1603

Agreement between the Government of the Republic of India and the Government of the Republic of Croatia on Economic Cooperation was signed by Commerce and Industry Minister Smt. Nirmala Sitharaman, Government of India and Ms. Martina Dalic, Deputy Prime Minister and Minister of the Economy, Government of the Republic of Croatia on 14th February, 2017 in Zagreb, Croatia.

India and Croatia had earlier signed an Agreement on Trade and Economic Cooperation in September, 1994 with an aim to promote and develop bilateral trade and economic relations. The present Agreement between India and Croatia would be a step in continuity as the last one expired in November, 2009.
India’s bilateral trade with the Republic of Croatia during 2013-14, 2014-15 and 2015-16 were US$ 148.86 million, US$ 205.04 million and US$ 148.44 million respectively. The bilateral trade during the last three years has remained stable despite global slowdown.

News source: IIFL

Posted On Thursday, 16 February 2017 07:51

1601

MUMBAI: Team India sponsorship is up for grabs, and Board of Control for Cricket in India (BCCI) is set to rake in at least Rs 538 crore by selling the rights for five years.
The cricket board initiated the tender process to award one of the most coveted sponsorship rights — the official team India sponsor — on Monday.
Star India owns the sponsorship rights till March 31. In the five years starting April, team India is expected to play 259 matches, including 238 bilateral matches and 21 across ICC tournaments — ICC Champions Trophy in June 2017, 2019 ICC World Cup, 2020 ICC World T20, and 2021 ICC Champions Trophy.
BCCI has set Rs 2.2 crore as the base price for bilateral matches, while for ICC tournaments the base price is set at Rs 70 lakh. Even at the base price, BCCI will earn at least Rs 523.6 crore from bilateral matches and Rs 14.7 crore from ICC properties, totalling Rs 538.3 crore.
However, going by BCCI’s past record and the way team India is performing in recent times, experts believe that the tender may see aggressive bidding.
“We've had a promising start to the tender process with interested parties buying the tender document. We look forward to concluding the process and announcing the team sponsor for the next five years on March 7,” a BCCI spokesperson told ET. “BCCI has delivered the highest value in team sponsorship across all the cricket teams in the world. And it has done that consistently for 20 years,” the person said.

News source: Economics Times

Posted On Thursday, 16 February 2017 07:30

155

NEW DELHI: AIADMK leader Sasikala was today convicted by the Supreme Court in disproportionate assets case. Supreme Court set aside the judgement of high court, uphelding trial court judgement. Sasikala will be taken into custody with two other convicts for the remaining term. The apex court asked Sasikala to surrender immediately.
The apex court restored in toto the judgement and the findings of the trial court in Bengaluru which had held guilty all the accused including Sasikala's two relatives, V N Sudhakaran and Elavarasi.
The two-judge bench comprising Justices P C Ghose and Amitava Roy directed Sasikala and the two relatives to surrender forthwith to the trial court in Bengaluru and serve the remaining part of four year jail term.
The verdict disqualifies Sasikala from becoming a legislator, and consequentially she can't be chief minister either.
The bench read the operative portion of the voluminous judgement saying that "according to the materials and evidence place on record, we set aside the judgement and the order of the high court and affirm in toto the judgement and order the trial court convicting the accused persons"

The ramifications of verdict:

1. This means Sasikala cannot contest election for 10 years after conviction

2. Four years jail for Sasikala.

3. Sasikala to pay penalty of Rs 10 crore.

4. Sasikala will have to surrender for the remaining jail term.

5. Sasikala can't become CM of Tamil Nadu.

News source: Economics Times

Posted On Wednesday, 15 February 2017 06:25

154

India’s space agency put 104 satellites into orbit on Wednesday, the most in history, as it looks to cement its position as the dominant destination for

Posted On Wednesday, 15 February 2017 06:19

153

MUMBAI: The Indian arm of US-based Cognizant Technology Solutions has renewed the lease on its office space in the Blackstone Group-owned IT park in Pune, said two people familiar with the development. The deal is the first major office space transaction this year.
Following the renewal of the lease of 2.6 lakh square feet of office space, the Nasdaq-listed IT services and solutions company will pay a monthly rental of about Rs 32 per sq ft, taking the annual rental to over Rs 10 crore. The company will pay four months' rent as security deposit.
Blackstone declined to comment on the deal and an email query from ET to Teaneck, New Jersey-based Cognizant remained unanswered until the time of going to press. “The deal was formalised and inked a couple of weeks ago.This office space has capacity to accommodate about 3,000 employees, given the usual practice of allocating 80-100 sq ft office space per employee,“ said one of the people.
Cognizant has over 50 delivery centres worldwide and about 2,55,800 employees as of September 30, 2016. The global employee headcount stood at 2,21,700 at the end of 2015, including 1,62,500 in India, according to their annual report.
“As of December 31, 2015, we had outstanding fixed capital commitments of approximately $76.4 million related to our India real estate development programme to build new company-owned state-of-theart IT development and delivery centres,“ it said in the report.
The Quadron Business Park is located in the Rajiv Gandhi Infotech Park, which is the largest set-up of IT & ITeS companies in Pune. There are four buildings with a total of 1.9 million sq ft of office space spread over 25 acres in Pune's Hinjewadi locality. The project was jointly developed by DLF and Hubtown, erstwhile Ackruti City , and was sold to Blackstone for Rs 810 crore in 2011.

The growth of the information technology and IT-enabled services sector has been facing headwinds over the past few quarters.Nasscom, India's software industry body , has trimmed the sector's estimated growth to 8-10% in 2016-17 from 10-12% previously .The fallout of the UK's exit from the European Union and threat of protectionism in the key market of the US are among the factors that have resulted in the lower growth expectation.

News source: Economics Times

Posted On Wednesday, 15 February 2017 06:10
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