Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Wednesday, July 16, 2014

WTO panel faults US duties on Indian steel

World Trade Organization dispute settlement panel, said that Washington had "acted inconsistently" with regulations set down for the international body's 160 member economies.

India filed its complaint at the WTO in 2012, after Washington imposed duties of nearly 300 per cent on imports of products including steel pipes.

The United States applied the duties because it felt Indian steel manufacturers were benefitting from unfair subsidies.

WTO members are allowed to impose so-called countervailing duties -- a special import tax -- if they believe that their domestic manufacturers are being hurt by subsidies granted by a trade partner to its companies.

The WTO regulations require the importing country to first conduct a detailed investigation that shows properly that domestic industry is hurt.
 

Tuesday, February 25, 2014

Oil Minister M Veerappa Moily says RIL contract can't be terminated


The Oil Minister M Veerappa Moily has told Prime Minister Manmohan Singh that Reliance Industries' contract for KG-D6 gas fields cannot be terminated pending arbitration on issue of output lagging targets.

Earlier, AAP leader Arvind Kejriwal earlier accused that he price increase was done to benefit RIL, Moily on February 14 wrote to Singh saying ONGC's average cost of producing natural gas was about USD 3.6 per million British thermal unit in 2012-13 and its newer finds in deepsea cost more than current rate of USD 4.2.

Saturday, February 1, 2014

India’s first monorail takes off in Mumbai



The Chief Mininster of Maharashtra , Mr. Prithviraj Chavan inaugurated country's first Monorail in Mumbai after years of delays and overcoming many a operational hiccups
  
commercial operations of the 8.9-km first phase connecting Wadala-Chembur stations on the northeastern fringe of the megalopolis will commence tomorrow with the first train leaving the Wadala station at 7 AM,", said Chavan after inaugurating the service.

He said the second phase will take a one more year for completion

The service will be open to public for regular commuting from tomorrow.

Friday, January 31, 2014

State Bank of India raises Rs 8,032 cr in country's biggest qualified institutional placement QIP issue

The State owned , largest bank of India, SBI has raised Rs 8,032 crore by selling shares through qualified institutional placement, making it the biggest ever equity sale by  this route.

B ank sold 5.13 crore shares at an average price Rs 1,565 per share.

 Price band, determined by the pricing formula of market regulator Sebi, was fixed at the upper band of Rs 1,629.35 -- around 2 percent premium on Tuesday's closing price of Rs 1,595.95 a apiece.

Friday, January 24, 2014

German luxury car maker , Audi , sells over 10,000 cars in 2013



Audi, the German luxury car maker sold 10,002 units in  2013. In 2012 it sold 9003 units. They are the first luxury car manufacturer to cross 10,000 unit annual sales in India

Friday, August 30, 2013

Thursday, August 29, 2013

Asian currencies fell on Fed signals



Asian currencies fell on 22-Aug-2013 as minutes of the Federal Reserve's last meeting indicated that the U.S. central bank could start scaling back its stimulus as early as September.

Wednesday, August 28, 2013

Kerala on the world LNG map.



The first vessel carrying natural gas from Qatar arrived in Kochi on 20-August-2013 and docking at the Petronet LNG terminal at Puthuvype, Kochi.

Tuesday, August 20, 2013

RBI approves Sharia-compliant NBFC financial services



Cheraman Financial Services Ltd (CFSL), a Kerala based , company has received certificate of registration from the Reserve Bank of India to function as a non-deposit-taking Non-Banking Finance Company (NBFC). 

Monday, August 19, 2013

Indian Stock Market witnessed biggest fall in 4 years



The Indian stock market moved out of the trillion-dollar league on 16-Aug-2013 as equities crashed, pulling down the total valuation of all listed companies to $985 billion on fresh concerns about the US stimulus withdrawal, and the rupee plunging to a historic record low of 62.
 

Borlaug Global Rust Initiative Technical Workshop 2013 to be Held Next Week in New Delhi

Indian Council of Agricultural Research (ICAR) and Borlaug Global Rust Initiative (BGRI) are jointly organizing a Technical Workshop to discuss the progress and challenges in protecting the world’s wheat supply from rust.

National Skill Certification and Monetary Reward Scheme launched



Union Finance Minister Shri P Chidambaram unveiled the National Skill Certification and Monetary Reward Scheme that will be implemented on pan-India basis.

Thursday, August 15, 2013

Import Duty on gold, silver hiked to 10%



The Union Government increased  the import duty on gold and platinum from eight per cent to 10 per cent, that on silver was raised by four percentage points to 10 per cent.

Friday, August 9, 2013

Raghuram Govind Rajan Appointed as the 23rd Governor of RBI


 Raghuram Govind Rajan, chief economic adviser in the finance ministry on 6 August 2013 named the next governor of the Reserve Bank of India (RBI). He will take over from D. Subbarao who demits office on September 4. Rajan will also be among the youngest to occupy the high office at Mint Street in Mumbai and has a tenure of three years.

Rajan is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission. He formerly served as the president of the American Finance Association and was the chief economist of the International Monetary Fund (IMF). Rajan's previous work with the Indian government includes his helmsmanship of a Planning Commission-appointed committee on financial reforms, and as honorary economic adviser to Prime Minister Manmohan Singh

Wednesday, August 7, 2013

Disinvestment of 10 percent paid up equity capital of IOC Ltd

The Cabinet Committee on Economic Affairs, in accordance with the Government of India`s disinvestment policy, has approved the disinvestment of 10 percent paid-up equity in the Indian Oil Corporation Limited (IOCL), out of its equity capital holding of 78.92 percent. The disinvestment will be through Offer for Sale (OFS) method in the domestic market according to the SEBI rules and regulations. After this disinvestment the Government of India shareholding in the company would come down to 68.92 percent.

The paid up equity capital of the company, as on 31st March, 2013 was Rs. 2,428 crore. The Government of India holds 78.92 percent of the paid up capital in IOCL.



Special National Investment Fund created

The Cabinet Committee on Economic Affairs has approved creation of the Special National Investment Fund for the specific objective of meeting the minimum public shareholding of 10 percent requirement in the following six Central Public Sector Enterprises (CPSEs).

(i) Andrew Yule & Company Ltd.
(ii) Fertilizers & Chemicals (Travancore) Ltd.
(iii) Hindustan Photo Films Manufacturing Co. Ltd.
(iv) HMT Ltd.
(v) ITI Ltd.
(vi) Scooters India Ltd. 


Friday, May 3, 2013

Extra Charges for preferred air seats, check-in-luggage & meals

The Civil Aviation Ministry allowed airlines to charge extra money from passengers for preferred seats, check-in baggage and meals. This is similar the U.S. model of imposing extra fee on air passengers.

The services include snacks, drinks (barring drinking water), use of airline lounges, and transport of sports equipment, musical instruments and valuable baggage which have higher carrier liability.

Monday, April 29, 2013

Finance Ministry suggests alternative formula for gas pricing

The Finance Ministry has rejected the natural gas pricing formula suggested by the Rangarajan Committee and has instead suggested an alternative formula based on wellhead prices charged by suppliers in the region (Oman, Qatar, Abu Dhabi and Malaysia) for long-term contracts.

Prices calculated by finance ministry as per the alternative formula may be lower than the Rangarajan Committee figure. Wellhead prices do not take into account transportation costs — a significant price escalator in the case of Liquified Natural Gas. The ministry has made this suggestion in a note for the consideration of the Empowered Group of Ministers (EGoM) while deciding the road map for gas pricing.

Etihad will invest in Jet Airways



The Abu Dhabi-based Etihad Airways will pick up a 24 per in the Jet Airways, at a cost of Rs. 2,058 crore ($379 million). The foreign direct investment norms for the airline industry were liberalised in September last year.
The Board of Directors of the Indian carrier approved the stake sale in terms of which Etihad will be investing $600 million, including $70 million paid to Jet for its landing rights at London Heathrow airport. Within the next six months, the gulf carrier will also buy a majority stake in Jet’s frequent flyer programme, JetPrivilege, for $150 million.

Monday, April 15, 2013

World Bank scheme to benefit seven low-income States

To reduce poverty and increasing prosperity world bank will lend to the 7 poorest state’s in India.

Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan and Uttar Pradesh will be benefited by the world bank programme.

It is a part of country Partnership Strategy (CPS) for India (2013-17), which proposes a lending programme of $3 billion-5 billion every year over the next four years

The Bank’s objective is to bring down poverty levels in the seven low-income States to just 5.5 per cent in 2030 from 29.8 per cent in 2010.

60 per cent of the financing will go to State government-backed projects and 30 per cent will go to low-income or special category States where public services face high delivery costs.

Under the Bank’s previous support strategy plan, 18 per cent of its lending went to these States.