Employment News Today 9 July 2013

Employment News Today 9 July 2013

BSNL to get Rs 1,500-cr lifeline from USOF

Bharat Sanchar Nigam Ltd (BSNL) will receive Rs 1,500-crore subsidy from the Universal Service Obligation Fund (USOF) next week to sustain its loss-making rural landline operations, a top telecom department official told ET. 

The Universal Service Obligation Fund (USOF), an independent body within the telecom department that subsidises telecoms infrastructure in rural India, has just inked a memorandum of understanding (MoU) with BSNL to support the state-owned telco's rural wireline business.

BSNL may qualify for a second tranche of Rs 1,250 crore if the National Institute of Communications Finance (NICF) recommends such subsidy support to the Telecom Commission, which is the highest decision-making wing in the communications ministry.

BSNL's rural landline operations hit a rough patch after the government suspended its annual Rs 2,000-crore subsidy payouts in July 2011. 

The Telecom Commission had originally provisioned a Rs 6,000 crore USOF subsidy payout to BSNL over three years, starting July 2008, which lapsed in July 2011. 

The threeyear subsidy provision was aimed to reimburse the telco for a loss-making venture linked to its social obligation. 

It was also extended since BSNL had lost out on access deficit charges in 2008.

Women to be inducted in BSF

The government of India for the first time has given its nod for recruitment and commissioning of women officers in BSF, the border guarding force.         

As per the BSF, Young women under and up to the age of 25 years will be recruited as direct entry officers in the rank of Assistant Commandants (ACs), and these officers are expected to be posted to lead their troops along the two most crucial borders the BSF guards at present-- Pakistan and Bangladesh. 

To the present time women could only get into the combat uniform in the officer cadre in two other central security forces, the Central Reserve Police Force (CRPF) and the Central Industrial Security Force (CISF)

This first batch of women officers will be on ground by late 2014 and their recruitment will be completed by December 2013.

CBI drops clause on booking politicians and bureaucrats

CBI had planned to ask the government to change the law enabling it to prosecute politicians and bureaucrats interfering in its probes. 

The CBI had planned to propose that such actions attract up to a fiveyear jail term.

However, the CBI backed out at the last minute from pressing for this provision formally before the Group Of Ministers (GoM) constituted to suggest how to make CBI autonomous, in the wake of feedback from parts of the government that this could be perceived as "draconian" by the GoM, a top CBI official has told ET, asking not to be identified. 

This proposal was discussed inside CBI in our internal meetings of senior officers.

CBI Director Ranjit Sinha Said-----

In Section 9 of the PC Act, a proviso should be included that if any political executive or bureaucrat interferes with the investigation by calling for the record relating to on-going investigation/enquiry with an intent to influence investigation/enquiry would amount to personal influence and he would be liable to be prosecuted under Section 9 of the PC Act," said the draft drawn up by the probe agency which was informally shared with certain wings of government. 

An offence under the existing Section 9 of the PC Act is punishable with imprisonment for a term not less than six months but which may extend to five years as well as a fine.

 India at 2nd spot in ICC Test rankings

India moved a rung to second spot, ahead of England, in the latest ICC Test rankings, while South Africa strengthened its position on the top

However, Alastair Cook's team can reclaim the number two spot by winning the upcoming Ashes series, starting on July 10 

At the recent ICC Board meeting, it was decided that the annual update to the Test, ODI and T20I rankings would now take place on 1st May each year, rather than 1st August, since it aligns better with the current international calendar.

China's ex-minister sentenced to death for graft, power misuse

China's former Railways Minister Liu Zhijun was given a suspended death sentence on Monday by a court here for corruption and abuse of power.

The Beijing No. 2 Intermediate People's Court, which is conducting the trial, announced the stiff verdict handing down death sentence to 60-year-old Liu

He was accused of accepting bribes to the tune of USD 10.53 million over 25 years.

He headed the railways from 2003 to 2011, during whose tenure China had embarked on the high speed network linking different parts of the country.

China’s former Railways Minister Liu Zhijun, who oversaw the rapid construction of a high-speed rail network that is now the world’s largest but was later dismissed on corruption charges, was on Monday sentenced to death with a two-year reprieve by a Beijing court.

The court found that Liu had taken at least $10 million in bribes, and had also helped his associates, including the businesswoman Ding Shumiao, amass more than $ 500 million in profits by awarding them lucrative contracts. 

He was sentenced to 10 years in jail for abuse of power and handed a suspended death sentence for bribery.

Under Liu — known in government circles as “Great leap Liu” for his ambitious plans — the country built a massive network of high-speed rail lines, which as of last year had stretched over more than 9,300 km and had become the longest network in the world.

The length of the network is to reach 18,000 km by 2015.

 Asian Athletics: Indian women clinch gold in 4x400m relay

India clinched a gold medal in women's 400m relay in a sensational race to finish sixth overall as the curtains were drawn on the 20th Asian Athletics Championships with China confirming their supreme status in the continent in Pune on Sunday.

The home team came up with a rich haul of eight medals, one gold, two silver and five bronze on the fifth and final day to give the housefull Shivchhatrapati Stadium crowd a lot to cheer.

India ended the Championships with two gold, five silver and 10 bronze, a much improved performance than the last edition in 2011 in Kobe, Japan where they had finished seventh with one gold, three silver and eight bronze.

Indians in Asian Boxing Ch'ships finals

The young Indian troika of L Devendro Singh (49kg), Shiva Thapa (56kg) and Mandeep Jangra (69kg) continued their fine form to enter the finals of the Asian Boxing Championships in Amman and assured at least a silver medal finish from the tournament.

The World Championship quarter-finalist will now look better the colour of his first medal when he takes on Temertas Zhussupov of Kazakhstan.

RIL chief Mukesh Ambani joins M&M boss to back India’s 1st genre-specific channel 'Epic TV'

"Epic TV"

- a niche entertainment pay channel will be India's first to showcase genre specific content related to history, folklore and mythology. Set up in October 2012, Epic Television Network is being led by Mahesh Samat, former managing director of Walt Disney Company who left the multi-national last year after a four year stint.

But interestingly, through this investment Mahindra and Ambani each have a 25.8% stake in the company and together have financial control. 

Even though the quantum of their investments and other financial details are not yet disclosed, according to industry sources there is an initial commitment of Rs 100 crore from the group of "angel investors. 

The amount can increase going forward depending on the business and expansion plans. 

Samat himself has a 48.5% stake in the venture, as per the company's filing with the Registrar of Companies (RoC).

Indians bought $ 3.5 billion US realty in year ending March 2013

Indian buyers accounted for nearly $ 3.5 billion of the $ 68.5 billion that foreigners spent on purchasing homes in the United States during the 12 months ending March 31, according to the National Association of Realtors.

According to the NAR report, international non-resident clients are likely to be substantially wealthier than the median domestic buyer, and are usually looking for a trophy property abroad after having met essential living needs in their home country.

The survey shows that among the reported destination states for buyers from India, the top states were California, Tennessee, Connecticut, and New Jersey. According to information from realtor.com, as of March 2013, the five markets of greatest interest to potential Indian buyers are Los Angeles, Orlando, Chicago, Dallas, and Houston. 

Indian buyers include those on temporary guest worker visas such as H1-B, but exclude Indian-Americans or American citizens of Indian origin.

Since non-resident foreigners are limited to 6-month stays in the US, such international buyers generally expect to use the property for vacation/rental purposes and as an investment, the NAR report says. About 42 per cent of reported international transactions were intended for primary residences.