More than three weeks after the Cabinet Committee on Economic Affairs gave a conditional nod to the $9-billion Cairn-Vedanta deal, the oil ministry today sent a formal letter to the companies informing of the decision.
Iran's oil payments row with India has been resolved before any interruption in crude exports to its second-biggest customer, the Iranian oil ministry's website SHANA said today.
After visits to malls plummeted during the recession — and have yet to bounce back — many US mass-market retailers stepped up their search for other locations to lure shoppers.
It was a frantic flight to safety. Investors roared into Treasury bonds, cash and other low-risk assets on Thursday, acting on their fears about the weak global economic outlook on a day when stock markets in the US declined more than 4%.
India's local oil product sales in June nudged up an annual 1.9%, its slowest pace since November, on sluggish demand for auto fuels as better monsoon and price increase crimped demand, indicating industrial output is likely to slow in coming months.
In a concrete sign that the government is moving towards allowing global giants such as Walmart, Tesco and Carrefour to set up deep discount stores in India, a committee of secretaries (CoS) will meet on Friday to discuss a formal proposal to allow up to 51% foreign direct investment (FDI) in multi-brand retail, but with a few conditions.
BHP Billiton, the world's biggest miner, reported a faster-than-expected recovery in production of steel-making coal from its flood-hit collieries in eastern Australia but warned it will take the rest of 2011 to return to full production.
The new mining bill will empower state governments to hand out leases, take up prospecting and exploration activities before mines and call for bids for commercial utilisation of mineral deposits such as coal and iron ore.
The market size of online retail industry in India is likely to touch Rs. 7,000 crore by 2015 due to increasing internet penetration across the country, a Assocham survey said.
The petroleum ministry has prepared a note detailing a
Rs. 8,000 crore financial benefit to the government from usage of Reliance's KG-D6 gas by the fertiliser sector alone.
Anupama Airy reports.
Cash not just gasMajor companies have recently set foot in Greenland hoping to carve out -literally - a new mineral frontier. Political visits from countries such as China are also on the rise. They are being driven by the demand for a variety of precious stones and other commodities, which has driven up prices and sent prospectors on a frantic search for new supplies.
The world needs to invest big in green technology, a report by the United Nations has said. The report has found that a large proportion of incremental investment would be financed from developing countries' public and private resources.
"You can't be afraid to ask," Uncle Art used to say when recounting tales of his successful 40-odd-year career selling mattresses up and down the Eastern Seaboard.
The International Monetary Fund today named Chinese economist Zhu Min to a new deputy managing director's position, giving long-awaited recognition to China's huge power in the global economy.
Philanthropic donations by wealthy Indians have grown by half in the last four years and touched approximately $5-6 billion or up to 0.4% of GDP in 2010, a study by consulting firm Bain and Company said.