Category Archives: Business

Business

Air Asia India to expand; Fleet to include three more A320 Neo planes by June

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AirAsia India, which offers affordable services, plans to add three more Airbus A320 Neo Planes to its fleet by June next year. The airline is going to take this step as part of the plan to expand its fleet and network.

The joint venture company of Tata and Tata’s AirAsia Investment Ltd has currently 32 aircraft in their fleet. Two A320 Neo aircraft have recently been added to the company’s fleet.

An AirAsia India spokesperson said that the airline had signed an agreement last year to include five A320 Neo aircraft in its fleet. The Bengaluru airline took delivery of the first A320 aircraft in October. The second aircraft was found this month.

The spokesman said that in December we will include the third A320 Neo aircraft in our fleet. By June 2021, our fourth and fifth A320 Neo aircraft will be included in the fleet. Some questions were sent to Sunil Bhaskaran, managing director and chief executive officer of the airline. In response to which the airline has said this.

Malaysia’s AirAsia Berhad said on November 17 that it would review its investment in AirAsia India. After this, concern was being raised about the domestic airline. AirAsia India spokesperson said that the airline is on the way of expansion. Airlines are preparing to increase their capacity from 55 percent to 70 percent.

Business

Countries in the world struggling with the side effects of COVID-19! Uber China’s economy, exports rose 9.9% in September

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China’s exporters, especially in the case of masks and medical supplies, hold silver and are also gaining market share of foreign rivals.

China’s economy is now recovering from the effects of the Corona virus epidemic. China’s trade figures in September have been fairly good. According to data released by the Customs Department on Tuesday, China’s exports rose 9.9 percent to $ 239.8 billion in September.

At the same time, in August there was a growth of 9.5 percent in exports. Similarly, imports rose 13.2 percent to $ 202.8 billion in September. China’s imports declined by 2.1 percent in August. The lockdown was imposed in economies around the world due to the Kovid-19 epidemic. But China’s economy has opened up soon after the lockdown, benefiting its exporters.

China’s exporters, especially in the case of masks and medical supplies, hold silver and are also gaining market share of foreign rivals. China’s global trade surplus rose 6.6 percent to $ 37 billion in September compared to a year earlier.
However, this is significantly lower than the August figure of $ 58.9 billion.

China has a long-standing trade dispute with the US. Despite this, China’s exports to the US rose 20.5 percent to $ 44 billion in September. At the same time, imports of US goods grew by 24.5 percent to $ 13.2 billion.

China is the first major economy in the world to reach pre-Kovid-19 growth levels. China grew by 3.2 percent in the second quarter.

Like other countries of the world, the Indian economy has also suffered a major setback due to the Corona crisis. However, after the lockdown, the Indian economy seems to be slowly coming back on track but still Corona cases are increasing rapidly in India, due to which the lockdown has not fully opened. It is also having an impact on the development of the economy. Explain that due to Corona, the country’s GDP had declined by 23.9 percent.

Business

PM Narendra Modi took command of the economy?

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PM Narendra Modi can hold a meeting with the heads of several main banks and non-banking finance companies of the country on Wednesday to take stock of the state of the country’s economy.

In a virtual conference with PM Narendra Modi, several institutions including State Bank of India, Bank of Baroda, Union Bank of India, Punjab National Bank, HDFC Limited, Bajaj Finance, HDFC Bank, ICICI Bank can participate.

According to CNBC-TV18 report, PM Modi can discuss the state of the economy with the heads of banks. According to sources, the Department of Financial Services Secretary, Ministry of Corporate Affairs Secretary can also participate in this meeting.

According to the sources, along with taking stock of the economic situation during this meeting, PM Narendra Modi can discuss the progress of the Self-Reliant India campaign package. The central government had announced the issuance of a loan of Rs 3 lakh crore to the MSME sector under the Self-Reliant India Campaign.

In such a situation, how much loan has been issued under the Rs 3 lakh crore package and what is the situation, PM Narendra Modi will review it.

This meeting of the heads of banks with PM Narendra Modi is going to take place at a time when the country is going through an economic recession due to Corona crisis and there is a decrease in credit growth. In addition, many businesses are badly beset with debt crisis.

According to sources, RBI officials will not be present in the virtual meeting with PM Narendra Modi. Let us know that recently the Reserve Bank of India in its Financial Stability Report had predicted the NPAs of banks to rise from 12.5 to 14.7% by March 2021.

NPAs of banks stood at 8.5% in the last financial year, but now due to the deteriorating condition of companies due to Corona crisis, this may increase.

Significantly, the central government has announced a package of Rs 20.97 lakh crore to revive the economy badly hit by the Corona crisis. Under this, the package has been announced for the poor sector, including the agriculture sector, MSME, and the welfare scheme.

Business

PM Awas Yojana: The completion period of construction is now 114 days! Apply for a subsidy of up to Rs 2.5 lakh on a home loan

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Pradhan Mantri Awas Yojana Home Loan Subsidy: According to the center, since 2016, the pace of construction of houses has been ensured through different measures, resulting in the construction of 1.10 crore houses.

Pradhan Mantri Awas Yojana Home Loan Subsidy: Under the Pradhan Mantri Awas Yojana, the Central Government provides subsidy on home loans to those who want to own their own home. Credit linked subsidy of up to Rs 2.67 lakh is being provided through this scheme. Those belonging to weaker income groups are getting benefit in urban or rural areas. Under this, there is a target to build around 2 crore houses in the country by 31 March 2022. The scheme is applicable till 31 March 2021.

According to the government, the construction period for the houses being constructed under this scheme is now 114 days. The government has issued a press release informing that the time taken to construct the houses is now seeing faster than before.

According to the Center, since 2016, the pace of construction of houses has been increased through different measures, as a result of which construction of 1.10 crore houses has been completed, including the Pradhan Mantri Awas Yojana – Rural (PMAY-G) Under this, houses of 1.46 lakh landless beneficiaries are also included.

Increase in work efficiency, which is also evident in the study of NIPFP. In which, under PM Awas Yojana- Rural, the average period of completion of construction work has been stated as 114 days as against 314 days earlier.

To avail the subsidy under this scheme, an application has to be made by going to the home loan lending institution like Bank, Co-operative Bank etc. In this, the scheme can also be applied through Small Finance Bank, Regional Rural Bank, Housing Finance Company, National Housing Bank and HUDCO. Eligible people can apply by filling the application form here.

Apart from all these, the government can create an AwaasApp for this scheme can also be applied online. With the help of this app, people living in rural areas can login to the app with the help of their smart phones. After logging in, an OTP comes on your registered mobile number, after verifying that you can apply for the scheme through this app.

Business

Huawei founder Reng Zhengfei was in the Chinese army, know why countries like America, Britain are considering danger

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The most questions are being raised about the history of Huawei founder Ren Zhengfei, who was involved in the People’s Liberation Army of China and has also been a member of the Communist Party. Ren Zhengfei joined the Chinese Army in 1974.

China’s tech giant Huawei is facing opposition in many countries including the US, UK and India. Huawei, one of the world’s largest telecom technology companies, is considered a threat to national security by many countries, including the US.

The US has banned the company, besides the UK has decided to exclude Huawei from 5G technology. Not only this, a target has been set to completely exclude Britain by 2027. After all, why is every country so apprehensive about this company and what is its history, let us know…

The most questions are being raised about the history of Huawei founder Ren Zhengfei, who was involved in the People’s Liberation Army of China and has also been a member of the Communist Party. Ren Zhengfei joined the Chinese Army in 1974. Zhengfei, who joined the army as an engineer, was studying college at that time.

This was the period when the Cultural Revolution was taking place in China and the whole country was going through a crisis of food and clothing. Ren once said that there was a lot of chaos in that period and people were worried about clothes and even food.

At that time, Ren was assigned in the army to set up a chemical factory in northeast China, through which textile fiber could be manufactured. This was the plan of the Communist government of China, which said that there should be at least one set of good clothes on every countryman.

Ren explains that he once had the chance to become a lieutenant colonel while serving in the army, but was rejected because of his family’s background. In fact, in the period of revolution in China, his father was declared a supporter of capitalism. Even due to this, he could not get the membership of the Communist Party. However, as an engineer, he had prepared a tool to test the equipment in the chemical factory. After this he got the membership of the Communist Party with the help of a supervisor. When Ren retired from the army, he had the responsibility of deputy director of the Construction Research Institute. This history of Ren Zhengfei still haunts countries around the world.

The company was established after retirement from the army: Ren Zhengfei founded Huawei in 1987 after retiring from the Chinese Army. At that time, China’s telecommunications infrastructure was very weak. During this period, three state-owned companies Great Dragon, Datang and ZTE were set up in China. After this, Huwaway was registered as a private company.

Huawei then worked as a small equipment vendor company, but then the company changed strategy and focused on the villages and towns of China. Rain spent a lot on research and development and devised his own technology, so that he could stand out against the big companies. Gradually, the company’s business expanded from China to 170 countries in the world.

Business

US hit by sanctions on Iran’s metallurgical sector

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The United States today, June 25, blacklisted four metallurgical, aluminum and copper smelters operating in the Iranian metallurgical sector, as well as trading agents of Iran’s largest steel producer.

According to the American side, all legal entities and individuals subject to sanctions “bring tens of millions of dollars of profit to the metallurgical industry” of the Islamic Republic, reports Reuters.

The U.S. Treasury Department said on Thursday that it imposed sanctions on Tara Steel Trading GmbH, a German subsidiary of Mobarakeh Steel Co, three merchants from the United Arab Emirates and Iran’s Metil Steel.

According to the American financial department, sales agents “received tens of millions of dollars annually from the sale of Mobarakeh Steel Company products abroad, providing a significant contribution to the billions of dollars generated by the Iranian metallurgical, aluminum and smelting sectors as a whole.”

Mobarakeh Steel Co is the largest producer of sheet metal in the Middle East and North Africa, accounting for 1% of Iran’s gross domestic product, the US Treasury said.

Sanctions freeze any U.S. assets owned by blacklisted companies and prohibit U.S. entities and individuals from having any relationship with them.

“The Iranian regime continues to use profits from metal producers and foreign sales agents to finance destabilizing behavior around the world,” the US Treasury said.

As EADaily reported, Iran rejected on May 21 new US sanctions against several officials and companies of the Islamic Republic, saying that they are a sign of complete inefficiency of Washington’s previous restrictive measures against Tehran. “Washington’s barren and repeated sanctions against Iranian officials are a sign of weakness, despair, and confusion of the US administration,” Iranian Foreign Ministry spokesman Abbas Mousavi told state television.

The United States last month imposed financial sanctions and visa restrictions on 12 Iranian individuals and legal entities. The sanctions included the current Iranian Interior Minister, Abdolreza Rahmani Fazli.

The US government considers him directly involved in the “bloody suppression” of popular protests in Iran in the fall of 2019, which “killed many protesters, including at least 23 minors.” The head of the Ministry of Internal Affairs of the Islamic Republic and his immediate family are prohibited from entering the United States.

Business

India-China: AIIB-Asian Infrastructure Investment Bank of China will give loan of 5700 crores to India

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There is big news amidst the ongoing tension in China-India. The Beijing-backed AIIB-Asian Infrastructure Investment Bank has approved a loan of $ 750 million (about Rs 5700 crore) for India.

The border dispute between India and China (India-China Rift) has taken a serious form. On Monday night, Chinese soldiers in Galvan Valley carried out a savage attack on Indian soldiers.

According to a senior government official who was informed about the information given by the Indian soldiers undergoing treatment after this attack, Chinese soldiers attacked them with barbed wire iron rods. In this attack, 16 Bihar Regiment soldiers were killed.

Why China’s bank gave loan? – AIIB said on Wednesday that it has approved a loan to help the weaker sections in the fight against coronavirus in India. The project, co-financed by the Asian Development Bank, aims to provide financial assistance to businesses, strengthen social security networks, and improve healthcare.

Earlier in May, AIIB approved a $ 500 million loan to help combat the Corona epidemic in India. Both these loans are part of the AIIB’s $ 10 billion funding facility that AIIB has announced to give to the public and private sector to fight the Corona epidemic.

Let us know that there has been a record increase in deaths due to corona virus in India. During the last 24 hours, more than 2000 people have died due to Covid-19.

Maharashtra and Delhi have the largest share in this. Actually, these deaths from corona virus were not recorded earlier. Corona virus infection cases have increased to 3.50 lakh in the country.

During the last 24 hours, 10,914 new cases have been reported. On 13 June, the number of infected in the country was 3 lakh. For the past week, more than 10,000 new cases are coming to the country every day.

Business

Germany appreciates new US sanctions against Nord Stream 2

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New US sanctions on Nord Stream 2, if adopted, will interfere with EU sovereignty and energy security. This was announced at Uniper, one of Gazprom’s five European partners for Nord Stream 2, Prime reports.

A spokesman for the company said Uniper is closely following American moves with respect to Nord Stream 2. According to him, the adoption of the bill on new sanctions proposed by Senator Ted Cruz would be “a clear step towards escalation and further significant interference in EU sovereignty and its energy security.”

“Uniper does not support countermeasures – in general, Uniper rejects sanctions as an instrument of trade policy,” the company emphasized.

As Rambler reported, on June 4, a group of US senators led by Republican Ted Cruz introduced a bill to the US Senate to expand sanctions on the Nord Stream 2 gas pipeline. Sanctions are aimed at blocking the construction of the gas pipeline. In the Bundestag, in response to U.S. actions, they suggested thinking through a response to a possible expansion of sanctions.

Business

Ukrainian authorities gathered to ban electricity imports from Russia and Belarus

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The Ukrainian government introduced a bill to the Verkhovna Rada, according to which until December 31, 2021, electricity imports from Belarus and Russia would be banned.

The government proposes to abandon the import of electricity carried out under contracts valid until December 31, 2021, reports TASS.

“To temporarily suspend the import of electricity from states that are not members of the Energy Community, in order to stabilize the situation on the electricity market, ensure stable operation of the energy system of Ukraine, and create equal fair conditions in the electricity markets,” the explanatory note said.

After December 31, 2021, it follows from the bill that the amount of electricity imported from non-member states of the Energy Community will be available for sale exclusively on the day-ahead market (selection of price bids from suppliers and buyers a day before the actual supply of electricity) and on a balancing market (real-time trading).

Now the restrictions apply to Russia, whose resource is available for sale only on the day-ahead market. Import from Belarus is possible both on the day-ahead market and on the intraday market. In April, the Ukrainian authorities decided to limit the commercial import of electricity from countries that are not members of the Energy Treaty for the period of the pandemic.

Electricity supplies from Russia to Ukraine in the first quarter of 2020 fell 5.4 times to 53.4 million kWh, from Belarus 2.8 times to 149.6 million kWh. For March, deliveries from Russia and Belarus accounted for 2% of all imports.

Meanwhile, in May it was reported that for the population of Ukraine from October 1, electricity tariffs are going to increase by more than one and a half times.

Business

India Economy News: AP Cabinet approves state budget

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Amidst corona expansion and other special circumstances, the Legislative Budget Sessions will begin shortly. The state cabinet met on Tuesday morning at the secretariat chaired by chief minister Y. S. Jaganmohan Reddy and approved the budget.

The government expects to end its budget meetings, which are usually held for at least two weeks, within two days. A final decision will be taken this morning at the Legislative Affairs Advisory Committee (BAC) meeting. Governor Biswabhushan Harichandan will speak online from Raj Bhavan.

Finance Minister Buggana Rajendranath Reddy will introduce the budget in the Legislative Assembly for one hour. Agriculture Minister Kannababu will present the Agriculture Budget. Leader of the House and Deputy Chief Minister Pilli Subhash Chandra Bose will introduce the budget.

The Agriculture Budget will be introduced by the Minister of Livestock and Fisheries Mopidevi Venkataramana. The government intends to complete the process in both houses by 2.45 pm.

Business

Foreign relations of India: Forex reserves of the country exceeded $ 500 billion for the first time

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The country’s (foreign capital reserves) forex reserves have crossed $ 500 billion for the first time. According to data released on Friday by the Reserve Bank of India (RBI), the country’s forex reserves rose by $ 8.22 billion to reach $ 501.70 billion in the week ended June 5. The huge increase in foreign exchange reserves (FCA) played a major role in the uptick of forex reserves.

The forex reserves had increased by $ 3.44 billion to $ 493.48 billion for the week ended 29 May. The country’s foreign exchange reserves increased by $ 8.42 billion to $ 463.63 billion in the week ended June 5.

Forex reserves hold the largest share in the forex reserves. Foreign exchange reserves are simply expressed in dollars. But the euro, pound, and yen are also included in the currency reserves and their price fluctuations also affect the foreign exchange reserves

The value of gold reserves during this period decreased by $ 329 million to $ 32.352 billion. India’s special withdrawal rights in the International Monetary Fund (IMF) rose $ 10 million to $ 1.44 billion during this period. Also, India’s reserve position in the IMF also increased by $ 120 million to $ 4.28 billion.