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ONGC, partners set to invest $10 b in Iran
Dehradun, December 2
The Oil and Natural Gas Corp (ONGC) and its partners, Hinduja Group firm Ashok Leyland Projects Services (ALPS), will invest USD 10 billion in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said in New Delhi. Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs.

Dubai Crisis
Core sectors in India insulated: Report
New Delhi, December 2
The ongoing Dubai crisis is likely to impact specific sectors of the Indian economy such as exports, remittance, banking and real estate, but the core industrial growth is likely to remain insulated, a report said.

Gold Rush
Rs 18,460 per 10 gm
New Delhi, December 2
Gold prices today surged by Rs 490 to scale a new high of Rs 18,460 per ten gram in the bullion market, setting a new record in global markets amid continuing weakness in dollar. A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season.

BRIEFLY

EARLIER STORIES

	Public holdings in PSUs not beyond 10 pc: FM December 2, 2009
	Growth rate zooms to 7.9 pc December 1, 2009
	Worst seems to be over: FM November 29, 2009
	Dubai crisis roils Sensex November 28, 2009
	Cross-examine Deora, Oil Secy, says RNRL November 27, 2009
	Govt may cancel NTPC’s mega order to TPE November 26, 2009
	Raju created fake invoices worth Rs 430 cr: CBI November 25, 2009
	Reduced IPO listing time within a year: SEBI November 24, 2009
	5 of top 10 Cos lose Rs 24k cr November 23, 2009

	ONGC, partners set to invest $10 b in Iran Tribune News Service Dehradun, December 2 The Oil and Natural Gas Corp (ONGC) and its partners, Hinduja Group firm Ashok Leyland Projects Services (ALPS), will invest USD 10 billion in two giant gas fields and an LNG project in Iran, Iranian Deputy Oil Minister Seifollah Jashnsaz said in New Delhi. Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs. According to ONGC officials here, ONGC Videsh, the overseas arm of the body, and Hinduja Group firm Ashok Leyland Projects Services (ALPS) signed agreements to take 40 per cent stake in Phase 12 of the gigantic South Pars gas field, late yesterday evening. Phase 12 is the largest of the 28 Phases in which the South Pars gas field in Persian Gulf has been divided and will cost USD 7.5 billion. ONGC and ALPS along with Petronet LNG also signed a pact to take 20 per cent stake in Iran LNG that is building a USD 4.32 billion plant on the southern coast to convert gas from Phase 12 (SP-12) into liquefied natural gas for exports. Jashnsaz said considering the "good work" done by OVL in discovering a big gas field in the Farsi block, Iran has also decided to award it the right to develop the field. OVL, along with Indian Oil and Oil India, will invest USD 5.5 billion in developing the Farzad-B gas field, according to ONGC officials. Iran does not give foreign firms ownership of oil and gas and instead pays a fixed fee on the investment. India would, however, get LNG in return. In case of any default or delays, New Delhi can deduct the promised return from the money it pays to Iran for buying crude oil. Iran will also sell 6 million tonnes a year of liquefied natural gas (LNG) to India to meet its growing energy needs.
	Dubai Crisis Core sectors in India insulated: Report New Delhi, December 2 The ongoing Dubai crisis is likely to impact specific sectors of the Indian economy such as exports, remittance, banking and real estate, but the core industrial growth is likely to remain insulated, a report said. “Segments of the economy such as consumer durable and core industrial growth that are driving the current recovery in the Indian economy are purely a function of domestic stimulus initiatives and remain to that extent relatively insulated,” HDFC Bank said in a report today. However, areas such as exports, remittance, banking and construction as well as real estate are likely to see further damage, the report added. Exports are going to be the most affected by Dubai woes, as the UAE region is now India’s largest export destination toppling the United States. Besides, bullion trading in Dubai is likely to be impacted, which may have a ripple effect for India as around USD 29 billion of gold from the country is being traded in Dubai. However, the silver line to this whole scenario is that the ongoing crisis would only impact Dubai’s economy and countries such as Abu Dhabi are likely to remain on a firm keel, which could help mitigate the damage to India’s exports to the UAE, the report added. — PTI
	Gold Rush Rs 18,460 per 10 gm New Delhi, December 2 Gold prices today surged by Rs 490 to scale a new high of Rs 18,460 per ten gram in the bullion market, setting a new record in global markets amid continuing weakness in dollar. A rally was also seen in sovereign and silver coins that rose to dizzy heights on scattered buying support from retail customers for the ongoing heavy marriage season. Trading sentiment boosted on reports of gold climbing in overseas markets to an all-time high of 1,216 dollar an ounce as investors stepped up purchases to protect their wealth against a slumping dollar. Silver crossing a crucial 19-dollar an ounce level in Asian trading was another supporting factor. Marketmen said the rise in precious metal on global front remained a major force behind the upsurge in the domestic markets here. Retail customers were postponing their decision to buy at such high prices, which reduced the business volumes in jewellery trade. Standard gold and ornaments spurted by Rs 490 each to Rs 18,460 and Rs 18,310 per ten gram, respectively. Sovereign also shot up by Rs 300 to a fresh peak of Rs 14,300 per piece of eight gram. With the general firming trend, silver ready spurted by Rs 850 to Rs 29,850 per kg and weekly-based delivery by Rs 1,000 to Rs 29,550 per kg. Silver coins rose by Rs 200 to Rs 34,600 for buying and Rs 34,700 for selling of 100 pieces, a level never seen before. — PTI
	Pranab, Zoellick hold talks FM applauds World Bank’s role during economic slowdown New Delhi, December 2 World Bank president Robert B. Zoellick today met Finance Minister Pranab Mukherjee and discussed a wide range of issues. The Finance Minister applauded the World Bank for their increased lending despite the economic slowdown and expressed his gratitude to Zoellick for approving several loan packages to India amounting to 4.3 billion dollars in a single day in September 2009. Zoellick praised India for being the largest borrower of the World Bank and looked for future support in widening its capital base. Mukherjee said India has eagerly supported a 200 percent capital increase for the Asian Development Bank. Isabel Guerrero, Vice-President for South Asia, Roberto Zagha, Country Director-India, Paolo M Martelli, Director, IFC, and Julia Nielson, assistant to the President accompanied the World Bank President. Mukherjee was accompanied by Pulok Chatterji, Executive Director, World Bank, Omita Paul, advisor to the Finance Minister, LM Vas, Additional Secretary (Economic Affairs), and Anup K. Pujari, Joint Secretary. This was their second meeting in the last three months. The two had met earlier at Istanbul during the Annual Meetings of the World Bank/ IMF in October 2009. — ANI
	For now, Whitacre is CEO GM Washington, December 2 Troubled US auto major General Motors said its President and CEO Fritz Henderson has resigned and Ed Whitacre will head the company while an international search for a new CEO is being conducted. Henderson’s resignation was approved by the board of directors of the company at a meeting yesterday. Reportedly, the board was not satisfied with the way things were moving regarding the turnaround of the automaker. Whitacre in a statement said, “While momentum has been building over the past several months, all involved agree that changes needed to be made. To this end, I have taken over the role of Chairman and CEO while an international search for a new president and CEO begins immediately.” — PTI
	Badal targets more investors Inaugurates Punjab International Trade Expo Varinder Singh Tribune News Service Amritsar, December 2 Punjab Chief Minister Parkash Singh Badal inaugurated the five-day Punjab International Trade Expo - 2009, here today. Badal said he would ensure that Punjab becomes a more investor-friendly state and a preferred investment destination across the globe. He said serious efforts were on to create a more congenial atmosphere for investment in Punjab. Badal appreciated the initiative of PHD chamber for growth of industry in the region and hosting the mega-event in Punjab. He hoped that the event would serve as a catalyst for economic growth and development of Amritsar in particular and the region in general. Referring to the new Industrial Policy -2009, Badal said the sole objective was to give a fillip to the state’s economy and create a level-playing field for all investors and entrepreneurs. Outlining the achievements of the government to boost the industrial and power scenario in the state, Badal said the SAD-BJP government had re-launched the Rs 18,991 crore Guru Gobind Refinery in collaboration with LN Mittal group to develop it as India’s major petrochemical hub. The refinery was expected to start commercial production by March, 201,1 much before the schedule. Special boards for promotion of trade and industry have been set up in Punjab and capital subsidy to the tune of Rs 250 crore has been disbursed to industrialists. Major concessions on VAT and Turnover Tax worth over Rs 300 crore had been extended to trade and industry in the state. Badal promised to make Punjab a power surplus state by 2011. Referring to alleged NREGA scheme’s failure in Punjab, Badal while admitting that the scheme had not been a success in the region said there were concrete reasons like low wages behind it. Satish Bagrodia, the president of the PHD Chamber, said the event would not only give impetus to international trade and commerce but also help make the region an industrial hub. High Commissioner of Brunei Sidek Ali, Deputy Commissioner Kahan Singh Pannu, Amritsar Mayor Shwait Malik, Rajinder Mohan Singh China, Chairman, PSIEC, Anil Joshi, MLA, Mian Tarik Yaqud, President, Sargodha (Pakistan) Chamber of Commerce, were also present on the occasion.
	Pak delegates for improved trade ties Tribune News Service Amritsar, December 2 “Pakistan and India can join hands and work together to enhance bilateral business ties as there is immense scope on this front.” This is the general opinion of the 90 delegates who crossed over to India through Attari check post to participate in the five-day Punjab International Trade Expo-2009 today. As many as, 160 delegates were to participate in the event, but only 90 of them managed to reach the first day. The remaining delegates are expected to reach tomorrow. The delegates, led by the former senior vice-president of the Lahore Chamber of Commerce and Industry Sohail Lashari, were of the view that both the Indian and the Pakistani governments should make joint efforts to improve bilateral. “The increased trade ties could work as a potent medium to ensure building up of peaceful atmosphere and usher in an era of prosperity” they opined. Trade between the two countries had suffered a severe setback after the 26/11 terror attacks. From a meagre 350 million dollars in 2003-04, it can, however, touch the mark of 10 billion dollars in 2010 in case relations are strengthened. “If both the countries want to grow economically, they have to smash the barriers. We would be able to compete with the rest of the developed world from the day when this happens,” said Sohail.