World
Masood Azhar is no terrorist, says China after vetoing India ban
United Nations : China's Permanent Representative Liu Jieyi has reiterated Beijing's claim that Pakistan-based Jaish-e-Mohamed (JeM) chief Masood Azhar does not qualify as a terrorist who would have to face UN sanctions, after China put on hold a ban sought by India on the Pathankot terror attacks mastermind.
 
Speaking to reporters here Friday after assuming the rotating presidency of the Security Council, Liu asserted that Azhar did not meet "the Council's requirements" to be considered a terrorist.
 
Asked about China exercising a virtual veto at the UN sanctions committee by putting a hold on Azhar being declared a terrorist subject to a range of punitive actions, Liu made a general statement: "Individuals and orgnisations on the sanctions list of the United Nations would have to meet the requirements. It is the responsibility of all the members of the Council to make sure that each requirement is followed."
 
Pressed further about in what way Azhar fell short of being a terrorist, Liu only said: "The Council's requirements" - implying that he (Azhar) did not meet them. Liu would not go into details.
 
Following the January 2 attack on the Pathankot air force base, India had requested the sanctions committee in February to include Azhar in its list of terrorists. The action by the panel, popularly known as the 1267 committee after the Council's resolution number setting it up, would have required Pakistan and other countries to freeze his assets and ban his travel.
 
At the committee's meeting on Monday, all the other 14 members of the Council supported placing Azhar on the list, but China put a hold on it, which is in effect a veto. 
 
The exercise of veto through holds by permanent members in the sanctions committee falls into gray area as it appears to extend the right beyond the Council where the veto is recognised by the Charter. India has called it a "hidden veto".
 
This is the second time that China has come to the aid of Pakistani terrorists in the sactions committee. Last June, China blocked India's demand for taking action under the Council's anti-terrorism resolutions against Pakistan for freeing Zaki-ur-Rehman Lakhvi, the Lashkar-e-Taiba mastermind of the 2008 Mumbai attack in which 166 people were killed.
 
India has criticised Beijing's latest action to prop up Pakistan-based terrorists. 
 
External Affairs Ministry Spokesperson Vikas Swarup said Friday it was "incomprehensible" that while JeM was listed by the sanctions committee as far back as 2001 "for its terror activities and links to the Al Qaeda, the designation of the group's main leader, financier and motivator has been put on a technical hold".
 
In the statement issued in Washington, where he is accompanying Prime Minister Narendra Modi, Swarup said the committee's "working methods, based on the principles of unanimity and anonymity, is leading the Committee to adopt a selective approach to combating terrorism. This does not reflect well on the determination that the international community needs to display to decisively defeat the menace of terrorism."
 
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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Ford, Ashok Leyland sales up, Toyota Kirloskar down in March

Commercial vehicle major Ashok Leyland said it sold 16,702 units in March 2016, up from 12,754 units sold in March 2015

 

Ford India sold 21,198 vehicles in March 2016, which is 5,423 units more than the sales recorded in the corresponding month of the previous year, the auto company said in a statement.
 
The company sold 21,198 vehicles (domestic 7,560 units, exports 13,638 units) last month, up form 15,775 vehicles (domestic 5,253 units, exports 10,522 units) sold in March 2015.
 
On the other hand, Toyota Kirloskar Motor said it sold a total of 9,007 vehicles in March, down from 14,325 units sold in March 2015.
 
"The ban on registration of diesel vehicles in Delhi and NCR (national capital region) has affected our sales the past few months and will further affect us adversely due to its continuation," Toyota Kirloskar said in a statement quoting N. Raja, director and senior vice president (sales and marketing).
 
Commercial vehicle major Ashok Leyland said it sold 16,702 units in March 2016, up from 12,754 units sold in March 2015.
 
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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Australian super funds still shy of buying Jaitley's India story

The reported apathy of both the business and political communities strengthens the age-old belief held by India's diplomatic circles that the Australians are simply not interested in India

 

Sydney: As the Australian visit of India's Finance Minister Arun Jaitley enters its concluding phase, a section of the media here is already lamenting the tepid reception given to him, while also doubting if he can inspire big Oz funds to invest in India.
 
"His visit to Australia this week should have aroused comparable excitement to that of the visit of, say, the premier of China (second in his nation only to the president) or the vice-president of the US," well-respected media commentator Greg Sheridan says in his The Australian column.
 
Greg Sheridan considers Arun Jaitley as "...one of the two dozen or so most important people in the world right now" in his endeavour to highlight the fact that the Australian business and investment community has missed an opportunity to engage a leader who is presiding over what is definitely the world's fastest growing large economy.
 
"He is the second most important figure in the government of India, after Prime Minister Narendra Modi, and India is the second biggest nation in the world, after China," Greg Sheridan writes while mentioning Arun Jaitley in his column published in The Australian Saturday.
 
It is, of course, too early to say whether the cash-rich Australian superannuation funds would invest in India's infrastructure or not. But if the overall indifference to Arun Jaitley's visit is used as a gauge, the Indian infrastructure project managers should look elsewhere.
 
The reported apathy of both the business and political communities strengthens the age-old belief held by India's diplomatic circles that the Australians are simply not interested in India.
 
"Indian Finance Minister Arun Jaitley's visit to Australia offers a genuine platform to lift the game and to take forward the strategic partnership that both governments committed themselves to when Prime Minister Modi visited Australia," Ambassador Amit Dasgupta, the former Indian Consul General in Sydney, wrote in an article in South Asia Monitor earlier this week.
 
Amit Dasgupta, who is the head of SP Jain School of Global Management in Mumbai, says that the "forward surge" has failed to materialise so far as the Australians have an inherent "conservative and risk-averse attitude towards new markets".
 
It was evident Jaitley encountered a general lack of interest when he addressed a series of meetings with top superannuation funds here such as Sovereign Fund, Australia Post Super Scheme, Construction and Building Industry Super, Emergency Services and State Super, and Energy Industries Superannuation Scheme.
 
He also met Peter Costello, who was the treasurer in John Howard's Liberal Government and is now chairman of Future Fund, in as a part of his busy schedule in Melbourne Friday.
 
It would be relevant to mention that it was Costello who introduced theGoods and Services Tax (GST) regime in Australia in July 2000. There is a possibility that probably the greatest supporter of GST in Australia would have expressed concern over the ongoing political imbroglio in India.
 
Like other parts of the industrialised world, there are a number of business managers down under who are reluctant to consider India as an investment destination as the South Asian country has failed to reform the tax system.
 
What makes Jaitley's mission to woo the Australian superannuation funds almost impossible to accomplish is the fact that the socio-political developments in India are monitored closely here in Australia.
 
The perception that Modi government is struggling to press through various economic reforms is not oblivious to the powerful fund managers who control close to 2 trillion Australian dollars. Jaitley, however, has expressed optimism about Australian funds investing in India.
 
"The investors who have invested in India have a good story to tell," the Indian finance minister told Greg Sheridan while emphasising that foreign investments in India have gone up by a whopping 40 percent in the last one year.
 
"Our infrastructure needs are very large; so are our investment needs. Pension funds are an important investment provider. They also are looking for stable and high returns."
 
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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COMMENTS

Suketu Shah

1 year ago

Who headed the 2009 elections from BJP side and what was the outcome? Aussies are saying we trust what NaMo is saying but we donot trust yr FM.

REPLY

Nanda Patel

In Reply to Suketu Shah 1 year ago

Most of the Australian Stocks has dividend yield more then 4% ( top 4 bank CBA, ANZ, NAB, WBC yield 5.8 to 7.5% fully franked)

Australia is a good place to invest where ASX and regulatory takes interest in protecting small investors unlike SEBI.

Why not invest in Australia where regulator is very serious about continuous disclosures, insider trading is disclosed (even if it's $1 , by directors PF fund). ASX queries company if stock fluctuates hugely without news, and company has to report back witin given time window (1-2 days). In India moneylife keeps on pushing 1 stock every publication reporting fishy activity and no one cares !

Nanda Patel

In Reply to Nanda Patel 1 year ago

Company name Price P/E ratio Dividend yield
WBC Westpac Banking Corp 29.65 11.97 6.05
CBA Commonwealth Bank... 72.99 13.66 5.61
NAB National Australi... 25.68 10.51 7.54
ANZ Australia and New... 22.81 8.88 7.54
BEN Bendigo and Adela... 8.63 10.55 7.44
LLC Lend Lease Group 13.52 11.88 4.06
SUN Suncorp Group Ltd 11.63 14.60 5.77
AMP AMP Limited 5.64 17.05 4.85
MQG Macquarie Group Ltd 64.20 10.96 5.47
IAG Insurance Austral... 5.36 21.33 5.30
BOQ Bank of Queenslan... 11.83 14.30 6.21

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