Exxon sues U.S. over fine levied for Russia deal under Tillerson

WASHINGTON/HOUSTON - Exxon Mobil Corp  sued the U.S. government on Thursday, blasting as "unlawful" and "capricious" a $2 million fine levied against it for a three-year-old oil joint venture with Russia's Rosneft 

The U.S. Treasury Department on Thursday morning slapped the world's largest publicly traded oil producer with the fi

U.S. toughens stance on foreign deals in blow to China`s buying spree

A secretive U.S. government panel has objected to at least nine acquisitions of U.S. companies by foreign buyers so far this year, people familiar with the matter said, a historically high number that bodes poorly for China's overseas buying spree.

The objections indicate that the Committee on Foreign Investment in the United States (CFIUS), which reviews acquisitions by foreign e

Swachh Bharat Mission gains momentum, on way to target: Government

The Government on Thursday said that Swachh Bharat Mission has picked up great momentum now and it is hopeful to achieve the target of Swachh Bharat by October 02, 2019. Replying to a question in the Lok Sabha, the Minister of State for Drinking Water and Sanitation Ramesh Chandappa Jigjinagi said that the Sanitation Coverage, which was 41.80 per cent on 2.10.2014, has increased to 65.07 per ce

A Greek debt market foray should be step to full return, government says

ATHENS - Greece will seek to ensure seamless market access when its bailout programme expires next year, its government spokesman said on Thursday, as speculation grew that the country's first debt market foray in three years was imminent.

"We are closely monitoring developments in bond markets, we are monitoring trends, and when we consider the time is right

Government to launch Aajeevika Grameen Express Yojana

The Ministry of Rural Development will launch a new sub-scheme under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) which will be named as Aajeevika Grameen Express Yojana (AGEY). The Minister of State for Rural Development Shri Ram Kripal Yadav said that the main objectives of AGEY are to provide an alternative source of livelihoods to members of Self Help Groups (S

Planning to auction Goa mining leases: Manohar Parrikar

The Goa government is planning to auction mining leases which are due to expire in 2020, Chief Minister Manohar Parrikar told the state legislative assembly on Thursday.

Parrikar, also the Minister of Mines and Geology, said that there are 277 valid iron ore mining leases in the state.

"So far 89 mining leases are renewed and 188 leases have got benefit of dee

Around 53% of rail accidents due to derailment: Rajen Gohain

The Indian Government has said that of a total of 586 rail accidents in last five years, nearly 53 per cent were due to derailments. Commenting on the issue, Minister of State for Railways Rajen Gohain told the media, “In last five years (2012-13 to 2016-17) out of a total of 1,011 casualties, 347 occurred due to derailments, 67 in MLC accidents and 449 in UMLC accidents. These together a

New India expects to launch IPO by October

The largest non-life insurer New India Assurance hopes to launch its initial share sale by October as it expects the final government go-ahead for it anytime now, a senior company official said according to the PTI report. New India and GIC Re are the two government-run non- life insurer and the reinsurer, respectively, which are likely to hit the markets first with IPOs. This will be followed

Cabinet clears IWAI raising Rs 660 cr via bonds in FY18

The Union Cabinet on Wednesday approved the revalidation of permission to raise Extra Budgetary Resource (EBRs) of Rs 660 crore as Government of India Bonds by Inland Waterways Authority of India (IWAI) in 2017-18. “The proceeds from the bonds will be utilized by IWAI for development and maintenance of National Waterways (NWs) under National Waterways Act, 2016 (effective from 12.4.2016).

Indian government refiners to buy less Iran oil in 2017/18: oil minister

NEW DELHI - India's state refiners plan to buy less Iranian oil in 2017/18 compared with the last fiscal year, Oil Minister Dharmendra Pradhan said on Wednesday.

Iran has offered a credit period of 60 days for oil purchases in the current fiscal year, Pradhan told lawmakers in a written response. In 2016/17, Iran had offered 90 days credit period.

The mi

Agriculture biggest strength of economy; bamboo policy soon: Nitin Gadkari

Terming agriculture as the biggest strength of Indian economy, Union Minister Nitin Gadkari today wondered how could the previous government spend Rs 70,000 crore for buying aircraft at a time when several states did not have irrigation facilities. Stressing on the need of agricultural diversification towards energy like manufacturing of ethanol, he said the government is likely to bring a poli

Britain may need fewer than 10 new regulators post-Brexit: government source

LONDON- Britain will probably set up fewer than 10 new regulators after leaving the European Union, a government source said on Wednesday, offering the first assessment of how officials will tackle one of the most business-sensitive Brexit issues.

Untangling decades of complex legal ties between Britain and the EU is seen as one of the most difficult technical challen

Rising global potash demand puts Indias buyers on the back foot as contract talks start

MUMBAI - Improved global demand for potash, a widely used fertilizer, will likely lead to India signing more costly import contracts in 2017 than last year, even as the country's demand is set to drop after the government reduced farmer's subsidies in April.

Potash contracts signed by India, one of the world's top buyers of the crop nutrient, help set the

MSME schemes: Government to set up small industry for rural women

In a bid to encourage and promote women entrepreneurs in the country, Ministry of MSME is implementing Prime Minister’s Employment Generation Programme (PMEGP) which is a major credit-linked subsidy programme aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector.

“The maximum cost of projects is Rs 25 lakh in th

Anti-dumping duty likely on certain type of synthetic rubber

The government may impose anti- dumping duty of up to USD 266 per tonne on a certain type of rubber, used in items like footwear and conveyor belts, from EU, Korea and Thailand, reported PTI. Imposition of the duty is recommended by the Directorate General of Antidumping and Allied Duties (DGAD), an investigation arm of the commerce ministry, with a view to guard domestic players from cheap imp

India mulls buying coking coal from Canada: Minister

The Union Steel Minister Birender Singh has said that the government is considering strategic importance of Canadian coking coal for the Indian steelmakers, which are projected to increase in the future keeping pace with the increase in steelmaking capacity in India. During his Canada visit earlier this month, Birender Singh had extensive interaction with the Natural Resource Minister, Governme

Unfeasible to isolate effect of note ban on GDP: Minister

The Indian Government has said that it isn’t possible to isolate the impact of demonetisation on India's GDP as economic growth of a country depends on a number of factors, including monetary ones. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, "The Gross Domestic Product (GDP) of a country depends on a number of factors including mon

Fertilizers supply surpasses requirement in India: Governmenr

The availability of fertilizers far exceeds the requirement in India, said Union Minister of State for Chemicals and Fertilizers, Shipping, Road Transport & Highways, Mansukh L. Mandaviya. "Nowadays, scarcity of fertilizers has become a thing of the past in the country which has been possible due to the visionary policies of Prime Minister Narendra Modi," the Minister informed Lok

Air passenger traffic expected to rise to 126 mn

The government expects a rise in domestic air traffic to about 126 million passengers during 2017-18, parliament was told on Tuesday.

"Going by the annual growth rate of 22 per cent (provisional) for the year 2016-17, the domestic air traffic, carried by scheduled Indian carriers, could reach about 126 million passengers during 2017-18," Minster of State for Civil Aviat

Rs 834 cr allocated to increase pulses production

The government has allocated Rs 834 crores of total earmarked Rs 1,720 crore for National Food Security Mission (NFSM) to increase production of pulses, parliament was told on Tuesday.

An amount of Rs 169 crores has been released so far to states for implementation of the pulses programme, Minister of State for Agriculture S. S. Ahluwalia told the Lok Sabha in a written reply.

RBI not reviewing 90-day NPA classification window: Government

The finance ministry said the Reserve Bank is not examining any proposal to extend the 90-day period for classification of non-performing assets (NPAs) or bad loans to help small businesses, reported PTI. The extant prudential NPA norms were brought in after extensive consultations and were based on the report of the Committee headed by M Narasimham on Banking Sector Reforms, Minister of State

Tourism sector saw around 23% increase in FEEs in June: Government

The tourism sector had witnessed an increase of around 23 per cent in foreign exchange earnings (FEEs) in June 2017 over June 2016, the government said as per the PTI report. According to a statement from the tourism ministry, FEEs in June, 2017 amounted to Rs 13,088 crore as compared to Rs 10,677 crore in June, 2016 and Rs 9,564 crore in June, 2015. The rate of increase in FEEs in June 2017 ov

No direct data available to measure effect of note ban on GDP

 The government on Tuesday said the growth of the country was dependent on multiple factors, of which demonetisation was only a part, as no direct data was available to measure the impact of note ban on the GDP.

"Gross Domestic Product of a country depends on a number of factors including structural, external, fiscal and monetary factors (which is only partly reflected

No proposal to write off farm loans: Government

The government today said there is no proposal under consideration with regard to farm loan write-off, reported PTI. However, the Centre informed Parliament that there is a facility has been put in place for farmers to avail concessional debt. Uttar Pradesh, Punjab, Maharasthra and Karnataka government have announced loan waiver this year.

"There is no proposal at present under c

Government to unveil new industrial policy soon: Reports

The Indian Government has said that the process for formulation of a new industrial policy has been initiated and consultations are being held with stakeholders. Commenting on the issue, Commerce and Industry Minister Nirmala Sitharaman told the media, “Consultations are on with industry bodies, academia, think-tanks, state governments and concerned ministries and departments of the centr