English हिन्दी
Connect with us

Latest business news

Adani gets approval for controversial coal mine project in Australia

Published

on

Coal Mine Project in Australia

[vc_row][vc_column][vc_column_text]Adani Enterprises today (Thursday, June 13) cleared the last regulatory hurdle to win approval to commence work on its controversy-hit Carmichael coal mine project in Australia with the Queensland state authorities approving its groundwater management plan.

The final and last clearance for the Adani Group’s long-delayed billion dollar mega coal mine project came weeks after a surprise election win of Australia’s pro-coal ruling coalition led by Prime Minister Scott Morrison, said media reports.

Earlier, on May 31, Adani won the first approval from the Queensland state government which cleared its plan to protect the endangered black-throated finch bird population as part of its crucial environmental plan at the site of its mine project.

The finch management plan and the groundwater plan were the two persisting hurdles before the Indian energy giant could begin work on the largest coal mine project in the country.

The mine, in Queensland’s Galilee Basin, has been held up for years over environmental, including climate change, concerns.

Also Read: GDP overestimation: PM’s panel to issue ‘point by point rebuttal’ to ex-CEA’s claim

Following the approval, Adani can now break ground at the site. However, its railway line design to get coal to the Abbot Point terminal, north of Bowen town, are yet to be finalised.

Adani has approvals to produce up to 60 million tonnes of thermal coal annually but at this stage, it is only planning to produce about 27.5 million tonnes.

Gautam Adani-led Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north.

Adani said last year it would fully fund the coal mine and rail project itself, but did not give an updated estimate of the cost of the mine. The previously estimated cost of the mine was about USD 2.9 billion.

“We’re ready to start work on the Carmichael Project and deliver the jobs these regions so badly need,” chief executive Lucas Dow said in a statement.

The go-ahead comes after Queensland’s department of environment and science said it had approved Adani’s Groundwater Dependent Ecosystem Management Plan following a rigorous assessment “based on the best available science.”

The approval potentially paves the way for half a dozen new thermal coal mines to come on line in Australia by opening up Queensland’s remote Galilee basin with rail infrastructure to the coast 320 km (200 miles) away at Abbot Point.

Holders of other coal deposits in the basin include some of Australia’s wealthiest iron ore magnates such as Gina Rinehart, who has a joint venture with India’s GVK Group, and controversial one-term politician Clive Palmer.

Adani group’s country head – Adani Australia Chief Executive Officer Lucas Dow – had last month said that the defeat of the opposition Labor Party in Queensland, where the project is based, is a clear message to get the project done.

Labor Party leader Bill Shorten, who took a firm stand against coal and mining, resigned as his party fared poorly in Queensland, especially in mining communities in the north of the state.

Conservation groups expressed disappointment with the approval given to Adani Group and vowed to continue fighting the development.

The approval was ‘bad news’ for the World Heritage-listed Great Barrier Reef, the Australian Marine Conservation Society said.

“Climate change is the greatest threat to our reef’s future and we cannot risk opening up the Galilee basin for other major coal projects which would heat our oceans and lead to more stress on our beautiful corals,” it said.

“As custodians of the world’s greatest coral reef system, Queensland and Australia has to lead by example and show there’s a bright future for everybody that’s beyond coal,” said Shani Tager, a spokeswoman for the Australian Marine Conservation Society.

“Instead, they’ve approved a new fossil fuel project which will put more pressure on our reef.”

Under the Paris climate agreement, Australia has pledged to cut emissions by 26% on 2005 levels by 2030. However, reported BBC, the UN has warned that Australia is not on track to achieve its commitment.

Also Read: India’s growth rate overestimated by 2.5%, says study by former chief economic advisor

The decision comes as other developed nations step up strategies to meet Paris Agreement emissions targets, and as many banks and insurers scale back exposure to coal and to new thermal coal mines in particular.

Thermal coal is mainly used for power generation and is being increasingly replaced by renewable energy sources.

Australia’s federal and state governments have repeatedly said that the mine must stand on its own merits, and a recent drop in prices for low grade thermal coal has raised doubts about whether the mine can prove economic.

Adani has scaled back initial plans for a 60 million tonne per year mine and has said that it will self-fund the project, backed by ready buyers in its own Indian power plants and its trading business.

[/vc_column_text][/vc_column][/vc_row]

India News

Google announces country-specific domain names for its search page

This transition to a centralised domain may help Google optimise AI performance in delivering relevant search results.

Published

on

In a significant move aimed at unifying its search experience, Google has announced plans to phase out country-level domain names, such as google.ng for Nigeria and google.com.br for Brazil. Instead, the tech giant will redirect users globally to a standardised domain, google.com. This decision aligns with Google’s ongoing effort to enhance search functionality and accessibility, building on the improvement in local search capabilities introduced in 2017.

In a recent blog post, Google explained that it will begin redirecting traffic from these country code top-level domains (ccTLDs) to google.com. This transition will be implemented gradually over the coming months. Users may be prompted to adjust their search preferences during this process, as the company works to streamline the user experience.

“Historically, our approach to delivering localised search results relied on ccTLDs,” Google stated. “However, our capability to offer localised experiences has evolved significantly, making these distinctions unnecessary.” The company reassured users that the core functionality of its search platform will remain unchanged and that compliance with various national regulations will continue.

This initiative reflects Google’s commitment to improving how search results are tailored to individual users without the need for separate country-specific domains. While the official rationale emphasises enhancing global user experience, some industry experts speculate that the change may also be motivated by a desire to better integrate artificial intelligence (AI) into search results, potentially leading to reduced operational costs.

Google employs AI Overviews, a tool designed to aggregate information from a broad range of online sources to provide concise responses to user inquiries. This transition to a centralised domain may help Google optimise AI performance in delivering relevant search results.

Overall, as Google implements this shift, users can expect a more unified search experience. While changes in browser addresses may occur, Google emphasises that the way search operates and its compliance with national laws will remain consistent. This strategic shift signifies Google’s ongoing efforts to adapt to the evolving digital landscape and user needs globally.

Continue Reading

India News

In HUL vs HCL defamation case, Delhi HC orders take down of Lakme sunscreen ad disparaging Derma Co

Honasa, in its plea to the Delhi High Court, argued that HUL’s claims are misleading and disparage competitors, damaging their reputation. In retaliation, HUL filed a countersuit against Honasa in the Bombay High Court, escalating the corporate feud.

Published

on

A legal showdown between Honasa Consumer Ltd. (HCL), the parent company of Mamaearth, and Hindustan Unilever Ltd. (HUL), which owns Lakmé, reached the Delhi High Court this week, with both FMCG giants filing defamation lawsuits against each other. On Thursday, the court ordered HUL to pull its current Lakmé sunscreen advertisements, prompting the company to agree to revise its campaign by removing references to “online bestseller” and altering the depicted packaging colours.

The dispute centres on Lakmé’s recent “SPF Lie Detector Test” campaign, which HCL alleges unfairly targets its Derma Co. sunscreen by questioning the efficacy of rival products.

In the ads, HUL claims that some “online bestseller” sunscreens, marketed as SPF 50, provide protection closer to SPF 20, based on in-vivo testing data from the past decade. While no brands are explicitly named, visuals juxtaposing yellow bottles—resembling Derma Co.’s packaging—against Lakmé’s sparked Honasa’s ire.

Honasa, in its plea to the Delhi High Court, argued that HUL’s claims are misleading and disparage competitors, damaging their reputation. In retaliation, HUL filed a countersuit against Honasa in the Bombay High Court, escalating the corporate feud.

The controversy erupted when Ghazal Alagh, co-founder of Honasa, took to LinkedIn to criticise the FMCG sector’s lack of competitive drive, suggesting that legacy brands like HUL have grown complacent. Her comments were seen as a direct jab at Lakmé’s campaign, which challenges the SPF claims of newer sunscreen brands dominating online markets. “The industry needs fresh competition to shake things up,” Alagh wrote, igniting a public spat.

Lakmé’s campaign asserts that some top-selling sunscreens falsely claim in vivo testing—a method involving live organisms like humans or animals—while delivering subpar protection. In a social media statement, Lakmé doubled down, saying, “Certain online bestsellers advertise SPF 50, but their in-market samples test closer to SPF 20.”

Continue Reading

India News

Sensex and Nifty jump nearly 2% as US suspends additional 26% tariffs on India until July 9

Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

Published

on

Indian stock markets staged a robust rally on Friday, with the BSE Sensex skyrocketing 1,310.11 points, a 1.77% gain, to close at 75,157.26. The NSE Nifty followed suit, climbing 429.40 points or 1.92% to settle at 22,828.55, breaching the 22,900 mark during intra-day trading. The surge came on the heels of a White House announcement suspending additional tariffs on India for 90 days until July 9, offering a reprieve amid global trade tensions.

The US decision, detailed in recent executive orders, pauses levies that President Donald Trump had imposed on April 2, targeting India and roughly 60 other nations. Those duties threatened Indian exports ranging from steel to shrimp, raising concerns about competitiveness in the US, the world’s largest economy. The temporary suspension sparked optimism among Indian investors, propelling gains across major sectors.

Leading the charge among Sensex constituents were heavyweights like Tata Steel, Reliance Industries, Power Grid, NTPC, Kotak Mahindra Bank, and Adani Ports. However, not all stocks joined the rally—Asian Paints and Tata Consultancy Services lagged behind, unable to capitalize on the upbeat mood.

Vinod Nair, Head of Research at Geojit Investments Limited, attributed the market’s buoyancy to the tariff relief. “The unexpected pause on US tariffs provided a much-needed breather amid global uncertainties,” Nair noted. He added that while a major IT firm’s recent results fell short of expectations, its robust order book signaled potential growth in the latter half of FY26.

The Indian markets’ performance stood in stark contrast to global trends, where fears of a US-China tariff war cast a shadow. On Friday, China escalated its trade spat with the US, hiking tariffs on American imports to 125% in response to Washington’s 145% levies on Chinese goods.

Asian markets reflected the unease, with Tokyo’s Nikkei 225 plunging nearly 3% and South Korea’s Kospi slipping, though Shanghai’s SSE Composite and Hong Kong’s Hang Seng bucked the trend with gains. European markets traded lower, while US indices had closed sharply down on Thursday, with the Nasdaq tumbling 4.31%, the S&P 500 falling 3.46%, and the Dow Jones shedding 2.50%.

Back home, the rally followed a lackluster Wednesday, when the Sensex dipped 379.93 points to 73,847.15 and the Nifty fell 136.70 points to 22,399.15. Thursday’s market holiday for Shri Mahavir Jayanti gave investors a pause before Friday’s surge. Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

Elsewhere, global oil prices edged up, with Brent crude rising 0.32% to $63.53 a barrel, reflecting ongoing volatility in commodity markets.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com