Economy – Atlas Today

Written by:RituPosted on:January 27, 2023

Oil prices moved little on Friday and were set to end the week flat amid caution over an upcoming OPEC+ panel meeting, as well as more cues on the U.S. economy from a reading on the Federal Reserve’s preferred inflation gauge. Ministers from Algeria, Kuwait, Venezuela, Russia and Oman are set to meet virtually next week as part of a panel called the Joint Ministerial Monitoring Committee (JMMC). The panel can call for a full…

Written by:RituPosted on:January 13, 2023

The U.S. dollar edged lower in early European trade Friday, continuing the previous session’s selloff after cooling U.S. inflation opened the way for the Federal Reserve to ease the pace of its interest rate hikes. At 03:05 ET (08:05 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 0.1% to 101.965, having slipped to its lowest level since June earlier in the session. The index is headed…

Written by:RituPosted on:January 12, 2023

People in China worried on Thursday about spreading COVID-19 to aged relatives as they planned returns to their home towns for holidays that the World Health Organization warns could inflame a raging outbreak. The Lunar New Year holiday, which officially starts from Jan. 21, comes after China last month abandoned a strict anti-virus regime of mass lockdowns that prompted widespread frustration that boiled over into historic protests. That abrupt U-turn unleashed COVID on a 1.4…

Written by:RituPosted on:June 23, 2022

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…

Written by:RituPosted on:June 7, 2022

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…

Written by:RituPosted on:February 16, 2022

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…

Written by:RituPosted on:February 8, 2022February 8, 2022

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…

Written by:RituPosted on:February 3, 2022

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…

Written by:RituPosted on:February 1, 2022

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…

Written by:RituPosted on:October 7, 2021

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…