BUSINESS
'China Plus One' strategy creating opportunities for Indian players
"China's strategic change towards manufacturing of high-value goods from low-value goods is evident in both inter-sector such as shift to capital goods from footwear, and intra-sector such as shift to man-made fibres from home textiles or cotton apparels, and in the pharmaceutical sector, to formulations from active pharmaceutical ingredients (APIs)," said India Ratings and Research.
After Better.com, British firm lays off 800 workers over Zoom call
British shipping company P&O Ferries sacked 800 of its employees en masse over a Zoom call that lasted only 3 minutes and the employees were not allowed to serve a notice period, reports Daily Mail. "I am sorry to inform you that this means your employment is terminated with immediate effect on the grounds of redundancy," Daily Mail quoted the P&O chief during his Zoom call as saying.
'India's energy transactions with Russia should not be politicised'
This comes after the government run Indian Oil Corporation purchased three million barrels of Russian crude oil last week, which was offered at a steep discount to the prevailing international rates. The US has stated that India would not be violating US sanctions by purchasing discounted Russian oil, however "such a move would be equal to supporting Moscow's aggression in Ukraine".
Russian oil exports to India quadrupled in March as Europe shuns cargoes
Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average. The country is on track to hit 203,000 b/d for the whole month based on current shipment schedules, according to Kpler, a commodities data and analytics firm. Export data represent cargoes that have been loaded on to tankers and are enroute India, Financial Times reported
Nickel hits lower circuit in early trade on LME
The benchmark three-month nickel contract on London Metal Exchange declined 12 per cent on Friday morning to hit a lower circuit, CNBC reported. The price of nickel hit $36,915 a tonne as it opened for trade. Heavy selling in international metal markets weighed on the contracts. Nickel is widely used in stainless steel and electric-vehicle batteries.
Investors bag Rs 19 lakh crore as Sensex up 5,000 pts in 8 sessions
During the same time period, Nifty rose over 1,400 points. Some moderation in internal commodity prices -- including crude oil -- had pushed investors to make a comeback in the markets. After hitting a 14-year high of $130 in early March, international crude oil prices are currently hovering around $108, which led to volatility in the financial markets abating a bit.
World's largest trade deal comes into effect in Malaysia
Malaysia is expected to be the largest beneficiary among the ASEAN (the Association of Southeast Asian Nations) members from the RCEP in terms of export gains, Xinhua news agency quoted the Ministry as saying. The country is expected to see a $200 million increase in export gains, making the RCEP a vital tool in recovering from the economic disruptions caused by the Covid-19 pandemic, it said.
Russia to propose 10-yr ban on foreign firms which don't return by May 1
A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT. The deputy recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments. According to him, they plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.
Germany's GDP growth forecast halved due to Ukraine crisis
The annual inflation rate in Germany is expected to rise to 5.8% in 2022, the highest since the country's reunification more than 30 years ago, according to the institute's "Spring Forecast". The Ukraine crisis "delays the return to pre-Covid-19 levels into the second half of the year" and is "putting a noticeable strain on the German economy and increases the already strong inflationary pressure", Xinhua news agency quoted IfW Kiel.
Future Retail's shares slump to 52-week low after it issues clarification on Reliance deal
The Future Retail was down 9 percent at INR 38.4, the Future Enterprise was down 17 percent at INR 7.45, the Future Lifestyle was down percent at INR 41 and Future Supply Chain Solutions was down 5 percent at INR 53.65. The Supreme Court has also lifted a stay by the Delhi High Court on the Singapore Arbitration Tribunal Centre (SIAC) in the case between Amazon and the Future Group.
Don't Miss
Advertisement