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inNEW 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

inThe government is proposing a major overhaul of its foreign direct investment (FDI) policy as part of the Narendra Modi-led administration’s plan to woo overseas investors and improve ease of doing business in India, which ranks at a lowly 134 out of 189 global economies in this respect, according to the World Bank.

 

The government is looking to adopt the international practice of linking policy with industrial codes to ensure foreign investors won’t have to wade through complicated press notes or circulars to decipher the policy for a sector.

 

“Discussions are on. There is merit in seeding the industrial codes with the FDI policy,” said a government official aware of the deliberations. The mov

Aldar Properties, the developer that took over Sorouh Real Estate Co. last year, dropped in Abu Dhabi after reporting quarterly profit that missed estimates. The shares fell 3.2 percent to close at 3.65 dirhams. Aldar, which has the fourth-highest weighting on the benchmark ADX General Index (ADSMI), helped drag the measure down 1.2 percent. Second-quarter net income surged to 506 million dirhams ($138 million) from 189 million […]

Challenges such as large current account and fiscal deficits remain, but three years after the Arab Spring uprisings, the tide is turning in favour of the economies of North Africa, says London-based Capital Economics. A gradual return to political stability in Egypt and Tunisia should support activity there, while exports are likely to pick up on the back of the modest recovery in the global economy, its […]

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 […]

Israeli soldiers watching Prime Minister Benjamin Netanyahu speak on television at a coffee shop near the border with Gaza. By STEVEN ERLANGER and JODI RUDOREN August 2, 2014 JERUSALEM — The Israeli military said early Sunday morning that an officer thought to have been captured by Palestinian militants during a deadly clash Friday morning, which shattered a planned 72-hour cease-fire, was now considered to have been killed in battle. The announcement […]

To get from the owner of a sex-chat service to one of France’s richest men, Xavier Niel has made a few bold gambles. His latest move, a $15 billion cash bid for control of T-Mobile US Inc. (TMUS), is his most audacious yet. Niel’s Iliad SA said yesterday it offered $33 a share for almost 57 percent of T-Mobile, a wireless provider five times larger than the […]

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egNEW 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

defNEW DELHI: Outgoing Army chief General Bikram Singh on Thursday said that India has given a befitting reply to Pakistan after the beheading of an Indian soldier by Pakistani troops in 2013 along the Line of Control (LoC) even as he did not rule out the possibility of skirmishes on the western front in future.

 

Talking to reporters before demitting office, he admitted that face-offs between Indian and Chinese army soldiers take place while patrolling their ‘claimed areas’ along the Line of Actual Control (LAC) but they are dealt with in accordance with the existing mechanisms.

 

Asked if India had given a befitting reply after the January 8, 2013 beheading incident, he said, “It has been done. Please

Dubai luxury property developer DAMAC is offering investors the option of converting its Global Depositary Receipts (GDRs), listed on the London bourse, into ordinary shares that would be listed on Dubai’s main stock market. Investors would get around 23.08 shares per GDR. They have until Sept. 2 to decide on the offer, the developer said in a statement to the London bourse on Wednesday. No new shares […]

Damac Properties is recommending investors convert GDRs, listed on the London bourse, into shares that would be listed on Dubai’s stock market. Reuters A company needs to sell at least 55% of its stock to list on the main U.A.E. bourses – a regulation that has been blamed in part for the weak IPO market in the Arab Gulf country. After all, most big companies in the […]

A Toyota Prius modified to be a Google self-driving car Photo: EPA Driverless cars have been knocking around for decades. Newsweek magazine carried a wonderful advert featuring a self-driven bubble-top back in 1956. The occupants, a wholesome all-American family of mom, pop, boy and girl, were shown playing a board game around a table while their car followed a central painted line down the highway, with the tag […]

Three young rebels, their AK47s propped against wooden stools in the afternoon heat, guard the entrance to the giant Ndassima goldmine carved deep into a forested hilltop in Central African Republic. Sat in a thatched shack at the edge of a muddy shantytown, the gunmen keep the peace – for a price – among hundreds of illegal miners who swarm over the steep sides of the glittering […]

egNEW 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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ogMumbai: 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

defBangalore: Electronics production in the country’s Defence sector touched Rs. 13,800 crore during 2013-14 and is expected to grow over 15 per cent this year, said Electronic Industries Association of India (ELCINA) President Subhash Goyal.

 

The production of strategic electronics stood at Rs. 12,000 crore in 2012-13 and has been growing steadily from Rs. 5,700 crore in 2007-08 to Rs. 9,000 crore during 2010-11.

 

ELCINA has been holding the strategic electronics summit (SES) since 2010. This year it is being held in Bangalore on July 30 and 31.

 

The SES brings all stakeholders together on one platform to enable a better understanding of Defence requirements. The summit also aims to facilitate

ABU DHABI // The image of Emirati female managers as subservient employees in a male-dominated work environment is a myth, a new study suggests. In fact they are clever, ambitious, hard working and not afraid to stand up to sex discrimination in pursuit of their professional success. “They are ambitious, but they are trying to pick their battles,” said Dr Hayfaa Tlaiss, researcher and author of the […]

By MATT APUZZO July 27, 2014 WASHINGTON — The Obama administration has gone to court to protect the files of an influential anti-Iran advocacy group, saying they likely contain information the government does not want disclosed. The highly unusual move by the Justice Department raises questions about the connections between the American government and the group, United Against Nuclear Iran, a hard-line voice seeking to prevent Iran from obtaining […]

egThe power sector is one of the biggest concerns in terms of potential non-performing loans of banks given the host of headwinds the sector is facing. About a quarter of banks’ total exposure to the power sector is to the stressed players. Slowdown in the economy, shortage of coal, mounting losses of state electricity boards (SEBs) and non-remunerative tariffs have stymied the sector. The government’s high-level panel to revamp the power sector headed by former power minister Suresh Prabhu will have to address these challenges at the earliest and create a roadmap for the long-term sustainability of the sector.

 

As the gap between demand and supply of coal is increasing, the dependence on imported coal will rise from 150 million tonn

ogHindustan Petroleum Corporation Limited (HPCL), a major stakeholder in the proposed refinery cum petrochemical complex at Pachpadra, may give in to the Rajasthan government’s demand to increase the state’s share from 26% in HPCL-Rajasthan Refinery Limited (HRRL).

 

Chief minister Vasundhara Raje vowed to renegotiate the terms under which the previous Congress government persuaded HPCL to set up the refinery. In her budget speech, Raje had targeted the conditions in the agreement and termed it as unique and against the interest of the state. She pointed out that despite giving land, interest free loan of Rs 3,736 crore each year (for 15 years) and oil wells, the state controls only 26% while HPCL has stake of 76%.

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defBEIJING: In a sign of expanding military-to-military engagement between India and China, permanent representatives of the Indian Air Force (IAF) and the Navy have, for the first time, taken office in Beijing.

 

Group Captain Ashish Srivastava of the Indian Air Force and Captain Sushant Dam of the Indian Navy will begin their terms as the Air and Naval attachés in the Indian Embassy in Beijing on Friday.

 

Earlier, India only had a Defence attaché from the Indian Army, along with a Deputy Defence attaché, posted in Beijing.

 

The question of expanding India’s military representation had been discussed by both sides over several years, with China finally agreeing to the move this past year. Tr

ogNew Delhi: The National Democratic Alliance (NDA) government plans to do away with the limit of one subsidized cooking gas cylinder per household.

 

The move comes before assembly elections in Maharashtra, Haryana, Jammu and Kashmir, Delhi and Jharkhand slated to happen later this year.

 

The issue is expected to be taken up soon by the Cabinet Committee on Political Affairs (CCPA).

 

To reduce its subsidy bill and cut the fiscal deficit, the previous United Progressive Alliance (UPA) government had restricted the number of subsidized domestic cylinders per household to six every year in September 2012, revising it to nine the following January. The cap was revised in January 2014 to 12 cylinders pe

egNEW DELHI: The subsidy burden for distribution utilities of 16 states is estimated at Rs 72,000 crore, 17% higher than the previous financial year, due to higher costs and cheaper tariff for the farm sector, said ICRA in a recent note. The note states that state electricity regulators in 16 out of the 29 states have issued tariff orders for the current fiscal so far, attributing the delay partly to the recently-held Lok Sabha elections.

 

The rating agency noted that subsidy dependence for utilities in Maharashtra is likely to increase sharply by about 55% on a year-on-year basis in FY15 as a result of tariff subsidy of 20% announced by the state government, and also for Jammu & Kashmir where the subsidy burden is projected to rise

ogMUMBAI: 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

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