India’s wheat exports pick up amid Russia-Ukraine war, says Food Secy:Top business News
Russia and Ukraine together account for almost a quarter of the global wheat supply. Their wheat crop will mature in August and September this year. As a result, global wheat prices have already gone up and are ruling in the range of Rs 24,000-25,000 per tonne, he added.
“Indian wheat exports, as a result, have picked up. By the end of February, we have already exported 6.6 million tonnes of wheat,” Pandey told reporters in a virtual press conference.
Wheat, the main rabi (winter) crop, will start hitting the market from March 15 onwards. The country also has a surplus stock of wheat in the government godowns.
Other global players will enter the market later after the end of their summer season.
“We will have adequate stock of wheat and the new crop will also be available to private players for normal export,” he added through news.
He said India has established sources for edible oils through many ways. “Even during the month of March, we got the supplies (of sunflower oil) for February as scheduled as contracted. Subsequently, other edible oil supplies like soyabean oil will also be increased day by day.
Asked about the export of other commodities, the Secretary said sugar exports are also expected to touch 7.5 million tonnes in the 2021-22 marketing year (October-September), much higher than 2 million tonnes in the last year buoyed by strong global prices.
LIC IPO: Experts expressed apprehension, LIC’s IPO may be postponed till next financial year
Investors are eagerly waiting for the Mega IPO of the country’s largest insurance company Life Insurance Corporation of India i.e. LIC, but the market expert said on Sunday that the Russia-Ukraine war (Russia-Ukraine) War), the government can postpone the IPO of LIC for the next financial year, because in the current situation, the interest of the fund managers regarding the issue has decreased.
NSE ex-CEO may have cooked up ‘yogi’ story:Business news
The anticipatory bail plea of former CEO of National Stock Exchange Chitra Ramkrishna was rejected by a Delhi court, which stressed that the veracity of her claim of non-involvement in the “co-location” scam could not be established and expressed the suspicion that she may have concocted the story of a ‘Siddha Yogi’ guiding her to conceal her involvement.
“Possible Space Projects”: Elon Musk, President Zelenskyy Discuss Ukraine: Business news
As Russia’s sustained assault on Ukraine escalates, President Volodymyr Zelenskyy today said he spoke to billionaire Elon Musk concerning the war, and announced that Ukraine will be receiving another batch of Starlink satellite broadband systems “for destroyed cities” from Musk’s company, SpaceX, next week.
The Ukrainian President also alluded to other potential space projects that could pan out in a partnership between the ex-Soviet country and SpaceX, though he added that those were conversations for “after the war”.
Lugano, a city in Switzerland, is adopting cryptocurrency as a means for payment of taxes:Business news
Lugano, a city in Switzerland, is adopting cryptocurrency as a means for payment of taxes, goods, and services, as part of a new collaboration with the provider of the Tether (USDT) stablecoin.
Ardoino even tweeted about the same a few days ago. He shared a 15-second video that outlined “all the things that you can pay for within few months in the city”.
Residents of Lugano will be able to transact, invest, and pay taxes using Bitcoin, USDT Tether, and LVGA token after these three cryptocurrencies were approved as “de facto” legal tender in the city.
Citizens in the Italian-speaking province will be able to pay for public service fees and taxes with Bitcoin, according to city director Pietro Poretti, who co-announced the news alongside Mayor Michele Foletti and CTO of Tether Paolo Ardoino in a live-streamed event a few days ago. Over 200 merchants have already partnered with the city to promote bitcoin and Lightning payments.
India To Raise Fuel Prices From Next Week Amid Concern Over Inflation:Business News
India will raise petrol and diesel prices next week for the first time in more than four months as global crude prices soar after Russia’s invasion of Ukraine last week, three government officials said, amid growing concern about inflation.
Asia’s third-largest economy, which imports 80% of its oil needs, faces retail inflation staying above the central bank’s tolerance limit of 6% as companies pass on a nearly 40% rise in crude prices since November, as well as rises in prices for other imported raw materials, economists said.
Geopolitical Tensions Could Transform Bitcoin Into a Risk-Off Asset, Says CoinShares CSO Meltem Demirors:Business news
A veteran crypto investor says that current geopolitical events could help Bitcoin (BTC) transition into a store-of-value asset.
In a new interview with Bloomberg Technology, CoinShares chief strategy officer (CSO) Meltem Demirors tells host Emily Chang that worldwide sanctions following Russia’s invasion of Ukraine, as well as truckers in Canada losing banking access during a protest against their government, could propel Bitcoin away from the risk-on category of investments.
Telecom industry to witness healthy revenue growth in FY23:Business news
Tariff hikes as well as continued increase in data usage is expected to accelerate telecom industry’s revenue growth in FY23.
The sector has been saddled with debt due to complications such as the ‘Adjusted Gross Revenue’ (AGR) case verdict, which brought in a huge immediate liability on the books of telecom operators.
“While the pandemic had a bad influence on the other sectors, surprisingly, it turned out to be a boon for the telecom sector as corporates were dependent on telecom operators for the smooth running of their operations,” Brickwork Ratings (BWR) said in a report.
Russian Shops To Limit Food Sales As Sanctions Over Ukraine Start To Bite:News
Retailers in Russia will limit sales of essential foodstuffs to limit black market speculation and ensure affordability, the government said Sunday, as sanctions imposed over Moscow’s military incursion into Ukraine began to bite.
The trade and industry ministry over the weekend said there had been cases where essential foodstuffs had been purchased “in a volume clearly larger than necessary for private consumption (up to several tons) for subsequent resale”.
FPIs withdraw over Rs 17,000 cr from Indian markets in just 3 days:Business news
Overseas investors withdrew as much as Rs 17,537 crore from the Indian markets in just three trading sessions of March as investor sentiment was dented by the uncertainty caused by Russia-Ukraine war and rising crude oil prices.
Foreign Portfolio Investors (FPIs) pulled out Rs 14,721 crore from equities, Rs 2,808 crore from debt segment and Rs 9 crore from hybrid instruments between March 2-4, according to depositories’ data.
This took the overall net outflow to Rs 17,537 crore. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services told PTI that the market sentiments have been impacted worldwide by the uncertainty triggered by the war and surge in crude prices.
India a priority market, says Amit Kothari, Regional Marketing & Communications Manager
The spring season at H&M Home is all about colour, preparing for the brighter days ahead and creating springtime zen in your home. This Spring, it opens its doors to India by inviting light into living spaces with bright hues and playful shapes marking a new start for homes with optimism and joyfulness in focus.
H&M HOME is design-driven, offering fashion-forward decor and accessories for every room and style. With products for living, dining and kitchen, bed, bathroom and kids, the assortment will range from high-quality bed linen and timeless dinnerware to stylish textiles; with contemporary style and attention to detail at its core. By merging modern design and quality with sustainability and affordable prices, the brand enables interior lovers across the world to create a personal and modern space — a place to feel at home.
Russia is being disconnected from the world economy,” Daniel Yergin, an oil and gas historian and vice chairman of consultants IHS Markit Ltd., said in a Bloomberg television interview. “The process that began in the 1990s of Russia connecting with the world economy, being integrated with the world economy, is very rapidly going into reverse.”
Russia’s invasion of Ukraine and the resulting international backlash news have plunged energy markets into chaos, threatening dire economic consequences that rival those of the 1970s oil shocks. Bloomberg’s gauge of raw materials was set for its biggest weekly gain since at least 1960 as sanctions on Russia scared off buyers.
Assembly election: Satta markets bats for BJP win in Uttar Pradesh:News
The ‘satta markets’ of Hapur, Lucknow, and, Delhi are predicting the return of the BJP to power in Uttar Pradesh, but with a curtailed majority of 220 seats in news.
The bookies who run the satta bazaar had predicted 230 seats to the BJP in the key state in January, but noted that each phase – the state went in for a seven-phased election, the figure will change. Now ahead of the last round of voting on March 7 and counting on March 10 is round the corner, they are giving 220 seats in the 403-member state Assembly, or a loss of 80 seats, to the saffron party in their last trends.
Mobile internet, broadband services to remain suspended in West Bengal from March 7 to 16:News
Mobile internet and broadband services to be temporarily suspended in several region of West Bengal to prevent unlawful activities. According to the state government’s order, the internet services will be suspended in few blocks of Malda, Murshidabad, Uttar Dinajpur, Coochbehar, Jalpaiguri, Birbhum and Darjeeling districts.
The services will remain suspended between 11 AM- 3:15 PM during March 7-9, March 11 -12, and March 14-16.
West Bengal’s Additional Chief Secretary, in an official order, said that intelligence reports have been received that internet transmissions and Voice over Internet Telephony might be used for unlawful activities in certain areas over the next few days.
“News reports have been received that Internet transmissions and voice over internet telephony may be used for unlawful activities in certain areas over the next few days…Examination of the information received gives reason to believe that such unlawful activities are likely to occur in the absence of preventive measures,” the order read.
The authorities on Saturday stated it’s in contact with authorities in Russia and Ukraine to facilitate a ceasefire in Ukraine’s battle zone and guarantee safe evacuation of Indian students trapped in the northeastern metropolis of Sumy.
“The focus is now on evacuation from Sumy. We are in touch with students. We are deeply concerned about Indian students. Have strongly pressed Russian and Ukrainian governments through multiple channels for an immediate ceasefire to create a safe corridor for our students,” stated Arindam Bagchi, spokesperson for the ministry of exterior affairs (MEA).
Sources alleged that the route from Sumy to the Russian border has the presence of Ukrainian vigilantes, which is making motion troublesome. Thourgh news,“Using Javelin & NLAW anti-tank weapons, as well as Stinger portable air defence systems, foreign fighters commit provocations as well as sabotage and raids on the Russian transport, trying to disrupt the evacuation of the wounded and the supply of ammunition,” a Russian authorities supply alleged.
On the ongoing conflict between the two countries, Jindal Steel and Power Ltd (JSPL) Managing Director V R Sharma said, “It is a very unfortunate situation. Some oil companies are taking advantage of the situation… Respective governments across the world can keep a price control as everything is run by energy.”
As the oil prices are going up, the freight rates are also moving in an upward direction impacting the cost of raw materials, he told PTI.
Sharma said that before the conflict between Russia and Ukraine began, the oil prices were at USD 90 a barrel. The rates are now trading near 120 USD a barrel and there is a projection that it would reach USD 180 a barrel in a few days.
PNB awaiting govt, RBI guidelines on SWIFT transactions with Russian entities:Business news
The country’s second-largest bank Punjab National Bank (PNB) said it was awaiting advisory from the Finance Ministry and the Reserve Bank with regard to SWIFT-related transactions with Russian entities.
In view of the ongoing war between Russia and Ukraine, several countries including the US, Canada and certain European nations have blocked some Russian banks from using SWIFT, a system that is used for global banking transactions.
Expected to increase lower slab of GST to 8%, exemption list may also be cut:Business news
The GST Council may consider increasing the lowest GST slab from 5 percent to 8 percent in its next meeting. Additionally, exemptions in the Goods and Services Tax regime can also reduce inventory.
This step can be taken to increase the revenue and remove the dependence of the states on the Center for compensation. A source has given this information on Sunday. A panel of state finance ministers is likely to submit its report to the council by the end of this month, suggesting various steps to boost revenue, including raising the lowest slab and rationalizing slabs.
Governor, Maharashtra Bhagat Singh Koshyari, Deputy Chief Minister Ajit Pawar, Union Minister, Ramdas Athawale, Member of Parliament, Prakash Javadekar were among those present on the occasion.
Speaking on the occasion, the Prime Minister recalled the contribution of Pune in the freedom struggle and paid tributes to the freedom fighters like Lokmanya Tilak, Chapekar Brothers, Gopal Ganesh Agarkar, Senapati Bapat, Gopal Krishna Deshmukh, R G Bhandarakar and Mahadev Govind Ranade.
He also bowed to Rambhau Mhalgi and Baba Saheb Purandare.
Prime Minister, who unveiled the statue of Chhatrapati Shivaji Maharaj in the premises of Pune Municipal Corporation earlier, paid tribute to the great warrior king.
“This statue of Shivaji Maharaj, who resides in the heart of all of us, will awaken the spirit of patriotism in the younger generation”, he said.
Referring to the inauguration of the Pune Metro Project by him earlier, the Prime Minister said, “It is my good fortune that you had invited me to lay the foundation stone of Pune Metro and now you have given me the opportunity to inaugurate it through news.
It also has the message that plans can be completed on time.”
Delhi government’s business blasters programme in private schools also from next year:News
Delhi Deputy Chief Minister Manish Sisodia Saturday said the city government’s Business Blasters programme, which aims to encourage entrepreneurial mindset among students, will be started in private schools also from next year through news connfrence.
He was speaking at the Business Blasters Investment Summit and Expo at the Thyagraj Stadium here where over 100 business ideas of government school students were presented to investors.
“The Business Blasters programme will also be extended to private schools from next year. A meeting will be held on March 7 to discuss how it can be rolled out in private schools,” Sisodia said at the event.
