Trade Promotion Council of India urges resumption of exports of masks, gkoves, and PPE
Manufacturers of masks, rubber gloves and personal protective equipment (PPE) coveralls are of the opinion
Trade & Economy
Crude oil at biggest discount in over a decade
Gulf producers such as Iraq and Saudi Arabia — which together supplied around 40% of India’s oil imports last year — have been offering cargoes at very attractive prices recently
Saudi pips Iraq as top oil supplier to India in April: trade
Saudi Arabia replaced Iraq as the top oil supplier to India in April after a gap of three months as refiners in Asia’s third largest economy were drawn by deep discounts on Saudi crudes, data obtained from sources showed.
COVID-19: Foreign investors rush to exit India; withdraw USD 6.4 billion in March quarter
FPIs had started the quarter on a cautious note on account of brewing geopolitical tension between US and Iran and fast-changing trends in US-China trade situation.
Surge in India’s foreign exchange reserves
The reserves had touched a life-time high of USD 487.23 billion in the week to March 6 after rising by USD 5.69 billion. During 2019-20, the foreign exchange reserves had risen by almost USD 62 billion.
BRICS’ New Development Bank provides $1 billion loan to India to fight corona
The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath
Saudi firms eyes stakes in Reliance’s Jio
Saudi Arabia’s $320 billion sovereign wealth fund PIF is exploring a potential investment in the digital unit of top Indian business conglomerate Reliance Industries Limited (RIL), said a report citing people with knowledge of the matter.
‘What’s the point of staying?’: Gulf faces expatriate exodus
The Middle East is headed for an economic downturn this year that dwarfs 2008 and 2014/2015 as countries are hit by the double blow from coronavirus closures and record low oil prices
Nearly half of global workforce at risk as job losses increase due to COVID-19: UN
Some 1.6 billion people employed in the informal economy – or nearly half the global workforce – could see their livelihoods destroyed due to the continued decline in working hours brought on by lockdowns to curb the spread of COVID-19, the International Labour Organization (ILO) said on Wednesday.
Oil prices fall on brimming storage, bleak recovery prospects
Although the world economy may start to recover as more countries allow businesses to reopen, analysts say prospects for oil prices remains gloomy.