mumbai | 2 november 2019 merkel braves delhi...

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18 MUMBAI | 2 NOVEMBER 2019 1 > Merkel braves Delhi air, vows ^1 bn for e-mobility O n a day public health emergency was declared in the Delhi-NCR region, German Chancellor Angela Merkel, who is on a two-day visit to the country, expressed desire to provide ^1 bil- lion to India for green urban mobility. The two nations signed a joint declaration on the matter after Prime Minister Narendra Modi met Merkel as part of the fifth Indo-German Inter-Governmental Consultations. Merkel (65) remained seated when the national anthems were played during her ceremonial reception at the Rashtrapati Bhawan, after she was granted exemption due to her medical condition. Merkel’s hec- tic itinerary in Delhi included many outdoor engagements — from the ceremonial wel- come at the Rashtrapati Bhawan and paying homage to Mahatma Gandhi at Rajghat to her visit to Gandhi Smriti — leading to her braving the toxic air. Though the Kashmir situation was not discussed during the consultations, sources said, Merkel expected to hear from Modi plans for J&K during their 'restricted meeting' held at the official residence of the PM in the presence of officials from both the sides. Before the meeting with Modi, Merkel told the German media: “As the situation at this moment (in Kashmir) is not sustainable and not good, this has to change for sure." At the consultations, 17 agreements were signed, the external affairs ministry said. Five joint declarations of intent were exchanged too. Pitching for intensifying of trade ties, Merkel said, “Our economic rela- tions have increased but it could be inten- sified even more. Make in India is an endeavour we have understood since India was the host country at the Hannover fair. We saw that you are serious about this goal.” The leaders agreed to deepen efforts to resume stalled negotiations for free-trade agreement between India and the European Union (EU). “Both sides confirmed the importance of a balanced free-trade agree- ment between India and the EU and agreed to deepen efforts to restart negotiations on the Bilateral Trade and Investment Agreement (BTIA),” a joint statement said. The negotiations for the pact have been held up since May 2013 as both the sides failed to bridge substantial gaps on crucial issues. Launched in June 2007, the negoti- ations for the BTIA have witnessed many hurdles with both the sides having major differences on key issues like intellectual property rights, duty cut in auto and spirits, and liberal visa regime. AGENCIES BREATHLESS IN THE CAPITAL German Chancellor Angela Merkel during at the Rashtrapati Bhawan on Friday. India and Germany signed 17 memorandum of understandings PHOTO: PTI Govt agency, L&T among 9 penalised for pollution Dedicated Freight Corridor Corporation of India (DFCCIL) and Larsen & Toubro (L&T) are among nine entities penalised for causing pollution by construction works in Greater Noida, officials said on Friday. A total penalty of ~5.25 lakh was slapped on the nine entities by the regional office of Uttar Pradesh Pollution Control Board, amid a health emergency being declared in Delhi- NCR as pollution levels deteriorated to the “severe-plus” category. PTI Govt agency, L&T among 9 penalised for pollution Delhi’s air quality drops to ‘emergency’ category first time since January A Supreme Court mandated panel declares public health emergency and bans constru- ction activities till November 5 Apex court to consider Environment Pollution Control Authority’s pollution control report, stubble-burning issue on November 4 All schools to remain shut until November 5 Odd-even scheme to be in place from November 4 to 15 Weather experts say increased wind speed due to a fresh western disturbance approaching the northern region would help disperse pollutants faster from Saturday EMERGENCY An AQI of 0-50 is considered “good”, 51-100 “satisfactory”, 101-200 “moderate”, 201-300 “poor”, 301-400 “very poor”, and 401-500 “severe” The AQI takes into account five chief pollutants — particulate matter with a diameter less than 10 micrometres (PM10), PM2.5, ozone, nitrogen dioxide and carbon monoxide. The higher the AQI value, the greater the level of air pollution and health concerns Source:Central Pollution Control Board 484 Delhi Gurugram Faridabad Ghaziabad Noida 469 479 496 499 Air Quality Index on Nov 1 at 4 pm (average of past 24 hours) “THE SITUATION AT THIS MOMENT (IN KASHMIR) IS NOT SUSTAINABLE AND NOT GOOD, THIS HAS TO CHANGE FOR SURE” ANGELA MERKEL, German Chancellor AROUND THE WORLD First day on the job for ECB chief Lagarde Apple requests tariff waivers on iPhone parts, watch and AirPods Christine Lagarde (pictured) took over Friday as president of the European Central Bank, replacing Italy's Mario Draghi, as the institution has been riven by a return to easy money policies to stoke inflation and ward off recession. The former French finance minister and International Monetary Fund chief "has today taken up her duties as President of the European Central Bank," the Frankfurt institution said in a statement. After three male leaders since the bank opened its doors in 1998, Lagarde is the first woman to hold the president's seat. A former corporate lawyer, her path through politics and international organ- isations has been marked by crisis man- agement, holding the French finance ministry from 2007-2011 and the IMF post from 2011-2019. But she lacks the formal economics qual- ifications of former guardians of the sin- gle currency. Lagarde takes office at a time when the ECB's governing council is divided as rarely before over its latest round of mon- etary stimulus. From November 1, the institution will restart "quantitative easing" (QE) bond purchases of 20 billion euros (USD 22.3 billion) per month, on top of historic low interest rates and cheap loans to banks. Beyond the six executive board members and 19 eurozone central bank governors on the council, Lagarde is also under pres- sure to better communicate ECB policy with the wider public. Germans in particular are grumbling at low interest rates' impact on their sav- ings, with top-selling daily Bild depicting predecessor Draghi as "Count Draghila" saying he was draining accounts. And as well as steering monetary policy, Lagarde told European lawmakers in September she wanted to dust off jargon- laden central bank communications and support female staff at the ECB and cli- mate action. AFP/PTI Apple Inc is seeking exclusions from President Donald Trump’s tariffs that went into effect September 1 on the Apple Watch, iMac, parts for the iPhone and other components imported from China. The company filed requests for exclu- sions from 15 per cent duties on 11 products or components Thursday, the first day US firms could seek relief from the tar- iffs on about $110 billion in Chinese imports. The iPhone maker had mixed results on its requests for exclusions from the previous round of duties. BLOOMBERG Energy giants face 35% output cut to hit Paris climate goals: Watchdog The biggest listed oil and gas giants must slash production by more than a third by 2040 to keep emissions within targets laid out in the landmark Paris climate deal, an industry watch- dog said on Friday. Carbon Tracker, a Britain-based think tank, said that current rates of emissions from the energy majors would see the world's carbon budgets surpassed with- in decades due to an inexorable rise in oil and gas output. The 2015 Paris deal enjoins nations to limit temperature ris- es to "well below" two degrees Celsius (3.6 Farenheit) and to a safer cap of 1.5C if at all possible. AFP/PTI China rolls out 5G telecom services China’s three major state-run telecom operators have unveiled their 5G network, as the country aims at becoming the global leader in next generation telecom technology surpassing the US and other western nations. The US, the UK and South Korea have already rolled out their 5G networks this year, according to a BBC report. PTI Warren Buffett’s underperformance splits investors Berkshire Hathaway’s rotation of investors over the past few months points to the question lingering over the conglomer- ate as it heads for its worst annual underperformance since 2009: Is it worth wait- ing for Warren Buffett to make a dent in his record $122 bil- lion cash pile? Ackman’s stake in Berkshire, disclosed in August, is a bullish bet. His idea is sim- ple: Growth at Berkshire’s underlying businesses and the company’s competitive posi- tion will boost earnings even if the funds aren’t deployed. Rolfe, whose firm had been a Berkshire investor for decades, grew tired of waiting. “He has missed this glori- ous bull market,” said Rolfe, chief investment officer of Wedgewood Partners Inc. His company, which oversees $2.2 billion, trimmed its Berkshire stake in the second quarter and exited complete- ly in the third. “The bullish thesis that this massive amount of cash is going to come to bear incredible fruit — hasn’t.” Berkshire’s third-quarter results, set to be released Saturday, should give investors a sense of how Buffett is handling the “Niagara” of cash generation in a period with no major acquisitions to ramp up growth. Berkshire stock climbed 4.2 per cent through the end of October, short of the 21 per cent price gain in the S&P 500. BLOOMBERG Maha spares Lakshadweep, Kerala; Alerts withdrawn PRESS TRUST OF INDIA Kochi, 1 November Lakshadweep islanders heaved a sigh of relief on Friday as the cyclonic storm 'Maha' spared the archipelago and moved across without touching land. Lakshadweep MP Mohammed Faizal said the islands witnessed rough seas and heavy rains due to Cyclone Maha but no major damage was reported. Some coconut trees were uprooted and a few houses and boats were damaged, but no major destruction had been reported, Faizal told PTI over phone. The Met department had earlier forecast that Maha will cross the Lakshadweep and gale wind speed reaching 80- 90 kmph gusting to 100 kmph was likely over northern parts of the islands area and adjoin- ing southeast Arabian sea. After moving across Lakshadweep, the cyclone lay centered on Friday morning about 450 km northnorth- west of Aminidivi (Lakshadweep), it said. The Kerala Disaster Management Authority said cyclone Maha was not a threat to Kerala anymore. According to its weather update, the cyclonic system is currently moving in North West direction at a speed of 24 km per hour. However, the warning giv- en to fishermen against ven- turing into the sea still stood, the authority said adding all other rain related alerts have been withdrawn. There was respite from rains in Kerala on Friday a day after several parts were battered by torrential show- ers with over 1,000 people being shifted to relief camps across the state. Centre can declare any area in J&K 'disturbed' under AFSPA The central government has bestowed on itself the auth- ority to declare any area in the newly-created Union Territories of J&K, and Ladakh “disturbed” under the controversial AFSPA, which gives sweeping powers to security forces to act against any suspect. According to a govern- ment notification, adminis- tration of the Armed Forces (J&K) Special Powers Act, 1990 (21 of 1990) in both the Union Territories is now vest- ed with the Department of Jammu, Kashmir and Ladakh Affairs under the MHA. PTI

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Page 1: MUMBAI | 2 NOVEMBER 2019 Merkel braves Delhi air,midhani-india.in/WordPress-content/uploads/2019/2019-20/Q3/MDN... · to resume stalled negotiations for free-trade agreement between

18 MUMBAI | 2 NOVEMBER 2019 1>

Merkel braves Delhi air,vows 1 bn for e-mobilityO n a day public health emergency

was declared in the Delhi-NCRregion, German Chancellor Angela

Merkel, who is on a two-day visit to thecountry, expressed desire to provide 1 bil-lion to India for green urban mobility. Thetwo nations signed a joint declaration on thematter after Prime Minister Narendra Modimet Merkel as part of the fifth Indo-GermanInter-Governmental Consultations.

Merkel (65) remained seated when thenational anthems were played during herceremonial reception at the RashtrapatiBhawan, after she was granted exemptiondue to her medical condition. Merkel’s hec-tic itinerary in Delhi included many outdoorengagements — from the ceremonial wel-come at the Rashtrapati Bhawan and payinghomage to Mahatma Gandhi at Rajghat toher visit to Gandhi Smriti — leading to herbraving the toxic air.

Though the Kashmir situation was notdiscussed during the consultations,sources said, Merkel expected to hearfrom Modi plans for J&K during their'restricted meeting' held at the officialresidence of the PM in the presence ofofficials from both the sides. Before themeeting with Modi, Merkel told theGerman media: “As the situation at thismoment (in Kashmir) is not sustainableand not good, this has to change for sure."

At the consultations, 17 agreements weresigned, the external affairs ministry said.Five joint declarations of intent wereexchanged too. Pitching for intensifying oftrade ties, Merkel said, “Our economic rela-tions have increased but it could be inten-sified even more. Make in India is anendeavour we have understood since Indiawas the host country at the Hannover fair.We saw that you are serious about this goal.”

The leaders agreed to deepen efforts to resume stalled negotiations for free-tradeagreement between India and the EuropeanUnion (EU). “Both sides confirmed theimportance of a balanced free-trade agree-ment between India and the EU and agreedto deepen efforts to restart negotiations onthe Bilateral Trade and InvestmentAgreement (BTIA),” a joint statement said.

The negotiations for the pact have beenheld up since May 2013 as both the sidesfailed to bridge substantial gaps on crucialissues. Launched in June 2007, the negoti-ations for the BTIA have witnessed manyhurdles with both the sides having majordifferences on key issues like intellectualproperty rights, duty cut in auto and spirits,and liberal visa regime. AGENCIES

BREATHLESS IN THE CAPITAL

German Chancellor Angela Merkel during at the Rashtrapati Bhawan on Friday. Indiaand Germany signed 17 memorandum of understandings PHOTO: PTI

Govt agency, L&T among9 penalised forpollutionDedicated Freight CorridorCorporation of India(DFCCIL) and Larsen &Toubro (L&T) are amongnine entities penalised forcausing pollution byconstruction works inGreater Noida, officialssaid on Friday. A totalpenalty of ~5.25 lakh wasslapped on the nineentities by the regionaloffice of Uttar PradeshPollution Control Board,amid a health emergencybeing declared in Delhi-NCR as pollution levelsdeteriorated to the“severe-plus” category.

PTI

Govt agency,

L&T among

9 penalised for

pollution

�Delhi’s airquality drops to‘emergency’ category firsttime since January

�ASupreme Court mandatedpanel declares public healthemergency and bans constru-ction activities till November 5

�Apex court to considerEnvironment PollutionControl Authority’s pollution control report,stubble-burning issue

on November 4

�All schools to remain shutuntil November 5

�Odd-even scheme to be inplace from November 4 to 15

�Weather experts sayincreased wind speed due to a fresh western disturbance approaching thenorthern region would helpdisperse pollutants faster from Saturday

EMERGENCY

An AQI of 0-50 is considered “good”, 51-100 “satisfactory”, 101-200“moderate”, 201-300 “poor”, 301-400 “very poor”, and 401-500 “severe”The AQI takes into account five chief pollutants — particulate matter with adiameter less than 10 micrometres (PM10), PM2.5, ozone, nitrogen dioxide andcarbon monoxide. The higher the AQI value, the greater the level of airpollution and health concerns Source:Central Pollution Control Board

484Delhi

Gurugram

Faridabad

Ghaziabad

Noida

469

479

496

499

Air Quality Index on Nov 1 at 4 pm (average of past 24 hours)

“THE SITUATION AT THIS MOMENT (IN KASHMIR) IS NOT SUSTAINABLE ANDNOT GOOD, THIS HAS TO CHANGE FOR SURE”ANGELA MERKEL, German Chancellor

AROUND THE WORLD

First day on the job for ECB chief Lagarde

Apple requests tariff waivers oniPhone parts, watch and AirPods

Christine Lagarde (pictured) took overFriday as president of the EuropeanCentral Bank, replacing Italy's MarioDraghi, as the institution has been rivenby a return to easy money policies to stokeinflation and ward off recession.The former French finance minister andInternational Monetary Fund chief "hastoday taken up her duties as President ofthe European Central Bank," theFrankfurt institution said in a statement.After three male leaders since the bankopened its doors in 1998, Lagarde is thefirst woman to hold the president's seat.A former corporate lawyer, her paththrough politics and international organ-isations has been marked by crisis man-agement, holding the French financeministry from 2007-2011 and the IMF postfrom 2011-2019.But she lacks the formal economics qual-

ifications of former guardians of the sin-gle currency.Lagarde takes office at a time when theECB's governing council is divided asrarely before over its latest round of mon-etary stimulus.

From November 1, the institution willrestart "quantitative easing" (QE) bondpurchases of 20 billion euros (USD 22.3billion) per month, on top of historic lowinterest rates and cheap loans to banks.Beyond the six executive board membersand 19 eurozone central bank governorson the council, Lagarde is also under pres-sure to better communicate ECB policywith the wider public.Germans in particular are grumbling atlow interest rates' impact on their sav-ings, with top-selling daily Bild depictingpredecessor Draghi as "Count Draghila"saying he was draining accounts.And as well as steering monetary policy,Lagarde told European lawmakers inSeptember she wanted to dust off jargon-laden central bank communications andsupport female staff at the ECB and cli-mate action. AFP/PTI

Apple Inc is seeking exclusions from President DonaldTrump’s tariffs that went into effect September 1 on the AppleWatch, iMac, parts for the iPhone and other componentsimported from China. The company filed requests for exclu-sions from 15 per cent duties on 11 products or componentsThursday, the first day US firms could seek relief from the tar-iffs on about $110 billion in Chinese imports. The iPhonemaker had mixed results on its requests for exclusions fromthe previous round of duties. BLOOMBERG

Energy giants face 35% output cut tohit Paris climate goals: WatchdogThe biggest listed oil and gas giants must slash production bymore than a third by 2040 to keep emissions within targetslaid out in the landmark Paris climate deal, an industry watch-dog said on Friday. Carbon Tracker, a Britain-based thinktank, said that current rates of emissions from the energymajors would see the world's carbon budgets surpassed with-in decades due to an inexorable rise in oil and gas output.The 2015 Paris deal enjoins nations to limit temperature ris-es to "well below" two degrees Celsius (3.6 Farenheit) and to asafer cap of 1.5C if at all possible. AFP/PTI

China rolls out 5G telecom servicesChina’s three major state-run telecom operators have unveiledtheir 5G network, as the country aims at becoming the globalleader in next generation telecom technology surpassing theUS and other western nations. The US, the UK and SouthKorea have already rolled out their 5G networks this year,according to a BBC report.

PTI

Warren Buffett’sunderperformancesplits investors Berkshire Hathaway’s rotationof investors over the past fewmonths points to the questionlingering over the conglomer-ate as it heads for its worstannual underperformancesince 2009: Is it worth wait-ing for Warren Buffett to makea dent in his record $122 bil-lion cash pile?

Ackman’s stake inBerkshire, disclosed in August,is a bullish bet. His idea is sim-ple: Growth at Berkshire’sunderlying businesses and thecompany’s competitive posi-tion will boost earnings even ifthe funds aren’t deployed.Rolfe, whose firm had been aBerkshire investor for decades,grew tired of waiting.

“He has missed this glori-ous bull market,” said Rolfe,chief investment officer ofWedgewood Partners Inc. Hiscompany, which oversees $2.2 billion, trimmed itsBerkshire stake in the secondquarter and exited complete-ly in the third. “The bullishthesis that this massiveamount of cash is going to

come to bear incredible fruit— hasn’t.”

Berkshire’s third-quarterresults, set to be releasedSaturday, should giveinvestors a sense of howBuffett is handling the“Niagara” of cash generationin a period with no majoracquisitions to ramp upgrowth.

Berkshire stock climbed4.2 per cent through the endof October, short of the 21 percent price gain in the S&P 500.

BLOOMBERG

Maha spares Lakshadweep,Kerala; Alerts withdrawnPRESS TRUST OF INDIA

Kochi, 1 November

Lakshadweep islandersheaved a sigh of relief onFriday as the cyclonic storm'Maha' spared the archipelagoand moved across withouttouching land.

Lakshadweep MPMohammed Faizal said theislands witnessed rough seasand heavy rains due toCyclone Maha but no majordamage was reported.

Some coconut trees wereuprooted and a few housesand boats were damaged, butno major destruction had

been reported, Faizal told PTIover phone.

The Met department hadearlier forecast that Maha willcross the Lakshadweep andgale wind speed reaching 80-90 kmph gusting to 100 kmphwas likely over northern partsof the islands area and adjoin-ing southeast Arabian sea.

After moving acrossLakshadweep, the cyclone laycentered on Friday morningabout 450 km northnorth-west of Aminidivi(Lakshadweep), it said.

The Kerala DisasterManagement Authority saidcyclone Maha was not a

threat to Kerala anymore.According to its weather

update, the cyclonic systemis currently moving in NorthWest direction at a speed of24 km per hour.

However, the warning giv-en to fishermen against ven-turing into the sea still stood,the authority said adding allother rain related alerts havebeen withdrawn.

There was respite fromrains in Kerala on Friday aday after several parts werebattered by torrential show-ers with over 1,000 peoplebeing shifted to relief campsacross the state.

Centre candeclare any areain J&K 'disturbed'under AFSPAThe central government hasbestowed on itself the auth-ority to declare any area inthe newly-created UnionTerritories of J&K, andLadakh “disturbed” under thecontroversial AFSPA, whichgives sweeping powers tosecurity forces to act againstany suspect.

According to a govern-ment notification, adminis-tration of the Armed Forces(J&K) Special Powers Act,1990 (21 of 1990) in both theUnion Territories is now vest-ed with the Department ofJammu, Kashmir and LadakhAffairs under the MHA. PTI

Page 2: MUMBAI | 2 NOVEMBER 2019 Merkel braves Delhi air,midhani-india.in/WordPress-content/uploads/2019/2019-20/Q3/MDN... · to resume stalled negotiations for free-trade agreement between

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