NEW DELHI - Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost $300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters.
MUMBAI - Gold importers are offering a discount of $2 an ounce versus London prices for the first time in almost five months due to market oversupply.
India's space agency successfully tested its most powerful satellite launch vehicle that can put heavier payloads into space, and, it hopes, win India a bigger slice of the $300 billion global space industry. Once operational, the Geosynchronous Satellite Launch Vehicle (GSLV) Mark III will be able to put satellites weighing about 4 tonnes into orbit, almost doubling India's current capability. Full Article
It's the most anticipated Bollywood film of the year and no one knows what it's about. "PK" opens in Indian cinemas on Friday with audiences still in the dark about the film's storyline or why its naive and unworldly protagonist with pointy ears never blinks. Full Article
A Pakistani court granted bail on Thursday to a man accused of masterminding a deadly 2008 rampage through Mumbai, lawyers said. Full Article
SpiceJet’s woes are all too familiar. India is cajoling banks to lend to the country’s second largest single-brand carrier when the debt-ridden airline needs more equity. The government’s hope is to save jobs and prevent a repeat of the failure of Kingfisher Airlines. Even if the rescue works, exorbitant fuel taxes and lack of a bankruptcy law will keep the industry stuck in an air pocket. Full Article
Uber’s law flouting could bring its joyride to a screeching halt. The taxi app company is covering its drivers’ fines for illegally picking up passengers. That may be just another business expense to a firm that earned a $40 billion valuation by moving quickly and breaking the rules. But the legal, lobbying and public relations costs of reckless behavior are accelerating fast. Full Article
Saudi Arabia is once again using its “oil weapon”. The kingdom has two targets in its latest oil war: it is trying to squeeze U.S. shale oil - which requires higher prices to remain competitive with conventional production - out of the market. More broadly, the Saudis are also punishing two rivals, Russia and Iran, for their support of Bashar al-Assad’s regime in the Syrian civil war. Commentary
Europe's top court has opened the door to certain stem cell patents in the European Union by ruling that an organism incapable of developing into a human being is not a human embryo and may be patented. Full Article