3. Obama enthralls and
exhorts India
• “And I’m mindful that I might not be
standing before you today, as President of
the US, had it not been for Gandhi and the
message that he shared with America and
the world,”
• Greeted with a thunderous applause by a
gathering.
• INSISTING that the US and India were
“indispensable” partners in the 21st century.
4. ONGC blocks $500m
payments to Cairn
• Alleges Partner Inflated Expenses In
Rajasthan Block.
• CAIRN Energy, struggling to get approval
for its $9.6-billion deal to sell its Indian unit
to Vedanta Resources, is getting mired in
more problems.
5. • ONGC, which is the licensee
and a 30% owner in the oilrich Rajasthan
block operated by Cairn, has held back
$500 million to Cairn India alleging the
expenditure had been inflated.
• “Cairn spent money over and above the
approved budget. ONGC is a PSU, it is
public money. We can’t spend it without
approvals,”
6.
7. CAG pegs revenue loss due
to Raja at 1.8 L cr
• The Comptroller and Auditor General of
India (CAG), indicted communications
minister A Raja for causing a loss of up to
177,000 crore to the government by selling
airwaves, a scarce national resource, at a
fraction of their original value, disregarding
the advice of several government
departments, a development that provides
fresh ammunition to Opposition parties who
have been baying for his blood since 2008.
8.
9. ED scanner on foreign
buyers of new telcos
• Investigations into 2G mobile spectrum
scam intensify as ED jumps into the fray
even as telecom minister’s exit looks
imminent Weighing If Money From
Stake Sales Can Be Termed Criminal
Proceeds
10. FIIs desert Street on IIP
nos, global scare
• INDIAN shares fell the most in five months
on the biggest selloff by overseas investors
since May 25, as slowing industrial output
and global turbulence forced some to lock
up profits.
• Equities across the world tumbled, with
China’s benchmark indices crashing more
than 5% on fears that it may raise interest
rates to contain a 25-month-high inflation.
