India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, according to a federal power ministry notice reviewed by Reuters, just over two years after committing to eventually phase down use of the fuel. The energy-hungry nation said last May it plans to reduce power generation from least 81 coal-fired plants over the next four years, but the proposal did not involve shutting down any of its 179 coal power plants. India has not set a formal timeline for phasing down coal use.
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Top central bankers, who credit the use of a 2% inflation target with anchoring decades of stable prices, are facing the first full-on test of how well that approach to monetary policy works once prices have erupted, and how strictly they'll enforce it if damage to their economies intensifies. By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled. It's a concept that seemed supported by the facts as the use of inflation targeting spread across the developed world from New Zealand in 1990 through Europe and to the United States and Japan in 2012 and 2013.
NEW DELHI (Reuters) -India plans to use an emergency law next month to force power plants that run on imported coal to maximise output, two government sources told Reuters on Monday, in preparation for expected record consumption this summer. Many Indian coal-fired plants, including those those owned by Adani Power and Tata Power in India's western Gujarat state, have not operated at full capacity in the recent years because they have found it difficult to compete with power generated from cheap domestic coal.
Wheat prices in India, the world's biggest consumer of the grain after China, have dropped nearly 13% from record highs since the government offer last week of 3 million tonnes to bulk consumers such as flour millers. Prime Minister Narendra Modi's government on Wednesday allowed flour millers to buy up to 3 million tonnes of wheat from state reserves. On Monday, wheat prices in New Delhi dropped to 28,290 rupees ($347.11) a tonne, down 13% from their record high hit last week because stocks are low.
Indian multiplex operator INOX Leisure Ltd on Monday posted profit before exceptional items and tax for the third quarter, as movie buffs returned following a string of hits and splurged on pricier tickets and in-theater purchases. The company, which is in the process of merging with market leader PVR Ltd, reported profit before exceptional items and tax of 286.2 million Indian rupees ($3.51 million) for the third quarter ended Dec. 31, compared to a net loss of 16 million rupees a year ago. PVR also swung to a profit last quarter, underscoring a change in fortunes for India's theater operators after a slate of flop Hindi language movies earlier in the year.
Even Google needs to sharpen its focus, reengineer its cost base and direct its talent and capital to the highest priorities The post Google Laid Off 12,000 Workers: Why Is One Of The Most Profitable Companies In The World Retrenching Its Staff? appeared first on DollarsAndSense Business.
Malaysia's Maybank does not face any financial impact from its subscription to Indian conglomerate Adani Enterprises' share offering, the bank said on Monday. Marquee investors Maybank Securities and Abu Dhabi Investment Authority picked up a stake in Adani Enterprises' $2.45 billion secondary share offering on Wednesday, which coincided with a short-seller report that slammed the shares of Adani group companies. The demand from anchor investors comes despite Hindenburg Research disclosing a short position in Adani Group, accusing it of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth.
It looks like a quiet start to the week in Asia on Monday, but don't be fooled - it may be the calm before the storm. A raft of regional economic indicators including Japanese unemployment and PMIs from China, Australia and India, as well as U.S. non-farm payrolls and U.S., euro zone and UK interest rates decisions will surely provide fireworks later in the week. The MSCI Asia ex-Japan index is at a nine-month high and up more than 30% from the October low.
The Indian rupee ended flat on Monday, as the choppiness in equity markets soured the mood at the beginning of a week packed with the domestic Union budget and global central bank meetings. The mood was sombre amid volatility in Indian stock markets, following a two-day selloff fuelled by a U.S. short-seller's report on the Adani Group flagging concerns about the conglomerate's debt levels and its use of tax havens. In the short-term, typically, incidents like these make investors question a range of similar companies, said Rob Carnell, head of ING's Asia-Pacific research.
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GAIL (India) Ltd is scouting for long-term gas import deals and hopes to sign one contract shortly to make up for disrupted supplies from a former unit of Russian energy giant Gazprom, its head of finance said on Monday. India's largest gas distributor reported a 93% decline in its December quarter net profit as it transmitted less gas locally due to a reduction in liquefied natural gas (LNG) supply from a deal with Gazprom Marketing and Singapore (GMTS). GAIL is in talks with Abu Dhabi National Oil Co (ADNOC) and many other parties to source gas.
DÜSSELDORF, GERMANY - Media OutReach - 30 January 2023 - Dear Reality launches EXOVERB, a totally new reverb plugin that adds an as yet unheard three-dimensional depth and width perception to stereo productions. Blending the mix with the most natural reverb, the plugin offers 50 true-to-life acoustic scenes, relying on EXOVERB's proprietary reverb engine with synthesized spatial multi-IRs. Incorporating the fundamentals of spatial hearing, EXOVERB enables enhanced control of the spatial distance
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Other Asian currencies advanced, led by the onshore Chinese yuan. The onshore yuan, resuming trading after a week, climbed 0.7% to near 6.75 to the dollar. Foreign banks were on the bid on USD/INR at open, and importers were likely active, the trader added.
On January 28, the first day of work in the Lunar New Year, the Guangdong Provincial Committee of the CPC and the People's Government of Guangdong Province held a provincial High-quality Development Conference to mobilize and deploy the key work throughout the year, so as to promote the whole province to form an enterprising trend of catching up with each other on the road of high-quality development. On the day of the Conference, at the invitation of the Embassy of China in Singapore, Commerce
India's Punjab National Bank has a total exposure of 70 billion rupees ($859.30 million) to Adani Group, but there is currently no worry pertaining to those accounts, the state-run lender's managing director and chief executive said on Monday. Last week, U.S. short-seller Hindenburg Research flagged concerns about Adani Group's debt levels and the use of tax havens. Adani Group has said that it complies with all local laws and has made the necessary regulatory disclosures.
The Adani Group dismissed the report as “maliciously mischievous” and said it’s exploring legal action.
LAUNCESTON, Australia (Reuters) -Asia's seaborne thermal coal markets are losing heat, with both prices and volumes declining as winter demand passes and Europe's energy crisis eases. Australian coal at Newcastle Port with an energy value of 5,500 kilocalories per kg (kcal/kg), as assessed by commodity price reporting agency Argus, slipped to $129.87 a tonne in the week to Jan. 27, the lowest since the week to Jan. 21, 2022. While the Chinese ban has been lifted, it's unlikely that buyers will flock back to Australian thermal coal, given the availability of cheaper, and similar quality, coal from Russia.