Southern Financial News

NEW DELHI : Cathay Pacific Airways Ltd is targeting air freight contracts from large multinationals such as Apple Inc. and Foxconn that are expanding manufacturing in India, a top official at the Hong Kong-based airline said. “We are already significant carriers for these companies through their forwarders out of the southern part of China.

By Jody Godoy

New Delhi: As the monsoon trough continues to run along the foothills of the Himalayas, the India Meteorological Department (IMD) has predicted heavy rainfall over Northeast India and the extreme Southern Peninsular region. However, this may not make a significant improvement as far as rainfall distribution is concerned, meteorologists said.

Yevgeny Prigozhin, ending a tumultuous journey from St. Petersburg street thug to Kremlin-financed mercenary leader, following a suspicious plane crash two months after his brief mutiny that challenged the authority of President Vladimir Putin.

mercenary chief Yevgeny Prigozhin was killed in a plane crash last week, a farewell service was held for him, a report by news agency AP said on Tuesday citing Wagner spokespeople’s statement. Those who wish to bid their farewell to the 62-year-old mercenary leader should go to the Porokhovskoye cemetery in St. Petersburg, his hometown, the report said citing the statement.

Burger King's bid to dismiss a lawsuit claiming that it cheated hungry customers by making its Whopper sandwich appear larger than it actually is. U.S. District Judge Roy Altman in Miami said Burger King must defend against a claim that its depiction of Whoppers on in-store menu boards mislead reasonable customers, amounting to a breach of contract. Customers in the proposed class action accused Burger King of portraying burgers with ingredients that «overflow over the bun,» making it appear that the burgers are 35% larger and contain more than double the meat as the chain serves. Burger King, a unit of Restaurant Brands International, countered that it wasn't required to deliver burgers that look «exactly like the picture,» but the judge said it was up to jurors to «tell us what reasonable people think.» In his decision made public on Friday, Altman also let the customers pursue negligence-based and unjust enrichment claims. He dismissed claims based on TV and online ads, finding none in which Burger King promised a burger «size,» or patty weight, and failed to deliver it. Burger King and its lawyers did not immediately respond to requests for comment on Tuesday.

Kupiansk on Tuesday morning, Ukrainian officials said. The town in the Kharkiv region was seized by Moscow soon after Russia's invasion 18 months ago, recaptured by Kyiv last September, and under frequent fire again as Moscow tries to hit back in the northeast. Some residents remain in the town, but regional authorities have ordered a mandatory evacuation of civilians from near the Kupiansk front because of the difficult situation. Regional governor Oleh Synehubov said the man killed on Tuesday was a guard at a meat processing plant that was hit in the latest shelling. The prosecutor general's office said a 67-year-old man had also been hurt during the shelling. Reuters could not verify the situation in the town, or reports from the battlefield. Kupiansk was home to about 27,000 people before the war and is a rail hub about 100 km (62 miles) east of the regional capital, Kharkiv.

(Reuters) — The U.S. government on Tuesday selected the first 10 drugs, including the big-selling blood thinner Eliquis from Bristol Myers (NYSE:BMY) Squibb and Pfizer (NYSE:PFE), that will be subject to the first-ever Medicare price negotiations, part of President Joe Biden’s Inflation Reduction Act (IRA) that drugmakers and industry groups have challenged in court.

Putin is not planning to attend the funeral for Yevgeny Prigozhin, the Kremlin said, following reports that the mercenary chief who challenged the Russian leader's authority would be buried Tuesday. Kremlin spokesman Dmitry Peskov wouldn't say where or when the chief of the Wagner Group military company would be buried, adding that he couldn't comment on a private family ceremony. St. Petersburg's Fontanka news outlet and some other media said the 62-year-old Prigozhin could be laid to rest as early as Tuesday at the city's Serafimovskoye cemetery, which has been used for high-profile military burials.

The Norfolk Southern railroad is recovering from a “hardware-related technology outage” that impacted its rail systems Monday, but there may be lingering effects for at least a couple of weeks

Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The plan could lead to a recovery of about 70%-90% in US dollar equivalent for unsecured creditors and about 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, according to the filing in the US bankruptcy court in the Southern District Of New York. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February.DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager.

The federal government will pour billions of dollars into Western Australia’s north-west energy grid to spur a private sector transition to renewable power in the state’s mining heartland.

Also read: WHO flags 7 India-made syrups in its probe on contaminated medicine causing 300 deaths globally Recent favourable environmental tests in Peshawar and Karachi have underscored the persistent risk of a polio epidemic in Pakistan, as noted by the committee. Furthermore, the committee reported the identification of a new case of Wild Poliovirus Type 1 (WP1) in Pakistan in 2023, bringing the year's total to 2 cases.

Say hello to the ASX’s newest lithium explorer.

Former Pittsburgh Pirates investor and newspaper publisher G

Florida officials are warning drivers of “potentially widespread fuel contamination” impacting gas stations across the state's west coast as residents brace for Tropical Storm Idalia’s expected landfall later this week

Japan's space agency suspended a planned launch on Monday of rocket carrying what would be the country's first spacecraft to land on the moon, with operator Mitsubishi Heavy Industries (MHI) citing high winds. Although the H-IIA rocket, the Japanese flagship launch vehicle, has a 98% launch success rate, unsuitable wind conditions in the upper atmosphere forced a suspension 27 minutes before the planned liftoff. «High-altitude winds hit our constraint for a launch… which had been set to ensure no impact from debris falling outside of pre-warned areas,» said MHI H-IIA launch unit chief Tatsuru Tokunaga. Strong winds of nearly 108 kph (67 mph) were observed at an altitude of 5,000-15,000 metres (16400-49200 ft), Japan Aerospace Exploration Agency (JAXA) safety manager Michio Kawakami said. Multiple typhoons around Japan could have affected the wind conditions, he added. The new launch date has not been decided, but will be no sooner than Thursday because of necessary processes such as re-fuelling, Tokunaga said. MHI and JAXA have said a launch could take place as late as Sept. 15.

BPCL) on Monday said it will spend around ₹1.5 lakh crore in the next five years, towards its transformative initiative, 'Project Aspire'. As part of Project Aspire, the oil marketing company will not only grow its oil business but also expand its renewable energy portfolio as it aims for a 2040 net-zero goal, chairman and managing director G Krishnakumar said at its 70th annual general meeting. «The company has set a planned capex outlay of around ₹1.5 lakh crore in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations,» Krishnakumar said at the meeting. Krishnakumar also said BPCL would invest ₹1 lakh crore between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions. BPCL will also invest ₹10 lakh crore to set up 50 megawatts of captive wind power plants for its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India. The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040. Bharat Oman Refineries' merger with BPCL has provided a significant boost to refining capabilities of the company, Krishnakumar said, adding that BPCL is expanding the capacity of its Bina Refinery from 7.8 MMTPA to 11 MMTPA, thereby securing its markets in northern and central India. The capacity of the Bina refinery after the expansion will be around 220,000 barrels per day (bpd). BPCL is also building a Rs 490-billion ethylene cracker at 156,000 barrels per day (bpd) at its Bina refinery. The ethylene cracker will raise the Bina refinery's share of petrochemicals in its business to 8%.

Bharat Petroleum Corp (BPCL) on Monday said it will spend around Rs 1.5 trillion, in the next five years, towards its transformative initiative, 'Project Aspire'. As part of Project Aspire the oil marketing company will not only grow its oil business but also expand its renewable energy portfolio as it aims for a 2040 net-zero goal, Chairman and Managing Director G Krishnakumar said at its 70th annual general meeting. «The company has set a planned capex outlay of around Rs 1.5 trillion in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations,» Krishnakumar said at the meeting. Krishnakumar also said BPCL would invest Rs 1 trillion between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions. BPCL will also invest Rs 10 billion to set up 50 megawatts of captive wind power plants for its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India. The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040. Bharat Oman Refineries' merger with BPCL has provided a significant boost to refining capabilities of the company, Krishnakumar said, adding that BPCL is expanding the capacity of its Bina Refinery from 7.8 MMTPA to 11 MMTPA, thereby securing its markets in northern and central India. The capacity of the Bina refinery after the expansion will be around 220,000 barrels per day (bpd). BPCL is also building a Rs 490-billion ethylene cracker at 156,000 barrels per day (bpd) at its Bina refinery.

Brigade Enterprises has purchased land worth Rs 1,300 crore over the past year across the Southern market, to strengthen its position in the residential segment. In a recent purchase, the company bought a piece of land in Neopolis, Kokapet, Hyderabad for Rs 660 crore for a 9.7-acre plot, which translates to around Rs 68 crore per acre. The company will primarily build residential properties on this expanse of land spanning one million square feet. “We had already paid the first tranche, and we will primarily build residential on the recently purchased land. It may have some elements of other asset classes, too.

India is poised for its lowest monsoon rains in eight years, with the El Nino weather pattern seen crimping September precipitation after an August that is on track to be the driest in more than a century, two weather department officials told Reuters on Monday. The monsoon, vital for India's $3 trillion economy, delivers nearly 70% of the rain the country needs to water crops and refill reservoirs and aquifers. Nearly half of the farmland in the world's most populous nation lacks irrigation. The summer rainfall deficit could make essentials such as sugar, pulses, rice and vegetables more expensive and lift overall food inflation, which jumped in July to the highest since January 2020. Lower production could also force India, the world's second biggest producer of rice, wheat, and sugar, to impose more curbs on exports of these commodities. «El Nino dampened rainfall in August, and it will also have a negative impact on September rainfall,» said a senior official at the India Meteorological Department (IMD).