There is growing speculation the Reserve Bank board will endorse a suite of measures to further boost the economic recovery from recession, including trimming the cash rate.…
The Orissa Electricity
Regulatory Commission (OERC) has approved a proposal to hike power tariff by 20 paise per unit of electricity consumed in the state from October 1.
However, the enhanced tariff will not be applicable for farmers using electricity for agricultural activities and people below the poverty line, the OERC said in a notification.
The commission said it had allowed a “gap” of Rs 660.15 crore in aggregate revenue requirement to provide relief to customers considering the COVID-19 situation.
The OERCs decision came in response to an application by the states lone bulk electricity supplier GRIDCO (Grid Corporation of Odisha) on August 21.
The commission passed an order on September 23 to bring the gap down to Rs 341.15 crore.
“The consequential rise in retail supply tariff and open access charges for distribution licensees and utilities will be effective in the state from October 2020,” it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Reliance Industries (RIL) on Wednesday said private equity (PE) firm KKR would invest Rs 5,550 crore in its subsidiary Reliance Retail for a 1.28 per cent stake, making it the second deal to be announced in a fortnight by the Mukesh Ambani-led company. Earlier, US-based PE firm Silver Lake had announced that it would invest Rs 7,500 crore in the retail firm for a 1.75 per cent stake.
Reliance Retail has so far raised Rs 13,050 crore in two rounds at the same vauation — Rs 4.2 trillion. Sector analysts said they expected more, at least Rs 4.5 trillion in terms of valuation, given that Reliance Retail had big plans for the future, including an omni-channel play and greater association with farmers, manufacturers, and kirana store owners.
The firm remains the largest organised retail player in the country, with the company recently announcing the acquisition of the retail, wholesale and logistics assets of the Future group in a nearly Rs 25,000-crore transaction.
In a statement, Ambani, chairman and managing director of RIL, said KKR was a “valuable partner” and that the latter remained committed to the Indian market.
ALSO READ: Retail
A Louisville police officer was charged Wednesday with three counts of “wanton endangerment” in connection with the shooting of Breonna Taylor, a 26-year-old black woman whose name has become a rallying cry for the Black Lives Matter movement.
Judge Annie O’Connell announced the charges brought by a grand jury against Detective Brett Hankison, one of three police officers involved in the fatal shooting in March.
No charges were filed against the other two officers and the grand jury findings immediately sparked street protests in Louisville, the scene of weeks of anti-racism demonstrations.
Ben Crump, a lawyer for the Taylor family, condemned the grand jury decision.
“3 counts of Wanton Endangerment in 1st Degree for bullets that went into other apartments but NOTHING for the murder of Breonna Taylor,” Crump said on Twitter. “This is outrageous and offensive!”
The American Civil Liberties Union condemned the grand jury charges as “not accountability and not close to justice.”
“This is the manifestation of what the millions of people who have taken to the streets to protest police violence already know: Modern policing and our criminal legal system are rotten to the core,” the ACLU said.
Hankison, who has been fired from the police
Energy Minister Angus Taylor has dismissed concerns over whether the advisory panel who recommended a gas-fired economic recovery from the pandemic will personally benefit from the plan.…
Days after the Centre passed three farm Bills in Parliament, enraging some farmer organisations, major grain producing states reacted to the changed scenario.
On Tuesday, Punjab lowered the market fee and rural development fee for basmati traders and millers from 2 per cent to 1 per cent to provide a level playing field in comparison to neighbouring Haryana.
“Chief Minister (Capt Amarinder Singh) announces reduction in market and rural development fee for Basmati. Move to provide level playing field for Punjab Basmati Traders and millers with other states in light of farm Bills,” the Punjab CM’s office tweeted. Punjab also allowed the premises of rice millers to be considered mandi yards along with host of other changes to the custom milling policy, which it said was meant to ensure seamless procurement of paddy that will start in the next few weeks.
Though basmati is not among the crops that are procured under the minimum support price (MSP) system, basmati exporters were reported to be on the warpath demanding lower taxes to remain competitive with their counterparts in Haryana and Uttar Pradesh.
ALSO READ: Nitish hails new farm