Category: AP

Perpetuuiti and SoftwareONE co-launch ‘Perpetuuiti Hybrid Disaster Recovery Service’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Intelligent Enterprise Automation Company – Perpetuuiti Technosoft PTE and a provider of end-to-end software and cloud technology solutions-SoftwareONE announced a partnership to co-launch Perpetuuiti Hybrid Disaster Recovery Service.

This new service will be available for their joint Microsoft Azure customers in India. The offering will help both Enterprise, and Small and Medium Business (SMB) customers to minimize recovery time, data loss, and associated downtime costs, the companies said in a joint statement.

Under the terms of the agreement, SoftwareONE India will exclusively distribute Perpetuuiti Hybrid DraaS to enterprises and SMBs with Azure cloud environment. The Perpetuuiti Hybrid DraaS will be jointly launched by Perpetuuiti and SoftwareONE India.

The increased variance of enterprise data storage environments has created a need for a disaster recovery solution that works across multiple computing environments, including on-premises, public cloud, and managed cloud.

The Perpetuuiti Hybrid DRaaS solution will leverage SoftwareONE’s distribution network to deliver cost savings, automation and self-service user experience to enterprises and SMBs in India. The service will help customers achieve system and application recovery SLAs and meet industry standards for security.

This first-of-its kind partnership of Perpetuuiti’s industry leading Hybrid DraaS solution with SoftwareONE’s world class enterprise services will create a unique disaster recovery solution that will shield data and software assets when any disruptive events occur,” said Abhay Bagde, VP-Sales (Cloud Services), Perpetuuiti.

As part of the partnership, Perpetuuiti will provide the Hybrid DRaaS solution, while SoftwareONE will power the exclusive distribution network to enable the service for their joint Azure customers in India. Both the organizations will together facilitate end-to-end services depending on the underlying disaster recovery facilities, infrastructure, and operations team, the companies said.

The Perpetuuiti Hybrid DRaaS solution will run on Azure cloud environment. It will support replication, recovery, and automated failover/failback of client IT infrastructure. It is equipped to support both traditional IT on-premises, managed cloud, private cloud as well as public cloud platforms.

Founded in 2011, Perpetuuiti is focused on enabling digital transformation for organizations by creating innovative software products that transform the way businesses operate.

SoftwareONE is a global provider of end-to-end software and cloud technology solutions, headquartered in Switzerland.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hyperlocal apps are carving a niche for themselves

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The world has changed in the past decade in terms of how businesses are conducted, however trust and relationships still form the basis of most the business transactions, this is especially true for retail trade in India. The local vendors provide not just a personalized experience to the customers but also value-for-money options.

A majority of the consumer base still relies on the neighborhood retailer for the trustworthy service provided by familiar store owners and of course because of the availability of local produce as well as the quality of the goods. With the push from the government to support small retailers, this trend is here to stay.

Innovation thrives in times of crisis and allows entrepreneurs to disrupt the status quo of existing services. When deliveries from E-commerce websites were delayed during the COVID pandemic, it was the local next-door vendor that came to the rescue. Every big retail network was put to test during these trying times but who really helped was the neighborhood store that was always available to supply essentials to its customers.

As the lives of people are getting busier, there is a need for on-demand services, yet last mile fulfillment that also takes care of the specific needs of its consumers is still a dream away. This is why hyper-local platforms like Qaddoo are becoming more and more popular.

Qaddoo is a mobile-based hyper-local social commerce platform based in Gurugram, Haryana and is available across hundreds of cities in India including tier2 and tier3 cities that caters to local residents and vendors by creating an opportunity for both to connect with each other. Tens of thousands of people are already on Qaddoo.

One of the prominent features of the app is that it can match up to the prompt demands of the people by providing access to the nearest available supply by streamlining the process. Whether you want to order groceries, order food from your favorite restaurant in your area or home-based Tiffin services, or buy anything from vegetables to home furnishings, all are available with one click. It is only limited to your imagination what you can find on Qaddoo.

It has been a task to get the local vendors on board. In some cases, the local shops are still run by the elders of the family who are reluctant to change and don’t understand this shift towards technology, while in other cases there are people who know that this is the way forward for them and they need to make their digital presence in order to make more sales.

One way that Qaddoo has been able to provide a solution for this is the fact that the process of registering on the app and creating your store is very convenient. There is no joining fee and an automatic catalog built up as customers place orders with the store. The user interface is so simple that even a person with limited knowledge of technology can register themselves by following simple steps.

When a person is conducting a search for products ‘Near me’, it indicates a shift in the buying pattern of consumers. The customers can easily see the stores carrying that item, with their offers, ratings, and delivery services, and can decide which store to order it from. People are increasingly looking for products or stores near them as they have the option to order from the same trustworthy stores from where they had been buying for decades.

The government of India introduced ONDC (Open Network for Digital Commerce) recently, like UPI, it envisaged a standardized set of E-commerce protocols that will provide a platform to all kinds of application/service providers to give small retailers effective tools to compete with giants like Flipkart and Amazon. ONDC will allow various companies to create buyer and seller platforms applying the same set of E-commerce rules so that Kirana stores and other upcoming businesses will be able to get a platform to register and sell their products online easily. Even though the project is in its nascent phase, if applied correctly, it has the potential to be a disrupter in the industry. We at Qaddoo have extensive experience in E-commerce and have already been working on many of these features. Now with Qaddoo’s integration with ONDC, these capabilities will not only be available to it’s native users but be effectively shared across all users that come on board this standardized platform initiative.

The priority for Qaddoo is to provide the same personalized service to the customers that they get from their local vendors. Even though it is an online company, the importance of still being able to connect organically is paramount. Qaddoo provides people the opportunity to share their views of the marketplace and provide suggestions to each other.

It also allows store owners to connect with their customers and to market their business themselves to nearby users by posting videos and images and creating offers and rewards. Qaddoo also allows users to post comments and posts to share their experiences about local businesses and gives users an ability to create communities of like-minded people for discussions and social buying.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

QiTech is in effort to take ‘Digital India’ global: Co-founder Ankur Srivastava

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

QiTech (QITA IT Services Pvt Ltd), an Indian IT company, founded in November 2020 in Hyderabad, India, has opened its doors in WV, USA.

With this, the company said it is  planning to create more employment opportunities for both India and US.

Speaking about the expansion, Ankur Srivastava, Director of QITA IT Services Pvt Ltd ( QiTech ) said, “QiTech will work more closely with clients in the American subcontinent and helps the businesses to accelerate by providing innovative solutions and quality services to pressing business challenges in such areas as ERP, IOT, machine learning, artificial intelligence, user experience, digital technologies and Marketing.”

The vision of QiTech is to empower small businesses to realize the power of digital. Through digital & automation, the business can improve the productivity and performance, thereby maximizing revenue.

Since its inception in November last year, Qi Tech has helped 100+ startups and businesses go digital, providing them with top-quality services. Driven with a mission of ‘Digital India’, QiTech continues to strengthen the digital outreach of small startups by catering to their needs, reimagining and revamping business solutions with a one-stop approach.

QiTech has a diverse portfolio which includes end-to-end application development using the latest technologies which meet and match the client’s requirements.

QITech is one of the leading companies in providing solutions in the domains of Data Visualization, Data Analytics, ERP’s, IOT and Blockchain and Digital Marketing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Omara Dates partners with Amitabh Bachchan to introduce Gourmet Saudi dates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Healthy snacks brand, Omara Dates has brought on board Amitabh Bachchan with its range of the finest gourmet Saudi dates

Through this association, Omara Dates aims to introduce health watchers and fine foods enthusiasts in India to a whole new experience of dates. While the health benefits of dates are well known, adoption and daily snacking, especially of the varieties of dates is low. This is mainly because of unavailability and a lack of awareness about these varieties.

Omara aims to make the finest dates of the world easily and widely accessible in India to enrich daily living with the delicious, healthy goodness of high quality, gourmet Saudi dates.

This brand goal translates in their campaign as ‘pyaar bhi, khayaal bhi’ which urges people to include care along with their gestures of love. Because Omara dates are both lip-smacking delicious as well as power-packed with health benefits, it is the only way to show both love and care, be it to the self or for others.

The Omara Dates offering includes a Premium Gifting range of irresistible filled-dates made with select ingredients sourced from across the world.

Stressing on the philosophy behind launching the brand, Anil Nair, Founder & Managing Director of Omara Dates, said, “We believe that the best of things in life are the ones produced by nature. Saudi Arabia, is best known for producing the finest varieties of dates in the world. With our robust pan-India distribution network through 70 plus distributors, all major retail outlets, airport stores and all foremost e-commerce platforms including our website; we would be able to make Omara Dates available to everyone who would choose a healthy alternative to their sweet cravings.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top honours for ‘The Camellias’ at the International Architectural Awards 2022

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Camellias by DLF won top honours at the International Architectural Awards 2022, in the Multi-Family Housing Category. These awards are given by The Chicago Athenaeum: Museum of Architecture and Design, together with The European Centre for Architecture Art Design and Urban Studies and Metropolitan Arts Press Ltd.

During the awards ceremony, Christian Narkiewicz-Laine, President of the Chicago Athenaeum congratulated the winning project for its steadfast dedication to the highest standards of excellence, which had not only captivated the decision committee but had also received the highest accolades by patrons and professionals alike. “The International Architecture Awards give an important global overview of the current aesthetic direction of today’s commercial, corporate, institutional, and residential work.”

The Camellias is acknowledged to be the most prestigious and coveted address in the exclusive enclave of DLF5 in Gurugram. The residences overlook 200 acres of the fresh green DLF Golf and Country Club, extending towards the horizon with 1,000 acres of the Aravalli forests. The project is a triumph of architecture, aesthetics, lifestyle and the latest technologies, where luxury and environmental sensitivity go hand in hand.

The Camellias is India’s first residential development to be awarded the LEED Platinum Certification by the US Green Building Council for its sustainability and energy conservation efforts. The Camellias exemplifies the values of well-being, eco-friendliness and community living, which are more relevant now than ever before. The vibrant heart of the community is The Camellias Club, a multi-sensory world of health, fitness, gastronomy, entertainment and more, built around seven energy zones.

Aakash Ohri, Group Executive Director and Chief Business Officer at DLF Home Developers Ltd. said, “It is always an honour and a privilege for our work to be recognised at the highest global levels. The Camellias is truly a culmination of our decades of experience and evolution. Our objective right from the planning stage was to make The Camellias to be benchmarked alongside the best residential developments in the world, which is why we brought together the six grandmasters, visionaries in their own right, to work together in creative unison. From the outset, the team resolved to incorporate the best eco-friendly, sustainable practices while designing the enclave. After all, DLF is the only Indian real estate company to be listed in the Dow Jones Sustainability Index.”

The Principal Architect was Hafeez Contractor. The clubhouse project team was led by Shawn Sullivan, Partner and Studio Leader at the Rockwell Group of New York City for the architectural and interior design; Arnold Chan of Isometrix Lighting + Design of London for the lighting design; Jay Wright, CEO of The Wright Fit from New York, for the fitness centre; Ingo Schweder, founder of GOCO Hospitality from Bangkok, for the spa design; and Gerdo Aquino, Co-CEO, SWA Group, the landscape architecture firm from Los Angeles. Each member of this illustrious group brought his finest ideas and worldview to the project.

DLF has been at the forefront of India’s real estate market for over seventy-five years, bringing a professional and detail-oriented approach to real estate development in India. It is recognised for designing well-planned ecosystems, created by engineering and architectural experts. DLF has built happy and thriving communities across India, with a focus on their holistic physical and mental well-being. The journey goes on.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EXPLAINER: More pressure on the Fed from April jobs report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The April jobs report provided mixed signals on the economic issue most on the minds of Americans: Chronically high inflation.

On the one hand, the proportion of people either working or looking for work slipped in April after a string of increases. Having fewer people in the workforce means employers need to raise pay to try to fill a record-high number of open jobs. Companies typically then pass on those higher labour costs to consumers in the form of higher prices.

On the other hand, average hourly pay increases slowed last month and have weakened over the past three months, a trend that could ease inflationary pressures.

The offsetting trends come as the Federal Reserve has accelerated its fight against inflation, which has surged to a four-decade high. This week, the Fed raised its key interest rate by a half-percentage point — it’s most aggressive move since 2000 — and signaled further large rate hikes to come. Higher rates can slow borrowing and spending but also risk causing a recession.

How inflation and the economy evolve in the coming months will be the key to whether the Fed can succeed in slowing price increases without torpedoing growth.

Friday’s report from the Labor Department showed that employers added 428,000 jobs in April, the 12th straight month of 400,000 or more gains. The unemployment rate was unchanged at 3.6 percent, just a tenth above its pre-pandemic level, the lowest rate in 50 years.

Here are five takeaways from the jobs report:

SMALLER LABOR FORCE COMPLICATES FED’S JOB

The proportion of Americans who are either working or hunting for a job fell in April to 62.2 percent from 62.4 percent after three months of increases. April’s decline, though just one month, ended a trend toward rising numbers of job seekers. Fewer workers and higher pay could make inflation harder to restrain.

“If the supply (of workers) is not picking up, then those wage pressures are not going to be easing,” said Peter Hooper, Deutsche Bank’s global head of economic research. “And that means the Fed is going to have to do more” — that is, keep raising its key short-term rate, which would mean more expensive borrowing across the economy.

WAGES GROWING MORE SLOWLY

Average hourly pay rose 10 cents to $31.85 in April, a decent gain and a solid 5.5 percent higher than a year ago. Still, that pace is well below the latest year-over-year inflation rate of 8.5 percent. As a result, most Americans are losing purchasing power even as their pay rises.

That said, wage gains appear to be cooling, which could help reduce inflation. April’s average wage increase of 0.3 percent was below the March rise of 0.5 percent. And over the past three months, hourly pay has grown 0.9 percent, the slowest three-month pace in a year.

Higher wages are of course good for workers. But if they rise too fast, without an increase in worker productivity, it tends to accelerate inflation. Slower wage growth, on the other hand, can be more sustainable because it helps hold down inflation and allows the Fed to implement fewer rate hikes.

STRONG HIRING MAY BE COOLING

In Friday’s jobs report were other signs, aside from wages, that job growth might be slowing a bit after a year of robust gains. One indicator of where the labour market may be headed is the number of temporary workers being hired. Typically, employers use temporary employees to handle rising demand until they can find the permanent workers they need.

In both March and April, the number of temporary jobs was unchanged, after increases in January and February. Such a pullback may suggest that employers are seeing somewhat less need for workers.

And overall hiring, while strong, has been easing slightly. Employers have added an average of 523,000 jobs over the past three months, down from a three-month average of 549,000 in March and 602,000 in February.

ALSO READ: US Federal Reserve increases interest rates by 0.25%; first hike in three years

Finally, the government revised down its estimate of job gains for February and March by a combined 39,000. That’s a relatively small number that doesn’t really change the overall picture. But revisions can signal which direction the economy is headed, and nearly all the revisions in previous months had been positive.

A slowdown is somewhat inevitable given the pace of rapid hiring and the limited supply of workers and may simply signal a shift to smaller, but more sustainable, gains.

“We couldn’t maintain the same pace as the past year,” said Aaron Sojourner, a labour economist at the University of Minnesota. “We do have to slow down.”

BLACK AMERICANS SEE SOLID GAINS

In April, the gap between black and white workers narrowed, with more Black Americans looking for and finding work, while the number of white people in the workforce declined. Racial employment gaps have been steadily narrowing since the pandemic recession struck.

Unemployment for African Americans dropped to 5.9 percent, down from 6.2 percent in March. For white workers, it was unchanged at 3.2 percent. And the proportion of Black Americans who either have a job or are seeking one rose to 62.3 percent, above the rate for white Americans at 61.9 percent. The white rate has declined in recent years in part because of retirements.

ALSO READ: US jobless claims fall again for third straight week

Though the figures are volatile from month to month, this is only the second time that Black workers have topped white ones in labor force participation since 1972, after having first done so in June.

MEN FARE WORSE THAN WOMEN

Women initially took bigger hits in the workforce than men after the pandemic slammed the economy, in part because industries with many female workers — retail, health care, restaurants — shed many millions of jobs. Some women also quit or stopped looking for work as schools closed and implemented online learning.

Since then, things have evened out a bit. In April, the unemployment rate for men rose from 3.6 percent to 3.8 percent. For women, it dipped from 3.6 percent to 3.5 percent.

Men are still more likely to be in the workforce. But their participation rate has risen less in the past year than women’s has. Men’s participation rate rose four-tenths of a point to 68 percent. Women’s has risen six-tenths to 56.7 percent.

ALSO READ: Stocks tumble as war overshadows ‘fantastic’ US jobs data

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance, TA’ZIZ sign shareholder agreement for Ruwais chemicals project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s largest diversified conglomerate Reliance Industries said on Tuesday it was partnering with Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi-based investment and holding company ADQ in the TA’ZIZ Industrial Chemical Zone at Ruwais.

The shareholder agreement for the $2 billion-plus (AED 7.34 billion) joint venture was signed as the project progresses towards detailed design phase ahead of the expected final investment decision later this year.

The Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA’ZIZ) and Reliance joint venture will construct and operate a Chlor-Alkali, Ethylene Dichloride, and Polyvinyl Chloride production facility.

In a joint press statement, the companies said: “These chemicals will be produced in the UAE for the first time, unlocking new revenue streams and opportunities for local manufacturers to ‘Make it in the Emirates’.”

Also read: Tuesday’s top brokerage calls: Reliance Industries, Larsen & Toubro and more

It is anticipated that the TA’ZIZ complex will benefit from the free trade agreement between India and the United Arab Emirates, which was signed in February of this year.

The agreement was signed by senior executives during Reliance Chairman and Managing Director Mukesh Ambani’s visit to the ADNOC headquarters.

“I am happy to see the quick progress made by the TA’ZIZ joint venture between Reliance Industries and TA’ZIZ in a short time. This joint venture is a testimony to the strong and growing ties between India and the UAE and will be a benchmark for more such projects built on strengths of the two nations. I am looking forward to implementation of the project at an accelerated pace, taking a step further in enhancing lives of our people in the region,” Ambani said.

Ambani met Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and discussed opportunities for partnership and growth in upstream, new energies, and decarbonisation across the hydrocarbon value chain.

Also read: IndusInd Bank, Tata Motors, Future Retail and more: Key stocks that moved the most on April 26

Al Jaber, said: “Reliance is a valued strategic partner. We are building on this partnership and the progress at TA’ZIZ to unlock more opportunities to drive the UAE’s industrial and manufacturing growth, while advancing cooperation on decarbonisation, new energies and upstream production.”

During his visit, Ambani was briefed on the 28th session of the Conference of the Parties (COP28), being held in the UAE in 2023.

Ambani also met with Mohamed Jameel Al Ramahi, CEO of Masdar, to explore potential opportunities for collaboration in renewable energy and green hydrogen, both of which are key priorities for the UAE and India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

EU leaders reach compromise on energy after long debate

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

European Union leaders struggled for hours on Friday to find a compromise on a deal aimed at curbing energy prices that have gone through the roof and hurt households and businesses across the 27-nation bloc.

There was a clear rift between the bloc’s southern and northern nations during the day-long talks in Brussels, with Mediterranean countries led by Spain pushing for intervention on the market with measures like price caps while Germany and the Netherlands resisted drastic options.

Leaders, however, did agree on a proposal from the European Commission to move toward the joint purchase of natural gas and ensuring that the bloc’s storage facilities are nearly full to try to avoid another energy crisis tied to the EU’s dependency on Russian energy.

The war in Ukraine has made EU nations realise they have been way too reliant on Russia for natural gas and oil to warm their homes and run their industries.

Earlier in the day, the United States and the EU announced a new partnership to reduce the continent’s reliance on Russian energy. Under the plan, the US and other nations will increase liquified natural gas exports to Europe by 15 billion cubic meters this year. Even larger shipments would be delivered in the future.

Read Also | As oil prices soar, energy execs want security, alternatives to Russia

Facing protests at home from farmers, truckers and the fishing industry, Spanish Prime Minister Pedro Sanchez had put forward plans to the EU to decouple electricity from gas prices. Yet the radical options failed to gather an immediate consensus. The EU will revisit the matter in May but Spain and Portugal could receive special dispensation to weather price hikes in the meantime.

“The Iberian peninsula has a very special situation. There, their energy mix is with a high load of renewables, this is very good,” EU Commission President Ursula von der Leyen said after the summit. “Therefore, we agreed on a special treatment… so that the Iberian peninsula can deal with this very specific situation they are in and manage the electricity prices in the way we have been discussing.”

French President Emmanuel Macron said divergent views within the Council paved the way for the very long debate, because the different states’ interests and energy models are not the same.

With energy prices high and supplies low, the EU is looking at its last crisis — the COVID-19 pandemic — as a blueprint. The member states joined up to buy vaccines in huge quantities for an equitable distribution.

“The root cause of high electricity prices is, in big part, high and volatile gas prices,” von der Leyen said. “So we will join forces, pool our demand and use our collective bargaining power when purchasing gas. In addition, we must complete pipeline infrastructure and ramp up our storage. This will be our insurance policy against supply disruption. It’s also time to look at the design of our energy market.”

Europe was already facing a tricky test before Russia’s invasion because of an outlook for slowing economic growth accompanied by surging inflation, which is being driven by high energy prices. The European commission has predicted that the bloc’s economic growth would slow from 5.3 percent last year to 4 percent this year and 2.8 percent in 2023.

EU leaders agreed in principle at a March 11 summit to phase out dependency on Russian gas, oil and coal imports by 2027. The EU currently imports 90 percent of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 percent of EU gas and a quarter of its oil.

Read Also | These behavioural changes could cut Europe’s dependence on Russian oil imports

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China reports first COVID-19 deaths in more than a year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

China’s national health authorities reported two COVID-19 deaths on Saturday, the first recorded rise in the death toll since January 2021, as the country battles an Omicron-driven surge.

The deaths, both in northeastern Jilin province, bring the country’s coronavirus death toll to 4,638.

China reported 2,157 new COVID-19 cases from community transmission on Saturday, with the majority in Jilin. The province has instituted a travel ban, with people needing permission from police to travel across borders.

China has continued to impose a successful, if burdensome zero-COVID strategy since the initial outbreak in Wuhan. The strategy focuses on mass testing and strict lockdowns with residents banned from leaving their homes until all new cases are either found in quarantine or through contact tracing.

In practice, it meant the country has seen relatively few infections from the virus because clusters are tamped down as quickly as they’re discovered. The strategy has received popular support and prevented the large numbers of deaths seen in other countries, many of which have started to forgo any kind of social distancing measures.

With China now facing its worst outbreak since late 2019, officials have vowed to double down on the zero-tolerance strategy to contain the current surge. However, China’s leader Xi Jinping acknowledged for the first time the burden of the measures on Thursday, saying that China should seek maximum effect with minimum cost in controlling the virus.

China had recorded 4,636 deaths since the pandemic began in the central city of Wuhan in late 2019. It revised its death toll once in April 2020, adding in new deaths that were not initially counted as the pandemic overwhelmed the city’s hospitals and other systems.

Mainland China’s COVID-19 data is counted separately from that in Hong Kong, which is a special administrative region in China and is facing a much larger outbreak with a higher death toll.

Read Also | India need not worry on China COVID surge, says Institute of Genomics and Integrative Biology Director

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India buys Russian oil despite pressure for sanctions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

State-run Indian Oil Corporation Ltd (IOC) bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday.

The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls not to from the US and other countries.

The official spoke on condition of anonymity as he was not authorised to talk to reporters.

Read Also | RBI directs banks to conduct due diligence on small Russian banks spared from sanctions

The United States, Britain and other western countries are urging India to avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20 percent below global benchmark prices.

Fuel prices have surged in recent weeks, posing a huge burden for countries like India, which imports 85 percent of the oil it consumes. Its demand is projected to jump 8.2 percent this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic.

White House press secretary Jennifer Psaki said earlier this week that Indian purchases of Russian oil wouldn’t violate US sanctions, but urged India to think about where you want to stand when history books are written.

Asked by reporters about India buying oil from Russia, the spokesman for the External Affairs Ministry, Arindam Bagchi, said many European countries import Russian oil and gas.

“India imports most of its oil requirements. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India,” Bagchi said.

Iraq is India’s top supplier with a 27 percent share. Saudi Arabia is second at around 17 percent, followed by the United Arab Emirates with 13 percent and the US at 9 percent, the Press Trust of India news agency reported.

Read Also | Explained: Why India and Russia are exploring alternative payment channels to continue trade

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow