Business

New Delhi, Nov 11 (PTI) Showing signs of sluggishness in the economy, industrial production shrank by 4.3 per cent in September, registering the weakest performance in seven years due to output decline in manufacturing, mining and electricity sectors, as per official data released on Monday.

According to the Central Statistics Office (CSO) data, 4.3 per cent contraction is the lowest in 2011-12 series of Index of Industrial Production, which was unveiled in May 2017. The IIP had declined by 0.7 per cent in April, 2012.

New Delhi, Nov 11 (PTI) Prime Minister Narendra Modi will be in Brazil on November 13 and 14 to attend the 11th BRICS summit, the theme of which is "economic growth for an innovative future".

This will be the sixth time Modi will be participating in the BRICS summit, his first being at Fortaleza, also in Brazil in 2014, a statement from the Prime Minister's Office said.

Sources said he would leave for Brasilia, Brazil on Tuesday afternoon.

OHRID (Republic of North Macedonia), Nov 11 (NNN-AGENCIES) — Albania, North Macedonia and Serbia discussed setting up a common market at a summit Sunday.

The leaders of the three countries met at Lake Ohrid, in North Macedonia, after the EU last month refused to start membership talks with Albania and North Macedonia.

Albanian Prime Minister Edi Rama, his North Macedonian counterpart Zoran Zaev and Serbian President Aleksandar Vucic, who launched the common market initiative in October, attended Sunday’s meeting.

CANBERRA, Nov 11 (NNN-XINHUA) – The Norwegian Government is set to be the major beneficiary, if oil drilling in the Great Australian Bight goes ahead.

According to an analysis by think tank, The Australia Institute, while the Federal Government would reap a minimum of 7.4 billion Australian dollars (5.07 billion U.S. dollars) in petroleum taxes over 40 years, the Southern Australia (SA) state government would receive only 300 million Australian dollars (205.7 million U.S. dollars).

ATHENS, Nov 11 (NNN-Xinhua) — Chinese President Xi Jinping arrived in Greece Sunday for a three-day state visit to consolidate traditional friendship and strengthen cooperation between the two countries.

It is the first visit by a Chinese head of state to the European nation in 11 years.

Xi and his wife, Peng Liyuan, were greeted by senior Greek officials at the airport.

Upon arrival, Xi said Greece boasts long history and glorious culture and has made outstanding contributions to the progress of human civilizations.

AMMAN, Nov 11 (NNN-PETRA) – Jordan, on Sunday said, there will be no extension or renewal of an agreement which leases part of Jordan’s lands to Israel.

Early Sunday, King Abdullah II of Jordan announced the official termination of an agreement, which leases part of the kingdom’s lands to Israel.

“Today, I also announce the expiration of the Peace Treaty annexes on Baqoura and Ghumar, and the imposition of our full sovereignty over every inch of those lands,” the king said.

11 Nov 2019; MEMO: In the presence of the head of Iran’s Atomic Energy Organisation Ali Akbar Salehi Russian officials and contractors, Iran laid down the cornerstone of the second Bushehr Nuclear Plant, the New Khaleej reported yesterday.

Salehi had previously announced that construction of the second Bushehr Nuclear Plant would start yesterday and work on the third facility would begin soon.

11 Nov 2019; MEMO: Qatar Petroleum (QP) yesterday announced the launch of the Egyptian Refining Company (ERC)’s in the Mostorod refinery plant located in the north of the Egyptian capital city of Cairo.

“QP is pleased to announce a successful launch of the ERC’s refinery project in Mostorod,” the company told Russia’s Sputnik. QP owns 38.1 per cent of the Arab Refining Company, which in turn owns 66.6 per cent of the ERC.

HANGZHOU, China (Reuters) - Chinese retailer Alibaba Group Holding Ltd said on Monday that sales for its annual Singles’ Day shopping blitz crossed the $30 billion mark at 4:31 p.m. (0831 GMT), putting the event on track to set a record in its 11th year.

The figure is equivalent to over 80% of U.S. rival Amazon.com Inc’s online store sales in the latest quarter and matches takings across Alibaba’s e-commerce platforms on Singles’ Day last year.

OGUN, Nigeria, Nov 10 (NNN-XINHUA) – Chinese construction giant, China Civil Engineering Construction Corporation (CCECC), will build a rolling stock assembly plant in Nigeria, to promote the country’s railway modernisation project.

At a groundbreaking ceremony for the plant at Kajola, a town in the southwestern state of Ogun, Nigeria’s Vice President, Yemi Osinbajo, said, it is a “historic turning point” in Nigeria’s railway modernisation plan.