Latest India news

G20 to sidestep U.S. on IMF reforms - draft communique

By Anna Yukhananov WASHINGTON (Reuters) - The Group of 20 leading economies was set on Friday to agree to a proposal that wo…

  • Conservatives overtake Labour in Survation pre-election poll
    Conservatives overtake Labour in Survation pre-election poll 13 hours ago

    (Reuters) - Britain's ruling Conservative party overtook Labour to score 34 percent support ahead of the May 7 election in an opinion poll by Survation published on Friday. The survey, conducted for the Daily Mirror newspaper, put Prime Minister David Cameron's Conservatives up four points since April 9, while Labour were down two points at 33 percent. (Reporting by Rishika Sadam in Bangalore; Editing by Kevin Liffey) More »

  • Violent clashes erupt in Kashmir over arrest of separatist leaders
    Violent clashes erupt in Kashmir over arrest of separatist leaders 21 hours ago

    Police fired tear gas and charged with batons to disperse hundreds of people who gathered after Friday prayers in the main city Srinagar to protest the arrests of the leaders and the killing of the youth, a militant commander's brother, earlier this week.Several protesters and police were injured in the clashes, police said.The unrest is the latest challenge for Prime Minister Narendra Modi's Hindu nationalist BJP, which this year took control of the Kashmir government in alliance with a regional partner, the first time it has been in power in the state. He had been in jail for five years for organising anti-Indian protests that swept through Kashmir in 2010.Alam is accused of joining a rally earlier this week at which some people waved Pakistani flags, angering Indian politicians."I want to assure the people of this nation that those involved in treason will not be spared," India's home minister Rajnath Singh told reporters on Friday when asked about the arrests.Singh had called Kashmir's Chief Minister Mufti Mohammad Sayeed on Thursday demanding the "strictest possible action" against those involved in the rally. More »

  • Village women run safe water franchises in arsenic-hit India, Bangladesh Fri, Apr 17, 2015

    By Nita Bhalla NEW DELHI (Thomson Reuters Foundation) - Rural housewives in countries such as India and Bangladesh, where ground water has high levels of arsenic, are being encouraged to set up businesses to sell safe water to save lives in their communities and earn some income. U.S.-based social enterprise Drinkwell Systems has developed a new system for removing toxic heavy metals from water and is seeking to scale up the process by selling the technology to community-based entrepreneurs with microcredit loans. Drinkwell CEO Minhaj Chowdhury said the company had sold 208 units across India, Bangladesh, Laos, Nepal and Cambodia since setting up in 2013, providing safe water to 250,000 people. More »

  • Russia says AIIB complement to BRICS bank, not replacement
    Russia says AIIB complement to BRICS bank, not replacement Thu, Apr 16, 2015

    The Asian Infrastructure Investment Bank will not replace the development bank for the BRICS bloc of large emerging economies, Russia's central bank governor said on Thursday, following a meeting of the bank's representatives. Russian Finance Minister Anton Siluanov also said the representatives from Brazil, Russia, India, China and South Africa had reached agreement on launching the bank ahead of their leaders' summit in July. The expanding membership of the China-led Asian Infrastructure Investment Bank prompted speculation the new initiative will take the wind out of the sails of the BRICS development bank, which also aims at funding infrastructure and has been slow in reaching agreement on money and management. More »

  • Questions on GDP keep coming for India's statisticians Thu, Apr 16, 2015

    By Rajesh Kumar Singh NEW DELHI (Reuters) - Ashish Kumar, the head of India's statistics office, has faced two months of questioning about how a new way of measuring GDP created the world's fastest-growing major economy overnight. Until early February, when Kumar's office changed the way it measures economic activity, India was enduring its weakest run of growth since the mid-1980s. "Almost every week we keep getting queries from RBI and the finance ministry about the data." "We are trying to compile a historical series and hope to provide it by the end of December," he said. Until then, the questions may keep on coming - a state of confusion that is persisting to the point where it risks wrong-footing financial markets and even policymakers.The statistics office has set up an internal panel to audit the data and invited an International Monetary Fund team to review it. More »

  • India's TCS yearly profits muted on FX volatility
    India's TCS yearly profits muted on FX volatility Thu, Apr 16, 2015

    Chief Executive Officer of Indian software firm Tata Consultancy Services Natarajan Chandrasekaran speaks during a news conference in Mumbai on April 21, 2014 More »

  • UK files more corruption charges against Alstom's UK unit Thu, Apr 16, 2015

    Britain's Serious Fraud Office (SFO) charged a UK subsidiary of Paris-listed French engineering group Alstom with four further criminal offences of corruption and conspiracy to corrupt in a drawn-out investigation that has swung to Hungary. The SFO, which has already charged two UK-based Alstom units and four former employees with alleged corruption in India, Poland, Tunisia and Lithuania, said on Thursday the latest charges concerned train contracts for the Budapest Metro between Jan. 2006 and Oct. 2007. The SFO said it had also charged Michael Anderson, a 54-year-old former business development director for Alstom Transport SA in France, with two charges of corruption and two offences of conspiracy to corrupt. More »

  • Buyout firm Apollo could take control of UK's Stemcor Thu, Apr 16, 2015

    By Sandrine Bradley and Maytaal Angel LONDON (Reuters) - Steel trading firm Stemcor, one of the UK’s largest private companies, could be taken over by U.S. distressed investment fund Apollo , as part of a $2 billion (1.34 billion pounds) debt restructuring, according to banking and industry sources. Apollo is in the process of negotiating a debt for equity swap with Stemcor and its creditors. Apollo has built up an undisclosed stake in Stemcor by buying up the company’s debt in the secondary loan market, and is now Stemcor’s largest lender, a banker said. A deal with Apollo would be a classic debt for equity swap, in which Apollo would write off this debt in return for ownership of Stemcor, which was hard hit by the financial crisis and debt accumulated in buying an iron ore asset in India. More »

  • Silver coins worth $50 million recovered from WW II wreck at record depth Thu, Apr 16, 2015

    Marine salvage experts have recovered $50 million (33.58 million pounds) in silver coins from a ship sunk by a German submarine in 1942 as it was transporting the cash from India to London to help finance Britain's efforts in World War Two. Mauritius-based Deep Ocean Search, the firm in charge of the salvage 700 km (400 miles) south of the South Atlantic island of St. Helena, said the recovery from the wreck of the SS City of Cairo, lying at a depth of 5,150 metres, was a world record. Parts of the ship had meters of mud heaped upon it," Deep Ocean Search said on its website. "Operating at this depth caused serious technical difficulties which were new to us." A mixed cargo and passenger ship, City of Cairo was sailing from Mumbai to Britain via Cape Town and Recife in Brazil in late 1942, carrying 296 passengers and 100 tonnes of silver coins belonging to the British Treasury. More »

  • Fighter jet makers eye Indian riches after scaled-back French deal
    Fighter jet makers eye Indian riches after scaled-back French deal Thu, Apr 16, 2015

    By Tommy Wilkes and Douglas Busvine NEW DELHI (Reuters) - Foreign fighter jet makers see a multi-billion dollar opportunity in India's decision to scale back purchases of high-end aircraft from France, which may free up cash in the world's largest arms importer to buy a new fleet of mid-range planes. Prime Minister Narendra Modi announced last week that India would buy 36 French Rafale jets for an estimated $4.3 billion (2.88 billion pounds), in effect ending talks on a larger deal for 126 planes that would have sucked up some $20 billion and locked rivals out of the market for a generation. Sweden's Saab and U.S. Lockheed Martin are set to re-pitch their Gripen and F-16 planes, eliminated in the Rafale tender, as the kind of lighter, single-engine aircraft that Defence Minister Manohar Parrikar said on Monday the air force needed to rebuild its fleet. Saab was proposing to establish "fully-fledged production" of the Gripen in India alongside a local partner. More »

  • Hingis back in Fed Cup after half a lifetime away
    Hingis back in Fed Cup after half a lifetime away Thu, Apr 16, 2015

    The last time Martina Hingis appeared in the Fed Cup for Switzerland she was a 17-year-old four-times grand slam champion with the world at her feet. It would have seemed improbable at the Fed Cup final in 1998 against Spain, which the Swiss lost 3-2, that Hingis's best days were already behind her. Her third return has been more positive and this year she partnered India's Leander Paes to the mixed doubles title at the Australian Open before winning the Indian Wells and Miami women's doubles with another Indian, Sania Mirza. A Fed Cup return for Hingis, while useful for Swiss captain Heinz Guenthardt, may have another motive. More »

  • Tata Steel says no deal with UK unions; strike ballot to go ahead
    Tata Steel says no deal with UK unions; strike ballot to go ahead Thu, Apr 16, 2015

    India's Tata Steel has failed to reach a deal with UK unions about its proposal to change the British pension scheme, it told India's National Stock Exchange on Thursday. UK unions Community, GMB, UCATT and Unite will start balloting some 17,000 members over strike action from May 6, one day before the country's general election, they said in a joint statement earlier this week. "The negotiations ... have concluded without support from the trade unions on proposed modifications to the (pension) Scheme," Tata Steel said in response to a query from the Indian exchange. More »

  • Indian village gets 'world's cheapest bottled water'
    Indian village gets 'world's cheapest bottled water' Thu, Apr 16, 2015

    Charity workers have teamed with an impoverished village in eastern India to develop what they say is the world's cheapest bottle of drinking water -- costing less than one US cent. More »

  • Unilever sees tailwinds boosting sales hopes
    Unilever sees tailwinds boosting sales hopes Thu, Apr 16, 2015

    By Martinne Geller LONDON (Reuters) - Unilever reported better than expected first quarter sales and struck a positive tone on the rest of the year, citing brighter signs in major markets such as the United States, China and India. Last year it was hammered by weakening emerging markets and currency devaluations. "We are overall starting to see more tailwinds than headwinds," Chief Financial Officer Jean Marc Huet said. Foreign exchange rates, for example, are expected to help 2015 sales by about 8 to 9 percent at current rates, he said, after reducing 2014 sales by 4.6 percent. More »

  • India's reluctant political 'prince', Rahul Gandhi, returns from …
    India's reluctant political 'prince', Rahul Gandhi, returns from … Thu, Apr 16, 2015

    Indian politician Rahul Gandhi returned on Thursday from a mysterious eight-week break in an undisclosed location that had prompted ridicule and questions from colleagues about his fitness to lead the opposition Congress party back to power. A few supporters let off firecrackers outside the Congress head office, but the celebrations were overshadowed by an outpouring of biting satire on Twitter, where #RahulReturns was India's top trend. More »

  • Forest killings put India's 'fake encounters' in spotlight
    Forest killings put India's 'fake encounters' in spotlight Thu, Apr 16, 2015

    Kanagarani last saw her husband when he left their village on a mountainside in the southern Indian state of Tamil Nadu to look for work. More »

  • Net neutrality row grows louder in India, Internet.org hit
    Net neutrality row grows louder in India, Internet.org hit Thu, Apr 16, 2015

    A group of India's leading technology and Internet firms has pulled out of Internet.org, Facebook's flagship effort to get billions more online, in a growing debate over free access and internet neutrality in the country. Net neutrality is the concept that all websites on the internet are treated equally. The debate over access and neutrality has grabbed headlines in India this week after leading telecom carrier Bharti Airtel announced a product through which mobile "app" makers pay for data usage to allow customers to use their apps for free. Activists and some users in the country, home to the world's third-largest population of Internet users, argue such platforms and subsidized access go against the idea of net neutrality. More »

  • It's up to Dalai Lama whether he'll be reborn, Buddhist leader says
    It's up to Dalai Lama whether he'll be reborn, Buddhist leader says Thu, Apr 16, 2015

    It is up to the Dalai Lama to decide whether he will be reborn, Tibetan Buddhism's third highest religious leader said, after Chinese officials repeatedly said the exiled Dalai Lama had no right to abandon reincarnation. Ogyen Trinley Dorje, who holds the title of Karmapa Lama and lives in exile in India, told Radio Free Asia in an interview in Washington that he had "complete belief" in the ability of the Dalai Lama to decide his fate after death. In my view, it is only the Dalai Lama himself who should decide about his future reincarnation. The Karmapa is close to the Dalai Lama and after him is the most eminent Lama to have fled Chinese rule of Tibet, which Communist forces "peacefully liberated" in 1950. More »

  • Analysis - Emerging shares seen lagging developed countries for fifth straight …
    Analysis - Emerging shares seen lagging developed countries for fifth straight … Thu, Apr 16, 2015

    By Sujata Rao LONDON (Reuters) - The roaring stock market rallies of the United States, Japan and Europe show no sign of reaching most emerging markets, where lacklustre economic growth and company profits point to a fifth straight year of lagging performance. Emerging markets are the black hole in the global equity picture at a time when Wall Street has hit record highs, European stocks are at seven-year peaks and Japanese markets at the highest in 15 years, buoyed by central bank money-printing and recovering economies. MSCI's emerging equity index, in contrast, stands more than 20 percent below record highs hit in 2007 and despite notable exceptions such as India and China , it has lagged the world index by more than 50 percent since end-2010. Dedicated emerging equity and exchange-traded funds have seen outflows of $60 billion (41 billion pounds) in the past two years, according to EPFR Global data cited by JPMorgan Asset Management. More »

  • Canada, India unveil uranium supply deal, bury nuclear discord
    Canada, India unveil uranium supply deal, bury nuclear discord Wed, Apr 15, 2015

    By David Ljunggren OTTAWA (Reuters) - The Canadian government on Wednesday unveiled a C$350 million (189.27 million pound) deal to supply uranium fuel to India, formally ending a lengthy dispute that began after New Delhi used Canadian technology to develop a nuclear bomb. Canadian producer Cameco Corp will supply 7.1 million pounds (3.22 million kilos) of uranium concentrate to India over the next five years. The deal is Cameco's first with India, which the firm called the second fastest growing market for nuclear fuel. Shares in the uranium miner rose 5.8 percent in Toronto. More »

  • IEA says oil supply boost may defer market tightening
    IEA says oil supply boost may defer market tightening Wed, Apr 15, 2015

    By Alex Lawler and Christopher Johnson LONDON (Reuters) - World oil markets may take longer to tighten than expected due to a surge in OPEC supply and a potential rise in Iranian exports, even as demand shows signs of strength, the International Energy Agency said on Wednesday. The agency raised its forecast for global oil demand growth in 2015 for a second consecutive month, citing strong pockets of consumption in Europe, India and the United States. Oil prices have halved from above $115 (£78) a barrel last June due to ample supply, in a decline that deepened after the Organization of the Petroleum Exporting Countries chose to defend market share rather than cut output. Global oil demand is rising faster than projected, but so is supply, and the IEA, which advises industrialized countries on energy policy, rolled back its prediction of when the market would tighten. More »

  • Bach to visit India seeking more support for athletes
    Bach to visit India seeking more support for athletes Wed, Apr 15, 2015

    By Sudipto Ganguly MUMBAI (Reuters) - International Olympic Committee President Thomas Bach is baffled by India's lack of sporting success and will meet the country's Prime Minister later this month seeking more fund for the athletes, the country's Olympic association said on Wednesday. India's only individual Olympic gold medal came in 2008 when Abhinav Bindra won the 10 metre air rifle event in Beijing and the world's second most populous country's best overall showing was at the last edition in London where they won six medals. "The IOC president is always telling me '1.2 billion people in India and you are hardly getting a few medals'," Indian Olympic Association (IOA) president Narayanaswamy Ramachandran told Reuters in an interview. More »