World
IS destroys Triumphal Arch of Palmyra
The Islamic State (IS) militants destroyed the centuries-old Triumphal Arch of Palmyra, a Syrian official said.
 
The Triumphal Arch, which dates back to the second century AD, has been destroyed by the IS militants on Sunday, Xinhua news agency quoted Maamoun Abdul-Karim, the head of the Damascus Department of Antiquities and Museums, as saying.
 
"We were informed that the IS had booby-trapped the arch, but we never thought their madness will lead them to actually blowing it up because the arch held no religious signs or indications," he said.
 
The arch is significant because it is considered the entrance of the ancient city of Palmyra and one of its most beautiful icons and landmarks.
 
"We expect that the entire city of Palmyra will be destroyed. It's certain, they will destroy the entire city after they previously blew up two major temples, 10 tombs, and destroyed some relics in the city's museum," he said.
 
Since capturing it last May, the group destroyed Palmyra's military prison.
 
Palmyra contains the monumental ruins of a great city that was one of the most important cultural centres of the ancient world.
 
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.

User

Punjab official arrested for spurious pesticide purchase
 Punjab agriculture director Mangal Singh has been arrested for his alleged role in the purchase of spurious pesticide that were sold to cotton farmers, police sources said on Monday.
 
A team of Punjab Police from Bathinda raided Mangal Singh's house in Sector 42 here late Sunday night and later arrested him.
 
The raid is still under way.
 
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.

User

Now Moody's says gas price cut will impact investment
Another global ratings agency Moody's has said the sharp hike in natural gas prices notified by the Indian government will not only impact the state-run Oil and Natural as Corp (ONGC) the most, but also discourage new exploration investments and fuel imports.
 
"The gas price reduction is credit negative for upstream producers ONGC and Oil India Ltd. because it will lower their revenues and cash flows, which are already declining from low oil prices," an article by Moody's Credit Outlook said on Monday.
 
"The gas price reduction will have its greatest effect, in absolute terms, on ONGC, the country’s largest producer of natural gas," it said, adding that it expected ONGC's revenues to decline by around $300 million and for Oil India Ltd by only around $33 million.
 
Earlier, Standard & Poor's said the 18-percent cut in domestic prices of natural gas from $4.66 per unit to $3.82 per unit for six months starting October 1 will discourage oil exploration and production companies from committing new capital expenditure.
 
Natural gas prices in India are set by taking a volume-weighted annual average of that prevailing in the US, Britain, Canada and Russia. Prices are calculated on the trailing 12 month data with a lag of one quarter.
 
"India relies on natural gas imports to meet its energy needs. Imports accounted for 36 percent of the total natural gas consumption in India for fiscal 2015 and 39 percent for the five months between April 1 and August 30, 2015," Moody's said.
 
"Imports will continue to increase as low international gas prices stimulate demand for natural gas and low domestic prices discourage further investments by upstream players to explore and develop new gas reserves," it said.
 
"When oil prices are low, upstream players cannot economically produce from difficult terrains such as deep water, where costs are substantially higher," Moody's added.
 
Standard & Poor's said the government's plan to stimulate private sector participation and bring transparency in gas pricing with formula-driven pricing was well intended. But falling oil prices over the past one year has brought uncertainty over the viability of exploration projects.
 
The ratings agency said India should benchmark its natural gas prices to similar gas-deficient nations instead of using rates prevalent in gas-surplus areas like the US and Canada.
 
"The formula for pricing domestic gas considers prices in gas-surplus geographies such as the US and Canada, which have developed gas transportation infrastructure," it said, adding this was not a proper mechanism given India's gas production deficit and gas transport infrastructure.
 
The agency held a similar view that fresh commitments by private oil ad gas companies will remain uncertain, given that several exploration firms globally had scaled back their spending and put new projects on hold amid low hydrocarbon prices.
 
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
 

User

COMMENTS

MG Warrier

1 year ago

Instead of sporadic analyses of stray events, for once, one of these international rating agencies should take up a comprehensive study of the Costs, Wages and Prices policies in India and suggest corrections. If this happens during the current quarter, perhaps, the 'positives' will be taken cognizance of by Finance Ministry which is currently busy trying to 'make both ends meet' in the Budget for 2016-17.If this is not possible, they should at least take into account the changes happening in India during the current decade pursuant to Government's approach to economic growth.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)