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New Delhi: State-owned oil marketing company Hindustan Petroleum Corporation Ltd is looking at a possible tie-up with Reliance Industries Ltd to expand its oil retailing business.   With retail diesel prices inching towards market rates, and petrol already de-regulated, the oil retailers are now reviewing their business strategies. Benefits for both   HPCL is keen to expand its retailing operations, while Reliance Industries, having burnt its fingers […]

Most of the rest of the world is horrified that so much British ice cream is made up of vegetable fat and air Photo: REX FEATURES The Ice Cream War was one of Scotland’s most notorious criminal cases. It involved two rival Glasgow families using ice cream vans to sell drugs and stolen goods in the Eighties. The vicious turf war culminated in arson and murder. Now, a […]

Here’s one of the usual everyday life frustrations if you live in Saudi Arabia: You want to eat cereal. You open the fridge and realize you’re out of milk. You get dressed, get in your car and drive to the supermarket. Then the moment your reach the supermarket, they close for prayer. The kingdom is the only Muslim country in the world where all businesses must be […]

Op-Ed Contributor By MICHAEL SINGH August 19, 2014 WASHINGTON — President Obama surprised many recently when he diagnosed the crisis gripping Iraq as partly an economic one, noting that Iraqi Sunnis were “detached from the global economy” and thus frustrated in achieving their aspirations. While Iraq’s chaos has many sources, the president is nevertheless on to something; and it’s not just Iraqi Sunnis, but the entire Middle East that […]

Shareholders of National Bank of Ras Al Khaimah (RAKBANK) have approved a 3.64-dirham ($0.99) per share offer to buy a majority stake in Ras Al Khaimah National Insurance Co, the bank said on Monday. RAKBANK’s proposed price is slightly below RAK insurance’s closing price on Aug. 17 of 3.7 dirhams. The stock has not traded on Monday. RAKBANK did not specify the size of the stake it […]

Two weeks, three continents, and 100 meetings. That — and founder Jack Ma celebrating his 50th birthday on the road — is what it will take for Alibaba Group Holding Ltd. to pull off the largest initial public offering in U.S. history. The Chinese e-commerce company is weighing a plan to start marketing the share sale to investors on Sept. 3, with management traveling across Asia, Europe […]

Alex Salmond is taking refuge in scare stories about the NHS  Down in the Salmond-bunker things are getting desperate. Assailed on all sides by, in no particular order, falling opinion poll ratings, senior colleagues who’ve lost confidence in him, a hammering at Alistair Darling’s hands in last week’s TV debate, the man in charge of the campaign to break up Britain is struggling to keep his head […]

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London-based Gatehouse Bank is developing new business lines and widening its investor base as the Islamic wholesale lender looks to build a more stable revenue stream, its chief executive said. Gatehouse, one of Britain’s six full-fledged Islamic banks, is joining several of its peers in broadening its scope, after the country’s Islamic finance sector got a boost from the government’s first issue of an Islamic bond in […]

fsMumbai: After witnessing decline in profit for six consecutive quarters, State Bank of India (SBI), the country’s largest lender, reported 3.3 per cent net profit growth to Rs 3,349 crore for the quarter ended June, compared to Rs 3,241 crore in the corresponding period of last year. Arundhati Bhattacharya, Chairman, SBI, said: “Pressure (on asset quality) appears to be subsiding. But we need to see a pick-up in the economy to see appreciable changes in asset quality.” Net interest income grew 15 per cent to Rs 13,252 crore and fee income growth was 11 per cent to Rs 2,837 crore, though there was a fall in treasury income. The profitability got a boost of Rs 6,000 crore from sale of stressed assets to asset reconstruction companies (ARCs) during the q

ogNEW DELHI: State-run oil refiner-marketer Bharat Petroleum Corporation Ltd has drawn up plans to ramp up the capacity of its refinery at Numaligarh in Assam’s Golaghat district from three million tonnes per annum to nine million tonnes at an investment of Rs 16,600 crore.

 

The project includes laying a 1,350-km pipeline to bring in crude from a port on the east coast. While the refinery expansion would cost about Rs 8,800 crore, the remaining investment is expected to go into laying the pipeline and other assorted facilities.

 

Company sources said the project would mark the single-largest investment in Assam and boost economic activities in the north-east as well as unlock potential for exporting fuels to India&

defNew Delhi: With co-development and co-production of defence products in mind, India and the US on Friday agreed to take the Defence Technology and Trade Initiative forward.

 

The decision was taken at the delegation-level talks between defence minister Arun Jaitley and US secretary of defence Chuck Hagel, who is on a three-day visit to the country.

 

In the meeting, both sides took note of the progress made over the years in deepening defence ties. Both the sides reaffirmed their desire to further enhance bilateral defence cooperation, especially in technology and discussed ways for strengthening this partnership.

 

Stressing on indigenisation of the defence industries, Jaitley said, “The develop

ogMUMBAI: As states governments add layers of taxes on fuel, disparity in petrol and diesel prices across the country has reached as high as 35%, spawning a new mafia that profits by sourcing cheap and selling high

 

Ever wondered why you have to shell more if you refill at a petrol pump in Thane, just a few kilometers away from your regular fuel station in Navi Mumbai. Or why the fuel costs less outside city limits.

 

Well, if you thought differential of a few bucks across suburbs was too high, here’s a shocker: it is way too high, as much as almost 35%, when compared among states, and is widening with every price increase.

 

This is because some state governments are adding multitude of taxes an

defNew Delhi: Global defence equipment majors such as BAE Systems and Lockheed Martin could set up manufacturing units in India and bring in foreign direct investment (FDI) exceeding 49 per cent, provided the company’s chief executive officer (CEO) is Indian.

 

As the objective was to let only serious players enter the market, the defence FDI policy approved by the Cabinet on Wednesday categorically stated investee companies should be self-sufficient in product designing and have maintenance and life cycle support facilities for the products they manufactured here, said a senior department of industrial policy and promotion (DIPP) official.

 

The Union Cabinet had approved an increase in the composite foreign investme

Dubai government-owned property developer Meraas Holding is considering selling shares to the public as the regional real-estate market continues its rapid recovery from the financial crisis, according to three people familiar with the matter. The real-estate company, which has close links to Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, recently sent a request for proposals to banks who have until September to reply, said one of […]

ogMUMBAI: The Adani Group and Indian Oil Corporation are in talks to build a Rs 30,000-crore joint venture refinery at Mundra, which would give Gautam Adani an entry into the oil sector while the state-run company would get land port facilities for the proposed export-focused unit.

 

The proposed 30-million-tonne refinery at Mundra will make Prime Minister Narendra Modi’s native state, Gujarat, a bigger energy hub. It already has refineries of Reliance Industries, Essar Oil and Indian Oil, apart from two LNG terminals and the country’s biggest city-gas distribution network.

 

Industry sources said Gautam Adani has held initial talks with top executives at IOC and offered around 3,500-4,000 acres of land for th

defNEW DELHI: The Obama administration will push for the stalled mega deals for M-777 ultra-light howitzers and Javelin anti-tank guided missiles (ATGMs) when US defence secretary Chuck Hagel comes visiting from Thursday.

 

There will be talks on ways to further bolster the already expansive strategic partnership, ranging from sharing of intelligence and cooperation on counter-terrorism to joint combat exercises, but the cornerstone will remain the US offer to provide India with “ground-breaking” weapon technology on par with its closest allies.

 

Having bagged defence deals worth over $10 billion over the last decade, the US is obviously hungry for more. Of the different co-development and co-prod

A return to an era of higher interest rates could derail attempts by Islamic finance to create alternatives to a short-term funding instrument that has dominated the industry, but which some scholars and regulators want to see replaced.  Islamic finance has been trying to diversify away from so-called commodity murabaha, a common cost-plus profit arrangement, in an attempt to reduce reliance on a single tool, stop money […]

Boris Johnson, the Mayor of London, announces that he will stand for Parliament in 2015 Photo: Getty Images “We need someone widely seen as a prime minister in waiting. Oh boy, have you kept me waiting.” Ken Clarke used this line to appeal – in vain – to the Conservative conference in 2005 as he ran for the leadership. But, oh boy, has another possible prime minister in […]

fsNEW DELHI: The central government’s worries on the Insurance Bill aggravated on Tuesday with Congress accusing it of adopting double standards on the issue and dismissing threats from the treasury benches that a joint session may be convened, forcing BJP ministers to knock on the doors of parties like SP and BSP to muster the numbers in the Rajya Sabha. Congress sources maintained the government was reportedly keen on passing the insurance bill in Parliament in this session so that Prime Minister Narendra Modi can showcase it to the US during his visit in September and hence wants to hurry through the process without sending it to a select committee of the Rajya Sabha. BJP leaders, on the other hand, alleged Congress was playing politics on

egNEW DELHI: The power ministry plans to create a fund to provide long-term finances to hydropower developers, and aims to play an active role in resolving state level sues that are blocking such projects.

 

“Hydropower did not get the desired attention as concerned ministries and departments were working in silos, and problems with states and central authorities could be resolved.

 

However, the new government is working in tandem as a team and we are hopeful to resolve pending issues to give conducive environment to hydropower sector,” power, coal and renewable energy minister Piyush Goyal said on Tuesday.

 

He said one of his first projects Prime Minister Narendra Modi inaugurated was the

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

ogNEW DELHI: In a move aimed at ensuring India’s energy security, the Narendra Modi-led government plans to import huge volumes of natural gas from Russia. The Centre is working out the contours of a $40-billion (Rs 2.4 lakh-crore) mega onland pipeline project carrying gas from Russia to India, in one of India’s biggest energy projects till date.

 

Top government officials told HT that the move follows Prime Minister Narendra Modi’s recent meeting with Russian President Vladimir Putin in Brazil on the sidelines of the Brics summit.

 

The Prime Minister’s Office (PMO) along with the ministry of petroleum and natural gas are preparing a blueprint to examine the feasibility of this new project, they added.

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Op-Ed Contributor Eight Days in Gaza: A Wartime Diary By ATEF ABU SAIF August 4, 2014 Sunday, July 27 For the last two hours we’ve heard nothing but sonic booms and the sound of rockets and mortars. Shells have fallen on our street a few hundred yards from my father-in-law’s house, where my wife and I, and our five kids, are staying, and on the street behind us. My wife, […]

Dubai Investments (DIC), whose profit jumped 240 percent in the second quarter after it sold assets, says it may be on the cusp of its first ever investment-grade rating as it bolsters cash holdings. The company expects the credit rating to be increased by year-end to at least BBB, two steps above junk, according to Chief Executive Officer Khalid bin Kalban. Its Dubai Investments Park Development Co. […]

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