UK INFRASTRUCTURE
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.
Britain’s economy isn’t seeing growth anywhere near India’s 7% GDP rise — this has caused fewer differences between the Conservatives and Labour: Jaideep Prabhu
The UK election landscape is marked by economic uncertainties post-Brexit, minimal policy distinctions between parties, and environmental concerns driving voter engagement. Influential figures like Farage, Johnson, and Sunak shape political narratives, while climate change discussions underscore the urgency for sustainable solutions amidst global warming threats.
In the UK election campaign's final hours, Sunak battles to the end as Labour's Starmer eyes victory
Rishi Sunak, the current UK prime minister, is facing a national election on Thursday, marking the end of his 20-month tenure and the four Conservative prime ministers before him. The Labour Party is expected to elect a government that has not been in power since 2005. Sunak has expressed confidence in the outcome of the election, stating that things have turned a corner. Labour leader Keir Starmer has been campaigning for change, urging voters to support his center-left party.
Who are the main players in the UK's upcoming national election?
Prime Minister Rishi Sunak's Conservatives are widely expected to lose to the main opposition party, the left-of-center Labour, after 14 years in power under five different prime ministers. The Conservatives and Labour traditionally dominate British politics under the U.K.'s "first past the post" electoral system, which makes it difficult for smaller parties to win representation in Parliament.
UK economy grew 0.7% in first quarter of 2024
Britain's economy grew by 0.7% in the first quarter of this year compared to the previous quarter, surpassing an initial estimate of 0.6% growth, according to official figures released on Friday. This data arrives just days before a national election where opinion polls suggest Labour Party leader Keir Starmer may replace Conservative Prime Minister Rishi Sunak.
Can cyber-attacks on the US stop its drinking water supplies?
In recent times, the US has been attacked by Iran, Russia and China based hackers who have targeted various water utility projects. This has exposed the country’s outdated infrastructure and has shown a lackadaisical approach in dealing with cyber-crimes that threaten its critical IT infrastructure.
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Bather, beware: British beaches and rivers have a sewage problem. It has seeped into election talk
Endurance swimmer Joan Fennelly faces contaminated water in the River Thames while swimming year-round. She takes precautions due to sewage and agricultural pollution in the waterways of Britain.
Budget 2024: India looks for infra push; may tap funds from UK, Saudi & Japan
In the upcoming Budget, Finance Minister Nirmala Sitharaman is set to prioritise infrastructure investment to boost demand for steel, cement, and create jobs. The Indian government eyes funding from the UK, Saudi Arabia, and Japan for specific projects like roads and highways. Investor concerns, equity offerings, and environmental considerations are key factors in attracting investments.
UK law firm Ashurst names Kalpana Unadkat and Shishir Mehta co-heads for India practice
UK-based law firm Ashurst appoints Kalpana Unadkat and Shishir Mehta as co-heads of their India practice in London, reflecting the firm's commitment to investing in India's growing market.
Essar to invest Rs 30,000 crore in green hydrogen plant in Gujarat
Essar Group aims to invest Rs 30,000 crore in a green hydrogen plant in Jamnagar, Gujarat over the next four years. The focus will be on clean energy for growth. Plans include decarbonizing the UK oil refinery, building a green steel plant in Saudi Arabia, and creating an LNG and electric ecosystem for long-haul trucks. Essar also considers mining critical minerals for electric vehicle batteries and plans to expand renewable energy and green mobility solutions, such as LNG and electric trucks.
PM Modi meets Joe Biden, other global leaders at G7 summit
PM Narendra Modi, on his maiden trip abroad since his re-election for the third straight term in office, met US President Joe Biden on Friday in a brief pull aside at the G7 summit and is understood to have touched upon various issues of common interests, including the Indo-Pacific region. "It's always a pleasure to meet @POTUS @JoeBiden. India and USA will keep working together to further global good," Modi wrote on X following their one-on-one meet on the sidelines of the G7 Summit in Italy.
How labour party’s election vows stack up for UK markets
Labour party unveils manifesto to control debt, boost homebuilding, and upgrade infrastructure. UK stocks and sterling rally ahead of election.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
As India steps back into coalition era, uphill road for tough reforms
In the new coalition government era, India's reform agenda may prioritize job creation and factors market reforms. Balancing political sensitivities and reform priorities will be crucial for the government in navigating coalition dynamics and opposition pressures.
Continuum energy to raise $650 m via bonds
Continuum Green Energy, a renewable energy generator, plans to raise $650 million in bonds to refinance existing debt, with Deutsche Bank, HSBC, JPMorgan, and Standard Chartered Bank as arrangers.
Expect debt to remain stable; won't reduce significantly this year: TV Narendran, Tata Steel
So, this year is going to be a very crucial year, turnaround in Netherlands, last year was a loss, this year will be a profit at least at an EBITDA level and the UK second half we hope to move from a loss making facility to at least a balanced facility.
Cochin Shipyard gets EUR 60 million order for hybrid SOVs from UK operator
CSL said the hybrid SOVs are the workhorse of the growing, highly specialised renewables segment, in which it is actively looking forward with their proven track-record in the offshore support vessels.
Rishi Sunak's summer election brings hope to Britain's bruised financial sector
Executives in London's financial hub are cautiously optimistic about the upcoming UK elections on July 4, hoping for a government that prioritizes stability and supports the finance sector. Despite the likelihood of a Labour Party victory, which would mark a significant political shift, business leaders are relatively calm. Boris Johnson's past dismissals of financial concerns, particularly regarding Brexit, strained relations with the City, but recent efforts to mend ties have been noted.
Supermarkets tell Britishers not to panic after survival kit advisory
UK retailers caution against bulk-buying as government advises having 3 days' worth of supplies. Andrew Opie from British Retail Consortium emphasizes most households already have enough non-perishables. Government launches 'Prepare' website for emergency preparedness.
Concerned about China providing inputs to Russia's defence industrial base: US
US National Security Advisor Jake Sullivan expressed concerns about China's support to Russia's defense industry, emphasizing the Biden administration's concerted efforts with allies to address this issue. Responding to the UK Defence Minister's claim that China is providing lethal aid to Russia, Sullivan clarified that the US has not observed direct weapon transfers but is worried about China's contributions to Russia's defense production. British Defence Minister Grant Shapps accused China of supplying combat equipment to Russia, noting increased trade between the two nations.
If Modi is re-elected, these sectors will get his most attention
Prime Minister Narendra Modi has pledged to propel India to become the world's third-largest economy if re-elected for a third term. His ambitious 100-day agenda post-election includes prioritizing manufacturing, new-age technology, infrastructure development, and clean energy sectors. The government aims to implement reforms to boost economic growth and attract foreign investment.
India's global travel & tourism index rank up at 39th: WEF index
India climbed to the 39th position on the World Economic Forum's Travel & Tourism Development Index 2024, reflecting the resurgence of global tourism post-pandemic. The US leads the list, while India ranks highest in South Asia and among lower-middle-income economies. India boasts competitive infrastructure and resources, driving travel demand sustainability.
Tata Steel signs grid agreement to make its UK project green
"This will help us replace our aging and carbon-intensive blast furnaces with a state-of-the-art electric arc furnace capable of producing our customers' most demanding steel products," said Rajesh Nair, chief executive of Tata Steel UK, in a website statement.
Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
ONGC, NTPC Green mull joint bid for NIIF-owned Ayana Renewable Power
ONGC is reportedly in discussions with NTPC Green Energy to jointly bid for Ayana Renewable Power, owned by NIIF. Several potential buyers have submitted non-binding offers for Ayana. ONGC previously announced ONGC Green for renewable projects, while NTPC Green plans an IPO. Ayana focuses on solar and wind energy projects.
RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24
The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.
Peer community groups can help with financial success of women entrepreneurs in tier-II cities and beyond: Tide India’s Gurjodhpal Singh
Tide India has come up with a women aspiration index which shows the challenges and opportunities for women entrepreneurs in non-metro cities.
Antigua, Grenada, Dominica: Citizenship-related visas explained
Caribbean's CBI programs offer diverse benefits like visa-free travel, low living costs, and multiple citizenships. Antigua, Grenada, and Dominica provide unique investment options. CARICOM allows free movement and residency in 20 countries, fostering economic cooperation and integration.
UK PM Sunak promises to work 'as hard as ever' after disastrous local elections
Opposition leader Sir Keir Starmer has hailed his party's "phenomenal result", which included Labour's Sadiq Khan being re-elected for a record third term as London Mayor on Friday. But Starmer also appealed to the voters who had punished the party over its weak stance on the Israel-Gaza conflict, after analysis showed that Labour suffered losses to independents and the anti-war Worker's Party of Britain in areas with large Islamic populations as a result.
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