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☆ Despite India's economic growth, few jobs and meagre pay for urban youth
▼ + stars: | 2023-01-20 | by ( Manoj Kumar | ) www.reuters.com time to read: +7 min

He has since remained unemployed, unable to pay back a 100,000 rupee ($1,224) loan he took to buy a two-wheeler scooter. The rising unemployment in India belies other indicators suggesting the economy is undergoing a healthy rebound from the COVID-19 pandemic. Instead, the surge in people looking for work, many of them rural migrants, raises concerns about consumption and longer term growth prospects. The urban unemployment rate swelled to 10.1% in December, although the total number of jobs in India touched a pre-pandemic level of 410 million, data compiled by Mumbai-based think-tank Centre for Monitoring Indian Economy (CMIE) showed. Urban unemployment spiked during the pandemic years, largely because of lockdowns, but before that it hovered between 6%-7%, according to CMIE data.

The Competition Commission of India (CCI) ordered Google in October to make a series of changes, such as refraining from agreements that ensure exclusivity of its search services and mandatory pre-installation of its apps. It also told Google to allow third-party app stores to be housed within its Play Store. "There was negative impact over the years, we hope now consumers and device makers use our app more." About 97% of 600 million smartphone devices in India run on Android, according to Counterpoint Research estimates. Naval Chopra, a lawyer at India's Shardul Amarchand Mangaldas, which has challenged Google in courts in the past, said Thursday's court decision was a landmark one.

☆ India's Russian oil binge drags down OPEC's share to lowest in 2022
▼ + stars: | 2023-01-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

[1/2] A model of oil barrels is seen in front of Russian and Indian flags in this illustration taken, December 9, 2022. Refiners in India, the world's third-biggest oil consumer and importer, have been gorging on Russian oil sold at a discount after some Western companies shunned buying from Moscow following its invasion of Ukraine last February. Russia remained the top oil supplier to India in December followed by Iraq and Saudi Arabia. Higher intake of Russian oil reduced India's appetite for African grades, whose share in 2022 imports declined to a 17-year low while that of Latin America plunged to the lowest in 15 years, the data show. Imports from Russia, about a fifth of India's oil imports in April-December, led to OPEC's share falling to about 61.5%, according to Reuters calculations.

NEW DELHI, Jan 16 (Reuters) - India's Reliance Industries Ltd (RELI.NS) and a local unit of BP (BP.L) on Monday suspended an auction for gas from their deepwater block on the east coast following changes to the country's gas marketing rules, the pair said in a notice. India last week revised marketing rules for gas produced from deepwater fields that are difficult to explore, including capping the trading margin on such sales. Reliance did not respond to Reuters request for comment. A source said Reliance would revise the terms of auction process after the latest changes to the rules. Reporting by Nidhi Verma and Sarita Chaganti Singh; Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Refiner Indian Oil Corp (IOC.NS) also is looking to work in Guyana in collaboration with ONGC Videsh, two people close to the talks told Reuters. Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Exxon is considering bids on the blocks, said the company's Guyana country chief, Alistair Routledge. To bring more companies into the auction, Guyana did not restrict the amount of blocks companies can bid for, but will limit the awards to three per company. Last year, Exxon, Hess Corp (HES.N) and China's CNOOC (0883.HK) ramped up oil output and exports with their second production vessel.

China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine. The sources said a fifth supertanker, or very large crude carrier (VLCC), was shipping crude to India, which like China has continued buying Russian oil sold at a discount as many Western buyers turn to other suppliers. All five shipments were scheduled between Dec. 22 and Jan. 23, according to the sources and Eikon ship tracking data. The G7 price cap introduced in December allows countries outside the European Union to import seaborne Russian oil but it prohibits shipping, insurance and re-insurance companies from handling Russian crude cargoes unless sold for below the $60 cap. Industry sources say Indian refiners are securing a discount of $15-$20 per barrel on Russian oil on a delivered basis compared to Brent.

☆ Chevron, Exxon and Total keen to invest in India, says minister
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 13 (Reuters) - Global energy majors Chevron Corp (CVX.N), Exxon Mobil Corp (XOM.N) and TotalEnergies (TTEF.PA) are interested in investing in India's oil and gas exploration and production sector, the country's oil minister said in a speech on Friday. India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports. "India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector," Hardeep Singh Puri said. The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025. Reporting by Nidhi Verma Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

[1/2] An aerial view shows a storage facility owned by Lukoil company at the Arctic port of Varandei October 22, 2013. Arctic crude exports to India have steadily increased since May, with a record 6.67 million barrels loaded in November and 4.1 million barrels in December, Refinitiv data showed. At least three oil tankers that loaded Arctic crude in Murmansk port are now heading to China, Refinitiv data showed. Refinitiv listed the grades carried by these ships as Arco crude although one Chinese trader said there could be Varandey crude onboard. Oil tankers, carrying Russian Arctic crude, are passing Europe and the Middle East to head to China and IndiaReporting by Nidhi Verma in New Delhi, Muyu Xu and Florence Tan in Singapore; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Supreme dollar rules the roost in gold market
▼ + stars: | 2022-12-30 | by ( Bharat Gautam | Swati Verma | ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukThe Fed’s fight against inflation is expected to dictate sentiment in precious metals markets next year. Russia’s invasion of Ukraine, surging inflation, COVID-19 restrictions and slowing growth meant precious metals had a mixed 2022. Spot gold at $1,821.50 an ounce at 19:28 GMT is on course to wrap up 2022 about 0.4% lower. Among other precious metals, silver at $23.87 an ounce is set to end the year over 2% up. Nornickel should also complete its smelter maintenance, allowing it to increase output,” according to Heraeus Precious Metals.

☆ India may split planned mega refinery to various sites -sources
▼ + stars: | 2022-12-15 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Dec 15 (Reuters) - India is considering building several refineries instead of a single mega plant planned with Saudi Aramco (2222.SE) and Abu Dhabi National Oil Company (ADNOC), due to challenges in acquiring land, three sources familiar with the matter said. Aramco and ADNOC own 25% each in the joint venture Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), a company named after the region where the refinery was initially planned. "The role of Maharashtra government is crucial in acquiring the land," the source said. Another source said ADNOC and Aramco were aware of the plan for several refineries.

☆ EnCharge AI, a chip startup born in Princeton lab, raises $21.7 mln
▼ + stars: | 2022-12-14 | by ( Jane Lanhee Lee | ) www.reuters.com time to read: +2 min

OAKLAND, Calif., Dec 14 (Reuters) - EnCharge AI, a chip startup born at a Princeton University lab, on Wednesday said it raised $21.7 million as it looks to commercialize its computing technology that is designed to run artificial intelligence applications more efficiently. Its first products will be cards that can be easily slotted into server racks for companies to run AI applications, said Naveen Verma, CEO and co-founder of EnCharge AI and a professor of electrical and computer engineering at Princeton. EnCharge AI chips work by computing data directly in the memory on the chip, using a special chip design and software. The chips will first be used in factories, warehouses and retail spaces to run AI applications, said Verma. EnCharge AI said the latest funding round was led by Anzu Partners with participation from AlleyCorp, Scout Ventures, Silicon Catalyst Angels, Schams Ventures, E14 Fund and Alumni Ventures.

☆ Russia replaces Iraq as top oil supplier to India in Nov
▼ + stars: | 2022-12-14 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

India's oil imports from Russia rose for the fifth straight month, totaling 908,000 barrels per day (bpd) in November, up 4% from October, the data showed. The price cap plan calls for G7 countries to deny insurance, finance, brokering, navigation, and other services to oil cargoes priced above the price cap on crude and oil products. Russian oil accounted for about 23% of India's overall import of about 4 million bpd oil in November, the data showed. India, which rarely used to buy Russian oil because of costly logistics, has emerged as Russia's second biggest oil client after China as refiners snap up discounted crude shunned by Western nations since the February invasion of Ukraine. India's oil imports from various regions India's monthly oil imports from various regionsIndia's oil imports from various regionsDuring April-November, the first eight months of this fiscal year, Iraq continued to be the largest oil supplier to India followed by Saudi Arabia and Russia, which has knocked down UAE to the fourth position.

☆ Exclusive: Russian oil sold to India below price cap in buyers' market
▼ + stars: | 2022-12-14 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

Also on Dec. 5, the Group of Seven leading economies implemented a $60 price cap on Russian seaborne oil to try to limit Moscow's ability to finance its war in Ukraine. The Western actions have left Russian producers in fierce competition with each other and with suppliers from Asia, Europe and the Middle East, meaning their best hope of finding buyers is to lower prices, two traders said. Russian oil suppliers are trying to handle Urals oil transport to India themselves using their own vessels and shipping partners, which can reduce transport costs, traders said. But many oil producers still rely on trading firms, which means they have to share any profits they have. India, the second largest consumer of oil in Asia, is better located to buy Urals than China because of a shorter transport route, and its refineries are well-suited to processing Russian oil.

☆ ECB to raise deposit rate by 50 bps on Dec 15 as bloc enters winter recession: Reuters poll
▼ + stars: | 2022-12-09 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

According to the Dec. 5-8 Reuters poll, banks will earn 2.00% on deposits after policymakers meet on Thursday, the most since 2009. The refinancing rate will also move up by 50 basis points, to 2.50%. When it last met in late October, the Governing Council topped up key rates by 75 basis points. The U.S. Federal Reserve is also widely expected to downshift to a 50 basis point move following four consecutive 75 basis point increases at the conclusion of its policy meeting on Wednesday, the day before the ECB decision. Findings in the poll agreed and showed inflation would top out this quarter, at 10.3%, and then decline.

☆ Dollar to rebound, accumulate safe-haven strength in 2023: Reuters poll
▼ + stars: | 2022-12-07 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

BENGALURU, Dec 7 (Reuters) - The dollar will rebound against most currencies over the coming months, with the growing threat of recession in the U.S. and elsewhere keeping it firm in 2023 through safe-haven flows, according to market strategists polled by Reuters. Nearly two-thirds or 33 of 51 strategists who answered an additional question said the greater dollar risk over the coming month was that it would rebound rather than falling further. "We foresee volatility levels remaining high in the coming months and expect it is too early for USD bulls to fully capitulate." Most major central banks, including the Fed, are expected to end their tightening campaigns in early 2023. An overwhelming 80% majority, or 42 of 51 respondents, said there was not much scope for dollar upside based on monetary policy.

☆ India urges global companies to help build fertiliser storage
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Dec 7 (Reuters) - India, a leading importer of fertilisers, is seeking investment from global companies as the nation works to build storage for the crop nutrients, fertiliser minister Mansukh Mandaviya said on Wednesday. "This is an opportunity for the global companies to invest in India and work with us for long-term strategies. I encourage global companies to store in India for distribution," Mandaviya told an event organised by Fertiliser Association of India. India has signed long-term deals for fertiliser imports to ensure stable supplies and protect against market volatility. India's fertiliser subsidy is expected to touch a record $27 billion in the financial year to March 31, 2023, the minister added.

☆ Canadian dollar seen higher as analysts eye peak interest rates: Reuters poll
▼ + stars: | 2022-12-07 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The loonie has weakened over 7% against the U.S. dollar since the start of 2022, with almost all of the decline coming since mid-August. Canada's economy grew at an annualized rate of 2.9% in the third quarter, much stronger than both analysts and the Bank of Canada were expecting. The BoC has raised its benchmark interest rate by 350 basis points since March to 3.75%, its highest level since 2008, in an attempt to cool inflation. Along with a more stable path for U.S. interest rates it "should help the loonie rally closer to fair value," Zhao-Murray said. Measures of fair value include purchasing power parity (PPP), or the exchange rate that equalizes the purchasing power of separate currencies.

☆ India's Reliance makes rare buy of Russian naphtha, ups fuel oil imports
▼ + stars: | 2022-12-02 | by ( Mohi Narayan | ) www.reuters.com time to read: +2 min

The private refiner did not buy Russian naphtha in 2020 and 2021. Its annual imports of Russian naphtha were restricted to just one parcel in four years to 2019, the data showed. The data showed a panamax carrier Okyroe sailing towards India laden with about 59,000 tonnes of Russian naphtha. Russian naphtha is being sold at lower premiums to countries like India, two Asian naphtha traders said. FUEL OIL IMPORTS SURGEReliance, its two plants together capable of processing 1.4 million barrels of oil a day, has emerged as a key buyer of Russian oil since Moscow's February military action in Ukraine.

☆ Coterra Energy to pay $16.29 mln for Pennsylvania water contamination plea
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 29 (Reuters) - U.S. shale producer Coterra Energy (CTRA.N) pleaded no contest for contaminating well water in Dimock, Pennsylvania, and will pay $16.29 million to construct a new means of water supply to its residents, the state attorney general said on Tuesday. "Under this historic settlement, Coterra will now pay to build a new public water line that will provide clean, reliable drinking water for generations to come," said Attorney General Josh Shapiro. The attorney general charged Coterra in 2020 after a grand jury investigation showed that drilling unconventional gas wells by the company had been responsible for methane pollution in the local water supply. Dimock was at the heart of the Marcellus Shale gas fracking boom that began in 2007. Residents complained that Cabot's drilling caused methane gas to seep into their wells, to the extent that the contaminated water even caught fire.

☆ Nord Stream updates Russia-Germany pipeline outage end-date to April next year
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

Nov 28 (Reuters) - Nord Stream AG, the operator of the Russia-led Nord Stream 1 gas pipeline, on Monday updated the end date of the unplanned outage at the Greifswald exit in Germany to April 1, next year. Nord Stream 1 was shut down for repairs on Aug. 31, but never restarted and was subsequently damaged by explosions in September. Gas flows via the Nord Stream 1 pipeline into the OPAL and NEL connection points in Germany stood at zero, data from the pipeline operator showed. Reporting by Swati Verma in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

The G7, including the United States, as well as the whole of the European Union and Australia, are planning to implement the price cap on sea-borne exports of Russian oil on Dec. 5. India has emerged as the second-largest single buyer after China of Russian oil since the conflict began in February. Indian refiners have taken the place of refiners in countries that have imposed sanctions on Russian crude imports, or have steered clear of Russian crude to avoid negative publicity. That means even the delivered cargoes are about the same level as the price cap. The U.S. Treasury guidance does not allow buyers in countries that have imposed sanctions on Russian crude imports, such as in the United States and the European Union, to buy Russian oil even under the price cap.

☆ ECB set to raise deposit rate 50 bps as euro zone enters recession -economists
▼ + stars: | 2022-11-22 | by ( Jonathan Cable | Leigh Thomas | ) www.reuters.com time to read: +3 min

It will lift its deposit rate by another 50 bps on Dec. 15, taking it to 2.00%, and do the same to the refinancing rate, putting it at 2.50%, according to the median forecasts in the Nov. 15-21 Reuters poll. That deposit rate view was held by a majority of 45 of 62 respondents, while 14 said it would add another 75 bps as it has done at its previous two meetings. When asked about the risks to their deposit rate forecasts, 18 of 22 economists said it would end higher, either earlier of later than they expect. However, collectively economists gave a 70% probability their deposit rate peak forecasts were accurate. GDP was predicted to fall 0.4% this quarter and in the first quarter of next year, meeting the technical definition of recession.

☆ India's Essar Group is debt-free after repaying $25 bln
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 21 (Reuters) - India's Essar Group has become debt-free, having settled the remainder of its $25 billion debt after the sale of two ports and a power plant to ArcelorMittal Nippon Steel Ltd (AM/NS), the group said on Monday. Essar, built by brothers Shashi and Ravi Ruia, has sold some of its assets in sectors such as telecom, oil refining and steel over the years to settle its $25 billion debt. "Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion effectively making the group debt-free from Indian banks and financial institutions," Prashant Ruia, director, Essar Capital, said in a statement. AM/NS, which agreed to buy some infrastructure assets from Essar group for $2.4 billion, in a statement said that the ports and the power plant are captive to its India's operations and are expected to generate operation synergies for the company. Acquisition of these assets will help move raw materials and finished goods between the company's manufacturing facilities in western, eastern and southern India.

☆ German home prices to fall 3.5% next year as buyers feel the pinch
▼ + stars: | 2022-11-21 | by ( Jonathan Cable | ) www.reuters.com time to read: +2 min

LONDON, Nov 21 (Reuters) - German house prices will fall 3.5% next year as the cost of living crisis and rising borrowing costs hits consumers, but the chances of an outright crash are low, according to a Reuters poll of property market experts. Average house prices in Germany will fall 3.5% in 2023 the Nov. 8-18 poll of 12 market watchers predicted, a sharp turnaround from the 0.5% increase predicted in an August poll. In 2024 they will fall 0.5% but then rise 1.0% in 2025. Still, the median response when asked how much prices would fall from peak to trough was 10.0%, with the steepest drop given as 17.5%. (For other stories from the Reuters quarterly housing market polls:)Reporting by Jonathan Cable; Polling by Sujith Pai and Aditi Verma; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ TC Energy says Keystone oil pipeline system to curtail volumes
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Companies TC Energy Corp FollowNov 15 (Reuters) - Canada's TC Energy (TRP.TO) on Tuesday said the Keystone oil pipeline system will be required to curtail volumes due to a series of recent severe weather-related impacts to system facilities. TC Energy did not share any details on the duration of the curtailment, citing it as customer confidential information. Keystone ships Canadian crude from Alberta to the U.S. Midwest and on to the Gulf Coast, and is a key part of Canada's oil export network. The company in October said it would temporarily increase capacity on its Keystone pipeline for a couple of months from November for testing operations on the system. Reporting by Swati Verma in Bengaluru; Editing by Mark Porter and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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