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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

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

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

A poster showing BTS members is displayed at a tourist information center in Seoul on June 15. [AP/YONHAP] HYBE was not required to make a formal disclosure about a possible BTS "hiatus," according to the stock exchange, despite concerns that the company failed to properly communicate a material event to the public and shareholders. "Not disclosing information on a BTS hiatus is not a violation of Korea Exchange rules," said Lee June-hyung, a spokesperson for Korea Exchange. "The band's remarks were vague. The company would have to file a disclosure if it was clear from when to when the group will halt activities." Lee added that listed entertainment agencies cannot file reports on every activity of their singers or actors. In a video released June 14, BTS member Suga suggested that the band would be taking a temporary break from group activities. HYBE's stock plummeted 28 percent the following day to near its initial public offering price. The stock hasn't recovered since, … [Read more...] about HYBE not required to disclose BTS ‘hiatus,’ Korea Exchange says

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?

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

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

It’s not every day that you see a tiger lose grip on his marked territory! It is extremely rare — and when it happens, almost always the tiger falls prey. The Shiv Sena today seems to have not only lost over two-thirds of its elected legislators, but also seems incapable of having enough influence to get its people elected in numbers required to retain or form government. The roaring tiger which used to be synonymous with the formidable Balasaheb Thackeray no longer seems to be an accurate representation of its inheritors: Uddhav and Aaditya. The journey of the Sena from being an indispensable power centre dictating its terms to now having to stoop to the whims of Balasaheb’s arch political enemies just to stay relevant is a telling lesson in contemporary Maharashtra politics. This is not an overnight event: Sena’s downfall was truly scripted when Uddhav Thackeray began to take control over the party affairs pushing aside mass leaders like Raj Thackeray and Narayan Rane in the years … [Read more...] about Tiger Loses Its Roar: Decoding Why Shiv Sena Has Crumbled Like a Cookie

The United Arab Emirates offered assistance to Russia and Ukraine in an event of a possible prisoner exchange, Russian news agency RIA Novosti reported citing people familiar with the developments. The people also told RIA Novosti the proposal sent by the Emirati is being considered as both nations finalize lists of prisoners scheduled to be swapped. Russia and Ukraine have claimed that both nations have captured hundreds of prisoners of war (POWs) since Russia’s war on Ukraine on February 24. Russia’s defense minister Sergei Shoigu in the first week of June said Russian forces have captured more than 6,500 Ukrainian fighters. The Ukrainian government earlier in June said that 11 rounds of prisoner swaps have been organized since the outbreak of the war. Dozens of prisoners were swapped in those rounds. Both nations have accused each other’s forces of committing war crimes and atrocities and mistreating civilians and POWs. Videos surfaced where Ukrainian forces were seen … [Read more...] about UAE Offers To Help Mediate Prisoner Swap Between Russia, Ukraine

Bryson DeChambeau has become one of the latest golf superstars to turn their backs on the PGA Tour and switch to the controversial Saudi-backed LIV Golf series. Ahead of the second round of the new series at Pumpkin Ridge in Portland from June 30, DeChambeau has joined along with Patrick Reed and Rickie Fowler - and the American is getting well compensated for it. DeChambeau, the 2020 US Open champion and an eight-time career winner on the PGA Tour, insisted the move to LIV Golf was ‘a business decision, first and foremost’ regardless of the threat of being suspended from his former tour. On Monday, DeChambeau said: “There was a lot of financials to it and a lot of time. I get to have a life outside of the game of golf as well.” The 28-year-old was reportedly offered a guaranteed $100 million - approximately £83 million - to join the LIV Golf series which is fronted by Greg Norman. DeChambeau suggested the move was ’a business decision for my family’s future’ and he intends … [Read more...] about Bryson DeChambeau net worth after signing up for controversial breakaway Saudi circuit