The $12 billion Posco investment in India was supposed to be the biggest FDI project in the country. After six years that still remains on paper Horangineun jugeumyeon gajugeul namgigo, Sarameun jugeumyun ireumeul namginda (When tigers die, they leave behind leather. When people die, they leave their names behind) —Old Korean Proverb The news flash from Press Trust of India came on July 10, 2011. Posco, the $32 billion South Korean steel giant had decided to...

-The United Nations   Several United Nations agencies and their partners are calling for greater cooperation to tackle the threat posed to the world’s forests from extreme weather events and natural disasters. Extreme weather events that greatly impact the health of forests include cyclones, floods, landslides, tornadoes, earthquakes and volcanic eruptions – so-called “abiotic disturbances,” according to a news release issued by the UN Food and Agriculture Organization (FAO), which is among 14...

After a four-decade battle, Indian lawmakers took the first formal step toward creating an independent anticorruption agency on Thursday, introducing a bill in Parliament that would appoint a powerful ombudsman, or Lokpal, to investigate wrongdoing by government officials. But the draft of the law, which exempts the prime minister, members of Parliament and many other officials from the Lokpal’s jurisdiction, was roundly rejected by many of the people who had...

Illegal iron ore mining involving hundreds of Indian officials and powerful politicians has devastated local communities in the southern state of Karnataka and cost its treasury more than $3.5 billion in revenue, according to a scathing report by an official anticorruption panel that was released on Wednesday. “In the illegal mining and irregularities committed in the export of iron ore, we have found the involvement of some 100 mining companies,...

The Supreme Court has converted a high-powered committee of the Government of India, on the issue of black money, into an SIT under its own direction. This is an expression of no-confidence in the executive. The government’s intention in tackling either the problem of black economy or bringing back the black savings stashed abroad is suspect. According to reports, the money stashed abroad by the corrupt businessmen, politicians and others...