Consumer Issues
Ford India recalls 48,700 EcoSport vehicles
Ford India on Friday said it is recalling around 48,700 EcoSport vehicles to fix potential safety concerns.
 
In a statement, Ford India said it is issuing two voluntary recalls. "The first recall covers approximately 48,000 EcoSport diesel vehicles, made between April 2013 and June 2014, to install a new bundle clip on the fuel and brake lines," the company said.
 
The company is also writing to owners of around 700 EcoSport vehicles made between January 2016 and February 2016, and fitted with a 60/40 rear folding seat.
 
On certain vehicles, the 40 percent rear seat backrest might have been assembled with bolts that do not meet Ford's material specification, potentially causing the bolts to break, the company said.
 
Ford India is asking owners of the affected EcoSport vehicles to contact their local Ford dealer so that the necessary rework can be carried out, free of charge.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SC imposes Rs.25,000 cost for judicial order's faulty English translation
The Supreme Court on Friday imposed a cost of Rs. 25,000 on a petitioner in a criminal case for filing an erroneous English translation of a judicial order in Hindi which was wrong on grammar, construction of sentences, usage of words and punctuation.
 
Asking the petitioner to deposit the cost within 24 hours with the legal service authority, the vacation bench of Justice Abhay Manohar Sapre and Justice Ashok Bhushan said that the cost would continue to increase in the event of failure to deposit the amount within the stipulated time.
 
The displeased judges said that they had to struggle for one hour to figure out the sense of the order, and that they have never come across an order blended with such grammatical and other mistakes. 
 
The court imposed the cost after lawyer Aishwarya Bhati appearing for petitioner Vardha Ram told the bench that the grammatical error that the court was finding in the high court's order was in fact on account of faulty translation as the original order was in Hindi.
 
Initially, the apex court bench had taken exception to the high court judge passing an order in English which was erroneous on account of grammar, syntax, word usage of words and punctuation and sent the order back to the subordinate court for fresh order.
 
However, the vacation bench changed its order and imposed cost on the petitioner as Bhati admitted to mistake by the "official translator" of the court below.
 
"You should have seen it (translation) yourself," the court told the lawyer and telling her that she should be "sorry".
 
"You should be sorry," the bench said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nomura's proprietary indices suggest uneven recovery
Nomura says its heat-map of high-frequency data indicates that the economic recovery remains uneven and divergence between weak private investment and rising consumption (urban) and slowing industry against a relatively robust service sector continues. 
 
The Composite Leading Index of Nomura, which has a two-quarter lead over non-agricultural GDP growth, suggests that non-agricultural GDP growth could moderate slightly in Q2 and Q3 2016. "However, we believe that a normal monsoon, forthcoming seventh pay commission pay hikes and continued public capex should support GDP growth towards end-2016. We expect GDP growth to recover to 7.8% in 2016 from 7.3% in 2015," it added.
 
Citing its RBI Policy Signal Index that has moved in to neutral zone, Nomura says, the recent pickup in inflation, along with higher oil prices has reduced the probability of further near-term rate cuts and it believes rates will remain on hold until end-2016. The Nomura RBI Policy Signal Index (NRPSI), which measures the relative probability of near-term monetary policy tightening or loosening rose to -0.15 in mid-May, from -0.21 in March. Historically, NRPSI values lower than -0.2 coincide with a rate cut, while values between -0.2 and zero correspond to policy rates staying on hold.
 
 
"Apart from the upside risk to inflation from the seventh pay commission, constant food price pressures and still sticky underlying (core) CPI inflation at slightly above 5% indicate that achieving the RBI's 5% inflation target cannot be taken for granted. Moreover, most of the cyclical factors (oil price falls, rural wage growth deceleration and growth slowdown) that drove disinflation are behind us, leaving little potential for a significant downside. Therefore, we believe that instead of cutting rates further, the RBI will focus on improving liquidity to enable faster transmission of 150bp rate cuts already delivered," the report added.
 
Nomura says, its economic heat-map of high-frequency data, where the green shading denotes high growth and red shading denotes low growth, shows that the divergence between weak investment (private sector) and rising consumption (urban) and slowing industry vs robust services continues to characterise the economy.
 
 
"Drivers of growth are limited, namely urban consumer demand and transportation services. The good news is that green-shoots are visible in external demand (non-oil export volumes and visitor arrivals) and certain infrastructure sectors (cement and power), although both are still at very low levels. Meanwhile, rural demand remains weak, while private investment is yet to show any signs of recovery, which is not surprising given subdued external demand, low capacity utilisation and high leverage in several sectors. Note that the contraction in passenger car sales (indicator of urban demand) and pick-up in two wheeler sales (indicator of rural demand) in Q1 2016 have been driven by one-off factors and do not signal a trend," it added.
 
Nomura's Monthly Activity Indicator, a weighted average growth indicator combining high-frequency data in the economic heat-map, stood at 8.3% in March, compared with 8.6% in February and an average rise of 8.1% in H2 2015, indicating stable growth in Q1 2016. However, Nomura says, "...going ahead into Q2 and Q3 2016, we see non-agricultural growth consolidating at slightly lower levels. Nomura's Composite Leading Index (CLI) for India, which has a two-quarter lead over non-agricultural GDP growth, is pointing to a slight moderation in non-agricultural growth momentum into Q3 2016, owing to tighter financial conditions and slowing industrial recovery (Figure 2)."
 
The Nomura Economic Surprise Index for India (NESII 2.0) slipped into the negative zone to -0.05 in mid-May from +0.28 in mid-April, indicating that incoming data have surprised negatively relative to consensus expectations. "CPI inflation was significantly higher than expected owing to higher food prices, while industrial production disappointed in its latest (March) reading. In our note last month, we had highlighted that NESII tends to be mean-reverting and as it was close to +1 standard deviation, there was a strong likelihood of negative data surprises. The trend of negative data surprises could continue in the near term," it added.

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