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OLD POWER PLANTS PUT INDIA IN 11TH SLOT IN ENERGY EFFICIENCY

NEW DELHI: Germany is the global leader in energy efficiency while ageing power plants and inefficient ways of electricity generation and industrial practices put India at number 11 in the latest energy efficiency ranking of the world’s 16 largest economies.

The United States, having second highest per capita energy consumption in the world, comes at the 13th position — behind countries such as China, France, Japan, UK, Canada and Australia among others.

Besides the US, four other countries — South Korea, Russia, Brazil and Mexico — are below India in terms of indulging in inefficient ways of energy consumption.

Per-capital energy consumption of all these countries is, however, much

FDI IN DEFENCE MAY GO UP TO 100% IF CEO IS INDIAN

New Delhi: Global defence equipment majors such as BAE Systems and Lockheed Martin could set up manufacturing units in India and bring in foreign direct investment (FDI) exceeding 49 per cent, provided the company’s chief executive officer (CEO) is Indian.

As the objective was to let only serious players enter the market, the defence FDI policy approved by the Cabinet on Wednesday categorically stated investee companies should be self-sufficient in product designing and have maintenance and life cycle support facilities for the products they manufactured here, said a senior department of industrial policy and promotion (DIPP) official.

The Union Cabinet had approved an increase in the composite foreign investme

Daniel Radcliffe: Will Harry Potter work his magic in a romcom?

‘When Harry Potter Met Sally’: Daniel Radcliffe and Zoe Kazan in ‘What If Photo: Entertainment One Casting a spell over cinemagoers is a piece of wizardry even Harry Potter would be hard-pushed to pull off – yet that is precisely the challenge his alter ego, Daniel Radcliffe, has set himself. Later this month, Radcliffe, the diminutive actor seared into the national psyche as a bespectacled schoolboy from Hogwarts, […]

Meraas Holding plans IPO

Dubai government-owned property developer Meraas Holding is considering selling shares to the public as the regional real-estate market continues its rapid recovery from the financial crisis, according to three people familiar with the matter. The real-estate company, which has close links to Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, recently sent a request for proposals to banks who have until September to reply, said one of […]

BILL TO REFORM POWER SECTOR IN WINTER SESSION

NEW DELHI: The government will bring a Bill, amending the Central Electricity Act, in winter session of Parliament to improve the tariff policy and regulations in the power sector. The power ministry is working out different tariff structure for different times of the day for easy availability of power for maximum hours in electricity deficit areas. It will soon consult states over the issue as the tariff matter comes under the states’ domain.

Besides, the government has decided to promote domestic power companies to help increase solar power generation in the country. Announcing these decisions in Rajya Sabha, power minister Piyush Goyal said the government will allow only 100% indigenous domestic companies to participate in the

US EYES BIG-TICKET ARMS DEALS DURING HAGEL’S VISIT

NEW DELHI: The Obama administration will push for the stalled mega deals for M-777 ultra-light howitzers and Javelin anti-tank guided missiles (ATGMs) when US defence secretary Chuck Hagel comes visiting from Thursday.

There will be talks on ways to further bolster the already expansive strategic partnership, ranging from sharing of intelligence and cooperation on counter-terrorism to joint combat exercises, but the cornerstone will remain the US offer to provide India with “ground-breaking” weapon technology on par with its closest allies.

Having bagged defence deals worth over $10 billion over the last decade, the US is obviously hungry for more. Of the different co-development and co-prod

Rising rates may revive appetite for Islamic commodity trades

A return to an era of higher interest rates could derail attempts by Islamic finance to create alternatives to a short-term funding instrument that has dominated the industry, but which some scholars and regulators want to see replaced.  Islamic finance has been trying to diversify away from so-called commodity murabaha, a common cost-plus profit arrangement, in an attempt to reduce reliance on a single tool, stop money […]

TO CAPITALISE PSBs, GOVT WILLING TO PRUNE ITS STAKE TO 52 PER CENT

The finance ministry is likely to put out a note soon, detailing its road map to capitalise state-run lenders while explicitly stating the government’s intent to maintain control over public sector banks with at least 52% stake.

This marks a shift from the previous UPA government’s decision to keep 58% shareholding in state-run banks. It is in keeping with the Narendra Modi-led government’s stand articulated in the Budget 2014-15 that it would encourage banks to raise capital from the market.

The government will push banks this way to the point of its own stake falling to 52%, to reduce reliance on the budget.

It has set aside only Rs 11,200 crore for bank capitalisation this f

JOINT SESSION NOT POSSIBLE NOW ON INSURANCE BILL

NEW DELHI: The central government’s worries on the Insurance Bill aggravated on Tuesday with Congress accusing it of adopting double standards on the issue and dismissing threats from the treasury benches that a joint session may be convened, forcing BJP ministers to knock on the doors of parties like SP and BSP to muster the numbers in the Rajya Sabha. Congress sources maintained the government was reportedly keen on passing the insurance bill in Parliament in this session so that Prime Minister Narendra Modi can showcase it to the US during his visit in September and hence wants to hurry through the process without sending it to a select committee of the Rajya Sabha. BJP leaders, on the other hand, alleged Congress was playing politics on

POWER MINISTRY MULLS FUND TO FINANCE HYDRO PROJECTS

NEW DELHI: The power ministry plans to create a fund to provide long-term finances to hydropower developers, and aims to play an active role in resolving state level sues that are blocking such projects.

“Hydropower did not get the desired attention as concerned ministries and departments were working in silos, and problems with states and central authorities could be resolved.

However, the new government is working in tandem as a team and we are hopeful to resolve pending issues to give conducive environment to hydropower sector,” power, coal and renewable energy minister Piyush Goyal said on Tuesday.

He said one of his first projects Prime Minister Narendra Modi inaugurated was the

RAJASTHAN GOVERNMENT BANKS ON HPCL DATA TO NULLIFY LATTER’S CLAIM

JAIPUR: The Rajasthan government while censuring previous Congress government for ignoring state’s interests while signing memorandum of understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL), has banked on the HPCL’s own consulting firm, SBI Caps’ report.

Chief minister, Vasundhara Raje, during her budget speech, said that based on appraisal report, the project will earn revenue of more than 68,000 crore within 15 years, from the day of production.

According to government officials, the data was cited from the report prepared by HPCL-appointed consulting firm, SBI Caps. Riding on these figures, the government is firming its stand on renegotiating the terms. “These facts came

MINISTRY WORKING ON SWEETENING BANKRUPTCY PILL FOR SICK UNITS

NEW DELHI: The government is working on developing a bankruptcy framework to offer easier exit routes to sick companies while helping revive those with viable options, said Kalraj Mishra, the new minister for micro small & medium enterprises (MSMEs).

Another issue the ministry is dealing with is availability of land for industrial units. It is asking states to create land pools by listing out all unused land available with them.

“Entrepreneur bankruptcy framework will be developed to enable easy exit of sick units,” Mishra told ET. “It has been a major demand of the MSME sector for a very long time. The details will be worked out soon.”

SMEs employ close to 40 per cen

UAE workers get this year’s Camp Ka Champ under way

DUBAI // Shamas Mashi cleared his throat and knitted his eyebrows in concentration, then belted out his well-rehearsed number at a labour camp in Dubai Investments Park on Tuesday night. Mr Mashi got this year’s edition of the Western Union Camp Ka Champ under way with his catchy Bollywood tune, and set the stage for three months of auditions in which thousands of labourers will vie for […]

CENTRE PLANS CHANGES IN ATOMIC ENERGY LAW FOR NPCIL VENTURES TO TAKE OFF

NEW DELHI: The Centre is looking to move amendments to the Atomic Energy Act, 1962 to enable the licensing of three joint ventures proposed by state-owned Nuclear Power Corporation of India Ltd — with NTPC Ltd, Indian Oil Corporation and National Aluminium Company Ltd (Nalco) — to set up new atomic power projects in the country.

Amid concerns over India’s nuclear liability provisions holding up the deployment of imported Light Water Reactor-based projects in collaboration with global vendors, the proposal by NPCIL to strike joint ventures with cash-rich PSUs is being seen as an alternative strategy to tide over the paucity of funds and ramp up execution capability for new projects using the indigenous pressurised heavy water react

‘It couldn’t be Ebola, could it?’

Close call: Dr Naomi Platt with her dog, Bonnie, near her home in Devon Photo: Stuart Clarke Am I the first person to be told that they have malaria and feel a sense of relief? Possibly. However, my diagnosis five weeks ago was given while I was working in a small rural hospital in Sierra Leone, where contact with the Ebola virus was a real possibility. I’d had […]

Gaza Fighting Intensifies as Cease-Fire Falls Apart

By JODI RUDOREN and ISABEL KERSHNER August 1, 2014 JERUSALEM — Palestinian militants sprang from the ground and confronted Israeli soldiers Friday morning, as they have repeatedly in recent days. This time, Israeli officials said, one exploded a suicide belt while another unleashed machine-gun fire. This time, two Israeli soldiers were killed and the militants apparently escaped with a third. The attack, at the start of what was supposed to be […]

India’s WTO stand may trigger trade disputes

The World Trade Organization failed on Thursday to reach a deal to standardise customs rules, which would have been the first global trade reform in two decades but was blocked by India’s demands for concessions on agricultural stockpiling. “We have not been able to find a solution that would allow us to bridge that gap,” WTO Director-General Roberto Azevedo told trade diplomats in Geneva just two hours […]

US WANTS TO LINK POWER PACTS WITH CLIMATE CHANGE AGREEMENT

NEW DELHI: A visiting US team has told Indian negotiators it would link pacts on the power sector to the agreement the two countries draw on climate change and one would not happen without the other.

This message was conveyed by the US team to India in a meeting held with the power ministry on Wednesday. Power Minister Piyush Goyal and other ministry officials attended the meeting.

The US team, headed by Todd Stern, the US special envoy on climate change, also called on Environment, Forests and Climate Change Minister Prakash Javadekar in its bid to stitch an agreement on various climate change issues.

Sources said the meeting with the environment ministry focused on areas where the two countries

PETROL GETS CHEAPER BY RS 1.09 PER LITRE, DIESEL PRICES UP BY 56 PAISE

NEW DELHI: Petrol became cheaper by Rs 1.09 per litre in Delhi from Friday after state oil companies slashed the price of the fuel for the first time since mid-April because benchmark gasoline rates in the international market dropped.

Companies, however, raised the price of diesel by 56 paise in Delhi, helping to reduce the gap between pump and market rates by about Rs 1.50 per litre and increasing the prospects of deregulating the fuel soon.

If the trend continues, diesel pricing could be freed from state control in three months, government and industry officials said. Prices of diesel sold to bulk consumers such as the railways and state transport companies at market rates have been reduced, IOCsaid in a statement.

Cease-Fire in Gaza Conflict Takes Effect as Talks Are Set

Family members mourned on Thursday in Tel Aviv at the grave of Staff Sgt. Guy Algranati, 20, who was killed on Wednesday. By MICHAEL R. GORDON and MARK LANDLER July 31, 2014 NEW DELHI — A 72-hour humanitarian cease-fire in the Gaza conflict negotiated by the United States and the United Nations took effect Friday morning, a diplomatic bolt-from-the-blue that will suspend the bloody 24-day military campaign and set the stage for […]

Quest for Demilitarization of Gaza Is Seen Getting Netanyahu Only So Far

Video | Behind the Escalations in Gaza A look at why Israel and Hamas have repeatedly chosen to intensify the violence at every stage of the continuing conflict. By JODI RUDOREN July 30, 2014 JERUSALEM — After years in which Israel’s prevailing approach to the Gaza Strip was a simple “quiet for quiet” demand, there is growing momentum around a new formula, “reconstruction for demilitarization.” Prime Minister Benjamin Netanyahu […]

BRAND INDIA SET TO CHANGE, IN 90 DAYS

NEW DELHI: Under fire for sitting on foreign investment proposals for singlebrand retailing, the department of industrial policy and promotion has set a maximum time frame of 90 days to process all applications pending with it.

As many as 13 applications from foreign retailers, including Forever 21, Furla and Swarovski, to open single-brand company-owned stores in the country have been pending with the department of industrial policy and promotion (DIPP) for several months.

“We will ensure zero pendency of applications at DIPP and strict compliance to the timeline from now on,” a department official said. DIPP, under the ministry of commerce and industry, is mandated with first-stage vetting

GAUTAM ADANI PLANS A 5000 MW PUSH INTO POWER SECTOR

NEW DELHI: Gautam Adani plans to acquire power plants with a total capacity of 5,000 mw, but he will avoid aggressive bids to ensure good returns, a source close to the tycoon said a day after Anil Ambani-led Reliance Group outbid him to buy 1,800 mw hydro power capacity from Jaypee Group.

Gautam Adani is directly involved in evaluating offers and negotiations, something he left to company executives in the past, the source said. The company is in talks with several power sector players, including GMR, Lanco, Indiabulls, Avantha Power and Athena, the source said.

Another person in the Adani Group said there are many sellers in the market, offering projects with a combined capacity of nearly 50,000 mw.

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HPCL TO GO SOLO ON ITS RS 700-CR LPG FACILITY

Mumbai: State-run Hindustan Petroleum Corporation Limited may go solo on its plans to build its second underground liquefied petroleum gas (LPG) storage facility in Mangalore.

The company which was planning to rope in Total SA of France, to build the cavern jointly, said Total is not interested at present and may join the company at a later stage.

“We see merit in the project and have decided to go ahead. We will commission the detailed feasibility report shortly and then call for tenders in the next four-six months,” said a senior HPCL official.

The cavern, will cost HPCL Rs 700 crore and will store 60,000 tonnes of LPG. HPCL and Total, through their equal joint venture, South Asi