World Bulletin / News Desk
Half of India's 1.2 billion people were without power on Tuesday as the grids covering a dozen states broke down, the second major blackout in as many days and an embarrassment for the government as it struggles to revive economic growth.
Stretching from Assam, near China, to the Himalayas and the deserts of Rajasthan, the power cut was the worst to hit India in more than a decade.
Trains were stranded in Kolkata and Delhi and thousands of people poured out of the sweltering capital's modern metro system when it ground to a halt at lunchtime. Office buildings switched todiesel generators and traffic jammed the roads.
"We'll have to wait for an hour or hour and a half, but till then we're trying to restore metro, railway and other essential services," Power Minister Sushilkumar Shinde told reporters.
More than a dozen states with a total population of 670 million people were without power, with the lights out even at major hospitals in Kolkata.
Shinde blamed the system collapse on some states drawing more than their share of electricity from the overstretched grid. Asia's third-largest economy suffers a peak-hour power deficit of about 10 percent, dragging on economic growth.
"This is the second day that something like this has happened. I've given instructions that whoever overdraws power will be punished."
The country's southern and western grids were supplying power to help restore services, officials said.
The problem has been made worse by weak a monsoon in agricultural states such as wheat-beltPunjab and Uttar Pradesh in the Ganges plains, which has a larger population than Brazil. With less rain to irrigate crops, more farmers resort to electric pumps to draw water from wells.
Power shortages and a creaky road and rail network have weighed heavily on the country's efforts toindustrialize. Grappling with the slowest economic growth in nine years, Delhi recently scaled back a target to pump $1 trillion into infrastructure over the next five years.
Major industries have dedicated power plants or large diesel generators and are shielded from outages -- but the inconsistent supply hits investment and disrupts small businesses.
High consumption of heavily subsidized diesel by farmers and businesses has fuelled a gaping fiscal deficit that the government has vowed to tackle to restore confidence in the economy. But the poor monsoon means a subsidy cut is politically difficult.
On Tuesday, the central bank cut its economic growth outlook for the fiscal year that ends in March to6.5 percent, from the 7.3 percent assumption made in April, putting its outlook closer to that of many private economists.
Nobel Ilac will use the loan to expand production and improve quality of medicines
The company said the deal would make Total the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
Volatility eased as traders focused on the world economy and corporate earnings after a week dominated by the dramatic spike in tensions over North Korea, which triggered a global sell-off before prices bounced back Monday.
Investors greeted the more conciliatory tone after US stocks dropped three days in a row last week on President Donald Trump's vow of "fire and fury" if North Korea continued to pursue its nuclear weapons and ballistic missile programs.
The ultra-conservative kingdom has moved to diversify its traditionally oil-dependent economy following a sharp fall in crude prices.
In its monthly report on the global oil market, the International Energy Agency said, however, that it believes the supply glut is easing, partly because demand is growing faster.
US stocks have been in retreat since President Donald Trump Tuesday issued a fiery warning to North Korea to halt its nuclear program.
The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).
London's benchmark FTSE 100 index weakened by 0.5 percent to 7,503.39 points.
The approval by the European Commission comes just over two months after the European Central Bank -- which took on the role of the eurozone's banking supervisor in 2014 -- allowed the sale to go ahead for a symbolic fee of one euro.
BP, Chevron, ExxonMobil, Shell and Total have all published results in recent days, showing they pocketed $23 billion in net profit in the first half fo the year.
Higher cereal, sugar and dairy prices pushed food price index by 10.2 percent annually in July