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https://sportspyder.com/nba/boston-celtics/articles/39734067
| 2022-06-08T11:38:46
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https://sportspyder.com/nba/boston-celtics/articles/39734128
| 2022-06-08T11:38:52
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https://sportspyder.com/nba/boston-celtics/articles/39734164
| 2022-06-08T11:38:58
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https://sportspyder.com/nba/boston-celtics/articles/39734175
| 2022-06-08T11:39:04
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https://sportspyder.com/nba/boston-celtics/articles/39734185
| 2022-06-08T11:39:10
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https://sportspyder.com/nba/boston-celtics/articles/39734279
| 2022-06-08T11:39:17
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https://sportspyder.com/nba/boston-celtics/articles/39734330
| 2022-06-08T11:39:23
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https://sportspyder.com/nba/boston-celtics/articles/39734482
| 2022-06-08T11:39:29
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https://sportspyder.com/nba/boston-celtics/articles/39734543
| 2022-06-08T11:39:35
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https://sportspyder.com/nba/boston-celtics/articles/39734548
| 2022-06-08T11:39:41
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https://sportspyder.com/nba/boston-celtics/articles/39734549
| 2022-06-08T11:39:47
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All regional parties being run by families, claims BJP national president J P Nadda in Kolkata.
- Country:
- India
All regional parties being run by families, claims BJP national president J P Nadda in Kolkata.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Kolkata
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https://www.devdiscourse.com/article/Newsalert/2065637-all-regional-parties-being-run-by-families-claims-bjp-national-president-j-p-nadda-in-kolkata
| 2022-06-08T11:39:53
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| 0.913978
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TMC has no principles or policies, it only has syndicates: BJP national president J P Nadda in Kolkata.
- Country:
- India
TMC has no principles or policies, it only has syndicates: BJP national president J P Nadda in Kolkata.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- J P Nadda
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https://www.devdiscourse.com/article/Newsalert/2065644-tmc-has-no-principles-or-policies-it-only-has-syndicates-bjp-national-president-j-p-nadda-in-kolkata
| 2022-06-08T11:40:02
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en
| 0.91912
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Sensex drops 214.85 points to end at 54,892.49; Nifty falls 60.10 points to 16,356.25.
- Country:
- India
Sensex drops 214.85 points to end at 54,892.49; Nifty falls 60.10 points to 16,356.25.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Nifty
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https://www.devdiscourse.com/article/agency-wire/2065527-sensex-drops-21485-points-to-end-at-5489249-nifty-falls-6010-points-to-1635625
| 2022-06-08T11:40:10
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| 0.866163
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Rupee gains 3 paise to end at 77.75 (provisional) against US dollar.
- Country:
- India
Rupee gains 3 paise to end at 77.75 (provisional) against US dollar.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/agency-wire/2065531-rupee-gains-3-paise-to-end-at-7775-provisional-against-us-dollar
| 2022-06-08T11:40:18
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en
| 0.922849
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Cabinet hikes paddy MSP by Rs 100 to Rs 2,040 per quintal for 2022-23 crop year: I&B Minister.
- Country:
- India
Cabinet hikes paddy MSP by Rs 100 to Rs 2,040 per quintal for 2022-23 crop year: I&B Minister.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Cabinet
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| 2022-06-08T11:40:26
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en
| 0.880166
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BPCL winds up data room after govt puts off privatisation
- Country:
- India
State-owned Bharat Petroleum Corporation Ltd (BPCL) has discontinued all activities associated with the disinvestment of the company after the government dropped plans to privatize the firm for now.
In a stock exchange filing, the company said the government has through a letter dated June 3, 2022, called off the present tender to sell its entire 53 percent stake in the company.
''Accordingly, all the activities in connection with the disinvestment including the data room are being discontinued,'' the firm said.
The move by the central government to call off the expression of interest (EoI) followed two out of the three bidders walking out.
BPCL had in April last year opened a virtual data room, mostly containing financial information on the company, for the qualified bidders signing Confidentiality Undertaking (CU).
A 'Clean Data Room' containing commercially sensitive information on the firm subject to their signing an additional confidentiality agreement was also opened for bidders.
Bidders which included mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital's arm Think Gas were also allowed physical inspection of assets such as refineries and depots as part of the due diligence process.
The government was to seek financial bids once bidders completed due diligence and the terms and conditions of the share purchase agreement (SPA) were negotiated.
But that stage was never reached.
BPCL had in an earnings call with investors on February 2, 2022, stated that no bidder had visited the firm's premises in the previous quarter (October-December 2021).
The data room access for due diligence was available for around 8 weeks.
Calling off the bid process, the Department of Investment and Public Asset Management (DIPAM) had stated that multiple pandemic waves and geopolitical situations impacted sectors around the world, especially the oil and gas industry.
''Owing to prevailing conditions in the global energy markets, the majority of QIPs (qualified interested parties) have expressed their inability to continue in the current process of disinvestment of BPCL,'' it had said last month.
A group of ministers on disinvestment agreed to half the current EoI process and initial bids received from QIPs be canceled, it had said on May 26.
The sale of government's 52.98 percent stake in BPCL was part of the Rs 1.75 lakh crore disinvestment target for 2021-22 (April 2021 to March 2022). But the Covid-19 outbreak slowed down the sale process and the sale got pushed into 2022-23 before it was put off.
A special purpose vehicle floated by the BSE-listed Vedanta and its London-based parent Vedanta Resources Plc submitted an expression of interest (EoI) for buying the government stake in BPCL before the close of the deadline on November 16, 2020.
It continued to be in the fray but the two private equity firms withdrew.
BPCL would have given the buyer ownership of around 15.33 percent of India's oil refining capacity and 22 percent of the fuel marketing share.
The buyer would have got a 12 million tonne a year refinery at Mumbai, a 15.5 million tonne Kochi refinery, and a 7.8 million tonne Bina unit.
BPCL also owns 20,088 petrol pumps, 6,220 LPG distributor agencies, and 60 out of 270 aviation fuel stations in the country.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065529-bpcl-winds-up-data-room-after-govt-puts-off-privatisation
| 2022-06-08T11:40:33
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en
| 0.970719
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UK financial regulators to directly oversee cloud services
The designation would be backed by secondary legislation, allowing regulators to make rules on the provision of services, make onsite inspections, and take enforcement action. "This will enable the regulators to ensure that services critical third parties provide to firms in the finance sector are resilient, thereby reducing the risk of systemic disruption," the finance ministry said in a statement.
- Country:
- United Kingdom
Britain's financial watchdog will have powers to make onsite visits to oversee cloud computing firms like Amazon, Google and Microsoft that provide "critical" services to financial firms, the finance ministry said on Wednesday. Banks have moved some services to a handful of outside cloud computing firms to cut costs.
Over 65% of UK firms used the same four cloud providers in 2020, the ministry said, raising concerns of widespread disruption if one of the cloud providers was hacked. The Bank of England (BoE) said last year that contract terms of providers can be secretive and opaque, and called for standards to ensure they are resilient.
The ministry said it proposed to designate which outsourced services are "critical" and therefore come under the direct supervision of the BoE and Financial Conduct Authority. The designation would be backed by secondary legislation, allowing regulators to make rules on the provision of services, make onsite inspections, and take enforcement action.
"This will enable the regulators to ensure that services critical third parties provide to firms in the finance sector are resilient, thereby reducing the risk of systemic disruption," the finance ministry said in a statement. Last month, the European Union reached a provisional agreement on its set of rules https://www.consilium.europa.eu/en/press/press-releases/2022/05/11/digital-finance-provisional-agreement-reached-on-dora for third party service providers, called the Digital Operational Resilience Act or DORA.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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UK finance ministry to make statement to parliament on Thursday - ITV
UK finance ministry to make statement to parliament on Thursday - ITV
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https://www.devdiscourse.com/article/business/2065530-uk-financial-regulators-to-directly-oversee-cloud-services
| 2022-06-08T11:40:41
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en
| 0.939852
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Ghana consumer inflation rises further to 27.6% y/y in May
Inflation in Africa's second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May. Meanwhile, Ghana's cedi has also resumed its rapid depreciation against the U.S. dollar.
Ghana's consumer price inflation accelerated to 27.6% year-on-year in May from 23.6% in April, marking a full year of continuous price acceleration in the West African nation, the statistics service said on Wednesday. Inflation in Africa's second-largest gold and cocoa producer hit an 18-year high in April, prompting the central bank to hike interest rates to 19% in late May.
Meanwhile, Ghana's cedi has also resumed its rapid depreciation against the U.S. dollar. The currency has lost around 5% since its close on May 9, and more than 21% since the year began.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- U.S.
- Ghana
- West African
- Africa
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GLOBAL MARKETS-Asia stocks restrained as U.S. futures retreat
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U.S., Japan call for peaceful resolution of Taiwan Strait issues
GLOBAL MARKETS-Asia stocks slip with U.S. futures, euro holds gains
U.S. agency issues order to speed baby formula ingredient deliveries
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https://www.devdiscourse.com/article/business/2065536-ghana-consumer-inflation-rises-further-to-276-yy-in-may
| 2022-06-08T11:40:51
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| 0.943742
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Coming years will belong to those who have invested in healthcare: PM Modi
- Country:
- India
Prime Minister Narendra Modi asserted on Wednesday that the coming years will belong to those who have invested in healthcare and said he is proud of the work his government has done to strengthen the sector in the last eight years.
Modi made the comments while sharing details tweeted by a government portal on the highlights of his dispensation's measures in this core human development field.
It noted that around 3.26 crore people got free medical treatment under Ayushman Bharat, a health insurance scheme for the poor, six new AIIMS were operationalized, the world's ''largest, fastest and first-ever digital'' vaccination drive was launched to curb Covid and the number of medical colleges had risen by 55 percent since 2014.
The establishment of one medical college for every district has also been targeted, it added.
Modi tweeted, ''The coming years will belong to those who have invested in healthcare. I am proud of the work our government has done to strengthen the healthcare sector in India.'' The prime minister also shared a story from his app, dwelling at length on ''game-changers'' driving a futuristic revolution in the healthcare sector. It said accessible and affordable quality healthcare has become a reality for citizens. Medical expenditure used to be a severe economic burden for low-income households and often led them into debt traps earlier, it said.
''In 2018, the Modi government gave a permanent relief from this burden to nearly 18 crore households by launching the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana, the world's largest health insurance program,'' it added.
It cited the 'PM-Ayushman Bharat Health Infrastructure Mission' and the 'Ayushman Bharat Digital Mission' as two other important programs that will build the future of healthcare in India.
''Healthcare is among our key focus areas. The last 8 years have been about augmenting health infrastructure, ensuring affordable and quality healthcare access to every Indian, and integrating technology with this sector,'' the prime minister said on Twitter.
The eighth anniversary of the Modi government fell on May 30, and the prime minister has been sharing governance highlights from various fields to mark the milestone.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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India reports 1,675 new COVID cases in last 24 hours, 31 deaths
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https://www.devdiscourse.com/article/business/2065548-coming-years-will-belong-to-those-who-have-invested-in-healthcare-pm-modi
| 2022-06-08T11:40:58
|
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| 0.957802
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Rupee gains 3 paise to close at 77.75 against US dollar
- Country:
- India
The rupee appreciated by 3 paise to settle at 77.75 (provisional) against the US dollar on Wednesday after the RBI raised the interest rate by 50 basis points to 4.9 per cent.
However, weak domestic markets, rising oil prices and persistent foreign capital outflows restricted the rupee's gain, forex dealers said.
The Reserve Bank of India on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in the rise in prices that it saw continuing to hurt consumers in the near term.
The rate hike comes on the back of a 40 bps increase effected by the RBI at an unscheduled meeting on May 4.
At the interbank forex market, the local unit opened strong at 77.70 against the greenback and witnessed an intra-day high of 77.64 and a low of 77.79. It finally settled at 77.75, a rise of 3 paise over its previous close.
In the previous session, the rupee had settled at a lifetime low of 77.78 against the greenback.
On the domestic equity market front, the BSE Sensex ended 214.85 points or 0.39 per cent lower at 54,892.49, while the broader NSE Nifty slipped 60.10 points or 0.37 per cent to 16,356.25.
The dollar index, which measures the greenback's strength against a basket of six currencies, rose 0.20 per cent to 102.52.
Brent crude futures, the global oil benchmark, rose 0.96 per cent to USD 121.73 per barrel.
Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 2,293.98 crore, as per exchange data.
Meanwhile, the RBI retained its GDP growth forecast at 7.2 per cent for the current fiscal but cautioned against negative spillovers of geopolitical tensions and a slowdown in the global economy. It also upped the inflation projection for the current fiscal to 6.7 per cent from the 5.7 per cent forecast in April.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- NSE Nifty
- 54
- 892.49
- forex
- The Reserve Bank of India
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Rupee edges up 2 paise to close at 77.54 against US dollar
Sensex rebounds 503.27 points to end at 54,252.53; Nifty jumps 144.35 points to 16,170.15.
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https://www.devdiscourse.com/article/business/2065550-rupee-gains-3-paise-to-close-at-7775-against-us-dollar
| 2022-06-08T11:41:07
|
en
| 0.916728
|
Builders expect slowdown in housing demand in short-term on RBI's rate hike
- Country:
- India
Housing demand is likely to be affected in the short term as home loans are set to become costlier following the RBI's decision to hike the repo rate by 50 basis points, according to real estate developers.
The cost of borrowing for developers could also increase, impacting their profit margins, they said, while hoping that the move would control inflation thus bringing down the cost of construction raw materials like steel and cement.
Builders welcomed the RBI's decision to increase the existing limits on individual housing loans by cooperative banks.
According to property consultant Anarock, housing sales across seven cities increased 71 percent in the January-March period to 99,550 units, the highest quarterly sales since 2015, on low-interest rates on home loans.
CREDAI National President Harsh Vardhan Patodia said: ''With consumer loans and home loans getting costlier, there may be an impact on demand in the short term.'' He welcomed the 100 percent increase in the limit for individual housing loans by urban cooperative banks and rural cooperative banks.
''The rate hike will impact the robust sales in the residential housing segment, although in the short term. So far, the post Covid recovery and the bullish sentiments were supported by the low-interest rate to a great extent,'' Realtors body NAREDCO President Rajan Bandelkar said.
However, Boman Irani, President of CREDAI-MCHI, said, the impact on the consumers in MMR (Mumbai Metropolitan Region) would be near zero.
Hiranandani group MD Niranjan Hiranandani said that the home loan interest rate hike will ''impair the home buying rally as payout in terms of EMI is scheduled to rise''.
''But according to me, this crater in demand sentiment is a makeshift move, as home loans are based on the floating rate for a long tenure,'' he added.
Tata Realty and Infrastructure MD & CEO Sanjay Dutt said the hike in the lending limits for cooperative banks is a positive step that will encourage housing development outside of Tier 1 and Tier 2 cities.
''What needs to be watched out for in the future is the inflation trajectory, because the input cost for supply is on the higher side, and when combined with the loan rates, it will cause mild discomfort for home buyers because prices will now rise and will quickly return to pre-pandemic levels,'' Dutt said.
According to Gaurs group CMD Manoj Gaur, the RBI's move would make home loans dearer and affect sales in the short term. ''However, by reining in the inflation, it will ultimately benefit the real estate sector that is bogged down by high input costs,'' he said.
The RBI's decision will hamper the sentiments of the buyers, especially first-time home buyers who are heavily reliant on home loans, said Amit Modi, President of CREDAI Western Uttar Pradesh, adding, ''It will slow down the pace of sales.'' AIPL Group Executive Director Pankaj Pal said: ''...after the policy rate hike announced by the apex bank last month, there has been some softening of prices of commodities, including steel. We hope with today's policy rate hike, prices would soften further, which would benefit the real estate sector as well as end-users immensely.'' As per Trehan group MD Saransh Trehan, the hike in policy rates will result in increasing the cost of borrowings and it may hit the cost of construction by 5 to 7 percent. ''We don't expect a big impact on housing demand as of now.'' The sector is currently reeling from higher input costs, which have increased property prices by a margin, said Rahul Talele, Group CEO of Kolte Patil Developers.
''As repo rates rise, so will home loan rates. The positive side of this increase is that it will encourage home buyers to invest in residential assets because rates can now return to pre-pandemic levels at any time. The negative side is that many home buyers may experience mild discomfort as a result of the consistent price rise,'' he said.
Ashwinder R Singh, CEO, Residential Real Estate, Bhartiya Urban, said that this will surely increase home loan EMIs.
''However, we will see a balance with the cost of input materials like steel seeing a reduction from the peak. Home demand is expected to remain stable because a large portion of buyers is still end-users,'' he noted.
According to Sterling Developers Chairman & MD Ramani Sastri, the RBI's move comes as a hurdle as home loan rates will increase, putting a dent in the homebuyer's sentiments.
Any increase in the interest rate will further impact the costs of doing business and hence the move will hurt business sentiment too, he said.
Pune-based Gera Developments MD Rohit Gera said: ''...given the fact that the overall increase in the cost of homes over the past 5 years has been negligible, this increase in interest rates can be absorbed by borrowers looking to buy homes. The increase will affect the cost of borrowings for developers already reeling under severe margin pressure on account of inflation in input costs,'' he added.
''As the inflation is expected to remain above RBI upper range tolerance level of 6% till Dec this year; it will certainly have some repercussions on housing uptake. The RBI is focused on controlling the escalation of inflation in the country but must simultaneously be careful to not hurt the growth of the real estate market,'' S Raheja Realty Director Ram Raheja said.
This will have a short-term effect on the sentiments of homebuyers, said Pritam Chivukula, co-founder and Director of Tridhaatu Realty.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- CREDAI-MCHI
- Ram Raheja
- rural cooperative
- Harsh Vardhan Patodia
- Rahul Talele
- Covid
- Boman Irani
- Ramani Sastri
- Kolte Patil Developers
- Sanjay Dutt
- Pankaj Pal
- Tier 1
- Anarock
- MD Saransh
- Residential Real Estate
- Bhartiya Urban
- Infrastructure MD &
- Sterling Developers Chairman & MD
- Gera Developments MD Rohit Gera
- MD Niranjan Hiranandani
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https://www.devdiscourse.com/article/business/2065552-builders-expect-slowdown-in-housing-demand-in-short-term-on-rbis-rate-hike
| 2022-06-08T11:41:16
|
en
| 0.953452
|
Gold marginally higher by Rs 30; silver gains Rs 133
- Country:
- India
Gold prices in the national capital on Wednesday inched up by Rs 30 to Rs 50,818 per 10 grams, according to HDFC Securities.
In the previous trade, the precious metal settled at Rs 50,788 per 10 grams.
Silver also zoomed by Rs 133 to Rs 61,717 per kg from Rs 61,584 per kg in the previous trade.
''Spot gold prices for 24 carat gold in Delhi were up by Rs 30 reflecting overnight gains in COMEX gold prices,'' said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.
In the international market, gold was trading slightly lower at USD 1,848 per ounce and silver was trading flat at USD 22.02 per ounce.
Gold prices traded weak with spot gold prices at COMEX trading 0.17 percent down, Patel added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Delhi
- COMEX
- Tapan Patel
- Patel
- HDFC Securities
- Commodities
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https://www.devdiscourse.com/article/business/2065565-gold-marginally-higher-by-rs-30-silver-gains-rs-133
| 2022-06-08T11:41:24
|
en
| 0.928735
|
Govt's enabling policies, proactive steps helped India deal with pandemic: FM
- Country:
- India
Enabling policies and proactive steps taken by the government -- including corporate tax cuts and digitization of the economy -- helped the country deal with the unprecedented situation arising due to the pandemic, Finance Minister Nirmala Sitharaman said on Wednesday.
Speaking at the 'India's Economic Journey@75' event, being jointly organized by the Department of Economic Affairs and Sebi as part of the Azadi Ka Amrit Mahotsav iconic week celebration, she said India, with its strong fundamentals, has periodically faced challenges and emerged out of it.
The minister said various steps taken by the government since 2014 helped keep the economy and people afloat in difficult times and its targeted approach during the pandemic helped citizens.
''Even after pulling the economy out, removing all the under-growth (post-2014), you still had challenges and in a way the three major steps which were taken -- reducing the corporate tax, formalization/digitization of the economy, IBC code, GST -- the heavy-lifting that happened prepared us for a situation which nobody could imagine,'' Sitharaman said. She said over the last 2 years, despite COVID, Indian retail investors have found online means to access the stock market and Sebi has a role to play in investor education.
Sitharaman emphasized that the government looks at the targeted approach of providing assistance and takes the input from the ground quickly.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065570-govts-enabling-policies-proactive-steps-helped-india-deal-with-pandemic-fm
| 2022-06-08T11:41:32
|
en
| 0.966542
|
A R Rahman named ambassador of Indo-UK culture platform
- Country:
- India
Music great A R Rahman has been named the ambassador of the British Council's 'India-UK Together Season of Culture', which aims to boost collaboration among emerging artists.
The 'Season of Culture' that marks the 75th anniversary of India's independence was officially launched on Tuesday here by Britain's Deputy High Commissioner to India Jan Thomson and Director (India) of British Council Barbara Wickham.
Rahman said as an artist, it is a pleasure to be part of an innovative cultural program that supports creative excellence and artistic appreciation; and brings diverse audiences together.
''Today, creative expression and exchange can nurture young talent and create a global stage for fair and equitable access to arts,'' he added.
Wickham said Rahman has been a significant adviser to the 'Season of Culture' and his work and professional journey truly embody what the 'Season of Culture' stands for - working together, and artistic output that captures the imagination of the world.
Over 1,400 artists will showcase their collaborations to millions of audiences across India, Britain, Scotland, Wales, and Northern Ireland, through a wide array of arts such as theatre, dance, visual arts, literature, music, architecture, design, fashion, tech-art, and new media art.
The 'Season of Culture' aims to build on the British Council's work in India and strengthen India-UK collaboration in the areas of arts, English, and education.
Wickham said people in both countries will have the chance to experience innovative and exciting creative work from some of the most promising UK and Indian artists pushing the envelope of creativity and the infusion of creative tech.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:41:40
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Sensex falls 215 points in volatile trade post RBI policy; logs 4th day of decline
- Country:
- India
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points.
Continuous foreign fund outflows and surging crude oil prices also weighed on markets.
The 30-share BSE benchmark dropped 214.85 points or 0.39 percent to settle at 54,892.49. During the day, the benchmark hit a high of 55,423.97 and a low of 54,683.30.
The broader NSE Nifty declined 60.10 points or 0.37 percent to finish at 16,356.25.
Home, auto and other loan EMIs will rise after the Reserve Bank of India (RBI) on Wednesday raised the key interest rate by 50 basis points, the second increase in five weeks, to rein in a rise in prices that it saw continuing to hurt consumers in the near term.
With inflation persistently hovering above the upper tolerance limit of 6 percent, the RBI's six-member rate-setting panel voted unanimously to raise the lending rate of the repurchase (repo) rate by 50 basis points to 4.90 percent, Governor Shaktikanta Das said.
From the Sensex pack, Bharti Airtel, ITC, Reliance Industries, Asian Paints, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank were the major laggards.
In contrast, Tata Steel, State Bank of India, Dr. Reddy's, Bajaj Finance, TCS, and Titan emerged as the gainers.
''RBI's projections of GDP growth rate of 7.2 percent and inflation of 6.7 percent for FY23 reflect a realistic monetary policy. The higher inflation projection indicates that the central bank recognizes the seriousness of inflation and the 50 bps repo rate hike is a message that they are determined to anchor inflation expectations.
''The Governor's remark that the economy remains resilient and recovery has gathered momentum, is bullish from the market perspective,'' said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The increase follows a 40 bps rise in early May at an unscheduled meeting that kicked off the central bank's tightening cycle.
To balance the inflation-growth dynamics, Das said RBI will remain focused on the withdrawal of accommodation as system liquidity continues to be high. Withdrawal of accommodation will be done in a way that growth will continue to get adequate support, he added.
The Monetary Policy Committee (MPC) raised its inflation forecast for the current fiscal (April 2022 to March 2023) to 6.7 percent from April's prediction of 5.7 percent but retained its economic growth projection at 7.2 percent.
Elsewhere in Asia, markets in Shanghai, Tokyo, and Hong Kong ended higher, while Seoul settled lower.
European markets were trading mostly lower during afternoon trade.
Stock markets in the US had ended with gains on Tuesday.
''Quite contrary to outcomes of the previous MPC meets, the rate hike and the subsequent steps announced this time have been fairly in line with the consensus estimates. While RBI's stance has not changed to neutral, the subtle shift from the words 'remaining accommodative' to 'withdrawal of accommodation' is an important takeaway.
''The MPC also increased its CPI estimates to 6.7 percent from 5.7 percent for FY23, which now appears to be a more realistic level. This contributes to enhanced creditability and confidence in RBI's policy decisions,'' said Yesha Shah, Head of Equity Research, Samco Securities.
Meanwhile, international oil benchmark Brent crude jumped 0.93 percent to USD 121.69 per barrel.
Foreign institutional investors offloaded shares worth Rs 2,293.98 crore on Tuesday, according to stock exchange data.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:41:47
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Ather Energy partners with SBI for vehicle financing
- Country:
- India
Electric two-wheeler maker Ather Energy on Wednesday said it has partnered with the State Bank of India (SBI) for vehicle financing for its customers.
The collaboration will enable Ather Energy's customers, having pre-approved loan offers from SBI to avail of instant loans at low-interest rates starting from 9.55 percent per annum, depending on customer credit profile, the company said in a statement.
The vehicle loans can be availed through SBI's mobile app YONO as well as offline, it added.
The partnership with the country's largest public-sector lender is aimed at leveraging its reach and penetration in accelerating the adoption of electric vehicles (EVs) in the domestic market, Ather Energy said.
It allows customers to avail of loans up to 85 percent of the on-road price of the vehicle, subject to the loan eligibility of the customer, the company said, adding that upon loan disbursement, the amount will be paid into the dealer's account instantly.
Furthermore, to ensure ease of adoption for the customers, SBI will also extend offline retail financing options from its branch network.
''We understand that financing plays a critical role in the auto sector, and are confident that our partnership with SBI will ensure ease of purchase for customers and attract more people to join the EV revolution,'' said Ravneet Phokela, Chief Business Officer at Ather Energy.
The company will continue to work with major banks, NBFCs, and financial institutions to offer its customers attractive financing options, he added.
''This initiative is a step further toward offering digital two-wheeler loans to customers through a paperless process at the convenience of their place and time of choice.
''Customers can avail of the loan through YONO at an EMI of as low as Rs 251 per Rs 10,000 under the SBI Easy Ride loan. We believe the SBI Easy Ride loan scheme will offer a seamless two-wheeler owning experience to our customers,'' said Saloni Narayan, Dy. Managing Director for Retail Business at SBI.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Ather Energy
- EV revolution
- Ather Energy's
- YONO
- Ravneet
- State Bank of India
- Easy Ride
- Saloni
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| 2022-06-08T11:41:56
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Without political stability, there would be no economic stability:Pak PM
- Country:
- Pakistan
Pakistan Prime Minister Shehbaz Sharif has said that without political stability, there would be no economic stability as he invited all stakeholders to join hands in formulating a long-term plan - a Charter of Economy - to revive the cash-strapped country's ailing economy.
Addressing a Pre-Budget Business Conference in Islamabad on Tuesday night, Sharif said the enhancement of exports and agricultural yield, and financial management should be the major components of the plan.
''I'm asking for a prudent and comprehensive approach for an economic turnaround…That is why I am asking all stakeholders to meet the challenge of time to turn the country's economy around,'' he was quoted as saying by the state-run Associated Press Pakistan.
''No matter what happens, whichever party comes into power, the goals set in the 'Charter of Economy' will remain unchanged. It will become our sacred trust, which will not change. We need this,'' he told the conference attended by top industrialists, agriculturists, and economists, who gave suggestions to steer the country out of an unprecedented economic crisis.
He said that it was important to understand that without political stability, there would be no economic stability and stressed the need for a charter of the economy.
Sharif stressed that the enhancement of exports, agricultural yield, and financial management should be the major components of the plan. ''The government will form a task force on agriculture and exports for formulating comprehensive plans,'' he said.
He said that Pakistan lagged because of the non-execution of development plans, while other nations like India excelled. ''Being rich with resources, human talent, and dedication, Pakistan can also achieve excellence through efficiency and modern techniques," he added.
The prime minister called for the use of modern technology in the field of agriculture and boosting the performance of the industries and exports. He announced that he would set up a task force to work in these areas.
He stressed the need for developing the rural areas, which were home to 65 percent of the country's population, saying movement from underdeveloped to developed areas put strains on the resources of cities. ''This can only happen when our children get quality education there,'' Sharif mentioned that after the 18th Amendment, provinces were empowered and the Federation's powers were devolved. He said that the provinces and the Centre would have to work together to develop a comprehensive plan.
Comparing the country's information technology (IT) industry with that of India's, the prime minister said that the latter generates around USD 200 billion, while Pakistan's industry was hovering around USD 2.5 billion. ''We must go for special export industrial zones,'' he said.
Talking about the tough decisions being taken by the government, Prime Minister Sharif said that the non-productive assets should be taxed. ''The windfall profits in the real estate should also be taxed,'' he said.
With the economy in tatters and political instability looming large due to protests by former prime minister Imran Khan, there is an increasing threat of Pakistan going the Sri Lankan way if quick measures are not taken.
Pakistan's foreign exchange reserves are under severe stress and declined by USD 190 million to USD 10.308 billion during the week ended on May 6, according to the State Bank of Pakistan (SBP).
The country is heavily dependent on foreign loans but they are not easy to come by. The Ministry of Economic Affairs data last month showed that Pakistan received only USD 248 million in foreign loans in April, including USD 100 million worth of oil on deferred payments from Saudi Arabia.
Pakistan is looking toward the International Monetary Fund (IMF) to restore a USD 6 billion package agreed in 2019. So far half of the promised money had been given. Pakistan would immediately get a USD 1 billion loan tranche from the IMF once the two sides sort out their differences.
Separately, Radio Pakistan reported that addressing the same conference Sharif talked about the foreign policy and said the previous government has damaged relations with friendly countries, but the incumbent government is taking practical steps to restore and mend the strained ties.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065581-without-political-stability-there-would-be-no-economic-stabilitypak-pm
| 2022-06-08T11:42:04
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Brain Tumour recovered patient honours United Hospital Doctors
A 70-year-old citizen who underwent a critical neurosurgery today felicitated the team of doctors and neurosurgeons who conducted the surgery at a special function organised by United Hospital on 7th June 2022 at Jayanagar on World Brain Tumour Day.
- Country:
- India
New Delhi [India], June 8 (ANI/SRV): A 70-year-old citizen who underwent a critical neurosurgery today felicitated the team of doctors and neurosurgeons who conducted the surgery at a special function organised by United Hospital on 7th June 2022 at Jayanagar on World Brain Tumour Day. Hospital Founder Dr Vikram Siddareddy, Executive Director Dr Shanthakumar Muruda, Lead Urologist Dr Rajeev Bashetty, Senior Neurosurgeon Dr Ashis Kumar Chand, Senior Physician Dr Raghavendra Prakash were present on the occasion.
World Brain Tumour Day is observed on June 8 to raise awareness about the increased prevalence and incidence of brain tumours, its treatment modalities and good recovery rates. It is also in solidarity with people living with brain tumours and their families globally. This theme for 2022 is "Together we are stronger." "A state-of-the-art Brain Tumour surgical facility is established at United Hospital in Jayanagar. High-end modular operation theatres that reduce surgical infections and increase efficiency are set up. Equipment made available includes dedicated operating neuro microscope and operating table imported from abroad. Using these facilities,and his immense expertise, a skilled neurosurgeon at United Hospital, Jayanagar, saved the life of a 70-year-old patient recently by undertaking a very complex surgery, a brain tumour excision. The very next day after the critical surgery, the patient walked on his own without any support", Dr Vikram Siddareddy, general surgeon, and Chairman and Managing Director, United Hospital said.
He said, "Brain tumour diagnosis creates panic and fear among people who feel that life is over. However, there is no need to fear if you are getting treatment with the invention of new therapies. The 70-year-old patient had developed a deep-seated malignant tumour. It is a difficult surgery and even the smallest of errors can be detrimental to a person's life if they damage any adjacent brain area. Our team of skilled neurosurgery doctors managed to perform the 4-hour critical surgery to remove the tumour. That patient recovered well after surgery. He congratulated our team today and said he was very happy." Dr Shanthkumar Muruda, Executive Director of the hospital said'' such events where patients congratulate their doctors are very rewarding and encouraging for us doctors." He said in the case of the above patient the emergency nature of tumor required the surgery to be done on a Sunday. Our pathology services could organise intra-operative diagnosis, that too on a holiday to facilitate the surgical plan.
He also explained about another patient who came to the physician with symptoms and a recommendation for surgery from earlier evaluations. With a multidisciplinary approach he was diagnosed with an unusual type of brain tumour which responds to medical management. It was decided to withhold surgery as it was deemed to be not essential. Medical management was started and as of today patient is doing well. Our hospital advises surgery only on inevitable occasions. In some cases, the tumour is effectively controlled by targeted non surgical therapy using a multidisciplinary approach. The patient, who has not had such a surgery, is happy today, he said.
We are not focused on commercial aspects and we do what is in the patients best interest. He said extensive damage can be avoided by early detection of any disease. Treating the symptoms of the disease with care can avoid surgery. Dr Muruda said that the Hospital has received the National Accreditation Board for Testing and Calibration Labs (NABL) and National Accreditation Board for Hospitals (NABH) certificates within a year.
Dr Rajeev Bashetty, Lead Urologist Dr Ashis Kumar Chand Senior Neurosurgeon Dr Raghavendra Prakash Senior Physician & other neurosciences consultants United Hospital, Jayanagar were present at the event. This story is provided by SRV. ANI will not be responsible in any way for the content of this article. (ANI/SRV)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:42:12
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IBM begins closing business, laying off staff in Russia: CEO Arvind Krishna
IBM has started an ''orderly wind-down'' of its business and laying off the workforce in Russia with its Indian-origin CEO Arvind Krishna saying the global IT giant will continue to stand by its employees in the country.
In early March, the New York-headquartered multinational technology corporation announced the suspension of its business in Russia after President Vladimir Putin ordered the invasion of Ukraine, prompting the West to impose crippling sanctions on Moscow.
The company on Tuesday issued an update on its business operations in Russia, saying it has made the decision to carry out an orderly wind-down of IBM’s business in Russia.
In the statement, IBM’s Chairman, President and CEO Krishna said: “On March 7th, I shared with you our decision to suspend IBM’s business operations in Russia due to the war in Ukraine. Our focus for months has been on looking after the safety and security of IBMers and their families in impacted regions.
“We chose to suspend operations so that we could evaluate longer-term options while continuing to pay and provide for our employees in Russia”.
As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, the company has now made the decision to carry out “an orderly wind-down of IBM’s business in Russia”.
“We see this move as both right and necessary, and a natural next step following our business suspension,” Krishna said.
This process will commence on Tuesday and result in the separation of the local workforce, he said.
“Our colleagues in Russia have, through no fault of their own, endured months of stress and uncertainty.
“We recognise that this news is difficult, and I want to assure them that IBM will continue to stand by them and take all reasonable steps to provide support and make their transition as orderly as possible,” he said.
Krishna thanked ‘IBMers’ everywhere for all they have done to help the company, clients and communities navigate this crisis.
“Your spirit and generosity have made a difference, and you need look no further for evidence than the nearly USD 2 million in donations that have been made to the International Red Cross thanks to your individual gifts.
“We remain united in our hope for an end to this war and the restoration of peace,” he added.
In March, IBM joined many Western companies like Procter & Gamble, Adidas to suspend business in Russia after President Putin on February 24 ordered a ''special military operation'' in neighbouring Ukraine.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:42:19
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Cash-strapped Pakistan likely to present nearly Rs 9.5 lakh crore budget: report
- Country:
- Pakistan
Cash-strapped Pakistan is likely to present a nearly Rs 9.5 lakh crore budget with 58% of the fund to be spent only on debt servicing and defence, according to a media report on Wednesday.
The budget, prepared on a highly ambitious target of a mere 4% increase in expenses but one-fourth surge in revenues, would be unveiled on Friday and the revenue increase was aimed at meeting a core condition of the International Monetary Fund (IMF), the Express Tribune newspaper reported.
Quoting sources, the report said the defence budget is estimated around Rs 1.53 lakh crore - up by Rs 73,000 cr or 5% over the revised budget of the outgoing fiscal year. The Ministry of Defence has already taken a Rs 80,000 cr supplementary budget last week for the outgoing fiscal year.
The federal government has finally agreed to exhibit a primary budget surplus of nearly Rs 20,000 crore by planning fiscal consolidation of nearly Rs 1.8 lakh crore or 2.2% of the Gross Domestic Product in the next fiscal year, the sources said.
The budgetary framework is projecting about 0.3% of the GDP primary budget surplus – showing that its net income will be more than the expenditure, excluding debt servicing cost.
Earlier, during the Doha round of talks, the government had presented a primary budget deficit framework, which the IMF did not agree to.
A major chunk of the new budget – the Rs 5.5 lakh crore or 58% of the budget – will be spent only on two heads – debt servicing and defence. There is an alarming increase of over Rs 80,000 crore or 26% increase in debt servicing cost in just a year. In the outgoing fiscal year, the share of these two components was half of the total budget. The defence services' share remained constant but the debt servicing has gone out of control.
Although the government will be aiming at close to a Rs 20,000 crore primary budget surplus, the finance ministry will still borrow Rs 4.6 lakh crore to run its operations, thanks to the nearly Rs 4 lakh crore debt servicing cost in the fiscal year 2022-23. This will be the highest-ever debt servicing cost in the history of Pakistan.
The sources said as against Rs 1.6 lakh crore estimated primary deficit in the outgoing fiscal year, the new budget may be unveiled with a primary surplus target of nearly Rs 20,000 cr. The Rs 1.8 lakh cr or equal to 2.2% of the GDP steeper adjustment will be challenging in an election year and chances of slippages will remain high.
Quoting sources, the report said that a budget of close to Rs 9.5 lakh crore has been prepared on the assumption of less than 4% increase in expenditures over the revised estimates of this year but one-fourth increase in income.
A senior official of the finance ministry agreed that these assumptions were "ambitious" but there was no other option due to the IMF's demand for showing primary budget balance.
The total size of the federal government expenditure is estimated around Rs 9.5 lakh crore, which is higher by nearly Rs 35,000 crore or 4% over this year's revised budget of over Rs 9 lakh crore. There was an increase of 11% in expenditures if compared with the original budget of Rs 8.5 lakh crore, which now has become redundant.
The current expenditures are targeted to grow only over 2% to Rs 8.6 lakh crore against the revised estimates, the sources said.
The debt servicing cost that was Rs 3.1 lakh crore this year will jump close to Rs 4 lakh crore -- an increase of Rs 80,000 cr or 26%. The domestic debt servicing will eat up nearly Rs 3.5 lakh crore, while another Rs 50,000 crore will be given for foreign debt servicing.
The government may drastically cut subsidies that are estimated near Rs 65,000 cr in the next fiscal year. These are down by Rs 85,000 cr or 60% over this year's revised estimates, the sources said.
The government has pitched the budget deficit target of 4.8% of the total size of the economy, or Rs 3.77 lakh cr, to the IMF for the next fiscal year.
But the major challenge for the finance minister would be arranging a record USD 41 billion in foreign loans in the next fiscal year to remain afloat. Pakistan would require repaying USD 21 billion foreign loans. It will need another USD 12 billion for current account deficit financing and USD 8 billion more for increasing foreign exchange reserves to USD 18 billion, the finance minister said.
Prime Minister Shehbaz Sharif on Tuesday said that his government would impose taxes on nonproductive sectors, particularly real estate.
Although the overall budget deficit is projected at Rs 3.8 lakh crore due to an anticipated Rs 80,000 crore provincial cash surpluses, the federal government will still have a Rs 4.5 lakh cr deficit, equal to 48% of the total size of the budget, the report said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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TECNO CAMON 19 series global launch event to be held in Rockefeller center
TECNO is announcing several big product breakthroughs on its coming CAMON 19 series.
It was recently revealed that the TECNO CAMON 19 series global launch event will be held in the iconic Rockefeller center in New York City. The TECNO brand (www.TECNO-Mobile.com) of smartphones enjoys a leading market share on the African continent, and this move demonstrates its expansion to a global audience and new premium segments.
TECNO is announcing several big product breakthroughs on its coming CAMON 19 series. The company, which recently won an iF 2022 Design Award for its outstanding product innovations including an ultraslim bezel as well as its fantastic dual-ring triple-camera layout, revealed that it is among the first to make Android 13 beta available on its latest CAMON 19 Pro 5G.
The new series of devices will include original technology such as an RGBW camera sensor + glass, which has been co-developed with Samsung, as well as a cutting-edge dual-ring triple-camera layout.
TECNO also unveiled its entry, through strategic partnerships with third party financial institutions, into the sector with the launch of the TECNO Wallet, a payment wallet and finance app built for its devices and integrated into the CAMON 19 series of phones.
The TECNO Wallet will allow users to make easy and secure payments for a range of services including money transfers, airtime, data, bills, and shopping.
It aims to build a digital and financial hub and lifestyle platform that aggregates products, services and merchants from across the market, allowing TECNO users to transact, access credit, and enjoy exclusive rewards and promotions as soon as they unbox their smartphone.
TECNO Wallet will be available for download on selected existing device series and will come pre-installed on new TECNO smartphones, including the upcoming CAMON 19 series set to be unveiled in June 2022. The wallet has pilot launched in Nigeria in May, and roll-out to Kenya in middle of June. The future launches will include Ghana, Tanzania, Uganda, Code d'Ivoire and Senegal in the second half of 2022.
According to a 2022 global study conducted by VISA (https://vi.sa/3MwhUFY), more than 40 percent of consumers have already embraced cashless transactions or will only use digital payments within the next two years. Additionally, 59 percent of small business owners stated they plan to exclusively accept digital payments within the same timeframe.
"As the consumers around the world transition from cash transactions to digital payments, TECNO Wallet will be a trusted tool that empowers every TECNO user to enjoy ultimate convenience and make easy, fast and reliable payments." said Danni Xu, Global CMO of TECNO.
Key Features of TECNO Wallet
A smarter way to pay - TECNO Wallet empowers every TECNO smart phone user to pay for anything, anywhere, conveniently and securely. The Wallet introduces a new integrated digital payment experience that makes the process of paying for data, airtime, bills and shopping fast and reliable.
Digital finance re-imagined - TECNO Wallet is the effortless way to go cashless. Consumers can use the Wallet to handle their everyday transactions such as paying for airtime and groceries at the tap of a button, as well as access innovative financial services, all on one super-app.
All your money in one place - The Wallet helps consumers manage their finances in one place by connecting their existing cards and bank accounts to the app. Compatible major card schemes and financial institutions in the continent.
Instant Credit - TECNO Wallet integrates a revolutionary digital Instant Credit service that enables its users to access a credit line in seconds and enjoy an interest-free period of up to 16 days powered by licensed financial institutions. Traditional requirements such as paperwork, guarantors or fees are eschewed in favour of a data science based approach that will empower customers to quickly access credit and grow their limit based on their payment behaviour.
In the near future, TECNO Wallet will also offer cashback and promotional rewards, along with discounts and deals with participating merchants and retailers.
(With Inputs from APO)
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- TECNO CAMON 19
- TECNO Wallet
- TECNO
- Danni Xu
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| 2022-06-08T11:42:36
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Uber donates app to World Food Programme to use in Ukraine
Uber said on Wednesday it had donated a customised version of its "Uber Direct" software app to the U.N.'s World Food Programme to help distribute food in Ukraine. The WFP is already using the app in Dnipro, with plans to expand to Chernivsti, Kyiv, Lviv and Vinnystia, it said.
- Country:
- Guyana
Uber said on Wednesday it had donated a customized version of its "Uber Direct" software app to the U.N.'s World Food Programme to help distribute food in Ukraine. The WFP is scaling up operations in Ukraine and expects to be able to provide food and cash to 3 million people per month by June, the agency said in a joint statement with Uber.
The software will allow the WFP to coordinate a fleet of vehicles and track deliveries in real-time to densely populated areas where larger vehicles might not be able to travel safely. The WFP is already using the app in Dnipro, with plans to expand to Chernivsti, Kyiv, Lviv and Vinnystia, it said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- U.N.
- Dnipro
- World Food Programme
- Uber
- Ukraine
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U.N. vote on Thursday on U.S. push for more North Korea sanctions
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https://www.devdiscourse.com/article/business/2065603-uber-donates-app-to-world-food-programme-to-use-in-ukraine
| 2022-06-08T11:42:44
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| 0.93682
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House committee to hold hearing on soaring U.S. traffic deaths
"We face a crisis on our roadways," Transportation Secretary Pete Buttigieg said. U.S. traffic deaths surged after pandemic lockdowns ended in 2020 as more drivers engaged in unsafe behavior.
A U.S. House of Representatives subcommittee on Wednesday is holding a hearing on soaring American traffic deaths and efforts to build safer roads.
Last year, traffic deaths jumped 10.5% https://www.nhtsa.gov/press-releases/early-estimate-2021-traffic-fatalities to 42,915 marking the highest number killed on U.S. roads in a single-year since 2005. Congresswoman Eleanor Holmes Norton, the Transportation and Infrastructure subcommittee chair holding the hearing, called the hearing "exceptionally timely."
The preliminary yearly increase reported is the highest since the National Highway Traffic Safety Administration (NHTSA) began using its traffic fatality tracking system in 1975. Congress, as part of a $1 trillion infrastructure bill in 2021, approved $5 billion for local governments to improve roadway safety.
The subcommittee will hear witnesses from the National League of Cities, the American Association of State Highway Transportation Officials (AASHTO), the Washington Area Bicycle Association and the American Traffic Safety Services Association. People outside cars are especially vulnerable.
The number of pedestrians killed in 2021 jumped 13% to 7,342, the highest number since 1981, while the number of people on bicycles killed rose 5% to 985, the highest number since at least 1975, NHTSA said. Advocates for Highway and Auto Safety urged Congress https://saferoads.org/wp-content/uploads/2022/06/Advocates-Letter-for-Roadway-Safety-Hearing-6.8.22-FINAL.pdf to work "to prevent traffic fatalities by minimizing roadway conflicts and reducing crash forces when they do occur results" by "reducing speeds, road safety infrastructure improvements and better post-crash management."
It also wants the NHTSA to set new rules requiring "minimum performance standards for advanced driver assistance systems and requirements for adaptive beam headlights, improved hood and bumper standards." In January, the Transportation Department released a strategy designed to cut traffic deaths. "We face a crisis on our roadways," Transportation Secretary Pete Buttigieg said.
U.S. traffic deaths surged after pandemic lockdowns ended in 2020 as more drivers engaged in unsafe behavior. Traffic deaths are now up 18% over pre-pandemic 2019 levels, while driving has now returned to 2019 levels.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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BJP slams Rahul Gandhi over meeting with UK leader Jeremy Corbyn known for his 'anti-India' stance, Congress hits back
Telangana Congress urges state govt to remove Veer Savarkar's portrait from museum
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https://www.devdiscourse.com/article/business/2065606-house-committee-to-hold-hearing-on-soaring-us-traffic-deaths
| 2022-06-08T11:42:52
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| 0.933328
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The Summit of the Americas — an event bringing together leaders of countries from Chile to Canada this week — was supposed to be a chance for the White House to demonstrate its leadership on big issues such as migration, climate change and recovering from the pandemic.
But the agenda has been overshadowed by who won't be at the table. Several leaders, including Mexican President Andrés Manuel López Obrador, turned down the chance to meet with President Biden in Los Angeles.
The absences are drawing attention to the waning influence of the United States in the region and raising questions about U.S. commitment to Latin America.
As vice president, Biden visited the region more than 16 times, so there was a lot of optimism when he took office about a more collaborative relationship with the region. But after more than a year in office as president, Biden has devoted more time to pressing issues in Russia and China.
The summit comes as China has made bigger inroads into the region's economy, said Eric Farnsworth, a former State Department official now at the Council of the Americas.
Latin America has been crying out for economic relief following the pandemic and getting little help from the United States, while China sits in wait — with an open checkbook.
"I've been saying this since at least last summer," Farnsworth said. "You are heading for a train wreck unless you change course in some way and recognize that the hemisphere has shifted. But our policy in the region is simply status quo."
The Summit of the Americas looks to be a debacle, a diplomatic own goal. The US has no trade proposal, no immigration policy, & no infrastructure package. Instead, the focus is on who will & will not be there. Unclear is why we pressed for it to happen. https://t.co/d431ffbcnw
— Richard N. Haass (@RichardHaass) June 7, 2022
Mexico wanted all countries to be invited, but Biden left some out
López Obrador had threatened to skip the summit if the United States did not invite the leaders of Cuba, Venezuela and Nicaragua. When the guest list was finally released this week — and the authoritarian leaders were left off — López Obrador made good on that threat.
"There can be no Summit of the Americas if all the countries of the American continent do not participate," López Obrador said Monday. "Or there can be, but we believe that means continuing of old politics of interventionism, of a lack of respect of their communities."
Assistant Secretary of State Brian Nichols said the administration considered inviting the leaders, but ultimately ruled it out.
"Looking at the current situation in Cuba, in particular with trials of civil society leaders and similar situations in Nicaragua and Venezuela, we felt that the most appropriate decision was to maintain our own commitment to democracy and human rights in our hemisphere," Nichols said.
Migration is a big issue, but key leaders won't be at the summit
On Friday, Biden and the leaders attending the meeting are expected to sign a declaration on migration. The Biden administration plans to announce new private sector investments for Central America, geared to improving the economy and reducing migration. But the leaders of the three nations that account for much of the migration — Guatemala, Honduras and El Salvador — are skipping the summit.
However, the countries are sending delegations of officials, and the Biden administration says it will work with them to get business done.
Also on the agenda: improving medical supply chains, addressing hunger and food shortages, and a climate and energy partnership with the Caribbean.
"At the end of the day people will see that we have taken a large number of concrete measures that will make people's lives better," said Nichols, who oversees policy in the Western Hemisphere at the U.S. State Department.
Biden also wants to talk about recovery from the pandemic
On Wednesday, the White House said Biden will announce a new plan with partners in the region to recover from COVID-19 — and prepare for future pandemics. Working with the Pan American Health Organization (PAHO), the plan includes training for 500,000 public health and medical workers in the region over the next five years, a program they're calling the Americas Health Corps.
Biden will have his first conversation with Brazil's Bolsonaro
Biden is also set to meet with Brazilian President Jair Bolsonaro. It will be the first time he speaks with the controversial leader, who was a close ally of former President Donald Trump.
Lately, Bolsonaro has been making false claims about Brazil's election system, similar to the false claims made by Trump about Biden's election.
Jorge Guajardo, a former Mexican ambassador to China, says the insurrection at the U.S. Capitol on Jan. 6, 2021, highlighted the United States' own problems with upholding democracy. Those problems haven't gone unnoticed in the hemisphere.
Guajardo said Latin American leaders, like others around the world, simply don't know whether — or how long — the United States will be able to maintain its democratic principles of the past.
"It gives countries pause to say, 'Why should we follow your lead?' if we don't know if your successor will leave us out to hang in the future," Guajardo said.
Copyright 2022 NPR. To see more, visit https://www.npr.org.
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https://www.vpr.org/npr-news/2022-06-08/biden-is-hosting-the-summit-of-the-americas-but-mexicos-president-wont-be-there
| 2022-06-08T11:42:58
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Maharashtra continues its investment momentum, signs deal worth INR 80,000 cr at WEF, Davos
The Maharashtra delegation has had a successful visit to Davos at the World Economic Forum Annual Meeting 2022. The state signed over INR 80,000 cr (USD 10.5 Billion) in investment intentions with 24 companies and 3 MoUs of strategic cooperation. Renew Power will invest an astonishing INR 50,000 Cr (USD 6 bn) in Renewable Power generation of 10-12 GW in the state, while Asia Pulp and Paper, an Indonesian firm, will be investing INR 10,500 Cr (USD 1.5 Bn) in Raigad district.
- Country:
- Switzerland
Davos [Switzerland], June 8 (ANI/Mediawire): The Maharashtra delegation has had a successful visit to Davos at the World Economic Forum Annual Meeting 2022. The state signed over INR 80,000 cr (USD 10.5 Billion) in investment intentions with 24 companies and 3 MoUs of strategic cooperation. Renew Power will invest an astonishing INR 50,000 Cr (USD 6 bn) in Renewable Power generation of 10-12 GW in the state, while Asia Pulp and Paper, an Indonesian firm, will be investing INR 10,500 Cr (USD 1.5 Bn) in Raigad district. In the total 10 editions of Magnetic Maharashtra 2.0, under the leadership of Hon. Chief Minister, Shri Uddhav Thackeray, there have been 122 MoUs signed, totalling INR 2.2 lac crore, potentially generating 4 lac job opportunities in the state. In the previous 9 editions, 98 MoUs were signed in the last 2 years, which are now at various stages of implementation. This is a testament to the state's commitment towards industrial development. Additionally, in last two years from October 2019 to December 2021, Maharashtra received 26 per cent of total FDI, which was the highest in India.
Minister of Environment and Climate Change, Aaditya Thackeray, Minister of Industries Subhash Desai and Minister of Energy, Dr Nitin Raut, ACS to Chief Minister Ashish Kumar Singh, ACS Industries Baldev Singh, MD of MSEDCL, Vijay Singhal, CEO of MIDC Dr P. Anbalagan and Jt CEO MIDC, PD Malikner were present during the ceremony along withfrom the signing companies. The Maharashtra delegation inaugurated the Maharashtra Pavilion at the World Economic Forum (WEF), Davos on May 22, 2022. On the subsequent days, the delegation held and participated in several bilateral meetings, discussions, and forums with Global business and political leaders, and experts representing the different sectors. The delegation, on behalf of the Government of Maharashtra, promoted Maharashtra as an ideal investment destination by detailing the business and growth opportunities in the state, while also sharing the state's vision on youth and technology-led development, and the state's core objectives on green, renewable and sustainability-focused development.
The Minister of Environment, Aaditya Thackeray was invited to receptions hosted by META (Facebook), Google and Prime Minister of Belgium, Alexader de Croo. Maharashtra was represented on a global stage as an ideal investment and tourism destination and the state's commitment towards sustainability was reaffirmed. The state also signed an MoU with the Global Plastic Action Partnership ("GPAP")and initiated the Maharashtra Plastic Action Partnership (Maharashtra PAP), which will serve as a roadmap for sustainable development in the state. Maharashtra was the first state to ban single-use plastic in 2018 and has been at the forefront in sustainable development with aggressive policies and action plans to balance development and climate change. Earlier this year, Maharashtra was the first state to be awarded the prestigious Inspiring Leadership Award at the COP26 summit held at Glasgow.
Additionally, the State Government signed an MoU with Byju's for introducing digital content in the state and municipal schools in Maharashtra. Furthermore, the state also signed a strategic cooperation agreement with World Green Building Council for knowledge sharing and helping the state achieve its net zero-emission targets and for the capacity building of state authorities in Environmental Sustainability Governance. This story is provided by Mediawire. ANI will not be responsible in any way for the content of this article. (ANI/Mediawire)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065611-maharashtra-continues-its-investment-momentum-signs-deal-worth-inr-80000-cr-at-wef-davos
| 2022-06-08T11:42:59
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| 0.949004
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With The Frequency, get up to speed on what's happening in Vermont in under 15 minutes. Hosted by Henry Epp and Anna Van Dine, and available every weekday morning by 6:30 a.m.
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With The Frequency, get up to speed on what's happening in Vermont in under 15 minutes. Hosted by Henry Epp and Anna Van Dine, and available every weekday morning by 6:30 a.m.
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https://www.vpr.org/podcast/the-frequency-daily-vermont-news/2022-06-08/weathering-the-weather
| 2022-06-08T11:43:04
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en
| 0.952468
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RBI Guv bats for cut in state taxes on petrol, diesel
Lending support to the Union governments pitch for states to reduce sales tax VAT on petrol and diesel, Reserve Bank of India RBI Governor Shaktikanta Das on Wednesday said a cut in VAT on fuel will help soften inflationary pressures as well as expectations.The central government had on May 21 cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 to give relief to consumers battered by high fuel prices that have also pushed inflation to an all-time high.
- Country:
- India
Lending support to the Union government's pitch for states to reduce sales tax (VAT) on petrol and diesel, Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said a cut in VAT on fuel will help soften inflationary pressures as well as expectations.
The central government had on May 21 cut excise duty on petrol by a record Rs 8 per litre and that on diesel by Rs 6 to give relief to consumers battered by high fuel prices that have also pushed inflation to an all-time high. At that time, it asked states to lower VAT to further provide relief. Almost no state reduced VAT.
Announcing the bi-monthly monetary policy, Das said a quick survey of urban households undertaken after the excise duty cuts on petrol and diesel on May 21 showed a significant moderation in their inflation expectations.
''In such a scenario, further reduction of State VATs on petrol and diesel across the country can certainly contribute to softening of the inflationary pressures as well as expectations,'' Das said.
Finance Minister Nirmala Sitharaman, at the time of announcing a reduction in excise duty, had urged states to reduce VAT. Her other cabinet colleagues including Oil Minister Hardeep Singh Puri made similar pleas.
But hardly any state reduced VAT after the May 21 excise duty cut announcement.
In April, Prime Minister Narendra Modi too had asked the states to lower their taxes to enable users to get the full benefit of the previous excise duty cuts of November 2021. Non-NDA party ruled states had not reduced VAT.
Post-November 2021 reduction in excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre, 25 states and UTs had cut VAT to give further reprieve to consumers battered by record-high retail prices.
However, states ruled by non-NDA parties like Maharashtra, Andhra Pradesh, West Bengal, Kerala and Tamil Nadu had not reduced VAT.
''Many states like Maharashtra, West Bengal, Telangana, Andhra Pradesh, Tamil Nadu, Kerala, and Jharkhand did not agree to our request for some reason or the other, and the burden on the people of these states continued,'' Modi had said on April 27.
''I am urging you that in the interest of the nation, please undertake what should have been done six months back in November. Give consumers in your state the benefit by lowering the VAT.'' For a nation 85 per cent dependent on imports to meet its oil needs, the surge in international crude oil prices following Russia's invasion of Ukraine, together with food and commodities, has contributed to pushing the inflation rate to 7.8 per cent in April.
To control the spiralling prices, the Union Government reduced excise duty.
The two reductions - first in November 2021 and then in May 2022, roll back the Rs 13 and Rs 16 per litre increase in taxes on petrol and diesel effected between March 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices.
The excise duty hikes of 2020 had taken central taxes on petrol to their highest level of Rs 32.9 per litre and that on diesel to Rs 31.8 a litre.
After the latest excise cut, the incidence of central tax on petrol came down to Rs 19.9 a litre and that on diesel to Rs 15.8 per litre.
Central excise duty makes up for 20 per cent of the price of petrol, down from 26 per cent earlier. It now makes up 17.6 percent of diesel price. After considering local sales tax or VAT, the total tax incidence on the price of petrol is 37 percent and that on diesel is 32 per cent, down from 40-42 per cent earlier.
The excise tax on petrol was Rs 9.48 per litre when the Modi government took office in 2014 and that on diesel was Rs 3.56 a liter.
The government had, between November 2014 and January 2016, raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.
In all, duty on petrol rate was hiked by Rs 11.77 per liter and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.
It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019.
It again raised excise duty on March 14, 2020, by Rs 3 per liter each. The government on May 6, 2020, again raised excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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Will abolish minority reservations if BJP comes to power in Telangana: State BJP president
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https://www.devdiscourse.com/article/business/2065614-rbi-guv-bats-for-cut-in-state-taxes-on-petrol-diesel
| 2022-06-08T11:43:07
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| 0.962841
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VPR Newscasts
VPR morning newscast for Wednesday, June 8
Published June 8, 2022 at 6:25 AM EDT
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https://www.vpr.org/podcast/vpr-newscasts/2022-06-08/vpr-morning-newscast-for-wednesday-june-8
| 2022-06-08T11:43:10
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| 0.743052
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Host Eric Brooks takes us on a 600-year journey this week on the VPR Choral hour, from early polyphony with Guillaume Dufay and Carlo Gesualdo, to 20 and 21st century favorites, Randall Thompson and Eric Whitacre. He'll also look at music of the great gospel choir director Mollie Moss Clark. This week's Sing-Along is J.S. Bach's Church Cantata Nun Komm Der Heiden Heiland (BWV 62).
Enjoy the time-traveling this week!
Download the Sing-Along music here:
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https://www.vpr.org/show/vpr-choral-hour/2022-06-08/choral-hour-6-12-6-14-early-polyphony-to-present-day-favorites-and-a-j-s-bach-sing-along
| 2022-06-08T11:43:16
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en
| 0.852413
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TAC Security launches the ESOF Vulnerability Prediction Feature
TAC Security, a Silicon Valley based Cybersecurity company, announced the launch of their ESOF Prediction Feature.
- Country:
- United States
San Francisco [US], June 8 (ANI/BusinessWire India): TAC Security, a Silicon Valley based Cybersecurity company, announced the launch of their ESOF Prediction Feature. The Prediction feature allows the organizations to forecast the quantity of new vulnerabilities in an asset for the coming month. The results will be based on the vulnerability specifics from anyone's most recent scan results for each Asset type.
The feature anticipates the ESOF cyber scores of various Asset types present in one's infrastructure and based on the number, the predicted vulnerabilities are generated. The count of predicted vulnerabilities gets further divided based on severity levels for e.g., Critical, High, Medium and Low. ESOF predicts the number of vulnerabilities in the coming months, and generates a cyber score based on that for the coming months. The platform will predict the following -
Monthly Prediction of Vulnerabilities. Prediction of ESOF Cyber Score
Prediction of Vulnerabilities that can be patched Prediction of Type of Vulnerability(s)
ESOF also allows the count of predicted vulnerabilities to be compared to the number of actual vulnerabilities. The representational graphs will contain both the actual count and predictive count of the vulnerabilities for the coming months. "The prediction feature allows security teams to foresee threats and prepare for them. If the security team needs training or resources, knowing in advance allows them to invest time and resources to improve their security processes. ESOF plays an essential role in allowing teams to discover, prioritize and remediate before situation demands, rather than mass efforts like other tools," said, Trishneet Arora, Founder and Chief Executive Officer, TAC Security.
"We are thrilled to take the next step to ensuring ESOF becomes Cybersecurity's Future. The Prediction feature is a revolutionary contribution by TAC Security to the ever-evolving Risk and Vulnerability Management market. The ability to foresee threats allows not only the security teams and leaders to be prepared. And gives them the chance to communicate with the whole organization, including the Board Members, so they know what to expect. It allows the organization to be well prepared and plan their resources to strengthen their security processes and reduce the chances of a breach remarkably," said Chris Fisher - CMO, TAC Security. This announcement closely follows TAC Security's recent launch of another new product, ESOF Product CyberScore. The product provides ability to generate risk scores for each product installed in the system.
In addition to an individual product risk score for the product on a single asset, there is also a group score that will be based upon all the assets that have the product installed. With the overall product score, they can easily identify the most vulnerable products present in all the assets and prioritize the top 10 most vulnerable products present in the organization. The prediction model is a major stepping stone in TAC Security's mission of ensuring a cyberscore becomes the next credit score system for organizations to be considered compliant. The ability to forecast upcoming vulnerabilities gives organizations an edge over the adversaries and continues to strengthen the risk posture of their overall IT infrastructure.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065615-tac-security-launches-the-esof-vulnerability-prediction-feature
| 2022-06-08T11:43:16
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| 0.929462
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Daisy Rockwell comes from a family of artists — some of whose work may be displayed on your kitchen calendar, or the surfaces of your chinaware, or hanging on the walls at your local doctors office.
Rockwell is the granddaughter of Norman Rockwell, who spent his later years living in Arlington, Vermont. She learned to use a paintbrush before a pencil. Her artistic work is truly inspiring, but it’s her work in translation that has brought new fame to the Vermont-based artist, writer and translator.
Rockwell has won the prestigious International Booker Prize for her translation of the novel Tomb of Sand, by Geetanjali Shree, from Hindi to English.
VPR’s Mitch Wertlieb spoke with author, artist and translator Daisy Rockwell. Their conversation below has been edited and condensed for clarity.
Daisy Rockwell: It's very exciting for me, because I have been translating for many years, decades in fact, but all my work has been published in India. It has been very difficult to find a publisher outside of India. So I was commissioned to do this project by Tilted Axis Press in the U.K. And the success coming from the long-listing and short-listing and subsequently the award makes it possible to publish the work in the United States for the first time. And that deal was just announced with Harper Via.
Mitch Wertlieb: I'd love to hear more about the relationship between translator and author. How did you two find each other? And how was this translation work done?
I was actually approached by a Bangla translator, who had been contacted by the U.K. publisher — [Shree] wanted to have this book translated. So he was kind of a matchmaker between me and the author.
So, initially she agreed to allow me to translate it. And then I did an entire first draft, which takes a long time. Then I started sending her questions, and I was going to go to India to work with her on it in person, because it was a very difficult novel to translate. But then the pandemic hit. So we ended up exchanging hundreds and hundreds of emails. We never Zoomed or spoke on the phone. And we actually met for the first time last week in London.
"... illustration and translation are very similar, because in both cases, you are transferring one thing into an entirely different medium. And even though translation is words, it's still a completely different set of words. The translator rewrites the entire book in a different language, so they've written every word of the book, they've reinterpreted it."
What was that like, when you actually finally got to meet each other after this two-year correspondence of translation? It must have been amazing.
It was amazing, but we also felt like old friends. I mean, we had been through so much together already. So it was in some ways just like meeting someone I had known forever.
If you had to describe this book to someone, what about it stood out to you? What makes it a great book, in your estimation?
This book is extremely experimental, and Geetanjali plays with conventions and crosses borders in all different ways. And lately, I've been thinking that the English book that it most resembles for me is Ulysses by James Joyce. So think about that totally unconventional use of language, that pushing of the borders of the language that you're using.
And you know, plot is there. But for example, it's for some readers consternation, the main character doesn't get out of bed for the first 200 pages, while her family is swirling around her doing their thing, because it's a big Indian, joint family. And it's in that way kind of pushing the conventions of storytelling: What do you expect a story to be? What is a plot? You know, what are protagonists supposed to do? And then on top of it all, just those constant word-play and linguistic pyrotechnics.
I'm so curious too, about your journey from artist to translator. I mean, right in your bio, you say you made a detour into academia in the late 90s. And I'm wondering if that's when you started to get into translation work?
Yeah, I mean, I always enjoyed studying languages from middle school on. I then went on to college and eventually started studying Hindi, kind of on a whim. And it just drew me, and it was very challenging for me, because I had no background or previous knowledge about Indian culture.
But I just was drawn in, and I ended up getting a Ph.D. in South Asian languages and literature and pursuing kind of an academic career for some time. So I did start to translate at that time, when I was in graduate school.
I wonder if you think translation is a kind of artwork in that you are painting a picture from something else. I mean, these words are going to be translated into languages that people are familiar with and that they can understand. But it's not the original. You're painting a kind of picture in a way, aren't you?
Absolutely. And I've been thinking about this a lot, because I also painted the image that's used on the cover of the Indian edition of the book. And I started to think about how illustration and translation are very similar, because in both cases, you are transferring one thing into an entirely different medium. And even though translation is words, it's still a completely different set of words. The translator rewrites the entire book in a different language, so they've written every word of the book, they've reinterpreted it. So in some senses, I think there is a lot in common between translation and illustration.
I want to ask just one more question. And this is not related to your translation of this book. But you know, Rockwell is a fairly common name. I'm just curious, though, when people do meet you, if it does come up in conversation from someone you've never met before that, "Oh, I, you know, Norman Rockwell was my grandfather." What is the reaction to that? Is it overwhelming in some ways? And what is it like to be the granddaughter of someone so famous?
It was a bit overwhelming, you know, to be an artist myself, and to have that kind of hovering over my head. But what's interesting to me is that a lot of people, when they find out I studied Hindi, and now that I'm a translator, they somehow think it's a contradiction in a way — that Norman Rockwell is so American that it's kind of contradictory that I would study an Indian language.
And it's funny, because they don't realize what a cosmopolitan man he was. And he in fact, traveled to India and Pakistan, and he painted the portrait of India's first prime minister Jawaharlal Nehru. So that's really not contradictory in my mind at all.
Have questions, comments or tips? Send us a message or tweet Morning Edition host Mitch Wertlieb @mwertlieb.
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https://www.vpr.org/vpr-news/2022-06-08/vermonter-daisy-rockwell-wins-the-international-booker-prize-for-her-translation-of-tomb-of-sand
| 2022-06-08T11:43:22
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Train derailment in east Iran kills at least 21, injures 47
A passenger train traveling through eastern Iran struck an excavator and derailed nearly half its cars before dawn Wednesday, killing at least 21 people and injuring another 47, officials said.The train derailment near the desert city of Tabas was the latest disaster to strike the Islamic Republic in recent weeks as Tehran struggles under US sanctions and any return to its nuclear deal with world powers remains in doubt.The train operated by the state-run Islamic Republic Railway carried some 350 people as it traveled from Tabas, some 550 kilometers 340 miles southeast of Tehran, to the city of Yazd.
- Country:
- Iran
A passenger train traveling through eastern Iran struck an excavator and derailed nearly half its cars before dawn Wednesday, killing at least 21 people and injuring another 47, officials said.
The train derailment near the desert city of Tabas was the latest disaster to strike the Islamic Republic in recent weeks as Tehran struggles under US sanctions and any return to its nuclear deal with world powers remains in doubt.
The train operated by the state-run Islamic Republic Railway carried some 350 people as it traveled from Tabas, some 550 kilometers (340 miles) southeast of Tehran, to the city of Yazd. It struck the excavator as the train traveled over a railroad underpass in the rural scrubland, sending cars and its passengers flying.
“Passengers were bouncing in the car like balls in the air,” one unnamed injured passenger told Iranian state television.
The state-run IRNA news agency gave the casualty figures, citing emergency officials.
Rescue teams with ambulances and helicopters arrived in the remote area where communication is poor. Over a dozen people suffered critical injuries, with some transferred to local hospitals, officials said.
Aerial footage of the desert site of the disaster showed train cars on their side, with some rescuers running at the scene as they tried to care for those injured.
State TV later aired images from a hospital where the injured received treatment. One of those injured told the broadcaster they felt the train suddenly brake and then slow before the derailment.
The derailment happened some 50 kilometers (30 miles) outside of Tabas. The report said the crash is under investigation. Initial reports suggested the train collided with an excavator near the track, though it wasn't immediately clear why an excavator would have been close to the train track at night. One official suggest it could have been part of a repair project.
Iran's President Ebrahim Raisi offered condolences over the crash and announced an investigation would be undertaken into its causes.
Iran's worst train disaster came in 2004, when a runaway train loaded with gasoline, fertilizer, sulfur and cotton crashed near the historic city of Neyshabur, killing some 320 people, injuring 460 others and damaging five villages.
In 2016, a train collision in northern Iran killed at least 43 people and injured about 100.
Iran has some 14,000 kilometers (8,700 miles) of railway lines throughout a country about two and a half times the size of Texas. Its rail system sends both people and goods across the country, particularly in rural areas.
Iran also has some 17,000 annual deaths on its highways, one of the world's worst traffic safety records. The high toll is blamed on wide disregard for traffic laws, unsafe vehicles and inadequate emergency services.
Iran, already straining under US sanctions over its collapsed nuclear deal, has been mourning the deaths of at least 41 people killed in a building collapse in the country's southwest.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:43:25
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FOREX-Yen tumbles against euro as central bank policy diverges
The ECB is set to end its bond purchases this month, meaning rate hikes can commence in the second half of 2022, leaving the Bank of Japan (BoJ) standing alone amongst its peers with its ultra-loose monetary policy. The yen has now fallen for 10 consecutive trading sessions against the euro, its longest losing streak in eight months, and reached a seven-year low of 143.89 per euro in European trade.
The euro hit a seven-year peak against the yen on Wednesday, getting a lift after an upward revision to first quarter growth and ahead of a European Central Bank meeting on Thursday that is likely to pave the way for rate hikes later in the year. The ECB is set to end its bond purchases this month, meaning rate hikes can commence in the second half of 2022, leaving the Bank of Japan (BoJ) standing alone amongst its peers with its ultra-loose monetary policy.
The yen has now fallen for 10 consecutive trading sessions against the euro, its longest losing streak in eight months, and reached a seven-year low of 143.89 per euro in European trade. The euro gained 0.2% against a broadly stronger dollar at $1.07225, after earlier trading lower by 0.3%, as euro zone first quarter economic growth was revised higher.
"EUR/USD has held up quite well in the face of this week's dollar strength," ING analysts said, noting that the prospect of a hawkish ECB had supported the euro. Money markets are now pricing in 75 basis points of rate increases from the ECB by September, implying traders expect a 50-basis-point hike at either the July or September meeting.
Meanwhile, the Federal Reserve looks all but set to raise its interest rate by 50 basis points for a second consecutive meeting next week, in contrast to the BoJ, which has shown no signs of ending its easy policy stance. The U.S. 10-year yield rose 4 basis points, consolidating around the 3.0% mark after breaking back above that level on Monday.
Spreads between 10-year U.S. and Japanese debt widened to around 277 bps, not far from a 3-1/2 year high of 292 basis points hit last month. This has helped push the dollar to a 20-year peak of 134.135 yen, with the Japanese currency losing almost 5.5% against the U.S. currency in the past eight trading sessions.
"When yields move, dollar-yen moves; that's why it looks a little abrupt in the price action," said Lars Sparreso Lykke Merklin, senior analyst at Danske Bank. "Indeed, the monetary policy of holding their ground amid everyone else moving to hike is causing yen to weaken," he added.
Even so, there are still few signs that the BoJ might step in to support the currency. BoJ Governor Kuroda told parliament on Wednesday that yen weakening was positive to the economy as long as moves were stable, while adding that FX policy was not the authority of the BoJ.
The dollar index, which measures it performance against a basket of currencies, including the euro and the yen, rose 0.1% to 102.53. Elsewhere, the pound fell 0.4% against the dollar to $1.2540, as political risks and fears of a slowing economy weighed on sterling.
The Aussie and kiwi were both weaker, falling 0.5% and 0.6% against the dollar, respectively. The safe-haven Swiss franc also declined, dropping to a near three-week low against the dollar of 0.9789 francs.
China's yuan was not immune from the dollar strength, easing against it pressured by market worries over increasingly divergent monetary policy stances between China and other major economies. In cryptocurrencies, bitcoin was down 2.4% but above the $30,000 threshold, while ether was down 0.5% at $1,802.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065626-forex-yen-tumbles-against-euro-as-central-bank-policy-diverges
| 2022-06-08T11:43:33
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RBI Gov asks people to approach local police for issues against unregistered digital lending apps
Das said whenever it gets a complaint from any customer, the central bank directs customers of such unregistered apps to approach the local police, which will conduct an investigation and take necessary action on the issue.The RBI website has a list of apps that are registered with it on the website, the governor said, adding that the police in many states have acted against the wrongdoers as per the provisions of the law.
- Country:
- India
Customers borrowing from unregistered digital lending apps should approach the local police in case of any issue, Reserve Bank Governor Shaktikanta Das said on Wednesday, making it clear that the central bank will only act against entities registered with it.
In remarks that came in the wake of a spate of alleged suicides abetted by harassment by agents or officials of lending apps, Das said most of the digital lending apps are not registered with the central bank and operate by themselves. Das said whenever it gets a complaint from any customer, the central bank directs customers of such unregistered apps to approach the local police, which will conduct an investigation and take necessary action on the issue.
The RBI website has a list of apps that are registered with it on the website, the governor said, adding that the police in many states have acted against the wrongdoers as per the provisions of the law. It can be noted that a spate of alleged suicides in the recent past have been attributed to harassment by loan recovery agents working for or on behalf of digital lending apps.
At the time of borrowing, a borrower consents to share personal information like the contact book of the telephone, which leads to a situation where the borrower is defamed before a person known to her or him, leading to extreme steps.
''It's my humble request to all those using such apps to first check if the app is RBI registered or not. If the app is RBI registered, the central bank will act immediately in case of any misdoing, I assure you,'' Das said in the customary post-policy press interaction.
This is not the first time that issues against such apps have come to the fore. A few years ago, a series of suicides and reports of harassment led the central bank to initiate a study on digital lending platforms.
Das said the RBI has received the report and comments based on it as well, and presently, the report is at an ''advanced stage'' of examination. After the examination, the central bank will be issuing guidelines or directions on the matter.
The governor declined to elaborate on the exact issues when asked if the central bank's cancellation of licenses for five non-bank lenders recently had been connected to tie-ups with digital apps and indulgence in bad practices.
Acknowledging that customers are also getting communication in the form of SMSes or calls in the name of banks, Das requested borrowers to not share personal details like one time passwords or CVV numbers with any such agents who can misuse the same for fraudulent activities. If a customer wants, she or he can check with their bank branch to ascertain the veracity before proceeding ahead, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- the central bank's
- Reserve Bank
- Shaktikanta Das
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https://www.devdiscourse.com/article/business/2065631-rbi-gov-asks-people-to-approach-local-police-for-issues-against-unregistered-digital-lending-apps
| 2022-06-08T11:43:41
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Actor Mrityunjay Pandey's upcoming movie "The Lady Killer" is a thriller and nerve-racking love story
The Lady Killer starring Arjun Kapoor and Bhumi Pednekar in the lead role and Mrityunjay Pandey in a supporting role is one of the thrilling and nerve-racking movies hitting the floors very soon say the makers.
- Country:
- India
New Delhi [India], June 8 (ANI/ATK): The Lady Killer starring Arjun Kapoor and Bhumi Pednekar in the lead role and Mrityunjay Pandey in a supporting role is one of the thrilling and nerve-racking movies hitting the floors very soon say the makers. The cast and crew were recently spotted in Himachal Pradesh to shoot their upcoming film The Lady Killer. It is a directorial venture of Ajay Bahl; the thriller is produced by Bhushan Kumar and Shaaliesh R Singh. The film will be released very soon as per the sources.
Actor Mrityunjay Pandey who is seen in the supporting cast shares his struggling story to become whatever he is today. Coming from the small town of Patna, Mrityunjay Pandey was very much interested in acting since childhood. He dreamed of becoming an actor and never lost faith in himself. His dedicated nature, curiosity to learn new things, and upgrade his skills led him to his dream destination. Mrityunjay came to Mumbai in 2007 and decided to start his career as an actor. Mumbai where every third person comes to make a career in Bollywood didn't accept Mrityunjay easily. He went to several producer offices, and made numerous contacts but didn't get the work as expected. But, he never stopped the struggle.
He received a chance to work with the Late Versatile actor Irrfan Khan. He observed the actors work very closely, improvised his skills, and learned many new things related to acting. But unfortunately, due to the health issues of Irrfan Khan, the movie didn't get released, and the project didn't come on floors. Very soon, Mrityunjay realized that he should try some other work in Bollywood. So, he started to work as an EP (Executive Producer). He closely observed the working of celebrities, and producers but that too turned out to be futile. Mrityunjay then decided to give up his dreams and return to his hometown to continue his business. But the artist inside him didn't allow giving up.
He then met his close friend, Actor Raj Kumar Rao, who guided him like his younger brother. Raj Kumar Rao gave him many valuable tips to follow that proved beneficial in his long journey. After a long wait, Mrityunjay Pandey's dedication, and hard work make his way into a major break receiving the second lead role in the movie "Dedh Bheega Zameen" directed by renowned Director Pulkit starring Pratik Gandhi in a lead role.
There was no looking back for Mrityunjay now! His upcoming film "The Lady Killer" will be soon released. He was also seen in the famous web series 'Garmi' directed by famous Tigmanshu Dhulia. "When you have the passion for achieving your dreams, and you struggled a lot for it, God makes every way possible to achieve it", says actor Mrityunjay Pandey."
This story is provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065634-actor-mrityunjay-pandeys-upcoming-movie-the-lady-killer-is-a-thriller-and-nerve-racking-love-story
| 2022-06-08T11:43:48
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Russian airline S7 freezes plan to launch low-cost carrier
Russia's largest private airline S7 Group said on Wednesday that it was putting plans to launch a low-cost carrier on hold after aircraft deliveries were cancelled.
Russia's largest private airline S7 Group said on Wednesday that it was putting plans to launch a low-cost carrier on hold after aircraft deliveries were cancelled. The company said last July that it planned to launch "Citrus", a budget airline focusing on regional routes.
"In 2022 deliveries of the aircraft required to launch the low-cost airline will not take place, so the development of the airline with this business model is unfortunately not possible now," the airline said in a statement. It said it would make a decision on the future of the project by the end of the year.
Western sanctions over Moscow's military campaign in Ukraine have triggered a crisis in Russia's aviation sector, which has seen flights to Europe and the United States cancelled and the use of foreign-made aircraft restricted.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Russia
- Europe
- United States
- Ukraine
- Moscow
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https://www.devdiscourse.com/article/business/2065635-russian-airline-s7-freezes-plan-to-launch-low-cost-carrier
| 2022-06-08T11:43:56
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Yes Bank begins process to form alternate board
- Country:
- India
Returning to profit in FY22 after witnessing heavy losses for two consecutive years, Yes Bank has kicked off the process of forming an alternate board as it has come out of the reconstruction scheme.
The central government notified the Yes Bank Reconstruction Scheme on March 13, 2020, after the private lender faced a governance crisis triggered by mismanagement at the top level.
The reconstruction scheme helped the bank in achieving significant progress in record time and the turnaround with FY22 as the full-year profit for the bank at Rs 1,066 crore. The bank posted heavy losses in FY20 and FY21.
Based on the recommendation received from SBI -- the largest shareholder of the bank -- the board has now initiated the process of forming the alternate board, Yes Bank said in a regulatory filing on Wednesday.
''As a first step, the board has recommended to the shareholders the appointment of directors as recommended by SBI on the alternate board. The shareholders' meeting (annual general meeting) is scheduled on Friday, July 15, 2022, to consider the relevant resolutions,'' it said.
Since the implementation of the reconstruction scheme, the bank undertook multiple transformational initiatives that helped in resurrecting and rebuilding its foundation. The bank now remains on course to achieve its growth and profitability objective, the private sector lender said.
Yes, Bank said the alternate board will operate under the applicable laws and regulations as against the current board which was constituted and is functioning under the ambit of the reconstruction scheme.
The nine-member board to be formed would comprise current MD & CEO Prashant Kumar, Atul Malik, Rekha Murthy, Sharad Sharma, Nandita Gurjar, Sanjay Kumar Khemani, Sadashiv Srinivas Rao, T Keshav Kumar, and Sandeep Tewari.
The existing board of the bank has four directors, including MD & CEO Prashant Kumar and chairman Sunil Mehta, besides Mahesh Krishnamurti and Atul Bheda.
Also, it has two SBI nominee directors (officers of SBI) and two RBI-appointed additional directors.
The term of two additional directors -- R Gandhi and Ananth Narayan Gopalakrishnan -- appointed by RBI is valid up to March 23, 2023, or till further orders, whichever is earlier.
Sunil Mehta, Chairman, Mahesh Krishnamurti, and Atul Bheda – board members appointed under the notification of the reconstruction scheme, will hand over the charge to the alternate board having overseen the significant turnaround of the bank in record time and having achieved the primary purpose for which they were mandated under the Yes Bank Reconstruction Scheme, 2020, Yes Bank said.
''The bank's largest shareholder State Bank of India has proposed Prashant Kumar's candidature for the position of MD & CEO of the bank for three years, which will be subject to the approval of the alternate board, Reserve Bank of India, and the shareholders,'' it added.
The bank had to be bailed out in March 2020 after a prompt intervention by the government and RBI, wherein several peer banks stepped in to infuse capital in Yes Bank instead of stakeholding.
Prashant Kumar from SBI was appointed as the administrator under the watch of RBI and later positioned as the MD & CEO.
Yes, Bank said it achieved key milestones since the implementation of the reconstruction scheme, including a full-year profit in FY22; nearly doubling of deposit book from Rs 1.05 lakh crore to Rs 1.97 lakh crore (March 2022), an increase in retail/MSME share in the balance sheet to 60 percent from 44 percent and reaching a CASA of over 30 percent.
It also raised Rs 15,000 crore equity capital in July 2020 through one of the largest public issues and improved the CET1 ratio to 11.6 percent from 6.3 percent.
Yes, Bank said the focus has moved from the consolidation of the balance sheet to growth. In FY22, the bank's loan book grew by nearly 9 percent with gross disbursements of about Rs 70,000 crore across all segments.
''Bank has undertaken multiple initiatives to review and make necessary changes to its governance frameworks and processes with a key focus on the credit underwriting policies and practices,'' it said.
It maintained leadership in digital payments with the highest market share in UPI as one of every third digital transaction is processed by Yes Bank infrastructure. ''Yes Bank today accomplishes a significant milestone of coming out of the reconstruction scheme by initiating the process of formation of the alternate Board,'' Mehta, chairman of the board, said.
He complimented his colleagues on the board, the Reserve Bank of India, the government of India, State Bank of India, and all other investors as well as the bank's customers and the 24,000-plus highly dedicated employees of the bank for the historic turnaround of one of the largest private sector banks of this country.
''It has been a fascinating experience and truly a privilege to lead the board during this very difficult period and achieve very distinct milestones over more than two years. My special gratitude to Mahesh Krishnamurti and Atul Bheda who will be demitting office along with me on the formation of the alternate board,'' Mehta said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:44:04
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Spinny is Transforming the Used Car Market with its Technological Advancements
Striving to be a market leader, organise the used car domain, and enhance its customers experience to push greater sales, Spinny is leveraging newer, more innovative technologies on its platform.GURUGRAM, India, June 8, 2022 PRNewswire -- Despite several hurdles, the used car market has sustained firmly and is growing gradually.
Striving to be a market leader, organise the used car domain, and enhance its customers' experience to push greater sales, Spinny is leveraging newer, more innovative technologies on its platform.
GURUGRAM, India, June 8, 2022 /PRNewswire/ -- Despite several hurdles, the used car market has sustained firmly and is growing gradually. The primary reason behind this steady growth is the advent of digital players, which has helped the sector become more professional and organised. Not just for the industry, but this has also led customers to enjoy multiple benefits, gain more trust, and build transparency when buying used cars.
One of the pioneers in this industry is Spinny. The Gurugram-based startup has been working towards achieving the goal of greater trust and transparency in the industry since its inception. The platform's hybrid or phygital approach — online services coupled with physical pan-India outlets — has made the buying journey of used cars, right from search to payment, completely effortless and hassle-free.
Spinny and its Hybrid Online-Offline Service Model Spinny gives users complete control over their buying experience as potential customers can view a car online and buy it offline, or vice versa. Buyers can have a 360-degree view of different pre-owned vehicles online, including used luxury cars in India. Spinny also lists comprehensive reports about the fully-inspected second hand car and its service history to help get precise information. After viewing, customers can book at-home test drives and test drive the car at their stipulated destination and time. Post the test drive, the customer can make their decision accordingly.
Keeping quality in mind, each vehicle at Spinny goes through a comprehensive 200 point inspection before it gets listed on the platform, which assures buyers that every car is in excellent condition. Furthermore, the fixed-price assurance is an absolute game-changer as it allows users to get a fair value. Along with that, the buyer also receives a guarantee and warranty of the vehicle which takes care of post-sale problems.
The cherry on top of the cake is Spinny's easy return policy. If the buyer is not happy with the purchase or wants to look for other vehicles, they can return the car and get the refund after the car's return through Spinny's 5-day money-back guarantee. This is relief for all second hand car shoppers as it makes buying second hand cars more trustable and also a seamless experience. That's not all. Spinny is a great platform to sell cars too. Once the decision to sell a car has been made, an evaluation through Spinny's online estimation tool can be made by providing the details of the car model. The tool provides an instant online quote based on the current market demand for the car, its recent market sales and data from over 5 lakh market transactions. After booking a free doorstep evaluation online, Spinny's representatives will come to assess the condition of the car, validate its worth and propose the final offer. Once accepted, one would receive the payment on the same day and complete the car's paperwork. Once the car is bought by the new owner, Spinny ensures the paperwork is securely transferred, ensuring transparency and safety. Buying pre-owned cars used to be a cumbersome and risky task. But now, with technological innovation, the experience has become incredibly simple and reliable. With the advancement of technology, second hand cars can be explored through smartphones — just like shopping for clothes online.
Startups like Spinny are seamlessly blending technology into their services to create a better, more organised, and stable market. If more and more brands and companies start innovating this way, it is sure to have a significant impact on the second hand car market. About Spinny Founded in 2015, Spinny is a used car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India. Spinny operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. As a testimony of Spinny's commitment to transparency and quality, every car on the Spinny platform comes with a 200-point inspection checklist, 5-day no questions asked money-back guarantee, and 1-year after-sales warranty. Currently, Spinny has 36 car hubs that operate across 22 cities - Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Kochi, Ahmedabad, Lucknow, Jaipur, Chandigarh, Indore and Coimbatore. Last year, Indian cricket legend Sachin Tendulkar partnered with Spinny as a strategic investor and a lead brand ambassador. Sports icon, PV Sindhu, a believer & a customer of Spinny is also a part of a series of marketing initiatives focused on realizing the aspirations of a billion car dreams.
For more information visit our website: https://www.spinny.com/ or click here to download the app.
Photo: https://mma.prnewswire.com/media/1835297/Spinny.jpg PWR PWR
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:44:11
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| 0.945762
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After lockdown, Shanghai tries to mend fences with foreign firms
Shanghai officials are seeking to revive confidence among multinational firms bruised and frustrated by the city's COVID-19 lockdown, by holding multiple meetings with foreign firms and easing a key border requirement for overseas workers. The image of China's most cosmopolitan city and its biggest business hub was badly damaged by the two-month lockdown, with countless expatriates relocating and foreign businesses warning that they are reconsidering investment plans.
Shanghai officials are seeking to revive confidence among multinational firms bruised and frustrated by the city's COVID-19 lockdown, by holding multiple meetings with foreign firms and easing a key border requirement for overseas workers.
The image of China's most cosmopolitan city and its biggest business hub was badly damaged by the two-month lockdown, with countless expatriates relocating and foreign businesses warning that they are reconsidering investment plans. The Shanghai government plans to hold 20 meetings this month with foreign firms engaged in key industries such as automobiles, trade, semiconductors and biomedicine, according to a report by the Jiefang Daily, a Shanghai-government backed newspaper, on Sunday. The report was reposted on the Shanghai city website.
The firms would be picked from major investment countries and regions, including the United States, Europe, Japan and South Korea. The first of two meetings held so far was attended by executives from U.S. blue chips such as Procter & Gamble and Johnson & Johnson, it said. The second included automakers including Tesla, General Motors and Ford.
The companies did not immediately respond to requests for comment on Wednesday. In addition, the European Chamber of Commerce said on Tuesday it had been informed during a meeting with the city's vice mayor that Shanghai will no longer require official invitation letters, so-called PU letters, for foreigners returning for work, and their dependents, addressing what had become a bugbear for the expat community.
China began in early 2020 to require foreigners to obtain PU letters as part of their visa application as it dramatically tightened border controls since the start of the pandemic. Many firms had complained about the difficulties and long waits in obtaining the document, which impeded the hiring of foreign staff.
The removal of this requirement was "an initiative from central government to encourage work and production resumption in Shanghai," the European Chamber said. The Shanghai government did not immediately respond to a request for comment on Wednesday.
Tom Simpson, managing director of the China-Britain Business Council, said it was expecting to meet with the Shanghai government in the coming weeks. Shanghai had provided its members "more practical" business resumption support including issuing logistics permits and reopening warehouses, he said.
During the lockdown, Shanghai tried to keep factories open under "closed loop" operation but businesses said the arrangements posed numerous difficulties. The lack of flights into China - the vast majority have been cancelled for more than two years - also remains a key hindrance.
China has resolutely stuck to a "zero-COVID" policy that aims to eradicate the spread of the virus, an approach that is increasingly out of step with the rest of the world. Joerg Wuttke, president of the EU Chamber, said the zero-COVID policy was not just denting Shanghai's attractiveness, but China as a whole, especially as other rival markets open up and try to lure companies away from China to their shores. "The world is not going to wait for China to clean this mess," he said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:44:19
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UPDATE 1-After lockdown, Shanghai tries to mend fences with foreign firms
Shanghai officials are seeking to revive confidence among multinational firms bruised and frustrated by the city's COVID-19 lockdown by holding multiple meetings with foreign firms and easing a key border requirement for overseas workers. The image of China's most cosmopolitan city and its biggest business hub was badly damaged by the two-month lockdown, with countless expatriates relocating and foreign businesses warning that they are reconsidering investment plans.
Shanghai officials are seeking to revive confidence among multinational firms bruised and frustrated by the city's COVID-19 lockdown by holding multiple meetings with foreign firms and easing a key border requirement for overseas workers.
The image of China's most cosmopolitan city and its biggest business hub was badly damaged by the two-month lockdown, with countless expatriates relocating and foreign businesses warning that they are reconsidering investment plans. The Shanghai government plans to hold 20 meetings this month with foreign firms engaged in key industries such as automobiles, trade, semiconductors and biomedicine, according to a report by the Jiefang Daily, a Shanghai-government backed newspaper, on Sunday. The report was reposted on the Shanghai city website.
The firms would be picked from major investment countries and regions, including the United States, Europe, Japan and South Korea. The first of two meetings held so far was attended by executives from U.S. blue chips such as Procter & Gamble and Johnson & Johnson, the report said. The second meeting included automakers Tesla, General Motors and Ford.
The companies did not respond immediately to requests for comment on Wednesday. In addition, the European Chamber of Commerce said on Tuesday it had been informed during a meeting with the city's vice mayor that Shanghai will no longer require official invitation letters, so-called PU letters, for foreigners returning for work and their dependents, addressing what had become a bugbear for the expat community.
China began in early 2020 to require foreigners to obtain PU letters as part of their visa application as it dramatically tightened border controls when the pandemic hit. Many firms had complained about the difficulties and long waits in obtaining the document, which impeded the hiring of foreign staff.
The removal of this requirement was "an initiative from central government to encourage work and production resumption in Shanghai," the European Chamber said. Asked for comment on Wednesday, the Shanghai government referred to remarks city official Gu Jun made at a press conference in late May, in which he acknowledged that the epidemic had impacted foreign trade and investment in the city.
He said the city would take measures to boost confidence among businesess and support multinationals in setting up regional headquarters and research centers in Shanghai. It did not provide further comment. Tom Simpson, managing director of the China-Britain Business Council, said it was expecting to meet with the Shanghai government in the coming weeks.
Shanghai had provided its members "more practical" business resumption support including issuing logistics permits and reopening warehouses, he said. During the lockdown, Shanghai tried to keep factories open under "closed loop" operations but businesses said the arrangements posed numerous difficulties.
The lack of flights into China - the vast majority have been cancelled for more than two years - also remains a key hindrance. China has resolutely stuck to a "zero-COVID" policy that aims to eradicate the spread of the virus, an approach that is increasingly out of step with the rest of the world. Joerg Wuttke, president of the EU Chamber, said the zero-COVID policy was not just denting Shanghai's attractiveness, but China as a whole, especially as other rival markets open and try to lure companies away from China.
"The world is not going to wait for China to clean this mess," he said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/business/2065651-update-1-after-lockdown-shanghai-tries-to-mend-fences-with-foreign-firms
| 2022-06-08T11:44:27
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MP: Over 5 lakh candidates file nominations for panchayat elections so far
- Country:
- India
Over 5 lakh candidates have so far filed nomination papers for 3,94,293 seats in the upcoming three-tier panchayat elections in Madhya Pradesh, with the last date of filing nominations for the first phase just two days away, an official said on Wednesday.
As many as 5,57,191 candidates had filed their nomination papers till 8 pm on Tuesday for the panchayat polls scheduled to be held in three phases in June and July, State Election Commission (SEC) secretary Rakesh Singh said.
At least 7,794 candidates, including 3,557 men and 4,236 women, have filed nominations for the membership of district panchayats, while 36,020, including 15,709 men and 20,311 women, have filed nominations for japan panchayats.
So far, 1,40,109 candidates, including 65,624 men, 74,476 women, and nine belonging to the third gender, have filed the nomination papers for the post of sarpanch, while 3,73,268, including 1,75,556 men, 1,97,711 women and one belonging to the third gender, have sought to contest for the post of panch.
The last date for filing nominations for the first phase of the elections is June 10, it was stated.
According to the SEC, the elections for village panchayats, janpad panchayats, and district panchayats will be held in three phases respectively on June 25, July 1, and July 8 respectively.
The results for panchs and sarpanchs of village panchayats and members of janpad panchayats will be declared on July 14 and the results for district panchayats will be declared on July 15.
Voters will elect 875 members to the district panchayats, 6,771 to janpad panchayats, 22,921 sarpanchs and 3,63,726 panchs during these polls.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- State Election Commission
- Madhya Pradesh
- Rakesh Singh
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| 2022-06-08T11:44:35
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SC pulls up MCC over 1450 vacant seats in NEET-PG-21, says it leads to dearth of doctors
It directed the counsel appearing for the Centre and MCC to file the affidavit during the course of the day and posted the matter for further hearing on Thursday.A vacation bench of Justices MR Shah and Aniruddha Bose was hearing a batch of petitions seeking a special stray round of counseling to fill the 1456 seats which have remained vacant after the conduct of a stray round of counseling in All India Quota. During the hearing, the bench said, Even if there is a single vacant seat it should not have gone unfilled.
- Country:
- India
The Supreme Court Wednesday pulled up Medical Counselling Committee (MCC) for leaving more than 1450 seats vacant in NEET-PG-21, saying it will not only put the aspirants in difficulty but would also lead to a dearth of doctors.
The apex court gave 24-hours to the Centre and the MCC to file an affidavit indicating the position of total seats which have remained vacant and the reasons as to why they were not filled up by the candidates. It directed the counsel appearing for the Centre and MCC to file the affidavit during the day and posted the matter for further hearing on Thursday.
A vacation bench of Justices MR Shah and Aniruddha Bose was hearing a batch of petitions seeking a special stray round of counseling to fill the 1456 seats which have remained vacant after the conduct of a stray round of counseling in All India Quota.
During the hearing, the bench said, "Even if there is a single vacant seat it should not have gone unfilled. The Medical Council must see that these seats do not remain vacant. After every round of counseling, this is the same problem. Why cannot the process be streamlined? What do we get by leaving the seats vacant when we need doctors? This will not only create problems for the aspirants but would also encourage corruption".
It told the counsel appearing for the Centre and the MCC that why can't there be a stress-less education system, where everything is streamlined.
"Do you even know the stress level of the students and their parents? Why during the midst of the counseling, you have been adding the seats. There is already a judgment of this court in this regard. There must be a cut-off date for the number of seats and how many admissions will be given", the bench said.
The bench said that if the students are not given admission, it may pass the order in the matter and direct compensation to the candidates, who have been denied admission.
The bench then asked the council as to who is in charge of the admissions to which he replied that it is the Director-General of Health Services (DGHS).
"Ask DGHS to remain in the court on Thursday", the bench orally observed, adding that some responsibility needs to be fixed. It said, "It is the future of the students which is at stake here. First, you have to study hard and then you have to give the examination. Even if you get 99 percent marks in the examination, there is an admission problem. Then there is the super specialty problem. Do you even understand the situation of the students"?
When the council said that he is being led by Additional Solicitor General Balbir Singh who is in some personal difficulty and sought adjournment of the matter, the bench said these are very serious matters related to the rights of the medical students and said that the Union of India is not represented by only one ASG.
The bench asked the counsel to file the affidavit during the day and circulate it to the petitioners and posted the matter for further hearing on Thursday. The batch of petitions has been filed by doctors who have appeared in NEET-PG 2021-22 examination and have participated in Rounds 1 and 2 of All India Quota (AQI) Counselling and State Quota Counselling which was followed by All India Mop-Up and State Mop-Up Rounds and was concluded on May 7, 2022, by Medical Counselling Committee (MCC) post the All India Stray Vacancy Round.
One of the petitions filed by Dr. Astha Goel and others through advocate Tanvi Dubey said "on April 18, 2022, vide a notification, MCC declared that there existed 323 vacant seats in UG Counselling and to make sure that these precious seats do not go to waste, they would be conducting a Special Stray Round for the same".
The plea said that it is pertinent to mention here that this is a practice that has been followed by MCC previously wherein Special Stray Rounds for UG and PG have been conducted to ensure that seats don't go vacant, however, this wasn't followed this year.
The petition claimed that in other examinations like INICET, a special stray round counseling has been conducted to ensure that there is no wastage of seats.
"It is pertinent to note that occupying remaining seats (based on merit) works in the interest of both the college as well as candidates. While the college would refrain from incurring heavy losses in each vacant seat, the candidates will also lose a seat, which they are otherwise deserving of", it said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:44:42
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Fire breaks out in basement of building in Delhi's Lajpat Nagar market
- Country:
- India
A fire broke out in the basement of a building in southeast Delhi's Lajpat Nagar market on Wednesday, officials said.
The fire started in the electrical panel of the building, they said.
A senior fire official said the information about the fire was received at 2.54 pm and 10 fire tenders were rushed to the spot. All the people on the other floors of the building were safely rescued.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Delhi
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| 2022-06-08T11:44:51
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| 0.978974
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Maha Board Class 12 results declared; 94.22 pc students pass this year compared to 99.63 pc in 2021
We can compare the results of 2020 90.66 per cent and 2022 94.22, as both the exams were conducted offline, said Gosavi.This year, the students, for the convenience, were given extra 30 minutes to write their papers, the exam centres were their own schools and the syllabus was also reduced by 30 per cent.A total of 14,59,664 students registered for the exams.
- Country:
- India
The pass percentage of the Class 12 examinations conducted in the offline mode this year by the Maharashtra education board has gone down, as compared to results last year during the COVID-19 pandemic.
A total of 94.22 per cent students passed the Higher Secondary Education (HSC) exams this year, as per the Maharashtra Board for Secondary and Higher Secondary Education results declared on Wednesday.
Last year, 99.63 per cent of students had passed the HSC exams of the state board.
This year, girls performed better than boys as the pass percentage of girls was 95.35 per cent, while that of boys was 93.29 per cent, according to the results announced by the board's chairperson, Sharad Gosavi.
Gosavi said in the wake of the COVID-19 pandemic, the board faced several challenges while conducting the exams.
There were deliberations on whether to conduct the exams online or offline, but with the collective cooperation of the Maharashtra government, the education board, teachers, students and various organisations, the board could conduct the offline exams successfully.
Gosavi said they are not comparing this year's result with that of 2021, as the board did not conduct the exam last year. ''Last year, the overall pass percentage was 99.63. The results were then declared based on the formula of 30:30:40, where 30 per cent weightage was given to the average of the best three subjects in the Class 10 exam, 30 per cent weightage to Class 11 marks and 40 per cent weightage was given to the internal assessment in Class 12,'' he said. ''We can compare the results of 2020 (90.66 per cent) and 2022 (94.22), as both the exams were conducted offline,'' said Gosavi.
This year, the students, for the convenience, were given extra 30 minutes to write their papers, the exam centres were their own schools and the syllabus was also reduced by 30 per cent.
A total of 14,59,664 students registered for the exams. Out of them 14,39,731 students appeared for the exams and 13,56,604 of them passed, he said.
The Konkan division in the state registered the highest pass percentage of 97.21, followed by Nagpur - 96.52 per cent, Amaravati - 96.34 per cent, Latur- 95.25 per cent, Kolhapur- 95.07 per cent), Nashik- 95.03 per cent), Aurangabad- 94.97 per cent, Pune- 93.61 per cent, while the Mumbai division recorded the lowest pass percentage of 90.91.
The pass percentage in the science stream was 98.30 per cent, in arts- 90.51 per cent, commerce-91.71 per cent and in vocational streams - 92.40 per cent, Gosavi said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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| 2022-06-08T11:44:58
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India International University of Legal Education to be inaugurated in Goa on Thursday
India International University of Legal Education and Research IIULER, an initiative of the Bar Council of India Trust - Pearl First - will be inaugurated in Goa on Thursday by Chief Minister Pramod Sawant.
- Country:
- India
India International University of Legal Education and Research (IIULER), an initiative of the Bar Council of India Trust - Pearl First - will be inaugurated in Goa on Thursday by Chief Minister Pramod Sawant. Talking to reporters here, Bar Council of India's chairman Manan Kumar Mishra said Supreme Court judge Justice B R Gavai will be the chief guest of the event, while Justices M M Sundresh and Surya Kant will be the guest of honour. The IIULER is a world-class and first-of-its-kind international legal education institute in the country. The institute for which the government of Goa has allocated a sprawling piece of land in South Goa, will have its initial world-class transit campus with smart classrooms in Sancoale close to the Goa campus of BITS- Pilani, he said. ''It will also have a global standard library and a well-equipped residential facility for both students and faculties with air-conditioned rooms, swimming pool, gym, hygienic food court, laundry facility and security,'' he said.
Mishra said that the IIULER will offer multi-disciplinary courses (under-graduate, post-graduate and research-based courses along with multiple customised, creative law learning programmes) with proper integration of law.
''It will provide 3D study of law - text, context and action part of law, and use comparative-law methodology. It will have equal emphasis on skilling, simulated training and experiential learning. It will also have a state-of-the-art foreign language lab,'' he said. According to Mishra, the vision of IIULER is to be a globally acclaimed institution fostering excellence in legal education to everyone. ''It will have only merit-based induction (subject to constitutional affirmative policy) with an aim to produce highly competent legal professionals for post-globalised era with local concern and ethical outlook.'' ''The institute with diverse faculty composition and significant presence of international scholars will have strategic collaboration with various International Law Schools, affiliation with Law Societies /Associations and student exchange programmes,'' he said.
''We have selected Goa for it as the state is a true international and cosmopolitan hub in India. We were also encouraged by the desire of the government of Goa to grow as a knowledge hub. The convenience and connectivity were also among one of the driving factors,'' he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/education/2065636-india-international-university-of-legal-education-to-be-inaugurated-in-goa-on-thursday
| 2022-06-08T11:45:06
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Taapsee Pannu on Mithali Raj's retirement: True legend we can never thank enough
Actor Taapsee Pannu on Wednesday said Mithali Raj, who announced her retirement from all forms of international cricket after a two-decade long illustrious career, will be remembered as an inspiring figure.Raj, one of the greatest female cricketers to have played the game, ended her glorious career with a record 7805 runs in 232 ODIs. She also represented India in 12 Tests and 89 T20 Internationals.Pannu, who plays Raj in her upcoming biopic Shabaash Mithu, credited the 39-year-old for being an inspiring figure.There are cricketers who have records under their name.
- Country:
- India
Actor Taapsee Pannu on Wednesday said Mithali Raj, who announced her retirement from all forms of international cricket after a two-decade-long illustrious career, will be remembered as an inspiring figure.
Raj, one of the greatest female cricketers to have played the game, ended her glorious career with a record 7805 runs in 232 ODIs. She also represented India in 12 Tests and 89 T20 Internationals.
Pannu, who plays Raj in her upcoming biopic ''Shabaash Mithu'', credited the 39-year-old for being an inspiring figure.
''There are cricketers who have records under their name. There are cricketers who have a tremendous fan following. There are cricketers who inspire you and make you believe that if they can so can you! ''And then there's Mithali who did all of this in her classic graceful style and also changed the game of cricket where the presence of women is concerned,'' Pannu said in a statement.
The actor said Raj's legacy will always be remembered, especially her contribution to women's cricket.
Pannu said she felt fortunate to have had the opportunity to play the cricketer in the film, which is expected to release in July.
''Not just in our country but she will be remembered for her contribution to women's cricket across the globe. I just got too fortunate as a fan who got to live her glorious journey of 23 years for a bit on camera which taught me so much about resilience and perseverance. She is truly a legend we can never thank enough,'' Pannu added.
Raj had already retired from the T20 format and her decision to stop playing all formats was expected after India's ODI World Cup campaign ended in March.
Directed by filmmaker Srijit Mukherji and written by Priya Aven, the film is a coming-of-age story of women's cricket in India and will chronicle the highs and lows, setbacks and moments of euphoria of Raj's life.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Srijit Mukherji
- Mithali
- Taapsee Pannu
- ODI World Cup
- Priya Aven
- Pannu
- India
- Mithali Raj
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| 2022-06-08T11:45:14
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| 0.975437
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'The Signature': Anupam Kher announces title of his 525th film
Veteran actor Anupam Kher on Wednesday said his 525th film is titled The Signature.The title announcement comes days after Kher asked fans on social media to select one of the following titles The Last Signature, Sarthak, Nirnay, and Dastakhat for his upcoming feature.In a Twitter post, the 67-year-old actor thanked his fans for their interest and said the team had zeroed down on The Signature for the title of the movie.THE SIGNATURE
- Country:
- India
Veteran actor Anupam Kher on Wednesday said his 525th film is titled "The Signature".
The title announcement comes days after Kher asked fans on social media to select one of the following titles – "The Last Signature", "Sarthak", "Nirnay", and "Dastakhat" – for his upcoming feature.
In a Twitter post, the 67-year-old actor thanked his fans for their interest and said the team had zeroed down on "The Signature" for the title of the movie.
"'THE SIGNATURE' ! Yes!! The name of my 525th movie is finalised. We got your more than 100,000 responses ! The movie is directed by brilliant #GajendraAhire & produced by legendary #KCBokadia ji. Thank you for helping us decide the title of our film!! Jai Ho! #TheSignature," he wrote.
Billed as a beautiful story of a common man, "The Signature" is directed by Gajendra Ahire, best known for Marathi films such as "Not Only Mrs Raut" and "The Silence". The film is backed by noted producer K C Bokadia.
Kher, who commenced shooting for "The Signature" on June 5, was last seen in "The Kashmir Files".
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/entertainment/2065594-the-signature-anupam-kher-announces-title-of-his-525th-film
| 2022-06-08T11:45:22
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Threat letter to Salman: Mumbai Police unit arrives in Delhi to question Lawrence Bishnoi
Mumbai Polices Crime Branch unit on Wednesday arrived in the national capital to question gangster Lawrence Bishnoi in connection with the threat letter to screenplay writer Salim Khan and his son and Bollywood actor Salman Khan, police said. now Mumbai Polices Crime branch has come to Delhi in connection with the threats issued to Salman Khan and his father Salim Khan.
- Country:
- India
Mumbai Police's Crime Branch unit on Wednesday arrived in the national capital to question gangster Lawrence Bishnoi in connection with the threat letter to screenplay writer Salim Khan and his son and Bollywood actor Salman Khan, police said. The Mumbai Police had recorded the statements of the father-son duo and also enhanced the security around the actor's residence in suburban Bandra. The police also took the statements of two bodyguards of Salim Khan. According to a police source, the letter said, ''Salim Khan, Salman Khan Bahot Jald Aapka Mooselwala Hoga G.B L.B... (Salim Khan, Salman Khan, very soon you will meet Moosewala's fate.)'' It is speculated that G. B. and L. B. may refer to gangsters Goldy Brar and Lawrence Bishnoi, though police has not made any statement on this aspect. Punjabi singer Sidhu Moosewala was shot dead by unidentified assailants in Punjab's Mansa district on May 29.
''Gangster Lawrence Bishnoi is under the police remand of Delhi Police in connection with a case of Arms Act and will be produced before court on Friday. He was also questioned in connection with the killing of Punjabi singer Sidhu Moosewala. Though he did not reveal the names of his associates in the Moosewala killing, he accepted that he had fierce rivalry with the singer,'' a Delhi police official said on condition of anonymity.
''... now Mumbai Police's Crime branch has come to Delhi in connection with the threats issued to Salman Khan and his father Salim Khan. It a case pertaining to Mumbai Police so they along with our unit will jointly interrogate Bishnoi in the case,'' he added.
After Moosewala's killing, police had termed the incident as a case of an inter-gang rivalry. The Bishnoi gang was said to be behind the murder. Canada-based Goldy Brar, who is a member of the Bishnoi gang, had claimed the responsibility for the murder.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/entertainment/2065612-threat-letter-to-salman-mumbai-police-unit-arrives-in-delhi-to-question-lawrence-bishnoi
| 2022-06-08T11:45:30
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| 0.96569
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Pope gives F-word cancer campaigners VIP treatment at audience
The F-word made its debut on T-shirts at a papal general audience on Wednesday and a laughing Pope Francis gave members of the choir wearing them VIP treatment.
The F-word made its debut on T-shirts at a papal general audience on Wednesday and a laughing Pope Francis gave members of the choir wearing them VIP treatment. About 30 Italians wearing red T-shirts bearing the words "Fuck Cancer Choir" sat in a front section at the audience in St. Peter's Square and later sang for the pope.
Below the phrase was a clenched fist punching through a background of musical notes. At the end of the audience before thousands of people, the group went up to the platform from where Francis had addressed the crowd and sang for the seated pope, standing around his chair.
"You are good, you are poets, thank you," the pope, laughing, told them, a video on their Facebook page showed. The choir, from the northern Italian province of Alessandria, is led by two doctors, biologist Stefania Crivellari and onocologist Federica Grosso.
The area has had a higher-than normal rate of mesothelioma, a type of cancer caused by exposure to asbestos in the past from a now-closed factory in the town of Casale Monferrato. "We know what the word means in English but it was chosen by our patients to show that there is a possibility of living with cancer in a human way, all together," Grosso told Reuters.
She said the group, which has been on Italian television to push for more acceptance of people living with cancer, is preparing a musical based on individual stories of survivors. It will debut this autumn. The group's Facebook page says its mission is to "transmit energy and strength" to cancer patients and raise funds for research.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/entertainment/2065647-pope-gives-f-word-cancer-campaigners-vip-treatment-at-audience
| 2022-06-08T11:45:38
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| 0.977044
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Excited to connect with Indian audience with ‘Sadqay Tumhare’, says Mahira Khan
Pakistani star Mahira Khan on Wednesday said she is thrilled to connect with the Indian audience through her show Sadqay Tumhare.The 1980s-set drama series, which originally premiered in 2014, will air on Zindagi on Thursday.Mahira said she is happy about the shows return to TV.Sadqay Tumhare is a heartfelt, simple love story.
- Country:
- India
Pakistani star Mahira Khan on Wednesday said she is thrilled to connect with the Indian audience through her show “Sadqay Tumhare”.
The 1980’s-set drama series, which originally premiered in 2014, will air on Zindagi on Thursday.
Mahira said she is happy about the show's return to TV.
“‘Sadqay Tumhare’ is a heartfelt, simple love story. Shano is one of my favorite characters. She was otherworldly, romantic and just pure love. It is a nostalgic moment to see the show, which is so close to my heart, return to television where it all started. “I am excited to have this opportunity to connect with the Indian audience once again through Zindagi,” the actor, also known for Pakistani show ''Humsafar'' and Hindi film ''Raees'', said in a statement.
Written by Khalil-Ur-Rehman Qamar and directed by Mohammed Ehteshamuddin, “Sadqay Tumhare” also stars Adnan Malik.
Described as an intriguing story of love and fate, the show narrates the story of Khalil (Malik) and Shano (Khan) who are engaged very early in their life but lose contact for ten years.
According to the official synopsis, a village belle named Shano yearns to meet her fiance Khalil who is settled in the big city. Initially, Khalil is hesitant about his feelings for Shano considering now that he has better prospects in the city but he eventually falls in love with her.
In addition to “Sadqay Tumhare”, Zindagi’s line-up such as popular show “Aunn Zara” starring Maya Ali and Osman Khalid Butt, and “Silvat”, a short-film directed by Tanuja Chandra featuring Kartik Aaryan and Meher Mistry, among others.
Speaking about the line-up, Chief Creative Officer, Zee Special Projects, Shailja Kejriwal said the team is happy to bring Khan and her show to viewers in India via Zindagi.
“Delighting the audience through stories that are relatable, diverse and cut across borders and genres, we are happy to bring Mahira and the iconic show Sadqay Tumhare on Zindagi, closer to viewers in India,” Kejriwal said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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Indian GM Praggnanandhaa sails into semifinals of Chessable Masters
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https://www.devdiscourse.com/article/entertainment/2065657-excited-to-connect-with-indian-audience-with-sadqay-tumhare-says-mahira-khan
| 2022-06-08T11:45:45
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| 0.960435
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Coal Ministry releases task completion status of Agenda for 2021-22
The Agenda covered the entire gamut of areas for steering the Coal Sector into new technologies while focussing on the core competence of increasing production targets including moving towards one Billion Ton coal production by 2024.
- Country:
- India
The Ministry of Coal has released the task completion status of Agenda for the year 2021-22 which broadly focused on:
1.Coal Sector Reforms
2. Coal Transition and Sustainability
3. Institution Building
4. Futuristic Agenda.
This was a debut Agenda document of the Ministry for 2021-22 which had been brought out as a compilation and provided to all senior officers with the responsibility of steering the four broad focus areas through the year with regular monitoring and appraisals.There were 24 tasks in total, out of which four tasks are being continued in the next year.
The Agenda covered the entire gamut of areas for steering the Coal Sector into new technologies while focussing on the core competence of increasing production targets including moving towards one Billion-Ton coal production by 2024.
Coal sector reforms included projects for the financial year 2021-22, Jharia Master Plan, Regulatory Reforms (Exploration), Coal Beneficiation, Safety in coal mines, Coking coal Strategy, Marketing reforms, Coal Pricing Reforms, Reforms in land acquisition, Solar Power Projects, Coal Despatch & Stocking, Coal Export in Neighbouring Countries and Strategy to boost coal production of mines allocated through auction.
At the same time, Coal Transition and Sustainability covered the areas of social aspects of coal transition, monetization of de-coaled land, use of Artificial Intelligence (AI) in data mining/drones and Sustainability (towards Net Zero Emissions).
Institution building segment of the above Agenda contained reforms in Coal Controller Organisation (CCO), Coal Mines Provident Fund Organisation (CMPFO), upgrading Coal testing lab and staffing quality and training issues.
The Futuristic Agenda including Coal to Chemical: Syn Gas, Hydrogen Gas, Liquid fuels, Chemicals and fertilizers, CIL - diversify its business and explore prospects in sunrise industries electric charging pods, EVs etc. Acquisition and mergers of similar or new business after due diligence, media campaign and close monitoring of CSR activities are continued in Agenda for Ministry of Coal's for FY 22-23.
Task Completion Status of Ministry of Coal's Agenda 2021-22 is available on the website of Ministry of Coal at the link -
https://coal.nic.in/sites/default/files/2022-05/31-05-2022b-wn.pdf
(With Inputs from PIB)
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- Coal
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https://www.devdiscourse.com/article/headlines/2065524-coal-ministry-releases-task-completion-status-of-agenda-for-2021-22
| 2022-06-08T11:45:53
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| 0.918566
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Nirmala Sitharaman launches NETRA Portal and Mobile Application
Smt. Sitharaman launched ‘NETRA (New e-Tracking and Remote Administration)’ Portal and Mobile Application for Indian Development and Economic Assistance Scheme (IDEAS).
- Country:
- India
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Iconic Day celebrations of the Department of Economic Affairs with Securities and Exchange Board of India (SEBI) under the Azadi Ka Amrit Mahotsav (AKAM) here today. Along with the Union Finance Minister, Shri Ajay Seth, Secretary, D/o Economic Affairs; Dr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance and Shri S.K. Mohanty, Whole Time Member, SEBI also participated. The occasion also saw participation from key dignitariesand prominent leaders from the world of finance.
In her address, the Finance Minister said that India's fundamentals are once again sound because of the many steps taken by the Government since 2014. Major steps taken by the Government, before the COVID-9 pandemic hit us, which include reducing the corporate tax, ensuring that the economy is greatly digitised, bringing in the GST and IBC - all of this heavylifting prepared us for the unprecedented situation of the Pandemic, she said.
Smt. Sitharaman emphasised that when Government looks at targeted approach of providing assistance and takes the input from the ground and does so quickly, in time and in an open fashion, the impact is for all to see. In this context she cited a study on Pradhan Mantri Garib Kalyan Yojana (PMGKY) which brought out that the probability of people cutting down consumption utilities has come down by 75% across the country. The study has also shown that the PMGKY reduced the probability of borrowing money by 67% of all respondents.
Citing another study on the Emergency Credit Liquidity Guarantee Scheme (ECLGS), the Finance Minister stated that as of March 2022 loans sanctioned under this scheme have crossed Rs 3.19 lakh crore and the scope of ECLGS has now been extended till 2023. The study says that this handholding has kept many people afloat during the Pandemic.
The third study highlighted by the Finance Minister was on the Ayushman Bharat scheme wherein the implementation of this scheme has been associated with a 21% decline in out of pocket health expenditure and 8% reduction in the tendency to borrow for emergency health purposes.
The Finance Minister underlined that the Department of Economic Affairs has channelised external aid towards every region of the country, with the support of multiple multilateral institutions. India very smartly raised funds and distributed them not only for infrastructure building but also for livelihood prospects in each region. Smt. Sitharaman also appreciated the DEA's efforts through the IDEAS project that spans across so many countries and making a difference to livelihood environment, especially for most of Africa and also for the Island countries.
In his address during the AKAM celebrations, Chief Economic Advisor Dr Anantha V. Nageswaran said that the structural reforms of this Government, such as the Goods and Services Tax (GST) and the Insolvency & Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate. The CEA underlined that for these reasons India is forecasted by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27 and if GDP of the country doubles every 7 years, we will be $20 trillion GDP by 2040 with the per capita income close to $15,000.
Dr Nageswaran stated that India is better-positioned than many other countries in facing the current challenges. He indicated that we face challenges of managing a sustainably high growth rate, moderate inflation, keeping the fiscal under balance and also ensuring that the external value of the rupee remains stable. The CEA stated that the Government is prepared to meet the challenges of balancing these core important considerations.
Smt. Sitharaman launched 'NETRA (New e-Tracking and Remote Administration)' Portal and Mobile Application for Indian Development and Economic Assistance Scheme (IDEAS).
NSDL's outreach initiative 'Market Ka Eklavya – Express', a programme specially designed to introduce students to the basics of investing and financial markets was screened during the event.
'Market Ka Eklavya – Express' lays the foundation of the twin pillars of Financial Independence, namely, Financial Awareness and Financial Discipline in a simple language using relatable examples from everyday life to explain complex concepts. As a part of the AKAM celebrations, NSDL has recently launched the programme in 8 languages to reach 75 cities to commemorate 75 years of independence.
The Finance Minister also released a short film 'Sahyog se Samriddhi' on Externally Aided Projects during the Iconic Week celebrations of Azadi Ka Amrit Mahotsav. The film showcased the role of Externally Aided Projects in India's development trajectory since 1947, with a special emphasis on India's engagement with multilateral and bilateral agencies in last 8 years.
Smt. Sitharaman also inaugurated a film on the lines of credit called "IDEAS - India Partnering in Global Growth". This film showcased India's recognition as a trusted development partner for the developing economies. The Indian Development and Economic Assistance Scheme (IDEAS) has played a key role in the socio-economic development in the partner countries. The film features key marquee projects financed by Exim Bank of India under the GoI Lines of Credit in Africa, Asia, Latin America, Oceania, and the CIS region.
During the morning session, engaging discussions on 'Emergence of women investors in securities market' and 'Growth of Indian retail investors' during the symposium on 'Jaagruk Niveshak: Samridha Bharat ki Neev' organised by SEBI in collaboration with Department of Economic Affairs took place. The idea of an enlightened investor empowered to make informed financial choices was central to the discussions. The symposium also explore the exciting possibilities presented by the encouraging trend of increasing participation of women in financial markets.
(With Inputs from PIB)
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https://www.devdiscourse.com/article/headlines/2065540-nirmala-sitharaman-launches-netra-portal-and-mobile-application
| 2022-06-08T11:46:01
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| 0.933177
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PHILADELPHIA -- Moderna's experimental COVID-19 vaccine that combines its original shot with protection against the omicron variant appears to work, the company announced Wednesday.
COVID-19 vaccine makers are studying updated boosters that might be offered in the fall to better protect people against future coronavirus surges.
Moderna's preliminary study results show people given the combination shot experienced an eight-fold increase in virus-fighting antibodies capable of targeting the omicron mutant, the company announced.
Today's COVID-19 vaccines all are based on the original version of the coronavirus. They're still providing strong protection against severe disease, hospitalization and death even after the appearance of the super-contagious omicron variant -- especially if people have had a booster dose.
But the virus continues to mutate rapidly in ways that let it evade some of the vaccines' protections and cause milder infections.
So U.S. regulators, and the World Health Organization, are considering whether to order a change in the vaccine recipe for a new round of booster shots in the fall -- when cold weather and kids returning to school are expected to drive yet another surge.
Key questions: How to make that change without losing the continued strong protection against COVID-19's worst outcomes? And what's the right variant to target? After the huge winter omicron surge, that mutant's genetically distinct siblings now are the main threats, including one that's fueling the current U.S. wave of infections.
The Food and Drug Administration has set a meeting in late June for its scientific advisers to debate those questions and evaluate data from vaccine makers' tests of potential new formulas. Pfizer also is studying a combination shot, what scientists call a bivalent vaccine.
Moderna said its new study found that a month after the combo shot, recipients harbored higher omicron-fighting antibody levels -- and cross-protection against other prior variants - than the original vaccine triggers. However, antibodies naturally wane so it's not clear how long the protection against infection will last.
The study was performed in 437 people, and safety was similar to today's boosters, Moderna said. The results were announced in a press release and haven't undergone scientific review.
___
The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Department of Science Education. The AP is solely responsible for all content.
Moderna says updated COVID-19 vaccine boosts omicron protection
Moderna's preliminary study results show people given the shot experienced an eight-fold increase in virus-fighting antibodies.
COVID-19 VACCINE
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https://6abc.com/moderna-covid-19-vaccine-omicron-variant-combination-shot-omicron-fighting-antibodies/11938176/
| 2022-06-08T11:46:07
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| 0.942548
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OECD slashes growth outlook, but sees limited stagflation risk
Previously the OECD had expected inflation to peak at 5% before gradually receding to 3% in 2023. Despite the lower growth and higher inflation outlook, the OECD saw a limited risk of "stagflation" like that seen the mid-1970s, when the oil price shock triggered runaway inflation and surging unemployment.
The war in Ukraine has made the growth outlook far bleaker even though the global economy should avoid a bout of 1970s-style stagflation, the OECD said on Wednesday, slashing its growth forecasts and jacking up its inflation estimates. The world economy is set to grow 3% this year, much less than the 4.5% expected when the Organisation for Economic Cooperation and Development last updated its forecasts in December.
Growth will then slow further next year, easing to 2.8%, down from a previous forecast of 3.2%, the Paris-based policy forum said in its latest Economic Outlook. "Russia's war is indeed posing a heavy price on the global economy," OECD Secretary-General Mathias Cormann told a news conference.
"Global growth will be substantially lower with higher and more persistent inflation," he said, adding the OECD was not forecasting recession although there were numerous downside risks to the outlook. Meanwhile, any quick relief from soaring costs is unlikely, with inflation expected to peak at 8.5% this year in OECD countries before slipping to 6.0% in 2023. Previously the OECD had expected inflation to peak at 5% before gradually receding to 3% in 2023.
Despite the lower growth and higher inflation outlook, the OECD saw a limited risk of "stagflation" like that seen in the mid-1970s, when the oil price shock triggered runaway inflation and surging unemployment. In particular, developed economies are much more driven by services and less energy-intensive than in the 1970s and central banks have a freer hand to fight inflation, independent of governments more concerned about unemployment.
"To mitigate the cost of inflation, the burden will need to be split between profits and wages, that is about employers and employees negotiating to share this cost in a fair way and avoid a wage-price spiral," OECD chief economist Laurence Boone said. DOWNGRADED OUTLOOK
The OECD said it saw a strong case for steady removal of monetary policy stimuli in high-inflation economies, such as the United States and eastern Europe. As the pandemic-related fiscal boost expires, the U.S. economy was seen growing 2.5% this year before slowing to 1.2% in 2023, down from previous forecasts of 3.7% and 2.4% growth, respectively.
China's economy, which has been hit by a fresh wave of COVID-19 lockdowns, is seen growing 4.4% this year and 4.9% next, down from 5.1% previously expected in both years. More exposed to Russian energy imports and the fallout from the war in Ukraine, the euro zone economy was seen growing 2.6% this year and 1.6% in 2023, down from forecasts of 4.3% and 2.5% respectively.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- U.S.
- Mathias Cormann
- Russian
- Russia
- OECD
- Paris
- Europe
- United States
- China
- Ukraine
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https://www.devdiscourse.com/article/headlines/2065544-oecd-slashes-growth-outlook-but-sees-limited-stagflation-risk
| 2022-06-08T11:46:09
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| 0.949399
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Solar open access additions grow 22% in Jan-Mar; cumulative capacity hits 5.7-GW mark: Report
It enables a simplified procedure for open access to green power, the Ministry of Power said. In Q1 2022 January-March, India added 513 MW of solar open access capacity, 58 percent higher QoQ compared to 324 MW installed in Q4 2021.
- Country:
- India
The solar open access installations in India grew by 22 percent to 513 megawatts (MW) in January-March 2022, according to a report by Mercom India.
As of March 2022, cumulative installed solar open access capacity in the open-access market was over 5.7 GW, the research firm said in its latest report.
Solar power through 'open access is an arrangement where a power producer establishes a solar power plant and signs a medium/long-term power purchase agreement with a consumer.
To further accelerate India's renewable energy programs, the government on Tuesday notified the Green Open Access Rules 2022.
These rules are notified for promoting the generation, purchase, and consumption of green energy including through waste-to-energy plants. It enables a simplified procedure for open access to green power, the Ministry of Power said.
''In Q1 2022 (January-March), India added 513 MW of solar open access capacity, 58 percent higher QoQ compared to 324 MW installed in Q4 2021. YoY, the installations increased 22 percent compared to 422 MW in Q1 2021,'' the report titled 'Mercom India Solar Open Access Market Report Q1 2022' said.
As of March 2022, the cumulative installed solar capacity in the open-access market was over 5.7 GW, the report said, adding that over 2 GW capacity of open access solar projects was under development in the country during the said period.
According to the report, Karnataka topped in additions by accounting for 30 percent of installations during the quarter. The streamlining of open access regulations, timely DISCOM approvals, early commissioning of projects, and increase in captive projects due to cost-saving benefits drove the open access segment in the state.
Maharashtra with a 131 percent QoQ rise in installations surpassed Tamil Nadu and Uttar Pradesh to become the second-largest state for cumulative open access solar installations.
The top five states contributed 86 percent of all open access installations in Q1 2022.
''Commercial and industrial consumers are realizing that open access solar has the dual advantage of climate mitigation and reducing their operating cost. Developers are also wading through policy challenges to ensure consumers reap the benefits. The green energy open-access rules could just break this logjam and pave the way for the open-access solar market to explode,'' Priya Sanjay, Managing Director at Mercom India said.
Mercom Communications India, a subsidiary of the US-based Mercom Capital Group, is a clean energy research and communications firm with expertise in cleantech markets.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065545-solar-open-access-additions-grow-22-in-jan-mar-cumulative-capacity-hits-57-gw-mark-report
| 2022-06-08T11:46:17
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| 0.924293
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Ismail Momoniat appointed as National Treasury Director-General
Recently Momoniat led the process for the adoption of the Carbon Tax Act to reduce greenhouse gas emissions to counter climate change.
- Country:
- South Africa
Finance Minister Enoch Godongwana has announced the appointment of Ismail Momoniat as the Acting Director-General of the National Treasury from 8 June 2022.
He takes over the reins following the departure of Dondo Mogajane on June 7.
The Ministry said Momoniat brings a wealth of experience to the position, having served National Treasury with dedication for 27 years, of which 22 years have been instrumental in the leadership of the organisation as a Deputy Director-General.
In a statement, the Minister said he was confident that Momoniat would keep a steady hand on the till of the organisation, steering the department to meet its strategic agenda while ensuring continuity and stability.
"Mr Momoniat's focus at the National Treasury has been on formulating and designing the policy and legislative framework for the fiscal and financial governance and accountability system for the public sector, the intergovernmental fiscal framework, and the tax and financial regulatory system.
"This included driving the foundational financial and fiscal legislation to give effect to our 1996 Constitution, to reverse the legacy of the racist Apartheid state. This included the development and enactment of the Public Finance Management Act which promoted good financial governance in the public sector and outlined the powers and functions of the National Treasury," said the Minister.
Recently Momoniat led the process for the adoption of the Carbon Tax Act to reduce greenhouse gas emissions to counter climate change.
"I, as the Minister, the National Treasury team, and the broader financial family, welcome Mr Momoniat in this new acting role and assure him of our support and cooperation," he said.
(With Inputs from South African Government Press Release)
- READ MORE ON:
- National Treasury
- Ismail Momoniat
- climate change
- Carbon Tax Act
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https://www.devdiscourse.com/article/headlines/2065554-ismail-momoniat-appointed-as-national-treasury-director-general
| 2022-06-08T11:46:25
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en
| 0.950338
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EU working on possible ban on providing cloud services to Russia - source
The European Union is working on a possible ban on the provision of cloud services to Russia as part of new sanctions against the Kremlin for the invasion of Ukraine, an EU official told Reuters on Wednesday, noting the measure was technically complex. If introduced, it is unclear how the EU ban would affect Russia, because top cloud providers in Europe are U.S. companies, including Amazon, Google and Microsoft.
The European Union is working on a possible ban on the provision of cloud services to Russia as part of new sanctions against the Kremlin for the invasion of Ukraine, an EU official told Reuters on Wednesday, noting the measure was technically complex.
If introduced, it is unclear how the EU ban would affect Russia, because the top cloud providers in Europe are U.S. companies, including Amazon, Google, and Microsoft. The European Union last week adopted a new package of sanctions against Russia and Belarus which included an oil embargo, restrictive measures on Russian banks, and a ban on the provision of consultancy services to Moscow.
An initial version of a press release on the sanctions package issued by the EU Council on June 3 also referred to a ban on the provision of cloud services but was later amended to delete that reference. That sanction does not appear in the legal texts published in the official journal of the EU. A press officer for the Council said the initial mention of the sanction on cloud services was "a material error", and declined to say whether it may have been caused by a debate on the matter among EU states.
An EU official familiar with decisions on sanctions said the measure on cloud services was never proposed by the European Commission but added that the EU was working on introducing the ban in possible future rounds of sanctions despite it being technically difficult. In a tweet on Tuesday, the Ukrainian president's adviser Mykhailo Podolyak said that the editing of the press release by the EU Council had been done without offering a clear explanation and that it suggested a possible watering-down of sanctions.
"We must increase the sanctions pressure, not decrease," he said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065560-eu-working-on-possible-ban-on-providing-cloud-services-to-russia---source
| 2022-06-08T11:46:33
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| 0.963872
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Iran removes two IAEA surveillance cameras from nuclear facility
The resolution text, seen by Reuters and little changed from a draft circulated last week, will be debated and voted on at this week's quarterly meeting of the IAEA's 35-nation Board of Governors. Several diplomats said the resolution was likely to pass easily despite Iranian warnings of retaliation and consequences that could further undermine already stalled talks on rescuing Tehran's 2015 nuclear deal with world powers.
- Country:
- Iran Islamic Rep
Iran removed two surveillance cameras of the International Atomic Energy Agency from one of its nuclear facilities on Wednesday, state television reported a move that is likely to raise tensions with the U.N. nuclear watchdog.
"So far, the IAEA has not only been ungrateful for Iran's extensive cooperation but has also considered it as a duty. From today, relevant authorities have ordered that surveillance cameras of the Online Enrichment Monitor (OLEM) be shut down," state TV said. "Iran cannot be cooperative while the IAEA displays unreasonable behavior. We hope the agency will come to its senses and respond with cooperation with Iran," Iran's Atomic Energy Organisation spokesperson Behrouz Kamalvandi told state TV.
The United States, Britain, Germany, and France angered Iran by submitting to the IAEA's governing board a draft resolution criticizing Iran for not fully answering the watchdog's questions on uranium traces at undeclared sites. The resolution text, seen by Reuters and little changed from a draft circulated last week, will be debated and voted on at this week's quarterly meeting of the IAEA's 35-nation Board of Governors.
Several diplomats said the resolution was likely to pass easily despite Iranian warnings of retaliation and consequences that could further undermine already stalled talks on rescuing Tehran's 2015 nuclear deal with world powers. Iran's ally Russia, one of the powers, opposes such a resolution. The Vienna-based IAEA declined to comment.
Since a U.S. walkout from the nuclear deal in 2018 under then-President Donald Trump and the reimposition of U.S. sanctions against Iran, Tehran has stepped up uranium enrichment, a process that could yield fuel for atomic bombs. Iran says its nuclear designs are wholly peaceful. The struggling talks aim to bring both Iran and the United States back into full compliance with the deal.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065561-iran-removes-two-iaea-surveillance-cameras-from-nuclear-facility
| 2022-06-08T11:46:41
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| 0.954896
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India's sugar exports at record 8.6 mn tonne till May this year: ISMA
Sugar exports from India, the worlds largest producer and second biggest exporter of the sweetener, touched a record 8.6 million tonne till May of the ongoing 2021-22 marketing year ending September, said the latest data released by industry body ISMA on Wednesday.The country had exported total 7 million tonne of sugar in the 2020-21 marketing year, while domestic production stood at 31.19 million tonne in the same period.Last month, the government capped sugar exports at 10 million tonne to ensure enough domestic supply and check retail prices during festival season in October-November.
- Country:
- India
Sugar exports from India, the world's largest producer and second-biggest exporter of sweeteners, touched a record 8.6 million tonnes by May of the ongoing 2021-22 marketing year ending September, said the latest data released by industry body ISMA on Wednesday.
The country had exported a total of 7 million tonnes of sugar in the 2020-21 marketing year, while domestic production stood at 31.19 million tonnes in the same period.
Last month, the government capped sugar exports at 10 million tonnes to ensure enough domestic supply and check retail prices during the festival season in October-November. However, cooperatives have demanded raising the export cap by 1 million tonnes.
According to the Indian Sugar Mills Association (ISMA), it is reported that around 9.4-9.5 million tonnes of export contracts have already been entered into so far. Out of that, about 8.6 million tonnes are reported to have been physically exported by the end of May 2022.
About 16 million tonnes of sugar is estimated to have been sold in the domestic market during the October-April period of the current marketing year, higher by 7,50,000 tonne from 15.26 million tonnes in the year-ago period.
Further, the domestic sugar sales quota released by the government up to June is higher by 5,50,000 tonnes as against the corresponding period last year.
Considering this, ISMA estimates domestic sugar consumption in the current marketing year to be at 27.5 million tonnes, as against 26.55 million tonnes in the previous year.
According to ISMA, domestic sugar production has reached 35.23 million tonnes by June 6 of the ongoing marketing year, as against 30.74 million tonnes in the year-ago period.
''Since the special season is in progress in Tamil Nadu and Karnataka and cane availability in these states is good for the remaining period up to the end of the current season, another about 6,00,000 tonnes of sugar is expected to be produced collectively by these states,'' ISMA said.
Accordingly, ISMA has revised its all-India sugar production estimate for the 2021-22 marketing year to 36 million tonnes after considering the diversion of 3.4 million tonnes for ethanol.
The closing stock at the end of September is estimated to be around 6.7 million tonnes which would be sufficient for 3 months of domestic consumption, it added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- ISMA
- Karnataka
- India
- Indian Sugar Mills Association
- cooperatives
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https://www.devdiscourse.com/article/headlines/2065584-indias-sugar-exports-at-record-86-mn-tonne-till-may-this-year-isma
| 2022-06-08T11:46:49
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en
| 0.950083
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Savannah says Portugal lithium mine delayed by 'political process'
Savannah Resources said on Wednesday it had little control over what it described as the political process which is delaying its extraction plans for what could become western Europe's largest lithium mine in northern Portugal. Portugal is already Europe's biggest lithium producer, but its miners sell almost exclusively to the ceramics industry and are only now preparing to produce the higher-grade lithium that is in demand globally for use in electric cars and electronic devices.
- Country:
- Portugal
Savannah Resources said on Wednesday it had little control over what it described as the political process which is delaying its extraction plans for what could become western Europe's largest lithium mine in northern Portugal.
Portugal is already Europe's biggest lithium producer, but its miners sell almost exclusively to the ceramics industry and are only now preparing to produce the higher-grade lithium that is in demand globally for use in electric cars and electronic devices. London-based Savannah has said Portugal's Barroso mine could be at the centre of Europe's lithium value chain.
Ahead of its annual general meeting, Savannah's chairman Matthew King said in a statement to investors that moving forward with the project was crucial at a time when Europe is scrambling to reduce its dependence on Russian fossil fuels and speed up its "green transition". Savannah submitted its environmental impact assessment (EIA)for an open-pit mine to Portuguese regulator APA in May 2020, receiving a preliminary stamp of approval a year later.
APA then launched a public consultation on the project but it is yet to announce its final decision. "The finalisation of the EIA is a political process over which Savannah has little control. This time last year, we had expectations that the decision would have been received by now," King said, adding that January's snap election had impacted the timing of the assessment as meetings with government officials were postponed.
"We are confident though that the new administration is now in a position to make a decision and remain hopeful of a positive outcome," he said. The environment ministry, which oversees APA, did not immediately respond to a request for comment.
Barroso, a world heritage site for agriculture since 2018, is one of many lithium-rich areas in northern Portugal and Savannah already mines feldspar, quartz and pegmatite there. Lithium projects in Portugal such as Savannah's face strong opposition from environmentalists and local communities, who demand stronger regulation and more transparency.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Russian
- Barroso
- Europe
- Savannah
- The environment ministry
- Portugal
- Portuguese
- London
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https://www.devdiscourse.com/article/headlines/2065593-savannah-says-portugal-lithium-mine-delayed-by-political-process
| 2022-06-08T11:46:57
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en
| 0.965448
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After Lavrov meeting, Turkey says Ukraine grain-export plan reasonable
Turkey's foreign minister said on Wednesday a United Nations plan to ease a global food crisis by restarting Ukrainian grain exports along a sea corridor was "reasonable", and requires more talks with Moscow and Kyiv to ensure ships' safety.
- Country:
- Turkey
Turkey's foreign minister said on Wednesday a United Nations plan to ease a global food crisis by restarting Ukrainian grain exports along a sea corridor was "reasonable", and requires more talks with Moscow and Kyiv to ensure ships' safety. Speaking alongside Russian Foreign Minister Sergei Lavrov, Turkey's Mevlut Cavusoglu said their meeting in Ankara was fruitful, including a perceived will to return to negotiations between Moscow and Kyiv for a possible ceasefire.
Lavrov said the onus was on Ukraine to solve the grain shipments problem by de-mining its Black Sea ports and that Russia needed to take no action because it had already made the necessary commitments. "We state daily that we're ready to guarantee the safety of vessels leaving Ukrainian ports and heading for (Turkish waters), we're ready to do that in cooperation with our Turkish colleagues," he said after the talks with Cavusoglu.
Ukraine has said it needed "effective security guarantees" before it could start shipments, voicing concerns that Moscow could use the potential corridor to move on its southern port of Odesa. Russia's Feb. 24 invasion of Ukraine halted Kyiv's Black Sea grain exports, threatening a global food crisis. The U.N. appealed to the two sides, as well as maritime neighbour and NATO member Turkey, to agree a corridor.
Moscow denies responsibility for the international food crisis, blaming Western sanctions. Any deal could involve a Turkish naval escort for tankers leaving Odesa and other Ukrainian ports - which are currently blockaded by Russia's navy - and onward to Turkey's straits and global markets.
Cavusoglu said he believed the world should work together to open a safe passage for Ukraine's agricultural exports and that Turkey viewed the Russian demands to lift restrictions on its farm exports as "very legitimate". "Various ideas have been put out for the export of Ukrainian grains to the market and most recently is the U.N. plan (including) a mechanism that can be created between the U.N., Ukraine, Russia and Turkey," Cavusoglu said.
"We see it as reasonable," he added. "Of course both Ukraine and Russia must accept it." Lavrov said the main problem was that Ukrainian President Volodymyr Zelenskiy had "categorically refused" to resolve the mined ports' problem.
Turkey, which has good relations with both Kyiv and Moscow, had previously said it is ready to take on a role within an "observation mechanism" based in Istanbul if a deal is reached. Turkey has the second biggest army in NATO and a substantial navy, but the head of the Ukrainian grain traders union said on Wednesday Ankara was not powerful enough to act as a guarantor.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065595-after-lavrov-meeting-turkey-says-ukraine-grain-export-plan-reasonable
| 2022-06-08T11:47:05
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en
| 0.970819
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APM Terminals Pipavav commissions 1,000 kWp rooftop solar power plant
APM Terminals Pipavav on Wednesday announced the commissioning of a 1,000 kWp DC capacity rooftop solar power plant at the port for self-consumption under Gujarat Green Gateway project.The solar power plant will help the facility reduce overall energy consumption from grid supply.
- Country:
- India
APM Terminals Pipavav on Wednesday announced the commissioning of a 1,000 kWp DC capacity rooftop solar power plant at the port for self-consumption under 'Gujarat Green Gateway' project.
The solar power plant will help the facility reduce overall energy consumption from grid supply. Besides, it will help in replacing approximately 10 per cent of the port's total energy consumption as well as result in reducing carbon footprints to the tune of 1,100 tonnes per year, the private port operator said in a statement. Energy optimisation and using renewable energy for port operation are critical components of reducing the overall carbon emissions at the port. Globally, APM Terminals is moving towards zero carbon logistics. APM Terminals Pipavav is contributing its bit to conserve environment and fulfil the group's commitment to net-zero greenhouse emissions by 2040, said Jakob Friis Sorensen, MD of APM Terminals Pipavav.
It has taken a leap towards sustainability with initiatives aimed at addressing the challenges of conserving the environment and utilising resources in optimum way through the philosophy of 'reduce, reuse and recycle', the port operator said.
These sustainability initiatives under the project 'Gujarat Green Gateway' are undertaken to reduce the carbon footprint, while improving the livelihood of employees, workers and the surrounding community at the port, it added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065602-apm-terminals-pipavav-commissions-1000-kwp-rooftop-solar-power-plant
| 2022-06-08T11:47:15
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en
| 0.917049
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ANALYSIS-Colombia's extractive industries watching election warily
Colombia's leftist firebrand presidential candidate Gustavo Petro is too close in recent polls for the comfort of oil companies and miners who worry that his promised policies would imperil Colombia's economy and energy self-sufficiency, high-ranking industry figures and business associations said. Petro, currently a senator, told a rally last month that coal and oil are akin to cocaine: "Our three main exports are poisons." He has won support vowing profound change, including social and economic reform in Colombia, where about half the population lives in some form of poverty.
- Country:
- Colombia
Colombia's leftist firebrand presidential candidate Gustavo Petro is too close in recent polls for the comfort of oil companies and miners who worry that his promised policies would imperil Colombia's economy and energy self-sufficiency, high-ranking industry figures and business associations said.
Petro, currently a senator, told a rally last month that coal and oil are akin to cocaine: "Our three main exports are poisons." He has won support vowing profound change, including social and economic reform in Colombia, where about half the population lives in some form of poverty. Petro favors an economy that depends on agriculture rather than extractive industries, leading the Andean country's oil and gas and mining sectors to rally behind his rival, the construction magnate Rodolfo Hernandez who posted a surprise second-place finish behind Petro in the election's first round.
Petro has promised to stop new exploration for hydrocarbons and construction of new large-scale open-pit mines, and to put an end to investigative fracking pilots and offshore oil and gas projects, some of which already have contracts. The industry has stressed that the income it generates is vital for funding any election promises. Hernandez, a former mayor, has provided scant detail on energy and mining policies but is widely seen as pro-business. He has urged investment in renewable energy as well as efforts to increase oil and gas reserves.
Petro topped the first round with 40.3% of votes cast, and trails Hernandez by just a few points in recent polls ahead of a run-off in June. Some in the industry believe Petro will not be able to slow their operations anytime soon, since the government of current President Ivan Duque has signed 69 exploration and production contracts during bidding rounds.
Petro promises a stark departure from policies of Duque, whose term ends in August, and sources in both oil and coal mining fear a Petro government would make it harder to advance permits to further develop existing operations. "This is a resilient sector (but) it is inevitable that it will lag in the face of adverse policies or low prices," a high-ranking oil and gas industry source said.
Oil and mining combined provide more than 50% of Colombia's monthly exports, according to government figures, and up to 8% of gross domestic product. Industry figures largely declined to be quoted by name or have their companies identified, saying they feared possible blowback. One said that if Petro wins, he must accept that income generated by mining is vital to funding social programs, which he has pledged to re-vamp to correct profound inequality.
"He'll be a little more aware of how necessary the mining and energy sector is, to be able to continue investing in all the country's subsidies," the person said. At the end of last year Colombia had oil reserves equivalent to 7.6 years of consumption and eight years worth of gas, according to government figures.
The Colombian Petroleum Association, an industry group, has warned an end to new oil and gas contracts would endanger energy self-sufficiency and herald a costlier future of energy imports. It would not comment on individual candidates. An oil and gas industry source who declined to be named told Reuters they would much prefer Hernandez.
"The first round was encouraging," the source said, adding the industry could survive a hostile government. "A four-year hiatus on bidding rounds will not be the death of the industry," the source said, adding everyone has "more than enough (oil and gas) blocks to be getting on with."
It is unlikely Petro could reverse contracts that have already been awarded, but sources in oil and mining worried he could increase red tape. Both candidates have said they oppose fracking for hydrocarbons but anti-fracking activists are leery of Hernandez. A former mayor of Bucaramanga, the capital of the province where two investigative fracking pilot projects are set to take place, he had initially supported the endeavors.
"We hope that whoever becomes president, that their commitment to the environment translates into suspension of the pilots and the prohibition of (fracking) in Colombia," said Carlos Santiago from the Colombia Free from Fracking Alliance. Majority state-owned oil company Ecopetrol, which will operate the pilot projects, and partner Exxon Mobil declined to comment on the candidates' positions.
"IRRESPONSIBLE AND DISRESPECTFUL" The Colombian Mining Association (ACM) was furious after Petro linked coal to cocaine, calling it "irresponsible and above all disrespectful," in a message its president Juan Camilo Narino shared with journalists.
Colombia is a major coal exporter and shipped almost 60 million tonnes in 2021, according to the government's DANE statistics agency. Narino said mining is essential to Colombia and the world. Colombia would have to grow its agricultural sector six times to match the economic contribution of mining, according to the ACM.
If Petro wins, mining operations "are going to suffer serious slow-downs, serious setbacks that really scare the investors," said a source who asked to remain anonymous. Hernandez, by contrast, would be "good for the (mining) sector, good for the private sector," the source said.
However, with Petro and Hernandez both emphasizing the need for renewable energy, things could be looking up for copper exploration efforts, said Collective Mining executive vice-president Ana Milena Vasquez. "Both candidates propose an organized energy transition and we're convinced that, due to copper's importance, the exploration of this base metal will receive support from the next government," Vasquez said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- DANE
- Petro
- Duque
- Gustavo Petro
- Ivan Duque
- Vasquez
- Colombia
- Exxon Mobil
- Hernandez
- Bucaramanga
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https://www.devdiscourse.com/article/headlines/2065609-analysis-colombias-extractive-industries-watching-election-warily
| 2022-06-08T11:47:23
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en
| 0.96472
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Govt hikes paddy MSP by Rs 100/qtl for 2022-23
- Country:
- India
The government on Wednesday hiked the minimum support price (MSP) of paddy by Rs 100 to Rs 2,040 per quintal for the 2022-23 crop year.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the increase in MSP for all mandated Kharif (summer) crops for the 2022-23 crop year.
''In today's cabinet meeting, MSP of 14 kharif crops was approved,'' Information and Broadcasting Minister Anurag Thakur told reporters.
The MSP of common grade variety of paddy has been increased to Rs 2,040 per quintal for the 2022-23 crop year from Rs 1,940 in the previous year.
The support price of 'A' grade variety of paddy has been hiked to Rs 2,060 per quintal from Rs 1,960.
Paddy is the main kharif crop, the sowing of which has already begun. The Met department has projected normal monsoon for the June-September period.
The minister also highlighted several programmes launched during the last eight years by the Modi government to boost farmers' income and ensure comprehensive growth of the farm sector.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Kharif
- Anurag Thakur
- Narendra Modi
- Modi
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https://www.devdiscourse.com/article/headlines/2065610-govt-hikes-paddy-msp-by-rs-100qtl-for-2022-23
| 2022-06-08T11:47:31
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en
| 0.944514
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Sudanese farmers warn of failing harvests as hunger rises
They are tied to an economic crisis that began under former leader Omar al-Bashir, subsidy reforms pursued by the transitional government and global cost pressures that started before the war in Ukraine. Last year, the state-owned Agricultural Bank, which has long supported farmers and bought up their wheat for strategic reserves, failed to provide fertilizer and seeds as prices rose, farmers said.
- Country:
- Sudan
On the fertile clay plains of Sudan's Gezira Scheme, farmers would have normally started tilling the soil weeks ago before planting out rows of sorghum, or peanuts, sesame and other cash crops.
Instead, in a country stalked by sharply rising hunger, swathes of the 8,800 square km (3,400 square mile) agricultural project lie untouched. Farmers who spoke to Reuters say the government, which has been cut off from billions of dollars in international financing following a coup in October, failed to buy their wheat under promised terms earlier this year.
That, they say, means they did not have the money to fund the new crop now. Russia's invasion of Ukraine has further complicated the outlook, driving prices for inputs such as fertilizer and fuel to new highs.
That puts current and future seasons in jeopardy, the farmers say, in an unstable country where the humanitarian situation has deteriorated and it is unclear how authorities will afford to finance imports of increasingly pricy food. The finance ministry did not comment directly on the farmers' statements about wheat purchases, but told Reuters it was making efforts to provide the necessary funding.
The ministry said in a statement on Tuesday it had committed to buying up to 300,000 tonnes of wheat and 200,000 tonnes of sorghum, together costing more than $300 million, and was seeking funds from the central bank. Reuters spoke to more than 20 farmers at the Gezira Scheme, a vast irrigation project just south of the capital Khartoum. All described the situation as desperate, and most said they feared bankruptcy and even prison for not paying back debts.
One, Nazar Abdallah, said he took out loans assuming that the government would buy his wheat at 43,000 Sudanese pounds (about $75.40) per sack, as was agreed last year. Dozens of those 100 kg sacks of grain, now stored under a leaky roof, should have been sold in March.
If his crop spoils, he fears he will have no way to repay his debt. "If it rains, I'll be sent straight to jail, no question," he said, pointing at the holes in the ceiling. Similar problems plague Gadaref, the eastern state where much of the country's traditional grain, sorghum, is grown.
"We buy the fertilizer and fuel at high prices and then when we come to sell our harvest we don't find a market. The government is impoverishing us," said a sorghum farmer there, who asked to remain anonymous to avoid involvement in politics. "The summer season is threatened with collapse. Fifty percent, seventy percent of us might not plant. And that puts the food supply in question," Ahmed Abdelmagid, another Gezira farmer, said.
ROADSHOWS Farmers' woes predate the coup. They are tied to an economic crisis that began under former leader Omar al-Bashir, subsidy reforms pursued by the transitional government and global cost pressures that started before the war in Ukraine.
Last year, the state-owned Agricultural Bank, which has long supported farmers and bought up their wheat for strategic reserves, failed to provide fertilizer and seeds as prices rose, farmers said. The Agricultural Bank, as well as Sudan's central bank and agriculture ministry, did not respond to requests for comment.
The cost of fuel for farmers rose more than 6,500% in 2021 from a year earlier, according to a U.N. Food and Agriculture Organization (FAO) report published in March. The price for fertilizer, normally provided under the wheat purchase agreement, rose 800%, causing farmers to cut back on its use. The report also blamed erratic rains, pest infestations, conflict and irrigation issues for a drop of more than 35% in production this year of Sudan's three key staples - wheat, sorghum, and millet.
This year, the FAO says Sudan faces a rare sorghum deficit. Just a year ago, the transitional government was out doing roadshows to market Sudan's huge untapped agricultural potential to investors as the economy began to open up following Bashir's overthrow during mass protests in 2019.
Its work was abruptly halted by the coup, which ended a fractious power-sharing arrangement between civilians and the military. Amid political deadlock and anti-military demonstrations, economic activity has stagnated. HUNGER
The U.N. World Food Programme estimates that the number of people facing crisis or emergency levels of hunger, the stages preceding famine, will double this year in Sudan to 18 million, out of a population of 46 million. And Sudan's food security worries could get worse.
Even with global wheat prices at record levels, Sudan imported 818,000 tonnes in Jan-March, three times more than the same period in 2021, central bank figures show. Though the local wheat harvest makes up a fraction of consumption, the government subsidy for wheat farmers forms a necessary, if unsustainable, backbone for agricultural activity, FAO representative Babagana Ahmadu said.
"Without it, the situation will get out of hand," he added. Abdallah and other farmers in Gezira would typically grow sorghum and key export crops during the upcoming summer season, using the profits they made from the government's wheat purchases.
But Gezira Scheme governor Omar Marzoug said no financing was available, government or private. Sudan's military leadership has said it is addressing the issue. Farmers criticised a recent purchasing announcement as having prohibitive conditions.
Deprived of cashflow, they are waiting, selling small amounts at the market rate of around 28,000 pounds ($49.12) per sack to make ends meet. Farm machinery lies idle. The farmer in Gadaref said he and his peers would likely reduce their planting of key exports like sesame by up to 80% if financing wasn't received this month.
"I expect there will be worse problems in the upcoming harvests without a radical change," University of Gadaref agriculture professor Hussein Sulieman said. "And I don't expect a radical change."
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Khartoum
- Omar al-Bashir
- Bashir
- central bank
- Farmers
- Russia
- Sudan
- Ukraine
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https://www.devdiscourse.com/article/headlines/2065613-sudanese-farmers-warn-of-failing-harvests-as-hunger-rises
| 2022-06-08T11:47:38
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en
| 0.964082
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Janhit Mein Jaari is the story of a young girl, a crusader who takes up a challenging job selling condoms in a small town in MP, India. The film takes one through the journey of the challenges she faces amidst the social taboo and how she takes on the resistance from her family and the entire town.
MUMBAI: Janhit Mein Jaari is the story of a young girl, a crusader who takes up a challenging job selling condoms in a small town in MP, India. The film takes one through the journey of the challenges she faces amidst the social taboo and how she takes on the resistance from her family and the entire town, all told through the trademark Raaj Shandilya humour. The makers of Janhit Mein Jaari made a revolutionary announcement a few days back. As per their claim, the patrons would be able to watch the Nushrratt Bharuccha starrer on the first day at just Rs. 100.
While the launch of this offer did grab headlines, it seems like certain multiplexes are having second thoughts and are at loggerheads with the producers over the move. A source from the exhibition sector said, “All multiplex chains and the makers are wondering how to implement it. As of now, it seems like all theatres in India won’t have this offer. Some cinemas may indeed sell tickets for Rs. 100 for the whole day while some cinemas, meanwhile, are thinking of pricing tickets at Rs. 100 only for shows before 12:00 noon. A few theatres are toying with the idea of pricing the tickets at Rs. 100 for the 2 or 3 rows in the front only. The talks are on and a clearer picture would emerge by Wednesday. The makers are trying their best to convince all cinemas to sell the tickets at Rs. 100 for all the shows on day 1.”
A multiplex owner on condition of anonymity said, “I am not screening Janhit Mein Jaari and even if I do, I wouldn’t have kept the rates at Rs. 100 as in my theatre, the base price is Rs. 150.”
A senior official from a multiplex chain stated, “The discussions are going on. Ideally, the producers cannot decide the ticket prices. When such offers are launched, a lot of miscommunication takes place. Some theatres might not price the tickets at Rs. 100. In such cinemas, some guests will get upset and argue that when the makers have announced that all cinemas will play the film at Rs. 100, why is that particular cinema charging say Rs. 200? It makes for an awkward scenario. If they wanted to keep some attractive scheme, they could have told us that they are reducing their distributor share and that theatres can accordingly sell the tickets at discounted prices.”
Nushrratt Bharuccha made a quiet Hindi film debut in Jai Santoshi Maa (2006) and found wider recognition only a few years later. She has worked with directors as far-ranging as Dibakar Banerjee (Love Sex Aur Dhokha), Luv Ranjan (Pyaar Ka Punchnama, Akaash Vani, Pyaar Ka Punchnama 2, Sonu Ke Titu Ki Sweety), Pawan Kripalani ([email protected] the Mall), and Hansal Mehta (Chhalaang).
Also readSurprising! Bollywood superstar Salman Khan denies receiving threat calls in the police statement
For more news from the entertainment industry, stay tuned to TellyChakkar.
Credits: Bollywood Hungama
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https://www.tellychakkar.com/movie/movie-news/oh-no-multiplex-owners-and-makers-of-janhit-mein-jaari-loggerheads-220608
| 2022-06-08T11:47:40
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en
| 0.959965
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Turkey on food corridors: UN plan 'feasible'
- Country:
- Turkey
Turkish Foreign Minister Mevlut Cavusoglu says that a plan by the United Nations for a grain corridor to carry Ukrainian agricultural products was "feasible." Speaking alongside Russian Foreign Minister Sergey Lavrov at a news conference Wednesday in Ankara following talks, Cavusoglu said the plan required negotiation between Moscow and Kyiv.
There was no Ukrainian representative at the Ankara meeting. But Kyiv has expressed concerns that if it removes mines from its Black Sea ports, Russia would be more able to attack its southern coast.
Cavusoglu also said Moscow's request that its involvement in implementing the UN plan result in the easing of international sanctions against it was "quite legitimate." "If the whole world is in need of the products to be exported by Ukraine and the Russian Federation, then a method needs to be established," he said, adding that he hoped "technical preparations" could be made "as soon as possible." Ukraine is one of the world's largest exporters of wheat, corn and sunflower oil, but the war and a Russian blockade of its ports have halted much of that flow, endangering global food supplies.
An estimated 22 million tons of grains are sitting in silos in Ukraine. Russia is also a major exporter of food and fertilizer.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065617-turkey-on-food-corridors-un-plan-feasible
| 2022-06-08T11:47:46
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en
| 0.956677
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Inflation and war loom over EU votes on climate change policy
One of the most important votes concerns upgrades to the EU carbon market, the bloc's main tool for cutting planet-warming emissions by forcing power plants and industry to buy permits when they emit CO2. Lawmakers are considering options to toughen the market to deliver a 61%, 63% or 67% emissions cut by 2030.
The European Parliament votes on Wednesday on eight climate change policies, with the outcome uncertain as concerns about soaring energy costs and inflation collide with Europe's commitments to fight global warming.
The policies are designed to steer the European Union, the world's third biggest polluter, towards its target of reducing net greenhouse gas emissions by 55% by 2030, from 1990 levels. Lawmakers are split on whether to uphold or weaken the plans, and will consider hundreds of amendments in a series of votes. Those that win a majority will form parliament's position for more negotiations with EU countries on the final laws.
Brussels is touting the policies as a way to swap reliance on Russian fossil fuels for locally-produced green energy, eventually lowering energy prices and avoiding the spiralling costs that failing to tackle global warming would incur. But some lawmakers cite the immediate pressures of energy costs, the economic consequences of the Ukraine war, and the need to give industries more time to adapt as reasons for a slower approach.
Emails seen by Reuters show some industry lobbies have urged lawmakers to delay or weaken the measures. One of the most important votes concerns upgrades to the EU carbon market, the bloc's main tool for cutting planet-warming emissions by forcing power plants and industry to buy permits when they emit CO2.
Lawmakers are considering options to toughen the market to deliver a 61%, 63% or 67% emissions cut by 2030. They will also vote on limiting financial speculators' access to the carbon market, as well as on a 100% cut in CO2 emissions from new cars by 2035 - effectively banning new combustion engine car sales in the EU.
The center-right European People's Party (EPP), the parliament's biggest lawmaker group, wants to weaken that to a 90% CO2 cut. Lawmakers are also split over whether to scale back or scrap a new EU carbon market to impose CO2 costs on polluting fuels used in transport and buildings.
The EU's world-first plan to place a CO2 levy on imports of carbon-intensive goods such as steel and cement is also up for vote. The Parliament will consider 2030, 2032 and 2034 timelines for replacing the free permits those industries currently receive.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Russian
- Parliament
- European Union
- Europe
- The European Parliament
- Ukraine
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https://www.devdiscourse.com/article/headlines/2065618-inflation-and-war-loom-over-eu-votes-on-climate-change-policy
| 2022-06-08T11:47:54
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en
| 0.93754
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US STOCKS-Futures slip as tech-driven rally loses steam
Microsoft Corp and Apple Inc edged 0.4% lower in premarket trading after gaining more than 1% each on Tuesday. The rate-sensitive growth stocks also came under pressure from elevated Treasury yields, with the benchmark 10-year back above 3%.
U.S. stock index futures slipped on Wednesday as a rally in technology and growth stocks from the previous session eased, while higher oil prices stoked worries of a further rise in global inflation. Microsoft Corp and Apple Inc edged 0.4% lower in premarket trading after gaining more than 1% each on Tuesday.
The rate-sensitive growth stocks also came under pressure from elevated Treasury yields, with the benchmark 10-year back above 3%. Against the backdrop of rising borrowing costs, investors will this week squarely focus on the consumer price index data due on Friday.
A hot reading would likely spook markets already worried about how the U.S. Federal Reserve will balance growth and inflation as it withdraws its pandemic-era policy support to the economy. Volatility has gripped Wall Street in recent sessions as market participants debated whether the market has hit a bottom in the wake of a sharp selloff this year.
The benchmark S&P 500 index has climbed 9.2% since May 20 after falling as much as 20.05% so far this year. It was last down 12.7% for the year, the blue-chip Dow declined 8.7% and the tech-heavy Nasdaq has shed 22.2%. At 6:44 a.m. ET, Dow e-minis were down 162 points, or 0.49%, S&P 500 e-minis were down 18.5 points, or 0.44%, and Nasdaq 100 e-minis were down 44.5 points, or 0.35%.
Carnival Corp slid 3.4% after Morgan Stanley cut its price target on the cruise operator's stock. Energy shares gained, with ConocoPhillips adding 1.5% as Brent Crude hit $122 a barrel.
Western Digital Corp rose 3.5% after the memory storage devices maker said it was reviewing options, including splitting its flash-memory and HDD businesses.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- U.S.
- Treasury
- Morgan Stanley
- Microsoft Corp
- Federal Reserve
- Nasdaq
- Conocophillips
ALSO READ
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Rupee plunges to all-time low of 77.71 against dollar as US Treasury yields spike
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US sanctions Russia's economy Minister Reshetnikov: Treasury
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https://www.devdiscourse.com/article/headlines/2065622-us-stocks-futures-slip-as-tech-driven-rally-loses-steam
| 2022-06-08T11:48:02
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en
| 0.950045
|
Two elephants stranded in Mahanadi river in Odisha
In a separate incident, wildlife experts and veterinary doctors rushed to Atagarh forest range in Cuttack district to treat another jumbo after the animal allegedly sustained gunshot wounds in the district on Tuesday.
- Country:
- India
Two elephants got stuck in the Mahanadi river on Wednesday while crossing the waterbody in Banki area of Cuttack district, a forest official said. The incident happened near Bhagipur while the jumbos were attempting to reach Chandaka sanctuary from Sukasen forest. The water level was very high near the spot and the forest officials were trying their best to rescue the elephants, the official said. The animals were still stranded as they were hesitating to cross the water body because the river bank is overcrowded with people, the official said. In a separate incident, wildlife experts and veterinary doctors rushed to Atagarh forest range in Cuttack district to treat another jumbo after the animal allegedly sustained gunshot wounds in the district on Tuesday. The matter came to light when senior BJD leader and the Athagarh MLA Debi Prasad Mishra drew the attention of the newly appointed Forest and Environment Minister P K Amat.
The MLA said he has requested the minister to rush veterinary experts from Nandankanan Zoological Park near Bhubaneswar to the spot for the tusker's treatment.
"I have also told Cuttack district collector Bhabani Shankar Chayani for his intervention into the matter," the MLA said. As the animal was found writhing in pain near a forest in Narasinghapur, a team of veterinary doctors rushed to the spot. "We are doing our best to treat the injured elephant. The government is monitoring the incident," the minister said.
Principal Chief Conservator of Forests (Wildlife), Shashi Paul, who rushed to the spot said that the elephant was fired 5-6 times from a gun following which the animal sustained injuries in its trunk, legs, and ear. ''The jumbo has developed septicemia and has been administered antibiotic. The animal has become very weak and we hope it will overcome the infection in 5 to 6 days,'' the official said.
Meanwhile, in another incident, a leopard, which had fallen into a well near Hindol Ghat under Charamala range in Sambalpur district, was rescued by range staff with the help of police and fire personnel on Wednesday. A wooden plank tied to a rope at both ends was lowered into the well to help the animal stay afloat. A ladder was then lowered down and the leopard hopped on it and climbed out of the well, the report said. Local people said that the leopard might have fallen into the well on Tuesday night and the matter came to the fore after some people heard its grunting roar in the morning. The condition of the leopard is now stable, a forest official said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/headlines/2065625-two-elephants-stranded-in-mahanadi-river-in-odisha
| 2022-06-08T11:48:10
|
en
| 0.97775
|
Ghana inflation hits new 18-year peak above 27% in May
May inflation was driven higher by categories such as food, transport and housing, with prices of imported goods rising more than domestically produced ones for the second month in a row, the statistics agency said. Food prices were up 30.1% in annual terms in May, with oils and fats, water and cereal products seeing the largest increases this year.
- Country:
- Ghana
Ghana's inflation accelerated to 27.6% year on year in May from 23.6% in April, statistics agency data showed on Wednesday, hitting a new 18-year peak and marking a full year of quickening price growth in the West African nation. The central bank of Africa's second-largest gold and cocoa producer hiked its main interest rate in March and again last month to try to stem runaway inflation, but it is yet to halt the rise in prices.
The cedi currency has been under pressure, losing around 5% against the dollar since its May 9 close and more than 21% since the start of the year, as analysts warn of a looming debt crisis. May inflation was driven higher by categories such as food, transport and housing, with prices of imported goods rising more than domestically produced ones for the second month in a row, the statistics agency said.
Food prices were up 30.1% in annual terms in May, with oils and fats, water and cereal products seeing the largest increases this year. Around one-fifth of Ghana's cereals come from Russia, which is fighting a war in Ukraine that has sent prices for global commodities like wheat and oil soaring.
Transport, which includes fuel, registered price growth of 39.0% while housing, which includes water, electricity and gas, saw a 32.3% increase. Razia Khan, chief Africa economist at Standard Chartered, said inflation in May had accelerated much faster than expected.
"While both the March and May tightening by the Bank of Ghana will take time to filter through to the real economy, the concern will be the implication of all of this for the fiscal outlook," she said. Asked whether inflation would continue to rise, government statistician Samuel Kobina Annim told a news conference: "It's difficult to say whether we've reached the end of the cycle".
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Russia
- Standard Chartered
- West African
- Ukraine
- Ghana
- Africa
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|
https://www.devdiscourse.com/article/headlines/2065627-ghana-inflation-hits-new-18-year-peak-above-27-in-may
| 2022-06-08T11:48:18
|
en
| 0.968538
|
Report: Iran turns off 2 of UN nuclear watchdog's cameras
Iran turned off two surveillance cameras of the United Nations nuclear watchdog that monitored one of its atomic sites, state television reported Wednesday.The report did not identify the site, but it appeared to be a new pressure technique by Tehran as Western nations seek to censure Iran at a meeting this week of the International Atomic Energy Agency.The Iranian state television report described the two cameras as monitoring OLEM enrichment levels and flowmeters.
- Country:
- Iran
Iran turned off two surveillance cameras of the United Nations' nuclear watchdog that monitored one of its atomic sites, state television reported Wednesday.
The report did not identify the site, but it appeared to be a new pressure technique by Tehran as Western nations seek to censure Iran at a meeting this week of the International Atomic Energy Agency.
The Iranian state television report described the two cameras as monitoring "OLEM enrichment levels and flowmeters". That appeared to refer to the IAEA's Online Enrichment Monitors, which watch the enrichment of uranium gas through piping at enrichment facilities.
Iran currently is enriching at both its Fordo and Natanz underground nuclear sites.
"The Islamic Republic of Iran has so far had extensive cooperation with the International Atomic Energy Agency," state TV said in its report. "Unfortunately, the agency, without considering this cooperation...not only did not appreciate this cooperation but also considered it as a duty of Iran," Tehran said its civilian nuclear arm, the Atomic Energy Organisation of Iran, monitored the shutdown of the cameras. It said 80% of the existing cameras are IAEA "safeguard" cameras and they will continue to operate as before.
The Vienna-based IAEA declined to immediately comment.
Iran already has been holding footage from IAEA surveillance cameras since February 2021 as a pressure tactic to restore the atomic accord.
Iran and world powers agreed in 2015 to the nuclear deal, which saw Tehran drastically limit its enrichment of uranium in exchange for the lifting of economic sanctions. In 2018, then-President Donald Trump unilaterally withdrew America from the accord, raising tensions across the wider Middle East and sparking a series of attacks and incidents.
Talks in Vienna over Iran's tattered nuclear deal have been stalled since April. Since the deal's collapse, Iran runs advanced centrifuges and has a rapidly growing stockpile of enriched uranium. Nonproliferation experts warn Iran has enriched enough up to 60% purity - a short technical step from weapons-grade levels of 90% - to make one nuclear weapon if it chooses.
Iran insists its program is for peaceful purposes, though United Nations experts and Western intelligence agencies say Iran had an organized military nuclear program through 2003.
Building a nuclear bomb would still take Iran more time if it pursued a weapon, analysts say, though they warn Tehran's advances make the program more dangerous. Israel has threatened in the past it will carry out a preemptive strike to stop Iran - and already is suspected of a series of recent killings targeting Iranian officials.
In a statement, Tuesday to the IAEA, France, Germany, and the United Kingdom warned the moves taken by Tehran are "further reducing the time Iran would take to break out towards a first nuclear weapon and it is fuelling distrust as to Iran's intentions".
''The IAEA has been without crucial access to data on centrifuge and component manufacturing for a year and a half now,'' the statement warned. "This means that neither the agency, nor the international community, know how many centrifuges Iran has in its inventory, how many were built, and where they may be located." The countries urged Iran "to stop escalating its nuclear program and to urgently conclude the deal that is on the table".
But just before the camera announcement, the head of the Atomic Energy Organisation of Iran had insisted the country had no secret nuclear activity and accused the West of making a "political move" by trying to censure his country.
''Iran has had maximum cooperation with the IAEA,'' Mohammad Eslami said, according to the state-run IRNA news agency.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- America
- Vienna
- Donald Trump
- Atomic Energy Organisation
- IAEA
- the International Atomic Energy Agency
- Western
- Iranian
- United Nations'
- Iran
- West
- Germany
- Mohammad Eslami
- Natanz
- Atomic Energy Organisation of Iran
- Israel
- Fordo
- International Atomic Energy Agency
- state TV
- The Islamic Republic of Iran
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|
https://www.devdiscourse.com/article/headlines/2065640-report-iran-turns-off-2-of-un-nuclear-watchdogs-cameras
| 2022-06-08T11:48:25
|
en
| 0.957114
|
MP: NABARD to hold mango festival on Jun 10 to showcase produce of tribal farmers
- Country:
- India
The National Bank of Agriculture and Rural Development (NABARD) will organize its 5th state-level mango festival here on June 10 to showcase the produce of tribal farmers, an official said on Wednesday.
During the festival, beneficiary tribal farmers of the NABARD's WADI program will sell their mangoes with the help of farmers' producer's organizations (FPOs) and NGOs.
The NABARD has implemented the WADI project to encourage tribal farmers to adopt horticulture, agriculture, and farm forestry activities to boost their income in their native places and to prevent their migration, the official said.
"WADI is a flagship project for tribal farmers and families. Through this project, tribal farmers can enhance their family income by adopting various horticulture, agriculture, and farm forestry activities at their native places, which helps in preventing their migration," the official said.
At least 75,176 tribal families have benefitted from the WADI project, he said.
Different varieties of mangoes are produced in Madhya Pradesh by tribal farmers and to provide a platform to these cultivators, the NABARD has been organizing a mango festival every year at its regional office at Bhopal since 2018, the official said.
Several varieties of mango produced in Madhya Pradesh, such as Kesar, Langra, Dashahari, Amrapali, etc. will be sold at the festival, he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
|
https://www.devdiscourse.com/article/headlines/2065645-mp-nabard-to-hold-mango-festival-on-jun-10-to-showcase-produce-of-tribal-farmers
| 2022-06-08T11:48:33
|
en
| 0.96465
|
15 new Covid cases in Odisha
- Country:
- India
Odisha recorded 15 new coronavirus cases on Wednesday, two more than the previous day, taking the tally to 12,88,545, the health department said.
The toll remained at 9,126 as there was no death due to the pathogen in the last 24 hours. Fifty-three other coronavirus patients have died due to comorbidities so far, according to a bulletin.
There are 105 active COVID-19 cases and eight more people recuperated from the disease, taking the total number of recoveries to 12,79,261, the department said.
The daily positivity rate was 0.15 percent as the new infections were detected from 10,277 samples tested, it added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Odisha
- health department
|
https://www.devdiscourse.com/article/health/2065555-15-new-covid-cases-in-odisha
| 2022-06-08T11:48:41
|
en
| 0.971482
|
What happens when a VISA Debit refund is issued with a currency that's different than the account tied to that card? In detail:
- Merchant charges PLN.
- Charge gets converted to EUR and gets deducted from account. It was pending for a few days.
- Few days later merchant issues a reversal with the amount in PLN, which is confirmed.
There is no PLN account tied to the card. No refund has shown up in almost 3 weeks. What are my options other than wait and hope?
|
https://money.stackexchange.com/questions/151235/visa-debit-card-refund-on-another-currency
| 2022-06-08T11:48:46
|
en
| 0.978303
|
Gajus - stock.adobe.com
Swedish entrepreneurs capture the world’s attention with eye-tracking technology
A growing number of killer apps are driving the uptake of eye-tracking systems – and Sweden is positioned to play a leading role
Eye-tracking software has been under development for at least two decades, and one of the leading companies in the domain is a startup success case from Sweden’s Stockholm area. Tobii, which now employs more than 600 people around the world, builds devices that provide attention computing services, of which eye tracking is a subset.
Eye-tracking technologies were first used for scientific research purposes. Studies conducted in a controlled environment tracked eye movements to draw conclusions about where subjects were directing their attention.
Unaware of all the work that had already gone into eye tracking for use in scientific research, three Swedish entrepreneurs came up with their own camera-based solution using infrared illumination to paint a pattern on the user’s eyes, which the camera then recognises. Software analysed the data to determine the direction of the person’s gaze.
The three entrepreneurs established Tobii 20 years ago on the premise that their technology could be used to enable people to control a computer with their eye movements.
Now, two decades later, the system is much more sophisticated – and the software uses some of the latest computer vision and machine learning techniques to determine much more than just where someone is looking. The techniques are very similar, whether used as a screen-based or a wearable eye-tracking system.
The market has changed in the meantime. Enterprises now use eye-tracking technologies for a growing number of applications, ranging from measuring user reactions to new products to detecting drowsy car drivers. Requirements have also changed.
In the early days, when eye tracking was used only in scientific settings, it was easy to control the environment. Researchers would have the subject put their head in a stand to keep it still, and they could also control the lighting. If a subject was particularly difficult to track, the researchers could just pick somebody else for the study. But with business applications, the objective is to attract users and to operate in as many environments as possible.
“The challenge with eye tracking isn’t so much getting it to work as it is getting it to work for all people in all types of environment,” says Anand Srivatsa, CEO of Tobii. “For the last 20 years, much of what the company has been doing is looking at how we can take eye-tracking technology and make it robust over a large population. We want to cover people with different ethnicities where the shape of the eye is different, and the colour of the iris is different. We want to cover people with eye conditions, such as lazy eye.
“Not only are people different, but the environment might include bright light, or there might be light in front of the user. The system has to correct itself for reflections, and it has to work for users wearing glasses.”
For example, enterprises devising new packaging may want to know if their bottle of drink is attractive. One way to do that is to ask a question, but as soon as you ask a question, the subject uses his or her “active mind”, which is usually biased. For example, a man might deny liking the colour pink, when that is really what caught his eye.
Read more about eye-tracking software
- Find out what the advent of low-cost eye tracking software means for the future of both marketing and application development.
- Biometric data is the last frontier of the shopping experience, as eye-tracking and facial recognition technologies slowly weave their way into the retail tech stack.
To overcome these biases, commercial market research is now moving towards measuring people’s responses rather than asking them for explicit information. Eye-tracking technology is perfectly adapted to this need.
The first area of commercial success for Tobii was in helping companies understand user preferences. Then the company entered another phase, where it marketed medical-grade devices for communication assistance. The technology could be used to give people a voice – someone with amyotrophic lateral sclerosis (ALS), like the late Stephen Hawking, could use their eyes to access the keyboard.
“Now, for the last five or six years, our technology has become mature enough to be considered for mass-market deployment,” says Srivatsa. “Today we see a lot of opportunity in gaming and in extended realities – virtual reality (VR) and augmented reality (AR). We also see opportunities in automotive for driver monitoring systems, healthcare, education and training. At the same time, we continue to market products and services for consumer research and behaviour.”
The company has now moved beyond simple gaze detection to measuring other things to gain deeper insights into human attention, says Srivatsa. “We’ve started with this first measure, which is where you look. But there are other biometrics you can measure when you look at images of people’s eyes or their faces, like where their head is pointed, whether you are pointing perpendicularly to the screen. Are you moving your head to the left or the right? We call that head pose.
“Of course, when you have a picture of somebody’s face, you could do facial identification like you do for your iPhone. You can look at how open the eye is. You can tell if the person is about to shut his or her eyes. You can look at things like pupil diameter, which can be an indicator for other types of higher signals.
“When we look at images of people’s faces and their eyes, we are able to measure additional signals, which we call core signals. And then the other thing we’ve done in the last two decades is to combine these core signals into higher-level signals, which we call attention signals.
Anand Srivatsa, Tobii
“We can tell if you’re looking at something like a fixation, or if your eyes are moving rapidly in what is called a saccade. Or, based on pupil dilation, you can understand things about cognitive load. You can detect if somebody is stressed, and things like that.
“These are all signals that, in scientific research or in other applications, can be quite important to measure and understand. In the automotive space, we have attention signals around drowsiness, to help a car determine if you need a coffee break, or whether you are distracted.”
Tobii built up layers of signals, which brought them from eye tracking to the more general area of “attention computing”, of which eye tracking is an essential component. It is no accident that parents tell their kids to “look at me when I’m speaking to you”: where people fix their gaze says a lot about where they are directing their attention.
One of the areas for future innovation is AR, where users wear a pair of normal-looking glasses, into which all the technology has to fit snugly. Power management is a big concern, with the eye-tracking software sharing a limited battery life with networking and display and everything else. Miniaturisation, lowering power consumption and reducing the cost of the overall solution are all areas where more innovation is needed.
Tobii markets a variety of platforms, some of which are USB peripherals operating at less than 10W. They also have systems that sit within a VR headset in a digital signal processor in the Qualcomm system on chips running the headset. One of the innovations of the last two decades has been to reduce the footprint, both from the sensors needed to capture the pictures of the eye and do the painting that you need, and from the chip that performs the higher-level analysis required by the use case.
Whenever new solutions are found, anyone making eye-tracking platforms must then make those solutions work for a large population and in a variety of environments. “Even if we fix the population problem for a certain type of application, as soon as you miniaturise, you have to get back to that level of population,” says Srivatsa.
“Ideally, you want to say this works 100% of the time on everybody, which is a goal that is probably impossible to attain. But if you want to be in consumer markets, you have to be in the high 90s in percentage of coverage. This means that every time you miniaturise, you have to work the population problem again to get back to the high 90s. Otherwise, you can’t put a product out.”
Killer apps for eye tracking and attention computing
Smaller and faster processors, along with smarter software, have given rise to new solutions that can solve a variety of problems in different industries. Several killer apps are on the horizon, and one of the more obvious cases is automotive driver monitoring.
The number one reason for car accidents is driver error. A worldwide movement, called Vision Zero, is lobbying for legislation in industrialised countries to dramatically reduce the number of fatal accidents. The European Union has mandated that, by 2026, new cars cannot be sold without a camera-based driver-monitoring system to detect whether a driver is drowsy.
Even when self-driving cars become more prevalent, it will still be necessary to make sure the driver is ready to take back control of the vehicle. It will not be until autonomy levels 4 and 5 are reached that the driver will longer be needed. And full autonomy (level 5) is not expected for at least 15 years.
The second killer app is in VR, where eye tracking or attention computing can be used in consumer headsets to enable higher levels of immersiveness. The problem for VR is that it is even more graphically intensive than a big screen because it requires an almost retina-quality image over a very broad field of view. Foveated rendering makes it possible to perceive where users are directing their attention and then render HD for only that part of their view, dramatically reducing the amount of graphics power needed.
“If you look at how our eyes operate, we can only see a very small part in high definition,” says Srivatsa. “The fovea is the part of your retina that can see in full fidelity and has full colour range – and that’s only about 1% of your field of view.
“If I know exactly where you are looking, I can reduce the rendering load to only focus there, and you could actually get back to super low resolution in other parts of the screen. You don’t even perceive colours in some parts of that spectrum, so if you could do it super smart, you can really reduce the load. Sony believes in foveated rendering and they are going to include that in their PSVR 2 headset.”
A third killer app is in AR, where there is a need to contextualise information. If a user is walking up to a bus station and looks at the station through AR-equipped glasses, the device should understand that the user is at a bus stop and tell him or her when the next bus is coming.
Role of machine learning
Because attention detection is not yet personalised, today’s systems cannot handle some of the outlier cases. They cannot distinguish between users who look drunk naturally and those who really are drunk.
“The market expectation is that you can make a judgement based on data that you’ve collected when you’re developing your product,” says Srivatsa. “So, for example, you would say this is the reference population I have tested it on in a controlled environment. A person who is known to be drowsy goes in front of the system and we collect measurements to be used as training data. Machine-learning algorithms then look for signs that can be correlated with the drowsy person.”
Srivatsa thinks the market will change very quickly as people get used to eye tracking and attention computing. User acceptance might follow a similar path to the uptake of voice-controlled systems.
“I was at Intel when we were looking at putting speech into computers in the early 2010s and we gave up because we said it’s too hard,” he says. “Besides, it was too gimmicky. And then we heard about Alexa. We assumed it would be a failure – and personally, I couldn’t think why anybody would want to talk to a device. And now my kids are doing it all the time.
“I expect eye tracking – and the broader attention computing – to take a similar path, becoming a part of everyday life before we know it.”
|
https://www.computerweekly.com/feature/Swedish-entrepreneurs-capture-the-worlds-attention-with-eye-tracking-technology
| 2022-06-08T11:48:46
|
en
| 0.96782
|
EUR/USD target factored yesterday afternoon upon the change of interest rates is 1.0729. Levels to today's 7 hour trade is located at 1.0715, 1.0728, 1.0735, 1.0742. The upside dsicrepancy exists for 13 pips at 1.0729 Vs 1.0742. The only question to the 13 pip disparity is the exact short entry point to maximize profit from every traded pip.
The bottomside EUR/USD is uniform at 1.0636 Vs 1.0634. Longs are well established to entry. Long and short entries assumes movements exist today in order to enter trades.
No movements then EUR/USD could trade easily 1.0725 to 1.0657 or 1.0713 to 1.0651. This arrangement happens many times to currencies and other financial instrument day trades such as SPX and WTI.
The EUR/USD trade for today remains long and short. Assume EUR/USD short at 1.0725 or 1.0729 but EUR/USD trades to 1.0742. Nothing happened except the market offers an extra 13 or 17 pips if one extra lot is added.
If the trade runs to 1.0657 then 68 pips are banked or 74 pips to 1.0651 or 89 pips to 1.0636.
The smart approach to longs is target 1.0673 or 1.0679. From 1.0636 = 37 pips or 43 pips to 1.0679. From 1.0651 then 22 pips or 28 pips, from 1.0657 then 16 pips or 22 pips.
The overall smart trade is yesterday's to target 1.0729 and around 1.0636 because only requirement is set entries and targets then walk away. Most trade days, entries and targets are easily met. The currency or market price doesn't have other choices except to trade to target.
Trade to target is not a requirement to all traders especially when 93 pips are involved or overall roughly 123 ish pips. To not trade to targets then Trades generate easily 50 and 60 pips daily for each of 9 currency pairs. Not a bad daily haul for doing nothing.
Targets are my personal methodologies/ research and running for nearly 12 years. To understand targets and locations is to fully know and comprehend the market price so never to lose.
Recall the weekly trade posted Sunday: long from 1.0667 and 1.0657 to target 1.0801 then short to target 1.0725. Lows achieved yesterday at 1.0651 and highs so far at 1.0713. From 1.0657, the trade runs 56 pips.
GBP/JPY from long term averages targets 168.05 and 168.83. Previous high was located at 168.35. USD/JPY traded higher from 126 support and allowed JPY cross pairs to trade higher. GBP/JPY led the charge as normal and remainder JPY cross pairs while sickly overbought traded alongside GBP/JPY. GBP/JPY will eventually lead JPY cross pairs lower. CAD/JPY then EUR/JPY are the next best to the overall big 3.
GBP/JPY targets a move back to 164.67 and USD/JPY to 131.55.
Trading currencies and other financial instruments carries a degree of loss and possible loss of entire investments. Please managed your own risks, stop loss, and margins requirements.
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https://www.fxstreet.com/analysis/currency-market-eur-usd-gbp-jpy-usd-jpy-202206081011
| 2022-06-08T11:48:46
|
en
| 0.918616
|
Notes/Observations
- Inflation and central banks remain in focus. Markets still seem prone to the ebb and flow of news around inflation; Chile, India recently hikes; Poland expected to continue tightening later today. BOT left its Benchmark Interest Rate at 0.50% with the vote being 4-3 with dissenters requesting a 25bps hike.
- Focus on ECB decision on Thursday.
- US CPI data on Friday ahead of FOMC decision next week with its tightening likely remaining at full throttle.
- Asia closed higher with the Hang Seng outperforming on the hopes of a more accommodative Govt stance against tech stocks. Europe indices trade lower and bond yields higher as economic data across the continent relatively matches estimates.
- Notable moves in USD/TRY, up +2% after Turkey Pres Erodgan yesterday reiterated stance that Govt would not raise rates and actually cut them instead. Elsewhere Gold -0.1%, BTC +2.9%, ETH +1.6%, Brent +0.4%, WTI +0.6%, DXY +0.4%, S&P500 Futures -0.4%.
Asia
- South Korea Q1 preliminary GDP (2nd reading) Q/Q: 0.6% v 0.7% advance; Y/Y: 3.0% v 3.1% advance.
- Japan Q1 Final GDP Q/Q: -0.1% v -0.3%e; GDP Annualized Q/Q: -0.5% v -1.1%e.
- Japan Apr Current Account Balance: ¥501.1B v ¥513.2Be); Trade Balance (BOP): -¥688.4B v -¥735.0Be.
- India Central Bank (RBI) raised the Repurchase Rate by 50bps to 4.90% (more-than-expected) citing rising inflationary pressures.
- China Deputy Commerce Min (MOFCOM) Wang: stated that foreign Trade stabilization faced uncertainties; Saw global demand growth as low.
- China PBOC International Dept Offical Zhou stated to keep guiding financing costs lower; Reiterates govt view to keep CNY currency reasonably stable and strengthen currency flexibility.
Ukraine conflict
- Ukraine has not reached any agreement with Russia or Turkey allowing safe passage of grain ships in the Black Sea; Russian Foreign Min Lavrov to meet with his Turkish counterpart for talks in Ankara on Wed (Jun 8th).
Europe
- UK PM Johnson said to be under pressure from Tory MPs to cut taxes to help rebuild unity and address the cost of living.
Americas
- Treasury Sec Yellen testified that the US economy is entering a transition from recovery to stable and steady growth. Virtually impossible to insulate ourselves from shocks on oil markets such as those caused by Russia's invasion of Ukraine. Inflation is unacceptable but is likely to remain high.
- Chile Central Bank ((BCCh) raised the Overnight Rate Target by 75bps to 9.00% (as expected).
Energy
- Weekly API Crude Oil Inventories: +1.8M v -1.2M prior.
Speakers/fixed income/FX/commodities/erratum
Equities
Indices [Stoxx600 -0.22% at 441.92, FTSE -0.26% at 7,579.47, DAX -0.36% at 14,504.59, CAC-40 -0.49% at 6,468.78, IBEX-35 -0.11% at 8,831.50, FTSE MIB -0.20% at 24,318.00, SMI -0.50% at 11,476.79, S&P 500 Futures -0.43%].
Market Focal Points/Key Themes: European indices open generally lower, and remained under pressure as the session wore on; better performing sectors include consumer discretionary and technology; sectors among those trending lower are financials and telecom; Haldex receives takeover offer from SAF-Holland; earnings expected in the upcoming US session include Brown-Forman and Campbell Soup.
Equities
- Consumer discretionary: Inditex [ITX.ES] +4% (earnings; pricing comments), Wizz Air [WIZZ.UK] -5% (earnings).
- Financials: Credit Suisse [CSGN.CH] -7% (trading update; possible job cuts).
- Industrials: Haldex [HLDX.SE] +44%, SAF-Holland [SFQ.DE] -5% (offer for Haldex), Renault [RNO.FR] +3% (buyback), Chemring [CHG.UK] -7% (earnings).
Speakers
- EU Commission President Von der Leyen proposed an extra €600M in funds for food security;She stressed that needed Ukraine Black Sea ports up and running again.
- France Fin Min Le Maire: Inflation should begin to ease in early 2023.
- Russia Foreign Min Lavrov stated that its special military operation in Ukraine was going according to plan.
- Turkey Foreign Min Cavusoglu noted that talks with Russia's Lavrov were fruitful; Turkey ready to adopt UN plan regarding Ukraine grain
OECD updated its Economic Outlook which cut the 2022 global GDP growth forecast from 4.5% to 3.0% and cut the 023 global GDP growth forecast from 3.2% to 2.8%.
- Japan Fin Min Suzuki reiterated view that a weak JPY currency (yen) had both positive and negative impacts. Weak yen currency had a negative impact when wage momentum was weak and added that wage momentum was currently weak.
- BOJ Gov Kuroda reiterates stance that was important for FX to move stably and reflect fundamentals. Wage hikes were needed to stable and sustainable 2% inflation. Reiterated stance that policy was not targeting the FX rate; had yet to achieve the stable inflation target.
- Thailand Central Bank Policy Statement noted that the vote to keep policy steady was 3-2 (dissenters sought a 25bps hike). Kept policy steady to support economy but noted the accommodative policy was less necessary. High inflation was longer than expected and would stay elevated due to oil prices.
- Thailand Central Bank updated its Staff Projections which raised 2022 Headline CPI forecast from 4.9% to 6.2% and also raised the 2023 Headline CPI forecast from 1.7% to 2.5%. BOT also raised the 2022 GDP growth forecast from 3.2% to 3.3% while cutting the 2023 GDP growth outlook from 4.4% to 4.2%.
- Beijing reported zero community COVID cases for 5th straight day.
Currencies/Fixed Income
- EUR/USD steady at 1.0690 ahead of Thursday ECB meeting. Analysts expect the central bank to end its net asset purchases in June and signal a first interest rate rise for July. Some dealers note that recent inflation data for the regions would warrant the 1st rate hike as early as June.
- USD/JPY hit a fresh 20-year high above 133.70 in the session. Japanese officials out in full force to convince G7 it was not targeting the FX rate but focusing on sustainable inflation.
- TRY currency (Lira) weakened to move beyond the 17.00 level after Turkey President Erdogan reiterated stance that this govt would not raise rates and would continue to cut rates.
Dollar index (DXY) mildly higher as risk appetite dwindles on momentum from yesterday's Wall Street selloff due to Target's profit warning.
- GBP/USD - lower at 1.255 as UK Tory party pressures PM Johnson to provide tax cuts to assist with cost of living.
- USD/CHF - climbs higher this morning at 0.9765.
- AUD/USD - declines below 0.72 handle, trades at 0.7188.
- NZD/USD - steady decline to 0.645.
- USD/CAD - pushes higher towards 1.255.
Economic data
- (CH) Swiss May Unemployment Rate: 2.1% v 2.1%e; Unemployment Rate (seasonally adj): 2.2% v 2.2%e.
- (DE) Germany Apr Industrial Production M/M: 0.7% v 1.2%e; Y/Y: -2.2% v -2.4%e.
- (UK) May Halifax House Price Index M/M: 1.0% v 1.1% prior; Y/Y: 10.5% v 10.8% prior.
- (NO) Norway Apr Industrial Production M/M: -0.5% v +2.5% prior; Y/Y: 3.0 %v 3.0% prior.
- (NO) Norway Apr Manufacturing Production M/M: 1.0%v 1.4% prior; Y/Y: +2.4% v -2.1% prior.
- (SE) Sweden May Budget Balance (SEK): 69.2B v -16.0B prior.
- (RO) Romania Q1 Preliminary GDP (2nd reading) Q/Q: 5.2% v 5.2% advance; Y/Y: 6.5% v 6.5% advance.
- (FR) France Apr Trade Balance: -€12.2B v -€12.7B prior; Current Account: -€3.4B v -€3.4B prior.
- (ES) Spain Q1 INE House Price Index Q/Q: 2.6% v 1.2% prior; Y/Y: 8.5%v 6.4% prior.
- (HU) Hungary May CPI M/M: 1.7% v 1.2%e; Y/Y: 10.7% v 10.4%e.
- (HU) Hungary Apr Industrial Production M/M: -1.6% v -0.2% prior; Y/Y: 4.7% v 6.4%e.
- (HU) Hungary Apr Preliminary Trade Balance: -€0.5B v -€0.7B prior.
- (CZ) Czech May Unemployment Rate: 3.2% v 3.2%e.
- (TH) Thailand Central Bank (BOT) left the Benchmark Interest Rate unchanged at 0.50% (as expected).
- (MY) Malaysia end-May Foreign Reserves: $112.8B v $111.4B prior.
- (TW) Taiwan May Trade Balance: $2.4B v $4.7Be; Exports Y/Y: 12.5% v 14.1%e; Imports Y/Y: 26.7% v 21.5%e.
- (IT) Italy Apr Retail Sales M/M: 0.0% v 0.1%e; Y/Y: 8.4% v 5.6% prior.
- (UK) May Construction PMI: 56.4 v 56.6e (16th month of expansion).
- (EU) Euro Zone Q1 Final GDP (3rd reading) Q/Q: 0.6% v 0.3% prelim; Y/Y: 5.4% v 5.1% prelim.
- (EU) Euro Zone Q1 Household Consumption Q/Q: -0.7% v -0.8%e; Govt Expenditures Q/Q: -0.3% v +0.4%e; Gross Fixed Capital Q/Q: 0.1% v 1.1%e.
- (EU) Euro Zone Q1 Final Employment Q/Q: 0.6% v 0.5% prelim; Y/Y: 2.9%v 2.6% prelim.
- (IS) Iceland May Preliminary Trade Balance (ISK): -28.3B v -16.9B prior.
Fixed income issuance
- (DK) Denmark sold total DKK4.08B in 3-month and 6-month Bills.
- (SE) Sweden sold total SEK12.5B vs. SEK12.5B indicated in 3-month and 6-month Bills.
- (NO) Norway sold NOK2.0B vs. NOK2.0B indicated in 2.125% May 2032 Bonds; Avg Yield: 2.92% v 2.70% prior; bid-to-cover: 3.24x v 3.47x prior.
- (UK) DMO sold £2.5B in 1.0% Jan 2032 Gilts; Avg Yield: 2.296% v 1.925% prior; bid-to-cover: 2.85x v 2.64x prior; Tail: 0.2bps v 0.2bps prior.
Looking ahead
- (PL) Poland Central Bank (NBP) Interest Rate Decision: Expected to raise the Base Rate by 75bps to 6.00% (no set time).
- (IN) India to sell INR330B in 3-month, 6-month and 12-month bills.
- (CH) Switzerland to sell 2037 and 2064 Bond.
- 05:30 (ZA) South Africa May Sacci Business Confidence: No est v 95.6 prior.
- 05:25 (EU) Daily ECB Liquidity Stats.
- 05:30 (DE) Germany to sell €4.0B in 0% Feb 2032 Bunds.
- 05:30 (PT) Portugal Debt Agency (IGCP) to sell €0.75B in 0.30% Oct 2031 OT; bonds.
- 05:30 (GR) Greece Debt Agency (PDMA) to sell 12.onth bills.
- 05:30 (HU) Hungary Debt Agency (AKK) switch auction.
- 05:30 (ZA) South Africa announces details of next bond auction (held on Tuesdays).
- 06:00 (IE) Ireland Apr Industrial Production M/M: No est v 1.7% prior; Y/Y: No est v -6.6% prior.
- 06:00 (ZA) South Africa Q2 BER Business Confidence: No est v 46 prior.
- 06:45 (US) Daily Libor Fixing.
- 07:00 (US) MBA Mortgage Applications w/e Jun 3rd: No est v -2.3% prior.
- 07:00 (BR) Brazil May FGV Inflation IGP-DI M/M: 0.8%e v 0.4% prior; Y/Y: 10.7%e v 13.5% prior.
- 07:00 (UK) Weekly PM Question time in House.
- 08:00 (CL) Chile May CPI M/M: 1.1%e v 1.4% prior; Y/Y: 11.4%e v 10.5% prior.
- 08:00 (BR) Brazil CONAB Crop Report.
- 08:00 (UK) Daily Baltic Dry Bulk Index % at points.
- 10:00 (US) Apr Final Wholesale Inventories M/M: 2.1%e v 2.1% prelim; Wholesale Trade Sales M/M: No est v 1.7% prior.
- 10:30 (US) Weekly DOE Oil Inventories.
- 12:00 (RU) Russia May CPI M/M: 0.2%e v 1.6% prior; Y/Y: 17.3%e v 17.8% prior.
- 12:00 (RU) Russia May CPI Core M/M: 0.5%e v 2.0% prior; Y/Y: 20.0%e v 20.4% prior.
- 12:00 (CA) Canada to sell 5-year notes.
- 13:00 (US) Treasury to sell 10-year notes.
- 18:00 (NZ) New Zealand May Heavy Truckometer M/M: No est v 2.3% prior.
- 19:01 (UK) May RICS House Price Balance: 76%e v 80% prior.
- 19:50 (JP) Japan May M2 Money Supply Y/Y: 3.6%e v 3.6% prior; M3 Money Supply Y/Y: 3.2%e v 3.2% prior.
- 21:00 (PH) Philippines Apr Trade Balance: -$5.0Be v -$5.0B prior; Exports Y/Y: 12.0%e v 5.9% prior; Imports Y/Y: 27.3%e v 27.7% prior.
- 23:30 (JP) Japan to sell 6-Month Bills.
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Editors’ Picks
EUR/USD rebounds toward 1.0750 as dollar retreats
EUR/USD has regained its traction and climbed toward 1.0750 with the greenback struggling to preserve its strength. The data from the EU showed earlier in the day that the annualized GDP grew by 5.4% in the first quarter, compared to the market expectation of 5.1%.
USD/JPY tests 134.00 amid firmer yields, policy contrast
USD/JPY has extended its rally and advanced beyond 134.00 for the first time in two decades. Rising US Treasury yields highlight the BOJ-Fed policy divergence and continue to fuel the pair's upsurge mid-week.
Gold range play to extend around $1,850 ahead of US inflation
Gold Price is reversing a part of the previous recovery gains, in light of a notable US dollar demand alongside rebounding Treasury yields. The dollar capitalizes on the risk-off flows, courtesy of global recession fears, as central banks tighten monetary policy to fight inflation.
Altcoins follow suit as range tightens for BTC
Bitcoin price is hovering inside its range for nearly a month now and shows no signs of breaking out any time soon. However, this has not stopped investors from speculating a move higher to fill the CME gaps.
FXStreet Premium users exceed expectations
Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!
|
https://www.fxstreet.com/analysis/emerging-market-central-banks-continue-to-tighten-policy-as-inflation-concerns-mount-202206081044
| 2022-06-08T11:48:47
|
en
| 0.897837
|
The single currency returned under 1.0700 after three days of decline. Late last month, EURUSD failed to consolidate above the 50-day moving average, confirming the prevalence of the downtrend.
The bounce in the pair in the second half of last month should be seen as a technical correction after accumulated oversold conditions after 12 months of a downtrend. That bounce lost its strength on the approach of the 50-day moving average and near the 76.4% Fibonacci retracement line. Such shallow corrections are characteristic of strong trending markets, setting up for a further leg down.
The EURUSD is in a reduced volatility mode waiting for another ECB decision tomorrow. Earlier, in AUD and NZD examples, we saw that raising the rate by 50 points does not guarantee a surge in the currency, even if the decision was more hawkish than the markets expected.
The lull in the euro could be a case of waiting and looking for a suitable excuse to resume a selloff in EURUSD, and the ECB meeting followed by a press conference looks like a pretty significant one.
The market is prepared that the ECB will not change policy now but will signal a rate hike at the end of July and complete its QE purchases by the end of this month. On the fundamental analysis side, this stance is much softer than competitors, continuing to put pressure on the euro.
Helping the euro not to repeat the fate of the yen tomorrow might be the unexpected resolve of the ECB and a higher speed of monetary policy normalisation compared to the US. The euro zone’s monetary authorities are bound by the region’s weak macroeconomic performance and high debt burdens in several countries. Europe finds itself somewhere in the middle between the US and Japan regarding the balance of economic growth and the ability to digest rate hikes. The single currency could find itself in its dynamics against the dollar and yen somewhere between these poles.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
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Editors’ Picks
EUR/USD rebounds toward 1.0750 as dollar retreats
EUR/USD has regained its traction and climbed toward 1.0750 with the greenback struggling to preserve its strength. The data from the EU showed earlier in the day that the annualized GDP grew by 5.4% in the first quarter, compared to the market expectation of 5.1%.
USD/JPY tests 134.00 amid firmer yields, policy contrast
USD/JPY has extended its rally and advanced beyond 134.00 for the first time in two decades. Rising US Treasury yields highlight the BOJ-Fed policy divergence and continue to fuel the pair's upsurge mid-week.
Gold range play to extend around $1,850 ahead of US inflation
Gold Price is reversing a part of the previous recovery gains, in light of a notable US dollar demand alongside rebounding Treasury yields. The dollar capitalizes on the risk-off flows, courtesy of global recession fears, as central banks tighten monetary policy to fight inflation.
Altcoins follow suit as range tightens for BTC
Bitcoin price is hovering inside its range for nearly a month now and shows no signs of breaking out any time soon. However, this has not stopped investors from speculating a move higher to fill the CME gaps.
FXStreet Premium users exceed expectations
Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!
|
https://www.fxstreet.com/analysis/euro-completes-rebound-and-prepares-for-another-round-of-declines-202206081010
| 2022-06-08T11:48:49
|
en
| 0.94049
|
FEATURE-Lebanon's patients suffer as crisis causes health worker exodus
* Medical system on the brink as health workers quit * Doctors and nurses seek better opportunities abroad * Some patients turn to herbal medicine as costs rise By Tala Ramadan BEIRUT, June 8 (Thomson Reuters Foundation) - Outside one of Lebanon's leading hospitals, desperate parents arrive seeking help for their sick children, while inside its pediatric intensive care unit the beds lie empty and unattended.
- Country:
- Lebanon
* Medical system on the brink as health workers quit * Doctors and nurses seek better opportunities abroad
* Some patients turn to herbal medicine as costs rise By Tala Ramadan
Outside one of Lebanon's leading hospitals, desperate parents arrive seeking help for their sick children, while inside its pediatric intensive care unit the beds lie empty and unattended. There are simply not enough nurses to keep the unit open and staff are forced to turn away ill babies, said the hospital's pediatric critical care head Elie Choueiry, amid a nationwide exodus of medical workers that are straining health systems.
"Children are dying because they cannot be cared for," said Choueiry, of the Hotel-Dieu de France hospital in Beirut, whose empty children's unit still sports colorful walls and stories intended to soothe young patients. "It's a dramatic and catastrophic situation."
Lebanon's economy has been in freefall since 2019 and its currency has lost more than 90% of its value, forcing nearly three-quarters of Lebanon's population into poverty https://news.un.org/en/story/2021/09/1099102, and leading many physicians and nurses to seek better opportunities abroad. Once among the best in the Middle East, Lebanon's medical system is crumbling as hospitals and surgeries struggle to cope with departing staff on top of financial troubles and shortages.
The World Health Organization (WHO) estimated http://www.emro.who.int/media/news/joint-statement-by-dr-tedros-adhanom-ghebreyesus-who-director-general-and-dr-ahmed-al-mandhari-regional-director-for-the-eastern-mediterranean-on-lebanon.html in September 2021 that nearly 40% of Lebanon's doctors and almost 30% of nurses had departed since October 2019. Still more are in the process of getting their papers ready to emigrate, according to Sharaf Abou Sharaf, head of the doctors' syndicate.
Many of those leaving are highly qualified specialists such as surgeons, emergency doctors and intensive care physicians, said Sharaf, forcing medical centres to close some departments as they no longer have the expertise to run them. The Hotel-Dieu de France, one of the largest and most renowned hospitals in the country, has seen 133 out of 500 nurses leave since the beginning of the crisis.
"The worst part is that more families are trying hard to get their sick children into hospitals," said Choueiry. Many hospitals have been unable to afford imported vaccines in recent years, he said, resulting in "a large group of children who aren't protected from disease and its effects".
POOR CONDITIONS Healthcare workers say they are struggling to cope with a drop in their incomes as a result of the heavily devalued currency and growing workloads that leave them overstretched and patients at risk.
Nurses are now being asked by hospitals to care for up to 20 patients at a time, violating guidelines from the Order of Nurses which recommend a maximum of seven patients per nurse on duty, said the regulatory body's president Rima Sassine Kazan. "The healthcare brain drain is jeopardizing the health of millions of people and the sector urgently needs CPR," said one medical professional who spoke on condition of anonymity.
Doctors and hospitals launched a two-day strike in May, announcing only emergency cases and dialysis patients would be admitted, in protest over central bank policies which they said were hobbling their ability to operate and pay staff. The Lebanese pound is officially pegged at a rate of 1,500 to the dollar, but widely-used black market rates have seen it sink to 28,000 - a disparity that is dramatically impacting hospitals' expenses, revenues, and the value of pay packets.
Caretaker Lebanese Health Minister Firas Abiad said the ministry is working to stop the exodus of health workers. "The plan includes increased investment in health infrastructure, fair pay for workers, and creating an overall environment that will benefit them and encourage them to stay in the country," he told the Thomson Reuters Foundation.
Meanwhile nurse Manal Zeiter, 32, said she never intended to leave Lebanon, but that the crisis had reshaped her life plans. She left for Belgium last year because she wanted to live in a more stable environment "that doesn't need me to keep on panicking about the safety of my children, and helps me focus on my work and duties".
RISING COSTS Lebanon's medical crisis is exacerbated by a shortage of drugs and other supplies. Blood and basic medicines including painkillers are frequently requested on social media.
The costs of medical appointments have also risen sharply, leaving the poorest struggling to get care. Many Lebanese patients have to pay bills upfront, even if they are entitled to claim them back from the state. And as the value of the Lebanese pound has plummeted, some hospitals have started to charge in dollars, pushing up costs.
Some people have turned to alternative medicine as they cannot afford anything else. Joumana Al Karim, a 40-year-old Beirut resident, was diagnosed with a slipped disk after suffering a bad fall and was initially scheduled to undergo surgery.
"I couldn't walk or sleep because of the excruciating pain in my leg," said Al Karim, a teacher at a private school. "I was unable to get the operation because the hospital was without power for the entire day that it was scheduled - and luckily this made me escape the huge debt I was going to fall into to pay for my surgery."
She is now trying to make do with herbal medicines as she has run out of money for both painkillers and consultations. "Herbal medicine isn't helping, but at least I'm trying to do something - something I can actually afford," she said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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https://www.devdiscourse.com/article/health/2065564-feature-lebanons-patients-suffer-as-crisis-causes-health-worker-exodus
| 2022-06-08T11:48:49
|
en
| 0.971644
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We still expect the economy to expand, albeit slowly, over the next two years. While a recession is not in our baseline forecast, the odds of a sustained economic downturn by the end of next year have climbed to roughly 40% in our estimation.
There is little good news on the inflation front. The recent surge in energy prices puts gasoline prices at record highs, and we have taken up our near-term inflation numbers accordingly.
It has been clear for months that monetary policy would be less accommodative, but as inflation in recent months has soared to levels not seen in 40+ years, so too have expectations about the intensity of the needed response from FOMC policymakers to get prices in check.
Specifically, we expect the Fed to raise the federal funds rate by 50 bps at each of the June, July and September FOMC meetings. We then expect five more 25 bps rate hikes over the course of the next two years, with the fed funds rate rising to 3.50%-3.75% in Q2-2023.
Consumer spending has picked up speed in each of the past two quarters, and we suspect Q2 will see yet another increase in the pace of personal outlays. But because of higher inflation and some unsustainable drivers behind recent consumer resilience, we see a sharp slowing in consumer spending toward year-end.
While a sharp downturn cannot be dismissed out-of-hand, it is difficult for the economy to slip into recession when more than 96% of the people who want a job have one. We expect the unemployment rate to fall to 3.4% by Q4-2022. A slower pace of job growth and increased labor force participation are likely to lead the unemployment rate to rise slightly in the back half of 2023.
The outlook for capital spending remains a relative bright spot. We look for business investment to expand 5.3% in 2022 and 4.0% in 2023.
One area where the Fed’s rate increases have already had a meaningful impact is in the housing market. The sharp pullback in both new and existing home sales has led us to reduce our residential investment forecast to an 8.5% decline in Q2-2022 and another decline in Q3.
Seats in the upright and locked position
It is a time of superlatives. A student of financial markets would usually have to wait decades to witness the highs and lows seen in recent weeks and months. Start with inflation and employment, which are paramount for policymakers at the Federal Reserve. As of this writing, the urgency to address inflation is underscored by the price of a gallon of unleaded gasoline in the United States costing $4.92/gallon, an all-time high. Even after excluding volatile food and energy prices, the core PCE deflator rose to 5.2% on a year-over-year basis in March, the fastest inflation rate for the Federal Reserve’s preferred inflation gauge since 1982. The core PCE deflator cooled slightly to come in at 4.9% in April. While it may be true that core inflation has cooled, the peak in headline inflation no longer looks like it is behind us. In light of the higher prices for energy and energy services, we have lifted the profile of our inflation forecast such that headline measures of inflation like the PCE deflator and the Consumer Price Index now both peak in the third quarter of this year. We expect headline inflation to fall in 2023 as this year’s energy prices set up a tough base for year-over-year measures. Yet, we suspect that even by the end of our forecast period in Q4-2023, the core rate of inflation will still be at 2.9%, which is above the Fed’s 2.0% target (Figure 1).
Turning now to the other side of the Fed’s dual mandate, we find that the unemployment rate at 3.6% is just a tick away from 3.5%, which would be the lowest on record going back more than 50 years to the late 1960s. The strength of the job market has pulled people off the unemployment line to a degree not seen in more than a half century. In the most current data available for the week of May 21, continuing claims for unemployment insurance fell to their lowest level since the 1960s (Figure 2). These numbers corroborate survey data in recent months, which showed a record share of consumers seeing jobs as being plentiful and a record-high share of small businesses which report that open positions are hard to fill.
The historically strong labor market is an anchor to the windward for our call that the economy can avoid recession over the next year and a half. Unfortunately, the downside of a strong labor market is that the FOMC can proceed with its widely telegraphed plans for rate hikes and balance sheet normalization to get inflation in check. That helps explain the negative reaction in financial markets to a better-than-expected May jobs report last week.
In terms of specifics for the Fed outlook, we look for the FOMC to hike the fed funds rate by 50 bps at each of its meetings in June, July and September. After that, we anticipate five more 25 bps rate hikes, with the target range for the fed funds rate reaching 3.50%-3.75% in Q2-2023 and remaining at that level throughout the rest of next year.
Recently, the stock market has experienced high levels of volatility. If you are thinking about participating in fast moving markets, please take the time to read the information below. Wells Fargo Investments, LLC will not be restricting trading on fast moving securities, but you should understand that there can be significant additional risks to trading in a fast market. We've tried to outline the issues so you can better understand the potential risks. If you're unsure about the risks of a fast market and how they may affect a particular trade you've considering, you may want to place your trade through a phone agent at 1-800-TRADERS. The agent can explain the difference between market and limit orders and answer any questions you may have about trading in volatile markets. Higher Margin Maintenance Requirements on Volatile Issues The wide swings in intra-day trading have also necessitated higher margin maintenance requirements for certain stocks, specifically Internet, e-commerce and high-tech issues. Due to their high volatility, some of these stocks will have an initial and a maintenance requirement of up to 70%. Stocks are added to this list daily based on market conditions. Please call 1-800-TRADERS to check whether a particular stock has a higher margin maintenance requirement. Please note: this higher margin requirement applies to both new purchases and current holdings. A change in the margin requirement for a current holding may result in a margin maintenance call on your account. Fast Markets A fast market is characterized by heavy trading and highly volatile prices. These markets are often the result of an imbalance of trade orders, for example: all "buys" and no "sells." Many kinds of events can trigger a fast market, for example a highly anticipated Initial Public Offering (IPO), an important company news announcement or an analyst recommendation. Remember, fast market conditions can affect your trades regardless of whether they are placed with an agent, over the internet or on a touch tone telephone system. In Fast Markets service response and account access times may vary due to market conditions, systems performance, and other factors. Potential Risks in a Fast Market "Real-time" Price Quotes May Not be Accurate Prices and trades move so quickly in a fast market that there can be significant price differences between the quotes you receive one moment and the next. Even "real-time quotes" can be far behind what is currently happening in the market. The size of a quote, meaning the number of shares available at a particular price, may change just as quickly. A real-time quote for a fast moving stock may be more indicative of what has already occurred in the market rather than the price you will receive. Your Execution Price and Orders Ahead In a fast market, orders are submitted to market makers and specialists at such a rapid pace, that a backlog builds up which can create significant delays. Market makers may execute orders manually or reduce size guarantees during periods of volatility. When you place a market order, your order is executed on a first-come first-serve basis. This means if there are orders ahead of yours, those orders will be executed first. The execution of orders ahead of yours can significantly affect your execution price. Your submitted market order cannot be changed or cancelled once the stock begins trading. Initial Public Offerings may be Volatile IPOs for some internet, e-commerce and high tech issues may be particularly volatile as they begin to trade in the secondary market. Customers should be aware that market orders for these new public companies are executed at the current market price, not the initial offering price. Market orders are executed fully and promptly, without regard to price and in a fast market this may result in an execution significantly different from the current price quoted for that security. Using a limit order can limit your risk of receiving an unexpected execution price. Large Orders in Fast Markets Large orders are often filled in smaller blocks. An order for 10,000 shares will sometimes be executed in two blocks of 5,000 shares each. In a fast market, when you place an order for 10,000 shares and the real-time market quote indicates there are 15,000 shares at 5, you would expect your order to execute at 5. In a fast market, with a backlog of orders, a real-time quote may not reflect the state of the market at the time your order is received by the market maker or specialist. Once the order is received, it is executed at the best prices available, depending on how many shares are offered at each price. Volatile markets may cause the market maker to reduce the size of guarantees. This could result in your large order being filled in unexpected smaller blocks and at significantly different prices. For example: an order for 10,000 shares could be filled as 2,500 shares at 5 and 7,500 shares at 10, even though you received a real-time quote indicating that 15,000 shares were available at 5. In this example, the market moved significantly from the time the "real-time" market quote was received and when the order was submitted. Online Trading and Duplicate Orders Because fast markets can cause significant delays in the execution of a trade, you may be tempted to cancel and resubmit your order. Please consider these delays before canceling or changing your market order, and then resubmitting it. There is a chance that your order may have already been executed, but due to delays at the exchange, not yet reported. When you cancel or change and then resubmit a market order in a fast market, you run the risk of having duplicate orders executed. Limit Orders Can Limit Risk A limit order establishes a "buy price" at the maximum you're willing to pay, or a "sell price" at the lowest you are willing to receive. Placing limit orders instead of market orders can reduce your risk of receiving an unexpected execution price. A limit order does not guarantee your order will be executed -" however, it does guarantee you will not pay a higher price than you expected. Telephone and Online Access During Volatile Markets During times of high market volatility, customers may experience delays with the Wells Fargo Online Brokerage web site or longer wait times when calling 1-800-TRADERS. It is possible that losses may be suffered due to difficulty in accessing accounts due to high internet traffic or extended wait times to speak to a telephone agent. Freeriding is Prohibited Freeriding is when you buy a security low and sell it high, during the same trading day, but use the proceeds of its sale to pay for the original purchase of the security. There is no prohibition against day trading, however you must avoid freeriding. To avoid freeriding, the funds for the original purchase of the security must come from a source other than the sale of the security. Freeriding violates Regulation T of the Federal Reserve Board concerning the extension of credit by the broker-dealer (Wells Fargo Investments, LLC) to its customers. The penalty requires that the customer's account be frozen for 90 days. Stop and Stop Limit Orders A stop is an order that becomes a market order once the security has traded through the stop price chosen. You are guaranteed to get an execution. For example, you place an order to buy at a stop of $50 which is above the current price of $45. If the price of the stock moves to or above the $50 stop price, the order becomes a market order and will execute at the current market price. Your trade will be executed above, below or at the $50 stop price. In a fast market, the execution price could be drastically different than the stop price. A "sell stop" is very similar. You own a stock with a current market price of $70 a share. You place a sell stop at $67. If the stock drops to $67 or less, the trade becomes a market order and your trade will be executed above, below or at the $67 stop price. In a fast market, the execution price could be drastically different than the stop price. A stop limit has two major differences from a stop order. With a stop limit, you are not guaranteed to get an execution. If you do get an execution on your trade, you are guaranteed to get your limit price or better. For example, you place an order to sell stock you own at a stop limit of $67. If the stock drops to $67 or less, the trade becomes a limit order and your trade will only be executed at $67 or better. Glossary All or None (AON) A stipulation of a buy or sell order which instructs the broker to either fill the whole order or don't fill it at all; but in the latter case, don't cancel it, as the broker would if the order were filled or killed. Day Order A buy or sell order that automatically expires if it is not executed during that trading session. Fill or Kill An order placed that must immediately be filled in its entirety or, if this is not possible, totally canceled. Good Til Canceled (GTC) An order to buy or sell which remains in effect until it is either executed or canceled (WellsTrade® accounts have set a limit of 60 days, after which we will automatically cancel the order). Immediate or Cancel An order condition that requires all or part of an order to be executed immediately. The part of the order that cannot be executed immediately is canceled. Limit Order An order to buy or sell a stated quantity of a security at a specified price or at a better price (higher for sales or lower for purchases). Maintenance Call A call from a broker demanding the deposit of cash or marginable securities to satisfy Regulation T requirements and/or the House Maintenance Requirement. This may happen when the customer's margin account balance falls below the minimum requirements due to market fluctuations or other activity. Margin Requirement Minimum amount that a client must deposit in the form of cash or eligible securities in a margin account as spelled out in Regulation T of the Federal Reserve Board. Reg. T requires a minimum of $2,000 or 50% of the purchase price of eligible securities bought on margin or 50% of the proceeds of short sales. Market Makers NASD member firms that buy and sell NASDAQ securities, at prices they display in NASDAQ, for their own account. There are currently over 500 firms that act as NASDAQ Market Makers. One of the major differences between the NASDAQ Stock Market and other major markets in the U.S. is NASDAQ's structure of competing Market Makers. Each Market Maker competes for customer order flow by displaying buy and sell quotations for a guaranteed number of shares. Once an order is received, the Market Maker will immediately purchase for or sell from its own inventory, or seek the other side of the trade until it is executed, often in a matter of seconds. Market Order An order to buy or sell a stated amount of a security at the best price available at the time the order is received in the trading marketplace. Specialists Specialist firms are those securities firms which hold seats on national securities exchanges and are charged with maintaining orderly markets in the securities in which they have exclusive franchises. They buy securities from investors who want to sell and sell when investors want to buy. Stop An order that becomes a market order once the security has traded through the designated stop price. Buy stops are entered above the current ask price. If the price moves to or above the stop price, the order becomes a market order and will be executed at the current market price. This price may be higher or lower than the stop price. Sell stops are entered below the current market price. If the price moves to or below the stop price, the order becomes a market order and will be executed at the current market price. Stop Limit An order that becomes a limit order once the security trades at the designated stop price. A stop limit order instructs a broker to buy or sell at a specific price or better, but only after a given stop price has been reached or passed. It is a combination of a stop order and a limit order. These articles are for information and education purposes only. You will need to evaluate the merits and risks associated with relying on any information provided. Although this article may provide information relating to approaches to investing or types of securities and investments you might buy or sell, Wells Fargo and its affiliates are not providing investment recommendations, advice, or endorsements. Data have been obtained from what are considered to be reliable sources; however, their accuracy, completeness, or reliability cannot be guaranteed. Wells Fargo makes no warranties and bears no liability for your use of this information. The information made available to you is not intended, and should not be construed as legal, tax, or investment advice, or a legal opinion.
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https://www.fxstreet.com/analysis/increased-speed-makes-a-soft-landing-more-difficult-202206081031
| 2022-06-08T11:48:50
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| 0.955028
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