US Urges India to Lift Ban on Non-Basmati Rice Exports at World Trade Organisation Meet

Brief by Shorts91 Newsdesk / 10:58am on 29 Sep 2023,Friday Business

The United States has asked India at the WTO to immediately lift its export ban on non-basmati rice, calling it an unnecessary trade barrier. At the WTO agriculture committee meeting, India argued the ban was a regulation crucial for the food security of 1.4 billion people. India said it exempts countries in need upon government requests. Citing India's record estimated production, the US stated that with ample domestic supply, the export prohibition created unwanted barriers. India accounting for 40% of global rice exports stressed the temporary regulatory measures are regularly reviewed and are vital to ensure its own food security.

Read More at The Hindu

Uttarakhand's Real Estate Market Holds Great Promise: CM Pushkar Singh in London at Global Investors Summit

Brief by Shorts91 Newsdesk / 10:10am on 27 Sep 2023,Wednesday Business

Speaking at the Uttarakhand Global Investors Summit in London, Chief Minister Pushkar Singh Dhami said there is immense potential in the state's real estate market. He stated that the Uttarakhand government is working on building two new cities in the state. Dhami highlighted that Uttarakhand has made its mark in technology and innovation, and Britain's experience in these fields will benefit the state. He added that Uttarakhand has developed as the pharmaceutical hub of India, with 22% of the country's pharma output. Dhami also noted India's strong economic ties with Britain, stating that Britain is the sixth largest investor in India, with over 600 commercial units and 4.75 lakh direct jobs. He invited British investment in sectors like education, retail, healthcare and infrastructure.

Read More at ANI News

Canadian Lentil Exports to India Decline Amid Diplomatic Tensions Over NIjjar's Killing

Brief by Shorts91 Newsdesk / 07:27am on 27 Sep 2023,Wednesday Business

Canadian lentil sales to India have slowed following Canadian Prime Minister Justin Trudeau's allegations of Indian involvement in an assassination on Canadian soil. Canada is a significant supplier of lentils to India, and reduced purchases could impact Canadian farmers' prices while potentially inflating India's domestic food prices. Industry concerns have arisen about potential trade restrictions due to tensions between the two nations. However, India has not instructed importers to halt purchases. Despite high lentil prices in India, offers for Canadian supplies dropped 6% after Trudeau's comments. Indian buyers are now turning to Australia as an alternative source.

Read More at NDTV

Mukesh Ambani’s Children Will Get No Salary, Only Fee for Attending Board Meetings

Brief by Shorts91 Newsdesk / 04:08pm on 26 Sep 2023,Tuesday Business

Billionaire Mukesh Ambani's three children will receive no salary as directors on Reliance Industries' board, only fees for attending meetings. Twins Akash and Isha Ambani and brother Anant will be paid a fee to attend board and committee meetings, plus profit-related commission. In contrast, Ambani himself has drawn no salary from Reliance since 2020-21. Other executive directors receive full compensation packages. The terms match those under which Ambani's wife Nita joined the Reliance board in 2014, earning meeting fees and a small commission. The move suggests Ambani aims to keep family compensation restrained amid his company's massive expansion.

Read More at Telegraph India

UAE Becomes 4th Nation to Get Indian Rice After July Export Ban

Brief by Shorts91 Newsdesk / 01:13pm on 26 Sep 2023,Tuesday Business

India has approved the export of 75,000 tonnes of non-basmati rice to the United Arab Emirates, marking the 4th shipment allowed since India banned rice exports in July to control domestic inflation. Earlier, India permitted rice exports to Singapore, Bhutan and Mauritius after requests from those nations citing food security needs. The government stated that as a country mindful of global food security, India will continue supplying rice to friendly nations for domestic use only. Besides white rice, India has also exported broken rice to several African countries despite prohibiting overseas sales. The export ban in July came amid global supply worries after Russia's withdrawal from a Black Sea grain deal.

Read More at Hindustan Times

Mukesh Ambani and Family Seek Blessings at Mumbai's Siddhivinayak Temple

Brief by Shorts91 Newsdesk / 05:21pm on 25 Sep 2023,Monday Business

Industrialist Mukesh Ambani and his family visited Mumbai's Siddhivinayak Temple on Sunday to seek blessings from Lord Ganesha. He was accompanied by his wife Nita Ambani, children Isha and Anant, and grandchildren. Recently, the Ambanis hosted a Ganesh Chaturthi celebration at their residence Antilia, attended by Bollywood, sports, business, and political figures. Ganesh Chaturthi, marking Ganesha as the remover of obstacles, started on August 31. It is hugely celebrated in Maharashtra with thousands converging in temples. For the 10-day festival, people bring Ganesha idols home, fast, prepare feasts, and visit pandals. The Ambanis partook in the festivities by seeking blessings at Siddhivinayak Temple.  

Read More at Shorts91

World Hindu Economic Forum Meets in London; Urges Global Hindu Business Collaboration

Brief by Shorts91 Newsdesk / 03:22pm on 24 Sep 2023,Sunday Business

The UK chapter of the World Hindu Economic Forum (WHEF) held its quarterly meeting on September 21 at the Anoopam Mission Swami Narayan Temple in London. Over 100 Hindu business leaders and community members gathered to network and discuss the global Hindu community. Key speaker Swami Vigyananand emphasized the need for Hindu business unity and leadership worldwide. The event promoted November's World Hindu Congress 2023 in Bangkok. It reflects a growing organisation among global Hindu entrepreneurs looking to leverage their collective influence. WHEF aims to foster collaboration and amplify the voice of the over 830,000 Hindu-owned businesses world.

Read More at Shorts91

SBI Launches Digital NRI Account Opening via YONO App

Brief by Shorts91 Newsdesk / 02:19pm on 18 Sep 2023,Monday Business

The State Bank of India has introduced a revolutionary digital service to open NRE and NRO savings and current accounts for NRIs. Leveraging technology, SBI's YONO platform now enables a streamlined, hassle-free account opening process for new NRI customers. A key feature is real-time tracking of application status. This addresses a long-standing demand of NRIs for simplified banking services in India. By digitizing account opening and management, SBI aims to provide a seamless one-stop solution catering to all NRI requirements. The move underscores SBI's commitment to harnessing technology to improve customer experience.

Read More at Times of India

iPhone-Maker Foxconn Plans Major India Hiring Spree, Aims to Reduce Dependence on China

Brief by Shorts91 Newsdesk / 05:41am on 18 Sep 2023,Monday Business

Foxconn, Apple's largest supplier, is set to double its workforce in India. Foxconn India head V Lee announced the plans in a LinkedIn post wishing PM Modi on his birthday. Foxconn already employs 40,000 at its Tamil Nadu plant and seeks to rapidly expand manufacturing capacity in India amid worsening geopolitics. The move aligns with Foxconn's aim to reduce over-reliance on China. Lee stated Foxconn will work harder to present an even greater employment boost and investment next year. Reports last year suggested Foxconn planned to add 53,000 workers in India over two years. Recently, Foxconn announced $600 million investments in Karnataka focused on iPhone casing and chip equipment. The announcement highlights India's potential as Foxconn diversifies from China.

Read More at Business Today

"Big Day for UK Steel," Says Sunak as £1.25 Billion Port Talbot Investment Unveiled

Brief by Shorts91 Newsdesk / 08:31am on 16 Sep 2023,Saturday Business

The UK government has announced a £1.25 billion investment package with Tata Steel to modernize the Port Talbot steelworks in Wales. The deal includes a £500 million government grant and will fund new electric arc furnace technology at the site, the largest steelworks in Wales. Prime Minister Rishi Sunak described the investment as a pivotal moment for British steelmaking. The project is expected to cut carbon emissions by 1.5% while safeguarding skilled jobs and driving economic growth. UK officials praised the collaborative initiative between government and industry for helping secure a sustainable future for steel production while fostering green industry and preserving employment.

Read More at Hindustan Times

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