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Russia has no extra oil to sign deals with two Indian buyers: Sources 's Rosneft is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales to other customers. have been snapping up cheap , shunned by western companies and countries since sanctions were imposed against Moscow for its invasion of Ukraine on Feb. 24, which Russia calls a "special military operation". A lack of new term supply deals with Rosneft may push Indian refiners to turn to the spot market for more expensive oil. It also indicates that Russia has managed to keep exporting its oil despite increasing pressure from Western sanctions to choke Moscow's revenue. Drawn to the discounts offered, three Indian state refiners - , Bharat Petroleum Corp and - opened negotiations with Rosneft earlier this year for six-month supply deals. So far only , the country's top refiner, has signed a deal with Rosneft, which will see it buy 6 million barrels of Russian oil every month, with an option to buy 3 million barrels more. The other two refiners' requests have since been turned down by the Russian producer, the sources said. "Rosneft is non-committal in signing a contract with and . They are saying they don't have volumes," said one of the sources. Sources said the contract with IOC included payment in all major currencies such as rupees, dollars and euros, depending on the payment mechanism available at the time of the transaction. Rosneft, IOC, HPCL and BPCL did not respond to Reuters' requests for comment. Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth to meet surging demand from Asian buyers and offset the impact of European Union sanctions. Trade sources said Rosneft is pushing barrels into the markets through trading firms such as Everest Energy, Coral Energy, Bellatrix and Sunrise. Bellatrix and Sunrise were not available for comment, while Coral and Everest did not respond to a Reuters email seeking comment. According to the shipping data cited by two traders in the Urals market, all four trading firms acted as suppliers of crude oil purchased from Rosneft to India. China has also boosted its purchases from Russia. Rosneft has awarded 900,000 tonnes (6.66 million barrels) of ESPO Blend crude oil loading in June to Unipec, the trading arm of Asia's top refiner Sinopec Corp, according to four traders. Indian sources said Russian oil is no longer available at deep discounts and they get fewer offers for sale on a Delivered At Port (DAP) basis, an international commercial term in which the seller pays for insurance and freight and ownership is transferred to the buyer only after the cargo is discharged. "Earlier the companies were offering good discounts but that is not available now. Offers have been reduced and discounts are not as good as before, as insurance and freight rates have gone up," another source said. The European Union, which along with
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that is not available now. Offers have been reduced and discounts are not as good as before, as insurance and freight rates have gone up," another source said. The European Union, which along with Britain and the United States dominate the international marine market, last week announced an immediate ban on new insurance contracts for ships carrying Russian oil, and gave a six-month grace period for existing contracts. The lack of shipping insurance coverage has hit IOC's purchases of Russian oil under a contract it signed with Rosneft last year, sources said. The contract gives IOC an option to buy 2 million tonnes of oil from Rosneft on a free on board (FOB) basis, which requires the buyer to charter ships and pay for insurance to load the cargoes from Russia. India largely buys Russian Urals crude, but the most recent IOC deal includes an option of supplies of ESPO Blend from the Russian port of Kozmino and Sakhalin's Sokol grade as well, one of the sources said. Indian refiners are however continuing to lift some volumes from the spot markets, and HPCL and BPCL might get about 1 million-2 million barrels of Russian oil in July, the sources said.
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Karnataka HC: Driver has to ensure safety of road users Bengaluru: Fixing responsibility squarely on the for ensuring and , the has underscored that it is the duty of the person at the wheel to drive with utmost care and caution, particularly at a public place such as a bus stop. The court's observation came during a recent judgment in a case in which rash driving by a bus driver resulted in one of the rear wheels of the vehicle running over the left leg of a pedestrian while he was waiting at a bus stop in Mangaluru. The injured person - a labourer from Tamil Nadu who said he had a monthly earning of just Rs 10,000 - later made a compensation claim of Rs 3 lakh before the court for his injury. "No exception can be made that the driver cannot be held as negligent when one of the rear wheels of a is said to have passed over the leg of a pedestrian," Justice HB Prabhakara Sastry noted. The judge directed the Motor Accident Claims Tribunal in Mangaluru to consider afresh the case of claimant T Murugan, who was injured in the accident. "Any driver of a motor vehicle, including a passenger vehicle such as a bus in this case, is required to be more cautious and careful while driving," Justice Sastry noted. Partly allowing Murugan's appeal, the judge has now directed the parties to appear before the tribunal on March 27. According to reports, on January 19, 2017, T Murugan, 45, was waiting near Kankanady bus stand in Mangaluru when a rash and negligent driver ran over Murugan's left foot, injuring him seriously. On July 15, 2019, the tribunal rejected Murugan's compensation claim, claiming he was drunk and there was no fault on the part of the bus driver. , the insurer of the bus involved in the accident, also defended the tribunal's order, saying that apart from being under the influence of alcohol at the time of the accident, the claimant had also failed to prove the driver's negligence. In his appeal, Murugan's counsel contended mere smell of alcohol was no proof that the accident had occurred due to the claimant's negligence. Counsel further argued that police records revealed the driver had chargesheets filed against him for offences punishable under sections 279 and 338 of IPC and he had also pleaded guilty.
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EV manufacturers expect demand to grow multi-fold on increasing awareness, govt support New Delhi: Electric vehicle manufacturers expect demand to grow multi-fold going ahead with increasing customers' awareness on eco-friendly mobility, backed by the government's support for EV adoption. Ahead of World EV Day, the manufacturers also stressed the need to offer better performing vehicles, designed and developed to meet specific customer requirements. "India will see a huge demand for EVs going forward as customers are increasingly becoming aware of environmentally-friendly mobility solutions and the government is laying the foundation for EV adoption," Kia India Chief Sales Officer Myung-sik Sohn said in a statement. co-founder and CEO Tarun Mehta said the transition to sustainable modes of transportation has begun well, largely led by electric two-wheelers and EVs are the single biggest hope for achieving a decarbonised world and faster adoption of EVs is the first step towards this goal. "The rising demand makes it quite clear that consumers are open to shift to EVs from ICE (internal combustion engine) vehicles and the industry needs to support this by offering better performing electric vehicles," Mehta asserted. Motovolt Founder & CEO Tushar Choudhary said a lot of major cities across the world are discovering that one of the key components of sustainable mobility is the adoption of electric commuting by the masses. "This is where it is critical to create a diversity of options that include large shared vehicles, such as trains and electric buses and cars and smaller vehicles, electric 2-wheelers, and e-bicycles," he added. Mahindra Electric Mobility Ltd CEO Suman Mishra said the company is committed to promoting sustainable motoring with zero-emission products. At present, it is estimated that EVs account for nearly 1 per cent of total vehicle sales in India and studies have projected that by 2030 it would increase to around 30 per cent. According to the Society of Indian Automobile Manufacturers, total vehicle sales in India in 2021-22 stood at 1,75,13,596 units, down from 1,86,20,233 units in 2020-21. Other players involved in the EV ecosystem, such as charging infrastructure and battery swapping service providers, are bullish on the shift towards electric mobility. Chargeup founder and Chief Driving Officer Varun Goenka said with the right initiatives like the battery safety guidelines that will come into effect from October and the highly anticipated draft Battery Swapping Policy will help get closer to an eco-friendly ecosystem for the future of mobility. "There are certain technical and operational processes and challenges that need to be ironed out, but it is our firm belief that a lot of progress is being made in the right direction," he added. SKF Group (India & South East Asia) Director Automotive Business Venkat S said rising fuel prices, surging ownership cost of ICE vehicles, and policies like the PLI and FAME have been
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he added. SKF Group (India & South East Asia) Director Automotive Business Venkat S said rising fuel prices, surging ownership cost of ICE vehicles, and policies like the PLI and FAME have been instrumental in shaping the EV market in India. "EV drivetrains today are placing new demand on components, such as bearings, and SKF is playing a transformational role in the industry," he added. Car rental and subscription platform Myles Car founder Sakshi Vij said offering EVs on a subscription model without a down payment and additional maintenance or insurance costs with no danger of residual value has helped in overcoming the hurdle of high upfront prices of EV acquisition. "EVs account for 40 per cent of our subscription demand and 40 per cent of the vehicles in our fleet are electric vehicles, and we plan to increase this percentage," she added. PTI RKL BAL BAL
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Cess not deduction, companies should accept gracefully, says Finance Minister Sitharaman Finance minister clarified on Sunday that a proposed amendment in the Budget related to the education had to be done retrospectively in order to be fair to all taxpayers. This had to be done as the judicial decision had been contrary to legislative intent, she added. The budget has sought to amend the retrospectively from 2005-06 to clarify that education cess and surcharge would not be allowed as deductions in the form of expenditure. "Some courts are coming up with a verdict which is contrary to the intent of the legislature. We needed to come out with an explanatory amendment...There are times when you have to be retrospective just so that we are being fair. It is not to go with any other intent," Sitharaman said at a post-budget interaction organised by industry body Ficci. She noted that not doing it retrospectively would have become an issue for execution and would have been unfair for two sets of taxpayers. The explanatory memorandum, provided with the , has explained in detail the rationale behind the move. It has referred to a Supreme Court decision that pointed out that the provisions of the Finance Act, 2004 and Finance Act, 2011 specified that education cess was an additional surcharge levied on income tax. Officials said that since the cess was effective from the 2004-05 assessment year, it had to be clarified retrospectively to clear any uncertainty. Speaking at the session, revenue secretary said that the industry should "accept it gracefully" and asked industry captains not to file cases in view of the court rulings. "Tomorrow, we might have a situation where income tax itself becomes an expenditure," Bajaj said, adding that these things have a major impact on revenue collection. He also dismissed a request from the industry seeking to allow gifts and freebies to doctors as business expenditure. The Budget had proposed that gifts and freebies shall not be treated as business expenditure under Section 37 of the Income-Tax Act. On tapering, private investment The finance minister said India was prepared to deal with any situation arising out of global developments, including the US Federal Reserve's decision to roll back monetary easing, and will not allow the economy to suffer. "Now with the RBI and the government working together and very much keenly observing what is going on in the global financial ecosystem...we have also learnt the lessons of the last crisis which the government of India faced in 2012-13 and 2013-14," she said. The government is watching what is happening with regard to global strategic developments, the decisions of the US Federal Reserve, and also regarding global inflationary pressures, she added. "...We are keeping a very close watch, and I can assure the (industry) leadership here that we shall not allow the Indian economy to suffer for want of preparations," Sitharaman said. She also asked India Inc to take advantage
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watch, and I can assure the (industry) leadership here that we shall not allow the Indian economy to suffer for want of preparations," Sitharaman said. She also asked India Inc to take advantage of the recovery in the economy and step up investments. "It's time now for us as Team India to rise. We are at such a juncture where revival of the economy is very clear...this recovery is therefore going to place India as the fastest growing economy among the larger economies and that would continue even in the next fiscal," the minister said. On disinvestment On missing the disinvestment target, the finance minister said the government is accountable to Parliament and will take a cautionary route rather than push for a speedy conclusion. The finance minister pointed out that some past cases have been revived by people seeking justice even after 10-15 years of an issue being settled. "So, there is a sense of caution which I want you to appreciate among the bureaucrats also that nothing should be later found wanting. They do take their extra precaution... and I would rather go on that route than push them over to a speedy conclusion," Sitharaman said. She added that the government had already concluded the privatisation of Air India and Neelachal Ispat Nigam Ltd and the initial public offering of Life Insurance Corporation of India would likely happen soon. "So, things are moving and the target this year is more realistic," she said. Energy sector reforms Responding to suggestions made during the post-budget interaction with industry body Assocham, the finance minister noted that the government was working at multiple levels to resolve issues of the energy sector and that there was a need for more co-ordination between the states and the Centre. "The difficulties the sector faces because of legacy problems, we will first of all try to address and get that clear out of the way so that futuristic financing and possibilities of better partnership can be worked out," she said. On challenges faced by the aviation sector, Sitharaman noted that the global price of aviation fuel was a concern and more so for airlines. The finance minister said that she will take up the issue of levy of Goods and Services Tax on Aviation Turbine Fuel at the next meeting of the GST Council. "It is not with ... (the Centre) alone, it has got to go to the GST Council. The next time we meet in the Council, I will put it on the table for them to discuss," she said. Also Read:
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GM plans 50 new digital features, services by 2026 -executive By Paul Lienert aims to turbocharge its non-vehicle revenue by introducing dozens of new fee-based digital features by 2026, including one enabling a car to predict when it will need maintenance, a top executive said on Thursday. "We have 50-some value-added products and services that we'll be rolling out over the next 36 to 48 months," Steve Carlisle, president of GM North America, said at an investor conference. Carlysle said GM's OnStar unit, which now offers insurance in addition to concierge services to drivers, generates about $32 a month per customer, and its enhanced Super Cruise driver assist feature will further bolster that. The new digital products, including in-vehicle subscriptions, will be supported by GM's Ultifi software and connectivity platform. Ultifi also will enable over-the-air software updates, and help drivers and passengers with tasks such as online shopping. Carlysle said some of the digital features are designed to take advantage of larger displays that GM is installing on the , Silverado EV, Cadillac Lyriq and other future . "The bigger screens on our EVs will enable us to bring more of the data-oriented software products to the customers," he said. He also said GM is considering flexible pricing options for a number of those digital features, including monthly, annual and lifetime subscriptions. The introduction of more data-driven services and products is part of CEO Mary Barra's plan, announced last October, to double GM's annual revenue to around $280 billion by 2030. Also Read:
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