Trade Financial News

World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports. The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. «India and the European Union were not able to reach an agreement,» India told the WTO on Monday. The measures hurt imports from many countries including India. «India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure,» India said. India, China and Russia, along with five others have criticised the EU's decision to extend the levy on certain steel products, arguing that the measure, imposed after the US slapped additional duties on certain categories of steel imports from the bloc, in 2018, was inconsistent with the global trade body's rules.

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will establish India’s presence on a strategic route considered to be the main gateway for shipments from the Indian subcontinent to Europe. “The use of the International North-South Corridor (INSTC) and the Chabahar port would be quite beneficial, and coking coal is among the key mineral resources along with few others from central Asia being looked at for sourcing by India via this route," one of the persons cited above said on condition of anonymity. The INSTC is a 7,200-km network of ship, rail, and road routes being developed to move freight between India, Iran, Azerbaijan, Russia, Central Asia and Europe.

Russell Investments is giving advisors more flexibility to tailor their clients’ portfolios by broadening its suite of personalized managed accounts.

Vodafone Idea (Vi) is confident its operational creditors, including network gear makers Nokia and Ericsson and tower vendor Indus will continue to support it despite delays in clearing their dues as the telco’s upcoming 4G-cum-5G blitz will generate fresh business for them. “Vendor negotiations shouldn’t impact, despite payment issues. With (our) peers’ post-5G capex peak, equipment vendors potentially see Vi as the primary source of growth, making their support likely in addition to the recent preference shares issued for part dues,” Vi’s CFO Murthy GVAS told global brokerage J P Morgan at a recent meeting. Global brokerage J P Morgan also quoted Vi’s Murthy saying that even for Indus, which has “a high proportion of single-tenant towers recently rolled out for LTE coverage, Vi offers a profitable second tenancy and loading revenues that should keep the terms of trade in the telco’s favour”.

In a shareholder notice issued on Friday (14 June), the NAIT board said it plans to take further action to prevent the trust's shares from trading at a significant discount to their prevailing net asset value. According to data from the Association of Investment Companies, the trust is running on an 11.5% discount. abrdn manager departs for Janus Henderson as North American Income swaps investment manager Under the conditional tender mechanism, NAIT's board will buy back up to 15% of its shares provided that, by 30 September 2027, either the NAV total return has not exceeded the to...

According to a stock exchange notice on Friday (14 June), 99.95% of votes were cast in favour of the winding up the company, and as of 8am today (17 June), AEIT will no longer trade on the Main Market of the London Stock Exchange. Asian Energy Impact proposes immediate wind-up as relaunch proposals ruled out Shortly before the wind-up resolution was passed, AEIT said the initial distribution of cash to shareholders was estimated to be in the region of $20m, which is equivalent to 11.4 cents per share. An initial distribution of cash to shareholders is expected to be made available by ...

Air India Express announced on Monday that it had completed Operational Safety Audit (IOSA) by the International Air Transportation Authority (IATA), the trade association of airlines worldwide. Improving airline operational safety and enhancing efficiency are the two key elements of the IOSA registration. The audit looks at corporate organization and management, flight operations, operational control and flight dispatch among other key areas. '’We are proud to announce our successful completion of the IATA Operational Safety Audit (IOSA). The IOSA is a rigorous evaluation process, and achieving this distinction reinforces our commitment to upholding the highest international standards across all aspects of our operations," said Aloke Singh, Managing Director, Air India Express.

European Commission has slapped 8-11.4% anti-dumping duty on Indian optical fibre cable (OFC) manufacturers including Sterlite Technologies, Birla Cables, Universal Cables, Vindhya Telelinks and others who were exporting OFC to Europe. After a six-month long investigation, including being physically present at the factory premises of these companies, the Commission, last week decided to levy the duty on as many as ten companies, barring HFCL which was found to be following fair business practices. Sterlite Technologies Ltd and its subsidiary Sterlite Tech Cables Solutions Ltd are facing the highest levy of 11.4%, followed by Birla Cables, Universal Cables and Vindhya Telelinks who are facing a duty of 8.7%.

The Commerce Department on Tuesday reports retail sales data for May; grocery store giant Kroger reports its first-quarter results on Thursday, and on Friday the National Association of Realtors releases its monthly snapshot of existing U.S. home sales

India is likely to ask for a three-year exemption for its micro, small and medium enterprises (MSMEs) from a proposed mandatory tariff on carbon-intensive imports in talks on a free trade deal with European Union negotiators starting next week, two people aware of the matter said. India, which opposed the tax at the World Trade Organization's last ministerial meeting in February-March in Abu Dhabi, will make its stand clear again on the during upcoming talks on a free trade agreement (FTA) with the EU. The eighth round of FTA talks is slated to be held in Brussels on 24-28 June.

Polestar intends to launch in seven markets next year, the Swedish electric-vehicle maker said on Monday, as it looks to attract new customers. The company will enter France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil in 2025.

Victory Securities has joined collaboration with Virtual Seed Global (VSG) to develop regulated virtual asset fund products for investors.

Chinese Premier Li Qiang has arrived in Australia on a relations-mending mission

Chinese Premier Li Qiang says he has agreed with Australian Prime Minister Anthony Albanese to properly manage their nations’ differences as they emerge from a hostile era in which minister-to-minister contacts were banned and trade barriers cost Austr...

Shares have opened mixed in Europe as markets recovered from shocks of recent elections across the region

Chinese Premier Li Qiang’s visit to Australia has focused on positive aspects of the bilateral relationship including shared giant pandas and a rebounding wine trade after he urged both countries to shelve their differences

Oil edged higher after its biggest weekly advance since early April, extending a short-covering rally as traders weighed a raft of data from China.

Sensex rose more than 180 points while the Nifty50 closed above 23,400 levels. Sectorally, buying was seen in auto, telecom, consumer durable, and capital goods stocks while selling was seen in IT stocks.

Falcon Technoprojects India IPO: The initial public offering (IPO) of Falcon Technoprojects India Limited will hit the Indian primary market on 19th June 2024, i.e. on Wednesday this week.

Trade openness is measured as the ratio of trade to GDP. India’s is close to 50%, as per World Bank data. It used to be 7% in 1970, about 15% in 1980 and 1990, and jumped to 26% in 2000 and 49% in 2010.