Brent crude dropped to a two-year low below $97 a barrel on Thursday (11 September), falling for a sixth straight session as worries over mounting supply and weak demand outweighed concerns that conflicts in the Middle East could curb oil production.North Sea crude oil hit a high above $115 in June as Islamist insurgents swept across northern Iraq, taking control of several oilfields, but prices have now fallen more than 15 per cent from their highs as supply from other countries has increased much faster than demand.The West's energy watchdog said on Thursday (12 September) slowing global economic growth, particularly in China and Europe, had curbed oil demand severely at a time when supplies were growing steadily, particularly from North America."The recent slowdown in demand growth is nothing short of remarkable," the International Energy Agency (IEA) said in a monthly report, cutting its oil demand growth projections for 2014 and 2015.Brent for October fell $1.32 to a low of $96.72 a barrel, its weakest since July 2012, before recovering slightly to trade around $96.90 by 1121 GMT, after closing down $1.12 in the previous session.US crude was down $1.14 at $90.53 a barrel.The IEA expects non-OPEC supply to expand by 1.6 million barrels per day (bpd) in 2014, and by another 1.3 million bpd in 2015, thanks mainly to the North American shale oil boom.That means the world will need less oil from the Organization of the Petroleum Exporting Countries, and the IEA cut its estimate of demand for OPEC crude and stocks for 2015 by 300,000 bpd to 29.6 million bpd.In August, OPEC pumped 30.31 million bpd.OPEC has also cut its estimates of demand for its own crude this year and the next, pointing to a surplus of more than 1 million bpd in 2015 if the group keeps output at current levels.VTB Capital oil strategist Andrey Kryuchenkov said oil prices had been undermined by a surplus of oil in the Atlantic Basin and an easing of tensions in Ukraine, which had raised concerns over the future of Russian oil supplies."The Atlantic Basin supply glut is still weighing on sentiment, made worse by the uneasy truce in Ukraine," Kryuchenkov said. "Demand concerns could take some time to dissipate."But geopolitical worries remain a serious concern.President Barack Obama told Americans on Wednesday (10 September) he had authorised US airstrikes for the first time in Syria and more attacks in Iraq in a broad escalation of a campaign against the Islamic State militant group.Iraq is OPEC's second-biggest oil producer and exporter and investors are concerned about the potential impact on supplies, although Iraq's oil industry has so far remained largely unaffected by the turmoil in the north of the country.Underlining the global oil surplus, data from the US Energy Information Administration on Wednesday showed an increase in some US oil product inventories.Stocks of gasoline and distillates jumped by 2.4 million and 4.1 million barrels respectively in the week to Sept. 5, compared with analysts' expectations of a 157,000-barrel drop for gasoline and a 571,000-barrel increase for distillates, EIA data showed.US crude oil stocks fell by 972,000 barrels last week, smaller than analysts' projections for a drop of 1.1 million barrels..Libya could amplify the oversupply concerns after Prime Minister Abdullah al-Thinni said oil production was expected to rise to 1 million bpd in October.(Reuters)
Read More
The first high speed train with a speed of 160 kilometres per hour will run on Delhi-Agra section in November this year as the first rake of fourteen coaches of the train is all set to be rolled out in November. Shells of the first rake of high speed coaches have been manufactured and the work is was going on at fast pace to roll out the first rake by the end of October this year so that the high speed train could run on Delhi-Agra section in November's first week, General Manager of Kapurthala Rail Coach Factory (RCF) Parmod Kumar said. RCF engineers in consultations with Research Development and Standard organization(RDSO) had made some changes in these coaches in designing of coupler system for more smoother ride than Shatabdi and Rajdhani coaches, installation of smoke and fire detection system, and automatic sliding of inner doors besides TV infotainment system in the executive chair cars with LED fittings on the back of chair cars. He said that the approximate cost of one high speed coach would be between Rs 2.25 to 2.50 crore. RCF had started working on designing the high speed coaches capable of running at a speed of 200 km per hour by making some changes like automatic outer doors, changes in braking system and improved vestibules. He said that high speed coaches manufactured in RCF for Shatabdi and Rajdhani express trains are capable of running at the optimum speed of 160 km per hour. The railway board and officials of railway department had already conducted a trial on these coaches on Delhi-Agra section at a speed of 160 km and covered the 200 km distance in 99 minutes few days ago, he said. He said that railways has selected ten routes on which high speed trains would run as announced by railway minister in his budget speech. He also said initially speed of these trains would be 160 km on select rail routes and gradually speed would be enhanced up to 200 km. (PTI)
Read More
Construction and engineering major Larsen & Toubro (L&T) on Tuesday said it has acquired Denmark-based Ramboll's 50 per cent stake in L&T-Ramboll Consulting Engineers to strengthen its design base in the infrastructure space. "L&T, in a strategic move to strengthen its design base in the infrastructure space, has acquired 50 per cent of the stake in L&T-Ramboll Consulting Engineers Limited (LTR) hitherto held by Ramboll Denmark AS. With this acquisition, LTR now becomes a wholly-owned subsidiary of L&T," L&T said in a statement. Post-acquisition, the company is proposed to be renamed L&T Infrastructure Engineering. LTR was incorporated in 1998 with L&T contributing 50 per cent of the authorised and paid-up capital. Ramboll Denmark AS and Industrialisation Fund for Developing Countries (IFU) contributed 26 per cent and 24 per cent, respectively. Ramboll Denmark AS had later purchased IFU's 24 per cent stake in 2004. LTR has approximately 250 engineers on board, with registered office in Chennai, and regional offices in Hyderabad, Delhi and Mumbai. The company will continue to offer single point concept to commissioning consultancy services for infrastructure projects like airports, roads, bridges, ports and maritime structure including environment, transport planning and other related services, the statement said. "This acquisition is a significant move to strengthen our EPC offering in the infrastructure sector. With a track of successful projects and international exposure, L&T Infrastructure Engineering will be providing engineering services for infrastructure projects," L&T Member of the Board and Senior Executive Vice President (Infrastructure and Construction) S N Subrahmanyan said. (PTI)
Read More
Lanco Infratech said on Tuesday (9 September) it planned to sell power projects to raise Rs 5000 crore ($825 million) and pay down its debts.Lanco will sell 3,000 megawatts of generating capacity assets, V. Sreenivas, chief operating officer at Lanco Group, said in a statement. The company will use the proceeds to reduce its debts of Rs 15,000 crore, Sreenivas said.Lanco, which has been negotiating with its lenders to restructure its debts since last year, has been seeking to sell assets to strengthen its balance sheet and return to profitability.Weighed down by large debts, a slowdown in the domestic economy and delays in completing new projects, many of India's private power producers are trying to sell plants to raise cash.(Reuters)
Read More
The Supreme Court ended its hearing on Tuesday (9 September) into whether it would cancel the award of more than 200 coal blocks it had previously ruled illegal, with Chief Justice Rajendra Mal Lodha saying it would reserve judgment to an unspecified later date.The court last month found that the country's decades-old method of granting coal mining concessions was illegal, putting investments worth billions of dollars at risk and threatening to worsen a national coal shortage.The blocks include about 40 that are producing coal, estimated to have a capacity of about 9 per cent of the 566 million tonnes India produced last year.A decision to cancel the blocks would hit firms including Jindal Steel and Power Ltd, Hindalco Industries Ltd and Sesa Sterlite Ltd, which have spent heavily on steel and power plants based around the coal blocks.India is suffering from an acute shortage of coal, which fuels about three-fifths of its power needs, and has had to turn to costly imports to meet rapidly growing demand.The government's top lawyer, Attorney General Mukul Rohatgi told the court on Tuesday that if coal block allocations are cancelled, the government was ready to re-auction the blocks.Rohatgi also said that if all blocks are cancelled, state giant Coal India should be allowed to take over active mines, or companies be allowed to continue production until the blocks are re-auctioned, in order to avoid supply disruptions.More than half of India's thermal power stations had less than a week's supply of coal on hand as of last Thursday, the lowest since mid-2012 when 620 million people in India were cut off in one of the world's worst blackouts.The government said the retention of 46 blocks which are in operation or are to be operated soon should be considered.In sum and substance, the cancellation of coal block allocation is a natural consequence, it said.An affidavit filed by the Ministry of Coal on Monday incorporated the statements made by the Attorney General Mukul Rohtagi on September 1 that the Centre has "no objection" to the cancellation of allocations declared as illegal by the the apex court and was also not insisting on any particular course of action.Giving details as directed by the Court about the 40 producing blocks and six likely to come under production during the year 2014-15, the affidavit said they "are estimated to produce about 50 million tonnes of Coal in the current year."The ministry placed before it the gist of information about mining lease, commencement of production and linked End-Use Production (EUP) investment received from allocatees of these 40 productional coal mines and six on verge of production.Out of 40 functional mines, two are allocated to an Ultra Mega Power Project (UMPP), which has not been declared as illegal by August 25 judgement, it said.Further, the affidavit said the six coal blocks which are likely to come under production were determined by the Coal Controller's Organization (CCO), as they have received mine opening permission under Rule 9 of the Colliery Control Rules, 2004 (fr(framed under MMDR ACT, 1957), which is the final step towards opening of the minesCBI To File Revised Closure Report In CourtCBI informed a special court that it will file a revised closure report giving details in a coal blocks allocation scam case allegedly involving JAS Infrastructure and Power Ltd and others in which the judge had observed that the probe was "incomplete".Special public prosecutor R S Cheema told the court that the agency will file a comprehensive revised closure report which would be "explanatory" in nature.CBI's move came after the court had earlier observed that nothing was clear in its closure report and it was irked over the agency adopting different yardsticks in different cases and not following a uniform policy in its investigation.After Cheema informed the court about filing of a revised closure report in the case, Special CBI Judge Bharat Parashar fixed the matter for September 23."SPP (special public prosecutor) states that CBI will be filing a revised closure report under the provision of the CrPC which shall be detailed and explanatory in nature," the court said.The court was hearing arguments on the closure report filed by CBI in the case in which it had lodged FIR against Nagpur-based businessman Manoj Jayaswal and others for alleged irregularities by JAS Infrastructure and Power Limited in acquiring the coal blocks.The court had asked CBI whether it was a "deliberate act or negligent act" by Coal Ministry officials to clear files relating to allocation of coal blocks. It had also expressed dissatisfaction over the explanation given by CBI.The court had observed that the issue in coal blocks allocation cases, including this case, was that there was loss to the exchequer but CBI's probe was silent on the aspect if "it was a deliberate act or negligent act on the part of the officials of Ministry of Coal" to allocate coal blocks to such firms.CBI had told the court that during its probe it had not found misrepresentation of facts by JAS Infrastructure and Power Limited.It had lodged an FIR in the case on the allegation that JAS Infrastructure and Power Ltd had not disclosed to the Coal Ministry that it was in possession of coal blocks earlier.The company allegedly signed memorandum of understanding for small periods with a number of companies and added their equity to project their sound financial status at the time of application for coal blocks, CBI had alleged in its FIR.However, during the investigation, CBI could not find any "prosecutable evidence" against the firm and others and filed a closure report in the case.(Agencies)
Read More
Government on Monday (08 September) left it to the Supreme Court to decide the fate of 218 coal blocks allocation held as illegal by it while stating that about 40 blocks are operational and another six are ready to produce 50 million tonnes coal in the current year.The affidavit filed by the Ministry of Coal incorporated the statements made by the Attorney General Mukul Rohtagi on September 1 that the Centre has "no objection" to the cancellation of allocations declared as illegal by the apex court and was also not insisting on any particular course of action.Giving details as directed by the Court about the 40 producing blocks and six likely to come under production during the year 2014-15, the affidavit said they "are estimated to produce about 50 million tonnes of Coal in the current year."The ministry placed before it the gist of information about mining lease, commencement of production and linked End-Use Production (EUP) investment received from allocatees of these 40 productional coal mines and six on verge of production.Out of 40 functional mines, two are allocated to an Ultra Mega Power Project (UMPP), which has not been declared as illegal by August 25 judgement, it said.Further, the affidavit said the six coal blocks which are likely to come under production were determined by the Coal Controller's Organization (CCO), as they have received mine opening permission under Rule 9 of the Colliery Control Rules, 2004 (framed under MMDR ACT, 1957), which is the final step towards opening of the mines.The ministry, which gave details of information of 15 lignite blocks received from the allocatees, also stated some of the hurdles it was facing as a result of the apex court judgement and sought suitable directions.It said the numbers of allocatees have acquired title of the land in respect of coal blocks which were allocated and now are held as illegal and on re-allocation those previous allocatees be directed to "re-convey" the land to Central government."Upon cancellation of the coal block, the title of the land would still remain with the allocatee. In the event of subsequent grant of the coal block, it may not be possible for the grantee to obtain title of the land from the earlier owner," it said. The affidavit further said, "It is, therefore, suggested in such cases the allocatees be directed to re-convey the land to the central government or to its nominees etc upon payment of the purchase price of the land."Secondly, the ministry said in view of the judgement holding as illegal the allocation made from 1993 to 2010, "this court may make it clear that the mining leases executed subsequent to the coal allocation would also be deemed to be void and of no legal effect."The affidavit also raised the issue of large number of bank guarantees which are currently alive and furnished by the allocatees to the Centre or to any of its instrumentality and sought future course of action in view of the blocks being declared as illegal.The ministry also sought to declare as infructuous all the petitions filed in different High Courts on the issue in view of the judgement of the apex court, which was also informed that 80 Coal blocks have been de-allocated by the Centre through Inter Ministerial Group (IMG)/ Intra Ministerial Review Committee.By way of affidavit, the Centre put on record the statement made by Attorney General that "the Union of India was not in favour of constitution of any committee to look into the consequences of the judgement, i.e, declaration of allocation as illegal in the interest of bringing finality to the issue at the earliest."It also said that the Attorney General highlighted the power crisis in the country and had stated that "Union of India would like the process of re-allocation of the cancelled blocks to start as soon as possible in the transparent manner."The government also stated that "retention" of the 40 productive blocks and six ready to become operational may be considered by the court provided additional levy at the rate of Rs. 295 per tonne as suggested by Comptroller and Auditor General (CAG) is imposed.Further, the affidavit said in case of allocatees of power sector, "it should be mandated that they would enter into power purchase agreement (PPA) with state utilities/ discoms, so that benefit is passed to the consumers."The ministry said that the CAG in its report had estimated financial loss by considering only two types of mines- open cast and mixed mines.It said that under ground mines were not taken into account and the apex court can pass a direction in this regard.(PTI)
Read More
Exclusive Solar Powered Products For Indian marketSunSwitch India, a full service provider of solar energy solutions, on Monday (08 September) launched a new range of solar powered products to strengthen its foothold in the rapidly growing solar sector to cater to the needs of both urban & rural markets in India. As a part of their business and growth strategy in solar business, the company has introduced unique and innovative products which are modular Solar Home Lighting Systems (HLS) and Solar Retrofits for Home Inverters.SunSwitch India Pvt. Ltd. - the innovative start upin solar energy solutions is offering solutions that shall enable rural electrification through innovative products that are cost effective and durable supported by the large after sales service network. SunSwitch will introduce the new range of solar products in a phased manner across the Delhi-NCR/UP region. As a part of its marketing drive, the company is planning to add many new dealers and distributors to increase the footprint. With the launch of the new range of solar powered products, SunSwitch India is targeting to reach revenue of Rs. 10 cr. in the solar business by FY 2015.Speaking on the occasion on the launch of solar products, Abhinav Gupta, Founder & CEO, SunSwitch India, said “We are delighted to launch these environment friendly and efficient products. We intend to address critical areas of unending power deficit. Keeping in mind the deprivation of availability of power in the sub-urban as well as rural India, SunSwitch India has developed solutions to address these problems by developing AnantUrja (12 V) and Surya Dhani (3.25 V), our two Solar Home lighting systems based on Li-Ion battery technology."Integration Of Symantec's CIC with A10 Thunder ADCsA10 Networks on Monday announced that Symantec's Certificate Intelligence Center now supports A10 Thunder ADCs (application delivery controllers), providing customers with a consolidated and simplified method for managing critical security information such as location of certificates, key sizes, ciphers used and validity dates.As more and more applications become web-based and require encryption, privacy for computing transactions, such as web sites, email and other applications, is now more top of mind than ever. Organizations are challenged to keep up with threats and evolving standards, and need real-time, aggregated data to continually assess and strengthen their security posture. A critical component of that is management and organization of digital certificates and their keys. Through its partnership with Symantec, A10 simplifies and consolidates key management, allowing customers to dramatically reduce the number of keys required by centralizing certificates for thousands of web servers, versus provisioning a certificate for each server directly. In addition, with the Symantec Certificate Intelligence Center integration, customers can gain real-time visibility of all certificates on all A10 devices in the network. Other benefits include expiration alerts to avoid disruption, optimizing certificate usage, eliminating gaps in security coverage, and reducing operational costs."Together A10 and Symantec provide a complete view of organizations' digital certificates and keys, enabling efficient operation, user confidence, and ultimately brand reputation," said Jason Matlof, Vice President of Marketing at A10 Networks. "We are very happy to be working with a leader like Symantec to make it easier for our customers to keep their infrastructures up to date and secured." The Next Level Gaming Experience ViewSonic Corp, a leading global provider of visual solution products, showcased its next-generation gaming and entertainment monitor series: the VX63Smhl in India. The VX63Smhl comes with premium features that meet the expectations for gaming users – from ViewMode settings creating a perfect environment for gaming, to Flicker-free viewing and Blue light filter bringing comfortable gaming viewing, plus SuperClear® Image Enhancement Technology and ClearMotiv® II ultra-fast 2ms response times perfect for the most graphic-intense gaming needs. Moreover, versatile input options and Mobile High-Definition Link (MHL) connectivity allows gaming content from mobile devices to be viewed in stunning Full HD resolution on the larger screen of the VX63Smhl series.With 5 different scenario presets, including Game, Movie, Web, Text, and Mono, ViewSonic displays offer best-in-class calibration techniques to bring you the best digital viewing experience. ViewMode settings enhance black levels in games and movies, color luster for online images, and color temperature for reading text. With just the touch of a button, the preset Game Mode feature enhances visibility and detail by brightening dark scenes. Dominate the competition and see your opponents’ every move, even in the darkest scenes of a video game.IFA Berlin: ZTE Announces New Smartphones ZTE presented three new innovative and stylish smartphones at IFA 2014 in Berlin. The optically identical and extra-thin smartphones Blade Vec 3G and Blade Vec 4G impress with their elegant and modern design as well as the 5 inch HD display which is perfect for gaming, taking photos and videos or just browsing the web. The ZTE Kis 3 Max smartphone is the latest device to come from the ZTE Kis series that offers power at a highly affordable price.KIS3-MAXThe ZTE Blade Vec 4G not only provides customers with extensive accessibility and fast access to their online data, the 13MP camera also allows them to take excellent pictures and share them with family and friends whilst on the run. The device is powered by a Qualcomm Snapdragon 400 processor with quad-core CPU that speeds of up to 1.2 GHz per core and integrated LTE modem. The 2300mAh battery guarantees long-lasting reliability. The Snapdragon 400 processor is a product of Qualcomm Technologies Inc., a wholly-owned subsidiary of Qualcomm Incorporated.“The smartphones Blade Vec 3G, 4G and Kis 3 Max are the newest members of our popular Blade and Kis families. Our goal was to combine the latest technology in a trendy and appealing design,” says Qin Xiaojun, CEO at ZTE Mobile Devices Germany. “The Blade and Kis series are already known for their first-class quality at an attractive price point. We follow this tradition with these new and powerful smartphones.” Micromax Launches Canvas Nitro In its pursuit of democratizing technology by offering innovative solutions, Micromax Informatics Limited, India’s leading handset player, on Monday (08 September) announced the launch of Canvas Nitro A310 in India. The new smartphone offers the perfect blend of sleek looks, powerful performance and innovative user interface with a host of inbuilt apps to offer a superior mobile experience.Commenting on the launch Vineet Taneja, Chief Executive Officer, Micromax said, “It has been our constant endeavor to listen to Indian consumers for better understanding of their ever evolving needs. Inspired by specific needs of consumers, Canvas Nitro is yet another product from the Micromax stable to democratize technology with amalgamation of superior technology, great design and seamless usability. Our partnership with Snapdeal further simplifies the process for millions of new-age Indian consumers who prefer to shop online to get Canvas Nitro with just a few clicks.”Intex Launches 3G Wi-Fi Data CardsIntex Technologies, on Monday announced the launch of two 3G hard wireless data cards. These cards, offer download speeds of 21.6Mbps and 14.4Mbps, respectively. Intex is the only Indian company to provide a power adapter with the device, thereby, allowing the users to experience 3G Wi-Fi internet without spending on the accessories. Users can enjoy high speed internet by simply plugging the device without having to worry about installing the device to a computer or a laptop. Additionally, the data cards support Wi-Fi hotspot enabling the user to share connection via Wi-Fi with up to 8 gadgets.Speaking at the launch, Nidhi Markanday, Business Head, Consumer Durables & IT, Intex Technologies said, “Intex Technologies has always believed in introducing innovative products and offering them to the market at price points that appeal to masses. With the launch of these two Data Cards, we are enabling the users to enjoy hassle free, wireless, high speed internet as an extension of our commitment to ‘Internet for all’. We will be leveraging our robust distribution and sales channels to strengthen this new addition to our product portfolio.”
Read More
Lanco Infratech, which has interests in infrastructure, power and realty segments, retrenched 30 per cent of its 5,700 workforce during the last financial year due to slowdown in development of some of its projects amid subdued market conditions.According to the latest annual report of the infra major, the group, which had a workforce of 5,700 by the end of March 2013, cut down its workforce to 4,000 by the end of March this year. By the end of FY12, it had nearly 8,000 employees, the report said."During the year 2013-14, employee benefits expenses decreased by 38 per cent over the previous year. The decrease was on account of fall in the total number of employees in the group due to a slowdown in the development of future projects as a result of a slowdown in economic activity in the country," Lanco said in its annual report.The group spent Rs 353 crore on salaries, allowances and benefits to employees during FY14 as against 549 crore in FY13, as per the data in the annual report.On a consolidated basis, the company reported gross revenues of Rs 10,597.85 crore in 2013-14 as against Rs 13,887.66 crore in the previous year.Net loss after tax and adjustment of minority interest and share of profits of associates was Rs 2,273.88 crore, as against Rs 1,073.30 crore for the year 2012-13.Gross interest and finance charges, on a consolidated basis, amounted to Rs 2,762.12 crore in comparison to Rs 2,421.44 crore due to increase in loans and working capital requirements for project execution, the report said. (PTI)
Read More
