US Declares Pakistan's TRF a Terror Group Major Win for India at FATF? The Brass Tacks
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Business Standard
28 minutes ago
- Business Standard
Japanese PM Ishiba's coalition loses majority in upper house election
The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election AP Tokyo Japanese Prime Minister Shigeru Ishiba 's ruling coalition failed Monday to secure a majority in the 248-seat upper house in a crucial parliamentary election, NHK public television said. Ishiba's Liberal Democratic Party and its junior coalition partner Komeito needed to win 50 seats on top of the 75 seats they already have to reach the goal. With two more seats to be decided, the coalition had only 46 seats. The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election, and worsening Japan's political instability. It was the first time the LDP has lost a majority in both houses of parliament since the party's foundation in 1955. Despite the loss, Ishiba expressed determination to stay on to tackle challenges such as U.S. tariff threats, but he could face calls from within his party to step down or find another coalition partner. I will fulfill my responsibility as head of the No. 1 party and work for the country, he said. Vote counts Ishiba had set the bar low, wanting a simple majority of 125 seats, which means his LDP and its Buddhist-backed junior coalition partner Komeito needed to win 50 to add to the 75 seats they already have. Exit poll results released seconds after the ballots closed Sunday night mostly showed a major setback for Ishiba's coalition. Ishiba vows to stay on The LDP alone won 38 seats, better than most exit poll projections of 32, and still the No. 1 party in the parliament, known as the Diet. It's a tough situation. I take it humbly and sincerely, Ishiba told a live interview with NHK. He said the poor showing was because his government's measures to combat price increase have yet to reach many people. The poor performance in the election will not immediately trigger a change of government because the upper house lacks the power to file a no-confidence motion against a leader, but it will certainly deepen uncertainty over his fate and Japan's political stability. Ishiba could face calls from within the LDP party to step down or find another coalition partner. Economic worries Soaring prices, lagging incomes and burdensome social security payments are the top issues for frustrated, cash-strapped voters. Stricter measures targeting foreign residents and visitors also emerged as a key issue, with a surging right-wing populist party leading the campaign. Sunday's vote comes after Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Trade talks with Washington US President Donald Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect Aug. 1 has been another blow for Ishiba. Ishiba resisted any compromise before the election, but the prospect for a breakthrough after the election is just as unclear because the minority government would have difficulty forming a consensus with the opposition. Populism gains traction Frustrated voters were rapidly turning to emerging populist parties. The eight main opposition groups, however, were too fractured to forge a common platform as a united front and gain voter support as a viable alternative. The emerging populist party Sanseito stands out with the toughest anti-foreigner stance, with its Japanese First platform that proposes a new agency to handle policies related to foreigners. The party's populist platform also includes anti-vaccine, anti-globalism and favors traditional gender roles. Conservative to centrist opposition groups, including the main opposition Constitutional Democratic Party of Japan, or CDPJ, the DPP, and Sanseito have gained significant ground at the Liberal Democrats' expense. The CDPJ was projected to win up to 26 seats, while the DPP could quadruple to 17 seats from four, exit poll results showed. Sanseito was expected to surge to 16 from just one. None of the opposition parties said that they were open to cooperating with the governing coalition. CDPJ leader Yoshihiko Noda told NHK that his priority is to form an alliance among the opposition. The spread of xenophobic rhetoric in the election campaign and on social media has triggered protests by human rights activists and alarmed foreign residents. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
an hour ago
- Time of India
AI-assisted coding is the way to go when hiring graduates: LTIMindtree CEO
Academy Empower your mind, elevate your skills Hiring for freshers or entry-level graduates will have artificial intelligence or AI-assisted coding as part of the improvised assessment as the correlation between revenue and headcount growth becomes more de-linear, said chief executive officer (CEO) of the sixth-largest Indian IT company, LTIMindtree 'We are very optimistic about continuing our effort in inducting freshers. We added 1,600 freshers this quarter and we are going to add more throughout this year as well. AI-assisted coding is the way to go about it,' said Venugopal Lambu Lambu said there was more emphasis in terms of the learning ability, and the foundational skill sets that freshers have on which companies can build, using their training and learning methods.'So those assessments will always improvise it…Whenever we hire people, we take all those aspects, whether it is related to the coding roles, cloud roles or infrastructure roles or data roles,' he on freshers by building a pyramid-style organisation structure has been key for the over-$283-billion outsourcing industry's services delivery model. However, over the past more than a year, since AI took centre-stage entry-level jobs and hiring at technology firms was impacted with companies coding 20-25% via AI, reducing the need for junior-level human AI technology permeates across functions and solutions, Lambu believes there is a correlation or a non-linearity in the revenue growth and workforce addition.'Over the last few quarters, when we added revenue, the headcount has not necessarily increased. So, there is a correlation or a non-linearity, but it is too early to call out to what extent it will happen,' he added. LTIMindtree , formed with the merger of L&T Infotech and Mindtree in November 2022, last week reported a 5.2% year-on-year growth in the first quarter revenue of fiscal year 2026 at $1.15 billion. It was a 1.97% sequential rise boosted by healthy growth from Europe and its consumer or retail transitioned to take over the Mumbai-headquartered Larsen & Toubro (L&T) subsidiary's top seat on May 31, after induction into the firm in company announced its largest deal with a US-based client worth $450 million in the first quarter.'We are on the verge of signing a couple of deals, and one of them will actually beat our own record. That gives me the confidence that we will move towards the double-digit growth at some time in the second half of the year,' Lambu IT industry has been struggling with low single-digit to flat business growth over the past two years after more than two decades of strong double-digit revenue growth tariff-led macro uncertainties and the AI-backed efficiencies increase cost pressures, most software service providers are witnessing a demand contraction from top clients. This is lowering revenue contribution from large deals, a key vector for IT firms' growth.'Our contribution of top clients' revenue decreased because it has moved to the other categories. For example, we added two new $50 million-plus accounts on-year basis…The portfolio mix also is changing as we start building larger deals,' Lambu we are betting big on AI, Lambu said, AI will be net positive for both revenue and margin growth, which it expects to be closer to 16% in the next couple of quarters from 14.3% in the June quarter.
Time of India
an hour ago
- Time of India
Victoria hall to be opened to public on Aug 15, three-month-long expo planned
Chennai: After a prolonged restoration delay, colonial-era landmark Victoria Public Hall is set to reopen its doors to the public on Aug 15. The project, undertaken under the Singara Chennai 2.0 initiative at 32.62 crore, is set to bring the historic Town Hall back to life — this time, as a vibrant cultural hub blending heritage with modern utility. "Nearly 99% of the work has been completed. The hall will be inaugurated by chief minister M K Stalin next month. Exhibitions and other events will soon be conducted in the hall," said minister K N Nehru. As part of the inauguration, a three-month-long exhibition will be held on the premises. Photo exhibitions tracing the history of Tamil civilization and Chennai's place in it will be part of the programme. It will also outline the social revolutions that the city bore witness to. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai "Galleries on the evolution of cinema and sports in Chennai will also be featured. Events will be held in the auditorium on the first floor, while the food and art festival will take place on the lawn. We will turn the place into a vibrant hub for families and tourists. A consultant is already working on the programmes," said a senior GCC official. J Kumaragurubaran, GCC commissioner, said the interior works have been completed. "Work on the lawn and greenery is underway. We have tied up with the tourism department to include Victoria Hall in the city attractions. The public can also book halls for programmes after the inauguration," he said. The Victoria Public Hall, commonly known as town hall, was built to commemorate the golden jubilee of Queen Victoria. Designed by Robert Chisholm (1840-1915) and built by Namberumal Chetty, it adopts the Indo-Saracenic architectural style. The DMK govt had announced a 32.62-crore plan under Singara Chennai 2.0 to revitalize the hall. Work started in March 2023. Though it was slated to be completed mid this year, it was delayed. "We had to carry out stormwater drain work. Procuring Damask silk cloth for the interiors and covering acoustics, was a challenge as we did not get the required quantity. Rain also played spoilsport," said Krishna Iyer, director of Abha Narain Lambah Associates. As part of the restoration, the building was strengthened with a seismic retrofit so as to withstand earthquakes and enhance its capacity to hold more visitors. "The wooden stairs have been fixed, and plaster work completed. The structural work on the roof, work on the main hall, restoration of the external brickwork, doors, and windows have also been completed," said Krishna Iyer.
