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INDIAN OIL, BPCL, HPCL TO REVIVE PREMIUM PETROL BRANDS ON EXCISE CUT

MUMBAI: 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

Western banks set to gain big time from Saudi market opening

HSBC Holdings Plc (HSBA) and JPMorgan Chase & Co. (JPM) are among the banks set to profit after the Riyadh-based Capital Market Authority announced plans this week to open Saudi Arabia’s bourse to foreign investors. The CMA said on July 22 that it would open up the oil-producing kingdom’s $531 billion stock market to foreigners next year. That may attract inflows of about $35 billion to the […]

HIGHER POWER RATES NOT TO HIT STATE UTILITIES

NEW DELHI: Consumers of Tata’s ultra mega power project (UMPP) and Adani’s power plant at Mundra in Gujarat might not see a major escalation in their procurement price after the Appellate Tribunal for Electricity (APTEL) gave its nod to include compensatory rate in the final rate of sale of power.

The beneficiary utilities in Gujarat, Haryana, Rajasthan, Punjab and Maharashtra are already buying power for Rs 3.61 to Rs 3.7 a unit, according to the annual revenue requirement reports submitted to state regulators.

The levelised tarifforiginally offered by Tata’s imported coal-based UMPP is much lower at Rs 2.26, but after the compensatory tariff of 52 paise, it would work out to Rs 2.8. Power from

INDRA-2014 DRILLS ENDED SUCCESSFULLY IN RUSSIA’S FAR EAST

Russian-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

Israel Carrying Out Ground Offensive In Gaza

Thousands of Israeli soldiers began a ground invasion into the Gaza Strip late Thursday, escalating a 10-day military operation that aims to destroy Hamas’ offensive capabilities, including the group’s weapons arsenal and tunnels that infiltrate Israel’s territory. The Israeli military said the operation was open-ended but limited in its scope, and would be carried out in several areas of the coastal strip. The office of Israeli Prime […]

Israel, Hamas Agree to Brief Truce in Gaza

GAZA — Israel and Hamas militants have agreed to a United Nations request for a temporary cease-fire in Gaza on Thursday. The truce will last five hours to give Palestinian civilians a chance to restock supplies, repair damaged buildings, and get medical care. But Israel warns it will react if militants fire rockets during the truce. Palestinian officials say the death toll since Israel began its offensive […]

Russia and Ukraine discuss ceasefire

Russian President Vladimir Putin and Ukraine’s president-elect Petro Poroshenko have discussed a ceasefire and other possible steps to de-escalate the crisis between their countries in a brief meeting in France, French officials said. The meeting hosted by French President Francois Hollande, before D-Day celebrations on Friday, took place as clashes continued in eastern Ukraine near a border crossing with Russia, killing at least 15 pro-Russian separatists overnight.   Putin and […]

G7 leaders warn Russia of more sanctions

Barack Obama and leaders of the G7 group of nations have threatened Russia with more sanctions if it continues to undermine the sovereignty of Ukraine and fund separatists in the east of the country. The US president issued the warning on Thursday and urged his Russian counterpart Vladimir Putin to hold direct talks with the Ukrainian president-elect Petro Poroshenko to end the crisis. “The kinds of destabilising […]

Behind P.O.W.’s Release: Urgency and Opportunity

WASHINGTON — Weeks before a Black Hawk helicopter lifted off in the dying light of eastern Afghanistan, carrying with it an American soldier who had spent five years in the hands of the Taliban, American officials grew increasingly worried that Sgt. Bowe Bergdahl’s life might be in jeopardy. A video produced by his captors months earlier had shown him weak and dazed, and there was a growing […]

Can G.I. Be Tied to 6 Lost Lives? Facts Are Murky

WASHINGTON — Did the search for Sgt. Bowe Bergdahl cost the lives of American soldiers? Since last weekend’s prisoner exchange in which Afghan insurgents turned over Sergeant Bergdahl after five years of captivity, a number of the men who served with him have called him a deserter. Some have gone further, blaming him for the deaths of six to eight soldiers. That second claim is hardening into […]

Air India seeks compensation from Boeing

Air India Ltd. said it’s demanding compensation from Boeing Co for delivering 787 Dreamliner aircraft that don’t meet promised fuel-efficiency targets because the planes are heavier than planned. Design changes made after targets were set meant some 787s are overweight, Air India Chairman Rohit Nandan said in an interview in Doha, Qatar. The Mumbai-based airline and the planemaker are negotiating a formula for compensation, which may be […]

Banker-turned-bookie is World Cup betting king

Inside a nondescript office building in central London, a roomful of men and women sit at computer screens and talk over Skype with people in faraway places. Sharp-edged Cantonese fills the air, and a flat-screen TV emits a continuous din. It’s the chanting, singing Midlands crowd at Birmingham, England’s Villa Park Stadium: Liverpool at Aston Villa. The match has just kicked off. The name of the company, […]

Spain’s King Juan Carlos abdicates

Spain’s King Juan Carlos is abdicating after almost 40 years on the throne and his son Prince Felipe de Borbon will succeed him, the Spanish prime minister has announced. Juan Carlos, whose health is failing and has had a number of hip operations in recent years, is stepping down for personal reasons, Mariano Rajoy said on Monday. “His majesty, King Juan Carlos, has just communicated to me his […]

U.S. Strategy to Fight Terrorism Increasingly Uses Proxies

WASHINGTON — During the height of the wars in Iraq and Afghanistan, the United States military often carried out dozens of daily operations against Al Qaeda and other extremist targets with heavily armed commandos and helicopter gunships. But even before President Obama’s speech on Wednesday sought to underscore a shift in counterterrorism strategy — away from the Qaeda strongholds in and near those countries — American forces […]

Obama outlines US foreign policy vision

Barack Obama has outlined his vision for the country’s foreign policy for the rest of his presidency, saying that the country will still lead, but will show more restraint before embarking on more military missions abroad. In a speech on Wednesday, the US president insisted that his country’s reliance on diplomacy over military intervention was working to resolve global crises such as Ukraine and Iran, and he […]

UAE set for more phone competition

Etisalat expects to conclude a long-delayed deal to allow competition in UAE fixed-line telecommunications services by the end of 2014, a company document states, which could threaten its dominant position in the lucrative sector. Etisalat and rival du have been unable to reach an agreement over so-called bitstream access, or network-sharing, in the United Arab Emirates, despite beginning talks in 2009 and the government being the largest […]

HSBC to advise $1.49 billion Saudi rights issue

Saudi Arabian Mining Co, or Ma’aden, has appointed HSBC Saudi Arabia as financial advisor for its planned 5.6 billion riyals ($1.49 billion)rights issue, the company said in a statement on Monday. Ma’aden had earlier this month said it was seeking shareholder approval for a capital increase to fund the expansion of its phosphate and gold operations, as well as increase funding for its aluminium business. The company […]

Travelex buy puts Shetty in a new league

|By K Raveendran| It is indeed a milestone in the history of UAE’s expatriate business. The purchase of a controlling stake in Travelex by Dr B R Shetty is easily the biggest acquisition by an expatriate both in terms of its value and profile. It is also perhaps the biggest global brand acquired by a UAE-based Indian entrepreneur. There have been buyouts of higher values, but these […]

Clinton Lauds N.Y.U. Graduates, and Inquiry, in Speech

ABU DHABI, United Arab Emirates — Former President Bill Clinton said on Sunday that he believed that New York University and the Abu Dhabi government would conduct a thorough investigation into worker rights abuses at the university’s new campus here in the country’s capital. Delivering the first graduation speech at the campus, Mr. Clinton said the controversy had “dominated the coverage” of the university during the days […]

Shetty-acquired Travelex to be independent of UAE Exchange

|TAP Special|Travelex, which has been acquired by leading UAE businessman Dr. B. R. Shetty along with his partners associated with Centurion Investments, will continue to operate independently of UAE Exchange. The acquisition, to be effected through BRS Ventures & Holdings Limited, a company owned by Dr Shetty and equity partners associated with Centurion, is subject to customary regulatory and other approvals and consents.  The acquisition will not […]

Putin’s comrade capitalism gets exposed

In the world’s biggest country, railways are still a route to riches. With nearly 1 billion passengers a year and $42 billion in annual sales, the state company Russian Railways is a giant commercial opportunity. At its head is Vladimir Yakunin, an old friend and long-standing ally of President Vladimir Putin. He oversees a company that strikes international deals, issues bonds to major investors and plans hugely […]

Deal clears way for Islamic insurance in Pakistan

Pakistan’s insurance firms have resolved a legal dispute with regulators which allows them to offer takaful, or Islamic insurance, a move expected to attract new players and boost competition in the sector. Pakistan introduced new takaful rules in 2012, allowing the use of takaful windows, which enables insurers to offer sharia-compliant and conventional products side by side, provided client money is segregated. This prompted a legal challenge […]

NBAD to have an India base

National Bank of Abu Dhabi plans to set up a regional financial base in India before the end of this year as part of its overseas expansion strategy, two sources aware of the matter told Reuters on Wednesday. The largest lender by market value in the United Arab Emirates is the first Emirati bank to be granted a banking licence in India since 1980. It joins two […]

Bahrain bank plans sukuk in S Africa, Pakistan

Bahrain-based Al Baraka Banking Group said it is considering issuing subordinated Islamic bonds through its South African and Pakistani units to boost their regulatory capital. The Islamic bank’s plans come at a time when sovereign sukuk are expected from both countries later this year. The lender has operations in 15 countries across the Middle East, Asia and Africa. Al Baraka is working with the authorities in South […]