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Khaleeq Kiani, Updated February 19, 2019 Pakistan is expecting $21 billion worth of seven memorandums of understanding (MoUs) signed with Saudi Arabia to come to fruition in three phases over the next six years. The two sides have set up two major follow-up forums to ensure timely completion of feasibility studies and project implementation including the top level Saudi-Pakistan Joint Supreme Coordination Council (SPJSCC) and a Joint Working Group (JWG). The SPSCC will be led by Prime Minister Imran Khan and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud while joint working group on energy would be led by Saudi Minister for Energy and Industry Khalid Al Falih and Petroleum Minister Ghulam Sarwar Khan. Officials involved in two-day bilateral engagements said three initiatives of $7bn are expected to be completed in the first phase of 1-2 years (short-term). These include about $4bn Saudi investment in two regasified-liquefied natural gas (RLNG) based powe...

Prasun Sonwalkar  Hindustan Times, Updated: Feb 18, 2019  Companies like Facebook should not be allowed to behave like ‘digital gangsters’ in the online world, considering themselves to be ahead of and beyond the law, a hard-hitting report on ‘fake news’ by an influential committee of UK parliament said on Monday. The final report on ‘Disinformation and “Fake News”’ by the Digital, Culture, Media and Sport Committee of parliament examined leading lights in major online companies, including Cambridge Analytica that was involved in some elections and campaigns in India. Facebook, it says, intentionally and knowingly violated both data privacy and anti-competition laws, and makes a number of recommendations, including a compulsory code of ethics for tech companies overseen by independent regulator. It also called for the UK regulator to be given powers to launch legal action against companies breaching code and a reform of current electoral communications laws...

By Hussain Nadim Published: February 19, 2019 I wanted to write about the Pulwama incident, but somehow I am ending up writing about the visit of Saudi Crown Prince Muhammad bin Salman to Pakistan. As I do so, I can’t help but recognize this as a subtle success of Pakistan’s diplomacy in the last few days that has been able to recoup the national narrative that otherwise, in a planned hijack, was spiralling out of control because of India’s war-mongering over Kashmir. In it, the new government has clearly indicated its priorities; progress over historic war posturing. Setting these priorities right is not without its costs though. To me, it was yet another litmus test of Prime Minister Imran Khan’s foreign policy because as an analyst we are keen to spot shortcomings for the ‘Aha!’ moment. Ever since he formed the government, he had been very successful on the front foot setting his pitch in foreign engagement to establish parity with key allies and adversaries alike. B...

Written by Vikas Srivastava | Mumbai | Updated: February 19, 2019 ArcelorMittal has offered lenders Rs 4,800 crore for Essar’s 2×600 MW Mahan thermal power project in Madhya Pradesh, surpassing the Essar promoters’ one-time settlement offer of Rs 3,500 crore, a senior Power Finance Corporation official said. Rajeev Sharma, CMD of PFC, which is one of the consortium lenders to Essar Power’s MP project, said, “We are in process of evaluating the offer. We will offer promoters the first right of refusal, if they will match or exceed the offer, we will select the highest offer. As a transparent mechanism to choose the bidder we will open the window for a day and the highest bidder will be chosen under the reverse auction process. We are hopeful of closing the deal in the next 2-3 months.” In September 2018, ICICI Bank, the lead lender for the Essar Power’s Mahan project, moved NCLT seeking initiation of insolvency proceedings against Essar Power MP. However, after the ape...

 By Pradip R Sagar February 16, 2019 Sudhanshu Mohanty, former controller-general of Defence Accounts, was heading the finance wing of the defence ministry during the Rafale negotiations between October 2015 and May 2016. Mohanty, who had earned the reputation of being a sincere officer from the finance wing, had reservations about India going ahead with the deal to buy 36 Rafale fighters from France without seeking a sovereign guarantee or even a bank guarantee. Excerpts from his interview to THE WEEK: Did India give away too much to the French government in the Rafale deal? To my understanding, the Indo-French IGA (inter-governmental agreement) has no meaning without a sovereign guarantee. The ‘letter of comfort’ grants no comfort to protect Indian taxpayers’ money or India's strategic interests. Actually, it is a direct contract between the Indian government and the private firm called Dassault Aviation (DA), with a supportive document—the French prime minister...

By ENS Economic Bureau,  February 19, 2019 The Central Board of the Reserve Bank of India Monday decided to transfer a record interim surplus of Rs 28,000 crore to the government, a move that will bolster government’s finances. Finance Minister Arun Jaitley addressed the post-Budget meeting of the Board earlier during the day, outlining various reforms carried out by the government in last four years. He also highlighted the need for fewer and bigger state-owned banks in the country. “The Board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reserve Bank. Based on a limited audit review and after applying the extant economic capital framework, the Board decided to transfer an interim surplus of Rs 280 billion (Rs 28,000 crore) to the central government for the half-year ended December 31, 2018,” the RBI said in a statement. This is the second successive year the RBI will transfer an interim surplu...