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External Affairs Minister S. Jaishankar met with UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi to review the comprehensive strategic partnership between India and the UAE. The meeting highlighted the robust bilateral ties, with the UAE being India's third-largest trading partner and second-largest export destination, as well as a top investor in India. The two nations aim to enhance their economic collaboration through the Comprehensive Economic Partnership Agreement (CEPA) established in 2022, targeting $100 billion in non-oil trade by 2030. Jaishankar's visit, his tenth to the UAE since 2019, also included discussions on regional and global issues of mutual interest. Additionally, he inaugurated the Dubai campus of Symbiosis International University, emphasizing the growing educational partnership between the two countries. The meeting underscores the ongoing commitment to strengthening ties across various sectors. 
Published: Nov 15 2024, 10 ameznews.inThe Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha in August, is set for approval in the upcoming winter session of Parliament. Oil Minister Hardeep Singh Puri announced at the Geo India 2024 conference that the bill aims to enhance policy stability for investors and promote ease of doing business in the oil and gas sector. Key provisions include decriminalising certain aspects of the 1948 law, introducing a 'petroleum lease', and expanding the definition of mineral oils. With India currently importing over 85% of its crude oil and half of its natural gas, the government is focusing on boosting domestic production, including previously restricted areas. Puri highlighted recent reforms that have streamlined processes and established a joint working group to address industry concerns. He emphasized the need to revitalize exploration and production, projecting a rise in crude consumption to 7 million barrels per day by 2030.
Published: Nov 15 2024, 4 pmeznews.inCitigroup analysts have expressed concerns that Donald Trump's trade policies could hinder global growth, particularly impacting emerging market assets due to a strengthening U.S. dollar. In a recent note, the brokerage predicted that emerging market stocks will lag behind global counterparts despite China's policy initiatives. While upgrading Saudi Arabia's rating to "overweight" due to its lower exposure to trade risks, Citigroup downgraded India to "neutral," citing stagnant earnings growth and foreign investor withdrawals. The firm forecasts India's Nifty 50 index to reach 25,000 by September 2025, a 6% increase. Conversely, South Africa's rating was raised to "overweight" due to promising profit growth, while South Korea was downgraded to "underweight" amid concerns over corporate profits and trade uncertainties. Citigroup maintains a "neutral" outlook on developing market stocks, projecting the MSCI EM equities index to rise by 10% to 1,210 points by mid-2025.
Published: Nov 15 2024, 3 pmeznews.inIndia's oilmeals exports have seen a 7% decline in the first seven months of the 2024-25 fiscal year, primarily due to reduced shipments of rapeseed and castor seed meals. The Solvent Extractors’ Association of India (SEA) reported exports of 23.88 lakh tonnes from April to October 2024-25, down from 25.66 lakh tonnes in the same period last year. Executive Director BV Mehta noted a significant 25% drop in rapeseed meal exports, attributed to higher international prices, with only 11.76 lakh tonnes shipped compared to 15.13 lakh tonnes previously. Conversely, soyabean meal exports rose to 10.24 lakh tonnes, driven by increased demand from the UAE, Iran, and France amid a global oversupply. Major importers included South Korea, Vietnam, Thailand, and Bangladesh, with South Korea importing 4.33 lakh tonnes, including 3.07 lakh tonnes of rapeseed meal.
Published: Nov 15 2024, 2 pmeznews.inIndiGo, India's leading airline, is set to enhance its international services by launching direct flights to the Seychelles, following the acquisition of necessary regulatory approvals. The airline also plans to introduce new routes to Kyrgyzstan, Cambodia, and Laos, while increasing flight frequencies on existing international routes. Utilizing its medium-range A321neo aircraft and a codeshare strategy, IndiGo aims to expand its global footprint, despite potential delays linked to the return of two Boeing 777s leased from Turkish Airways. IndiGo's Chief Executive, Pieter Elbers, highlighted strong demand for international travel, with plans to operate over 40 international destinations by the end of FY25, up from the current 30. The airline recently announced new flights from Pune to Dubai starting November 22, and daily services from Bengaluru to Langkawi, Malaysia, commencing December 16.
Published: Nov 15 2024, 1 pmeznews.inIndia's reliance on fuel ethanol imports from the US has surged in 2024, following a decline in domestic sugarcane and rice production. The US Energy Information Administration (EIA) reported record volumes of ethanol exports to India, which is now among the top three destinations for US fuel ethanol. This rebound follows a drop in 2022 and 2023 due to high supply chain costs and US prices. Although India's ethanol-blend petrol (EBP) programme prohibits using imported ethanol for blending, it is utilized for industrial purposes, allowing domestic production to meet transportation targets. Ethanol demand in India has tripled since 2017, with blending rates rising from 2% to 8% by 2021. For the current ethanol supply year, India aims for a 15% blending target, requiring approximately 990 crore litres of ethanol, with oil marketing companies having ordered 837 crore litres to date.
Published: Nov 15 2024, 12 pmeznews.inThe suspension of derivatives trading in seven key agricultural commodities over the past three years has resulted in significant price increases and greater price variance across mandis, according to studies from the Birla Institute of Management Technology and IIT Bombay. Initially imposed by the Securities and Exchange Board of India (SEBI) in 2021 to combat inflation, the ban has been extended multiple times, leading to a lack of a reliable reference price in the physical market. Research indicates that retail consumers have faced higher prices for commodities like mustard seed and soybean since the suspension. Experts argue that the belief that futures trading causes inflation is misguided, as retail prices are more influenced by supply and demand dynamics. They advocate for the government to reinstate derivatives trading to enhance price risk management for farmers and stabilize market conditions.
Published: Nov 15 2024, 11 ameznews.inThe board of Vadhvan Port Project Ltd (VPPL) has approved modifications to the Hybrid Annuity Model (HAM) to attract more bidders for the Vadhvan port project in Maharashtra, which involves reclaiming 1,227 hectares of land. The reclamation will occur in two phases: 850 hectares over three years and an additional 350 hectares thereafter, with a total construction period of five years and a concession period of 15 years. The revised payment structure aims to facilitate better price discovery and reduce financial risks for bidders, with 60% of reclamation costs paid within the initial phases. The project, estimated to cost ₹22,000 crore, has garnered interest from major firms like Adani Ports and DP World. Funding commitments have been made by Power Finance Corporation and REC Ltd, with potential backing from JICA and the World Bank, while JNPA plans to invest ₹7,000 crore and the Maharashtra government ₹3,000 crore.
Published: Nov 14 2024, 9 pmeznews.inAs the Asia-Pacific (APAC) region grapples with a downturn in deal activity, India stands out with an impressive 11.9% year-on-year increase in deal volume from January to October 2024, according to GlobalData. This growth contrasts sharply with a 4.8% decline in mergers, acquisitions, private equity, and venture financing across the broader APAC region, which has been adversely affected by significant drops in countries like China, Singapore, and Malaysia. While global deal activity fell by 10.2%, India, alongside Japan, Australia, South Korea, and Thailand, has shown resilience, contributing to a more balanced regional outlook. Experts suggest that India's robust economic performance and favorable government policies have attracted investor interest, providing a glimmer of hope for the region's economic prospects amidst a challenging global landscape.
Published: Nov 15 2024, 10 ameznews.inOnion exports from Gujarat have resumed, with Malaysia purchasing the bulbs as a substitute for expensive Bangalore rose onions, which are currently priced at $1,300 per tonne. M Madan Prakash, President of the Agricultural Commodities Exporters Association, noted that the export volume is expected to increase as kharif onions arrive in greater quantities in the coming weeks. Domestic onion prices are at a five-year high, with the modal price in Maharashtra's Lasalgaon reaching ₹5,651 for April-harvested onions and ₹4,600 for kharif onions. The surge in prices is attributed to a 6 million tonne drop in production for the 2023-24 season, influenced by adverse weather conditions, including the El Niño phenomenon. While the Centre initially banned exports due to low production, it lifted the ban in May, imposing a minimum export price and later reducing export duties, facilitating the current trade.
Published: Nov 15 2024, 9 am
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