Essar crude oil purchase

New Delhi, June 24: Essar Oil UK, which owns and operates the Stanlow Refinery in Ellesmere Port, today said it had finalised a new long-term working capital facility to fund purchase of crude oil. "The Inventory Monetisation arrangement with J. Aron & Company covers the supply of crude oil to Stanlow and replaces a similar agreement with Barclays Bank Plc, who are exiting the global commodities business," Essar said in a statement.

FM priority

San Francisco, June 24: Finance minister Arun Jaitley today said reforms had become "absolutely necessary" in the areas of land, labour and taxes to attract investors. Stating that the government is committed to these reforms, Jaitley also promised a permanent consultation mechanism to address the foreign investors' concerns.

Bank debt

New Delhi, June 24: Public sector banks should disclose the details of cases pertaining to persons and establishments whose bad debts of over Rs 100 crore have been written off, the Delhi high court has held.

Boeing CEO

Seattle, June 24: Boeing Co on Tuesday named Dennis Muilenburg as CEO, effective July 1, succeeding Jim McNerney. Muilenburg, 51, who has been the president and chief operating officer since 2013, had been widely seen as McNerney's successor.

Cipla rejig

New Delhi, June 24: Cipla chairman Yusuf K. Hamied's nephew Kamil Hamied, who has been understood to be groomed to take over the reins of the drug maker, has quit and his sister Samina Vaziralli has assumed an expanded role in the company.

GM move

New Delhi, June 24: General Motors India plans to hike the price of its models by up to 2 per cent with effect from next month to partially offset the recent foreign exchange fluctuations.

Jersey Airtel

New Delhi, June 24: Bharti Global's subsidiary Jersey Airtel is in talks to merge operations with telecom company JT Global, one of the operators in the Channel Islands.