Source: Reuters The text seen by Reuters on Monday covers proposals that would constitute a 14th package of sanctions against Russia over its 2022 invasion of Ukraine now being debated by EU members before it enters force. According to the proposals presented to EU envoys on Friday, the package will seek to limit Russia’s revenues from liquefied natural gas sales by prohibiting the use of EU facilities to trans-ship Russian LNG to third countries. The proposals also include a ban on the use of EU ports and locks for vessels that contribute to Russia’s war effort. This could include the transpo ..read more

Source: The Indian Express Once the expansion is complete, a million direct and indirect jobs will be created in the next 10 years. With the construction of the port at Nhava Sheva in 1989, areas such as Panvel and Navi Mumbai, developed rapidly. Wagh said around 10 lakh jobs will likely be created in the service sector, including about 5 lakh jobs during the construction phase. He added that although its being projected that conceptualising the expansion of the port and its construction will take 10 years, efforts will be made to complete the project at the earliest. Wagh said the expansion p ..read more

Source: The Indian Express The commerce ministry’s arm DGFT is already working with the RBI and concerned ministries, including the finance ministry, on several steps to promote exports through e-commerce medium as huge export opportunities are there in the sector. The exercise assumes significance as ministries have been asked to prepare a 100-day plan for the new government. The seven-phase Lok Sabha polls, the world’s biggest election exercise, kicked off on April 19 with the counting of votes set to take place on June 4. The official said that these hubs can help further promote exports th ..read more

Source: Fibre2Fashion This is as per a press note issued by the Mongla Port Authority (MPA) recently even if this surge in activity reflects the port’s growing significance in the country’s economic landscape. The MPA credited government initiatives aimed at augmenting the port’s capacity and navigational capabilities for this achievement. Among the notable vessels that anchored at Mongla Port were the Liberian-flagged Maersk Hai Phong, Singaporean-flagged Kota Tenaga, MV Kota Rancak, MV Maersk Villa D Vostok, MV Maersk Queen, MV Maersk Chattagram, and MV Maersk Dhaka. The Maersk Hai Phong rep ..read more

Source: The Indian Express Citing inadequate infrastructural facilities at Beypore port, the Lakshadweep administration has decided not to reinstate vessel services from the port. Earlier, there was a discreet attempt by the Lakshadweep administration to divert freight transit from Beypore and Kochi ports to Mangaluru port, a decision that faced opposition from Kerala. Traders’ associations in Kozhikode allege that the neglect of Beypore port stems from the Lakshadweep administration’s vested interests. “Beypore was the preferred choice for many residents of the islands due to its proximity an ..read more

Source: The Business Line India Navy is already playing a proactive role in the Indian Ocean Region to keep the maritime domain safe from pirates and other attacks from Iran-backed Houthis. Keel laying ceremony of the first NGOPV was held at the GSL in Goa on Friday. It was presided by Indian Navy’s Vice Admiral B Siva Kumar, Controller Warship Production & Acquisition, in the presence of BK Upadhyay, Chairman & Managing Director of the GSL, and other senior officials from both the organisations, a Navy spokesperson stated. Missions The NGOPVs will be utilised for performing missions s ..read more

Source: The Kathmandu Post In its notification issued on Saturday, the Directorate General of Foreign Trade of India said that the export policy for onions is amended from “prohibited” to “free”, subject to the set minimum export price with immediate effect and until further orders. With the floor price, Nepali traders say onion may cost more than Rs100 per kg, adding the transport costs and the value-added tax (VAT), the additional levy the Nepal government charges on imported vegetables, said Mohan Baniya, president of the Potato-Onion Import-Export and Wholesaler Association. Currently, oni ..read more

Source: The Economic Times An Indian delegation led by Commerce Secretary Sunil Barthwal had “very constructive and productive discussions” on various trade and prospective investment-related issues with the Australian delegation led by Deputy Secretary George Mina from the Department of Foreign Affairs and Trade (DFAT) in Canberra as well as the businesses in Sydney and Melbourne for deepening the existing economic relations between the two democracies, taking advantage of the trade complementarities and expertise and unexplored potential both economies have, a Commerce and Industry Ministry ..read more

DP World, a leading global provider of smart end-to-end supply chain solutions, has commenced warehousing operations in Loutulim, Goa. Located 31 km from the Mormugaon Port, 23 km from the Dabolim airport and 25 km from Panjim city, the Grade A warehouse is compliant with all safety standards and provides seamless connectivity to the Goa-Bangalore-Pune highway. The facility is fully compliant for the storage and handling of chemicals and healthcare cargo. With three operating docks and 2620 pallet positions, the 27,512 sq. ft. facility is fully equipped to handle and store chemical products. T ..read more

Source: Times of India The new norms require lenders to set aside 5% of the money they have lent as general provisions for all existing and new loans. Currently, banks have to provide only 0.4% of the loan amount for exposures that are not in default. This move could impact profits of banks with significant exposure to such projects. The norms come at a time when asset quality has substantially improved in project lending, partly because most of the funding has been done in projects where govt was a counterparty. Bankers added that the new norms require 1% provision even after project completi ..read more