OPINION, P2 MIND & GAMES Researchers studying ancient cassowary egg shells in New Guinea found signs that the bird was being domesticated Page 10 The case of the missing jobs FE LINES There is much debate over booster shots of the Covid-19 vaccine Page 9 THE WORLD’S DEADLIEST BIRD WAS RAISED 18,000 YEARS AGO ACROSS THE AISLE , P CHIDAMBARAM The third jab WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX NO. 48 ACHIEVING 4/3 FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, OCTOBER 3, 2021, 12 PAGES, `10 (PATNA `10, RAIPUR `10) 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 E N N A I , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , ● Moves Bombay High Court to declare demand illegal, invalid E-learning sports Amid shutdown of organised games and sporting activities in the past two years due to the pandemic, online coaching apps and websites are gaining prominence and e-learning is gradually becoming the new norm FE BUREAU Mumbai, October 2 ZEE ENTERTAINMENT ENTERPRISES Ltd (ZEEL) on Saturday filed a petition before the Bombay High Court asking it to declare the requisition by a foreigninvestortoholdanextraordinary general meeting (EGM) as“illegal and invalid”. This follows the media firm’s rejection of a notice by its top investor Invesco Developing Markets Funds to convene an EGM to evict certain directors, citing “multiple legal infirmities”. The move comes ahead of the next hearing before the National Company Law Tribunal (NCLT) on Monday. The company has filed a suit before the Bombay ■ SPOTLIGHT, P 6&7 In the eye of the beholder We find out if erotica has faded amid excessive exposure to Internet and easy access to porn ROHNIT PHORE follows the media firm’s rejection ofa notice by its top investor to convene an EGM to evict certain directors QuickPicks PM: Under Jal Jeevan Mission,govt water connection in 5 cr houses SINCE THE LAUNCH of the Jal Jeevan Mission in 2019, five crore households have got water connection and now tap water is reaching every household in about 1.25 lakh villages, PM Modi said on Saturday, asserting that today’s India has done more work in just two years than what was done in seven decades. Speaking after interacting with gram panchayats and pani samitis/village water and sanitation committees (VWSC) on the Jal Jeevan Mission, Modi said the mission is not just about bringing water to people but it is also a decentralisation movement that is village and women-driven. PAGE 3 UK updates travel advisory,says in contact with Indian authorities THE UK GOVERNMENT on Saturday updated its official advisory for its nationals travelling to India following New Delhi's decision to impose reciprocal curbs on the British visitors from Monday, and said it was in close contact with Indian authorities on the issue. The updated travel advisory by the UK Foreign, Commonwealth and Development Office (FCDO) noted an additional Covid test on day eight and a 10-day mandatory quarantine for all travellers going to India from Britain from Monday. The move follows India's vaccine certification not yet being officially recognised by the UK. PAGE 11 said decision was in the best interest ofthe firm, including its shareholders and stakeholders High Court under the ordinaryoriginal civil jurisdiction, ZEEL said in a stock exchange notice. ZEEL also added that there would be no financial implications on the company with regards to the civil suit, except legal costs. Continued on Page 11 CMIE SURVEY COMMERCE AND INDUSTRY WHEEL OF LEGACY A student dressed up as Gandhi spins the charkha at an event to mark the 152nd birth anniversary of Mahatma Gandhi, in Chandigarh on Saturday KAMLESHWAR SINGH RETROSPECTIVE TAX SETTLEMENT Companies must indemnify govt PRESS TRUST OF INDIA New Delhi, October 2 COMPANIES SUCH AS Cairn Energy and Vodafone Group of the UK will have to indemnify the Indian government against future claims in order to settle their retrospective tax cases, accordingtorulesnotifiedbythe government to settle disputes arisingfromseekingbacktaxes. The ministry of finance on October 1 notified rules that when adhered towill lead to the government withdrawing tax demands raised using the 2012 retrospectivetaxlawandanytax collectedinenforcementofsuch demand is paid back. But the repayment, going by the timelinesdrawnintherules,willtake a minimum of two-three months.According to the rules, thecompanieswillhavetowithdraw any pending litigation or proceeding before any forum againstthelevyoftheretrospective tax and also give an assurancethattheywon’t pursueany furtherclaimsinthefuture. Continued on Page 11 Employment rises by 8.5m; at highest level in 20 months LED BYSALARIED jobs,employ- 14 mentincreasedby8.5millionin Septemberto406.2million,the highestlevelsinceMarch2020. However, it still remained slightlylowerthan the September2019 level of 406.7 million. Consequently, unemployment rate fell to 6.86% in September from 8.3% in August thisyear,butremainedslightly higherthan6.68%recordedin September last year, CMIE’s consumer pyramids household survey revealed. CMIE’s sample comprises over 1.79 lakh households and over 5.22 lakh members who are over15years old.As perthe survey, labour force participationrateincreasedfrom40.5% inAugust to 40.7% in September and, importantly, the employment rate inched up from 37.2% to 37.9% in September this year. Labour force participation rate is an age-specific proportion between persons either working or actively seeking workandthetotalpopulationin working age group, usually 15 years and above. Unemploymentrateisaratiobetweenpersonswhoarenotcurrentlyinjob but are actively searching for one and the total labourforce. Unemployment rate (%) 12 10 All-India Rural Urban 6.86 6.68 8.45 8.62 8 6 4 5.88 Sept 2020 6.06 Sept 2021 “Thebestpartoftheincrease in employment in September 2021 is the increase in salaried jobs.Theseincreasedby6.9millionfrom77.1millioninAugust to84.1millioninSeptember.Of allthemajoroccupationgroups, salaried jobs saw the biggest increase.This big jump in September brings salaried jobs the closesttotheiraveragein201920, which was 86.7 million,” CMIE’s MD and CEO Mahesh Vyaswrote in a recent article. Employment among daily wageworkersandsmalltraders also increased by a substantial 5.5million,from128.4million inAugustto134millioninSeptember.Withthis,employment asdailywagelabourersorsmall traders has crossed the prepandemic level of 130.5 million in 2019-20. Continued on Page 11 Smartphones: Diwali won’t be dhamaka this year ● Chip shortage likely to impact festive launches of consumer electronics Global smartphone shipments between 2018 and 2021 FE BUREAU New Delhi, October 2 *forecast revised downward to 6% from earlier projected annual growth of 9% at 1,447) THE ONGOING SHORTAGE of semiconductors and related electronic components,which has impacted India also,is likely to spoil the festival season for smartphone makers and con- 1,505 2018 2019 (in million units) 1,479 1,331 2021* 1,414 Source: Counterpoint Research sumer electronics players, as analysts anticipate fewer launchesandanuptickinprices in the range of 5-8%.Counterpoint Research has revised downwards its smartphone shipmentnumbersfor2021calendar year to 6% at 1.4 billion units.It had earlier projected an annualgrowthof9%. P U N E PRESS TRUST OF INDIA Dubai, October 2 ■ The company It said the proposal by Invesco to appoint one-halfofthe board would also result in the foreign investor effecting a change in control ofthe companywithout making an open offer 16 D E L H I , No decision on Air India so far: Goyal ■ The move FE BUREAU New Delhi, October 2 N E W DISINVESTMENT ZEE in court against Invesco EGM demand ■ LEISURE, P5 2020 M U M B A I , INVESTOR ISSUES WHAT'S INSIDE ODD & EVEN C H A N D I G A R H , Indra Nooyi’s memoir is the inspirational story of an immigrant woman reaching the top of the corporate world Page 4 The smartphone industry wassetforastrongreboundthis yearafterCovidhadhitthemarket hard in 2020.“Smartphone vendorsplacedlargecomponent orders from the end of lastyear, and consumer demand coming from delayed replacement purchasesbuoyedthemarketinthe firstquarter.However,somesmartphoneOEMsandvendorsare reportingtheyhadonlyreceived 80%oftheirrequestedvolumes on key components during Q2 2021,andthesituationseemsto be getting worse as we move throughQ32021,” thefirmsaid. Continued on Page 11 New Delhi minister Piyush Goyal on Saturday said the government has not taken any decision on Air Indiasofarandthefinalwinner will be selected through a well defined process.“I have been in Dubai since...day before and I don’t think there is any such decision that has happened at all. Of course bids were invited...and that is assessed by theofficersandinduecourseof time, there is a whole well laid down process through which the final winner will selected,” he told reporters in Dubai. Hewasreplyingtoaquestion about media reports stating Tatas have emerged as the top bidder for the takeover of debtladen Air India. Tuhin Kanta Pandey,secretarytotheDepartment of Investment and Public Asset Management (DIPAM) — the government department responsible for privatisation — hadsaidinatweetonFridaythat the Centre has so far not approved any financial bid for Air India.“Media reports indicatingapprovaloffinancialbids by Government of India in the AIdisinvestmentcaseareincorrect. Media will be informed of thegovernment’sdecisionasandwhenitistaken,”hetweeted.
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.