Lord Swraj Paul today met PM Narendra Modi and conveyed his appreciation of the recent decision of Indian government to treat NRI investments at par with resident investments.

There are no set scripts for leaders to follow in order to sail through this situation. This extraordinary situation has certainly placed some uncommon question like never before to the leaders around the world.

This is not about making a value judgment. Whether the decision is good or bad can only be known at the end of the 10th season of the IPL.

Transferability of shares in a privately held company is governed by the Articles of Association, which is a document that lays down the rules and regulations.

A googly that founders often face from investors is the market they address is too crowded. Now competition is a given, very much like death or taxes, and it’s often better to have competition that validates that the market exists than otherwise.

MUMBAI: Liquidity risk is increasing for Indian-based real-estate developers, as non-bank financial institutions (NBFI; including housing finance companies) are shying away from lending to the sector, said Fitch Ratings.Developers that rely on refinancing from NBFIs, particularly those with weak financial profiles, will be affected the most should conditions persist. The availability of unencumbered assets among large developers may be of limited use, as NBFIs are looking to shed their already-high exposure to the sector, especially to large borrowers.NBFIs have disproportionately increased their share of real-estate sector credit in the previous few years, owing to heightened risk aversion by banks; banks have been cutting exposure due to their own funding challenges that began in late 2018, which have become more acute in the previous few months; domestic bank exposures fell to 2.3% of loans in the financial year ending March 2019 from 2.8% in 2015-16.NBFIs are now also shying away from refinancing maturing debt of even large, proven developers to limit concentration risk to the sector. This is pushing developers towards alternative funding channels, such as private equity. The availability of such funding could be more limited than the value of maturing debt and may only be available to established developers with sufficient unpledged assets. It would also come at a higher cost. We believe banks may still consider exposure to quality real estate, but overall exposure continues to decline.Developers that are focused on high-end projects may face higher risk, as sales of such projects have slowed in the last two years. We believe these developers would be wary of taking sharp price corrections on unsold inventory to boost sales, except in extreme circumstances, as this could diminish the value of unsold inventory and weaken collateral cover for existing lenders.In addition, any boost in sales would be temporary. Meanwhile, developers with substantial exposure to affordable housing may still benefit from marginal access to lenders in light of healthy pre-sales growth, supported by India's substantial housing deficit and government incentives for buyers via the credit-linked subsidy scheme as well as for developers, including tax deductions and grant of infrastructure status, which entitles companies to some benefits and concessions.The government has announced measures to improve NBFI-sector liquidity, but their efficacy remains to be seen. For example, we believe the government's July 2019 announcement to provide a first-loss guarantee of 10% on securitised assets issued by NBFIs to banks could ease funding pressure for NBFIs in the short term. However, the provision refers only to financially sound issuers and there is a lack of clarity about the duration of the guarantee and the definition of what comprises a 'financially sound' entity. In addition, most of the actions by the authorities to alleviate the liquidity squeeze will benefit the largest and least risky NBFIs and is unlikely to address the pressure on the more property focused players.Defaults by two NBFIs - Infrastructure Leasing & Financial Services Ltd (IL&FS) in September 2018 and Dewan Housing Finance Corporation Ltd (DHFL) in June 2019 - have contributed to the sector-wide liquidity squeeze, as investors have become more risk averse. Banks' low appetite for lending to real-estate developers is evidenced by the usually high risk weights attached to such loans. These are due to developers' typically low credit ratings amid high leverage, making exposure to the sector an inefficient use of banks' already-limited capital.Substantial bank recapitalisation to increase lending capacity could benefit NBFIs as well as real-estate developers, subject to the banks' risk appetite. Although a structural improvement in NBFI asset books would take time. Nonetheless, even under better conditions we expect NBFI's to tighten credit standards, with developers facing funding pressure until there is a broader improvement in their operations, with better end-user demand and pricing support.

When the Covid-19 pandemic caused a sudden shortage of hand sanitisers, alcoholic beverage major Pernod Ricard was among the companies in the US that stepped up to ensure there was no dearth of the product in the market. Leading the initiative was Ann Mukherjee, who took over as chairman & CEO of Pernod Ricard North America in December 2019. Mukherjee has spent almost 30 years in sales, marketing and brands, including with Frito-Lay North America and SC Johnson. The Kolkata-born Mukherjee was last month chosen by US President Donald Trump to be part of a high-profile group to advise the American government on how to kick-start US manufacturing in the post-pandemic era. Trump has formed several such groups to focus on various sectors of the economy. In an interview with Ishani Duttagupta, Mukherjee says that re-entering life and enabling safe travel will be the biggest challenges that all nations face in a post-lockdown world. Edited excerpts...You took over the reins at Pernod Ricard North America only last December; how are you dealing with the crisis caused by the pandemic?My first priority was the health and safety of our employees. That meant creating an infrastructure and agile ways of working to enable working from home through confinement. It also meant creating and maintaining safety protocols for our essential frontline workers, especially our teams in production facilities and distilleries. Second, we focused on our ability to give back to the communities we serve and partner with. Given our entrepreneurial culture, many teams went into action creating opportunities with speed. Working closely with the White House COVID taskforce, we were able to get clearance to produce and supply hand sanitiser for the US government. We provided this free of cost to help first responders across the country. Our Jameson team --- realizing that many bartenders that partner to make the brand great would be out of work – donated $600,000, and generated another $700,000 in matching funds, to the US Bartenders Guild charity fund. Also, our on-premise team worked with multiple charities to provide free meals for hospitality workers affected by the crisis.Finally, we dealt with the crisis by closely collaborating with our distributor partners to keep our business open in the short term, while working together to create a roadmap for recovery. We leveraged our resilience and our culture of conviviality to keep spirits high -- and work with optimism -- during difficult times.As the head of the American operations of an European giant, what are the challenges? Are there any cultural issues?Honestly, cultural issues never even enter the conversation. The culture is centred around conviviality…..bringing people together. That is true for what we sell and how we interact together as business units. Our CEO Alex Ricard sets the tone and walks the walk. He is a very expansive thinker and an inclusive leader who unites us and our different experiences to make for a more powerful whole. Take me for example. He hired an Indian American with very strong roots in India, with North American commercial experience and global marketing experience. He looks for people with broad perspectives and experiences. 75649631Is the American market for scotch whisky growing?Scotch is the best-selling imported whiskey in the US by revenue. Blended scotch has been somewhat flat, with some growth during the crisis, and we see that with our iconic Chivas brand. Single malt is where we see the growth; sales increased almost 10% last year. Our Glenlivet brand has been a huge driver of that growth, bringing new drinkers into both the brand and the category. The brand is positioned to challenge the more traditional conventions of scotch drinkers and celebrates the young unconventional drinker, especially appealing to women who are now open to enjoying single malt as their drink of choice.You are part of the team of top CEOs advising President Trump on reviving the US economy. What are some of the key issues that you think the US government needs to address at this point? It’s an honour to serve the country in this capacity. Our number 1 objective is to help the administration bring back and rebuild confidence. It is a very difficult balance between managing public health and insuring a sustainable economy. We must protect the population from this virus but we need to ensure there is an economy to come back to post the recovery. If we open too quickly, we might be back in confinement; if we don’t re-open with smart speed, we might create a bigger crisis. So we need to ensure that there are the right protocols in place for recovery, ensure there is adequate supply and access to protective accessories needed, and the right partnerships in place with private enterprise, local government and federal oversight. What should the Indian government do?As the world’s largest democracy, India has a very strong state-driven government system with strong central government oversight, not unlike the US. It is critical to get that balance right and work together to strengthen and unite the mosaic that is India. India defines entrepreneurship. It is vital to tap into that cultural advantage and unite business leaders, scholars and government to create out of the box solutions. Private enterprise will need to understand that we as CEOs have not only a fiscal responsibility to our companies, but also a societal responsibility. One feeds the other; without a vibrant market, our businesses cannot thrive, so working together as a collective across business and government is key.The alcobeverages sector traditionally didn’t have women in top roles. Do you see that changing? What are the challenges?I absolutely see it changing, though I wish progress was faster. Companies need to reflect their consumer base, and a majority of everyday purchase decisions globally are made by women. That fact is only accelerating as women become more educated, empowered as single parents or heads of households across many countries. In beverage alcohol in the US, a majority of decisions are actually made by women. The challenge is that we need corporate boards and top management teams to get more rigorous about achieving this objective. Companies must put shorter term and longer term 5-10 year succession plans in place to achieve ambitious targets for women in top management roles; they need to be identified early, developed, and given aggressive career plans to groom them for these positions. This is a passion point for Pernod Ricard driven by our Chairman, Alex Ricard. It’s about achieving better balance…and I personally like this approach. It isn’t about favouring one gender over the other, it’s about getting the right balance reflective of the marketplace and in creating tomorrow’s workforce now. Going forward, what do you think are the biggest challenges that your company and sector will have to grapple with as lockdown gradually lifts across the US and the world?Re-entering life safely is the biggest challenge the world faces. Whether it’s re-entering your neighbourhood, your town, travelling within your own country, or beginning to travel the world again. It also will be parents letting go of their children after they kept them from harm in confinement, and trusting school systems to keep them safe. And family members trusting each other to maintain safety protocols as they come back home from work. We all will lose control when we come out of confinement. In our industry, our biggest challenge will be restaurants, hotels, bars and pubs. How can you enjoy and connect, but safely from a distance? Can smaller establishments have viable businesses when there need to be fewer patrons? It will be a new normal, and we need to work together to make it viable and enjoyable.What do you think are the major differences between the liquor market in the US and Europe?I believe the liquor market is very similar in the two continents. During this crisis, we have seen the market stay strong through in-home consumption, with some of the bar and restaurant consumption shifting to home consumption. People are drinking brands they know and trust. They are also looking for premium experiences to help overcome the difficulty of confinement. For us at Pernod Ricard, we have the world’s largest premium portfolio with a large stable of familiar and trusted brands. So we have seen positive performance from our portfolio in both continents. What has your experience been as a woman in a typically male-dominated industry?Joining Pernod Ricard was a great fit for me. My husband and I love entertaining, bringing friends and family together because we believe creating special moments together makes life worth living. That is exactly the spirit and culture of conviviality. So when I joined the company, I invited my leadership team to my home for a night to meet the Mukherjees as part of a bigger leadership summit. My husband, who is very proud of his bar, rebuilt all the shelves so he could light up and showcase all of the incredible Pernod Ricard brands. I show my compassion through food. So I made samosas, mutton biriyani, raita, chicken cutlet and chapali kababs, and for my vegetarian team members, I made dal makhani, matter paneer, aloo dum. As a parting gift I gave everyone a small Ganesh so our paths moving forward would have no obstacles. I believe that if you are to be a meaningful leader, you must bring your whole and authentic self to work. As a woman, I don’t shy away from sharing my personal stories as a wife, mother and daughter, or from sharing my vulnerabilities as a woman leader in how I manage, try to instil trust and inspire others. After all, we are in the human being business. Do you see a timeline for recovery of firms such as yours in the wake of the COVID-19 crisis?The only thing that is certain about this crisis is that it is uncertain. Until we have viable testing and treatment and eventually vaccines, we cannot fully recover. So the key right now is to be agile. Adjust as the marketplace adjusts. That means new ways of working, helping your workforce to be in a mode of agile planning and execution. We can help people through the stops and starts this will cause by helping them see the bigger long-term goal of recovery and viability.Do you have any connections with India?I have very strong connections with India. 98% of my family is still in India, in my native hometown of Kolkata, New Delhi where I went to high school, as well as Mumbai and Bengaluru. We talk to them daily/weekly to keep in touch and stay connected through this crisis. We speak Bengali at home as a family. I am very proud of my sari collection and dress Indian any chance I get. We have a very strong Indian community here. I am as Indian as I am American and am a better person for it. I hope and pray that everyone stays safe and recovers with prosperity.

Do not deny the possibility of losing the job, or being furloughed briefly.

Liquidating assets to pay off debts is recommended only if you find it difficult to pay EMIs.

The company has cut prices anywhere from Rs 2,000 on the smaller screen televisions going up to Rs two lakh on a flagship 85-inch model apart from rolling out long tenure no-cost EMI schemes and bundling offers. It has launched a new 85-inch model at Rs 5.9 lakh bringing down its earlier pricing structure of Rs 10 lakh in this screen size.

Factors will determine if your job profile will evolve. However, don’t expect a change where the business-efficient alternative is to replace you to save nonproductive costs or deal with change in customer behaviour.

HDFC Q3 profit jumps 4 times; provisions spike

PNB Q3 Earnings: PSU lender reports Rs 492 cr loss on higher provisioning

Axis Bank Q4 results: Net loss at Rs 1,388 cr on Covid-19 provisions

Corona crisis: GST Return filing date for March-May extended till June, relief from late fee, penalties

Stock up on gold and silver before the virus crisis is over: Jim Rogers

Mortality rate increases if COVID-19 patient delays in visiting hospital: AIIMS-Delhi Director

Union Home Minister Amit Shah chaired a meeting of the DGs of all Central Armed Police Forces (CAPFs) where he appreciated the commendable work done by these forces and expressed concern over increasing COVID-19 cases, a home ministry spokesperson said.

The board has considered and approved the proposal to raise debt of up to Rs 2,000 crore, a company statement said.

This is the first instance when a fund house is shutting its schemes because of coronavirus related pandemic.

Analysts in an ETNow poll had projected the number at Rs 3,000 crore.

Image credit: iStock The vast land of Texas is a paradise for travellers. Known for its cowboy culture, stupendous barbeques, and lovely country songs, this...

We may no longer dry papads at home in summer, but this uniquely Indian product deserves to be celebrated.

The first public demonstration of colour TV broadcast happened this week 90 years ago, setting the foundation for a major change in the way audio-visual media is consumed.

In NYC and most of the US even today, non-northern European foods termed are 'ethnic'.

Airtel CEO Gopal Vittal, in a note to customers, said that the next phase of the journey has begun as the world slowly starts to open up.

Coal India has lent Rs 300 crore to subsidiary Central Coalfields while Bharat Coking Coal is in talks with subsidiary Northern Coalfields for another Rs 300-400 crore loan in order to meet working capital requirements, including salaries. Central Mine Planning & Design Institute has also been given a Rs 15 crore loan for salary payment of its executives by Coal India.

USAO Northern District of California
Criminal Division
San Francisco, California

Assist Federal Prosecutors with prosecution and investigation of misdemeanors and felony offenses. Research and write legal briefs and memorandums of law.

Internship Location: San Francisco, CA or Oakland, CA

Minimum Weeks Required: The school year terms (Fall and Spring) require a commitment of 20-25 hours/week

Website: www.justice.gov/usao/can

USAO Northern District of California
Civil Division
San Francisco, California

USAO Northern District of California
Criminal Division
San Jose, California

Assist Federal Prosecutors with prosecution and investigation of misdemeanors and felony offenses. Research and write legal briefs and memorandums of law. 

Internship Location: San Jose, CA

Minimum Weeks Required: The school year terms require a commitment of 20-25 hours/week

Website: www.justice.gov/usao/can

USAO Northern District of California
Criminal Division
San Jose, California

Prosecute individual caseload of misdemeanor and felony offenses. Research and write legal briefs and memorandums of law.

Internship Location: San Jose, CA

Minimum Weeks Required: 10 weeks/ full-time (40 hrs. a week)

Website: www.justice.gov/usao/can

USAO Northern District of California
Civil Division
San Jose, California

Typically, each Law Clerk is responsible for at least one significant project (e.g., a motion for summary judgment in an employment discrimination case). 

The position is unpaid and parking expenses are not reimbursed. 

USAO Northern District of California
U.S. Attorney's Office, Northern District of California
San Francisco, California

Assist Federal Prosecutors with prosecution and investigation of misdemeanors and felony offenses. Research and write legal briefs and memorandums of law.

Internship Location: San Francisco, CA or Oakland, CA

Minimum Weeks Required: Summer Law Clerks must work full time for at least 8 weeks. 

Website: www.justice.gov/usao/can

Civil Division (CIV)

Washington, District of Columbia

Interns research, write, and develop draft motions, briefs, and discovery; attend depositions, moot court and oral arguments; perform legal research; and assist attorneys in all phases of trial preparation and at trial.

Internship Locations:  Washington, D.C., New York City, and San Francisco. The vast majority of internships are located in Washington, D.C.

Minimum Weeks Required:  6

USAO Southern District of California
Attorney positions available in the San Diego Office
San Diego, California
Announcement #: 20-SDCA-10808887-AUSA03
Application Deadline: May 25, 2020

The U.S. Attorney's Office is currently seeking experienced attorneys for one or more positions as an Assistant U.S. Attorney ("AUSA") in the Criminal Division.  Positions are available in the San Diego office. 

The Criminal Division is organized into seven sections, which consist of the Border Enforcement Section, Organized Crime Drug Enforcement Task Force (OCDETF Section), the Violent Crimes and Human Trafficking Section, the Major Frauds and Public Corruption Section, the National Security and Cybercrimes Section, the Asset Recovery Section, and the Appellate Section.  (See the San Diego U.S. Attorney’s website www.justice.gov/usao-sdca for a detailed description of each section.)   

Commensurate with experience and needs of the Office, AUSAs may be assigned to different sections in the U.S. Attorney’s Office.  New hires are expected to start in the Border Enforcement Section.  The Border Enforcement Section is the largest section in the Criminal Division and accounts for approximately 95 percent of the cases prosecuted in the Southern District of California. 

The Border Enforcement Section handles a large volume of reactive cases that arise from policing the 141-mile long border between California and Mexico, six Ports of Entry, and the roughly 70 miles of coastline stretching from the U.S.-Mexico border to the northernmost tip of San Diego County. Cases commonly include illegal entry and reentry, drug importation and alien smuggling prosecutions.  This section consists of an Intake Team, Fast-Track Team, Immigration Team and four Trial Teams.  Border Enforcement Section attorneys try a large number of cases and often oversee the use of investigative tools like search and tracking warrants, undercover operations and confidential sources.

Enclosed is a link to the Southern District of California's web page for more information about the office.

http://www.justice.gov/usao/district/sdca

Benefits

The Department of Justice offers a comprehensive benefits package that includes, in part, paid vacation; sick leave; holidays; telework; life insurance; health benefits; and participation in the Federal Employees Retirement System. The Benefits link provides an overview of the benefits currently offered to Federal Employees.

USAO Middle District of North Carolina
United States Attorney's Office, Middle District of North Carolina
Greennsboro, North Carolina
Announcement #: 20-NCM-10808245-AUSA
Application Deadline: May 19, 2020

The Civil Division is seeking one experienced attorney to service as an Assistant United States Attorney. This AUSA will be responsible for defending and prosecuting a variety of federal civil cases, with particular emphasis on defensive actions, including but not limited to cases brought under the Federal Tort Claims Act, actions which allege employment discrimination or retaliation, and immigration matters. They will also be assigned appellate, research, and writing duties. Link to the office website: https://www.justice.gov/usao-mdnc

Thank you, Sean, for your kind introduction. And thank you to CSIS for partnering with us in this conference and for your leadership and innovative thinking on critical policy issues that affect us all. I would like to take a few moments now to reflect on how the National Security Division (NSD) came to be and how, in our first decade, we have strived to achieve our twin aims: protecting the United States against national security threats while safeguarding our core freedoms.

The Securities and Exchange Commission today announced the formation of an internal, cross-divisional COVID-19 Market Monitoring Group.  This temporary, senior-level group will assist the Commission and its various divisions and offices in (1)…

A federal grand jury returned an indictment today charging eight individuals with conspiring to violate federal criminal copyright law by running two of the largest unauthorized streaming services in the United States, resulting in the loss of millions of dollars by television program and motion picture copyright owners.

The Department of Justice has released the agenda and list of participants for its March 11, 2020, public workshop to solicit public dialogue on the proposed vertical merger guidelines. The workshop will be the first in a two-part series hosted together with the Federal Trade Commission. The two half-day workshops will allow for a dynamic discussion about the proposed guidelines to complement the written public comments about the proposed guidelines that were submitted to the agencies.

"At trial, the Antitrust Division argued that Sabre’s acquisition of Farelogix would extinguish a crucial constraint on Sabre’s market power and would result in higher prices and less innovation. While we are disappointed with the court’s decision, we appreciate the court’s thoughtful consideration of this important case. We will closely review the court’s opinion and consider next steps in light of our commitment to preserving competition for the benefit of the American consumer."

Sabre Corporation and Farelogix, Inc. announced today the termination of their merger agreement.

The retired Hopkins neurosurgeon, now the secretary of Housing and Urban Development, is in the city to talk about lead poisoning and ways to combat blight.

MapProvision is an online service to present data as dynamic layers on an online map. They have now added an Sankey overlay feature.

This screengrab is a from a sample provided by them using World Trade Organization import and export data for 2017.
[See image gallery at www.sankey-diagrams.com]
Here I have selected imports of machinery being imported to Mexico. Flows displayed are based on value of the goods in mio US$ per year. Hovering over the arrows reveals detailed data, a summary of imports for the selected category is shown when hovering over the bracket at the destination.

This comprehensive blog post has more details on how to adapt the Sankey overlay and the different options you have, including color settings and minimum width for Sankey arrows. It also contains an embedded example for fish import to Japan.

Nice work and fun to play around with. Doing Sankey diagrams on a map is particularly challenging in my opinion due to routing issues and because in many cases trade flows between neighbouring countries tend to be high volume, so that the shortest Sankey arrow paths are typically the widest ones (as is the case with the U.S. here).

When some metro youth soccer teams switched to video-conference training sessions during the coronavirus pandemic, they found an unexpected new teammate on-screen.

What would horse racing in the United States become if some 22 percent of the population placed a bet each year? In a world with increasingly diverse entertainment and gaming options and the sport's fan base shrinking by 4 percent annually (according to the 2011 McKinsey Report), the Jockey Club and American racetracks are struggling to […]

The post Three Chimneys presents Good News Friday: Breaking the Advertising Mold appeared first on Horse Racing News | Paulick Report.

For handicappers, it doesn't get much better than Saturday's feast of wagering opportunities, but bettors will have a long, challenging day choosing where the bankroll should be distributed. How big do you wanna go at breakfast with those juicy betting races from Dubai? Then, a half-hour after the World Cup goes off, things keep rolling with […]

The post The Xpressbet Weekend Bankroll: Decisions, Decisions appeared first on Horse Racing News | Paulick Report.

On Sunday May 10, the UK Government will outline the next phase of its response to the coronavirus pandemic, which may include changes to its current social distancing restrictions and, potentially, a timeline for the resumption of sport. Horse racing industry leaders will then meet on Monday, May 11 to discuss the Government's announcement and […]

The post British Horseracing Authority Publishes Provisional Program For First Week Of Racing appeared first on Horse Racing News | Paulick Report.