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The BRICS group of developing nations is poised to unveil a new guarantee fund, backed by the New Development Bank (NDB), aimed at reducing financing costs and enhancing investment opportunities. Modeled after the World Bank's Multilateral Investment Guarantee Agency, this initiative seeks to address global investment shifts amid uncertainties in US economic policy. Brazilian officials regard the fund as central to their financial agenda during the country's presidency of BRICS, with an announcement expected at the upcoming summit in Rio de Janeiro. The proposed BRICS Multilateral Guarantee mechanism has received technical approval from member states and is anticipated to mobilize significant private capital for pre-approved projects without requiring additional capital from member countries. The fund's establishment is seen as a politically significant move, reinforcing BRICS's commitment to addressing the investment challenges faced by developing nations, particularly in infrastructure and sustainable development. 
Published: Jul 04 2025, 9 ameznews.inIn a significant development for Tamil Nadu's maritime infrastructure, Mahathi Cuddalore Port and Maritime Pvt Ltd has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Maritime Board to revitalize the defunct Cuddalore port. The agreement, witnessed by Chief Minister MK Stalin, aims to enhance operations at the minor port, which has suffered from continuous silting. Originally developed at a cost of ₹160 crore, the port features a depth of approximately 2.5 meters at low tide and 3-4 meters alongside the wharf. Mahathi Infra Services Pvt. Ltd (MISPL), the Hyderabad-based company behind the initiative, has a robust track record in oil and gas infrastructure projects, with an order book valued at ₹734.70 crore as of June 30, 2024. The company has been involved in various projects across India, Liberia, and Uganda, indicating a strong international presence in the sector.
Published: Jul 04 2025, 4 pmeznews.inIndia has proposed retaliatory duties against the United States under World Trade Organization (WTO) norms in response to US tariffs on its automobile sector, which it claims violate international trade agreements. The Indian government notified the WTO's Council for Trade in Goods of its intention to suspend concessions by increasing tariffs on selected US products. This move follows the US's implementation of a 25% tariff on imports of passenger vehicles, light trucks, and certain automobile parts from India, effective May 3, 2025. India argues that these measures, which have not been formally notified to the WTO, are inconsistent with the General Agreement on Tariffs and Trade (GATT) and the agreement on Safeguards. With annual imports affected amounting to $2.9 billion, India’s proposed tariffs could yield approximately $723.75 million in duties from US goods, complicating ongoing negotiations for a trade agreement between the two nations.
Published: Jul 04 2025, 4 pmeznews.inUnion Minister of Coal and Mines, G Kishan Reddy, emphasized the transformative potential of mine closure during the Indian National Committee meeting of the World Mining Congress in Hyderabad, stating it represents a "new beginning" for communities. He introduced the 6Rs philosophy—Reclamation, Repurposing, Rehabilitation, Revegetation, Remediation, and Relinquishment—to guide responsible mine closures, noting that ten mines have been closed with scientific planning and 147 more identified for timely closure. The Ministry has revised guidelines to enhance monitoring and community engagement in mine closure plans, aligning with India's goals of self-reliance in mineral resources and environmental sustainability. Reddy highlighted reforms that have made mineral block allocation more transparent, with over 500 blocks auctioned, and reported a coal production exceeding 1 billion tonnes. He also announced initiatives like the National Critical Minerals Mission to bolster India's green growth and manufacturing ambitions, showcasing successful repurposing projects that benefit local communities.
Published: Jul 04 2025, 4 pmeznews.inAir India Express has come under scrutiny after the Directorate General of Civil Aviation (DGCA) reprimanded the airline for failing to timely replace engine parts on an Airbus A320, as mandated by the European Union Aviation Safety Agency (EASA). A confidential government memo revealed that the airline had allegedly falsified maintenance records to indicate compliance. The issue was flagged in March, months before a tragic Boeing Dreamliner crash in June that killed 241 people. Air India Express, a subsidiary of Tata Group-owned Air India, acknowledged the oversight and stated it has taken remedial actions, including personnel changes. The EASA had issued an airworthiness directive due to potential safety risks associated with CFM International LEAP-1A engines, warning that failure to address these issues could lead to catastrophic consequences. The DGCA has previously warned Air India for various safety violations, highlighting ongoing concerns about the airline's operational standards.
Published: Jul 04 2025, 3 pmeznews.inThe Shriram Mobility Bulletin for June 2025 reveals a robust recovery in India's logistics, mobility, and electric vehicle sectors, driven by pre-Kharif agricultural activities and a manufacturing push towards exports. Truck rentals increased across major routes, with the Kolkata-Guwahati corridor rising 2.4% month-on-month and 14% year-on-year. Despite a month-on-month dip in fuel consumption, petrol and diesel sales rose year-on-year by 6.4% and 1.2%, respectively. Vehicle retail sales showed mixed results; while overall numbers fell due to seasonal factors, agricultural tractors and construction equipment saw significant growth. The electric vehicle market thrived, with e-two wheelers up 5% month-on-month and a staggering 254% year-on-year. YS Chakravarti, CEO of Shriram Finance, noted a positive shift in economic momentum, highlighting the resilience of export-driven freight and the transportation sector's recovery as promising indicators for the upcoming quarter.
Published: Jul 04 2025, 3 pmeznews.inIn a significant boost for apple growers nationwide, the Indian government has increased the minimum import price (MIP) of apples from ₹50 to ₹80 per kg, effective June 3, 2025. This decision, announced by Bharatiya Janata Party (BJP) spokesperson Chetan Singh Bragta during a press conference in Shimla, reflects the Modi administration's commitment to supporting farmers and horticulturists. Bragta hailed the MIP hike as a bold move to combat illegal foreign apple imports and ensure fair prices for local producers. He noted that this policy builds on the government's previous introduction of an MIP in 2023, a first for any administration. Emphasizing India's agricultural self-reliance, he pointed out that no apples have been imported from China since 2018. Bragta also criticized the Congress-led Himachal Pradesh government for its lack of support for orchardists, while reaffirming the central government's dedication to enhancing farmer incomes and interests.
Published: Jul 04 2025, 3 pmeznews.inIn a significant development for central government employees, the Finance Ministry has announced that all tax benefits associated with the National Pension System (NPS) will now extend to the newly introduced Unified Pension Scheme (UPS). Launched earlier this year, the UPS offers a more predictable retirement income for recruits joining civil services from April 1, 2025, while also allowing existing NPS members a one-time option to switch. The Pension Fund Regulatory and Development Authority (PFRDA) has already established the necessary regulations for the scheme's implementation. With this latest decision, employees opting for UPS will enjoy the same tax relief and incentives as those under NPS, including deductions on contributions. This move aims to create parity between the two schemes, enhancing the appeal of UPS and reinforcing the government's commitment to improving retirement security for its employees.
Published: Jul 04 2025, 3 pmeznews.inThe International Container Transshipment Terminal (ICTT) at Cochin, operated by DP World, has reported a significant 35% increase in container handling in June, processing over 81,000 TEUs compared to the previous month. This growth underscores the terminal's enhanced throughput capacity and operational efficiency, as it successfully managed 54 vessels, including several mother ships. CEO Dipin Kayyath emphasized the milestone as a testament to customer trust and the terminal's pivotal role in connecting India to global markets. The terminal's power infrastructure has been upgraded from 3 MVA to 5 MVA, ensuring uninterrupted operations during peak demand and reducing the carbon footprint through full electrification of yard equipment. Cochin's strategic location enhances coastal connectivity across India, while DP World’s Free Trade Warehousing Zone continues to facilitate EXIM trade and bolster regional economic growth.
Published: Jul 04 2025, 3 pmeznews.inAVPL International, a drone manufacturing and training firm, announced a $1 million investment on Friday to enhance research and development of defence drones, building on its previous commitment of $12 million in April 2025 for drone training and manufacturing. This latest funding aims to foster the indigenous development of advanced unmanned aerial systems (UAS) for India's defence and homeland security needs, addressing critical gaps in the country's drone ecosystem. Key objectives include reducing reliance on imported components, developing intelligent drones with advanced swarm autonomy, and establishing indigenous counter-UAS capabilities. The investment will also bolster AVPL's manufacturing infrastructure in Bihar and Hisar, while focusing on upskilling ex-servicemen and Agniveers through drone training, leveraging their combat experience to cultivate a skilled national workforce in UAV technology. AVPL specializes in drone technology, precision agriculture, and geospatial intelligence, among other applications.
Published: Jul 04 2025, 2 pmeznews.inGlobal palm oil production is projected to reach 80.6 million tonnes in the 2025-26 season, marking a 2.4% year-on-year increase, according to BMI, a Fitch Solutions Company. Malaysian output is expected to rise to 19.5 million tonnes, while Indonesia's production is forecasted at 47.5 million tonnes. Despite this increase, palm oil prices are anticipated to remain stable, supported by strong demand from India and China, as well as biofuel policies in the US and Indonesia. BMI maintains its average price forecast for crude palm oil at MYR 4,150 per tonne for 2025, with prices likely fluctuating between MYR 3,800 and 4,000. Indian consumption is set to rise by 1.6%, while China's imports are expected to increase by 8.7%. Overall, the combination of robust production and reduced stockpiles in key markets is expected to temper price volatility throughout 2025.
Published: Jul 04 2025, 2 pm
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