China may disrupt 5G network: US

Washington, March 4: Observing that the Biden administration views 5G as a high priority, the US on Wednesday expressed concern about the dangers of installing networks with equipment that can be manipulated, disrupted, or even controlled by China which it alleged has no regard for human rights or privacy.

“The Biden administration views 5G as a high priority, of course. We advocate for a vibrant digital economy that enables all citizens to benefit from the promise of 5G wireless networks. We also know that the stakes for securing these networks could not be any higher,” State Department Spokesperson Ned Price said.

He said 5G, of course, is transformative and will touch every aspect of lives, and this is critical for infrastructure sectors: transportation, electrical distribution, healthcare, public health, and many more. “And so that is why we are concerned about the dangers of installing networks with equipment that can be manipulated, disrupted, or even controlled by the People's Republic of China, which as we know, of course, has no regard for human rights or privacy,” Price said.

Just State Bank of India, HDFC and ICICI Bank will have to offload equity worth Rs 1.21 lakh crore if the central bank goes ahead with its reported plan to restrict banks’ stake in insurance arms at 20 per cent, says a report.

Quoting unnamed RBI officials, a media report earlier this week said the monetary authority is not comfortable with banks owning controlling stake in non-core businesses like insurance ventures, which are capital guzzlers and wants banks to cap ownership in insurance arms/companies at a maximum of 20 per cent.

It was also reported that the RBI recently approved

Axis Bank's plan to buy Max Life only after it agreed to directly hold only 10 per cent and also capped the overall holding at 20 per cent.

Current regulations allow banks to own over 50 per cent stake in insurance arms.

If the RBI forces promoter banks/NBFCs to lower their stakes to 20 per cent, this can significantly increase free float in the four listed insurance arms of HDFC, ICICI Bank and SBI worth Rs 1.2 lakh crore alone, Kotak Securities said in a repor.

HDFC owns 50 per cent in HDFC Life while ICICI Bank owns 51 per cent of ICICI Prudential Life. SBI owns 55 per cent in SBI Life.

Milan: Franck Kessie scored a

97th-minute penalty to rescue a

1-1 draw for AC Milan at home to Udinese on Wednesday, giving Serie ‘A’ leaders Inter Milan the chance to pull six points

clear at the top. Rodrigo Becao’s second-half header at the San Siro completely deceived Milan goalkeeper Gianluigi Donnarumma

and Stefano Pioli’s faltering side looked destined for a third

defeat in four games. But a needless handball from Udinese substitute Jens Stryger

Larsen offered Milan a lifeline, with Ivorian international Kessie converting the penalty with the

final kick of the match. “Penalties are not easy,” Kessie

told broadcaster DAZN. “When you get there, you have two choices: you mustn’t feel fear or uncertainty, otherwise you will get it wrong,” he

added. Milan struggled to create many genuine chances in the absence

of top scorer Zlatan Ibrahimovic, the Swede sidelined by a groin injury picked up in last weekend’s victory

over Roma. —