Leisure, Lifestyle & Wellness
River cruise from Kolkata to Dhaka via Sundarbans on anvil

Cruise enthusiasts will soon be able to sail in luxury from Kolkata to Dhaka and relish the sights of the celebrated Sundarbans mangrove forests, courtesy a river cruise service between India and Bangladesh, an official said.

"The guidelines are being finalised by the Director General of Shipping and it will commence soon," Arvind Kumar, assistant director of Inland Waterways Authority of India, told IANS.

The Bangladesh Inland Water Transport Corporation (BIWTC) is looking after the part in the neighbouring country while IWAI is monitoring the Indian part. Currently only cargo vessels are allowed across the border via waterways.

"It will be a 14-day cruise through the Indian and Bangladesh part of Sundarbans. It is likely to begin end of the year,a said Lt Col. (Retd) SR Banerjee, consultant of Vivada Cruises.

 

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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Mallya quits Bayer's Indian arm as chairman

Beleaguered tycoon Vijaya Mallya resigned as chairman of Bayer CropScience Ltd, the Indian subsidiary of the German pharma major Bayer AG, the company said on Tuesday.

"We regretfully accept the voluntary resignation of Vijay Mallya as our director and chairman with effect from June 30, 2016," Bayer CropScience said in a statement.

A new chairman will be appointed at its next board meeting, it added.

Thanking Mallya for his valuable service, the pharma arm and its promoter (Bayer AG) said it had grown into a market leader during his tenure since March 2004.

"We are grateful to Mallya for his professionalism, dedication and loyalty," the statement added.

As a global enterprise with core competencies in life sciences fields of health care and agriculture, Bayer's products and services are designed to benefit people and improve their quality of life.

In fiscal 2015, the global firm employed about 117,000 people and had sales of euro 46 billion.

 

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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Nifty, Sensex are still on course to head higher – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex were headed higher. The major indices of the Indian stock markets were range-bound on Tuesday and closed with small losses over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Profit booking, combined with negative global cues and a weak rupee, subdued the Indian equity markets on Tuesday resulting in the key indices trading marginally in the red during the mid-afternoon session with heavy selling pressure witnessed in banking, consumer durables and capital goods stocks. The key Indian indices ended in the green on Monday, following economic reforms and higher global equity markets. Initially on Tuesday, the equity markets opened on a flat-to-positive note, in-sync with their Asian peers. The Asian markets gained on the back of increased chances of Britain staying on in the Eurozone. The island nation will go in for a referendum on this issue later this week. However, profit booking, consolidation and negative European markets dragged the key domestic indices lower. Further, investors were seen concerned about US Federal Reserve Chairperson Janet Yellen's testimony to the US Congress. The testimony can provide further cues towards the next phase of the key lending rate hikes. In its two-day policy meet last week, the US FOMC (Federal Open Market Committee) decided to maintain its key lending rates. The US Fed signalled its intention to limit the times it might increase key lending rates due to weak domestic jobs market. A hike in the US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India. Besides, lower global crude oil prices and a weak rupee eroded investors' risk-taking appetite.
 
With two more days to go for the crucial referendum on Britain's continuance in the European Union, speculation over its exit (Brexit) is making the global economy nervous and the unfolding situation is being closely watched, a top World Bank official has said. “It’s clear that the discussion around Brexit is one of several factors that is contributing to uncertainty in the global economy,” Ayhan Kose, director of the World Bank Group’s Development Prospects Group, told IANS in an e-mail interview. Kose, however, did not comment on queries over Brexit's possible impact on India. He said the event was being closely watched by the World Bank, though it does not want to speculate on the outcome. The referendum is slated for June 23. The United Kingdom represents more than 15% of European Union’s GDP (gross domestic product), 25% of its financial services activity, and 30% of its stock market capitalisation. The European Union, in turn, is a key export market and source of foreign direct investment for many emerging market and developing economies. Financial market volatility around a decision to leave the European Union could lead to heightened global risk aversion, hampering already weak capital flows to emerging market and developing economies, a report said.
 
With increasing concern over foreign institutional investors continuing to invest in emerging markets, US President Barack Obama said on Monday that investing in the US is the "best business decision" possible because this is a country of "making and tinkering, and entrepreneurship and risk-taking, and of innovation and invention". "Investing in the United States is the best business decision you can make," he told more than 2,000 business owners and executives meeting at the Washington Hilton for the SelectUSA Investment Summit. Obama noted that the US is responsible for one-quarter of global investment in research and development, and that no other country receives more direct foreign investment. Energy costs are among the lowest, and "no country has as many top universities, and no country invests more in research and development than we do," Obama said. He acknowledged, however, that advances in technology and the process of globalisation are legitimate concerns for some workers.
 
In anticipation of stable interest rates in the Indian economy, interest rates for various small savings schemes have been kept unchanged for the July-October quarter of current fiscal, the government announced on Monday. A finance ministry statement here said that the interest rate on one-year deposits for the July-October quarter of 2016-17 has been kept unchanged at 7.1%. Similarly, the interest rates on two-year, three-year and five-year time deposits have been retained at 7.2%, 7.4% and 7.9% respectively. Besides, the interest rates on Public Provident Fund (PPF), the Kisan Vikas Patra scheme and the Sukanya Samriddhi Account Scheme were kept at 8.1%, 7.8% and 8.6% respectively, the statement added. The government had announced in February that small savings rates will be set quarterly to align them with the market rate of government securities.
 
Selling pressure was there among bank stocks in Tuesday’s trading. Axis Bank closed at Rs517.45, down 1.37%; Bank of Baroda closed at Rs149.95, down 1.28%; and IndusInd Bank closed at Rs1,090.90, down 1.07% on the BSE. Other losers among banks were Federal Bank (-0.88%), State Bank of India (-0.88%), Kotak Bank (-0.81%), HDFC Bank (-0.59%), Yes Bank (-0.43%) and ICICI Bank (-0.02%) on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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