Technology
Guides by Lonely Planet: Go Places with This One
Get to the heart of a destination with Guides by Lonely Planet. Packed with offline maps, audio phrasebooks, a currency converter and advice from on-the-ground experts, the city guides are the ultimate resource for travellers before and during a trip.
 
Lonely Planet is famous for its travel guides—each of them curated by travel writers who have visited each city and they presented each it in its true flavour. The guides are bulky and costly too.
 
Now, with this new app—Guides by Lonely Planet—you get the city guides for free—yes, free. Each city guide gives you details of what you can see, with friendly maps and directions and wonderful pics, where and what you can eat, where you can stay, shop, drink—whatever. You can save each city for offline use and pull it out when you are there, saving costly data charges while roaming. Currently, they have about 100+ cities listed and more are being added.
 
Simple bookmarking helps you to save and organise your favourite hotels, restaurants and things to do; so you can visit (or revisit) your personal must-see spots while on the road. With real-life experiences and essential tips, Guides by Lonely Planet are a boon to first-time travellers to any city. 
 
 

User

Nifty, Sensex directionless – Tuesday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex might retreat a bit. The major indices of the Indian stock markets were range-bound and closed with marginal gains. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Global cues on Tuesday depressed the Indian equity markets to close on a flat-to-positive note. According to market observers, investors were cautious ahead of the two-day US Federal Open Market Committee (FOMC) meet which is scheduled to commence on late Tuesday evening. Besides, sentiments were subdued by heavy selling pressure witnessed in index heavyweights such as Reliance Industries and Bharti Airtel. The BSE market breadth was bearish -- with 1,520 declines and 1,350 advances. In terms of the broader markets, the S&P BSE mid-cap index closed up by 0.38%, while the small-cap index rose by 0.31%. Positive vibes from core sector and PMI (Purchasing Managers' Index) numbers should hold markets in good stead, and shall ensure that recent upside momentum is not lost amid consolidation. The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing performance during April 2017, matched the index reading of 52.5 reported in March. Power and telecom sector stocks traded down due to selling pressure. Along with IT, auto remained top performing sector on a positive side. Sector-wise, the S&P BSE consumer durables index surged by 187.28 points, the oil and gas index rose by 151.13 points and the automobile index gained 121.44 points. In contrast, the S&P BSE healthcare index fell by 116.76 points, the capital goods index was down by 99.47 points, and the metal index edged down by 64.52 points.
 
Global software major Infosys on Tuesday said it would hire 10,000 American workers in the next two years, a move seen as a fallout of US President Donald Trump's executive order on H1-B visas a fortnight ago. The city-based IT major also said it would set up four technology and innovation hubs across North America to focus on cutting-edge technology, including artificial intelligence (AI), machine learning, user experience, emerging digital technologies, cloud and big data. The first hub will open in the mid-western state of Indiana in August and is expected to create 2,000 jobs by 2021 for American workers. "The hubs will have technology and innovation focused areas and serve clients in key industries such as financial services, manufacturing, healthcare, retail and energy," said the firm in a statement here. Clients in the US contribute about 60 per cent of the company's software export revenue per year. "We are committed to hiring 10,000 American technology workers over the next two years to help invent and deliver the digital futures for our clients in the US," said Infosys Chief Executive Vishal Sikka in the statement. The $10.3-billion company will hire experienced professionals as well as recent graduates from major universities and local and community colleges to create talent pools for the future.
 
"Basically, Infosys is hiring American workers to please Trump, who passed an order recently (April 19) which will force Indian IT firms to pay more salary for high-skilled employees working in the US on H-1B visas," Head Hunters India Founder-Chairman and Managing Director K. Lakshmikanth told IANS here. Infosys Deputy Chief Operating Officer S. Ravi Kumar however said the company had been hiring in the US over the years for organic growth and create talent on campuses. "The right strategy for a company like ours is to build local talent pools and supplement them with global talent in times of shortage. The hubs will be located where we have client clusters and good local talent is available," he said. The decision to ramp up local hiring by Indian IT majors like Infosys, TCS and Wipro comes also in light of Trump's order to ensure that H-1B visas were awarded to the most skilled and highly-paid. "Infosys will take time to ramp up local hiring as it is very costly. It has to pay a minimum of $80,000 (Rs 52 lakh) per year to a skilled American techie. For the same amount, it can hire four software engineers in India for its offshore development work," said Lakshmikanth. Currently, an Indian IT firm pays $60,000-65,000 per year for techies working in the US on H-1B visas and they return after three years of onsite work. Infosys, which sends about 3,000-4,000 techies to the US every year, will get 50 per cent of the H1B visas under the new rules as part of the quota and the rest through the lottery system. "If Infosys hires about 500 Americans techies, it will result in loss of 2,000 jobs in India for offshore operations. Automation and AI (Artificial Intelligence) will reduce hiring by another 30-40 per cent," said Lakshmikanth. Indian IT industry representative body Nasscom, however, declined to react to Infosys' plans, saying it "doesn't comment on company specific matters".  Infosys shares closed at Rs921.00, up 0.17% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

Rs 2.44 lakh crore NPAs sold to asset reconstruction firms: Study
New Delhi, As a crucial part of the resolution of the non-performing assets (NPAs), Rs 2.44 lakh crore worth of gross NPAs have been sold to the Asset Reconstruction Companies (ARCs) while the current stock of stress in the Indian banking system is estimated at Rs 11.80 lakh crore, a study has stated.
 
Seeking a level playing field with the banks in terms of conversion of loans into equity, the study said though a huge chunk of stressed assets, as much as 15 per cent of advances (9.84 per cent NPAs and 4.2 per cent restructured assets), is a matter of concern for the economy, it offers huge opportunity for the ARCs.
 
The study was carried out jointly by industry lobby Associated Chambers of Commerce and Industry of India, Society of Insolvency Practitioners of India and Edelweiss. 
 
"While ARCs are an important means to help banks manage NPAs, at its heart, ARC business is a resolution business and not a recovery business. ARCs do not have any magic spell for revving a non-performing assets," Assocham Secretary General D.S. Rawat said.
 
He said the process of resolving a stressed asset requires "aggregation of debt outstanding to various banks, arrangement of capital, right sizing the business and bringing in a strategic partner".
 
"This requires a period of 3-5 years", he added.
 
As many as seven ARCs have largely been promoted by banks even as foreign direct investment has also been permitted into the asset reconstruction, which the study paper said should be treated as a resolution and not a recovery business.
 
The study said there must be a level playing field along with more teeth to ARCs for dealing with the promoters of companies owing a high level of bank debt which has decayed into NPAs. 
 
"At least 51 per cent conversion should be allowed to ARCs while reconstructing an asset," it noted.
 
"The ARCs are not on par with the banking system when it comes to equity conversion. While RBI has given sweeping powers to bank in form of Strategic Debt Restructuring (SDR) and even in case of normal debt conversion, ARCs are restricted to maximum 26 per cent of equity share in a particular company," it said.
 
The study stressed that incentive structure has to be introduced for banks where 100 per cent debt is sold to ARCs. 
 
"The banks are not following a consortium approach which is a major issue that leads to delay of 12-18 months for debt aggregation. ARCs have to resort to a time-consuming process of dealing with each bank separately, often at different commercial terms," it said.
 
"The companies under reconstruction require working capital and often the non-fund based requirements are high. The banks selling NPAs to ARCs, cannot lend, while non-bank entities, such as private equity /Non Banking Financial Company, demand very high interest along with priority in repayment over existing debt," it added.
 
ARCs have been doing a lot of work to ensure that the banking system is relieved from the structural NPA problem which they are currently facing, the study said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine)