Citizens' Issues
Mumbai 'mega power cut': Govt orders probe
Several parts of south and central Mumbai are facing massive power outages since Tuesday morning after a unit of Tata Power's Trombay plant got tripped
 
Maharashtra government on Wednesday ordered an inquiry into the massive power outages faced by several parts of south and central Mumbai.
 
An in-depth inquiry would be conducted by Principal Secretary-Energy of the state government, Chief Minister Prithviraj Chavan said after a cabinet meeting.
 
"The state Cabinet has taken a serious cognisance of the power failure in Mumbai yesterday," Chavan tweeted.
 
Several parts of south and central Mumbai have been facing massive power outages since Tuesday morning when a unit of Tata Power's Trombay plant, which primarily supplies power to the city, tripped. The outages had affected functioning of banks, trading houses and commercial establishments and hotels. 
 
Tata Power, which was allowed to distribute power in the island city last month, said the tripping forced it to switch off several feeders.
 
The tripping resulted in load reduction in Parel, Mahalaxmi, Dharavi, Chembur, and Grant Road areas of south Mumbai.
 
This impacted controlling loading on the 220Kv Kharghar-Nerul-Sonkar-Trombay tie line which supplies power to the city.

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High deficit, inflation limiting India's sovereign ratings, says Moody's
According to the ratings agency, while stronger growth will help counterbalance credit challenges for India, fiscal deficit, inflation and infrastructure metrics are limiting further upward momentum in the sovereign rating
 
Rating agency Moody's on Wednesday said high fiscal deficit and sticky inflation limit chances of an upward revision in India's sovereign ratings, despite positive growth figures achieved by the economy during the first quarter.
 
"We forecast fiscal (deficit), inflation and infrastructure metrics to remain weaker than the median for similarly rated peers. While stronger growth in this large and diverse economy will help counterbalance these credit challenges, they limit further upward momentum in the sovereign rating," Moody's Investors Service said in a note.
 
The comments from the ratings agency come days after the Indian government released first quarter gross domestic product (GDP) numbers at 5.7% and current account deficit (CAD) at 1.7% of GDP.
 
The Indian government has committed a fiscal deficit target of 4.1% for FY15, but has already exhausted over 61% of the fiscal's target during the first four months itself.
 
Inflation measured by consumer price index (CPI) continues to skirt around the 8% mark, with upward pressures being exerted by food prices due to weak monsoon.
 
Moody's, which has a 'Baa3' rating with a stable outlook on India, said the 5.7% GDP print in the April-June period is in line with its "long-held view that growth deceleration to sub-5% levels over the past two years would reverse over time."
 
The agency further said it is due to this view that it has maintained a "stable outlook" in spite of issues like currency volatility, declining private and public investments and poor market sentiment in the past two fiscals due to adverse tax policies of the previous regime.
 
Moody's said the higher growth numbers in Q1 will help improve tax revenues and capital flows into the country, and can also help reverse the weakening metrics that have occurred in the fiscal and external position in recent years.
 
Additionally, Moody's said the macroeconomic outlook will improve if the government is able to "implement policies that ease inflationary pressures and increase infrastructure investment".
 
The Finance Ministry has been meeting representatives from rating agencies since mid-August to project the positives about the country.
 
After the release of official data pointing to a 5.7% jump during the first quarter, coming after two consecutive fiscals of sub-5% growth, Finance Secretary Arvind Mayaram had said that he expects some positive action from the international rating agencies.

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Samsung, Philips, among others penalised by EU for forming cartel
The EU has fined Infineon, Philips and Samsung 138 million euros or about $181 million for forming a smartcard chip cartel in Europe
 
The European Union (EU) has fined Infineon, Philips and Samsung 138 million euros (about $181 million) for forming a smartcard chip cartel in Europe. 
 
According to the European Commission, the German, Dutch and South Korean companies “colluded through bilateral contacts that took place in the period between September 2003 and September 2005”. 
 
Japan’s Renesas was granted immunity for revealing the existence of the cartel, the statement from the Commission said. 

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