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☆ Nepal's new govt seeks to balance its ties with India, China in growth pursuit
▼ + stars: | 2022-12-26 | by ( Gopal Sharma | ) www.reuters.com time to read: +3 min

UML's leader and Nepal's former prime minister, Khadga Prasad Sharma Oli, is believed to be pro-China. Nepal is one of several South Asian countries where India and China seek influence. India has long considered Hindu-majority Nepal, a Himalayan country of 30 million, as a natural ally based on their close historical ties and long open border. Prime Minister Narendra Modi of India, which is Nepal’s biggest trade and economic partner, was one of the first foreign leaders to wish Prachanda, who has been prime minister twice before. "The unique relationship between India & Nepal is based on deep cultural connect & warm people-to-people ties," Modi said on Twitter.

☆ A China ‘spending boom?’ Your guide to emerging market investing in 2023
▼ + stars: | 2022-12-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +9 min

"We're going to have a spending boom in China, at least in the first half of the year," said Mehran Nakhjavani, emerging market strategist at MRB Partners. How to play emerging markets in 2023 Regardless, there are several ways for investors to get exposure to emerging markets. Perhaps the easiest way is by investing in the iShares MSCI Emerging Markets ETF (EEM). Another vehicle through which to play emerging markets is the First Trust Emerging Markets Small Cap AlphaDex ETF (FEMS) . The fund is the best-performing emerging markets ETF this year, according to Morningstar, with a year-to-date return of just over 1%.

☆ Billionaire Adani to control nearly 65% of NDTV as founders sell stake
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +3 min

The husband-and-wife team will sell a 27.26% stake in NDTV to Adani-owned entity AMG Media Network and retain a combined 5%, regulatory filings by NDTV showed on Friday. "The AMG Media Network, after the recent open offer, is now the single largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media Network," the founders said in a statement. Ravish Kumar, a senior executive editor of NDTV, resigned soon after Adani acquired the entity backed by NDTV's founders. Founded in 1988 and owned by the husband-and-wife team, NDTV had previously said that the move by Adani "was executed without any input from, conversation with, or consent of the NDTV founders".

☆ Indian shares slip on COVID-19, inflation worries
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 22 (Reuters) - Indian shares slipped on Thursday, with declines seen across most sectors after monetary policy minutes revealed strong concerns about elevated inflation, while fears about rising COVID-19 cases in China weighed on sentiment. India's health minister on Wednesday said the pandemic was "not over yet" given "the rising cases of COVID-19 in some countries". Asian markets also advanced after the bounce in U.S. shares, with the MSCI Asia ex Japan (.MIAPJ0000PUS) rising 1.49%. India's retail inflation eased below the RBI's upper tolerance limit of 6% for the first time in 2022 in November, but core inflation stayed above 6%. Khemka also said the remarks from the RBI minutes were "consistent with the central bank's adherence to tackling inflation".

☆ Apple finds a happy home in India
▼ + stars: | 2022-12-20 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

Helped by generous subsidies, Taiwanese Apple suppliers are starting to churn out more iPhones in India. Analysts at JPMorgan reckon India will have 6% of iPhone manufacturing capacity in 2022, and the rest will remain in China. Incentives and other subsidies partially compensate for inefficiencies in India, where demand for pricier devices is slowly picking up. HDFC Securities estimates that for an average smartphone, as little as 14% of the value is added in India. Whether or not India gets that far, Apple at least gets a happy new home.

☆ Polycrisis may lead to polycentric world order
▼ + stars: | 2022-12-19 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

Another scenario is possible: a “polycentric order” with multiple centres of authority, where the United States is the leading power but not the hegemonic one. Indeed, the outlines of such an order may already be emerging out of the conflagration of economic, political and other shocks often labelled the polycrisis. A polycentric order would be different from what is often called a “multipolar” system - a dog-eats-dog world where big powers have a licence to dominate their neighbours. The United States is not nearly as powerful as it was. President Joe Biden realises the United States needs allies, says Peter Engelke of the Atlantic Council think tank.

☆ Amazon used enough plastic air packets in its boxes to circle the planet 800 times in 2021, an outside group found. The company said it used far less.`
▼ + stars: | 2022-12-16 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Amazon said its plastic packaging footprint came to 97,222 metric tons in 2021. Oceana estimated that Amazon used nearly 322,000 metric tons of plastic in 2021, more than triple what the company calculated. By Oceana's count, Amazon used 52% more plastic last year compared with 2019, the first year the group conducted its analysis. In 2021, Target, Walmart, Coca-Cola, and PepsiCo each used more plastic packaging than the previous year, contributing to an overall 4.3% increase across brands and retailers. California, the largest economy in the US, passed a law in June to cut plastic packaging in the state by 25% over a decade.

☆ Putin's vow to cut off Russian oil for G7 price-cap buyers is cracking, going by these 7 India-bound cargoes
▼ + stars: | 2022-12-16 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Russia is shipping millions of barrels of oil to India on Western-insured tankers, the FT reported Friday. It's the first sign Moscow may be breaking Putin's vow to shun countries that accept a G7 price cap. The cap has already sent its oil exports nosediving, and looks set to hit Russia's economy. Under the price cap rules, buyers of Russian oil can only access European shipping and insurance services if they have purchased it for $60 a barrel or less. The measure aims to limit Moscow's ability to fund its war against Ukraine, while still keeping Russian oil flowing through global markets to prevent a shortage.

☆ India cuts windfall tax on crude, aviation fuel
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 16 (Reuters) - India has cut windfall tax on crude oil and aviation turbine fuel (ATF) and reduced export tax on diesel, according to a government order dated Dec. 15. It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday, the order said. The federal government also cut export tax on diesel to 5 rupees per litre from 8 rupees, while slashing the windfall tax on ATF to 1.5 rupees per litre from 5 rupees, the document showed. Meanwhile, Reuters had reported that India has bought Russian crude barrels at well below a $60 price cap agreed by the West. On July 1, India imposed the windfall tax on crude oil producers and levies on exports of gasoline, diesel and aviation fuel after private refiners sought overseas markets to gain from robust refining margins, instead of selling at lower-than-market rates in the country.

☆ India's wheat stocks to fall further but sufficient, government says
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Dec 15 (Reuters) - Wheat stocks in India's government warehouses will fall by about 13% by early next month from current levels but will be sufficient for welfare schemes of the country, the ministry of consumer affairs and food said on Thursday. Wheat stocks in government warehouses for December fell to the lowest in six years, as prices jumped to a record high on rising demand and falling inventories. The statement comes as wheat prices in the country have seen a surge due to a drop in yields. Wheat reserves in state stores fell to 19 million tonnes on Dec. 1 from 37.85 million tonnes a year ago, government data showed. The last time stocks for December were this low was in 2016, when droughts in the previous two years had hit wheat output.

☆ UK government eyes ban on single-use plastic plates and cutlery
▼ + stars: | 2022-12-14 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +3 min

CNN —Single-use plastic cutlery, plates and other items are set to be banned by the UK government and replaced by biodegradable items as it seeks to tackle the country’s – and the world’s – growing plastic waste problem. The Financial Times reported that the UK Environment Secretary Thérèse Coffey will announce firm plans in the coming weeks. The government said 1.1 billion single-use plates and 4.25 billion items of single-use cutlery are used in England each year, equivalent to 20 plates and 75 pieces of cutlery per person. The European Union banned single-use plastic plates, cutlery, straws, balloon sticks and cotton buds last summer. In the US, California put in place sweeping new restrictions on single-use plastic in June, requiring all single-use packaging and plastic single-use food serviceware be recyclable or compostable by 2032.

☆ India and Vietnam could benefit as chipmakers shift away from China
▼ + stars: | 2022-12-13 | by ( Weilun Soon | ) www.cnbc.com time to read: +5 min

Yuichiro Chino | Moment | Getty ImagesU.S. curbs on chip exports to China are the latest shakeup prompting companies to consider moving some of their chipmaking capabilities to nearby Vietnam and India. In October, the U.S. began requiring companies to obtain licenses to export advanced semiconductors or related manufacturing equipment to China. Shift from China to AsiaThe curbs are the latest in a series of upheavals for the $600 billion global semiconductor industry. China firmly in the leadDespite Asia's rising attractiveness for chipmakers, experts point out that China still maintains a lead over regional economies in terms of its competitiveness in chipmaking. In its "Made in China 2025" blueprint released in 2015, the country laid the groundwork for technological self-sufficiency in chipmaking.

New Delhi CNN —At the Bhalswa landfill in northwest Delhi, a steady flow of jeeps zigzag up the trash heap to dump more garbage on a pile now over 62 meters (203 feet) high. India creates more methane from landfill sites than any other country, according to GHGSat, which monitors methane via satellites. Ragpickers at the Bhalswa landfill site on April 28, 2022, in New Delhi, India. In May, CNN commissioned two accredited labs to test the ground water around the Bhalswa landfill. And according to the results, ground water within at least a 500-meter (1,600-foot) radius around the waste site is contaminated.

☆ Lightning kills 907 in India as extreme weather surges in 2022
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] A policeman jumps off a makeshift raft after wading through a flooded area of a slum on the banks of the river Yamuna in New Delhi, India, September 28, 2022. REUTERS/Anushree Fadnavis/File PhotoNEW DELHI, Dec 7 (Reuters) - India saw a big jump in extreme weather events such as heatwaves and lightning strikes this year and related deaths rose to their highest in three years, government data showed on Wednesday, with scientists blaming climate change for the heavy toll. There were nearly eight times as many heatwaves, 27 in all, and lightning strikes rose more than 111 times, killing 907 people, the Ministry of Earth Sciences said in a report to parliament. Lightning and floods and heavy rains accounted for 78% of the deaths this year, the data showed. India is the world's third-largest carbon polluter, though its per-capita emissions are much lower than many developed countries.

☆ Apple is ready to leave China as COVID-19 protests delay iPhones past Christmas. That could take a decade and cost billions.
▼ + stars: | 2022-12-07 | by ( Emilia David | ) www.businessinsider.com time to read: +6 min

China's "zero COVID" policy has hit Apple's supply chain, causing delays on iPhone production. But any shift out of China won't be quick, with over 35% of the factories supplying Apple located in China. Some estimates say it will take until the end of the decade to move 10% of Apple's iPhone manufacturing out of the country. There are 28 Apple suppliers in Vietnam, or 3.8% of the total listed by Apple. Onshoring iPhone production?

☆ Russian oil cap will work, EU ministers insist, despite Kremlin opposition and broad skepticism
▼ + stars: | 2022-12-06 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

G7, the EU and Australia implemented on December 5 a cap on Russian oil prices. BRUSSELS — A price cap on Russian seaborne oil will work, EU ministers told CNBC, despite attempts from the Kremlin to escape sanctions and a broad market skepticism over the measure. When asked if the oil cap can work in reducing Russia's oil revenues, Irish Finance Minister Paschal Donohoe said, "Yes, it can." One of the big open questions is the role of India and China in the implementation of this price cap. "Then we will assess the consequences of the implementation of this oil cap," he added.

☆ Middle Eastern and Asian companies are snapping up aging oil tankers to transport Russian crude as charter rates soar
▼ + stars: | 2022-12-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Tanker charter prices are sky-high for ships willing to transport Russian oil amid sweeping sanctions. Middle East and Asian buyers are opportunistically snapping up aging oil tankers to ship Russian fuel. India and China are now major buyers of the fuel after the European Union kicked off its import ban on seaborne Russian crude on December 5. The prospect of bumper profits has also sent the prices of second-hand oil tankers up sharply. One China-based shipowner snapped up five Aframax tankers, Lloyd's List reported in August.

☆ Mukesh Ambani will take credit where it’s due
▼ + stars: | 2022-12-06 | by ( Shritama Bose | ) www.reuters.com time to read: +5 min

Boss Mukesh Ambani might do precisely that to fund a push by his $220 billion Reliance Industries (RELI.NS) conglomerate into consumer lending. The company is spinning off and listing its little-noticed non-bank financial company. More than rivals, Ambani is sitting on a treasure trove of data to assess the credit worthiness of borrowers. As a home-grown tycoon, Ambani has a better chance of success than other late entrants to financial services. On Oct. 21, Reliance revealed plans to spin off Reliance Strategic and rename it Jio Financial Services.

☆ Factbox: When it comes to spending big on elections, few can challenge America
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +3 min

While readily-comparable numbers aren't available across nations, India's spending in 2019 was at least in the neighborhood of the estimated $8 billion spent on U.S. federal elections in 2016, the year Republican Donald Trump won the White House. In the United States, campaigning often begins more than a year before election day and regulators put no limits on spending by campaigns. FRANCEFrance also places strict limits on spending. During France's presidential elections in 2022, all 12 candidates combined spent just over 83 million euros, or about $88 million, according to the French government. President Emmanuel Macron spent the most, with his campaign spending 16.7 million euros.

The much-awaited regulations are seen shaping the future of India's gaming sector that research firm Redseeer estimates will be worth $7 billion by 2026, dominated by real-money games. Tiger Global and Sequoia Capital have in recent years backed Indian startups Dream11 and Mobile Premier League, popular for fantasy cricket. Chance games - considered akin to gambling, which is mostly banned across India - were set to stay under the purview of individual state governments which would be free to regulate them, Reuters has previously reported. Modi's office and the IT ministry, which is drafting the rules, did not respond to a request for comment. One of the government sources said Modi's administration continues to be concerned about potential addiction of such platforms.

☆ Indian shares set to rise after Powell hints at slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 1 (Reuters) - Indian shares are set to open higher on Thursday, tracking the sharp uptick in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes "as soon as December." India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST. Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data. Stocks To Watch:** Apollo Hospitals (APLH.NS): Company approved issue of non-convertible debentures worth 1.05 billion rupees.

☆ Chinese stocks rally after the country's top pandemic official signals a softening of the country's draconian Covid-zero stance
▼ + stars: | 2022-12-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Vice Premier Sun Chunlan said China's pandemic is at a "new stage" that comes with new tasks. Sun's words carry weight as she's the face of China's hardline Covid-zero approach. Hong Kong and Chinese stocks are higher on optimism China is eyeing an exit from a Covid-zero policy. Sun's softening on China's draconian Covid-zero stance carries weight because she's seen as the face of the hardline approach. As the world's second-largest economy after the US, China has been under pressure from pandemic restrictions that are into their third year.

☆ India to sustain growth through more govt capital spending - finance minister
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Nov 30 (Reuters) - India will sustain its high growth rate through more government capital spending, the finance minister said in an interview at the Reuters NEXT conference on Wednesday, adding that she saw signs of a pick-up in private investments too. "We would continue to push capital expenditure, and that I’m saying even as I’m preparing for the next budget," Nirmala Sitharaman said. The states have shown extraordinary absorption capacity for taking the monies and spending on capital assets." She said the government sees the "capital expenditure route as one of those which can guarantee good growth". Reporting by Ira Duggal and Aftab Ahmed; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Apple supply chain data shows receding exposure to China as risks mount
▼ + stars: | 2022-11-30 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

SHANGHAI, Nov 30 (Reuters) - Apple Inc's (AAPL.O) wide exposure to Chinese manufacturing, notable both for its low costs and rising risks, has receded since the COVID-19 pandemic began, company supply chain data shows. "The China supply chain is not going to evaporate overnight," said Eli Friedman, an associate professor at Cornell University who studies labour in China. The Apple supplier data to 2021, however, shows no locations so far that stand out as substantial gainers to match China's decline, according to the Reuters analysis. Apple's annual data covers more than 600 locations among its top suppliers, which represent 98% of Apple's direct spending. While Apple's shift from China is increasingly evident, including in its own supply chain data, so too are the risks from the concentration of operations there.

[1/4] Tolga Oncu, head of retail at Ingka group which owns most IKEA stores worldwide, poses for a photograph after his interview with Reuters inside an IKEA store in Mumbai, India, November 28, 2022. REUTERS/Abhirup RoyMUMBAI, Nov 28 (Reuters) - Ingka Group, the owner of most IKEA furniture stores, is planning additional price cuts as some input costs ease, its retail manager told Reuters on Monday, a reversal from price hikes introduced last year to counter soaring inflation. The moderation of some input costs, such as metal and sea transport, will allow the company to continue the reductions, Oncu said. Opportunities for efficiencies in operations will continue to help IKEA deliver profits while lower prices should attract new cost-conscious customers, he added. Brand owner Inter IKEA, which is in charge of supply, said this month input prices had begun to stabilise, and that promotional campaigns and lower prices on some popular products would be key to attracting cash-strapped shoppers.

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