Purnartha - 05-Sep-2014 - Important news (India & Global) (To receive these updates in your mailbox every morning - just call our toll free number: 1800 - 266 - 0161 or send an e-mail to support@purnartha with your name and phone number) INDIA 1) Australian Prime Minister Tony Abbott, who began his India visit from Mumbai where he arrived early Thursday with a 30-strong business delegation, will on Friday meet PM Narendra Modi here. Abbott is expected to ink much-awaited deal allowing nuclear fuel exports to energy-hungry India as he meets PM Modi. Abbott said the long-awaited agreement was a sign of mutual trust after a long-standing ban on uranium sales to India was lifted in 2012. 2) Narendra Modi led government is likely to face its first serious test on governance over the next few weeks. The country is literally sitting on a power crisis time bomb with 56 thermal power plants sitting on less than a week’s inventory of coal. Last week the number of power units with such low level of fuel inventory was 52. According to Central Electrical Authority (CEA) out of the 100 power plants that it monitors, 27 of them have less than four days of coal. The northern region is already facing a shortfall of 5,000 MW as power companies are unable to generate more electricity. GLOBAL 1) The Bank of England kept interest rates on hold on Thursday as Britains economy continued to thrive, although risks to the recovery both at home and abroad remain. The BoEs Monetary Policy Committee (MPC) left its Bank Rate at 0.5 percent, where it has been since the depths of the financial crisis more than five years ago. This was the first time in three years that rate-setters on the Banks nine-member Monetary Policy Committee (MPC) had done so. Minutes of the latest MPC meeting are due to be published next week. However, Bank governor Mark Carney has made clear that any rate rises would be small and gradual. 2)The U.S. trade deficit fell in July to its lowest level since January, as exports of autos, telecom equipment, industrial machines and semiconductors rose. Exports climbed 0.9 per cent to a record $198 billion. Imports also rose, climbing 0.7 per cent to $238.6 billion, as shipments of food, beverages and autos from abroad increased. The Commerce Department said Thursday, the trade deficit fell 0.6 per cent in July to a seasonally adjusted $40.5 billion, from $40.8 billion in June.
Posted on: Fri, 05 Sep 2014 07:31:39 +0000