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 […]
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 […]
|By TAP Staff| Nigerian property investors account for 60 percent of hotel apartment purchases in the Dubai hospitality market, according to a Nigerian newspaper. During the property market boom which suffered a crash in the world economic recession of late 2008 to 2010, Nigerian investors accounted for well over 40 percent of Dubai’s residential market, such that a significant number of houses on Palm Jumaireh—one of Dubai’s exclusive […]
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 […]
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 […]
SINGAPORE: India’s state-owned Bharat Petroleum Corp Ltd aims to double its refining margins once it completes the expansion and upgrade of its Kochi refinery in southern India to process high sulphur crudes by 2016, a senior company official said. The refiner’s margins dropped to $3 a barrel this year, from $4.50 to $5 a barrel last year, but levels will increase by a about $3 to […]
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 […]
By Anjan Roy It began with a bang and appears to be ending with a whimper. The huge noise about cash stashed away in Swiss banks by Indians, hoodwinking the tax authorities had kept the media and the common man salivating. There was this utter glee about knowing the names of those –presumably high and mighty—who might have salted away the nation’s money. We were seeing the […]
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 […]
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 […]
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 […]
Abu Dhabi’s new financial free zone said it has hired a veteran executive from Singapore to head its regulatory body, its second senior appointment this year and a step towards opening the zone for business as soon as next year. Richard Teng, most recently chief regulatory officer at the Singapore Exchange, will be chief executive of the regulator at the Abu Dhabi Global Market (ADGM), overseeing the […]
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 […]
Rashid bin Ali Al-Mansoori Qatar SE chief named board member of WFE SEOUL, 10 hours, 0 minutes ago Rashid bin Ali Al-Mansoori, CEO of Qatar Stock Exchange, has been elected as a board member of the World Federation of Exchanges (WFE) during the 2014 annual meetings held in Seoul. The meetings also resulted in the election of a new board chairman, vice chairman, chairman of the Working […]
Al Gergawi … Islamic economy aims at developmentof societies Cross-border partnerships crucial to Islamic economy growth DUBAI, 10 hours, 0 minutes ago The growth of the Islamic economy has the ability to unlock economic opportunities and improve socio-economic stability through cross border partnerships, the opening ceremony of the 10th World Islamic Economic Forum (WIEF) stated. The opening session was graced by HH Sheikh Mohammed bin Rashid Al […]
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: Private-sector power plants with a combined capacity of over 1 lakh MW, including plants of 36,500 MW that have been deprived of their captive coal blocks thanks to a recent Supreme Court verdict will get “firm coal linkage” if the Cabinet approves a plan put forth by the power ministry. Pooling of domestic (Coal India) and imported coal will be done to ensure these […]
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’ […]
Global SWFs: Assets under Management (USD billion), 2014 GeoEconomica The sovereign wealth funds of the energy-rich Arab Gulf are some of the world’s largest pools of capital, collectively holding more than $1 trillion of assets. But their strategies, returns and approaches to risk aren’t often disclosed, something political risk consultancy GeoEconomica singles them out for in a new report. Gulf funds lag global peers in compliance with […]
AP It’s not just Wall Street banks such as Goldman Sachs Group Inc. that got it wrong. Energy consultants and even the U.S. government didn’t foresee the sharp slide in oil prices, which have tumbled 25% since June. Goldman shocked the market yesterday with a call for U.S. prices to fall to $70 a barrel in the second quarter of 2015. Barclays just released its second price update in […]
