actor were performed at a crematorium in Mumbai. Anupam Kher, Sham Kaushal, Ranbir Kapoor, Salman Khan, Abhishek Bachchan and Ranbir Kapoor were among the Bollywood celebs visiting Kaushik’s Mumbai residence to pay their last respects to the departed actor.

Over the years, Satish established himself as one of the most sought-after character actors in Bollywood, often playing supporting roles integral to the plot. He was also known for his work as a writer and director, having directed films such as ‘Roop Ki Rani Choron Ka Raja’ and ‘Hum Aapke Dil Mein Rehte Hain’.

Satish started his career as a stage actor, featuring in plays across Delhi before moving to Mumbai to pursue his dream of a career in Bollywood. (ANI)

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Chouhan, Scindia Release Two Tigers At Madhav National Park In Shivpuri

By LokMarg 10th March 2023

Madhya Pradesh Chief Minister Shivraj Singh Chouhan and Union Civil Aviation Minister Jyotiraditya Scindia on Friday released two tigers at Madhav National Park in Shivpuri district on Friday.

Of the two tigers released into the wild, one is a female.
Madhav National Park is situated about 12 kms away from the district headquarters and sprawls across an area of about 375 kms.

Speaking to ANI, CM Chouhan said, “Today is a historic day for Madhya Pradesh as two tigers (one male and one female) have been released here. In the second phase, three more tigers will be brought and released here at Madhav National Park.”

As part of the initiative, tigers, which had become extinct from this area, will be repopulated. With the arrival of these tigers, new employment opportunities will be generated in this area, the chief minister added.

Speaking to ANI, Union minister Jyotriaditya Scindia said, “I would like to thank CM Chouhan, Union Forest Minister Bhupendra Yadav and state Forest minister Vijay Shah for fulfilling an old dream. Madhav National Park was established by my ancestor Madhav Maharaja (I) and not only were there adequate tigers then but they were, in fact, in excess. There were around 50-60 tigers. However, 27 years ago they became extinct.”

“Inspired by the chief minister and the Union Forest minister Bhupendra Yadav-ji, we made a DPR (Detailed Project Report) and today that dream has been fulfilled on the birth anniversary of my respected father, Madhavrao Scindia. We have introduced two tigers today and will release three more in the coming days. It will be a tiger park once again,” Scindia added.

Earlier, the director of Madhav National Park, Uttam Kumar Sharma, said according to the plan, the tigers would be kept in the enclosure for 10 days. Once a congenial environment is created, they would be released into the open forest.

On the quarantine period for the tigers, the director said further, “When the animals are brought from abroad, there is a provision of one-month of compulsory quarantine. However, since these tigers have been brought from Madhya Pradesh itself, there’s no need for quarantine. We are keeping the tigers in an enclosure in order to help them adapt to the situation here. They will be kept adjacent to each other so that they can mingle and get friendly with one another. There is no fixed duration, it may increase or decrease depending on the extent of their adaptation.”

Saucers have been placed in all the three enclosures for them to quench their thirst and if they feel hot then they can sit in it as well. There are trees in the enclosure as well. They will not be given live feed, only meat will be offered to them during the enclosure period, he added.

“After monitoring the enclosure, they will be released in an open space of Madhav National Park which is spread across an area of 375 kms. We are quite hopeful that these tigers will visit the tourist area of the park as it is rich in water and prey. That way, tourists will also be able to see them,” he added.

The arrival of tigers will boost tourism and generate employment. Many people have been employed at the national park as security personnel.

Over 50 persons have so far been employed as security personnel here, Sharma added. (ANI)

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Adani Airports Handled Record 14.25 mn Passengers Over Last Year: MIAL

By LokMarg 10th March 2023

All seven Adani airports saw an increase of 92 per cent in domestic and 133 per cent in international travellers as compared with the figures from last year. There has also been a rise in the number of domestic flights (58 per cent) and international flights (61 per cent), according to a statement from Mumbai International Airport Limited (MIAL).

Air traffic jumped by around 100 per cent compared to the previous year, taking the number to pre-pandemic levels with more than 14.25 million passengers using these airports over last year.
According to MIAL, this upward trend is expected to continue and is anticipated that the number of trips people will take in a year will increase. One of the factors driving this growth is the restart of tourism after the pandemic.

Being the second busiest airport in the country, Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) recorded nearly 8.44 million passenger movements in January-February 2023. CSMIA witnessed nearly 2.22 million international and 6.22 million domestic passengers.

MIAL said the first two months also saw a huge rush at Sardar Vallabhbhai Patel International (SVPI) airport, Ahmedabad. It had 1.74 million domestic passengers flying in and out of the airport. Its international airport recorded 283,379 travellers.

MIAL said Jaipur is the 11th busiest airport in the country. Jaipur International Airport (JIAL) recorded nearly 0.95 million passenger movements. Exhibiting significant growth, JIAL witnessed nearly 69,300 international and around 0.88 million domestic passengers.

Being the busiest airport in Uttar Pradesh, Lucknow’s Chaudhary Charan Singh International Airport (CCSIA) recorded nearly 1.04 million passenger movements in both months. CCSIA witnessed fruitful first two months with nearly 136,880 international and around 9.03 lakh domestic passengers, according to MIAL.

Considered the gateway to Northeast India, Lokpriya Gopinath Bordoloi International (LGBI) Airport has flights to and from 32 domestic and two international destinations. It recorded a footfall of 902,694 passengers, witnessing a sharp increase from the corresponding months last year.

MIAL said Thiruvananthapuram recorded 299,850 and 299,770 domestic and international footfalls, respectively. The airport has connectivity to 10 domestic and 12 international destinations. Mangalore saw increased traffic of 209,713 national and 84,356 foreign travellers.

Both CSMIA and CCSIA handled record passenger movement on a single day, according to the MIAL statement. While Mumbai recorded around 1,51,543 travellers on February 25, 2023, Lucknow witnessed over 18,000 passengers on January 31, 2023, transiting through the airports.

The growth in traffic is evidence of Adani Airports’ attempts to promote passenger confidence through initiatives like e-gates, barcode scanner, friendly and cooperative ground staff, Pranam Service, free WiFi, retail and food and beverages stores, and automated parking system, etc. for a better customer experience and safety standards adopted across all airports, MIAL said.

According to the statement, this rise was driven by positive sentiments among air travellers and a strong surge due to the festive holiday season. It said the operator was well aware of both the challenges and opportunities that come with high passenger volumes, particularly during holiday seasons, because these may vary daily or even hourly depending on the schedule of flights.

Delivering great experiences and encouraging repeat trips are crucial in today’s connected world, according to MIAL. To do this, Adani airports try to keep waiting times and congestion to a minimum with the help of operations managers, who are trained to have a clear picture of what is happening on the ground to implement changes quickly and effectively, it added. (ANI)

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Iran, Saudi Arabia Agree To Resume Diplomatic Relations, Reopen Embassies

By LokMarg 10th March 2023

Iran and Saudi Arabia have agreed to re-establish diplomatic relations and reopen embassies after talks in Beijing between officials from the two rival Middle East powers, Iranian state media reported on Friday.

“As a result of the talks, Iran and Saudi Arabia agreed to resume diplomatic relations and re-open embassies…within two months,” Iranian news agency IRNA reported.
This major development comes after years of tensions between the two countries, including a devastating attack on the heart of the kingdom’s oil production attributed to Tehran.

In a joint trilateral statement issued by China, Saudi Arabia and Iran, ” With the initiative of Chinese President Xi Jinping of China’s support for developing good neighbourly relations between the Kingdom of Saudi Arabia and the Islamic Republic of Iran.”

The three countries announce that an agreement has been reached between Saudi Arabia and Iran, which includes an agreement to resume diplomatic relations between them and re-open their embassies and missions within a period not exceeding two months, and the agreement includes their affirmation of the respect for the sovereignty of states and the non-interference in internal affairs of states,”the statement issued by Saudi Arabia government said.

Based on the trilateral agreement whereby China would host and sponsor talks between the Kingdom of Saudi Arabia and the Islamic Republic of Iran, “Proceeding from their shared desire to resolve the disagreements between them through dialogue and diplomacy, and in light of their brotherly ties.”

Adhering to the principles and objectives of Charters of the United Nations and the Organization of Islamic Cooperation (OIC), and International conventions and norms. The delegations from the two countries held talks during the period March 6-10, 2023 in Beijing – the delegation of the Kingdom of Saudi Arabia headed by His Excellency Dr. Musaad bin Mohammed Al-Aiban, Minister of State, Member of the Council of Ministers, and National Security Advisor, and the delegation of the Islamic Republic of Iran headed by His Excellency Admiral Ali Shamkhani, Secretary of the Supreme National Security Council of the Islamic Republic of Iran, the statement added.

“They also agreed that the ministers of foreign affairs of both countries shall meet to implement this, arrange for the return of their ambassadors, and discuss means of enhancing bilateral relations. They also agreed to implement the Security Cooperation Agreement between them, which was signed in 2001, and the General Agreement for Cooperation in the Fields of Economy, Trade, Investment, Technology, Science, Culture, Sports, and Youth, which was signed in 1998,” it added.

The three countries expressed their keenness to exert all efforts towards enhancing regional and international peace and security

The Saudi and Iranian sides expressed their appreciation and gratitude to Iraq and Oman for hosting rounds of dialogue that took place between both sides during the years 2021-2022.

The two sides also expressed their appreciation and gratitude to the leadership and government of the People’s Republic of China for hosting and sponsoring the talks, and the efforts it placed towards its success.

It is pertinent to mention that the ties between Saudi Arabia and Iran were snapped in 2016 after its embassy in Tehran was stormed during a dispute between the two countries over Riyadh’s execution of a Shi’ite Muslim cleric.

Iran, the leading Shi’ite Muslim state in the Middle East, and Saudi Arabia, the region’s oil-exporting giant and Sunni Muslim power, have backed opposite sides in proxy wars in Yemen, Syria and elsewhere.

Iranian media quoted what they described as a joint statement between Iran, Saudi Arabia and China as saying the two countries “emphasize respect for sovereignty and non-interference in each other’s internal affairs”. (ANI)

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