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Nippon Steel sees big in India opportunity

Nippon Steel sees big in India opportunity

TOKYO: Japan’s top steelmaker Nippon Steel & Sumitomo Metal Corp sees India as the most promising market and wants to become “an insider” to capitalise on growth of the world’s third-biggest steel market, a senior executive said. “India will be the fastest-growing steel market in the world going forward,” Nippon Steel Executive Vice-President Katsuhiro Miyamoto told Reuters in […]

SAIL set to exit non-performing, non-operational joint ventures

SAIL set to exit non-performing, non-operational joint ventures

NEW DELHI: India’s largest steel maker SAIL has started process to exit some of its joint ventures that are either non-operational or non-performing, the public sector major has said in a report. The steel maker is also exploring options to monetise its investment in certain JV companies, the latest report said.   Click here to read […]

Vedanta to invest $2.3 billion in oil and gas in near term

Vedanta to invest $2.3 billion in oil and gas in near term

Hyderabad: Vedanta Ltd has said it will be investing $2.3 billion towards capex on its oil and gas activities in the “near term” to increase the reserve base by around 375 million barrels. According to its latest annual report, Vedanta aims to increase production from the current 200,000 barrels per day to 300,000 bpd over the […]

India bans import of polluting petcoke for use as fuel

India bans import of polluting petcoke for use as fuel

India on Friday banned the import of petcoke for use as fuel, but said shipments for use as feedstock in some industries was allowed. Usage of petcoke, a dirtier alternative to coal, in the energy-hungry country has come under scrutiny due to rising pollution levels in major cities.   Click here to read more… Credit:

Narendra Modi: I share Donald Trump’s vision of prosperity for India, US

Narendra Modi: I share Donald Trump’s vision of prosperity for India, US

NEW DELHI: Amid uncertainties regarding US President Donald Trump’s trade and visa policies, Prime Minister Narendra Modi has said that he shared Trump’s vision of prosperity for India and the US. “I share with him the vision of prosperity of our peoples through a strong India-US partnership, based on important convergences, inter alia, in combating terrorism and promoting […]

India’s forex reserves fall to over 7-month low at $402.7 billion

India’s forex reserves fall to over 7-month low at $402.7 billion

By: ENS Economic Bureau  NEW DELHI: India’s foreign exchange reserves fell to over 7-month low of $402.7 billion in the week ended August 3. Total forex reserves dipped $1.49 billion from $404.19 billion in the week ended July 27, 2018, Reserve Bank of India (RBI) data showed. India’s forex reserves have been falling steadily over the past […]

Indian Oil to invest ₹ 1.75 trillion for expansion: Chairman Sanjiv Singh

Indian Oil to invest ₹ 1.75 trillion for expansion: Chairman Sanjiv Singh

NEW DELHI: Indian Oil Corp, Ltd, the country’s largest oil firm, plans to invest ₹ 1.75 trillion to nearly double its refinery capacity, boost petrochemical production, expand gas business and lay new pipelines to become a vertically integrated company, its chairman Sanjiv Singh said. Indian Oil plans to increase its refining capacity to 150 million tonnes […]

US-China trade war can make Indian products competitive: CII

US-China trade war can make Indian products competitive: CII

NEW DELHI: With the US imposing additional 25 per cent duty on imports worth USD 34 billion from China, certain Indian products may become more competitive, CII said today. An analysis by the industry chamber revealed that India should focus on the US market for items in the categories of machinery, electrical equipment, vehicles and […]

Cash-rich Reliance eyes $2.7 bn in fresh forex loans to refinance high cost debt

Cash-rich Reliance eyes $2.7 bn in fresh forex loans to refinance high cost debt

MUMBAI: The cash-rich Reliance Industries, which also is one of the biggest forex loan borrowers in the country, is set to tap the foreign debt market to raise USD 2.7 billion to refinance its existing high-cost debt. As of the June 2018 quarter, the Mukesh Ambani-led company had an outstanding debt of Rs 2,42,116 crore, which […]

Aditya Birla group firm buys US firm Aleris for $2.58 billion

Aditya Birla group firm buys US firm Aleris for $2.58 billion

MUMBAI: Aditya Birla group’s Novelis Inc, a subsidiary of Hindalco, has agreed to purchase US-based Aleris Corporation, a global aluminium rolled products major, for $2.58 billion in a debt finance deal. Novelis will take over 13 production facilities in North America, Europe and Asia as part of the acquisition.   Click here to read more… […]

Why Indian women don’t want to work

Why Indian women don’t want to work

A long time ago when I was in my first job as a trainee researcher in a magazine, I would take the chartered bus (a working people’s school bus that collects people from a residential area and drops them in an office hub) from home to office. The art of eavesdropping on conversations must be […]

Infosys says increased visa application rejections could result in delays, higher project costs

Infosys says increased visa application rejections could result in delays, higher project costs

New Delhi: IT major Infosys has flagged off concerns around increased rejection of work visa applications, and said this could result in delays and increase in project costs for its clients. The Bengaluru-based company has already been ramping local hiring in key markets like the US to tackle increasing scrutiny around work visas by various governments.   […]

Aurobindo to acquire Apotex operations in 5 European countries

Aurobindo to acquire Apotex operations in 5 European countries

New Delhi: Aurobindo Pharma on Saturday said it has inked a pact to acquire Apotex’s commercial operations across five European countries, including Poland and Spain, for €74 million. The acquisition is in line with the company’s strategy to strengthen and grow its European business and to expand in Eastern Europe, Aurobindo Pharma said in a statement. Click here […]

India to be 3rd largest economy worth $10 trillion by 2030: DEA Secy Garg

India to be 3rd largest economy worth $10 trillion by 2030: DEA Secy Garg

NEW DELHI: Economic Affairs Secretary Subhash Chandra Garg on Saturday said that 8 per cent growth for the Indian economy is “very much achievable”, and it is expected to be the world’s third largest economy by 2030 with Gross Domestic Product worth $10 trillion. The country’s GDP grew at a 7.7 per cent in the January-March […]

PM Modi to open Samsung factory in Noida tomorrow: One of world’s largest with 120 million units a year

PM Modi to open Samsung factory in Noida tomorrow: One of world’s largest with 120 million units a year

NOIDA: In front are open fields with grazing cattle, to the left are under-construction residential societies and to the right is its existing facilty – this where Samsung has set up what is the world’s largest mobile factory. Not China or South Korea – and certainly not the US – the tag of housing the world’s largest […]

RBI: Foreign currency assets decline $19 billion in 3 months

RBI: Foreign currency assets decline $19 billion in 3 months

MUMBAI: India’s foreign currency assets fell by around $19 billion since April this year in the wake of capital outflows and intervention by the Reserve Bank of India to arrest the decline in the rupee’s value against the dollar. During the week ended June 29, foreign currency assets, a major component of the overall reserves, […]

India slaps higher import duties on steel, agri products in retaliation to US tariff hikes

India slaps higher import duties on steel, agri products in retaliation to US tariff hikes

NEW DELHI: With the Trump administration increasing import duties and initiating trade war with various countries including India, the Indian government on Wednesday slapped higher duties on a number of items including apples, almonds, walnuts, diagnostic reagents and certain steel products. A bulk of these products figure in a list of items imported from the […]

Morgan Stanley raises $300 million for India focused infrastructure fund

Morgan Stanley raises $300 million for India focused infrastructure fund

MUMBAI: Morgan Stanley has raised close to $300 million in commitments for its India-focused infrastructure fund and is expected to make a formal first close soon, two people aware of the development said. The fund is Morgan Stanley’s maiden India-dedicated infrastructure fund. “Morgan Stanley, which has been in the market for sometime now for raising this […]

Verizon Store Recently Opened in Houston’s Memorial City

Verizon Store Recently Opened in Houston’s Memorial City

HOUSTON: A new Verizon Wireless recently opened in Houston’s Memorial City. It is on Memorial City Way in Memorial City Mall near JCPenney. The new store location is owned and operated by Victra, the leading retailer of wireless products and services for Verizon Wireless known for its award-winning customer service experience.  The Memorial City, Houston store, like all of the […]

US import tariffs on steel, aluminium: India hits back, to suspend concessions on 30 products

US import tariffs on steel, aluminium: India hits back, to suspend concessions on 30 products

NEW DELHI: Responding to the US import tariffs on certain steel and aluminium products, India has decided to suspend concessions on 30 products being imported from the US. In a notification to the World Trade Organisation (WTO) on June 14, India emphasized that the tariffs will be substantially equivalent to the amount of trade affected […]