Thursday, June 27, 2013

IGU’s initiative for Golf in Schools launched by WGAI in Srinagar, J&K 

In the first ever National Initiative for Golf in Schools, the Indian Golf Union, India's apex body for golf development, is promoting a golf coaching program in Srinagar, J&K for school children from DPS and Presentation Convent. “Women's Golf Association of India is subsidizing and executing the 10 day coaching camp in the valley for all the children”, stated Champika Sayal, a golf player who started the game in Srinagar and Gulmarg in 1971.

Orientation for 54 children commenced from Monday 24th June in two batches at DPS Srinagar, which has golf academy facilities within the school premises, and Royal Springs Golf Course. Presentation Convent is being represented by 30 bright young girls between the ages of 8 to 12 years and DPS Srinagar is being represented by 23 girls and boys.

NGAI Coach  Mr Vikram Sethi, who spent his youth in Srinagar having won several major golf tournaments in the valley at Kashmir golf club in the seventies and eighties, stated "being originally from Kashmir and this being where I learnt to play golf, to come back and teach children is the most nostalgic and exhilarating experience for me. In my opinion this is the best thing that could have been done for the young children by Indian Golf Union and Women's Golf Association of India. Given the beautiful golf courses in Gulmarg, Srinagar and Pahalgam, I see a great future for golf in Kashmir provided the Tourism Department involves itself in all such programs in the future".

Women's Golf Association of India Secretary General Champika Sayal lauded the efforts of Indian Golf Union's NIGS Program, stating that "It is important for the future of girls from Jammu and Kashmir to represent the state in Golf in the coming years, and there is every effort being made by both DPS Srinagar and Presentation Convent to ensure that there are follow-up programs that get executed by WGAI in the coming months. I am duty bound to develop the game for girls in particular in Jammu and Kashmir region. Besides the wonderful courses in the valley, NIGS is proposed to be implemented at other venues in Jammu, Udhampur and Leh by 2014”. The Indian Golf Union has provided 450 Golf balls and assorted junior clubs for the on-going program.

WGAI President Kavita Singh expressed appreciation to Indian Golf Union for having WGAI as a partner in this noble initiative. Mrs Singh stated that Mrs Jyotsna Suri of Lalit Hotel, Mr Vijay Dhar, Chairman of DP Dhar Memorial Trust and Sister Jyothi, Principal of Presentation Convent have shown tremendous vision in supporting and opening the game to school children. Mrs. Kavita Singh further stated that WGAI is committing to several development programs for girls as required on an annual basis. "After the successful launch and future programs in Srinagar, we hope these very youngsters will take up golf as a career option. WGAI has donated several golf sets and 400 golf balls have been provided by K&A Golf free of cost for the program”, she informed.

Director General of the Indian Golf Union, Maj. General Abhi Parmar (Retd.) said “The Indian Golf Union (IGU), founded in 1955, is the Governing Body for golf in India.  In a bid to promote grass-roots level in India, the IGU has undertaken to initiate the NIGS - National Initiative for Golf in Schools - Program. The IGU will appoint Golf Development Volunteers who will be trained to conduct introduction-to-golf coaching programs in schools throughout India, especially in the smaller towns and mofussil areas, in association with local golf-courses.

We are happy that WGAI has decided to join the IGU in this initiative and have launched a commendable program in Srinagar. We wish both the WGAI and the Srinagar Chapter of NIGS a great success”.

Rudd sworn in as Australia's 28th Prime Minister

Rudd  sworn in as Australia's 28th Prime Minister following his un predictable win over Julia Gillard in a Caucus ballot. With Ms Gillard now at the backbenches, Will Mr Rudd  Government will stick to the September 14 election date? This date was chosen by Ms Gillard.

"Why should the Australian people accept that their right to choose their prime minister has been usurped by faceless men for the second time in just three years?" Opposition Leader Tony Abbot asked Mr Rudd in Parliament.

Mr Rudd said, reminding the Parliament of the leadership battles that have been held within the Coalition in the past four years. "In the four years that I was leader of the Australian Labor Party I faced leaders John Howard, I faced Brendan Nelson,  faced too someone by the name of Malcolm Turnbull, and latterly and most recently as the member for Wentworth will recall, Tony Abbott," he said,"I will therefore go through these issues with my cabinet colleagues," he said in response to a question from Opposition Leader Tony Abbott.

Opposition  demanding an earlier poll but  abandoned any bid for a no-confidence motion in Mr Rudd.
media agencies

Oil India Limited (OIL) signs definitive agreements to acquire an interest in the Giant Gas Field in Rovuma Area 1 Offshore Block in Mozambique

New Delhi, 25th June’13, Oil India Limited (“OIL”), along with ONGC Videsh Limited (“OVL”), has signed definitive agreements in Singapore  on 25th June 2013 with Videocon Mauritius Energy Limited to acquire 100% of shares in Videocon Mozambique Rovuma 1 Limited, the company holding a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique (“Area 1”), for US$ 2.475 Bn. The acquisition is expected to be implemented via a newly incorporated special purpose vehicle jointly owned by OIL and OVL. The acquisition is subject to the approvals of the Governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is expected to close in the fourth quarter of 2013.

Area 1 covers approximately 2.6 million acres in the deepwater Rovuma Basin offshore Mozambique and represents the largest gas discovery offshore East Africa with estimated recoverable resources of between 35 and 65 TCF as per operator’s estimates. Partners in Area 1 include Anadarko, operator of the project, ENH, Mitsui, BPRL and PTTEP. Area 1 has the potential to become one of the world’s largest LNG producing hubs with first LNG expected in 2018.

The Area 1 LNG project is strategically located to competitively supply LNG to India, and OIL's and OVL's participation in the project will facilitate access to the growing Indian gas market which will supplement the country’s energy security endeavour. OIL and OVL will also devote significant financial and technical resources to the development of the project. This investment is expected to further enhance the strong business and cultural links between Mozambique and India.

This investment provides an early entry for OIL into one of the world’s largest natural gas assets. It will significantly enhance OIL’s Reserves base improving the longer term growth prospects of the Company. OIL's Chairman & Managing Director, Mr. S. K. Srivastava said, "This acquisition is in line with our Strategic 2020-21 Plan which has a strong focus on inorganic growth across the energy value chain. It will also provide us with firsthand experience of setting up and operating a deep water natural gas field and LNG plant, while further helping in addressing the growing energy requirements of our country. This is a high quality world class asset with one of the largest discovered resource base, which combined with its locational advantage makes this is a highly attractive investment proposition for us.” Mr. T. K. Ananth Kumar (Director - Finance) and Mr. N. K. Bharali (Director - HR&BD) led the Oil India team in the successful execution of this important transaction.

Morgan Stanley is acting as the exclusive financial adviser, Halliburton as Technical consultants, Ernst & Young as tax and accounting adviser, Simmons & Simmons as legal adviser to OIL for this transaction.

About OIL

Incorporated in 1959, Oil India Limited (BSE: 533106, NSE: OIL) is the second largest national oil and gas company in India as measured by total proved plus probable oil and natural gas reserves and production. It is engaged in the business of exploration for oil and gas, production of crude oil, natural gas and LPG and transportation of crude oil, natural gas and petroleum products. The company has over 150,000 sq km of Petroleum Exploration License (PEL)/ Mining Lease (ML) areas for its exploration and production activities. OIL has 65 domestic E&P blocks and an International presence spanning USA, Venezuela, Gabon, Egypt, Nigeria, Libya and Yemen among other countries. The company had total income of INR 9,948 Cr (US$1.83 Bn) and PAT of INR 3,589 Cr (US$ 0.66 Bn) in FY13 and produced 6.34 MMTOE of Oil and Gas in the corresponding period. OIL has total 2P reserves of 916 MMBOE in India with a reserve replacement ratio of over 164% for domestic assets in FY13. Market capitalisation of the Company was  INR 33,417 Cr (US$ 5.59 Bn) as of 24th June 2013.

Note: Turnover and profit data for OIL presented in US$ for illustrative purposes only and converted from Indian Rupee at the exchange rate of INR 54.45 for US$1 (average RBI reference rate for 2012-13). Market capitalisation of OIL as on 24 June 2013 converted at INR 59.73 for US$1 (RBI reference rate of 24 June 2013).

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Vikas Sawant who has won the hearts of many people including the Judges with his mind blowing performances yet again gave a super entertaining performance. 

Judge Riteish Deshmukh who has confessed many times on the show that he is huge fan of Vikas⠊Dance was impressed by the act he performed on the show. Riteish was so amused by his performance that he actually told Vikas that he wants to give the judgment for this act in a unique way so the delighted actor went up on the stage and the Sugar Bottle Prop which Vikas used for his dance, he hit the bottle on his head and complimented, " He is truly a Dancing Superstar, our exceptation levels are always high when Vikas comes to perform on the stage but he never give us a chance to find out any mistakes in his performance". Vikas was overwhelmed and became emotional by the accolades he received from his favorite judge Riteish Deshmukh

Uttarakhand has recently witnessed an unprecedented natural calamity that has caused colossal damage to both life and infrastructure in the State.ࠁs an exceptional case, the Union Minister of Tourism Dr. K. Chiranjeevi announced today a special package for restoration and reconstruction of the affected Government tourist facilities.
Over and above the already sanctioned Central Financial Assistance of about༯span>`95.00 crore, in the current financial year for developing tourism infrastructure in the State, the Ministry of Tourism will extend special financial package of༯span>` 100 Crore to the State for rebuilding the now damaged Government tourist infrastructure.
  The State Government has been advised to assess the destroyed and damaged tourist amenities and conveniences and come back with the requirement of funds for rebuilding the infrastructure.ࠏn examination of the demand, Ministry of Tourism will sanction funds.
The funds sanctioned in the relief package will be༯span>utilized for restoration and reconstruction of tourist infrastructure across the State with a special focus on tourist facilities along yatra route which will be used for providing shelter to the disaster hit pilgrims and tourists.
Through a series of meetings held with the representatives of the hotel industry, tour operartorⳬ travel agents and all other stakeholders in the travel and tourism trade since last week Dr. K. Chiranjeevi, Union Tourism Minister is coordinating the travel trades donations to the Prime MinisterⳠRelief Fund for the reconstruction and rejuvenation of the tourism industry and travel trade in Uttarakhand.
At the official level the Union Tourism Minister has set an example by sanctioning `100 Crore + `95 Crore to the Government of Uttarakhand for the reconstruction of damaged tourists assets and construction of new tourism projects respectively in Uttarakhand.It may be recalled that Dr. K. Chiranjeevi had earlier donated ` 1 Crore from his MPLADS funds for Uttarakhand.

The various tourism associations have, in turn, instructed their members all over India to donate generously to the Prime MinisterⳠRelief Fund and total collection is being tabulated.


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AirAsia Announces Termination of AirAsia Japan Joint Venture

SEPANG, 25 June 2013 – AirAsia today announced its decision to terminate its participation in the joint venture with ANA Holdings Inc. under AirAsia Japan with the signing of a termination agreement. 

The joint venture, created two years ago under the name AirAsia Japan faced many challenges since its launch. Issues stemmed from a fundamental difference of opinion between its shareholders on how the business should be managed from cost management to where the domestic business operations should be based.

AirAsia Berhad through AirAsia Investment Ltd. had subscribed 25,120 voting shares and 23,880 non-voting shares at JPY 50,000 per share, which represented forty-nine percent (49%) of the paid-up share capital in AirAsia Japan.

The termination comprises an acquisition of AirAsia’s entire shareholding in AirAsia Japan by ANA Holdings Inc. for JPY 2,450,000,000 (approximately RM80,475,150 based on current exchange rates).  The termination also involves the return of all AirAsia aircraft leased to AirAsia Japan by November 1st 2013 and the payment of all monies accrued from the leasing of the aircraft. 

Under the termination, AirAsia Japan will also settle all outstanding invoices due to AirAsia accrued from the commencement of operations.  AirAsia Japan will unwind the use of the AirAsia brand in its operations, including the name of AirAsia Japan itself by November 1st 2013.  Operations of AirAsia Japan flights up to October 31st 2013 will continue as planned.

Following the transfer of shares and payment of the purchase price, the Shareholders Agreement, the Brand License Agreement and other commercial contracts between the parties will be terminated immediately. 
On the termination, AirAsia Group CEO Tony Fernandes said, “I have great respect for ANA as the leading legacy airline in Japan but it is time for us to part ways and focus our attention on what we do best, which is running a true LCC. Despite the cost issues, the AirAsia brand has resonated with Japanese customers and the trend we see for July and August is very strong for all of Japan. I remain positive on the Japanese market and believe there is tremendous opportunity for a LCC to succeed, as proven by the tremendous success AirAsia X has seen.  We have not given up on the dream of changing air travel in Japan and look forward to returning to the market.”

Operations of AirAsia X, the long haul low fare affiliate of AirAsia Group will not be interrupted as a part of this termination. AirAsia X will continue its operations into Japan including Kuala Lumpur to both Tokyo (Haneda) and Osaka (Kansai).

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