General Affairs
Supreme Court Gives Go Ahead For New Government In Arunachal Pradesh
-
NEW DELHI: After being governed by Congress chief Minister Nabam Tuki for the last two years, Arunachal Pradesh is likely to soon have a new government.
The Supreme Court today said that a government can be formed in the North Eastern state, where President's Rule was introduced last month amid protests by the Congress.
The state legislature has 60 seats. The Congress, which had 47 members, has virtually split down the middle after months of infighting; 20 rebels have teamed up with the BJP, the main opposition party in the state, and a pair of independents.
The Congress alleges that the BJP has used its power at the Centre to destabilise the Arunachal government.
With the current strength of the Assembly being 58, as two legislators have resigned, the new chief minister will need 30 seats for majority.
The key to who forms the government lies in whether the Gauhati High Court finds that 14 Congress dissidents were wrongly declared disqualified from the legislature in December by the Speaker. The Supreme Court today refused to weigh in, saying the decision lies entirely with the High Court.
The Congress rebels have united under the leadership of former Finance Minister Kalikho Pul, who was disqualified by the Speaker last year. Yesterday, he told Governor JP Rajkohwa that with the BJP and two independents, he has 32 legislators on his side.
Late last month, the Centre said Arunachal Pradesh had plummeted into a constitutional crisis and lawlessness.
In December, rebel Congressmen and BJP legislators voted that Mr Pul should be made Chief Minister at an assembly session endorsed by the Governor.
The Congress said that session was illegal, because it was abruptly advanced by a month by the Governor. But the Governor said he had no choice because the state legislature had not met in over six months in violation of a constitutional requirement.
Before that session began, the Speaker, Nabam Rebia, said 14 Congress rebels were disqualified from the Assembly, a decision they challenged in the High Court, which froze the action against them till it delivers its verdict.
NEW DELHI: After being governed by Congress chief Minister Nabam Tuki for the last two years, Arunachal Pradesh is likely to soon have a new government.The Supreme Court today said that a government can be formed in the North Eastern state, where President's Rule was introduced last month amid protests by the Congress.
The state legislature has 60 seats. The Congress, which had 47 members, has virtually split down the middle after months of infighting; 20 rebels have teamed up with the BJP, the main opposition party in the state, and a pair of independents.
With the current strength of the Assembly being 58, as two legislators have resigned, the new chief minister will need 30 seats for majority.
The key to who forms the government lies in whether the Gauhati High Court finds that 14 Congress dissidents were wrongly declared disqualified from the legislature in December by the Speaker. The Supreme Court today refused to weigh in, saying the decision lies entirely with the High Court.
The Congress rebels have united under the leadership of former Finance Minister Kalikho Pul, who was disqualified by the Speaker last year. Yesterday, he told Governor JP Rajkohwa that with the BJP and two independents, he has 32 legislators on his side.
Late last month, the Centre said Arunachal Pradesh had plummeted into a constitutional crisis and lawlessness.
In December, rebel Congressmen and BJP legislators voted that Mr Pul should be made Chief Minister at an assembly session endorsed by the Governor.
The Congress said that session was illegal, because it was abruptly advanced by a month by the Governor. But the Governor said he had no choice because the state legislature had not met in over six months in violation of a constitutional requirement.
Before that session began, the Speaker, Nabam Rebia, said 14 Congress rebels were disqualified from the Assembly, a decision they challenged in the High Court, which froze the action against them till it delivers its verdict.
JNU Row: People Can Rap Government, Not Abuse Nation, Says Kiren Rijiju
-
NEW DELHI: With the Jawaharlal Nehru University (JNU) row continuing unabated, Union minister Kiren Rijiju today said people are free to criticise the government but cannot abuse the nation.
In a Facebook post, Mr Rijiju said a group of people in Jawaharlal Nehru University have taken a "despicable vow to break India into pieces" and declared Parliament attack convict Afzal Guru as their hero.
He said a group of politicians have defended the actions of "these anti-national elements".
"As an Indian, the foremost requirement is allegiance to the unity and integrity of India. Anyone can criticise the government but don't abuse the nation," Mr Rijiju said.
The Minister of State for Home said despite massive condemnation from patriotic citizens, they are still proud of their "atrocious act".
"These people are so firmly indoctrinated in their ideology that their hatred for India is subsumed in their freedom of expression. I won't succeed in making them patriotic citizens," he said.
Mr Rijiju said there is just one solution left to this issue and such "pseudo students and politicians" should live with the soldiers in 16,000 feet altitude for one year or see the conditions of the widows of martyrs who gave their lives for the nation.
"That will make them understand what love for motherland means," he said.
NEW DELHI: With the Jawaharlal Nehru University (JNU) row continuing unabated, Union minister Kiren Rijiju today said people are free to criticise the government but cannot abuse the nation.In a Facebook post, Mr Rijiju said a group of people in Jawaharlal Nehru University have taken a "despicable vow to break India into pieces" and declared Parliament attack convict Afzal Guru as their hero.
"As an Indian, the foremost requirement is allegiance to the unity and integrity of India. Anyone can criticise the government but don't abuse the nation," Mr Rijiju said.
The Minister of State for Home said despite massive condemnation from patriotic citizens, they are still proud of their "atrocious act".
"These people are so firmly indoctrinated in their ideology that their hatred for India is subsumed in their freedom of expression. I won't succeed in making them patriotic citizens," he said.
Mr Rijiju said there is just one solution left to this issue and such "pseudo students and politicians" should live with the soldiers in 16,000 feet altitude for one year or see the conditions of the widows of martyrs who gave their lives for the nation.
"That will make them understand what love for motherland means," he said.
Important For Journalists, Politicians To Know The Facts: Arun Jaitley
-
NEW DELHI: Union minister Arun Jaitley today emphasised on the importance of knowing facts especially for journalists and politicians, saying that people can't live under the impression that they know most of the things.
He was speaking at the launch of India-2016, a book which contains in detail the achievements of the government, its policies, programmes and other aspects related to development.
"I think the kind of detail that India 2016 carries is a must read for everyone particularly for journalists and politicians. It is very necessary. Because while we are in ignorance of large number of facts which are contained here, we can't indefinitely live under the impression that we know most of the things.Because once we go through the book, you would realise how much we don't know," he said.
Mr Jaitley, who holds Finance and Information and Broadcasting portfolios, said he feels the book would be of great use to Parliamentarians as well as students, including those preparing for competitive exams who are a natural constituency.
Mr Jaitley also launched the e-version of India 2016 in Hindi and English. The e-version would be cheaper than the hard copy and would help in saving paper, he said.
The money received by the sale of these publications will go to the Consolidated Fund of India, the minister added.
NEW DELHI: Union minister Arun Jaitley today emphasised on the importance of knowing facts especially for journalists and politicians, saying that people can't live under the impression that they know most of the things.He was speaking at the launch of India-2016, a book which contains in detail the achievements of the government, its policies, programmes and other aspects related to development.
Mr Jaitley, who holds Finance and Information and Broadcasting portfolios, said he feels the book would be of great use to Parliamentarians as well as students, including those preparing for competitive exams who are a natural constituency.
Mr Jaitley also launched the e-version of India 2016 in Hindi and English. The e-version would be cheaper than the hard copy and would help in saving paper, he said.
The money received by the sale of these publications will go to the Consolidated Fund of India, the minister added.
Kill Someone, Then Say They Were Anti-National: Arvind Kejriwal's Jibe
-
NEW DELHI: Delhi Chief Minister Arvind Kejriwal said the monumental lawlessness that he has alleged for months has been proven by the violence that erupted after the arrest of JNU student Kanhaiya Kumar on charges of sedition.
Mr Kejriwal and his cabinet of six other ministers met with President Pranab Mukherjee today to list their concerns.
Twice this week, at court hearings for the arrested student, the same group of lawyers beat up reporters and supporters of Mr Kumar, who is a student leader at the famous Jawaharlal Nehru University of JNU. On both days, the police did not intervene.
The lawyers who unleashed the violence have said they were punishing those who shouted "anti-India slogans". Despite the violence being televised, nobody has been arrested so far.
"If someone raises anti-India slogans, kill them," said Mr Kejriwal acerbically. "When the police asks 'why did you kill them', they will say 'we killed because of anti-India slogans.'" He also said that one of his minsters, Kapil Mishra, received a death threat on the phone this morning, warning him not to comment on the JNU controversy.
The Delhi Police reports not to Mr Kejriwal but to the union Home Ministry; the Chief Minister has repeatedly accused police chief BS Bassi of operating as little more than "a BJP agent".
A prime participant in Monday's violence was BJP legislator OP Sharma, who was photographed thrashing a Left activist. He claims he was hit first, but also says he will take to task anyone who makes anti-India remarks. A police case has not been filed against Mr Sharma yet.
Mr Kejriwal and his cabinet of six other ministers met with President Pranab Mukherjee today to list their concerns.
Twice this week, at court hearings for the arrested student, the same group of lawyers beat up reporters and supporters of Mr Kumar, who is a student leader at the famous Jawaharlal Nehru University of JNU. On both days, the police did not intervene.
The lawyers who unleashed the violence have said they were punishing those who shouted "anti-India slogans". Despite the violence being televised, nobody has been arrested so far.
"If someone raises anti-India slogans, kill them," said Mr Kejriwal acerbically. "When the police asks 'why did you kill them', they will say 'we killed because of anti-India slogans.'" He also said that one of his minsters, Kapil Mishra, received a death threat on the phone this morning, warning him not to comment on the JNU controversy.
The Delhi Police reports not to Mr Kejriwal but to the union Home Ministry; the Chief Minister has repeatedly accused police chief BS Bassi of operating as little more than "a BJP agent".
A prime participant in Monday's violence was BJP legislator OP Sharma, who was photographed thrashing a Left activist. He claims he was hit first, but also says he will take to task anyone who makes anti-India remarks. A police case has not been filed against Mr Sharma yet.
Seoul's Spy Service Says North Korea Is Preparing Attacks
-
SEOUL, SOUTH KOREA: North Korean leader Kim Jong Un recently ordered preparations for launching attacks on South Korea, the South's spy agency disclosed Thursday, as worries about the North grow after its recent nuclear test and rocket launch.
In a closed-door briefing to ruling Saenuri Party members, the National Intelligence Service said Kim's spy agency has begun work to implement his order to "actively muster capabilities" to carry out cyber and other attacks on South Korea, according to one Saenuri official who attended the meeting.
North Korea has a history of attacks on South Korea, such as the 2010 shelling on an island that killed four South Koreans and the 1987 bombing of a South Korean passenger plane that killed all 115 people on board. But it is impossible to independently confirm claims about any such attack preparations.
The Saenuri official refused to say whether the briefing discussed how the information was obtained. The NIS, which has a mixed record on predicting developments in North Korea, said it could not confirm its reported assessment.
During the briefing, the NIS, cited studies on past North Korean provocations and other unspecified assessments and said the attacks could target anti-Pyongyang activists, defectors and government officials in South Korea, the Saenuri official said requesting anonymity because he wasn't authorized to speak to media publicly.
Attacks on subways, shopping malls and other public places could also happen, he said.
The official quoted the NIS as saying North Korea could launch poisoning attacks on the activists and defectors, or lure them to China where they would be kidnapped.
The current North Korea standoff isn't expected to calm down soon, as Seoul and Washington are discussing deploying a sophisticated U.S. missile defense system in South Korea that Pyongyang warns would be a source of regional tension.
The allies also say their upcoming annual springtime military drills will be the largest ever. The North says the drills are preparation to stage a northward invasion.
Seoul defense officials also said that they began preliminary talks on Feb. 7 with the United States on deploying the Terminal High-Altitude Area Defense, the same day North Korea conducted what it said was a satellite launch but is condemned by Seoul and Washington as a banned test of missile technology.
The talks are aimed at working out details for formal missile deployment talks, such as who'll represent each side, according to Seoul's Defense Ministry.
The deployment is opposed by China and Russia too. Opponents say the system could help U.S. radar spot missiles in other countries.
The United States on Wednesday flew four stealth F-22 fighter jets over South Korea and reaffirmed it maintains an "ironclad commitment" to the defense of its Asian ally. Last month, it sent a nuclear-capable B-52 bomber to South Korea following the North's fourth nuclear test.
Foreign analysts say the North's rocket launch and nuclear test put the country further along it its quest for a nuclear-armed missile that could reach the U.S. mainland.
SEOUL, SOUTH KOREA: North Korean leader Kim Jong Un recently ordered preparations for launching attacks on South Korea, the South's spy agency disclosed Thursday, as worries about the North grow after its recent nuclear test and rocket launch.In a closed-door briefing to ruling Saenuri Party members, the National Intelligence Service said Kim's spy agency has begun work to implement his order to "actively muster capabilities" to carry out cyber and other attacks on South Korea, according to one Saenuri official who attended the meeting.
The Saenuri official refused to say whether the briefing discussed how the information was obtained. The NIS, which has a mixed record on predicting developments in North Korea, said it could not confirm its reported assessment.
During the briefing, the NIS, cited studies on past North Korean provocations and other unspecified assessments and said the attacks could target anti-Pyongyang activists, defectors and government officials in South Korea, the Saenuri official said requesting anonymity because he wasn't authorized to speak to media publicly.
Attacks on subways, shopping malls and other public places could also happen, he said.
The official quoted the NIS as saying North Korea could launch poisoning attacks on the activists and defectors, or lure them to China where they would be kidnapped.
The current North Korea standoff isn't expected to calm down soon, as Seoul and Washington are discussing deploying a sophisticated U.S. missile defense system in South Korea that Pyongyang warns would be a source of regional tension.
The allies also say their upcoming annual springtime military drills will be the largest ever. The North says the drills are preparation to stage a northward invasion.
Seoul defense officials also said that they began preliminary talks on Feb. 7 with the United States on deploying the Terminal High-Altitude Area Defense, the same day North Korea conducted what it said was a satellite launch but is condemned by Seoul and Washington as a banned test of missile technology.
The talks are aimed at working out details for formal missile deployment talks, such as who'll represent each side, according to Seoul's Defense Ministry.
The deployment is opposed by China and Russia too. Opponents say the system could help U.S. radar spot missiles in other countries.
The United States on Wednesday flew four stealth F-22 fighter jets over South Korea and reaffirmed it maintains an "ironclad commitment" to the defense of its Asian ally. Last month, it sent a nuclear-capable B-52 bomber to South Korea following the North's fourth nuclear test.
Foreign analysts say the North's rocket launch and nuclear test put the country further along it its quest for a nuclear-armed missile that could reach the U.S. mainland.
Business Affairs
Sensex rises 267 pts at close tracking gains in global markets
-
The stock markets rose on Thursday, on their second straight day of gains, as stabilising crude oil prices lifted mining and energy firms, while stronger Asian stocks boosted investor appetite for riskier assets.
Asian stocks rose across the board as crude oil steadied on hopes that big producers will cap output.
Minutes from the US Federal Reserve also showed policymakers were divided over how to interpret the financial market volatility, suggesting it was backing away from the four rate hikes that were signalled for this year in December.
Foreign investors sold a net $115.42 million (Rs 791 crore) of Indian shares on February 16, taking this year's outflow to $2.43 billion.
"Any kind of move on the global side wherein the Fed comforts the market further, will have a positive rub-off on our market," said Pankaj Pandey, head of research at brokerage ICICI Direct.
"Liquidity globally is under stress at this time, and what we have seen is that typically when crude is making new lows, outflows sort of pick up," Pandey said.
The broader NSE Nifty rose 83.30 points to close at 7,191.75, while the benchmark BSE Sensex gained 267.35 points to close at 23,649.22.
Dr. Reddy's Laboratories closed 4.52 per cent up after its board on Wednesday approved a share buyback for up to Rs 1,569 crore.
Railway sector-linked stocks such as Kalindee Rail and Alstom jumped on media reports which said Cabinet Committee on Economic Affairs had approved the construction of six railway lines and a railway bridge.
Public-sector Punjab National Bank shed most gains to close 0.21 per cent lower.
Monsanto India declined 2.78 per cent after the Competition Commission of India (CCI) ordered investigation into a Monsanto joint venture over whether the company abused its dominant position as a supplier of genetically modified cotton seeds.
The stock markets rose on Thursday, on their second straight day of gains, as stabilising crude oil prices lifted mining and energy firms, while stronger Asian stocks boosted investor appetite for riskier assets.
Asian stocks rose across the board as crude oil steadied on hopes that big producers will cap output.
Minutes from the US Federal Reserve also showed policymakers were divided over how to interpret the financial market volatility, suggesting it was backing away from the four rate hikes that were signalled for this year in December.
Foreign investors sold a net $115.42 million (Rs 791 crore) of Indian shares on February 16, taking this year's outflow to $2.43 billion.
"Any kind of move on the global side wherein the Fed comforts the market further, will have a positive rub-off on our market," said Pankaj Pandey, head of research at brokerage ICICI Direct.
"Any kind of move on the global side wherein the Fed comforts the market further, will have a positive rub-off on our market," said Pankaj Pandey, head of research at brokerage ICICI Direct.
"Liquidity globally is under stress at this time, and what we have seen is that typically when crude is making new lows, outflows sort of pick up," Pandey said.
The broader NSE Nifty rose 83.30 points to close at 7,191.75, while the benchmark BSE Sensex gained 267.35 points to close at 23,649.22.
Dr. Reddy's Laboratories closed 4.52 per cent up after its board on Wednesday approved a share buyback for up to Rs 1,569 crore.
Dr. Reddy's Laboratories closed 4.52 per cent up after its board on Wednesday approved a share buyback for up to Rs 1,569 crore.
Railway sector-linked stocks such as Kalindee Rail and Alstom jumped on media reports which said Cabinet Committee on Economic Affairs had approved the construction of six railway lines and a railway bridge.
Public-sector Punjab National Bank shed most gains to close 0.21 per cent lower.
Monsanto India declined 2.78 per cent after the Competition Commission of India (CCI) ordered investigation into a Monsanto joint venture over whether the company abused its dominant position as a supplier of genetically modified cotton seeds.
Digital agri market platform to be launched on April 14: Narendra Modi
-
A digital platform for enabling farmers to sell their produce at a better rate anywhere in the country will be launched on April 14, Prime Minister Narendra Modi announced on Thursday as he resolved to ensure doubling of the farmers' income by 2022.
Modi, who unveiled guidelines for the recently-launched Prime Minister's Crop Insurance Scheme at a rally, said this was one of the various initiatives of his government aimed at ensuring the welfare of the farmers who have been in distress due to vagaries of weather.
Besides the Crop Insurance Scheme, he spoke about Soil Health Card scheme, PM's Irrigation Scheme, Organic farming, ensuring adequate availability of urea and ethanol-blending programme to help the sugarcane farmers and also pitched for 'Start-Up' initiatives in agriculture sector.
He pushed for more and more use of modern technology and equipment along with traditional wisdom of farming to boost the agriculture sector, not only to meet the domestic needs but also cater to the demands from abroad.
"We want to integrate technology in the agriculture sector. There should be a mix of progressive farming and age-old wisdom," the Prime Minister said.
Noting that the farmers do not get adequate price for his produce despite working hard as he has no choice but to sell in the nearby mandis, he said the government has decided to address this by adopting a digital mechanism.
"We are setting up a National Agriculture Market, a virtual and digital platform, in the coming days....On April 14, the birth anniversary of B R Ambedkar, we will launch the online platform," Modi said at the rally which was attended by union ministers Sushma Swaraj, Radha Mohan Singh, Chief Minister Shivraj Singh Chouhan besides others.
He said this platform will enable the farmers, using a mobile phone, to sell their produce anywhere in the country, wherever they can get a better price.
At the rally, the Prime Minister said all states as well as agriculture community should take a pledge to double the farmers' income by 2022, the 75th year of the country's Independence. "We will do whatever is required achieve this," he said.
Under the e-agri platform, the government is working towards integrating all the 585 wholesale mandis of the country by 2018 in a phased manner, for which Rs 200 crore have been earmarked as of now.
In the first phase, 200 mandis will be integrated by this March-end while another 200 will be connected to the online platform in 2017 and the rest by 2018.
The Centre has received proposals from states like Karnataka, Gujarat, Telangana and Maharashtra for developing necessary infrastructure in wholesale markets. A strategic partner for implementing the national agri e-market has also been identified.
A digital platform for enabling farmers to sell their produce at a better rate anywhere in the country will be launched on April 14, Prime Minister Narendra Modi announced on Thursday as he resolved to ensure doubling of the farmers' income by 2022.
Modi, who unveiled guidelines for the recently-launched Prime Minister's Crop Insurance Scheme at a rally, said this was one of the various initiatives of his government aimed at ensuring the welfare of the farmers who have been in distress due to vagaries of weather.
Besides the Crop Insurance Scheme, he spoke about Soil Health Card scheme, PM's Irrigation Scheme, Organic farming, ensuring adequate availability of urea and ethanol-blending programme to help the sugarcane farmers and also pitched for 'Start-Up' initiatives in agriculture sector.
He pushed for more and more use of modern technology and equipment along with traditional wisdom of farming to boost the agriculture sector, not only to meet the domestic needs but also cater to the demands from abroad.
"We want to integrate technology in the agriculture sector. There should be a mix of progressive farming and age-old wisdom," the Prime Minister said.
Noting that the farmers do not get adequate price for his produce despite working hard as he has no choice but to sell in the nearby mandis, he said the government has decided to address this by adopting a digital mechanism.
"We are setting up a National Agriculture Market, a virtual and digital platform, in the coming days....On April 14, the birth anniversary of B R Ambedkar, we will launch the online platform," Modi said at the rally which was attended by union ministers Sushma Swaraj, Radha Mohan Singh, Chief Minister Shivraj Singh Chouhan besides others.
He said this platform will enable the farmers, using a mobile phone, to sell their produce anywhere in the country, wherever they can get a better price.
At the rally, the Prime Minister said all states as well as agriculture community should take a pledge to double the farmers' income by 2022, the 75th year of the country's Independence. "We will do whatever is required achieve this," he said.
Under the e-agri platform, the government is working towards integrating all the 585 wholesale mandis of the country by 2018 in a phased manner, for which Rs 200 crore have been earmarked as of now.
In the first phase, 200 mandis will be integrated by this March-end while another 200 will be connected to the online platform in 2017 and the rest by 2018.
The Centre has received proposals from states like Karnataka, Gujarat, Telangana and Maharashtra for developing necessary infrastructure in wholesale markets. A strategic partner for implementing the national agri e-market has also been identified.
Reliance Industries set to buy Iran oil after five-year hiatus
-
Reliance Industries, owner of the world's biggest refining complex, is preparing to buy oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two.
The conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of US sanctions on companies doing business with the Islamic republic would complicate its efforts to boost market share for its fuels in the US.
Now with an end this year to the Western sanctions that had halved Iran's oil exports to about one million barrels per day (bpd), Tehran is trying to recoup lost market share and Reliance is keen to get Iranian barrels back into its crude diet.
Officials from country's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran, the source said, and to begin with, National Iranian Oil Co (NIOC) will be supplying a million spot barrels each of condensate and crude oil to Reliance in a single cargo.
The shipment will make Reliance Iran's first new Indian oil customer since the lifting of the sanctions.
Reliance is also talking to NIOC for a term deal to buy 100,000-120,000 barrels per day (bpd) of oil, the same level it used to buy before sanctions hit its imports.
"Finalization of the volumes depends on the grades that Reliance wants," the source said. Reliance is planning to lift the spot cargo in the first week of March, although there could be some delays, the source added.
A Reliance spokesman said by email that the company does not comment on transactions as a matter of policy. NIOC's director general for international affairs, Mohsen Qamsari, did not immediately respond to emailed questions about the talks.
Last month, Reliance's Chief Financial Officer V Srikanth had said his company was evaluating buying crude from Iran after the lifting of international sanctions.
Iranian oil, mainly heavy, sour grades such as Norouz and Soroush, accounted for about 8 per cent of Reliance's overall imports in 2009. Analysts, however, said it could be difficult for Iran to resume supplying those grades, which Reliance would be seeking to achieve higher refining margins.
It looks like most of Iran's output - except for the light oil grades known as condensate, judging from how much is held in storage - has already been full committed, said Ehsan Ul-Haq, senior analyst at London-based consultancy KBC Energy Economics.
Some Indian refiners have recently expressed interested in buying Iran's West Karun grade, a blend of oil from four to five reservoirs, NIOC's Qamsari said last month, although it was not clear if Reliance was among them.
Reliance may also restart refined fuel shipments to Iran that were stopped in 2007.
"Iran still needs gasoline and Reliance is in a good position to supply that," Haq said. "Iran will be more than willing to get gasoline from Reliance as its own refineries can not produce enough to meet demand," he said.
Reliance's sophisticated complex at Jamnagar in Gujarat can refine 1.24 million bpd of crude as varied as light West African to heavy sour Middle East and Latin American grades, allowing it to switch to whatever crude is cheapest.
Reliance Industries, owner of the world's biggest refining complex, is preparing to buy oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two.
The conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of US sanctions on companies doing business with the Islamic republic would complicate its efforts to boost market share for its fuels in the US.
Now with an end this year to the Western sanctions that had halved Iran's oil exports to about one million barrels per day (bpd), Tehran is trying to recoup lost market share and Reliance is keen to get Iranian barrels back into its crude diet.
Officials from country's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran, the source said, and to begin with, National Iranian Oil Co (NIOC) will be supplying a million spot barrels each of condensate and crude oil to Reliance in a single cargo.
The shipment will make Reliance Iran's first new Indian oil customer since the lifting of the sanctions.
Reliance is also talking to NIOC for a term deal to buy 100,000-120,000 barrels per day (bpd) of oil, the same level it used to buy before sanctions hit its imports.
"Finalization of the volumes depends on the grades that Reliance wants," the source said. Reliance is planning to lift the spot cargo in the first week of March, although there could be some delays, the source added.
A Reliance spokesman said by email that the company does not comment on transactions as a matter of policy. NIOC's director general for international affairs, Mohsen Qamsari, did not immediately respond to emailed questions about the talks.
Last month, Reliance's Chief Financial Officer V Srikanth had said his company was evaluating buying crude from Iran after the lifting of international sanctions.
Iranian oil, mainly heavy, sour grades such as Norouz and Soroush, accounted for about 8 per cent of Reliance's overall imports in 2009. Analysts, however, said it could be difficult for Iran to resume supplying those grades, which Reliance would be seeking to achieve higher refining margins.
It looks like most of Iran's output - except for the light oil grades known as condensate, judging from how much is held in storage - has already been full committed, said Ehsan Ul-Haq, senior analyst at London-based consultancy KBC Energy Economics.
Some Indian refiners have recently expressed interested in buying Iran's West Karun grade, a blend of oil from four to five reservoirs, NIOC's Qamsari said last month, although it was not clear if Reliance was among them.
Reliance may also restart refined fuel shipments to Iran that were stopped in 2007.
"Iran still needs gasoline and Reliance is in a good position to supply that," Haq said. "Iran will be more than willing to get gasoline from Reliance as its own refineries can not produce enough to meet demand," he said.
Reliance's sophisticated complex at Jamnagar in Gujarat can refine 1.24 million bpd of crude as varied as light West African to heavy sour Middle East and Latin American grades, allowing it to switch to whatever crude is cheapest.
Govt expects Rs 30k cr investment in 74 textile parks
-
The government is expecting Rs 30,000 crore investment in 74 textile parks and is planning to announce a new textile policy by April this year.
"This is a good time for textile. We are planning to launch the new textile policy by April. We are mainly focusing on manufacturing of value-added products and export-oriented goods that will benefit the economy," Minister of State for Textile Santosh Gangwar told reporters at 'Make in India' Week on Thursday.
"Our government has given approval to 24 Textile Parks in the last one year, the rest were cleared by the previous government. So in total we are setting up 74 textile parks, which will attract an investment of Rs 30,000 crore," he said.
He further said the government will not sell the National Textile Corporation (NTC) lands located in various cities.
"We have decided not to sell the NTC lands spread across the country. We are looking at starting some other non-polluting industry on them," he added.
Stating that India is the highest producer of cotton in the world, the minister said during the current cotton season, farmers have got prices, which are more than the Minimum Support Price (MSP).
The cotton marketing year runs from October to September.
Textile Secretary Rashmi Verma said the government has come up with revised TUF (Textile Upgradation Fund Scheme) to give capital subsidy to the new units that will be set up and also to the existing ones which want to bring in modern machinery and increase their output.
"We will notify the guidelines for the new scheme by the end of the month. It will be used to bring in more investment in the sector," she added.
The government will also give incentives to the eastern states, including Bihar, Jharkhand and the north eastern states for setting up textile units.
In the upcoming Budget, she said, the Textile Ministry proposes to set up two mega textile parks in the coastal areas.
The government is expecting Rs 30,000 crore investment in 74 textile parks and is planning to announce a new textile policy by April this year.
"This is a good time for textile. We are planning to launch the new textile policy by April. We are mainly focusing on manufacturing of value-added products and export-oriented goods that will benefit the economy," Minister of State for Textile Santosh Gangwar told reporters at 'Make in India' Week on Thursday.
"Our government has given approval to 24 Textile Parks in the last one year, the rest were cleared by the previous government. So in total we are setting up 74 textile parks, which will attract an investment of Rs 30,000 crore," he said.
He further said the government will not sell the National Textile Corporation (NTC) lands located in various cities.
"We have decided not to sell the NTC lands spread across the country. We are looking at starting some other non-polluting industry on them," he added.
Stating that India is the highest producer of cotton in the world, the minister said during the current cotton season, farmers have got prices, which are more than the Minimum Support Price (MSP).
The cotton marketing year runs from October to September.
Textile Secretary Rashmi Verma said the government has come up with revised TUF (Textile Upgradation Fund Scheme) to give capital subsidy to the new units that will be set up and also to the existing ones which want to bring in modern machinery and increase their output.
"We will notify the guidelines for the new scheme by the end of the month. It will be used to bring in more investment in the sector," she added.
The government will also give incentives to the eastern states, including Bihar, Jharkhand and the north eastern states for setting up textile units.
In the upcoming Budget, she said, the Textile Ministry proposes to set up two mega textile parks in the coastal areas.
KKR acquires nearly 9.95% stake in Max Financial Services
-
Global private equity major KKR on Thursday said it has acquired approximately 9.95 per cent stake in Max Financial Services for an undisclosed amount.
Max Financial Services is the newly demerged entity of the Max Group that owns an approximate 72 per cent stake in Max Life, country's fourth-largest private life insurance player.
KKR acquired stake from a sponsor group led by Analjit Singh, Chairman Emeritus of Max Group, it said in a statement.
The investment was made from KKR's Asian Fund II through the portfolio investment route, it added. However, further details of the transaction were not disclosed.
"We continue to believe in India's growth potential, increase in financial savings and resultant life insurance industry growth. Within the sector we are excited to partner with Analjit Singh and his team at Max Financial Services, a company which is well positioned in the life insurance industry," KKR India CEO Sanjay Nayar said.
JM Financial executed the deal on behalf of both parties.
"KKR has been a long-standing, value-added partner to Max Group across various business initiatives. The extension of our partnership couldn't have happened at a more opportune time than now, following the listing of Max Financial Services which creates an unparallelled platform to invest in the Indian life insurance space," Singh said.
Last month, Max Group split the company through a demerger into three separate listed companies - Max Financial Services for life insurance; Max India for health care, health insurance and allied businesses; and Max Ventures and Industries for manufacturing activities.
The partnership between KKR and Max Financial Services comes as the Indian life insurance sector steadily recovers from a recent slowdown and is poised for robust growth, the statement said.
It observed that the life insurance as a product category is significantly under-penetrated in India versus some of its Asian peers.
"India's increasing workforce, a rise in the country's median age and favourable savings trends are all expected to drive insurance growth," it said.
Global private equity major KKR on Thursday said it has acquired approximately 9.95 per cent stake in Max Financial Services for an undisclosed amount.
Max Financial Services is the newly demerged entity of the Max Group that owns an approximate 72 per cent stake in Max Life, country's fourth-largest private life insurance player.
KKR acquired stake from a sponsor group led by Analjit Singh, Chairman Emeritus of Max Group, it said in a statement.
The investment was made from KKR's Asian Fund II through the portfolio investment route, it added. However, further details of the transaction were not disclosed.
"We continue to believe in India's growth potential, increase in financial savings and resultant life insurance industry growth. Within the sector we are excited to partner with Analjit Singh and his team at Max Financial Services, a company which is well positioned in the life insurance industry," KKR India CEO Sanjay Nayar said.
JM Financial executed the deal on behalf of both parties.
"KKR has been a long-standing, value-added partner to Max Group across various business initiatives. The extension of our partnership couldn't have happened at a more opportune time than now, following the listing of Max Financial Services which creates an unparallelled platform to invest in the Indian life insurance space," Singh said.
Last month, Max Group split the company through a demerger into three separate listed companies - Max Financial Services for life insurance; Max India for health care, health insurance and allied businesses; and Max Ventures and Industries for manufacturing activities.
The partnership between KKR and Max Financial Services comes as the Indian life insurance sector steadily recovers from a recent slowdown and is poised for robust growth, the statement said.
It observed that the life insurance as a product category is significantly under-penetrated in India versus some of its Asian peers.
"India's increasing workforce, a rise in the country's median age and favourable savings trends are all expected to drive insurance growth," it said.
General Awareness
58th Grammy Awards 2016
-
-
The 2016 Grammy Awards ceremony was held at Staples Center in Los Angeles, California to recognize the best recordings, compositions and artists of the year.
- Kendrick Lamar has won 11 awards followed byTaylor Swift (7) and Max Martin (6).
- The Grammy Awards were instigated in 1959.
- These are presented by National Academy of Recording Arts and Sciences (NARAS).
Here is the list of key awardees
General
Record of the Year Uptown Funk (Mark Ronson featuring Bruno Mars) Album of the Year 1989 (Taylor Swift) Song of the Year Thinking Out Loud (Ed Sheeran & Amy Wadge) Best New Artist Meghan Trainor
POP
Best Solo Performance Thinking Out Loud (Ed Sheeran) Best Duo/Group Performance Uptown Funk (Mark Ronson featuring Bruno Mars) Best Traditional Vocal Album The Silver Lining: The Songs of Jerome Kern Best Vocal Album 1989
Dance/Electronic
Best Dance Recording Where Are U Now (Skrillex and Diplo with Justin Bieber) Best Dance/Electronic Album krillex and Diplo Present Jack U (Skrillex and Diplo)
Rock
Best Rock Performance Don’t Wanna Fight (Alabama Shakes) Best Metal Performance Cirice Best Rock Song Don’t Wanna Fight Best Rock Album Drones
R&B
Best R&B Performance Earned It (Fifty Shades of Grey) – The Weeknd Best Traditional R&B Performance Little Ghetto Boy (Lalah Hathaway) Best R&B Song Really Love Best R&B Album Black Messiah Best Urban Contemporary Album Beauty Behind the Madness
Rap
Best Rap Performance Alright (Kendrick Lamar) Best Rap/Sung Collaboration These Walls (Kendrick Lamar featuring Bilal, Anna Wise & Thundercat) Best Rap Song Alright Best Rap Album To Pimp a Butterfly
Others
Best World Music Album Sings Best Children’s Album Home Best Comedy Album Live at Madison Square Garden Best Musical Theater Album Hamilton Best Music Video Bad Blood Best Music Film Amy Best Contemporary Instrumental Album Sylva
- The 2016 Grammy Awards ceremony was held at Staples Center in Los Angeles, California to recognize the best recordings, compositions and artists of the year.
- Kendrick Lamar has won 11 awards followed byTaylor Swift (7) and Max Martin (6).
- The Grammy Awards were instigated in 1959.
- These are presented by National Academy of Recording Arts and Sciences (NARAS).
GeneralRecord of the Year Uptown Funk (Mark Ronson featuring Bruno Mars) Album of the Year 1989 (Taylor Swift) Song of the Year Thinking Out Loud (Ed Sheeran & Amy Wadge) Best New Artist Meghan Trainor POPBest Solo Performance Thinking Out Loud (Ed Sheeran) Best Duo/Group Performance Uptown Funk (Mark Ronson featuring Bruno Mars) Best Traditional Vocal Album The Silver Lining: The Songs of Jerome Kern Best Vocal Album 1989 Dance/ElectronicBest Dance Recording Where Are U Now (Skrillex and Diplo with Justin Bieber) Best Dance/Electronic Album krillex and Diplo Present Jack U (Skrillex and Diplo) RockBest Rock Performance Don’t Wanna Fight (Alabama Shakes) Best Metal Performance Cirice Best Rock Song Don’t Wanna Fight Best Rock Album Drones R&BBest R&B Performance Earned It (Fifty Shades of Grey) – The Weeknd Best Traditional R&B Performance Little Ghetto Boy (Lalah Hathaway) Best R&B Song Really Love Best R&B Album Black Messiah Best Urban Contemporary Album Beauty Behind the Madness RapBest Rap Performance Alright (Kendrick Lamar) Best Rap/Sung Collaboration These Walls (Kendrick Lamar featuring Bilal, Anna Wise & Thundercat) Best Rap Song Alright Best Rap Album To Pimp a Butterfly OthersBest World Music Album Sings Best Children’s Album Home Best Comedy Album Live at Madison Square Garden Best Musical Theater Album Hamilton Best Music Video Bad Blood Best Music Film Amy Best Contemporary Instrumental Album Sylva
No comments:
Post a Comment