Two passenger trains derailed after being hit by flash floods on a bridge in central India, killing at least 27 people in the latest deadly accident on the nation's crumbling rail network. Rescuers have been searching through the night for passengers trapped on the trains that toppled when a swollen river struck the tracks in Madhya Pradesh state, railway officials said. Roughly 300 people were rescued after about 10 of the trains' carriages derailed outside the town of Harda at about 11.30 pm (1800 GMT) on Tuesday, police and other officials said.
Forget Milwaukee and Brooklyn – Lagos and Dar es Salaam are the new brewery hot spots, according to U.S. mutual fund managers as they tap Africa's emerging beer companies in pursuit of long-term returns on investment. U.S. fund managers who originally entered the African market by investing in infrastructure said the continent's youthful demographics - large swaths of the continent are at prime beer-drinking age - and favorable economics brought by local production are a recipe for a profitable outlook. "It would cost four or five times more for Tanzanians to import beer than to make it domestically," said Babatunde Ojo, portfolio manager for Harding Loevner's $600 million Frontier Emerging Markets strategy.
French bank Societe Generale unveiled Wednesday a new cost cutting plan of 850 million euros ($925 million) to compensate for higher regulatory costs, despite a jump in profits. Net profit at the bank jumped by 25 percent for the April through June period from the same quarter last year to 1.35 billion euros, considerably higher than the average of 856 million expected by analysts surveyed by the financial news service FactSet. Societe Generale did not specify what the provision was for, but its French rival Credit Agricole saw its shares plummet 10 percent on Tuesday after increasing its provisions by 350 million euros as it was in advanced talks with US authorities for violating rules for dollar transactions with countries under US embargoes.
WASHINGTON (AP) — President Barack Obama is casting a looming congressional vote on the Iran nuclear deal as the nation's most consequential foreign policy debate since the authorization of the Iraq war, a now unpopular decision that still reverberates through American politics.
MIDDLETOWN, Calif. (AP) — Firefighters are reporting some progress against a Northern California wildfire that has charred more than 100 square miles of terrain, destroying buildings, threatening many others and sending thousands of residents fleeing.