Mozambique Financial News

India, which is dependent on pulse imports to meet the domestic shortages, on Friday flagged its concern over the delay in tur (pigeon pea) dal shipments from Mozambique and requested the African nation to expeditiously clear consignments at its ports. Consumer Affairs Secretary Rohit Kumar Singh discussed trade-related issues pertaining to tur dal in a meeting with Mozambique High Commissioner Ermindo A Pereira here.

Australian graphite stocks surged after China announced export controls restricting supply of one of the key battery minerals required for electric vehicles, opening a new frontier in a trade war with the US and its allied nations.

tur imports from Mozambique has slowed down significantly, resulting in slower correction in domestic tur prices. Indian importers alleged that more than 1.5 lakh tonnes of tur have been lying at the ports in Mozambique for more than a month as the exporters of that country are 'holding the tur cargo to ransom.' India has been facing shortages of pulses like tur, urad and masur.

Global steel demand needs revival for domestic prices to rise HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for the production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been completed.

Naveen Jindal, the promoter of Jindal Steel and Power, is understood to have put in an expression of interest (EoI) to buy insolvent airline Go First, multiple highly placed sources close to the development told ET. The Wadia family-owned Go First is India's first commercial carrier to have voluntarily sought bankruptcy protection. The EoI has been submitted by unlisted Jindal Power, which is owned by Worldone Pvt Ltd, a closely held company of Naveen Jindal. Green foray It is not clear whether the company is looking to acquire the airline outright or come in as a strategic investor, the sources cited above said. There were two other bidders for the airline, officials said, but they did not meet the eligibility criteria set out by the creditors. «The government, the legal ecosystem and regulators are moving as swiftly as possible on the legalities to save the airline,» said an official, requesting not to be named.

London | The scramble to find more projects intransition materials such as copper and lithium has prompted a strategic rethink at Rio Tinto, with a push into smaller mines and potentially riskier frontier locations.

Also Read: Stocks to buy: HAL, Bharat Electronics, Mazagon Dock among top defence stock picks by Antique Broking Here are top railway stocks to have in your portfolio: IRCON International (IRCON) is engaged in railway EPC works and the railways garner the lion’s share of around 73% of its order book. The company’s order book stands at ₹324 billion as on June 30, 2023. It wishes to foray aggressively in high speed rail, semi high speed, solar and road projects.

₹5,500 crore during this fiscal year to expand capacity, Amarendu Prakash, chairman, SAIL, said. “Last year, it was at ₹8,000 crore. Since current expenditure includes sustenance projects and de-bottling projects, it will be the same level as previous years, about ₹5,500 crores or so," he said on the sidelines of a conference.

Syrah Resources, the ASX-listed graphite producer, is set for a moment in the sun with demand for the key battery material expected to send spot prices up by more than 50 per cent, according to brokers at UBS.

ZURICH (Reuters) -Credit Suisse has reached an 11th-hour out-of-court settlement with Mozambique over the $1.5 billion-plus «tuna bond» scandal, the Swiss bank's new owner UBS said on Sunday, drawing a line under a damaging dispute it inherited.

India imports most of its tur dal, also called arhar, from two African nations, Mozambique and Malawi, and Myanmar, and is the third largest importer of tur dal in the world, only behind the United States and Canada. Also Read: Pulses supplies to remain constrained till Diwali What has happened? Over the past month, the average market price of tur dal has risen by Rs 10 per kilogram, reaching Rs 149 per kilogram. The prices of tur are being bolstered by several factors, including the constrained availability of domestic stocks, delays in the sowing of the kharif crop, and a sluggish pace of imports. Tur dal in India is boiling at record-high prices and to prevent hoarding and elicit its continuous release, the Central government on September 25 significantly reduced the stock limit for tur, and also urad dal, held by wholesalers and large retail chains from 200 tonnes to 50 tonnes.

New Delhi: State-owned Steel Authority of India Ltd (SAIL), the largest steel producer in the country, is ensuring it has adequate coking coal stock through imports from Russia and will complete imports of 300,000 tonnes from Russia by the end of this month. The company is looking to bring in 3,00,000 tons of coking coal by the end of this quarter (July – Sept), Amarendu Prakash, Chairman of SAIL, told Mint on the sidelines of the Indian Steel Markets conference here today. “It is a continuous thing; we buy from them continuously.

Mint reported that India was holding discussions with Namibia, Mozambique and Kenya to enter into commercial partnerships for launching UPI in the markets. “We have specific objectives for popularising and internationalising Rupay and UPI," he added. Ritesh Shukla, the international chief executive of NPCI, recently said the number of countries using UPI will double in 12-18 months.

UPI) and RuPay cards as a payment platform in these geographies, a senior government official said on Tuesday. The Reserve Bank of India (RBI) and the National Payments Corp. of India (NPCI) are in discussions with various countries, various high commissions and embassies, the person said, requesting anonymity.

IOA) president PT Usha will take a step further as an administrator as she will be contesting the upcoming Commonwealth Games Federation elections for the post of vice-president.

NEW DELHI : India is in talks with a number of African countries, including Namibia, Mozambique and Kenya, to help develop its Unified Payment Interface (UPI) and to conclude commercial partnerships between payments platforms, according to persons aware of the matter. This push comes after Ritesh Shukla, International CEO of the National Payments Corporation of India (NPCI), which developed UPI, stated that the number of countries where UPI is live will double in the next 12-18 months. “There are many countries in the world which have similar problems we had before the advent of UPI.

Decentralized wireless (DeWi) network operator World Mobile announced the launch of its app on Google Play for users in the U.S., U.K., Australia, Canada, and Tanzania on August 22. 

She pledged more steps to boost supplies of essential commodities like pulses, tomato and onion to curb food inflation on top measures already taken by the government. Her comments came on a day when the Reserve Bank of India (RBI) raised retail inflation forecast for FY24 by 30 basis points to 5.4%. She listed the Modi government's achievements over the past nine years while speaking in the Lok Sabha in a debate on the no-confidence motion brought by the Opposition against the current regime.

Hambantota port tops this list of eight international ports where China is most likely to land its second overseas base. China built a full-fledged naval base at Djibouti in the Horn of Africa in 2017.

vegetable inflation by increasing the portion of pulses in their plate and the rise in international prices of pulses as exporting countries try to cash in on the fall in India’s pulses sowing has led to an increase of 2-3% in wholesale prices of pulses within a week. The demand for the relatively cheaper pulses like masoor and moong has increased as vegetable inflation continues to stay firm with tomato prices remaining 233% more expensive in July over June. Exporting countries like Canada, Myanmar, Mozambique and others, which are closely monitoring the progress of kharif sowing in India, have increased the prices of pulses as the sowing of kharif pulses is lagging by over 9%. Among all the pulses, the highest increase in prices was seen in urad, whose prices increased by Rs 3/kg or nearly 3% last week in Jalgaon, one of the main processing centres for urad in the country. Prices of tur dal have increased by Rs 200-400/quintal last week for various qualities. In the Akola (Maharashtra) market and in Gulbarga (Karnataka), the price of tur dal shot up from Rs 136/kg to Rs 140/kg last week, while the price of tur imported from Mozambique increased by a substantial Rs 5.5/kg in a week in Mumbai. According to trade data, all India urad sowing is down by close to 14%, while sowing of tur is down by about 8%.

Railway engineering and consulting company Rites Ltd is close to signing international contracts to supply locomotives and wagons, even as it explores consulting services abroad, chairman and managing director Rahul Mithal said. The state-run company has emerged as the lowest-cost bidder for contracts worth Rs1,000 crore to supply locomotives and wagons to Zimbabwe and Mozambique, Mithal said in an interview.