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Morning News Call – India, December 14

To access the newsletter, click on the link: here Aspects TO WATCH 11:00 am: Winter session of parliament continues. 12:00 pm: Government to release November wholesale value inflation information. five:30 pm: Government to release November consumer value inflation information. five:30 pm: India to auction unutilised foreign investment limits in government bonds. GMF ASIA - COMMODITIES Focus with Clyde Russell, Thomson Reuters Asia Commodities and Power Columnist. With over-provide continuing to plague most commodities, how do we anticipate this asset class to carry out subsequent year? Clyde will join us 9.30 am IST to share his outlook for commodities in 2016. To join the conversation click on the link here INDIA Leading NEWS  India's industrial output growth hits five-year higher India's industrial output grew at its fastest pace in 5 years in October, powered by manufacturing, bringing some cheer to investors fretting about a gridlock in parliament that has stalled important reforms.  Turkmenistan begins work on gas link to Afghanistan, Pakistan, India Turkmenistan on Sunday started perform on its component of a all-natural gas pipeline to Afghanistan, Pakistan and India, a $  10 billion project developed to minimize its dependence on gas sales to Russia and China.  India to get Japan's bullet train, deepens defence and nuclear ties Japan will offer $  12 billion of soft loans to build India's very first bullet train, the two nations announced during a go to by Japanese Prime Minister Shinzo Abe that also yielded deeper defence ties and a program for civil nuclear cooperation.  India slaps import duties on stainless steel to support regional firms India imposed import duties for 5 years on some stainless steel imports from China, the European Union and the United States on Friday, as the government tries to protect neighborhood companies suffering from what it says is unfair competitors.  India's RBI says hunting at bank powers to tackle stressed assets The Reserve Bank of India stated on Friday it would look at the way banks use measures intended to support them tackle a crippling bad-debt burden, as concern grows that lenders are making use of the tools to camouflage troubled loans as an alternative.  Coca-Cola India says might have to shut factories if new sin tax passed The Indian subsidiary of Coca-Cola Co said on Friday it could have to close some bottling plants if the government pushes by means of a proposal that would topic fizzy drinks to a 40 % "sin" tax, as component of a broader fiscal overhaul.  Mahindra close to obtain of Italian auto designer Pininfarina - sources Mahindra & Mahindra is close to signing a deal to purchase Italian auto designer Pininfarina, two sources with direct understanding of the matter mentioned on Friday, the most recent buy of an iconic Italian brand by an Asian company.  Indian metals trader expands reach in spite of downturn As a global rout in commodities drives metals traders to close up shop or lay off employees, Indian-owned industrial metals firm UD Group is setting out expansion plans, boosting employees and moving into a lot more nations. Global Top NEWS  China economy shows signs of steadying, a lot more policy assistance needed China's activity data was stronger than anticipated in November, with factory output development choosing up to a 5-month higher, signalling that a flurry of stimulus measures from Beijing could have put a floor below a fragile economy.  For China, climate deal is imperfect but massive step forward For China, the world's most significant greenhouse gas emitter, the international climate accord reached in Paris marked a enormous step toward greener development that safeguards its sovereignty although falling brief on funding for cleaner energy.  Brazilians take to streets to demand Rousseff's impeachment Tens of thousands of Brazilians took to the streets on Sunday to demand President Dilma Rousseff's ouster, but the first nationwide protests given that formal impeachment proceedings began had been smaller than comparable events earlier this year. Nearby MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures have been trading at 7,586.50, down .91 % from its previous close.  The Indian rupee may edge reduce against the dollar nowadays, tracking a probably weakness across neighborhood and regional share indices. Broad gains in the U.S. currency amid expectations the Federal Reserve would raise interest prices this week could also weigh on the domestic unit.  Indian government bonds are most likely to rise in early trade, as crude oil prices declined additional, easing issues about inflationary pressures. The gains could, even so, be capped as a jump in the nation's industrial production might delay future interest rate cuts by the central bank. The yield on the benchmark 7.72 % bond maturing in 2025 is likely to trade in a 7.75 percent-7.80 % range. International MARKETS  U.S. stocks closed sharply decrease on Friday, with the S&P 500 ending its worst week since August, as plunging crude oil rates compounded investor nervousness on expectations for the 1st U.S. interest rate hike in almost a decade.  Asian stocks fell, China's yuan hit fresh four-1/two year lows as plunging oil prices added to investors' nervousness about riskier assets ahead of an anticipated U.S. rate rise by the Federal Reserve later in the week.  The dollar, euro and yen got off to a sedate start following a fairly uneventful weekend, but encouraging Chinese data place a small spring in the Aussie's step.  Yields on lengthy-dated U.S. Treasury debt declined to multiweek lows on Friday, as an extended drop in oil prices and weak stock markets spurred investors to seek the relative security of government bonds.  Crude oil futures slipped in early Asian trade, adding to a slump on Friday following a forecast from the International Energy Agency (IEA) that the global glut of oil is probably to deepen next year.  Gold started off a critical week on the back foot, as the Federal Reserve is expected to raise U.S. interest prices for the 1st time in practically a decade. MARKETS CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.13/67.16 December 11 -- -$  43.47 mln 10-yr bond yield 7.77 pct Month-to-date -$  821.31 mln -$  99.79 mln Year-to-date $  2.79 bln $  9.39 bln For further data: India govt bond market place volumes Stock marketplace reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market place closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($  1 = 66.71 Indian rupees) (Reporting by Samarendra Sahoo in Bengaluru)

India to get Japan’s bullet train, deepens defense and nuclear ties

NEW DELHI Japan will supply $ 12 billion of soft funding to construct India’s first bullet train, the two nations announced in the course of a check out by Japanese Prime Minister Shinzo Abe, that also yielded deeper defence ties and a strategy for civil nuclear cooperation.

Relations have strengthened in between Asia’s second and third largest economies as Abe and his Indian counterpart, Narendra Modi, seek to balance China’s rise as Asia’s dominant energy. Each males are nationalists who get pleasure from a individual friendship.

The deal to build a higher-speed train line in between the financial hub of Mumbai and Ahmedabad provides Japan an early lead over China, which is conducting feasibility studies for high speed trains on other parts of the Indian rail network.

“This enterprise will launch a revolution in Indian railways and speed up India’s journey into the future. It will become an engine of economic transformation in India,” Modi said in a speech.

Under the defence bargains announced on Saturday, the two sides will share technology, gear and military info, but the extended-awaited sale of Japanese aircraft in a deal worth about $ 1.1 billion was not concluded.

Similarly, although they agreed to function towards cooperation in civil-nuclear technologies, they stopped short of signing an agreement, citing outstanding technical variations.

Japan, the only country to have suffered a nuclear attack, has been demanding extra non-proliferation guarantees from India prior to it exports nuclear reactors.

India and Japan have been negotiating a nuclear energy deal given that Japan’s ally, the United States, opened the way for nuclear commerce with India in spite of its weapons programme.

“The memorandum we signed on civil nuclear energy cooperation is a lot more than just an agreement for commerce and clean power, it is a shining symbol of a new level of mutual self-assurance and strategic partnership in the trigger of peaceful and secure planet,” Modi mentioned.

“I know the significance of this selection for Japan and I assure you that India deeply respects that decision and will honour our shared commitment,” Modi added.

India and Japan have been holding talks for two years on the acquire by India of US-two amphibious aircraft produced by ShinMaywa Industries, which would be a single of Japan’s first arms sales given that Abe lifted a 50-year ban on weapon exports.

(Editing by Frank Jack Daniel)

Agen Sabung Ayam

India gets cash flowing in flood-hit south as banks open Sunday

MUMBAI India’s banks will perform on Sunday to help residents left without meals, power and access to funds in the flood-hit southern city of Chennai and surrounding locations, as cash dispensers have been emptied or lost power due to electrical energy outtages.

India’s fourth largest city was swamped by torrential rains – the heaviest in a century – for the duration of the previous five days, and the government has asked banks to restore basic solutions and provide money machines as swiftly as attainable, replenishing cash by boat or providing mobile ATMs if required.

In a statement late on Saturday, the Reserve Bank of India, the country’s central bank, mentioned it would remain open to support bank transactions and support provide cash to nearby lenders.

About 280 folks have died across Tamil Nadu state considering that it was hit by torrential rains on Dec. 1 that left big sections of capital Chennai below up to eight feet (two.five metres) of water, and trapped folks on rooftops with no communication.

(Reporting by Clara Ferreira Marques Editing by Simon Cameron-Moore)

India bolsters Chennai flood relief after slow response

CHENNAI, India India deployed hundreds of added soldiers and relief workers to the flooded city of Chennai on Saturday, as criticism mounted that the government has been slow to respond to the heaviest rains in a century.

The runway at Chennai airport was partly opened after being shut for the previous four days, officials said, aiding the relief work in a disaster that has claimed 280 lives across the state, according to the official death toll.

Massive components of India’s fourth biggest city have been inundated by up to eight feet (two.five metres) of water following torrential rains on Dec. 1, leaving many residents trapped on rooftops or upper floors with no energy or communications.

Chennai has boomed as a centre for automobile factories and IT outsourcing, but trash-filled drains and building on lake beds in the rush to industrialisation and prosperity has produced it far more prone to flooding.

Although the rains have paused, a lot more than half of Chennai’s 859 city regions stay beneath water, officials, stated raising the threat of disease and squalor in the flat, coastal city of six million.

“We are asking for much more help from the army, the national disaster relief team,” stated Atulya Mishra relief commissioner of Tamil Nadu. “It has been a monsoon unlike something we have noticed in history, we require all the support we can get.”

Ten columns of the army, about 1,000 soldiers in all, were becoming flown into the city to add to the nine columns currently engaged in relief and rescue perform, Mishra stated.

The National Disaster Response Force, a specialist central unit set up to manage emergencies, would send 20 far more teams in addition to the 28 currently on the ground, generating it the force’s largest deployment to a flood disaster.

The runway at Chennai airport had been cleared of water and planes that had been stranded for the past 5 days have been becoming flown out for technical checks at nearby centres such as Bengaluru, officials said.

Passenger flights had not yet began as the airport terminal was waterlogged, and it could be two a lot more days before it was fully operational.

Some communications had been restored following the floods.

Indian test cricketer Ravichandran Ashwin reached his parents in Chennai soon after he was unable to make contact with them for a day when phone networks went down, neighborhood media quoted him as saying in Delhi, where he was playing in a match against South Africa.

On the Old Mahabalipuram Road, home to many IT firms, men and women have been nonetheless trapped by higher floodwaters.

M. Vijaykumar, a deputy director at the Tamil Nadu fire service, said residents in the region were refusing to leave even though the water level had dropped slightly.

“Some have old parents, they never want to take possibility,” she mentioned, with a lot of also scared to wade through floodwaters.

India’s Prime Minister Narendra Modi who visited the city this week announced 10 million Indian rupees ($ 150,000) of added assistance for relief operations.

($ 1 = 66.6330 Indian rupees)

(Additional reporting by Suvashree Choudhury in MUMBAI Editing by Richard Pullin)

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India city-dwellers criss-cross chest-deep waters to flee or rescue loved ones

CHENNAI, India Residents clutching babies and food thronged flooded streets in India’s Chennai on Friday, braving chest-deep water to attain high ground or heading the other way to rescue relatives nevertheless stranded days right after overflowing lakes drowned the city.

Waters receded in some regions thanks to a lull in the heaviest rains in a century that have killed at least 280 people. But yet another cloud burst was forecast inside hours and officials mentioned brimming waterways had been the major concern in the low-lying coastal capital of Tamil Nadu state.

“The rain is not a difficulty now, it is the overflowing river and 30 lakes that continue to flood 4 districts,” a senior home ministry official in New Delhi told Reuters.

Despite combined rescue efforts by the military and civilian emergency services, assist had yet to attain many locations and city-dwellers had been expanding impatient.

V. Raghunathan, 60, a manager at an interior style firm living in the south of the booming industrial and port city, complained about the lack of warning just before floodgates have been opened.

“The authorities did not give us adequate information about water becoming released from a nearby lake. Before we could take action. My car has sunk and I had to move to the first floor of my apartment.”

The Tamil Nadu public functions department mentioned it did concern warnings prior to draining the lakes, but the info apparently did not reach the public due to the fact of a breakdown in media and phone communications. The Chennai edition of The Hindu newspaper did not go to press on Thursday, apparently for the very first time in 137 years.

Police and government officials mentioned they had been investigating the deaths of 14 individuals on life-support following a power failure in the intensive care unit of MIOT International, a private hospital.

Military helicopters dropped meals to residents stranded on rooftops in India’s fourth-largest city, previously known as Madras. On Friday, the defense ministry doubled to 4,000 the number of soldiers deployed to assist the rescue effort.

Building ON FLOOD PLAINS

The government restored some commercial flights to a naval air base close to the city of six million, but the major airport remained closed and entirely awash.

Specialists say the devastation was exacerbated by industrial and residential construction across flood plains and without adequate drainage in Chennai, identified for its fast-developing automobile business and IT outsourcing.

Affected carmakers such as Renault, Nissan Motor Hyundai Motor and element maker Apollo Tyres will choose on Saturday whether to resume production, whereas BMW will hold a plant closed till Dec. 7.

Rescue teams urged people to leave inundated regions. Only roofs in some villages remained visible. Exactly where water had receded, masses of black mud and garbage piled up.

“We are sending technical professionals and engineers who will locate a answer to flush out all the flood water. It has to be drained out soon, but we never know how,” said the residence ministry official, who was not authorized to speak on the record and asked not to be named.

Police constable P. Krishnaraj loaded his wife and two teenage daughters in a cycle cart and walked behind in knee-deep water, headed for a friend’s property on dry land to escape the squalid water lapping at their ground-floor home.

A steadily rising number of households sought safety on the Basion Bridge flyover, a lot of slum-dwellers whose houses had been washed away. They sat in the open, carrying tiny bundles of prized possessions – soiled rupee notes and identity cards.

A modest van that arrived at the prime of the flyover bearing water packets and biscuits was right away more than-run by individuals desperate for relief.

Rajarwadi, who sold vegetables by the roadside, managed to grab a packet of biscuits for her daughter. Her program was to move further away to catch the subsequent volunteer meals drop.

She hadn’t noticed government officials offer you help to individuals camped out on the busy flyover on Thursday even although it was in the middle of the city.

Jose Sebastian, the head of a nearby building organization, stated the greatest worry for his volunteer group was regions where the water level was also high for them to deliver food.

“We feel rather helpless,” he stated. “We have lots of meals, we have volunteers ready to go, but we don’t have the boats.”

(Added reporting by Sudarshan Varadhan and Rachel Chitra in Bengaluru and Rupam Nair and Mayank Bhardwaj in New Delhi Writing by Frank Jack Daniel Editing by Nick Macfie)

Agen Sabung Ayam

India city-dwellers criss-cross chest-deep waters to flee or rescue loved ones

CHENNAI, India Residents clutching babies and meals packets thronged flooded streets in India’s Chennai on Friday, braving chest-deep water to reach larger ground or heading the other way to rescue relatives amid fears swollen lakes will spread a lot more destruction.

Right after a lull from the heaviest rains in a century that have killed at least 280 individuals this week, yet another rain burst was forecast to hit the low-lying coastal city within hours. But officials said brimming lakes have been the primary concern.

“The rain is not a dilemma now, it is the overflowing river and 30 lakes that continue to flood four districts,” a senior home ministry official in New Delhi told Reuters.

V. Raghunathan, 60, a manager at an interior style company living in the south of the booming industrial and port city, complained about the lack of warning just before floodgates were opened.

“The authorities didn’t give us sufficient details about water being released from a nearby lake. Just before we could take action. My car has sunk and I had to move to the first floor of my apartment.”

Military helicopters dropped food to residents stranded on rooftops in India’s fourth-biggest city, previously known as Madras. On Friday, the defense ministry doubled to 4,000 the quantity of soldiers deployed to assist the rescue work.

But help was slow to reach several in the city of six million, recognized for its automobile business and IT outsourcing, with some households in search of security on flyovers. Waters were not receding in some of the hardest-hit areas. Drinking water and fuel have been in quick provide, officials mentioned.

Rescue teams urged men and women to leave inundated regions. Only roofs in some villages remained visible. Where water had receded, masses of black mud and garbage piled up.

“We are sending technical specialists and engineers who will find a remedy to flush out all the flood water. It has to be drained out soon, but we don’t know how,” said the home ministry official, who was not authorized to speak on the record and asked not to be named.

SOILED RUPEES AND ID CARDS

Reduce off with out electricity and cellphones dead for lack of energy and living with foul water lapping in their ground floor house for three days, police constable P. Krishnaraj loaded his wife and two teenage daughters in a cycle cart and walked behind in knee-deep water.

He was going to move in with a colleague whose house was dry.

Folks had been on the move across the city on the Bay of Bengal – several like Krishnaraj attempting to flee, others heading in the opposite path, hiring vehicles and motorbikes to try to rescue families stuck in the flood waters soon after days of waiting.

The number of individuals on the Basion Bridge flyover was increasing steadily, a lot of of them slum-dwellers whose houses had been washed away. They sat in the open, some carrying tiny bundles of their prized possessions – soiled rupee notes and identity cards.

A small pick-up van arrived at the prime of the flyover bearing water packets and biscuits and was right away over-run by people desperate for relief.

Rajarwadi, who sold vegetables by the roadside, stated she had managed to grab a packet of biscuits for her daughter. Now her plan was to move further away to catch the subsequent volunteer food drop.

She hadn’t seen government officials come to provide support to individuals camped out on the busy flyover on Thursday even though it was in the middle of the city.

Jose Sebastian, the head of a neighborhood building organization, said the most significant be concerned for his volunteer group was locations exactly where the water level was also high for them to deliver food.

“We feel rather helpless,” he stated. “We have lots of meals, we have volunteers prepared to go, but we never have the boats.”

(Further reporting by Sudarshan Varadhan in Bengaluru and Rupam Nair and Mayank Bhardwaj in New Delhi Writing by Frank Jack Daniel Editing by Nick Macfie)

Agen Sabung Ayam

Morning News Contact – India, December 4

To access the newsletter, click on the link: right here Aspects TO WATCH 11:00 a.m.: Winter session of parliament continues. 2:00 p.m.: NITI Aayog Vice Chairman Arvind Panagariya chairs a panel discussion. 5:00 p.m.: Junior Finance Minister Jayant Sinha at a panel discussion. five:00 p.m.: Weekly foreign exchange data. 6:30 p.m.: RBI Deputy Governor S.S.Mundra at an occasion. GMF: THE WEEKAHEAD - Join Reuters markets editor Mike Dolan as he goes via the key macroeconomic and political themes for the coming week at 1530 IST. To join the conversation, click on the link: right here INDIA Leading NEWS  Forget 'smart' new cities India wants old ones to be less dumb Prime Minister Narendra Modi has grand styles to construct 100 futuristic 'smart' cities in India, but as this week's devastating flooding in Chennai shows, fixing today's accident-prone metropolises appears to be the much more pressing job.  India army on war footing to rescue survivors as flood toll nears 270 The Indian military evacuated a lot more than two,000 residents stranded in the southern state of Tamil Nadu on Thursday as the death toll from flooding rose to 269 right after the heaviest cloudburst in over a century.  Car production halt in flood-hit Indian state might hit sales, exports International carmakers and auto part makers in India's flood-hit southern city of Chennai are becoming forced to preserve factory gates closed till Dec. five at least, which is likely to hit local sales and exports in coming months. [nL3N13S4AX  India targets temple gold hoard to rescue monetisation plan India is trying to persuade rich temples to deposit some of their gold hoards with banks to revive a strategy to recycle tonnes of the precious metal and reduce gold imports, sources said.  Lyft partners with Ola, GrabTaxi to reach Asian markets Lyft has formed new partnerships with two Asian on-demand ride solutions, Ola and GrabTaxi, as the U.S. company works to achieve a toehold in the booming overseas market.  India in talks with Mauritius on tax treaty problems: finmin official India is discussing a complete host of problems with Mauritius such as ways and implies of guaranteeing that a tax treaty with the island nation is not misused, Akhilesh Ranjan, a joint secretary in the tax division told reporters on Thursday.  Weather satellite startup will launch on Indian rocket A Colorado-primarily based startup establishing a satellite network to predict weather utilizing radio signals will launch its first two spacecraft on an Indian rocket, the business stated on Thursday. International Top NEWS  Draghi disappointment raises doubts more than ECB inflation powers A perceived lack of ambition in the European Central Bank's most recent stimulus efforts left financial markets with a niggling worry on Thursday that even 'Super Mario' Draghi may not be able to drag euro zone inflation back up to target.  U.S. authorities look for militant hyperlinks to shooters in California mass slaying The couple suspected of killing 14 people at a vacation celebration in California amassed thousands of rounds of ammunition and a dozen pipe bombs, authorities stated on Thursday as they sought clues to the pair's motives and regardless of whether they had links to Islamist militants.  Australians preserve purchasing in promising sign for Xmas Australian retail sales boasted a third month of solid growth in October as shoppers spent huge on household goods and at division retailers, a promising sign for the all-critical Christmas period. Neighborhood MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures was trading at 7,826.00, down .75 percent from its prior close.  The Indian rupee will probably open reduce against the U.S. dollar, as weakness in global equity markets is expected to rub off on local indices, soon after the European Central Bank disappointed with a smaller-than-anticipated stimulus and the Federal Reserve chief Janet Yellen's hawkish comments reinforced price hike bets.  Indian government bonds are likely to open decrease, tracking overnight fall in U.S. Treasury prices, as investors await fresh provide of notes via a weekly auction later in the day. The yield on the benchmark 7.72 percent bond maturing in 2025 is most likely to trade in a 7.69 %-7.75 % range. Global MARKETS  The S&P 500 suffered its biggest drop since late September on Thursday as the European Central Bank disappointed market place hopes for greater stimulus.  Asian shares slipped although the euro retained lavish gains, a day after its biggest 1-day surge in nearly seven years as the European Central Bank's stimulus package fell well brief of markets' high expectations.  The euro held onto lavish gains following boasting its most significant 1-day surge in practically seven years as the newest round of policy easing by the European Central Bank fell effectively brief of investors' lofty expectations.  Yields on U.S. Treasuries jumped on Thursday, following increasing European yields, right after the most recent round of stimulus from the European Central Bank disappointed investors and U.S. Federal Reserve Chair Janet Yellen made a lot more comments that fueled expectations of an interest rate hike this month.  U.S. crude oil costs extended gains, buoyed by a weaker dollar, ahead a closely watched OPEC meeting that is unlikely to alter the group's policy of preserving high output.  Gold added to overnight gains and looked set to snap a six-week losing streak as a slump in the dollar buoyed the metal above 2010 lows ahead of the crucial U.S. nonfarm payrolls information later in the session. MARKETS CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.80/66.83 December 3 -$  91.40 mln -$  62.27 mln ten-yr bond yield 7.71 pct Month-to-date -$  273.56 mln $  51.51 mln Year-to-date $  three.34 bln $  9.54 bln For extra information: India govt bond industry volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Nearby industry closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] (Reporting by Samarendra Sahoo in Bengaluru)

Overlook ‘smart’ new cities India demands old ones to be significantly less dumb

NEW DELHI/BENGALURU, India Prime Minister Narendra Modi has grand styles to create one hundred futuristic ‘smart’ cities in India, but as this week’s devastating flooding in Chennai shows, fixing today’s accident-prone metropolises appears to be the a lot more pressing job.

Locals are in no doubt as to why a mix of flood waters and sewage is swilling neck-deep around components of the southern city of 6 million men and women right after weeks of monsoon rains culminated in a 345 mm (14-inch) cloudburst in 24 hours. [nL3N13S3G6]

“There is nowhere for the water to go since of unchecked creating activity,” said V.R. Devika, who fled her ground-floor apartment to seek refuge with her upstairs neighbors.

“All the lake regions have been converted into housing colonies,” added the 61-year-old, who runs an arts charity.

What began out as a natural disaster in the state capital of Tamil Nadu soon became a much more serious man-created one, with specialists blaming negative urban arranging and rampant “encroachment” by fly-by-night property developers for creating the circumstance worse.

Similar floods struck Mumbai in 2005 and Kashmir’s winter capital, Srinagar, last year. There, as in Chennai, building blocked storm water channels and decreased the capacity of reservoirs developed to soak up unseasonal rains. [nL3N0RE0B2]

“As cities grow, with a nod and a wink, unauthorized construction along these channels and lakes chokes water flow,” stated Shailesh Pathak, executive director at Bhartiya Group, which has its own smart city project in Bengaluru, runs a special economic zone and is expanding into low-expense housing.

RUNWAY RIVER

The sight of three dozen airliners with their undercarriages covered by flood waters may well lead stranded passengers to wonder whether Chennai’s low-lying international airport was built in the incorrect place.

Professionals say they’d be correct: A single runway traverses the Adyar river, which burst its banks soon after some of the heaviest cloudbursts in the region in over a century swamped Chennai.

Some 270 people have died as a outcome of recent flooding and nearly 1,000 have been seriously injured.

“They have not created any provisions for preventing flood water from entering,” mentioned Mohan Ranganathan, a Chennai aviation expert and former air security adviser to the national government.

“The authorities and the airlines just have industrial and political interests in mind. Security is the last avenue.”

Whilst Chennai is not exclusive, authorities say it was worse hit than the rest of India’s southeastern seaboard due to the fact of a development boom that has gone unchecked in the last 15 years.

“Chennai needs to relearn its water management,” mentioned Sushmita Sengupta at the Centre for Science and Atmosphere in New Delhi, adding that it was crucial for the city to restore what had when been a good natural drainage system.

The Chennai Metropolitan Development Authority has counted more than 150,000 illegal buildings in the city. However, in spite of many demolition orders issued by the Madras High Court, they nonetheless stand.

Tamil Nadu Chief Minister Jayalalithaa Jayaram has described the flood damage as “unavoidable”, according to Tv reports.

It was not achievable to attain the state government for comment, with mobile and landline networks knocked out by the floods in a lot of Chennai.

Generating CITIES SMARTER

In July, 2005, 944 mm of rain fell on Mumbai in a single day, top to the deaths of 500 men and women. Heavy improvement had destroyed green spaces and mangrove forests, its all-natural flood protection, leaving the financial metropolis of 18 million reliant on an inadequate drainage method.

    The city set itself an ambitious plan then to set up pumping stations, widen drains and clean waterways. But that has missed deadlines, seen substantial expense overruns and is running practically a decade behind schedule.

Bhartiya’s Pathak said that under India’s weak federal framework, Modi alone lacked the energy to realize his smart cities initiative that promises a hygienic, networked life for a increasing generation of urban Indians.

Far better would be to empower major cities to establish their personal fate, he said, as with the most profitable urban projects in China.

“The leading Chinese megacities, where most development has occurred, are city states,” he stated. “So would India take into account city-state status, or sub-state status, for Chennai, Hyderabad, Bengaluru, Mumbai, Kolkata, Ahmedabad and Pune?”

(Further reporting by Aby Jose Koiparambil in Bengaluru, Tommy Wilkes and Sankalp Phartiyal in New Delhi, Clara Ferreira Marques in Mumbai Writing by Douglas Busvine Editing by Mike Collett-White)

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Morning News Call – India, December 3

To access the newsletter, click on the link: here Elements TO WATCH 9:30 a.m.: Junior Finance Minister Jayant Sinha and CBDT Chairman A.K. Jain at an event. ten:00 a.m.: Steel and Mines Minister Narendra Singh Tomar at a CII conference. 11:00 a.m.: Winter session of Parliament continues. four:00 p.m.: Commerce Secretary Rita Teaotia at a discussion on "WTO and India: The Road Ahead to Nairobi Ministerial". GMF: ASIA - COMMODITIES Focus- Gavin Wendt, Founding Director & Senior Resource Analyst, MineLife will join us at 1000 IST to give his outlook on energy markets and commodities - metals and valuable metals - for 2016. To join the conversation, click on the link: right here INDIA Top NEWS  Record rains flood south Indian state more to come The heaviest rainfall in over a century triggered huge flooding across the Indian state of Tamil Nadu, driving thousands from their residences, shutting auto factories and paralysing the airport in the state capital Chennai.  Canada's Sun Life to raise stake in Indian insurance coverage joint venture Canada's Sun Life Economic Inc signalled the significance of the quick developing Indian insurance market by revealing plans on Wednesday to boost its stake in life insurance joint venture Birla Sun Life Insurance, to 49 percent.  India to ban old trucks as cities choke on dirty air India will force all industrial trucks far more than 15 years old off the road from April and is reviewing how it checks automobile emissions, a senior transport official mentioned, as the government tries to curb soaring urban air pollution.  India cenbank to buy up to 100 bln rupees of govt bonds through OMO on Dec. 7 Reserve Bank of India said on Wednesday it will acquire up to 100 billion rupees of government bonds on Dec. 7 by means of open market place operations to inject cash into the banking technique, its very first purchases from markets because Oct 28.  India's Chennai Petroleum may possibly shut refinery crude unit after floods India's Chennai Petroleum Corp Ltd may shut one of the 3 crude units at its 210,000 barrels per day Manali refinery in the flood-hit southern Tamil Nadu state, Managing Director Gautam Roy told Reuters on Wednesday.  India's Tata signs up China's ICBC for financial solutions Tata Sons Ltd, the holding organization of India's salt-to-computer software Tata conglomerate, stated on Wednesday it had signed up Industrial and Commercial Bank of China Ltd to provide it with a host of banking solutions. Worldwide Leading NEWS  Shooting rampage in California leaves 14 dead, 17 wounded Gunmen opened fire on a vacation party on Wednesday at a social solutions agency in San Bernardino, California, killing 14 folks and wounding 17 others, then fled the scene, triggering an intense manhunt and a shootout with police, authorities said.  Fed's Yellen says 'looking forward' to day of initial rate rise in decade Federal Reserve Chair Janet Yellen said on Wednesday she was "searching forward" to a U.S. interest price rise that will be seen as a testament to the economy's recovery from recession.  China's Xinhua says U.S. OPM hack was not state-sponsored China's official Xinhua news agency said on Wednesday an investigation into a massive U.S. computer breach final year that compromised data on much more than 22 million federal workers identified that the hacking attack was criminal, not state-sponsored. Local MARKETS OUTLOOK (As reported by NewsRise)  The SGX Nifty Futures was trading at 7,921, down .44 percent from its earlier close.  The Indian rupee will likely open slightly reduced against the dollar, in line with most Asian peers, right after hawkish comments by U.S. Federal Reserve Chair Janet Yellen renewed bets for a rate hike this month, boosting demand for the greenback.  Indian government bonds are likely to jump right after the central bank announced its initial open industry buy of bonds in the current monetary year, in a bid to infuse money into the banking technique. The yield on the benchmark 7.72 % bond maturing in 2025 is likely to trade in a 7.68 %-7.74 % variety. International MARKETS  U.S. stocks closed sharply reduced on Wednesday after hawkish comments from Janet Yellen boosted expectations of an interest rate hike, and oil dipped below $  40 a barrel.  Asian stocks slipped and the dollar advanced after hawkish comments from Federal Reserve Chair Janet Yellen reinforced the case for an interest price hike later this month.  The euro hovered close to a 7-1/two-month low against the dollar as investors braced for the European Central Bank to roll out a lot more stimulus, providing an added enhance to the U.S. currency after it scaled new heights on the prospect of a Federal Reserve rate hike.  Rates of U.S. Treasuries have been tiny changed on Wednesday following Federal Reserve Chair Janet Yellen mentioned she was "hunting forward" to a U.S. interest rate hike.  Crude prices turned good soon after falling far more than 4 % a day earlier on an unexpected rise in U.S. stockpiles, and as traders dismissed the possibility of OPEC stemming oversupply by cutting production.  Gold languished close to a near-six-year low soon after comments from Federal Reserve chair Janet Yellen boosted expectations of a U.S. price hike this month, even though the strength in the dollar also weighed on the metal. MARKETS CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.55/66.58 December 2 $  9.ten mln $  50.91 mln ten-yr bond yield 7.72 pct Month-to-date -$  21.86 mln $  113.78 mln Year-to-date $  three.30 bln $  9.60 bln For additional data: India govt bond market place volumes Stock marketplace reports Non-deliverable forwards information Corporate debt stories [IN CORPD] Regional market place closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] (Reporting by Nandi Kaul in Bengaluru)

Heavy flooding causes chaos in southern India state

CHENNAI, India Widespread flooding across the southern Indian state of Tamil Nadu has driven much more than 200,000 people from their houses, shut down factories and paralyzed the airport in the state capital Chennai, government officials said on Wednesday.

The floods, caused by heavy rain more than the past two weeks, swilled over the runway of the international airport in India’s fourth-largest city, emergency officials stated, and about 25 flights had been canceled as of Wednesday morning.

A lot of components of the state could see more than 41 inches (104 cm) of rain in the next 48 hours, said an official in the Indian Meteorological Division.

Prime Minister Narendra Modi has ordered the rescue teams and paramilitary forces to launch an in depth relief and rescue operation. He had earlier blamed climate modify for the unseasonal rains and floods in the southern state.

(Reporting by Sandhya Ravishankar in Chennai Extra reporting by Rupam Jain Nair in New Delhi Editing by Krista Mahr and Douglas Busvine)

Agen Sabung Ayam