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State-owned <keyword id="20039085" type="General" weightage="20" keywordseo="Coal-India-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Coal India Ltd" meta.hostid="261" meta.entityid="Coal India Ltd">Coal India Ltd</keyword>'s contribution to the <keyword id="21546749" type="General" weightage="20" keywordseo="government-exchequer" source="keywords">government exchequer</keyword> increased by 6.4 per cent to Rs 60,140.31 crore in <keyword id="19910780" type="General" weightage="20" keywordseo="FY24" source="keywords">FY24</keyword>, over the financial year 2022-23. <keyword id="19903245" type="General" weightage="20" keywordseo="Coal-India" source="keywords">Coal India</keyword> Ltd (CIL), which accounts for over 80 per cent of domestic coal output, paid Rs 56,524.11 crore to the government exchequer in FY23, according to provisional figures of the coal ministry. Total levies paid to the government in March 2024 also went up by 14.8 per cent to Rs 6,069.18 crore from Rs 5,282.59 crore paid in the corresponding month of FY23. Of the total Rs 60,140.42 crore paid to the government exchequer in FY24, maximum amount of Rs 13,268.55 crore was made to the state government of Jharkhand, followed by Rs 12,836.20 crore to the Odisha government, Rs 11,890.79 crore to Chhattisgarh, Rs 10,865.96 crore to Madhya Pradesh, and Rs 6,188.89 crore to Maharashtra among others. The coal-producing states earned the <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> from royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) among others. The government had earlier said that the coal-producing states earned a revenue of Rs 1.52 lakh crore in the last nine years from royalty, DMF and NMET. Coal mining sector has proved to be a big booster for the economic growth of the states that produce fossil fuel. State governments are entitled to receive 14 per cent of royalty on the sale price of coal and 30 per cent of the royalty as contribution towards the proposed district mineral foundations (DMFs)-- which is meant to support project-affected people---and two per cent of NMET from dry-fuel produced by the coal companies and also the private sector. In case of captive, commercial mines states are also entitled to receive the revenue share offered by the auction holder in a transparent bidding process. Apart from this, state governments also benefit from increased employment, land compensation, increased investment in allied infrastructure like railways, road and several other economic benefits. Coal India's production and off-take are pegged at 838 MT for FY'25. SEE ALSO:<a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/following-kotak-mahindra-banks-strong-q4-numbers-analysts-reset-stock-target-up-to-1900-worried-about-reputation-impact-than-financial-says-ceo/articleshow/109882571.cms" target="_blank">Following Kotak Mahindra Bank’s strong Q4 numbers, analysts reset stock target up to ₹1,900; Worried about reputation impact than financial, says CEO</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a><a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-by-6-in-q1-2024-samsung-retakes-the-top-spot/articleshow/109817280.cms" target="_blank">Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot</a>

Coal India's contribution to govt exchequer rises 6.4% to ₹60,140 crore in FY24

<keyword id="484749" type="General" weightage="50" keywordseo="jaiprakash-power-ventures-ltd" source="Orion">Jaiprakash Power Ventures Ltd</keyword> acquired Bandha North coal mine in Madhya Pradesh, while <keyword id="14366646" type="General" weightage="100" keywordseo="avassa-ferro" source="Orion">Avassa Ferro</keyword> Alloys Private Ltd bagged Dahegaon/Makardhokra-IV reserve in <keyword id="13126" type="General" weightage="80" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> out of the eight blocks which were put up for e-auction by the government for commercial mining on Tuesday. <keyword id="14979041" type="General" weightage="50" keywordseo="madhya-bharat-minerals-private-ltd" source="Orion">Madhya Bharat Minerals Private Ltd</keyword> got Sursa reserve in Chhattisgarh, while Marki Mangli-IV coal reserve in Maharashtra was pouched by Sobhagya Mercantile Ltd. Jitpur reserve in Jharkhand was acquired by <keyword id="14979040" type="General" weightage="80" keywordseo="terri-mining-private-ltd" source="Orion">Terri Mining Private Ltd</keyword> while Rampia and Dip side of Rampia in Odisha were won by Jhar Mineral Resource Private Ltd. Basantpur coal block in Jharkhand was bagged by Gangaramchak Mining Private Ltd. Out of these eight blocks, five are full explored while three reserves are partially explored mines. The total geological reserves for these eight coal mines are 2157 million tonnes and the cumulative peak rate capacity for these reserves are 19.31 million tonnes per annum. The Coal Ministry will conduct e-auction of two more reserves on Wednesday. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/regional-and-folk-singers-are-using-youtube-to-preserve-and-popularise-their-culture/articleshow/94179996.cms">Regional and folk singers are using YouTube to preserve and popularise their culture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indias-growth-story-more-promising-than-other-ems-says-market-veteran-nilesh-shah/articleshow/94182972.cms">India’s growth story more promising than other EMs, says market veteran Nilesh Shah</a>

Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks

<keyword id="2735606" type="General" weightage="80" keywordseo="vedanta-ltd" source="Orion">Vedanta Ltd</keyword> has won the bid for two coal mines in <keyword id="6357961" type="General" weightage="50" keywordseo="odisha" source="Orion">Odisha</keyword>, which were put up for e-auction by the government for commercial mining purpose on Wednesday. The Anil Agarwal-led conglomerate won the bid for <keyword id="14967983" type="General" weightage="80" keywordseo="ghogharpalli" source="Orion">Ghogharpalli</keyword> and its <keyword id="14988853" type="General" weightage="80" keywordseo="dip-extension" source="Orion">Dip Extension</keyword> mines. Both the coal mines are fully explored and the total geological reserves are 1,288.28 million tonnes. Peak rate capacity (PRC) for both the mines is 20 million tonnes per annum, official sources said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/weight-gain-during-the-pandemic-is-increasing-the-incidence-of-pcos-in-women/articleshow/94202794.cms">Weight gain during the pandemic is increasing the incidence of PCOS in women</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ed-asks-paytm-to-freeze-certain-amounts-from-few-merchant-ids-after-raids-ld/articleshow/94212409.cms">ED asks Paytm to freeze certain amounts from few merchant IDs after raids (Ld)</a>

Vedanta bags 2 Odisha coal mines in e-auction

New Delhi, June 18 () Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India's coal sector for private players, and termed it a major step in the direction of India achieving self-reliance. Launching the auction of mines for commercial mining, that is expected to garner Rs 33,000 crore of capital investment in the country over next five to seven years, the Prime Minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant. The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the "lockdown of decades", but aims at making India the largest exporter of coal, the Prime Minister said. Presently, despite being the world's fourth largest producer, he said India is the second largest importer of the dry-fuel. "Allowing private sector in commercial coal mining is unlocking resources of a nation with the world's fourth-largest reserves," he pointed out. Major scams had taken place in coal action earlier, but the system has been made "transparent" now, PM said lambasting past policies of keeping the sector closed. The PM said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas. The commencement of auction process of these blocks, part of the series of announcements made under 'Atmanirbhar Bharat Abhiyan', is likely to contribute Rs 20,000 crore revenues annually to the state governments. In line with the Prime Minister's self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boosting industrial development. The government has taken an important decision to open up coal and mining sector to competition, capital and technology, he said. Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said Rs 50,000 crore is being invested in the sector to jack up India's coal output to 1 billion tonne. With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act. Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26. It will also lead to employment generation for more than 2.8 lakh people -- direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government. SID NAM ANZ NAM ANS ANS

PM Modi launches auction process for 41 coal blocks for commercial mining

New Delhi, Jan 15 () The government on Wednesday said it is initiating the process of coal auctions and the first round of sale of blocks under commercial mining is proposed to be launched in the ongoing fiscal.
The announcement comes days after the government approved an ordinance to ease mining laws that will allow global players to enter the coal sector.
 A company or a joint venture company incorporated in India is eligible to participate in commercial coal auctions, the coal ministry said in a statement.
"Moving ahead after the recent amendments in MMDR Act 1957 and the CMSP Act 2015, the Ministry of Coal is initiating the process for auction of coal mines for sale of coal. Expected to be held in multiple tranches, the first tranche is proposed to be launched in the current financial year," it said.
 The bidders would be required to bid for a percentage share of revenue payable to the government. The floor price shall be four per cent of the revenue share, the statement added.
 The government has released a list of 74 mines which it plans to auction under commercial mining.
 The ministry said it has urged interested stakeholders to view the discussion paper and the mine specific details and submit their views/suggestions, indicate their preferences for the mines to be considered for auction under the first tranche.
 The ordinance approved by the Cabinet last week also enables auction of unexplored and partially explored coal blocks for mining through prospecting license-cum-mining lease.
 These steps are expected to result in opening up of the coal sector completely for commercial mining to local as well as global firms. This would further boost economic growth and employment generation. SID ANU

Centre begins commercial coal auction process

New Delhi, Mar 12 () A parliamentary panel on Thursday said necessary formalities for finalisation of commercial coal mining auction process and allocation of blocks should be completed in a time-bound manner. "Further, in order to reduce dependance of imported coal, the government is considering allocation of coal mines for commercial mining to augment availability of domestic coal... First tranche is proposed to be launched in current financial year," the Standing Committee on Coal and Steel said in a report tabled in Parliament on Thursday. The committee added that necessary formalities for finalisation of auction process and allocation of coal mines should be completed in a time-bound manner. For the auction process, discussion papers containing key terms and conditions were published for stakeholders' consultation on January 14 along with a list of 80 coal mines. Processing for approval of revenue share-based bidding methodology from Cabinet Committee on Economic Affairs (CCEA) is underway. Further, preparation of mine dossier and finalisation of bid documents are also underway, the panel said. "The committee feel that in order to attain country's self-sufficiency in coal production, this step will go a long way and the precious foreign exchange spent by the exchequer on import of coal can be utilised for other developmental activities in the country," it said. The committee noted that as against 969.47 million tonnes (MT) of demand for coal in 2018-19, domestic supply was to the tune of Rs 734.23 MT and a gap of 235.24 MT was met by import during the year. SID HRS

Formalities for finalisation of commercial coal mines auction should be completed in time-bound manner: Par panel

New Delhi, Jun 18 () Jindal Steel and Power Ltd (JSPL) on Thursday lauded the government's move to launch auction process for 41 coal blocks for commercial mining, saying that it will help create employment in the country. In a statement, its Chairman Naveen Jindal said the reforms will help make the domestic steel and mines sector more competitive resulting in the creation of employment. Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India's coal sector for private players, and termed it a major step in the direction of India achieving self-reliance. Launching the auction of blocks for commercial mining, which is expected to garner Rs 33,000 crore of capital investment in the country over the next 5-7 years, the prime minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant. Currently, despite being the world's fourth-largest producer, he said India is the second-largest importer of the dry fuel. "I thank PM Narendra Modi for taking the coal sector out of decades of lockdown. These reforms will make the sector more competitive and generate large-scale employment," Jindal said. India has one of the largest reserves of coal in the world, he said adding that its gasification can help our country overcome the perennial shortage of oil, gas, methanol, ammonia and urea, and help reduce imports. The prime minister's announcement to gasify 100 million tonnes (MT) of coal by 2030 will be a big boost to coal gasification in India and fulfil vision of 'Atmanirbhar Bharat' using clean coal technology, he added. Jindal further said, "JSPL is the first company in India to build coal gasification plant and the first in the world to produce direct reduced iron (DRI)/steel using swadeshi coal." JSPL Managing Director V R Sharman had earlier said India has coal reserves for another 300 years and the time is ripe to use the reserve. Coal can be converted into syngas (synthetic gas), which can be used for producing petrol, diesel and other petroleum products, that can reduce dependence on crude oil imports, he said. JSPL is already using the technology at its Angul plant in Odisha. It is India's first and only plant producing steel from swadeshi coal using the coal gasification technology. ABI HRS

Commercial mining of coal to create employment: JSPL

New Delhi, Feb 23 () Companies including Tata Steel, JSW Steel and Adani Power among others have requested the government to ensure that the blocks proposed to be auctioned for commercial coal mining should have prior-environmental clearance, so that issues like 'inviolate areas' does not crop up during the development of these blocks. Inviolate areas are sights of significance for conservation of biodiversity (flora and fauna) and forest types that are unique and ecologically important. In the stakeholders' meeting held last month to discuss methodology for commercial coal mining, the participants made some general observations and requested that "the mines may be cleared from the environmental angle so that issues like safety zones, inviolate areas may not crop up later during development of mines," a source said. Some prominent players who participated in the meeting were Tata Steel, JSW Steel, Adani Power, JSPL, Hindalco and GMR Power among others. During the meeting, the stakeholders also requested that sufficient large mines should be earmarked for the industry, instead of numerous small mines, the source said. The participants were also of the view that the "terms and conditions are liberal and conform to the government's intentions of opening up the Indian coal sector," the source added. The government had called meetings with various stakeholders to discuss the draft methodology as well as key bidding terms and conditions for auction of coal mines for commercial mining. Earlier, the government had said that it is initiating the process of coal auctions and the first round of sale of blocks under commercial mining is proposed to be launched in the ongoing fiscal. The announcement came days after the government approved an ordinance to ease coal mining laws that will see more local and global players enter the Indian coal sector. A company or a joint venture company incorporated in India is eligible to participate in commercial coal auctions, the coal ministry had said. "Moving ahead after the recent amendments in MMDR Act 1957 and the CMSP Act 2015, the Ministry of Coal is initiating the process for auction of coal mines for sale of coal. Expected to be held in multiple tranches, the first tranche is proposed to be launched in the current financial year," the government had said. The bidders would be required to bid for a percentage share of revenue payable to the government. The floor price shall be four per cent of the revenue share, the coal ministry notice had said. The government has released a list of 74 mines which it plans to auction under commercial mining. The ministry had said it has urged interested stakeholders to view the discussion paper and the mine specific details and submit their views/ suggestions, indicating their preferences for the mines to be considered for auction under the first tranche. SID DRR

Blocks for commercial coal mining should be pre-cleared from environmental angle: Cos tell Govt

New Delhi, May 16 () Finance Minister Nirmala Sitharaman on Saturday announced commercial mining of coal by the private sector, ending government monopoly on the sector. In her fourth tranche of the economic package, she said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne. Nearly 50 blocks will be offered for bidding, she said. This is being done to reduce import of substitutable coal and increase self-reliance in coal production. Also, the government will invest Rs 50,000 crore for building evacuation infrastructure. Coal gasification and liquefication will be incentivised through rebate in revenue sharing, she said adding coal bed methane (CBM) production would also be encouraged. JD ANZ MRMR

Commercial mining of coal on revenue share basis: FM

New Delhi, Jan 19 () Union minister Pralhad Joshi on Sunday said the Centre will stop the "substitutable import" of coal in the next three to four years and can go for auction of 100 fully explored blocks. 
The statement assumes significance in view of recent developments in the sector where the government recently brought an ordinance to amend laws to open up coal mining to firms other than those in the steel and power sectors, removing restrictions on end-use of the fuel.
Terming the promulgation of the ordinance as "one of the major reforms", the coal minister in an interview to said that "whatever the substitutable shortfall is there...we want to achieve it in the coming three-four years. That may be around 2023-24. We want to stop the substitutable import of the coal".
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act 1957 and Coal Mines (Special Provisions) Act 2015. 
"In between also there were some other problems. CMSP Act, end-user restriction. So many things were there. All these things we have removed now," the minister explained.
Stating that promulgation of the Ordinance has been welcomed by the sector, he said the government is seeking comments on draft rules for coal mines auction which is in the public domain. 
"Now question is about framing rules and that we have kept it in public domain...We want to make it investor friendly... After this formation of rules and after all these things, we want to market in a such way in the world that now things have become easy...you come and do the business," the minister added. 
"I can say today as on date around 100 new greenfield blocks fully explored coal blocks are with us. Fully explored blocks 100 greenfield blocks are with us now. That we can go for auction immediately," the minister said adding that the sale of the blocks will be in a phased manner.
When asked about the number of blocks that would go under the hammer in the first phase, he said, "That I can't say right now as that is yet to be discussed, deliberated."
According to industry thinkers, the recent move in the coal sector is likely to create an efficient energy market and bring in more competition as well as reduce coal imports. 
However, the move will put an end to Coal India's monopoly in the sector.
Allaying the fears in this regard, the minister said, "We are pushing and trying to strengthen Coal India so that they achieve their target (one billion tonnes) by 2023-24...We want that Coal India should do its job, do its job well...Remaining whatever is the gap of 400-500 million tonnes that will be taken care of by private people."
Coal India accounts for over 80 per cent of domestic coal output. 
India imported 235.2 million tonnes of coal in 2018-19 valued at Rs 1.7 lakh crore, Joshi had earlier said. SID MKJ
MKJ

Govt to stop substitutable coal import; can go for auction of 100 fully explored new blocks: Joshi

Markets regulator <keyword id="35210" type="General" weightage="20" keywordseo="Sebi" source="Orion">Sebi</keyword> on Thursday said it will auction 17 properties belonging to seven business groups including MPS Group, Tower Infotech, and Vibgyor Group on June 28, with a total reserve price of Rs 51 crore, in a bid to recover investors' money. Apart from these, the regulator has put on block properties of <keyword id="728720" type="General" weightage="20" keywordseo="prayag-group" source="Orion">Prayag Group</keyword>, <keyword id="14068894" type="General" weightage="20" keywordseo="multipurpose-bios-india-group" source="Orion">Multipurpose BIOS India Group</keyword>, <keyword id="16401010" type="General" weightage="20" keywordseo="Waris-Finance-International-Group" source="Orion">Waris Finance International Group</keyword> and <keyword id="259249" type="General" weightage="20" keywordseo="Pailan-Group" source="Orion">Pailan Group</keyword> of companies, the Securities and Exchange Board of India (Sebi) said in a notice. The 17 properties being auctioned include land parcels, storied buildings, flats, and a commercial space situated across West Bengal. Inviting bids, Sebi said auction of the properties will be conducted through online mode between 11 am and 1 pm. Further, total reserve price has been pegged at Rs 51 crore for the assets and Quikr Realty has been engaged by Sebi to assist in the sale of these properties. Of the total properties to be auctioned, five belong to MPS Group, four relate to Vibgyor, three pertain to Pailan Group of companies, two belong to Tower Infotech and one each to Multipurpose BIOS India Group, Prayag Group and Waris Finance. The regulator said the bidders should make their own independent enquiries regarding encumbrances, the title of properties put on auction and claims, among others prior to submitting their bids. These firms had raised funds from investors without complying with regulatory norms, which prompted Sebi to take action. Earlier, the regulator had attached some of their properties after directives asking them to refund investors' money along with interest did not materialise. In these matters, the markets regulator had also attached demat and bank accounts. Going by the Sebi orders, the MPS Group of companies including MPS Greenery Developers collected Rs 1,520 crore from investors through illegal Collective Investment Schemes (CIS). Prayag Infotech had made an offer of redeemable preference shares between 2007-2008 and 2011-12 and mobilised at least Rs 131.37 crore from over 1.57 lakh investors. Vibgyor Allied Infrastructure had issued optionally fully convertible debentures to 49,562 investors in 2009 and raised Rs 61.76 crore. Tower Infotech had raised nearly Rs 46 crore from more than 49,000 investors through issuance of non-convertible debentures (NCDs) and redeemable preference shares between 2005 and 2010. Multi-Purpose Bios collected Rs 5.97 crore from more than 1,460 people through redeemable preference shares between the financial year 2007-08 and 2011-12, and Waris Finance raised Rs 5.12 crore by issuing NCDs from 2010-12. The Kolkata-based Pailan Group - Pailan Agro India Ltd and Pailan Park Development Authority Ltd - had mobilised over Rs 98 crore from the public through the issue of non-convertible secured redeemable debentures. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-hc-refuses-to-stay-investigation-against-ashneer-grover-wife-in-eow-fir/articleshow/100675761.cms">No stay on investigation against Ashneer Grover and wife in BharatPe fraud case</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/suvs-drive-mahindra-mahindras-14-auto-sales-growth-in-may-to-61415-vehicles/articleshow/100677459.cms">SUVs drive Mahindra &amp; Mahindra’s 14% auto sales growth in May to 61,415 vehicles</a>

Sebi to auction 17 properties of 7 business groups on Jun 28 to recover investors' money

Hey, reader. How's it going? I'm Diamond Naga Siu, and I'm back to reality after a data reporting bootcamp in Missouri. Big thanks to Dave Smith's guest appearance + my editors Matt Weinberger and Jake Swearingen for filling in while I was out learning.Although I haven't found a place to live in San Diego yet, I will say this much: I want the <a href="https://bid.hgpauction.com/auctions/8421/herita10194/lot-details/6db3e1b4-a543-4c6f-a7fb-af6c006a275f">light-up Twitter bird</a> as a housewarming gift (it's only $22,500!). The HQ auction started on Tuesday, and it's one of many strategies Chief Twit Elon Musk appears to be using to raise money.It's likely part of a race to the end of January — when his <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-bankruptcy-warning-debt-repayment-interest-payment-wirecard-2023-1">first interest payment is reportedly due.</a> Musk borrowed more than $13 billion to buy Twitter. And if he doesn't make that first repayment, the whole company might have to file for bankruptcy.Now, let's dive into today's tech news.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/items-auction-elon-musk-twitter-hq-2022-12"></a>1. $44 billion for Twitter — going once, going twice, sold. Jk, Musk already bought it. But a 6-ft. @ symbol, office chairs, a pizza oven, and more remain on sale from the Twitter San Francisco headquarters.<ul><li>The online auction runs until 10 a.m. PT on Wednesday, January 18. Although an auction house representative has previously denied that the sale was a way for Twitter to recoup its losses, every cent seems to matter for Musk.</li><li>Musk is also reportedly considering <a href="https://www.businessinsider.com/twitter-auctioning-off-inactive-username-handles-elon-musk-report-2023-1">auctioning off dormant Twitter handles</a> and has already <a href="https://www.businessinsider.com/elon-musk-kids-ivf-surrogacy-cut-twitter-fertility-benefit-2023-1">slashed fertility benefits</a> — the same ones he used to conceive most of his 10 known children. Most funkily, however, Musk <a href="https://www.businessinsider.com/elon-musk-twitter-layoffs-employees-beg-toilet-paper-slack-2023-1">allegedly cut facilities maintenance staff</a> in the New York offices, resulting in what staff described as a smelly, <a href="https://www.businessinsider.com/twitter-new-york-office-cockroaches-in-showers-complaints-2023-1">cockroach-infested</a> workplace.</li><li>Multiple big-dollar items already have bids above $10,000, including a semi-automatic espresso machine and the light-up Twitter logo.</li></ul><a href="https://www.businessinsider.com/items-auction-elon-musk-twitter-hq-2022-12">See what else is on my Twitter HQ shopping list here.</a>In other news:<a href="https://www.businessinsider.com/hinge-testing-subscription-for-motivated-daters-match-group-tinder-dating-2023-1?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=new:%2010%20Things%20in%20Tech%20-%20native%20ad"></a><div type="image" title="hinge app illustration showing a profile and &quot;standout&quot; prompt" height="1461" width="1949" msid="97092430" hostid="261" sizebytes="101078"></div>2. Hinge is eyeing highly motivated singles. The dating app is testing a new subscription model for "highly motivated daters." For what could cost $50-$60 per month — as much as $720 per year — users can get more tailored matches and have their likes appear faster than non-premium suiters. <a href="https://www.businessinsider.com/hinge-testing-subscription-for-motivated-daters-match-group-tinder-dating-2023-1">Read on if you're keen to find love.</a>3. Microsoft layoffs, Part II. The company's hiring freeze was extended. Offers are getting slashed as much as 30%. And employees are bracing for more layoffs. <a href="https://www.businessinsider.com/microsoft-layoffs-employees-bracing-for-more-2023-1">This is the bleak outlook that a Microsoft insider painted to my colleague Ashley Stewart.</a>4. Tweetbot is the final straw for some Twitter users. Twitter blocked popular third-party tools like Tweetbot and Twitterrific from functioning on the social media platform. One rage-quitting user said he does not want to be "subject to the whims of a man-child CEO." <a href="https://www.businessinsider.com/tweetbot-twitter-twitterrific-elon-musk-suspended-access-apps-2023-1">More from the angry Twitter users here.</a>5. Literal billions to solve climate change. Investors have tens of billions of dollars to throw at climate change. They have their eyes on green solutions like how to reduce the impacts of commercial shipping. <a href="https://www.businessinsider.com/vc-venture-capital-funding-investing-climate-tech-startups-companies-hot-2023-1">These are the other climate solutions investors are keen to shower money on.</a>6. Can the four-day work week help companies? More than 30 companies across six countries participated in the largest four-day work week experiment yet. The results were overwhelmingly positive. Employee happiness blossomed, revenue grew, and productivity boomed. <a href="https://www.businessinsider.com/4-day-workweek-successful-trial-evidence-productivity-retention-revenue-2023-1">Editors, please read this. If you're not my editors, you can also read it here.</a>7. Amazon Prime is past its prime. 2022 was the first year that Amazon Prime US memberships went down, according to new data. These investments suggest that the company's massive investments in video streaming to attract new subscribers aren't paying off. <a href="https://www.businessinsider.com/amazon-shopping-prime-membership-us-stopped-growing-first-time-ever-2023-1" target="_blank" rel="noopener">More on the dwindling membership numbers here.</a>8. Zillennials (hi, it's me) are the hottest demographic. We grew up online. Many still live with their parents. And we have tons of disposable income. <a href="https://www.businessinsider.com/zillennial-lives-with-parents-spends-on-luxury-goods-2023-1">This is why marketers are coming for people born from 1990 to 2000.</a>Odds and ends:<a href="https://www.businessinsider.com/chevrolet-corvette-e-ray-hybrid-first-ride-horsepower-photos-price-2023-1"></a><div type="image" title="The 2024 Chevrolet Corvette E-Ray." height="1666" width="2222" msid="97092433" hostid="261" sizebytes="184354"></div>9. <a href="https://genius.com/Popp-hunna-adderall-corvette-corvette-lyrics">Corvette, Corvette</a>, hop in an electric jet by jet. Welcome aboard the first-ever electric corvette. Insider's car maven Tim Levin got an early ride in this all-wheel drive, which hits 60 mph in 2.5 seconds and boasts 655 horsepower. <a href="https://www.businessinsider.com/chevrolet-corvette-e-ray-hybrid-first-ride-horsepower-photos-price-2023-1">Get behind the wheel with us here.</a>10. Russia wants to buy China's aircraft carrier. Russia's singular aircraft carrier Admiral Kuznetsov is in really bad shape. Instead of fixing it, the country wants to buy back a carrier that it sold to China 25 years ago. <a href="https://www.businessinsider.com/russian-politician-suggests-buying-kuznetsov-aircraft-carrier-replacement-from-china-2023-1">Let's wade behind-the-scenes of this 'shady' ship deal.</a>What we're watching today:<ul><li>The first week of the Aussie Open <a href="https://ausopen.com/broadcasters">continues today</a>.</li><li>The World Economic Forum's annual meeting in Davos, Switzerland <a href="https://www.weforum.org/events/world-economic-forum-annual-meeting-2023">continues for the third day</a>.</li><li>The Sundance Film Festival <a href="https://festival.sundance.org/">returns in-person today</a>.</li><li>Netflix Q4 earnings call today. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with other earnings here.</a></li></ul>Curated by Diamond Naga Siu in New York. (Feedback or tips? Email dsiu@insider.com or tweet <a href="https://twitter.com/diamondnagasiu">@diamondnagasiu</a>) Edited by Matt Weinberger (tweet <a href="https://twitter.com/gamoid">@gamoid</a>) in San Francisco and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

This is what I want to buy from Twitter's HQ auction

New Delhi, Jun 18 () India should be the world's largest coal exporters considering the size of reserves it has, and unlocking of coal mining for commercial players is a step in that direction, Prime Minister Narendra Modi said on Thursday. Launching the virtual auction process for 41 coal blocks for commercial mining, expected to garner Rs 33,000 crore of capital investment in the country over next 5-7 years, the Prime Minister said it is a major step in the direction of achieving 'self-reliance'. He also said that the coronavirus pandemic has taught India to be self-reliant. The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the "lockdown of decades", but aims at making India the largest exporter of coal, PM Modi said. Presently, despite being the world's fourth largest producer, he said India is the second largest importer of the dry-fuel. "The country which in terms of coal reserves is the fourth-largest nation and is the second-largest coal producer, that country is not exporting coal. But is the second largest importer of coal. The big question is when we are the largest producer of the world... If it is true, why can't we be the largest exporter," Modi said. The PM further said, "We are committed to turning the coronavirus crisis into an opportunity." The Prime Minister said that the government has set an aim of gasification of 100 million tonnes of coal by 2030 with an investment of Rs 20,000 crore. "We have kept an aim that by the year 2030, which means in this decade, around 100 million tonnes of coal should be gasified... For this, four projects have been identified and in them around Rs 20,000 crore would be invested." Lambasting past policies of keeping the sector closed and pointing out towards controversies and scams that shrouded the sector in the past, he said that now there is full transparency in auctions with a wide set of reforms. Commercial coal block auction will be a win-win for industry users, and new resources will open up with states getting more revenue and employment, he said. The PM said that the government has taken important decision to open up coal, mining sector to competition, capital and technology and termed it a major step in the direction of India achieving 'self-reliance'. The PM said that this auction process will result in major revenues to states and create employment besides development of the far-flung tribal areas. The commencement of auction process of these blocks, part of the series of announcements made under 'Atmanirbhar Bharat Abhiyan', are likely to contribute Rs 20,000 crore revenues annually to the state governments. In line with the Prime Minister's self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boost industrial development. The government has taken an important decision to open up coal, mining sector to competition, capital and technology, he said. Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said Rs 50,000 crore is being invested in the sector to jack up India's coal output to 1 billion tonnes. With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act. Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26. It will also lead to employment generation for more than 2.8 lakh people -- direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government. Vedanta Group Chairman Anil Agarwal and Tata Sons Chairman N Chandrasekharan also attended the launch event. The decision was taken during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister. Finance Minister Nirmala Sitharaman, while announcing the stimulus package for the coronavirus-hit economy, had said coal mines would be auctioned to the private sector for commercial mining to end reliance on imports and improve local production. The methodology approved by the CCEA provides that bid parameter will be revenue-share, the government had said, adding that bidders would be required to bid for a percentage share of revenue payable to the government. SID NAM ANZ NAM ANS ANS

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