Manufacturing
Global market for nuclear missiles, bombs to witness 73% spike by 2030: Report
The global market for nuclear missiles and bombs is expected to surpass $126 billion by 2030. The world is witnessing an increase in military spending as a result of the ongoing Russian Ukraine war, according to the report. South Asian countries may surpass the west in boosting their nuclear arsenals, the report claimed.
India's March manufacturing sector growth weakens: PMI
The PMI ranges between 0 and 100, with a reading of above 50 indicating an overall increase compared to the previous month. As per the PMI report, business conditions improved in March, but the latest results showed slower expansions in factory orders and production as well as a renewed decline in new export orders. Besides, it cited that price indices increased since February to signal mounting pressures.
Stock limit on edible oils, oilseeds extended up to Dec 31
In view of the ongoing Ukraine-Russia war resulting in supply restrictions in import of edible oils and oilseeds, the Centre has extended the stock limits imposed on edible oils and oilseeds until December 31. This will come into effect from April 1. A notification from the Ministry of Food, Consumer Affairs and Public Distribution's Department of Food and Public Distribution published on Wednesday,
German inflation jumps to 40-year high
The national consumer price index (CPI) in Germany climbed up from 5.1 per cent in February, Xinhua news agency reported, citing the preliminary figures published by the Federal Statistical Office (Destatis). "The last time the inflation rate in Germany was at a similar level was in the autumn of 1981, when mineral oil prices also rose sharply as a result of the effects of the first Gulf War," Destatis said.
Sanctions to isolate Russia leading to economic crisis of historic proportions
According to Vasily Nebenzya, Western countries in "unbridled sanctions hysteria" did not think about anyone, including their own citizens.
"Today we heard and will hear another thesis about the inevitable coming food crisis in the world. In the submission of Western delegations, it is caused solely by Russia's actions in Ukraine. By posing the question in this way, our Western colleagues are being disingenuous.
Normalcy in war, aggressive US Fed stance to ease gold prices: Emkay Wealth
"Except for the UK, the interest rates in the rest of Europe have not been hiked so far, and it is felt that it may be delayed," the wealth management firm said. An aggressive stance by the US Fed is likely to cause some problems as the US dollar yields rise and the currency strengthens. However, the prices of commodities quoted in US dollars is likely to gradually ease.
UN agency downgrades Indian economic growth for 2022 to 4.6 percent
The United Nations Conference on Trade and Development (UNCTAD), in its latest report titled “Tapering in a Time of Conflict”, downgraded India’s projected growth from 6.7 percent to 4.6 percent for the year 2022 saying the Indian economy will suffer due to shocks from the Ukraine war and changes in macroeconomic policies.
Ukraine war put an end to globalisation, says world's largest fund manager
Russia's invasion of Ukraine has ended globalisation as we know it, said the head of BlackRock, the world's largest asset manager, CNN reported. BlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia's "decoupling from the global economy" following its assault on Ukraine has caused governments and companies to examine their reliance on other nations.
German Finance Minister vows further relief amid high energy prices
"As a coalition, we agree further relief will come," he said on Wednesday while presenting this year's federal budget in the German Bundestag, the lower house of Parliament. Due to the consequences of the Covid-19 pandemic and the Russia-Ukraine conflict, "the economic development in our country is characterised by great uncertainty", Lindner said, adding that an appropriate response from government fiscal policy is all the more important.
Britain announces tax cuts as inflation hits 30-yr high
Britain announced the tax cuts on Wednesday, Xinhua news agency reported. In the 12 months to February 2022, Britain's Consumer Prices Index (CPI) rose by 6.2 per cent, up from 5.5 per cent in January, according to the country's Office for National Statistics (ONS) on Wednesday. On a monthly basis, the CPI rose by 0.8 per cent in February 2022, compared with a rise of 0.1 per cent in February 2021.
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