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The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior US official said on Monday. The announcement came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in decades – an assertion Moscow rejected – and as Ukrainian President Volodymyr Zelensky spoke virtually with G7 leaders meeting at an alpine resort in southern Germany. Zelensky asked leaders of the Group of Seven leading industrial democracies for a broad range of military, economic and diplomatic support, according to a European official. G7 nations, which generate nearly half the world’s economic output, want to crank up the pressure on Russia without stoking already soaring inflation that is causing strains at home and savaging the global south. The price cap could hit Russian President Vladimir Putin’s war … [Read more...] about G7 to Hike Sanctions on Russia, Nears Oil Price Cap Deal

The story so far: The World Gold Council accorded India as the fourth largest recycler of gold, having recycled 75 tonnes of the valuable yellow metal in the previous year. As per the report titled ‘Gold refining and recycling’, India’s gold refining landscape has changed ‘notably’ in the past decade with formal operations increasing from less than 5 in 2013 to 33 in 2021. The import duty differential that gold doré has enjoyed over refined bullion has particularly accelerated the growth of organised refining in India. Helped by these tax incentives, about half of India’s new refining capacity opened up in Excise Free Zones (EFZs) in Uttarakhand since 2014. China topped the list having recycled about 168 million tonnes of gold in 2021. Italy stood second having recycled 80 million tonnes of gold in 2021, followed by the United States (78 million tonnes). For perspective, gold dorés are metal bars with high gold content. They are composed of a mixture of precious metals but … [Read more...] about Explained | What is gold recycling?

In view of the lockdown, the government on Friday released only a part of the retail inflation data, which indicates that food prices have gone up by 9.28 per cent in May. "All India year-on-year inflation rates for Consumer Food Price Index (CFPI) for the month of May 2020 for Rural, Urban and Combined sector are 9.69 per cent, 8.36 per cent and 9.28 per cent respectively," said an official press release. In May 2019, the food inflation was 1.83 per cent as per the full CPI data released for that period. The government for the second month in a row released the truncated data on retail inflation in the backdrop of the lockdown following COVID-19 pandemic. For April also, Ministry of Statistics and Programme Implementation had released a truncated CPI data. The government had imposed the lockdown from March 25, 2020 to curb the spread of coronavirus. The lockdown adversely affected economic activities in the country. In a statement, the National Statistical Office (NSO) in … [Read more...] about Govt Releases Part of Retail Inflation Data, Food Inflation up 9.28% in May

Travelers wait to get checked in at Incheon International Airport on Sunday. [NEWS1] Airline and duty-free industries were expected to bounce back as the pandemic waned, but are instead being ambushed by high exchange rates and faring poorly. The closing price of the won-dollar exchange rate exceeded 1,300 won for the first time in 13 years on June 23. Although edging down slightly, it stayed in the vicinity Monday, recording 1,286.5 won. Airlines in particular have to pay aircraft lease fees in U.S. dollars, and therefore have to pay more when the exchange rate rises. In the case of Korean Air Lines, if the exchange rate rises by 100 won, it has to book 410 billion won in foreign currency exchange losses. Low-cost carriers (LCCs) struggle even more due to high exchange rates. Large airlines made a profit even during the Covid-19 pandemic due to the boom in cargo transport. But LCCs, which had to suspend passenger-oriented international flights, were unable to turn in a … [Read more...] about Airline, duty-free industries faring poorly amid high exchange rates

This is a carousel. Use Next and Previous buttons to navigate 3 SLOVIANSK, Ukraine (AP) — Russia was mounting an all-out assault on the last Ukrainian stronghold in the eastern Luhansk region, “pouring fire" on the city of Lysychansk from the ground and air, the local governor said Monday, as Western leaders met to discuss ways of bolstering support for Kyiv. Luhansk Gov. Serhiy Haidai said Russian forces were pummeling Lysychansk after capturing the neighboring city of Sievierodonetsk in recent days. It's part of a stepped-up Russian offensive to wrest the broader Donbas region from Ukrainian government control in what Western experts say has become the new main goal of President Vladimir Putin's war in Ukraine, now in its fifth month. “They’re pouring fire on the city both from the air and from the ground. After the takeover of Sievierodonetsk, the enemy army has concentrated all its forces on capturing (our) last stronghold in the Luhansk … [Read more...] about Russia ‘pouring fire’ on Ukrainian city as offensive mounts

This is a carousel. Use Next and Previous buttons to navigate 26 ELMAU, Germany (AP) — Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelenskyy on Monday as they underscored their commitment to Ukraine for “as long as it takes” with plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions. In addition, the U.S. was preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv to help Ukraine fight back against Vladimir Putin’s aggression. The new aid and efforts by the Group of Seven leaders to punish Moscow come as Zelenskyy has openly worried that the West has become fatigued by the cost of a war that is contributing to soaring energy costs and price hikes on essential goods around the globe. U.S. … [Read more...] about G-7 leaders confer with Zelenskyy, prep new aid for Ukraine

This is a carousel. Use Next and Previous buttons to navigate 8 ELMAU, Germany (AP) — In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation. Those same sore points are bedeviling their successors representing 46% of the global economy at this week's Group of Seven summit, with high consumer and energy prices threatening to trigger recessions in the U.S. and Europe. Here are key facts about the Group of Seven: WHAT IS THE GROUP OF SEVEN? It's a group of wealthy democracies with large, advanced economies and high standards of living. Annual summits give leaders a chance to hash out common approaches on pretty much anything they want to talk about. The first summits in the 1970s were convened to deal with the first post-World War II recession, and focused on fiscal stimulus and exchange rates. Economic policy still tends to be front and … [Read more...] about EXPLAINER: G7 provides forum for like-minded democracies

Preparations for the annual Amarnath yatra , being held after a gap of three years, have seen a massive scaling up, with officials comparing the arrangements to that of the Kumbh Mela. Compared to 2.85 lakh pilgrims who visited in 2018, the Jammu & Kashmir administration is expecting eight lakh footfalls this year. The annual pilgrimage, conducted via the twin routes of the famous tourist destinations of Pahalgam and Sonamarg in south and central Kashmir, respectively, was cut short in 2019, ahead of the Centre’s move to abrogate the erstwhile State’s special constitutional position. The highest ever number of pilgrims 6.35 lakh pilgrims visited the cave shrine in 2011. “We are expecting a high number of devotees for the annual pilgrimage this year,” Manoj Sinha, Lieutenant-Governor of the Union Territory of J&K, who is also Chairman of the Shri Amarnath Shrine Board (SASB), said. To meet the demand, the capacity of tents set up en route to the holy cave has been … [Read more...] about Amarnath

Homebuyers who booked flats in housing projects in the Noida-Greater Noida property market are worst affected, with over 1.65 lakh flats worth ₹1.18 lakh crore currently stalled or significantly delayed in these two cities, according to property consultant Anarock. In its research, the consultant has taken only those housing projects that were launched in 2014 or before, across seven big property markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune. Expressing concern over the plight of customers whose investments are at stake, Forum for People's Collective Efforts' (FPCE), an apex body of homebuyers, president Abhay Upadhyay told PTI that the cause of the delay of each project should be ascertained and solutions must be found. He also sought stern action against defaulting builders. According to the Anarock data, 4,79,940 units worth ₹4,48,129 crore are "stalled or heavily delayed" across these seven cities as of May 31, … [Read more...] about Homebuyers in Noida-Greater Noida worst hit; 1.65 lakh units of ₹1.18 lakh crore stalled

Punjab Finance Minister Harpal Singh Cheema on Monday said budgetary provisions have been made for giving 300 units of free electricity to the households from July 1, as the AAP government presented its first budget for FY23 in the State Assembly in Chandigarh . Presenting the Bhagwant Mann government's first budget after AAP came to power in March this year, Mr. Cheema said the budgetary provisions have been made for giving 300 units of free electricity each month for every household in the State from July 1. Mr. Cheema also said the AAP government will set up a model of good governance. Also read | Punjab in economic morass, debt trap: White Paper "Our government has zero-tolerance towards corruption...Our party's birth started from the anti-corruption movement," he said, adding the government is acting against those who indulge in corrupt practices. The Finance Minister said that the Janta budget (people's budget), which has been prepared after receiving 20,384 … [Read more...] about Punjab FM presents AAP govt’s first budget