Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors. The international benchmark for oil prices rose as high as $65.10, pushing past $65 for the first time this year. It fell back to […]
Day: February 15, 2019
CERC Encourages Powergrid to monetize transmission lines through telecom providers
POWERGRID can monetize its transmission line towers by offering it to mobile telecom service providers on commercial basis under section 41 of the Electricity Act, 2003, which allows for effective utilization of assets to benefit the society at large, a committee constituted by the Central Electricity Regulatory Commission (CERC) said in its recommendation. The committee […]
CJI criticises lawyers for filing defective review petitions in Rafale case
The Supreme Court Friday expressed unhappiness over some lawyers filing defective petitions and seeking wide publicity in the media, while referring to review pleas challenging its verdict in the Rafale case. A bench headed by Chief Justice Ranjan Gogoi said lawyers file petitions in the apex court registry and instead of removing the defects of […]
Dubai Airport grounds all flights due to suspected drone activity
Flights at Dubai International Airport were temporarily grounded on Friday morning due to suspected drone activity, a spokesperson said. The suspension lasted from 1013 local time (0613 GMT) to 1045. Dubai airport, the hub for airlines Emirates and flydubai, is the world’s busiest airport for international travellers, serving 81.4 million passengers in the first 11 […]
Ashwani Lohani takes charge as Air India CMD
Retired technocrat Ashwani Lohani took charge as the chairman and managing director (CMD) of Air India on Friday. He took the charge in presence of recently appointed Civil Aviation Secretary Pradeep Singh Kharola and senior officials of the national carrier. This is Lohani’s second tenure as Air India chief. The Appointments Committee of the Cabinet […]
Asian LNG prices drop to 17-month low on tepid demand
Asian spot prices for liquefied natural gas (LNG) continued their downward spiral this week, hitting a 17-month low as the market moved further away from the peak winter demand period and inventories remained high in the region. Spot prices for March delivery to Asia fell to $6.50 per million British thermal units (mmBtu) this week, […]
IndiGo, Asia’s biggest low-budget airline may be crippled by pilot shortage
IndiGo, an Indian budget carrier, is cancelling dozens of flights every day over the next two months as it struggles to find enough skilled pilots following an aggressive expansion binge, according to people with direct knowledge of the matter. Pilots at Asia’s biggest low-cost airline by market value have exhausted their annual limit on flying […]
Jet Airways seeks to raise $840 million from share sale
Jet Airways Ltd plans to raise about $840 million from a government fund and a rights issue, Business Television India said, a day after the company’s board approved a deal for some lenders to infuse funds and restructure debt. India’s National Investment and Infrastructure Fund will funnel 15 billion rupees ($210 million) into the debt-laden […]
ONGC sells 2nd Russian Sokol crude cargo loading in April at lower premium
ONGC has sold a second Russian Sokol crude cargo loading in April at a lower premium than the previous deal, trade sources said on Friday. The cargo loading on April 17-23 was sold to Shell at a premium just above $3.40 a barrel to Dubai quotes, they said, about 20 cents lower than the previous […]
Solar projects to generate 1,000 MW power in State
The State government is aiming to produce 1,000 MW power from solar projects, Minister for Electricity M.M. Mani has said. He was inaugurating the third edition of the Kerala Renewable Energy Entrepreneurs and Promoters Association Green Power Expo 2018-19 on Wednesday. The Minister said the plan was to generate 500MW power from rooftop solar panels […]
In rescue effort, banks to acquire majority stake in Jet
A consortium of commercial banks led by State Bank of India (SBI) will acquire a majority stake in Jet Airways (India) Ltd. by converting part of their debt into equity for a consideration of Rs. 1 and advancing more capital to give the airline a lifeline to enable it to achieve a turnaround. Jet Airways’ […]
Singareni likely to get one more coal block in Odisha
The Singareni Collieries Company Limited is likely to get one more coal block in Odisha, the second in that State, for exploration against stiff competition from Goa Industrial Development Corporation which also bid for the coal field. The SCCL has been sounded out by the Ministry of Coal that it will be allotted the New […]