Companies & Sectors
Adani's Australian coal project cleared, work from 2017
Adani Enterprises on Monday said it has overcome one of its last legal hurdles over the $16.5 billion dollar Carmichael coal project in Australia's Queensland state, and said construction will begin next year.
 
The country's Federal Court dismissed an appeal by the Australian Conservation Foundation that had argued that the authorities had failed to take into account the impact of burning coal and climate pollution on the Great Barrier Reef.
 
The $16.5 billion coal project in the state's Galilee basin is the largest in Australia but has suffered multiple setbacks from green groups' legal action.
 
Adani Australia, in a statement, said that it had welcomed the Federal Court ruling, adding that the decision closely follows an August 19 dismissal of another activist-driven legal challenge designed to delay the project.
 
Consistent with earlier decisions of Queensland's Land Court and the Federal Court affirming the company's approvals, it has determined that due process has been followed, the statement added.
 
"A recent report by PwC quantified the cost of these delays as being some 3 billion Australian dollars ($2.26 billion) to the economy and over 1,600 jobs annually over the first 10 years of the intended projects," it said.
 
"In local communities, a state and a national economy crying out for growth, this represents a significant cost to the community, not just to Adani."
 
The company said it has been consistently pointing out that these projects will supply better-quality coal for an increased thermal demand, in conjunction with significantly increased solar demand, in a growing Indian economy that will lift hundreds of millions of people out of energy poverty.
 
"If the better-quality, better-regulated coal from Australia is not sourced in Queensland, it will simply mean lower-quality, higher-emitting coal from elsewhere in the world will be used," Adani said.
 
"So the activists will not only harm local jobs, but if they get their way (it) would ensure higher emissions as well."
 
The company said activist-driven challenges were part of a known minority campaign, adding that they fly in the face of the strong support its job-creating projects have from local communities and other stakeholders in North and Central Queensland.
 
"Indeed, over six years, there have been multiple approval processes, some two years of cumulative community consultation and submissions as part of the processes and over 10 appeals and judicial processes brought on by activists," the statement said.
 
"There can be no question that there has been more than ample opportunity for consultation, input and appeal, and for activists to have their say," it said. The time, it said, has come for those who want the projects to be heard -- and not just the activists from out of town.
 
"Adani stands ready to deliver on its long-term future with Queensland, pending the resolution of a small number of outstanding legal challenges. As the company has previously indicated, if those issues are finalised, construction can commence in 2017."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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BEST bus service losses mount to Rs905.3 crore as income from passengers dwindle
The BrihanMumbai Electricity Supply and Transport (BEST) Undertaking, which is civic transport and electricity provider public body based in Mumbai, has suffered a massive loss of Rs905.3 crore on transportation services during FY2015-16 reveals a reply received under the Right to Information (RTI) Act. RTI activist Anil Galgali had filed the application seeking information about BEST transport services.
 
During FY2015-16, the BEST incurred a loss of Rs905.3 crores due to higher per passenger cost at Rs21.41 while its income generated per passenger was just Rs12.88, reveals the reply received by Galgali. During that period, over 106 crore passengers used BEST services resulting in an income of Rs1,367.11 crore. However, to run these services, BEST incurred a cost of Rs2,272.41 crore during FY2015-16, the RTI reveals.
 
Galgali, in a letter sent to Maharashtra Chief Minister Devendra Fadnavis and Municipal Corporation of Greater Mumbai (MCGM) Commissioner, requested to bail out the BEST transport services. During FY2014-15 and FY2015-16, the BEST administration paid Rs139.7 crore and Rs136.8 crore, respectively as tax to various authorities. 
 
During 2011 and 2016, the BEST administration 11 times wrote to Urban Development Ministry, Transport Ministry to either reduce or waive off taxes it pays to different authorities. However, the successive governments ignored this, Galgali alleges. 
 
"When in 2014-15, the BEST wanted to increase fares, the MCGM gave it a grant of Rs150 crore for not going ahead with fare increase. However, now even the MCGM is not paying any heed to the demands of BEST. To strengthen the public transport system in Mumbai, the government should constitute a separate fund, which can be used to bail out undertakings like BEST, which are used by lakhs of commuters on daily basis,” Galgali said.
 

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COMMENTS

Laxmi Lobo

9 months ago

I think the mcgm is killing BEST to increase the pax for pvt cabs. One of the best toad transport systems in our country is being deliberately made useless. Many good, used routes are changed, non used routes pushed on and the ridiculous AC buses which have barely 3-7 pax will surely run at a loss. I'm sure the administration is also too heavy, drivers are surly and over paid perhaps.. Bus depots are being sold off to private developers, check Mahim. Just so much wrong
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Rajan rules out rate cuts unless inflation tamed
Reserve Bank of Governor (RBI) Raghuram Rajan on Monday ruled out any further interest rate cuts till such time the inflation came down to the comfort zone, and once again asked commercial banks to lower the cost of credit to their customers.
 
"Inflation projections are still at the upper limits of RBI's inflation objective," Rajan said in his last Governor's Foreword to Annual Report released here, referring to the government-mandated level of 4 per cent annual retail inflation, plus or minus 2 percentage points.
 
"With the Reserve Bank needing to balance savers' desire for positive real interest rates with corporate investors' and retail borrowers' need for low nominal borrowing rates, the room to cut policy rates can emerge only if inflation is projected to fall further," he said.
 
In any case, the task of taking a call on the interest rates is to be handed over to a new Monetary Policy Committee, that will comprise three representatives from the central bank -- including the RBI Governor as its chair -- and three others to be chosen by the government.
 
Rajan also said the willingness of commercial banks to cut lending rates was muted, since the level of corporate investment had reduced the volume and scope of new profitable loans for banks. The stressed assets of the lenders was also preventing them from taking fresh exposures freely.
 
As regards growth, he said, while the economy was showing signs of picking up, it was still below the levels that the country was capable of. 
 
"The key weakness is in investment, with private corporate investment subdued because of low capacity utilisation, and public investment slow in rolling out in some sectors," said Rajan, who is scheduled to demit office on September 4 and hand over the reins to Deputy Governor Urjit Patel.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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