India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
The rupee plunged 90 paise to close at an all-time low of 80.86 (provisional) against the US dollar on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments. Forex traders said the US Fed's rate hike and escalation of geopolitical risk in Ukraine sapped risk appetite. Moreover, the strength of the American currency in the overseas market, a muted trend in domestic equities, risk-off mood and firm crude oil prices weighed on the rupee.
Exports dipped 1.6 per cent to 8.95 trillion yuan.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
The Polar Bear Hotel, part of the Harbin Polarland theme park in Heilongjiang's capital and largest city, Harbin, opened its doors on Friday with the promise of round-the-clock polar bear viewing from all 21 guest rooms.
An exclusive white paper by the Jamestown Foundation claims that the powerful figures arraigned against the President include former Vice-President Zeng Qinghong and current Vice-President Wang Qishan, The Hong Kong Post reported.
China captain Zheng Zhi was handed a four-match suspension by the Chinese Football Association (CFA) on Friday following his failure to lead his Guangzhou Evergrande team mates into a post-match handshake with match officials last weekend.
The Maglev train takes 19 minutes and 30 seconds to complete the 18.5 km journey.
China on Friday hiked its defence budget to $209 billion, maintaining a single-digit growth for the sixth consecutive year with a 6.8 per cent increase in 2021.
China's post COVID-19 pandemic economic rebound showed signs of slowdown as the economy grew at 7.9 per cent in the second quarter compared to a record 18.3 per cent in Q1, while the GDP expanded 12.7 per cent year on year in the first half amid the continued global spread of the coronavirus and unbalanced domestic recovery. In the second quarter, the GDP of the second largest economy in the world grew 7.9 per cent year on year, the data released by the National Bureau of Statistics, (NBS) on Thursday showed. On a quarterly basis, the economy expanded 1.3 per cent in Q2.
Taking part in the first meeting of Foreign Ministers of the neighbouring countries on Afghanistan, Foreign Minister Wang Yi said China will provide Afghanistan with 200 million yuan ($31 million) worth of grains, winter supplies, vaccines and medicines as per its requirements, official media in Beijing reported.
Fan Bingbing, who has been ordered to pay $130 million (Rs 952 crore) for tax evasion, was reportedly kept at a "holiday resort" used by investigators in a suburb in the coastal province of Jiangsu.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
The status of the current submarine force level is alarming and we need to address the threat perceptions expeditiously. Critical decisions pertaining to national security cannot be delayed any further due to the rapidly changing maritime threat perceptions and growing strategic importance of the Indian Ocean region, asserts Commodore Venugopal Menon (retd).
Images from Day 1 of the 2023 Australian Open at Melbourne Park on Monday.
'We have relatively strong growth and a healthy corporate earnings cycle as positives, but a worrisome current account deficit and high inflation as challenges.'
The "bumper" 40 per cent increase followed a number of sweeping reforms intended to transform the "bloated People's Liberation Army, into a more modern, nimble fighting force".
China plans to build a new highway along the Line of Actual Control (LAC) with India as part of Beijing's efforts to strengthen its strategic position and project its power, a media report said on Wednesday.
Wang ranked second on the list this year, with a fortune of 145 billion yuan.
The total assets of the superrich soared to 31 trillion yuan.
US treasury secretary John Snow learned more than one month ago of the tentative plan and Chinese officials gave him details on the change and its timing before the announcement, The Financial Times and The Asian Wall Street Journal said.
The 50-share Nifty plunged by 134.75 points or 1.23 per cent to close at 10,862.60 points as 38 of its constituents declined.
Investors are anxious over the US-China trade tension, a sharp devaluation in yuan and uncertainty over Kashmir issue.
With Fujian, China's third and most advanced aircraft carrier, having started sea trials last week, the PLA needed at least 200 qualified carrier-based fighter jet pilots to operate 130 ship-borne aircraft.
How exciting is the Vivo Nex 3? Ashish Narsale/Rediff.com lets you know.
Morey's tweet of support for pro-democracy protests in Hong Kong prompted Chinese sponsors and partners to cut ties with the league and forced the National Basketball Association (NBA) to answer difficult questions about free speech.
India's politicians need to do a better job of managing the economy: Inflation control, productivity improvement, etc, asserts T N Ninan.
Known as the "the world's most profitable high-speed rail," the Beijing-Shanghai high-speed railway covers more than 1,300 km within five hours.
Riled by Sri Lanka's request to defer the planned docking of a high-tech Chinese research vessel at the strategic Hambantota Port, China on Monday took a dig at India, saying it was "senseless to pressure" Colombo by citing the issue of security concerns.
Jack Ma, founder of China's e-commerce giant Alibaba suffered a major setback on Tuesday as Shanghai and Hong Kong Stock Exchanges suspended dual listing of the shares of his world's biggest initial public offer of $39.7 billion of the group's subsidiary - the Ant Group, 48 hours before the highly-anticipated trading was due to start. The Shanghai Stock Exchange surprised market investors with an abrupt announcement late on Tuesday that it will suspend Ant Group's IPO, as regulators and the public debate the balance between financial innovation and risk control, state run Global Times reported. According to media reports, the Hong Kong exchange followed suit several minutes later.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
The company is planning to bring IT operations into India which will include application development and desktop managed services.
On his maiden visit to Beijing, Pakistan Prime Minister Shehbaz Sharif held talks with Chinese President Xi Jinping during which the two leaders agreed to strengthen the all-weather friendship and the USD 60 billion China-Pakistan Economic Corridor (CPEC).
China on Monday said Sri Lanka has allowed its satellite and missile tracking ship to berth at the Hambantota port on Tuesday, but declined to reveal details of talks with Colombo leading to the bankrupt island's government reversing its earlier stand to defer the high-tech vessel's entry.
The number of billionaires in China has touched 300 by the end of 2013 mainly due to real estate boom, according to a new annual ranking of the wealthiest individuals in the communist nation, world's second largest economy.
The Chinese research vessel returned to China a few days ago after being under constant watch of Indian Navy vessels, the sources said.
Since China activated exchange rate reform in 2005, the value of RMB yuan against US dollar has surged by more than 30 per cent, he said refuting persistent US allegations that as world's largest exporter China benefited by keeping low exchange rate for its currency.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
China is battling a property downturn, industrial overcapacity, sluggish demand and struggling exports.
