Tamil Nadu has signed four new Memorandums of Understanding (MoUs) with leading global companies and an international university, reinforcing its position as one of India's top destinations for foreign investment, advanced manufacturing, technology, and higher education.

The agreements were signed in the presence of Chief Minister Vijay at the Guidance Tamil Nadu office in Chennai and are expected to generate nearly 3,000 direct and indirect jobs.

Among the major announcements:

A Swiss company will establish its first Global Capability Centre (GCC) in Tamil Nadu.
Germany's Nordex will open a new Research & Development Centre in Chennai.
South Korean auto component manufacturer Motivelink will invest in a new manufacturing facility, supporting supply chains for Hyundai and Kia.
The University of Western Australia will establish its first international campus in Tamil Nadu, further strengthening the state's higher education ecosystem.

Tamil Nadu Signs Four Global MoUs, Attracts Major Investments and Nearly 3,000 Jobs

Britain on Thursday became the world's first major economy to<a href="https://www.wionews.com/world/britain-sets-deadline-for-carbon-neutrality-by-2050-226488"> adopt the tough new target</a> of lowering fossil fuel emissions to a level of net zero by 2050.

Energy and Clean Growth Minister Chris Skidmore signed the order paper enacting the legislation after it passed both houses of parliament without a vote earlier this week.

"The UK kick-started the Industrial Revolution, which was responsible for economic growth across the globe but also for increasing emissions," Skidmore said in a statement.

"Today we're leading the world yet again in becoming the first major economy to pass new laws to reduce emissions to net zero by 2050 while remaining committed to growing the economy."

The deadline is more ambitious than Britain's previous policy of cutting emissions by 80 per cent over the same period.

Finance minister Philip Hammond has reportedly warned it could <a href="https://www.wionews.com/world/worlds-biggest-firms-foresee-1-trillion-climate-cost-hit-224236">cost more than £1.0 trillion</a> ($1.3 trillion, 1.1 trillion euros) to cut the 2050 target to net zero.

Britain's top advisory body on climate change this year said the net zero target could be achieved within a budget of 1.0-2.0 per cent of gross domestic product by 2050.

The Committee on Climate Change (CCC) added the deadline would require the rapid rollout of new policies such as making all new cars and vans electric by 2035 and quadrupling low-carbon electricity production.

Also read:&nbsp;<a href="https://www.wionews.com/photos/climate-apartheid-between-rich-and-poor-looms-united-nation-expert-warns-230621">'Climate apartheid' between rich and poor looms, United Nation expert warns</a>

The CCC said there would be a greater than 50 per cent chance of limiting the average global temperature rise to 1.5 degrees Celsius -- the "safe" limit identified by the UN's Intergovernmental Panel on Climate Change -- if Britain's move was replicated across the world.

"We're pioneering the way for other countries to follow in our footsteps driving prosperity by seizing the economic opportunities of becoming a greener economy," Skidmore said.

The government definition of "net zero" means that emissions are balanced by schemes to offset them.

These include planting trees or using technology to capture and store carbon emitted from burning coal and oil.&nbsp;

Natural gas is a less-polluting fossil fuel that some economists see as a temporary option industries could adopt towards the net zero target.

Britain is also part of the EU Emissions Trading Scheme -- a so-called "cap and trade" mechanism that has come under heavy criticism from environmental campaigners.

It tries to lower emissions by setting a price for carbon. Nations that exceed their emissions "cap" can purchase the non-used portions allocated to low-emitting nations.

Environmental campaigners say pollution has no national borders and that emissions trading does nothing to lower the global amount of greenhouses gases in the atmosphere.

Britain on Thursday became the world's first major economy to adopt the tough new target of lowering fossil fuel emissions to a level of net zero by 2050. Energy and Clean Growth Minister Chris Skidmore signed the order paper enacting the legislation after it passed both houses of parliament without a vote earlier this week.

Britain on Thursday became the world's first major economy to adopt the tough new target of lowering fossil fuel emissions to a level of net zero by 2050. Energy and Clean Growth Minister Chris Skidmore signed the order paper enacting the legislation after it passed both houses of parliament without a vote earlier this week. "The UK kick-started the Industrial Revolution, which was responsible for economic growth across the globe but also for increasing emissions," Skidmore said in a statement. "Today we're leading the world yet again in becoming the first major economy to pass new laws to reduce emissions to net zero by 2050 while remaining committed to growing the economy." The deadline is more ambitious than Britain's previous policy of cutting emissions by 80 per cent over the same period. Finance minister Philip Hammond has reportedly warned it could cost more than £1.0 trillion ($1.3 trillion, 1.1 trillion euros) to cut the 2050 target to net zero. Britain's top advisory body on climate change this year said the net zero target could be achieved within a budget of 1.0-2.0 per cent of gross domestic product by 2050. The Committee on Climate Change (CCC) added the deadline would require the rapid rollout of new policies such as making all new cars and vans electric by 2035 and quadrupling low-carbon electricity production. Also read: 'Climate apartheid' between rich and poor looms, United Nation expert warns The CCC said there would be a greater than 50 per cent chance of limiting the average global temperature rise to 1.5 degrees Celsius -- the "safe" limit identified by the UN's Intergovernmental Panel on Climate Change -- if Britain's move was replicated across the world. "We're pioneering the way for other countries to follow in our footsteps driving prosperity by seizing the economic opportunities of becoming a greener economy," Skidmore said. The government definition of "net zero" means that emissions are balanced by schemes to offset them. These include planting trees or using technology to capture and store carbon emitted from burning coal and oil. Natural gas is a less-polluting fossil fuel that some economists see as a temporary option industries could adopt towards the net zero target. Britain is also part of the EU Emissions Trading Scheme -- a so-called "cap and trade" mechanism that has come under heavy criticism from environmental campaigners. It tries to lower emissions by setting a price for carbon. Nations that exceed their emissions "cap" can purchase the non-used portions allocated to low-emitting nations. Environmental campaigners say pollution has no national borders and that emissions trading does nothing to lower the global amount of greenhouses gases in the atmosphere.

Britain adopts 2050 net zero emissions target

Growth in <a href="https://www.wionews.com/business-economy/chinas-industrial-output-grows-in-january-february-35789">China</a>'s industrial output fell to a 17-year low in the first two months of the year and the jobless rate rose, pointing to further weakness in the world's second-biggest economy that is likely to trigger more support measures from Beijing.

But a mixed bag of major data on Thursday also showed property investment was picking up, while overall retail sales were sluggish but steady, suggesting the economy is not in the midst of a sharper slowdown.

<a href="https://www.wionews.com/world/three-cities-in-industrial-chinese-province-of-hebei-issue-pollution-alerts-174593">China</a> is ramping up assistance for the economy as 2019 growth looks set to plumb 29-year lows, but support measures are taking time to kick in. Most analysts believe activity may not convincingly stabilise until the middle of the year.

Premier Li Keqiang last week announced hundreds of billions of dollars in additional tax cuts and infrastructure spending, even as officials vowed they would not resort to massive stimulus like in the past, which produced swift recoveries in China and strong reflationary pulses worldwide.

"The latest data should partially ease concerns about a sharp slowdown at the start of the year. But the near-term outlook still looks downbeat," Capital Economics said in a note.

In particular, Capital Economics and others noted that infrastructure investment has not improved as much as hoped after the government began fast-tracking road and rail projects last year, raising the risk of a milder-than-expected bounce in construction when work resumes in warmer weather.

Pressured by weak demand at home and abroad, China's industrial output rose 5.3 per cent in January-February, less than expected and the slowest pace since early 2002. Growth had been expected to cool to 5.5 per cent from December's 5.7 per cent.

China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy's health may not emerge until first-quarter data is released in April.

If the seasonal distortion was removed, output rose 6.1 per cent in the two months, the National Bureau of Statistics said.

China's own official factory survey, which is seasonally adjusted, showed manufacturing output contracted in February for the first time since January 2009.

Data last week showed exports tumbled the most in three years in February, suggesting U.S. tariffs on Chinese goods and cooling global demand were taking a greater toll.

President Donald Trump said on Wednesday he was in no rush to complete a trade pact with China and insisted that any deal include protection for intellectual property, a major sticking point between the two sides during months of negotiations.

Job shedding by export-oriented companies led to a jump in the unemployment rate last month, said Li Xiru, an official with the statistics bureau.

China's survey-based jobless rate rose to 5.3 per cent in February, from 4.9 per cent in December, though it was below the government's target of 5.5 per cent this year.

Many migrant workers also quit their jobs to go home before the holidays, Li said.

Reuters reported in January that some factories in Guangdong - China's export hub - had shut earlier than usual ahead of the holidays, and some were expected to close for good as the trade war curtailed orders.

INVESTMENT PICKING UP

Growth in fixed-asset investment, a major growth driver in the past, quickened to 6.1 per cent in the first two months of this year, slightly more than analysts had expected and edging up marginally from 5.9 per cent in 2018.

Much of the gain appeared due to a bounce in property investment, which quickened to a five-year high of 11.6 per cent, though home sales fell.

Infrastructure investment, which the government is relying on heavily to drive an economic recovery, rose 4.3 per cent on-year. But several analysts including Nomura estimated growth momentum may have eased despite Beijing's push.

Private sector fixed-asset investment also lost a step, rising 7.5 per cent versus an increase of 8.7 per cent in 2018. Private investment accounts for about 60 per cent of overall investment in China, and Beijing has spent considerable effort trying to ease financial strains on smaller, private firms.

RETAIL SALES WOBBLY

Retail sales were also marginally better than expected, with the headline figure rising 8.2 per cent in January-February from a year earlier, in line with December.

But the rate of growth remains stuck around 15-year lows, highlighting concerns that consumers are growing less confident as the economy slows.

Industry data this week showed automobile sales in China fell for the eighth consecutive month in February.

China's state planner announced measures in January to boost consumption of goods ranging from eco-friendly appliances to big-ticket items such as cars, but the size and scope of the subsidy scheme is still unclear.

Thursday's data showed sales of appliances and furniture softened considerably early in the year, possibly linked to worries about the cooling property market and a 3.6 per cent drop in home sales.

MORE SUPPORT EXPECTED

In addition to fiscal stimulus such as higher local government spending and tax cuts, more monetary policy support is also expected this year.

The People's Bank of China (PBOC) has already cut banks' reserve requirements five times over the last year, most recently in January, and more reductions are expected from the coming quarter to free up more funds for lending.

Regulators have ordered big banks to increase loans to smaller firms by more than 30 per cent this year, despite the risk of more bad loans. Total new bank lending hit a record in 3.23 trillion yuan ($481 billion) in January.

The central bank is also expected to continue to guide borrowing costs lower. But sources have told Reuters that a benchmark interest rate cut is considered a last resort if other measures fail to stem the broader economic decline.

Even with additional support, China's economic growth is still expected to cool to around 6.2 per cent this year from 6.6 per cent in 2018, according to Reuters polls.

Growth in China's industrial output fell to a 17-year low in the first two months of the year and the jobless rate rose, pointing to further weakness in the world's second-biggest economy that is likely to trigger more support measures from Beijing.

Growth in China's industrial output fell to a 17-year low in the first two months of the year and the jobless rate rose, pointing to further weakness in the world's second-biggest economy that is likely to trigger more support measures from Beijing. But a mixed bag of major data on Thursday also showed property investment was picking up, while overall retail sales were sluggish but steady, suggesting the economy is not in the midst of a sharper slowdown. China is ramping up assistance for the economy as 2019 growth looks set to plumb 29-year lows, but support measures are taking time to kick in. Most analysts believe activity may not convincingly stabilise until the middle of the year. Premier Li Keqiang last week announced hundreds of billions of dollars in additional tax cuts and infrastructure spending, even as officials vowed they would not resort to massive stimulus like in the past, which produced swift recoveries in China and strong reflationary pulses worldwide. "The latest data should partially ease concerns about a sharp slowdown at the start of the year. But the near-term outlook still looks downbeat," Capital Economics said in a note. In particular, Capital Economics and others noted that infrastructure investment has not improved as much as hoped after the government began fast-tracking road and rail projects last year, raising the risk of a milder-than-expected bounce in construction when work resumes in warmer weather. Pressured by weak demand at home and abroad, China's industrial output rose 5.3 per cent in January-February, less than expected and the slowest pace since early 2002. Growth had been expected to cool to 5.5 per cent from December's 5.7 per cent. China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy's health may not emerge until first-quarter data is released in April. If the seasonal distortion was removed, output rose 6.1 per cent in the two months, the National Bureau of Statistics said. China's own official factory survey, which is seasonally adjusted, showed manufacturing output contracted in February for the first time since January 2009. Data last week showed exports tumbled the most in three years in February, suggesting U.S. tariffs on Chinese goods and cooling global demand were taking a greater toll. President Donald Trump said on Wednesday he was in no rush to complete a trade pact with China and insisted that any deal include protection for intellectual property, a major sticking point between the two sides during months of negotiations. Job shedding by export-oriented companies led to a jump in the unemployment rate last month, said Li Xiru, an official with the statistics bureau. China's survey-based jobless rate rose to 5.3 per cent in February, from 4.9 per cent in December, though it was below the government's target of 5.5 per cent this year. Many migrant workers also quit their jobs to go home before the holidays, Li said. Reuters reported in January that some factories in Guangdong - China's export hub - had shut earlier than usual ahead of the holidays, and some were expected to close for good as the trade war curtailed orders. INVESTMENT PICKING UP Growth in fixed-asset investment, a major growth driver in the past, quickened to 6.1 per cent in the first two months of this year, slightly more than analysts had expected and edging up marginally from 5.9 per cent in 2018. Much of the gain appeared due to a bounce in property investment, which quickened to a five-year high of 11.6 per cent, though home sales fell. Infrastructure investment, which the government is relying on heavily to drive an economic recovery, rose 4.3 per cent on-year. But several analysts including Nomura estimated growth momentum may have eased despite Beijing's push. Private sector fixed-asset investment also lost a step, rising 7.5 per cent versus an increase of 8.7 per cent in 2018. Private investment accounts for about 60 per cent of overall investment in China, and Beijing has spent considerable effort trying to ease financial strains on smaller, private firms. RETAIL SALES WOBBLY Retail sales were also marginally better than expected, with the headline figure rising 8.2 per cent in January-February from a year earlier, in line with December. But the rate of growth remains stuck around 15-year lows, highlighting concerns that consumers are growing less confident as the economy slows. Industry data this week showed automobile sales in China fell for the eighth consecutive month in February. China's state planner announced measures in January to boost consumption of goods ranging from eco-friendly appliances to big-ticket items such as cars, but the size and scope of the subsidy scheme is still unclear. Thursday's data showed sales of appliances and furniture softened considerably early in the year, possibly linked to worries about the cooling property market and a 3.6 per cent drop in home sales. MORE SUPPORT EXPECTED In addition to fiscal stimulus such as higher local government spending and tax cuts, more monetary policy support is also expected this year. The People's Bank of China (PBOC) has already cut banks' reserve requirements five times over the last year, most recently in January, and more reductions are expected from the coming quarter to free up more funds for lending. Regulators have ordered big banks to increase loans to smaller firms by more than 30 per cent this year, despite the risk of more bad loans. Total new bank lending hit a record in 3.23 trillion yuan ($481 billion) in January. The central bank is also expected to continue to guide borrowing costs lower. But sources have told Reuters that a benchmark interest rate cut is considered a last resort if other measures fail to stem the broader economic decline. Even with additional support, China's economic growth is still expected to cool to around 6.2 per cent this year from 6.6 per cent in 2018, according to Reuters polls.

China industrial output growth falls to 17-year low, more support steps expected

India's industrial output growth slowed to a five-month low of 4.4 percent in March, dragged down by smaller increases in mining, but the central bank is expected to hold interest rates in its next policy meeting amid growing inflation concerns.

Economists surveyed by Reuters had forecast 5.9 percent growth in output compared with a downward revised 7.0 percent annual increase in February.

Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year, data released on Friday by the Ministry of Statistics shows.

Manufacturing, which contributes 78 percent of industrial output, grew 4.5 percent last fiscal year, up from 4.4 percent a year ago, as big companies adjust following teething troubles with a national Goods and Services Tax launched last year.

The Reserve Bank of India, which is due to hold its next policy meeting on June 6, is widely expected to hold rates after having kept policy rates unchanged for the fourth straight meeting in April.

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Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of March 2018 have been released. The General Index for the month of March 2018 stands at 139.0, which is 4.4 percent higher as compared to the level in the month of March 2017
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The biggest risk that Asia's third-largest economy faces is rising crude oil prices, which hit $78 a barrel on Thursday, their highest since November 2014 following prospects of new US&nbsp;sanctions on Iran.

India meets 80 percent of its oil needs from imports.

Analysts said companies with significant transport costs could trim expansion plans as subdued rural demand hits economic growth. But foreign investors still have faith in India's growth prospects.

Prime Minister Narendra Modi, who is expected to try for a second term in general elections next year, has taken several steps to attract investments.

On Wednesday, Walmart Inc announced plans to acquire a majority stake in India's e-commerce firm Flipkart by paying $16 billion, the US&nbsp;retailer's largest-ever deal, a sign of confidence among investors in India's growth story.

Modi plans to spend 5.97 trillion rupees ($89.7 billion) on infrastructure in the 2018/19 fiscal year, more than three times what was allocated in 2014/15.

The government expects the $2.5-trillion economy could grow more than 7 percent in the current fiscal year that began in April, up from an estimated 6.6 percent the previous year.

Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year

India's industrial output growth slowed to a five-month low of 4.4 percent in March, dragged down by smaller increases in mining, but the central bank is expected to hold interest rates in its next policy meeting amid growing inflation concerns. Economists surveyed by Reuters had forecast 5.9 percent growth in output compared with a downward revised 7.0 percent annual increase in February. Annual output growth was 4.3 percent during the fiscal year that ended in March 2018, lower than 4.6 percent in the previous year, data released on Friday by the Ministry of Statistics shows. Manufacturing, which contributes 78 percent of industrial output, grew 4.5 percent last fiscal year, up from 4.4 percent a year ago, as big companies adjust following teething troubles with a national Goods and Services Tax launched last year. The Reserve Bank of India, which is due to hold its next policy meeting on June 6, is widely expected to hold rates after having kept policy rates unchanged for the fourth straight meeting in April. Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of March 2018 have been released. The General Index for the month of March 2018 stands at 139.0, which is 4.4 percent higher as compared to the level in the month of March 2017 — ANI (@ANI) May 11, 2018 × The biggest risk that Asia's third-largest economy faces is rising crude oil prices, which hit $78 a barrel on Thursday, their highest since November 2014 following prospects of new US sanctions on Iran. India meets 80 percent of its oil needs from imports. Analysts said companies with significant transport costs could trim expansion plans as subdued rural demand hits economic growth. But foreign investors still have faith in India's growth prospects. Prime Minister Narendra Modi, who is expected to try for a second term in general elections next year, has taken several steps to attract investments. On Wednesday, Walmart Inc announced plans to acquire a majority stake in India's e-commerce firm Flipkart by paying $16 billion, the US retailer's largest-ever deal, a sign of confidence among investors in India's growth story. Modi plans to spend 5.97 trillion rupees ($89.7 billion) on infrastructure in the 2018/19 fiscal year, more than three times what was allocated in 2014/15. The government expects the $2.5-trillion economy could grow more than 7 percent in the current fiscal year that began in April, up from an estimated 6.6 percent the previous year.

India's industrial growth slows to five-month low in March

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