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Adani gets approval for controversial coal mine project in Australia

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7 years ago

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Coal Mine Project in Australia

[vc_row][vc_column][vc_column_text]Adani Enterprises today (Thursday, June 13) cleared the last regulatory hurdle to win approval to commence work on its controversy-hit Carmichael coal mine project in Australia with the Queensland state authorities approving its groundwater management plan.

The final and last clearance for the Adani Group’s long-delayed billion dollar mega coal mine project came weeks after a surprise election win of Australia’s pro-coal ruling coalition led by Prime Minister Scott Morrison, said media reports.

Earlier, on May 31, Adani won the first approval from the Queensland state government which cleared its plan to protect the endangered black-throated finch bird population as part of its crucial environmental plan at the site of its mine project.

The finch management plan and the groundwater plan were the two persisting hurdles before the Indian energy giant could begin work on the largest coal mine project in the country.

The mine, in Queensland’s Galilee Basin, has been held up for years over environmental, including climate change, concerns.

Also Read: GDP overestimation: PM’s panel to issue ‘point by point rebuttal’ to ex-CEA’s claim

Following the approval, Adani can now break ground at the site. However, its railway line design to get coal to the Abbot Point terminal, north of Bowen town, are yet to be finalised.

Adani has approvals to produce up to 60 million tonnes of thermal coal annually but at this stage, it is only planning to produce about 27.5 million tonnes.

Gautam Adani-led Adani Group entered Australia in 2010 with the purchase of the greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north.

Adani said last year it would fully fund the coal mine and rail project itself, but did not give an updated estimate of the cost of the mine. The previously estimated cost of the mine was about USD 2.9 billion.

“We’re ready to start work on the Carmichael Project and deliver the jobs these regions so badly need,” chief executive Lucas Dow said in a statement.

The go-ahead comes after Queensland’s department of environment and science said it had approved Adani’s Groundwater Dependent Ecosystem Management Plan following a rigorous assessment “based on the best available science.”

The approval potentially paves the way for half a dozen new thermal coal mines to come on line in Australia by opening up Queensland’s remote Galilee basin with rail infrastructure to the coast 320 km (200 miles) away at Abbot Point.

Holders of other coal deposits in the basin include some of Australia’s wealthiest iron ore magnates such as Gina Rinehart, who has a joint venture with India’s GVK Group, and controversial one-term politician Clive Palmer.

Adani group’s country head – Adani Australia Chief Executive Officer Lucas Dow – had last month said that the defeat of the opposition Labor Party in Queensland, where the project is based, is a clear message to get the project done.

Labor Party leader Bill Shorten, who took a firm stand against coal and mining, resigned as his party fared poorly in Queensland, especially in mining communities in the north of the state.

Conservation groups expressed disappointment with the approval given to Adani Group and vowed to continue fighting the development.

The approval was ‘bad news’ for the World Heritage-listed Great Barrier Reef, the Australian Marine Conservation Society said.

“Climate change is the greatest threat to our reef’s future and we cannot risk opening up the Galilee basin for other major coal projects which would heat our oceans and lead to more stress on our beautiful corals,” it said.

“As custodians of the world’s greatest coral reef system, Queensland and Australia has to lead by example and show there’s a bright future for everybody that’s beyond coal,” said Shani Tager, a spokeswoman for the Australian Marine Conservation Society.

“Instead, they’ve approved a new fossil fuel project which will put more pressure on our reef.”

Under the Paris climate agreement, Australia has pledged to cut emissions by 26% on 2005 levels by 2030. However, reported BBC, the UN has warned that Australia is not on track to achieve its commitment.

Also Read: India’s growth rate overestimated by 2.5%, says study by former chief economic advisor

The decision comes as other developed nations step up strategies to meet Paris Agreement emissions targets, and as many banks and insurers scale back exposure to coal and to new thermal coal mines in particular.

Thermal coal is mainly used for power generation and is being increasingly replaced by renewable energy sources.

Australia’s federal and state governments have repeatedly said that the mine must stand on its own merits, and a recent drop in prices for low grade thermal coal has raised doubts about whether the mine can prove economic.

Adani has scaled back initial plans for a 60 million tonne per year mine and has said that it will self-fund the project, backed by ready buyers in its own Indian power plants and its trading business.

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Xbox announces 3,200 layoffs as Asha Sharma outlines major restructuring plan

Xbox has announced plans to lay off 3,200 employees over the next year while introducing a major restructuring programme that includes management changes, studio restructuring and cost-cutting measures.

Published

3 weeks ago

on

July 7, 2026

By

XBOX layoff

Xbox has announced plans to reduce its workforce by 3,200 employees, representing around 20 per cent of its total staff, over the coming year as part of a broader restructuring programme linked to Microsoft’s increased investment in artificial intelligence.

According to an email shared with employees by Asha Sharma, the company will begin the process immediately, with 1,600 employees leaving on Monday, while the remaining job reductions will take place during FY27. The company also plans to divest four gaming studios and is preparing to separate from another.

Business reset planned amid financial challenges

In her message to employees, Sharma said the company’s current financial position required significant changes, stating that Xbox’s business was operating at substantially lower margins than comparable platform and publishing companies.

She said the layoffs were not a reflection of employees’ commitment or abilities but were part of a wider effort to strengthen the company’s long-term business.

The workforce reduction comes as Microsoft continues implementing AI-focused cost-cutting measures across its operations. Overall, the technology company is reportedly cutting 4,800 jobs, with Xbox accounting for the largest share.

Sharma also described the gaming sector as experiencing one of its most challenging hardware periods and said the company needed to “reset Xbox” to improve its future performance.

Company to streamline operations and reduce management layers

As part of the restructuring strategy, Xbox plans to simplify its organisational structure, revise its content portfolio and improve platform operations.

According to Sharma, the company currently loses 64 cents for every dollar invested annually, making operational efficiency a key priority.

She said Xbox would increasingly support independent game creators by offering open development tools and broader audience access.

The restructuring will also see Mojang and King report directly to Sharma. She said both studios have evolved into major gaming platforms with large monthly active player bases and will play a central role in Xbox’s future strategy.

To improve decision-making, the company plans to significantly reduce its management hierarchy. Sharma said some departments currently have as many as 14 management layers, which slow down operations. Xbox aims to reduce this to no more than five layers, and in some cases, only three.

The company will also reduce vendor spending by 50 per cent as part of its cost-saving measures.

Helen Chiang promoted to Chief Operating Officer

Alongside the restructuring announcement, Sharma confirmed the promotion of Helen Chiang to the newly created position of Chief Operating Officer.

Chiang will oversee profit and loss responsibilities across Xbox’s content, hardware, platform and services divisions while reporting directly to Sharma.

According to Sharma, the new operating structure is intended to improve investment decisions, strengthen accountability and better integrate the company’s various business units.

Despite the ongoing restructuring and job cuts, Sharma said Xbox remains committed to long-term growth and plans to continue investing heavily in the business, while placing greater emphasis on disciplined spending and strategic priorities.

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India News

Bank holiday today: Are banks open or closed on June 29? Here’s what RBI calendar says

Banks in Himachal Pradesh and Mizoram will remain closed on June 29, 2026, due to regional holidays, while banking operations will continue normally in most other states.

Published

4 weeks ago

on

June 29, 2026

By

Bank Holidays

As June comes to an end, many customers are wondering whether banks across the country are open on June 29, 2026. According to the Reserve Bank of India’s (RBI) holiday calendar, bank operations will not be affected nationwide, but branches in some states will remain closed due to local holidays.

Banks closed in these states on June 29

Banks will remain shut in Himachal Pradesh on Monday, June 29, on account of Sant Guru Kabir Jayanti. In addition, bank branches in Mizoram will remain closed to observe Remna Ni, a regional public holiday.

However, bank branches in most other states and Union Territories are expected to function normally as June 29 is not a nationwide banking holiday.

Will online banking services remain available?

Even when physical branches remain closed, customers can continue using digital banking facilities. Services such as internet banking, mobile banking, UPI transactions, ATM withdrawals and cash deposits at ATMs will remain operational.

Customers planning to visit a bank branch are advised to check with their local branch beforehand, as holiday schedules may vary depending on the state and local observances.

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Union Budget 2026 highlights: Nirmala Sitharaman Raises Capex to Rs 12.2 Lakh Cr, West Bengal Gets Major Allocation

Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026 in Parliament today. Follow this space for live updates, key announcements, and policy insights.

Published

6 months ago

on

February 1, 2026

By

Finance Minister Nirmala Sitharaman arrives to present Union Budget 2026

Finance Minister Nirmala Sitharaman will shortly present the Union Budget 2026 in the Lok Sabha, marking her ninth consecutive Budget. The annual financial statement is expected to outline the government’s policy priorities, reform agenda and spending plans for the coming year. Stay tuned for live updates, key announcements and immediate reactions as the Budget speech unfolds.

Finance Minister Nirmala Sitharaman tabled her ninth Union Budget today, beginning her speech at 11 am.

Nirmala Sitharaman is set to present her ninth Union Budget today, with the finance minister scheduled to begin her speech at 11 am.

Budget 2026 live updates: Presenting the Union Budget for 2026–27, Finance Minister Nirmala Sitharaman said the occasion coincided with Magh Purnima and the birth anniversary of Guru Ravidas. She noted that over the past 12 years, India’s economic journey has been defined by stability, fiscal discipline, sustained growth and moderate inflation.

The budgeted fiscal deficit for fiscal 2026 is estimated at 4.4 per cent of gross domestic product (GDP)

Planned capital expenditure this fiscal year Rs 11.2 lakh crore

Rare earth corrdiors in Odisha and Kerala

Hi-tech tool rooms to be set up by PSUs

Construction equipment scheme to be launched

Container manufacturing scheme for Rs 10,000 crore over 5 years

Rs 10,000 crore SME Growth Fund

Semi-conductor mission to get Rs 40,000 crore

Rs 12.2 lakh crores for infrastructure development

Dedicated RITES to repurpose land of Central PSUs

20 new waterways over next 5 years to be connected

7 high-speed corridors on rail

High-level committee on banking for next phase of Viksit Bharat

Capital expenditure hike of to ₹12.2 lakh crore in Budget 2026, with West Bengal receiving a significant share of allocations.

Mahatma Gandhi Gram Swaraj Initiative aimed at boosting the khadi, handloom, and handicrafts sectors.

High-speed rail corridors: Mumbai-Pune, Pune-Bengaluru, Hyderabad-Bengaluru, Chennai-Bengaluru, Delhi-Varanasi, Varanasi-Siliguri, Pune-Hyderabad

Five university campuses to be established near industrial corridors

Lakpati Didi program expanded in Budget 2026 to reach more beneficiaries across India.

Fiscal deficit for FY26 revised to 4.4%; Budget Estimate for FY27 set at 4.3%.

TCS on overseas tour packages cut to 2% to ease travel costs

Tax holiday to foreign companies that provide cloud services by setting up data centres in India till 2047

17 cancer drugs exempted from import duties

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