India to fill Mangalore strategic reserve with UAE oil

Sheikh Mohammed bin Zayed al-Nahyan, Crown Prince of Abu Dhabi and UAE's deputy commander-in-chief of the armed forces shakes hands with India's Prime Minister Narendra Modi (R) during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi, India, January... REUTERS/Adnan Abidi

By Nidhi Verma | NEW DELHI

India signed a deal with the United Arab Emirates on Wednesday that allows the Gulf OPEC country to fill half of an underground crude oil storage facility at Mangalore that is part of New Delhi's strategic reserve system.

New Delhi announced a series of pacts with the UAE ranging from defense, trade, maritime cooperation to energy after a meeting between Prime Minister Narendra Modi and Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed al-Nahyan.

UAE's Abu Dhabi National Oil Co [ADNOC.UL] will store about 6 million barrels of oil at Mangalore, taking up about half of the site's capacity, said Sunjay Sudhir, joint secretary for international cooperation at the Indian oil ministry.

India, hedging against energy security risks as it imports most of its oil needs, is building emergency storage in underground caverns to hold 36.87 million barrels of crude, or about 10 days of its average daily oil demand in 2016.

"This will ... help to ensure India's energy security and enable us to meet the nation's growing demand for energy," said Indian oil minister Dharmendra Pradhan.

As one of the fastest growing economies in the world, India needs massive investments in some key sectors, particularly infrastructure.

ADNOC said the Mangalore oil storage facility is the third that it has access to in Asia after Japan and South Korea, enabling the company to become more competitive in meeting market demand across south east Asia.

"India is an important energy market and this storage agreement reinforces ADNOC's role as one of the world's most trusted and reliable suppliers of oil," Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said in a statement.

"We will utilize the Mangalore facility to not only build on our existing business relationships across India but also to explore new downstream opportunities for ADNOC's expanding range of refined and petrochemical products."

During Modi's visit to the UAE in 2015, the two countries announced a $75 billion joint infrastructure fund that would invest in India's infrastructure development. UAE is India's fifth biggest oil supplier.

The crude supplies will begin in the last quarter of this year, Sudhir told Reuters. "We are talking to them (ADNOC) for two-three grades and most likely it will Murban."

The two sides had discussed ways to advance their energy ties through specific projects, including long-term supply contracts and joint ventures in energy, Modi said in a speech after his meeting with the crown prince.

India in 2014 began talks to lease part of its strategic storage to ADNOC. Under those discussions, India was to have first rights to the stored crude in case of an emergency, while ADNOC would be able to move cargoes to meet any shift in demand.

India has already filled the other half of the Mangalore storage in Karnataka state with 6 million barrels of Iranian oil.

India, the world's third-biggest oil consumer, has also filled a Vizag storage site in southern Andhra Pradesh with 7.55 million barrels of Iraqi oil and has invited bids from suppliers to fill an 18.3 million-barrel facility at Padur in Karnataka.

The crown prince of Abu Dhabi will be the guest of honor at India's Republic Day parade on Thursday.

President bats for simultaneous polls

 New Delhi, Jan 25 (PTI) President Pranab Mukherjee today batted strongly for simultaneous elections to Parliament and Assemblies and backed the demonetisation drive, two issues on which the Government has focused its attention.

He asked the Election Commission to carry forward the idea of simultaneous polls in consultation with political parties.

In his Republic Day eve address to the Nation, the President also asserted that the country's strength lies in is pluralism and diversity and that India has traditionally celebrated the argumentative" Indian; not the "intolerant" Indian.

"Multiple views, thoughts and philosophies have competed with each other peacefully for centuries in our country. A wise and discerning mind is necessary for democracy to flourish," he said.

Mukherjee underlined that strengths of India democracy but cautioned against disruptions in Parliament and State Assemblies.

"We have a noisy democracy. Yet, we need more and not less of democracy," he said.

But, he said, it is right time to acknowledge that systems are not perfect and those imperfections have to be recognised and rectified.

"The settled complacencies have to be questioned. The edifice of trust has to be strengthened. The time is also ripe for a constructive debate on electoral reforms and a return to the practise of the early decades after independence when elections to Lok Sabha and state assemblies were held simultaneously.

"It is for the Election Commission to take this exercise forward in consultation with political parties," Mukherjee said.

The President said the depth and breadth of Indian democracy sparkles in the regular elections being held in panchayati raj institutions.

"And yet, our legislatures lose sessions to disruptions when they should be debating and legislating on issues of importance. Collective efforts must be made to bring the focus back to debate, discussion and decision-making," he said.

On demonetisation, the President said it may have led to "temporary" slowdown in economy but will bring more transparency in the system.

"Demonetisation, while immobilising black money and fighting corruption, may have led to temporary slowdown of economic activity. As more and more transactions become cashless, it will improve the transparency of the economy," Mukherjee said.

PM asks 18-year-olds to register as voters

New Delhi, Jan 25 (PTI) On the National Voters' Day, Prime Minister Narendra Modi today urged all those who turn 18 to register as a voter and exercise their franchise as "elections are celebrations of democracy".

"Wishing you all on National Voters Day. We greet the Election Commission & salute their important role in our democracy," he tweeted.

"Elections are celebrations of democracy. They communicate the will of the people, which is supreme in a democracy," he added.

In remarks assuming significance in view of upcoming assembly polls in 5 states, the Prime Minister said, "I urge every eligible voter to exercise his or her franchise & call upon my young friends to register as voters when they turn 18.

Sensex scales 258 pts to 2-month high, Nifty above 8,400

Mumbai, Jan 24 (PTI) A set of strong corporate earnings numbers gave the market enough comfort as the Sensex soared by over 258 points today to end at 27,376, a 2-month high, with covering of short positions ahead of derivatives expiry making the job easier.

The big domestic trigger coming up next is Union budget, which is slated for February 1.

Encouraging results from blue-chips led by HDFC Bank, Tata Communications and HCL Tech got investors going, with mood turning positive after a higher opening in Europe.

The 30-share pack resumed higher and moved in a range of 27,393.35 and 27,140.85 before ending at 27,375.58, a sharp gain of 258.24 points, or 0.95 per cent. This is its highest closing since November 10, 2016, when it closed at 27,517.68.

It had gained 82.84 points in the previous session.

The NSE 50-share Nifty also recaptured the 8,400-mark by rising 84.30 points, or 1 per cent, to end at 8,475.80.

"The market extended gains with increasing focus on the upcoming budget which induced participants for short-covering ahead of the expiry tomorrow (Thursday). Positive quarter results have also influenced the investors to participate in the pre-budget rally," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.

The rupee too closed higher against the dollar.

But traders remained cautious ahead of the Union budget which will throw light on how the government spends money on various social and infrastructure projects.

HDFC Bank ended 1.84 per cent higher after net profit grew 15.14 per cent to Rs 3,865.33 crore for the December quarter.

HT Media went up 1.32 per cent after the company put up a similar show, helped by higher other income and lower tax expenses. Tata Communications surged 5.35 per cent after an over 12-fold jump in December quarter profit.

In the domestic market, 26 stocks in the 30-share Sensex team ended higher while the remaining lost.

Metal firmed up 1.69 per cent, followed by auto (1.67 per cent), power (1.43 per cent), oil and gas (1.31 per cent), capital goods (1.26 per cent), PSU (1.12 per cent) and banking (0.86 per cent).

Bajaj Auto came out on top, up 3.42 per cent. M&M rose 2.68 per cent, Adani Ports 2.41 per cent, Coal India 1.96 per cent, L&T 1.88 per cent and Tata Motors (1.74 per cent).

But Bharti Airtel fell 1 per cent, followed by Infosys, HUL and ICICI Bank.

Broader markets also traded in a positive zone. The BSE mid-cap and small-cap indices rose 0.96 per cent and 0.85 per cent, respectively.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 288.80 crore yesterday, as per provisional data.

Hong Kong's Hang Seng was up 0.22 per cent while Shanghai Composite edged higher 0.18 per cent. However, Japan's Nikkei fell 0.55 per cent.

European shares were trading higher too. .

US President Trump to speak with Prime Minister Modi tonight

 Washington, Jan 24 (PTI) US President Donald Trump will speak to Prime Minister Narendra Modi tonight over phone, the White House said, four days after he was sworn-in as the 45th President of America.

"The President speaks with Indian Prime Minister, Narendra Modi," the White House said as it released Trump's schedule for today.

Trump is scheduled to speak with Modi over phone at 1 PM Washington DC time, which is 11:30 PM IST.

With this Modi, would be the fifth foreign leader Trump would have spoken with over phone after being sworn-in as the US President on January 20.

On January 21, Trump spoke with Canadian Prime Minister Justin Trudeau and Mexican Premier Pena Nieto.

On Sunday, Trump spoke with Israeli Prime Minister Benjamin Netanyahu and yesterday he had a telephonic conversation with the Egyptian President Abdel Fattah el-Sisi.

After Trump surprised the world with his historic victory in the November 8 general elections, Modi was among the first five world leaders to have congratulated Trump.

During his gruelling election campaign, India is among the few countries in addition to Israel with whom Trump spoke of strengthening ties if elected to power.

At a charity event organised by the Republican Hindu Coalition for the Kashmiri Pandit terror victims and the Bangladeshi Hindu victims in Edison on October 15, Trump, as the then Republican presidential nominee, had praised India's fast growth rate and Modi's bureaucratic and economic reforms.

"Under a Trump Administration, we are going to become even better friends, in fact I would take the term better out and we would be best friend," Trump had told a cheering crowd of Indian-Americans in Edison, New Jersey.

"We are going to have a phenomenal future together," Trump had said and praised Modi for taking India on fast track growth with series of economic reforms and reforming the bureaucracy, which he said is required in the US too.

"I look forward to working with Prime Minister Modi," he had said, adding that the Indian leader is very energetic.

"India is key and a key strategic ally," he had said.

Jallikattu stir takes violent turn in Chennai; Bill passed

Chennai, Jan 23 (PTI) Violence broke out today in Chennai and other parts of Tamil Nadu as police cracked down on protesters even as the six-day-old 'Marina uprising" was called off after the state Assembly passed a bill to replace the ordinance allowing the banned jallikattu.

The agitation in Madurai, famous for its Alanganallur bull taming event, Tiruchirapalli, Coimbatore and other places were also withdrawn late in the evening.

After the crackdown early in the morning, the sands of Marina beach and areas around it in Triplicane, Teynampet and Sellur in Madurai and Gandhipuram in Coimbatore witnessed pitched battles between the protesters and police who fired teargas shells and resorted to lathicharge to disperse the large crowds.

There were incidents of stonethrowing and burning of vehicles and sundry items at various places in protest against the police action. Police personnel and their vehicles along with those of public were targeted. A number of policemen and members of the public were also injured.

Police suspected that some protesters belonged to ultra- left organisations like CPI-ML and Revolutionary Youth Front of India but the agitators said the students and youth who had given the call were not involved in the violence.

Initially, crowds defied appeals for withdrawing the agitation but the protesters were not in a mood to relent.

Acting quickly, the AIADMK government tabled the bill in the Assembly after the Governor's address to replace the ordinance for conducting jallikattu without any hindrance.

The Prevention of Cruelty to Animals (Tamil Nadu Amendment), Act, 2017 piloted by Chief Minister O Panneerselvam was adopted unanimously by a voice vote after a brief debate.

After the ordinance, for which the Centre gave quick approval last week, was enacted, pro-jallikattu organisations and film Director Gautaman appealed to the protesters to withdraw the stir.

Parallely, former Madras High Court judge Justice Hari Paranthaman acted as a mediator by explaining the process of lawmaking through ordinance and said for the moment this was a "permanent solution" that is a victory for the agitators. The agitators numbering a few thousands withdrew their protest after appeals by the judge and office bearers of advocates associations.

Tamil stars Rajinikanth and Kamal Haasan also expressed concern over the violence and called for restraint by the agitating students.

The protesters fought pitched battles with police in several pockets in Chennai, especially around Marina Beach from where thousands were evicted, and blocked roads in various parts of the city..

Priyanka played "active role" in tie-up with SP, says Cong, stays mum on future part

 New Delhi, Jan 23 (PTI) The Congress party, which had lauded Priyanka Gandhi's role in cobbling together an alliance with Samajwadi Party in Uttar Pradesh, was today evasive about the part she could play in the party in future.

Congress spokesperson Ajoy Kumar said Priyanka, who had hitherto limited herself to Amethi and Rae Bareli Parliamentary seats represented by her brother Rahul Gandhi and mother Sonia respectively, played an "active role" along with senior leader Ghulam Nabi Azad in putting together an alliance with Samajwadi Party.

Kumar said Priyanka was following "instructions" from Congress vice president Rahul Gandhi, "who can assign a role to any party worker".

"Priyanka Gandhi Vadra has been active in the two Parliamentary seats of Amethi and Rae Bareli purely out of her choice and we respect that.

"As far as UP elections are concerned, Congress vice president Rahul Gandhi requested Ghulam Nabi Azad ji and Priyanka ji for sewing the alliance of progressive, like- minded parties," he said when asked about the role she played in bringing about the tie-up in UP.

When asked about the role she could play in the state in future, the Congress leader said, "The workers of the Congress party and everybody else are desirous of Priyanka Gandhi playing a larger role. As and when that happens you will be duly informed."

Party insiders said she was instrumental in bringing Navjot Singh Sidhu and some other leaders into the party fold ahead of the elections to five state assemblies.

Facing a barrage of questions as to how she assumed such an important role despite not being an official of the party, the Congress spokesperson said, "The Congress vice president can ask any party worker to take an active role. Why should there be an issue of propriety?"

"The Congress vice president can instruct, request anybody in the party for any work he deems fit. So he made a request to Ghulam Nabi Azad and Priyanka ji for helping in sewing the entire alliance and that is what has happened."

He said now a "wonderful" alliance was in place despite many not wanting so.

There has been widespread speculation about Priyanka assuming a larger role in the party, particularly after her mother and Congress president Sonia Gandhi started not keeping well.

SP, Cong clinch poll alliance in UP

Lucknow, Jan 22 (PTI) Capping days of feverish parleys, Congress and Samajwadi Party today forged an alliance to contest the UP Assembly polls together.

At a joint press conference here, leaders the two parties said SP will contest 298 of the 403 seats and Congress the remaining 105.

"SP and Congress have forged an alliance and will contest UP assembly polls together," SP state president Naresh Uttam told the hurriedly convened media briefing.

UP PCC chief Raj Babbar hoped the SP-Congress alliance will reap a bumper electoral harvest in the state and fulfil aspriations of all sections of the society.

He said a Common Minimum Programme will be drafted within a week.

Talks between top Congress and SP leaders had been going on for the last several days for but an announcement got delayed as the two parties refused to scale down their demand for the number of seats each would contest.

Sources said the alliance materialised after Congress President Sonia Gandhi intervened.

They said top leaders of both the parties finalised the seat sharing arrangement around wee hours today.

Senior Congress leader Ahmed Patel had earlier tweeted: "Discussion was at highest level- CM (UP), GS I/C & Priyanka Gandhi."

Prospects of forming of an alliance between Samajwadi Party and Congress for the Uttar Pradesh polls had run into rough weather, with both parties hardening their stance over the number of seats.

At one stage senior SP leader Naresh Agarwal had said the possibility of an alliance was "almost over" and blamed the "stubborn" attitude of Congress for the deadlock.

Chief Minister Akhilesh Yadav had initially offered 100 seats to Congress but they demanded 120.

Samajwadi Party then argued that it had 234 sitting legislators and there were some others who would also contest.

Thus, the ruling party needed at least 300 of the 403 seats.
1
But, Congress leaders had informed the SP that in such a scenario, there cannot be an alliance. .

All efforts to fulfil cultural aspirations of Tamil people:PM

New Delhi, Jan 21 (PTI) A day after the Centre cleared the jallikattu ordinance, Prime Minister Narendra Modi today said all efforts are being made to fulfil the cultural aspirations of the people of Tamil Nadu.

"We are very proud of the rich culture of Tamil Nadu. All efforts are being made to fulfil the cultural aspirations of Tamil people," he tweeted.

Modi said the central government is fully committed to the progress of Tamil Nadu and will always work to ensure the state scales new avenues of progress.

His statement came a day after the Centre, moving swiftly, cleared a draft ordinance to allow jallikattu, paving the way for Tamil Nadu to promulgate it to end the widespread protests that have paralysed the state for last five days.

The Union ministries of Home, Law and Environment cleared the ordinance last night.

Tamil Nadu Chief Minister O Paneerselvam had met the Prime Minister day before yesterday to seek ordinance.

Trump, sworn in as U.S. president, promises to put 'America First'

US President Donald Trump takes the oath of office with his wife Melania and son Barron at his side, during his inauguration at the U.S. Capitol in Washington, U.S., January 20, 2017. REUTERS/Kevin Lamarque

Donald Trump was sworn in as the 45th president of the United States on Friday, succeeding Barack Obama and telling a bitterly divided country he will pursue "America First" policies at home and abroad.

As scattered protests erupted elsewhere in Washington, Trump raised his right hand and put his left on a Bible used by Abraham Lincoln and repeated a 35-word oath of office from the U.S. Constitution, with U.S. Chief Justice John Roberts presiding.

Afterward, he stretched his arms wide and hugged his wife, Melania, and other members of his family. Then he turned around to a podium and delivered his inaugural address.

"This moment is your moment, it belongs to you," Trump told a large crowd that had earlier booed Chuck Schumer, the Democratic minority leader in the U.S. Senate.

Revisiting themes from his improbable campaign victory, Trump said his presidency would aim to help struggling middle-class families, build up the U.S. military and strengthen U.S. borders.

"We are transferring power from Washington D.C. and giving it back to you," he said.

"From this day forward a new vision will govern our land," Trump said. "From this day forward it's going to be only America First."

The transition from a Democratic president to a Republican took place on the West Front of the domed U.S. Capitol before a crowd of former presidents, dignitaries and hundreds of thousands of people on the grounds of the National Mall. The crowd stretched westward on a cool day of occasional light rain.

Trump, 70, takes over a country divided after a savage election campaign. A wealthy New York businessman and former reality TV star, he will set the country on a new, uncertain path at home and abroad.

Away from the Capitol, masked activists ran through the streets smashing windows with hammers at a McDonald’s restaurant, a Starbucks coffee shop and Bobby Van’s Grill steakhouse several blocks from the White House.

They carried black anarchist flags and signs that said, "Join the resistance, fight back now." Police used pepper spray and chased them down a major avenue, a Reuters eyewitness reported.

In another location not far from the White House, protesters also scuffled with police, at one point throwing aluminum chairs at them at outdoor café.

Hillary Clinton, the Democratic candidate who Trump defeated on Nov 8, attended the ceremony with her husband, former President Bill Clinton. Former presidents George W. Bush and Jimmy Carter were also present with their wives. Bush's father, former President George H.W. Bush, 92, was in Houston recovering from pneumonia.


Trump and his vice president, Mike Pence, began the day attending a prayer service at St. John's Episcopal Church near the White House. Trump, wearing a dark suit and red tie, and Melania Trump, clad in a classic-styled, powder blue ensemble, then headed into the White House for a meeting with Obama and his wife, Michelle.

Trump took office with work to do to bolster his image.

During a testy transition period since his stunning election win, Trump has repeatedly engaged in Twitter attacks against his critics, so much so that one fellow Republican, Senator John McCain, told CNN that Trump seemed to want to "engage with every windmill that he can find."

An ABC News/Washington Post poll this week found only 40 percent of Americans viewed Trump favorably, the lowest rating for an incoming president since Democrat Carter in 1977, and the same percentage approved of how he has handled the transition.

TRUMP'S AGENDA

His ascension to the White House, while welcomed by Republicans tired of Obama's eight years in office, raises a host of questions for the United States.

Trump campaigned on a pledge to take the country on a more isolationist, protectionist path and has vowed to impose a 35 percent tariff on goods on imports from U.S. companies that went abroad.

His desire for warmer ties with Russian President Vladimir Putin and threats to cut funding for North Atlantic Treaty Organization nations has allies from Britain to the Baltics worried that the traditional U.S. security umbrella will be diminished.

In the Middle East, Trump has said he wants to move the U.S. embassy in Israel from Tel Aviv to Jerusalem, at the risk of angering Arabs and stirring international concern. He has yet to sketch out how he plans to carry out a campaign pledge to "knock the hell out of" Islamic State militants.

The inaugural festivities may have a more partisan edge than usual, given Trump's scorching campaign and continuing confrontations between him and Democrats over his take-no-prisoners Twitter attacks and pledge to roll back many of Obama's policies.

More than 60 Democratic lawmakers planned to stay away from the proceedings to protest Trump, spurred on after he derided U.S. Representative John Lewis of Georgia, a hero of the civil rights movement, for calling him an illegitimate president.

Thousands of anti-Trump protesters were expected among the inauguration crowd and many demonstrators will participate in a "Women's March on Washington" on Saturday. Protests are also planned in other cities in the United States and abroad.

Keith Kidwell, chairman of the Republican Party in Beaufort County, North Carolina, was among the crowds on Friday, eager to see the start of the Trump presidency.

"I cling to my guns and my Bible. I've been waiting a long eight years for this day," said Kidwell, adding he initially supported U.S. Senator Ted Cruz to be the Republican presidential nominee but was now squarely behind Trump.

QUICK ACTION

Trump's to-do list has given Republicans hope that, since they also control the U.S. Congress, they can quickly repeal and replace Obama's signature healthcare law, approve sweeping tax reform and roll back many federal regulations they say are stifling the U.S. economy.

"He's going to inject a shock to the system here almost immediately," Trump senior adviser Kellyanne Conway told Fox News.

Democrats, in search of firm political footing after the unexpected defeat of Hillary Clinton, are planning to fight him at every turn. They deeply oppose Trump's anti-immigrant rhetoric from the campaign trail and plans to build a wall along the southern U.S. border with Mexico.

Trump's critics have been emboldened to attack his legitimacy because his win came in the Electoral College, which gives smaller states more clout in the outcome. He lost the popular vote to Clinton by about 2.9 million.

Trump's critics also point to the conclusion of U.S. intelligence agencies that Russia used hacking and other methods during the campaign to try to tilt the election in the Republican's favor. Trump has acknowledged the finding - denied by Moscow - that Russia was behind the hacking but said it did not affect the outcome of the election.

To his critics - including Obama who during the campaign called Trump temperamentally unfit for the White House - his straight talk can be jarring, especially when expressed in tweets. His supporters, many of them working-class whites, see Trump as a refreshingly anti-establishment figure who eschews political correctness.

"He's here for the working man" supporter Adam Coletti of Plainfield, Connecticut, said as he headed toward the inauguration.

(Additional reporting by Jeff Mason, Richard Cowan, Ian Simpson, David Alexander, Susan Heavey, Roberta Rampton, Phil Stewart and Emily Stephenson; Editing by Frances Kerry)