Current Affairs 25 June 2017

Current Affairs 25 June 2017

Current Affairs 25 June 2017

Current Affairs Today

London courts 20 Indian start-ups to compete globally
Twenty Indian tech start-ups have been named as the winners of the India Emerging 20 (IE20) programme.
The initiative was introduced by the Mayor of London Sadiq Khan’s business and promo- tional agency, London & Partners and is also supported by British bank Santander U.K., accounting firm BDO and immigration spe- cialist Newland Chase. It is on a mission to uncover some of India’s most promising com- panies looking to expand on the international stage.
The 20 selected companies have been invit- ed to London to help facilitate international partnerships, alliances and business opportu- nities.
They would also get insights about how to take advantage of London’s unique position as a global business centre.
Among these startups is Transcell which is aiming to become a leading enterprise for the discovery and development of targeted anti- cancer treatments.
Its objective is to improve survival rates, neu- rological ailments and autoimmune disorders.
Natural gas no longer profitable: ONGC
State-owned Oil and Natural Gas Corp., (ONGC) has said that producing natural gas is no longer a profitable business for the com- pany as the government-mandated gas price is significantly below the cost of production.
The BJP-led government had in October 2014 evolved a new pricing formula using rates prevalent in gas surplus nations like the U.S., Canada and Russia to determine rates in a net importing country.
ONGC chairman and managing director Dinesh K Sarraf said the company lost Rs5,010 crore in revenue on natural gas business, and about Rs 3,000 crore in profit in just last one year because of cuts in gas prices.
Adani has to pay coal royalties in full, says Queensland
Adani Enterprises will get no exemption or discounted rates on royalties it has to pay to develop its Carmichael coal mine project in Australia, Queensland state Premier Annastacia Palaszczuk said.
Ministers from the centre-left state govern- ment made the decision, putting an end to speculation that the Indian company would be offered concessions on royalties during the early years of coal production.
Under this new policy, the Adani Carmichael mine will pay every cent of royalties in full, Ms. Palaszczuk said in a statement.

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