Business
SPIEF 2022 Energy panel session: New global energy order
The severe sanctions against Russia for invading Ukraine are causing dramatic changes in the global economy and the oil market.
Against all odds, Russia, one of the major energy-producing countries, continues to play a crucial role in the global energy market, while such unprecedented turbulence and disruption in the global economy can lead, among other things, to a shortage of energy.
The tectonic shifts in the hydrocarbon markets were addressed at the Energy panel session as part of the XXV St Petersburg International Economic Forum. This year’s anniversary edition of the Forum was titled “New World – New Opportunities” and traditionally addressed economic, social and technological issues. The Energy panel session was attended by the CEO of Rosneft Oil Company, Igor Sechin,
Managing Director and CEO of ONGC Videsh Alok Kumar Gupta, Chairman of CNPC Dai Houliang, CEO of OPHIR Pedro Aquino Jr. and former Executive Director of IEA Nobuo Tanaka.
The constant change of priorities of the US energy companies, national regulations and political targeting, with the advancement of the green agenda, the pandemic and energy shortages make shareholders distrustful of the changing agenda and reluctant to invest long term. As a result, short-term investments gain priority, and companies focus on increasing dividends while minimizing investments in development.
To address the oil shortage alone, by 2030, the world will need additional investments of $400 billion. This is both politically and financially impossible, noted Igor Sechin, head of Russian oil major Rosneft, while delivering his keynote speech at the SPIEF Energy panel session.
The anti-Russian sanctions have effectively ended the so-called ‘green transition’ which was seen as a way to manipulate the market. Western countries argue for accelerating the green transition and reducing carbon footprints but do the opposite in practice, increasing carbon footprints and eroding other countries’ economies.
But economic policy goals cannot be confined to the economy alone. The restoration of essential production chains disrupted by sanctions sparked a move toward technological sovereignty. A revised configuration of the oil market is already taking shape in Russia, where two price contours have been formed: a fair market price for ‘friendly countries’ and an added premium, which will be added to the price for ‘unfriendly countries’ to compensate for the violation of rules and obligations by the former partners.
With its energy potential and portfolio of top-flight projects, Russia is well-positioned to meet long-term global energy needs with affordable energy resources.
Take Russia’s Vostok Oil – the world’s largest oil project and the only ongoing project of such a scale.
Vostok Oil’s confirmed resource base amounts to 6.2 billion tons, and the oil from its fields has a sulphur content of 0.01 per cent to 0.1 per cent and a low density of approximately 40 API.
Clearly, Vostok Oil has one of the highest efficiency and stability levels in the industry, which will be highly beneficial to its shareholders. Now, the most important aspect of this project is that it can stabilize hydrocarbon markets during a hurricane.
Business
Indian Railways throws open 3,584 jobs for young graduates

New Delhi, Oct 11: Indian Railways has announced 3,548 graduate-level vacancies for jobs under the Non-Technical Popular Categories (NTPC–Graduate), which provide opportunities for graduates to work across different functional areas of railway operations and administration, according to an official statement issued on Sunday.
The recruitment through Centralised Employment Notification issued by the Railway Recruitment Boards (RRBs) covers four categories of posts, including Chief Commercial Cum Ticket Supervisor, Goods Train Manager, Junior Accounts Assistant Cum Typist, and Senior Clerk Cum Typist. These positions offer career opportunities across commercial services, train operations, accounts and administration, supporting the efficient functioning of railway services across the country, the statement said.
Of the total 3,548 vacancies, as many as 2,750 are for Goods Train Manager, followed by 371 for Senior Clerk Cum Typist, 300 for Junior Accounts Assistant Cum Typist, and 127 for Chief Commercial Cum Ticket Supervisor.
The posts offer initial basic pay under the Seventh Central Pay Commission. Chief Commercial Cum Ticket Supervisor carries an initial basic pay of Rs 35,400 per month at Pay Level 6, while the other three categories carry an initial basic pay of Rs 29,200 per month at Pay Level 5. Applicable allowances and service conditions will be governed by the relevant rules.
The online application process commenced on October 8, and eligible candidates can submit their applications until 11:59 p.m. on November 6. The last date for payment of the examination fee is November 8, while the application modification window is scheduled from November 9 to 18 November.
Candidates must possess a degree from a recognised university or its equivalent and fulfil the prescribed post-specific eligibility conditions. The notified age limit is 18-33 years as on January 1, 2027, with applicable age relaxations for eligible categories under the prescribed rules.
The selection process comprises a first-stage Computer-Based Test (CBT), a second-stage CBT, followed by document verification and medical examination, as applicable. The recruitment framework also provides applicable reservation and age-relaxation benefits, along with scribe assistance and compensatory time for eligible candidates with disabilities, in accordance with the prescribed provisions.
Another provision under CEN No. 06/2026 is the dispensation of the Computer-Based Typing Skill Test (CBTST) for the posts of Junior Accounts Assistant Cum Typist and Senior Clerk Cum Typist. Candidates are nevertheless expected to possess basic computer and typing proficiency, which will be assessed after joining, as specified in the notification, the statement said.
Candidates can access the detailed notification, vacancy distribution, eligibility criteria and recruitment updates through the official Railway Recruitment Boards website:https://rrb.indianrailways.gov.in
Business
BMC to crack down on illegal debris disposal, impose Rs 25,000 fine for tracking violations

Mumbai, Oct 11: As air quality concerns begin to resurface following the withdrawal of the monsoon, the Brihanmumbai Municipal Corporation (BMC) is reportedly set to tighten enforcement of construction and demolition (C&D) waste management rules across the city.
Starting Monday, the civic body will levy a penalty of Rs 25,000 on every vehicle found transporting construction debris or excavation material without an active and authorised Vehicle Tracking and Monitoring System (VTMS).
Construction sites that fail to register on the BMC’s Mumbai Debris Control and Tracking System (MDCTS) portal will also face a fine of Rs 25,000 for each violation.
The move comes amid growing concerns over illegal dumping of construction waste and its impact on Mumbai’s environment and air quality. In a circular issued to all 26 municipal wards, the BMC has directed officials to begin inspections and enforcement drives immediately.
Mumbai generates more than 8,000 tonnes of construction and demolition waste every day, significantly exceeding the city’s treatment capacity.
The two processing facilities at Dahisar and Shilphata can collectively handle only around 1,200 tonnes of debris daily, creating a large gap that has led to rampant illegal dumping.
Civic officials said debris is frequently discarded along roadsides, vacant plots, drains, creeks, water bodies and mangrove areas, as per the report.
To improve monitoring and accountability, the BMC launched the MDCTS portal on August 24. The digital platform is designed to track C&D waste from its point of generation to authorised disposal or processing facilities.
It also allows civic authorities to monitor debris-carrying vehicles in real time, detect route deviations and identify suspected cases of illegal dumping.
The civic body has made registration on the portal mandatory for contractors, government agencies and private developers undertaking construction activities.
Registered entities are required to submit detailed waste management plans, while vehicles transporting debris must be fitted with GPS-enabled VTMS devices and follow approved transportation routes.
According to BMC data, the MDCTS portal recorded 220 registrations between August 24 and October 9. These included 109 builders and developers, 44 transporters, 19 BMC contractors, 17 external buyers of debris and soil, 15 corporate entities and four government agencies. No registrations were received from individual citizens during the period.
Business
Crude oil, inflation data among top factors to drive stock market next week

New Delhi, Oct 11: Crude oil prices above $100 a barrel, key inflation data in India and the US, movements in the rupee, global bond yields and a pickup in corporate earnings are likely to determine the trajectory of Indian equities in the coming week, as investors assess whether the recent rebound can sustain after eight consecutive weeks of losses.
Domestic benchmark indices staged a sharp recovery on Friday, with buying across information technology (IT), fast-moving consumer goods (FMCG), automobile and financial stocks lifting market sentiment. The Nifty rose 288.65 points, or 1.30 per cent, to close at 22,520.45, while the Sensex advanced 879.09 points, or 1.23 per cent, to settle at 72,472.33.
The gains helped both benchmark indices break their eight-week losing streak. However, persistent foreign investor outflows, elevated crude oil prices, a weakening rupee and concerns over tighter monetary policy continue to pose challenges for the market.
With important macroeconomic indicators due in India and the US, alongside a busy corporate earnings calendar, investors will closely track developments across domestic and global markets to gauge the sustainability of the recovery.
One of the biggest factors likely to influence Dalal Street will be crude oil prices. Brent crude is trading above the $100-per-barrel mark, while West Texas Intermediate (WTI) remains above $90. Uncertainty surrounding Iran, the Strait of Hormuz and regional energy infrastructure has heightened concerns over possible supply disruptions.
Inflation data and movements in US bond yields will also be closely watched. In the US, the September Consumer Price Index (CPI) report, scheduled for release on Wednesday, will provide fresh insight into price pressures and help investors assess the Federal Reserve’s next policy move. US retail sales data will also be in focus, as stronger-than-expected readings could keep Treasury yields and the dollar elevated, potentially weighing on emerging-market equities.
In India, September CPI and wholesale price index (WPI) inflation figures will offer important clues about domestic price trends and their implications for monetary policy. Any indication of persistent inflation could influence expectations around interest rates and investor sentiment, while movements in the rupee will remain an important indicator of pressure from elevated oil prices and foreign capital outflows.
Corporate earnings will be another key driver as the results season gathers pace. Investors will assess companies’ revenue growth, profit margins, management commentary and demand outlook to determine whether earnings can support market valuations amid a challenging economic environment. Results from Indian companies, alongside major corporate announcements in the US, could influence sector-specific movements and broader market direction.
Global monetary policy expectations and bond-market movements will remain important throughout the week.
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