Tamil Nadu to recruit 15,000 electricity board staff and roll out anti-corruption tender reforms

Tamil Nadu to recruit 15,000 electricity board staff and roll out anti-corruption tender reforms


Tamil Nadu Electricity Minister R Nirmal Kumar announced that the state’s electricity board will recruit at least 15,000 permanent employees this year to address a manpower shortage of nearly 70,000 personnel.
| Photo Credit:
RAGU R/THE HINDU

Tamil Nadu Electricity Minister R Nirmal Kumar on Monday announced that the state’s electricity board will recruit at least 15,000 permanent employees this year to address severe manpower shortages in the power apparatus.

The Minister also revealed that a newly formulated three-committee tender policy has been implemented across all departments to curb rampant institutional corruption, a move estimated to save the state exchequer 35 per cent in procurement costs.

Addressing a press conference here, Kumar stated that the electricity department is currently grappling with a massive shortage of 70,000 personnel.

“We are in dire need of manpower. As a first step, we are preparing a proposal to recruit at least 15,000 permanent employees this year. This has been initiated under the directives of Chief Minister C Joseph Vijay. There will be no temporary or contractual appointments for these positions,” Kumar said, adding that a decision regarding the pending recruitment of 5,500 ‘Gangmen’ will also be announced within a few weeks after consulting the chief minister.

TNEB’s Gangman is primarily tasked with assisting linemen, digging pole pits, clearing vegetation, transporting equipment, and general physical upkeep of the local electrical infrastructure.

Promotion backlog cleared after years of delay

Highlighting the resolution of long-pending administrative issues, the minister noted that the government recently cleared promotions for 300 Assistant Engineers to Executive Engineers, a backlog that had been languishing for over 15 years due to protracted legal battles.

He questioned why employees were forced to approach courts for their rightful promotions under the previous regime and assured that all remaining promotional backlogs across various cadres — including the 2012 batch comprising over 700 personnel — are being cleared rapidly based on recent court guidelines.

New tender policy aimed at curbing corruption

Unveiling radical policy changes to check financial irregularities, Kumar claimed that the restructuring of the tender estimation policy has already plugged massive leakages.

“In the past, buffer margins of 30 to 35 per cent were deliberately built into tenders, leading to severe financial losses. For instance, in a single tender worth Rs 1,500 crore, irregularities and corruption worth Rs 397 crore were detected. Similarly, transformers worth Rs 8 lakh were routinely estimated at Rs 13 lakh,” the minister alleged.

To eliminate this, the government has cancelled older non-transparent tenders and institutionalised a mandate where three separate technical committees will independently evaluate market values and manufacturer rates before floating any new tender. Kumar added that a transparent, web-based application portal for solar power connectivity will be launched within days to eliminate middlemen and brokers who previously pocketed illicit commissions.

When asked about accountability for past financial discrepancies, Kumar stated that cases have already been registered with the CBI and multiple matters have been referred to the Vigilance department. On the alleged “missing coal” case raised during the transition of power, he stated that a comprehensive stock valuation across all departments is underway, and a clear picture will emerge in a few weeks.

No power shortage, outages linked to ageing infrastructure

Responding to queries regarding recent power outages and complaints of low voltage in Chennai amid intense summer heat, the minister clarified that Tamil Nadu does not suffer from a power shortage. “We actually have surplus power and are actively selling it to the central grid, generating additional revenue. The local disruptions are strictly due to equipment failure,” Kumar explained.

He revealed that over 60 to 70 per cent of the state’s 4.5 lakh transformers are more than 20 years old and struggle to handle heavy loads. “Special field teams have been deployed across the city to repair faults, with most issues being rectified within 40 minutes,” he said.

Conspiracy angle alleged in localised disruptions

The minister also disclosed a conspiracy angle behind certain localised power disruptions, stating that CCTV footage from some areas showed miscreants deliberately pulling out fuses and stealing equipment to repeatedly disrupt power supply.

“We have instructed officials to lodge formal police complaints, and we will release the CCTV footage to the public shortly,” he said.

Discom rescued from financial crisis, says minister

Lashing out at the previous administration, Kumar stated that the state’s power discom was left in a precarious financial condition. “The department was managed so poorly that if the debt had crossed Rs 3.5 lakh crore to Rs 4 lakh crore, the state would have been forced to privatise 50 to 60 per cent of its stakes and walk away. Our government stepped in at the right time to prevent that catastrophe,” he said.

Published on June 8, 2026



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SBI pays ₹8,813 crore dividend to government after strong FY26 performance

SBI pays ₹8,813 crore dividend to government after strong FY26 performance


In this image received on June 8, 2026, Union Finance Minister Nirmala Sitharaman receives a dividend cheque of Rs 8,813 crore for FY 2025-26 from SBI Chairman CS Setty during a meeting, in New Delhi.
| Photo Credit:
X via PTI Photo

State Bank of India (SBI) on Monday handed over a dividend cheque of Rs 8,813 crore for the financial year 2025-26 to Union Finance Minister Nirmala Sitharaman, according to the Ministry of Finance.

The dividend cheque was presented by SBI Chairman C S Setty to the Finance Minister.

“Smt Nirmala Sitharaman receives a dividend cheque of Rs 8,813 crore for FY 2025-26 from Shri C S Setty, Chairman, SBI,” the Ministry of Finance said in a post on X.

The dividend payout comes after the country’s largest lender reported a strong financial performance for FY26.

Earlier, SBI’s Central Board, at its meeting, declared a dividend of Rs 17.35 per equity share for the year ended March 31, 2026.

The Government of India holds an approximately 55 per cent stake in SBI, making it the largest shareholder in the bank.

Strong profitability drives dividend payout

SBI reported a net profit of Rs 80,032 crore for FY26, registering a growth of 12.88 per cent year-on-year.

For the fourth quarter of FY26, the bank posted a net profit of Rs 19,684 crore.

The bank’s operating profit for FY26 rose 11.25 per cent year-on-year to Rs 1,23,015 crore, reflecting strong business growth and operational performance.

SBI’s return on assets (ROA) for FY26 stood at 1.12 per cent, while return on equity (ROE) was reported at 18.57 per cent.

The bank’s net interest income (NII) for FY26 increased by 4.08 per cent compared with the previous year.

The whole bank net interest margin (NIM) for FY26 stood at 2.91 per cent, while the domestic NIM was 3.03 per cent.

For the fourth quarter of FY26, the whole bank NIM was reported at 2.81 per cent and the domestic NIM at 2.93 per cent.

Business growth and asset quality improve

SBI’s overall business crossed Rs 109 trillion during FY26. The bank’s total deposits stood at Rs 59.8 trillion, while advances reached Rs 49.3 trillion during the year. Its agriculture portfolio also crossed the Rs 4 trillion mark, highlighting continued growth in lending to the farm sector.

On the asset quality front, SBI reported further improvement in non-performing assets.

The gross non-performing asset (NPA) ratio improved by 33 basis points year-on-year to 1.49 per cent, while the net NPA ratio improved by 8 basis points to 0.39 per cent.

The dividend payout to the government comes amid the bank’s strong profitability, business growth and improvement in asset quality during FY26.

Published on June 8, 2026



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India expects oil and gas prices to fall despite Iran conflict, says Hardeep Puri

India expects oil and gas prices to fall despite Iran conflict, says Hardeep Puri


Union Minister for Petroleum and Natural Gas Hardeep Singh Puri during the launch of E85 fuel (a blend of 85% ethanol and 15% petrol) on World Environment Day at an Indian Oil fuel station on Pusa Road, in New Delhi on Friday.
| Photo Credit:
ANI

India expects prices of ​both
oil and gas to drop in the coming ‌months, with enough stocks
available despite the U.S.-Israeli ​war with Iran that has
squeezed energy ⁠supplies, Oil Minister Hardeep Singh Puri told
broadcaster CNN-News18 on Monday.

Here are some details.

* Indian state retailers have raised ‌fuel prices four times
since mid-May to offset the impact of supply disruptions caused
by ‌the war, after holding off earlier amid ‌state ⁠elections.

* Petrol price is now about ⁠7.8% higher while diesel is up
8.6%.

* Oil prices cannot remain at their current height for “a
very long time” and are ​expected to fall in ‌the months ahead,
Puri said.

* The situation, however, may become “worrying” if the Gulf
crisis expands to other theatres, he said, adding that New Delhi
has ‌oil and gas reserves to last 76-80 ​days.

* Global oil prices have surged 40% to trade near $100 a
barrel since the ⁠war restricted shipments through the Strait of
Hormuz, which served as a passage for roughly one-fifth of ‌the
world’s oil and gas supplies before the conflict.

* India sourced more than 40% of its crude imports and about
90% of its liquefied petroleum gas imports, used for cooking,
through the conduit before fighting erupted in February.

* Puri also said ‌he expected suppliers from the Western
Hemisphere, including the U.S. ​and Canada, to make up for
shortages.

* India has repeatedly called for dialogue and ⁠diplomacy to
end the war that has disrupted trade and ⁠travel, and killed
thousands of people.

* On Monday, the Indian foreign ministry expressed “utmost
concern” over ‌renewed hostilities and called on all parties to
immediately de-escalate tensions and conclude ongoing
negotiations for a ​diplomatic solution.

Published on June 8, 2026



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We don't even know where LIC's office is: Rajesh Exports chief

We don't even know where LIC's office is: Rajesh Exports chief


File picture: Rajesh Mehta, Chairman, Rajesh Exports Ltd
| Photo Credit:
PAUL NORONHA

With Rajesh Exports facing regulatory pressure and concerns about LIC’s exposure to the beleaguered gold jewellery firm, Chairman Rajesh Mehta has distanced himself from the insurer’s investment decisions, arguing that ordinary retail shareholders stand to gain regardless of how the situation plays out.

“LIC has not purchased the shares yesterday or last year. LIC’s purchases are over a period of time, approximately 20 years. These shares have been taken by LIC from the open market, from the stock market,” Mehta told PTI in an interview.

Currently, LIC holds a 10.80 per cent stake in Rajesh Exports.

Mehta was categorical that neither he nor other promoters had any role in LIC’s accumulation of the stock.

“No promoter has ever sold his shares to LIC. The company has never made any placement to LIC. By the buying of shares by LIC, the company or the promoters have never benefited in any manner,” he said.

Mehta said the company had no relationship with or knowledge of LIC’s investment decisions.

“We don’t even know where LIC’s office is. We have no contact, no connection. This decision of buying shares through the secondary market is their own decision in a prudent commercial manner.”

Despite the sharp erosion in Rajesh Exports’ share price, Mehta expressed confidence, based on his own assessment, that LIC had not yet slipped into the red on its position.

The stock of Rajesh Exports Ltd has tumbled over 14 per cent since June 3, and hit a new lower circuit limit of Rs 94.50 on Monday. “Even today, at these pathetic rates and lower rates also, according to my understanding, LIC has still not lost money. This accumulated price, I believe, I have not seen it. I believe this accumulated price still supports,” he said.

“Even if LIC has lost money, and this is the most important statement which I am giving for the first time, who is the counter-gainer? If somebody loses, somebody has to gain. Who is the counterpart who has gained? It is the common Indian public.”

“They have taken the shares from the common Indian public, who have benefited. What is wrong with that? Are the people who are speaking against this, against the benefit of the common Indian public?” he pointed out.

On whether a potential LIC exit could destabilise Rajesh Exports, Mehta was dismissive and once again said any sell-off is an opportunity for retail buyers.

“If they are able to sell, let them sell. Let the public buy back…. It is the public which has benefited in this, not the company or the promoter,” he said.

LIC, India’s largest institutional investor, has not commented on its position in Rajesh Exports or its future investment strategy with respect to the stock.

Published on June 8, 2026



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South Korea names first female PM in decades to lead AI push

South Korea names first female PM in decades to lead AI push


South Korean President Lee Jae Myung is placing his hopes on former Naver Corp. chief executive Han Seong Sook to help better utilize the nation’s tech expertise for future growth and ensure its benefits spread more widely through the economy. 

Han will become the country’s second female premier, assuming her appointment is approved by the national assembly, elevating a former technology executive to one of the nation’s highest political posts. 

The tapping of Han underscores Lee’s commitment to shoring up future growth of the domestic economy and the need to leverage a wider range of industries. During her five years at the helm of Naver, a company sometimes called the Google of Korea, Han helped broaden its revenue streams beyond its search engine model to also draw on e-commerce, fintech and content generation. 

The 58-year-old minister for small businesses and startups began her career as a technology journalist, before taking on roles at a startup search site and then the senior positions at Naver. She embarked on her political career after leaving the company in 2024.

Han would become the first woman to hold the post since former Prime Minister Han Myeong Sook served under President Roh Moon Hyun nearly two decades ago. Her appointment would again demonstrate that women can reach the highest echelons of the political realm in the nation even if their wider representation in positions of power still lags other developed nations. Park Geun-hye served as the country’s first female president between 2013 and 2017.

The presidential Blue House said Han’s experience leading a major technology company and serving in government makes her well suited to oversee what it described as a national transition centered on artificial intelligence and digital innovation.

Lee underlined the need to find a wider range of growth engines in a speech on Monday marking his first year in power.

Han would take over from political veteran Kim Min-seok, who has helped ensure stability in Lee’s first year in office and now looks set to take the reins of the ruling party. That also makes the appointment a symbolic switch from political fixer to technocrat.

Han presided over a period of mostly rapid growth at Naver. The company’s share price peaked during her tenure, right around the time the pandemic drove users around the world toward internet services. Along with Kakao Corp., the company is today considered an online pioneer and one of the country’s most prominent internet companies.

Still, Han’s stint at Naver was not without controversy. During her time as chief executive reports of bullying and excessive workloads emerged, following the suicide of a Naver employee in 2021. Han launched an internal investigation following the death.

One of the pressing issues Han will need to help address as premier is the perceived unfairness of massive bonuses received by some workers in the chip sector. The issue has crystallized concerns that growth is too focused on a narrow segment of the economy with the benefits not extending to the wider public.

The ruling Democratic Party welcomed the nomination, saying Han would help expand the benefits of a semiconductor- and export-led boom to small businesses and local merchants, while advancing the government’s AI agenda.

More stories like this are available on bloomberg.com

Published on June 8, 2026



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Gold extends losses on US interest rate-hike fears

Gold extends losses on US interest rate-hike fears


Gold prices extended losses on Monday on rising ​fears of a US rate hike after ⁠a strong jobs report, while renewed hostilities in West Asia pushed oil prices higher and fanned inflation concerns.

Spot gold fell 0.4 per cent to $4,313.11 ‌per ounce by 0302 GMT. Prices fell about 3 per cent on Friday, hitting the lowest since March 24.

US gold ‌futures for August delivery were down 0.7 per cent at $4,336.30.

“It is ‌all ⁠based on the hawkishness that the market ⁠has started to place on the Fed futures,” said Kelvin Wong, a senior market analyst at OANDA, adding that higher Treasury yields were further pressuring gold.

The ​yield on the benchmark ‌10-year US Treasury note rose after jumping to a two-week high in the previous session, increasing the opportunity cost of holding non-yielding bullion.

Israel said it struck military targets in ‌western and central Iran on Monday, even after US ​President Donald Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.

Oil prices rose ⁠more than $3 a barrel, deepening concerns over inflation and interest rate hikes.

While gold is seen as a hedge against inflation, ‌higher interest rates tend to weigh on the non-yielding metal.

The US economy posted a third straight month of strong job gains in May, confirming the labour market was gaining traction after stumbling last year and giving the central bank more room to keep rates steady amid rising inflation due ‌to the Iran war.

Markets are pricing in a Federal Reserve ​rate hike before year-end, with a 72 per cent chance of a move by December, according to CME Group’s FedWatch ⁠tool.

Cleveland Fed President Beth Hammack said on Friday that new jobs ⁠numbers show the labour market was roughly in balance and near full employment, while continued high inflation ‌may require the Fed to raise rates soon to contain it.

Spot silver fell 0.4 per cent to $67.56 per ounce, platinum lost ​0.5 per cent to $1,767.15, while palladium was steady at $1,225.66. 

Published on June 8, 2026



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