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
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Explained | What is gold recycling?
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?
Govt Releases Part of Retail Inflation Data, Food Inflation up 9.28% in May
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
10 Cities Where Homes Are Selling in 15 Days or Less
The housing market may finally be starting to cool, but homes are still selling faster than they did at this time last year. Homes were on the market for a median of 31 days in May, according to data from Realtor.com. That’s four days faster compared to the same period in 2021, though it’s significantly slower than the 21 days homes spent on the market at the beginning of the year. In a blog post, Realtor.com Chief Economist Danielle Hale said she expects the pace of home sales to continue to slow. “The big trend that we’ve seen just about nationwide is that homes are not sitting for very long anywhere,” Hale said. “We have relatively few homes on the market for sale, and up until recently, buyer demand has been really intense. But there have been some signs that demand is cooling.” So you want to buy a home. Do you know how much you can afford? Speaking to a mortgage expert will give you a better understanding of everything you need to make it a reality. Click on … [Read more...] about 10 Cities Where Homes Are Selling in 15 Days or Less
Live updates | NATO to boost reaction force, Ukraine support
This is a carousel. Use Next and Previous buttons to navigate 65 ELMAU, Germany (AP) — The Latest on the G-7 summit, the annual meeting of the leading democratic economies, which this year is being held in the Bavarian Alps in Germany; and on the summit of NATO leaders that will start on Tuesday in Madrid: NATO secretary general Jens Stoltenberg says the military alliance wants to increase the number of its rapid reaction forces from the current 40,000 troops to 300,000. Speaking at a press conference Monday ahead of a NATO summit later this week in Madrid, Stoltenberg said allies … [Read more...] about Live updates | NATO to boost reaction force, Ukraine support
G-7 leaders confer with Zelenskyy, prep new aid for Ukraine
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
5G to turn homes, enterprises a focal point for innovation: Accenture MD
5G will lead to widespread artificial intelligence (AI) and machine learning (ML) adoption, enabling gargantuan volumes of data to be acquired, processed, and intelligently analysed in real time, says Saurabh Kumar Sahu, MD and Lead – Communications, Media and Technology, Accenture In India. Edited excerpts: What are some of the key challenges faced by telecom companies in 5G deployments in India? Some of the key challenges faced by telecom companies include developing a viable business and pricing model, fiberisation, an upgraded transport network and extension of cloud. While 5G is well-poised to transform consumer experiences, businesses, the economy, and society in the next decade spurred by faster connectivity speeds, ultra-low latency, and greater bandwidth, it is a capital-intensive exercise. Testing across all layers including devices and applications will play a crucial role prior to 5G adoption. How do you view the country’s current readiness for 5G? India has … [Read more...] about 5G to turn homes, enterprises a focal point for innovation: Accenture MD
G-7 leaders confer with Zelensky, prepare new aid for Ukraine
Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelensky on Monday as they underscored their commitment to Ukraine for the long haul 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 to exact punishment on Moscow from the Group of Seven leaders 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. Leaders were finalizing the deal to seek a price cap during their three-day G-7 summit in the German Alps. The details of how a price cap would work, as well as its impact on the Russian economy, were to be resolved by the G-7 finance ministers in the coming … [Read more...] about G-7 leaders confer with Zelensky, prepare new aid for Ukraine
Rookie on F1 Grid | Raise Your Car or Race Your Car? It’s Lone Wolff vs The Rest in F1’s Latest Civil War
Formula 1 is the pinnacle of motorsport worldwide and has gained a massive following in recent years even in countries that don’t get to roll out the red carpet for racing; India being one of those countries and this author being one of those followers. This column is my attempt to connect with other new fans of the sport and share with them my journey of exploring this fast, furious, and yes, at times, frustrating, sport. Be careful what you wish for. After the back-breaking Baku race made Lewis Hamilton the go-to-meme for millennial health issues, Mercedes drummed up support in the paddock for the FIA to do something about porpoising . The FIA obliged, but its fix may end up biting Mercedes in the rear wing, dragging Ferrari for good measure, working Red Bull into a frenzy. And the Netflix cameras are watching it all. Let’s take it from the top. For the uninitiated, the phenomenon giving porpoises – cute aquatic mammals that resemble dolphins – a bad rep is the vertical … [Read more...] about Rookie on F1 Grid | Raise Your Car or Race Your Car? It’s Lone Wolff vs The Rest in F1’s Latest Civil War
OnePlus Nord 2T arrives on July 1, to feature MediaTek SoC, 80W fast charging
OnePlus has announced the launch date of Nord 2T in India. An extension of Nord 2 series, the OnePlus Nord 2T arrives on July 1. The Notify Me page has already gone live for the Nord 2T. The smartphone will be launched via company’s website and probably through Amazon India as well. OnePlus Nord 2T will come with features like 80W fast charging, 50MP main lens, and MediaTek Dimensity chipset. OnePlus has packed the Nord 2T with a 4,500mAh battery supported by 80W SUPERVOOC charging. For the photography, the Chinese smartphone maker has given a 50MP main Sony IMX766 sensor in the Nord 2T. The company claims that the Nord 2T rear camera will have optical image stabilisation (OIS) support. The Nord 2T is expected to get a 32MP selfie lens. The main lens will probably get support from an 8MP wide angle camera and a 2MP monochrome sensor. OnePlus Nord 2T will feature the MediaTek Dimensity 1300 SoC. The phone might come in two different RAM/ROM models starting with 6GB/128GB as the … [Read more...] about OnePlus Nord 2T arrives on July 1, to feature MediaTek SoC, 80W fast charging