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 […]
|By TAP Staff| JAFZ, EZW’s primary business unit representing 97 per cent of revenue and operating profit for the year ended 31 December 2013, is a 57 square kilometre modern commercial and industrial logistics park adjacent to DP World’s flagship Jebel Ali port in Dubai. The free zone is an integral component of the supply chain for DP World’s customers at the Jebel Ali port. DP World […]
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 […]
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 […]
NEW DELHI: The Appellate Tribunal for Electricity (Aptel) delivered a technical knockout to 1,424 MW Adani Power over the weekend, quite similar to the one it delivered against 4,000 MW Coast Gujarat Power Limited (Tata Power) on September 15. The main case about giving compensatory tariffs to the two companies, however, continues in Aptel. Given the 18-month delay in the case already, a quick resolution is […]
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. […]
Gold and silver slumped to the lowest since 2010 as the dollar strengthened after the Bank of Japan unexpectedly boosted stimulus and the Federal Reserve ended asset purchases this week. The Fed is weighing the timing of interest-rate increases as other central banks add to stimulus to bolster their economies. The Bank of Japan today raised its annual target for enlarging the monetary base to 80 trillion […]
Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month. State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according […]
NEW DELHI: In line with the government’s plans to boost domestic output of coal, India’s largest thermal power producer, NTPC Ltd, could soon become one of the major coal-producers of the country as well. NTPC plans to produce up to 300 million tonnes of coal within the next four to five years, chairman and managing director Arup Roy Choudhury told Hindustan Times. “As we expect […]
BANGALORE: State-run power generator NTPC is awaiting forest department clearance to set up its first wind energy project in the country. The 100-MW project, with an estimated cost of Rs. 650 crore is to come up at Guledagudda in Bagalkot district, Karnataka, said R Venkateswaran, Regional Executive Director (South). A few months ago, the company floated tenders but was not successful, and now it is […]
Iran’s revenue from crude sales, the OPEC member nation’s most important export, dropped 30 percent because of the recent drop in global oil prices, according to President Hassan Rouhani. “International conditions are such that the country’s main source of income, i.e. oil revenues, has been cut by some 30 percent,” Rouhani said in remarks to the nation’s parliament that were published today by the Oil Ministry’s news […]
The Federal Reserve said it sees further improvement in the labor market while confirming it will end an asset-purchase program that has added $1.66 trillion to its balance sheet. “Labor market conditions improved somewhat further, with solid job gains and a lower unemployment rate,” the Federal Open Market Committee said today in a statement in Washington. “A range of labor market indicators suggests that underutilization of labor […]
Alongside the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk. If, in the evening, you stroll through this air-conditioned, hassle- and haggle-free caricature of a market, staffed mostly by smiling South Asians, you can amble out onto the shores of man-made Burj Khalifa Lake, named after […]
By G. Srinivasan The Modi Government is overly obsessed head over heels with economic reforms so much so that even before the results of the Maharashtra and Haryana Assembly elections were out, it announced the decontrol of diesel price and a higher price for natural gas. These are the boldest reform strokes the stakeholders had been crying for that hold out the desirably salutary and intended impact […]
NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, on Tuesday signed an agreement to pick an up to 50 per cent stake in PetroVietnam’s two exploration blocks in the South China Sea. OVL will take a 40 per cent stake in Block 102/10 and 50 per cent in 106/10 that lie outside the sea territory claimed by China. PetroVietnam, […]
Mumbai: In the first big boost to the government’s “Make in India” initiative, aimed at making India a manufacturing hub, Airbus Defence and Space and Tata Advanced Systems (TASL) on Tuesday announced a joint bid for a government contract to supply military aircraft for the Indian Air Force (IAF). The IAF is looking to replace its fleet of Avro aircraft and the joint venture will supply Airbus’ […]
Gulf Cooperation Council countries may see their current-account surplus decline by $175 billion next year if oil prices stay about $80 a barrel, according to the International Monetary Fund. The projected surplus for the six GCC countries may plunge from $275 billion to about $100 billion next year, Masood Ahmed, director of the Middle East and Central Asia department at the IMF, said in an interview in […]
Dubai is racing ahead to dominate the Middle East’s plastic surgery market with plans to attract half a million medical tourists in six years. Where cosmopolitan Beirut was once the region’s best known city for going under the knife, turmoil in Syria and violence often spilling into Lebanon is driving away wealthy Arab tourists. After splashing out on medical infrastructure over the past years, Dubai already ranks […]
China reduced oil imports from Saudi Arabia even as the world’s largest crude exporter cuts prices to lure Asian customers amid intensifying competition from Colombia to Oman. Oil deliveries from Saudi Arabia fell 2.7 percent to 4.74 million metric tons last month from a year earlier, according to data released today by the General Administration of Customs in Beijing. Shipments from Colombia surged 389.6 percent, while Russian […]
By G. Srinivasan The upcoming G-20 Heads of State meeting in Brisbane, Australia in mid-November is being convened when urgent policy actions from major economies, advanced and emerging, call for coordinated and focused approach to get the world economy out of the anemic recovery. Latest economic data from global financial institutions such as the World Bank, the IMF, OECD and the WTO do not inspire hope that […]
By Praful Bidwai The contrast between India’s two recent science and technology (S&T) projects couldn’t have been starker. One, by delivering accurate early warnings about Cyclone Hudhud, saved thousands of human lives, and prevented destruction of property on a monstrous scale. The other put India’s Mars Orbiter Mission (MOM) Mangalyaan spacecraft successfully into a distant orbit around the planet—a technological achievement, but without much scientific, leave alone […]
New Delhi: The government on Monday allowed private companies in the defence sector to sell equipment to state-run entities without prior approval of the defence ministry, a move that could attract investments in the sector. The decision came after the government opened the sector for higher foreign direct investments (FDI) and relaxed compulsory licensing for a number of equipment. “The licencee shall be allowed to sell […]
Iran, which faces sanctions on crude exports, sees no need for OPEC to hold an emergency meeting, a sign that markets may need to wait a month before the world’s biggest producer group responds to falling prices. Oil Minister Bijan Namdar Zanganeh has consulted with Iranian President Hassan Rouhani about political and economic reasons for the collapse in prices, the ministry’s news website Shana reported today. No […]
Hong Kong police clashed with about 9,000 protesters in the Mong Kok district overnight after authorities cleared barricades, and student leaders asked the government to hold promised talks by Oct. 22. Police, some in full riot gear, battled with demonstrators for control of major roads in the busy shopping district north of the city’s harbor, less than 24 hours after authorities had cleared protest barricades and opened […]
