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PROTESTS GALORE IN GREECE AGAINST THE BAILOUT PACKAGE AS PARLIAMENT ADOPTS.

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Alexis Tsipras has managed to sail through the bail out package in the Parliament but with stiff opposition from his own law makers and wild protest by the people in the streets. In the 330 member Parliament 229 voted in favour while 64 voted against and 6 abstaining.

In January,2015 election Alexis Tsipras’s Syriza party had fought on anti-austerity promises. Also in the referendum held on 5th July consequent on the deadlock in the talk for a bailout package with the Eurozone majority, say 61% had voted against further austerity measures. But the deal reached by Greece with the Eurozone contained many stringent austerity measures which clearly breached the earlier stand of Alexis Tsipras and his party. This has reflected in the open revolt of 32 members voting against and 6 abstained including former Finance Minister Yanis Varoufakis, Head of Parliament Zoe Constanto Poulouv and Energy Minister Panagiotis Lafazanis.

There were wide spread protest rallies against the bailout package by the workers and the people at large as the  people had suffered much due to the austerity measures and they are much concerned of further austerity measures.

78.2% IDA MERGER- COMMENTS FROM EXPENDITURE DEPARTMENT YET TO BE RECIEVED.

ACCORDING TO INFORMATION RECIVED FROM THE DEPARTMENT OF TELECOM THE COMMENTS FROM DEPARTMENT OF EXPENDITURE ON CABINET NOTE SENT FOR EXTENDING THE BENEFIT OF 78.2% IDA MERGER IS YET TO BE RECIEVED. WE ARE PURSUING THE ISSUE WITH THE CONCERNED OFFICERS IN THE DEPARTMENT OF EXPENDITURE. THE DIRECTOR, DEPARTMENT OF EXPENDITURE STANDS RELIEVED AND THE NEW INCUMBENT HAS NOT TAKEN CHARGE.

HOWEVER FOR ONE OR OTHER REASON THE ISSUE IS BEING DRAGGED UNECESSARILY AND THEREFORE WE SHALL GO AHEAD WITH THE 2 DAYS HUNGER FAST ON 21-22, JULY, 2015 BEFORE ALL THE CCA OFFICES ACROSS THE COUNTRY.

OIL PRICES TUMBLE AFTER THE NUCLEAR DEAL.

Iran and the six global powers reached a land mark nuclear deal on 14th July, 2015 consequent on which the oil prices were dropped. The historical agreement was hailed by both the US President, Barack Obama and the Iranian President Hassan Rouhani. The nuclear deal would help easing of sanctions against Iran and a gradual increase in its oil exports.

Under the deal -, sanctions imposed by the US, European Union and the United Nations would be lifted in exchange for curbs on Iran’s nuclear program. How ever there were no immediate details on how sanctions would be eased on oil. But even a modest increase in Iran’s oil export would be enough to pull international oil prices down as the market is already producing around 2.5 million barrels per day above demand.

( Courtesy: The Hindu.)

GULBARGA DISTRICT HELD GENERALBODY MEETING ON 12TH JULY.

A well attended general body meeting of Gulbarga District Branch in Karnataka Circle was held on 12th July, 2015. Com. M. A. Khan, Retired CTS presided over the meeting.

Welcoming the gathering Com. M. R. Ujalambakar, District Secretary explained the issues of the pensioners with particular focus on the progress on 78.2% IDA merger and the two days relay hunger fast on 21-22, July 2015 before the CCA offices across the country to exert further pressure on the demand of 78.2% as well as restoration of medical allowance. Some of the members actively participated and raised the issues of anomaly, delay in payment of pensionary benefits by GMTD, Gulbarga etc which were later clarified by the District Secretary.

Shri. Restompur, Branch Manager, LIC, Gulbarga participated as the chief guest and spoke on ‘Varshita Bima Yogana” a scheme of LIC advantageous to the elders.

Some of the new participants were enrolled as members of AIBDPA in the meeting.

With vote of thanks by senior pensioner Com. Mohd Hameeduddin the meeting came to an end.

 

MAKE THE TWO DAYS HUNGER FAST BEFORE CCA OFFICES ON 21-22, JULY A GRAND SUCCESS.

The Jamnagar Central Executive Committee Meeting held on 28-29 April, 2015, after serious discussion of the pending issues had decided to launch a two phased program of action demanding,

1. Issue immediately orders on 78.2% IDA merger to the BSNL pensioners.

2. Restore the quarterly medical allowance to BSNL pensioners.

The first phase was post card campaign during third week of May, 2015 and was a resounding success even non members also participating. About 35,000 to 40,000 hand written post cards were sent to the hon’ble Prime Minister which had the desired result also.

Now, we have to focus on conducting the 2 days relay hunger fast on 21-22, July, 2015 before the office of the Controller of Communication Accounts in all the circles and make this program a grand success as further pressure is warranted to settle these two vital issues.

RELIANCE-JIO TO BE BENEFITED WITH CHINA’S HEALTHY 4G ECOSYSTEM.

China’s healthy 4G ecosystem bodes well for R-Jio in India

The tearaway growth of 4G in China has led to a drop in device prices, which ‘will help an aggressive new entrant R-Jio’, states the Credit Suisse report. Photo: Bloomberg
New Delhi: If the numbers in the world’s largest telecom market are anything to go by, Mukesh Ambani-promoted Reliance Jio Infocomm Ltd (R-Jio) will do better than initially expected, telecom analysts at Credit Suisse Securities Research and Analytics predict in a new report.
R-Jio is expected to launch services by the end of the year, using a combination of technologies to provide high-speed wireless data services.
It’s the only telecom firm with 2,300 MHz spectrum, needed to offer the TD-LTE (time duplex-long-term evolution) variant of 4G, or fourth-generation, mobile telephony technology across all 22 circles in India.
R-Jio also has 800 MHz spectrum in 20 circles and 1,800 MHz band spectrum in 14 circles. The company is reported to be putting together an integrated technology ecosystem, combining all the airwaves, to provide high-speed, wireless data services across the country.
According to the Credit Suisse report released on Monday, its revision of estimates for R-Jio was based on the faster-than-expected growth of the TD-LTE in China.
The tearaway growth has led to a drop in device prices, which “will help an aggressive new entrant R-Jio, and prove detrimental to incumbents Bharti Airtel Ltd, Idea Cellular Ltd and Reliance Communications Ltd,” stated the report co-authored by Credit Suisse telecom research analysts Colin McCallum, Sunil Tirumalai and Chunky Shah.
A key indicator of the maturity of a technology is the price of end-user devices.
“The handset ecosystem is extremely strong now, with 418 TD-LTE models available, at an average price of RMB 1,499 ($241), and with the cheapest handset now priced at only RMB 299 ($48),” the report stated.
“With good network speeds and performance, and with plenty of handsets at attractive price points, we are revising up our December 2015 TD-LTE (4G) subscriber forecast for China Mobile by 10.4%, from 240 million to 265 million,” the report added. “At the latest price points, TD-LTE smartphones can address a subscriber base accounting for 70% of industry revenues. R-Jio is, therefore, set to be a very strong competitor…”
As reported by Mint on 26 June, R-Jio is expected to follow the China Mobile model closely.
The Credit Suisse report said so as well. “TD-LTE has proved to be a ‘game-changing’ technology shift in China, providing incumbent China Mobile with a working data network. This is facilitating improved data monetisation, particularly as compared with its WiFi network. It is also allowing China Mobile to slow the loss of both subscriber and revenue share,” stated the Credit Suisse report.
“We also expect TD-LTE to be a game-changer in India, for quite different reasons. Specifically, TD-LTE has allowed a new entrant to utilize a large, until now unused, spectrum resource to enter the market. We expect this to have a negative impact on the incumbent operators, in the shape of upward revisions in spectrum costs and capex costs (some of which have already occurred) and downward revisions in revenue forecasts and Ebitda margins (most of which is yet to come). The success of China Mobile’s TD-LTE network over the past 12 months confirms our view that R-Jio can be a meaningful threat to Indian incumbents, and the sheer size of the ecosystem now supporting China Mobile’s 720,000 TD-LTE BTSs (base transceiver stations—commonly referred to as telecom towers) and 170 million handsets/customers can now be leveraged by R-Jio for a full commercial launch in the coming months,” the report added.
Another key question hanging over the use of 2,300MHz-based 4G technology is the strength of the frequency.
As a rule of thumb, the higher the frequency, the lower the signal strength, despite the higher data delivery speed. But R-Jio seems to have this covered.
The Credit Suisse report predicts that at launch, R-Jio will have about 70,000 BTSs in place, and will have the second highest capacity of any Indian network (at 74% of Bharti Airtel Ltd’s network size).
R-Jio declined to comment on the story.

KERALA PAY REVISION COMMISSION SUBMITS ITS REPORT- MIXED RESPONSE

EMPLOYEES ORGANISATIONS FLAYED THE RECOMMENDATIONS OF 10 YEAR REVISION IN STEAD OF PRESENT 5 YEARS, ONLY 12% FITMENT BENEFIT AND DENIAL OF OTHER BENEFITS LIKE LTC ETC.

Thiruvananthapuram: The Justice C.N. Ramachandran Nair Commission submitted its report recommending a hike in government employees’ salary here on 13th July, 2015.

Ramachandran Nair handed over the report to Chief Minister Oommen Chandy. The report recommends a hike ranging between Rs 2,000 to Rs. 12,000. It has been recommended that the revision be implemented with effect from July 1, 2014.

Other major recommendations include; promote high school teachers to the post of deputy headmaster on completion of 28 years and bring in a hike of house allowance ranging from Rs 1,000 to Rs 3,000.

The commission recommends a minimum wage of Rs.17,000 and maximum of Rs 1.2 lakh for the employees working under the state government. It suggests that government increase the retiring age to 58 from the present 56. It also proposes to lower the ceiling of minimum service needed for awarding pension from 30 years to 25.

Proposed scale and existing scale in bracket

LD Clerk: Rs 21,000 – 43,000 ( Rs 9,940-15,380); UD Clerk: Rs 26,500 – 53,000 ( Rs 13,210 -22,370); HSA : Rs 30,700 – 62,000 ( Rs 14,620 – 23,480); Last grade: Rs 17,000 – 35,000 (Rs 8,730 – 12,550)

If the government approves it, the recommendations will be implemented with effect from July 2014. The due amounts are likely to be merged with the provident fund.

LEGENDARY MUSIC COMPOSER M.S.VISWANATHAN PASSES AWAY.

LEGENDARY SOUTH INDIAN MUSIC COMPSER M.S.VISWANATHAN HAS PASSED AWAY AT EARLY MORNING 0430 ON TODAY, THE 14TH JULY, 2015. HE WAS AILING FOR SOME TIME LONG AND THE END CAME AT A PRIVATE HOSPITAL IN CHENNAI. HE WAS 86 AND HAS COMPOSED SONGS FOR MORE THAN 1000 FILMS IN VARIOUS LANGUAGES AMONG WHICH SEVERAL WERE HIT.

AIBDPA PAYS RESPECTFUL HOMAGE TO THE GREAT MUSICIAN AND CONVEYS DEEP CONDOLENCES TO THE BEREAVED FAMILY.

NEW ARBITRATOR APPOINTED IN VODAFONE TAX ROW.

 

Rodrigo Oreamuno’s appointment came after New Delhi’s initial representative, former Chief Justice of India RC Lahoti, resigned in May, setting the arbitration process further back. Vodafone has sought out Canadian trial lawyer Yves Fortier as its nominee for the arbitration process.11 July 2015, 8:04 PM IST

 
New Delhi: The Indian government has named Rodrigo Oreamuno from Costa Rica, an international arbitration expert, as its nominee to resolve the Rs 20,000-crore tax dispute with Vodafone Group Plc which is currently under arbitration. 
Oreamuno’s appointment came after New Delhi’s initial representative, former Chief Justice of India RC Lahoti, resigned in May, setting the arbitration process further back. Vodafone has sought out Canadian trial lawyer Yves Fortier as its nominee for the arbitration process.Oreamuno was the vice-president of Costa Rica from 1994 to 1998 and has also served as the president of the country’s bar association. 

Both Fortier and Oreamuno now would need to decide on a third arbitrator, to take the process ahead.

Abdulqawi Ahmed Yusuf, vice-president of the International Court of Justice, who was being earlier proposed as the third arbitrator by Vodafone and India, had declined to take up the position. 

The arbitration is likely to take place outside India and the UK as Vodafone had invoked an India-UK treaty.

The tax dispute dates back to 2007 when Vodafone bought Hutchison’s Indian telecom operations in an $11 billion deal, marking its entry into India. The government held Vodafone responsible for not withholding tax from Hutchison on grounds that even though the transaction was conducted overseas, the underlying asset was in India and tax was therefore due to the Indian government.

India’s Supreme Court overturned the demand, prompting the government to amend the income tax law in 2012 to tax such indirect transfers with retrospective effect, a widely criticised law that has been blamed for damping investment sentiment. The company faces a demand of over Rs 20,000 crore, of which Rs 8,000 crore is the tax due and the remainder is interest and penalty.

The Narendra Modi-led government has not reversed the retrospective amendment, which would have cancelled the tax demand on Vodafone, but has put in place measures to ensure that the clause does not cause more damage. As a result, 16 retrospective tax cases that have been filed will have to go through the legal process and, in Vodafone’s case, arbitration.

Law minister Ravi Shankar Prasad had declared soon after taking over that changing the law with retrospective effect should normally be avoided as India needs foreign investment.  

GREECE BAILOUT- AN INTERSTING REPORT THAT EXPOSES THE CRUELTY OF EURO ‘FAMILY’

German chancellor Angela Merkel.

The euro ‘family’ has shown it is capable of real cruelty

Suzanne Moore

Angela Merkel and Jean-Claude Juncker seek to justify their Greek bailout deal, but what kind of family asset-strips one of its members in broad daylight?

 German chancellor Angela Merkel. ‘By infantilising Greece, Germany resembles a child who closes its own eyes and thinks we can not see it.’ Photograph: Fabrizio Bensch/Reuters

Contact author

@suzanne_moore

The seemingly indestructible Angela Merkel can go without sleep, and still manage a half smile and speak about Greece’s wish to remain in “the euro family”. This may sound reasonable and pleasant. All families have their little local difficulties, don’t they? But they work through them. People see reason. When they are forced to.

By infantilising Greece, Germany resembles a child who closes its own eyes and thinks we can not see it. We can. The world is watching what is being done to Greece in the name of euro stability.

It sees a nation stripped of its dignity, its sovereignty, its future.

What kind of family, we might ask, does this to one of its own members? EvenDer Spiegel online described the conditions that have been outlined as “a catalogue of cruelties”, but perhaps we should now put it another way, given Jean-Claude Juncker has denied that the Greek people have been humiliated. Juncker instead says that this deal is a typical “European” compromise. Yes, we see. 

The machinations of financial institutions (the troika) have been exposed as much as the institutions themselves. Who runs these banks, and for whom?Twitter slogans talk of the three world wars: the first waged with guns, the second with tanks and this third world war waged by banks. Extreme? Well, there clearly is more than one way to take over a country.

The eurozone and Gemany want regime change in Greece, or at least to split Syriza. Alexis Tsipras has fought tooth and nail for something resembling the debt restructuring that even the International Monetary Fund acknowledges is needed. The incompetence of a succession of Greek governments and tax evasion within Greece is not in doubt. But the creditors of the euro family knew this as they upped their loans, and must now delude themselves that everything they have done has been for the best. It hasn’t, and now that same family will go in and asset-strip in broad daylight a country that can no longer afford basic medicines. In three days Greece is supposed to push through heaps of legislation on privatisation, tax and pensions so it can be even poorer.

There is to be no debt forgiveness in this family. Tsipras has to sell this to his people so the banks can reopen. His endurance has been remarkable, and more will be needed. The unsustainability of Greek debt, even if the country could achieve growth, remains. The words trust and confidence keep being used but by the wrong people. Trust is gone in this European project. François Hollande, ever the pseudo–mediator, may rattle on about the history and culture of Greece. Its value has actually been shown. Its value is purely symbolic. It is worth nothing.

The euro family has been exposed as a loan-sharking conglomerate that cares nothing for democracy. This family is abusive. This “bailout”, which will be sold as being a cruel-to-be-kind deal is nothing of the sort. It is simply being cruel to be cruel.