Global trade

Citing the authority vested in it by the Foreign Trade (Development and Regulation) Act, 1992, along with relevant sections of the Foreign Trade Policy, 2023, the Central Government revised Notification No. 49 dated December 7, 2023, concerning the export policy of onions. The notification reaffirmed the continuation of the export ban on onions classified under HS Code 0703-10-19 beyond the previously stipulated deadline of March 31, 2024.

The outlook for 2024 remains "highly uncertain and generally pessimistic", UNCTAD says in the Global Trade Update released on December 11, citing factors like ongoing geopolitical tensions, escalating debt, and widespread economic fragility.

Vonage used dark patterns to make it difficult for consumers to cancel their service and often continued to illegally charge them even after they spoke to an agent directly and requested cancellation. 

The country’s merchandise exports declined by 2.6 per cent to $34.47 billion compared to the same month last year, while the imports were valued at $53.84 billion in September.

A joint statement issued during the state visit of Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud to India on September 11, said that while praising the growth achieved in trade between the two friendly countries, both sides stressed the importance of continuing joint work to enhance and diversify bilateral trade.

BSESENSEX lost 58.15 points or 0.10 per cent to close at 61,054.29 points while NIFTY gained 4.00 points or 0.02 per cent to close at 18,069.00 points. The broader market saw BSE100, BSE200 and BSE500 gain 0.19 per cent, 0.30 per cent and 0.40 per cent respectively. BSEMIDCAP gained 1.41 per cent while.

As the growing banking crisis spread into a new week, the credit rating of the regional bank was downgraded deeper into junk status by S&P Global, the Guardian reported. The agency said that the bank, which caters to wealthy clients, probably faced "high liquidity stress with substantial outflows". US officials are studying how to temporarily expand the protection offered to banking customers by Federal Deposit Insurance Corp (FDIC) to include all deposits, going beyond the current $250,000 cap, Bloomberg reported.

Emkay Global in a recent sectoral report said the average pan-India cement price increase was about Rs.3-4/bag in October 2022. On a month-on-month (MoM) basis, prices rose by 2-3 per cent in the East and South, and about one per cent in the West; while declining 1-2 per cent in the northern and central regions, the report said.

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These were 10.2 per cent higher than the corresponding period of last year. Imports in September 2022 were estimated to be $76.26 billion, exhibiting a positive growth of 10.73 per cent over September 2021. Trade deficit, however, widened to $148.46 billion in September 2022 against $76.25 billion in September 2021, the data revealed.