Tata Consultancy Services (TCS) will be considering a buyback of shares of the company at a board meeting to be held on October 7.
TCS said in a filing that the meeting of the Board of Directors of the company is scheduled on October 7 and the Board of Directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on October 7, 2020.
Tata Consultancy Services (TCS) will be providing Rs 1218 crore as an exceptional item in the upcoming results to be announced on October 7 as a provision in the books for a legal claim in the Epic Systems matter.
In a regulatory filing, TCS said in the EPIC Systems Corporation matter, the company would be providing Rs 1,218 crore as exceptional item, in the financial results for the three and six months ended September 30, to be announced on October 7.
On August 20, the US Court of Appeals, 7th Circuit, Chicago, returned a verdict on the appeal filed by TCS, reducing the damages award.
The Court held that the punitive damages award of $280 million is constitutionally excessive, vacated the punitive damages award and directed the Trial Court to reassess the punitive damages. The Court upheld the compensatory damages award of $140 million.
“TCS is legally advised that it has the correct and the strongest possible arguments in its favour and the Order and reduced damages are not supported by facts presented during the trial”, the company said.
In September 2020, TCS has filed petition seeking re-hearing on both compensatory and punitive damages. EPIC has also filed petition seeking re-hearing on decision of the Appeals Court invalidating award of punitive damages exceeding the amount of compensatory damages. “The provision in the books for legal claim is being made as a matter of prudence”, TCS said.
Veronica Ekelund, Research Analyst, EFSAS argued that Pakistan has been sheltering terrorists quoting directly from the country’s Prime Minister Imran Khan. Mr Khan had earlier said that his country hosts 40,000 terrorists and had referred Al-Qaeda leader Osama bin Laden as a “martyr” in the country’s Parliament.
European Foundation for South Asian Studies (EFSAS), an independent think tank located in Netherlands, has slammed Pakistan for allegedly being the harbour of global terrorism. The remarks from the institute was brought at the 18th Meeting of the 45th Session of the United Nations Human Rights Commission, citing several instances in which Pakistan itself admitted giving protection to the terrorists within its territory.
Pointing towards the same, Veronica Ekelund, Research Analyst, EFSAS argued that Pakistan has been sheltering terrorist organisations quoting directly from the country’s Prime Minister Imran Khan. Mr Khan had earlier said that his country hosts 40,000 terrorists and had referred Al-Qaeda leader Osama bin Laden as a “martyr” in the country’s Parliament. Moreover, Pakistan’s Ministry of Foreign Affairs acknowledged the presence of UN Designated Terrorist, Dawood Ibrahim on its territory last month, Ekelund added.
Dawood Ibrahim, Notorious terrorist wanted by India and US with a reward of 25 million dollars was the brain behind 1993 Bombay blasts. He grabbed headlines as he became part of the ‘esteemed’ list of 88 terrorists proscribed by Pakistan. He was named number three on “The World’s 10 Most Wanted Fugitives” by the FBI and Forbes .
Dawood began his career by taking part in smuggling and ferocious crimes in his initial time and later joined the group of Baashu Dada. He later split from the group and made his own gang with his senior sibling Shabir Ibrahim Kaskar in the latter half of the 1970s. After Shabir’s assassination by the opponent Pathan group, he turned out to be the sole leader of his gang, known as the D-Company.
He was then associated with smuggling, extortion and drug trafficking. He fled India for Dubai in 1986 subsequent to being needed by the Mumbai Police for the murdering Samad Khan. In the next years he extended his gang with Chhota Rajan, having more than 5000 members and getting shedloads of money in income every year in the mid 1990s.
Dawood Ibrahim. (Photo: Interpol)
He was named by the Indian government as one of the masterminds in the 1993 Mumbai Bombings. Following the attacks he fled Dubai for Pakistan, where he is said to be living to this day. But Pakistan so far had been denying presence of Dawood in its territory.
“There is no need to elaborate that Pakistani officials have time and again confessed the country continues to be a safe haven for terrorists and terrorist organisations. The UN Security Council’s consolidated list of terrorist individuals and entities included a hundred and forty-six entries from Pakistan. With all due respect, I am compelled to ask, why is Pakistan still a member of this council?” Ekelund concluded with a question to the international community who stands for peace and human rights.
‘Sinking country’
Former Pakistan Prime Minister Nawaz Sharif has that said those responsible for sending him to jail have “sunk the country” and these “antics” would not be allowed to carry on.
Taking to Twitter, the PML-N supremo questioned the credibility of the accountability process through which he was convicted and jailed, reports The Express Tribune.
Along with his tweet, he shared a video of former Islamabad High Court (IHC) judge Shaukat Aziz Siddiqui, who was removed from his post following a controversial speech against state institutions.
The video also showed former accountability judge Arshad Malik confessing to convicting Sharif under duress.
The judge was later sacked by an administrative committee of the Lahore High Court.
“This is the reality of the accountability through which a three-time elected prime minister was victimised, sentenced and declared an absconder,” The Express Tribune quoted the former leader, who has been in London since last year undergoing treatment for an undiagnosed illness, as further saying in the tweet.
Sharif also spoke with JUI-F chief Maulana Fazlur Rehman on the phone and discussed options to oust the incumbent Imran Khan-led government.
Informed sources told The Express Tribune that the two opposition leaders exchanged views on appointing the head of newly-formed Pakistan Democratic Movement (PDM) alliance of opposition parties.
They also approved the formation of committee to decide the matter of opposition lawmakers resigning from the assemblies.
In 2018, an accountability court had sentenced the three-time premier to seven-year rigorous imprisonment after it found him guilty in the Al-Azizia reference, one of the three graft cases filed by NAB in line with the apex court order.
Prior to his sentence, the Supreme Court had disqualified him in Panama Papers case and ordered NAB to file corruption references against him.
Egyptian President Abdel Fattah El-Sisi has warned local authorities to prepare for a coronavirus second wave as the new academic year starts, Arab News Reports.
El-Sisi called on both the country’s health and education sectors to ensure the safety of students, as well as not to disrupt education amid the pandemic.
Public education in Egypt is set to return on Oct. 17 after months of suspension.
Egypt has reported 103,575 coronavirus cases, 5,970 deaths and 97,274 recoveries so far.
The president, as well as other Egyptian officials, have urged all citizens to practice caution to avoid further spike in infections.
“Unemployment tends to go up the elevators and come down the stairs,”said Frydenberg…Reports Asian Lite News
Australia’s federal budget, scheduled to be unveiled on Tuesday, was aimed at keeping more citizens employed amid the coronavirus-induced recession, Treasurer Josh Frydenberg said on Monday.
Speaking to the Australian Broadcasting Corportation (ABC), he said that the economic recovery could be long, slow and with persistently high unemployment, while indicating that there will be substantial government support until joblessness is “comfortably under 6 per cent”.
“Unemployment tends to go up the elevators and come down the stairs,” he told the ABC.
“In the 1980s (recession), it took six years to get unemployment back below 6 per cent from where they started.
“And in the 1990s, it took 10 years to get it below 6 per cent from where they started. We’re hoping to move faster than that, and that’s why in this budget, you’ll see more economic activity as a result of our initiatives, creating more jobs,” Frydenberg was quoted as saying.
Josh Frydenberg. (Photo: Twitter/@JoshFrydenberg)
Regarding Tuesday’s budget, which will see immense spending across all sectors of the economy, the Treasurer said: “The economy does need it. There are still major challenges ahead and the road is hard. But there is also cause for optimism and hope. We’ve seen the economy fighting back.
“In the last three months, 458,000 jobs have been created — 60 per cent of which have gone to women, 40 per cent to young people.
“So outside of Victoria, jobs are being created. And once you can suppress the virus, the restrictions can be eased and more people can get back to work.”
Also on Monday, the government unveiled a new initiative to provide a wage subsidy to encourage the creation of new apprenticeships and traineeships, the ABC reported.
This comes at a cost of A$1.2 billion, capped at 100,000 places, and is on top of an existing A$2.8 billion investment in training and apprenticeships that includes a 50 per cent wage subsidy for existing workers.
Frydenberg told the ABC that he hoped the new initiative will stimulate employment growth and create an extra 100,000 jobs over the next 12 months.
Bundesliga giants Bayern Munich have announced the signing of midfielder Marc Roca from Espanyol. The 23-year-old has joined on a contract until 2025.
“We’re very happy to have signed Marc Roca. He’s an outstanding fit for our team both as a player and a person, and will continue to develop here with us. We’re sure he’ll add great value to our team,” said board member for sport Hasan Salihamidzic in a statement on Sunday.
Roca made 121 competitive appearances for Spanish side Espanyol, scoring three goals. In summer 2019, he won the U21 Euros with Spain. He will wear the number 22 for Bayern.
“I’m very happy. This is a dream come true for me. I think FC Bayern is the best club in the world and has strong tradition. I’m really looking forward to wearing the colours of this great club,” said Roca.
Meanwhile, Robert Lewandowski ensured Bayern defeated a resilient Hertha Berlin 4-3 on Sunday evening in the closing game of the third round in the ongoing Bundesliga season. Bayern took the lead twice, but Hertha never gave up and rallied back before Lewandowski’s fourth goal of the game secured all three points at home.
In a bid to support Indian app developers, leading digital payments platform Paytm on Monday launched an Android Mini App Store to support local developers take their innovative products to the masses.
Paytm said it will provide listing and distribution of these mini-apps within its app without any charges. For payments, developers will be able to give a choice of Paytm Wallet, Paytm Payments Bank, UPI, net-banking and Cards to their users.
The move comes after its own app was removed by Google from its Play Store recently.
More than 300 app-based service providers such as Decathlon, Ola, Park+, Rapido, Netmeds, 1MG, Domino’s Pizza, FreshMenu, NoBroker have already joined the programme.
“Paytm Mini App Store empowers our young Indian developers to leverage our reach and payments to build new innovative services. For Paytm users, it will be a seamless experience that doesn’t require any separate download and enables them to use their preferred payment option,” said Vijay Shekhar Sharma, Founder and CEO, Paytm.
Mini apps are a custom-built mobile website that gives users app-like experience without having to download them.
Paytm has created the digital infrastructure to enable small developers and businesses to set up low-cost, quick-to-build mini-apps which can be built using HTML and javascript technologies.
The company provides Paytm wallet, Paytm Payments Bank account and UPI at zero charges and levies a 2 per cent charge for other instruments like credit cards.
The company said that the local India’s app store aims to drive the ‘Atmanirbhar Bharat’ mission.
Paytm Mini App Store offers direct access to discover, browse and pay without downloading or installing separate apps.
It comes with a developer dashboard for analytics, payments collection along with various marketing tools to engage with the users.
This app store has been running in beta with select users and witnessed over 12 million visits in September.
“I am proud that we are today launching something that creates an opportunity for every Indian app developer,” Sharma said.
Google recently pulled the Paytm app from the Play Store for not complying with its gambling policies.
Paytm alleged that it was “arm-twisted” by the search engine major to comply with what it called “biased Play Store policies that are meant to artificially create Google’s market dominance”.
The Paytm app was restored on the Play Store after a gap of a few hours.
Daring Google, the financial services platform this week brought back the Paytm Cricket League with UPI cashback and scratch cards.
Paytm said that the cashback was being given following all rules and regulations set by the government.
After a face-off with Paytm, Google also sent notices to Zomato and Swiggy for running cashback-based IPL games and both the food aggregator platforms decided to pause their virtual gaming leagues.
While Zomato was running Zomato Premier League on its app, Swiggy offered ‘Match Day Mania’ during the ongoing IPL 13 matches.
Ghani’s trip comes as direct talks between negotiating teams of the Afghan government and the Taliban were yet to begin…Reports Asian Lite News
Afghan President Ashraf Ghani embarked on a two-nation tour to Kuwait and Qatar on Monday, the Presidential Palace announced in a statement.
According to the statement, Ghani is being accompanied by First Vice President Amrullah Saleh, acting Foreign Minister Mohammad Hanif Atmar, National Security Advisor Hamdullah Mohib, lower house and upper house members and several other high-ranking government officials, TOLO News reported.
Heads of prominent Afghan media are also accompanying the President.
In Kuwait, Ghani will pay tribute to the late Emir Sabah Al-Ahmad Al-Jaber Al-Sabah, said Sediq Sediqqi, presidential spokesperson.
Ghani’s trip comes as direct talks between negotiating teams of the Afghan government and the Taliban were yet to begin.
It has been 22 days since the opening of the intra-Afghan talks.
The negotiating teams have held seven contact group meetings, but could not agree on two disputed points.
United States Vice President Mike Pence (Photo: White House/IANS)
Pence will now undertake a round of electioneering under the ‘Operation MAGA’ initiative launched by Trump’s re-election campaign which is a series of in-person and virtual events…Reports Asian Lite News
US Vice President Mike Pence takes on the mantle of the prime Republican campaigner with the election clock ticking down to 29 days as President Donald Trump was still hospitalised with Covid-19.
Although doctors have said that Trump may be discharged from the hospital on Monday, he will not be able to attend campaign rallies in person.
Hence, Pence will now undertake a round of electioneering under the ‘Operation MAGA’ initiative launched by Trump’s re-election campaign which is a series of in-person and virtual events to be held throughout this month the November 3 election.
He will have “a very full aggressive schedule”, Jason Miller, a senior campaign adviser, told NBC News.
On Monday, the Vice President will travel to Utah.
On Thursday, he will participate in a ‘Make America Great Agian’ rally in Arizona, a big event for Pence who has addressed only relatively smaller groups in low-key electioneering.
While speaking to NBC News, Miller said that Pence will be backed by the Trump family with sons Donald Jr. and Eric, and daughter Ivanka campaigning intensively.
Eric Trump had addressed a meeting of Indian supporters of the President in Atlanta last month.
The most important challenge for Pence will come on Wednesday when he will face Democratic presidential nominee Joe Biden’s running mate Kamala Harris in the first Vice Presidential debate, where questions about the Trump administration’s responses to the Covid-19 crisis will be highlighted.
kamala Harris.
This debate will be a switch around from the presidential one, where Trump was tough and Biden was mild in comparison.
A former prosecutor, Harris is a formidable debater while Pence’s softer personality is the opposite of Trump’s.
If Trump doesn’t make it to the next two debates with Biden slated for October 15 and 22, Wednesday’s will be the last clash of the two campaigns.
The state of Trump’s health has raised concerns because according to his doctor Sean Conley, he had two temporary setbacks.
The 74-year-old overweight president “experienced two episodes of transient drops in his oxygen saturation” along with high fever in one instance was given oxygen at least once, Conley said.
Meanwhile, Trump has been trying to project an upbeat posture.
His doctors said that he was walking around in the presidential suite at the Walter Reed National Military Medical Centre in Washington and attending to businesses.
On Sunday evening, he also briefly stepped out to greet his supporters gathered outside the hospital.
United States President Donald Trump participated in a phone call with Pence, Secretary of State Mike Pompeo, and Chairman of the Joint Chiefs of Staff Gen. Mark Milley on Sunday, October 4, 2020 from a conference room at the Walter Reed military hosptial where he is being treated for COVID-19. (Photo: White House/IANS)
Before stepping out, he tweeted a video of him standing up and saying: “I learned a lot about Covid-19. I learned it by really going to school. This is the real school. This isn’t the ‘Let’s read the book school’, and I get it, and I understand that. And it’s a very interesting thing I’m going to be letting you know about it.”
His supporters and critics will however, have to wait to hear about his lessons as Trump has been criticised for not taking the global pandemic seriously and playing down health precautions.
In an attempt to show that he was working, the White House released a picture of a gaunt-looking Trump at a conference table with a phone, saying that he participated in a call with Pence, Secretary of State Mike Pompeo, and Chairman of the Joint Chiefs of Staff General Mark Milley.
If Trump is incapacitated, Pence will take over. And if after succeeding Trump should he become too ill to function, House Speaker Nancy Pelosi would be in line to become the Acting President.
The Decree supports the government in achieving strategic objectives including enhancing the governance of government entities in Dubai..Reports Asian Lite News
Sheikh Mohammed bin Rashid Al Maktoum,Prime Minister of the UAE has issued Decree No. (29) of 2020 establishing the Higher Committee for Government Sector Development in Dubai.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai will chair the Committee and Sheikh Ahmed bin Saeed Al Maktoum will be the Vice Chairman.
The Committee also includes the Secretary-General of the Executive Council of Dubai, the Director-General of Dubai’s Department of Finance, the Director-General of the Dubai Government Human Resources Department and the Secretary-General of Dubai’s Supreme Legislation Committee.
The Decree supports the government in achieving strategic objectives including enhancing the governance of government entities in Dubai, ensuring the emirate’s strategic sectors are structured to maximise efficiency, strengthening the performance and resilience of government organisations, streamlining the responsibilities of government departments, enhancing cooperation between government entities and optimising the utilisation of government resources.
The Committee is tasked with approving the vision and the strategic objectives of the government sector development project under the supervision of the Chairman of the Executive Council of Dubai; ensuring the project is progressing according to approved timelines and plans; aligning the project with the government’s priorities and objectives; and approving the project plan and execution phases, the roles and responsibilities of subcommittees and teams, and the project’s budget.
The Decree obligates all Dubai Government departments to fully cooperate with the Committee, and its subcommittees and teams, and provide them information, statistics and documents on request.
The Chairman of the Higher Committee for Government Sector Development will issue all the bylaws required to implement this Decree. The Decree annuls any other legislation that contradicts or challenges its articles. The Decree is active from its date of issuance and will be published in the Official Gazette.
30/09/2020. London, United Kingdom. Prime Minister Boris Johnson holds a Covid-19 Press Conference with Chief Scientific Adviser, Sir Patrick Vallance and Chief Medical Officer, Professor Chris Whitty, in 10 Downing Street. Picture by Pippa Fowles / No 10 Downing Street
British PM Boris Johnson
British Prime Minister Boris Johnson has warned it may be “bumpy through to Christmas” and beyond as the UK deals with coronavirus.
Speaking at a BBC program, the PM said there was “hope” in beating Covid, but called on the public to “act fearlessly but with common sense”.
He said the government was taking a “balanced” approach between saving lives and protecting the economy.
His comments come as the UK announced more than 10,000 new cases for the first time since mass testing began.
There were 12,872 new cases announced on Saturday. However, the government said a technical issue meant some cases earlier in the week were not recorded at the time so had been included in Saturday’s data.
Government sources said that because of an IT error there had been a delay entering the details of positive cases into the NHS Test and Trace system in England, which slowed the process of finding their contacts.
The problem was a “serious issue” but it has been “contained”, sources said.
The Prime Minister said: “The best thing we can do now for all those who have suffered in the course of this pandemic is bring it to an end in the speediest possible way.”
Labour’s shadow health minister, Alex Norris, criticised the interview as a “wasted opportunity” to set out a “serious strategy to improve public confidence in the government’s handling of this crisis”.
He said: “Instead [the PM] waffled and ducked every question. His serial incompetence is holding Britain back.”
Johnson said he believed over the “next few weeks and months” the “scientific equation will change whether that is vaccines or testing” and there will be “progress” in beating the virus.
As a result, he said there was “hope” and “things can be significantly different by Christmas”, as well as being “radically different” by spring.
But, the PM warned there could be “a very tough winter for all of us”, adding: “I tell you in all candour, it will continue to be bumpy through to Christmas and may even be bumpy beyond.”
Labour has been a long-standing critic of the performance of the Test and Trace system, with its leader, Keir Starmer, accusing the government of having “lost control” of the virus.
Johnson said the system was “not perfect” and that he was “frustrated with it”.
But he defended its “massive increase in capacity”, saying it had “made a huge difference” in tackling Covid-19.
Johnson also stood by the Eat Out to Help Out restaurant discount introduced in August, which some critics have said added to the rise in coronavirus cases in September.
“In so far as that scheme may have helped to spread the virus then obviously we need to counteract that and we need to counteract that with the discipline and the measures that we’re proposing,” he said.
But he insisted it was “right to reopen the economy” as the government tries to “strike the right balance”.
Johnson said he took “full responsibility for everything that has happened since the pandemic began”.
Asked about how effective the latest local lockdowns were in tackling the growing number of cases, the prime minister said it was “too early to say”.
Johnson said he understood the “frustrations” of people living in the affected areas – as well as a number of his own backbench MPs – but defended the action, saying: “I’m a freedom-loving Tory. I don’t want to have to impose measures like this, are you crazy?
“This is the last thing we want to do. But I also have to save life. And that’s our priority.”
“And I also think, by the way, that’s the priority of the British people and I think they will want to see their government continue to work, continuing to fight the virus and that’s what we’re doing.”
Labour’s shadow health secretary Jon Ashworth earlier called for the government to publish guidelines on what criteria they used to impose local lockdowns, and to involve local council leaders and health officials.
He said there were questions as to why current areas have extra restrictions, while the constituencies of cabinet ministers with higher case numbers remained unchanged.
“Because there are no clear guidelines as to why an area goes into restrictions, and how an area comes out of restrictions, then there is a suspicion that there is political interference,” he said.
“I hope there isn’t. But until the government publish clear guidelines, that suspicion will always linger.”
Johnson was also asked about his health following his own experience of fighting coronavirus in March and April – and in light of US President Donald Trump testing positive.
The PM said when he had the virus he was “too fat” and it was a “teachable moment for our great country” to get on top of the issue of obesity.
But he claimed it was “balderdash” that he was still suffering from the effects of coronavirus, known as “long Covid”.
He said the claim was “drivel”, adding: “It is balderdash and nonsense. I can tell you I’m fitter than several butchers’ dogs.”
The Conservatives are currently holding their first virtual party conference due to coronavirus restrictions on mass gatherings.
