Under the One Sun, One World, One Grid project, India and the United Arab Emirates (UAE) conducted negotiations in June to connect their systems via undersea cables so that both nations could trade in renewable energy. According to a news report in an Indian business daily, the nations are aiming to sign a memorandum of understanding for electricity connectivity and trade. The Union Cabinet in India has received a proposal for subsea cable grid connectivity. The UAE will conduct a feasibility study, adds the report. India can consider using Oman as a port of call and then using the conn
French aerospace giant Airbus has landed the biggest-ever aircraft order in the history of commercial aviation with budget Indian airline IndiGo for 500 of its A320 planes. The planes are to be delivered between 2030 and 2035. The new deal brings the total number of Airbus planes IndiGo has ordered to 1,330. In February, Air India ordered more than 470 jets from Airbus and Boeing (BA). The agreement was the largest ever plane deal by number of aircraft. However, it was surpassed on June 19 by IndiGo’s order for 500 Airbus narrowbody jets. UK Prime Minister Rishi Sunak on June 20 said
On the occasion of World Refugee Day, more than 40 corporations, including Louis Vuitton, Adidas, Starbucks, L’Oreal, PepsiCo, and Hyatt have pledged to hire, connect to work, or train a total of 2,50,000 refugees in Europe, with 13,680 of them getting jobs directly in those companies. World Refugee Day is celebrated on June 20 every year. The day is designated by the United Nations to honour refugees from around the world. Companies such as Amazon Inc, Marriott International, and Hilton Worldwide Holdings Inc have pledged to hire refugees, especially women who fled war-torn Ukraine,
Global leaders gathered in Paris on June 22-23, 2023 to seek financial solutions to tackling poverty, curbing planet-heating emissions and protecting nature. Opening the summit, French President Emmanuel Macron called for a “public finance shock” – a global push of innovation and financing – to fight these challenges. Ugandan climate campaigner Vanessa Nakate took the podium at the New Global Financial Pact Summit at the Palais Brongniart to criticise the fossil fuel industry, saying they promise development for poor communities but the energy and profit go elsewhere. “Please do
The Sensex reached a new high on June 21, breaking above the 63,583.1 mark set on December 1, 2022. The index witnessed heavy buying in Reliance Industries and Power Grid Corporation. The Nifty 50 registered a record closing at 18,856.85. On Wednesday, the blue-chip index began at 63,467.46, reaching an intraday high of 63,588.31 and a low of 63,355.95. According to market data, foreign institutional investors sold securities worth ₹1,942.62 crore a day before. Trade analysts attributed the record gains to sustained foreign inflows into domestic stock markets, supported by strong macr
The Government of India urged airlines to devise a mechanism to ensure reasonable airfares amidst a surge in ticket prices. During an hour-long meeting of the airlines advisory group, Civil Aviation Minister Jyotiraditya Scindia on June 5 expressed concerns about the sharp rise in airfares on specific routes. The Civil Aviation Ministry said a mechanism should be devised by airlines to ensure reasonable pricing within the high RBDs (Reservation Booking Designator) to be monitored by the Directorate General of Civil Aviation. The Union Ministry also stressed that airlines need to keep a
A Goldman Sachs report has said that the Bombay Stock Exchange (BSE) group of stocks has delivered a 16 percent rupee return on a 5-year rolling period over the past 20 years, which amounted to about 269 stocks that were multibaggers. Speaking on the report, Sunil Koul, the Asia Pacific Strategist for Goldman Sachs, underlined that upwards of half the Nifty 500 has generated more than 10 times the returns in the period. He said in the last two decades, India’s economy has increased seven times and developed a high investor appetite in terms of putting money into the country for the long
India’s internet economy is set to grow six-fold in the next eight years to reach $1 trillion by 2030, says a recent report by Google, Temasek, and Bain & Company. The report, ‘The e-Conomy of a Billion Connected Indians’ says that a continuous shift in consumer and merchant behaviour, matched with strong investor confidence, has led India into its ‘Digital Decade’ and put its internet economy on the path to reach $1 trillion from approximately $175 billion currently. Digital services have become vital to India’s 700 million plus internet users, including the 350-million
The amount of newly added renewable energy capacity in the world is expected to grow by one-third this year, said a report by the International Energy Agency (IEA). The total added capacity is likely to increase by a record 107 gigawatts from 2022 to cross 440 gigawatts, thanks to a strong deployment of solar and wind power generation systems, the report added. Growth in renewables has been accelerating in Europe due to the energy crisis, with the Ukraine war worsening global inflation, raising the prices of crude oil and other commodities. New policy measures are also driving significant
The Union Cabinet has approved the third revival package for BSNL with a total outlay of Rs. 89,047 crore. It includes the allotment of 4G/5G spectrum through equity infusion. The Union Cabinet chaired by Prime Minister Narendra Modi on June 7 approved the package. It allotted four spectrum bands – 700 MHz worth Rs 46,338.60 crore, 3,300 MHz for Rs 26,184.20 crore, 26 GHz for Rs 6,564.93 crore, and 2,500 MHz worth Rs 9,428.20 crore. The authorised capital of BSNL will be increased from Rs. 1,50,000 crore to Rs. 2,10,000 crore. The public entity has been facing intense competition from