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Reliance to pay fine
Added At: 2012-05-05 11:03 PM
Last Updated At: 2012-05-05 11:03 PM
HIMALAYAN NEWS SERVICE
MUMBAI: The Indian government has asked energy giant Reliance Industries to pay a $1.25 billion penalty for a fall in gas production from its main oil fields, a company executive said. The government and investors have been concerned for months over Reliance’s declining gas output from its main D6 fields in the Krishna-Godavari basin off the coast of eastern India. Reliance will not be permitted to recover the cost of its investments –– $457 million in 2010-11 and $778 million in 2011-12 –– from the sale of gas. — AFP
German car sales up
BERLIN: New car registrations in Germany, a key gauge of demand in one of the most important sectors of Europe’s biggest economy, rose three per cent in April, official data showed. The German market continued a rebound begun in March, and contrasted sharply with a 22 per cent decline in new car registrations in Spain, an 18 per cent drop in Italy and a 1.6 per cent fall in France. — AFP
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