Wednesday, December 7

Tag: News

As crude oil prices fall, the rupee climbs 12 paise to 77.93 against the dollar
Forex

As crude oil prices fall, the rupee climbs 12 paise to 77.93 against the dollar

In early trade on Monday, the rupee rose by 12 paise to 77.93 versus the US dollar, owing to lower crude oil prices. However, currency dealers claimed that unrelenting foreign money outflows, a lackluster trend in local stocks, and a strong US dollar overseas limited the gain. The rupee began strongly at 77.98 versus the US dollar on the interbank foreign exchange, then inched higher to 77.93, a gain of 12 paise over the previous day. The rupee gained 5 paise versus the US dollar in the previous session, settling at 78.05 cents. The dollar index, which measures the strength of the greenback against a basket of six currencies, dropped 0.30 percent to 104.38. Brent crude futures fell 0.26 percent to USD 112.83 a barrel, the global benchmark. According to Sriram Iyer, Senior Rese...
Adani’s planned wind project has sparked a protest in Sri Lanka’s capital
Companies

Adani’s planned wind project has sparked a protest in Sri Lanka’s capital

On Thursday, a protest was staged in the Sri Lankan capital against the proposed windmill project in the northeastern district of Mannar, which is being developed by India's Adani business. The Gotagogama (President Gotabaya, go home) demonstrators congregated in the bustling Bambalapitiya district south of Colombo. They carried signs protesting the lack of transparency in the project's awarding to the Adani Group, as well as yelling chants against the Indian firm. Following last week's parliamentary oversight committee meetings, the 500 MW wind turbine proposal made quite a stir. His resignation was driven by statements made during the committee hearing and subsequent action by MMC Ferdinando, the state power entity's chair, to withdraw them. President Gotabaya Rajapaksa w...
Gold prices are down Rs 270 per kg, while silver is up Rs 60,000 per kg
Commodity

Gold prices are down Rs 270 per kg, while silver is up Rs 60,000 per kg

On Thursday morning, gold prices in India fell by Rs 270 per gramme. After a Rs 250 drop, 10 gramme of 24-carat gold is trading at Rs 51,440, while 10 gramme of 22-carat gold is trading at Rs 47,150. The drop in gold prices comes after the US Federal Reserve raised interest rates for the first time since 1994 and warned of economic concerns. Silver, on the other hand, has seen a price increase. After a 200-rupee hike, 1 kilogramme of silver now costs Rs 60,000. The price of a gramme of 24-carat gold is Rs 51,440 in Delhi, Mumbai, Kolkata, Bangalore, and Hyderabad. Meanwhile, a gramme of 22-carat gold costs Rs 47, 170 in Delhi, Bangalore, Bhubneshwar, and Mangalore. In Chennai, a gramme of 24-carat gold costs Rs 51,500 while a gramme of 22-carat gold costs Rs 47,200. In Delhi, ...
Oil prices are falling as a result of Beijing’s Covid warning and global inflation fears
Oil

Oil prices are falling as a result of Beijing’s Covid warning and global inflation fears

On Monday, oil prices fell more than $2 as a flare-up in COVID-19 cases in Beijing dampened prospects for a quick increase in China's fuel demand, while concerns about global inflation and economic development weighed on the market. Brent oil futures were down $2.06, or 1.7 percent, to $119.95 a barrel at 0033 GMT, while West Texas Intermediate crude was down $2.13, or 1.8 percent, to $118.54 a barrel. Prices plummeted after Chinese officials warned of a "ferocious" COVID outbreak in Beijing on Sunday and announced plans to undertake widespread testing in the capital until Wednesday. Concerns about more interest rate rises after Friday's significant increase in US inflation figures are also impacting global financial markets. Last week, both global oil benchmarks rose more ...
In Prague, Jaishankar meets Indians and discusses the state of bilateral relations
Current Affairs

In Prague, Jaishankar meets Indians and discusses the state of bilateral relations

External Affairs Minister S Jaishankar met with members of the Indian community here on Sunday and briefed them on recent events in India as well as the health of the bilateral relationship. Jaishankar is in town on the final phase of a two-nation journey to Slovakia and the Czech Republic, where he hopes to bolster ties between the two Central European nations. Jaishankar sent out a tweet,  "Delighted to meet the Indian community in Prague. Good to see many of them doing so well. The expansion of the community has also been encouraging. Shared with their developments at home and the state of our bilateral relationship. Count on their continuing support," The minister of foreign affairs arrived in Prague on Saturday from Bratislava, Slovakia's capital. Jaishanakar met with the Cz...
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...
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...
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...