POWER
Increased demand, easier fuel access push power sector growth
Increased demand for power and easier availability of fuel pushed the electricity sector’s growth to 6 per cent in April this year, compared with just 1.4 per cent in the same month last year, according to the latest Index of Industrial production (IIP) figures released on Tuesday. The sector carries a weight of 10 per cent in the index, which rose 4.3 per cent for the month, the most since January 2008. The demand for power in April, the first month of the current financial year, was 4,000 Mw higher than the demand of 106,900 Mw power in the same month last year. “This is certainly a sign of recovery in the economy, although most of it happened in the last quarter,” said an analyst. The higher demand for power was aided by an improved fuel availability at thermal power stations in April this year. more...
PTC plans $1-bn power fund
PTC India, the country’s largest electricity trading company, is putting together plans to set up a $1-billion equity fund to finance power projects in India. It is also exploring the possibility of launching multiple equity funds to meet the varied requirements of power projects. The public-private partnership company is understood to have initiated talks with a host of global financial institutions and private equity firms such as Macquarie, Blackstone and Soloman Brothers to create the fund. The company, which is yet to decide whether to set up the fund in India or another country, plans to launch its new initiative later this year. more...
ECONOMY
Economy to grow by at least 6.7 pc in FY'10: Montek
With economic conditions turning better compared to that three months ago, the Planning Commission on Monday said economy should record at least 6.7 per cent growth rate this fiscal, the same as was witnessed in 2008-09. "What I can say is we should at least be aiming at the same growth as achieved last year and I think we could do a little better," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters in press conference here. Last week he was reappointed as deputy chief of the Planning Commission. more...
Realty sector’s role in economic recovery significant: CREDAI chief
The role of real estate sector in the economic recovery is of utmost significance, according to Mr Kumar Gera, Chairman of the Confederation of Real Estate Developers’ Associations of India (CREDAI). Speaking at the installation ceremony of the new office-bearers of the Mangalore chapter of CREDAI here, he said the Union Government has realised that real estate sector is not the cause for slowdown. However, this sector could be a part of solution to come out of slowdown. He hoped that the Union Budget, which will be presented on July 3, will give importance to the housing and infrastructure needs of the country. The Budget could come out with measures related to real estate sector for the stimulus and revival of the economy. more...
POLITICS
Manmohan is great leader not only of India but of world: Brown
British Prime Minister Gordon Brown has described his Indian counterpart Manmohan Singh as a great leader not only of India but of the world. "It is a great honour for any democratic country in the world to have a leader like Dr Manmohan Singh. He is a great leader not only of India but of the world," Brown was quoted as saying by leading NRI Labour MP Virender Sharma. Sharma, who was speaking at a function organised by the Indian Overseas Congress here last night to celebrate the victory of Congress Party in the recent general elections in India, said he had raised the issue in the House of Commons and replying to the discussion Brown had praised Singh. more...
We backed you only to face losses: Mulayam tells Congress
Samajwadi Party, which bailed out the previous UPA government on the Indo-US nuclear deal, on Monday said that the support has cost it dear. "We supported you. We faced losses while you gained," SP chief Mulayam Singh Yadav told the Congress leadership in the Lok Sabha, evoking peals of laughter among the members. He said the SP has not only lost at the hustings but still has to face abuses from people. "We were reduced to 23 seats, while you went on to increase your tally from 145 to 206," he said during the debate in the Motion of Thanks on the President's address. more...
TELECOM
Reliance Comm may give contract to Alcatel: Report
Reliance Communications, is close to awarding a $500-$600 million operations and maintenance contract to French telecom equipment group Alcatel-Lucent, a newspaper reported on Tuesday. The outsourcing deal for Reliance's GSM and optical fibre cable services may be signed in about two weeks, the newspaper said, citing sources familiar with the development. Last year, Reliance and Alcatel formed a joint venture for network management services, with the Indian company holding 33 percent and the French company owning the rest. more...
CDMA group sees 100 m new subscribers in India
Notwithstanding the fact that there are more number of operators moving towards offering GSM-based mobile services, the CDMA Development Group (CDG) has projected that India will have 100 million new CDMA subscribers over the next two years if operators are given adequate spectrum. Speaking to Business Line, Mr Perry LaForge, Chairman of the CDG, said, “We think the CDMA subscriber base will grow another 100 million in two years. Both Tata Tele Services and Reliance Communications have reiterated their strong commitment to CDMA. They have been clear that the decision to implement GSM was really a matter of necessity because they do not have visibility as to when and what spectrum they will receive for CDMA. This situation needs to be corrected so that these operators can continue to grow wireless communications in this market. CDMA will flourish here in India if spectrum is provided.” more...
INTERNATIONAL
Asia Pacific to account for one-third of global airline loss
The Asia-Pacific region will account for more than one-third of the global airline losses this year, which is likely to touch a whopping $ nine billion, due to recession impacting industry's bottom line. According to the International Air Transport Association (IATA), Asia-Pacific carriers will post the largest losses at $ 3.3 billion as the region's largest market Japan is in deep recession, while the global airlines will lose $ nine billion this year. more...
UAE's new reforms to benefit Indian labourers
The UAE government plans to implement far reaching reforms to improve the working conditions of its workers, a move that would also benefit the large number of Indian labourers in the country. The decision, which was approved by the UAE Cabinet, makes it compulsory for an employer to provide his workers accommodation commensurate with the international labour standards, according to an official statement released on Monday. Employers in the UAE still have five years to comply with the rules, which will be implemented with effect from September this year. It was also not clear what consequences employers would face if they fail to abide. more...
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THOUGHT FOR THE DAY
“If your actions inspire others to dream more, learn more, do more and become more, you are a leader. “
HEALTH TIP
Stretching exercises can help in many ways in maintaining a fitter body.
TIP - to save energy
Set the thermostat to of your AC to 780 F. Setting the thermostat down to 720 F would increase your cooling costs 12 to 47%, depending on where you live.
HUMOUR JUNCTION
A hearty laugh gives one a dry cleaning, while a good cry is a wet wash.
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