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Ukraine war: Indian embassy, shifted to Poland, says it continues to function

Russia-Ukraine war: In its latest advisory, issued on Friday, the embassy also provided contact details for those who wish to reach out for assistance.

A member of the Ukrainian military surveys an area next to a residential building hit by an intercepted missile, as Russia’s invasion of Ukraine continues, in Kyiv, Ukraine March 17, 2022. REUTERS/Thomas Peter

Published on Mar 18, 2022 06:31 PM IST

Byhindustantimes.com, New Delhi

In its latest advisory, India’s embassy to Ukraine informed on Friday it continues to function, as it provided contact details for those who wish to reach out for assistance.

Click here for live updates on Russia-Ukraine war

“Dear Indians in Ukraine, Embassy of India continues to function and can be contacted through email: cons1.kyiv@mea.gov.inand the following 24*7 helpline numbers on WhatsApp for assistance: +380933559958, +919205209802 and +917428022564,” the embassy said in a statement on its Twitter handle.

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The embassy was shifted to Polish capital Warsaw, on a temporary basis, on March 13, due to what the Ministry of external affairs (MEA) said was a ‘rapidly deteriorating security situation’ in the east European country. Prior to being relocated to Warsaw, the embassy had already been moved from the Ukrainian capital, Kyiv, to Lviv, which is some 70 kilometres from the Polish border.

Also Read |  India temporarily relocates embassy to Poland

The fresh advisory came a day after the MEA said that though around 22,500 Indians had arrived from Ukraine, including those on special evacuation flights from its neighbouring countries, around 50 are still believed to be in the country. Among them, as many as 15-20 people want to leave, said Arindam Bagchi, the ministry’s spokesperson.

Also Read |  Around 50 Indians still remain in Ukraine: MEA

India had launched Operation Ganga to evacuate its citizens from Ukraine.

Russia launched its invasion of Ukraine on February 24, with President Vladimir Putin describing the offensive as a ‘special military operation.’ The operation entered day 23 today.

Source: Hindustan Times.

Economic Watch: China sends clear-cut signals to bolster economic growth

A worker operates at a workshop of the Dongan Auto Engine Co., Ltd. in Harbin City of northeast China’s Heilongjiang Province, April 9, 2021. (Xinhua/Wang Jianwei)

BEIJING, March 17 (Xinhua) — Chinese policymakers have sent a clear signal to perk up the economy and stabilize the capital market amid a complex external environment and global uncertainties.

The shot in the arm came from a State Council meeting held Wednesday, which urged concrete actions to bolster the economy in the first quarter, noting that monetary policy should take the initiative to cope with the situation, and new loans should maintain an appropriate growth.

The meeting of the financial stability and development committee also made policy announcements on issues of market concern. These include the overall steady economic growth, the real estate sector, platform economy, Chinese shares listed overseas, and the operation of the capital market.

Several regulators moved Wednesday night on the heels of the meeting, pledging thorough implementation of the committee’s decisions.

In terms of fostering the real economy, the central bank stressed supporting micro, small- and medium-sized enterprises. The China Banking and Insurance Regulatory Commission pledged to work to meet the financing needs of market entities.

The State Administration of Foreign Exchange said it will improve foreign exchange services, especially for small- and medium-sized enterprises, and guide market players to make wider use of hedging tools for exchange rates and actively guard against and defuse the risks of external shocks.

To allay market worries in Chinese shares listed overseas, the China Securities Regulatory Commission said the country will promptly promote the implementation of new regulations on the supervision of overseas listing of enterprises, support all kinds of qualified enterprises to list overseas, and maintain smooth overseas listing channels.

Relevant departments reiterated that more measures will be coordinated to promote the steady and healthy development of the platform economy and improve its international competitiveness.

A circular, co-released by ten government organs, including the Ministry of Human Resources and Social Security and the Ministry of Education, said that no fewer than 1 million internship posts would be offered to job seekers this year to rev up the employment market.

Given that the economy faces rising pressure from imported inflation caused by price hikes in global commodities, a new wave of COVID infections in China, and growing external uncertainties from regional conflicts, analysts say the policy statement came at the right time to lift market expectations.

“The meeting sent a signal that the central government attaches great importance to steady and healthy economic development, indicating that steady growth remains the current policy priority,” said Zhou Maohua, an analyst with the China Everbright Bank.

As the committee has required, relevant authorities will likely actively introduce market-friendly policies and simultaneously prudently introduce policies with a contractionary effect. Meanwhile, issues that draw market attention will be timely responded to, analysts noted.

On Wednesday night, the Ministry of Finance said there are no suitable conditions this year to expand the country’s list of pilot cities for real estate tax reform.

The China Banking and Insurance Regulatory Commission also reaffirmed Wednesday the policy stance of upholding the principle of “housing is for living in, not for speculation.” The commission will encourage institutions to extend mergers and acquisitions loans and promote the transformation to a new development approach.

Due to its connection with various sectors, the healthy development of the real estate industry is vital to the smooth operation of the economy, said Wen Bin, chief analyst at China Minsheng Bank, in a co-authored article.

In the latest government work report, China set its economic growth target for 2022 at around 5.5 percent, pledging to keep macro policies consistent and enhance their effectiveness.

Economic indicators for the first two months of the year indicated a solid recovery, with the value-added industrial output and retail sales of consumer goods up 7.5 and 6.7 percent year on year, 3.2 and 5 percentage points higher, respectively, than in December last year.

Fixed-asset investment went up 12.2 percent year on year, while investment in property development rose 3.7 percent.

Recent policies have played a positive role in stabilizing and recovering the economy, Wen said, citing signs of improvement seen on both sides of supply and demand.

Against the backdrop of complicated environment, maintaining the stability and consistency of policy expectations is significant for market entities and investors, said Zhao Qingming, a specialist in international finance.

With coordinated fiscal and monetary policies in the works, Chen Li, a chief economist with Chuancai Securities, expected the industries of new infrastructure, new energy, and high-end manufacturing to further drive the economy and enhance its resilience.

Source: Xinhua.

Germany’s Baerbock warns supply shortfall from Ukraine war will be severe

German Foreign Minister Annalena Baerbock delivers a speech on national security strategy ahead of a panel discussion at the Foreign Ministry in Berlin, Germany, March 18, 2022. REUTERS/Annegret Hilse/Pool

BERLIN, March 18 (Reuters) – German Foreign Minister Annalena Baerbock warned that supply shortfalls due to the war in Ukraine will be severe and could lead to further conflicts in already vulnerable countries.

Reporting by Miranda Murray Editing by Paul Carrel

Source: Reuters.

Civilians trapped in theatre, Putin’s ‘scum’ warning: Russia-Ukraine round-up

Russia has laid siege to Mariupol over the past several days, encircling the city and launching wave after wave of attacks.

A member of the Ukrainian military surveys an area next to a residential building hit by an intercepted missile, as Russia’s invasion of Ukraine continues, in Kyiv, Ukraine March 17, 2022. REUTERS/Thomas Peter(REUTERS)

Updated on Mar 17, 2022 04:04 PM IST

The fate of hundreds of civilians trapped under rubble and concrete that was a theatre in Ukraine’s Mariupol – till it was destroyed in a Russian airstrike Wednesday – remains unknown, an officer in the city mayor’s office told Reuters. Ukraine officials earlier said thousands of people – reportedly some children as well – had fled to the theatre to seek shelter from Russian missile attacks on the beleaguered port city. Russia has denied targeting the building and blamed its destruction on a ‘nationalist battalion’ of the Ukraine military.

Pavlo Kyrylenko, head of the Donetsk administration, said rubble had buried the entrance to certain parts of the theatre and that an accurate count of the dead or injured is difficult at this time. A city official, however, told Reuters there is hope as the shelter had ‘withstood’ the strike.

Children inside

Satellite images – taken three days earlier – show the word ‘children’ in Russian on the pavement in front and behind the Mariupol theatre.

The fate of children trapped in the fighting – a situation flagged repeatedly by the United Nations and other humanitarian agencies – has increased after Ukraine said 79 have died and at least 100 have been injured so far.

Satellite image provided by Maxar Technologies. (Maxar Technologies via AP)(AP)

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Ukraine has also said 280 educational institutions have been targeted. Children number nearly half the three million who are now refugees, the UN said.

‘Scum and traitors’, says Putin

Under increasing fire globally, Vladimir Putin delivered a frightening warning Thursday to anyone who questioned his illegal invasion of Ukraine.

He called for a ‘self-purification’ and ranted: “(Russians) will always be able to distinguish true patriots from scum and traitors and will spit them out like a gnat that accidentally flew into their mouths.”

READ: Russia batters Ukraine as ‘war criminal’ Putin warns of ‘scum, traitors’

Zelenskyy’s appeals

Pressed by Ukraine president Volodymyr Zelenskyy – who reminded it of the horrors of 9/11 – the US said it will send $800 million in defence aid to Kyiv.

Source: Hindustan Times.

India’s gold output could rise multifold if hurdles removed – WGC

Customers check ornaments at a jewellery showroom during Dhanteras, a Hindu festival associated with Lakshmi, the goddess of wealth, in Mumbai, India November 2, 2021. REUTERS/Niharika Kulkarni

MUMBAI, March 17 (Reuters) – India’s annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday.

Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu

Source: Reuters.

Indian shares end week 4% higher on financials boost, Fed hike

A woman walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas

BENGALURU, March 17 (Reuters) – Indian shares ended the holiday-shortened week about 4% higher on Thursday, underpinned by heavyweight financials, with risk sentiment bouyed by a rally in global markets after the U.S. Federal Reserve hiked benchmark rates.

The blue-chip NSE Nifty 50 index (.NSEI) closed 1.84% higher at 17,287.05, while the benchmark S&P BSE Sensex (.BSESN) climbed 1.84% to finish at 57,863.93. Both indexes scaled above the key 200-day moving average.Report ad

The Nifty and the Sensex posted weekly gains of 3.95% and 4.17%, respectively. The markets will be closed on Friday for a holiday.

European and broader Asian markets climbed, joining a rally in Wall Street, after the U.S. central bank increased rates by an expected quarter point while signalling equivalent hikes at every meeting for the rest of the year.

“The message from Powell and the FOMC forecasts is that the expected hikes will achieve disinflation without much slowing in growth or increase in unemployment,” said Madhavi Arora, lead economist at Emkay Global Financial Services.Report ad

Lower oil prices that allayed inflation fears, progress in Russia-Ukraine talks, and further easing of COVID-19 curbs amid an expanded vaccination drive for children also lifted investor appetite this week.

In Mumbai trading, the Nifty Financial Services Index (.NIFTYFIN) added 2.77%. Non-banking financial firm HDFC Ltd (HDFC.NS) climbed 5.4% to be the top percentage gainer in the Nifty 50.

Shares of Future Group firms fell between 7.6% and 14% due to regulatory woes of the group’s flagship company – Future Retail (FRTL.NS) – regarding its proposed sale of retail assets to Reliance Industries (RELI.NS). read moreReport ad

Nxtdigital (NXTD.NS) surged 8.1% after the media and communication company approved a merger with non-banking financial company Hinduja Leyland Finance on Wednesday.

Source: Reuters.

Ukraine war: Russia says sanctions, Ukraine’s neutral status under discussion

Ukraine-Russia war: Kremlin spokesperson Dmitry Peskov said Ukraine’s neutral state status could be comparable to Sweden and Austria. “This is an option that is being discussed now and that can be considered as a compromise,” he said.Rescuers work atop an apartment building that was hit by shelling, as Russia’s invasion on Ukraine continues, in Kyiv, Ukraine.(REUTERS)

Published on Mar 16, 2022 04:25 PM IST

Byhindustantimes.com | Edited by Sohini Goswami

The Kremlin on Wednesday said the issue of sanctions on Russia by Western nations over its invasion of Ukraine was discussed during the last round of talks with representatives of its east-European nation.

Also, discussions were held regarding creating a “neutral status” of Ukraine with security guarantees, said Russian foreign minister Sergey Lavrov, while adding that a “business-like spirit” had emerged at the negotiation table. 

Live updates on Ukraine-Russia war

“There are concrete formulations that in my view are close to being agreed,” he added  While he did not elaborate on the same, Lavrov said the talks gave hope “hope that we can agree on this issue”.

Kremlin spokesperson Dmitry Peskov said Ukraine’s neutral state status could be comparable to Sweden and Austria. “This is an option that is being discussed now and that can be considered as a compromise,” he said.

The latest round of talks with Ukraine, which started on Monday, were set to continue on Wednesday. Russia’s chief negotiator said the two sides were discussing a possible compromise idea for a future Ukraine with a smaller, non-aligned military.

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“A whole range of issues tied with the size of Ukraine’s army is being discussed,” Russian negotiator Vladimir Medinsky said, according to Russian news agencies.

There was no immediate comment from Ukrainian officials. It was not yet clear how such an option would work if the future Ukrainian military remained hostile to Russia.

Ukrainian President Volodymyr Zelenskyy said Tuesday the country had realized that it would not be able to join NATO, a sore point for Moscow.

(With inputs from agencies)

Source: Hindustan Times.

Daimler India shuts bus and truckmaking unit for three days

The Daimler logo is seen before the carmaker’s annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke/File Photo

Daimler’s (DAIGn.DE) Indian plant has shut its bus and truckmaking unit for three days because of parts shortages caused by lockdown restrictions across the country, a company spokesman said on Tuesday.

“Daimler India Commercial Vehicles (DICV) has declared a non-production day for June 1 ’til June 3, 2021, due to temporary parts shortages caused by lockdown restrictions,” the spokesman said in a statement.

The plant is the first near India’s Chennai automotive manufacturing hub to order a temporary shutdown owing to a parts shortage. Global carmakers such as Ford Motor Co (F.N), Hyundai Motor Co (005380.KS) and Renault-Nissan ordered closures last week because of worker protests over safety. read more

India’s factory activity growth slowed significantly in May as rising coronavirus cases curbed new orders and output while scarcity of raw materials drove up input costs, a private sector survey showed on Tuesday. read more

Daimler said it is supporting its employees with its health programmes, adding that it will pay workers their full salaries for the non-production period.

DICV is unit of Germany’s Daimler group and manufactures and sells trucks, BharatBenz buses and Mercedes-Benz coaches in India.

The company’s plant near Chennai also produces for Daimler truck brands such as FUSO, Mercedes-Benz and Freightliner, exporting to more than 60 markets around the world.

Source: Reuters

China must prepare for ‘long tech march’ following U.S. restrictions on SMIC: Global Times

FILE PHOTO: Chinese and U.S. flags flutter near the Bund in Shanghai, China July 30, 2019. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) – China must engage in a new “long march” in the technology sector now that the U.S. has imposed export restrictions on Semiconductor Manufacturing International Corp 0981.HK, the country’s largest chip manufacturer, Chinese state-backed tabloid the Global Times wrote on Sunday.

The unnamed author of an op-ed in the paper here argues that the U.S’ dominance of the global semiconductor industry supply chain is a “fundamental threat” to China.

“It now appears that China will need to control all research and production chains of the semiconductor industry, and rid itself of being dependent on the U.S.,” the author wrote.

On Saturday, Reuters reported that the U.S. had sent letters to companies informing them that they must obtain a license to supply SMIC.

The letter stated that SMIC and its subsidiaries “may pose an unacceptable risk of diversion to a military end use.” SMIC has denied any ties to China’s military.

The restrictions against SMIC, and earlier ones against Huawei Technologies Co Ltd [HWT.UL], the op-ed author argues, illustrate that the U.S is leading a protracted battle of “high-tech suppression” against China.

Although companies such as Tencent Holdings Ltd 0700.HK and Beijing ByteDance Co Ltd have made some tech breakthroughs, they are based on U.S. chip technology, the op-ed argues.

“The foundation of the entire industry is still in Americans’ hands. For now at least. China must leap from zero to one to provide solid support for the country’s competition with the U.S.,” the author wrote.

The Global Times is a tabloid published by the People’s Daily, the official newspaper of China’s ruling Communist Party, but does not speak on behalf of the party and government, unlike its parent publication.

Source: Reuters

Blaze reined in on supertanker off Sri Lanka, cargo area intact

NEW DELHI/COLOMBO (Reuters) – A fire that broke out on a fully loaded supertanker off the east coast of Sri Lanka has been brought under control, a spokesman for the navy of the Indian Ocean nation said on Thursday, adding that one of its 23 crew was injured.

The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was carrying the equivalent of about 2 million barrels of oil, Refinitiv data showed.

It was headed for the Indian port of Paradip, where the state-run firm operates a 300,000 barrel-per-day refinery.

“Our personnel on the scene are reporting that the fire on board the New Diamond is under control,” the navy spokesman, Captain Indika de Silva, told Reuters.

“There is no damage to the cargo area, only the engine room and some areas around it. There were 23 crew on board. We are bringing one injured crew member to Sri Lanka on board one of our vessels.”

Another navy spokesman, Commander Ranjith Rajapaksa, said the VLCC was ablaze about 20 nautical miles off the east coast of Sri Lanka and its military had sent an aircraft and two ships to aid in the rescue.

“The information we have is that 22 in the ship are accounted for. One person is said to be missing,” Rajapaksa told Reuters.

The different figures of the two spokesmen could not immediately be reconciled.

The ship had sailed from the port of Mina Al Ahmadi in Kuwait, loaded with Kuwait Export Crude, Refinitiv Eikon tracking data showed.

Graphic – Path of the VLCC New Diamond, which caught fire off Sri Lanka: here

Sri Lanka’s Marine Protection Authority said it would take measures to prevent any possible oil leak from the tanker.

A spill from the ship could cause an “environmental disaster”, warned Ashok Sharma, managing director of shipbroker BRS Baxi in Singapore.

“No double-hull VLCC has spilt oil to date, but (it) depends on the damage to the ship,” he added.

Thursday’s incident came a little more than a month after a state of “environmental emergency” triggered by the spill of about 1,000 tonnes of fuel oil from a Japanese bulk carrier, MV Wakashio, when it ran aground on a reef in Mauritius.

De Silva said some of the New Diamond’s crew were rescued by oil product tanker Helen M, which an industry source said was on a time charter with India’s Reliance Industries.

“The fire happened at 7.45 a.m. India time,” said the source, who spoke on condition of anonymity. “The nature is explosion and fire and serious injury to the crew.”

There was no immediate comment from IOC, Reliance Industries and Kuwait Petroleum Corp.

Source: Reuters