The Neuz

New York Times faces accusations of biased reporting from India’s Modi administration

The New York Times faces Indian government backlash for criticisms of Hindutva policies in J&K. In an opinion piece in NYT, executive editor Anuradha Bhasin accused PM Modi's administration of stifling press freedom. Federal minister for information and broadcasting, Anurag Thakur, retaliated, labeling the piece "mischievous and fictitious" and accusing foreign media of spreading lies about India and its PM. The articles provoked heated reactions from the Indian government, which has clashed with the US outlet since Modi came to power in 2014.

German Energy Chief Warns of Possible Gas Shortage Next Winter

Germany's gas storage facilities are currently 64% full, and the country has managed to avoid energy shortages this winter, but there is a risk of a gas shortage next winter, Klaus Mueller, the head of Germany's Federal Network Agency, warns. He said that risk factors include a very cold winter in 2023/24, households and companies saving too little, and the LNG terminals not working as planned. Furthermore, he pointed out the absence of Russia’s energy supplies, which made it possible for the country to fill up storage tanks in preparation for the heating season last year, as another risk factor.

Business 20-Mar-2023 Klaus Mueller Cold Weather Gas Storage Facilities Heating Season Energy Crisis

Poland continues to import Russian vegetables despite EU sanctions

Poland has been importing Russian vegetables despite the EU sanctions against Russia, according to reports by Berliner Zeitung. Dozens of trucks carrying Russian tomatoes and cucumbers are arriving at the wholesale market in the Polish town of Bronisze, where they are being sold at prices well below EU-produced vegetables. Polish farmers have been struggling to meet the increased energy costs to power their greenhouses, which have led to a hike in food prices. The annual inflation in Poland has also reached 18.4%, with food prices and energy costs rising at the fastest pace.

Business 20-Mar-2023 Energy Costs Shoplifting Food Prices Sanctions Vegetable Imports Russia Poland European Union

Russia surpasses Qatar and Australia to become China's largest gas supplier

China's customs agency data shows that Russia has become the country's largest supplier of natural gas, surpassing Turkmenistan, Qatar, and Australia. In January, the total supply of Russian gas was 2.7 billion cubic meters, delivered via the Power of Siberia pipeline and liquefied natural gas (LNG) shipments. China's total gas imports in January rose by 1% YoY to 11.3 bcm, largely driven by increased LNG imports, which grew for the first time in 13 months by 7% YoY. Moscow and Beijing also signed an agreement for additional natural gas supplies to China via the Far Eastern Route.

Business 20-Mar-2023 Beijing LNG imports China Moscow Russia

Trump could face arrest as early as Tuesday over hush money payments

Former US President Donald Trump claims that he could face indictment by the Manhattan District Attorney for alleged hush money payments as early as Tuesday. District Attorney Alvin Bragg has not commented on Trump's claims, but the possibility of Trump's arrest raises questions about the process he would be subject to during his arrest and trial, including whether any extraordinary measures would be taken given his unique status. The investigation centers around cash paid to pornographic film star Stormy Daniels before Trump's election win, with Trump facing charges for falsifying business records and violating campaign finance laws.

Politics 20-Mar-2023 Stormy Daniels Manhattan District Attorney Donald Trump

Macron's use of constitutional provision to push pension reform prompts political crisis

Emmanuel Macron's government faces two confidence votes on Monday over his unpopular pension reform that increases the minimum retirement age from 62 to 64, angering citizens across the country. Macron's decision to push the reform through using a constitutional provision has already ignited tensions, leading to protests and garbage collectors' strikes. Although the no-confidence motions are unlikely to pass, they indicate the difficulties ahead for Macron in working with the National Assembly. The opposition still has other options, such as requesting a constitutional court review or a public referendum, to derail the reform.

Politics 20-Mar-2023 no-confidence motion Elisabeth Borne pension reform Emmanuel Macron

China's Xi Jinping to visit Russia; emphasizes move towards multipolar world

Chinese President Xi Jinping has written an article in Rossiyskaya Gazeta, ahead of his visit to Moscow, highlighting the ten-year relationship between China and Russia, saying that relations have improved and a transition to a multipolar world liberated from US domination will not be stopped. The article emphasized the necessity for peace, development and win-win cooperation and called for increased investment, stronger policy coordination and increased economic cooperation between the two nations. Xi also spoke of the “legitimate security concerns of all countries” and called for dialogue and consultation in pursuit of a broad path toward a world of lasting peace and common security.

Politics 20-Mar-2023 international relations economic cooperation multipolar world Moscow Russia China Xi Jinping

Indian rupee edges closer to becoming an international currency as RBI approves accounts in 18 countries

India's central bank, RBI, has granted approval for opening 60 special rupee vostro accounts in 18 countries, including Russia, Sri Lanka, and the UK, to facilitate international trade in Indian rupees. The move is part of India's efforts to boost exports and promote the use of the Indian rupee as an international currency amid a growing trend of de-dollarization in global trade.

Finance 20-Mar-2023 Dollars International Currency Indian ? RBI

Credit Suisse sold to UBS for $3.2 billion in emergency rescue deal

UBS has agreed to buy its rival Credit Suisse for CHF 3 billion ($3.2 billion), with Swiss regulators playing a key part in the deal to protect the global banking system from contagion. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares they hold. The Swiss National Bank has pledged a loan of up to CHF 100 billion ($108 billion) to support the takeover. The combined bank will have $5 trillion of invested assets. Credit Suisse had already been battling a string of losses and scandals, with the bank's balance sheet twice the size of Lehman Brothers' when it collapsed.

Finance 20-Mar-2023 Jerome Powell Janet Yellen Colm Kelleher Karin Keller-Sutter Ulrich Koerner Mergers Financial Stability Swiss economy Swiss National Bank Credit Suisse UBS

Study warns 200 US banks at risk of implosion

A new study warns 186 American banks are at risk of a run, similar to that of Silicon Valley Bank. Recent interest rate hikes have decreased the value of US Treasuries, leading to deposit outflows causing bank insolvency. Moody's downgraded the outlook for the US banking system due to the "rapidly deteriorating operating environment."

Finance 19-Mar-2023 Silicon Valley Bank SVB Banking Crisis Bank Runs Signature Bank

Credit Suisse's shares plunge to all-time low

Credit Suisse's share price dropped to an all-time low, prompting a liquidity lifeline of up to $54 billion from the Swiss National Bank - the first such intervention since the 2008 Global Financial Crisis. Chronic investment banking underperformance, scandals, and risk management failures plagued the bank for years. Credit Suisse is undergoing a major overhaul, with CEO Ulrich Koerner taking over in July 2021, and former Lloyds Banking Group CEO Antonio Horta-Osorio brought in to clean up the bank's culture. However, Horta-Osorio resigned in January 2022 after violating Covid-19 quarantine rules.

Finance 19-Mar-2023 Greensill Capital Archegos Capital Share Price liquidity Swiss National Bank Credit Suisse

Women and Men in urban India turn to self-employment, says NSO report

According to a report released by the National Statistical Office, the share of salaried persons in urban India dipped due to the pandemic. The recovery was faster for men at 46.2% than for women at 50.3%. Despite falling from pre-pandemic levels, the services sector continued to provide the bulk of employment opportunities to women in urban areas, especially in real estate, finance, legal, administration, and social work. The report showed that men continued to dominate the trade, hotel & restaurant, manufacturing, and other non-farm sectors in urban areas.111

Finance 19-Mar-2023 non-farm sectors agriculture services sector salaried jobs NSO urban India Pandemic self-employment

Banking Crisis: Buffett Advises Biden’s Team, Possible Investment in Reg. Banks

Warren Buffett has reportedly been in talks with officials in President Joe Biden’s administration regarding a possible investment in the US regional banking sector amidst the ongoing crisis. The billionaire investor has a history of aiding banks in crisis and has given advice and guidance on the matter. The talks have centered around finding ways to stem the crisis without resorting to direct bailouts from taxpayers. Representatives for Berkshire Hathaway and the White House have yet to comment.

Finance 19-Mar-2023 Bailouts Investment Banking Crisis US Regional Banks Biden Administration Warren Buffett

India and UAE central banks to pilot cross-border CBDC transactions

The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed an MoU to enhance cooperation and innovation in financial products and services, including exploring interoperability between their respective central bank digital currencies. The two central banks will collaborate on various areas of Fintech and jointly conduct pilot programmes on CBDCs, with the aim to facilitate cross-border transactions of remittances and trade and increase the efficiency of cross-border transactions between India and the UAE. The agreement also includes technical collaboration and knowledge sharing on fintech-related matters.

Finance 17-Mar-2023 RBI CBUAE MoU CBDC Digital currencies Interoperability Economic ties