A UN Security Council resolution prohibits the export of nucleargrade graphite, a key material needed for the manufacture of a nuclear bomb, to Iran. A Mumbai-based export firm was allegedly caught doing precisely that by an alert customs officer in October 2007. It was issued a showcause notice by the customs department last week for alleged violation of the Customs Act and the foreign trade policy.

Anil Ambani group's Reliance Power is looking to invest about $1 billion (Rs 4,000 crore) towards purchase of large-size vessels for shipping coal from abroad to its Krishnapatnam and other projects.

Government has withdrawn incentives given under various schemes for exports of skimmed milk and other dairy products, a move aimed to boost supplies in the domestic market and contain high inflation rate.

The new National Mineral Policy (NMP) which seeks to ensure assured right in mineral concessions, envisages foreign direct investment of $2.5 billion annually. "FDI of about $2.5 billion per annum is expected in the mining sector from the fifth year of implementation of the new NMP,' mines minister Sis Ram Ola said.

With crude hitting a new high of over $117, domestic airlines have warned they will have no option but to increase surcharge if jet fuel becomes dearer this month-end. The industry fears a 3-4% hike this time round. Airlines have make it clear that only reduction of tax rates by states, can help avert another hike in surcharge.

Despite acknowledging the fact that there is little evidence to link the price rise to futures trading, Avijit Sen panel has taken the safe route on the politically sensitive issue, and maintanied that freeze on futures trading of rice, wheat, urad and tur should continue.

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Pakistan on Monday testfired the Shaheen-II long-range ballistic missile for the second time in three days. The missile can carry nuclear and conventional warheads and hit targets deep inside India. The Shaheen-II or Hatf-VI surface-tosurface nuclear capable missile, which has a range of 2,000 km, was launched for the first time by the army's Strategic Forces Command to mark the culmination of a field training exercise.

The sky is nearly cloudless, the breeze is bracing, and the tea plantation where Yao Kunxue works resembles a giant green amphitheater absorbing the last rays of a setting sun. The tea itself ? No thanks, he says. He grows it