Treasurer Josh Frydenberg believes the federal government’s new insolvency laws will help keep businesses operating and Australians in jobs.…
India’s fuel demand posted its first yearly increase since February as a spurt in diesel demand ahead of the festival season pushed consumption to pre-Covid-19 levels.
Total demand for petroleum products rose 2.5 per cent in October to reach 17.77 million tonnes compared to 17.34 million tonnes a year back, according to provisional data published by the oil ministry’s Petroleum Planning and Analysis Cell.
Diesel demand soared 7.4 per cent year-on-year to 6.5 million tonnes while petrol sales were up 4.5 per cent at 2.54 million tonnes. The growth in diesel consumption is the highest in a year. Fuel demand had snipped by 49 per cent in April after a nationwide lockdown, imposed to curb the spread of coronavirus, shut industries and took most vehicles off road.
The onset of the festive season has fuelled a rise in consumption but public transport is not back to normal levels yet as schools and educational institutions continue to remain shut in most parts of the country. Demand for naphtha, which is used as industrial fuel for generating electricity as well as producing petrochemicals, surged 15 per cent to 1.3 million tonnes in October.
In a filing to stock exchanges, RIL said it would make the investment in tranches over the next 8 to 10 years.
“The capital contribution commitment of $50 million constitutes 5.75 per cent of the size of the fund contemplated at present,” the company said. The transaction is subject to approval from the Reserve Bank of India. The oil-telecom-to-retail conglomerate said it has “entered into a definitive agreement, for making a capital contribution, up to $50 million, in Breakthrough Energy Ventures II, LP (BEV), a limited partnership, newly incorporated under the Delaware State Laws, United States of America.” Breakthrough Energy Ventures is attempting to find solutions to the climate crisis through breakthrough energy and agriculture technologies.
It will invest the funds raised, to support innovation in clean energy solutions. “The said investment will be made in tranches over the next 8-10 years,” it said.
BEV, the filing said, seeks to find solutions to the climate crisis by flexibly investing to develop breakthrough energy and agriculture technologies. “BEV will invest the funds
Not many would have predicted that a global pandemic might be just the fillip needed to kickstart the construction and development industry.
If there wasn’t a desperate need for more housing before Covid-19 then there certainly is now but there is hope that the Prime Minister’s announcement on the 30th June – “build, build, build” – will prove to be just the stimulus needed for developers.
What might the housing market look like after lockdown lifts?
This is the million-pound question! With a second spike in Covid-19 possible, the housing market has sustained a recent flurry of activity as people try and get moving before life stops again if indeed it does stop but, in the longer term, the doom and gloom of economic recession must surely have a huge dampening effect on house prices?
Commercial developers are also sometimes known as adrenalin junkies loving the thrill of risk as unless you are blessed with a crystal ball then frankly, the housing market could do anything. Embracing uncertainty and risk should come as second nature to those who speculate in property development but that is of course against the old adage that if you wait long enough, bricks and