October 4: Behind the lens
October 4: Behind the lens
Engineers of ONGC work inside the Kalol oil field in Gujarat
ONGC, which has been investing heavily to maintain output from its old fields, aims to raise its crude oil production by 14.6% by March 2014, its new chairman said on Tuesday.
Vasudeva said his aim is to raise the firm's oil output to 28 million tonne or 560,000 barrels per day (bpd) by March 2014 and gas production by 58% to 36.5 billion cubic metres by March 2017.
India, the world's fourth-biggest oil importer, buys in nearly 80% of its oil needs as expanding refining capacity has outpaced growth in local oil output. ONGC's local oil output has been almost stagnant in the last five years.
A vendor sells spices on a street in Srinagar
Anyone hoping that recent falls in commodity prices would provide a boost to powerhouse Asian economies and help lift the developed world out of recessionary danger will be disappointed. The region's focus remains firmly on inflation.
Commodities from crude to corn have slid in the last quarter, with many showing the most dramatic losses since 2008, when Lehman Brothers collapsed. The turnaround follows sharp gains earlier in 2011 when investors flocked to commodities on signs of strengthening economies.
A man uses an Apple iPhone in Santa Monica, California
Apple looks set to unveil a new iPhone on Tuesday after a 15-month hiatus, hoping to fend off hard-charging rivals running Google's Android and safeguard its lead with the fifth incarnation of the iconic device.
Newly appointed CEO Tim Cook will do the honours this time from Apple's headquarters, running the first major product launch in years without impresario Steve Jobs as he tries to take Apple to still-loftier heights.
Pedestrians are reflected in a screen displaying the stock index prices in Tokyo
World stocks hit a fresh 15-month low on Tuesday and the euro fell across the board as the growing prospect of a near-term default by Greece stoked fears of a major banking crisis in Europe, which would accelerate a global economic slowdown.
The cost of insuring German sovereign debt against default hit a record high for a second day in a row, reflecting concerns that the Eurozone's paymaster-in-chief will have to dig ever deeper into its pockets to bail out the region's weaker states.
A fresh sell-off in risky assets began after Eurozone finance ministers said they were reviewing the size of private sector involvement in a second bailout package for Greece, a move that could undermine the aid plan and hasten a default.
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