In response to Russia's decision to halt gas deliveries to Europe, Sweden will provide emergency liquidity support to electricity producers. Magdalena Andersson said on Saturday that the government would provide electricity producers with funding worth hundreds of billions of Kroner. As a result of soaring gas and power prices and increasing volatility, the amount of collateral they must post with exchanges has risen dramatically. The EU energy ministers will also discuss measures to ease tight liquidity conditions for energy companies at an emergency meeting on Friday, according to two
The government of Germany has announced a $65bn plan to help people and businesses combat rising prices, as many European countries bring in emergency measures to get ready for a long winter amid a disturbing Russian gas supply to Europe following the Ukrainian invasion. German Chancellor Olaf Scholz on Sunday announced an action list in the wake of expectations that energy costs would reach sky-high in the coming months. Energy prices have shot high as Europe has been trying not to procure Russian energy after Moscow invaded Ukraine in February. Two days ago, Moscow put the lid on the
Aspen Pharmacare has signed a contract with the Serum Institute of India to manufacture and sell four Aspen-branded vaccines for Africa, as it looks to make use of its almost non-working Covid-19 vaccine production lines in eastern South Africa. Aspen has an agreement with Johnson & Johnson to package its Covid-19 vaccine into vials and in early 2022, it extended its deal to allow it to package, sell and distribute the vaccine under its own brand name Aspenovax in Africa. But it is yet to get a single order for the Covid vaccine and its J&J orders under its earlier contract was
Mr. S Jaishankar was on a three-day visit to the United Arab Emirates where he visited a Hindu temple under construction in Abu Dhabi on Wednesday. Asserting that this is the first traditional temple built on the Arabian peninsula, the minister expressed his happiness to see 'rapid progress. He Tweeted on his official handle, “On Ganesh Chaturthi, blessed to visit the @BAPS Hindu temple construction in Abu Dabhi. Glad to see the rapid progress and deeply appreciate the devotion of all involved. Met the BAPS team, community supporters and devotees, and workers at the site.” The India
On Thursday, Indonesia witnessed nearly 4,77,000 foreign visitors in July. This is considered one of the highest tourist arrivals in a month as compared to the basis that Covid-19 decimated the global travel industry. While it was the highest since February 2020, the number was still far below pre-pandemic levels despite a 38% increase from the previous month. Head of Statistic Indonesia Margo Yuwono from Indonesia said in a press conference, “This is good news because these tourists will provide a multiplier effect for the economy”. A total of 1.22 million foreign visitors visited
The United Arab Emirates is expected to launch its new five-year multiple-entry tourist visa, to boost tourism to the country, particularly in Dubai. The attempt is mainly to focus on Indian travelers, who make up the highest number of visitors to the gulf nation. Emirates Airlines will soon start the Airbus A380 service from Bengaluru to Dubai on October 30, which would increase the number of tourists and business flyers. Bader Ali Habib, South Asia International Operations region head of the Dubai department of economy and tourism, who hosted the Dubai Tourism evening in Bengaluru on Tue
Gautam Adani, Chairman of Business conglomerate Adani Group, is now the world's third-richest person after overtaking Louis Vuitton chief Bernard Arnault of France, according to a report published in Bloomberg Billionaires Index. 60-year-old Adani’s total net worth stands at USD 137.4 and is now just behind business tycoon Elon Musk and Jeff Bezos in the ranking, whose total worth is currently at USD 251 billion and USD 153 billion, respectively. Another Indian who is in the latest Bloomberg Billionaires Index is Reliance chief Mukesh Ambani at number 11, with a net worth of USD 91.9
BEST buses, the iconic double-deckers that dominate Mumbai's streets, are reviving with an electric power source. There used to be over 800 double-decker BEST buses in India's financial capital, but only 48 are left in 2021. After undergoing an 'electrifying' makeover, the double-decker may return to the city. A subsidiary of Ashok Leyland, the maker of BEST double-deckers, is producing the new EVs through its subsidiary Switch Mobility. Mumbai was the first city in the country to unveil the Switch EV 22 bus this week. It is expected that Mumbai will receive 200 such buses by June next
Tens of thousands of Indian-origin people gathered in Toronto on Sunday to celebrate India Day and Azadi Ka Amrit Mahotsav after two years of forced virtual celebrations due to COVID-19 restrictions. More than 15 marching groups joined the festivities in downtown Toronto's Nathan Phillips Square, which lasted nearly 12 hours. The parade featured floats representing 25 Indian states. There were several Indian food stalls and cultural performances that attracted festival-goers. More than 15 marching groups joined the festivities in downtown Toronto's Nathan Phillips Square, which lasted n
On Tuesday, US President Joe Biden signed democrat's landmark climate change and health care bill into law. As he aims to boost his party's standing with voters less than three months from the midterm elections, he called it the "final piece" of his pared-down domestic agenda. Over the next decade, the government will invest $375 billion in fighting climate change. Prescription drug costs for Medicare recipients would also be capped at $2000 per year out of pocket. By extending subsidies provided during the Coronavirus pandemic, an estimated 13 million Americans would be able to purchase h