POWER
Govt to form panel to monitor power projects
The Union Minister for Power, Mr Sushilkumar Shinde, has said that there will be regular monitoring of all power generation projects being implemented in the country. Chairing a meeting of senior officers of the Ministry of Power and the PSUs in New Delhi to review the progress of capacity addition, Mr Shinde said that a high-level committee would be set up shortly to keep the ongoing projects on track. Stating that the country is looking to the sector for delivering the promise of ‘power for all’, the Minister emphasised the need to accelerate efforts. Mr Shinde said non-performance would not be condoned and directed the heads of PSUs to act firmly and boldly against any laxity in their organisations. The Minister also directed that all orders for procuring equipment for future projects must be placed well in advance to avoid delays. more...
Maharashtra cancels Rs 998-cr deal to Kalpataru Power
The Maharashtra Government has decided to cancel a Rs 998-crore contract awarded to Kalpataru Power Transmission (KPTL), under Phase-II of the feeder separation programme, on the grounds of substandard work. The Maharashtra Power Minister, Mr Sunil Tatkare, made the announcement in the State Assembly on Tuesday and added that an enquiry would be conducted. Enquiry, He also confirmed to Business Line that the work done by the company so far would be scrutinised and the contract cancelled. According to the calling attention notice tabled in the State Assembly, Phase-I of the programme began in 23 districts in June 2006 for setting up 897 feeders with a provision of Rs 943 crore. KPTL was given a Rs 388-crore contract to set up 751 feeders. more...
ECONOMY
Asia showing signs of economic recovery
Is the worst over for global growth concerns? It may be too early to assert, but there are incipient signals that the pace of deterioration in major economies is easing. If anything, economic activity in Asian majors, China and India, is beginning to rise, after falling for several months. The latest OECD Composite Leading Indicators (CLIs) for April 2009 point to a reduced pace of deterioration in most of the OECD economies with stronger signals of a possible trough in Canada, France, Italy and the UK. The signals remain tentative, but they are present in the majority of the CLI component series for these countries. Compared to last month, positive signals are also emerging in Germany, Japan and the US, the report pointed out adding major non-OECD economies still face deteriorating conditions. more...
Economy to turn around soon: FM
Buoyed by better than expected economic growth last fiscal, Finance Minister Pranab Mukherjee on Wednesday expressed hope that the economy, spurred by fiscal and monetary stimulus packages, would turn around soon. "I hope that the impact of various pro-growth measures would help turn around the economy soon. As a result of various measures announced by the government and RBI, today we are looking at our economy with a lot of hope," Mukherjee told the heads of PSU banks here. He said the last quarter GDP growth figure of 5.8 per cent and the annual growth of around 6.7 per cent for 2008-09 is a pointer towards this direction. more...
POLITICS
Chidambaram discusses J&K security issues with Omar
Union home minister P Chidambaram on Thursday discussed security issues and progress of development projects with Jammu and Kashmir Chief Minister Omar Abdullah here. Chidambaram, who arrived here this morning on a two-day visit to the state, will make an on-the-spot assessment of security situation in the state. The Home Minister, who heads a team of senior officials, will meet the Unified Command to review law and order and militancy situation, official. more..
NCP will merge with Congress, says Munde
In the backdrop of image beating NCP has suffered after the arrest of its MP Padamsinh Patil in connection with a murder case, a senior BJP leader today said the Sharad Pawar-led party will eventually merge with Congress. "I have no doubt that NCP, which is an offshoot of Congress, will merge with that party. Half the NCP leaders feel that their party should merge with Congress,"BJP General Secretary Gopinath Munde told reporters here. Munde, who was Home Minister during BJP-Sena rule in the Maharashtra, also demanded Congress leader Pawanraje Nimbalkar murder case in which Padamsinh Patil is allegedly involved should be brought under stringent MCOCA Act to ensure that the accused does not get bail.
TELECOM
RCOM ties up with 'Krishak Bharati' to capture rural India
Reliance Communications, the country’s second largest mobile operator, on Tuesday entered into a marketing JV with Krishak Bharati Cooperative Limited (KRIBHCO) for selling its products in rural India. The JV company known as KRIBHCO Reliance Kisan Ltd is aimed at synergising the strengths of both companies to create a rural distribution model for sales of telecom and non-telecom products. KRIBCO will hold 60% equity in the JV company with the balance 40% held by Reliance ADAG. RCOM’s tie-up aims to be a counter to that of Bharti Airtel, which has a similar JV with Indian Farmers Fertiliser Cooperative (IFFCO), the country’s largest fertiliser PSU unit. In May, Bharti and IFFO had formed IFFCO Kisan Sanchar Ltd (IKSL) and said that the JV would harness the power of telecom to add value to the farm sector. Here IFFCO has a 50% stake while Airtel and Star Global have 25% each. more...
Ministry may dump spectrum panel’s proposal on 2G auction
The Communications Ministry is likely to reject the recommendations made by the Spectrum Committee to auction spectrum for GSM-based cellular services and favour maintaining status quo on the existing subscriber-based allocation criteria. The Ministry is also not for capping start-up spectrum for new players at 4.4 Mhz, as proposed by the panel set up by the Department of Telecommunications (DoT). The panel, headed by the Additional Secretary, Mr Subodh Kumar, had suggested sweeping changes in the spectrum allocation policy including scrapping the existing subscriber base criteria. Highly placed officials in the Ministry of Communications told Business Line, “While we are in favour of auctioning 3G and WiMax spectrum as soon as possible, radio frequency for 2G mobile service cannot be auctioned as it is illegal. It is unfair to ask new players to take part in an auction when some of the existing players have got spectrum based on the subscriber criteria,” the official said. more...
INTERNATIONAL
China lays road to global role with economic cement
Last week hosting the Americans. Next week visiting Russia. China's busy diplomacy amid the economic crisis reflects growing sway that some say has brought the moment for Beijing to don the cape of a full super-power. Many Chinese observers think the woes besetting the wealthy West will help Beijing win a bigger global role, but that expectation comes tethered to warnings China should not oversell its strength - above all, not imagine dislodging US dominance or the dollar any time soon. more...
Obama admin generates $1.8 bn profit on bank bailout
The billions of dollars of tax payer's money which the US President Barack Obama used to bail out almost-bankrupt banks, now appears to be a good investment, as the banks repaid $1.8 billion as their first set of loan to the federal government. Though encouraged by the turn of events in just a few months of having taken over the reins of the United States, Obama, however, cautioned his fellow citizens that not all of the bailouts is going to be that sweet. "While we know that we will not escape the worst financial crisis in decades without some losses to taxpayers, it's worth noting that in the first round of repayments from these companies the government has actually turned a profit," Obama said in his remarks at White House. more...
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THOUGHT FOR THE DAY
No steam or gas drives anything until it is confined. No life ever grows great until it is focused, dedicated & disciplined.
HEALTH TIP
When you feel like vomiting, take plenty of bland fluids - water, diluted milk or squashes but no aerated or alcoholic drinks.
TIP - to save energy
In colder seasons, turn down your thermostat slightly; every degree can save up to 5% in heating costs.
HUMOUR JUNCTION
After God created the world, He made man and woman. Then, to keep the whole thing from collapsing, He invented humor
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