OPINION, P6 ECONOMY, P2 INTERNATIONAL, P8 EDITORIAL VACCINE ROLL-OUT UNDER SCANNER Modi to interact with chief ministers of all states on Monday Google ad changes face UK probe in first shot at Big Tech Ease SWAMIH norms, give targeted tax breaks to aspiring homebuyers Prominent leaders of the Republican party have disowned Trump, but too late in the day NEW DELHI, SATURDAY, JANUARY 9, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 269, 26 PAGES, `10.00 (PATNA `8.00, RAIPUR `9.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 48,782.51 ▲ 689.19 NIFTY: 14,347.25 ▲ 209.90 NIKKEI 225: 28,139.03 ▲ 648.90 HANG SENG: 27,878.22 ▲ 329.70 `/$: 73.25 ▲ 0.08 `/€: 89.65 ▲ 0.33 BRENT: $55.42 ▲ $1.04 GOLD: `50,256 ▼ `615 ter Narendra Singh Tomar told the media that the government was open to considering suggestions from the farmers for a resolution, other than repeal of the laws. Askedwhetherthe government would consider making the controversial laws optional for the states to implement to break the stalemate,Tomar said suggestions needed to come from the farmers. Continued on Page 2 Forex reserves swell to record $585.3 bn THE COUNTRY’S foreign exchange reserves surged by $4.483 billion to touch a record high of $585.324 billion in the week ended January1,RBIdatashowedonFriday, reports PTI. In the previousweekendedDecem- FE BUREAU Mumbai, January 8 THE RESERVE BANK of India (RBI) on Fridayannounced resumption of operations under the revised liquidity management framework in a sign that it is set to unwind theCovid-relatedreliefmeasuresannounced Gains from management’s focus on market share are visible; firm is expected to clock strong volume growth in CY21; ‘Buy’ retained with target price revised to `665/share ■ Investor, P9 QuickPicks Passenger flights from UK to India resume after 16 days PASSENGER FLIGHTS resumed from the UK to India in limited numbers on Friday after remaining suspended for 16 days due to the emergence of a new coronavirus variant in that country, reports PTI. The first flight to land at the Delhi airport from London on Friday was Air India’s AI112 with 256 passengers on board, said Gauri Agarwal, founder of the Genestrings Diagnostic Center. Genestrings is handling coronavirus testing of all passengers at the Delhi airport. PAGE 3 Economists call for accelerated privatisation, simpler GST AHEAD OF the Budget for FY22, a group of economists on Friday asked Prime Minister Narendra Modi to rationalise direct and indirect tax regimes, undertake further bank capitalisation, accelerate privatisation and boost public spending on infrastructure projects to create jobs, reports fe Bureau in New Delhi. They also asked for steps to bridge the gap in poverty alleviation programmes by implementing technology for better targeting and service delivery anywhere in the country. PAGE 2 Bharat Biotech’s intranasal vaccine: Ph-1 trials to start in Feb-March BUOYED BY the emergency use authorisation approval from the Drug Controller General of India (DCGI) for its Covid-19 vaccine Covaxin, Bharat Biotech has said Phase-1 clinical trials of its new intranasal antidote for the killer virus will begin during February-March this year, reports PTI. Besides Covaxin, Bharat Biotech has been actively working on developing another vaccine, for which it tied up with Washington University School of Medicine in St Louis. PAGE 4 ■ Continuation of special treatment for developing countries a must ■ Any agenda for WTO reform must be development-centric and preserve multilateralism ■ Remove imbalances between developing & developed nations in the agreement on agriculture provisionsof specialand differential treatment” for poor and developing countries in both existingandfutureagreements. Continued on Page 2 Home loans: SBI offers 30 bps cut STATE BANK OF India on Friday announced an interest concession of up to 30 basis points on home loans and a 100% waiver on processing fees, reports PTI. The new home loan interest rates are linked to Cibil score and start from 6.80% for loans up to `30 lakh and 6.95% for loansabove`30lakh,abank release said. Women borrowers will get a concession of 5 bps, it said. The bank said interest concession of up to 30 bps is also available in eight metro citiesforloansupto`5crore. ■ Report on Page 10 5,257 241 6,213 11,723 -2,480 before other WTO reforms June ■ Restore the Appellate Body May AMID PERSISTENT ATTACKS by the US on countries, including China and India, for“self designating” themselves as developingnationsattheWorld Trade Organization (WTO) to enjoy special and differential trade benefits, New Delhi has rooted for a policy of voluntary forgoingof such a status. Indiahasalsocalledforexpeditiously restoring the almost disfunctionalAppellate Bodyof theWTOfordisputeresolution, without diluting its core features. The US has blocked the appointment of judges, thus crippling the WTO’s appellate mechanism. In its recent submissions with the WTO, India hasalsostressedthatanyreform agenda must be“developmentcentric,preserving the corevalues of the multilateral trading system and strengthening the WHAT INDIA SAYS FE BUREAU April Multiple positive levers are in place for Dabur India BANIKINKAR PATTANAYAK New Delhi, January 8 Equity-oriented schemes saw net outflows for the sixth straight month in December with investors seemingly enchashing profits as the markets hit new highs. Experts observed further profit booking could be expected if stock prices continued to surge. They added that some part of the redeemed money was being channelled into IPOs, which have given investors good returns, or even into stocks. All 10 categories of equities saw redemptions in December. 4.7 8,433* 8,701 11,184 10,515 42,015 40,135 Net profit 6.35 % Change Operating margins (%) 3.2 26.2 26.6 40 bps *Excludes provision of `1,218 cr towards legal claim including difficult markets like Europe,and differentiating us,” hesaidatapressconference.He addedthebusinessmomentum wasstrongandexpectedtosustain through FY22. EmployeeattritionatTCShit a new all-time low of 7.6%.The consolidatedheadcountatDecember end was 4,69,261,while the net additionwas 15,721. Boeing to pay $2.5 bn to settle US criminal investigation DAVID SHEPARDSON, ERIC M JOHNSON & TRACY RUCINSKI Washington/Seattle/ Chicago, January 8 left five people dead, including a police officer. Continued on Page 2 Continued on Page 2 Net ﬂows/outﬂows into equity oriented schemes in 2020 (` cr) Democrats consider impeaching President Trump for second time SUSAN CORNWELL & JOSEPH AX Washington, January 8 The US Capitol is seen behind heavy-duty security fencing a day after deadly violence byTrump supporters, inWashington Amid mounting calls for his removal from office, Trump finally denounced Wednesday’s violence that ● 737 MAX CRASHES BOEING WILL PAY more than $2.5 billion in fines and compensation after reaching a settlement with the US Department of Justice over two plane crashesthatkilledatotalof346 people and led to the grounding of its 737 MAX jetliner. The settlement, which allows Boeing to avoid prosecution, includes a fine of $243.6 million,compensation to airlines of $1.77 billion and a $500 million crash-victim fund over fraud conspiracy charges related to the plane’s flawed design. Boeing said it would take a $743.6 million charge against its fourth-quarter 2020 earnings to reflect the deferred prosecutionagreement,aform of corporate plea bargain. The Justice Department deal, announced after the market close on Thursday, caps a 21-month investigation into the design and development of the 737 MAX following the two crashes, in Indonesia and Ethiopia in 2018 and 2019,respectively. CAPITOL VIOLENCE CONGRESSIONAL DEMOCRATS ON Friday were weighing impeaching US President Donald Trump for an unprecedented second time afterhis supporters, inflamed by his false claims of election fraud, stormed the US Capitol. Democrats in the House of Representatives, which holds the power to impeach the president, will hold a conference call to discuss their next steps,according to two Democratic aides. Q3FY21 —RAJESH GOPINATHAN MD & CEO, TCS Equity MFs see outflows for sixth month Mar With a petrol strategy in place, we are now geared to kick-off our EV strategy in India. The launch of the Audi e-tron is on the cards, says Balbir Singh Dhillon, Head, Audi India ■ Motobahn, P9 India for voluntary forgoing of benefits 10,796 We will complete the Audi India car line-up this year Revenue Operating income We are entering the new year on an optimistic note, our market position stronger than ever before, and our confidence reinforced by the continued strength in our order book and deal pipeline. Investors disenchanted Feb ‘DEVELOPING NATION’ Special Features in March 2020. The return to the revised framework will be done in a phased manner and the central bank will conduct a `2-lakh-crore variable rate reverse repo auction on January 15 under the revised liquidity management framework. ■ Full report on Page 11 7,877 ber 25, the reserves had declined by $290 million to $580.841 billion. In the reporting week, the increase in reserves was on account of a rise in foreign currency assets(FCAs),amajorcomponent of the overall reserves. Jan MORE BIRD deaths were reported from the country on Friday amid cases of avian influenza, with Haryana planning to cull over 1.60 lakh birds in Panchkula district, even as the Centre said bird flu has been confirmed so far in six states, reports PTI. RBI announces return to revised liquidity management framework Source: Amﬁ Continued on Page 2 — NARENDRA SINGH TOMAR, AGRICULTURE MINISTER -10,147 and China. The next H-1B visa filing season is slated to start on April 1. THE GOVERNMENT ON Friday appeared biding time before revealing its resolution formula to the protesting farmers, given that the Supreme Court may look into the legality of the three contentious farm laws as it hears the matter on January 11. After the eighth round of talks with the farmer unions on Friday, agriculture minis- Since the matter is already before the Supreme Court and listed for hearing on January 11, the government is committed to comply with any order by the court. Dec Govt says bird flu confirmed in six states The next H-1B visa filing season is slated to start on April 1 FE BUREAU New Delhi, January 8 Nov -12,917 THE JUDGMENT day for whether wanted diamond merchant Nirav Modi can be extradited to India to face charges of fraud and money laundering in relation to the Punjab National Bank (PNB) scam case has been set as February 25, reports PTI. Last week, Trump extended the freeze on H-1B and other work visas and green cards until March 31 Farmerswary about SC-mediated resolution, stick to their demand for repeal ofthe laws -2,725 Judgment day in Nirav extradition case on Feb 25 It is the latest effort to bar the entry of immigrants to the US Govt open to making implementation oflaws optional for the states TCS ON FRIDAY reported a spectacular set of numbers for Q3FY21,posting a net profit of `8,701 crore,up 3.2% quarteron-quarterandstrongEbitmargins of 26.6%. In a seasonally weak quarter, the revenue of `42,015 crore marked an increaseof4.1%sequentiallyin constant currency terms and 5.1% in dollar terms, the best Q3 growth in nine years. TCS won deals worth $6.8 billion during the quarter. In a quarter in which the software services major rolled out salary hikes, the operating profit margin expanded 0.4% q-o-qand1.6%y-o-y.Thecompanyendsthequarterwithcash balancesof `65,000crore. MD and CEO Rajesh Gopinathan said the company had seenbroad-basedgrowthacross geographies and verticals.“Our refocusandinvestmentsinnew areas of technology is positioning us strongly across markets, Oct THE OUTGOING TRUMP administrationonFridaymodified the selection process for H-1B visa, giving priority to salary and skills instead of the current lottery procedures. The notification was published in the Federal Register. It would come into force in 60 days. The H-1B visa is a nonimmigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India The notification, published in the Federal Register, would come into force in 60 days Govt ready to discuss proposals other than repeal ofthe three laws, butwant farmers to suggest the alternatives -734 LALIT K JHA Washington, January 8 Centre bides time as SC may look into constitutionality of the laws, farmers averse to court route Q2FY21 (` crore) FE BUREAU New Delhi, January 8 Sept Salary, skill levels to be given priority TCS posts stellar numbers in Q3 -4,000 AS MANY as 12 Indian and global firms have shown interest in rolling out the 4G network of BSNL, including Tech Mahindra, TCS, Nokia, Ericsson, Tejas Networks among others, reports Kiran Rathee in New Delhi. Even Chinese firms Huawei and ZTE have expressed their intention to participate in the tender. Govt says no to repeal of laws,farmers firm TOP-CLASS Aug Process for H-1B visas modified IMPASSE July NEW NORMS IN THE NEWS BSNL 4G tender: 12 companies express interest IN THE WORKS Hyundai & Apple in early talks on electric car, battery tie-up HEEKYONG YANG & HYUNJOO JIN Seoul, January 8 SOUTH KOREA’S HYUNDAI Motor said on Friday it was in early talks with Apple , after local media reported the firms were discussing an electric car and battery tie-up, sending Hyundai shares surging 25%. The report comes weeks after Reuters reported that Apple was moving forward with self-driving car technology and was aiming to produce a passenger vehicle that could include its own breakthrough batterytechnologyas early as 2024. EarlieronFriday,KoreaEconomicDailyTVsaid theiPhone maker and Hyundai were in discussionstodevelopself-driving electric vehicles by 2027 and develop batteries at US factories operated by either Hyundai or its affiliate Kia Atie-up Shares in Hyundai with jumped as much Apple would be a as 24.8%, hitting a more major boost to than seven-year high after Hyundai, whose reports of the tie-up global sales last year fell more than 15% The auto major is expected to launch its first car based on a dedicated e-car platform early this year Hyundai and Apple already work together on CarPlay, Apple's software for connecting iPhones to a variety ofvehicles Motors.The broadcasterdidn’t cite sources. “Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided,” Hyundai said in a statement. It didn’t say what the talks were about and omitted a reference in an earlier statement to Apple being in discussions with other global automakersaswellasHyundai. In a regulatory filing issued later,the automakersaid itwas New Delhi “getting requests for cooperation on joint development of autonomous electric vehicles fromvariouscompanies”,without identifying anyof them. Apple declined to comment. The iPhone maker is known to keep product plans under tight wraps. AnApple-brandedcarcould be a big challenge to electric vehicle(EV)marketleaderTesla. Continued on Page 2
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