Newsmakers: Rajan's two yrs at RBI, GVK wins court fight and more

GVK wins court fight over Australian coal mine
Green groups lost a fight to stop billionaire Gina Rinehart and GVK from building a giant coal mine in Australia, as a court on Friday dismissed an appeal against the state of Queensland's environmental approval for the project. Conservation group Coast and Country, originally working for three farmers, had sought to have the state environmental approval for GVK-Hancock's 30 million tonnes a year Alpha mine overturned based on the impact it would have on water supply and climate change.

US job growth slows, unemployment rate falls to 5.1%
US job growth rose less than expected in August, which could dim prospects of a Federal Reserve interest rate hike later this month, even as the unemployment rate dropped to a near 7-1/2- year low of 5.1 per cent and wages accelerated. Nonfarm payrolls increased 173,000 last month as the manufacturing sector lost the most jobs since July 2013, after an upwardly revised 245,000 rise in July, the Labor Department said on Friday.

ONGC buys 15% stake in Rosneft's Vankor field
State-owned Oil and Natural Gas Corp (ONGC) has bought a 15 per cent stake in Russia's second- largest oil field from Rosneft for about $1.35 billion. ONGC Videsh Ltd, the overseas investment arm of the state explorer, signed agreements in Moscow to buy 15 per cent stake in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia.

Rajan completes 2 yrs at RBI, pressure mounts to cut rates
As Reserve Bank of India (RBI) Governor Raghuram Rajan , known for his hawkish approach to inflation, completes tumultuous two years at RBI on Friday, calls for rate cuts have become shriller with the Finance Ministry raising alarm bells over a possible deflation demon gobbling up the economy. Raghuram Govind Rajan took charge as the 23rd Governor of RBI on September 4, 2013 for a three-year term, amid a bleeding rupee threatening to plunge to 70 levels, very high current account deficit, growth screeching south and rating agencies threatening to junk the sovereign.

Monsoon starts withdrawing from northwest region: IMD
June-September monsoon has started withdrawing from the north-western region, the weather department said on Friday, which could increase the rainfall deficit for the season. The monsoon usually starts withdrawing in the first week of September.