Day: May 5, 2023

India, Russia suspend negotiations to settle trade in rupees

Santosh

India started exploring a rupee settlement mechanism with Russia soon after the invasion of Ukraine last year, but there has been no reported deal done in rupees. India and Russia have suspended efforts to settle bilateral trade in rupees after months of negotiations failed to convince Moscow to keep rupees in its reserves. With a high trade gap in favour of Russia, Moscow believes it will end up with an annual rupee surplus of over $40 billion if such a mechanism is worked out. The rupee is not fully convertible.…

Apple iPhone sales inch up, strengthening results amid shaky economy: CEO Sees India at “Tipping Point”

Santosh

Apple Inc’s results beat expectations, showing off the tech giant’s resilience in a slowing global economy.  Shares of the largest U.S. company by market value rose 2% after Apple exceeded Wall Street’s expectations for revenue and profit for the April 1 quarter.  iPhone sales were up 1.5% to $51.3 billion, besting expectations for a 3.3% drop even as consumers and businesses tightened up spending due to rising inflation.  Apple Inc chief Tim Cook singled out India as pivotal for the iPhone maker, underscoring how the world’s most populous country is…

SpiceJet To Borrow Rs 400 Cr from Emergency Fund to Revive 25 Grounded Planes

Santosh

SpiceJet would draw funds from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) to bring 25 of its grounded aircraft back into service.  The announcement came a day after ‘Go First’ filed for insolvency proceedings with the National Company Law Tribunal (NCLT).  Go First filed for insolvency, marking the first major airline collapse in India since Jet Airways filed for bankruptcy in 2019.  In February, SpiceJet had said it will consider options to raise fresh capital by issuing securities to qualified institutional buyers amid a string of quarterly losses and…

No option other than physical elimination of Zelenskyy: Kremlin

Santosh

After the drone attack on the Kremlin residence of the Russian President, Moscow is left with no option other than the physical elimination of the Ukrainian President – the deputy chairman of Russia’s Security Council said.  Earlier, Russia alleged that it was a “terrorist attack” while claiming it shot down drones over the residence of Putin.  The Kremlin also noted that the Russian side reserves the right to take reciprocal measures as it sees fit reported the leading media.  May 9 dubbed “Victory Day” by Russia marks the victory of…

Go First cancels flights till May 9: will make full refunds to the passengers

Santosh

Wadia Group-led airline Go First, informed that it has extended the flight cancellation till May 9 due to “operational reasons”.  Go First said that A full refund will be issued to the original mode of payment shortly.  India’s aviation regulator Directorate General of Civil Aviation (DGCA) has issued directions to the carrier to process refunds to passengers as per the timeline mentioned in the regulations.  The airline’s website says “We regret that we cannot reschedule/transfer your ticket to any other airline. Thank you for your understanding.”  Civil Aviation Minister assured…

Zelenskyy is visiting ICC which has issued arrest warrant against Putin

Santosh

The Ukrainian president is at the International Criminal Court (ICC) in The Hague. He is expected to deliver a speech titled “No Peace Without Justice for Ukraine.”  The ICC has issued an arrest warrant for Vladimir Putin, and it’s causing problems for his attendance at an annual summit.  Any countries under the ICC’s jurisdiction are obliged to hand over Putin if he sets foot on their territory.    The Russian president is due to attend the 15th BRICS summit in South Africa, which is under ICC jurisdiction.  Experts have argued that…

DRDO scientist in touch with “Pakistan Intelligence Operative” arrested

Santosh

A scientist working in the Defence Research and Development Organisation (DRDO) in Pune has been arrested by the Maharashtra Anti-Terrorism Squad (ATS) on spying charges.  The DRDO scientist was allegedly in touch with an agent of a “Pakistan Intelligence Operative” through WhatsApp and video calls.  Officials said that despite holding a responsible position, the DRDO official has misused his post by providing confidential information to a Pakistani agent.  It was a case of honeytrap, the official added.  The ATS police station at Kalachowki Mumbai, has filed a case under Section…