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Masayoshi Son now down $4 bn on SoftBank side deals due to market downturn

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Masayoshi Son holds 17.25% of a vehicle set up under SoftBank's Vision Fund 2 for its unlisted holdings, as well as 17.25% of a unit within its Latin America fund

Softbank's Masayoshi Son

 has now lost more than $4 billion on a series of side deals he set up at  Group Corp. to boost his compensation, a painful blow triggered by the broad downturn in the technology market.

The Japanese billionaire took the unusual step of establishing personal stakes in a series of  ventures in recent years, a mixing of company and executive interests that drew the ire of investors. Son holds 17.25% of a vehicle set up under SoftBank’s Vision Fund 2 for its unlisted holdings, as well as 17.25% of a unit within its Latin America fund, which also invests in startups. He has a 33% stake in SB Northstar, a vehicle set up at the company to trade stocks and derivatives.

Son has racked up a deficit of $2.1 billion from his Vision Fund 2 interest, and $205 million at the Latam fund, according to disclosures for the June quarter. His cumulative loss at SB Northstar is 274.6 billion yen ($2 billion). The amount Son owes  from his interests in Vision Fund 2 and the Latam fund rose about $1.9 billion in the last quarter.

“It is controversial for a  leader to mix his personal financial interests with corporate responsibilities,” said Marvin Lo, an analyst with Bloomberg Intelligence. “But Son explained before that he wanted to use co-investment to provide financial benefits to managers, similar to venture capital firm partners getting a 20% to 30% performance fees, but with a downside too.”

A representative for SoftBank said it is more accurate to call the figures for Son linked to the Vision Fund 2 and Latam fund as “net payable” to the company rather than losses. There is no deadline for repayment and the value of his positions could improve in the future. For SB Northstar, Son has already deposited cash and other assets so his remaining deficit is 222.8 billion yen. The founder would pay his share of any “unfunded repayment obligations” at the end of the fund’s life, which runs 12 years with a two-year extension.

Son has deposited 8.9 million of his own shares as collateral for Vision Fund 2, and another 2.2 million shares as collateral for the LatAm fund, the company said in its disclosures. The stock will only be released once the receivables are settled.

Son’s net worth stood at $12.1 billion after Thursday’s close, after adjusting for his deficit from his interests in Vision Fund 2 and Latam fund, according to calculations by Bloomberg Billionaires Index.

SoftBank announced a record $23.4 billion loss for the June quarter on Monday, a staggering sum driven by the declining value of portfolio  such as Coupang Inc.,  Ltd. and DoorDash Inc. Son pledged to implement sweeping cost cuts at his conglomerate to shore up its finances, along with a more measured pace of investments.

Son is also selling off assets to raise cash and bolster his balance sheet. SoftBank expects to post a gain of more than $34 billion from selling a chunk of its stake in Alibaba Group Holding Ltd., his most valuable asset. He also said SoftBank has begun talks to sell Fortress Investment Group, the asset manager he acquired for $3.3 billion in 2017.

SoftBank shares rose about 7% Friday in Tokyo trading after the Alibaba disclosure.

Compensation has long been a problematic issue at SoftBank. Japanese  pay some of the lowest executive salaries in the world, in part because leaders tend to work their way up slowly from within. Son himself has kept his pay at 100 million yen, now roughly $740,000 -- a rounding error in the US where CEOs routinely make more than $100 million.

But SoftBank’s parsimonious pay led to problems as Son repositioned his telecom company into the world’s largest technology investor. He hadn’t set up the kind of deal-by-deal “carry,” or profit sharing, that startup investors typically get, leading to a near-constant stream of defections.

Most recently, two more managing partners are leaving the Vision Fund, bringing the number of top level departures from the organization to at least 10 since March of 2020. Rajeev Misra, the long-time head of the Vision Fund, is giving up most of his titles and responsibilities as he starts his own investment fund.

To boost compensation, SoftBank increasingly allowed executives to cut side deals by which they benefit personally alongside the company’s activities. Misra, for example, borrowed $463.5 million from SoftBank to invest in T-Mobile US Inc., the telecom firm that bought SoftBank’s Sprint Corp. in 2020. Marcelo Claure, the now-departed chief operating officer, also borrowed $515 million, according to company filings.

Son led the way in cutting deals for himself. In 2020, he revealed that he would take a one-third share of SB Northstar, which was set up to buy stocks like Amazon.com Inc. and to trade highly leveraged derivatives.

Analysts and fund managers complained to Son at the time that the structure would lead to corporate governance concerns. Son denied there was a conflict of interest and described it as remuneration for his investment expertise. Other fund managers charge fees, he said, a person familiar with the matter said at the time. Son added that SoftBank’s board cleared the structure in a vote from which he recused himself, the person said.

Son’s expertise has not worked out well since. He unveiled the original $100 billion Vision Fund with the idea of backing the world’s startups, then followed it up with a smaller second Vision Fund. But the unprecedented bet on fledgling  backfired with missteps like WeWork Inc. and then a sharp downturn in valuations.

Vision Fund 2 reported a 1.32 trillion yen unrealized valuation loss in the second quarter, led by declines at WeWork and AutoStore Holdings Ltd. The LatAm funds had a loss of 325 billion yen.

Son’s interests in Vision Fund 2 and the Latam fund were structured so the billionaire didn’t pay cash up front for his 17.25% stakes. Son is obligated to pay 3% on the “unpaid equity acquisition amount” until repayment, interest that has been wrapped into his liabilities.

“The investment company losses hurt (no one wants to lose a billion dollars) but not as much as the valuation loss in his Softbank shares which are down 50% from the all-time high,” said Kirk Boodry of Redex Research who publishes on SmartKarma. “That is a $22 billion decline.”

In a press conference after earnings this week, Son was somber and said he bore responsibility for the company’s mistakes.

“We really believed we could do it and we had our heads in the clouds,” Son said. “Of course, the market was bad, there was a war, and there was the coronavirus. We can point to a lot of reasons, but these are all excuses. We have to self-reflect about the fact that if we’d been more selective and had invested more properly, it wouldn’t come to this.”

Info Edge Q1 Result | Firm's recruitment revenue grows 68% to Rs 387 crore amid slowdown fears

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Naukri parent said its recruitment business recorded 49 percent growth in new customers and billing growth was witnessed across IT and non-IT.

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The recruitment solutions business of Info Edge saw its revenue rise 68 percent to Rs 387 crore in the June quarter (Q1), compared to the year-ago period. The segment grew 12.5 percent on a sequential basis.

With five consecutive quarters of growth in the segment, the company said it remains optimistic for the current quarter as well at a time when major recruiters like IT companies have pulled back on fresh hirings amid fears of a global slowdown. 

However, the Naukri parent said that its recruitment business recorded 49 percent growth in new customers and billing growth was witnessed across all industry verticals (IT and non-IT).

Info Edge’s consolidated revenue grew 66 percent to Rs 547 crore in Q1 whereas net profit rose 85 percent to Rs 292 crore, compared to the year-ago period.

The company said its educational classifieds arm Shikshsa is seeing a strong growth in traffic from students who want to go abroad for studies. Billing for Shiksha stood at Rs 30.4 crore in Q1, registering a year-on-year (YoY) growth of 30.7 percent. This vertical's EBITDA margin was 20 percent for the quarter and stood at Rs 6.2 crore.

Info Edge's real estate classifieds business 99acres reported a billing of Rs 61.1 crore for the quarter, registering a growth of 173 percent over the Covid-impacted March quarter.  With high advertising and promotional spends in the quarter, 99acres reported a EBITDA loss of Rs 35 crore.

Matrimonial business Jeevansathi reported billing of Rs 17.6 crore for the quarter, dropping 30 percent YoY primarily due to concessional offerings introduced in the preceding quarter. With revenues impacted by new strategy to drive traffic, the segment reported a loss of Rs 27.6 crore for the quarter.

Head of Tata Trusts may be disallowed from heading a Tata Group company

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Ratan Tata was the last person to chair both the companies, Tata Sons and Tata Trusts, after JRD Tata. He is deliberating on the issue to ensure that the interests of both companies are protected

Tata

People holding top positions at  may soon be disallowed from heading other   while honouring the will of its founders. The company is in consultation with legal experts to introduce a clause in the trust deeds to implement this, according to a report by Economic Times.

According to the report, this clause is being introduced to plan the succession in the organisation. About 66 per cent of the group's equity capital is with the trusts owned by the Tata family. The highest share is held by Sir Dorabji Tata Trust and Sir  Trust.

Currently,  heads both  and . He was the last person to chair both  after JRD Tata. He is deliberating on the issue to ensure that the interests of both  are protected.

"For corporate governance purposes and to protect these institutions, changes need to be made accordingly. The purpose of seeking a legal view is to ensure that the founders' wills are honoured, the strategic needs of the  are also taken care of and to ensure suitable checks and balances," an official aware of the matter was quoted as saying in the report.

He further said that the case is different when a person with the stature of  and JRD Tata heads these companies. However, they said it is necessary to keep in mind the strategic needs of the . The move is aimed at improving the corporate governance of the .

Another person said, "The move is aimed at ensuring that one person does not become the chairman of both  and  is to prevent the misuse of power and protect the future of the institutions, whether a Tata family member or a non-family professional occupies any of the two roles,"

They added, "The move is critical to also avoid the kind of conflict that arose during the tenure of former chairman and shareholder Cyrus Mistry." Mistry was ousted as the chairman of Tata Sons in 2016, and the company has been facing legal issues since.

Tata had earlier told the Supreme Court that members of the Tata family have no 'vested right' to that position or even to the chairmanship of Tata Sons. Tata and his relatives own less than a 3 per cent stake in Tata Sons, ET reported.

The amendments to the trust deeds will require the participation of shareholders, trustees and regulators. It might be a long process. However, amending the Articles of Association (AoA) takes less time.

The company may introduce a resolution to amend the AoA in the next annual general meeting.

Click Here:-Fuel prices on August 12: Check petrol, diesel rates in Delhi, Mumbai, and other cities

Fuel prices on August 12: Check petrol, diesel rates in Delhi, Mumbai, and other cities

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Fuel prices on August 12: Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and Diesel in Delhi costs Rs 96.72 and Rs 89.62 a litre, repsectively. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata.Petrol and Diesel Price Today in India: Petrol and Diesel Rate Today in  Delhi, Bangalore, Chennai, Mumbai, Hyderabad and More Cities | The  Financial Express

Petrol and diesel prices held steady on August 12, the latest price notification issued by fuel retailers showed. Fuel prices have stayed unchanged for more than a month.

Petrol in Mumbai is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and Diesel in Delhi costs Rs 96.72 and Rs 89.62 a litre, repsectively. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata.

Oil marketing companies are reportedly incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel. India meets 80 percent of its fuel needs through imports.

Rs 50,000 crore forex saved by blending ethanol with petrol in 7-8 years: PM Modi

Prime Minister Narendra Modi on Wednesday said the country saved Rs 50,000 crore in foreign exchange by blending ethanol with petrol in the last seven-eight years.

Dedicating the second-generation ethanol plant of India Oil Corporation to the nation in Panipat, Haryana, PM Modi said that the same amount of Rs 50,000 crore has gone to farmers.

PM Modi, who addressed the gathering through video-conferencing, said the ethanol plant worth Rs 900 crore will provide a permanent solution to the problem of stubble burning in farms. Besides, stubble will become a source of income for farmers, Modi said, adding that ethanol production has increased from 40 crore litres to 400 crore litres in eight years.

Oil prices on track for weekly gain as recession fears ease

Oil prices dipped in early trade on Friday amid uncertainty on the demand outlook based on contrasting views from OPEC and the International Energy Agency (IEA), but benchmark contracts were headed for weekly gains as recession fears eased.

Brent crude futures fell 34 cents, or 0.3%, to $99.26 a barrel at 0112 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.3%, to $94.00 a barrel.

Brent was on track to climb more than 4% for the week, recouping part of last week's 14% tumble, its biggest weekly decline since April 2020 amid fears that rising inflation and interest rate hikes will hit economic growth and fuel demand.

WTI was heading for a weekly gain of more than 5%, recouping about half of the previous week's loss.

OPEC sees global oil market tipping into surplus this quarter

OPEC expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies.

The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report. That’s about 570,000 barrels a day less than OPEC’s 13 members pumped in July.

RBI categorises digital lenders into three groups, releases guidelines

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Only entities regulated by RBI or other bodies permitted by law can carry out digital lending, says RBI

photo: Bloomberg

After a long wait, the Reserve Bank of India (RBI) on Wednesday released the  guidelines based on the principle that lending business can be carried out only by entities that are either regulated by the central bank or entities permitted to do so under any other law.

The central bank has classified the universe of digital lenders into three groups – entities regulated by the  and permitted to carry out lending business; entities authorised to carry out lending as per other statutory/regulatory provisions but not regulated by RBI; and entities lending outside the purview of any statutory/ regulatory provisions.

The regulatory framework brought in by the  is directed at the first category, essentially entities that are regulated by the central bank and the lending service providers (LSPs) engaged by them.

“As regards entities falling in the second category, the respective regulator/ controlling authority may consider formulating or enacting appropriate rules/regulations on  based on the recommendations of the working group of digital lenders," the  said.

“For the entities in the third category, the working group has suggested specific legislative and institutional interventions for consideration by the Central Government to curb the illegitimate lending activity being carried out by such entities," it said.

For the regulated entities, RBI has said all loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the RE without any pass through/ pool account of the LSP or any third party.

Further, any fees, charges, etc., payable to LSPs in the credit intermediation process has to be paid directly by the regulated entity and not by the borrower. Also, the all-inclusive cost of digital loans in the form of Annual Percentage Rate (APR) is required to be disclosed to the borrowers. The central bank has said that there cannot be an automatic increase in the credit limit without explicit consent of the borrower.

On the data privacy front, RBI has said the data collected by  apps (DLAs) has to be need based, they should have clear audit trails and should be only done with prior explicit consent of the borrower.

Further, these apps have to provide an option to borrowers to accept or deny consent for use of specific data, including the option to revoke previously granted consent, besides the option to delete the data collected from borrowers by the DLAs/ LSPs.

The central bank has also mandated that any lending sourced through DLAs have to be reported to Credit Information Companies (CICs) by regulated entities irrespective of its nature or tenor. “All new digital lending products extended by regulated entities over merchant platforms involving short term credit or deferred payments are required to be reported to CICs by the regulated entities," the RBI said.

This is particularly important given a number of 'buy now, pay later' players were not reporting the loans they were offering to CICs.

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India's retail inflation likely eased in July, still far from RBI's target: Poll

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Food prices, which account for nearly half of the consumer price index basket, softened last month. But the bulk of the slowdown came from an easing in international prices and the lagged effect of government interventions to reduce import duties and restrictions on wheat exports.Retail inflation seen picking up for 1st time in 4 months in July: Reuters  poll | Mint

India's retail inflation likely eased in July due to a fall in food and fuel prices yet stayed well above the Reserve Bank of India's upper tolerance limit for a seventh consecutive month, a Reuters poll found.

Food prices, which account for nearly half of the consumer price index basket, softened last month. But the bulk of the slowdown came from an easing in international prices and the lagged effect of government interventions to reduce import duties and restrictions on wheat exports.

The near-term inflation outlook remains highly uncertain as the uneven nature of this year's monsoon and a weak rupee currency may dull the effectiveness of those government efforts to tame consumer price rises.

The Aug. 2-9 Reuters poll of 48 economists showed inflation, as measured by the consumer price index (CPI) likely fell to an annual 6.78% in July, a five-month low, from 7.01% in June.

Forecasts ranged from 6.40% to 7.10% for the data, which is due at 1200 GMT on Aug. 12.

Food and energy prices are essentially easing quite marginally, even as the rupee hit historic lows in recent weeks," said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.

"It (inflation) could remain sticky over the next few months, but it's not going to be much worse than where we are at currently."

Wholesale price inflation was seen moderating to 14.20% in July from 15.18% in June, the poll showed.

While the lagged effect from a cut in fuel taxes helped restrain price pressures somewhat, consumer price rises are expected to persist at a strong pace in the months ahead.

India's central bank, a relative laggard in the global tightening cycle, raised interest rates on Friday by 50 basis points to 5.40%, taking it above where it was before the pandemic, with more rate rises expected to come.

Governor Shaktikanta Das has warned that persistently elevated cost of living conditions could translate into higher wages and inflation, which is unlikely to fall within the top end of the mandated target band until December.

That is roughly in line with a separate Reuters poll that has inflation staying above target until early next year.

"We think the RBI will continue to hike rates over the next few months. We expect at least a 25bp hike in September, followed by another 25bp hike in December 2022," said Mitul Kotecha, head of emerging markets strategy at TD Securities, noting risks cited by Das including inflation remaining above the target band for a few more months.

WhatsApp announces new security features, including leaving groups silently

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Platform will allow stealth mode and prevent screenshots of 'view once' messages

Whatsapp

 users will be able to choose who can see if they are online, leave group chats without notifying other members, and prevent screenshots of 'view once' messages, the Meta-owned platform said on Tuesday.

The new  features "provide users more privacy, more protection, and more control," said Mark Zuckerberg, chairman and chief executive officer (CEO) of Meta Platforms, which also owns Facebook. The features start rolling out to all users this month.

"We'll keep building new ways to protect your messages and keep them as private and secure as face-to-face conversations," Zuckerberg said in a Facebook post.

“Seeing when friends or family are online helps users feel connected to one another, but everyone has had times when they wanted to check their  privately. For the times you want to keep your online presence private, WhatsApp is introducing the ability to select who can and can’t see when you’re online,” the company said in a statement.

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The messaging app said a privacy study found the majority of users prefer to stay hidden online. “72% of people said they value being able to speak in an honest, unfiltered way — but more than 47% are only comfortable doing this in a safe, private space,” the study found.

It added that around 72 per cent of people said they value being able to speak in an honest, unfiltered way — but more than 47% per cent are only comfortable doing this in a safe, private space. “They are particularly cautious online, ranking privacy in their private messages as most important — compared to emails, texts or social media."

To address these concerns, WhatsApp will enable screenshot blocking for 'view once messages' adding a layer of protection. Users will be able to exit a group privately without having to notify everyone. Instead of notifying the full group when leaving, only the admins will be notified when a member leaves the group.

“At WhatsApp, we’re focused on building product features that empower people to have more control and privacy over their messages,” said Ami Vora, head of product at WhatsApp.

“To spread the word about these new features, we’re also kicking off a global campaign, starting with the UK and India, to educate people about how we work to protect their private conversations on WhatsApp,” Vora said.

Bihar CM Nitish Kumar ends JD (U)'s alliance with BJP, to meet Guv at 4 pm

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Currently, BJP holds 77 seats in the Bihar Assembly. JD(U) holds 45, the Congress 19, the Left led by CPIML(L) has 16 and the RJD 79

Nitish Kumar

 Chief Minister and  supremo  ended his party's alliance with  in  has sought an appointment with Governor Phagu Chauhan at 4 pm, sources close to the development said.

JD(U) sources said  is unlikely to resign from the chief ministership and may simply seek to replace BJP ministers with those of other parties, which may support his party in continuing the government.

A parallel meeting of the Rashtriya Janata Dal (RJD) legislators convened by party leader  at his mother Rabri Devi's Circular Road bungalow, a stone's throw from the CM's residence, is likely to endorse joining the JD(U)-led coalition.

Earlier, the Congress and Left parties handed over the lists of their legislators to .

Mandan Mohan Singh, the state president of Congress said: "We will support Nitish Kumar if he leaves the BJP and forms a new government with the help of Mahagathbandhan. We have also given the list of all 19 MLAs of our party to  leader ."

Mahboob Alam, the MLA of CPI (ML) said: "We have also given the list to Tejashwi Yadav. We will uproot the BJP from power. We are giving support to Nitish Kumar for the formation of a new government."

Currently, BJP holds 77 seats in the  Assembly. JD(U) holds 45, the Congress 19, the Left led by CPIML(L) has 16 and the  79.

Rising consumption, hoarding raise Indian black pepper prices

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Higher prices also spur illegal imports. While Indian variety rules around Rs 500 per kg, pepper from other countries hover in the range of Rs 300-400 per kg. Large lots of pepper from other countries are being imported to India, after being misdeclared as scrap iron, scrap plastic waste, etc.Rising consumption, hoarding raise Indian black pepper prices

Rising internal consumption and hoarding have kept Indian black pepper prices at a higher level, encouraging illegal imports.

Black pepper prices touched Rs 500 per kg in November last year after a gap of several years, following the easing of COVID-19 restrictions and a rebound in demand. It reached a high of Rs 532 per kg on November 24 on fears of a lower crop.

But production this year, estimated to be around 65,000 tonnes, is said to be normal. The arrival of a new pepper crop, however, has not pushed down prices, which are currently hovering in the range of Rs 485-505 per kg.

“There is good demand in the domestic markets as restaurants have opened. Indian production has not kept pace with the mounting domestic consumption,” said Cherian Xavier, chairman of All India Spices Exporters Forum.

Higher black pepper prices in India have spurred illegal imports. While Indian variety rules around Rs 500 per kg, pepper from other major producing countries like Vietnam, Brazil, Indonesia, and Sri Lanka hover in the range of Rs 300-400 per kg.

“Large quantities of Vietnamese and Brazilian pepper have reached the consuming markets of Delhi, Mumbai, Kanpur, Ahmedabad, and Indore, after being misdeclared as scrap iron, scrap plastic waste and paper waste as well as waste clothes, and are being sold in the domestic market. These lots evade GST and import duty of above 50 percent from Vietnam and 70 percent duty from Brazil,’’ said Kishor Shamji, pepper exporter and Kerala coordinator of Indian Spice Traders, Growers and Planters Consortium.

Pepper is also being imported from Sri Lanka by circumventing the import price restrictions through Chennai, Nava Sheva and Mundra ports and inland container depots in Kanpur and Ludhiana. Despite an import duty of 8 percent, social welfare cess of 2 percent and minimum import duty charge of Rs 500 per kg, imports from Sri Lanka touched 513 tonnes in June this year, he said.

While local Sri Lankan pepper prices are at $5,300 per tonne, Indian prices are around $6,700 per tonne.

Vietnamese and Brazilian pepper are also being smuggled from Myanmar to India. These pepper consignments are being sold in the North Indian market, traders pointed out.

But the arrival of Indian-origin pepper to the local market has thinned in the last few weeks though the harvest season is over. “Farmers could be holding stock in anticipation of higher prices,’’ said Jojan Malayil, CEO of Bafna Enterprises.

Demand is expected to go up with the onset of festival season in India by October.

Percentage of Indian pepper in exports down

In the last few years, the percentage of Indian pepper in exports has come down sharply as prices are higher in the international market. “Nearly 95 percent of the black pepper exports from India is imported pepper after value-addition,” Malayil said.

Indian black pepper exports touched 21,882 tonnes in FY22, reaching above 20,000 tonnes after five years. Higher shipments were made possible by the slump in pepper prices in Vietnam, the biggest producer, in the first few months of last year. But in 2022, a slightly lower crop in Vietnam has pushed up prices.

“Higher prices of imported pepper with a huge increase in freight costs have made Indian black pepper export uncompetitive,’’ Xavier said. As a result, shipments have been sluggish in the last few weeks.

Shamji said it must be specifically mentioned in each consignment that imported pepper is being re-exported to make it clear to the authorities of the importing country that it is not Indian pepper. The matter was represented to the Commerce Minister during his recent visit to the Spices Board, he said.

Nedspice, a Netherlands-based spice processing and distribution company with branches worldwide, including in Vietnam and India, pegs the global pepper production at 509,000 tonnes in 2022. But with carry-over stock, it comes to 576,000 tonnes above the global demand of 520,000 tonnes.

Lower crop in Vietnam due to unfavourable weather is balanced with good crop in other origins. It further said that the potential slowing of demand on account of sufficient stocks in consuming countries could also offset lower crop in Vietnam. Consequently, the market is fragile and price volatility can be expected, it said.

According to Nedspice, Vietnam pepper production will be down by over 6 percent to 188,000 tonnes while that of Brazil, the second-biggest producer, will be up by 10 percent to 98,000 tonnes this year, while pepper output in India, the next largest producer, will increase marginally to 68,000 tonnes.

Only DA change, no plans for setting up 8th Pay Commission, says govt

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The government had set up 7th Pay Commission in February, 2014. The recommendations of the panel were effective from January 1, 2016

Parliament

The government is not considering setting up 8th  for central government employees, Minister of State for Finance Pankaj Chaudhary informed Lok Sabha on Monday.

"No such proposal is under consideration with the government for constitution of 8th Central  for the central government employees," Chaudhary said in a written reply to a question if the government proposes to ensure timely constitution of  for central government employees so that it could be implemented on January 1, 2026.

ln order to compensate central government employees for erosion in the real value of their salaries on account of inflation, dearness allowances (DA) is paid to them and the rate of DA is revised periodically every six months on the basis of rate of inflation as per All lndia Consumer Price lndex for Industrial Workers released by Labour Bureau under the Ministry of Labour & Employment, he said.

The government had set up 7th Pay Commission in February, 2014. The recommendations of the panel were effective from January 1, 2016.

What is a Pay Commission?

A Pay Commission is a body set up by the government to recommend changes to the salary structure of government employees. It was first constituted in January 1946 and submitted its report in May 1947, under the chairmanship of Srinivasa Varadachariar.

The Commission is usually given 18 months to submit its recommendations. It reviews and makes suggestions for the pay structure of civil as well as military divisions of the government of India. It is headquartered in New Delhi.

The recommendations are based on several factors including inflation. The dearness allowance (DA), fitment factor as well as basic pay are discussed in the commission's report.

In 2013, then finance minister P Chidambaram announced the setting up of the 7th Pay Commission. Justice AK Mathur was chosen to head the commission.

On June 29, 2016, the Narendra Moda government accepted the recommendations of the commission to hike the salary of its employees by 14 per cent.

Further on November 9, 2017, the maximum limit for borrowing for the purpose of buying a house was raised to Rs 2.5 million from Rs 7.5 lakh earlier, for government employees. The rate of interest for the borrowed amount was set at 8.5 per cent.

For armed forces, the 7th Pay Commission had recommended separate pay matrices and allowance systems for armed forces and civil defence forces.

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