India says Oct ’20 trade deficit falls on sharply lower oil imports

India trade deficit last month came in at $8.78 billion against $11.76 billion in October last year, an improvement by 25.34%, as merchandise imports fell, the government said in a statement. It said merchandise exports in October 2020 were $24.82 billion against $26.23 billion in the same month last year, a fall of 5.4%. Exports […]

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China set to ban imports of several Australian goods as trade war worsens

World’s second-largest economy China has sharpened its attack on leading trading partner Australia — a phenomenon that appears in line with its harsh trade stance against those countries that have criticised its handling of the Covid-19 pandemic outbreak as well as its strong-arm military tactics. China banned imported timber from Australia’s Queensland and barley shipments […]

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Global trade drops 5% in third quarter of 2020 : UNCTAD

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Global trade recorded a 5% drop in the third quarter of this year compared with the same period last year, according to an UNCTAD report. This marks an improvement on the 19% year-on-year plunge recorded in the second quarter, and the frail recovery is expected to continue in the fourth quarter, with a preliminary forecast […]

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Recently-launched IEX records 13.2% growth in electricity sales in September 2020 quarter

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Indian Energy Exchange (IEX) said it has recorded a 13.2 per cent rise in electricity sales to 16,486 million units (MU) in the September quarter, as power demand accelerated and returned to pre-COVID levels. The second quarter witnessed a sharp recovery in industrial activities and electricity consumption, owing to easing of the lockdown restrictions across […]

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World’s largest container shipping firm Maersk to layoff 2,000 employees amid improving outlook

Maersk, the world’s biggest container shipping line, said it was making about 2,000 employees redundant globally even while announcing that a recovery was underway. The company said in a statement that it expects  to take a restructuring charge of $100 million in the third quarter of this year. “Trading conditions for the quarters ahead remain subject […]

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India’s central bank leaves lending rates unchanged; expects farm-led economic recovery

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India’s central bank left the benchmark lending rate unchanged and vowed to maintain its accommodative monetary policy to facilitate the economy’s recovery in wake of the covid pandemic. The Reserve Bank of India (RBI) maintained the repo rate at 4% and the reverse repo rate at 3.35%. At the same time, the bank announced a raft […]

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