BUSINESS
Russian oil exports to India quadrupled in March as Europe shuns cargoes
Russia has exported 360,000 barrels a day of oil to India in March so far, nearly four times the 2021 average. The country is on track to hit 203,000 b/d for the whole month based on current shipment schedules, according to Kpler, a commodities data and analytics firm. Export data represent cargoes that have been loaded on to tankers and are enroute India, Financial Times reported
Nickel hits lower circuit in early trade on LME
The benchmark three-month nickel contract on London Metal Exchange declined 12 per cent on Friday morning to hit a lower circuit, CNBC reported. The price of nickel hit $36,915 a tonne as it opened for trade. Heavy selling in international metal markets weighed on the contracts. Nickel is widely used in stainless steel and electric-vehicle batteries.
Investors bag Rs 19 lakh crore as Sensex up 5,000 pts in 8 sessions
During the same time period, Nifty rose over 1,400 points. Some moderation in internal commodity prices -- including crude oil -- had pushed investors to make a comeback in the markets. After hitting a 14-year high of $130 in early March, international crude oil prices are currently hovering around $108, which led to volatility in the financial markets abating a bit.
World's largest trade deal comes into effect in Malaysia
Malaysia is expected to be the largest beneficiary among the ASEAN (the Association of Southeast Asian Nations) members from the RCEP in terms of export gains, Xinhua news agency quoted the Ministry as saying. The country is expected to see a $200 million increase in export gains, making the RCEP a vital tool in recovering from the economic disruptions caused by the Covid-19 pandemic, it said.
Russia to propose 10-yr ban on foreign firms which don't return by May 1
A copy of the letter addressed to the head of the Ministry of Economic Development Maxim Reshetnikov was reported by RT. The deputy recalled that a number of foreign companies have suspended their work in Russia, the provision of services to Russians and investments. According to him, they plunged tens of thousands of citizens into a state of uncertainty about their future work and well-being.
Germany's GDP growth forecast halved due to Ukraine crisis
The annual inflation rate in Germany is expected to rise to 5.8% in 2022, the highest since the country's reunification more than 30 years ago, according to the institute's "Spring Forecast". The Ukraine crisis "delays the return to pre-Covid-19 levels into the second half of the year" and is "putting a noticeable strain on the German economy and increases the already strong inflationary pressure", Xinhua news agency quoted IfW Kiel.
Future Retail's shares slump to 52-week low after it issues clarification on Reliance deal
The Future Retail was down 9 percent at INR 38.4, the Future Enterprise was down 17 percent at INR 7.45, the Future Lifestyle was down percent at INR 41 and Future Supply Chain Solutions was down 5 percent at INR 53.65. The Supreme Court has also lifted a stay by the Delhi High Court on the Singapore Arbitration Tribunal Centre (SIAC) in the case between Amazon and the Future Group.
ASEAN launches negotiations to upgrade trade in goods agreement
Economic Ministers of the Association of Southeast Asian Nations (ASEAN) have launched negotiations to upgrade the ASEAN Trade in Goods Agreement (ATIGA), the regional bloc said a statement. The ASEAN ministers also fully supported 19 Priority Economic Deliverables for 2022 proposed by Cambodia, and one of them was the ATIGA Upgrade Negotiations, he said.
RBI extends RBL Bank's interim MD and CEO Ahuja's tenure
In a regulatory filing made to the BSE, the bank said: "We wish to further inform that on request of the Bank, RBI vide its letter... dated March 17, 2022, has approved the extension of term of Rajeev Ahuja, interim Managing Director & CEO of the Bank for a further period of three months with effect from March 25, 2022 or till the appointment of a regular MD & CEO, whichever is earlier."
Ola Electric to raise e-scooter prices in next purchase window
The firm is slated to commence the next purchase window on March 17-18, coinciding with the Holi festival. Ola CEO Bhavish Aggarwal made the announcement of the price hike on his official Twitter handle. There's no mention of the exact range of the price increase. "Thanks to all who have purchased S1 Pro already and special thanks to those who've bought their 2nd or 3rd S1 Pro. Last chance to get it for 129,999".
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