RED SEA INDIA
IMD issues red alert for Goa; Heavy rains cause waterlogging and traffic chaos
The India Meteorological Department (IMD) has issued a 'red alert' for Goa on Tuesday, saying heavy to very heavy rainfall was very likely at a few places and extremely heavy rainfall at isolated places with strong surface winds over North Goa and South Goa districts.
Karnataka: Anganwadis, Schools and pre-university colleges in Dakshina Kannada closed today due to heavy rain and red alert
Dakshina Kannada district has closed Anganwadis, schools, and pre-university colleges on July 6 due to heavy rainfall, following a red alert issued by the India Meteorological Department (IMD). Deputy Commissioner Mullai Muhilan's order also advises fishermen to avoid the sea and cautions citizens and tourists to steer clear of low-lying areas, riverbanks, and seashores for safety. The IMD forecasts isolated heavy rainfall over Coastal Karnataka on July 5-6 and South Interior Karnataka on July 6, with continued rainfall expected through July 9.
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
India aims to clock $2 trillion goods and services exports by 2030
India aims to clock $2 trillion goods and services exports by 2030 amid the Red Sea crisis and two ongoing wars.
Poised along the Indian border, Chinese troops are there for the long haul
The Strategic Studies Institute of the US Army War College published an in-depth report examining PLA activity along the mountainous border in Aksai Chin opposite India in 2020-21. It considered how the PLA rapidly moved troops into the region as violence flared between Chinese and Indian troops in Galwan Valley on 15-16 June 2020. However, Blasko, a former US defence attache in Beijing and Hong Kong, also provided a useful assessment of current and future conditions along the Line of Actual Control (LAC).
Piyush Goyal to meet exporters Thursday
India’s goods exports in FY24 were $437.1 billion and imports were $675.4 billion. The ministry has been developing standard operating procedures to negotiate free trade agreements with other countries and could come up for discussion, said another person aware of the meeting. Exporters are also likely to take up the issue of extending the Production-Linked Incentive (PLI) scheme to leather intensive sectors such as leather and footwear.
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Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis
ArcelorMittal's India joint venture warned New Delhi that planned curbs on low ash metallurgical coke imports, crucial for steelmaking, could harm the industry. The Red Sea crisis complicates supply chains, and the proposed 40% quota for European imports could disrupt operations. India's imports of this key steelmaking fuel have doubled in four years.
Maharashtra monsoon: IMD issues red alert in Sindhudurg
The forecast predicts thunderstorms accompanied by lightning and moderate to heavy spells of rain with gusty winds in these regions. The regional IMD office in Mumbai released the alert on Saturday, emphasizing the need for caution due to the expected severe weather conditions.
Estonia throw away from gentle Skut and a violent past
Estonia is country in northern Europe that is not discovered a lot. The country features in fictional characters like Skut the fighter pilot and General Vladimir in books by Herge and John le Carre, respectively. Estonia has a turbulent history, including being part of the Soviet Union until 1991, It has been a resilient country and has cybersecurity prowess and well-preserved architecture. A visit to Tallinn is harming city with a rich history.
Traders are bracing for a record-smashing summer that will shake up commodities
Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing.
India's growing weight will ensure overall global balance remains in favour of freedom, openness: Jaishankar
External Affairs Minister S Jaishankar highlighted India's increasing influence in maintaining a global order favoring freedom and transparency. Addressing the Nikkei Asia Future of Asia Forum, he emphasised the challenges posed by supply chain issues and economic coercion, particularly in light of China's ambitions. Jaishankar also discussed the evolving geopolitical, geo-economic, and geo-technological landscape, stressing the importance of resilience and redundancy in the face of global transformations.
Red Sea crisis driving up cost of white goods
The Red Sea conflict is causing a shortage of shipping containers, leading to challenges like contract cancellations due to the force majeure clause. Shipping lines are adjusting to the situation post the financial year closure.
Remain focused on being combat ready at all times: Navy chief to officers
Indian Navy Chief Admiral Dinesh K Tripathi has emphasized the need for the Navy to remain combat-ready to protect national maritime interests, especially in light of China's increased presence in the Indian Ocean and the volatile situation in the Red Sea. He highlighted the Navy's commitment to self-reliance and the importance of finding in-house solutions and embracing new technologies to address challenges in the maritime domain. The Navy has been actively providing assistance to cargo vessels under attack in the Red Sea, where Houthi militants have targeted ships to pressure Israel.
Container volume likely to grow 8 pc to 342 million tonnes this fiscal: Report
The slated connection of the dedicated freight corridor to Jawaharlal Nehru Port in FY26, along with capacity additions by ports, is expected to drive growth in container volume over the medium term, it added.
Kiara Advani joins the ranks of Aishwarya, Deepika! ‘Kabir Singh’ star to debut at Cannes
As per a report by Bombay Times, the actress is slated to attend the Women In Cinema Gala Dinner hosted by the Red Sea Film Foundation. This exclusive event, organized in collaboration with Vanity Fair magazine, aims to celebrate the achievements of six remarkable women from across the globe in the realm of entertainment.
Ballistic missiles fired by Yemen's Houthi rebels damage Panama-flagged oil tanker en route to India from Russia in Red Sea
Yemen's Houthi rebels have caused minor damage to a Panama-flagged oil tanker traveling through the Red Sea, following an uptick in attacks since a relative lull in their campaign over Israel's war on Hamas in the Gaza Strip. The rebels fired three missiles, one of which damaged the tanker. The attack occurred off Mocha, Yemen, near the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. The Houthis have launched more than 50 attacks on shipping, seized one vessel, and sank another since November.
India's engineering exports up 10.7% in March, says EEPC
India's engineering goods exports, including steel and machinery, increased by 10.7% YoY to $11.28 billion in March, despite supply issues caused by disruptions in shipping through the Red Sea. In the 2023/24 financial year, engineering goods exports rose 2.13% to $109.3 billion. However, global demand slowdown, Russia-Ukraine war, and Middle East conflict have impacted exports. India's merchandise exports fell to $437 billion, while automobile exports declined 5.5%.
As tensions mount in Red Sea, freight charges, insurance premiums may surge further
Heightened tensions between Iran and Israel are expected to increase freight charges and insurance premiums for shipping vessels on global routes. Ships bound for western European countries and the US are particularly at risk. Freight rates have already risen by about $100 per container for ships going through the Red Sea due to disruptions and capacity constraints. War risk insurance premiums, which were previously around 0.05% of the insured value of the vessel, have now increased to between 0.75% and 1%.
India’s exports declined 0.7% in March; trade deficit at an 11-month low
For the full year, the trade deficit, at $240 billion, was 9.3% lower than the previous year. Exports tumbled 3.1%, as geopolitical tensions continued to plague trade. Imports during this period were down 5.4% from FY23.
Engineering exports in FY24 surpass last year numbers despite global challenges: EEPC India
Engineering exports in FY24 rose to US$ 109.31 billion from US$ 107.04 billion in the previous financial year thus registering a growth of 2.13%.
India's exports to Europe may be affected due to Iran-Israel conflict
Exporters anticipate 10-15% rise in air freight to Europe post Iran's attack. Red Sea crisis diverts cargo to air, inflating costs. Longer routes cause delays and impact engineering exports. Kolkata exporter expects 30-35% reduction in new project exports.
Indian exporters revisit pacts amid disruption at high sea
Indian exporters seek legal advice after attacks by Houthi rebels and Somali pirates. They revise contracts, opting for DAP and FOB terms, amid disruptions in container shipping lines due to Red Sea crisis.
Red Sea Crisis: RBI and IRDAI asked to help limit impact on exports
In a letter, which was also addressed to state-run export finance institution Exim Bank, the finance ministry last month told the RBI and Insurance Regulatory and Development Authority of India (IRDAI) to monitor and look into the concerns raised by exporters with the commerce ministry about these disruptions potentially inflating India's export costs, officials said.
India expands strategic presence; to have defence attaches in more countries in Africa, Asia
New Delhi is also appointing a new defence attache to the tiny African nation of Djibouti that serves as a major maritime gateway around the Red Sea and Gulf of Aden, and is considered as a prized location for military bases, people familiar with the matter said on Wednesday.
China, India top buyers of Russian seaborne fuel oil, VGO in Feb, LSEG data shows
In February, China and India remained primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports, as they sought alternatives to crude oil. Russia redirected most of its fuel oil and VGO to Asia following the EU's oil embargo. Seaborne exports to India and China increased, while shipments to Turkey declined.
Red Sea crisis reaches the skies: Indian businesses battle high air freight cost & cargo space shortage
The Houthi attacks on ships have forced many Indian businesses to turn to air cargo to move their goods. This rise in demand and limited capacity has made air freight more expensive, causing troubles on multiple fronts.
India's diesel exports to Asia down 63% in March
Indian refiners exported 61,000 barrels per day (bpd) of diesel in March to customers in Asia, down from 163,000 bpd in February, according to energy cargo tracker Vortexa. Exports to Europe, however, rose 6.5% to 214,000 bpd in March. No diesel was exported to the US. "Ample supplies of diesel in Asia, especially due to strong exports from South Korea and China, have eroded export margins to Asia. Meanwhile, increasing planned or unplanned refinery maintenance in Europe has led to growing import demand," said Serena Huang, analyst at Vortexa.
India's inflation, growth at risk from Red Sea crisis-driven oil price rise, govt says
India's economy faces inflation and growth risks due to rising oil prices from Red Sea disruptions. Key trade routes impacted. High costs and delays could lead to pricier imports and affect export competitiveness. Diversifying trade routes necessary. Despite challenges, government predicts positive close to financial year. Inflation outlook optimistic, GDP growth estimate raised to 7.6%.
India's small exporters reel as Red Sea crisis helps rivals nab business
The Red Sea crisis has caused significant shipping costs and times for Indian companies, leading to job losses and increased costs for small exporters. In India, small exporters, who account for 40% of the country's annual merchandise exports worth $450 billion, have warned that job losses have started and could soar if the attacks, which began late last year, become prolonged.
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