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Business & Economy

Indian PM admits to theft in Rafale deal before SC: Rahul Gandhi

New Delhi, Nov 13 (PTI) Congress president Rahul Gandhi Tuesday alleged that Prime Minister Narendra Modi has admitted to "theft" in the Rafale deal before the Supreme Court and to changes in the contract without asking the Indian Air Force.

On Monday, the Centre submitted a 14-page document titled "Details of the steps in the decision making process leading to the award of 36 Rafale fighter aircraft order" to the Supreme Court.

NASA to invite designs for AI lunar robot

New Delhi, Nov 13 (PTI) NASA is planning to launch a challenge for the public and scientific community to design a self-assembling robot with artificial intelligence that can explore the surface of the Moon, William Harris, CEO of Space Centre Houston said Tuesday.

Space Centre Houston in the US, the official visitor centre for NASA Johnson Space Centre, conducts regular public outreach programmes to engage people of various ages and diverse backgrounds in scientific research.

Saudi minister calls for 1 mln bpd global oil output cut

12 Nov 2018; AFP: Saudi Arabia's energy minister called Monday for a global output cut of one million barrels per day to re-balance the market, as Riyadh unveiled plans to cut production by 500,000 bpd from December.

"The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market," Khalid al-Falih told an energy conference in Abu Dhabi.

The proposed reduction is from October production levels, Falih said.

Chinese premier says reforms, not stimulus, vital for growth

SINGAPORE (AP) — Chinese Premier Li Keqiang says the country needs reforms to support business to help drive growth as it weathers a trade war with the U.S., rather than more economic stimulus.

Li said Tuesday in Singapore that China can energize its slowing economy by adjusting policies, such as streamlining bureaucratic procedures like business registrations, taxes and fees.

India: Consumers prefer subsidized LPG cylinder

KANPUR: A change is apparent in the LPG consumers’ mood. Their inclination towards the subsidized cylinders has once again rekindled. It was this spirit which has led them to apply for gaining subsidized cooking gas cylinders. The constant increase in the price of LPG cylinder has forced them to opt for the subsidized cylinder. For this purpose, they are submitting their applications at the gas agencies almost daily.

Alibaba Singles' Day sales hit 31 bln USD

SHANGHAI, Nov. 12 (Xinhua) -- China's e-commerce giant Alibaba Monday said the Singles' Day sales on its online shopping platforms reached a record 213.5 billion yuan (30.7 billion U.S. dollars).

The total sales on its platforms including Tmall and Taobao on Sunday represented an annual increase of about 27 percent from 168.2 billion yuan a year ago, Alibaba said.

Alibaba launched the annual online shopping promotion on Nov. 11, 2009, a day celebrated by many Chinese young people as Singles' Day.

China-backed trade deal centre stage at summit as US retreats

Singapore; 11 Nov 2018; AFP: World leaders will push for the rapid completion of a massive, China-backed trade deal that excludes the US at a summit this week, in a rebuke to rising protectionism and Donald Trump's "America First" agenda.

China, Japan, India and other Asia-Pacific countries could announce a broad agreement on the Regional Comprehensive Economic Partnership (RCEP), which covers half the world's population, on the sidelines of the annual gathering.

Foreign troops pour into PNG capital for APEC meet

Port Moresby; 12 Nov 2018; AFP: Papua New Guinea has deployed a multi-national force of warships, fighter jets and elite counter-terrorism troops to protect world leaders attending a major summit in its crime-plagued capital this week.

About 4,000 military personnel, around half of them foreign, will work with hundreds of police to patrol Port Moresby for the Asia-Pacific Economic Cooperation forum from Saturday, which will attract representatives from 21 nations.

Call for open markets as world leaders gather in Singapore

12 Nov 2018; AFP: Singapore's prime minister made an impassioned plea Monday for open markets and warned "political pressures" were driving countries apart, in a swipe at rising protectionism at the start of a gathering of world leaders.

Leaders including Chinese Premier Li Keqiang and US Vice President Mike Pence are meeting this week in the city-state against the backdrop of a months-long trade dispute between Beijing and Washington.

Macron snubs US arms in defence spat with Trump

PARIS, Nov 11 (AFP) Europe should not spend higher defence budgets on US-made weapons, French President Emmanuel Macron said in an interview due to air Sunday, after a defence row with President Donald Trump.

One of dozens of world leaders attending World War I commemorations in France this weekend, Trump tweeted after landing in Paris that Macron's call for a "real European army" was "insulting".

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