SUPPLY NEGOTIATIONS
Trade routes in turmoil: Why Indian exports are piling up in Colombo and Singapore
About 75% of India's transshipped cargo is handled at ports outside India, and the major trade routes connecting India to various destinations, including Colombo, Singapore, and Port Klang, are currently experiencing strain.
US industries fearing a port strike urge Biden to revive talks
Amidst peak shipping season, stable long-term contracts at West Coast gateways draw focus during labor negotiations at East and Gulf Coast ports.
"It's all happening again": The supply chain is under strain
The intensifying upheaval in shipping is prompting carriers to lift rates while raising the specter of waterborne gridlock that could again threaten retailers with product shortages during the make-or-break holiday shopping season. The disruption could also exacerbate inflation, a source of economic anxiety animating the U.S. presidential election.
Oil softens to $82 a barrel on Fed rate decision, ample supply outlook
Oil prices slipped on Thursday as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut to December and as U.S. crude and fuel stocks rose.
Oil slips on US growth worries, ample crude supply
Oil prices fell as U.S. Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
AAP accuses Haryana's BJP govt of negative politics, stopping Delhi's water supply
AAP accused the BJP government in Haryana of playing negative politics and cutting off water supply from Yamuna, causing a severe shortage in Delhi. AAP's chief national spokesperson Priyanka Kakkar stated that Haryana reduced Delhi's water share from Himachal Pradesh by 200 cusecs, defying an agreement. Delhi plans to raise these concerns in the Supreme Court, which is set to address the issue. Haryana stands accused of not releasing Delhi's water share, a claim denied by the BJP, who blamed AAP for mismanagement leading to water theft and wastage.
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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.
Nitish Kumar may seek '1 nation 1 power tariff' in NDA negotiations
Nitish Kumar has been pushing for subsidized electricity rates from NTPC and other central producers. A senior JDU leader mentioned that Bihar buys electricity at a high cost and also provides consumer subsidies. Kumar might request a "one nation, one tariff" policy for electricity. With Bihar's assembly elections approaching in 2025, this issue is significant.
View: Tackling FTA attractions
India has resumed free trade negotiations with trading partners after withdrawing from the Regional Comprehensive Economic Partnership (RCEP) negotiations in 2019. The process has been restarted with the signing of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) in March 2021, followed by India-UAE Comprehensive Economic Partnership Agreement (CEPA), India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, and India-European Free Trade Association (EFTA) pact in February this year.
Union health secy highlights India's health achievements, future goals at WHO assembly
India, in collaboration with the World Health Organization (WHO), plans to strengthen its drug regulatory system to ensure quick access to high-quality medical products for all. Union Health Secretary Apurva Chandra highlighted the country's core capacity score of 86% to detect, assess, report, and respond to health emergencies, surpassing the Southeast Asia Region and Global average.
Commerce dept mulls trade pact talks SOP, chapter on critical minerals in Chintan Shivir
The government in New Delhi is focusing on critical minerals in FTAs, data adequacy issues, and challenges in e-commerce. SOP for trade pacts, real-time negotiation challenges, and data sovereignty issues were discussed by the commerce ministry.
Commerce ministry working on standard operating procedure for FTA negotiation
The commerce ministry recently conducted a 'Chintan Shivir' in Rajasthan's Neemrana to discuss issues related to Free Trade Agreements (FTAs). The event included deliberations on standard operating procedures (SoPs) for FTA negotiations, capacity building, and addressing contemporary issues like labor, environment, and gender. Participants emphasised the importance of economic assessment, digital trade challenges, and interdisciplinary support for successful negotiations. They highlighted the need for expertise in law, economics, data analytics, and industry-specific knowledge.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
India has a rare request for Reliance & state refiners on Russia oil deal
India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance's reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.
Commerce ministry's draft strategy to negotiate future FTAs to be circulated among key departments soon
The commerce ministry has developed a draft comprehensive strategy for future Free Trade Agreements (FTAs). The draft will reviewed by key departments, aiming to streamline negotiation processes with India's trading partners. The strategy, presented during a recent meeting involving trade experts, aims to ensure thorough analysis, background work, and systematic reporting throughout negotiation phases. Discussions at a recent 'Chintan Shivir' in Rajasthan also covered topics like India's trade strategy, including new issues like labour and environment in FTAs.
Comm Min holds discussions on formulating SOPs to negotiate FTAs
The commerce ministry discussed formulating SOPs for negotiating FTAs during a Chintan Shivir, engaging with trade partners like the UK, EU, Peru, Australia, and the Eurasian Economic Union. The discussions included India's trade strategy, vision 2047, and new disciplines like labour and environment.
Indian seafarers remain most abandoned at sea for another year
For two consecutive years, Indian seafarers have faced the highest rates of abandonment, with 411 individuals already left stranded on ships within the initial six months of the current year. According to a report from TOI, a total of 116 vessels and 1,672 seafarers have been abandoned so far in this year.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
Taiwan is selling more to the US than China in major shift away from Beijing
Taiwan is shifting its focus away from China, the world's second-largest economy, and towards the United States. The world's largest computer chip maker, TSMC, announced bigger investments in the U.S. last month after a boost from the Biden administration. Taiwanese semiconductor company ended its two-decade-long run in mainland China amid a global race to gain the edge in the high-tech industry.
Xi says China hopes Europe will return to peace soon and that China will play a constructive role
Chinese President Xi Jinping welcomed Russian President Vladimir Putin in Beijing amid Russia's offensive in Ukraine. The leaders discussed strengthening their nations' partnership and signed agreements. Putin praised China's infrastructure initiative while pledging collaboration in global affairs. The visit highlights their close ties amidst geopolitical tensions and military cooperation.
Ahead of China trip, Putin says willing to negotiate on Ukraine
The Russian leader's two-day trip from Thursday comes as his country's forces have pressed an offensive in northeastern Ukraine's Kharkiv region that began last week in the most vital border incursion since the full-scale invasion began, forcing almost 8,000 people to flee their homes.
Akshaya Tritiya 2024: Why gold rates vary across cities?
On Akshaya Tritiya, Hindus globally celebrate by purchasing gold, symbolizing prosperity and new beginnings. However, understanding the fluctuating gold prices across Indian cities is crucial. Factors such as local demand, transportation costs, taxes, market competition, and global trends influence these variations. Despite the timeless allure of gold, its pricing reflects the intricate dynamics of each urban center, shaping the experience for buyers.
President Joe Biden just made his biggest blunder by cutting off munition supply to Israel
President Biden's decision to pause the delivery of bombs to Israel is driven by concerns for Palestinian civilians amid Hamas presence in Gaza. However, it inadvertently aids Hamas, prolongs the conflict, diminishes Israel's deterrence, risks wider war, and strains US-Israel relations. It's criticized for weakening Biden politically and potentially empowering adversaries.
Oil edges up after Israel strikes Gaza, while truce talks continue
Brent crude futures were up 46 cents, or 0.55%, at $83.79 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.59%, to $78.94 a barrel.
Global negotiations on a treaty to end plastic pollution at critical phase in Canada
The treaty talks began in Uruguay in December 2022 after Rwanda and Peru proposed the resolution that launched the process in March 2022.
Oil dips as investors eye Israel-Gaza truce talks, US Fed policy review
Brent crude futures dipped 5 cents, or 0.06%, to $88.35 a barrel at 0006 GMT, and U.S. West Texas Intermediate crude futures slipped 12 cents, or 0.15%, to $82.51 a barrel.
Germany fully backs submarine negotiations with India, wants to offer military cooperation alternatives to New Delhi: German envoy
Germany's Ambassador to India, Philipp Ackerman, has expressed full support for the negotiations between the German firm Thyssenkrupp Marine Systems and the Indian Navy for Project 75 India, which aims to build six new conventional submarines. The project, worth over six billion euros, is a key element of Germany's business strategy in Asia, aimed at diversifying its business relations due to various reasons, including the challenging behavior of India's northern neighbor. Germany is committed to teaming up with an Indian dockyard to build high-tech submarines in India, accelerating the defense partnership between the two countries.
India, UK trade pact talks at advance stage; we want a fair deal: Comm Min Secretary Sunil Barthwal
The negotiations for the proposed India-UK free trade agreement are at an advanced stage, and both sides are working to iron out differences on the remaining issues, a top government official said on Thursday. Commerce Secretary Sunil Barthwal said the negotiations are taking time because "we want" to safeguard India's interest.
Insurers negotiate with hackers as cyber claims rise
Insurers are tying up with agencies that act as intermediators to interact with hackers, or “threat actors”. These agencies help in negotiating with the hackers when they don’t release the key after stealing data. At least 5-10 cases involving large sums of money had been settled through such negotiations in a little over a year, experts told ET.
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