Jagan sworn in as Andhra Pradesh CM

Y.S. Jaganmohan Reddy, who led his YSR Congress Party to a thumping victory in the Assembly election, was sworn in on May 30 as the chief minister of Andhra Pradesh. Governor E.S.L. Narasimhan administered the oath of office and secrecy to the 46-year-old leader, whose party emerged victorious in 151 seats in the 175-member Assembly. The YSR Congress decimated the TDP headed by N. Chandrababu Naidu, who became the first chief minister of the state after it was bifurcated to carve out Telangana five years ago. The YSRC also won 22 of the 25 Lok Sabha seats in the state in the recently concluded polls. Reddy took the oath in Telugu amid thunderous cheers by scores of party leaders and workers in a brief ceremony at the IGMC Stadium in Vijayawada.

NBFCs get breather on loan securitisation

The RBI has extended the minimum holding period requirement for non-banking financial companies (NBFCs) to raise funds via loan securitisation to help the sector overcome liquidity shortage. NBFCs have been permitted to securitise loans of over five-year maturity after holding them for six months on their books. Earlier, they were supposed to hold it for at least a year. As per the earlier RBI notification, the dispensation was valid till May. On a review, it has been decided to extend the dispensation till December 31. The relaxation in minimum holding period criteria will primarily benefit housing finance companies and NBFCs, offering mortgage loans where the tenure is typically more than five years. These entities can raise more funds through the securitisation route, which will provide them with additional liquidity.

Banks get nod to use Aadhaar for KYC

Banks can use Aadhaar for KYC verification with the customer’s consent, the RBI said as it updated its list of documents eligible for identification of individuals. The RBI specifies know your customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts. “Banks have been allowed to carry out Aadhaar authentication/offline verification of an individual who voluntarily uses his Aadhaar number for identification purpose,” the RBI said in its amended master direction on KYC. In February, the Union Cabinet had approved promulgation of an ordinance to allow voluntary use of the 12-digit unique number as identity proof for opening bank account and procuring mobile phone connection.

Kerala to introduce flood cess from July 1

The CPM-led LDF government in Kerala has decided to introduce from July 1 the 1 per cent flood cess, aimed at mobilising resources for rebuilding the state devastated by the deluge last year. Earlier, the government had said the cess would come into force from June 1. On the basis of the Goods and Services Tax Council’s recommendations and after making appropriate arrangements, the cess collection will commence, a government release said. The business community had sought some more time for the levy of the cess. Taking into consideration all these matters, the government has decided to extend the introduction of levy to July 1. The GST Council had permitted the state to levy the 1 per cent cess on goods and services within the state to raise resources to rebuild Kerala.

Okhla to get largest sewage treatment plant

The Delhi Jal Board (DJB) on May 29 approved the setting up of a new sewage treatment plant (STP) in Okhla which, it claimed, will be the largest such plant in India. The plant will be able to treat 124 million gallons of wastewater per day and will come up at a cost of Rs 1,161 crore in three years, said DJB vice-chairman Dinesh Mohaniya. “It will be the largest treatment plant in India and one of the largest in the world,” he said. The new STP will be set up under the Yamuna Action Plan - III scheme. The plant will treat the wastewater that goes into the Yamuna directly. It’s a major step towards cleaning the river, Mohaniya said. The STP will remove 41,200 kg organic pollutant load per day and 61,600 kg solid load per day on the Yamuna.

IIT Guwahati, ISRO ink MoU on space tech

IIT Guwahati has signed an MoU with ISRO to set up an IITG-ISRO Space Technology Cell (STC) at the institute where Assam Governor Jagdish Mukhi inaugurated a new academic complex and R&D building on May 29. Stating that the MoU was signed on May 24, an IIT-G press release said the STC would be first of its kind in the Northeast region to augment research and capacity building processes in the field of space technology. The STC will constitute faculty members from IIT Guwahati, visiting scientists/experts from ISRO, research students and technical staff. Through the STC, IIT Guwahati aspires to perform cutting-edge research not only catering to the socio-economic needs of the Northeast, but also to contribute towards the basic research activities of ISRO projects.

OBC panel gets yet another extension

The five-member panel examining the sub-categorisation of OBCs has been given an extension of two more months till July 31 by President Ram Nath Kovind. This is the fifth extension of term given to the commission, formed in October 2017. Last November, the Cabinet had extended the term of the panel headed by Justice (retd) G. Rohini till May 31. The commission has held meetings with all stakeholders, including state governments, state backward classes commissions, community associations and general public. It has also obtained records, caste-wise data of OBCs admitted in higher educational institution as well as similar caste-wise data of recruits in central government departments, central public sector undertakings, public sector banks and financial institutions.

World’s tiniest surviving baby born in the US

A California hospital on May 29 disclosed the birth of the world’s smallest baby ever to survive, weighing a mere 245 gm when she was born. The girl, nicknamed Saybie by hospital staff, was born 23 weeks and three days into her mother’s pregnancy in San Diego. The father was told by doctors that he would have about an hour with his daughter before she passed away. “But that hour turned into two hours which turned into a day, which turned into a week,” the mother said. Doctors said Saybie was delivered via emergency cesarean section in December at 23 weeks and three days gestation in the womb after severe pregnancy complications that put her mother’s life at risk. A typical pregnancy lasts 40 weeks. After five months at the ICU, Saybie was discharged this month weighing 2.2 kg.

Mahathir pitches common East Asian currency

East Asia should consider a common regional trading currency based on gold to promote commerce, and free the region from relying on dollar transactions, Malaysian Prime Minister Mohamad Mahathir said on May 30. He said the proposed currency could be used for regional trade, but would not replace national currencies for use at the domestic level. “At the moment, we have to depend upon the US dollar, but the US dollar is also not stable. So, the currency that we propose should be based on gold because gold is much more stable,” he said. He said the exchange rate of the regional currency would “relate to” the performance of individual countries and would help harmonise regional trade. “That way we know much we owe, we know how much have to pay, in the currency of East Asia,” he added.

Panel for relaxing petrol pump norms

A high-level expert committee has suggested scrapping of the Rs 2,000 crore investment norm for setting up petrol pumps to free up fuel retailing, but wanted retailers to necessarily set up outlets in rural areas as well. At present, to obtain a fuel retailing licence, a company needs to invest Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals. The five-member expert committee on easing of fuel retailing licensing rules in its report said the requirement of authorisation from the central government to market petrol and diesel should continue as they are “sensitive, essential and safety-related commodities” and their supply requires “some degree of control” to “ensure compliance to safety, customer service, and universal service obligations”.

Netanyahu fails to form coalition govt

In an unprecedented development, Israeli lawmakers have voted to dissolve Parliament after Prime Minister Benjamin Netanyahu failed to form a coalition government before the May 29 deadline, triggering a fresh general election to be held on September 17. In little more than six weeks since they were elected, Israeli lawmakers voted 74-45 in favour of dissolving the 21st Knesset (parliament) and hold a second general election in the same calendar year. It is the first time in Israel’s history that a prime minister-designate has failed to form a coalition. First elected in the late 1990s, Netanyahu has been in power for the past decade. In mid-July, he will overtake Israel’s founding father, David Ben-Gurion, as longest-serving premier.

New Zealand unveils ‘wellbeing’ budget

New Zealand unveiled its inaugural ‘wellbeing’ Budget on May 30 in a move set to cement Prime Minister Jacinda Ardern’s reputation for compassionate leadership in the wake of the Christchurch mosque massacre. Ardern announced increased spending on mental health, indigenous welfare and child poverty in a Budget she described as a world-first attempt to change the way economic progress is measured. While dismissed by critics as marketing spin, Ardern views the Budget as a way to deliver the reformist agenda she campaigned on in the 2017 election. The New Zealand leader said the Budget put people before economic indicators. On the economic front, it predicts a surplus of NZ$3.5 billion in 2018-19, rising to NZ$6.1 billion by 2022-23.

Pasta-like rocks sign of life on Mars?

Rocks on the surface of Mars that look like layers of pasta may be the most obvious sign of life on the Red Planet, a NASA-funded study suggests. The bacterium that controls the formation of such rocks on Earth is ancient and thrives in harsh environments that are similar to conditions on Mars, according to the study published in the journal Astrobiology. “It has an unusual name, Sulfurihydrogenibium yellowstonense. We just call it ‘Sulfuri’,” said Bruce Fouke, a professor at the University of Illinois in the US. The bacterium belongs to a lineage that evolved prior to the oxygenation of Earth roughly 2.35 billion years ago, Fouke said. It can survive in extremely hot, fast-flowing water bubbling up from underground hot springs.

Newsmaker

Papua New Guinea MPs have elected James Marape - a former finance minister who resigned in protest against a massive ExxonMobil and Total gas project - as the new prime minister. He won the backing of MPs after weeks of political manoeuvring that saw eight-year prime minister Peter O’Neill resign.