HC asks SpiceJet to deposit Rs250 crore.
The Delhi High Court on Monday asked budget carrier SpiceJet to pay Rs 250 crore as cash deposit and Rs 229 crore in bank guarantee in connection with a share transfer dispute with previous owner Kalanithi Maran.
A division bench of Justice S. Ravindra Bhat and Yogesh Khanna, while dismissing the plea of SpiceJet and its co-founder Ajay Singh against a single judge order directing it to deposit Rs 579 crore in share dispute with Maran, asked them to pay the money.
SpiceJet was asked to deposit Rs 250 crore in cash by August 31.
The decision came on the plea by the airline and Ajay Singh challenging the single judge order which had come on a civil suit by Sun Group chief Kalanithi Maran and his Kal Airways.
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Future bright for Latin America, but water issues impede growth.
JOHANNESBURG (miningweekly.com) – While the outlook for mining in Latin America remains positive over the coming years, research firm BMI has outlined certain obstacles that will hinder its development, with water use and contamination among the most significant challenges.
BMI warned that companies and governments in Latin America would experience increasing pressure to respond to water scarcity and contamination issues, as freshwater shortages and droughts fuel tension between local communities and miners.
In April, Argentina’s government announced plans to invest $44-billion in water infrastructure, including a sewage system and treatment plant.
Meanwhile, in March, El Salvador passed a law banning all metal mining in the country to protect water sources.
“Desalination plants may become mandated in Chile, and Peru will take an inclusive approach to help small-scale gold miners comply with regulations through reducing red tape and offering incentives such as banking services.
As such, Latin America’s gold mining M&A activity increased significantly year-on-year in the first half of 2017, to $1.9-billion.
BMI highlighted that continued supply and capital discipline from miners, who are wary of price volatility, would underpin growth strategies focused on partnerships, joint ventures and expansions of existing assets to reduce risk and cost.
Sector-wise, BMI highlighted lithium as a key growth area, noting that countries like Argentina and Chile would experience solid investment and production growth, supported by a tightening global lithium market pushing prices up over the coming years.
“We expect lithium prices to continue on a solid upward trajectory, as rising global demand growth outpaces that of production,” said BMI, adding that project development in both countries’ lithium sectors remained on track.

New Delhi, Jul 3 (PTI) Following are the top business New Delhi, Jul 3 (PTI) Following are the top business stories at 1800 hours today:
New Delhi: The finance ministry has removed additional excise duty on tobacco, pan masala and cigarettes with effect from July 1, following the GST implementation.
Mumbai: Indian markets rejoiced at the far-reaching tax reform GST, sending the benchmark Sensex higher by over 300 points — its biggest single-day surge in a month — on emergence of a big rally in FMCG and auto counters.
DCM71 BIZ-AUTO-LD PRICECUTS New Delhi: Passing on to customers the benefits under the new GST regime, automakers today announced price cuts ranging from Rs 350 in case of two-wheelers to Rs 3 lakh on Fords SUV Endeavour.
New Delhi: Reliance Corporate Advisory Services, an arm of Reliance Capital, today said it has made an investment of about Rs 7 crore (USD 1 million) in alternative digital lending startup Billionloans Financial Services Pvt Ltd.
New Delhi: Capital markets regulator Sebi today said it is "not happy" with the current state of affairs at credit rating agencies and will soon initiate public discussion for a new set of norms for them.
DCM66 BIZ-SEBI-LD GOVERNANCE New Delhi: Emphasising on the need for improved corporate governance practices at listed companies, Sebi chief Ajay Tyagi today said 20 per cent of public sector enterprises still do not have a single woman director.
New Delhi: Tata Global Beverages Ltd (TGBL) today appointed Tata Sons head N Chandrasekaran as Chairman with immediate effect.
DCM2 BIZ-PMI-MANUFACTURING New Delhi: Manufacturing growth eased to a four-month low in June owing to weak client demand, water scarcity and concerns related to GST, a monthly survey showed today, rekindling rate cut call.
New Delhi: Three days into GST regime, Cabinet Secretary P K Sinha today held a review meeting to take stock implementation of the new tax regime.

Windhoek-The Fifth National Development Plan (NDP5), which was recently launched by President Geingob is the 5th NDP in the series of a total of seven National Development Plans that are to implement and achieve the objectives and aspirations of Namibia’s long-term vision, Vision 2030.
The game changers are: Increase investment in infrastructure development; Increase productivity in agriculture, especially for smallholder farmers; Invest in quality technical skills development; Improve value addition in natural resources; Achieve industrial development through Local Procurement.
During the NDP5 period, sustainable investments in infrastructure will be prioritized and sequenced to support industrialization and export development.
Energy: Where we are While nearly 75 percent of Namibians in urban areas enjoyed access to energy in 2015, only 24 percent of their fellow citizens in rural households had electricity in their homes.
The maximum electricity demand is around 656MW while at most only 484MW is produced domestically.
Desired outcome By 2022, Namibia has a sustainable mix of locally generated energy capacity of 755 MW to support household and industry development.
Given the trend of migration, urban domestic water demand (including manufacturing and industry) is estimated to increase.
Each rural constituency will have water access of above 50 percent.
Challenges Ageing water infrastructure and the development of the water infrastructure is one of the challenges which need to be addressed urgently.
For example, an important part of Namibia’s desert ecosystem is a phenomenon known as ephemeral rivers which flow for short periods of time following severe rainstorms.

Water scarcity in water rich Bhutan.
According to the National Health Survey 2012, the proportion of Bhutan’s population with access to improved drinking water source is 97.7 percent.
However, in some rural parts of our country, people have to depend on rainwater for both drinking and irrigation.
Assessment of rural drinking water quality carried out by the Royal Centre for Disease Control in 2012 showed that only 17 percent of stream water sources and 28 percent of spring water sources were safe for use as drinking water.
Assurance of safe drinking water is still a major challenge in Bhutan.
The residents of Laptsakha village in Punakha, Shumar, Gamung and Gonpung in Pemagatshel, Phangyul in Wangdue, and Kengkhar in Mongar are facing acute shortage of water.
According to a study done by Ugyen Wangchuck Institute for Conversation and Environment Research, climate change, in addition to increasing anthropogenic activities, could impact both quality and quantity of water because climate change in the region is occurring at a greater speed than elsewhere.
Going by a more recent rural water supply inventory, about 13,732 rural households across the country are facing drinking water problem.
When there is no water to drink and to farm, people from villages will be forced to migrate.
Citizens of the country with rich water resource cannot go begging for water to drink.

* Any views expressed in this article are those of the author and not of Thomson Reuters Foundation.
Graziano da Silva stressed that almost 60 percent of the people suffering from hunger in the world live in countries affected by conflict and climate change.
FAO currently identifies 19 countries in a protracted crisis situation, often also facing extreme climatic events such as droughts and floods.
The livelihoods of these mostly rural people have been disrupted and "many of them have found no option other than increasing the statistics of distress migration," Graziano da Silva said.
"Strong political commitment to eradicate hunger is fundamental, but it is not enough," he said.
"Peace is of course the key to ending these crises, but we cannot wait for peace to take action" and FAO, the World Food Program and the International Fund for Agricultural Development are all working hard to assist vulnerable people, he said.
"It is extremely important to ensure that these people have the conditions to continue producing their own food.
Broad support and need for action The prospect of the worst food crisis since the Second World War – affecting northeastern Nigerian, Somalia, South Sudan and Yemen – means "we mustn’t be resigned but make renewed and extraordinary efforts," said Italian Prime Minister Paolo Gentiloni delivering the keynote speech.
Gentiloni appealed to all of Europe to share Italy’s burden of large-scale arrivals in his country, in order to be "faithful to its own history, principles and civilization."
"We cannot save people by putting them in camps," insisted Graizano da Silva.

The Ministry of Agriculture, Water and Forestry, with assistance from technical partners and in collaboration with the Angolan government, has conducted studies and test trials about the viability of the underground water source.
The ministry is currently carrying out pilot projects by supplying water to Eenhana and Omundaungilo constituencies in Ohangwena region from the aquifer to test the quality and quantity of the water.
Fillipus Shilongo, the acting chief regional officer for Ohangwena Regional Council, said the region is pinning its hope on the aquifer to solve the lingering water shortage.
Close to 70 percent of region’s inhabitants in rural areas continue to drink “brown and blackish” water from traditional wells and salty water from borehole, which is not even fit for animal consumption, Shilongo told The Southern Times.
“The water from Oshikunde and Epembe boreholes has been confirmed to contain higher fluoride, which is not suitable for human consumption.
That’s why the Okongo Regional Office is still using water from the tank that we supply them from Eenhana town,” he said.
The aquifer that flows across the borders with Angola is estimated to contain about 20 billion cubic metres of freshwater on the Namibian side.
“Angola knows what is happening in Namibia and we know what is happening in Angola as Ohangwena underground aquifer is of concern and we are working together to carry a similar study on the Angola side and as well as in Botswana,” said Nehemiah.
Nehemiah said the government was going to develop the aquifer in phases based on the budget available from treasury and development partners.
It further recommends that ensuring universal access to safe and affordable drinking water for all by 2030 requires countries of the world to invest in adequate infrastructure, provide sanitation facilities, and encourage hygiene at every level.

Fear of uncertainty over the implementation of the Goods and Services Tax (GST) has cast its shadow on manufacturing activities as growth in the sector fell to a four-month low in June, showed the widely-tracked Nikkei purchasing managers’ index (PMI).
Water shortages in some parts of the country also led to the slowdown in growth.
Down from 51.6 points in May to 50.9 in June, the PMI pointed to a slight and weaker improvement in the health of the sector.
This means that manufacturing growth could be higher in Q1 of FY18 than what was witnessed in the GDP data of the fourth quarter of the previous financial year.
Output across the manufacturing economy rose for the sixth month in a row during June, which the survey participants linked to ongoing increases in client demand.
Lima, an economist at IHS Markit, said,"For the third month in a row, production growth in India eased during June.
The slowdown occurred due to weak client demand, with order books up at a slight and softer pace.
However, some companies mentioned that the implementation of the GST Bill would have a negative impact on their businesses.
While the new tax system is anticipated by some firms to generate more business, others expect the GST to have a detrimental impact on their order books," Lima said.
New orders from external markets increased at a solid rate that was the most pronounced in eight months.

India’s manufacturing output fell to four-month low in June; level of confidence at three-month low: Report New Delhi, July 3 (KNN) India’s manufacturing activity slowed to a four month low in June despite an increase in orders from abroad, Nikkei India Manufacturing Purchasing Manager’s Index (PMI) showed.
A reading above 50 on the index indicates expansion.
Output across India’s manufacturing economy rose for the sixth month in a row during June, which survey participants linked to ongoing increases in client demand.
As was the case for new orders, production expanded in the consumer and capital goods categories, but fell at producers of intermediate goods.
This followed a reduction in new work from abroad in May.
Input costs continued to increase, with anecdotal evidence pointing to higher prices for chemicals, food, plastics and rubber.
However, the rate of inflation was modest and the weakest since August 2016.
Looking ahead, manufacturers in India forecast output growth in the coming 12 months, with optimism supported by new developments and anticipations of higher demand stemming from lower tax rates.
However, some companies mentioned that the implementation of the GST bill will have a negative impact on their businesses, added the PMI report.
As such, overall optimism slipped to a three-month low,” Lima commented.

In the Cauvery delta region of Tamil Nadu, farmers no longer consider the summer crop to be viable.
He said those were the days when he and his family donated several bags of their paddy harvest to the Apathsahayar temple in the village every season.
“The severe drought made it impossible for farmers to take up farming,” the official added.
Officials said there has been a significant drop in the production of other major crops as well, though data for these crops is yet to be put together at the state level.
The State Directorate of Agriculture has set a target of 4.85 lakh hectares coverage for the Kuruvai crop.
One official in Thanjavur said that farmers in the region reported sowing by the third week of May in the hope of getting water for their crops from the Mettur dam, the entry point of the Cauvery river in Tamil Nadu.
Sekar, a farmer in Mannargudi, in Tiruvarur district, said if the situation improved in the coming weeks, farmers would opt for direct sowing rather than raising a nursery [for paddy].
Sekar said that last year he took the help of his neighbour, who owns a borewell, to irrigate his groundnut crop during Kuruvai.
“But I was in no position to pay.” He added that the cost of doing this would have touched Rs 2 lakh.
This apart, farmers are also miffed about lakes and ponds not being de-silted on time for the monsoon.