EU proposal at WTO may delay progress on patent waiver
The European Union has submitted a draft declaration at the World Trade Organisation (WTO), "ignoring" the objectives of intellectual property (IP) waiver jointly sought by India and South Africa on Covid-19 drugs and vaccines.
States' borrowing costs rise as yields touch 7%: Report
Notwithstanding the Rs 10,000-crore liquidity infusion through the G-Sap route by the RBI last week and fewer states tapping the bond markets, their cost of borrowing has been heading north, as the coupon hit the highest level since mid-March at 7 per cent.
Crude output slips 6.3% in May, gas production jumps
India's crude oil output fell 6.3 per cent in May after state-owned ONGC produced nearly a tenth less due to cyclone 'Tauktae', government data showed on Tuesday. Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year, according to the latest data released by Ministry of Petroleum and Natural Gas.
Wealth of India's super-rich slips 4.4% in 2020: Report
In spite of Mukesh Ambani, Gautam Adani, the Poonawallas and many other Indians seeing a jump in their net worth in the pandemic-hit 2020, overall wealth of the country's super-rich dipped 4.4 per cent to $12.83 trillion in the year due to the rupee's fall, and so did their tally, says a report.
FM meets Infosys officials, reviews tech glitches on new I-T e-filing portal
Finance minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with minister of state for finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra went point by point on the issues facing the new portal with officials of Infosys.
UAE: Stimulus packages of Dh395b to support economic recovery
Business|Government|: Abu Dhabi: The total economic stimulus packages and initiatives provided by the federal and local governments since the beginning of the COVID-19 pandemic has reached Dh395 billion to date, thanks to the unlimited support by the wise leadership, Humaid Al Muhairi, official spokesperson of the Ministry of Economy, said. "The Cabinet adopted a general economic recovery plan in August 2020 to support economic sectors and activate business activities under the supervision of the Ministry of Economy,” Al Muhairi, said during the weekly media briefing on Tuesday. Through the three-phase plan, including 33 initiatives, UAE aimed to mitigate the effects of the pandemic on the private sector, ensure business continuity, maintain the competitiveness of the national economy and accelerate the transition towards a more flexible, developed and sustainable model of economic work, he said. It also aims to create new opportunities and encourage investment in future sectors. “We have achieved 80 per cent of the first phase, 25 per cent of the second one, and work is underway to achieve 100 per cent of the plan by the end of this year,” Al Muhairi said. He said that the UAE was ranked first in the Arab world in the COVID Economic Recovery Index Ranking issued by the Horizon Research Group, thanks to the country’s wise leadership. Meanwhile, the National Emergency Crisis and Disaster Management Authority urged all community members to take the COVID-19 vaccine as soon as possible to support the health sector’s efforts for a safe return to normality.