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US President Barack Obama has proposed to establish a new minimum tax on foreign earnings to discourage large US firms from shipping jobs to countries like India.

Government will endeavour to raise the economic growth rate to 7.5 -8 per cent in the next fiscal, he said.

An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is likely to meet on February 24 to consider changes in the natural gas allocation policy.

P K Goyal, finance director at IOC, said that under recoveries cost IOC Rs 244 crore per day.

Asian shares and the euro fell on Thursday on concerns about global growth driven by higher oil prices and data showing the euro zone may slip into recession.

Asian shares were weak on Thursday on concerns of a weak global economy.

Kingfisher stands on the brink of collapse after flight cancellations and resignation of its pilots.

The housing project 'The Primus' was launched yesterday and all the flats were sold on the same day.

The board has approved issuance of up to 1.58 equity shares of face value of Rs 10 each to LIC, on preferential basis, at a premium of Rs 993.69 determined as on February 17 being the relevant date as per Sebi regulations, PNB said in a statement.

The airlines will be allowed to import aviation turbine fuel (ATF) under the so-called open-general licence, enabling them to avoid sales taxes of between 12 to 23 per cent that are levied by state-governments.

In all, the Obama Campaign released a list of 35 campaign co-chairs who will act as key surrogates and ambassadors in the run up to the November presidential elections in which incumbent Barack Obama is seeking re-election.

The 62-year-old IAS officer was appointed the 22nd Governor of the Reserve Bank of India (RBI) in September, 2008 for a three-year term. In September last year, his term was extended for another two-years.

"Our major growth driver is service side," RBI deputy governor K C Chakrabarty said.

If you missed our coverage today, here are the top ten stories.

The economy will expand by 7.1 per cent in the current fiscal on the back of good output in farm and construction sector, Prime Minister's economic advisory council Chairman C Rangarajan said releasing the Review of Economy (2011-12).

Fitch ratings agency says it has downgraded Greece further into junk status, from 'CCC' to 'C' following the announcement of the details of the country's debt swap deal with private creditors.

The euro zone economy is in danger of tipping into recession, with the services sector shrinking this month along with manufacturing, tempering a wave of optimism after a new bailout deal for Greece struck this week.

Rangarajan said the growth could be higher if global economic conditions turn favourable, and that the government would need to make efforts to sustain a high growth rate.