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Moscow: Russia has handed over the much- awaited nuclear-powered attack submarine Nerpa to India on a 10-year lease, boosting the Indian navy's fire-power. The Akula-II class Nerpa nuclear submarine had recently finished sea trials. "The signing ceremony happened yesterday at the Bolshoi Kamen ship building facility in the (Far East) Primorye region where the Nerpa is now based," ITAR-TASS news agency quoted a senior Russian navy official as saying. The deal for the submarine, which is being transferred on a 10-year lease, was worth USD 920 million. The report said an Indian crew would sail the Akula II class craft to its home base at the end of January. "All of the naval tests and performance checks have been completed," the Russian navy official said. The submarine, capable of remaining underwater for months, will be rechristened as 'INS Chakra' and it would be for the first time in more than two decades that the Indian navy would have

    Moscow: Firefighters extinguished a massive fire aboard a docked Russian nuclear submarine on Friday as some crew members remained inside, officials said, assuring that there was no radiation leak and that the vessel's nuclear-tipped missiles were not on board. Military prosecutors have launched an investigation into whether safety regulations were breached, and President Dmitry Medvedev summoned top Cabinet officials to report on the situation and demanded punishment for anyone found responsible. The fire broke out Thursday at an Arctic shipyard outside the northwestern Russian city of Murmansk where the submarine Yekaterinburg was in dry-dock. The blaze, which shot orange flames high into the air through the night, was put out Friday afternoon and firefighters continued to spray the vessel with water to cool it down, Emergency Situations Minister Sergei Shoigu said. Russian state television earlier showed the rubber-coated hull of the submarine still smoldering, with f

Islamabad: At least 13 people were killed and 21 injured on Friday evening in a powerful car bombing in Pakistan's Quetta city, media reports said. The blast took place on Arbab Karam Khan Road near Raisani Chowk, Geo News reported. The Balochistan Liberation Army has taken responsibility for the bombing. While Dawn News put the toll at 13, Geo News said 10 people were killed. The explosion in the capital city of Balochistan province occurred outside the house of the son of former federal minister Naseer Mengal. Mengal had served as oil minister during the tenure of former president Pervez Musharraf. Police and a bomb disposal squad said an explosive device of around 50 kg was planted in a car parked near the house. A gun-battle between militants and police was also reported by witnesses. Many houses caught fire after the blast. Eight to 10 nearby cars were also damaged in the explosion. Witnesses said windowpanes in nearby buildings broke and the area was plunge

FORTUNE -- Worried about buying a $70 pair of sneakers that say "Made in China" this back-to-school season because you'd rather spend your dollars on "Made in U.S.A." products instead? Worry not, according to a new study. More than half the amount you spend on products made in China actually stays here -- going to American companies, workers, marketers, retailers, and transport providers. The amount is least 55 cents per each $1 spent, says a report from the Federal Reserve Bank of San Francisco. So for that $70 pair of sneakers, $38.50 of it boosts bottom lines here in the U.S. And despite what you may conclude from shopping at Wal-Mart (WMT) or other large stores -- or hearing big, scary figures about the trade deficit with China -- imports from China make up just a very small portion of our total economy: just 2.5% of gross domestic product in 2010. Overall, products from around the world accounted for only 16% of our GDP last year. "The vast majori

Nike has accepted Greenpeace's Detox challenge and made a commitment to eliminating all hazardous chemicals across its entire supply chain, and the entire life-cycle of its products by 2020.

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