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Indian billionaire Gautam Adani is set to enhance his global business presence by transferring ownership of the Abbot Point Port Holdings Pte to Adani Ports & Special Economic Zone Ltd for approximately $2.5 billion. The acquisition, approved by the company's board, involves issuing 143.8 million shares and aims to bolster Adani Ports' annual capacity target of 1 billion tons by 2030. CEO Ashwani Gupta described the deal as a crucial element of their international strategy, which will facilitate access to new export markets and long-term contracts, with an operating profit target of A$400 million ($255 million) in four years. This marks Adani's fourth international port asset, following acquisitions in Israel, Sri Lanka, and Tanzania. The Abbot Point terminal, located in Queensland, has a capacity of 50 million tons per year and plays a significant role in coal exports, further solidifying Adani's influence in maritime trade. 
Published: Apr 18 2025, 12 pmeznews.inIn response to escalating tensions between India and Pakistan, Finance Minister Nirmala Sitharaman has urged banks to remain vigilant and prepared for any potential crises. During a high-level meeting with bank and insurance executives, she emphasized the importance of ensuring the safety of employees, particularly in border areas, and maintaining uninterrupted banking services nationwide. Sitharaman directed banks to prioritize cash availability at ATMs and the seamless operation of digital banking services, while also mandating regular audits of cybersecurity systems to prevent breaches. She instructed banks to appoint senior officials responsible for reporting cyber incidents and operational matters in real-time. The meeting revealed that banks have enhanced their cybersecurity measures, including the implementation of anti-DDoS systems and mock drills for disaster recovery. Bank officials confirmed that their Security Operations Centres are fully operational and coordinating with national cybersecurity agencies to monitor threats effectively.
Published: May 09 2025, 8 pmeznews.inThe Indian government has announced a sufficient supply of quality seeds for the upcoming Kharif season, with 171.47 lakh quintals available against a demand of 158.18 lakh quintals. This surplus is expected to support the country in achieving its foodgrain production targets, particularly amid forecasts of an "above normal monsoon." While some states report lower seed availability, the Centre has committed to addressing these issues to ensure timely access for farmers. Notably, the Indian Council of Agricultural Research (ICAR) highlighted a surplus of 13.29 lakh quintals of certified seeds, although certain crops like groundnut and sesame face shortages in specific states. The government aims for a foodgrain production target of 168.88 million tonnes for Kharif 2025, reflecting a 1.5% increase from the previous year. The success of recent climate-resilient seed varieties has contributed to maintaining crop yields despite adverse weather conditions in recent years.
Published: May 09 2025, 8 pmeznews.inTravel companies have reported a significant slowdown in fresh bookings amid rising tensions along the India-Pakistan border, prompting many leisure travellers to adopt a cautious approach. Jyoti Mayal, former president of the Travel Agents Association of India, noted that the industry is increasingly limiting non-essential travel due to geopolitical instability and security concerns, highlighted by the suspension of major public events like IPL matches. Government authorities have ordered the suspension of commercial operations at 27 airports in North and West India until May 10, further discouraging travel as fears of being stranded in a conflict escalate. Airline executives have observed a softening demand, with no fare increases, while hotel cancellations are on the rise. In response, travel firms are prioritising customer support, offering rescheduling and full refunds, including convenience fees, to affected passengers, as they navigate these disruptions.
Published: May 09 2025, 7 pmeznews.inIndia has received a credit rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, as announced by the Finance Ministry on Friday. Previously rated ‘BBB-Low’, this upgrade reflects the agency's recognition of India's structural reforms, including infrastructure investments and digitalisation, alongside fiscal consolidation and sustained high growth amid macroeconomic stability. The agency highlighted that these reforms have facilitated fiscal improvements and supported a resilient banking system, with non-performing loans at a 13-year low of 2.5%. Despite global growth concerns, the IMF projects India’s GDP growth at 6.2% for the current fiscal year, while the Reserve Bank of India is slightly more optimistic at 6.5%. The agency noted that India's favorable demographics and ongoing government efforts to enhance the investment climate bolster its medium-term growth prospects, despite potential external risks such as trade tensions and geopolitical uncertainties.
Published: May 09 2025, 7 pmeznews.inThe Central Consumer Protection Authority (CCPA) has issued thirteen notices to major e-commerce platforms, including Amazon and Flipkart, for the unauthorized sale of walkie-talkies lacking essential disclosures. These devices were found to be listed without necessary frequency disclosures, licensing information, or Equipment Type Approval (ETA), violating the Consumer Protection Act, 2019. The CCPA highlighted that many listings failed to clarify whether a wireless operating license was required, breaching the Indian Telegraph Act and the Wireless Telegraphy Act. A preliminary analysis revealed a significant number of non-compliant listings, with hundreds identified across various platforms. In response, the CCPA plans to introduce guidelines to enhance compliance, including seller verification and automated monitoring of listings. The authority has reached out to the Ministry of Home Affairs and the Department of Telecommunications for input on these measures, aiming to protect consumer interests and ensure adherence to legal standards.
Published: May 09 2025, 7 pmeznews.inUnion Minister Pralhad Joshi reassured consumers on Friday that India has sufficient food stocks, urging the public not to panic amid rising tensions with Pakistan. The Ministry of Consumer Affairs, Food and Public Distribution emphasized that current rice stocks stand at 356.42 lakh tonnes, significantly above the buffer norm of 135 lakh tonnes, while wheat stocks are at 383.32 lakh tonnes, exceeding the 276 lakh tonnes requirement. Joshi warned against hoarding, stating that individuals engaging in stockpiling would face prosecution under the Essential Commodities Act. He urged traders and retailers to cooperate with law enforcement to maintain supply chain integrity. Additionally, the Ministry reported a robust sugar production outlook and ample edible oil availability, particularly mustard oil, during the peak production season. Joshi dismissed rumors about food shortages, encouraging citizens to disregard misleading information regarding the nation’s food security.
Published: May 09 2025, 7 pmeznews.inThe Supreme Court of India has dismissed an appeal by the Revenue Department regarding the classification of badam-flavoured milk, affirming a ruling by the Andhra Pradesh High Court that imposes a 5 per cent Goods and Services Tax (GST) on the product. The High Court determined that flavoured milk falls under the category of 'milk' as per Entry 0402 9990, contrasting with the Revenue Department's view that it should be classified as a beverage subject to a higher 12 per cent GST. This decision aligns with a previous ruling from the Madras High Court. Experts suggest that the GST Council may now consider revising the tax rate for flavoured milk to reflect this classification. The ruling clarifies that products like badam-flavoured milk, despite their added ingredients, should be treated as milk, potentially prompting a reassessment of the current tax structure.
Published: May 09 2025, 7 pmeznews.inThe European Centre for Medium-Range Weather Forecasts has predicted moderate to heavy rainfall for the West Coast and parts of interior Maharashtra and Karnataka next week, with lighter rain expected across North-West and Central India. The forecast indicates that cross-equatorial winds are shifting to carry monsoon moisture, likely leading to the monsoon's advance into the South Andaman Sea by Tuesday. Wind speeds over the Bay of Bengal are expected to reach 36-54 km/hr, surpassing the typical threshold. A US forecaster anticipates widespread rain across India from this weekend into mid-June, particularly in Kerala, Tamil Nadu, and Rayalaseema. Meanwhile, pre-monsoon systems are reducing the national rainfall deficit to just -7%, with Central India and the South Peninsula reporting surpluses. No heat wave warnings are currently in effect, as weather disturbances are expected to bring beneficial rain and thunderstorms to deficit-affected regions.
Published: May 09 2025, 6 pmeznews.inJim Sutter, CEO of the US Soybean Export Council (USSEC), expressed cautious optimism regarding India's potential market access for US soybeans, advocating for minimal import duties. He highlighted that India could benefit from importing soybeans to produce oil and oilmeal, reducing its reliance on imported cooking oils. Sutter noted that the US administration supports "free, fair and open trading," and USSEC has been engaging with India since 1996, particularly targeting the poultry, dairy, and aquaculture sectors. With China’s soybean imports declining due to trade tensions, the US is keen to expand exports to South Asia. Sutter emphasized that India’s current edible oil imports could be supplemented by US soybeans, which would enhance local crushing capacity. The US soybean industry remains unconcerned about genetically modified (GM) crops, viewing sustainability as a priority, while ongoing discussions between US and Indian officials may shape future trade dynamics.
Published: May 09 2025, 6 pmeznews.inUS Vice President J D Vance has stated that the ongoing military tensions between India and Pakistan are not a concern for Washington, emphasizing that the conflict is "none of our business." While the US is advocating for immediate de-escalation, experts suggest that the Biden administration is wary of becoming entangled in another conflict, particularly after the limited success of previous interventions. Vance reiterated the US's desire for a swift resolution but acknowledged that it cannot control the situation. Secretary of State Marco Rubio has engaged with Indian External Affairs Minister S Jaishankar, stressing the importance of direct dialogue between the two nations. The tensions escalated following India's missile strikes targeting terrorist infrastructure in response to recent attacks that killed civilians. As the US navigates its relationships with both India and Pakistan, its strategic interests in the region remain complex, particularly in light of China's growing influence.
Published: May 09 2025, 6 pm
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