BUSINESS
India stares at power shortage in summer demand due to coal supply crisis
Global thermal coal prices have remained elevated as a fallout of the Russia-Ukraine conflict, which disrupted trade flows and crippled supply amid additional demand from Europe, which has now sanctioned Russian coal. As a result, imported coal has largely remained out of bounds for price-sensitive markets like India, S&P Global Commodity Insights said.
India's Nov-March edible oil imports up 8% YoY
Notably, the marketing year for edible oil starts in November. In the month of March, the edible oil imports rose nearly 10 per cent year-on-year to 1.05 million tonnes, the SEA data showed. In March 2021, it was at 9,57,633 tonne. In March, 212,000 tonnes of sunflower oil arrived in India as those vessels had left before conflict between Russia and Ukraine started. Ukraine and Russia are two major suppliers of sunflower oil to India.
DGCA bars 90 SpiceJet pilots from operating 737 Max
Accordingly, these pilots would need to undergo retraining on 737 Max simulators. In a statement, DGCA Director General Arun Kumar said: "For the moment, we have barred these pilots from flying Max and they have to retrain successfully for flying Max." "Also, we will take strict action against those found responsible for the lapse."
IRDAI to hold Open House sessions with regulated entities
According to IRDAI, the Open House will be chaired by the Chairman and in his absence the senior most whole-time member along with other officials. The IRDAI has requested all the regulated entities- insurers, intermediaries- to make use of this initiative and offer pragmatic solutions to reduce significant insurance penetration gap in the country.
RBI likely to get quite perturbed with inflation above 6% in three quarters
With higher food price pressure in the near term (summer effect, international prices, higher transport cost, supply chains) and persistent input cost pressure in the non-food segment, it now sees inflation crossing 6 per cent in FY23. The March '22 print strengthens rate hike expectations in June '22. We maintain that FY23 could see a rate hike of up to 100bps. The terminal rate may go a tad higher from 5.25 per cent, with the RBI now showing its intent to keep real rates neutral
Xiaomi says fully cooperating on alleged tax evasion probe
Xiaomi said it is a law-abiding and responsible company. "We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information," the company spokesperson said.
Equity indices open positive despite high inflation in March
Retail inflation for March came at 6.95 per cent, which has been above RBI's upper tolerance band of 6 per cent for three consecutive months since January. At 9.53 a.m., Sensex was 0.4 per cent up at 58,820 points, whereas Nifty up 0.5 per cent at 17,620 points.
Bangladesh PM Hasina orders to maintain a risk-free foreign debt limit
During the presentation made by the National Board of Revenue (NBR) and Finance Division, the reasons for the ongoing economic crisis in Sri Lanka and its response were discussed in detail alongside reviewing various indicators of Bangladesh's economy compared to other countries in South Asia.
Now, no NOC needed from housing society to sell/rents flats in Mumbai
This would enable the owners to conduct his/her rental/sale transactions without hassles or delays and prevent harassment by the society committees to green signal such proposals. "We have come to know that many housing societies discriminate on the basis of caste, creed, religion, community, vegetarians and don't permit the owners to sell/rent out their properties," Dr Awhad said.
US inflation hits 40-year high
Consumer prices surged by 8.5 per cent -- the largest annual gain since December 1981 -- following a double-digit rise in energy prices. Last month, US President Joe Biden had banned all imports of oil and gas from Russia following the latter's invasion of Ukraine. At the same time, US fuel prices reached new record highs, BBC reported.
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