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  • Column: The end of the new normal? | The Financial Express
    Director Christine Lagarde warned in October 2014 that the advanced economies were facing a new mediocre Former US Secretary of the Treasury Larry Summers foresaw an era of secular stagnation Today it is no longer unusual to suggest that the West could linger in a low level growth equilibrium for an unusually prolonged period Yet as I explain in my new book The Only Game in Town Central Banks Instability and Avoiding the Next Collapse growing internal tensions and contradictions together with over reliance on monetary policy are destabilising that equilibrium Indeed with financial bubbles growing the nature of financial risk morphing inequality worsening and non traditional and in some cases extreme political forces continuing to gain traction the calming influence of unconventional monetary policies is being stretched to its limits The prospect that such policies will be able to keep the economic engines humming even at low levels looks increasingly dim Instead the world economy seems to be headed for another crossroads which I expect it to reach within the next three years This may not be a bad thing If policymakers implement a more comprehensive response they can put their economies on a more stable and prosperous path one of high inclusive growth declining inequality and genuine financial stability Such a policy response would have to include pro growth structural reforms such as higher infrastructure investment a tax overhaul and labour retooling more responsive fiscal policy relief for pockets of excessive indebtedness and improved global coordination This together with technological innovations and the deployment of sidelined corporate cash would unleash productive capacity producing faster and more inclusive growth while validating asset prices which are now artificially elevated The alternate path onto which continued political dysfunction would push the world leads through a thicket of parochial and uncoordinated policies to economic recession greater inequality and severe financial instability Beyond harming the economic well being of current and future generations this outcome would undermine social and political cohesion There is nothing pre destined about which of these two paths will be taken Indeed as it stands the choice is frustratingly impossible to predict But in the coming months as policymakers face intensifying financial volatility we will see some clues concerning how things will play out The hope is that they point to a more systematic and thus effective policy approach The fear is that policies will fail to pivot away from excessive reliance on central banks and end up looking back to the new normal with all of its limitations and frustrations as a period of relative calm and well being El Erian chief economic adviser at Allianz is chairman of US president Barack Obama s Global Development Council and author of the forthcoming book The Only Game in Town Central Banks Instability and Avoiding the Next Collapse Copyright Project Syndicate 2016 www project syndicate org First Published on February 8 2016 1 09 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation

    Original URL path: http://www.financialexpress.com/article/fe-columnist/column-the-end-of-the-new-normal/208577/ (2016-02-07)
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  • Verdict corner: Banks’ NPA pains just got worse | The Financial Express
    Kalsaira the tenant asking him to vacate the premises However the tenant moved the Court of Small Causes Bombay which restrained the landlord from obstructing the possession of the tenant during the pendency of the suit The tenant also filed an intervention application seeking to stay the takeover possession of the mortgaged properties before the CMM which dismissed his plea by holding that when the secured creditor takes action under the Sarfaesi Act to recover the possession of the properties for recovering its dues by selling the same in public auction then it is not open for the court to grant an injunction under the rent laws Legal experts however feel that the judgment is flawed on many counts as it does not take into consideration the larger public interest Barring lenders from proceeding under securitisation laws to evict the tenants residing in the tenanted premises which have been offered as collateral securities for loans is going to frustrate loan recovery When the Sarfaesi Act came into force the NPA burden stood at R1 1 lakh crore and has increased to R2 67 lakh crore at the end of March 2015 in case of PSU banks Lawyer Sanjay Kapur says the Supreme Court has recognised the right of an unregistered and oral tenancy Such a right would create fetters on the right of the banks which is conferred under Sections 13 and 14 of the Sarfaesi Act With this judgment the Sarfaesi Act would become unworkable It is easy for the borrowers to put up bogus tenants by producing back dated rent receipts thereby frustrating the entire intent and purpose of framing the Act In case the rights of unregistered oral tenants were considered necessary to be protected it should have been subject to certain guiding principles conditions so as to make the Sarfaesi Act workable viz that a unregistered or oral tenancy would be accepted as valid only where there are overwhelming documents in possession of such lessees like electricity bills water bills voter ID and passport to prove his possession Kapur says He further says that as per the Kalsaira case ruling the CMM shall now be required to examine the evidence and adjudicate whether the mortgaged premises is in occupation of a tenant the powers of the CMM under Section 14 were limited otherwise so far According to another Supreme Court lawyer R Chandrachud the court has overlooked the aspect that Sarfaesi Act has a public element involved as at the end of the day the loans come from public money It misses the larger point that the landlord by merely leasing its premises does not lose other rights as he continues to be the owner of the property and still retains the right to sell and give the property as a collateral towards loan he says As per settled legal position judicial discipline envisages that a coordinate bench follows the decision of an earlier coordinate bench If the coordinate bench does not agree with the principle

    Original URL path: http://www.financialexpress.com/article/fe-columnist/verdict-corner-banks-npa-pains-just-got-worse/208576/ (2016-02-07)
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  • The NIIF’s tough challenge | The Financial Express
    financing of infrastructure projects with a total exposure of about R10 1 lakh crore as on March 2015 However the multiple challenges faced by infrastructure projects and their sponsors have had an adverse impact on banks asset quality The share of infrastructure sector in the stressed assets of banks stood at around 30 as compared with its share of 15 5 in total assets as mentioned in the June 2015 report by RBI on financial stability Nearly 23 of gross advances to the infrastructure sector were stressed gross NPAs plus restructured standard assets as on March 31 2015 Given this experience asset liability management ALM imposed constraints in lending long term funds exceeding 15 20 years for project financing and the need to set aside larger capital under Basel III framework by FY19 India s commercial banks will struggle to keep pace with the projected rapid growth in financing requirements in the infrastructure space Bond markets on the other hand though growing still lack depth as there is abysmal appetite for long dated paper and for papers rated in lower investment grade category Though the annual issuance in corporate bond markets increased to about R4 1 lakh core in FY15 R3 3 lakh crore April December 2015 less than 30 of this issuance was by corporate and infrastructure sectors put together Unlike banks the domestic insurance companies and pension funds have easy access to long term funds and are ideal candidates for investing in stable long term income generating assets like infrastructure projects But they do not invest in bonds rated below AA category NIIF could catalyse the inflow of long term foreign funds through sovereign wealth funds and global pension funds in India s infrastructure sector as its stated objective is to invest in commercially viable projects Once NIIF invests through its arms into various projects and infrastructure finance companies they in turn will be able to channel more resources into the sector by further leveraging While there is no dearth of stalled projects today the challenge for NIIF will be to separate viable projects from unviable ones As per the Economic Survey 2014 15 the value of stalled projects was around R8 8 lakh crore or about 7 of GDP as of December 2014 Of this several projects may not be amenable to resurrection and must be avoided NIIF will succeed and gain investors confidence only if it decides to judiciously choose commercially viable projects and provide acceptable risk adjusted returns to its investors This will be possible if its investment committees fund managers operate in a transparent independent and objective environment and if the fund is able to build and preserve a strong investment and credit culture across its investment arms over the years India s experience of more than a decade in the PPP space tells us that funding viable projects is not an obstacle but saying no to unviable ones is the biggest challenge The author is senior VP co head Corporate Sector Ratings ICRA

    Original URL path: http://www.financialexpress.com/article/fe-columnist/the-niifs-tough-challenge/208574/ (2016-02-07)
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  • Fe Special | Print Category | The Financial Express
    unorganised sector the task of skilling is so tough IPAB orders grant of GI tag for Basmati within four weeks Sajan C Kumar February 5 2016 11 44 PM Apeda had filed application with GI Registry to register the name Basmati for rice covering areas of Indo Gangetic plain Onion exports touch 1 5 Lakh tonne per month after removal of curbs Nanda Kasabe February 5 2016 11 42 PM The removal of restrictions on onion exporters has brought good tidings for traders Nearly 1 5 lakh tonne of onion are being exported every month after the Centre scrapped the minimum export price MEP in December 2015 We hope to notify mineral exploration policy in a month or two Surya Sarathi Ray February 5 2016 12 20 AM Local kirana stores and vendors selling fruits and vegetables do not face any competition from organised retail as a majority of Indian consumers prefer to buy from these outlets despite the presence of organised retail stores in select metro cities a survey by ICRIER on Thursday stated No organised retail threat to local fruit vegetable vendors ICRIER survey FE Bureau February 5 2016 10 12 AM Local kirana stores and vendors selling fruits and vegetables do not face any competition from organised retail as a majority of Indian consumers prefer to buy from these outlets despite the presence of organised retail stores in select metro cities a survey by ICRIER on Thursday stated Maruti unveils compact SUV Vitara Brezza Vikram Chaudhary and Shaikh Zoaib Saleem February 4 2016 7 12 AM Brezza is expected to be launched in April and will be available in a total of three trim levels and six variants Tata Motors showcases compact sedan Hexa and Nexon FE Bureau February 4 2016 7 15 AM Tata Motors on Wednesday showcased a sporty compact sedan code named Kite 5 the production ready sports utility vehicle SUV called Hexa in both automatic and manual variants and compact SUV named Nexon Honda launches crossover BR V FE Bureau February 4 2016 7 14 AM Japanese automobile manufacturer Honda on Wednesday launched the seven seater premium crossover vehicle named the BR V and reintroduced its flagship product the Accord sedan in the Auto Expo 2016 Both the BR V and Accord is set to be introduced in India this year Nissan promoting Datsun in tier 3 tier 4 markets Malyaban Ghosh February 4 2016 7 16 AM In order to penetrate the Indian market Nissan India has resorted to the strategy of promoting the Datsun brand in the tier 2 tier 3 and small towns while Nissan will be the brand for premium customers in the urban pockets of the country 1 2 3 4 5 6 7 8 9 10 11 59 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo

    Original URL path: http://www.financialexpress.com/print/fe-special/ (2016-02-07)
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  • Business anytime, anywhere | The Financial Express
    the enterprises in general and SMEs in particular says Kapoor The most noteworthy feature of EPPS ERP solution is the mobile ERP functionality a feature that till now is not offered by even the premium priced ERP solutions from global multinationals The mobile ERP solution offered by EPPS will enable quick decision making even while on the move The solution works seamlessly across all prevalent OS operating systems browsers and smartphones as well as tablets Apart from Kapoor the Pune based company is also managed by Atul Pimple in the capacity of joint managing director Together they have over 30 years of experience in the ERP landscape As far as customers are concerned Poshs Metal which is into automotive and infrastructure supplies has all its business functions operating on EPPS ERP All business functions of SKM a trading house in steel diamonds garments etc are also based on EPPS ERP Among others two garment retail chains Alta Moda Pte Indonesia and Pronto Moda Pte Indonesia have implemented finance materials sales and point of sale management modules of the EPPS solution Talking about some of the key benefits Kapoor says that user organisations can continue using EPPS adding features modules and number of users as they grow in size and requirements since the solution seamlessly keeps pace with them EPPS ERP can be configured to suit the methods and processes prevailing in every user organisation without requiring major rewriting of software code Unlike many if not most other ERPs EPPS user interface is extremely friendly and intuitive Users need hardly any time to get familiar and start navigating around the product before they can unleash the full power of EPPS ERP he informs Another key differentiator of EPPS ERP is its full function interactive mobile app For the first time business owners and managers using EPPS ERP can multitask with ease and make routine business decisions wherever they are says Kapoor First Published on February 8 2016 1 00 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr

    Original URL path: http://www.financialexpress.com/article/economy/business-anytime-anywhere/208572/ (2016-02-07)
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  • Medikoe: One stop shop for healthcare services | The Financial Express
    accessed with just two clicks and in less than 120 seconds Also we will launch in vernacular languages to reach more people Menon said The startup plans to raise another 2 4 million in the next round of funding The startup has already clocked 1 500 app downloads with close to 7 900 users on web and app resulting in 78 000 searches since its launch in November 2015 It has over 5 000 service providers on the platform with more than 100 plus deals The company has partnered with Manipal Jiyo Natural Apollo and major healthcare service providers Apart from this it has also partnered with Portea and Nightingale at home healthcare service providers Medikoe s revenue model is based on preferred listings pay per click model commission on deals and banner ads According to the Indian Brand Equity Foundation the healthcare industry is expected to touch 160 billion by 2017 and 280 billion by 2020 with an CAGR of 17 The India Online Pharmacy Market 2020 report says that the total revenue generated by the online sales of healthcare products in India was R5 075 9 million in FY 2015 which has increased from R 771 0 million in FY 2012 at a CAGR of 87 4 during the said period Even bigger players like Manipal Max Healthcare and Apollo have started with their in house online doctor booking and health information services and are looking to partner with such startups to cater to a larger segment For instance Ask Apollo is a virtual consultation platform which enables the patient to connect to a family physician an Apollo specialist and a Board of Apollo doctors for complex cases through video voice and email It has been operational for a month And eDoc is an enabler that allows people to select a doctor and fix appointments In an email response to FE Sangita Reddy joint managing director Apollo Hospitals Enterprise said We are in talks with online aggregators for creating a demand model and or to be an online aggregator for Ask Apollo First Published on February 8 2016 12 59 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85

    Original URL path: http://www.financialexpress.com/article/industry/companies/medikoe-one-stop-shop-for-healthcare-services/208571/ (2016-02-07)
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  • RBI’s booster dose for startups | The Financial Express
    these norms is a game changer in itself but this does not mean that startups will stop going to abroad to establish themselves there because global expansion has more to it than raising funds By the time a startup even decides to go global it means that they are already big enough to afford that so it is not going to completely stop startups from moving to abroad adds Singhla Albinder Dhindsa co founder and CEO of Grofers says Global expansion mainly happens when you want to feature at a particular time to the global public market And then the listing criteria in India is probably a little tougher than elsewhere So these are the main factors that calls for a global expansion Overall I think what RBI has spoken is fairly healthy for the ecosystem They are definitely in the right direction and we are hoping to see more such changes in the future The regulator stated in its statement last week that the new framework will help investors from overseas to sell their stakes in Indian startups providing VC funds an easier exit route Startups will now also have the liberty to file transactional reports over the internet with eased rules governing share transfer transactions according to the statement Further the report mentioned that the central bank will allow startups to access rupee loans from eligible lenders under the external commercial borrowing ECB In order to help startups with attracting foreign direct investment FDI RBI said that it would facilitate the issuance of financial instruments like the convertible notes Also in case of transfer of ownership the regulator will permit receipt of the consideration amount on a deferred basis up to a period of 18 months It also said that RBI is also working towards issuing of shares without cash payment through sweat equity or against any legitimate payment owed by the company the remittance of which does not require any permission under the Foreign Exchange Management Act Fema The central bank will also aim at building a penalty structure into the regulations to simplify the process for dealing with delayed reporting of transactions related to FDI Under Fema notifications circulars will be issued shortly Moreover electronic reporting of investment and subsequent transactions will be made on the e Biz platform only and submission of physical forms will be discontinued on February 8 RBI has rightly recognised that MSMEs and startups will benefit far more by making debt capital available at scale and easing up capital controls for genuine business needs It is encouraging to see the government s commitment to Startup India getting reinforced through RBI s announcement says Alok Mittal founding member of the Indian Angel Network and the CEO of Indifi Technologies First Published on February 8 2016 12 58 am Tags RBI Please Wait while comments are loading More on this story Banks Reserve Bank square off over cash shortages Monetary policy in wait and watch mode RBI sees economy growing at 7 4

    Original URL path: http://www.financialexpress.com/article/industry/companies/rbis-booster-dose-for-startups/208570/ (2016-02-07)
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  • Cloud security risks are rising | The Financial Express
    is vital to know what security appliances and vendors the cloud provider offers allows the enterprise to deploy in the cloud to do just that New apps new fortifications Ready to move an app into the cloud Before you do consider adding new fortifications to the existing security measures you have built around your app s authentication and log in processes To fortify the access to your cloud application you should have a granular data access scheme You can do so by tying access privileges to roles company positions and projects This will add an additional layer of protection when attackers steal your staff s login credentials Account hijacking may sound basic but this age old breach has been flagged by Cloud Security Alliance as a continuing top threat for cloud users To fortify your login process consider implementing two factor authentication posture checking and the use of one time passwords Embrace encryption Data encryption is one of your biggest security ally in the cloud and it should be non negotiable when it comes to file transfers and emails While it may not prevent hacking attempts or data theft it can protect your business and save an organisation from incurring hefty regulatory fines when the dreaded event happens Ask your cloud vendor about their data encryption schemes Find out how it encrypts data that is at rest in use and on the move Wrestling with the virtual Moving into the cloud lets businesses reap the benefits of virtualisation but a virtualised environment can present challenges to data protection The main issue has to do with managing the security and traffic in the realm of multi tenancy and virtual machines Physical security appliances are typically not designed to handle the data that is in the cloud This is where virtual security appliances come in to secure traffic as it flows from virtual machine to virtual machine Such appliances are built to handle the complexities of running multiple instances of applications or multi tenancy Ask your cloud provider how it safeguards its virtual environment and find out what virtual security appliances it is using Don t be in the dark There is no shortage of anecdotes and reports out there that point to how the unauthorised use of applications and cloud services or shadow IT is on the rise among businesses Your new cloud application will be at risk because of this Preventing access to shadow IT is unlikely to stop its growth in any given organisation It is more effective to educate your users and use technology to manage the issue Encryption network monitoring and security management tools can help defend your first cloud app against the risks of the shadow IT The writer is country manager India SAARC Fortinet First Published on February 8 2016 12 55 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW

    Original URL path: http://www.financialexpress.com/article/industry/companies/apple-amazon-microsoft-cloud-security-risks-are-rising/208568/ (2016-02-07)
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