Thursday, July 7

Month: May 2022

PM modi will lay the foundation stones for the reconstruction of five railway stations in Tamil nadu
India

PM modi will lay the foundation stones for the reconstruction of five railway stations in Tamil nadu

On Thursday, Prime Minister Narendra Modi will lay the foundation stones for the reconstruction of five Tamil Nadu railway stations: Chennai Egmore, Rameswaram, Madurai, Katpadi, and Kanyakumari. The railway station redevelopment project will cost around Rs 1,800 crore to complete. The project was undertaken to improve the passengers' convenience and comfort by providing modern amenities. PM Modi will also dedicate 1,152 residences built under the Pradhan Mantri Awas Yojana-Urban as part of the 'Light House Project — Chennai,' which cost Rs 116 crore to build. In Chennai, the PM Modi will dedicate 11 projects worth over Rs 31,500 crore to the nation and lay the foundation stone for them. The 75-kilometer Madurai-Teni (Railway Gauge Conversion Project), which cost over Rs 50...
Quad leaders agree to invest more than $50 billion in Indo-Pacific infrastructure
WORLD NEWS

Quad leaders agree to invest more than $50 billion in Indo-Pacific infrastructure

Prime Minister Narendra Modi, Japanese Prime Minister Fumio Kishida, US President Joe Biden, and Australian Prime Minister Anthony Albanese issued a joint statement on May 24 stating that the Quad will seek to extend more than $50 billion in infrastructure assistance and investment to the Indo-Pacific region over the next five years. The leaders are "committed to working closely with partners and the region to drive public and private investment to bridge gaps," according to a joint statement released after the second in-person Quad summit, which was attended by Prime Minister Narendra Modi. The $50 billion assistance will help achieve this goal. The four nations also agreed to bring decades of skills and experience together to catalyze infrastructure delivery in the region while...
Today’s gold price is Rs 51,430 per 10 gm; silver is Rs 62,100 per kg
Commodity

Today’s gold price is Rs 51,430 per 10 gm; silver is Rs 62,100 per kg

The price of gold jumped by Rs 100 per 10 gramme on Tuesday, with 24-carat gold retailing at Rs 51,430. On Tuesday, the price of silver climbed by Rs 700 per kilogramme, to Rs 62,100 per kg. The price of 10 grammes of 22-carat gold increased by Rs 100 from the previous day's rate, with the metal retailing for Rs 47,150. In Delhi and Mumbai, the price of 10 grammes of 24-carat gold is the same as in Bengaluru, Hyderabad, and Kolkata, with the precious metal retailing for Rs 51,430 in these cities. In Delhi and Mumbai, the price of 10 grammes of 22-carat gold is comparable to the price of 10 grammes of 22-carat gold in Bengaluru, Hyderabad, and Kolkata, with the metal retailing for Rs 47,150 in these cities. However, the price of 10 kilos of 24-carat gold and 22 grammes of 22...
After the government raised export tariffs on steel products, the Nifty Metal index fell 7%
Stock Market

After the government raised export tariffs on steel products, the Nifty Metal index fell 7%

Steel company shares were hammered on Monday, plunging up to 14% on the BSE, after the government imposed export tariffs on 11 iron and steel intermediates and essential steel products. On practically all major steel products, the government imposed a 15% export levy (including stainless steel). However, to lower the overall cost of steel production in the United States, the government reduced the import duty on coking coal and anthracite from 2.5 percent to zero percent. In the meantime, import tariffs on coke or semi-coke and ferronickel were reduced from 5% to 0% and 2.5 to 0%, respectively. Individual stocks fell 14 percent to Rs 1,001.55 on the NSE, a 52-week low. Others in the metal index, including JSW Steel, Jindal Steel & Power, Jindal Stainless (Hisar), NMDC, and St...
Peace talks between Russia and Ukraine have been suspended due to an impasse in the process
WORLD NEWS

Peace talks between Russia and Ukraine have been suspended due to an impasse in the process

Negotiations on a solution to the current war have been postponed, according to Russian and Ukrainian authorities, because the process has reached an impasse. He also stated that Ukraine has not responded to Russia's draught pact. "Today the negotiation process was suspended. It was suspended because there are no significant changes or upheavals after the Istanbul communique," A member of the Ukrainian delegation, Mykhailo Podolyak, was cited as stating. Nonetheless, he expressed optimism that the peace talks will restart, adding that "every battle concludes the negotiating table." The latest round of face-to-face peace talks between Ukraine and Russia took place on March 29 in Istanbul, Turkey.
For utilising NHS data of 1.6 million people in the UK, Google is facing a class-action lawsuit
Companies

For utilising NHS data of 1.6 million people in the UK, Google is facing a class-action lawsuit

Google is facing a class-action lawsuit in the United Kingdom for allegedly utilizing 1.6 million people's medical records for its DeepMind artificial intelligence business. According to TechCrunch, DeepMind allegedly transferred data on patients without their knowledge or consent for a smartphone app called 'Streams' that it received from the Royal Free NHS Trust in London. The program was created to identify acute kidney damage on smartphones. It was afterward used on a discounted basis by the Royal Free NHS Trust. The Information Commissioner's Office in the United Kingdom later declared the deal illegal. Andrew Prismall, who brought the lawsuit on behalf of about 1.6 million people whose records were transferred to DeepMind, is now represented by Mishcon de Reya. The Royal...
Assam floods: 57,000 people impacted across seven districts; 202 homes destroyed
Current Affairs

Assam floods: 57,000 people impacted across seven districts; 202 homes destroyed

According to an official statement, the recent floods in Assam have affected almost 57,000 people across seven districts. Almost 222 villages and 10321 people are impacted by the floods in 15 revenue circles. Flood floods have flooded 44 hectares of farmed land. This natural disaster in Assam claimed the lives of three individuals, including a kid. A total of 1,434 animals have been harmed by the water, and 202 homes have been destroyed thus far. In flood-affected parts of the state, the Army, paramilitary forces, SDRF, and Fire and Emergency Services carried out rescue and relief operations. In the districts of Hojai, Lakhimpur, and Nagaon, several roads, bridges, and irrigation canals were destroyed. On Saturday, heavy rains caused landslides in 12 communities in the Dima Ha...
The uncertain wheat crop in China raises concerns about the global economy
International

The uncertain wheat crop in China raises concerns about the global economy

Floods and severe lockdowns in China have hampered farming to the point where the country's winter wheat harvest, which begins next month, remains one of the biggest unknowns in a global economy already beset by high commodity prices. According to the New York Times, if the Chinese harvest is poor in the following weeks, food prices will rise, even more, exacerbating hunger and poverty in the world's poorest countries. The soil in China was flooded last autumn due to a flood. Because of this, wheat struggles to establish itself. Furthermore, Ren Ruixia, a 45-year-old farmhand, claims that the Chinese government's coronavirus quarantines have caused fertilizer deliveries to be delayed. The scarcity of food has long been a major concern in China. The People's Republic of China (...
On dismal Q4 results, Punjab National Bank drops 10% and reaches a 52-week low
Stock Market

On dismal Q4 results, Punjab National Bank drops 10% and reaches a 52-week low

Punjab National Bank (PNB) shares hit a 52-week low of Rs 29.90 on the BSE on Thursday at 09:32 a.m., frozen at the 10% lower circuit, as the state-owned lender's standalone net profit fell 66 percent year on year (YoY) to Rs 201 crore in the January-March quarter (Q4FY22) after the bank set aside Rs 325 crore for a fraud. In the same quarter the previous year, the bank made a profit of Rs 586 crore (Q4FY21). The stock hit a new low for the first time since November 2020. At 09:32 a.m., 43.57 million shares had changed hands on the NSE and BSE, with 1.4 million shares pending sell orders. The Reserve Bank of India (RBI) had granted PNB discretion to delay the provision of Rs 1,302.41 crore for irregularities reported during the quarter. "During the quarter, a sum of Rs 325.61 cro...
To protect the rupee, the RBI may be cautious about spending FX reserves
Economy

To protect the rupee, the RBI may be cautious about spending FX reserves

When the Federal Reserve tightens, the Reserve Bank of India tries to defend its currency once more. Analysts expect it to launch a more limited defense this time, geared at fighting off the worst of speculative attacks rather than drawing a line in the sand when global capital flows are shifting and the Fed is expected to increase throughout the year. To save ammunition amid a broad dollar surge spurred by expectations of aggressive monetary tightening by the Federal Reserve, the RBI may choose a limited intervention policy. According to analysts, the RBI's stated goal is to reduce excessive currency volatility, and reserves have declined in recent weeks, indicating market involvement. On Monday, the rupee fell to a new low of 77.53 per dollar as the dollar rose further and a...