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KATHMANDU: India and Nepal are holding negotiations to sign a second Project Development Agreement (PDA) to generate hydorelectric power in the Himalayan nation endowed with rich water resources.   The negotiations for the 900 MW Arun-III project between Investment Board Nepal (IBN) and Satluj Jal Vidyut Nigam Ltd, India, which began here yesterday, continued today, Indian Embassy sources said, adding, they are set to continue tomorrow as […]

New Delhi: India is not likely to get a futuristic stealth fighter anytime before 20242025. Technical and price wrangles continue to bedevil the joint project with Russia to develop the fifth-generation fighter aircraft (FGFA).   India, in fact, has conveyed its deep concerns to Russia about being denied “full access“ to the FGFA project despite the fact that it is supposed to be an equal partner in […]

By Ashis Biswas KOLKATA: In the end, the outcome of the high level Trinamool Congress (TMC) meeting last month was disappointing.   West Bengal Chief Minister Mamata Banerjee is usually at her attacking best whenever she feels politically cornered. There was no better time like the present, if she wanted to take on her critics, who have been tearing into her over the multi-crore rupees Saradha chit […]

NEW DELHI: The National Democratic Alliance government is planning to exempt public-private partnership (PPP) projects from the need to obtain consent of affected families and the mandatory social-impact assessment, through amendments to the land acquisition law.   In the Bill put up by the previous government and passed by Parliament, PPP projects need consent of 70 per cent of affected families and have to study the social […]

NEW DELHI: The Centre has prepared a detailed roadmap in consultation with states to make India “diesel generator and inverter free” in the next five years, and fulfill the Narendra Modi government’s promise to provide 24×7 power to every home, factory and farm and put the country back on the high-growth trajectory.   Power, coal and renewable energy minister Piyush Goyal recently held meetings with ministers of […]

Mumbai: It’s exactly 125 years since the first oil deposits were discovered in India. The big push to India’s oil and gas sector came after the early 1990s, when it was opened up to private players. Yet, the sector is still dominated by public sector undertakings (PSUs) such as Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) in oil and gas exploration and production; […]

Delhi: The infamous VVIP helicopter scandal has claimed another victim. The defence ministry has ejected the European NH-90 chopper, linked to Italian conglomerate Finmeccanica, out of the race to supply 16 multi-role helicopters to the Navy .   The commercial bid of the other contender in fray , American Sikorsky-70B choppers, will now be opened this month after a long delay. “Both NH-90 and Sikorsky-70B choppers had […]

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With a nod to Moore’s Law that says IT performance improves exponentially, Google today unveiled double-digit price cuts to its cloud services. The move is Google’s latest salvo in its ongoing price war with other cloud providers like Amazon Web Services and Microsoft Azure. Announced during the Google Cloud Platform Live developer conference taking place today in San Francisco, the price cuts accompany several other new developments […]

You might say Microsoft is acknowledging there’s more than OneDrive in this cloud — with the other drive being Dropbox, which is teaming up to allow users to access its storage service directly from Office apps and edit Office files from the Dropbox app. Here are a few of the features promised to users of the two joined services: Users can edit Office files via the Dropbox […]

In the wake of yet another poor earnings report, Sprint is laying off thousands of workers. The telecom giant said it would cut loose about 2,000 workers as part of a cost-cutting program that aims to turn around the ailing company. In summary, Sprint reported operating revenues of $8.5 billion for its second fiscal quarter of 2014, which represents a $192 million operating loss. Marcelo Claure, the […]

By Praful Bidwai When Bharatiya Janata Party leader LK Advani famously said of the media during the Emergency that “when asked to bend, they crawled”, he received widespread praise from the intelligentsia and even from people opposed to the BJP’s ideology—because he spoke the truth about the loss of independence and professional integrity on the part of the Fourth Estate and other institutions.   Today, not just […]

MUMBAI: Leading public sector banks have lowered some of their term deposit rates by up to 100 basis points as credit growth remains sluggish and liquidity in money markets has improved (100 basis points = 1 percentage point). The lenders who reduced deposit rates recently include the Bank of Baroda, Bank of India and Andhra Bank. The State Bank of India, ICICI Bank and Central Bank of […]

NEW DELHI: In an attempt to force local consumers such as power projects and fertilizer plants to finalize their purchase plans, state-owned gas supplier GAIL (India) Ltd is set to increase the domestic price of liquefied natural gas (LNG) by 10 cents per unit.   Of the total 5.8 million tonnes (mt) of LNG it contracted with US suppliers, GAIL has found Indian buyers for only 2.5 […]

New Delhi: The attorney-general (A-G) has recommended cancellation of a proposed defence deal for the acquisition of eight minesweeper vessels, estimated to be worth about Rs 6,000 crore, from the South Korean Kangnam Corporation after allegations of involvement of middlemen, official sources in the ministry of defence (MoD) have confirmed.   The MoD had sought the view of A-G Mukul Rohatgi in the matter. The government may […]

NEW DELHI: The Congress has decided to back three crucial economic reform legislation that the National Democratic Alliance (NDA) will bring in the winter session of Parliament beginning November 24. These are the constitution amendment Bill for implementing the Goods & Services Tax (GST), the insurance laws (amendment) Bill and the coal ordinance.   NDA needs the support of the Opposition party to pass important legislation, as […]

New Delhi: Prime Minister Narendra Modi, who prefers to cut hierarchy and have direct interaction – be it bureaucrats or students – will next meet chiefs of public-sector banks. The proposed meeting comes amid rising bad loans and reports of various irregularities in state-owned banks. The prime minister is likely to take stock of the banks’ performance – an exercise usually undertaken by the finance minister. “Credit […]

NEW DELHI: The Appellate Tribunal for Electricity (Aptel) delivered a technical knockout to 1,424 MW Adani Power over the weekend, quite similar to the one it delivered against 4,000 MW Coast Gujarat Power Limited (Tata Power) on September 15. The main case about giving compensatory tariffs to the two companies, however, continues in Aptel.   Given the 18-month delay in the case already, a quick resolution is […]

Mumbai: The Insurance Regulatory Development Authority (Irda) has come out with a new product planner rule, by which an insurance company can file only five products for approval in a year. However, Life Insurance Corporation of India (LIC), the country’s largest insurer, might be given a special dispensation by the regulator. In order to reduce the time taken for product approvals, Irda has asked life insurers for […]

Mumbai: Cairn India Ltd (Cairn India), the oil and gas unit of Sesa Sterlite Ltd, has initiated a polymer injection programme in the Mangala field in its Barmer oil and gas block in Rajasthan, said a company note released on Friday evening.   This will help to arrest the falling output from the field and help the company in enhancing the oil recovery from the field.   […]

India will launch an unmanned crew module in December onboard a heavy rocket to test its re-entry into the atmosphere for the country’s future maiden human space flight, the space agency chief said Thursday.   “We will send an unmanned crew module on the experimental GSLV-Mark III rocket in December and test its re-entry into the earth’s atmosphere for a human space flight plan in future,” Indian […]

By Alwyn Scott and Irene Klotz NEW YORK/CAPE CANAVERAL Fla. Sat Nov 1, 2014 6:22am IST A piece of debris is seen near the scene of the crash of Virgin Galactic’s SpaceShipTwo near Cantil, California October 31, 2014. Credit: Reuters/Lucy Nicholson NEW YORK/CAPE CANAVERAL Fla. (Reuters) – The wait for paying passengers to see Earth from the vantage point of space looked a lot longer on Friday, […]

Gold and silver slumped to the lowest since 2010 as the dollar strengthened after the Bank of Japan unexpectedly boosted stimulus and the Federal Reserve ended asset purchases this week. The Fed is weighing the timing of interest-rate increases as other central banks add to stimulus to bolster their economies. The Bank of Japan today raised its annual target for enlarging the monetary base to 80 trillion […]

By S. Sethuraman The American economy on an expanding phase is welcome for global growth and India’s exports if our exchange rates are not over-valued, but the ending of Federal Reserve’s asset purchases (QE3) opens way for US interest rates’ to rise in the near future with costs to other economies.   This is likely to trigger some capital outflows from emerging market economies including India, which […]

MUMBAI: If order inflows are a harbinger of an improvement in the investment cycle, India Inc has reason to feel happy. In the quarter ended September this year, companies received about Rs 67,000 crore worth of fresh orders, up 45 per cent on a quarter-on-quarter basis and the highest in the past four quarters (see chart).   The momentum has continued into the quarter ending December, too, […]

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