OPINION, P2 MIND & GAMES India is failing the test on J&K ARE THERE DOWNSIDES TO STEVIA? Some researchers warn that we don't have enough evidence to fully understand how sweetners that have no calories affect the body Page 10 ACROSS THE AISLE , P CHIDAMBARAM Vol XVII No 29 IDEA EXCHANGE Vijay Amritraj ‘Players have millions of followers. They should speak up (on an issue) if something’s wrong’ Page 4 Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM LEISURE NINE STORIES INTOTHE PAST NEW DELHI SUNDAY, MAY 13, 2018 14 Pages, `10 (Patna `11, Raipur `10) SPOTLIGHT CAN I FAKE YOUR ORDER? A survey finds that around one-third of people who shop online receive fake goods in India. And try hard as they might, e-retailers and brands are clearly failing to check the malpractice Page 7 WORDSWORTH FRANTZ FANON OF OURTIME Ashis Nandy: A Life in Dissent is an unusual festschrift for India’s most celebrated dissenter Page 5 FINANCIALEXPRESS ON SUNDAY PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE KARNATAKA ASSEMBLY ELECTIONS Exit polls predict hung house, JD(S) kingmaker ● 70% voter turnout; polling held for 222 seats; results on May 15 PRESS TRUST OF INDIA Bengaluru, May 12 AN ESTIMATED 70% of the over 4.96 crore voters exercised theirfranchise to choose a new Karnataka Assembly in one of the most high-profile and bitterly fought elections in recent times.The count is likely to go up with electors standing in queues to cast their votes beyond the 6 pm deadline for the polling to conclude, the state election office said. Polling was held for 222 of the state’s 224 constituencies followingthecountermanding of election for the Jayanagara seatduetothedeathofBJPcandidate BN Vijaykumar, and deferment of voting for RR Nagar seat over allegations of electoral malpractices. Over 2,600 candidates are in the fray, including four sit- QuickPicks PM Modi hails Nepal visit THE TWO-DAY VISIT of Prime Minister Narendra Modi to Nepal ended on a positive note with the Indian PM hailing Nepal’s journey from bullets to ballots and promising Nepal that India was ready to be the ‘sherpa’ that will help Nepal scale the mountain of success. The Nepalese Prime Minister KP Sharma Oli assured his Indian counterpart that he would not allow his country to be used against India. Nod to JSW bid for Monnet Ispat JSW STEEL ON Saturday said the Competition Commission of India (CCI) has approved a bid by a consortium led by the firm to acquire bankrupt Monnet Ispat and Energy (MIEL) in an insolvency auction. The committee of creditors of MIEL, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan submitted by the only bidder, Sajjan Jindal’s JSW Steel along with AION Capital. ODD & EVEN READ TO LEAD ROHNIT PHORE SPLITVOICE KARNATAKA ■ Total seats: 222* ■ Majority: 112 India Today- Axis Today's Chanakya ABP- C Voter Times Now-VMR Poll of Polls BJP 79-92 120 ± 11 104-116 80-93 100 CONG 106-118 73 ±11 83-94 90-103 92 JD(S)+ 22-30 26 ± 7 20-29 31-39 28 Others 1-4 3±3 0-7 2-4 2 *Polling deferred on two seats Two newly married couples show their ink-marked fingers after casting their votes in Hubbali on Saturday tingandformerchiefministers — incumbent Siddaramaiah, former BJP chief ministers BS PTI Yeddyurappa and Jagdish Shettar, and HD Kumaraswamyof the JD(S). Cab rentals now eyeing B2B space ● Local cab players going beyond best price deals to clients SHINMIN BALI Mumbai, May 12 IF THE UBER-Ola merger does happen, the cab rental sector will see a consolidation more in the B2C space, with not much ground covered by eitherof the players in the B2B space,wherealotofthemarket is still occupied by local and regional players. Many local players, such as TabCab or City CoolCab, for example,were caught napping as online players made hay. Consumers quickly adapted to the attractive offerings and highlycompetitivepricesofthe tech cab fleets. However, the B2B operation of local players is hard to disrupt, with their long-term relation between clientandserviceprovider,and asystematicmovementofpeople versus the unpredictable booking spectrum that can be seen on the B2C side. Meru Cabs, to be on a par with the tech companies, is investing in building further capabilities in engineering, data science,mobilityand geointelligence to build the most comprehensive and state-ofthe-art tech platform for its B2B business. Nilesh Sangoi, CEO, Meru Cabs, points out that clients are willing to look beyond price. Hesays,“ForB2Bclients,our biggestUSPistransparentpricing, honest billing and overall efficiency in services.We have seen clients acknowledging this fact and see a significant saving in their transportation spends, even though our rates may be higher than other service providers.” Players like Uber are realising that the B2B offering will need to suit the client needs and a price war is nowhere near sustainable.The company is investing heavily into the B2B segment across product and business growth. ON TUESDAY MOBILITY SOLUTIONS IN THE CORP WORLD Godard faces the world, on FaceTime At 88, filmmaker says he makes films because he has the courage to imagine FAIZAL KHAN Cannes, May 12 NEW WAVE EXACTLY50YEARS afterheshut down the Cannes film festival during the 1968 protests in France,Jean-LucGodardopened up to theworld,on FaceTime.In anunprecedentedpressconferencewithaniPhone,theFrench NewWave master chatted with journalists at the 71st Cannes film festival on Saturday. Only hours after the premiere of his new film, The Image Book, the 88-year-old filmmaker said it was his “courage to imagine” that keeps him going. “Most people today sometimes have thecouragetolivetheirlives,but nottoimaginetheirlives.Ihave the courage,” Godard said. Sitting in his home in A unique exhibition connects the dots of history around the world Page 9 ■ Godard chatted with journalists at the 71st Cannes film festival through an iPhone ■ Said he studied cinema, by not going to a film school, but to film libraries Switzerland and smoking a cigar,Godardsaidhewouldcontinue to make films“if I am fortunateenoughtoliveafewmore years.” Joking with journalists, whoaskedhimquestionsonthe phone, the filmmaker said he studied cinema,bynot going to a film school, but to film libraries.“Wesawfilmsthenthat struckusascontemporary,even if theywere a 100 years old,” he said, with his spectacles dangling from the edge of his nose. Godard,who has said in the past that actual shooting bored him,explained his style of making films today.“I understand that what is actually important is not actual shooting,but editing.”Elaborating that he could usearchivalimagestotalkabout the future,the director of films suchas WeekEnd and Breathless,quipped:“Filmingisasortof post-production,infact.” Godard also used the occasiontoexplainhisfamouscomment that a film had “a beginning, a middle and an end, but not necessarily in that order”.“I said that quite sometime ago to go against (Steven) Spielberg and others as a joke,”he said.“I said to them that these components should not be in that order. I didn’t make it as a real battle horse,” he added. Asked about violence in his films, including The Image Book, Godard said:“Almost all films I havemadedidrefertoviolence. But deep within the images, things are actuallycalm.” . Continued on Page 3 There were reports of malfunctioning of EVMs from some polling stations, and minor clashes between Congress and BJP supporters. The two parties also accused each otherof inducingvoters. Pollsters have forecast a hung Assembly, with a close contestbetweenthestate’sruling Congress and main challenger BJP. Former prime minister HD Deve Gowda’s JD(S), thoughprojectedtofinishadistant third,is likelyto playa crucial role in government formation in the event of a fractured mandate. The outcome of the elections may have a huge impact on the fortunes of two mainnationalparties—theBJP and the Congress — that are vying for electoral laurel in the keysouthern state. While a victory would help boostthesaggingmoraleofthe Congress, which has been losing state after state since Narendra Modi came to power at the Centre, a defeat in Karnataka,theonlybigstateitrules apartfromPunjab,mayfurther hasten its decline. Continued on Page 3 CONFIDENCE SPEAKS Congress will get clear majority. There is no confusion about this. He (Yeddyurappa) is mentally disturbed. BJP can’t get more than 60-65 seats Siddaramaiah, Congress Thank you Karnataka! Gratitude to the people of Karnataka for voting in large numbers today. BJP is headed towards a landslide victory with all your blessings and support! BS Yeddyurappa, BJP We expect a possibility of forming the government, we have done well HD Devegowda, Janata Dal (Secular) Walmart may launch IPO for Flipkart in 4 years ● Company gives potential listing timeline in filing to a US regulator PRESS TRUST OF INDIA New Delhi, May 12 US RETAILERWALMART hasthe option to get additional $3 billion investments into Flipkart within a year of completing about $16 billion deal and may getIndia’slargestonlineretailer listed in as earlyas fouryears,as pera regulatoryfiling. Walmart, in a US Securities and Exchange Commission filing,gavedetailsofitsagreement totakeabout77%stakeinFlipkartthroughinfusing$2billion cashinthecompanyandbuying someofFlipkartinvestors’stake for $14 billion.Walmart said it mayelecttoaskFlipkarttoissue sharesworth$3billionwithina year of close of transaction,but did not clearly say if the investment would be brought in by it ora newpartner. In the run up to deal, it was speculated that Walmart may partnerGoogleparentAlphabet for the Flipkart acquisition. GOING PUBLIC ■ Over half of Flipkart's minority investors could seek IPO ■ IPO should not be at lower valuation than Walmart investment ■ Walmart to initially appoint five directors to Flipkart's board Alphabet was to get 15%. At $20.7 billion valuation, the $3 billion investment can get less than 15% stake. “Atanytimeaftertheclosing of the transactions and on or before the first anniversary of theclosing,thepurchaser,orany ofitsaffiliates,mayrequestthat Flipkart issue additional ordinary shares with an aggregate purchase price of up to $3 billion,”it said. Flipkart board will initially have eight directors — five Walmart-appointed, two appointed by certain minority shareholders and one founder. The US retail majorwill initially appoint five directors on the board of the Indian company and may appoint an additional directorin future. Continued on Page 3
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.