By Nantoo Banerjee It is heartening to note that out of the world’s 2000 largest companies, figured in Forbes Global 2000, and their 3,30,000 subsidiaries worldwide characterizing their influence in the global market, as many as 30 are India’s much neglected and criticized State-owned enterprises (SOEs). India’s SOE numbers are only next to the People’s Republic of China’s. The People’s Republic of China had 70 of […]
NEW DELHI: HDFC Bank will not be able to raise much money by way of foreign investment even as the Foreign Investment Promotion Board (FIPB) on Friday regularised its current overseas investment structure. That is because the board turned down the bank’s plea to not treat the promoter stake as foreign investment. Besides, the bank will also have to deposit a penalty as it was in the […]
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 […]
India on Thursday achieved a major victory with the US agreeing to its proposal on food security issues at WTO, a development that will pave the way for a breakthrough to end the three-month long stalemate. The agreement comes two days ahead of the G-20 Summit in Australia, which will be attended by Prime Minister Narendra Modi and other world leaders including the US President Barack Obama. […]
A view of the Dome of the Rock, which along with Al Aqsa Mosque is on the site in Jerusalem known as the Noble Sanctuary to Muslims and Temple Mount to Jews. By JODI RUDOREN November 6, 2014 JERUSALEM — One cartoon circulating on social networks on Thursday depicted a car as the barrel of an automatic weapon, captioned in Arabic, “Revolt and resist, even by your car.” Another […]
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 […]
Dubai’s stocks fell the most among global markets as oil extended declines while Saudi shares slumped amid heightened security concerns. The benchmark DFM General Index (DFMGI) dropped 3.3 percent, the most in three weeks, to 4,400.80 at the close. That’s the steepest slide among 93 gauges worldwide tracked by Bloomberg so far today. Saudi Arabia’s Tadawul All Share Index lost 1.6 percent for the third-worst decrease, taking […]
Video | Aftermath of Attack in Jerusalem A witness and a spokesman for the Israeli police described the scene after a Palestinian man rammed his car into people near a light-rail station in Jerusalem on Wednesday. By ISABEL KERSHNER November 5, 2014 JERUSALEM — Amid heightened tensions over an important holy site, two drivers, in separate incidents, plowed their cars into Israelis on Wednesday, and Jordan recalled its ambassador […]
By Ashok B Sharma One might not have expected the Australian Prime Minister Tony Abbott to be so quick in responding to the hospitality he received in India last month. In fact the G20 summit slated in Brisbane middle of next month has given this opportunity. Abbott is preparing to lay the red carpet for the Indian Prime Minister Narendrabhai Damodardass Modi. Abbott’s special welcome is […]
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 […]
NEW DELHI: The Finance Ministry has asked Reserve Bank of India (RBI) Governor Raghuram Rajan to provide greater flexibility to banks funding stalled infrastructure projects, after concerns were raised by senior bankers that some lending requirements were too ‘stringent’. A department of financial services communication to Rajan sought to de-link the extent of cost overruns as a condition for classifying any project as a restructured asset. […]
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 […]
Dubai redeemed $1.93 billion of Islamic bonds that were sold in 2009 before the emirate roiled global capital markets by seeking to freeze debt payments. The government settled a 2.5 billion-dirham ($681 million) sukuk and a separate $1.25 billion security complying with Shariah that matured today, the state-run WAM news agency reported. The yield on Dubai’s dollar-denominated Islamic bonds due in January 2023 fell two basis points […]
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 […]
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 […]
New Delhi: State-owned NTPC Ltd’s concerns over the revised electricity tariff norms came home to roost with India’s largest power generation utility posting a 17% decline in its second quarter profit. NTPC posted a net profit of `2,071.63 crore for the quarter ended 30 September, compared with `2,492.90 crore a year earlier. Also, revenue increased by only 1% to `17,267.32 crore compared with a year ago. […]
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 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 […]
Israeli police officers arrested a right-wing activist on Thursday after he tried to access the sacred plateau revered by Jews as the Temple Mount and by Muslims as the Noble Sanctuary in the Old City of Jerusalem. By ISABEL KERSHNER and JODI RUDOREN October 30, 2014 JERUSALEM — Under heavy pressure and the threat of new Israeli-Palestinian strife, Israel announced on Thursday that it would reopen a contested holy site in […]
New Delhi: The geopolitical wrangling and heartburn over India’s mother of all defence deals, the lucrative $20 billion MMRCA (medium multi-role combat aircraft) project, is still not over. First, it was the Americans, then the Europeans and now, the Russians. Even as India and France inch forward to stitch up the contract for acquisition of 126 Rafale fighters for the IAF, Russian ambassador Alexander Kadakin last […]
