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In a major setback to Delhi's <keyword id="19935664" type="General" weightage="20" keywordseo="Aam-Aadmi-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Aam Aadmi Party" meta.hostid="345" meta.entityid="Aam Aadmi Party">Aam Aadmi Party</keyword> government, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="345" meta.entityid="Supreme Court">Supreme Court</keyword> on Monday ruled that the law "expressly enables" the lieutenant governor to nominate <keyword id="22669982" type="General" weightage="20" keywordseo="aldermen" source="keywords">aldermen</keyword> to the <keyword id="19900879" type="General" weightage="20" keywordseo="mcd" source="keywords">MCD</keyword> and he is not bound by the advice of the council of ministers in the matter. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala rejected the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords">Delhi government</keyword>'s plea challenging the LG's power to nominate 10 aldermen in the <keyword id="19907640" type="General" weightage="20" keywordseo="Municipal-Corporation-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Municipal Corporation of Delhi" meta.hostid="345" meta.entityid="Municipal Corporation of Delhi">Municipal Corporation of Delhi</keyword> without the aid and advice of the council of ministers. The apex court pronounced its verdict on the Delhi government's plea after reserving it for nearly 15 months. In its ruling impacting the fraught relationship between the LG's office and the AAP-led Delhi government, the bench said the Delhi Municipal Corporation Act as amended in 1993 "expressly enables the LG to nominate persons having special knowledge to the corporation". It said the power expressed by the statute in the name of the LG, also seen in the context of other provisions, demonstrates the statutory scheme in which the powers and duties are distributed among authorities under the Act. "The context in which the power is located confirms that the LG is intended to act as per the mandate of the statute and not guided by the aid and advice of the council of ministers. The power to be exercised is the statutory duty of the LG and not the executive power of the state. This is how we analysed the constitutional provisions," Justice Narasimha said while pronouncing the verdict on behalf of the bench. The bench said the statutory power under provision 3(3)(b)(1) which deals with nomination of persons having special knowledge was vested with the LG for the first time by the 1993 amendment of the DMC Act of 1957. The bench said the DMC Act as amended in 1993 recognises five authorities exercising the state's power and duties under the Act -- these are the Central government, the government of NCT, administrator, corporation and the commissioner. It said the amendment Act of 1993 carries out several amendments to the original DMC Act of 1957 by which the power, duties were allocated to the authorities depending on the function they perform under the law. The bench said by way of the amendment the power of nomination of aldermen was given to LG under the provision just like the power of nomination of MLAs was given to the speaker of the House. On May 17 last year, the top court had said that giving the LG the power to nominate aldermen to the MCD will mean he can destabilise an elected civic body. The MCD has 250 elected and 10 nominated members. In December 2022, the Aam Aadmi Party defeated the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="345" meta.entityid="BJP">BJP</keyword> in the civic elections, winning 134 wards and ending the saffron party's 15-year run at the helm of the MCD. The BJP won 104 seats and the Congress finished a distant third with nine. Senior advocate Abhishek Singhvi, appearing for the Delhi government, had contended during the hearing that no separate powers have been accorded to the state government to nominate people to the MCD. For the past 30 years, the practice of the LG nominating aldermen on the aid and advice of the city government has been followed, he said. Additional Solicitor General Sanjay Jain, appearing for the LG's office, submitted that just because a practice has been followed for 30 years does not mean it is correct. The top court had observed that giving the LG the power to nominate aldermen will effectively mean that he can destabilise a democratically elected MCD because these aldermen get appointed to the standing committees and have voting power. Earlier, the top court had questioned the "source of power" of the LG under the Constitution and the law to nominate aldermen to the MCD without the aid and advice of the elected government. On May 12 last year, the top court observed that LG has to act on the "aid and advice" of the council of ministers of the Delhi government in nominating 10 aldermen to the MCD.

SC backs LG's right to nominate aldermen to MCD, setback for AAP govt

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul class="summary-list"><li>Boeing executives regularly use the company's eight private planes for business and personal travel.</li><li>The fleet's 1,800 flights last year amounted to about $14 million in fuel and 22,500 tons of CO2.</li></ul>Boeing's top executives regularly crisscross the globe on the manufacturer's fleet of private planes, hopping between company offices and assembly lines, visiting international airshows and conferences, and <a target="_blank" href="https://www.businessinsider.com/boeing-executives-private-jets-filing-2024-4">sometimes jet-setting for personal use</a>.Boeing's corporate planes collectively flew about 4,500 hours across some 1,800 flights last year, according to data from the aviation-tracking website <a target="_blank" href="https://jetspy.com/">JetSpy</a>. That amounts to about $14 million in fuel and about 22,500 tons in CO2 emissions.The fleet consists of two 737-700 <a target="_blank" href="https://www.businessinsider.com/boeing-business-jet-747-8i-private-photos-interior-2020-3">Boeing Business Jets made by the company's private arm</a> and six private planes made by Canadian corporate aircraft manufacturer Bombardier, including one Global 6,000 and five Challenger 600 planes, according to JetSpy.Sizable private jets like these typically <a target="_blank" href="https://www.businessinsider.com/silver-airs-vip-boeing-business-jet-737-photos-details-interior-2020-4">feature onboard luxuries like double beds</a>, couches, theaters, and giant meeting spaces.<div type="image" title="Boeing BBJ 737 Jet Edge International" height="1406" width="2500" msid="109377599" hostid="261" sizebytes="203236"></div>The fleet's top airports include Chicago International Airport, Washington Dulles International Airport, and Boeing Field King County International Airport — all located near <a target="_blank" href="https://www.businessinsider.com/see-inside-factory-boeing-makes-737-max-jets-renton-tour-2022-7">Boeing's corporate offices and factories.</a>Other most-flown destinations include Westchester County Airport in New York and Lebanon Municipal Airport in New Hampshire, both near some of Boeing's executives' homes, per JetSpy.This mirrors a September report from The Wall Street Journal that found company CEO Dave Calhoun took some <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-commutes-by-private-jet-while-staff-return-to-office-2023-9">400 trips between Boeing's offices and his homes</a> in South Carolina and New Hampshire since he took the helm in 2020. <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">Calhoun announced his resignation effective year-end</a> following heightened scrutiny over Boeing's quality control.The Journal also noted Boeing built a small office for CFO Brian West near his home in New Canaan, Connecticut — just a 30-minute drive from the airport in Westchester. West's convenient work setup represented a much <a target="_blank" href="https://www.businessinsider.com/workers-commute-plane-hybrid-work-rto-2023-9">different approach to return-to-office efforts previously pushed by the company</a>.<div type="image" title="Locations of Boeing's fleet of planes on JetSpy's website." height="667" width="1080" msid="109377604" hostid="261" sizebytes="72476"></div>Although it has a particuarly large fleet, the thousands of hours worth of flying isn't all that unusual for giant companies. Especially one like Boeing, which is in the plane business after all.For instance, JetSpy data shows aerospace company Lockheed Martin collectively flew its five private jets for about 2,700 hours in 2023. And the five-strong corporate fleets operated by PepsiCo and Costco each flew about 1,600 hours last year.Access to these swanky corporate fleets may be fast and convenient for high-worth VIPs. Still, the carbon impact of private flying has made headlines as activists rally against the jet-setting habits of the superrich, especially celebrities like <a target="_blank" href="https://www.businessinsider.com/taylor-swift-jet-travis-kelce-carbon-emissions-2023-10">Taylor Swift and Elon Musk.</a>Boeing did not respond to a request for comment from Business Insider.<h2>Boeing's private jet use isn't helping its already tainted image</h2>Boeing is under intense scrutiny at the moment over its quality control after an <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">Alaska Airlines 737 Max 9 door plug blowout</a> in January. The incident followed two deadly crashes in 2018 and 2019 of another Max variant, the Max 8, which killed 346 people.More recently, <a target="_blank" href="https://www.businessinsider.com/boeing-whistleblower-777-787-plane-safety-production-2024-4">whistleblower allegations from a veteran Boeing engineer</a> indicate safety concerns on at least 1,400 of the company's 777 and 787 widebody planes.Boeing's rough run got even messier this month after it was revealed the planemaker set aside more than half a million dollars for executive personal use of its corporate aircraft.According to an amended SEC <a target="_blank" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000012927/000119312524088568/d550077ddef14a.htm">filing</a>, the American planemaker did not initially report the $545,520 it spent on personal jet travel in 2021 and 2022 by four top executives — including the $142,315 in personal trips taken by <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-steps-down-read-dave-calhoun-staff-memo-2024-3">Calhoun</a>.Boeing wrote in the filing that its CEO "is required to use company aircraft for all business and personal travel for security reasons."Still, using the plane for a non-work-related vacation is considered a taxable benefit, and the IRS is cracking down on how companies file their jet use, according to the Journal.

Boeing's fleet of 8 corporate jets spent some 4,500 hours in the sky flying company executives last year, data shows

<keyword id="6984075" type="General" weightage="100" keywordseo="nse-indices" source="Orion">NSE Indices</keyword> Ltd, an NSE arm, on Friday said it has launched the country's first ever municipal bond index. The new <keyword id="16627232" type="General" weightage="80" keywordseo="nifty-india-municipal-bond" source="Orion">Nifty India Municipal Bond</keyword> Index will track the performance of municipal bonds issued by Indian municipal corporations across maturities and having investment grade credit rating, NSE Indices said in a statement. The index was launched at a <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) workshop on Municipal Debt Securities in Bengaluru. Presently, the index has 28 municipal bonds issued by 10 issuers all having credit ratings in the AA category. The index constituents are assigned weights based on their outstanding amount. The Indian municipal bond market has seen a resurgence of issuances after Sebi's Issue and Listing of Municipal Debt Securities Regulations, 2015 came into effect and a renewed emphasis on municipal finance by policymakers. Raising money from capital markets incentivises municipal corporations to fund new projects and improve civic infrastructure while encouraging them to become financially disciplined and governance oriented. "The municipal bond market has the potential to play a pivotal role in financing the borrowing requirements of different municipal corporations in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. The proceeds from bonds issued by municipal corporations can be utilised to finance the expansion of essential municipal services through growth-driven infrastructure projects and can contribute to bridging India's urban infrastructure financing gap," <keyword id="356790" type="General" weightage="50" keywordseo="mukesh-agarwal" source="Orion">Mukesh Agarwal</keyword>, CEO, of NSE Indices, said. The index is computed using the total return methodology including price return and coupon return. The index has a base date of January 1, 2021, and a base value of 1,000. The index will be reviewed quarterly. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/draw-inspiration-from-vibrancy-of-indian-economy-pm-modi-at-g20-meeting/articleshow/98207499.cms">Draw inspiration from vibrancy of Indian economy: PM Modi at G20 meeting</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/night-incense-sticks-agarbatti-startup-founder-claims-leave-the-room-fragrant-enough-to-evoke-romance/articleshow/98207109.cms">A startup manufacturing “romantic” incense sticks gets no love on Shark Tank India</a>

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SC backs LG's right to nominate aldermen to MCD, setback for AAP govt

PTI

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

PTI

Boeing's fleet of 8 corporate jets spent some 4,500 hours in the sky flying company executives last year, data shows

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NSE Indices launches Nifty India Municipal Bond Index

PTI

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