To an Indian who grew up in the 1970s and ‘80s, the sights of Dhaka, Bangladesh, seem to belong to a past that Indian metropolises have mostly outgrown: exuberantly battered buses, unpainted buildings, pavement book vendors with faded posters of Rabindranath Tagore and Karl Marx as well as the Rolling Stones, and pitch darkness on the unlit streets and squares where rural migrants congregate in the evenings. The countryside still feels closer here than in Kolkata or Mumbai.
India will halt a $20 billion plan by Tata group and Jindal Steel & Power Ltd. to turn coal into crude oil after scrapping rights to two mining blocks allotted to the companies, two people familiar with the matter said.
Co. expects 2014 coal output to reach 6m-6.5m tons, as two newly acquired coal mines in Kalimantan contribute up to 1.5m tons to output, Vice President Director Gidion Hasan said at press conference today. * NOTE: Co. lowered 2013 output target to 3.5m-4m tons from previous est. of 5m tons, Ari Setiyawan, investor relations officer, says in e-mailed message on Nov. 26 * Co. sees 2014 coal price to avg. $85/ton * Co. to allocate $350m for 2014 capital expenditure: Hasan * Indonesia’s heavy equipment demand may fall to 10,000-11,000 units in 2013 vs 14,000 units in 2012: Djoko Pranoto, President Director * Co. may account for 41% of heavy equipment demand this yr vs 43% in 2012: Pranoto
China’s stocks rose, sending the benchmark index to a one-month high, as Anhui Conch Cement Co. led a rally for material companies and the government signaled measures to reduce coal supply that may boost industry prices.