Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement, saying it was "not a substantial solution" because it did not commit Athens to stick to the conditions of its international bailout.
As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a financial lifeline, potentially pushing it towards the euro zone exit.
Greece`s EU/IMF bailout programme due to expire in little more than a week, the Tsipras government urgently needs to secure a financial lifeline to keep the country afloat beyond late March.
The government approved subsidy on export of up to 1.4 million tonnes of raw sugar in the ongoing 2014-15 marketing year. This move will boost cash-flow of mill owners and enable them to clear mounting sugarcane price arrears that have crossed Rs. 12,000 crore.
The CCEA further approved a uniform rate of export subsidy at Rs. 4000 per tonne for the 2014-15 marketing year.
Hindalco Wins another Coal Mine
Aditya Birla group firm Hindalco Industries has won the Gare Palma IV/5 mine in Chhattisgarh.
Gare Palma IV/5 mine was won by Hindaco Industries at Rs. 3502 per tonne.
Hindalco has bagged two mines out of the 13 put on offer so far.
The companies that were bidding for the Gare Palma IV-5 mine are Ambuja Cements Ltd, BALCO, Hindalco Industries, Monnet Ispat and Energy Ltd, Rungta Mines Ltd, Sarda Energy and Minerals Ltd and Sesa Sterlite Ltd.
Exactly 85 years after Pluto's discovery, the NASA spacecraft has spotted small moons orbiting Pluto.
The moons, Nix and Hydra, are visible in a series of images taken by the New Horizons spacecraft at distances ranging from about 201 million-186 million km.
India successfully test-fired its nuclear-capable Prithvi-II surface-to-surface missile from a military base in Odisha.
The indigenously developed ballistic missile has a maximum range of 350 km.
It was a user trial by the Strategic Forces Command (SFC) of the Indian Army.
Sun Pharma's Dilip Shanghvi is Richest Indian
Dilip Shanghvi, promoter of Sun Pharma, appears to have overtaken Mukesh Ambani of Reliance Industries Ltd (RIL) as the richest Indian if one goes by the promoter holdings in the listed companies of the two groups.
Shanghvi, by virtue of his over 63% holding in three group companies — Sun Pharma, Sun Pharma Advanced Research and Ranbaxy Labs is worth about Rs. 1.46 lakh crore ($23.42 billion at an exchange rate of 62.34 to the dollar).
In comparison, Ambani, through his 45% holdings in two group companies — RIL and Reliance Industrial Infrastructure — is worth Rs. 1.32 lakh crore ($21.2 billion).