LOCAL AND INTERNATIONAL PRICES
Marriott ties up with Whiteland corporation for first branded residences project
The Gurugram property, with an investment of more than Rs 5,600 crore, will be developed in phases with local developer Whiteland Corporation and will encompass an area of 6 million square feet, Trinh Quynh Phuong, vice president of mixed-use development for Asia Pacific at Marriott International, told ET.
ATF price hiked 1.2% after a 6.5% cut seen in June
Jet fuel prices saw a 1.2% hike on Monday, with Aviation Turbine Fuel (ATF) rising to Rs 96,148.38 per kl in Delhi, following a previous 6.5% reduction on June 1. In Mumbai, ATF reached Rs 89,908.30 per kl. Meanwhile, commercial LPG prices for hotels and restaurants were cut by Rs 30 per 19-kg cylinder to Rs 1,646.
Bitcoin at one-month low in a broad crypto market selloff
Bitcoin touched a one-month low due to outflows from digital-asset investment products and the prospect of higher US borrowing costs, affecting the cryptocurrency market.
Int’l investors grabbed bulk of share offering: Saudi Aramco
Saudi Aramco's latest offering raised $11.2 billion with international investors acquiring the majority of shares. The Gulf kingdom aims to boost finances for large-scale projects in preparation for a post-oil future.
T20 World Cup in the US: ICC falls short on preparations
The pitch at the Nassau County International Cricket stadium is anything but ideal. Random balls kick up awkwardly and the bounce is inconsistent. The ICC was forced to issue a defensive statement, saying they are taking cognizance of the situation and their “world-class grounds team” will do their best to redeem the situation. The issue is this very same world-class grounds team should have done it earlier and not put the India-Pakistan game in jeopardy. The pitch has reduced the game to a lottery.
SMS makes a strong comeback as global firms shift away from WhatsApp
Global tech firms like Amazon, Google, and Microsoft have returned to using SMS OTPs in India after Meta's WhatsApp changed pricing and norms for international authentication messages. This has led to a 50-70% increase in monthly international SMS volume for telecom operators in India since March.
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'Made in India' bullet trains with top speed of 250 kmph in making
The Indian Railways has assigned the Integral Coach Factory (ICF) to manufacture two standard-gauge bullet trains this fiscal year, aiming to address delays in negotiations with Japanese suppliers over costs. These bullet trains, capable of speeds up to 250 kmph, will operate on the Mumbai-Ahmedabad High-Speed Rail corridor. Built on the Vande Bharat platform, the trains face tight delivery timelines. The project has been delayed due to land acquisition issues, and experts believe achieving the target speed within this fiscal year is challenging.
China risks trade war on two fronts as low-tech exports soar, too
Rising trade tensions as the EU, US, and potentially Canada impose tariffs on Chinese electric vehicles, are impacting global trade dynamics.
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
Aramco kicks off giant share sale in test of investor appetite
Saudi Arabia is looking to attract more international shareholders after Aramco’s mega IPO five years ago turned out to be largely a local affair. Investors will need to weigh a $124 billion annual dividend payout, one of the world’s heftiest, against shares that are far more expensive than other energy supermajors. Government control and the demand outlook for oil in the face of climate change also present long-term risks.
The man who escaped the scam rings of Cambodia
Thousands of workers are trafficked to Southeast Asia to commit cyber fraud on their fellow citizens over social media. Ex-serviceman Botcha Sankhar, who was forced to work in the scam compounds of Cambodia for six months, unravels the modus operandi of this new and terrifying form of crime and forced labour
Boeing Starliner capsule's first crewed test flight postponed at last minute
Boeing's Starliner space capsule's inaugural crewed test flight faced another delay due to a technical issue, halting the countdown for at least 24 hours. The mission, carrying two astronauts to the ISS, is crucial for Boeing to compete with SpaceX in NASA's spaceflight contracts. The delay, caused by a ground system computer triggering an automatic abort command, marks another setback in Starliner's history of delays and glitches. Boeing is striving to catch up with SpaceX, NASA's primary transport to the ISS, and hopes for a successful mission to secure future contracts.
Israel reopens Gaza food sales as Rafah raid chokes aid
Army authorities gave Gazan traders the green light to resume their purchases from Israeli and Palestinian suppliers of food such as fresh fruit, vegetables and dairy goods this month, days after Israeli forces launched an assault on the enclave's southernmost city of Rafah, the people said.
India imports more silver in 4 months of 2024 than in all of 2023
India's silver imports in the first four months of 2024 have surpassed the total for all of 2023, driven by rising solar panel demand and investor interest. The country imported a record 4,172 metric tons, up from 455 tons a year ago. This surge supports global prices and outperforms gold.
Voters in Prayagraj raise local issues like cleanliness and healthcare, activists see Lok Sabha polls as fight to save constitution
Voters of the Prayagraj Lok Sabha constituency highlighted local issues like cleanliness and healtcare, alongside a fight to preserve the Constitution and the unique "Ilaahabadi" culture. The rich historical and cultural significance of Prayagraj, known for its educational institutions and spiritual heritage, adds depth to the election narrative. Various residents expressed concerns about unemployment, youth distress, institutional integrity, and the need for development in the city. The upcoming polls on May 25 will see a contest between the BJP and other parties, empowerment and overall development.
INDIA bloc's Ujjwal Singh says under BJP, Allahabad lost importance, local woes not addressed
Singh, who recently switched from the Samajwadi Party to the Congress, said today a big city like Allahabad requires an Information Technology (IT) Park, an international-level stadium, and a metro rail service while its rural areas need adequate water supply for irrigation. The BJP had fielded Neeraj Tripathi from the Allahabad Lok Sabha seat, replacing Rita Bahuguna Joshi.
It's also the journey, not just destination
Reaching this figure would have taken a whole year to achieve about a decade ago. Annual data for remittances reveals a significant rise in overseas travel spending, which reached $17 bn in FY24, an increase of more than 24.5% over the $13.6 bn in the previous year. In comparison, India's inbound tourism earnings in 2023 were $28.07 bn.
How is the violent unrest in New Caledonia impacting global nickel prices?
Global nickel prices have surged following violent unrest in New Caledonia, a major nickel producer. Social unrest erupted over French constitutional changes allowing certain residents to vote in elections. New Caledonia holds significant nickel reserves, critical for electric vehicles and other industries. The turmoil has disrupted supplies, contributing to the price spike.
Wheat processors calls for removal of import duty to ease supply shortage
The wheat processing industry is urging the removal of the 40% import duty on wheat to address the shortage in the local market. With government procurement falling behind targets and carry-forward stocks at a 16-year low, industry representatives argue that eliminating the duty would facilitate imports, bolster buffer stocks, and stabilize wheat prices. International wheat prices have surged by over 15% in the last 10 days, making it financially viable for some mills in South India to import wheat if the duty is lifted.
6 Travel expenses for which you can use a personal loan
Personal loans from IDFC FIRST Bank, specifically FIRSTmoney, help cover travel expenses without draining savings. FIRSTmoney's digital loans offer flexible fund access for stress-free travel planning.
International Energy Agency warns of key energy mineral shortage risk
The International Energy Agency (IEA) has reported a sharp drop in prices for minerals essential for the green energy transition, indicating a shortage due to inadequate investment. The agency noted that prices for minerals key for electric vehicles, wind turbines, and solar panels fell back to pre-pandemic levels as supplies caught up with and surpassed demand. The IEA expressed concern that this may deter investment needed to meet demand, which is set to soar as many nations phase out sales of new internal combustion engine cars in the next decade.
Stellantis considering India manufacturing of affordable EVs
The group, which owns several brands including Chrysler, Citroën, Fiat and Jeep, is considering locally manufacturing affordable electric vehicles from its Chinese joint venture partner Leapmotor at its facility in Thiruvallur, Tamil Nadu.
Why lifting of export ban won’t help increase exports or the local prices of onions
Five months after implementing a restriction on onion exports due to anticipated shortages in the rabi harvest, India revoked the ban on Saturday. But this decision is unlikely to significantly impact either export volumes or the reduction of domestic onion prices. Industry sources suggest that the government became aware of growing discontent among farmers, which could potentially influence voting in seven Lok Sabha constituencies in Maharashtra.
TBO Tek riding high on growth in travel and tourism, but issue looks a bit pricey
It will also raise up to Rs 1,151 crore through an offer for sale by promoters and investors. The promoter group’s stake will fall to 44.4% after the IPO from 51.3%.
ETP providers seek RBI nod to facilitate smooth g-sec trades for foreign investors
India's sovereign debt is set to be included in a JP Morgan bond index suite from June 28, while Bloomberg has announced the incorporation of domestic bonds in one of its indices from January 2025. Analysts expect the inclusions to lead to foreign investment inflows of $30 billion-45 billion into the local bond market.
Australian farmers likely to grow more chana for Indian consumers
India's decision to remove the 66% import duty on desi chana has caused international prices to surge by 7-10%. This move is expected to encourage Australian farmers to increase the acreage and production of Bengal gram for export to India, as sowing is ongoing there until the end of May. However, some in the pulses industry fear that this could discourage Indian farmers from sowing chana next season, leading to increased import dependence. Despite the government's estimation of 12 million tonnes of chana production for 2023-24, trade estimates suggest a lower figure of about 8 million tonnes, against India's requirement of over 9 million tonnes.
Access to international orbital slots opens new doors for Indian satcom companies
Experts and industry executives said this will allow Indian players to tap surplus international satellite capacities to deliver satcom services at competitive rates in India.
What the fresh march higher in oil means for world markets
The International Monetary Fund on Tuesday described an "adverse scenario" in which an escalation of conflict in the Middle East would lead to a 15% jump in oil prices and higher shipping costs that would hike global inflation by about 0.7 percentage points. The tightness in oil supplies, and higher prices, has been underpinned by oil producing group OPEC and other big oil producers curbing their output.
Buy local chips, China urges EV makers as US clash deepens
Chinese government urges EV manufacturers to boost local chip purchases through Ministry of Industry, aiming to reduce reliance on Western imports. Tender processes show preference for local suppliers even with lower price offers from foreign bidders. The ministry is now directly instructing firms to avoid foreign semiconductors if at all possible, said the people, who asked to remain anonymous discussing sensitive information.
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