The Mint Report for 24 June 2010

The Mint Report for 24 June 2010

The Union Cabinet has accepted the recommendations made by the Group of Ministers on the Bhopal gas disaster. The recommendations include a new Rs1,500 crore compensation package for victims and a Rs300 crore project to clean up the accident site. Also accepted is a move to seek the extradition of then Union Carbide chief Warren Anderson.

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It’s official: Reliance Industries is investing in the assets of America’s Pioneer Natural Resources. It’s going to buy a 45% stake in Pioneer’s Eagle Ford shale gas field in south Texas for $1.36 billion. This is the company’s second foray of its kind. In April it paid $1.7 billion to buy into an Atlas Energy field in Pennsylvania.

But news of the deal left RIL’s investors cold. The company’s stock fell 0.69% to one Rs1,051.30 on the BSE.

Food inflation has picked up pace again, after easing for a week. The food price index climbed 16.90% in the period to 12 June. The previous week’s rise was just 16.12%.