21 December 2013

Ø  India and China have taken the first step towards pushing forward an ambitious corridor linking the two countries with Bangladesh and Myanmar, as representatives from the four nations held the first ever official-level discussions about the project this week. The four nations have for the first time drawn up a specific timetable on taking forward the long discussed plan, emphasising the need to quickly improve physical connectivity in the region, over two days of talks in the south-western Chinese city of Kunming – the provincial capital of Yunnan, which borders Myanmar – on Wednesday and Thursday. The corridor, it was agreed, will run from Kunming to Kolkata, linking Mandalay in Myanmar as well as Dhaka and Chittagong in Bangladesh.

Ø  Russia’s richest man and owner of the country’s largest oil company Yukos, Mikhail Khodorkovsky, an oil tycoon and political opponent of Vladimir Putin, has been released from prison after being pardoned by the Russian President. Mr. Khodorkovsky, has spent the last 10 years in prison on charges of fraud and tax evasion.

Ø  The first tranche of inflation indexed savings bonds, which offer protection to retail investors from price rise, will be launched on Monday. The minimum limit for investment is Rs.5,000 and the maximum is Rs.5 lakh per applicant per annum. Individuals, Hindu Undivided Family, charitable institutions and universities are eligible for subscription. The interest rate would be linked to the Consumer Price Index (CPI). The rate would comprise two parts — fixed rate (1.5 per cent per annum) and inflation rate based on CPI. The same will be compounded in the principal on half-yearly basis and paid at the time of maturity.

Ø  The Competition Commission of India (CCI) has recommended to the government that the coal mining sector be restructured by introducing more players.. Due to Coal India’ monopoly, electricity consumers are paying higher user charges, the CCI said in a recent order.

• The Centre has approved extending the Navratna status to Rashtriya Ispat Nigam Limited up to November 15, 2014, to facilitate its listing. Disinvestment in RINL, the corporate entity of Visakhapatnam Steel Plant, is pending for a long time due to volatile market conditions. It has been proposed to undertake disinvestment by diluting 10 per cent equity of the government. In most likely, the Rs.2,500-crore IPO will hit the market after April.