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☆ France says sanctions against Russia are 'very efficient' as more are being considered
▼ + stars: | 2023-02-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +5 min

watch nowFrance's finance minister told CNBC that additional sanctions are being considered against Russia for its unjustified war against Ukraine, as current measures have proven to be "very efficient." When you are looking at the assets that have been frozen — more than $58 billion, you can say that sanctions against Russia are efficient," said the finance minister. Bruno Le Maire French finance ministerThe European Union recently ramped up its oil sanctions against Russia. The Group of 7 implemented a $60 price cap on Russian oil on Dec. 5. Reuters reported that the G-7 economies agreed to review the level of the price cap on exports of Russian oil in March.

☆ Canada bans TikTok from government devices citing security risks
▼ + stars: | 2023-02-27 | by ( Ismail Shakil | ) www.reuters.com time to read: +4 min

"This may be a first step, it may be the only step we need to take," he said referring to the action against TikTok. As government bans TikTok on work phones, "many Canadians, businesses and private individuals will reflect on the security of their own data and perhaps make choices in consequence," he said. The ban was issued "without citing any specific security concern or contacting us with questions," a TikTok spokesperson said in an emailed statement. Ottawa has also previously excluded Chinese firms from Canada's critical minerals and telecommunication sectors, citing risks to its national security. "The Communications Security Establishment’s Canadian Centre for Cyber Security (Cyber Centre) guidance strongly recommends that Canadians understand the risks and make an informed choice on their own before deciding what tools to use."

☆ Yellen says 'absolutely necessary' for G20 to condemn war in Ukraine
▼ + stars: | 2023-02-25 | by ( David Lawder | ) www.reuters.com time to read: +2 min

BENGALURU, Feb 25 (Reuters) - U.S. Treasury Secretary Janet Yellen told Reuters that a strong statement condemning Russia's war in Ukraine was "absolutely necessary" for a communique from the G20 finance leaders' meeting in India concluding on Saturday. Asked whether there would be no communique from the G20 finance ministers and central bank governors meeting without such a statement, Yellen said negotiations were continuing. We've had it in the past, in Bali and it's something that I think is absolutely necessary," Yellen said. G20 chair India is pressing the meeting to avoid using the word "war" in any communique, G20 officials have told Reuters. In Bali, the G20 leaders issued a statement that read: "Most members strongly condemned the war in Ukraine," signaling that Russia, a member of G20, had opposed the wording.

BENGALURU, Feb 25 (Reuters) - G20 finance chiefs have been unable to reach a consensus on describing the war in Ukraine and are likely to end a meeting in India on Saturday without a joint communique, delegates said. Russia, which is a member of the G20, refers to its actions in Ukraine as a "special military operation", and avoids calling it an invasion or war. Host India is also pressing the meeting to avoid using the word "war" in any communique, G20 officials have told Reuters. "We need absolute clarity, this is a war initiated by (Russian President Vladimir) Putin," he said. A senior G20 source said negotiations over the communique were difficult, with Russia and China blocking proposals made by Western countries.

☆ Germany's Scholz says want to deepen relations with India, meets Modi
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Adnan AbidiNEW DELHI/BERLIN, Feb 25 (Reuters) - German Chancellor Olaf Scholz said on Saturday said he wanted to deepen his nation's relationship with India ahead of his meeting with Prime Minister Narendra Modi in New Delhi. "India and Germany have very good relations and want to deepen them. That will be the topic of our talks and, importantly, peace in the world," Scholz said on Twitter. India has also sharply raised its purchases of oil from Russia, its biggest supplier of defence hardware, although prices have fallen. Scholz is travelling with a business delegation in a hope of growing that number, with a focus on investment in green technology.

"There are countries that have long-standing, decades-long relationships with Russia, with the Soviet Union before, that are challenging to break off in one fell swoop. New Delhi has thus far resisted that pressure, citing its longstanding ties with Russia and its economic and oil needs. Russia has been India's largest weapons supplier since the Soviet Union days. "India for decades had Russia at the core of providing military equipment to it and its defenses, but what we’ve seen over the last few years is a trajectory away from relying on Russia and moving into partnership with us and other countries," Blinken said. Blinken also added that he understood the reasons for South Africa's ties with Russia while acknowledging regret for Washington's "sympathetic" approach to the apartheid-era regime in South Africa.

☆ A first-of-its-kind fighter jet landing shows India's big ambitions for its growing aircraft carrier fleet
▼ + stars: | 2023-02-23 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

Two fighter jets landed on and took off from India's new aircraft carrier, INS Vikrant, this month. The continued growth of India's carrier fleet reflects New Delhi's ambitions in the region. Indian carriersA naval variant of India's Tejas fighter jet lands on INS Vikrant on February 6. Indian navyThough Vikrant is India's first domestically built carrier, it is actually the fourth to enter service with the Indian Navy. The third carrier, INS Vikramaditya, is a modified Kiev-class carrier India purchased from Russia in 2004.

After Russia invaded Ukraine, the West formed what looked like an overwhelming global coalition: 141 countries supported a United Nations measure demanding that Russia unconditionally withdraw. South Korea Indonesia Israel Thailand Japan Saudi Arabia Philippines Afghanistan CambodiaBy contrast, Russia seemed isolated. Eritrea “Russian actions are being distorted” North Korea Russia Belarus Syria Eritrea “Russian actions are being distorted” North Korea Russia Belarus SyriaBut the West never won over as much of the world as it initially seemed. But like many other African countries, South Africa appears careful to balance its growing ties with Russia against maintaining a relationship with the West. Others that provided Ukraine with military support have declined to impose economic sanctions on Russia.

☆ BBC won’t be ‘put off’ covering India by tax raids and censorship
▼ + stars: | 2023-02-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The BBC says it will not be “put off” from reporting in India after the government prevented a documentary critical of Prime Minister Narendra Modi from airing in the country and raided the broadcaster’s offices. Indian tax authorities spent three days searching BBC offices in Delhi and Mumbai last week. We won’t be put off from that task”Davie added that the BBC “does not have an agenda.”Indian authorities have accused the BBC of tax evasion. Modi was accused of not doing enough to stop the violence, which killed more than 1,000 people, mostly Muslims. — Swati Gupta and Manveena Suri in New Delhi, Olesya Dmitracova and Martin Goillandeau in London, and Alex Stambaugh in Hong Kong contributed reporting.

☆ As G20 finance chiefs gather, Yellen calls for more economic aid to Ukraine
▼ + stars: | 2023-02-23 | by ( David Lawder | ) www.reuters.com time to read: +4 min

"Continued, robust support for Ukraine will be a major topic of discussion during my time here in India." Yellen said that previous U.S. military, economic and humanitarian aid totalling $46 billion has allowed Ukraine to preserve economic and financial stability under "extraordinary circumstances." In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine." Yellen said that G20 countries, especially China, need to work to ease the debt overhang that is putting more than half of low-income countries in debt distress. The United States intends to put forward a candidate for the World Bank presidency "very quickly", she added.

☆ Seattle becomes first U.S. city to outlaw caste discrimination after council vote
▼ + stars: | 2023-02-22 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - Seattle became the first U.S. city to outlaw caste discrimination on Tuesday, after its local council voted to add caste to the city's anti-discrimination laws. "The fight against caste discrimination is deeply connected to the fight against all forms of oppression," Kshama Sawant, an Indian American Seattle City Council member, said. The Dalit community is on the lowest rung of the Indian Hindu caste system and have been treated as "untouchables." "Caste discrimination doesn’t only take place in other countries. Activists opposing caste discrimination say it is no different from other forms of discrimination like racism and hence should be outlawed.

[1/2] The Gateway of India monument in Mumbai is lit up to mark India's G20 presidency on December 13, 2022. REUTERS/Francis Mascarenhas/File PhotoBENGALURU, Feb 22 (Reuters) - India does not want the Group of 20 nations to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi's one-year presidency of the bloc, six senior Indian government officials told Reuters. "India is not keen to discuss or back any additional sanctions on Russia during the G20," said one of the officials. "The existing sanctions on Russia have had a negative impact on the world." India has also sharply raised purchases of oil from Russia, its biggest supplier of defence hardware.

☆ India invokes emergency law to force coal-based power plants to boost output
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: +1 min

India on Monday invoked an emergency law to force power plants that run on imported coal to maximize output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters. Many of India's power plants that use imported coal, including those owned by Adani Power and Tata Power in the western state of Gujarat, have not operated at full capacity recently because they have found it difficult to compete with power generated from cheap domestic coal. Reuters reported last month on India's plans to use the law to maximize coal power output. In the notice sent to all imported coal-based power plants, the ministry said it expects them to operate at full capacity and sell power to buyers on exchanges. India's imported coal plants have a total capacity of 17 gigawatts.

☆ India invokes emergency law to force coal-based power plants to up output
▼ + stars: | 2023-02-20 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 20 (Reuters) - India on Monday invoked an emergency law to force power plants that run on imported coal to maximise output ahead of an expected record surge in power usage this summer, according to an internal power ministry notice seen by Reuters. Reuters reported last month on India's plans to use the law to maximise coal power output. In the notice sent to all imported coal-based power plants, the ministry said it expects them to operate at full capacity and sell power to buyers on exchanges. India's imported coal plants have a total capacity of 17 gigawatts. India expects its power plants to burn about 8% more coal in the financial year ending March 2024, with increased economic activity and erratic weather to continue to boost growth in demand for power.

☆ Indian edtech sector still attractive for investors, GSV Ventures says
▼ + stars: | 2023-02-20 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

U.S.-based GSV invests only in edtech startups around the world and manages about $500 million in assets. These are very early days for the Indian edtech market," Deborah Quazzo, managing partner at GSV, told Reuters on the sidelines of the Emeritus-GSV Leaders Summit in New Delhi on Monday. Edtech startups in India have laid off thousands of employees in the past year and have been unable to raise funding as a slowdown gripped the market. Indian edtech startups raised $2.6 billion in 2022, down 36% compared to the previous year, according to data provider Tracxn Technologies. The Indian government is also "pretty constructive" on education policies, a key factor that encourages investors like GSV to invest, she said.

☆ Adani's fall reignites scrutiny of billionaire's close ties with Modi
▼ + stars: | 2023-02-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

Ashok Swain Uppsala UniversityHindenburg's report has further sharpened the focus on the billionaire mogul's close ties with Modi. After Modi became prime minister, Adani continued to benefit from the relationship but on a much larger scale, said Swain. In his address to parliament last week, the prime minister seemed unfazed by the opposition's criticism and made no mention of Adani. "And you can never breach this safety shield with the weapons of abuse and lies," he said, as opposition lawmakers chanted "Adani, Adani." "Prime Minister Modi and I are from the same state.

NEW DELHI, Feb 16 (Reuters) - G20 finance and central bank chiefs meet in India next week at the first-year anniversary of Russia's invasion of Ukraine to discuss rising debt troubles among developing countries, the regulation of cryptocurrencies and the global slowdown. The Feb. 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India's G20 presidency and will be followed by a March 1-2 meeting of foreign ministers in New Delhi. As global borrowing costs rise, India - whose neighbours Sri Lanka, Pakistan and Bangladesh have all sought International Monetary Fund support in recent months - wants to put debt relief at the forefront of discussions at the finance talks. "Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage," India's Ministry of Finance told parliament this week. Neither the Russian finance minister nor the central bank chief were expected to attend the meeting.

☆ India stock markets have been volatile. Analysts say these sectors are worth watching
▼ + stars: | 2023-02-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

In particular, some are bullish about the construction sector and say an infrastructure push could benefit cement stocks. Investors can consider playing the country's infrastructure sector through domestic cement names, Garre said. Cement: UltraTech, AmbujaBernstein likes UltraTech Cement — a company Garre said has the capacity to keep up with the growing number of real estate projects coming up in India. Shares of UltraTech Cement was trading at about 7,123.05 on Wednesday, lower by 0.21%. Engineering: ABB India, Siemens India and moreEngineering companies that focus on infrastructure and construction are also good buys, IIFL Securities said.

☆ Indian tycoon Gautam Adani dismisses market volatility as 'temporary'
▼ + stars: | 2023-02-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani (L) highlighting the ongoing crisis of the Adani group in Mumbai on February 3, 2023. Indranil Mukherjee | Afp | Getty ImagesIndian billionaire Gautam Adani has downplayed the recent market volatility of Adani Group's shares as "temporary." The Adani Group has denied those accusations, and said it was a "calculated attack on India." Adani flagship earningsOn Tuesday, Adani Enterprises reported a profit after tax of nearly $100 million for the October to December quarter. Shares of Adani Enterprises last traded about 3% higher Wednesday on National Stock Exchange of India.

☆ India, soon world's most populous nation, doesn't know how many people it has
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +4 min

Students come out after appearing in the Bihar Board class 10th examination at Bankipur Girl's High School on Feb. 14, 2023 in Patna, India. Santosh Kumar | Hindustan Times | Getty ImagesIn two months, India is projected to become the world's most populous country with over 1.4 billion people. "In the absence of latest census data, the estimations are based on data that is one decade old and is likely to provide estimates that are far from reality," Sharma said. The office of the Registrar General of India, which is responsible for the census, did not respond to a request for comment. Teachers' travailsThe United Nations has projected India's population could touch 1,425,775,850 on April 14, overtaking China on that day.

[1/2] The Epic Games logo, maker of the popular video game "Fortnite", is pictured on a screen in this picture illustration August 14, 2020. REUTERS/Brendan McDermid/Illustration/File PhotoNEW DELHI, Feb 14 (Reuters) - U.S. firm Epic Games is challenging Google in an Indian tribunal for not complying with some portions of an antitrust directive, alleging that the tech giant is not hosting the gaming company's app store on Google's Play Store app. Maker of the popular video game "Fortnite", Epic operates its own app store, Epic Games Store, that offers games and other apps for download. The company claims in the filing it is "exploring launching" the Games Store app on Google Play Store and has been "adversely affected" by Google not complying with the CCI order. Epic is known for campaigns against Apple (AAPL.O) and Google for charging high app store commissions.

Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. Grant Thornton has been hired to conduct independent audits of some Adani Group companies, said the sources, declining to be named as the appointment is confidential. One of the sources added that Grant Thornton would look at whether related-party transactions at the Adani Group complied with corporate governance standards. Grant Thornton and Adani Group did not immediately respond to a request for comment. In its rebuttal, Adani had said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors."

☆ Russian arms supplies to India worth $13 bln in past 5 years - news agencies
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Russian supplied India with around $13 billion of arms during the past five years, and New Delhi has orders placed with Moscow for weapons and military equipment exceeding $10 billion, Russian state news agencies reported late on Sunday. India is the world's biggest buyer of Russian arms, accounting for around 20% of Moscow's current order book, and New Delhi has not explicitly condemned Russia's invasion of Ukraine. Scores of Western countries imposed sanctions on Russia, including on arms, in response to the invasion, which Moscow calls a "special military operation". India, China and some Southeast Asian countries have maintained their interest in buying Russian arms, according to Dmitry Shugayev, the head of Russia's Federal Service for Military-Technical Cooperation, the agencies reported. Annual arms exports were about $14-15 billion, and the order book has remained steady at around $50 billion, Interfax reported.

☆ India's largest insurer LIC says it may review stake in Adani after management meeting
▼ + stars: | 2023-02-13 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

watch nowIndia's largest insurer says it "might" review its stake in the embattled Adani Group after meeting with the management. "We propose to speak to them about this ... just to try and understand what's really happening within the organization, within the Adani group." In a further blow, global index provider MSCI last week said it will cut the weightings of some Adani Group businesses, including flagship firm Adani Enterprises. Still, the LIC chairman said the national insurer isn't too concerned about the conglomerate's high debt levels or the recent volatility in Adani's share price. Adani falloutThe Adani fallout has raised concerns about the group's exposure to India's leading banks and insurers.

☆ Indian regulator probes Adani's links to investors as Modi's office is briefed
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +4 min

One of the sources said the focus of the probe would be whether any of the anchor investors are "connected" to the founder group. Last week, the group's flagship entity Adani Enterprises pulled its secondary share offering, India's largest ever, because of the sharp selloff. SEBI and the Adani Group did not respond to requests for comment about the investigation. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said. Modi's office and India's Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

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