Abuja says India to purchase more crude from Nigeria
ABUJA India plans to buy more crude oil from Nigeria, Nigeria's presidency on Tuesday quoted India's vice president as saying during a visit to Abuja.
MUMBAI Shares in Tata Motors(TAMO.NS) end down 4.22 percent after falling as much as 5.6 percent on worries that China's new stringent fuel economy standard would adversely impact the auto maker's Jaguar Land Rover Ltd (JLR) unit.
The rules announced on Wednesday would cut passenger cars' average fuel consumption to 6.9 litres per 100 kilometres by 2015 and to 5.0 litres by 2020 in China.
A spokesman for Jaguar Land Rover could not immediately comment when reached by Reuters.
China contributes about 20 percent of JLR's revenues and nearly 40 percent of its operating profit, analysts estimate, raising worries that the company may have to invest more to comply with the new norms.
News that BMW (BMWG.DE) budgeting for more discounts in 2013 was also seen affecting the stock.
(Reporting by Abhishek Vishnoi)
ALGIERS Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
BERLIN European Central Bank President Mario Draghi is set to face tough questions from German lawmakers on Wednesday about the bank's ultra-loose monetary policy, just as the ECB is considering even more stimulus to revive inflation.