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The Mint Report for 02 May 2011

The Mint Report for 02 May 2011
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First Published: Mon, May 02 2011. 10 41 PM IST
Updated: Mon, May 02 2011. 10 41 PM IST
In what has been a historic day in the war on terror, the world’s most wanted terrorist Osama Bin laden has been killed in Pakistan.
The Al Qaeda leader was killed in a fire fight with US operatives, ending a ten year hunt for the mastermind of the 9/11 attacks. Osama Bin Laden had been hiding in a mansion in Abbottabad, a city north of Islamabad.
Reacting to the death of Bin Laden, the Indian Government has termed it a victorious milestone in the war on terror. In a statement issued by the Ministry of External Affairs, the Government urged the world to continue its fight against forces of terror in Pakistan.
Good news for Posco. The Korean steel maker has won a final approval from the environment ministry for its Orissa project. Most crucially, it will get access to more than twelve hundred hectares of forest land. But Posco will have to renew its 2005 MoU with the Orissa government and agree to not export iron ore. Posco has indicated it agrees with these conditions. Its planned $12 billion project is India’s biggest foreign direct investment deal.
India’s manufacturing activity has expanded in April. The Purchasing Managers’ Index for the month was at 58 points. That’s compared to 57.9 in March.
Indian markets continued their downward slide on Monday, as investors remained cautious ahead of RBI’s credit policy on 3 May. The BSE Sensex ended 137 points lower to close below the 19,000 mark at 18,998. And the Nifty fell by 48 points to close at 5,701.
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First Published: Mon, May 02 2011. 10 41 PM IST