BUSINESS
India, UAE aim to ensure speedy normalisation of air services
"Given the importance of air transport in facilitating bilateral ties and people-to-people connections, both sides agreed that their respective civil aviation authorities should continue to work together on a priority basis, for their mutual benefit, to ensure the speedy normalisation of air transport operations between the two countries," the Ministry of Commerce & Industry said .
Worries mount over China's local govt debt bubble of $8.2tn
Analysts at Goldman Sachs have flagged the risk of surging local government debt levels that President Xi Jinping's men have done their best to hide. The data that Goldman's Maggie Wei highlights is as of the end of 2020. Clearly, the tally is higher now, perhaps markedly.
'Idly on stick' post by Anand Mahindra ignites debate
Anand Mahindra has stated, "Bengaluru, India's innovation capital, can't stop its creativity from manifesting itself in the most unexpected areas -- Idli on a stick -- sambhar & chutney as dips. He has also asked the netizens to respond by asking "those in favour, those against??"
Crude oil prices expected to remain elevated in medium term: HDFC
Accordingly, the brokerage house's report, cited that Brent crude price which is currently at more than $75 per bbl has been driven by recovery in global demand with opening up of economies. "The US was hit by Hurricane Ida in July end, which has resulted in disruption of production from Gulf of Mexico (GoM) of 1.7mb per day in August.
Rising fuel prices accelerate demand for CNG vehicles
"Demand for CNG vehicles remains strong, benefiting from surging fuel prices and increased CNG penetration in newer cities," said Motilal Oswal Financial Services (MOFSL). "Inventory in the system is 10-20 days." According to MOFSL, the retail demand evolution has been a mixed bag since the lifting of the second lockdown from mid-June 2021.
Eurozone inflation hits 13-year high of 3.4%
Energy prices were still the main driver of inflation in the 19-member eurozone, increasing by 17.4 per cent y-o-y, Xinhua news agency reported.Food, alcohol and tobacco, and non-energy industrial goods prices all recorded a 2.1 percent yearly growth. Services price growth accelerated to 1.7 per cent in September. In August, the yearly inflation rate had already broken a ten-year record at three per cent.
Liquor crisis: Delhi tipplers throng govt shops as pvt outlets down shutters
The private liquor shops in the national capital will not be operating in 105 of the 272 municipal wards between October 1 and November 16 due to the implementation of the Delhi government's new excise policy that will come into force from November 15. The Delhi government recently unveiled its new excise policy for the year 2021-2022 with the objective to achieve optimum revenue for the government.
Paddy procurement from Oct 11 in interest of farmers, consumers: Govt
"Because of the untimely rains, maturity of paddy grains is delayed. As per Indian Meteorological Department (IMD) data, rainfall during September 2021 is 77 per cent and 139 per cent above normal in Punjab and Haryana respectively," a release from the Ministry of Consumer Affairs, Food and Public Distribution said.
India's Sep exports rise over 21%, imports over 84%
Exports in September 2020 had stood at $27.56 billion. Data furnished by the Ministry of Commerce and Industry showed that in comparison to September 2019, last month's exports rose by 28.51 per cent. Furthermore, the data showed that September merchandise exports were higher by 84.75 per cent, on a year-on-year basis, at $56.38 billion from $30.52 billion reported for the corresponding month of last year.
India's forex reserves decline by over $997 mn
The Reserve Bank of India's (RBI) forex reserves declined to $638.646 billion from $639.642 billion reported for the week ended September 17. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.255 billion to $576.731 billion.
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