Govt to sell 5 pc stake in BHEL to LIC; may get Rs 2,046 cr

The government will sell a 5 per cent stake in power equipment manufacturer Bharat Heavy Electricals Ltd (Bhel) to state-owned Life Insurance Corporation of India (LIC), fetching the exchequer about Rs 2,046 crore. "Bhel disinvestment will happen this fiscal through a block deal to LIC," Disinvestment Secretary Ravi Mathur said. The Empowered Group of Ministers headed by Finance Minister P Chidambaram met on Friday to decide on the timing and mode of disinvestment in Bhel.

Oriental Bank of Commerce to raise Rs 1,000 cr from bonds

New Delhi: State-owned Oriental Bank of Commerce (OBC) on Friday said it plans to raise up to Rs 1,000 crore from bonds to fund its growth. The bank intends to raise Tier II capital to the extent of Rs 1,000 crore through issue of Basel III compliant Tier II bonds on private placement basis, OBC said in a BSE filing. The government infused Rs 150 crore by way of preferential allotment in December. This lead to increase in government shareholding in the bank to 59.13 percent from 58 percent.

Goldman Sachs faces new regulatory probes: Filing

New York: Goldman Sachs Group Inc on Friday disclosed more regulatory probes into its fixed-income trading and financial advisory businesses on Friday. In an annual filing with the U.S. Securities and Exchange Commission, the Wall Street bank said regulators are looking into its "allocations of and trading in fixed-income securities" as well as its financial advisory services.

Sahara claims all but Rs 2,000 cr refunded to investors

New Delhi: Sahara group on Friday claimed it has cleared all but about Rs 2,000 crore of its liabilities towards bondholders, even as its chief Subrata Roy was arrested today as a fallout of non-refund of over Rs 20,000 crore to investors through market regulator Sebi. In a statement issued soon after Roy's arrest, the group also accused Sebi of going slow on verifying accounts. The regulator has maintained that the documents provied by the companies were "hopelessly mixed up".

OVL completes 10% stake acquisition in Mozambique gas field

ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), on Friday said it has completed acquisition of a 10 percent stake in a giant Mozambique gas field for USD 2.64 billion. In a statement, OVL said it has bought a 10 percent stake in the Rovuma Area 1 offshore gas field from Anadarko Petroleum Corp of US.

IT raids on three business houses, recovers Rs 60 cr

Jaipur: Income Tax department has recovered Rs 60 crore of undisclosed income from three business houses following a raid at 35 places in the state, sources said.The three business houses, two of them engaged in real estate, have surrendered Rs 60 crore of undisclosed income after a search and seizure operation by IT department. The IT department has also seized Rs one crore in cash and gold and diamond jewellery worth 1.5 crore in the operation launched on Wednesday on 35 premises of the businesses houses. One of the two real estate business group is engaged in low cost housing projects promoted by state government in six districts, sources said. 

58 Emu birds auctioned

Erode: A total of 58 Australian emu birds, bought by investors from a bogus firm which promised them high returns, were auctioned here Friday by officials. The Economic Offences Wing here had last year registered a case against the owner of Sudhi Emu farm, Perundurai, on complaints by investors of not getting their money back. Some birds were seized by police from his farm. The Revenue Department in association with Animal Husbandry department maintained the birds.

Farooq Abdullah urges banks, industry to promote green energy

New Delhi: Major stakeholders like banks and industry would need to play a pro-active role to promote green energy, union Minister for New and Renewable Energy Farooq Abdullah said Friday."Banks will need to come forward and reduce interest rates even as the industry needs to innovate and develop better products," Abdullah said at an event here organised by the Planning Commission and industry body CII to launch India Energy Security Scenario (IESS) 2047 - a tool that would help stakeholders in adopting optimal option to meet energy needs.

Apple CEO promises new products, says Apple TV no longer a "hobby"

California: Apple Inc sold more than USD 1 billion of Apple TV set-top boxes in 2013 and is investing heavily in the next generation of products, Chief Executive Tim Cook said at the company`s annual meeting on Friday. Apple`s ability to again transform the fast-moving technology arena is the central question in investors` and Silicon Valley executives` minds as the company`s growth slows, and rivals like Samsung Electronics Co Ltd and Google Inc take chunks out of its market share.

Winter Storm Threatens New Yorkers on First Commute in March

New York’s first March commute may end up being one of its worst of the season as another winter storm threatens to start the work week with snow, sleet and rain throughout the U.S. Northeast. A system that’s bringing rain to drought-stricken California will make its way across the U.S., possibly laying down snow from Kansas City to Boston this weekend, said Tom Kines, a meteorologist at AccuWeather Inc. in State College,Pennsylvania.

WTI Crude Trims Monthly Gain as U.S. Fuel Demand Declines

West Texas Intermediate crude fell for a second day, trimming a monthly advance amid speculation demand may slow in the U.S., the world’s biggest oil consumer, as refineries enter the spring maintenance season. Futures decreased as much as 0.5 percent in New York and were set for the first weekly drop in one-and-a-half months. A measure of U.S. fuel use slid to the lowest level since June, data from the Energy Information Administration show. OPEC’s production declined to the least in more than two years as Saudi Arabia curbed output and Libya’s supply was disrupted, according to a Bloomberg News survey.

New York to See Worst of Winter Storm Early Next Week

Commuters in New York will probably see the worst of a storm that will strike at the beginning of the workweek, spreading snow, sleet and ice from Boston toWashington, forecasters said. There’s at least a 30 percent chance for 8 inches (20 centimeters) of snow in New York from late Sunday, March 2, into March 3, the National Weather Service said. The agency will release specific accumulation forecasts tomorrow because the track of the storm is still in doubt, said Lauren Nash, a meteorologist for the agency in Upton, New York.

Rigs Seeking Energy in U.S. Drop by Two, Baker Hughes Reports

Rigs targeting oil and natural gas in the U.S. decreased by two this week to 1,769, according toBaker Hughes Inc. (BHI) Oil rigs rose by five to 1,430, data posted on the company’s website show. The gas count dropped by seven to 335, the Houston-based field services company said. Miscellaneous rigs were unchanged at four.

Frozen East Coast Pays as Law Blocks Cheaper Fuel Flows

As freezing weather drained stockpiles of propane to their lowest seasonal level in two decades on the U.S. East Coast this month, shivering New Englanders couldn’t tap abundant supplies sailing out of Texas. They had to look 4,000 miles away to more-expensive heating fuel fromEurope. The reason? The Jones Act, a 94-year-old law that prohibits non-U.S. ships from transporting cargoes between the country’s ports. With pipelines full and not a single eligible propane tanker to deliver fuel from Houston to states such as New York, consumers have had to pay more than $100 a metric ton extra for propane from across the Atlantic.

U.S. Said to Plan March 3 Release of New Sulfur Limits in Fuels

The U.S. Environmental Protection Agency plans to unveil March 3 new regulations to lower the sulfur content of gasoline in order to reduce automotive tailpipe emissions and smog levels, according to people familiar with the agency’s deliberations. The EPA is expected to stick to the broad targets included in a proposal published last year that would lower sulfur in gasoline to 10 parts per million, according to the people. The final regulation will closely follow regulations in California.

Defiant Yanukovych Urges Russia Restraint in Crimea

Ousted Ukrainian leader Viktor Yanukovych said he’s still the nation’s rightful president and urged Russia to refrain from military intervention in the southern Crimea region as tensions there flared. Speaking publicly for the first time since leaving Ukraine, Yanukovych said the country should abide by a peace accord sealed a week ago with European Union diplomats under which he’d remain leader through December. His temporary replacement, Oleksandr Turchynov, said Russian troops were “directly involved” in the growing crisis in Crimea.

Ukraine Accuses Russia of Invading Crimea as Airports Seized

Ukraine’s acting president accused Russia of invading the southern Crimea region, where unidentified gunmen seized airports and other facilities. “The Russian Federation started a naked aggression against our country,” Oleksandr Turchynov said in a speech broadcast by the parliamentary television channel today. “I demand that President Putin halt the provocation immediately and call military forces back from Crimea.”

Maduro Urges Negotiations as Venezuela Death Toll Rises

Venezuela’s President Nicolas Maduro said today he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to negotiate. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors the Catholic Church and whoever wants to participate to join with us in the peace process.”

EPA Said Poised to Issue Lower Sulfur Limits on Fuel

The U.S. Environmental Protection Agency plans to unveil new regulations March 3 to reduce smog from automobiles, including cutting by two-thirds the level of sulfur in gasoline, people familiar with the agency’s deliberations said. The EPA is expected to stick to the broad targets included in a proposed rule published last year that would lower sulfur in gasoline to 10 parts per million from the current 30 parts, the three people said. New limits will also be imposed on tailpipe emissions.

Maduro Reaches Out to Critics as Venezuelan Death Toll Increases

Venezuela’s President Nicolas Maduro said yesterday he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to hold talks. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors, the Catholic Church and whoever wants to participate.”

WTI Crude Caps Monthly Gain on Cushing Supply

West Texas Intermediate crude capped a monthly gain as inventories at Cushing, Oklahoma, dropped and the euro strengthened against the dollar. Brent advanced. WTI closed above $100 for a 12th day. Stockpiles at the futures’ delivery point slid 7.04 million barrels in the four weeks ended Feb. 21 as the southern leg of TransCanada Corp. (TRP)’s Keystone XL pipeline moved oil to Texas from the hub. The euro surged to a 2014 high against the dollar. Brent’s increase in February was the biggest since August.

China Factory Index Decline Adds to Li’s Growth Headwinds

A Chinese manufacturing gauge fell to an eight-month low in February, adding to headwinds forgrowth as Premier Li Keqiang prepares to map out the government’s economic strategy to the nation’s legislature. The Purchasing Managers’ Index (CPMINDX) was at 50.2, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. That compared with January’s 50.5 reading and the 50.1 median analyst estimate in a Bloomberg News survey. A number above 50 signals expansion.

Home Depot’s New President Said to Be Groomed as CEO

Home Depot Inc.’s (HD) promotion of Craig Menear to president of its U.S. retail division is part of a succession plan for Chief Executive Officer Frank Blake, according to a person with knowledge of the situation. Menear, 56, is the leading candidate to become the next CEO of the largest U.S. home-improvement chain, said the person, who asked not to be named because the talks are private. There isn’t a timeline for the succession, the person said. Menear joined Home Depot in 1997 and served as executive vice president of merchandising before his promotion, the Atlanta-based company said yesterday in a statement.

Big Banks Should Rethink Objections to Plan, Brady Says

A Republican proposal to revise the U.S. tax code will benefit large banks by helping them stanch job losses within the industry, said Representative Kevin Brady, the chairman of Congress’s Joint Economic Committee. While the plan would impose a quarterly 3.5 basis-point tax on the assets of the biggest U.S. banks, including JPMorgan Chase (JPM) & Co. and Bank of America Corp., it would lower the corporate tax rate, Brady said on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend. The Texas Republican is also a senior member of the House Ways and Means Committee.

Las Vegas Sands Says Customer Data Stolen in Cyber-Attack

Las Vegas Sands Corp. (LVS), the world’s largest casino company, said customer data at its Pennsylvania property was stolen in a cyber-attack on its computer systems this month. The information included guests’ Social Security and drivers license numbers, and may also involve bank and credit-card data, the company said yesterday on a website.

Sbarro Said to Prepare Bankruptcy Filing as Mall Traffic Slows

Sbarro, the Italian restaurant chain that’s a fixture in mall food courts, is preparing a bankruptcy filing following a nine-month review of its operations, according to people familiar with the situation. The move, which could happen in the coming weeks, would let the pizza chain restructure as it struggles with sluggish demand and debt costs, said the people, who asked not to be identified because the matter isn’t public.

Maduro Reaches Out to Critics as Venezuelan Death Toll Increases

Venezuela’s President Nicolas Maduro said yesterday he is open to meeting with student protesters and opposition leaders as the death toll from more than two weeks of demonstrations rose. “The country would gain if we met and talked, with respect as always,” Maduro said in a nationwide address after calling on two-time presidential hopeful Henrique Capriles to hold talks. “We are inviting actors, artists, private and public entities, opposition leaders, students, governors, mayors, the Catholic Church and whoever wants to participate.”

Qantas Jumbo Jets Grounded for Days After Wings Clip

Two Qantas Airways Ltd. (QAN) jumbo jets will be grounded for days to fix wingtip damage caused when they clipped each other at Los Angeles International Airport. The airline and Australian regulators are investigating the collision late on Feb. 27 between the Airbus Group NV (AIR) A380, the world’s largest passenger plane, and a Boeing Co. (BA) 747-400 as the aircraft were being towed from a hangar, Sydney-based Qantas said yesterday.

Billionaire Li Seeks to List 25% of Retail Unit This Year

Hutchison Whampoa Ltd. (13), controlled by Asia’s richest man Li Ka-shing, plans an initial public offering this year for A.S. Watson & Co., selling about 25 percent of the division that has more than 10,000 retail stores worldwide. Hutchison, which yesterday posted a 20 percent jump in 2013 profit, plans to list the unit in Hong Kong and another location, according to Li.

Federal Reserve has no authority to regulate Bitcoin, chairwoman says

Bitcoin has had a rough go of it here lately but fortunately for the crypto-currency, it received a bit of good news on Thursday as Federal Reserve Chairwoman Janet Yellen told the Senate Banking Committee that the Federal Reserve simply don’t have the authority to supervise or regulate Bitcoin in any way. Yellen described the virtual currency as a payment innovation that is taking place entirely outside the banking industry. She added that it would certainly be appropriate for Congress to ask questions about what the right legal structure would be for virtual currencies that involve non-traditional players. Her statement will no doubt help set the tone for future discussions.

Mt. Gox Bitcoin exchange breaks silence, files for bankruptcy protection

Those behind troubled Bitcoin exchange Mt. Gox have finally broken their silence after abruptly shutting down shop earlier this week without explanation. During a news conference at the Tokyo District Court in Tokyo on Friday, the site’s French CEO Mark Karpeles announced they were filing for bankruptcy protection after losing nearly 750,000 of their customers’ Bitcoins and 100,000 of their own.

Newspaper replaces professional photographers with iPhone-wielding reporters

A reputable newspaper in central Florida is eliminating its entire photography department. In what it calls a restructuring effort designed to increase the quality of video on its site, the Orlando Sentinel will instead send reporters out in the field armed with iPhones / iPads to report the news. Earlier this week, the paper’s design, graphics and multimedia editor, Todd Stewart, informed the photography staff that their positions are being dissolved on March 17.

Top Western Universities seek academic tie-ups with Jamia Millia

The University of Heidelberg from Germany and Ecole Normale Superieure (ENS) from France have sought to enter into academic collaborations with Jamia Millia Islamia. Two separate academic delegations called on the Vice Chancellor, Prof. S.M. Sajid to explore possibilities of tie-ups aimed at mutual strengthening of premiere institutions through MoUs.

Madras HC asks to reserve seats for 8 petitoners who protested against CAT 2013

The Madras High Court has issued notice to the Union Ministry of Human Resources Development and the Indian Institute of Management (IIM)-Indore (convener of CAT 2013) to reserve one seat at each IIM for all the petitioners who protested against the Common Admission Test (CAT) 2013 results. The petitioners had requested for a halt on the entire IIM admission process for this year, however Madras High Court has given them hope that they may still secure admission at one of the prestigious IIMs.  

Five Profs of Engg College booked on charges of abetting suicide of student

Puducherry police has booked five professors of a private engineering college on charges of abetting the suicide of a first-year girl student, who jumped to death from the terrace of the college building. However, they did not arrest anyone as they were waiting for the postmortem report as well as a report from the tahsildar who conducted an inquiry. Five faculty members have been booked under Section 306 (abetment of suicide) of the IPC following preliminary inquiries. I Vinodhini, a first-year electrical and electronic engineering student of Sri Manakula Vinayagar Institute of Technology, Madagadipet, allegedly committed suicide by jumping off the terrace of the five-storey college building, ToI reported.

Odisha governnor asks VCs to find ways to solve faculty shortrage problem

Odisha Governor and Chancellor of state universities, SC Jamir has expressed concern over the poor quality of higher education in the country. "Quality of education in our universities is obviously an area in which our higher education system lags behind. It is quite disheartening that none of the Indian universities finds a place in the top 200 universities in the world," the governor said, during his address at the 88th All-India Vice Chancellors' Conference at KIIT University. Jamir said that if rankings and grading were any indictor of quality, Indian institutes of higher learning had a long way to go.

Bangalore gets India’s first electric bus, other cities to follow?

In a significant move towards environment friendly public transport, the country's first electric bus began operations in Bangalore on Thursday. Representational image. BYD The passenger bus, with zero emission level, was inaugurated by Karnataka Transport Minister R Ramalinga Reddy as an initiative of the Bangalore Metropolitan Transport Corporation. The air-conditioned bus can seat 31 passengers and a fully charged battery (5 hours) covers a distance of around 250 km. “The bus will run on free trial basis for the first three months, following which the BMTC will decide on its purchase. The passenger fare will be equivalent to the Volvo bus fare,” Ramalinga Reddy told .

L rallies as construction division gets Rs 5220 cr orders

The stock of Larsen and Toubro , the engineering and construction major, is on buyers' radar on Friday after its construction division bagged orders worth Rs 5,220 crore in the year 2014 so far. It gained more than 1.5 percent in intraday trade, continuing upmove for the 10th consecutive session today. It has rallied 13 percent since February 18. "Although there is still sluggishness in economy, these orders reflect that there is some positive movement in the infrastructure sector which augurs well for both the country and L&T going forward," SN Subrahmanyan, senior executive vice president, infrastructure and construction said.

Vodafone conciliation decision after transfer pricing row ends

The government will take a decision on withdrawal of conciliation offer to Vodafone for resolving the Rs. 20,000 crore tax dispute after a transfer pricing case concerning the U.K. telecom giant is settled. “The Cabinet has decided to instruct the Income Tax Appellate Tribunal (ITAT) to expeditiously solve the Vodafone transfer pricing case. Once that is done, the Cabinet will review the conciliation process,” a senior Finance Ministry official said after a meeting of the Union Cabinet on Friday.

Flying into India? Brace for new immigration rules

Passengers flying into India will have to fill up a new immigration form from Saturday to declare Indian currency exceeding Rs 10,000 being brought by them, among others. The 'Indian Customs Declaration Form' carries additional fields for declaration of dutiable goods and baggage (including hand baggage) in a separate column for passengers entering into India, said the new rules notified by the Finance Ministry. An Indian citizen would need to fill up the immigration form only when he or she goes out of the country. There will be no immigration form for Indian citizens returning from abroad, the rules said.

Maruti Suzuki shares tank after failing to allay concerns over Gujarat plant

Mruti Suzuki shares hit one-month low on Friday as brokerages raised concerns over the proposed Gujarat project even after the automaker filed clarifications on the exchanges on Thursday after market hours. The scrip was trading 4.75% lower at Rs 1,582.80 on 12.30 pm IST. Experts feel there are still uncertainties. "The press release still does not specifically clarify regarding the quantum of 'surplus’ that Suzuki Gujarat will charge to Maruti Suzuki India. Although the maximum surplus that Suzuki Gujarat can charge is defined as normal margin earned by Maruti Suzuki India. In the years when capex requirements are low, analysts will find it tough to forecast 'surplus’ unless proper guidance is given for every year," Nomura said in a report.

10% DA hike to Central employees, pensioners

Government on Friday raised dearness allowance to 100 per cent, from 90 per cent, benefiting its 50 lakh employees and 30 lakh pensioners. The decision to hike DA for its employees and to provide dearness relief for pensioners, by 10 per cent to 100 per cent was taken by the Union Cabinet in its meeting held in New Delhi.

UPDATE 1-INSIGHT-Mt. Gox: a quick rise and even faster fall

(Reuters) - Mt. Gox filed for bankrupcty on Friday but bitcoin insiders say its downfall began nearly a year ago as the virtual currency exchange tangled with regulators, split from former business partners and grappled with cyber attacks. Mt. Gox's fall lays bare the difficulties the bitcoin community faces as it tries to square its freewheeling, libertarian ideals with the rigorous regulation required in financial services and customers' needs for reliable service.

Rupee ends at 61.75, hits over 1-month high

The rupee strengthened to its highest in more than a month on Friday boosted by bunched-up dollar inflows and selling by exporters, and aided by gains in the euro, which improved risk appetite. The partially convertible rupee closed at 61.75/76 per dollar, its highest since January 21. It had closed Wednesday at 61.98/99. Financial markets were closed on Thursday for a local holiday. The rupee rose 1.5 percent on the month, its biggest monthly gain since October, after foreign investors bought a net $2.05 billion in debt and stocks in February.

GDP disappoints with 4.7 pct growth in Dec quarter

(Reuters) - India's economy grew a slower-than-expected 4.7 percent in the three months through December, dragged down by a contraction in manufacturing and mining, the last GDP data released by the government before a general election showed on Friday.

Analysts polled by Reuters had forecast growth of 4.9 percent. December's figure was the seventh successive quarter of economic growth below 5 percent.

RCI RADAs Reward Resorts & Staff

RCI has been recognising the quality of its affiliated resorts for 23 years, since 1991 when it launched its RCI Gold Crown and RCI Silver Crown Awards. Today, as many as 47 per cent of its nearly 4,500 affiliated resorts hold an RCI resort quality recognition designation. As a ‘thank you’ to the staff, RCI is asking its affiliates to make sure those who are deserving of recognition are rewarded by entering them into the 2013 RADA award programme. Entry for the RADA categories closes on10th March.

The Palm At Playa In The Riviera Maya Joins Interval International

Interval International has announced the affiliation of The Palm at Playa, a boutique hotel located right off the world-famous 5th Avenue in the heart of Playa del Carmen. The property was built by Alfonso Montes, a widely respected residential and commercial developer in the region. With its clean lines and open plan, The Palm at Playa features an elegant contemporary design and organic color palette. The property has 69 studio, one- and three-bedroom units that include premium bedding, 40-inch LCD TV, and complimentary WiFi.

Starwood Vacation Ownership And Interval International Announce Long-Term Renewal

Interval International has announced the renewal of its master affiliation with Starwood Vacation Ownership, Inc. (SVO), a division of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). The long-term agreement extends the relationship established in 2000 and includes 19 shared ownership properties, as well as future resorts.

Malnad College of Engineering and Philips experiment with solar lights

The Malnad College of Engineering (MCE), in collaboration with Philips India, has installed solar streetlights to light up its campus in Karnataka. Both organisations have spent about Rs. 4 lakh each to install the 18 solar-powered streetlights.

Pearson Plunges as Earnings Drop on Education in North America

Pearson Plc (PSON) fell as much as 8 percent after saying it wouldn’t emerge from a difficult transition period until 2015 after earnings plunged last year on weak demand in U.S. higher education and restructuring costs. Adjusted operating profit fell 21 percent to 736 million pounds ($1.23 billion) in 2013 from 932 million pounds a year earlier, the London-based publisher of the Financial Times newspaper said in a statement today. Sales rose 2.3 percent to 5.18 billion pounds, missing the 5.8 billion-pound estimate by analysts in a Bloomberg survey.

SunEdison sets up solar park

The U.S.-headquartered SunEdison is setting up a solar park near Tirunelveli. The 18-MW solar park is coming up on an 80-acre site. The park is designed to help investors easily own a solar plant. With the 2012 Accelerated Depreciation Benefit for Solar tax law and competitively-priced solar power through the open access programme, which allows developers to sell renewable energy credits, businesses that buy part of the Tirunelveli Solar Park can typically expect payback of their equity investment as a tax credit within the first year. Power generated by their units will be fed into the local grid to offset their electricity bills. The park locks in electricity pricing for 25 years, protecting owners from the rising cost of fossil fuel-generated electricity.

Solar power systems in government buildings

PUNE: The Ministry of New and Renewable Energy (MNRE) is promoting installation of solar systems in all buildings, depending on the feasibility, willingness of users and availability of funds. Under off the grid and decentralized solar applications scheme of Jawaharlal Nehru National Solar Mission (JNNSM), the ministry provides central financial assistance of 30% of the cost of solar systems for installing solar PV and thermal systems at educational institutions, hospitals, police stations, panchayats, jails, government guest houses, community buildings, Anganwadis, orphanage and other buildings for social and community use, etc. 

National Solar Mission invites investment worth Rs 5,000 crore

NEW DELHI: Even as action is missing in new power project commissioning in the country, investors have pumped in Rs 5,000 crore for developing solar powerprojects worth 750 mw under the second phase of theJawaharlal Nehru National Solar Mission (JNNSM). The average bid amount in the domestic content and open category was Rs 2.13 crore per unit and Rs 1.06 crore per unit respectively against the proposed government funding of Rs 2.5 crore per unit.

Telefonica Earnings Top Estimates Amid Cost Cuts in Europe

Telefonica SA (TEF), Spain’s biggest phone company, reported fourth-quarter earnings that topped analysts’ estimates as the carrier cut costs in Europe to cope with falling revenue. Operating income before depreciation and amortization fell 8.7 percent to 4.98 billion euros ($6.8 billion), the Madrid-based company said today. Analysts had projected 4.91 billion euros, the average of estimates compiled by Bloomberg. Net income jumped to 1.45 billion euros from 473 million euros.

Oil firms like ONGC and IOC to set up new ventures for renewable power projects

NEW DELHI: In a bid to boost renewable energy generation, oil giants like ONGC and Indian Oil Corp will form new companies to set up large sized solar and wind energyprojects in India and abroad. Oil and Natural Gas Corp (ONGC) along with Oil India Ltd(OIL), GAIL, Engineers India Ltd (EIL), Solar Energy Corp of India (SECI) and Indian Renewable Energy Development Agency (IREDA) will set up a special purpose vehicle to undertake big electricity grid-connected projects.

Five Bangalore companies join hands for solar project

CHENNAI: In an effort to reduce their excessive dependence on grid power, five companies in Bangalore - Infosys, Cognizant, Coke, Philips and Bangalore International Exhibition Center - have come together to set up an aggregate solar power project. The project, implemented by World Resources Institute under its Green Power Market Development Group, was launched in January 2013 and received four bids from suppliers . With two finalists now, the project has reached negotiations with individual companies, sources said. This collaborative solar project took shape after the companies were looking to invest in renewable power but were hesitant to deal with the many variables including power purchase agreements. The project entails the companies to mount roof top solar panels and draw solar power from these for their daily consumption . 

WPP Falls Most in Four Years as Exchange Rates Hurt Margins

WPP Plc (WPP) fell the most in more than four years as a strong British pound hurt profitability and led the world’s largest advertising company to miss its earnings-margin target. Currency fluctuations cut the profit margin by 0.2 points last year, the London-based company said today. Revenue increased 6.2 percent to 11 billion pounds ($18.3 billion), close to the 11.1 billion-pound average estimate of analysts in a Bloomberg survey. The shares fell as much as 7.1 percent.

Superabsorbing design may lower manufacturing cost of thin film solar cells

The superabsorbing design could decrease the thickness of the semiconductor materials used in thin film solar cells by more than one order of magnitude without compromising the capability of solar light absorption. "State-of-the-art thin film solar cells require an amorphous silicon layer that is about 100 nanometers (nm) thick to capture the majority of the available solar energy," says Dr. Linyou Cao, an assistant professor of materials science and engineering at NC State and senior author of a paper describing the work. "The structure we're proposing can absorb 90 percent of available solar energy using only a 10 nm thick layer of amorphous silicon.

Jipmer’s College of Nursing goes the solar way

The Jawaharlal Institute of Postgraduate Medical Education and research will be launching their Solar Power System at the College of Nursing and Emergency Medical Services Building on Wednesday. The 50kW solar power system has been donated by alumni from Jipmer, a release said.

Largest solar plant launched

Gujarat Chief Minister Narendra Modi launched a 130-MW solar power plant at Bhagwanpur in Neemuch, about 400 km from here, on Wednesday. Madhya Pradesh Chief Minister Shivraj Chouhan was present. The Welspun Solar MP project, the largest solar power plant in India set up at a cost of Rs. 1,100 crore on 305 hectares, will supply power at Rs. 8.05 a kWh. Calling it a saffron revolution, Mr. Modi said: “We have already seen the green and the white revolutions; soon, we are going to see a saffron revolution in the country ... The sun was there even during the time when there was a Congress Chief Minister. But the Congress never thought of using it to develop solar energy, and it was Chouhan who used it for energy production.”

Calling Anti-Renewables Campaigners NIMBYs Is Often Inaccurate And Always Unproductive

NIMBY — Not In My Back Yard — is a nice crisp acronym and gets bandied about a lot when discussing opposition to wind energy and other renewables. But it is inadequate as a categorization of the various people fighting against broader penetration of renewables in energy grids worldwide. More than just inaccurate, however, it’s unproductive. Calling someone a NIMBY labels and diminishes them, making them feel quite rightly as if they are not being listened to. And understanding where anti-renewable’s sentiment originates from in the person you are talking with is important to ensuring that you are addressing their actual concerns and overcoming them.

Denmark Turns Climate Goals Into Climate Law

Denmark has officially enshrined their climate goals into law, as has been reported in several locations over the past 24 hours. The official Danish Twitter account (@denmarkdotdk) linked to a post on website ‘tcktcktck.org’, confirming reports that the ruling party — the Social Democrats — along with the Conservative People’s Party, the Socialist People’s Party, and the Red-Green Alliance, had made the country’s climate goals a legislative reality. Denmark have committed to reducing their country’s greenhouse gas emissions by 40% below 1990 levels by 2020. In December of 2013, wind power accounted for 55% of the country’s electricity — a first for any country. Horns Reef, Denmark

Department of Defense Goes Big On Wind, Solar, And Biomass

We’ve been following a massive $7 billion renewable energy buy that the Department of Defense kicked off a while back, and the program is really picking up steam. In the latest round of developments, yesterday the US Army Corps of Engineers paired up with the Army Energy Initiatives Task Force to announce contracts with 20 more companies. If that Army task force (EITF) rings a bell, we just noted yesterday that EITF swung a deal for Fort Drum in New York to get up to 100 percent renewable energy 24/7 from the company ReEnergy, which refitted a coal fired plant at the facility to burn local biomass. Solar installation at Fort Carson courtesy of USACE.

Delhi civic body to tax commercial vehicles on Gurgaon Expressway

The Delhi High Court on Wednesday paved the way for the South Delhi Municipal Corporation (SDMC) to collect entry tax from commercial vehicles entering Delhi from the Rajokri toll plaza at 24 km milestone on the Delhi-Gurgaon Expressway. The control of the expressway was recently taken over by the Infrastructure Development Finance Company (IDFC), the lead financer of the project, putting an end to a long-drawn legal tussle.

Graphene+Platinum Nanoparticles Bonding Effects Revealed — Fuel Cell Production Costs To Fall?

New research from the University of Arkansas has revealed that platinum nanoparticles automatically limit their own size and organize into specific patterns when they’re bonded to freestanding graphene. When exhibiting these behaviors, the platinum nanoparticles retain the ability to function effectively as a catalyst for chemical reactions — a finding that the researchers think may lead to lowered production costs for platinum-catalyzed fuel cells. Image Credit: Graphene via Wikimedia Commons

The Global Shift To Clean Energy Is Not Just An Idea Anymore

We’re not totally screwed. I doubt Ethan Zindler would use those exact words to describe the rapid global transition to cleaner forms of energy he’s spent the past eight years or so tracking for Bloomberg New Energy Finance. But that’s the feeling I was left with after reaching him by phone recently at the market intelligence firm’s Washington, D.C. offices. Zindler, its head of policy analysis, doesn’t advocate for clean energy. His job is to make sense of the sector’s latest financial data.

'Indian Government should consider banning Chinese imports in telecom sector'

The Indian government should consider banning imports of equipment related to power generation and telecom from China, the Indian Electrical & Electronic Manufacturers' Association (IEEMA) said on Wednesday. "Government should look into this issue of increasing Chinese electrical equipment imports. We would like the Chinese equipment not to come in the power and telecom sectors. It is detrimental to the interests of the country," Director General of IEEMA Sunil Misra told PTI.

Liquid Silicon Courses Through The Veins Of This Classy LED Bulb

When the SWITCH Lighting Co. asked us to review their infinia LED bulb we expected something special and it did not disappoint. The award winning company touts a proprietary liquid silicon cooling system in each bulb, which we discovered for ourselves works really well. We’ve been following SWITCH for a few years now (here, here, and here for example), so it was nice to get a chance to screw in one of their new bulbs.

The SWITCH infinia LED bulb

The first thing we’ll say is that changing from a conventional bulb to the infinia LED under the same lampshade was a real exercise in not noticing any difference, so all else being equal there is no aesthetic reason to cling to 130-year-old incandescent technology that wastes 90 percent of its energy in the form of heat unless you want to score political points and make an enemy out of the entire US lighting industry. Aside from that, the SWITCH infinia LED bulb has a satisfying heft to it, so you feel like you’re handling a permanent appliance rather than a cheap throwaway. That’s a critical point when it comes to realizing the full advantages of new lighting technology. Part of the equation is the energy savings in terms of household electricity consumption, and according to SWITCH the infinia LED uses up to 85 percent less energy than conventional bulbs. For an added bonus it could also qualify you for utility savings in your area. Another vital part of the equation is the energy and resource savings involved in not having to change out your bulbs every year or so, namely manufacturing, shipping, and disposal. According to SWITCH, the infinia lasts about 25 times longer than conventional bulbs. Let’s also throw in the risk avoidance involved in not having to climb up on a chair with disturbing frequency just to change your light bulbs. SWITCH also sent along an elegant looking Lutron dimmer extension cord for us to try out, and we are happy to report that it works like a charm. As for the liquid silicon cooling system (LQD Cooling System™ for the record), about half an hour after we screwed in the bulb we decided to take our own photo instead of grabbing something off the company website, and without pausing to think about it we started to unscrew it. With a conventional bulb that would have resulted in some interesting vocalizations, but our infinia was only warm to the touch. So yes, that liquid silicon thing really does work. http://cleantechnica.com/2014/02/26/classey-new-led-bulb-from-switch-sports-liquid-silicon-cooling-system/

Increased Safety For Night-time Bicyclists With BLAZE

Emily dreamed up BLAZE to address some of the most significant blind spots of drivers. Her ingenious idea looks like a winner. 79% of bicycle accidents (in the UK, Emily’s home) occur from drivers turning into bicyclists. This is partly due to driver blind spots. Emily conceived BLAZE to help address this. BLAZE is a projected neon light that warns drivers visibly that they are sharing the road. With this projected neon image of the bicyclist on the road, ahead of the driver, the driver becomes conscious of a bicyclist sharing the road even if she or he does not see the bicyclist.

REC Silicon Enters Biggest Solar Market With Chinese Venture

The uptake of rooftop solar PV in South Australia – already the state with the highest penetration of solar PV in the country – surged in the second half of 2013. According to data provided by electricity distributor Spark Infrastructure, there was 548MW of rooftop solar PV on 157,000 South Australian rooftops as the end of the year. This represents 21.2 per cent of its about 750,000 residential customers.

Proposal to auction two more mines in Jharkhand put on hold

The government’s plans to auction two more coal blocks in Jharkhand has been put on hold because of some issues involved. The government on Wednesday had put three other mines in Jharkhand and West Bengal on block for captive use, beginning the process for the first ever auction of mines. “A Coal Ministry panel had proposed to earmark five coal blocks for auction. However, the Coal Ministry decided to put only three on block and keep the remaining two on hold as there were some issues involved,” said a source privy to the development.

Merkel Advisers Urge Germany to End Clean-Energy Subsidy Program

Germany should scrap its clean-energy subsidies because the system has driven up electricity costs for consumers and hasn’t spurred innovation or reduced greenhouse gases, a group of government advisers said. Adding renewable-energy plants in Germany doesn’t cut Europe’s emissions because they’re released elsewhere, the Commission for Research and Innovation said in a report handed toChancellor Angela Merkel today. The uncapped aid provided by the system known as EEG -- about 23 billion euros ($31 billion) last year -- doesn’t encourage new technologies, it said. “The EEG isn’t a cost-efficient instrument for climate protection nor does it have a measurable impact on innovation,” the commission said in the report. “That’s why there is no basis for the continuation of the EEG.”

GE Says Japan Has More Potential to Harness Wind Power

General Electric Co. (GE) considers Japan ripe for new investment in wind power as the resource-poor country diversifies energy supply in the wake of the Fukushima nuclear disaster almost three years ago. To that end, GE has developed a 2.85-megawatt turbine for Japan that can withstand conditions unique to the Asian country. It can survive typhoon-strength winds, turbulent conditions and lighting strikes common in the nation. “As you look at Japan and how we think about the energy mix in Japan, overall energy diversity is key,” Anne McEntee, chief executive officer of renewable energy at GE Power & Water, said at a conference yesterday in Tokyo where she outlined the Fairfield, Connecticut-based company’s approach to Japan.

CEZ Fourth-Quarter Profit Cut in Half by Low Power Prices

CEZ AS’s fourth-quarter profit fell 49 percent as electricity prices sank and the largest Czech power producer wrote down the value of its assets. Net income dropped to 3.5 billion koruna ($175 million) from 6.9 billion koruna a year earlier, the Prague-based company said today in a statement on its website. That matched the average of 14 analyst estimates compiled by Bloomberg. The utility is battling low demand and prices, compounded by reduced income from its Romanian wind park and the falling value for its option in Hungary’s Mol Nyrt. CEZ wrote 10.6 billion koruna off its assets in the fourth quarter, including the new Pocerady gas plant which is too expensive to operate under current gas prices.

Norway Oil Fund Ban Proves No Hurdle for Arctic Coal Mining

As lawmakers in Oslo debate whether to ban their $840 billion sovereign wealth fund from investing in coal companies, the country has opened a new coal mine in the Arctic Svalbard archipelago. Mining for coal in the northernmost reaches of the globe helps Western Europe’s biggest oil producer keep a presence in the fossil-fuel rich region as nations, includingRussia and the U.S., jockey for power there. Norway is fighting for a claim to the Arctic as its North Sea oil and gas reserves start to run out after more than 40 years of production. “It’s a very clear sign that coal mining in Svalbard is a desperate act to try to maintain Norwegian activity that they believe is necessary to maintain sovereignty over the island group,” said Truls Gulowsen, director for Greenpeace in Norway, by phone. “It’s not making money, it’s not necessary and it’s extremely bad for the climate.

Infra splurge too late to revive economy: analysts

India's drive to break an infrastructure investment logjam has come too late to revive the economy before the forthcoming general election - and it could be years before it pays growth dividends for the next government. Although a cabinet task force set up by Prime Minister Manmohan Singh has fast-tracked approvals for projects worth 5 percent of gross domestic product, severe bottlenecks will limit the scope for his successor to achieve a turnaround.

Air India joins fare war, offers up to 30% discount

Mumbai: Days after budget carriers led by SpiceJet lowered ticket rates by up to 75 percent to avail early summer season bookings, Air India joined the fare war today offering discounts on select routes. The national carrier announced up to 30 percent discount on advance ticket purchases with an extended travel period on select flights on local routes as well as domestic leg of international flights.

Essar Steel may raise prices by Rs 1,000/tn next month

Mumbai: Private steel firm Essar Steel is likely to raise product prices by around Rs 1,000 per tonne next month on the back of rise in input costs and demand uptick during the past two months among others. "Essar Steel is likely to raise product prices by around Rs 1,000 per tonne next month. This is primarily cost push along with some demand uptick in the fourth quarter," according to a source. The steel firm has also seen rise in demand for exports in recent months and expects the momentum to continue, the source said.

Credit Suisse `regrets` misconduct, blames rogue staff

The head of Credit Suisse expressed regret Wednesday that his bank helped US clients hide billions from the tax man, but blamed the wrongdoing on a small band of rogue employees. The bank could and should have done more to stop workers from aiding and abetting tax evasion on behalf of American account holders, chief executive Brady Dougan said. "Credit Suisse acknowledges that misconduct, centered on a small group of Swiss-based private bankers, previously occurred at our bank," Credit Suisse said in a statement to a US Senate panel that led a years-long investigation of "Swiss bank secrecy."

CERC ruling to bring down Mundra project losses: Tata Power

New Delhi: The CERC ruling will help in reducing Mundra project's annual losses by Rs 1,100 crore, according to Tata Power. The 4,000 MW Mundra ultra mega power project, located in Gujarat, is estimated to be incurring a loss of Rs 1,500 crore annually mainly due to rise in price of Indonesian coal that is used to fire the plant. According to Tata Power Managing Director Anil Sardana, the CERC ruling would help in reducing losses incurred by Mundra Project. The annual losses are expected to come down by Rs 1,100 crore.

Six IIM graduates placed with lucrative pay

Dubai: Six Indian management graduates from IIMs have landed themselves a lucrative job with an annual pay of Rs 44 lakh each from a Dubai-based finance firm. Dunia Finance, an Abu Dhabi-based finance company, has hired six new graduates from the distinguished Indian Institute of Management's campuses in Ahmedabad and Kolkata.

Czech Republic, Punjab to explore energy, biomass tieups

The Czech Republic's ambassador to India, Miloslav Stasek, on Wednesday called on Punjab industries minister Madan Mohan Mittal and discussed various issues related to close cooperation in the sectors of renewable energy, biomass and water treatment.

Stasek told Mittal a Czech delegation will visit Punjab in May to discuss the potential of establishing joint venture projects in these fields, a spokesman later said. The ambassador also said the Czech Republic was conducting research on making construction materials from paddy straw.

Shell, TAFE tie up for co-engineering

CHENNAI: After partnering with passenger car companies like Maruti, Hyundai and Tata, the global leader in lubricants Shell is now working with tractor maker Tractors and Farm Equipments (TAFE), the flagship of Chennai-based Amalgamations' Group. Research shows that use of a suitable lubricant along with long-term co-engineering with theoriginal equipment manufacturer (OEM) can result in higher energy savings. "In passenger cars, fuel economy is no longer a product differentiator nor can it bring competitive advantage . But, energy savings and performance enhancement can," Nitin Prasad, managing director, Shell India said. 

Sundaram Infotech bags big contract from IFMR Capital

Chennai: Sundaram Infotech, the IT subsidiary of non-banking finance company Sundaram Finance, has bagged one of its biggest deals in the domestic market. However, the company did not disclose the size or the tenure of the deal in its statement issued today. "...The company has bagged a significant domestic IT deal from IFMR Capital, a city-based non-banking finance company founded by IFMR Trust. This is one of the biggest wins for Sundaram Infotech in domestic market," the statement said.

Is Utility 2.0 A Forecast Or A Post-Mortem?

For the last six months, the energy news sphere (perhaps led by the Edison Electric Institute) has been rife with a discussion about the threat to the utility business from distributed energy like local solar, as their customers shift to getting their own power from nearby renewable resources.  Reports and news stories – e.g. “Adapt or Die” – suggest changes to the electric utility business model are imminent as power generation shifts from massive to medium scale and from remote to local. For some utilities, this discussion is not a forecast, but a post-mortem. Electric utilities have always built infrastructure (power lines, power plants, etc) as long-term investments.  They relied on growing electricity demand and sales to help recoup the costs of new coal-fired power or (over budget) nuclear retrofits in the Midwest or new high-voltage power lines in the Northeast.  Utility commissions played along, allowing them cost recovery and generous returns on equity (10-11%) for new infrastructure. But hardware that seemed wise in the 1990s and 2000s is suddenly and rapidly being exposed as untimely and unnecessary.

AGL Energy Wind Farms Operating At Nearly A 50% Capacity Factor!

AGL Energy says some of its wind farms in South Australia have been operating at nearly 50 per cent capacity factors in the past six months, a very high rating for a wind farm and higher than many coal-fired generators. This graph included in AGL Energy’s December half accounts show that the 95MW Hallett 1 and 71MW Hallett 2 wind farms – both located near the village of the same name in the state’s mid north region – achieved capacity factors of 48 per cent and 49 per cent respectively from July 1 to December 30. The other two Hallett wind farms in its portfolio also got capacity factors of 45 per cent and 40 per cent. Wind energy accounted for 27 per cent of the state’s electricity production in 2012/13, and may well increase this year based on this data.

ArcelorMittal, NSSMC complete ThyssenKrupp's US steel mill buy

New Delhi: ArcelorMittal, along with Nippon Steel and Sumitomo Metal Corporation (NSSMC), has completed acquisition of ThyssenKrupp AG's steel mill in the US for USD 1.55 billion. "The transaction a 50:50 joint venture with NSSMC was completed for an agreed price of USD 1,550 million plus working capital and net debt adjustment," the world's largest steel-maker said.

How To Find Green Dividend Yield

In the vexing world of low-interest rates that we now live in, a promising realm is opening up to alternative energy investors. Two recent IPOs have broadened the dividend investment field for green investors, Hannon Armstrong Sustainable Infrastructure (HASI) and Pattern Energy Group Inc (PEGI). Though these two green companies operate in very different business areas, they both offer promising income investing opportunities.

Hannon Armstrong Sustainable Infrastructure

IPCC: Climate Impacts 'Are Very Evident, They're Widespread' And 'We Are Not Prepared'

 

Humanity’s choice (via IPCC, 2013): Aggressive climate action ASAP (left figure) minimizes future warming. Continued inaction (right figure) results in catastrophic levels of warming, 9°F over much of U.S.

The next big report from the world’s leading climate scientists is on impacts, it’s due the end of March, and it isn’t pretty. As the AP summarized the draft report on “Impacts, Adaptation, and Vulnerability” from The Intergovernmental Panel on Climate Change, “starvation, poverty, flooding, heat waves, droughts, war and disease likely to worsen as the world warms from man-made climate change.”

Ukraine Economy Hangs on Investments From Exxon to Shell

(Corrects 14th paragraph of story published yesterday to show Shell’s drilling will take place over five years.) The world’s largest oil companies from Royal Dutch Shell Plc (RDSA) to Exxon Mobil Corp. (XOM) are likely to reassess deals to drill in Ukraine where political crisis is threatening a promising source of new profits as well as the country’s drive for energy independence. Related:

• Ukraine Delays Vote on New Government Amid Bailout Rush
• Video: New Ukraine Government Facing Economic Challenges
• Opinion: Ukraine Needs Money, Not Revenge

Offshore wind farms could tame hurricanes before they reach land

For the past 24 years, Mark Z. Jacobson, a professor of civil and environmental engineering at Stanford, has been developing a complex computer model to study air pollution, energy, weather and climate. A recent application of the model has been to simulate the development of hurricanes. Another has been to determine how much energy wind turbines can extract from global wind currents.

Lightning harnessed to protect power grid components

The foes of power grids everywhere, lightning and other high voltage currents now can help utilities track the health of components throughout their systems. For good reason, when power switches or lightning create high voltage currents, power companies view it as a problem. These so-called natural transients have the power to destroy components and cause disturbances along the transmission line. But Roya Nikjoo went looking for the positive side of natural transients, and she found it. The researcher at Stockholm's KTH Royal Instititute of Technology has developed a system that uses natural transients to measure the wear and tear on power components. 

Natural Gas Inventories are Headed Toward Zero

This winter has been one of the coldest on record. It’s been the coldest winter in at least 30 years, and I saw a report today that there is a chance that this will be Chicago’s coldest winter on record. Presently it is the 3rd coldest on record for Chicago, but another blast of cold air is just moving into the Midwest and East Coast. Natural gas is a major energy source for heating homes, and prices have been spiking periodically in recent weeks as the weekly draws on natural gas inventories are higher than normal. Natural gas consumption in the US is highly seasonal, so producers use a system of underground pressurized storage that builds inventories until mid-fall, which are then depleted through the winter. Natural gas can be stored in depleted oil or gas reservoirs, in natural aquifers, or in salt caverns.

Radiation Levels Fall after Nuclear Waste Leak in New Mexico

Radiation levels within and around the United States’ only deep-underground nuclear waste facility continue to drop, nearly two weeks after a mysterious leak triggered alarms and shut down the facility, according to data released this week by the US Department of Energy and an independent air-monitoring group. The sharp spike and subsequent decline in radiation are suggestive of a single release of contamination on 14 February at the Waste Isolation Pilot Plant (WIPP) near Carlsbad, New Mexico. It is the first reported leak at the WIPP, which is a permanent repository for nuclear waste that has been carved out of ancient salt beds 655 metres underground. Contamination escaped the facility, but officials say that the levels are low and pose no health threat. Because no one was underground when the radiation alarms went off, it remains unclear what caused the release.