North Carolina’s only federally recognized American Indian tribe could soon offer sports and horse wagering to patrons at its two casinos. The General Assembly gave final approval Monday night to a measure that would give the Eastern Band of Cherokee Indians the authority to offer the additional betting. The House voted for the measure that had already cleared the Senate three months ago. The bill now goes to Gov. Roy Cooper’s desk. A Cooper spokesman says the bill will be reviewed before he makes a decision on whether to sign it. The sports-book option took shape after the U.S. Supreme Court struck down a federal law last year that made most sports gambling illegal. State law already lets the Eastern Band offer live poker, slot machines and video-style games.
Women in the private sector have away to go to catch up with the progresstheir peers in the public sector have made. (Image: MediaClubSouthAfrica.com. For more free photos, visit the image library) MEDIA CONTACTS • Jeanette Hern Partner, Grant Thornton Johannesburg +27 11 322 4562 • Lesley Ann Foster Masimanyane Women’s Support Centre +27 43 743 9169 or +27 83 325 2497 RELATED ARTICLES • Empowerment for SA’s women• Women’s rights in SA to advance • Towards gender equality in SA • NGO fights for gender equality in SAShamin ChibbaSouth African women are making strides in the country’s private sector in terms of taking up senior positions, according to a recent international survey.The 2012 Grant Thornton International Business Report, which surveys trends in privately held businesses in 40 economies around the world, stated that 28% of senior management positions in South Africa were held by women.This is higher than the global average of 21%.Grant Thornton’s corporate finance head in Johannesburg, Jeanette Hern, said that this strong representation is indicative of the country’s progress towards gender equality.The percentage actually indicates an improvement from 27% last year. However, it falls just short of 2007’s figure of 29%.Creative ways to accommodate womenHern said, however, that more needs to be done for that figure to increase.“We need more innovative solutions in order to make a significant dent in the number of women still excluded from senior management,” she said.This includes finding more creative ways to accommodate women in the workplace. Hern said that just 39% of women surveyed in South Africa said that their businesses offer working conditions that accommodated flexible hours and alternative working locations.Also, the research found that women were not represented across a spectrum of management roles. Most were either human resource or finance directors.Just 8% of CEOs and 9% of COOs were women but according to Hern, this is an improvement from 2011, when only 3% of women held positions at these levels.Women have progressed, but can progress moreAccording to Masimanyane Women’s Support Centre’s executive director, Lesley Ann Foster, the exact number of women in leadership roles should be taken into consideration when analysing such statistics.Foster says that taken in context, the figures leave much room for improvement – but acknowledged that women have progressed in the past decade and they have occupied many senior positions, although not yet to a satisfactory degree.“Women make up 53% of the population so they should at least take up 50% of leadership positions but this is not happening,” she said.Foster was clear about the benefits that equality between men and women will have on society. She said that in a society where women are on an equal basis with men progress is quicker, the standard of living is higher and quality of life improves.“Women bring a lot of expertise and value to life,” she said. “If a woman works, the whole family and the community benefit. To be on par with men, women should receive decent work, decent pay.”Private sector must catch upFoster referred to studies done by the Businesswomen’s Association of South Africa (BWASA) in 2010, which stated that there are millions of women who are either unemployed or earn very little.The BWASA research indicates that 64% of women earned less than R1 000 per month, 80% earned less than R2 500 and more alarmingly, only 45% of women were employed. In addition, 53% of black women are currently unemployed.She also said that there are not enough women from previously disadvantaged backgrounds in leadership positions.BWASA East London’s chairperson, Lizelle Maurice, agreed with Foster’s sentiments, saying that while women have progressed tremendously in the public domain, with 47% being represented in government, they are still lagging within the private sector.When speaking of ways to ensure women are given a greater chance to participate within business, Maurice said: “Black economic empowerment status should also have a gender component.”
9 April 2013The latest attempt to counter the thriving crime of rhino poaching in South Africa comes in the form of a poisonous substance with which a game reserve is now treating its rhinos’ horns.Consumers of the “poisoned” rhino horn, generally found in Asia, risk becoming seriously ill from ingestion as it is contaminated with a non-lethal chemical package.Private game reserve Sabi Sand Wildtuin, at the southern end of the Kruger Park, is tired of watching an entire species vanish before its eyes.The reserve has resorted to taking matters into its own hands by injecting ectoparasiticides into the horns of 100 of its rhinos.Ectoparasiticides are not intended for consumption by humans; they are generally used for the control of ticks and parasites in animals. An ectoparasiticide is an antiparasitic drug used in the treatment of ectoparasitic infestations. It kills the parasites that live on the body surface.Toxic side-effectsAlthough not lethal in small quantities, they are toxic and symptoms of accidental ingestion may include severe nausea, vomiting and convulsions, among other side effects.Because of these side-effects, the treated rhino and their horns must be visibly identifiable, to avoid ingestion of treated horns by humans.Andrew Parker, the chief executive of Sabi Sand Wildtuin Association, says the reserve is leading this programme because it is located at the epicentre of the problem, at the southern end of South Africa’s Kruger National Park, where up to 70% of rhino killings occur.In addition to making whoever consumes the rhino horn very ill, the ectoparasiticides are accompanied by a pink dye that can be detected by airport scanners.“We realised that the treatment of the horns, along with an indelible dye, would go a long way towards helping us achieve our goal of protecting all rhinos in South Africa from poaching,” says Lorinda Hern of the Rhino Rescue Project.The dye is visible on an X-ray scanner even when ground to a fine powder. Airport security checkpoints are almost certain to pick up the presence of this dye in a treated horn regardless of whether the horn is intact or in powder form.“Testing is ongoing and comprehensive, to ensure that the animals have in no way been harmed by the administration of the treatment and, based on the research, it is believed that the treatment should remain effective for approximately three to four years, after which re-administration would be required,” says Hern.Diminishing the lucrative tradeThere is no doubt a solution to rhino poaching needs to be found. The number of rhinos lost to poaching in South Africa exceeded 300 in 2010 and over 400 in 2011.This week, the government said 203 rhinos had been killed by poachers so far this year, including 145 in Kruger Park.Rhino horn on the black market is worth an estimated R600 000 (US$66 000) a kilo for mature horns, which average four to 4.5kgs in weight when they are sawn or hacked off close to the animal’s skull.The poachers themselves receive a fraction of the R2.4-million to R2.7-million ($264 000 to $300 000) value of each horn from the syndicates that plan the raids and export the material.Logically, a permanent solution to poaching is to eliminate the demand for rhino horn altogether. Education will go a long way to teaching consumers that rhino horn contains no nutritional or medicinal value, however, education will not produce an immediate result – and results are needed urgently.The Sabi Sand game reserve hopes that these two tactics, implemented for the first time in South Africa, will put a dent in the lucrative rhino horn trade.“The media in South Africa and globally maintain a close watch on the shrinking herds of our rhino,” Parker says. “The same platform can expose exactly what the poachers are up against from now on.“They have had an easy ride so far, running a vast and brutal, hugely profitable trade under the noses of government authorities between here and Asia. Now we are forcing them to answer to their consumers about what they are passing off as medicine,” he adds.Sabi Sand has launched a widespread media campaign and posted signs on its fences to make poachers aware that its rhinos’ horns have been poisoned.First published by MediaClubSouthAfrica.com – get free high-resolution photos and professional feature articles from Brand South Africa’s media service.
On March 9, @shrmnextchat chatted with the SHRM Government Affairs Team about the SHRM Employment Law & Legislative Conference. In case you missed this important chat filled with great insights about HR advocacy, you can see all the tweets here: [View the story “#Nextchat RECAP: SHRM Employment Law & Legislative Conference” on Storify]
A Comprehensive Guide to a Content Audit Related Posts Tags:#Algorithm#Facebook#Facebook News Feed#News Feed#social media#social networks david nield The Dos and Don’ts of Brand Awareness Videos Guide to Performing Bulk Email Verification Facebook is Becoming Less Personal and More Pro… Another Facebook News Feed tweak has been attracting attention this week, not for the first (or last) time. In addition to three significant changes, it brings yet another reminder that we’re all at the mercy of its algorithms. Whether you’re a million-dollar publishing empire or a mother with some baby pictures, it’s largely up to Facebook just how many other people are going to get to see your post.The New New News FeedAbout those News Feed changes. First, if yours happens to be a little on the sparse side (did all your friends leave for Snapchat?), Facebook will now show you more posts from the contacts you do have rather than let you reach the “end” of your feed.Second, Facebook will now favor updates “posted directly by the friends you care about” in your News Feed. If there are certain people you interact with more often, you’ll see more posts by them. If you spend a lot of time clicking and commenting on links from the New York Times, you’ll see more material from that page, too.Third and last, you won’t see as many posts and comments from your friends on pages you’re not connected with. Uncle Ed might love Coca-Cola’s Facebook presence, but unless you’ve also liked the Coca-Cola page, you won’t see Uncle Ed’s love-in with the sugary soda drink quite as much as you did before.With online publishers relying so heavily on Facebook for traffic, tweaks like this merit close study, since they can send referral traffic soaring or plummeting. The third part of this latest reconfiguration has been widely seen as a blow for sites and brands looking for as many eyeballs as possible, though it’s going to be a while before we know the full effects of the changes.Whose Feed Is It Anyway?Social is diversifying, and so is Facebook.No sooner has the virtual ink dried on an analysis of one News Feed update than the next one comes along to replace it. Last August, Facebook went to war against spammy, clickbait-style articles, a move that would have pleased pretty much everyone except those who make their living from such pieces.Facebook’s also exploring the possibility of hosting content from key publishers itself rather than linking out to it. When you attract the attention of more than 1.4 billion users, then you get to call the shots on what gets priority and what doesn’t.With each of us having so many connections on Facebook, Mark Zuckerberg and his band of engineers have to take some editorial control over what pops up in the News Feed—a flat stream of everything that was happening in sequential order wouldn’t be much fun at all.But it’s interesting to weigh the question of exactly what users want to see. Why do we log into Facebook in 2015? Is it more for updates from friends or links of interest? Facebook is always keen to emphasize that its tweaks are based on user feedback, and our tastes are always changing—hence the re-emergence of instant messenger-style apps.News Feed algorithm updates will always generate plenty of comment and discussion from publishers, but they say as much about social networking and our virtual relationships with our friends as they do about the future of news.Lead image courtesy of Facebook; photo of Mark Zuckerberg by Owen Thomas for ReadWrite
PSG Mbappe ‘leaning every day’ from best in the world Neymar and Cavani Dejan Kalinic 11:22 12/23/17 FacebookTwitterRedditcopy Comments(0) Jean Catuffe PSG Kylian Mbappé Neymar Ligue 1 The Paris Saint-Germain forward hailed his two star team-mates and says he’s learning from them daily Edinson Cavani is the world’s leading striker and Neymar is close to being the best player on the planet, according to Paris Saint-Germain team-mate Kylian Mbappe.PSG have impressed so far this season, sitting nine points clear atop Ligue 1 and having reached the last 16 of the Champions League.Unai Emery’s men have been led by their star trio, with Neymar, Cavani and Mbappe scoring 38 of their 58 league goals. Article continues below Editors’ Picks Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Megan Rapinoe: Born & brilliant in the U.S.A. A Liverpool legend in the making: Behind Virgil van Dijk’s remarkable rise to world’s best player Mbappe, 19, said he was always learning from his more experienced team-mates, adding they were among the world’s best.”I am learning every day. I try to watch all the things they are doing in order to learn as quick as possible,” he said.”When you have Cavani, who is for me the best striker in the world, and Neymar, who has everything to be the best player in the world very soon, you have a lot to learn.”So it’s something I am watching closely and I am proud to play alongside them.”#QatarWinterTour #VisitQatar pic.twitter.com/UJOnTcoVZX — PSG English (@PSG_English) December 22, 2017 While the trio’s combination has led PSG, Mbappe believes there is even more to come.”I think we can do even better. It’s like five months we are playing together and we managed to do a lot of things. So imagine in one year, it could be even better,” he said.”We know each other very well but we still need a couple of automatisms to know each other perfectly, with closed eyes as we say.”But I think we would reach this very soon and we would do some great things very soon for PSG.”
According to Mr. Samuda, the three-day international trade show, conceptualised and executed by the Jamaica Manufacturers’ Association (JMA) in Montego Bay, was not only a huge success but provided an opportunity for many local businesses to access the global marketplace. In the meantime, President of the Montego Bay Chamber of Commerce, T’Shura Gibbs, said the event was remarkable. Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda, says the recently held Jamaica International Exhibition (JIE) was a major boost for manufacturing and the services sector.According to Mr. Samuda, the three-day international trade show, conceptualised and executed by the Jamaica Manufacturers’ Association (JMA) in Montego Bay, was not only a huge success but provided an opportunity for many local businesses to access the global marketplace.“This was a remarkable expo. This is the kind of trade show that our country needs and where our local business owners get to rub shoulders with their overseas counterparts,” the Minister told JIS News.Mr. Samuda said he knew that the JMA and its team had put in a lot of work to make the event a reality, but he was a “little surprised at how extraordinarily well the turnout was, especially for an inaugural event”.The Minister, who also toured and interacted with all the booth holders on June 2, said that not only was the JIE a big breakthrough for a number of local businesses, “it also provided another opportunity for brand Jamaica to be showcased in an international forum and one befitting of its status as a global powerhouse”.“The JIE has not only opened doors; it has also created the opening where local businesses can now build on the contacts they have made, ensuring that, from now on, they will know where to go and who to call on, as it relates to doing business on the global front,” Mr. Samuda said.In the meantime, President of the Montego Bay Chamber of Commerce, T’Shura Gibbs, said the event was remarkable.“The JMA and all who assisted in making this a reality must be commended for what they have done. As a first-time event, this is simply amazing. What it also shows is that the opportunities for economic growth and prosperity are real and are there for us to take full advantage of. This is what the JIE is about… to bring businesses together in an up-close and personal manner, where deals can be made,” she said.The JIE, which ran for three days (June1-3) at the Montego Bay Convention Centre, St. James, had more than 200 buyers and suppliers from 11 countries, including Canada, the United States, the United Kingdom and Switzerland, participating.It also saw a wide cross section of participants from both local and international companies, including tourism, construction, business process outsourcing, agriculture and manufacturing. Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Karl Samuda, says the recently held Jamaica International Exhibition (JIE) was a major boost for manufacturing and the services sector. Story Highlights
12 Photos 2019 GMC Sierra Denali review: So close to greatness 2019 Chevrolet Corvette Grand Sport loves to hustle Honda OdysseyThe feature-rich Honda Odyssey minivan also retains its number-two slot from last year’s list. While the 2019 model doesn’t see any changes from last, it’s still a darn good choice for families on the go with reconfigurable seats, Wi-Fi and an excellent rear-seat entertainment system. The Cabin Watch video system lets parents keep an eye on their little darlings without turning around in their seats, while Cabin Talk amplifies their voice so no yelling is required.The Odyssey is powered by a 3.5-liter V6 rated for 280 horsepower and 262 pound-feet of torque. Most trims get a nine-speed automatic but the top Touring and Elite trims now use a 10-speed automatic with stop-start technology. The Honda Odyssey is made in Lincoln, Alabama. 2019 Honda Ridgeline review: Light duty, heavy punch Honda PassportThe Honda Passport is a new (well, reborn) entry to both the Honda lineup and the American Made Index. This midsize crossover comes to the fray with great driving dynamics and plenty of tech like the standard Honda Sensing suite of active safety features. An available 8-inch touchscreen gets Apple CarPlay and Android Auto as well as a Wi-Fi hotspot.Under the hood is the stalwart 3.5-liter V6 producing 280 horsepower and 262 pound-feet of torque. However unlike the Ridgeline, the Passport sends that power through a nine-speed automatic transmission. Having said that, just like the Ridgeline, this is the only powertrain available. The Honda Passport is built in Lincoln, Alabama. Enlarge Image Ducati It’s been six years since the Volkswagen Group bought Ducati, the legendary Italian motorcycle manufacturer, for around $840 million. Those years have been some of the best of Ducati’s 92-year-long history. The brand has introduced its wildly popular Scrambler sub-brand, the development of its Multistrada line, and its new Panigale V4 is one of the most extreme production motorcycles ever made. That being said, it’s not exactly the best of times at the VW Group. It’s rumored that ze Germans could be putting Ducati up on the auction block once again, and KTM, of all companies, is considering buying it, according to an interview published recently by Speedweek.com with KTM CEO Stefan Pierer.At first blush, it seems like kind of a weird pairing. KTM is a relatively small motorcycle manufacturer that is best known for its off-road bikes. Pierer has been with KTM since the early 1990s. While his time at the helm of the Austrian company has been fruitful, his goal to have KTM be the world’s third-largest sports motorcycle maker — something he mentions in his Speedweek interview — is wildly ambitious. Buying Ducati, however, could give him a massive leg-up toward that goal.”Audi may soon have other priorities than a motorcycle plant due to the diesel affair and e-mobility. Ducati is the Ferrari of the motorcycle industry,” said Stefan Pierer, CEO of KTM, in an interview with Speedweek.com. “Of course, having such a brand in our group would be interesting. It is not a question of price, but it is about the topic: When does everyone realize in which situation he is?”KTM has dabbled in making hardcore sports motorcycles before with the V-twin-powered RC8 and currently with its single-cylinder RC390. The company has had significant success with its adventure bikes and with its naked bikes like the Super Duke R. Chevrolet ColoradoMaking its debut in the top 10 is the Chevrolet Colorado. Shown here in the tough ZR2 Bison off-road spec, the Chevy Colorado is an excellent truck and one of the two midsize pickups you can get with a diesel engine. Adding to the ZR2’s two-inch lift and front and rear locking differentials, the Bison gets beefier skid plates (trust me, that’s a good thing), steel bumpers and integrated recovery points. Heck, you can even get a snorkel.Base models get a 2.5-liter four-cylinder engine with a six-speed manual transmission, but a more popular choice is the 3.6-liter V6 gas engine with 308 horsepower and 275 pound-feet of torque, mated to an eight-speed automatic transmission. Meanwhile, the 2.8-liter diesel pumps out 186 horsepower and a delicious 369 pound-feet of twist and is mated to a six-speed automatic. The Chevy Colorado is built in Wentzville, Missouri. 2 71 Photos 2020 Kia Telluride review: Kia’s new SUV has big style and bigger value 68 Photos 2019 Acura RDX A-Spec: Sharp handling, sharper looks 2019 Jeep Cherokee can handle the rough stuff 52 Photos More From Roadshow 2020 BMW M340i review: A dash of M makes everything better 18 Photos 2018 Ducati Multistrada 1260 S looks set to conquer all Jeep CherokeeKeeping its top-of-the-list placement, the Jeep Cherokee is 2019’s most American-made car. Refreshed for 2019, the compact crossover now features more tech, better cargo space and a slightly tweaked look. It’s available in no fewer the nine trims, including the off-road specific Trailhawk and a fancy-pants Trailhawk Elite.For 2019, the Cherokee gets a new 2.0-liter, turbocharged, four-cylinder engine with 270 horsepower and 295 pound-feet of torque, though naturally aspirated I4 and V6 choices are also available. Regardless of engine, a nine-speed automatic transmission gets the power to the pavement — or dirt as the case may be. The Cherokee is made in Belvidere, Illinois. GMC CanyonIf you’re looking for a slightly fancier version of the Colorado that’s more focused on luxe than dirt, check out the GMC Canyon. The top Denali trim gets standard heated and ventilated front seats as well as a heated steering wheel. Maximum payload capability is 1,665 pounds while max towing is a fairly healthy 7,600 pounds.The Canyon is available with the same 2.5-liter four-cylinder engine, 3.6-liter V6 or 2.8-liter diesel as the Chevrolet Colorado. It’s also built in Wentzville, Missouri. Car Industry 10 Photos Honda PilotDropping down to seventh place for 2019 is the Honda Pilot. Like its two-row Passport sibling, the three-row Pilot offers parent-focused technology like Cabin Talk as well as myriad standard driver-assistance features through the Honda Sensing tech suite. Honda’s largest crossover offers up nearly 84 cubic feet of cargo space. Honda’s 3.5-liter V6 engine shows up again, making a serviceable 280 horsepower and 262 pound-feet of torque. Touring and Elite trims get a nine-speed automatic transmission while lower trims have to make do with a six-speed auto. The Honda Pilot is made in Lincoln, Alabama. 2019 Acura MDX adds new features and an A-Spec model 2019 Honda Ridgeline: The commuter’s pickup truck 2019 Chevy Colorado ZR2 Bison: An off-road animal Chevrolet CorvetteMoving up from the 10th-place slot last year is the 2019 Chevrolet Corvette. While we’ve all been ogling the new mid-engine Corvette, it’s easy to forget what a performance bargain the current-generation ‘Vette is. From the base trim to the Grand Sport to the bonkers ZR1, the Corvette is an American icon.My preference is for the Grand Sport, which strikes a perfect balance between everyday drivability and canyon-carving performance. The 6.2-liter V8 puts out 460 horsepower and 465 pound-feet of torque. You can get it with a seven-speed manual or eight-speed automatic transmission, but the kicker is the borrowed chassis and aero parts from the beefier Z06. Like I said, perfect balance. The Corvette is made in Bowling Green, Kentucky. 49 Photos Honda RidgelineAgain keeping the status quo, the Honda Ridgeline maintains third place on the American Made Index. This crossover-that-looks-like-a-truck provides a better ride than a traditional pickup and gets an awesome lockable trunk right in the floor of the bed. And it doesn’t do the truck stuff too badly, either, as it’s able to carry 1,860 pounds of payload and tow 3,500 pounds.The Ridgeline is powered by a 3.5-liter V6 good for 280 horsepower and 262 pound-feet of torque. That is channeled through a six-speed automatic transmission with available all-wheel drive. It’s built in Lincoln, Alabama. 2019 Honda Passport: A well-rounded midsize offering 69 Photos 34 Photos Comments More From Roadshow KTM Ducati Audi Lamborghini,Enlarge ImageIt’s all in a day’s work for the Jeep Cherokee, the most American-made car in 2019. Jeep With high trade tensions looming and increasing talk of tariffs, more and more consumers are looking to buy American. Cars.com has released its annual American Made Index, showcasing companies that use the most American-sourced parts and labor in their vehicles. The results may surprise you.Cars.com analyzed more than 100 US-built vehicles for five key data points: manufacturing location, parts sourcing, US employment, engine sourcing and transmission sourcing. You might think something like the Ford F-150 would top the list, but it drops from its No. 5 spot for 2018 and out of the top 10 completely. Even the first-place holder, the Jeep Cherokee, is a pretty global product. It’s a Jeep, sure, but that brand is part of Fiat Chrysler Automobiles, an Italian-owned business.Cars.com surveyed 1,000 people and found that half are concerned about automotive import tariffs, with 41% saying they are unsure if tariffs would make them more likely to buy American. Either way, we’re big fans of all the vehicles on this list. These days, buying American doesn’t necessarily mean sticking with a US-based automaker. Share your voice 2019 GMC Canyon: A fancier Colorado 81 Photos Tags Share your voice Acura MDXMoving up one slot to sixth place on the American Made Index is the non-hybrid variant of the Acura MDX. With its SH-AWD system, the MDX is one of the better handling midsize luxury crossovers, and for 2019 the company gives us the A-Spec treatment with a new front fascia and side skirts, 20-inch wheels, wider exhaust tips, unique gauges, a new steering wheel, carbon fiber trim and various Alcantara interior touches.However, both the standard and A-Spec models get a 3.5-liter V6 engine, rated for 290 horsepower and 267 pound-feet of torque going through a nine-speed automatic transmission. The Acura MDX is made in East Liberty, Ohio. 2019 Honda Pilot Elite: A smoother, tech-rich crossover SUV Acura RDXThe third-generation Acura RDX squeaks into the top ten list with larger proportions, plenty of interior space and better handling than its predecessor. Forward collision warning with collision mitigation braking, adaptive cruise control that works even in low-speed traffic, lane-keeping steering assist and road departure mitigation are all standard across the board. Like its MDX counterpart, the RDX is available with the A-Spec styling package.The RDX sports a 2.0-liter, turbocharged, four-cylinder engine. Output is stated at 273 horsepower and 280 pound-feet of torque, and it’s mated to a 10-speed automatic transmission. The new RDX is built in East Liberty, Ohio. Tags 2019 Chevrolet Colorado ZR2 Bison: A tougher off-roader Comments 2019 Honda Odyssey offers plenty of room and features for families 4 2020 Hyundai Palisade review: Posh enough to make Genesis jealous 26 Photos Motorcycles Car Industry General Motors Chevrolet Honda Jeep Acura
The Union cabinet has given its nod to raise the foreign shareholding limit in Indian stock exchanges to 15 percent from 5 percent. The move is in line with Finance Minister Arun Jaitley’s announcement on FDI reforms in the Union Budget 2016-17, which included raising investment limit of foreign entities in Indian stock exchanges.The rise in investment cap applies to stock exchanges, depositories, and commodity derivative exchanges. The new proposal will allow foreign portfolio investors to buy shares through initial public offering (IPO) over secondary market route. “The move will help in enhancing global competitiveness of Indian stock exchanges by facilitating the adoption of latest technology and global best practices which will lead to overall growth and development of the Indian Capital Market,” an official statement said.The attempt to make Indian stock exchanges more competitive comes after Asia’s oldest bourse Bombay Stock Exchange (BSE) and its rival National Stock Exchange of India Ltd (NSE) expressed their intent to go public.The BSE declared its plans to get listed by the end of the current financial year. The stock exchange is set to raise Rs. 1,300 crore by selling up to 30 percent stake.Earlier in March this year, the BSE received in-principle approval to offer IPO from capital markets regulator Securities and Exchange Board of India (SEBI). The Dalal Street, Mumbai-based stock exchange had issued capital of 10.9 crore shares. The exchange was valued at Rs. 4,367.05 crore with a share price of Rs. 400 apiece.Approximately 39 percent of shares in the BSE are held by brokers and the remaining 61 percent shares are held by foreign institutional investors. This includes domestic investors as well as foreign stock exchanges like Deutsche Boerse and Singapore Stock Exchange, BSE CEO Ashish Kumar Chauhan was quoted as saying by the Business Standard. The NSE was planning to submit a draft proposal on issuing its IPO in January 2017. According to its board of directors, the exchange will also file papers to seek approval for an international listing.