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Ease of doing business: Approvals simpler for start-ups than older firms

A production start-up of 83.6 days on average was required to obtain land, 58.7 days for construction permits, 44 days for an electrical connection and 30.2 days for a water connection, that the company faced a average 33.6 hours of electricity shortage and 33 hours of water shortages per month, found the first “Ease of Doing Business Report” compiled by NITI Aayog, the government’s expert group and the IDFC Institute, a a public policy think tank based in Mumbai. “If India is going to enter the” double digit “economic growth club, it will be clearly necessary to rationalize and improve the business environment,” the report said.

The survey, which included both start-ups (start-ups during or after 2014) and older companies, found that the process of obtaining approvals was easier for start-ups, setting up a business has become faster in recent years According to the report, it took 83.6 days on average to start getting land compared to the 118.3 days when companies were created before 2014. It took 58.7 days to obtain construction permits, and 75.5 days to not start, the survey revealed.

In comparison, it took 18.5 days to start a new business and 79 days to process construction permits in Kuala Lumpur, the capital of Malaysia, according to the World Bank’s Doing Business report of 2017 (Note: NITI research Aayog investigations and the World Bank are not comparable because they both use different methodologies.) This NITI Aayog survey-based survey of 3,276 manufacturing companies in the formal sector, including 141 start-ups in 23 manufacturing categories conducted by Kantar-IMRB, a market research agency in 2016. The survey covered all states and territories of the union, except Arunachal Pradesh, Mizoram, Lakshadweep and Andaman and Nicobar.

The survey also included interviews with lawyers, accountants and company secretaries in several states, and had a much broader scope than doing World Bank business surveys, which focus only on Delhi and Mumbai. Start-up required fewer days for most approvals, such as land allocation, building permits, and obtaining a water, electricity or sewer connection, but for longer periods of time to achieve environmental protection environment to obtain the research. The shorter approval time can be explained in part by the fact that most start-ups were in high-growth states, where approvals are faster than the rest of the country.

However, approvals were faster for start-ups than older companies in other states, according to the survey, suggesting that, in general, the founding time of a business declined. “Businesses in high-growth states are much less likely to report large or very serious barriers to land and building approvals, environmental approvals, and the availability of water and sanitation compared to companies located in low-growth states” , the report said. High-growth states are those with growth rates that are higher than or equal to the average growth rate between 2004-05 and 2013-14.

Companies in high-growth countries report a 25 percent less electricity shortage in a typical month compared to companies in low-growth states. Firms with more than 100 employees also took much longer, reported higher costs for required approvals, and were more likely to complain that regulatory barriers hindered firms than small businesses with fewer than 10 employees. This indicates that it remains very difficult for companies to increase or grow, according to the report, and could explain why companies in India are very small, with 98.6% of non-agricultural establishments employing fewer than 10 workers, according to the latest economic census of 2013-2014.

One of the “surprising” results, according to the report, was the low level of awareness among companies regarding single-state cut-and-fill systems established by governments. “On average, only about 20% of new companies, which are of recent origin, reported using one-stop shops to establish a business,” the report said.Less than half (41%) of the experts knew the existence of these facilities. The time needed to resolve legal disputes varies considerably from one or two to the other, according to the survey. The average time for a case was 598 days or 1.6 years in the civil court, while the average time for which a case was still pending was 1,304 days or 3.6 years. The survey also found that the largest source of financing for a company comes from savings saved by the company (35%), followed by bank loans (32%) and personal savings (25%).

Bitcoin craze: Are cryptocurrencies a dream come true for cyber-extortionists?

When malware supports computers around the world, encrypts its data and requests a rescue to decrypt information, regular activities of governments, businesses and hospitals are blocked. Sometimes, security researchers post a fix that allows computer owners to decrypt their machines without paying, but many people are forced to pony up to free their data.

By 2016, the FBI estimated that the ransomware industry was $ 1 billion – and that’s what bureaucrats know. All this money is not paid in cash. Before digital currency existed, extortionists asked victims to send money through more formal transfer companies like Western Union or deposit deposits into bank accounts. These were easily tracked. Today, ransomware attacks require the payment in bitcoin and their systems, the systems most appreciated by the supporters for their speed of transaction and protection of the anonymity of the users.

In the pursuit of cybercrime and cybersecurity for over a decade, I have discovered that cybercrime is often the biggest challenge facing cybercriminals. In this sense, the diffusion of cryptocurrencias is a great development that allows the cybercriminals to reach their objectives. In fact, the escalation of ransomware attacks and the growing importance of cryptocurrences can be connected.

Some companies have invested in bitcoin and other cryptocurrents specifically so they can pay extortionists if this is necessary. This contributes to the rapid growth of usage and the value of electronic coins. And as digital currencies become more common, ransomware attackers will have more time to hide their illegal transactions amidst the growing multitude of legitimate transfers.

Use of cryptocurrences in cyber extortion

Extortionists behind most ransomware attacks require payments in bitcoin, the most popular cryptocurrence. WannaCry attackers demanded between $ 300 and $ 600 per computer; the Petya rinse system wanted $ 300 in bitcoins before providing a code that would allow victims to decrypt their data.Many people do not actually pay: victims of WannaCry paid only $ 241,000 in bitcoins to extortionists. If all the infected had paid, the criminals would have received at least 60 million dollars. This resulted in a payment rate of 0.4 percent. Even fewer have paid the authors of Petya: they had only 66 payments, totaling just over 4 bitcoins, or about $ 18,200.

Other attacks are more successful: in June, a ransomware attack hit more than 150 servers belonging to the South Korean company Nayana receiving from the web. More than 3,400 of the company’s customers were affected – especially small businesses that operate their websites on Nayana teams. Nayana himself stepped up his efforts, taking loans to cover a payment of more than $ 1 million in bitcoins to the attackers, claiming to back up their clients’ sites.

Attackers do not always need to earn a lot of money to be effective. Many cyber security researchers believe that the Petya attacks were carried out politically rather than financially. But ransomware has a much higher pay rate than other common cybercrimes. One study found that for every 12.5 million emails sent in promoting a fake online pharmacy, scammers received only one answer. This is a success rate of approximately 0.000008 percent. They make a lot of money – up to $ 3.5 million a year – just by sending a large number of messages.

Trusting Cyberthemes?

One of the reasons cybercrime success rates are low is that victims do not trust extortionists to unlock their data once they are paid. By 2016, about a quarter of organizations that have paid redemptions have been unable to recover their data.

WannaCry’s attackers were particularly bad: their system required a lot of manpower, forcing criminals to manually connect payments with encrypted files before allowing victims to decrypt them. In fact, a flaw in the WannaCry attack software made it nearly impossible to decipher the victim’s data.

We could have managed liquidity better, says Raghuram Rajan

Former Reserve Bank governor of India (RBI) Raghuram Rajan said that in retrospect it seemed that the central bank under his government could have handled liquidity in the banking system in some improved ways.

Rajan, however, added that, once the problem of liquidity shortage was rejected by the data, the central bank acted quickly to recoup the situation.

“There is a place where we did not recognize that liquidity was recovering in the system,” he said, adding that “once I saw it in the data, we made a decision very quickly to move towards neutrality, but that is something that should have seen before “.

He was answering a question if he wanted something different in retreat during his three-year term as governor of the RBI.

In an interview with PTI, he said he wished he acted a few months in advance to ease the liquidity situation.

“We were operating from a liquidity deficit system, so the RBI was still working, but it did not work well in this environment.

Having recognized that probably a little later than we would have recognized, we transferred it to a position of neutral liquidity. So this is where I think I can see it happening a few months earlier, “he said.

During the second half of 2015-16, there was a strict liquidity situation in the banking system and was addressed in the policy of April 2016. As a result, banks delayed the monetary policy to customers.

At one point, Bharatiya Janata MP MP Subramanian Swamy accused him of being “mentally not totally Indian” and that his inflationary monetary policy was sweltering growth.

When asked if he wanted to comment on Swamy’s comments against him, Rajan said, “No. I think some problems are not best commented on.

I think as soon as you start to solve these problems, you give it more weight than it deserves, “he said.

(Only the title and image of this report may have been reworked by Business Standard staff, with the rest of the content automatically generated from a syndicated feed).

GST impact on food grains: It is win-win-win situation for traders, FCI and Centre

GST impact on food grains: It is win-win-win situation for traders, FCI and Centre

The tax on goods and services (GST) has significantly reduced the country’s grain purchase tax rate, as well as correcting the huge disparity in fiscal consequences among the major grain-producing countries.

The development would reduce the tax burden on Food Food Corporation of India, whose operations are funded by the Center’s grant budget.

In addition, buyers, including private traders now have easier trade with surplus states because of fiscal responsibility is no longer a determining factor in their market decisions. Previously, taxes have played a significant role and have affected the buying preferences of traders.

For example, even if the Punjab was one of the largest producers of wheat and cereals often produced in excess of the amount, private traders procure grain from Uttar Pradesh, where taxes were much lower. These market-distorting fiscal disparities no longer exist in the GST regime.

Although VAT boxes and assortments are integrated with the GST (which is taken to zero in grain purchases), only small samples, such as market, rural development rates and arthia commissions or businesses, are now paid by buyers Of grains.

In Andhra Pradesh, for example, the impact of taxes and other taxes on rice supply is now 3.12%, compared with pre-GST 13.12%.

The southern state, which makes the rice for the stock exchange basins, which is used to impose value added tax (VAT) and the rural development quota of 5% each in the purchase price of grain , Which had been abandoned under the GST.

Similarly, Punjab, taxes on purchases of rice and wheat fell by 14.5% to 6.5%, while for Haryana, taxes decreased by 6.5% compared with 11.5%.

And in Madhya Pradesh, one of the major contributors to wheat stocks in the center, government and private grain purchases increased from 4.32% to 9.32%.

“In addition to VAT, various provisions such as infrastructure and rural development imposed by the state in the purchase of grain governments have been integrated with the GST,” said an official of the FA. The Board decided GST to fully compensate the states for any loss of revenue under the GST in the first five years of operation.

Reducing grain supply taxes would help FCI, which buys about 50-55 million tonnes of wheat and rice per year from major producing countries.

TPI had paid taxes of about Rs.10 trillion annually in recent years and the savings of the GST could be about 7,000 CRORE annually.

A recent publication titled “Obtaining Punjab agriculture, on the path of great growth” by Ashok Gulati, Ranjana Roy and Siraj Hussain noted that the Punjab government was accused of heavy commissions / taxes on the purchase of wheat and rice, or 14.5%, which is much higher than 2% in Gujarat and West Bengal.

“This makes the food industry extremely reluctant to buy their raw materials from Punjab,” the report said.

North Korea’s ICBM tests may be a deception tactic to hide a much more capable threat

North Korea’s ICBM tests may be a deception tactic to hide a much more capable threat

North Korea surprised the world by making huge strides in missile technology since launching an intercontinental ballistic missile on July 4, but according to James Kiessling, the mobile road missile can be a deception.

Kiessling, who works in the Office of the Secretary of Defense, gave personal views of Business Insider in North Korea, which does not represent the official position of the Pentagon.

“If you are really concerned about an ICBM to anyone, go back and look at history for what everyone has done for intercontinental ballistic missiles,” said Kiessling. “Every first ICBM liquid is purified.”

Through careful analysis of North Korea’s images and missile launching program statistics, Kiessling found that path and mobile-based missiles showing trucks may not work as expected and may be deliberate distractions from a draft More capable missiles.

In a document for Breaking Defense, Kiessling and his colleague Ralph Savelsberg showed a model of North Korean ballistic missiles and concluded that their small size made it basically useless to reach the United States with a significant load.

History suggests that building a true ICBM liquid fuel that can be transported in a truck has huge, if not insurmountable, problems, designers.

“The United States and the Soviets tried very hard and were never able to achieve a level of miniaturization and robustness that would support a mobile ICBM path,” Kiessling said, referring to the mineralization of warheads needed to integrate missile.

ICBMs using liquid fuel, like North Korea are “very likely to offend or damage the tankage” while being transported in a truck bumpy.

ICBM North Korea intercontinental ballistic missile Hwasong 14 AP_17185312955179
“Although not impossible, it is very difficult and extremely dangerous” to put an ICBM liquid fuel in a truck, according to Kiessling.

Instead, the United States, the Soviets and the Chinese have all created Silo-based missiles because static missiles are more stable and less prone to damage.

But there is no evidence that North Korea built a silo for missile launch, and Kiessling said that this could be due to a massive cheating campaign that could have fooled some of the world’s best missile experts.

Kiessling thinks that North Korea is preparing for a silo-based missile that combines parts of Hwasong-14, the ICBM, with its space launch vehicle, the Fingernail. The Unha and the Hwasong-14 were tested separately and Kiessling said they could be easily combined.

This analysis corresponds to comments by Mike Elleman, a senior missile defense student at the International Institute for Strategic Studies, who told Business Insider that he saw Hwasong-14 as a “tentative capability” that North Korea used to demonstrate an ICBM As fast as possible.

Containing North Korea with sticks and carrots

Containing North Korea with sticks and carrots

seventy and six percent of Americans are seriously concerned about a major military conflict with North Korea, and well it should be (“sea conflict, North Korea, Muslim militants ahead of ASEAN meetings,” August 4 ).

There are more good solutions in North Korea of the United States or its allies. North Korea has more than 100 nuclear ICBM capable of targeting our allies and US forces in South Korea, Japan, the Philippines and probably in the continental United States. This existential threat and blackmail are intolerable required if the United States should remain a free country.

There are three options: negotiations (which have failed for more than 20 years and three presidencies due to lies and bad faith in North Korea despite the incentives of US $ 1 billion); (Although the murderous dictator of North Korea is very different from the Soviet dictators of the Cold War who responded to this strategy); And the military action of our very superior army (but no longer capable of a knockout attack that prevents revenge on an unimaginable scale).

Of course, there are combinations of these three. To make a difficult situation even worse, we need a strategic and credible world leader in the State Department and the White House, where we now have another way.

China and North Korea should be persuaded by garrote and carrot that their interests can be served by the uninstallation of the Korean peninsula.

This means, for example, that China’s fears about North Korea’s impact of regime change (and the possible flow of refugees across the border) and fears of a US (and nuclear) military presence in Their border will be reduced if they cooperate with a strict strictly economic North Korea until there are negotiations in good faith.

The stick is the alternative reality that China is surrounded by nuclear countries (South Korea, Japan and the United States) with high probability of being dragged into a nuclear war at its gate that can not be used for North Korea and create massive instability in china .

New Zealand denies visas to North Korean academics to attend conference

New Zealand denies visas to North Korean academics to attend conference

TOKYO – The effort on the part of the US To isolate North Korea from every aspect of the international community is apparently widespread in New Zealand, where a group of North Korean researchers – including a historian, philosopher and linguist – were denied visas for a conference. week.

The delegation of 10 members of the Social Sciences Academy of Pyongyang was not allowed to attend the conference of the International Society for Korean Studies in Auckland this week.

His specialties include Korean folklore, philosophy, classical literature, history and education. They were to be accompanied by two “guardians”, as is the case of North Korean groups traveling abroad.

A university was traveling with Jo Hui Sung, who has a reputation in his field: the history of the Koguryo period of the three kingdoms of the Korean peninsula up to the seventh century.

However, the New Zealand government today rejected the visa application to comply with sanctions against North Korea, according to people familiar with the process. “I was told it was due to UN sanctions,” said one, who spoke anonymously to provide details of the decision.

[State Department: United States to prevent Americans from traveling to North Korea]

While the Kim Jong Un regime has continued to challenge the international community with the launching of missiles, the United Nations has imposed sanctions in an attempt to reduce North Korea’s ability to buy parts for its weapons program through logistical reduction and financing.
Meanwhile, the United States imposed much more aggressive unilateral sanctions against North Korea, the black list of individuals and companies that the Treasury Department says are involved in implementing or financing the weapons program.

On Wednesday, the head sent the State Department for East Asian Affairs Susan Thornton, told reporters that the United States was looking for possible ways to suspend North Korea’s largest security group Asia, the 27-nation regional forum ASEAN. The group, which includes the United States and South Korea, should organize its annual meeting Monday in the Philippines.

There are no sanctions applied or planned – either unilateral or multilateral – have been addressed to humanities teachers.

The New Zealand Ministry of Foreign Affairs declined to comment, referring to inquiries from the immigration service.

“Immigration from New Zealand can confirm that these visa applications were rejected for failing to comply with immigration instructions,” said Marc Piercey, a spokesman for the Immigration Service. He declined to comment further for legal and confidentiality reasons.

The visa decision was made a few days after Recorded Future, an information office on threats, released a report indicating that North Koreans had access to the Internet through a handful of countries, including New Zealand. However, it was unclear whether the report had anything to do with the decision.

Diplomat: $1 billion in North Korea exports would be banned by U.N.

Diplomat: $1 billion in North Korea exports would be banned by U.N.

A proposal for a new UN sanctions resolution that would greatly increase the economic pressure on North Korea to return to negotiations on its nuclear and missile programs by banning exports of minerals and a value of more than Shellfish to a third of last year’s total exports 1 billion, a Security Council diplomat said on Friday.

The draft resolution, obtained by The Associated Press, also prohibits countries from providing an additional opportunity for North Korean workers from another source of money for the Kim Jong Un regime.

And it forbids all new joint ventures with North Korean companies and banned new foreign investments in existing joint ventures.

Egypt, which holds the presidency of the Security Council, said that the vote on the draft resolution was scheduled for 3 pm. EDT Saturday.

The proposed new sanctions follow the first tests of intercontinental ballistic missiles of North Korea that managed to arrive at the United States 3 of July and 27 of July.

The Security Council has already imposed six rounds of sanctions have not prevented North Korea’s willingness to improve its ballistic missile and nuclear weapons capabilities.

The draft resolution condemns the launches “in the strongest terms” and reiterates previous calls for North Korea to suspend all ballistic missile launches and abandon its nuclear weapons and nuclear program “in a complete, verifiable and irreversible manner.”

The United States spent weeks after the initial launch of the intercontinental ballistic missile in the negotiation of the text with China, the neighbor and ally of North Korea.

The diplomat, who spoke under the influence of anonymity because he was not authorized to speak publicly, called it “all the most pronounced and widespread sanctions to date,” and said that the resolution must be unanimously approved.

The agreement on the draft to vote followed remarks by the United States of America, Rex Tillerson, comforted Wednesday in North Korea that Washington does not seek regime or accelerated comments of change of reunification of the Korean peninsula received by the Chinese foreign minister .

Tillerson also said that the US Wants to discuss possibly with North Korea, but I do not think the debates are productive if the North intends to maintain its nuclear weapons.

North Korea has repeatedly said it will never give up its nuclear arsenal, which it sees as a security guarantee.

The draft resolution reiterates the wording in previous Security Council resolutions that support the return of six-party talks aimed at denuclearization of the Korean peninsula, which expresses the commitment of the Security Council “for a peaceful, diplomatic solution And political situation “and reiterating the importance of maintaining peace and stability in northeastern Asia.

He also expressed regret over the “massive diversion of limited resources for the development of nuclear weapons and many expensive North Korean ballistic missile programs,” noting that more than half of the population lacks adequate food and medical care and a fourth Part of the population suffers from chronic malnutrition.

People in the News

Botox Baron Dies

Celebrity dermatologist FREDRICBRANDT, once called the Baron of Botox, has died aged 65. He apparently hanged himself. According to Dr Brandt’s publicist, he had been suffering from depression for some time and was recently devastated by what is believed to be a parody of him on the Tina Fey comedy series, Unbreakable Kimmy Schmidt. However, she added that he didn’t kill himselfbecause of that one show. An early propo­nent of botox, his clients included Madonna. He was also a writer and radio talk show host.

Raju Sent To Jail Again

B.RAMALINGARAJU was sentenced to seven years in j ail and fined Rs 5 crore after being found guilty of criminal conspiracy and cheating in the Rs 7,000-crore Satyam scam. Touted as the nation’s biggest accounting fraud, it came to light on 7 January 2009 after Raju, the company’s chief, confessed to fudging its account books and profits for years. The scam caused an estimated notional loss of Rs 14,000 crore to investors and unlawful gains of Rs 1,900 crore to Raju and others. Raju had earlier spent 30 months injudicial custody.

FRESHCHARGES

Former CMD of Syndicate BankS.K.JAlNhasbeer booked in a money laun­dering case by the En­forcement DirectorateJt took cognisance of a CB FIR, which had accused Jain of accepting a bribe of Rs 50 lakh through conduits and abusing his official position to en­hance the credit limits cf some firms. He was ear­lier arrested for grantingcredit extension to B h u s h a n Steel after it defaulted 1 on the pay­ment of loan instalments.

Raju Sent To Jail Again

B.RAMALINGARAJU was sentenced to seven years in j ail and fined Rs 5 crore after being found guilty of criminal conspiracy and cheating in the Rs 7,000-crore Satyam scam. Touted as the nation’s biggest accounting fraud, it came to light on 7 January 2009 after Raju, the company’s chief, confessed to fudging its account books and profits for years. The scam caused an estimated notional loss of Rs 14,000 crore to investors and unlawful gains of Rs 1,900 crore to Raju and others. Raju had earlier spent 30 months injudicial custody.

New Turf

  1. SHANKAR, Standard Chartered Bank’s CEO for Middle East, Africa and the Americas, has quit the bank amid a top-level management reshuffle, to pursue his ambition of managing a private equity fund. Shankar, who has been with the bank for 13 years, was instrumental in building its busi­ness and clinching deals. He is the latest among senior executives to leave the bank after chairman John Peace, chief execu­tive officer Peter Sands and Asia chief Jaspal Bindra.Berio Bows OutItalian media mogul and former prime minister SILVIO BERLUSCONI has agreed to sell his football club Inter Milan in a deal worth €1 billion. Ber­lusconi is close to selling 75 per cent of his shares in the seven-time European Cup winners after holding talks with Chinese investors. As part of the deal, Berlus­coni’s daughter Barbara is expected to continue in her post as club director.MARANSINTROUBLEThe Enforcement Directorate attached assets worth Rs 742 crore of former telecom minister and DMKleader DAYANIDHI MAR AN (right) and his brother KALANITHI M A R A N in the Aircel-Maxis case in which they are ac­cused. Dayanidhi had allegedly received Rs 742.58 crore as illegal gratification. Earlier, the CBI had alleged that Dayanidhi forced a promoter to sell his stakes in Aircel and two subsidiary firms to Malaysian firm Maxis Group.

    RAGSTORICHES

    ZHOU QUNFEl, a for­mer factory worker whc founded a company sup­plying Apple, Samsung andothertechnologica giants with touchscreer glass, has become Chi­na’s richest woman, wit” a fortune over $8 bil­lion. Qunfei, the chair­woman and presides of Hunan-based Len: Technology, saw he- wealth soar after the firm’sdebuton the Shen­zhen stock exchange

    FAR FROM FAB

    It’safairbit ofbad pub­licity for Fabindia and n: one will probably knov this better than manag­ing director William Bis- sell. He, along with CEC Subrata Dutta, were summonedfor question­ing by the police afte- HRDministerSmritilrar discovered a CCTVcam­era near the trial roomr a Fabindia store in Goa : Candolim. The store ma lose its trade licence too.

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