Country Financial News

The latest talks over the mega dam Ethiopia is building on the Nile River’s main tributary have broken up without an agreement

At the U.N. General Assembly meeting in New York, African leaders are relaying a unanimous message, that their continent of more than 1.3 billion people is done being a “victim” of a post-world war order and must be recognized and partnered with as a g...

Piyush Goyal said on Monday. “We should involve the scientific community and popularise sustainable practices in our industries,” he said. The minister was speaking at the inauguration of the 5th World Coffee Conference (WCC) at the iconic Bengaluru Palace, where he expressed his hope that the conclave would “brew a better world.” The WCC’s theme is ‘Sustainability through circular economy and regenerative agriculture.’ Praising the concept, Goyal said it resonated with the G20’s theme of ‘One Earth, One Family, One Future.’ “While sustainability is very relevant today, Basaweshwara, the 12th century saint from Karnataka, had brought forth the same concept in his philosophy that one must consume only as much as one needs,” he said. This is the first edition of the WCC taking place in Asia.

R K Singh on Monday said India will achieve its 500 GW renewable energy target before the 2030 deadline. Addressing FICCI's India Energy Transition Summit 2023, Singh also said had India not lost two years due to COVID-19, the nation would have achieved 50 per cent of its power generation capacity from RE non-fossil fuels, by now. India has 424 GW of power generation capacity which includes around 180 GW from non-fossil fuels and another 88 GW is in the works, the minister said. The country has a target of 500 GW of renewable energy capacity by 2030. «We will achieve 500 GW of renewable energy (RE) well before 2030,» he said. Singh also said India's energy transition programme is at the top in the world.

By Karl Badohal, Pawel Florkiewicz and Gergely Szakacs

Gadkari, on Monday, urged the auto industry to pump in investments in setting up automated testing centres and registered vehicle scrapping facilities and firm up discounts for individuals who scrap their vehicles.

Reuters. A week ago, Canadian Prime Minister Justin Trudeau alleged had New Delhi's “potential link" to the murder of a Khalistani terrorist Hardeep Singh Nijjar in British Columbia in June. Reuters quoted Jatinder Singh Grewal, a director for Sikh for Justice in Canada, as saying on Sunday that his organisation will lead the protests outside the Indian embassies and consulates in Toronto, Ottawa and Vancouver over Nijjar's killing.

Speaking about the upcoming Hong Kong Wine & Dine Festival, Mr. Puneet Kumar, Director – South Asia and Middle East, Hong Kong Tourism Board said, “As young and affluent Indian travellers seek immersive holidays, Hong Kong is ready to captivate their senses with global culinary experiences set against its iconic skyline. The return of the Hong Kong Wine & Dine Festival, after a five-year hiatus, marks a momentous occasion in our culinary calendar. It's not just an event; it's a celebration of our rich gastronomic heritage and global flavors. It's an invitation to indulge in the vibrant spirit of the city’s gastronomy and nightlife. We are excited to welcome our international visitors to savor the world's finest flavors, create unforgettable memories and Discover Hong Kong like never before."It’s back: Hong Kong Wine & Dine Festival returns in physical formatTaking place from 26–29 October at Victoria Harbour’s Central Harbourfront Event Space, Hong Kong Wine & Dine Festival 2023 will be a four-day gourmet extravaganza backdropped by the iconic city skyline.

Reuters quoted two sources on Monday. The development revives the listing plans for the pharmaceutical company which it shelved in 2022 as Russia's invasion of Ukraine disrupted global markets.

High Court on Monday issued fresh notice to the British Broadcasting Corporation (BBC) on a plea by an NGO seeking damages, claiming its documentary «India: The Modi Question» casts a slur on the country's reputation and makes false and defamatory imputations against Prime Minister Narendra Modi and the Indian judiciary. Besides BBC, Justice Sachin Datta also issued fresh notice to BBC (India) on the plea filed by Gujarat-based NGO Justice On Trial. «Issue fresh notice to the defendants through all permissible modes,» the high court said, and listed the matter for further hearing on December 15. It had on May 22 issued notice to the defendants on the plea which has said BBC (UK) is the national broadcaster of the United Kingdom and has released the news documentary — «India: The Modi Question» — which has two episodes and BBC (India) is its local operations office.

Air Force Day celebrations in Prayagraj in Uttar Pradesh, officials said on Monday. The annual Air Force Day parade and air display takes place on October 8. The first C295 aircraft was inducted into the IAF on Monday at the Hindon Air Force station in the presence of Defence Minister Rajnath Singh and Air Chief Marshal V R Chaudhari. «The aircraft will be part of the IAF Day celebrations slated to be held in Prayagraj,» a senior official of the IAF told PTI. It is likely to be one of the main attractions at the event, said another official, adding about 70-80 aircraft are likely to be part of the IAF Day celebrations. The annual parade will feature a mix of vintage and modern aircraft, they said. «The Indian Air Force will be celebrating its 91st anniversary on October 8.

Pakistan Cricket Board on Monday raised serious concerns with the ICC over the delay in national team's travel to India for the World Cup due to visa issues and claimed the anxious wait has already impacted its preparation for the 50-over showpiece. The PCB wrote to the ICC as it continues to wait for visa clearance from the Indian High Commission in Islamabad. Pakistan were supposed to have a two-day team bonding session in Dubai before their scheduled arrival in Hyderabad on September 27 but it has been cancelled with uncertainty over Indian visa. The Babar Azam-led side plays two warm-up games and as many World Cup matches in Hyderabad starting with the practice fixture against New Zealand on September 29. In the letter addressed to ICC CEO Geoff Allardice, the PCB also claimed that its concerns over visa being granted to players, team officials, fans and journalists for the World Cup in India have not been addressed for more than three years.

After the first weekly loss in four, oil bulls will be raring to push crude oil towards the higher $90s, while top buyer China again faces its recurring bogeyman — an ailing property sector — that’s weighing on its stock market.

By Paul Carsten

Khalistani separatist on Canadian soil. In a letter to Union Commerce Minister Piyush Goyal, the Chamber of Trade and Industry (CTI) said that there was a need to exert economic pressure on Canada. A growing dispute between India and Canada has erupted following allegations made by Canadian Prime Minister Justin Trudeau over the killing of Khalistani separatist Hardeep Singh Nijjar. Chairman of CTI, Brijesh Goyal, said that the development has sent ripples through the business world.

Gazprom and Rosneft, Alexei Miller and Igor Sechin, will join President Vladimir Putin's retinue during his visit to China next month, sources familiar with the plans told Reuters. Putin is scheduled to meet China's President Xi Jinping for talks in Beijing and will attend the third Belt and Road Forum following an invitation from Xi during a high-profile visit to Moscow in March. The sources said other senior Russian energy officials would also be in the delegation. Sechin will hold his own energy event following Putin's visit, a source said, without providing details. Gazprom, the world's biggest natural gas producer, and Rosneft, Russia's biggest oil producer, did not immediately reply to requests for comments. Russia is bolstering its ties with Asia, especially economic powerhouse China, to offset reduced trade with Europe, its traditional buyer of oil and gas, over Moscow's actions in Ukraine. Chinese-Russian trade has soared since what Moscow calls a «special military operation» in Ukraine began in February 2022.

Ukraine's air force reported downing all Russian drones overnight, but one of 12 Kalibr missiles and two P-800 Oniks cruise missiles apparently made it past air defences the day after the war in Ukraine entered its 20th month. Russia has continuously targeted port and grain storage facilities in Odesa since pulling out of a deal that allowed Ukrainian grain exports to countries facing the threat of hunger. The attacks have destroyed silos, warehouses, oil terminals and other infrastructure critical for storage and shipping. In the south, Russian forces dropped bombs and launched six heavy artillery strikes on Kherson, destroying a school and factory and damaging residential buildings.

India's limited participation in global value chains (GVCs) hampers its export potential, despite possessing substantial manufacturing capabilities across various GVC-relevant product categories. The integration of Indian companies in the GVCs is fundamental as about 70 per cent of global trade operates within these chains, encompassing a wide range of products, from electronics and machinery to pharmaceuticals and apparel. «India's weak GVC integration can be attributed to poor trade infrastructure, causing delays at ports and customs, which are detrimental to the timely flow of goods in these intricate value chains,» GTRi Co-Founder Ajay Srivastava said. Countries like China, Japan, South Korea, Thailand, and Malaysia have excelled in GVCs due to investments in quality trade infrastructure. The GTRI report has recommended six action points to the government which can help boost the participation of domestic firms in GVCs. The suggestions include automating port and customs procedures, and implementation of green channel clearances for 99 per cent of shipments; analysing the top 10,000 exporters responsible for 85 per cent of India's exports; matching global best practices for ship turnaround times, reducing queues, speeding up transactions, and optimizing infrastructure use; and enhance communication between traders and shipping companies, port operators, and Container Freight Stations (CFS). The report asked for creation of an online platform for all export-import compliance processes. «National Trade Network (NTN) would enable exporters to submit all required information and documents in one place, eliminating the need to interact separately with customs, DGFT (directorate general of foreign trade), shipping

Insolvency and Bankruptcy Code (IBC), PTI news reported. While presenting the Union Budget 2022-23, Finance Minister Nirmala Sitharaman said that the use of surety bonds as a substitute for bank guarantees will be made acceptable in government procurement. Surety bonds are third-party guarantees issued by the insurance companies on behalf of the applicant (i.e.

Dozens of aging U.S. rail bridges and tracks have been chosen to receive $1.4 billion in federal grants for repairs and upgrades, with businesses and rail commuters expected to benefit from these funds as early as next year. The 70 approved projects, including around 40 that involve bridges, were judged on how they would improve safety, increase capacity of both freight and passenger railroads, and bring economic benefits to the country, officials in the Biden administration said in a briefing.

government document showed on Monday. It also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft before the initial ban was announced last week. The ban on all types of gasoline and high-quality diesel remains in place. Russia announced on Thursday that it had temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic market. In recent months, Russia has suffered shortages of gasoline and diesel. Wholesale fuel prices have spiked, although retail prices are capped to try to curb them in line with official inflation. The crunch has been especially painful in some parts of Russia's southern breadbasket, where fuel is crucial for gathering the harvest.