Archive for ‘India alert’

13/02/2014

Iran asks India for $1.5 bln in oil payments under nuclear deal -sources | Reuters

Iran has asked India for $1.5 billion in back oil payments under the nuclear deal that provides Tehran some relief from Western sanctions, Indian sources with direct knowledge of the matter said on Thursday.

If the payments are approved, this could make India the third of Iran’s major buyers, after Japan and South Korea, to start processing frozen back payments. The payments are contingent on Iran holding to its agreement to start curbing its nuclear programme.

Indian refiners are holding about $3 billion in payments due the Middle Eastern crude producer, one of the sources said.

Other funds owed to Tehran are held in a rupee-denominated account at India’s UCO Bank.

Under the Nov. 24 agreement with six major powers, Iran won access to $4.2 billion of its oil revenues frozen abroad. The fund will be paid out in eight money transfers on a schedule that started with a $550 million payment by Japan on Feb. 1.

via Iran asks India for $1.5 bln in oil payments under nuclear deal -sources | Reuters.

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12/02/2014

Election season in India comes with freebies – Businessweek

Just before village council elections, Southern Tamil Nadu state Chief Minister J. Jayalalitha went all out to gain favor with rural voters. Schoolgirls received laptops. Farm workers got cows and goats. Homemakers were given spice grinders and fans.

The price tag for the giveaway, which started in 2011 and continues today: 20 billion rupees ($322 million) in a state of about 70 million people.

Freebies are a fact of life in Indian politics, and items like livestock are only part of it. All three parties seen as the front-runners in upcoming elections have enticed voters with subsidies on electricity, cooking gas or grain.

via Election season in India comes with freebies – Businessweek.

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12/02/2014

India Among the Worst for Press Freedom – India Real Time – WSJ

The world’s largest democracy remains one of the most restrictive places for the press.

In a report published Wednesday, Reporters Without Borders, a Paris-based think tank, ranked India 140th out of 180 countries surveyed for the free speech it affords the media. This was a one-point jump from the country’s 2013 ranking, when it recorded its steepest fall on the annual-list since 2002.

On Monday, acting on an agreement chalked out by a Delhi court, one of India’s largest publishing houses withdrew a 2009 book that reinterprets Hinduism, the latest instance of a book being removed from circulation in the country.

The authors of Wednesday’s report singled out the insurgency in the disputed territory of Kashmir, where channels of communications, including telephone lines, satellite televisions and the Internet, are routinely suspended in response to unrest, as well as the killings of eight journalists in 2013, for India’s lowly press freedom ranking.  The killings included those of Jitendra Singh, a freelancer in the eastern state of Jharkhand, who documented Maoist activists in the state, and that of Rakesh Sharma, a Hindi newspaper reporter who was shot dead in Uttar Pradesh, India’s most populous state, in August.

The People’s Liberation Front of India, a naxalite group, claimed responsibility for Mr. Singh’s death in April. A probe into the shooting of Mr. Sharma is ongoing.

“Those responsible for threats and physical violence against journalists, who are often abandoned by the judicial system and forced to censor themselves, include police and security forces as well as criminal groups, demonstrators and political party supporters,” the think tank said in the report.

The Indian government has also been under fire in recent years for its clampdown on social media.

India’s Supreme Court for instance is currently hearing a defamation suit against tech giants Google and Facebook, a case that’s been pending before courts since 2011. And in 2012, the government sought to block Twitter accounts of some prominent journalists and news organizations, arguing the content was stoking communal tensions. The same year, a Mumbai court charged cartoonist Aseem Trivedi, who likened the national Parliament to a toilet on his website, with sedition, a charge that was later dropped. These, among other reasons, led to India slipping nine places to 140th in Reporters Without Borders’s 2013 press ranking, which surveyed 179 countries.

via India Among the Worst for Press Freedom – India Real Time – WSJ.

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12/02/2014

* H&M to open first store in India in 2014 | Reuters

Hennes & Mauritz will open its first store in India this year, it said on Wednesday, as the world’s second-biggest fashion retailer becomes the latest to take advantage of the opening of Asia’s third-largest economy to foreign operators.

H&M, which said last year it plans to spend around 100 million euros ($137 million) on an initial 50 stores in India, received final approval in December from the Indian government to invest in the country.

“We are very excited to open our first store in India. It is one of the most exciting countries in the world right now, with so much potential,” H&M CEO Karl-Johan Persson said in a statement.

via H&M to open first store in India in 2014 | Reuters.

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11/02/2014

Kejriwal orders probe into gas price hike issue, names Moily, Deora – The Hindu

The Delhi Government on Tuesday ordered the filing of criminal cases against Union minister Veerappa Moily, former minister Murli Deora, Reliance Industries Chairman and Managing Director Mukesh Ambani and others following complaints of irregularities in pricing of natural gas in the KG basin.

Delhi Chief Minister Arvind Kejriwal has said the move to hike the price of natural gas will have a cascading effect on the economy. Photo: Shiv Kumar Pushpakar

Chief Minister Arvind Kejriwal said the Anti Corruption Branch (ACB) of the Delhi Government has been asked to probe the matter based on a complaint filed by former Cabinet Secretary TSR Subrmanian, Admiral Tahiliani, former Navy Chief and eminent lawyer Kamini Jaiswal besides a former Expenditure Secretary.

“Today we have asked the ACB to probe the case. We are filing a criminal case against Murli Deora. FIRs are being filed against Moily, Mukesh Ambani former DG of Hydrocarbons V K Sibal, Reliance Industries Ltd and others,” he said addressing a press conference here.

Without explaining whether the Delhi Government has jurisdiction to probe the case, Mr Kejriwal alleged that Reliance Industries Ltd was benefited as Oil Ministry decided to hike the natural gas price to USD 8 per million British thermal unit as against current USD 4.2 from April 1.

He alleged that RIL did not produce adequate gas from eastern offshore KG basin block so as to put pressure on the government to hike the price. Reliance did not offer any immediate comments on the issue.

Union Petroleum Minister M Veerappa Moily however, rejected Mr Kejriwal’s allegations, saying price of petroleum products was fixed according to expert advice.

via Kejriwal orders probe into gas price hike issue, names Moily, Deora – The Hindu.

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11/02/2014

India to Fight U.S. Solar Protectionism Charge as Ties Fray (1) – Businessweek

India will dispute a U.S. complaint at the World Trade Organization that it unlawfully restricts imports of solar equipment, saying American panel makers such as First Solar Inc. (FSLR:US) have access to most of its market.

“We will give a reply,” Tarun Kapoor, joint secretary at the Ministry of New and Renewable Energy, said in a phone interview. “Most solar projects in India are allowed to import. We have sufficient quantities open for competition.”

India required about 10 percent of new photovoltaic projects permitted in the past year to use domestically made solar cells and modules. The rule violates international trade law and raises the cost of solar energy, U.S. Trade Representative Michael Froman said yesterday in a statement.

via India to Fight U.S. Solar Protectionism Charge as Ties Fray (1) – Businessweek.

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11/02/2014

Boeing to Raise India Plane Demand Forecast Amid Surge in Travel – Businessweek

Boeing Co. (BA:US) is set to raise its India market forecast as the planemaker expects surging travel demand in the world’s second-most populous nation to withstand a slowdown in economic growth and a fall in rupee.

Jet Airways Boeing 737

Boeing will increase its prediction for India plane demand in the next couple of months, Dinesh Keskar, a senior vice president at the Chicago-based company, said in an interview to Bloomberg Television’s Haslinda Amin in Singapore today.

The planemaker in 2012 raised its 20-year India market forecast by 9.8 percent, at least the third increase in a row. Carriers in the Asian nation will need 1,450 new aircraft, worth $175 billion over the next two decades, it said last year.

via Boeing to Raise India Plane Demand Forecast Amid Surge in Travel – Businessweek.

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11/02/2014

Indian Election Not a ‘Game Changer’ – India Real Time – WSJ

A new Moody’s report argues that the biggest event on India’s political calendar this year will be neutral at best for the country’s creditworthiness—although, at worst, it could heighten existing risks.

India’s national election, due before the end of May, is dominating the country’s newsstands, and has put a freeze on many major policy and investment decisions. Perceptions that the Bharatiya Janata Party’s popular prime ministerial candidate, Narendra Modi, is pro-business have buoyed Indian stock markets even as corporate earnings have disappointed.

But the New York-based credit-ratings agency says the contest between the governing Congress party and the BJP will hardly be decisive for India’s economic prospects.

A strong showing by either of the two major parties “would not be a near-term game changer,” it says in the report. The correlation between economic performance and the party in power is historically quite weak, it notes. What could be a bigger influence is the state of the global economy. Factors such as the budding recovery in the U.S. and Europe, the shaky economic outlook in China, and the Federal Reserve’s withdrawal of monetary stimulus will continue to buffet India and many other big emerging markets.

via Indian Election Not a ‘Game Changer’ – India Real Time – WSJ.

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11/02/2014

UPDATE 4-Olympics-India returns to the Games as IOC lifts ban | Reuters

India has returned to the Olympic fold after the IOC lifted a ban on the country’s Olympic association on Tuesday, and its athletes will now be able to march behind the Indian flag at the closing ceremony of the Sochi Winter Games.

Deutsch: Logo des IOC

The country’s athletes have been competing in Russia under the Olympic flag due to the suspension, imposed after it held a 2012 Indian Olympic Association (IOA) election in which a corruption-tainted official was voted in as secretary general.

“It is the first time in Olympic history that a suspension of a National Olympic Committee has been lifted during the Games,” International Olympic Committee spokesman Mark Adams told reporters.

He said the IOC had discussed the matter early on Tuesday and ruled that elections held on Sunday had fulfilled all criteria for the country’s immediate reinstatement.

“We observed the general assembly (on Sunday). We are happy with the changes,” Adams said, adding the IOC’s prerequisite to ban any tainted officials from elections had been fully met.

On Sunday, the IOA voted in a new set of officials with World Squash Federation chief N. Ramachandran elected president, paving the way for the Olympic reinstatement of the world’s second most populous nation.

All India Tennis Association chief Anil Khanna became treasurer in polls which marked the exit of corruption-tainted Abhay Singh Chautala and Lalit Bhanot from the IOA.

via UPDATE 4-Olympics-India returns to the Games as IOC lifts ban | Reuters.

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11/02/2014

UPDATE 1-India IT sector exports seen picking up pace in FY15-Nasscom | Reuters

IT services exports in 2014-15 are forecast to rise to as much $99 billion, according to the National Association of Software and Services Companies (Nasscom).

NASSCOM 2010

NASSCOM 2010 (Photo credit: markhillary)

The increase in growth rate compares with an estimated 13 percent rise in fiscal 2014, the lobby added.

“Clearly compared to what we saw in the industry 12 months ago to now, we are seeing a far more positive momentum in our major markets,” Nasscom Chairman Krishnakumar Natarajan, also chief executive of IT firm Mindtree Ltd, told reporters.

Last month, the International Monetary Fund raised its global economic growth forecast for the first time in nearly two years.

India’s biggest IT services outsourcing firms, Infosys and Tata Consultancy Services, have forecast stronger growth for IT spending in the next fiscal year by their main customers in Europe and the United States.

via UPDATE 1-India IT sector exports seen picking up pace in FY15-Nasscom | Reuters.

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