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Tata Steel acquires 72.65% stake in BSL
NEW DELHI: Tata Steel’s wholly-owned subsidiary Bamnipal Steel Ltd acquired 72.65 per cent stake in Bhushan Steel Ltd (BSL) in accordance with the approved resolution plan under the corporate insolvency resolution process (CIRP). Calling it a historic breakthrough in resolving legacy issues of banks, Finance Minister Piyush Goyal said that lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore
 
 
Farmers to sell wheat at MSP in Bihar
PATNA: Farmers in Bihar are forced to sell wheat at Rs1,400-1,500 per quintal even though the state government promised them of fair and remunerative prices for their crops. Bihar Minister of Food and Consumer Protection Madan Sahni, however said that the state government is in the process to ensure that farmers get fair and remunerative prices for their crops. “The government has asked the authorities to make proper arrangement
   
Srilankan Airlines aims to soar higher in Middle East skies
COLOMBO: SriLankan Airlines, the National Carrier of Sri Lanka and a member of the oneworld airline alliance, is looking to spread its wings further in the Middle East, by further boosting its services to the region. Having served the sector for years, SriLankan Airlines is a known entity on the Middle East- Colombo route, with the airline’s famed standards of service and hospitality, being one of the chief attractions for
 
 
Ethiopia, Egypt, Sudan to study filling of Africa’s hydroelectric dam
ADDIS ABABA: Officials from Ethiopia, Egypt and Sudan have announced progress in talks on what will be Africa’s largest hydroelectric dam. The foreign ministers of Egypt and Ethiopia and Sudan’s water resources minister said they will set up a scientific study group to consult on the filling of Ethiopia’s $5 billion Grand Ethiopian Renaissance Dam. They also confirmed that leaders from the three nations will meet every six
   
NSE receives US CFTC ‘Part 30’ exemption
Mumbai: The National Stock Exchange of India (NSE) said that it has received the “Part 30” exemption from the US Commodity Futures Trading Commission (CFTC). According to the NSE, the exemption enables NSE members to trade in derivatives for US clients. The US CFTC issued a “Part 30 exemptive order” on May 17, 2018 to the NSE as part of its programme of regulatory deference to foreign regulatory frameworks. The “Part 30”
 
 
Rising oil price to inflate India’s import bill to $50b
New Delhi: The Finance Ministry said the rising oil prices may inflate India’s import bill by around $25 billion to $50 billion even as it virtually ruled out reducing excise duty on petrol and diesel in the near future. Economic Affairs Secretary Subhash Chandra Garg said that any increase in crude oil prices has significant impact on the economy and is a cause of concern for the government. “There was a net impact of around
   
Saudi high-speed rail line to start operation in September
RIYADH: A high-speed railway linking Makkah and Madinah in Saudi Arabia, which has been plagued by delays, will finally start operating in September, the Spanish consortium building the project. The railway linking Islam’s holiest cities, which was initially scheduled to open at the end of 2016, had a cost overrun of 210 million euros which Saudi Arabia has agreed to pay, the Al-Shoula consortium added in a statement. It will
 
 
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