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☆ India's Reliance, Adani among 49 bidders for debt-ridden Future Retail
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

Reliance Retail, part of Ambani's Reliance Industries Ltd (RELI.NS) as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith (SMWH.L), a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India's Jindal Power, and individual investor Harsha Vardhan Reddy. Reliance Retail, Jindal Power, J.C. Flowers, WH Smith and Gordon Brothers did not immediately respond to emails seeking comment.

☆ India's JSW One Platforms raises $25 million from Mitsui & Co in series A round
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 10 (Reuters) - India's JSW One Platforms, a unit of conglomerate JSW Group, on Monday, said it raised 2.05 billion rupees ($25.02 million) from Japan's Mitsui & Co Ltd (8031.T) in its series A funding round. The funding will strengthen its market presence and further enhance tech capabilities, JSW One Platforms said in a statement, adding that the investment values the company at over 27.50 billion rupees. The business-to-business e-commerce firm, rolled out by JSW Group in 2021, services the supply chain needs of industrial and construction companies in the micro, small, and medium enterprises (MSME) space. Mitsui, in the same statement, said it believes the investment will lead to a restructuring of the supply chain in India. JSW One Platforms added that it will use the funds to strengthen its market presence and enhance tech capabilities.

Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.

The unpaid invoices originated with dozens of little-known companies acting as middlemen for Venezuela's oil exports since U.S. sanctions in 2020 halted deals with international trading firms and customers. Venezuela's Attorney General's office in October began a probe after oil tankers absconded without full payment to PDVSA. Venezuela's oil ministry and PDVSA did not reply to a request for comment. Maroil boosted Venezuela's petcoke exports following a commercial pact with PDVSA in 2016. In Venezuela, two heavy oil upgrading facilities controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petcoke.

☆ India's Jammu and Kashmir gets first foreign investment from Dubai's Emaar
▼ + stars: | 2023-03-20 | by ( Fayaz Bukhari | ) www.reuters.com time to read: +3 min

SRINAGAR, March 20 (Reuters) - Indian Kashmir is to get its first foreign investment, with Dubai’s Emaar Group due to build a $60 million shopping and office complex, as the government looks to stabilise a region where Muslim separatists have for years battled the government. The 5 billion rupee ($60.50 million) development will include a shopping mall and multi-purpose commercial tower in Srinagar, the capital of the Muslim-majority Himalayan region, Emaar announced at an investment summit in the city. The announcement on Sunday of what the region's government said was its first foreign investment comes after the central government said last week that Jammu and Kashmir had received record investment of 15 billion rupees ($181 million) in the first 10 months of the 2022-23 (April-March) fiscal year. Emaar Properties (EMAR.DU) CEO Amit Jain told reporters that the investment would have a ripple effect. Nuclear-armed India and Pakistan both claim Kashmir in full but rule in part, and have fought two of their three wars over it.

Nonetheless, the likely ramifications of the bank collapse are positive for gold, which was already being supported by other bullish factors. Charting global gold demand by segment. CHINA, INDIA DEMANDChief among those is the expectation that physical demand will rebound in China, traditionally the world's largest consumer of the precious metal. China's gold jewellery demand slumped 14%, or 101 tonnes, to 598.3 tonnes in 2022, according to data from industry group the World Gold Council. Central bank buying is the wildcard for gold, having risen a strong 152% in 2022 to 1,135.7 tonnes.

☆ David Einhorn's hedge fund crushed the S&P 500 last year. These are the 3 stocks he's counting on for continued outperformance.
▼ + stars: | 2023-03-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

David Einhorn's hedge fund crushed the stock market last year, returning 37% compared to the S&P 500's loss of almost 20%. These are three stocks Einhorn is bullish on as he seeks to continue his outperformance in 2023. Einhorn's $1.4 billion hedge fund delivered a return of nearly 37% last year, trouncing the S&P 500's loss of just under 20%. These are the three stocks Einhorn owns and pitched as long positions in a recent CNBC interview, as he seeks to continue his trend of outperformance in 2023. AFP/Getty ImagesTicker: CEIXPercentage of portfolio: 8.2%Change in shares last quarter: +99,830 (+5%)Bullish thesis: "Everybody hates coal, so here's the story.

Analysts expect China's oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream. China and India have become major buyers of Russian crude amid Western sanctions on Russian oil and more recently, embargoes and price caps because of the Ukraine war. In India, the world's third-biggest oil importer, crude imports rose to a six-month high in January, government data showed. Russia plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand", they wrote.

☆ India's Russian oil imports surge to a record in January - trade
▼ + stars: | 2023-02-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

SummarySummary Companies Russian oil accounts for 27% of India's January oil importsIndia imports from Russia hit record in JanuaryRussia, India's top oil supplier in January, then Iraq, SaudiNEW DELHI, Feb 17 (Reuters) - India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed. India's oil imports typically rise in December and January as state-run refiners avoid maintenance shutdowns in the first quarter to meet their annual production targets fixed by the government. Last month India's imports of Russian Sokol crude oil were the highest so far at 100,900 bpd, as output from the Sakhalin 1 field resumed under a new Russian operator, the data showed. India's Iraqi oil imports in January rose to a seven-month high of 983,000 bpd, up 11% from December, the data showed. India's oil importsIndia's oil imports from various regionsReporting by Nidhi Verma; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Japanese GDP and Indian wholesale inflation provide investors in Asia with a couple of appetizers on Tuesday, before markets feast on the main course later in the day - U.S. inflation. Japan's Q4 growth figures come at a crucial juncture, just weeks before Bank of Japan Governor Haruhiko Kuroda steps down. Bracing for a major policy shift, BlackRock, the world's largest asset manager, on Monday downgraded their Japanese equity exposure to underweight. Having risen for five weeks in a row, its best run since 2020, Japan's Nikkei may be poised for a correction. Indian wholesale inflation, meanwhile, is expected to have eased in January to an annual 4.54% from 4.95% in December.

☆ India's sunoil imports rise to record as Russia-Ukraine fight for market share
▼ + stars: | 2023-01-27 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 27 (Reuters) - India's January sunflower oil imports are set to surge to a record 473,000 tonnes, nearly triple average monthly imports as top exporters Russia and Ukraine seek to reduce stockpiles, industry officials told Reuters. The import surge will help key Black Sea producing countries in reducing their stocks, but could dampen India's palm oil imports and weigh on Malaysian palm oil prices . The deal allowed exporters to move stuck stockpiles and sign new contracts as well, said Sandeep Bajoria, president of the International Sunflower Oil Association. India's monthly sunoil imports averaged around 161,000 tonnes in 2021/22 marketing year ended on Oct. 31. "Sunflower imports would reduce palm oil purchases this quarter.

☆ Egypt's Sisi heads to India amid investment push
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Jan 24 (Reuters) - Egyptian President Abdel Fattah al-Sisi begins a visit to India on Wednesday where he will meet business leaders and be a guest of honour at India's Jan. 26 Republic Day. The trip will include discussions on strengthening economic relations between the two countries and reviewing opportunities for Indian investment in Egypt, a statement from the Egyptian presidency said. Egypt is trying to drum up foreign investment as it tries to manage a dollar shortage that has led to a sharp depreciation of the Egyptian pound. Last year it sought help from energy-rich Gulf allies and the International Monetary Fund after the economic fallout from the war in Ukraine exacerbated its underlying challenges. Reporting by Aidan Lewis; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ India's JSW Steel sees exports at more than 10% of 2022/23 sales
▼ + stars: | 2023-01-21 | by ( Neha Arora | ) www.reuters.com time to read: +2 min

JSW Steel expects to sell 22.6 million tonnes of steel in the 2022/23 fiscal year, Rao said, while production is seen at 23.6 million tonnes. Rao said steel demand from Europe was weak but local production cuts were "very severe", helping the company to boost exports. Rao also said there were concerns about the potential dumping of steel from China and Russia into the country. "The global economy is not doing well ... Everybody is looking for markets where they can sell. In 2021, JSW Steel raised $500 million from sustainability-linked bonds, which are linked to the issuer meeting certain environmental, social and governance goals.

☆ No issue with crypto in India if laws are followed - minister
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 19 (Reuters) - India's junior IT minister on Thursday said there was no issue with cryptocurrencies in India if all laws are followed, in remarks that contradicted the central bank's view advising investors to stay away from crypto. India has been trying to come up with regulation for cryptocurrencies, with a central bank deputy governor even calling for them to be banned, but the government has not been able to formulate legislation yet. In Febraury, a deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, said cryptocurrencies were akin to Ponzi schemes or worse and banning them was the most sensible option for India. RBI Governor Shaktikanta Das also said in February that cryptocurrencies lacked the underlying value of even a tulip. Reporting by Shivam Patel in New Delhi; editing by Jason Neely and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Looking for a job in India? Hiring for these jobs is on the rise in 2023, according to LinkedIn
▼ + stars: | 2023-01-19 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +7 min

Its latest Jobs on the Rise data revealed spikes in hiring for growth specialists, technical workers and health-care professionals in Asia — among other jobs expected to grow in hiring well into 2023. Data annotatorMost common skills: Data analysis, accounting, data visualization Most common industries: Professional services, technology and media, manufacturing Average years of prior experience: 2.2 Remote job availability: N/A7. Actuarial associateRelated job titles: Actuarial consultant Most common skills: Actuarial science, visual basic for applications (VBA), insurance Most common industries: Professional services, financial services Average years of prior experience: 2 Remote job availability: 7.3%11. Acquisition associateMost common skills: Customer relationship management (CRM), business strategy, data analysis Most common industries: Technology and media, professional services, financial services Average years of prior experience: 2 Remote job availability: 31.3%13. Drone pilotMost common skills: Drone piloting, drone photography, drone mapping Most common industries: Manufacturing, transportation, logistics Average years of prior experience: 2.2 Remote job availability: 10.5%15.

☆ City officials seize four aircraft of India's Jet Airways, CNBC-TV18 reports
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - India's local authorities seized four aircraft belonging to Jet Airways (JET.NS) for non-payment of gratuity dues, CNBC-TV18 reported on Tuesday, citing sources. loadingThe Mumbai district administration seized three Boeing and one Airbus planes after an authorised representative from the carrier's monitoring panel defaulted on dues payment of 960,000 rupees ($11,760.38) plus 10% interest, CNBC-TV18 reported, citing a notice. Jet Airways did not immediately respond to a Reuters request for comment. India's national company law tribunal has allowed the ownership of carrier Jet Airways to be transferred to a consortium, led by UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital, two sources told Reuters last week. ($1 = 81.6300 Indian rupees)Reporting by Urvi Dugar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ India's jobless rate rises to 16-month high of 8.30% in Dec - CMIE
▼ + stars: | 2023-01-01 | by ( Manoj Kumar | ) www.reuters.com time to read: +2 min

NEW DELHI, Jan 1 (Reuters) - India's unemployment rate rose to 8.30% in December, the highest in 16 months, from 8.00% in the previous month, data from the Centre for Monitoring Indian Economy (CMIE) showed on Sunday. The urban unemployment rate rose to 10.09% in December from 8.96% in the previous month, while the rural unemployment rate slipped to 7.44% from 7.55%, the data showed. "Most importantly, the employment rate has increased in December to 37.1%, which again is the highest since January 2022," he told Reuters. The unemployment rate had declined to 7.2% in the July-September quarter compared to 7.6% in the previous quarter, according to separate quarterly data compiled by state run National Statistical Office (NSO) and released in November. In December, the unemployment rate rose to 37.4% in the northern state of Haryana, followed by 28.5% in Rajasthan and 20.8% in Delhi, CMIE data showed.

The four gay couples want a Supreme Court ruling that modifies or interprets laws in a way that allows same-gender marriages, the court filings show. The United States this month approved legislation that provides federal recognition to same-sex marriages in a bid to further safeguard gay rights. The law ministry has opposed same-sex marriages in the past and said courts should stay away from the law-making process that falls under parliament's purview. The Supreme Court has given the government until Jan. 6 to submit its responses. "A decision on same-sex marriage in the near future is inevitable.

☆ India's startup market may be behind China's, but it has 'tremendous potential,' says Facebook co-founder
▼ + stars: | 2022-09-29 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +3 min

India's startup market is worth betting on, though it's still "a few years" behind China's, Facebook co-founder Eduardo Saverin said. "I think India is a huge market with just tremendous potential," Saverin said, in response to a question on why India's startup ecosystem has not generated better returns. "And I think as the market continues to mature, and as you get into a better macroeconomic environment, it is a market to bet on, combined with Southeast Asia." According to India's Ministry of Finance report from August, the country's foreign direct investments in the first quarter of the year still lagged behind China's. "And actually, some of the biggest companies out there, I think Microsoft started during a recession."

☆ India's Goswami bowls 10,000th ODI ball on way to controversial win
▼ + stars: | 2022-09-24 | by ( Hugh Lawson | ) www.reuters.com time to read: +3 min

Goswami claimed her record-extending 254th and 255th ODI wickets - the last one with her 10,001st delivery in the format - before ending her 20-year international career, having debuted in 2002. It is in the rules and hopefully it doesn't take the shine off a good summer and good series." England had been hoping for some redemption after losing the first two matches in the three-game series, but they eventually lost by 16 runs. India struggled with the bat and were eventually bowled out for 169. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hugh Lawson; Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Venezuela's oil ministry, PDVSA and Maroil did not reply to requests for comment. PETCOKE MOUNTAINSIn Jose, two heavy oil upgrading projects controlled by PDVSA, Petro San Felix and Petrocedeno, produce and store petroleum coke. SANCTION SCRAMBLEIndian firms this year have been big buyers of Venezuelan petcoke as the Asian nation looks for inexpensive fuel to power industries amid high coal prices. read moreShimsupa GmBH, a Germany-headquartered trading firm, has an exclusive arrangement with Maroil to sell Venezuelan petcoke in India, Pakistan and Bangladesh, the company said. Resellers of Venezuelan petcoke originally supplied by Maroil say the cargoes are free of penalties since, as opposed to PDVSA, Maroil has not been blacklisted by the U.S. Treasury Department.

The Indian government last year gave a $6 billion contract to state-owned Hindustan Aeronautics Ltd (HIAE.NS) for 83 of the locally produced Tejas jets for delivery starting around 2023 - four decades after it was first approved in 1983. Prime Minister Narendra Modi's government, keen to reduce India's reliance on foreign defence equipment, has also been making diplomatic efforts to export the jets. Britain said in April it would support India’s goal of building its own fighter jets. India currently has a mix of Russian, British and French fighter jets. read moreIndia is looking to ground all its Soviet-era Russian fighter jets, the MiG-21, by 2025, following a number of fatal crashes, the Times of India daily reported last month.

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