By Ethan Bilby
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Navesh Chitrakar
My journey on the great railways of India began on October 23, 2012. The trip not only marked my first visit to India, it was also the first time that I had ever travelled on real trains because my home country, Nepal, does not have a proper rail network.
Photographer Navesh Chitrakar spent three months travelling on India's railways, documenting the world's fourth largest rail system, ahead of the Indian Railway Budget announcement. Almost all rail operations in India are handled by state-owned organisation Indian Railways which operates 9,000 passenger trains and transports up to 20 million passengers every day. Read Navesh's personal account here.
Half of India's 1.2 billion people have been without power today, bringing transport, factories and offices to a grinding halt for the second day in a row and sparking rage amongst the sweltering population. That's embarrassing enough for a country that prides itself as a member of the BRIC quartet of big emerging powerhouses along with Brazil, Russia and China. But the outages will also hit economic growth which is already at 10-year lows. And the power failures, highlighting India's woeful infrastructure, bode poorly for the government's plans to step up manufacturing and lure more foreign companies to the factory sector.
Australia's competition watchdog blocked National Australia Bank's $13 billion agreed deal for wealth manager Axa Asia Pacific Holdings, opening the door for rival bidder AMP to make a comeback. Australia's competition regulator defied expectations it would give conditional approval for a deal, instead issuing a flat rejection on the grounds a tie-up would hurt competition for retail investors.
Shares of China XD Electric Co, which raised $1.5 billion this month in a Shanghai IPO, unexpectedly fell in their trading debut on Thursday, serving a stark warning to China's securities regulator that it may have gone too far in trying to cool the overheating stock market. Read the Reuters story here.