| Plan commission fights to power tariff-based bidding
NEW DELHI: The power ministry's attempt to give a quiet burial to the tariff-based competitive route for the hydel sector has run into trouble. The proposed move to a cost-plus regime for hydro power was considered by some states such as Uttaranchal, Himachal Pradesh and Arunachal Pradesh. However, the states continued to award projects to private players on considerations other than tariff. The Planning Commission isn't in favour of stopping the route. It is making a last ditch attempt to make tariff-based competitive bidding work for hydro power projects. For the 11th Plan, the commission has suggested setting up a hydro power viability fund that will allow developers to defer a portion of the tariff to be recovered from consumers after the first 10 years of the project. The proposed fund has been suggested to offset the high cost of generation in the initial 4-5 years of the projects.
Cetes drop in auction
Mexico City, April 17th.- In Tuesday's government securities number 16 of this year, Mexico's 28-day Treasury Certificates, or Cetes, ended flat at 7.00 percent, according to information provided by the Central Bank (Banxico). Banxico said the 91-day Cetes shed 0.01 percentage points to finish at 7.14 percent, compared to last week's final quote at 7.15 percent. Meanwhile, the banking authority said the 175-day government closed at 7.26 percent, reflecting a decline of 0.02 percentage points versus the previous rate of 7.28 percent. (Information provided by Finsat/Esteban Rojas H./GCE) .
Favorable news drives market rise
Stocks advanced broadly Monday, as Wall Street hit the trifecta: an upbeat economic report on retail sales in March, better-than-expected quarterly results from Citigroup and a major going-private takeover announcement.
The Dow Jones industrial average rose 108.33 points, to 12,720.46, to surpass its level on Feb. 26, the day before the market sank in a global rout sparked by a sell-off in the Shanghai stock market. All but four of the 30 Dow industrials posted gains, led by Citigroup. The banking giant reported better-than-expected quarterly revenue. Shares rose $1.33, to $52.93.
The Standard & Poor's 500 added 15.62, to 1468.47, its highest level in more than six years. The Dow Jones Wilshire 5000, the broadest measure of the U.S. stock market, reached an all-time high.
Art and the alternative emerging market
Equity connoisseurs will be familiar with the excitement generated by the emerging Bric market (Brazil, Russia, India and China) - countries with huge populations, ancient cultures and a fast-growing wealth culture.With that backdrop, it doesn't take a great deal of imagination for wealth connoisseurs to picture Christie's view of the future growth of an "emerging art world". Part of that picture, according to William Lawrie, a specialist in Islamic, Arab and Indian Art with Christie's, is an "emerging art market" featuring Russia, China, India and the Middle East. Christie's investment into this futuristic picture is already underway as evidenced by their first two Dubai auctions which produced $17.3 million of sales. Intriguingly, the first auction produced $2.2 million of Middle Eastern sales, rising to $ 4.1 million at the second sitting.
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