Liberty House to submit first bid for Tata Steel UK

Liberty Steel boss Sanjeev Gupta stands outside his newly bought processing mill in Dalzell, Scotland, Britain April 8, 2016.

LONDON | BY KATE HOLTON AND ANDY BRUCE

Metals group Liberty House sparked new hope for Britain's endangered steel industry on Tuesday by announcing the first firm bid for Tata Steel UK, potentially saving thousands of jobs.

Tata Group announced plans to sell its entire UK steel operation in March, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.

Keen to avoid the loss of 10,000 jobs, the government has offered hundreds of millions of pounds in support to potential buyers and said it could take a 25 percent stake in the firm.

Liberty's Executive Chairman Sanjeev Gupta was the first businessman to express an interest in Tata's loss-making assets which include the Port Talbot steel plant in Wales, and on Tuesday the firm said it would submit a bid.

"We can confirm that Liberty will submit a letter of intent to Tata Steel today and has put in place a strong internal transaction steering committee and panel of leading external advisers to take the bid forward," a spokeswoman said.

"We hope to make a further short statement later today."

A source close to Tata Steel told Reuters it expected to receive a bid from Liberty, which has done early due diligence on a deal, and that it had not received a bid from any other party.

Indian-born Gupta, who established Liberty House while a student at Cambridge in the early 1990s, has spoken of his desire to invest in Britain's steel industry and return businesses "to their former glory".

He has previously said Port Talbot and its jobs could be saved if the giant blast furnaces were replaced with facilities to process imported slab steel into higher grade product or make steel from scrap metal rather than from iron ore.

Liberty bought former Tata Steel plants in Scotland with government help in March. Scottish authorities had temporarily purchased two mills from Tata before selling them to Liberty.

Another group to emerge as potential buyers for Tata Steel UK has come from Port Talbot itself where a management team have appointed advisers to work on a buyout plan.

The group, Excalibur Steel UK, has named Tata's UK strip products director Stuart Wilkie as chief executive, according to a Companies House filing.

Mark Rhydderch-Roberts, an investment banker, has been appointed as a non-executive director.

"I believe that Excalibur's proposed model of management and employee participation can also potentially provide the foundations of a transformed and profitable business which should be attractive to a wide range of investors and stakeholders," Rhydderch-Roberts said.

Last week, Prime Minister David Cameron visited Port Talbot and said any sale of Tata's British assets would have to cover the whole of the business.

Britain's government has also offered help in lowering the cost of energy for steel works and with workers' pensions to try to save the industry but says its efforts are not linked to the EU referendum on June 23.

Those campaigning to leave the bloc have seized on the crisis, accusing the EU of not doing enough to stop Chinese imports and have blamed the bloc's rules on state aid for preventing government intervention.

(Additional reporting by Krishna Das in New Delhi, writing by Andy Bruce; editing by William Schomberg and Jason Neely)

Make efforts to counter influence of China in Pacific: Prez

On Board Special Air India Flight, May 3 (PTI) President Pranab Mukherjee has said India needs to make efforts to improve its presence in the Asia Pacific region to counterbalance the growing influence of China.

"You know nothing happens automatically. We shall have to make efforts," he said when asked about Chinese influence in Papua New Guinea (PNG) and New Zealand.

The President was talking to reporters on board the special Air India flight while returning after a six day trip to PNG and New Zealand, his first state visit to the two countries.

He also said India was ready to work for early conclusion of Free Trade Agreement (FTA) with New Zealand.

I conveyed India's willingness to work towards an early conclusion of an FTA keeping in mind the need to find a satisfactory resolution of our mutual concerns," the President said.

"We are not maintaining silence. Ten rounds of discussions have taken place on FTA. Unfortunately the negotiations began in 2010 and we have not been able to finalise it.

"There are some problems about some of the agricultural products but I think we have come a long way from the days when our agriculture required total protection because we are the largest producers of the liquid milk. So apart from green revolution, white revolution has also been achieved," he said.

The President said the policy followed by the government in the 1960s and 70s or even 80s may not be relevant in 2015-16.

"I understand government is considering this aspect carefully. Of course when you enter into an FTA, it boosts your bilateral trade substantially," he said and cited an example of Sri Lanka with which India's bilateral trade grew 20 times after signing of FTA.

He lauded the Narendra Modi government for having organised two summits of Asia Pacific Island countries. "The third summit is being held at PNG and I do hope Indian delegation will consist of high-level representatives.

"Therefore, a begining has been made and it will naturally be taken to its logical conclusion in course of time," he said.

Mukherjee said he was satisfied with his visit to the two countries.

"So far PNG is conerned, not even a politician ever visited PNG. On the other hand, you look at their approach, they have voluntarily extended their support to India's legitimate claim to permanent membership of UNSC," he said.

"Therefore, I do feel that this visit was important and I am satisfied with the outcome of this visit....I do feel it is time for us to expand our relationship, both horizontally and vertically in trade, commerce, investment and sharing technical expertise in respective fields," he said.

Hague court says India must release Italian sailor - Italy

Salvatore Girone (C) and Latorre Massimiliano (3rd R), members of the navy security team of Napoli registered Italian merchant vessel Enrica Lexie, are escorted as they leave a courtroom at Kollam in Kerala March 5, 2012.REUTERS/SIVARAM V/FILES

A U.N. court has ruled that India must allow an Italian marine detained in Delhi for more than four years to go home, Italy's Foreign Ministry said on Monday.

India acknowledged the ruling but said Salvatore Girone would remain under the authority of its Supreme Court which might impose various conditions on his release.

Girone is one of two Italian marines were arrested in India in 2012 on suspicion of killing two fishermen while on an anti-piracy mission on an Italian oil tanker. One returned to Italy with health problems, but India has refused to let Girone go.

He is living in the Italian embassy in Delhi.

"This really is a significant step forward which we have worked on with great dedication," Prime Minister Matteo Renzi told reporters. "I'll take advantage of this moment to send a message of friendship to the great people of India."

The case has soured relations between India and Italy, and also overshadowed Delhi's efforts to improve its ties with the European Union as other EU countries backed Rome in the row.

Looking to overcome the legal impasse, the two countries agreed last year to move their dispute to the Permanent Court of Arbitration in The Hague and abide by its decision.

The Italian Foreign Ministry said in a statement that in an initial ruling, the court had decided that Girone should be allowed home while it continued its deliberations, which might take many months. The court itself declined to comment.

Responding hours later, India said Girone should be free to return home for the duration of the U.N. investigation, but stressed that he would remain on bail and would have to return to India if the Hague court ruled that India could try the case.

The Ministry of External Affairs said the Supreme Court might demand that he surrender his passport to the Italian authorities and not leave Italy without Indian permission.

The U.N. court will continue to review the merits of the case and no date has been set for a definitive ruling.

"The government underlines that today's court decision ... will not influence the progress of the arbitration procedures, which should decide if Italy or India has jurisdiction in the case," Italy's Foreign Ministry said.

Italy has argued that the case should not be heard in India because it said the incident had occurred in international waters. India said it remained confident that the issue of jurisdiction would be decided in its favour.

Marines are viewed by Italy as state officials immune to foreign prosecution. Italy has paid $190,000 in compensation to each victim's family.

(Additional reporting by Douglas Busvine in Delhi and Thomas Escritt in Amsterdam; Editing by Louise Ireland)

Sensex sheds 170 pts on muted earnings, Japan rout

Mumbai, May 2 (PTI) Equities started the week on a dull note with the market benchmark Sensex tumbling to a three-week low today as a plunge in Tokyo and disappointing domestic corporate earnings along with a fall in manufacturing sector activity rattled investors.

In contrast, broader markets were in a better shape with the mid-cap and small-cap indices closing higher by 1.10 per cent and 0.39 per cent, respectively.

Falling for a second straight session, ICICI Bank emerged as the top Sensex loser, skidding 4.08 per cent to close at Rs 226.95 as the company posted its worst numbers in over a decade with net profit plunging 87 per cent in March quarter.

Investor sentiment was badly hit following heavy losses in Japanese shares, dragging the Nikkei down by 3.11 per cent, as exporters took a major hit from surging yen after BOJ took investors by surprise by deciding against fresh stimulus.

Markets in China, Hong Kong, Malaysian, Singapore and Thailand remained closed for public holidays.

Housing finance major HDFC Ltd, however, perked up by 0.36 per cent on 30.76 per cent surge in consolidated net profit to Rs 3,460.46 crore for the March quarter.

"Value buying efforts were capped by India's PMI figures released during the day, which showed manufacturing activity slowed sharply in April," Anand James Chief Market Strategist Geojit BNP Paribas Financial Services.

A monthly survey showed that manufacturing output grew at its slowest pace in four months in April as new orders stagnated and input costs rose sharply.

The 30-share index stayed in the negative zone throughout the day and settled 169.65 points or 0.66 per cent lower at 25,436.97 after touching a low of 25,341.14. This is the weakest closing since April 12.

The broader Nifty also succumbed to selling and slipped below the 7,800-mark in early trade to hit a low of 7,777.30 before recovering partially to close 43.90 points or 0.56 per cent down at 7,805.90.

On the other side of the spectrum, the country's largest carmaker Maruti Suzuki ended 0.91 per cent up at Rs 3,829.55 after it posted a 13.3 per cent growth in sales in April.

Shares of IndiGo's parent InterGlobe Aviation plunged 4.51 per cent to close at Rs 1,023.80 after its net profit remained flat at Rs 579.31 crore in the three months ended March.

In Europe, most indices rose as a sharp decline in the previous session prompted investors to look for bargains. Key indices in France and Germany rose between 0.49 per cent and 1.06 per cent. .

Changes in Foreign Investment Rules

New Delhi : During his last visit to Germany in April 2015, Hon. Prime Minister apprised the German companies that the regulatory regime in India is much more transparent, responsive and stable. Lots of efforts have been made and are still underway to improve the Ease of Doing business in the Country. Steps have been taken to open up more FDI in key areas like insurance, construction, defence, railways and medical devices. Procedures are being simplified and digital technology is being used to eliminate multiple approvals. A predictable, stable and competitive tax regime is being built. 

FDI policy is reviewed on an ongoing basis, with a view to making it more investor-friendly. Significant changes are made in the FDI policy regime, from time to time, to ensure that India remains an increasingly attractive investment destination. 

As per the extant FDI policy, any non-resident entity can invest in India, subject to the FDI Policy except in those sectors/ activities which are prohibited. However, a citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/ activities other than defence, space and atomic energy and sectors/ activities prohibited for foreign investment. 

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today. 

Media Statement by the President of India upon the conclusion of his state visit to Papua New Guinea and New Zealand en route from Auckland to New Delhi

Following is the full text of the statement to media by the President of India, Shri Pranab Mukherjee upon the conclusion of his State visit to Papua New Guinea and New Zealand (from April 28 to May 02, 2016). The statement was made on board the aircraft during the President’s return to New Delhi from Auckland, New Zealand today (May 02, 2016): 

“I have just concluded successful State visits to Papua New Guinea and New Zealand from April 28 to May 2, 2016. My delegation included Dr. Sanjeev Kumar Balyan, Minister of State for Agriculture and Farmers’ Welfare. Three Members of Parliament representing major political parties, namely Shri Pratap Singh Bajwa, MP, Rajya Sabha, Dr. K. Hari Babu, MP, Lok Sabha and Shri Ram Swaroop Sharma, MP, Lok Sabha and senior officials of Rashtrapati Bhawan and MEA were also part of my delegation. 

My State Visits to Papua New Guinea and New Zealand were the first ever visits by an Indian President. They sought to take forward the Government’s ‘Act East’ policy. My visits to these two countries reflect the importance that India places on significantly enhancing our relationships with the Asia-Pacific region which is an extension of our immediate neighbourhood. 

Our relations with Papua New Guinea have always been warm and friendly. This was the first high level visit by any political leader from India to Papua New Guinea since its independence in 1975. I was touched by the warmth of the welcome I received from the leadership of Papua New Guinea as well as the common people who greeted me wherever I went. 

I had useful meetings with the entire leadership of Papua New Guinea including Governor General Grand Chief Sir Michael Ogio, Prime Minister Peter O’Neill and his Cabinet colleagues. I also interacted with Leader of the Opposition Mr. Don Polye and Mr. Sasindran Muthuvel, Governor of West New Britain province, who is of Indian Origin. 

I conveyed in my meetings India’s willingness to contribute to capacity building in Papua New Guinea in the fields of agriculture, health, information technology and infrastructure development. I pointed out that India learned from our own colonial experience the critical need to develop its own capacity and not rely on others. As a result, we transformed ourselves from a country dependent on food aid from abroad to one of the largest producers of food grains in the world and a net food exporter. I conveyed that we would be happy to share our capabilities and expertise with Papua New Guinea which, despite considerable arable land and plentiful fresh water remains a net importer of food. This was warmly welcomed by the leadership of Papua New Guinea. 

Papua New Guinea is a country rich in minerals, petroleum and natural gas. During my discussions, Indian investment in upstream and downstream projects in the field of petroleum and natural gas were welcomed by the leadership of Papua New Guinea. I reiterated our offer for coastal surveillance radars, patrol craft and training for maritime coast guard authorities that had been made during FIPIC-2 Summit. 

Three MOUs on Cooperation in the Health Sector, Agriculture and for setting up of a Center for Excellence in IT were signed by the Governments of the two countries. An agreement for US$ 100 million Line of Credit for infrastructure development in Papua New Guinea was also signed between EXIM Bank and its counterpart. I announced that Government of India would provide drugs and equipment for treatment of 20,000 HIV patients in Papua New Guinea for a period of one year. 

Papua New Guinea reiterated its support for India’s Permanent Membership of the UN Security Council. It also expressed support for India’s Membership of APEC. The Government of Papua New Guinea, in a special gesture, announced Visa on Arrival for Indians travelling to Papua New Guinea. This will help boost tourism and business links between our two countries. Leaders of Papua New Guinea deeply appreciated the role played by the Indian community in the development of Papua New Guinea as well as our initiative in organizing two FIPIC Summits. 

I addressed a meeting of the PNG Business Council and launched the PNG-India Chamber of Commerce. I also delivered a talk to the faculty and students of the University of Papua New Guinea and laid a wreath at the Bomana War Cemetery. Over 600 Indian soldiers who fought in the Second World War lie buried in Papua New Guinea. Their contribution for the freedom of Papua New Guinea was acknowledged by its leadership with gratitude. 

My visit to New Zealand was also the first by any President of India. For me personally, this was a second visit. I led the Indian delegation to the 14thCommonwealth Heads of Government Summit in 1995 as External Affairs Minister in the Government led by Prime Minister P. V. Narasimha Rao. 

India has much in common with New Zealand including similarity of political systems, strong commitment to democracy and human values, the fact that we are open and rapidly growing economies, English language and passion for cricket among others. New Zealand is home to a large community of Indian origin who are well integrated into New Zealand society and who are contributing immensely to their adopted home. New Zealand has prioritised its relations with India and seeks to make India a core trade, economic and political partner. 

I had substantive meetings with Governor General Jerry Mateparae and Prime Minister John Key. Both underlined the importance New Zealand placed on its relations with India and the commonality in world view that we share. They reiterated New Zealand's support for India's candidature for permanent membership of the expanded UN Security Council. We agreed on the need for urgent reform of the UN and other international organisations which do not reflect the world of today. We recognised the immense potential for taking our economic cooperation to a much higher level. Given New Zealand's strengths, I emphasised that she could be a partner in our programmes for skills development, Make in India, Digital India, Smart Cities etc. as well as in the fields of agriculture, food processing and in disaster management. We also discussed and appreciated our respective engagements with the Pacific Island countries – India in FIPIC and New Zealand through the Pacific Island Forum, in which we are a dialogue partner. I conveyed India’s willingness to work towards an early conclusion of an FTA keeping in mind the need to find a satisfactory resolution of our mutual concerns. 

The leadership of New Zealand emphasised that they consider India a vital part of the Asia Pacific and would like to partner us in diverse fields. They were highly appreciative of India's Act East policy. I on my part lauded New Zealand's positive contribution as a current member of the UN Security Council. 

During my visit, an Air Services Agreement was signed. This is a long awaited development which will address to an extent connectivity issues between the two countries. An MoU on an ICCR Chair of Indian Studies in the University of Victoria was also signed. The New Zealand Government announced a new scholarship scheme for Indian students, who constitute the fastest growing group of international students in the country. I addressed students and faculty of the Auckland University of Technology and invited academicians from the universities of New Zealand to participate in the next Festival of Innovation which will be held in March 2017 at Rashtrapati Bhawan. I also addressed business leaders and the Indian community in New Zealand during the visit. I invited New Zealand businesses to participate in India's growth story and avail of the significant opportunities presented by Government of India's flagship initiatives. 

I met former Governor General of New Zealand and a Pravasi Bharatiya Samman awardee, Sir Anand Satyanand, and three Members of the New Zealand Parliament who are persons of Indian origin. It is to the credit of the community as well as the host nation that they have been so well integrated and have contributed substantially to the progress and prosperity of New Zealand. 

In conclusion, my State Visit to these countries have provided new momentum to our foreign policy towards the Asia-Pacific region. We must continue to proactively reach out to our friends such as Papua New Guinea and New Zealand as well as others in the region. These countries may be geographically distant but the warmth and friendship they display is tremendous. There exists great potential for mutual benefit if we can nurture and strengthen these bonds through high level political visits, determined follow up of agreements reached and consistent efforts to promote economic, trade, cultural and people to people links. The Government will in the coming days take necessary steps in pursuit of this goal”.

India ready to clear USD 6.5 billion of Iran's oil dues

New Delhi, May 1 (PTI) Keen to step up engagement in hydrocarbon sector with Iran, India has conveyed to the Persian Gulf nation that it was ready to clear nearly USD 6.5 billion of the dues for oil import from that country at the earliest, provided there was clarity on payment channel.

The message has been conveyed to Iran even as Prime Minister Narendra Modi is likely to visit the oil-rich country later this month.

Government sources said there has been a series of discussions at various levels both in Tehran and here and both sides were confident of resolving the issue soon.

"We are working on clearing the dues to Iran and are hopeful that the issue will be resolved soon," they said.

Following lifting of sanctions against it in January under a historic nuclear deal, Iran had terminated a three-year-old system with India of getting paid for half of the oil dues in rupees and has been insisting on being paid in Euros for the oil it sells to Indian refiners.

It has also scrapped free delivery of crude oil to Indian refiners.

Officials said though Western sanctions against Iran were lifted, problems persist in banking channels due to which regular transactions were not possible yet.

Refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe nearly USD 6.5 billion in dues to Iran.

Since February 2013, Indian refiners like Essar Oil and MRPL paid 45 per cent of their import bill in rupees to UCO Bank account of Iranian oil company.

The remaining has been accumulating, pending finalisation of a payment mechanism.

Petroleum Minister Dharmendra Pradhan and External Affairs Minister Sushma Swaraj had visited Iran last month during which they had conveyed to Iranian leaders that India wants to significantly ramp up engagement in oil and gas sector with that country.

The issue of the pending dues had also figured in the meetings.

Swaraj during her visit had conveyed to Iranian leadership that India wants to invest in joint ventures in oil and gas sectors in the Persian Gulf nation where foreign investors from major economic powers are rushing in to get early footholds after lifting of sanctions.

Following lifting of sanctions against Iran, India has been eying deeper energy ties with that country and has already lined up USD 20 billion as investment in oil and gas as well as petrochemical and fertiliser projects there.

New Delhi is looking to increase engagement with the sanction-free Iran by raising oil imports and possible shipments of natural gas. It also wants rights to develop Farzad-B gas field in the Persian Gulf discovered by OVL.

A deal for the field was not signed during Pradhan's visit as Iranian Parliament, Majlis, is yet to approve the new Iran Petroleum Contract (IPC) under which the Farzad-B field is to be given to the OVL-led consortium. .

Harish Rawat accepts his 'presence' in sting CD

Dehradun, May 1 (PTI) Deposed Uttarakhand Chief Minister Harish Rawat, who had so far been insisting the sting CD of him was "fake", today virtually accepted his presence in the video.

He, however, said meeting a journalist was not a crime.

"Is meeting a journalist a crime? If one of the MLAs who had not been technically disqualified by that time talked to me ... how does it matter? Do we block any channels in politics?" Rawat told reporters here on the sidelines of a programme.

Claiming innocence, Rawat said if the CD contained evidence of him having made an offer in cash or kind in exchange for the support of disgruntled MLAs he was ready to be hanged in public.

"If any evidence is found against me like me offering money or post to anybody, hang me at Clock tower," he said.

Clock tower is a busy chowk in the heart of the town.

However, from what the deposed chief minister said it was clear that a meeting did take place between him and the journalist who made the sting CD.

It is significant as Rawat had so far been challenging the veracity of the CD, calling it "fake".

"Why should anyone spend Rs 15 crore for me. The man (journalist) was saying something meaningless to while away my time and I said something to while away his. How does it matter? We keep saying things like this on a daily basis. Does that mean they should be used against us?" Rawat said.

The sting CD made by the editor-in-chief of a private news channel and circulated by the nine Congress rebels, who created a political crisis in the state by siding with opposition BJP in the state Assembly, purportedly shows Rawat negotiating a money deal with the journalist to buy the support of MLAs who had revolted against him.

PM in Varanasi

The Prime Minister, Shri Narendra Modi addressing at the Assi Ghat, in Varanasi, Uttar Pradesh on May 01, 2016.

• Launches eco-friendly E-boats at Assi Ghat

• Distributes E-rickshaws to beneficiaries


• Visits Gyan Pravah – Centre for Cultural Studies and Research

• Interacts with prominent citizens of Varanasi

The Prime Minister, Shri Narendra Modi, launched the environment friendly E-Boats at Assi Ghat, in his Lok Sabha constituency Varanasi this evening.

The Prime Minister interacted with boatmen, and took a brief ride on an e-boat in the River Ganga, before arriving at the dais to address the gathering at Assi Ghat.

Speaking on the occasion, the Prime Minister explained that the e-boats would reduce pollution, provide a better experience for tourists, and save a substantial amount for the beneficiaries through lower fuel costs. He urged the beneficiaries to use the savings for the benefit of their younger generation.

The Prime Minister emphasized that his Government was focused on creating schemes which would strengthen the people, and empower the poor so that they can battle poverty. The Prime Minister recalled how India's indigenous navigation satellite network, has been named “NAVIC” in honour of the millions of people who earn their livelihoods on boats.

Earlier, the Prime Minister distributed e-rickshaws to beneficiaries, and interacted with them, at the DLW Grounds in Varanasi.

The Prime Minister visited Gyan Pravah: Centre for Cultural Studies and Research, and appreciated the efforts made to showcase India's cultural heritage.

Interacting with prominent citizens of Varanasi, the Prime Minister exhorted them to work towards ensuring cleanliness, and making Varanasi one of the cleanest cities. 

Russian Defense Ministry: all Russian flights held in compliance with international regulations

"We’re getting used to claims of Pentagon regarding alleged "non-professional" maneuvers of our fighters when intercepting the U.S. scout planes on the Russian borders," said Igor Konashenkov



MOSCOW, April 30. /TASS/. All flights of Russian aircraft are performed in compliance with international regulations on airspace management, Russian Defense Ministry Spokesman Igor Konashenkov said Saturday.

"We’re already getting used to claims of Pentagon representatives regarding alleged "non-professional" maneuvers of our fighters when intercepting the U.S. scout planes on the Russian borders," he said when commenting the announcement made by Pentagon on Friday. "At the same time we want to note that the RC-135U surveillance plane tries to sneak up to the Russian border with the transponder turned off each time. Therefore, the air defense forces on duty have to lift the fighter to visually identify the type of aircraft and its tail number," Spokesman added.

According to Konashenkov, in this case the U.S. military air forces should either not perform flights close to the Russian borders or turn the transponder on so that the radar recorder aids could automatically identify them.

Meanwhile, another Boeing OC-135B surveillance plane within the Open Skies Treaty landed on Saturday in Ulan-Ude, with no fighters lifted for its identification, Konashenkov added.

On Friday, Pentagon spokeswoman Lt. Col. Michelle Baldanza said the "unsafe and unprofessional air intercept" of the US Air Force RC-135 by the Russian Sukhoi Su-27 could "cause serious harm and injury to all aircrews involved.".