October20: Picturesque news view
October20: Picturesque news view
A bird flies by the Vedanta office building in Mumbai.
The government has decided to halt Vedanta Resources' plans to expand its alumina refinery in Orissa, according to news reports on October 20, after the environment ministry found \"serious violations\" of green laws.
The ministry has decided to revoke the permission given to the company to study the environmental impact of increasing the capacity of the refinery in Orissa to six million tonnes from one million tonnes, one paper said, adding that a formal order is expected this week.
The paper said a Vedanta representative declined to comment saying they had not received any communication.
The ministry had earlier asked Vedanta to explain why the environment clearance given to the plant should not be revoked.
An employee talks to a visitor at the reception desk of the Rio Tinto Shanghai Representative Office in Shanghai.
The global miner approved a $3.1 billion iron ore expansion on October 20, staking a claim to become the world's top producer and defying industry concerns over a new Australian mining tax.
Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia where two of the world's biggest producers, Rio Tinto and BHP Billiton, dominate.
Rio Tinto's move to boost output by 28 per cent follows this week's demise of a planned joint venture with BHP Billiton in northwest Australia's Pilbara region aimed at saving the companies $10 billion in costs.
\"Rio and BHP are obviously not taking much notice of the mining tax if they are planning all these investments in iron ore,\" said an analyst in Perth, who asked not to be named because he is
A policeman patrols past a decoration designed to celebrate upcoming G20 summit to be held in November, at Gimpo airport in Seoul.
Speculation of a grand bargain by the Group of 20 to rebalance the global economy is swirling ever faster thanks to China's surprise decision to raise interest rates for the first time since 2007.
Higher rates ought to push up the yuan, one element of the mooted deal. Whispers that the Federal Reserve will go easy with an expected second round of quantitative easing -- printing money to buy government bonds -- point to the quid pro quo for China, which is alarmed at the prospect of the dollar's debasement.
Maybe there is something cooking. But if the G20 were to go beyond broad brush strokes and devise a formula for reducing the current account imbalances disfiguring the world economy, it would be rewriting the history books.
\"I think they're working on something,\" said Andrew Busch, a foreig
A bank employee counts Euro notes at Kasikornbank in Bangkok
With a sudden and insatiable global investment demand for all things emerging markets fast becoming a crowded trade, many investors are being tempted to seek out the next best thing -- high-yielding euro zone debt.
Fear of more money printing and passive devaluations in the United States, Japan and possibly Britain have in recent weeks stampeded the investment herd toward the higher yields and rising currencies of developing economies.
But as the search for yield and rising currency rates becomes indiscriminate, there's been a growing case for hoovering up the juicy returns on offer in the euro zone's debt-battered periphery of Greece, Ireland, Portual and Spain.
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