Jet Airways can resume operations under a new owner more than two years after it collapsed, according to the National Company Law Tribunal (NCLT) on Tuesday. Jet Airways, once India’s biggest private carrier, suspended operations in April 2019, due to financial distress and has been undergoing a resolution process under the Insolvency and Bankruptcy Code […]
Day: June 23, 2021
FASTag on Yamuna Expressway begins functioning
The FASTag system has been implemented on the 165-km long Yamuna Expressway from Tuesday. This has automated the toll collection resulting in shorter wait time at the gates. “Commuters can pay toll via FASTag in two of the three lanes on each side. One lane will be for those who do not have the system […]
Govt revises timeline of second tranche of coal mine auctions
The coal ministry on Tuesday announced revision in the timeline of the second tranche of auctions for commercial mining. In a statement, the ministry said the last date for registration of bidders and sale of tender documents on the MSTC website and the bid due date have been revised. The last date for submission of […]
Oil resumes climb as US crude inventories fall more than expected
MELBOURNE (Reuters) – Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America. U.S. West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at […]
India’s crude oil output slips 6.3% in May, gas production jumps
India’s crude oil output fell 6.3 per cent in May after state-owned ONGC produced nearly a tenth less due to cyclone ‘Tauktae’, government data showed on Tuesday. Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year, according to the […]
World Bank vows to keep board apprised of climate action progress
WASHINGTON (Reuters) -The World Bank on Tuesday agreed to boost its spending on climate change to 35% from 28% and to provide annual progress reports to its board after its draft climate change action plan came under fire for lacking a clear implementation strategy. The bank, the largest source of climate finance for developing countries, […]
Canada’s climate plan charts hard road ahead for high-polluting oil sands
WINNIPEG, Manitoba/CALGARY, Alberta (Reuters) – Canada has set ambitious targets for slashing emissions to fight climate change, but faces a stiff challenge: not only is its economy dependent on oil production, but the Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps. The Canadian oil patch exemplifies […]
Fuel prices hiked again, petrol nearing century mark across the country
Fuel prices increased again across the country on Tuesday adding more misery for the common man already grappling with rising food prices amid shrinking income. With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the […]
Exxon Mobil plans to cut US headcount by 5-10% annually for 3 years
Exxon Mobil is preparing to reduce headcount at its US offices by between 5 per cent and 10 per cent annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter. The cuts will target the lowest-rated employees relative to peers, […]
Opec+ discusses crude output hike in preparation for next meeting
The Organization of the Petroleum Exporting Countries and allies, known as Opec+, is discussing whether to further boost production at next week’s meeting as the oil market looks increasingly tight. Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the […]
India’s electric vehicle sales to grow at 26% in FY21-23: Fitch Solutions
The recently announced electric vehicle (EV) incentives by India along with high fuel prices will be supporting factors for stronger adoption of EVs over 2020-2023, leading to an average annual growth rate of 26 per cent, Fitch Solutions said on Tuesday. However, it said the economic impact of Covid-19 pandemic and limited domestically produced EVs […]
Electric vehicle makers laud Gujarat policy, terming it progressive
Various companies like Tata Motors, Mahindra and Hero Electric on Tuesday lauded the Gujarat government for bringing a new electric vehicle policy in the state. Gujarat Chief Minister Vijay Rupani unveiled the ‘Gujarat Electric Vehicle Policy 2021’, which, according to him, has been designed to see at least two lakh electric vehicles on the state […]