Mon, Jun 08, 2015 - Page 15 News List

Wolrd Business Quick Take



New Delhi targets Nestle

The government has filed for damages from food group Nestle after a food scare involving reports of excess lead in Maggi noodles forced a nationwide recall, government officials said yesterday. “It is a serious matter concerning public health and the law allows us to take suo moto legal steps, or legal actions, against erring entities,” said one official in the consumer affairs department of the Ministry of Consumer Affairs, Food and Public Distribution. The claim, made on behalf of domestic consumers, was not filed through the court system, but with the National Consumer Disputes Redressal Commission, which has semi-judicial powers and is to decide on the merits of the case and the size of any damages. The officials said Nestle was being accused of unfair trade practices, adding that this is the first case in which the government has sought damages from a multinational firm.


Iranian oil heads to Russia

Russia is to begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iranian Minister of Petroleum Bijan Zanganeh was quoted as saying on Saturday, more than a year after negotiations began. The Kremlin announced in April that it had begun to implement the deal, in which Iran is to export up to 500,000 barrels per day (bpd) of crude oil to Russia in exchange for goods of an equivalent value, but traders said they saw no signs of it. “Russia will begin oil imports from Iran this week,” Iran’s Fars news agency quoted the oil minister as saying as he returned to Tehran from an OPEC meeting in Vienna. Iran’s oil exports have fallen by more than half to about 1.1 million bpd since 2012, when Western powers imposed sanctions aimed at curbing Tehran’s disputed nuclear program.


Apology after Israel remark

Orange SA chief executive Stephane Richard apologized for saying that France’s largest telecommunications carrier would get out of Israel if it could. Richard “sincerely regrets” the controversy created by his comments and vowed that Orange would stay in the country, Agence France-Presse quoted Richard as saying on Saturday. Orange spokesman Tom Wright confirmed the statement. The apology came after Richard found himself at the center of a diplomatic storm over remarks he made at a news conference in Cairo on Wednesday. Israeli Prime Minister Benjamin Netanyahu had called Richard’s comments “despicable” and urged the government to publicly denounce any boycott of Israel.


Airbus eyes reusable rocket

European aircraft and aerospace giant Airbus has unveiled plans for a reusable space rocket launcher that should be ready in 2025, it said, adding that its version would be radically different from the concept of US firm Space X. Airbus must overcome significant technical and financial challenges, while the Space X company owned by South African-born billionaire Elon Musk, cofounder of PayPal, is already experimenting with its model. Since 2010, a team of engineers has been secretly working at an Airbus warehouse at Les Mureaux, just outside Paris, looking for ways to reuse space rocket launchers. They have a difficult task ahead because they must ensure that reuse ends up costing less than sticking to classic single-use models. Airbus has baptized the two phases of its reusable launcher concept Adeline and Space Tugs.

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