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Supplementary Demands for Grants provide for Rs 41,000 crore for recap of PSBs

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New Delhi, Dec 20: The government on Thursday presented in the Lok Sabha the second Supplementary Demands for Grants for 2018-19 for gross additional expenditure of Rs. 85,948.86 crore which includes Rs, 41,000 crore for recap of the Public Sector Banks (PSBs) that have been hit hard by Non-Performing Assets (NPAs).

The demands, tabled by Finance Minister Arun Jaitley, contain proposals involving a net cash outgo aggregate to Rs.15,069.49 crore and gross additional expenditure, matched by savings of the ministries and departments or by enhanced receipts and recoveries, aggregating Rs.70,882.21 crore.

The demands for grants involve meeting expenditure towards the acquisition of RBI’s stake in the National Housing Bank (Rs.1,450 crore) and recapitalisation of PSUs through issue of government securities to the tune of Rs.41,000 crore.

Taking into account the additional receipts of Rs.41,000 and after utilising the savings available within the same section of the grant, the expenditure will not entail any cash outgo, the government said in the explanatory note.

A sum of Rs. 80.17 crore has been sought for subsidising the Pradhan Mantri Vaya Vandan Yojana (PMVVY) for subsidy to elderly persons aged 60 and above a scheme being implemented by the LIC.

The Regional Rural Banks will also get Rs. 245 crore for recapitalisation. Air India will get an equity infusion of Rs. 2,345 crore under a Turn-Around Plan.

IANS

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New Google Chrome extension brings more ad transparency

Named Ads Transparency Spotlight, the early version of the extension is available on the official Chrome Web Store, ZDNet reported on Sunday.

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San Francisco, Aug 3 : As part of its efforts to give people more visibility into the data used to personalise ads, Google has launched a new Chrome extension that lists all companies and services with a presence on the page including content delivery networks or analytics providers.

The extension includes the criteria used to show ads, the ad tech companies helping to display these ads, and the ad platform companies serving these ads on a web page.

Named Ads Transparency Spotlight, the early version of the extension is available on the official Chrome Web Store, ZDNet reported on Sunday.

At the time of release, it only shows information about those ads purchased through Google Ads that have implemented the Ad Disclosure Schema, a uniform system for advertisers to disclose how their ads work.

As others implement this schema, these ads will also appear in the extension.

“Over time, we hope the industry will incorporate the Ad Disclosure Schema into their ads,” Google said.

Google said it released the extension to provide a tool for transparency into the criteria being used to show ads.

“Our ultimate goal is to support a more transparent ad ecosystem globally,” the company added.

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TikTok parent to shift HQ from Beijing to London: Report

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

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Tik Tok

London, Aug 3 : Chinese unicorn ByteDance which owns the popular short video-sharing app TikTok has received approval from the British government to move its headquarters from Beijing to London, The Sun newspaper reported.

A formal announcement from ByteDance’s founders on setting up shop in London is expected soon, said the report on Sunday. While there is no official word on the deal yet, the newspaper said that the deal could see ByteDance’s founder Zhang Yiming and TikTok’s creator Alex Zhu relocating to London.

Last month, The Sunday Times reported that after months of negotiations with the UK’s Department for International Trade and government officials, ByteDance halted the talks about opening a global headquarters in London due to the “wider geopolitical context”.

That report that cited a source came barely a week after the UK government announced a ban on the purchase of new Huawei kits for 5G from next year and said that the Chinese telecom giant’s equipment will be completely removed from 5G networks by the end of 2027.

However, The Sun newspaper report said that the ministers in the British government have found it “absurd” to say no to a big company wanting to come to Britain.

The news comes amid Microsoft’s discussions with ByteDance to purchase TikTok’s operations in the US.

Earlier reports suggested that the talks were halted after the US President Donald Trump threatened to ban TikTok in the country over security concerns.

TikTok has faced allegations that it could share user data with the Chinese government. The company has denied such allegations.

Following a conversation between Microsoft CEO Satya Nadella and the US President, Microsoft said it was prepared to continue talks to explore purchase of TikTok in the US.

Microsoft hopes to complete the discussion by September 15.

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Gold futures surge as international prices hit new high

The October contract is currently trading at Rs 53,637, higher by Rs 192 or 0.36 per cent from its previous close.

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Mumbai, Aug 3 : Bull run in domestic gold futures continued on Monday as prices in the international market surged to new highs.

The active October contract on the Multi-Commodity Exchange (MCX) touched a high of Rs 53,670 per 10 gram, while the August contract, which is due to end on Wednesday, touched a high of Rs 54,199 per 10 gram.

The October contract is currently trading at Rs 53,637, higher by Rs 192 or 0.36 per cent from its previous close.

Spot gold in the international market touched an all-time high of $1,987.95 per ounce earlier in the day.

The safe haven demand for gold refuses to die down as uncertainty over the global economic situation and the ongoing pandemic continues.

Anuj Gupta, DVP, Commodities and Currencies Research, Angel Broking, said that it is more of an impact of the international trend which has been witnessed on the Indian futures market on Monday.

A recent report by the World Gold Council (WGC) showed that it is the record inflow into gold-backed ETFs (Exchange Traded Funds) which has caused the rally in the prices of the yellow metal. The consumer demand, however, has hit rock-bottom amid the pandemic.

Inflows into gold-backed ETFs (gold ETFs) accelerated in Q2, taking H1 inflows to a record-breaking 734 tonne. First half inflows surpassed the previous annual record from 2009 of 646 tonne and lifted global holdings to 3,621 tonne, the report said.

In line with the trend in gold futures, the September contract of silver on the MCX also touched a high of Rs 65,951 per kilogram. Currently, its trading at Rs 65,820 per kg, higher by Rs 836.

Apart from the investment and industrial demand, the supply concerns for silver have lifted its prices. Peru, the world’s second-largest silver producer, saw its mine supply fall by one-third due to the Covid-induced lockdowns.

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