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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

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.

Funds bullish on Saudi, bearish on UAE

Middle East funds are heavily bullish towards Saudi Arabian stocks after news the market will open to direct foreign investment, while they are bearish on the United Arab Emirates because of concern about high valuations. The latest Reuters survey of 15 leading investment managers,conducted over the past 10 days, showed two-thirds expected to raise their equity allocations to Saudi Arabia in the next three months, up from […]

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

DEFENCE PSUs LIKELY TO BE MAJOR DRAW AT ELECTRONICS SUMMIT

Bangalore: 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

POST FM NUDGE, BIG BANKS WORK ON BUYOUT BLUEPRINT

MUMBAI: India’s banking sector may be getting ready for a wave of consolidation as the country tries to build institutions of world-class proportions. Four big state-run banks — State Bank of India, Punjab National Bank, Bank of Baroda and Bank of India — have already begun an exercise to identify takeover targets to gain access to franchises that would augment their capabilities, said three top bankers familiar with the move.

The top managements of the four banks are in the process of preparing a blueprint that would explain the rationale for absorbing one or two entities, said the people cited above, none of whom wanted to be named.

Employees at these state-run banks are engaged in the exercise after f

POWER MINISTRY MULLS RS 5,700 CRORE SUBSIDY FOR OPERATIONALISING GAS-BASED IDLE POWER CAPACITY

NEW DELHI: In a big push to 31,000-MW of electricity generation plants stranded without fuel, the power ministry has proposed a Rs 5,700 crore subsidy to help operationalise idle gas-based capacity, a loan restructuring scheme for such plants and the supply of coal to projects that will be commissioned before March 2015.

The proposals will benefit 24,148 MW of gas-based projects and 7,230 MW of plants that run on coal, set up at a total investment of about Rs 1,50,000 crore.

An additional 10,930 MW of coal-based plants that will be commissioned before March are also likely to gain. The ministry will approach the Union cabinet with a proposal to pool prices of imported gas and coal with domestic fuels to help stran

DEFENCE MINISTER DEFERS DECISION ON NAVY CHOPPER DEAL OVER AGUSTAWESTALND LINKS

New Delhi: The NDA government has deferred its decision on the procurement of 16 multi-role helicopters for the Indian Navy as one of the two companies in the race for the deal is linked with Finmeccannica– the parent organisation of the scam-tainted firm AgustaWestalnd.

The Defence Acquisition Council headed by Defence Minister Arun Jaitley put off its decision on the procurement of the helicopters for the Navy from vendors including American Sikorsky and European NH Industries, which has Finmeccannica as one of its partners, highly-placed sources said.

Finmeccannica is the parent firm of AgustaWestland firm, whose Rs 3,600 crore contract for supplying 12 VVIP choppers to the IAF has been scrapped by the

DEBT MF TAX WILL BE MADE PROSPECTIVE, FINMIN WON’T APPEAL RETRO TAX VERDICTS

NEW DELHI: Finance minister Arun Jaitley on Friday iterated the Modi government’s promise to keep tax rates low and ruled out any new retrospective taxes when he replied to the debate on the Finance Bill, 2014, in the Lok Sabha, which passed it later.

Stating that the government will not interfere with the judicial proceedings regarding tax notices issued with respect to indirect transfer of Indian assets under the 2012 retrospective changes to the Income Tax Act, Jaitley removed an irritant by making the higher long-term capital gains tax rate on debt mutual funds proposed in his Budget strictly prospective.

The minister had in his maiden Budget announced a new committee under the Central Board of Dir

NEW MFI BILL AFTER CONSULTING STATES: JAITLEY

New Delhi: The government will come up with a new Bill to regulate the micro-finance institutions after consultation with states, finance minister Arun Jaitley told Lok Sabha on Friday. “We have started the consultation process with everyone, including state governments, to prepare a new Bill,” he said. The Micro Finance Institutions Development and Regulation Bill, 2012, was introduced in Lok Sabha on May 22, 2012, and was referred to the Standing Committee, which submitted its final report on February 17, 2014. The committee had urged the government to have wider consultations with state governments and stakeholders and bring forth a fresh legislation before Parliament, he said. The Bill lapsed due to the dissolution of Lok Sabha and shall have

TRANSFORMING THE POWER SECTOR

The 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

POWER PRODUCERS NOT IMPORTING COAL EVEN AT DECADE-LOW PRICES

NEW DELHI: Power plants in India are not importing coal despite global prices of the fuel slumping to decade-low levels. Power generating companies are rather operating at lower capacity on domestic coal that is short in supply, as distribution companies (discoms) are not willing to pay for costly power fuelled by imports.

A Mumbai-based trader, who did not wish to be identified, said global prices had fallen to a 10-year low due to weak demand from China that is reducing dependence on imports by encouraging production from own mines.

He said prices of 4,200 kcal/kg thermal coal in international markets were hovering around $36.50 per million tonne as against $52 per million tonne two years ago.

MONTHLY LIMIT OF ONE SUBSIDIZED CYLINDER PER HOUSEHOLD MAY GO

New 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

COMMERCE DEPARTMENT REBUTS DIPP, PUSHES FOR FTAs

NEW DELHI: Rebutting the department of industrial policy and promotion’s (DIPP) contention that import surges due to bilateral free trade agreements (FTAs) harmed India’s manufacturing sector, the commerce department, part of the ministry to which the DIPP belongs, has said India needs to persist with the strategy of embracing such pacts to integrate itself more seamlessly to the world trade order.

In a letter to DIPP secretary Amitabh Kant, who has been vocal against FTAs and comprehensive economic partnership agreements (CEPAs), Rajeev Kher, his counterpart in the commerce department, said that instead of attacking (past) FTAs without any factual basis, it is better for the government to look ahead and use such partnerships for

INDIAN OIL, BPCL, HPCL TO REVIVE PREMIUM PETROL BRANDS ON EXCISE CUT

MUMBAI: 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

SIX BANKS MAY GET `TOO BIG TO FAIL’ TAG

MUMBAI: The Reserve Bank of India has said that up to six banks will be designated as systemically important, or SIBs, for the domestic financial market and will need to have higher capital than their peers to prevent the financial system from collapsing if there is a crisis.

The central bank said it would now go about identifying these banks which are too big to fail and would release a list of names in August 2015, according to a report uploaded on its website on Tuesday evening.

State Bank of India, Punjab National Bank, Citibank, Standard Chartered Bank, ICICI Bank and HDFC Bank may be among the six, according to consultants and analysts. Banks falling in this category will have to set aside more capital per l

GL Events exhibitions: The United Arab Emirates on the way to become THE hub for the Pool & SPA in the Middle East

United Arab Emirates, June 2014 – GL Events exhibitions, the organizer of Piscine Middle East exhibition has confirmed the attendance of  2 800 visitors during the second edition of Piscine Middle East held in Abu Dhabi from the 22-24th of April. Most part of these visitors was architects, developers and key buyers specialized in pool and spa industry. The event hosted visitors from 50 different countries. 88% […]

UAE weather: Falling temperatures and blowing dust and sand forecast

ABU DHABI // Residents will have more relief from the recent sweltering heat this weekend, with Thursday’s cooler conditions forecast to continue. The weather bureau says the drop of up to 7°C in many parts of the country is set to continue on Friday and Saturday as the north-westerly Shamal wind makes a welcome return, with cloudy, windy and hazy conditions. “It will be slightly hazy on […]

Drug mule caught at Dubai airport with 850 grams of heroin in stomach

DUBAI // A Pakistani drug mule said he was promised 200,000 rupees (Dh7,444) for bringing 850 grams of heroin into the country in his stomach. However, AS, 26, was apprehended after an official at Dubai International Airport noticed his agitated state. Emirati inspector JA, 30, noticed the man at the airport on February 12. “I requested to see the defendant’s passport and asked him if he had […]

Dubai based ‘White Water PR’ adopts the ‘pictorial’ website format

The firm aims to redefine the art of ‘Corporate Storytelling’ in the Middle East Dubai, May 28th, 2014: White Water PR, a Dubai based Public Relations agency, has launched its new website in the region to redefine the art of ‘corporate storytelling’. The website, ‘whitewaterpr.com’ is more pictorial in nature and the initial thoughts were inspired by the globally renowned ‘Snowfall’ format which was made popular by […]

UAE labour law inspections send hundreds of cases to court in past year

ABU DHABI // More than 1,000 cases of employers accused of breaking labour laws by ill-treating their workers were referred to prosecutors in the past year, a new report reveals. The prosecutions came amid a massive enforcement campaign by the Ministry of Labour, whose staff conducted 138,801 general inspections, 11,807 visits to workers’ accommodation and 80,571 visits to construction sites to ensure labourers were not working during […]

After Travelex Buy, UAE Exchange Founder Eyes India Expansion

Bavaguthu Raghuram Shetty moved to the United Arab Emirates from India nearly 40 years ago and made his fortune by building a hospital chain and money exchange group from scratch. Last week, he bought Travelex, the foreign exchange operator, for an undisclosed sum but what is likely the biggest investment of his career. In an interview with The Wall Street Journal, Mr. Shetty said he plans to […]