The Supreme Court has refused to stay for now an Orissa High Court judgment cancelling the state government’s clearance to Posco for a licence to scout for and mine iron ore. The high court order had come on a petition by a Bhubaneswar firm that claimed the state’s decision was “illegal” and “irrational” as the South Korean giant had been cleared out of Turn. The licence would have allowed Posco to explore...

A death threat to a historic 13-year-old international treaty on climate change that surfaced last year appears to have intensified and may stall progress at the UN climate change talks here in this scenic Mexican city. Several industrialised countries are opposing the continuation of the Kyoto Protocol, the 1997 treaty that had set legally binding targets only on industrialised countries for the reduction of emissions of greenhouse gases up to the...

India continued to be the largest recipient of remittances in 2010, with the figure rising from $49.6 billion in 2009 to $55 billion. It was also the country with the second largest number of emigrants (those migrating abroad) after Mexico, according to the World Bank's just-released Migration and Remittances Factbook 2011. Interestingly, even as 11.4 million people from India went abroad, 5.4 million came into the country, making India No. 10...

Jairam Ramesh, India's environment minister, will make a decision in the next week that could define the fuTure of the country: whether to approve a $12 billion South Korean-owned steel plant, the largest potential foreign direct investment ever on the subcontinent. The plant, proposed by South Korea's Posco, has been in the works for years. It already has been cleared by the environment ministry, which Mr. Ramesh runs, and endorsed by...

Edible oil imports have surged to a record 9.24 million tonnes last year and were estimated to be nearly Rs 38,000 crore. They have emerged as the third most important import item, next only to petroleum products and gold. India is now the world’s largest importer of cooking fats, meeting more than half of its requirement through overseas supplies. Considering the country’s huge and fast-growing demand for cooking oils, such...