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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

egNEW 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

ogNEW DELHI: Stung by Reliance Industries’ alleged bid to “influence” the foreign third arbitrator appointed by the Supreme Court in the KG-D6 block case, the government is set to approach the court with a plea that the relevant arbitration be done strictly within the country sans a foreign umpire.

 

Armed with a law ministry opinion conveyed to it recently, the petroleum ministry will also take the firm stand that RIL’s foreign partners, BP and Niko, should not be made a party to the arbitration, which was initiated by the Indian company, sources familiar with the matter told FE.

 

The government’s move would escalate the conflict between it and RIL over the alleged suppression of gas production at the once-pro

Lila Faria, 19, at her home in Maplewood, N.J. Ms. Faria, a student at New York University, recently returned from a trip to the Middle East with the Taglit-Birthright Israel organization. By ELENA SCHNEIDER August 1, 2014 WASHINGTON — Lila Faria, 19, a student at New York University, heard the whine of a bomb siren for the first time last month in Jerusalem. Along with several dozen other Americans […]

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

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

The European Commission has already said it will investigate the new policy statement from the Prime Minister to see if it complies with European law Photo: REUTERS The Prime Minister has scored a brilliant summer hit with the headline writers. “EU migrant benefit curbs fast-tracked”; “Government announces limits on EU migrants’ benefits access”; “New rules on migrant benefits to be announced as UK makes system more robust against […]

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Gold hit its highest in nearly a week on Tuesday as violence flared in the Middle East and Ukraine, but gains were capped by uncertainty ahead of a Federal Reserve policy meeting and important U.S. data later this week. Israel’s military pounded targets in the Gaza Strip on Tuesday after Prime Minister Benjamin Netanyahu said his country should prepare for a long conflict in the Palestinian enclave, […]

DUBAI // One of the UAE’s most well-known designers, Lamya Abedin, wants to make the abaya an essential fixture in every woman’s wardrobe – not just in the Arab world, but around the globe. The founder of the couture line the Queen of Spades already sells her clothes in South Africa, her first venture outside the GCC. The popularity of her designs comes from the abaya doubling […]

ABU DHABI // A husband who accused his wife of cheating on him does not have sufficient grounds for divorce, the Court of Cassation has ruled. The man, from an Arab country, filed a divorce lawsuit in which he alleged she was committing adultery. He said she repeatedly left the house without his permission, leaving their child behind with the housemaid. The Personal Status Court initially refused […]

U.S. Secretary of State John Kerry visits India this week as Washington tries to revitalize ties it sees as a counterbalance to China’s rising power, but rapid progress is unlikely, despite the reformist reputation of India’s new leader. The visit by Kerry, and a trip by Defense Secretary Chuck Hagel next month, follow the resounding election win of Prime Minister Narendra Modi in May and are meant […]

fsNew Delhi: Finance minister Arun Jaitley will address the board of the Reserve Bank on August 9 amid expectations that the central bank will complement government actions by reducing rates to boost growth. “The meeting has been scheduled for August 9 where he would be addressing the board members and talk about announcements made in the Budget to perk up growth,” a source said. Jaitley is likely to inform the RBI board about the steps taken to contain the fiscal deficit and may underline the need to reduce interest rates to promote growth. It has been a custom that the finance minister addresses RBI board, consisting of RBI governor and existing three deputy governors, after the Budget. The meeting comes in the backdrop of the persistent high food

egNEW 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

ogNew Delhi: GAIL (India), under a petroleum ministry directive, has decided to buy a third of the LNG ships it plans to acquire to ferry the fuel from the US to India, from Indian shipbuilders. Considering that the PSU, whose massive LNG imports from the US would start in 2017, has lined up investments to the tune of $7.6 billion for hiring the required specialised vessels, the move would give a big boost to the Indian shipbuilding industry.

 

Domestic players such as L&T and Pipavav are among the obvious beneficiaries of the decision, which is in line with the Modi government’s thrust on the domestic manufacturing sector. Although some analysts are doubtful about the feasibility of Indian ship makers meeting such huge demand g

Prime Minister Benjamin Netanyahu of Israel has so far not agreed to a broader cease-fire plan. By JODI RUDOREN July 26, 2014 JERUSALEM — Prime Minister Benjamin Netanyahu of Israel is stuck between mounting international outcry over civilian casualties from his assault on the Gaza Strip and intensifying calls at home to finish the job he started. Several of his top ministers are pushing for a full takeover of […]

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

egNEW 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.

 

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

defBANGALORE: Indigenous military projects such as missiles have shown consistently shorter development cycles over the years thanks to deft planning and handling of the projects, the former DRDO Director-General V.K. Saraswat said on Thursday.

 

Citing the bouquet of missiles that came out of the Integrated Guided Missile Development Programme through 2008, Dr. Saraswat said the later Agni III and V missiles had taken three to five years to develop compared to the earlier ones such as Prithvi that needed around a decade.

 

The former top military scientist was addressing members of the defence and aerospace industry at a conference organised by the SAE India and Project Management Institute.

 

fsMumbai: The Reserve Bank of India (RBI) has raised the foreign institutional investors’ (FIIs’) sub-limit in government bonds by $5 billion, after the existing $20-billion limit was almost exhausted. The move is expected to stabilise yields, volatile in the recent past. The overall limit for FII investment in government bonds has been kept unchanged at $30 bn. As a result on the rise in the sub-limit, that for long-term investors like insurance and pension funds will be reduced to $5 bn. RBI said the incremental investment limit of $5 bn shall be required to be invested in government bonds with a minimum residual maturity of three years. Besides, all future investment against the limit vacated, when the current investment by these foreign inve

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

inMUMBAI: 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

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