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NEW DELHI: Private power producers have raised several concerns over bidding norms for ultra mega power plants (UMPPs), particularly the design-build-finance-operate-transfer (DBFOT) model where lenders’ exposure to the project is not fully secured.   Under the model, developers are required to transfer the power plant to the government at the end of the contract period, a provision that makes potential lenders jittery.   Last week, Adani Power, […]

A judge in the Dubai International Financial Centre (DIFC) court approved on Sunday an application to liquidate ES Bankers (Dubai) Ltd (ESBD), the latest collapse of a unit of the Portuguese Espirito Santo family’s empire. Espirito Santo’s problems have mounted since accounting irregularities were identified at one of its holdings earlier this year, leading to a 4.9 billion euro ($6.3 billion) bailout for Banco Espirito Santo, formerly […]

NEW DELHI: The Narendra Modi government made a volte face of sorts on Friday when it cited the same reasons that the previous Congress-led regime had given to keep secret the names of people who have allegedly stashed black money in overseas accounts.   In an application to the Supreme Court, which had directed the government to reveal those names, the government said such a step would […]

MUMBAI: At one of the customary premonetary policy meetings with industry, former Reserve Bank of India governor Duvvuri Subbarao wanted to know how many of those present would benefit from an interest rate cut. Almost all hands went up. The next question was how many would pass on the lower cost to customers. Almost no one raised their hands. Subbarao kept interest rates unchanged. The voice of […]

NEW DELHI: India Friday called for building the SAARC power grid so that excess power produced in one region of South Asia can be used to meet deficits elsewhere.   Addressing the fifth South Asian Association for Regional Cooperation energy ministers meet here, Power Minister Piyush Goyal said that with the implementation of such a grid, hydel power generated in India’s northeast, for instance, could be transported […]

NEW DELHI: Having proved himself as a ‘rock star’ abroad and a vote-getting machine at home, Prime Minister Narendra Modi is now going to do what people are telling him to do: Take policy decisions that cannot be put off any longer.   The first of these is a Cabinet reshuffle likely by the end of this month – after Diwali. A brace of decisions on economic […]

Hyderabad: Reserve Bank of India (RBI) Governor Raghuram Rajan has said the central bank is in talks with the Centre to set up a financial resolution authority (FRA). “We really need a financial resolution authority so that we can close financial institutions in trouble, without necessarily merging those and taking the losses. We need to clean institutions…while resurrecting those functioning well. FRA will be the entity that […]

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NEW DELHI: Fuel stockpiles at the thermal power stations hit a new low in 25 years at 7.2 million tonnes, as Coal India and its subsidiaries failed to meet their production targets, as per latest official data.   According to latest data (October 13) by the Central Electricity Authority, total fuel stocks at 103 coal-based stations have come down to 7.2 million tonnes. This 7.2 million tonnes […]

New Delhi: Oil companies’ gains on diesel sales jumped 87 per cent within a fortnight on a historic slide in global crude prices. Their profits from diesel, recorded for the first time ever, continue as the government delays a decision on deregulating its price.   “The over-recovery on high-speed diesel (HSD), applicable for the second fortnight effective October 16, is now Rs 3.56 per litre. The over-recovery […]

KOLKATA: NTPC is firming up plans to enter power distribution, an area the state-run company has mostly stayed away from so far despite producing more than a quarter of India’s total electricity output.   It plans to bid for distribution rights in cities that may open up the segment to the private sector. Just a handful of Indian cities at present have private distributors, all in joint […]

NEW DELHI: To expedite infrastructure projects — road and rail — along the border with China for strategic reasons and also for better connectivity, principal secretary to Prime Minister has called a meeting of top officials of key ministries such as defence, rail and road, head of Border Roads Organization (BRO), national security adviser and others on Thursday.   Sources said the agenda of the meeting to […]

By Pratik Deb   Salman M has made it to the headlines recently as the 25-year-old student from Kerala facing life imprisonment following his refusal to stand up during the national anthem in a theatre. His arrest and subsequent denial of bail garnered a lot of controversy as he was charged with sedition for, reportedly, ‘sitting and disrespecting’ the national anthem. Beyond the bizarre and disturbing decision […]

By P. Sreekumaran  THIRUVANANTHAPURAM: The crisis plaguing the Congress in Kerala over the Shashi Tharoor issue has deepened with the Kerala Pradesh Congress Committee, demanding in an un precedented move, ‘appropriate action’ against the high-profile MP from Thiruvananthapuram, for his frequent praise of Prime Minister Narendra Modi.   Although the KPCC report has demanded appropriate action against Tharoor, it has not specified the kind of action it […]

A Luxembourg court on Friday rejected a request by two holding companies of Portugal’s Espirito Santo family for “controlled management”, a sort of bankruptcy protection from creditors. Espirito Santo Financial Group (ESFG) and its subsidiary Espirito Santo Financiere SA still have the right to appeal, and the court has yet to decide on two other holding companies controlled by the family. ESFG is Banco Espirito Santo’s largest shareholder, and […]

By Harihar Swarup   Few persons have seen so many ups and downs in politics and personal life as Jayalalithaa. She touches the lowest ebb and yet bounces back with renewed vigor. She has enormous capacity to turn an adversarial situation to her advantage. Recall the March 1989 episode in Tamil Nadu assembly where she was manhandled and even attempt was made to disrobe her by some […]

By Ashok B Sharma  Engulfed with scams and scandals in the functioning of the government, the Odisha Chief Minister, Naveen Patnaik is finding himself difficult to manage the growing dissatisfaction within his own party. There is no other option left for him but to expel anyone who raises voice against him.   The party vice president and former finance minister Prafulla Ghadai was expelled from the party […]

|By TAP Staff| The Dubai International Financial Centre Court appointed Philip Bowers and Neville Kahn of advisory firm Deloitte as joint provisional liquidators of Portuguese financial group Espirito Santo’s Dubai subsidiary ES Bankers (Dubai) Ltd (ESBD. This came after the regulator was informed ESBD was “no longer able to meet its obligations and continue as a going concern”, the statement added. The DIFC action is the latest […]

By Surojit Mahalanobis It is better late than never. The news that the power minister Piyush Goyal has set up an inter-ministerial panel (IMC) to examine and move forward with effective allocation of the 214 coal blocks, after the Supreme Court’s recent order, is indeed acceptable. What is positive about the move is that the committee (IMC) would comprise engineers of power, steel, and mining sectors as […]

A landmark ruling by the court system in Dubai’s financial free zone suggests the emirate is starting to influence the way international business disputes are resolved in the Middle East, partly taking over that role from London and New York. Last month a court in the Dubai International Financial Centre (DIFC) found Switzerland’s Bank Sarasin had mis-sold $200 million of investment products to Kuwait’s prominent Khorafi family, […]

By S. Sethuraman  Tamil Nadu, noted for stability and good governance through decades, may be in for political uncertainty, without a robust leader at the helm like Ms. Jayalalithaa, the convicted and jailed Chief Minister. But this is dependant on the outcome of the 2016 assembly elections. Meanwhile, her ruling AIADMK will hold the fort firm.   The space for political rivalry may open wide especially if […]

Apple Products May Be Scarce Around the L.A. Clippers The Los Angeles Clippers have a new rival under [basketball team] owner Steve Ballmer, one that cannot fluster them with cheap shots on the court or end their season in heartbreaking fashion. Of course, that doesn’t make Apple products such as the iPad and iPhone any less vexing to Ballmer, the longtime former Microsoft executive who famously bars […]

Stephen Fry has boasted of taking drugs in royal palaces and famous hotels Photo: REX FEATURES Someone once called Stephen Fry “a stupid person’s idea of what a clever person is like”. Which is unkind: there’s nothing wicked about being a bit stupid, or admiring celebrities who seem brainy and cuddly, or enjoying a faux-donnish, avuncular figure who admits his problems with depression and makes you feel as […]

A warning by Iraq’s prime minister that Islamist militants planned to attack New York City sent political leaders scrambling on Thursday to assure the public it was safe to ride the subways and travel the streets of the nation’s largest city. New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio each had the same idea – take a subway ride to a busy […]

Do U.S. Internet users want the so-called “right to be forgotten” that’s been a hot topic in Europe? And is such a scenario plausible stateside? It appears those questions have very different answers. Europe’s highest court ruled last spring that individuals had the right to ask that certain online data deleted so that third parties could no longer trace them. Despite the ruling, several questions on the […]

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