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The government of the United Arab Emirates (UAE) ordered a four-month suspension in exports and re-exports of wheat and wheat flour imported from India. The state-run news agency said that the ministry of economy of the UAE took the decision due to disruptions in global trade flows. The ministry also stated that the grain was exported by the UAE for its domestic consumption. “The resolution applies to all wheat varieties (spelt), namely hard, ordinary, and soft wheat, and wheat flour (spelt flour)… This decision comes in view of the international developments that have affected trade flows and in appreciation of the solid and strategic relations that bind the UAE and India, especially after the signing of the Comprehensive Economic Partnership Agreement between the two countries and the Indian government’s approval to export wheat to the UAE for domestic consumption,” the ministry said in a release. The UAE government’s move means that many nations (mostly rich and developed … [Read more...] about ‘In Appreciation Of The Solid Relations…’: UAE Bans Export, Re-export Of Indian Wheat

Egypt has contracted to buy 180,000 tonnes of wheat from India, Supply Minister Aly Moselhy said on Sunday, less than previously agreed, a deal that is part of the country's efforts to diversify its wheat supplies. Egypt, one of the world's biggest wheat importers, is looking for alternatives to Black Sea grain exports which face disruptions caused by Russia's invasion of Ukraine . Russia and Ukraine have been Egypt's main wheat suppliers. The Ukraine crisis has also raised import costs for Egypt , which heavily subsidises bread for its 70 million population. Mr. Moselhy had said in May that Egypt had agreed to buy 500,000 tonnes of wheat from India but that a contract had not been signed. India banned wheat exports in May because of lower domestic production, but made allowances for countries like Egypt with food security needs. "Based on what the supplier said, the condition was that the wheat has to be at the ports, then it would be available," Mr. Moselhy said on … [Read more...] about Egypt contracts to buy 180,000 tonnes of wheat from India: Supply minister Aly Moselhy

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

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

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

To look at it, Russia’s invasion of Ukraine was not a total shocker because of its historical ties and shared Soviet history. For Russia, Ukraine was a way to regain its lost glory at the peak of the Soviet expansion. However, a more strategic and immediate reason for Russia’s invasion lies in the eastward expansion of NATO and the pro-western stance of the current Ukrainian government, which Russia considers a threat lurking on its borders. On the other hand, a poll conducted by the International Republican Institute revealed that Ukrainians perceive Russia as an imperial power seeking to trample on their sovereignty and territorial integrity, with nearly 80 per cent of the population wanting to join the European Union. The world is still coming to terms with Russia’s Ukrainian invasion and the scale of the consequent humanitarian catastrophe. On February 24, 2022, in a televised address, Putin ordered military tanks to run over Ukraine in a “special military operation” to … [Read more...] about Will The Unification Of The West Reside In World War II Style Alliances?

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 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