Rakesh Kumar Singhal 공인회계사 라케시 쿠마르 싱할 ラケシ　クマール　シング ראקש קומאר

Chartered Accountant ( 公認会計士) (공인 회계사 )(CONTABILISTAS) (CONTADORES PÚBLICOS) (ДИПЛОМИРОВАННЫЕ БУХГАЛТЕРЫ СЧЕТОВОДИТЕЛИ) (会计师事务所) (COMPTABLES CHARTERES) (WIRTSCHAFTSPRÜFER) (сметководители) (MUHASEBE MÜTEAHHİTLİĞİ) (محاسبون قانونيون) (CHARTERED AKUNTAN)(Geoktrooieerde Rekenmeesters)(registeraccountants)(RAGIONIERI REGISTRATI)חשבונות רואי חשבון) (This blog is non-commercial and is used here to put important news only for the educational purpose of Students doing CA and CS.

Friday, October 7, 2022

Vladimir Putin, who has ruled Russia since 2000, is 70 today, October 7. Glimpses from the life of Russia's current tsar:

IMAGE: Putin and his then wife Lyudmila at the Taj Mahal, October 4, 2000. Photograph: Reuters

IMAGE: Putin receives the traditional bread and salt from a Ukrainian woman dressed in national clothes on his arrival in Zaporizhzhya, October 6, 2002. Photograph: Yuri Kochetkov/Pool/Reuters

IMAGE: Putin and Sonia Gandhi at their meeting in New Delhi January 25, 2007. Photograph: B Mathur/Reuters

IMAGE: Then President A P J Abdul Kalam with Putin at the At Home at Rashtrapati Bhavan, Republic Day 2007. Photograph: B Mathur/Reuters

IMAGE: Putin and his then wife Lyudmila at the opening dinner of the G-8 summit in Heiligendamm, Germany, June 6, 2007. Photograph: Sean Gallup/Getty Images

THE MOST UNDERRATED HERO OF OUR SCIENCE HISTORY -SIR NIKOLA TESLA

Carlyle-backed Yes Bank is now on a stressed assets hunt Read more at: https://economictimes.indiatimes.com

Synopsis

Yes Bank agreed to sell 480 billion rupees ($5.9 billion) of a bad loan portfolio last month to JC Flowers’ ARC, a move Kumar said will help boost its profitability. The sale is a major step by the bank toward shedding the mountain of stressed loans that led to its shock rescue by India’s central bank in March 2020.

YES BANK , the Indian bank that almost collapsed two years ago from bad loans, is now on a hunt to buy stressed assets from other lenders.

A new partnership with US private-equity firm JC Flowers & Co. LLC allows it to buy soured loans of other banks, Prashant Kumar, chief executive officer of the Mumbai-based lender, said in an interview. The so-called asset reconstruction company, that Yes Bank will take a 19.99% stake in, plans to hire as many as 100 people across legal, compliance and investment management over the next few months, he said.

“We are trying to create a credible platform which has the capability and capacity to buy stressed assets from other banks,” Kumar said, pointing to the bank’s experience in managing this area of the business.

YES BANK agreed to sell 480 billion rupees ($5.9 billion) of a bad loan portfolio last month to JC Flowers’ ARC, a move Kumar said will help boost its profitability. The sale is a major step by the bank toward shedding the mountain of stressed loans that led to its shock rescue by India’s central bank in March 2020. The bank remained heavily saddled with bad loans even as it returned to posting quarterly profits.

While the soured-debt ratio at India’s lenders has now fallen to a six-year low, the country held the dubious distinction of having the worst non-performing loan ratio among the world’s major economies till two years back.

Kumar said most overseas buyers of stressed assets haven’t been successful in India because they did not have the right local partners or lacked scale. JC Flowers’ experience in managing stressed assets will help in creating a credible platform for the bank, and positions the ARC to become the largest of its kind in the country, he said.

Through its funds, JC Flowers invests across the financial services industry. This includes distressed companies, which it seeks to turn around by cleaning up their balance sheets and operations, or selling parts of the business to other investors or firms.

“The bank is not yet out of the woods and it is a high-risk stock,” said Kranthi Bathini, a strategist at Mumbai-based Wealthmills Securities Pvt. Ltd., referring to the bank’s progress so far and its growth strategy.

Besides the JC Flowers deal, Kumar is also upbeat about the new shareholders in the bank. US private equity giants Carlyle Group Inc. and Advent International Corp. announced in July their purchase of a 10% stake each, and Kumar said their $1.1 billion of fresh capital commitment is the “biggest validation” of Yes Bank’s turnaround prospects.

Under Kumar, the bank has made several changes to its lending portfolio. It no longer has large exposures to any one corporate borrower, and has also focused on growing its retail offerings, such as personal, home and vehicle loans, he said.

The Reserve Bank of India on Thursday gave an extension of three years to Kumar to remain as chief executive.Yes Bank can also provide solutions despite being small, Kumar said, pointing out it is the only private Indian bank to open a rupee account for trade with Russia. Once clients start using the account to settle trades, it will add some float to its balance sheet, Kumar said, though he declined to comment on expected transaction volumes.

Yes Bank's share gains outpace a gauge of lenders this year

He is confident that the bank’s big shareholders, like State Bank of India, will not withdraw support after a lock-up on holding its shares ends in March next year. Yes Bank’s shares have risen more than 20% this year, outperforming the 10-member S&P BSE Bankex Index.

“When you see an investment growing, nobody withdraws,” Kumar said. “Institutional investors remain committed to the bank as they know there are no negative surprises in the offing anymore.”

Reliance Power share jumps after BlackRock fund buys stake :-Mint Oct 7 2022

BlackRock funds iShares MSCI India Small Cap ETF and iShares Core MSCI Emerging Markets ETF have invested in Anil Ambani-owned Reliance Power. (MINT)

1 min read . Updated: 07 Oct 2022, 11:19 AM ISTAsit Manohar

Reliance Power share price has surged over 6% in last two session after newsbreak of BlackRock fund buying stake in this Anil Ambani-owned company
Reliance Power shares have been in uptrend for last two sessions after the newsbreak of BalckRock's core ETFs — iShares MSCI India Small Cap ETF and iShares Core MSCI Emerging Markets ETF — buying stake in this Anil Ambani-owned company. In a block deal executed on 3rd September 2022, Blackrock fund has bought stake in this bear-hit Reliance Power. However, after the outbreak of this stock market news, Reliance Power share price has been continuously rising for last two sessions.

Reliance Power share price today opened upside and went on to hit intraday high of ₹17.50 apiece levels, logging more than 6 per cent rise in last two sessions. On Thursday, Reliance Power shares had closed at ₹16.75 apiece levels, this means this Anil Ambani-owned company's stock has risen more than 4 per cent in early morning deals on Friday trade session

As per the information available on BSE block deals, BlackRock's ETF, iShares MSCI India Small Cap ETF has bought 11,89,220 Reliance Power shares paying ₹16.40 apiece. This means, core ETF of BlackRock has invested ₹1,95,03,208 or ₹1.95 crore in this Anil Dhirubhai Ambani Group or ADAG stock. Likewise, BlackRock's iShares Core MSCI Emerging Markets ETF bought 72,03,127 Reliance Power shares paying ₹16.40 apiece. This means this core ETF of BlackRock has invested ₹11,81,31,282.80 or around ₹11.81 crore in this ADAG stock.

As per Reliance Power shareholding pattern for April to June 2022 quarter, FPIs hold 26,47,64,114 shares or 7.79 per cent stake in the company. Out of these 7.79 per cent stake, FPI's like Vanguard Emerging Markets Stock Index Fund hold 3,56,72,087 shares or 1.05 per cent stake in the company whereas Vanguard Total International Stock Index Fund holds 3,40,63,528 Reliance Power shares, which is 1 per cent of total paid up capital of the company.

RELIANCE POWER

17.550.80 (4.78%)

Updated - 07 Oct 2022

17.55

DAY HIGH

16.55

DAY LOW

19,69,500.00

VOLUME (BSE)

Among DIIs, Life Insurance Corporation of India or LIC of India holds 10,27,58,930 Reliance Power shares, which is 3.02 per cent of total paid up capital of the company.

Analysis of Important Changes in GST from 1st October 2022 | New Changes...

Thursday, October 6, 2022

‘Worst fears..’, Sheriff says after Indian-origin family found dead in California :-MINT Oct 6 2022

Merced County Sheriff had on Monday informed that there is evidence leading investigators to believe that the suspected kidnapper attempted to destroy evidence. (HT_PRINT) — Merced County Sheriff had on Monday informed that there is evidence leading investigators to believe that the suspected kidnapper attempted to destroy evidence. **(HT_PRINT)**

2 min read . Updated: 06 Oct 2022, 01:51 PM ISTANI

An eight-month-old baby girl along with her Indian-origin parents and uncle living in the US, who were abducted at gunpoint earlier this week in California

The family, according to authorities were taken by a convicted robber who tried to kill himself a day after the kidnappings.

The Sheriff described it as a "horribly senseless" act and said that the police did not know the "motivation yet."

"We have a whole family wiped out and for what? We don't know yet," he said.

36-year-old Jasdeep Singh, 27-year-old Jasleen Kaur, their eight-month-old child Aroohi Dheri, along with 39-year-old Amandeep Singh were abducted, police said.

The news of the missing family was reported on Monday after local authorities found the missing victim's truck on fire in a rural area outside the Merced Country.

A surveillance video that was released by the Twitter handle of the Merced County Sheriff's office showed the suspect leading Jasdeep Singh who was carrying baby Aroohi in her arms into a truck and driving away.

California fire officials discovered Amandeep Singh's truck ablaze in a rural area outside Merced.

"..received information that one of the victim's ATM cards was used at an ATM located at a bank in the City of Atwater. Investigators obtained the surveillance photo of a subject making a bank transaction where the person is similar in appearance to the surveillance photo from the original kidnapping scene," the Merced County Sheriff's Office said in a statement.

Authorities have identified the suspect in the kidnapping as one 48-year-old Jesus Manuel Salgado and have taken him into custody. Prior to law enforcement involvement, Salgado attempted to take his own life and is currently receiving medical attention and in critical condition, the Sheriff's office statement said.

On Monday, Merced County Sheriff informed that there is evidence leading investigators to believe that the suspected kidnapper attempted to destroy evidence.

Indian pharma company Maiden pharmaceuticals tied to 66 deaths in Africa: All you need to know :-MINT Oct 6,2022

Haryana based pharmaceutical firm, Maiden pharma garnered worldwide attention after the World Health Organisation. Know all about the company profile of Maiden Pharma.

3 min read . Updated: 06 Oct 2022, 02:14 PM ISTSharmila Bhadoria

Haryana based, Maiden pharmaceuticals company was red flagged by the World Health Organisation due to its potential involvement in the deaths of children in GambiaIndian drug manufacturer, Maiden pharmaceuticals garnered worldwide attention after the World Health Organisation (WHO) issued an alert on its medical cough syrups for their potential links with deaths of around 66 children in Gambia, Africa.

The company has a large international presence, and WHO's call to regulators to remove its products from the market can cause major disruptions in its supply chain to multiple countries in Africa, Asia, Eastern Europe, the Middle East and Russia.

WHO Director General Tedros Adhanom Ghebreyesus, told in a press briefing on Wednesday that the World Health Organisation placed a medical product alert on Maiden pharma's cough syrups for its connections with the kidney injuries and around 66 deaths of children in Gamibia, Africa.

The company was established in 1990 and within three decades it has attained a sound production line and established itself in the field of research and development.

The company has a large international manufacturing presence and is known for its reasonable wide range of medicines. Know more about the Indian company that came under WHO’s scanner for its alleged discrepancies in the supply of toxic cough syrup.

Maiden Pharmaceuticals manufacturing capacity

With its two Haryana based manufacturing plants, Maiden pharmaceuticals is able to manufacture a large range of medicine products in massive amounts. According to the company website, Maiden Pharmaceuticals is able to produce 100 million tablets and 60 million capsules in a month. Talking about injections, the company produces around 6 million liquid injections and the same amount of dry powder injections. In addition to this, the company manufactures 10 million of oral liquids and 5 million of ointments along with 5 million of eye drops on a monthly basis.

Maiden Pharmaceuticals products

From life saving drugs to anti-allergics and antibiotics, the company produces a vast variety of medicine products in every category.

Cough and Cold- Maiden pharmaceuticals produces around 13 to 15 products under this category. The company produces medicines in the form of capsules, tablets, and syrups for adults as well as for children.

Antibiotics- The company produces around 40-50 products under this category.

Anti-Allergics and Antifungal- From tablets to capsules, to ointments, Maiden pharmaceutical manufacturers around 10-15 medicines of this category.

Anti Malarials and PainKillers- Such kinds of medicines have huge demand not only in India but also in tropical countries like South Africa, Namibia, etc, where malaria is a widespread disease. The pharmaceutical company produces around 10 different products under these two categories. Along with this, it also produces Effective Dysfunction medicines as well.

Cardiac Care and Diabetes- With the rising patients of diabetes and increasing cases of cardiac arrests and heart patients the company holds a significant share in the diabetes drug market of India. It manufactures around 18 to 20 cardiac medicines and 5 diabetes medicines.

Others- Besides the above mentioned categories, Maiden pharma manufactures medicines in several other categories like anticonvulsants, derma care, critical care, proton pump inhibitors, corticosteroids, etc.

Company’s international presence

South Africa is not the only international destination of Maiden Pharmaceuticals’s medicine products. Following is the full list of countries, where the company exports its medicine products.

Company exports its medicines to Libya, Liberia, Burkina Faso, Cambodia, Sudan, Nigeria, Botswana, Sierra Leonean, Dominician, Republic. It also exports products to middle east countries like Iran, Iraq, Turkey, Afghanistan, Turkey, UAE, etc. In Asia, its has exports to Myanmar,Bhutan, Phillipenes, etc. Apart from this, the company also exports to Venezula, Chile, Costa Rica, Ivory Coast,etc.

Gambia urgently recalls syrups blamed for 66 child deaths Read more at: https://economictimes.indiatimes.com

Gambia has launched an urgent door-to-door campaign to remove cough and cold syrups blamed for the deaths of more than 60 children from kidney injury in the tiny West African country.

Speaking to The Associated Press, the Director of Health Dr. Mustapha Bittaye confirmed the wave of child deaths from acute kidney injury, sending shockwaves across the country of 2.4 million people and around the world.

The World Health Organisation has issued an alarm in response to the deaths.

"WHO has issued a medical product alert for four contaminated medicines identified in The Gambia that have been potentially linked to acute kidney injuries and 66 deaths among children," WHO Director-General Tedros Adhanom Ghebreyesus said in a statement issued Wednesday.

"The loss of young lives is beyond heartbreaking for their families," he said.

The four medicines are cough and cold syrups produced in India, said the WHO statement.

While the contaminated products have so far only been detected in Gambia, they may have been distributed to other countries, said the statement. WHO is pursuing investigations with the company and regulatory authorities in India, it said.

"WHO recommends all countries detect and remove these products from circulation to prevent further harm to patients," it said.

Teaming up with the Gambia Red Cross Society, the Ministry of Health has dispatched hundreds of young people to collect the suspect syrups through a house-to-house campaign.

Gambia's Medical Research Council has also issued an alarm.

"Over the last week, we admitted a child with this condition (acute kidney injury) ... and she has unfortunately died. We were able to confirm that she had taken one of the drugs that is suspected to be causing this, prior to her arrival at our clinic. It had been bought at a pharmacy within The Gambia," the council said in a statement. "The drug has been identified as containing a significant amount of a toxin which damages kidneys irreversibly."

In India, the federal regulator and the state regulator of northern Haryana state are conducting an inquiry into the contaminated medicines.

Of the 23 samples tested, four had so far been found to be contaminated and India is waiting for the analysis to be shared with it, said an Indian health official who spoke on condition of anonymity since they were not authorized to speak to the media.

Phone calls to the headquarters of the drugmaker, Maiden Pharmaceutical Limited, went unanswered. Neither India's health ministry nor the federal regulator responded to queries from the AP.

Kremlin rejects reports that 700,000 have fled Russia Read more at: https://economictimes.indiatimes.com

Kremlin spokesman Dmitry Peskov

Synopsis

In a briefing with reporters, Kremlin spokesman Dmitry Peskov said he did not have exact figures for how many people had left the country since President Vladimir Putin's announcement of a "partial mobilisation" on Sept. 21. "I don't think those numbers should be taken seriously," Peskov said when asked about some reports in Russian media that up to 700,000 Russians could have left the country.

The Kremlin on Thursday denied reports that 700,000 Russians have fled the country since Moscow announced a mobilisation drive to call up hundreds of thousands to fight in Ukraine.

In a briefing with reporters, Kremlin spokesman Dmitry Peskov said he did not have exact figures for how many people had left the country since President Vladimir Putin's announcement of a "partial mobilisation" on Sept. 21.

"I don't think those numbers should be taken seriously," Peskov said when asked about some reports in Russian media that up to 700,000 Russians could have left the country.

"I don't have exact figures, but of course they are far from what's being claimed there."

Tens of thousands of Russians, mostly military-age men, have fled the country in a bid to avoid being called up to serve in Ukraine. Kazakhstan, Georgia and Mongolia - which all share land borders with Russia - reported a surge in the number of border crossings following Putin's announcement.

But getting exact figures on how many have left for good is tricky.

Putin's mobilisation drive has proved one of Moscow's most unpopular moves since the conflict - which Russia calls a "special military operation" - began in February, triggering protests in cities and regions across the country.

Gunmen in southern Mexico kill mayor, 17 others: Media :-ET

Attackers killed 18 people on Wednesday when they opened fire in a city hall in San Miguel Totolapan, a town in southern Mexico, Mexican daily El Universal reported on Thursday.

Those killed included town Mayor Conrado Mendoza and his father Juan, the newspaper quoted the State Attorney General as saying.

The gunmen appeared to have carried out a coordinated series of attacks inside the building with the aim of killing the mayor, the newspaper said. It said the attackers were presumed to belong to an armed group called Los Tequileros.