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fsNew Delhi: Finance minister Arun Jaitley will address the board of the Reserve Bank on August 9 amid expectations that the central bank will complement government actions by reducing rates to boost growth. “The meeting has been scheduled for August 9 where he would be addressing the board members and talk about announcements made in the Budget to perk up growth,” a source said. Jaitley is likely to inform the RBI board about the steps taken to contain the fiscal deficit and may underline the need to reduce interest rates to promote growth. It has been a custom that the finance minister addresses RBI board, consisting of RBI governor and existing three deputy governors, after the Budget. The meeting comes in the backdrop of the persistent high food

egNEW DELHI: In a big push to 31,000-MW of electricity generation plants stranded without fuel, the power ministry has proposed a Rs 5,700 crore subsidy to help operationalise idle gas-based capacity, a loan restructuring scheme for such plants and the supply of coal to projects that will be commissioned before March 2015.

 

The proposals will benefit 24,148 MW of gas-based projects and 7,230 MW of plants that run on coal, set up at a total investment of about Rs 1,50,000 crore.

 

An additional 10,930 MW of coal-based plants that will be commissioned before March are also likely to gain. The ministry will approach the Union cabinet with a proposal to pool prices of imported gas and coal with domestic fuels to help stran

ogNew Delhi: GAIL (India), under a petroleum ministry directive, has decided to buy a third of the LNG ships it plans to acquire to ferry the fuel from the US to India, from Indian shipbuilders. Considering that the PSU, whose massive LNG imports from the US would start in 2017, has lined up investments to the tune of $7.6 billion for hiring the required specialised vessels, the move would give a big boost to the Indian shipbuilding industry.

 

Domestic players such as L&T and Pipavav are among the obvious beneficiaries of the decision, which is in line with the Modi government’s thrust on the domestic manufacturing sector. Although some analysts are doubtful about the feasibility of Indian ship makers meeting such huge demand g

defNew Delhi: The NDA government has deferred its decision on the procurement of 16 multi-role helicopters for the Indian Navy as one of the two companies in the race for the deal is linked with Finmeccannica– the parent organisation of the scam-tainted firm AgustaWestalnd.

 

The Defence Acquisition Council headed by Defence Minister Arun Jaitley put off its decision on the procurement of the helicopters for the Navy from vendors including American Sikorsky and European NH Industries, which has Finmeccannica as one of its partners, highly-placed sources said.

 

Finmeccannica is the parent firm of AgustaWestland firm, whose Rs 3,600 crore contract for supplying 12 VVIP choppers to the IAF has been scrapped by the

The United States faces an awkward rival in its first attempts in 40 years to export crude oil – Iran. Iran, whose economy has been throttled by Western sanctions that have halved its crude shipments, is now selling higher quality and cheaper oil to China that leaves little room for the U.S. crude to enter the world’s top energy consumer. While buyers in Japan and South Korea […]

The parent company of a scandal-hit Chinese food supplier said it is withdrawing all products made by the subsidiary. Shanghai Husi Food Co Ltd, owned by Illinois-based OSI Group LLC, is at the center of a major food safety scandal, which has spread from China to Hong Kong and Japan, over allegations it mixed fresh and expired meat. In a statement posted on its website late Saturday, […]

ogHindustan Petroleum Corporation Limited (HPCL), a major stakeholder in the proposed refinery cum petrochemical complex at Pachpadra, may give in to the Rajasthan government’s demand to increase the state’s share from 26% in HPCL-Rajasthan Refinery Limited (HRRL).

 

Chief minister Vasundhara Raje vowed to renegotiate the terms under which the previous Congress government persuaded HPCL to set up the refinery. In her budget speech, Raje had targeted the conditions in the agreement and termed it as unique and against the interest of the state. She pointed out that despite giving land, interest free loan of Rs 3,736 crore each year (for 15 years) and oil wells, the state controls only 26% while HPCL has stake of 76%.

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defBEIJING: In a sign of expanding military-to-military engagement between India and China, permanent representatives of the Indian Air Force (IAF) and the Navy have, for the first time, taken office in Beijing.

 

Group Captain Ashish Srivastava of the Indian Air Force and Captain Sushant Dam of the Indian Navy will begin their terms as the Air and Naval attachés in the Indian Embassy in Beijing on Friday.

 

Earlier, India only had a Defence attaché from the Indian Army, along with a Deputy Defence attaché, posted in Beijing.

 

The question of expanding India’s military representation had been discussed by both sides over several years, with China finally agreeing to the move this past year. Tr

More than 90% of enterprises in the Arab world can be considered small and medium-sized enterprises. The growing importance of small and medium-sized firms requires a need to help those enterprises and to develop sustainable growth, networks for change and management development. In this column I will introduce new role-models for small and medium-sized companies. An emerging role-model for medium-sized companies is Germany with its more than […]

egNEW DELHI: Power plants in India are not importing coal despite global prices of the fuel slumping to decade-low levels. Power generating companies are rather operating at lower capacity on domestic coal that is short in supply, as distribution companies (discoms) are not willing to pay for costly power fuelled by imports.

 

A Mumbai-based trader, who did not wish to be identified, said global prices had fallen to a 10-year low due to weak demand from China that is reducing dependence on imports by encouraging production from own mines.

 

He said prices of 4,200 kcal/kg thermal coal in international markets were hovering around $36.50 per million tonne as against $52 per million tonne two years ago.

 

ogNew Delhi: The National Democratic Alliance (NDA) government plans to do away with the limit of one subsidized cooking gas cylinder per household.

 

The move comes before assembly elections in Maharashtra, Haryana, Jammu and Kashmir, Delhi and Jharkhand slated to happen later this year.

 

The issue is expected to be taken up soon by the Cabinet Committee on Political Affairs (CCPA).

 

To reduce its subsidy bill and cut the fiscal deficit, the previous United Progressive Alliance (UPA) government had restricted the number of subsidized domestic cylinders per household to six every year in September 2012, revising it to nine the following January. The cap was revised in January 2014 to 12 cylinders pe

defBANGALORE: Indigenous military projects such as missiles have shown consistently shorter development cycles over the years thanks to deft planning and handling of the projects, the former DRDO Director-General V.K. Saraswat said on Thursday.

 

Citing the bouquet of missiles that came out of the Integrated Guided Missile Development Programme through 2008, Dr. Saraswat said the later Agni III and V missiles had taken three to five years to develop compared to the earlier ones such as Prithvi that needed around a decade.

 

The former top military scientist was addressing members of the defence and aerospace industry at a conference organised by the SAE India and Project Management Institute.

 

egNEW DELHI: The subsidy burden for distribution utilities of 16 states is estimated at Rs 72,000 crore, 17% higher than the previous financial year, due to higher costs and cheaper tariff for the farm sector, said ICRA in a recent note. The note states that state electricity regulators in 16 out of the 29 states have issued tariff orders for the current fiscal so far, attributing the delay partly to the recently-held Lok Sabha elections.

 

The rating agency noted that subsidy dependence for utilities in Maharashtra is likely to increase sharply by about 55% on a year-on-year basis in FY15 as a result of tariff subsidy of 20% announced by the state government, and also for Jammu & Kashmir where the subsidy burden is projected to rise

ogMUMBAI: The state-run oil marketing companies (OMCs) plan to revive branded petrol such as IndianOil’s XtraPremium and Bharat Petroleum’s Speed, backed by aggressive marketing, to make the most of a significant excise duty cut announced in the budget.

 

Sales of branded petrol, which contain additives that enhance automobile’s performance, had plummeted in recent years as they became Rs 7-10 per litre more expensive than the regular fuel, forcing companies such as Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation and Bharat Petroleum Corporation (BPCL) to pull out such products from most outlets. But with finance minister Arun Jaitley announcing a cut in central excise duty on branded petrol to Rs

defWhen Finance Minister Arun Jaitley kept the FDI cap in defence at 49 per cent, he said: “Our assessment of the market is that the 49 per cent FDI limit in the sector would be a significant step in establishing domestic defence market. The public opinion and Parliament’s opinion in India is ready to accept the proposal that I have made.”

 

Mr. Jaitley was also in consonance with the policy sentiment that has evolved within the government over many years. As far back as in 2004, key economists argued before the Planning Commission that 100 per cent FDI in high technology would enable India to reduce or limit its technology imports; in 2008, the National Manufacturing Competitiveness Council constituted by former Prime Minister Ma

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh. Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year. Reuters With a market capitalisation of more than half a trillion dollars, Saudi Arabia’s plan to allow foreigners direct access to its listed companies early next […]

ogNEW DELHI: The government plans to tweak the system of calculating fuel subsidies to make ONGC’s public offer more attractive for investors. It plans to make subsidy sharing more predictable and transparent so that analysts can properly assess the ONGC’s earnings outlook.

 

Currently they are unable to assess the amount and the timing of the huge subsidy payout. This diminishes the interest of top institutions in the stock.

 

The oil ministry may soon approach the Cabinet to overhaul the fuel pricing system to incorporate some of the observations of the Comptroller and Auditor General of India, which recently submitted a report on the matter.

 

The pricing system has a direct impact on O

DEFRussian-Indian international naval drills Indra-2014 ended in Russian far eastern city of Vladivostok. “Russian and Indian naval sailors fulfilled all tasks completely,” head of the press service of the Russian Pacific Fleet Captain First Rank Roman Martov told Itar-Tass on Sunday.

 

At the final meeting aboard the guards missile-carrying cruiser Varyag Assistant Commander of the Pacific Fleet Rear Admiral Andrey Ryabukhin noted that interoperability and trust between two fleets reached a very high level.

 

For his part, Commander of the Indian Eastern Fleet Rear Admiral Atul Kumar Jain said at this meeting that naval sailors had acquired a very good experience and were on the way back home with the posit

The Middle East will take a bigger share of gold demand as buyers from Kuwait to Saudi Arabia to the United Arab Emirates diversify investments and Dubai nears offering a contract for immediate delivery bullion. MKS (Switzerland) SA, a Geneva-based bullion trader and refiner, expanded into Dubai three years ago and employs 25 people there, with the gold trade an “important market,” said Frederic Panizzutti, chief executive […]

Saudi Arabia plans to open its stock market, the Arab world’s biggest, to direct investment by foreign financial institutions in the first half of next year, the market regulator said on Tuesday. The opening of the Saudi market, capitalized at about $530 billion, is one of the most keenly awaited economic reforms in the largest oil exporting nation. The bourse would be one of the world’s last […]

Call it a perfect market storm of wealth creation. Since the start of 2013, the Dubai stock market has registered a near 200% gain to become the best performing financial market in the world. The Gulf emirate’s securing of the World Expo in 2020 is likely one factor behind this success as is the wider UAE’s reputation as a safe-haven in a region riddled with uncertainty. Oil […]

United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of  2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]

Dubai saw the steepest house price growth globally over the past year despite government cooling measures, Knight Frank’s Global House Price Index shows. House prices grew 27.7 percent over the 12 months to March 2014, the fastest pace among the 54 countries tracked on the index. However, house prices only climbed 3.4 percent in the first quarter, much slower than 9.2 percent growth in the same period […]

|By TAP Staff| Regulation topped the list of risks among the global banking industry– replacing 2012’s leading threat, the macro-economic environment, according to the Banking Banana Skins 2014 survey The CSFI’s biennial Banking Banana Skins survey, produced in association with PwC, revealed the overwhelming message from respondents: the weight of new regulation is becoming excessive and could dampen economic recovery and growth. The poll is based on […]

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