Oil cos ONGC, HPCL, OIL, IOC and others may run out of cash to buy oil by December

NEW DELHI: India is staring at an energy crisis after December as staterun refineries will start shutting down because they will run out of money to import crude oil, Indian Oil Corp Chairman RS Butola said after declaring the company's biggest quarterly loss. IOC posted the second successive quarterly loss because it has not been compensated for selling kerosene, cooking gas and diesel below market rates. This is forcing IOC to buy crude oil with borrowed money, but banks cannot endlessly support this as the company's borrowings have surged to over Rs 73,000 crore and it is unable to raise prices of fuels. "We will face problems in raising money after December. Means, we will not have enough money to import crude. We will be forced to shut down some refineries and supplies will suffer," Butola said. Oil companies are trapped between the government's political and economic compulsions, which are blocking moves to pay subsidy or to raise fuel prices: The government is under strong political pressure to freeze fuel rates as inflation is already high while the finance ministry, which is struggling to meet its fiscal targets, is looking for ways to raise revenue and reduce expenditure on subsidies. Brent crude was trading at $114 on Wednesday, down from the previous day's high of nearly $116, but still too high for Indian companies. The International Energy Agency said oil prices would head towards $150 if adequate investments are not made in the Middle-East and north Africa. Butola said the company had reported its "worst ever" loss of Rs 7,486 crore in the second quarter of the current fiscal after the government did not pay it a penny to compensate its Rs 11,757-crore revenue loss.

Paradip Port capacity to touch 250 mt in 10 years: G J Rao

PARADIP (ODISHA): The capacity of the Paradip Port will be enhanced from present 57 MTs to handle 250 MTs of carogo during next decade, its chairman G J Rao said here on Thursday. Rao said this after unfurling the port flag on the occasion of auspicious "Kartika Purnima" and "Port Day". The PPT chairman handed over "Shuva Kalasa" (holy earthern pot) to seven Sadhavas (symbolic merchants) to be placed in a decorated boita (ship), popularly known as "Boita Bandan", the symbolic celebration of the state's maritime past. Rao presided over the state level function as the Chief Minister Naveen Patnaik did not turn on the occasion. Patnaik was not taking part in any celebration due to the devastating floods this year. Odisha had a rich maritime history. However, it was came to a halt between 12th and 19th century. But, late Biju Patnaik, the legendary figure of Odisha had set up the Paradip Port, which is one of the mjor ports now in the country, Rao said. The sadhavas of Kalinga (the ancient name of Odisha) on this day ventured into the sea for business in Java, Sumatra and Bornio with the help of northern wind. Before their departure, the boitas were worshipped by wives of sadhavas (known as Sadhavanis) so that they will be saved from anykind of eventuality in the mid-sea by the blessings of goddess "Mangala". Among others, the deputy chairman, A C bose, Secretary N K Mishra attended the colourful function.

China tries to rein in Internet with new threats

China's censors are trying to keep online criticism and rumors from reaching a broader audience, issuing new orders prohibiting news media from reporting Internet postings before they are verified. The regulations, dated last month but posted Friday on the website of the state press administration, ban journalists from reporting any information taken from the Internet or cellphones without firsthand verification. The regulations say reporters or editors may be barred from working in media for five years as a penalty. The rules are the latest attempt by the authoritarian government to reassert control over the flow of information that is being challenged by the popularity of social media.

Google drops Gmail support for BlackBerry users

Google, maker of Android software for mobile phones, will stop supporting the application forGmail for rival Research in Motion's (RIM) BlackBerrysmartphones. "Beginning November 22, 2011, we will end support for the Gmail App for BlackBerry (installed native app). Over this past year, we've focused efforts on building a great Gmail experience in the mobile browser and will continue investing in this area," Google said. This means that from November 22, Google will stop supporting Gmail application for BlackBerry devices and the Gmail applications currently running on the BlackBerry will no longer be maintained and enhanced by Google. However, users who have already downloaded the app may continue to use it, the company added.

twin pregnancy - Mother's are really great

Mother's are best in the world

China's No. 1 target is the US, next is India: George W Bush

MUMBAI: Former US president George W Bush on Tuesday delivered a blunt warning to Indians about the intentions of China. The former president who has courted trouble in the past with his aggressive and overthe-top assertions said China was looking to upstage India. "China's No. 1 target is the US, next is India," he told a group of select CEOs at a late dinner meet on Tuesday. Bush, the two-term president whose reign saw a dramatic improvement in Indo-US relations, also said his country's patience with Pakistan was wearing thin, according to one of the participants. "If the US had not befriended Pak, Pak would have become more dangerous. But now US patience is wearing off," he said. In the course of a free-wheeling discussion, Bush also touched upon a number of important topics. He cautioned businessmen never to do business with Russia and said the EU would have a completely different look in five years but the euro would stay. "If Iran goes after Israel, the US will go after Iran," Bush said, referring to the tense stand-off in the Middle-East over Iran's nuclear weapons programme. "While making history, timing is most important," he added. Those attending the dinner meet included HDFC Chairman Deepak Parekh and ICICI Bank Chairman KV Kamath. Closed-door dinner RPG promoter Harsh Goenka, GVK group promoter GVK Rao, Bajaj Auto chairman Rahul Bajaj and IIFL promoter Nirmal Jain were also present. "This event was kept a secret because the main condition from George W Bush's office was that there will be no announcements about this engagement and no media coverage given to it. Even the list of guests was kept secret," said a senior executive from ICICI Lombard. The visit was organised ICICI Lombard and Fairfax Financial Holdings, a Torontobased company that owns 26% of the Indian general insurance company, and was attended by their top officials from India and the US.

Uttar Pradesh to be split into 4 states? Maya drops poll hint

LUCKNOW: Chief minister Mayawati is likely to soon push for reorganization of Uttar Pradesh, splitting the sprawling state into four parts. The move is being seen by her supporters as a masterstroke ahead of the 2012 assembly polls. Well-placed BSP sources said Mayawati was planning to make the pitch to carve four new states out of the country's largest state which, with its 75 districts, is larger than many countries. As per the blueprint, the eastern part of the state with 32 districts will form a new state of Poorvanchal; the 22 western districts will be grouped together as Harit Pradesh; Bundelkhand will take seven districts while the remaining 14 will fall in central UP, the fourth state. Mayawati did not deny the move when questioned by reporters at a press conference to announce the raise in state advisory price for sugarcane . A smiling Mayawati said, "It's a big issue but I will not talk about it today because if I do, you people will downplay the SAP story, a big pro-farmer step of the state government." This response strengthened the buzz around the reorganization. Division of UP has been talked about for long because of the problems involved in administering such a large area. The state remains unwieldy even after the hilly region was hived off to form Uttarakhand . But the move has gained momentum now because of impending elections , with BSP sources hoping it would set the campaign agenda, while diverting attention from the incumbency. That hope is not without basis as almost all parties have at various times advocated division. Congress has championed the creation of Bundelkhand state, saying distance from Lucknow has added to its backwardness. Parties wary of Maya's move to divide state ahead of polls Lucknow: Uttar Pradesh chief minister Mayawati's broad hints of a division of the state was met with caution by political parties, which have, at various times backed such a move. The possibility has also set the ball rolling in the poll-bound state, especially given the backdrop of the row over a separate Telangana. Congress has been batting for Bundelkhand, but has not taken a stand yet on Harit Pradesh. However, the ruling party will find it difficult to oppose such a move because its prospective ally Ajit Singh has made Harit Pradesh a battle theme. The BJP, which carved Uttarakhand out of UP, has consistently prided itself for its commitment to smaller states - pointing to the creation of Chhattisgarh and Jharkhand in 2000. The party has now taken up the cudgels for Telangana . But on Tuesday, it chose to downplay Mayawati's proposal . BJP's national vicepresident Kalraj Mishra said the party had always been in favour of smaller states but the decision to divide UP should be taken after a thorough study by a state reorganization commission.

Kingfisher faces more turbulence, over 30 flights cancelled

NEW DELHI: Cash-strapped Kingfisher Airlines got into more turbulence today by cancelling over 30 flights for the fourth consecutive day even as some pilots and cabin crew did not turn up for duty by reporting sick. Thousands of passengers across the country were inconvenienced by the cancellation of flights and in some cases paid a premium of 20-40 per cent to travel by other airlines. Over the past four days, the Vijay Mallya-owned airline has cancelled more than 120 flights maintaining they were taking some aircraft off their schedule to add business class seats in them. Airline sources said 30-odd pilots and cabin crew have not reported for duty in the past few days on grounds of sickness, but discounted reports that 100 pilots had quit the airline recently. The payment of October salary and allowances of the airline staff has been delayed. The airline has suffered a loss of Rs 1,027 crore in 2010-11 and has a mounting debt of Rs 7057.08 crore. Kingfisher's flight schedules have also been severely hit with three oil companies -- HPCL, IOC and BPCL--stopping granting credit to it for lifting jet fuel and asking it to make payments on a daily basis. Industry sources said the airline has grounded eight of its leased turboprop ATR aircraft. The cash-strapped carrier also has unpaid dues to the operators of airports and other agencies, which have been putting pressure on it. The Directorate General of Civil Aviation (DGCA) had yesterday issued a show-cause notice to Kingfisher asking why it had not taken the regulator's prior approval to curtail its flight schedules as required by the Aircraft Rules, 1937. Officials said the airline is yet to reply to the notice but added that a reply was expected in a couple of days.

Telcos earn Rs 46,891 cr in Q1, Airtel leads pack

NEW DELHI: Bharti Airtel has cornered around 22 per cent of the total revenue of Rs 46,891.61 crore earned by telecom service providers during the first quarter of 2011-12, regulator Trai said today. Airtel's gross revenue was the highest at Rs 10,212.96 crore, followed by Vodafone at Rs 6,893.91 crore, Idea Cellular at Rs 4,600.77 crore and state-run BSNL at Rs 4427.80 crore, the Telecom Regulatory Authority of India (Trai) said in its India Telecom Services Performance Indicator Report. Revenues of Reliance Communication, state-run MTNL, Videcon and Quadrant Televentures, however dipped to Rs 3,014.90 crore, Rs 750.62 crore, Rs 162.18 crore and 51.40 crore, respectively. Tata Teleservices earned Rs 2,865.66 crore, Aircel Rs 1,541.09 crore, Unitech Rs 538.90 crore, Shyam Sistema Rs 279.05 crore, Loop Telecom 186.05 crore and S Tel Rs 38.52 crore. The gross revenue of Rs 46,891.61 crore is up by a marginal 3 per cent from the previous quarter. The revenue growth is 13 per cent compared to Rs 41,392.75 crore earned in the same period last fiscal. The adjusted gross revenue (AGR) on which the government charges the licence fee grew by 3.56 per cent Rs 32,589.93 crore in the first quarter, sequentially. Telecom service providers are charged a licence fee of 10 per cent of AGR in the metros and category 'A' areas, 8 per cent in in category 'B' areas and, 6 per cent category 'C' areas.