Businesses and policy-makers need to recognize the tremendous economic value of ecosystems, as well as the social and economic costs of losing such natural resources as forests, freshwater, soils and coral reefs, a new United Nations report released today said. The report by the Economics of Ecosystems and Biodiversity (TEEB), a body hosted by the UN Environment Programme (UNEP), seeks to galvanize the world to recognize the economic consequences of failing...

The Central Vigilance Commission has received complaints that put the cumulative value of alleged corruption in projects related to the Commonwealth Games between Rs 5,000 crore and Rs 8,000 crore. Sources said the complaints included payment to non-existent parties, wilful delay in execution of contracts, inflated prices and bungling in purchase of equipment through tendering. “The total misappropriation amount may touch a figure of Rs 5,000-8,000 crore. The commission is still awaiting reports...

In yet another blow to the Anil Agarwal-owned Vedanta Alumina Ltd , the environment ministry has decided to halt the company’s plans of expanding its Rs 4,600-crore Lanjigarh refinery in Orissa. The existing one million tonne Lanjigarh refinery will, however, continue to be in operation. The ministry has found the Lanjigarh refinery’s expansion to be “unauthorised” and in serious violation of environmental laws. It has decided to revoke the permission given...

The prestigious Rs 2,500-crore Machilipatnam port project is unable to cruise what with the district administration failing to hand over 4,000 acres of land  to the developers, Navayuga Engineering Company Ltd (NECL), even six months after the state government gave its nod for the project. The Congress government awarded the project to NECL this April after cancelling the previous agreement with Maytas-led consortium following its involvement in the multi-crore Satyam scandal....

Every answer to question on Nitish Kumar's performance in the last five years as Bihar's chief minister begins with the phrase, ''Kam se kam itna toh kiya hai... (at the very least, he has done this...).''   By any index of growth and development, Nitish's five-year reign has unleashed no miracles. With 54.4% of its population under the Tendulkar Committee's revised poverty line, Bihar is India's poorest state and its health indicators...