Business

BP to exit Alaska in $5.6 billion deal

BP to exit Alaska in $5.6 billion deal

Business
Updates from :  the hindu The sale, which is due to be completed next year, is part of BP’s $10 billion divestment programme to help the company shore up its balance sheet. British oil giant BP said on Tuesday it will sell all of its Alaska operations for $5.6 billion, exiting the state after 60 years to help meet divestment goals. The local firm Hilcorp Alaska will acquire the BP assets, including operations in the mammoth Prudhoe Bay oilfield, BP said in a statement. The sale, which is due to be completed next year, is part of BP’s $10 billion divestment programme to help the company shore up its balance sheet. In June, the company said it would sell assets in Egypt’s Gulf of Suez to a Dubai firm for an undisclosed sum. Projects elsewhere in the world are now better s
Review capital framework every five years, says Jalan Committee

Review capital framework every five years, says Jalan Committee

Business
Updates from :  the hindu Jalan panel for aligning RBI’s accounting and financial years to cut need for paying interim dividend The Bimal Jalan Committee, set up to review the Reserve Bank of India’s (RBI’s) economic capital framework, has suggested that the framework may be periodically reviewed after every five years. “Nevertheless, if there is a significant change in the RBI’s risks and operating environment, an intermediate review may be considered,” the report, which was made public on Tuesday, said. The panel recommended to align the central bank’s accounting year with the financial year which could reduce the need for paying interim dividend. “It could reduce the need for interim dividend being paid by the RBI. The payment of interim dividend may then be restricted to
Pakistan Formally Suspends Trade Ties With India

Pakistan Formally Suspends Trade Ties With India

Business
Updates from :  the wire The move follows New Delhi's revoking of Jammu and Kashmir's special status on August 5. Pakistan PM Imran Khan. Photo: Reuters  Islamabad: Pakistan has formally suspended its trade relations with India after New Delhi revoked Jammu and Kashmir’s special status. On Friday, the federal cabinet headed by Prime Minister Imran Khan endorsed the decisions taken by the National Security Committee and the joint session of parliament, which include suspension of trade ties with India, Dawn reported. Trade relations between the two neighbours were already strained following the Pulwama terror attack as India imposed 200% customs duty on all goods imported from the neighbouring nation. Imports from Pakistan declined by 92% to U
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