JAB-O-METER TAKE YOUR SHOT October 7 45,54,939 doses October 8 71,75,744 doses TOTAL DOSES: 93,90,86,001 NATIONWIDE Fresh cases Recoveries Deaths TELANGANA OCT 7 OCT 8 22,431 21,257 24,602 24,963 318 271 OCT 7 OCT 8 Fresh cases HYDERABAD SATURDAY OCTOBER 09, 2021 `7.00 PAGES 18 LATE CITY EDITION DMITRY MURATOV MARIA RESSA 176 201 Recoveries Deaths 216 1 220 1 SHOCK & AWE AS JOURNALISTS WHO SPEAK TRUTH TO POWER GET PEACE NOBEL EXPRESS NEWS SERVICE A Nobel prize isn’t something you normally associate with hard-nosed journalists who break stories and speak truth to power at risk to their lives. So when word got out that gritty Maria Ressa and Dmitry Muratov, journalists whose work angered the rulers of the Philippines and Russia, were awarded the Nobel Peace Prize, there was a collective gasp of surprise in the media. For, the last time a journalist got the prize was 86 years ago. German Carl von Ossietzky won it in 1935 for outing his nation’s secret post-war rear- mament programme. This year’s award to Ressa and Muratov was in recognition for their courageous fight for freedom of expression, Chairwoman Berit Reiss-Andersen of the Norwegian Nobel committee said. “At the same time, they are repre- sentatives of all journalists who stand up for this ideal in a world in which democracy and freedom of the press face increasingly adverse conditions,” she added. “Free, independent and fact-based journalism serves to protect against abuse of power, lies and war propaganda.” Muratov (59) dedicated his award to six contributors to his newspaper, Novaya Gazeta, who had been murdered for their work exposing human rights violations and corruption in Russia. Despite the shock honour, the Kremlin congratulated Muratov. Ressa (58) faced years of litigation in the Philippines as the Rappler website she cofounded in 2012 carried critical reports on President Rodrigo Duterte. Rappler is known for its incisive investigative reporting, including bloody police drives against the drug mafia. “We’re going through a dark time, a difficult time, but I think that we hold the line,” she said after learning about the award. She was among the journalists named in the Time Magazine Person of the Year in 2018 for fighting media intimidation. The Nobel Peace Prize will be presented on DeP11 cember 10. CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI TATA HEIRLOOM RETURNS HOME RBI begins squeezing out money A N U R A D H A S H U K L A @ New Delhi SIXTY-eight years after it ceded control of Air India to the government, the Tata group on Friday won the bid to take over the national carrier, thus successfully completing the Centre’s multiple attempts to tur n around and sell the debt-ridden airline. Talace Pvt Ltd, a subsidiary of Tata Sons, made the winning bid of `18,000 crore, said Tuhin Kanta Pandey Secretary in the , Department of Investment and Public Asset Management (DIPAM). Of the `18,000 crore, `15,300 crore would be the debt retained by the winning bidder and Tata Sons will pay `2,700 crore in cash, Pandey said. The transaction, however, does not include non-core assets such as land and building, valued at `14,718 crore. These will be transferred to the Air India Asset Holding Ltd. Air India has a debt of `61,562 crore at the end of August 31. After payout by the Tatas, `46,262 crore of debt will still remain with gover nment entities. “The next step will be to is- Air India flies to its former owner; no resale for five years Welcome While admittedly it will take considerable effort to rebuild Air India, it will hopefully provide a very strong market opportunity to the Tata Group’s presence in the aviation industry WINNING BID back! L 18,000 cr Ratan Tata, chairman emeritus, Tata Sons sue the Letter of Intent (LoI) and then sign the Share Purchase Agreement following which, the conditions precedent would need to be satisfied by the successful bidder, the company and Government. It is expected that the transaction will be completed by December 2021,” read a finance ministry statement. “It has been ensured that the interest of the employees and retired employees would be taken care of,” the finance min- BAG OF GOODIES 100% stake in Air India 100% stake in Air India Express the joint 50% stake in Air India SATS venture Air India’s 117 wide-body and narrow-body aircraft istry added, clarifying on the fate of 12,000-odd employees of Air India. The Centre added that the winning bidder will retain all employees for one year. If they are retrenched after one year, they will be offered a voluntary retirement scheme. On Air India’s brand and logo, the government said the winning bidder will have to retain them for five years. The government had set the reserve price for the airline at `2,700 cr cash `15,300 cr debt takeover Air India Express’ 24 narrow-body aircraft Control of 4,400 domestic and 1,800 international landing and parking slots at domestic airports 900 such slots at airports overseas Air India Employees Total 12,085 Permanent 8,084 Contractual 4,001 `12,906 crore. Apart from the Tata group, Spicejet chairman Ajay Singh had placed a bid of `15,100 crore (`2,265 crore cash payment and `12,835 crore debt takeover). The process for disinvestment of Air India and its subsidiaries had commenced in June 2017. However, there was no bidder for the first round. The government then reworked the terms and conditions and re-commenced on January 27, 2020. S U N I T H A N AT T I ON Friday the Reserve Bank of , India’s Monetary Policy Committee (MPC) kept policy rates and stance unchanged but the key takeaway was liquidity normalisation. That’s because the MPC’s job ends with policy rate decisions, but the central bank’s task begins soon after. Liquidity management is the operating procedure of monetary policy, and ensuring adequate liquidity – neither deficit nor surplus – is critical. Currently, we have surplus Told govt fuel tax cut can rein in inflation: Das Alarmed by the steep rise in petrol and diesel prices, which is adding to inflationary pressures, RBI Governor Shaktikanta Das nudged the Centre to cut fuel tax | P12 liquidity of `12-13 lakh crore with nowhere to go. For now, RBI is absorbing `4-6 lakh crore paying interest to banks in overnight, weekly and fortnight HAVE A PLOT? TS WILL GIVE `5 LAKH TO BUILD A HOUSE E N S @ Hyderabad HERE is some good news for the poor who have house site but not enough money to build a house. Chief Minister K Chandrasekhar Rao on Friday announced a scheme under which land owners who belong to the poorer sections of society will get `5 lakh from the government to construct a house. During a debate in the Assembly, the Chief Minister said that though the government wanted to implement the scheme in the past, the pandemic put a spoke in its plans. “The scheme would be launched very shortly,” he informed the house. He also pointed out that the 2BHK housing now costs the government `19 lakh per P7 unit. windows. The key here is the interest rate. Usually, banks park surplus funds with RBI at fixed rate reverse repo, currently set at 3.35%. But to encourage banks, RBI has begun variable rate reverse repo auctions, as overnight rates, or the short end rates, remained sticky due to liquidity glut. Following the 7- and 14-day auctions, rates are now closer to the operative policy rate of 3.35%. But RBI cannot go on paying banks, and system liquidity cannot remain in surplus CONTINUED ON P12 forever. SUPREME COURT ASKS UP GOVT TO SHOW SERIOUSNESS IN DEALING WITH LAKHIMPUR ISSUE |P10 EXPRESS READ Minor India-China troop scuffle at LAC Indian and Chinese soldiers were involved in a physical scuffle last week along the LAC in Arunachal Pradesh in the Tawang sector for a few hours, it has emerged | P9
Express Network Private Limited publishes thirty three E-paper editions of The New Indian Express newspaper , thirty two E-paper editions of Dinamani, one E-paper edition of The Morning Standard, one E-paper edition of Malayalam Vaarika magazine and one E-paper edition of the Indulge - The Morning Standard, Kolkatta.