PANAJI: Defence Minister Manohar Parrikar is considering the introduction of a new policy on the vexed issue of blacklisting defence equipment suppliers accused of corruption as well as reforming rules for lobbyists to balance the needs of the armed forces with transparency. Speaking to ET in the state capital at the chief minister’s residence, Parrikar said, “One of the ideas the government is thinking about is […]
By P. Sreekumaran THIRUVANANTHAPURAM: The covert and not-so-covert attempts to delay the preliminary investigation report by the Vigilance Department into the allegations of bribery against State Finance Minister and Kerala Congress (M) president, K. M. Mani, have suffered a severe setback with the Kerala High Court directing the department to submit the report within a week. It may be mentioned that the Vigilance Department had […]
By P. Sreekumaran THIRUVANANTHAPURAM: Stunning disclosures by a member of the Bar Owners’ Association against State Finance Minister and Kerala Congress (M) president, K. M. Mani, has left the Congress-led United Democratic Front (UDF) government in dire straits. The Government was plunged into a crisis when working president of the Bar Owners’ Association, Biju Ramesh, made the shocking revelation that Mani demanded a bribe of […]
Mumbai: The finance ministry will meet chief executives of public sector banks on November 20 to take stock of the progress made under the Prime Minister’s Jan Dhan Yojana (PMJDY). There will also be a review of the performance of the lenders. Hasmukh Adhia, the newly appointed secretary of financial services, who took charge on November 8, will chair the meeting. Adhia, a Gujarat-cadre IAS officer of […]
NEW DELHI: After cementing trade ties with China, energy-rich Russia is now looking to strengthen its relationship with India by reviving discussions on a hydrocarbon pipeline, in addition to inviting ONGC Videsh (OVL) to invest in oil and gas projects in the Russian Federation. India and Russia have decided to form a joint working group to study laying a ‘hydrocarbon’ pipeline connecting the nations. Preliminary discussions […]
NEW DELHI: Eyeing joint-production of military and civilian items with a foreign partner, India and Russia could clinch deals on co-production of mid-range civilian aircraft as well as military helicopters during President Vladimir Putin’s trip to Delhi on December 11-12. During Putin’s maiden visit to Delhi for the annual summit after Modi became the Prime Minister the two sides might agree on joint production of the […]
OCI NV hired Barclays Plc and Bank of America Corp. to advise on the listing of its construction business in the United Arab Emirates and Egypt, according to two people with knowledge of the matter. The company, controlled by billionaire Nassef Sawiris, is also working with Egyptian investment bank EFG-Hermes Holding SAE, the people said, asking not to be identified as the information is private. The company […]
|By TAP Staff| Dubai International Financial Centre (DIFC) Court of First Instance hast confirmed its jurisdiction over a lawsuit by an expatriate investor, resident in Dubai, against India’s ICICI Bank, registered in the DIFC. In May, Indian citizen Kishanchand Gangaram Bhatia filed suit in the DIFC Court of First Instance alleging that ICICI Bank induced him to invest in an unsuitable fund and had not disclosed material […]
The International Criminal Court announced Thursday that it will not prosecute Israel for a 2010 raid on a Turkish flotilla bound for Gaza, in which nine activists were killed, despite evidence that pointed to war crimes. Prosecutor Fatou Bensouda said that despite a “reasonable basis” to believe war crimes were committed, there was not “sufficient gravity to justify further action by the ICC.” The Israeli foreign ministry […]
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: 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: 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 […]
KOLKATA: Power shortage in India remained lower last week than during the corresponding period in previous years even as six out of 10 thermal power plants were running with coal stocks adequate for less than a week. Officials said this must have happened as utilities did not properly report demand or the plants generated additional power only during the peak period when the demand surged. According […]
By S. Sethuraman Tamil Nadu political scene is now astir, with BJP and other state-level parties looking ambitiously for a hold on power through new alignments in the run-up to the 2016 Assembly elections, and thus hoping to open a new chapter in the State’s chequered politics, hitherto dominated by two Dravidian majors alternately. Undoubtedly, political space dramatically opened up in the wake of the […]
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 […]
Jonathon Clifton, the Asia managing director for Offshore Incorporations, is trying to change perceptions of offshore jurisdictions. Offshore Incorporations The word “offshore” to many people is synonymous with criminality and tax evasion. That, perhaps, should come as little surprise, given that large companies and wealthy investors have long used such jurisdictions to hide money and avoid taxation at home, a practice the U.S. in particular has been […]
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 […]
The defendants, in a courtroom in Cairo on Friday, were convicted of “inciting debauchery.” By THE ASSOCIATED PRESS November 1, 2014 CAIRO — An Egyptian court convicted eight men on Saturday of charges of “inciting debauchery” after their appearance in a video of a same-sex wedding party on a Nile riverboat, sentencing each to three years in prison. The Internet video shows two men exchanging rings and embracing among cheering […]
U.S. authorities are investigating London-based Standard Chartered for potential U.S. sanctions violations connected to its banking for Iranian-controlled entities in Dubai, according to people familiar with the probe. The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded guilty this summer to charges related to sanctions-busting and agreed to pay $8.9 […]
By Harihar Swarup Can government ever find out black money deposited by Indians in foreign banks, particularly in Switzerland? Judging by records of the past governments, one wonders if Modi government can perform a feat—unearth back money stashed in foreign banks. Making election promises is one thing and fulfilling them is another thing. One of the main electoral promise of Narendra Modi was to unearth black money […]
By Garga Chatterjee Convicted war criminal Ghulam Azam is dead. He died last week. He was 91. In the subcontinent, many political figures enjoy interesting lives after death. There is a peculiar way in which death accords respectability even to the worst scum on earth. Important people declare somber condolences. Concrete memorials come up overnight in the middle of the street. The number of such memorials corresponds […]
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 […]
