Apple’s defense against the US government’s charges regarding its e-book price fixing begins on Monday. The Cupertino-based company is accused of working with e-book publishers to set prices to compete in the market dominated by Amazon. The three-week long non-jury trial to begin in New York will see Apple’s defense against the 2009 case in which it collaborated with five publishing houses to compete with the monopoly of Amazon in the market.The US Department of Justice (DoJ) alleges that Apple agreed with the country’s five out o the six biggest publishers to destabilize Amazon’s market dominance by asking them to fix the price of e-books rather than letting individual retailers to do so. A method known as Agency-model which eventually had the drawback that customers had to shell out more. Apple is alleged to have worked with Penguin Group, HarperCollins, Simon & Schuster, Hachette and Macmillan to increase the e-book prices.The publishers who originally were defendants with Apple has reached for settlements and agreed to sever ties with Apple’s e-book deal. Penguin had earlier this month offered the largest settlement price with $75 million. However, current CEO Tim Cook dismissed the idea of settlement with government denying any kind of wrongdoing.Interestingly, quotes from the official biography of Apple’s co-founder Steve Jobs has been cited as the major evidence in the case by DoJ. The CEO before his death in 2011 said, “We told the publishers: “We’ll go to the agency model, where you set the price, and we get our 30 percent, and yes, the customer pays a little more, but that’s what you want anyway.”If proven guilty, it would largely hurt Apple’s already tarnished image in the wake of recent allegations of tax evasions and poor working conditions of iPad factories in China.
Raghuram Rajan, 51, took over as the governor of the Reserve Bank of India (RBI) on 4 September, 2013. Within a couple of months of his appointment the slipping rupee had stabilised as the central bank offered concessional interest rates to raise the foreign currency deposits, which helped fetch $34 billion via oil marketing companies and other large-scale industries .In addition to that, inflation rate has come down and the economic output for April to June quarter has been the strongest in more than two years. BSE Sensex and NSE Nifty have crossed over 27k and 8k, respectively, reports Business Standard.Here are the five important monetary policies taken up by RBI to improve financial stability in India through various steps taken under Rajan’s precedence.1. Rule-based monetary policyAction: To tackle inflation, Rajan set up the Urjit Patel committee that said RBI should be accountable and answerable.Impact: Retail inflation declined.2. More banks, less licencesAction: Rajan followed the former RBI governor’s idea of granting separate bank licences instead of universal bank licence.Impact: Commercial banks reduced from 153 in 2013 to 146 in March 146. However, sub branches of all commercial banks increased from 1, 04,647 in 2013 to 1, 15,822 in current fiscal year. The central bank offered licences financial institutions such as to IDFC and Bandhan Financial Services.3. Stock marketsAction: Overseas investors have been mandated to invest in government bills rather than treasury bills on maturity. Moreover, RBI also increased the FII limit in government bonds and inflation-indexed bonds to give better returns to investors.Impact: FII limit helped government borrowing procedure and reduced volatility in yields.4. Financial inclusionAction: Nachiket Mor, a board member of RBI planned that each Indian above the age of 18 years should have a full-service, safe and secure electronic bank account by January 2016.Impact: The central bank has already issued draft norms on payment banks. Following this step, mobile service providers, retailers and postal department has also showed keen interest in this idea.5. Bad LoansAction: The Reserve bank of India directed Asset Reconstruction Companies to invest 10 percent more in security receipts issued by them. This regulation has been formulated by RBI to consolidate the sale of bad loans in the banking system. Earlier, it was compulsory to invest at least five percent of the security receipts.Impact: As RBI tightened regulatory norms for Asset Reconstruction firms, banks have become alert and the process has become more accountable.
The repackaging jumlas [Representational Image] TwitterAfter the Bharatiya Janata Party (BJP) released its 2019 manifesto for the upcoming Lok Sabha elections, people are saddened to know that there are no mentions of cow protection in its latest edition. Since 1984, the BJP has been carrying the cow protection and its welfare as one of their top priorities. The manifesto which went deep with rest core duties including the Ayodhya land dispute and nationalist sentiments forgot to favour cows this time.This time the party has limited itself to mention the ‘gaumatha’ only once that too for ‘gaushalas’ (cow shelters). The cow shelters in the country will be linked to the promotion of organic farming and animal husbandry. Isn’t it just sad that the term cow has not been mentioned in the manifesto?For years the saffron party had a separate place for the cows in its heart and soul which has just vanished into thin air. The party which has blamed every other political party for the violence against the cattle and ban on cow slaughter has now shunned out on ‘gaumatha’.BJP and Gaumatha policiesThe BJP had given its detailed plans over different schemes relating to the welfare of cows since 1984. Here are some:-1984 – The party proposed a ban on cow slaughter.1989 – Working towards the welfare of cows and a total ban on cow slaughter.1991 – Again a total ban on cow slaughter and that no one has a fundamental right of trade or business to slaughter cows.1996 – Policies for improved cattle breeding, amendment of Article 48 of Indian constitution (preserving and improving the breeds, and prohibiting the slaughter, of cows and calves and other milch and draught cattle)2004 – BJP recommends the implementation of the national cattle development board2009 – BJP refers to Supreme Court judgement and said that keeping with the Directive Principles of State Policy, the necessary legal framework will be created to protect and promote cow and its progeny.2014 – Department of Animal Husbandry will be suitably strengthened and empowered for the protection and promotion of cow and its progeny due to its contribution towards agriculture.People’s reaction While the people who were searching for new policies related to cows in the latest BJP manifesto were left in serious disappointment, some of the netizens have brought up the question in social media.Here are a few reactions:- Gaumatha does not forgive… That utter disappointment No idea mate Yes, unfortunate indeed!
Rising tensions over eating beef in Hindu-majority India are starting to hit the multi-billion dollar buffalo meat trade, with exports falling in the last six months as traders run short of supplies and China lifts purchases from Brazil.Religious activists, who critics say have been emboldened by nationalist premier Narendra Modi’s ascendance, have stepped up attacks on the beef industry, alleging that cows are being killed and falsely labeled for export as buffalo meat.Cows are revered in Hindu culture and their killing is banned in some states.Beef exports are banned, but in recent weeks suppliers of buffalo meat have been roughed up by Hindu mobs on suspicion of carrying cow carcasses in their trucks, exporters said.As a result, the exporters said only a fraction of the meat processing centres authorised to export are operating in the major selling state Uttar Pradesh, where a mob of Hindus lynched a Muslim man last month over rumours he ate beef.”If we get orders there is no supply; if suppliers try to sell, they are harassed,” said Mohammed Tauseef, director of Al-Hamd Agro Food Products in Uttar Pradesh.Days after Modi condemned the murder in Uttar Pradesh, following criticism over rising religious intolerance in India, villagers in Himachal Pradesh state killed another Muslim man for allegedly smuggling cows.The government, meanwhile, said steps against illegal exports had helped cut shipments.”There’s no concrete information but there has always been a rumour (that cow meat is exported),” junior farm minister Sanjeev Balyan said this month, adding that authorities had been asked to inspect meat and tighten checks at ports.India is the world’s biggest buffalo meat exporter and April-September shipments fell 13.2 percent from a year ago to 598,901 tonnes, although in value terms they plunged 15.5 percent to $1.89 billion, data from the Directorate General of Commercial Intelligence and Statistics showed.Indian sales have also lost out to Brazil, the world’s No.2 beef supplier, due to a sharper depreciation in the real currency that has lost 30 percent this year compared to only 3 percent in the rupee.”Traditionally Vietnam sources most of its meat imports from India due to the freight advantage,” said a Mumbai-based exporter. “(But now) even after factoring in our freight advantage, we can’t compete with Brazil.”Several Indian exporters, however, are more worried about what could be permanent setbacks to trade as some politicians even call for a complete ban on the meat export industry, which generated about $5 billion in sales last year.Maharashtra, controlled by Modi’s party and home to India’s financial capital Mumbai, this year extended an existing ban on cow slaughter to cover bulls and bullocks, leaving many butchers jobless.”There is no life in this business,” said Tashkil Ahmed Qureshi, director of Al Falah Food Exports.
Jindal Steel and Power Ltd said it plans to cut costs and divest some non-core assets, as it swung to a second-quarter loss due to a drop in iron and steel sales and a one-time charge linked to an overseas unit.Indian steelmakers including Tata Steel Ltd, JSW Steel Ltd and Jindal Steel have seen sales dented in the past few quarters due to rising imports from China, Japan, South Korea and Russia.China makes nearly half the world’s 1.6 billion tonnes of steel. With growth slowing at home, it is expected to export a record 100 million tonnes to world markets this year to help address its spare steel-making capacity.India imposed a 20% import tax on some steel products in September to mitigate the damage to domestic companies.Jindal Steel and Power registered a consolidated loss of Rs 620 crore ($94 million) in the September quarter, compared with a profit of Rs 440 crore in the year-ago period, said the company in a statement late on Saturday.Net sales fell 8% to Rs 4,880 crore. Profit was also impacted by a one-off charge of Rs 230 crore for an impairment loss of fixed assets in one of its overseas subsidiaries.Jindal Steel said it was looking to cut production costs and bring down its debt by selling some of its non-essential assets in the current fiscal year ending in March.
In a significant consolidation move, two Aditya Birla Group companies will merge to create a unified entity with a combined turnover of about Rs. 60,000 crore and operating profit (EBITDA) of almost Rs.12,000 crore (financial year 2015-16).The proposal to merge Aditya Birla Nuvo Ltd. (ABNL) and Grasim Industries was approved by the respective boards on August 11, 2016.”The Boards of Directors of Grasim Industries Limited (“Grasim”), Aditya Birla Nuvo Limited (“ABNL”), and Aditya Birla Financial Services Limited (“ABFSL”) at their respective meetings held today, approved the merger of ABNL into Grasim and the subsequent demerger & listing of its financial services business through a composite scheme of arrangement (“Scheme”),” ABNL said in a media statement.The financial services business of ABNL will be demerged with Aditya Birla Financial Services Limited (ABFSL), which will be listed subsequently on the stock exchanges. Grasim will hold 57 percent stake in ABFSL.Kumar Mangalam Birla, Chairman, Aditya Birla Group, said that the merger would bring synergies between the two companies to create more business opportunities.”The proposed restructuring will create one of India’s largest, well-diversified companies with a healthy mix of businesses with steady cash flows and long-term growth opportunities. With diverse businesses spanning manufacturing and services, the combined company provides a play on India’s growth story. The demerger and listing of the financial services business will unlock value for shareholders,” he said in the statement.The ABNL share closed at Rs. 1,567.70, up 3.50 percent from its previous close, while Grasim shares ended 6.44 percent down at Rs. 4,538.95 on the BSE.”The transaction is subject to the customary statutory and regulatory approvals including approvals of the respective High Courts, the Stock Exchanges, CCI, the respective Shareholders and creditors of each of the companies. The demerger will become effective subsequent to the effectiveness of the merger. The transaction is expected to be completed by Q4 FY17 / Q1 FY18,” the company said in the statement.Here are the share swap and other details of the merger:For merger of ABNL with Grasim, each shareholder of ABNL will get 3 new equity shares of Grasim for every 10 equity shares held in ABNL i.e., a shareholder holding 100 shares in ABNL will receive 30 shares in Grasim.For demerger of Financial Services business into ABFSL, each shareholder of Grasim (post-merger) will receive 7 equity shares in ABFSL for every 1 equity share held in Grasim i.e., a shareholder holding 100 shares in Grasim will receive 700 shares in ABFSL. In aggregate, each shareholder of ABNL holding 100 shares will receive 30 shares in Grasim and 210 shares in ABFSL.The Board of Grasim has also recommended sub division of its equity shares of Rs. 10 each into 5 equity shares of Rs. 2 each. The exchange ratio as stated above would be adjusted accordingly to take into account the effect of such sub division.
IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:02/1:30Loaded: 0%0:02Progress: 0%Stream TypeLIVE-1:28?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … Close Google CEO Sundar Pichai spoke about the ongoing World CupJustin Sullivan/Getty ImagesThe World Cup fever is not restricted to ordinary cricket fans living in the competing nations. It has claimed many high-profile victims who are living in countries unconcerned with the event. CEO of internet giant Sundar Pichai has also given vent to the passionate cricket fan within him that has survived his long stay in USA, and jumped into the fray of making prediction about the ongoing event in England.The 46-year old self-confessed cricket fan, unsurprisingly, chose India as one of the finalists in his prediction and gave England, the hosts, the other spot. His analysis is not very different from most other fans who consider the home side and the men in blue to be the two toughest teams in the tournament.India have started the World Cuplwith a bang, winning their first two matches – one against South Africa and the other against Australia – while the English team suffered a setback when they lost to Pakistan in their second contest before bouncing back with a morale-boosting, dominant victory over Bangladesh.In Washington for a special event, the India Ideas Summit organised by UBISC, Pichai was asked a question by another prominent figure in the business world, of Indian extraction, Nisha Desai Biswal. The latter wanted to know which two teams, the Google CEO fancies seeing in the final to be played at Lord’s on July 14. ICC World Cup 2019 – Team India Squad His response was a measured one and didn’t fail to notice the other important players in the event who have a chance. “It (World Cup final) should be (played between) England and India. But, you know, Australia and New Zealand, these are all very, very good teams,” was the diplomatic answer proffered by the chief of Internet’s most famous search engine-running company.Talking about his love for the game and how it has remained undiminished despite a prolonged stay in the USA, he gave a long replay, detailing the various factors that keep him loyal to the sport. “When I first came here, I tried to kind of adapt to baseball. I have to say it was a bit challenging. In my first game, I was proud because I hit the ball on the back. It’s a really good shot in cricket. I was like, well look, what I did. But people didn’t appreciate it. In cricket when you run, you always take your bat with you. So I also ran between base with my bat as well. So eventually, I realised baseball was a bit difficult. I can adjust on many things, but I’m going to stick to cricket. There is a cricket World Cup going on. It’s a wonderful tournament… rooting for India to do well. But there’s a lot at stake here,” he concluded by saying. .
Homes without a good sound system are just not smart enough.Every smart home should have a smart speaker system installed, not only to play music, but also update you on the latest news, the weather, and control your smart gadgets, including door bells, alarms, lights, air conditioning, etc..Smart speakers like the Amazon Echo and Google Home are a must for a smart home, and there are several others expected to be available for purchase this year.Here are five smart speakers you can buy for the ultimate smart home, in 2017Amazon Echo: Is a voice-activated smart bluetooth speaker that uses a voice-controlled intelligent personal assistant service Alexa. It is more than a speaker, as it can do several tasks like reading you audio books, check the weather, set alarms, provide realtime information, do online shopping, stream podcasts and several other works. It can also control several gadgets in a house. It comes with a price tag of $179.99.[READ: 10 devices you need for an ultimate smart home in 2017: Amazon Echo, Nest Cam Indoor, Ecobee3 and others]Google Home: Announced at Google I/O in May 2016, Google Home was released on the US market in November 2016 at $129 as a rival to Amazon Echo. Equipped with Google Assistant’s intelligence, the device can control several smart gadgets as a central hub besides features like streaming music through Google Play Music, YouTube and other sources.Harmon Kardon: Microsoft has given a sneak peek of a Harman Kardon premium speaker powered by its intelligent personal assistant Cortana in a video teaser. Not much is known about the smart speaker, but since it will run Cortana that is already available on Windows, iOS and Android, it should be able to provide a wide range of assistance. This smart speaker should hit the market this year.Lenovo Smart Assistant: This smart speaker is similar to Amazon Echo on several counts, including design and shape. It is a voice-controlled, high-definition speaker with far-field mics and powered by Amazon Alexa. It not only plays music with high quality sound but also provides information like traffic status, your favourite playlist, and several others.Mattel Aristotle: Toymaker Mattel has developed a smart home voice assistant called Mattel Aristotle specially designed for kids, but can be used by adults too. It is priced at $300 and users have to say “Aristotle” instead of “Alexa”. The device can illuminate with options for different colours and brightness, and houses a camera to monitor a baby and plays lullabies when it detects a baby waking up.
The fingerprints of an individual being recorded for Aadhaar enrollment. [Representational image]Wikimedia CommonsAn Aadhaar card will now be compulsory for customers to avail services from the internet companies.Online giant Amazon has already asked customers to upload their Aadhaar number to track lost packages. Further, Bengaluru-based start-up Zoomcar said it will not accept bookings without Aadhaar as the identity proof, the Times of India reported.”We ask customers to submit a government-certified ID. We understand Aadhaar is the most widely held. So it is our preferred one,” said an Amazon India spokesperson.Zoomcar operates in 15 cities at present. The company started to ask for Aadhaar in June for customers in North India and Vijaywada and will extend it to the users across the country in a month.”Aadhaar has the best API integration; the latest documents are getting connected with bank accounts. If you have an Aadhaar card, you have the KYC (know your customer) sorted,” said a Zoomcar spokesperson.Earlier this year, reports suggested that even private companies in India are now shifting their focus towards using Aadhaar to verify new employees in a bid to replace long verification processes and scale down hiring costs.The move will also help make the hiring process paperless. Aadhaar cardIANSEmployee verification companies like Authbridge based in Gurgaon and BetterPlace in Bengaluru are now using Aadhaar-based verification solution for their clients.”Aadhaar verification is simple enough to be done at scale,” said Saurabh Tandon, Chief Operating Officer of BetterPlace.”People even use different ID cards to rejoin the same company,” he added.The government has insisted on linking Aadhaar number for bank deposits, obtaining mobile connections and several other utilities in a bid to remove black money from the system and avoid fraudulence.
Close CLSA says that the conclusion drawn by market participants from Tuesday’s results is that Modi will retune in 2019. It says that probably the only thing that can still upset Modi’s apple cart is a joining of forces by the Samajwadi Party (SP) and the Bahujan Samaj Party (BSP) in Uttar Pradesh.HSBC analysts have pointed out that even if the three states voted in the same way in 2019, that would account for only 15 percent of Lok Sabha seats. According to UBS, the return of the BJP government in 2019 has been priced in. Chhattisgarh landslide: How did BJP lose their seat to power after three straight terms Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai, India, December 27, 2016.Reuters fileThe Indian markets that catch a cold when the US sneezes did remarkably different on Wednesday. Equity markets have a soul of their own and it’s mostly a realm of sentiments. So what sentiments are boosting the confidence of Indian share markets?Indian equities rallied for the second day on Wednesday, close on the heels of tumultuous changes. While BSE Sensex rose 629 points or 1.79 percent, the Nifty gained 188.45 points or 1.79 percent. This came after the nearly 200 point gain in the Sensex on Tuesday when results of the elections to five state assemblies were announced.Pundits expected markets to tumble on Tuesday, following the abrupt resignation of Reserve Bank of India Governor Urjit Patel on Monday. And markets did fall at the open, diving nearly 500 points.The recoup and then the bounce back came after a clearer picture of the assembly results emerged. There were great fears earlier that if the Bharatiya Janata Party suffered extensive losses in the ‘semi final’ to the Lok Sabha election 2019, the markets would bleed. This didn’t happen. On top of it, Wednesday’s rally has been more than surprising. So, what does the mart reaction actually mean? Prime Minister Narendra Modi.APIt’s been argued that the BJP’s losses had been factored in earlier, and had reflected in Monday’s trading. Markets had tumbled on Monday after the exit polls showed last weekend the Congress was heading for a win in Rajasthan and there was a tight race in Madhya Pradesh and Chhattisgarh.In the event, BJP lost all three states. While Chhattisgarh was a landslide, a strong anti-incumbency wave uprooted the party’s citadels in the major heartland states of Madhya Pradesh and Rajasthan.Yet, the markets reacted with a 600-point rise in Sensex. It’s the same market that has tumbled violently at the drop of a hat in western and broader Asian markets, in the last two months. As in all matters, the money trail is the best sign of where things are headed. It appears like markets don’t fret about Narendra Modi losing badly in 2019. The markets don’t think Tuesday’s election results are a precursor to similar verdict in 2019 Lok Sabha elections.It seems the markets have priced in Modi’s retune in 2019. The Congress win in three states — by razor-thin margins in two of them – doesn’t seem to be potent enough to force a change of government at the centre in 2019.Here’s how major brokerages have assessed the market reaction to the assembly elections:
Asteroid formation through planetary collisionDon Davis via University of FloridaNASA, the United States space agency is now busy developing a planetary defence weapon to protect the earth from dreaded events like asteroid hits. However, what makes this weapon necessary? Is earth going to face an imminent doomsday scenario? Let us check it out.The universe in which we live is so huge and gigantic, and just within our solar system, there are hundreds of thousands of asteroids and meteorites wandering across space. Sometimes, these rogue space bodies come very close to the earth and in the worst cases, they will plummet to the earth’s atmosphere.If the rogue body approaching the earth is small, it will burn up as they enter the planet’s atmosphere. But giant space bodies will overcome this burning process and will hit the earth’s surface in a force that might be equivalent to the blast of a thousand nuclear bombs.NASA’s asteroid tracking system has already detected hundreds of rogue asteroids that can be classified as near-earth objects. Even though during its close fly, these asteroids will be thousands of miles away from us and the chances of a possible impact are pretty low, at least in the near future. However, experts believe that there are several factors that could increase the chances of the earth being hit by rogue space bodies from deep space.One such factor is gravitational keyhole. According to experts, the gravitational keyhole is an area in space where rogue bodies like asteroids get affected by the gravitational pull of nearby planets. Making things clear, if an asteroid enters the gravitational keyhole of the earth, it will be drawn to the planet’s surface, and the possibilities of an impact become very high.The Yarkovsky effect is another crucial factor which may make an asteroid vulnerable for a collision with the earth. As per space experts, the Yarkovsky effect can be defined as the heat exerted from an internal object like a star which is capable of modifying the spin of an asteroid. If it happens, the original trajectory of the space body may change, and it will begin a deadly collision course.
A UFO seen flying along an airplane in AustraliaYouTube: Mavi777Conspiracy theorists all across the world believe that alien life is a reality and argue that space agencies like NASA are intentionally covering up facts about extraterrestrial life to avoid public panic. Bringing up the heat around these claims, Mavi777, a popular conspiracy theory YouTube channel has now released the image of a UFO following a passenger plane.In a recent video, Mavi777 revealed that the video was shot on August 19, 2019, in the skies of Melbourne, Australia. The conspiracy theory YouTube channel also added that the eerie sighting was captured on camera by a person named Joanne Rhodes.In the image released by Mavi777, a seemingly disc-shaped UFO can be seen flying parallel to a passenger plane and at the first glance, the shape of the flying ship seems very similar to the alien vessels we have seen in Hollywood sci-fi flicks. After watching the video, viewers of the conspiracy theory channel started claiming that aliens are gearing up for disclosure and the increased UFO sightings all across the world indicate that the disclosure is imminent.A few days back, Mavi777 had released another video apparently shot in the skies of Fukushima, Japan. In the video, five UFOs were seen hovering in the skies above the nuclear plant in Fukushima.However, Donald Trump, the United States president, had revealed that he does not believe in the existence of aliens. A few months back, an ABC News reporter asked Donald Trump about the alleged alien sightings and the president replied that he is a disbeliever.”I want them to think whatever they think. I did have one very brief meeting on it. But people are saying they’re seeing UFOs. Do I believe it? Not particular,” said Trump, despite increasing numbers of UFO sightings reported by US Navy officials.
Iranian President Hassan Rouhani.ReutersA day after United States President Donald Trump said he was ready to hold dialogues with Iran, President Hassan Rouhani on Tuesday, August 27, announced that the US must “take their first step” by lifting sanctions.”The step is to retreat from sanctions. You must retreat from all illegal, unjust and wrong sanctions against the nation of Iran,” Rouhani stated on a live broadcast on national television, reported Agence France-Presse.Referring to a fatwa issued by supreme leader Ayatollah Ali Khamenei on nuclear weapons programme in 2003, Rouhani said Iran has already addressed US concerns and proved not building an atomic bomb. He called lifting sanctions as a “key for positive change.””So take the first step. Without this step, this lock will not be unlocked,” he said.Speaking at the G-7 summit in Biarritz, France, Trump on Monday told reporters that a meeting between him and President Rouhani is likely to take place in the coming weeks.Describing Iran as a country of “tremendous potential,” the US President said, “I have a good feeling. I think he (Rouhani) is going to want to meet and get their situation straightened out. They are hurting badly.”The news of a likely meeting between the two countries gained momentum after French President Emmanuel Macron revealed at the press conference during G-7 summit that Rouhani told him that Iran was open to meeting Donald Trump. Macron said that he looked forward to a summit between the two countries in the coming weeks.Tensions between the two countries have worsened after the US withdrew from the Joint Comprehensive Plan of Action (JCPOA) nuclear deal last year and reimposed sanctions on Iran and countries participating in oil and other commodity trade with the country.Iran responded by increasing its production of enriched uranium violating its commitments under the nuclear stockpile limit.Rouhani and Trump will be attending the United Nations general assembly in New York in September.