WTO sides with China, India in 2 US trade disputes

GENEVA (AP) — The world trade body has ruled against the United States in two disputes with India and China, telling the U.S. government it must abide by international rules.

A World Trade Organization panel says in response to a complaint from China in 2012 that the United States improperly imposed duties on imports of Chinese steel products and solar panels.

Emerging nations plan their own World Bank, IMF

WASHINGTON (AP) — Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.

Brazil, Russia, India, China and South Africa —the so-called BRICS countries — are "seeking "alternatives to the existing world order," said Harold Trinkunas, director of the Latin America Initiative at the Brookings Institution.

India's energy industry hopes budget leads to reform

The Wall Street Journal

Indian power and fossil fuel companies are urging the nation's new government under Prime Minister Narenda Modi to use budget negotiations to push reforms in the industry to scale back subsidies and price controls, The Wall Street Journal reports.

Blast kills 5 in ship-breaking yard in India

NEW DELHI (AP) — A blast triggered by a suspected gas leak in a ship being dismantled in western India killed five workers and injured another seven on Saturday, police said.

The explosion occurred in a chemical tank while the workers were dismantling the old vessel at the Alang ship-breaking yard in Gujarat state, said police officer Ramesh Budhrejiya.

The blast was believed to have been caused by a sudden gas leakage which also started a fire, the Press Trust of India quoted police officer K. J. Rathod as saying.

India pipeline blast kills 14 people, guts houses

HYDERABAD, India (AP) — A state-owned gas pipeline exploded and burst into flames Friday, killing at least 14 people, destroying homes and forcing the evacuation of neighboring villages in the southern Indian state of Andhra Pradesh, authorities said.

Flames rose more than 80 feet (25 meters) into the air, scorching the tops of coconut and palm trees and sending dense black clouds of smoke into the sky, witnesses said. Villagers ran out of their homes and crowded the streets. Scores of houses and shops were gutted, officials said.

State-run TV says 5 killed at India steel plant

PATNA, India (AP) — Police say five people have been killed and another 23 injured in an explosion and a subsequent gas leak in a government-run steel plant in central India.

A police officer says the accident happened in Bhillai steel plant in Chhattisgarh state on Thursday. He spoke on condition of anonymity as he was not authorized to talk to reporters.

Heat wave reveals flaws in Indian power system

The Wall Street Journal

Heat waves in India have left some 300 million people with little or no power, highlighting the obstacles the new government faces in updating the country's energy systems, The Wall Street Journal reports.

Duties may hinder Modi's solar plans for India


Indian Prime Minister Narendra Modi's goal to expand solar power in the nation may be derailed if the government moves ahead with his predecessor's plan for new duties on imported solar panels, Bloomberg reports.

Ex-banker picked by Modi to oversee energy reform in India


Piyush Goyal, a chartered accountant and investment banker, has been appointed minister of state for power, coal and renewable energy and given independent powers by new Indian Prime Minister Narendra Modi, Bloomberg reports.

New Indian govt. could bring energy reform


Analysts expect the new government of Narendra Modi to press for key changes in India’s oil and gas industry, Platts reports.


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