Category archives: Business

Nigeria's Dangote signs deal to build oil refinery

Africa’s wealthiest man, Aliko Dangote, has signed a multi-billion dollar deal with banks to finance the building of an oil refinery in Nigeria. The refinery would be the largest in Africa, turning Nigeria into a petroleum exporter, he told the BBC. Nigeria is Africa’s biggest oil producer but lacks refining capacity and has to import most of its fuel. The West African state is often hit by fuel shortages, and […]

The volatile journey of Indian rupee since independence

The Indian rupee, which was at par with the American currency at the time of independence in 1947, hit a record low of 63.30 against a dollar Monday. This means the Indian currency has depreciated by more than 63 times against the greenback in the past 66 years. The currency has witnessed a large volatility in the past two years. This volatility became acute in the past three months affecting […]

China's underdog market surges

Weighed down by a slowing economy and worries over structural reforms, China stocks have been left in the dust this year by their international competitors. The Shanghai Composite, considered to be the mainland’s benchmark, is down 5% on the year. Stocks in Hong Kong haven’t performed much better. But there is one index that has bucked the trend. In Southern China, the tiny Shenzhen Composite has spiked 16% since January, […]

Eurozone comes out of recession

The eurozone has emerged from recession after a record 18 months of economic contraction. The bloc’s GDP grew by 0.3% in the second quarter of 2013, slightly ahead of forecasts, the Eurostat agency said. The growth was widely expected after the German economy rose 0.7% between April and June. However, the overall figure masks the mixed economic fortunes among the countries that make up the 17-country eurozone area. Germany and […]

Power for India’s Rural Women

As cattle roam outside in the scorching heat, Sapni Surin perches on a stool inside a sunlit workshop fixing parts onto a small circuit board. Colorful wires, tiny resistors and tools are scattered around. “I think everything is right,” she quietly says as she holds the circuit board above her head. Ms. Surin is among 20 women who have traveled to Tilonia – a small village two hours’ drive from […]

Mumbai Dance Bars Get Green Light

India’s top court Tuesday overturned an eight-year ban on dance bars in Mumbai by the Maharashtra state government, which said they were degrading and exploited women. The Supreme Court’s decision upheld a 2006 ruling by the Bombay High Court that said the ban was discriminatory. The groups contesting the ban also said it violated their constitutional right to earn a living. The government of Maharashtra in 2005 prohibited performances in […]

Who is affected by big currency movements?

Some of the largest economies in Asia have seen big movements in the value of their currencies in recent months. Other than domestic factors, the potential tapering off of the US Federal Reserve’s cheap cash injections is partly responsible for the volatility. The US central bank’s moves had allowed billions of dollars of inflows into emerging economies, and now that money is leaving and it is having an impact on […]

Dogs killed in Mexico-Italy cocaine smuggling operation

An Italian judge has ordered 49 suspected Latin American gang members to stand trial for allegedly using dogs to smuggle cocaine into the country. A vet in Mexico forced large dogs to swallow drug packages before they were flown into Milan, police say. On arrival, they were killed and dismembered to retrieve the cocaine in a case which has outraged animal rights activists. The Ecuadorean, Peruvian and Salvadoran nationals will […]

More wheat rots in India than the total production of Australia

Foodgrain needs to stay fit for round-the-year consumption. Fruits and vegetables must stay fresh until they reach the plate. But forget all-weather warehouses or cold storage facilities, most developing countries dump millions of tonnes of food in the open at the mercy of the elements, birds and rodents. More wheat rots in India than the total production of Australia, which loses less than 1 percent of its grain in storage […]