Gold Prices Steadied Above A Major Support Level On Monday As Growing Risks Of An Economic Recession Spurred Some Safe Haven Demand For The Yellow Metal. Prices also recovered marginally from a bruising September, where they dropped 3%. Bullion prices marked their worst quarter since March 2021 with a 7.5% drop Spot gold rose 0.2% to $1,663.99 an ounce, while gold futures were flat around $1,672 an ounce by 20:31 ET (00:31 GMT). Prices of…
Following the withdrawal of Western certifiers due to international sanctions against Moscow, India is now providing safety certification for dozens of ships managed by a subsidiary of the leading Russian shipping company Sovcomflot, according to official data. This has enabled oil exports to India and other countries. After insurance, certification from one of the top classification organizations in the world, the Indian Register of Shipping (IRClass), adds the final piece of documentation required to keep…
"Russian oil tankers receive India’s insurance through a company in Dubai" The oil shock this year has had the greatest impact on developing countries. Many are reliant on imported petroleum, which is being suffocated by a combination of high international costs, weak currencies, and competition from wealthy nations recovering from the pandemic. In nations where food costs are already rising, higher gasoline bills are worsening inflation. The combination is causing public anger and protests, which democratic governments know is one of the fastest ways to lose…
"As a result of the oil shock, poorer nations are wracked by shortages and demonstrations." India’s aluminium smelters, textile mills, sponge iron and fertiliser-makers say they face a coal shortage as power generators take the bulk of supplies. India’s top miner Coal India Ltd, which accounts for more than 80% of India’s production of the fuel, and the federal coal ministry, deny there is a problem. In a letter to the Prime Minister Narendra Modi dated Feb. 7, eight industry associations including the Aluminium Association of India and Fertilizer Association…
"Non-power coal users claim supply shortage; government denies it" India’s gross domestic product (GDP) is projected to grow at 9.2 per cent to Rs 147.5 lakh crore in 2021-22, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to a query in the Lok Sabha, Chaudhary said the government has implemented several major reforms in recent years to boost investment and GDP growth. “As per the first advance and first revised estimates of GDP released by the National Statistical…
"India GDP estimated at Rs 147.5 lakh crore in FY22: MoS Finance Pankaj Chaudhary" Sri Lanka signed a $500 million credit line with India to import fuel on Wednesday, officials said, as the island nation seeks to stave off rolling power cuts amid a foreign exchange crisis that has hampered purchases of diesel for power plants. The Export-Import Bank of India (EXIM) will provide the credit line for purchasing petroleum products, India’s High Commission in Sri Lanka’s main city Colombo said on Twitter. Sri Lanka is struggling with its worst financial crisis in…
"Sri Lanka signs $500 million credit line with India to import fuel" In a key move aimed at revamping the current IBC ( insolvency and bankruptcy code), Finance Minister Nirmala Sitharaman said the existing regime would be tweaked to improve the overall efficiency of the resolution process as well as address the subject of cross-border insolvency resolution. To be sure, cross–border insolvency refers to circumstance in which an insolvent debtor has assets and /or creditors in more than one country. Currently, the legal and regulatory framework does not allow…
"Govt gives nod to new framework for cross-border insolvency cases" By Administrator_India Capital Sands The rupee tumbled to the almost 75 a dollar level and the 10-year bond yields remained elevated on Wednesday, shrugging off India’s outlook revision by Moody’s, as international crude oil prices rose to a seven-year high, fuelling concerns about a wider fiscal deficit and rising inflation. The rupee closed at 74.98 a dollar, briefly touching 74.99 during the day, at which point the Reserve Bank of India (RBI) intervened to prevent it from breaching the…
"Rupee at 74.98 against USD, bond mkt shrugs off Moody’s outlook upgrade" By Administrator_India Capital Sands Continuing the buying in Indian markets, foreign portfolio investors (FPIs) pumped in a net sum of Rs 7,605 crore in September so far. According to data from depositories, overseas investors invested Rs 4,385 crore into equities and Rs 3,220 crore in the debt segment during September 1-9. FPI funding in September comes after buying to the tune of Rs 16,459 crore in August, with a record Rs 14,376.2 crore investment in the bonds market. For…
"FPIs continue to be net buyers, pump in Rs 7,605 crore in Sep so far" By Administrator_India Capital Sands The country’s gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India’s GDP growth projection of 21.4 per cent for the April-June quarter. Based on our ‘Nowcasting’ model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias), the…
"India’s GDP likely to grow at 18.5% in Q1FY22: SBI report" By Administrator_India Capital Sands The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the Finance Minister said, “No Sir”. Many economists and experts have suggested the government to resort to printing more currency notes to support the economy ravaged by the spread of COVID-19,…
"No plan to print currency notes to tide over economic crisis: Sitharaman"
