Manufacturing
Russia's central bank announces a host of measures to protect economy, support local currency
The value of the ruble is now less than 1 US cent. The Russian currency on Tuesday was pegged at over 105 to a dollar, up from about 75 just a month ago after companies and even households came under severe pressure with the US and EU thrashing out sanctions against Russia and barring many Russian banks from accessing the SWIFT payment system.
Sanctions against Russia could stall Europe's economic growth
The war in Ukraine and the ensuing sanctions against Russia could harm Europes energy supplies and stall its economic growth, European Commissioner for Economy, Paolo Gentiloni, warned on Wednesday. Speaking at a press conference in Brussels, he said Europe may encounter problems in the supply of energy resources more precisely, the supply of Russian gas and needs to be ready for such an outcome.
Oil India shares surge 10% as global crude prices touch multi-year high
Shares of state-run Oil India jumped nearly 10 per cent on Wednesday due to skyrocketing global crude oil prices. Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high at $111 per barrel. In just the last two days, crude prices have risen nearly 15 per cent. At present, Russia is the third largest producer of crude oil in the world and sanctions against Russia may hurt global supply.
Russian giant Severstal stops delivery of steel to Europe
Russian metallurgical giant Severstal has stopped deliveries of steel to European customers amid Ukraine-related sanctions, the country's media reported citing company sources, RT reported. According to reports, the cessation follows the refusal of European customers to purchase Severstal steel after the EU sanctioned the company's main shareholder, Alexei Mordashov.
Can Ukraine crisis hit manufacture, exports of Russia's Sputnik vaccine?
The economic sanctions imposed by the US on Russia amid ongoing conflict with Ukraine are expected to slow down the production of Russia's Sputnik vaccines in India. The economic sanctions imposed by the US on Russia amid ongoing conflict with Ukraine are expected to slow down the production of Russia's Sputnik vaccines in India.
Ukraine effect: Domestic wheat, sunflower oil prices set to rise
Both countries produce massive quantities of wheat, while Ukraine is one of the world's largest sunflower seeds exporters. Though India is self-sufficient in wheat, it does import some quantities of high grade grain, analysts said. Moreover, the reduction in Russian and Ukrainian wheat in the international market will give an attractive opportunity for Indian exporters, thereby slightly pushing up domestic prices.
Russia's largest bank leaves EU citing threat to employees and branches
In a statement on Wednesday, Sberbank announced that the decision had been made as a result of its subsidiary banks facing "an abnormal outflow of funds". The financial giant also claimed that its employees and branches were under threat, RT reported. "Due to the instruction of Russia's Central Bank, Sberbank (Russia) will not be able to supply liquidity to its European subsidiaries," the notice read.
Healthy demand accelerates growth of India's manufacturing sector in Feb: PMI
India's manufacturing sector's growth sequentially rose in February 2022 due to robust demand.In January 2022, the seasonally-adjusted index had sequentially eased to 54 (index reading).Besides, the PMI report said growth has now been seen in each of the latest eight months, with the headline figure remaining above its long-run average of 53.6.
Oil prices surge as Russia-Ukraine conflict continues
Oil prices jumped to multi-year highs as the Russia-Ukraine conflict continued, prompting fears about energy supply disruptions from key exporter Russia. The West Texas Intermediate (WTI) on Tuesday for April delivery added $7.69, or 8 per cent, to settle at $103.41 a barrel on the New York Mercantile Exchange. It marked the highest settlement for a front-month contract since July 2014, according to Dow Jones Market Data.
Cost of War: Brent Crude breaches $111 mark; highest in 8 yrs
Lower supplies as well as hostilities between Russia and Ukraine pushed Brent crude oil price to nearly an 8-year high on Wednesday. Besides, robust global demand is expected to keep the Brent-index crude oil price high.
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