Reliance Industries has signed an agreement with Mexican
state-owned company, Petroleos Mexicanos (PEMEX) for cooperation in upstream
oil and gas production as well as in refining business.
As per the Memorandum of Understanding (MoU) “RIL will
cooperate with PEMEX for assessment of potential upstream oil and gas
business opportunities in Mexico and jointly evaluate value added
opportunities in international markets,” a company statement said.
RIL and PEMEX will also share expertise and skills in the
relevant areas of oil and gas industry, including for deep—water oil and gas
exploration and production.
“The MoU envisages sharing of RIL’s pioneering expertise
in deep-water development and best practices in East Coast of India and
RIL’s experience in shale gas in United States,” it said.
RIL will also provide technical support and share
experience with PEMEX for refining value maximisation and other technical
“RIL’s cooperation with PEMEX is in line with its growth
strategy to explore opportunities to expand its international asset base in
regimes having internationally attractive competitive terms.
“The company hopes to leverage its organisational
capabilities and expertise to create long-term value for Exploration and
Production Business and for RIL on the whole,” it added.
As is widely expected, the Reserve Bank of India (RBI)
has kept the key policy rates unchanged.
On the basis of an assessment of the current and evolving
macro-economic situation, the RBI has decided to keep the policy repo rate
under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent.
It has also kept the cash reserve ratio (CRR) of
scheduled banks unchanged at 4.0 per cent of net demand and time liabilities
(NDTL). And, it has said that it will continue to provide liquidity under
overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate, and
liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL
of the banking system through auctions. Also, it has decided to continue
with daily one-day term repos and reverse repos to smooth liquidity.
As a result of these decisions, the reverse repo rate
under the LAF will remain unchanged at 7.0 per cent, and the marginal
standing facility (MSF) rate and the bank rate at 9.0 per cent
“The headline inflation has been receding steadily, and
current readings are below the January 2015 target of 8 per cent as well as
the January 2016 target of 6 per cent,’’ the RBI said. “The inflation
reading for November, which will become available by mid-December, is
expected to show a further softening.
Fifty-three per cent of Indians are connected to the
internet every waking hour, which is higher than the global average of 51
per cent, a new international study has found.
“The continuous online connectivity is becoming a
phenomenon in India with 53 per cent of respondents in the country saying
they are connected to the internet every waking hour,” said the study
conducted by the London-based AT Kearney Global Research.
“That is higher than 51 per cent global average, 36 per
cent in China and 39 per cent in Japan,” said the study titled “Connected
Consumers Are Not Created Equal: A Global Perspective.”
The study covered 10 countries involving 10,000
respondents in July 2014.
The results of the study found that continuous
connectivity is having a big impact on online retail in the country with
social networks becoming a major influencing factor.
“97 per cent of the respondents from India said they have
a Facebook account with 77 per cent saying they logged in to the social
network daily,” said the study.
According to the study, there are three key motivations
for Indian people to be continuously connected to internet.