NewsBizkoot.com

Tag: FInance News

  • India and US strengthen space partnership, focus on human spaceflight and joint exploration

    Officials from India and the United States have charted next steps in space collaboration, including human spaceflight, joint space exploration and a commitment to facilitating commercial partnerships between space companies to advance the shared interests in the growing space economy, the White House said on Wednesday, December 18.

    Officials from India and US discussed the scope of collaboration during a meeting recently. Photo courtesy: x.com/AmbVMKwatra
    Officials from India and US discussed the scope of collaboration during a meeting recently. Photo courtesy: x.com/AmbVMKwatra

    A meeting in this regard was held in Houston on December 17. The participants in the meeting were US Principal Deputy National Security Advisor Jon Finer, Deputy Secretary of State Kurt Campbell and Indian Ambassador to the United States Vinay Kwatra.

    “Following President (Joe) Biden and Prime Minister (Narendra) Modi’s June 2023 commitment to work together to ‘reach new frontiers across all sectors of space cooperation’ and India’s signing of the Artemis Accords, our two nations reached an inflection point on collaboration across civil, security and commercial space sectors,” the White House said in a fact-sheet.

    “This includes human spaceflight, joint space exploration and a commitment to facilitating commercial partnerships between US and Indian space companies to advance our shared interests in the growing space economy,” it said.

    As part of their visit to Houston, Finer and Campbell met with representatives from the National Aeronautics and Space Administration (NASA), Indian Space Research Organisation (ISRO) and space industry leaders to identify new opportunities to further strengthen the two countries’ burgeoning space partnership.

    They also reflected on the accomplishments of the past few months and charted next steps to take the India-US partnership to the next level, including selecting two ISRO astronauts to train at the NASA’s Johnson Space Centre for the first-ever joint effort between American and Indian astronauts at the International Space Station, with Axiom Space serving as the provider of the mission. The launch of the Axiom-4 mission as soon as spring 2025 will mark a significant milestone in the US-India space partnership and space exploration.

    They agreed to exploring the creation of a new space innovation bridge to promote partnerships between US and Indian startups focused on advancing space situational awareness, satellite technology and space launch and exploration.

    The two sides agreed to promote defence space cooperation through the US-India Advanced Domains Defence Dialogue, India’s participation in US Space Command’s annual Global Sentinel exercise and a recently-launched space situational awareness joint challenge under the India-US Defence Acceleration Ecosystem (INDUS-X).

    The officials agreed to advance reviews of missile technology exports to generate new opportunities for bilateral industry partnerships on space-launch technology, including for commercial satellite launches. They also celebrated the completion of a Strategic Framework for Human Spaceflight Cooperation to deepen interoperability in space and working toward the conclusion of a new arrangement on advanced astronaut training.

    The officials also met with two ISRO astronauts who are training at the NASA’s Johnson Space Centre in preparation to join a proposed mission — the International Space Station — in 2025.

    They also discussed plans to launch a jointly developed NASA-ISRO Synthetic Aperture Radar Earth Science (NISAR) satellite in 2025. The officials met with representatives from the space industry private sector to explore innovative ways for the US and Indian commercial space sectors to strengthen collaboration, a key priority under the initiative on Critical and Emerging Technologies (iCET), the State Department said in a separate media release.

  • Global demand for coal to breach records in 2024, shows latest IEA report

    Data shows global coal demand has touched record high figures in 2024.
    Global coal demand touch record high in 2024. Photo Courtesy: Unsplash

    Global demand for coal use is set to touch record-high figures in 2024, as per data released by the International Energy Agency on Wednesday.

    After reaching a new high in 2024, global demand for coal is set to level off in the coming years as a surge in renewable power helps to meet soaring demand for electricity around the world, according to an IEA report out today.

    Coal 2024 – the new edition of the IEA’s annual coal market report, which analyses the latest trends and updates medium-term forecasts – shows that global coal use has rebounded strongly after plummeting at the height of the pandemic. 

    According to reports, 8.77 billion tonnes of coal was forecasted to be in use in 2024, which is a record. 

    The demand, as per the report, is set to stay close to this level through 2027 as renewable energy sources play a greater role in generating power and coal consumption levels off in China.

    China’s global coal market

    The electricity sector in China is particularly important to global coal markets, with one out of every three tonnes of coal consumed worldwide burned at a power plant in the country. 

    In 2024, China continued to diversify its power sector, advance the construction of nuclear plants and accelerate its huge expansion of solar PV and wind capacity. 

    This should help limit increases in coal consumption through 2027, according to the report, though it also highlights a number of key uncertainties in its analysis.

    Electricity use in a number of countries, including China, is growing at a strong pace due to a combination of factors, including the electrification of services like transport and heating, rising demand for cooling, and increasing consumption from emerging sectors such as data centres. 

    Additionally, weather patterns could drive fluctuations in coal consumption in the short term.

    According to the report, coal demand in China, by 2027, could be up to 140 million tonnes higher or lower than forecast due to weather-related variability in renewable generation.

    “The rapid deployment of clean energy technologies is reshaping the global electricity sector, which accounts for two-thirds of the world’s coal use. As a result, our models show global demand for coal plateauing through 2027 even as electricity consumption rises sharply,” said IEA Director of Energy Markets and Security Keisuke Sadamori. “However, weather factors – particularly in China, the world’s largest coal consumer – will have a major impact on short-term trends for coal demand. The speed at which electricity demand grows will also be very important over the medium term.”

    In most advanced economies, coal demand has already peaked and is expected to keep decreasing through 2027. The pace of decline will continue to depend on the enactment of strong policies, such as those implemented in the European Union, and the availability of alternative power sources, including cheap natural gas in the United States and Canada.

    Emerging economies

    Meanwhile, demand for coal is still increasing in some emerging economies where electricity demand is rising sharply along with economic and population growth, such as India, Indonesia and Viet Nam. 

    In emerging economies, growth is mainly driven by coal demand from the power sector, although industrial use is also going up.

    Coal prices today remain 50 percent higher than the average seen between 2017 and 2019. Coal production reached an all-time high in 2024, though growth is expected to flatten through 2027 as structural changes take hold.

    International trade of coal by volume is also set to reach a record in 2024 of 1.55 billion tonnes. However, looking ahead, global trade volumes are set to shrink, with thermal coal seeing the biggest decline. 

    According to the report, Asia remains the centre of international coal trade, with all of the largest importing countries in the region, including China, India, Japan, Korea and Viet Nam, while the largest exporters include Indonesia and Australia.

  • US government relaxes H-1B visa rules, Indians likely to benefit from it

    US government relaxes H-1B visa rules
    Joe Biden-led outgoing US government relaxes H-1B visa rules. Photo Courtesy: Pixabay

    The Department of Homeland Security (DHS) announced a final rule that will significantly enhance US companies’ ability to fill job vacancies in critical fields, a measure that is believed to be helpful for thousands of Indians.

    The new rule

    The new rule modernises the H-1B program by streamlining the approvals process, increasing its flexibility to better allow employers to retain talented workers, and improving the integrity and oversight of the program, as per a statement released by the US Department of Homeland Security (DHS).

    The rule builds on previous efforts by the Administration to ensure the labour needs of American businesses are met while reducing undue burdens on employers and adhering to all US worker protections under the law.

    “American businesses rely on the H-1B visa program for the recruitment of highly-skilled talent, benefitting communities across the country,” said Secretary of Homeland Security Alejandro N. Mayorkas.

    “These improvements to the program provide employers with greater flexibility to hire global talent, boost our economic competitiveness, and allow highly skilled workers to continue to advance American innovation,” said Mayorkas.

    USCIS Director Ur M. Jaddou said: “The H-1B program was created by Congress in 1990, and there’s no question it needed to be modernized to support our nation’s growing economy.”

    “The changes made in today’s final rule will ensure that US employers can hire the highly skilled workers they need to grow and innovate while enhancing the integrity of the program,” Jaddou said.

    Why H-1B nonimmigrant visa is important?

    H-1B nonimmigrant visa program allows US employers to temporarily employ foreign workers in speciality occupations, defined by statute as occupations that require highly specialised knowledge and a bachelor’s or higher degree in the specific specialty, or its equivalent.

    What is the aim of the new rule?  

    The final rule aims to provide greater flexibility for employers and workers by modernising the definition and criteria for speciality occupation positions as well as for nonprofit and governmental research organisations that are exempt from the annual statutory limit on H-1B visas.

    These changes will help US employers hire the employees they need to meet their business needs and remain competitive in the global marketplace.

    F-1 visa  

    The rule also extends certain flexibilities for students on an F-1 visa seeking to change their status to H-1B to avoid disruptions in lawful status and employment authorisation for those F-1 students.

    To improve program efficiency, the final rule will allow USCIS to more quickly process applications for most individuals who had previously been approved for an H1B visa.

    It will also allow H1B beneficiaries with a controlling interest in the petitioning organisation to be eligible for H-1B status subject to reasonable conditions.

    “Finally, the rule strengthens program integrity by codifying USCIS’ authority to conduct inspections and impose penalties for failure to comply; requiring that the employer must establish that it has a bona fide position in a speciality occupation available for the worker as of the requested start date; clarifies that the Labor Condition Application must support and properly correspond with the H-1B petition; and requires that the petitioner have a legal presence and be subject to legal processes in court in the United States,” the statement said.

    In order to implement this rule, a new edition of Form I-129, Petition for a Nonimmigrant Worker, will be required for all petitions beginning January 17, 2025, which is the rule’s effective date.

  • Russia detains Uzbek national over killing of senior general Igor Kirillov

    Uzbek man detained over killing of senior Russian general Igor Kirillov in Moscow
    Uzbek man detained over killing of senior Russian general Igor Kirillov.Photo Courtesy: Wikimedia Commons

    Russian authorities have detained a 29-year-old man over the killing of senior general Igor Kirillov and his assistant in Moscow, media reports said.

    Kirillov and his assistant died after an explosive device, which was planted in an electronic scooter that was parked outside his apartment, went off.

    Kirillov was reportedly present outside the apartment when the blast occurred.

    As per a Sputnik news agency report, the detained person was recruited by the Ukrainian special services.

    “As a result of operational and investigative activities conducted jointly with the Russian Ministry of Internal Affairs and the Russian Investigative Committee, the Russian Federal Security Service has identified and detained a citizen of Uzbekistan, born in 1995, who detonated a homemade explosive device near a residential building on Ryazanskiy Prospekt in Moscow, which resulted in the death of … Lieutenant General Igor Kirillov, born in 1970, and his assistant, Major I.V. Polikarpov, born in 1983,” the  Russia’s Federal Security Service said in a statement as quoted by Sputnik.

    Ukraine’s security service had already claimed it was behind the killing, a source told the BBC

    Kirillov is one of the senior-most Russian military officials who was assassinated in Moscow since the conflict with Ukraine began in 2022.

    A source in Ukraine’s SBU security service told BBC that Kirillov was “a legitimate target” and alleged he had carried out war crimes.

    Fighting has been going on since Russia launched a full-scale invasion in 2022.

  • Implementation of strict ‘hijab’ law halted in Iran amid widespread condemnation

    Iran halts implementation of hijab law amid severe condemnation across the nation
    Protesters gather in Stockholm, Sweden, after the death of 22-year-old Mahsa Amini in the custody of Iran’s so-called morality police.Photo Courtesy:  Unsplash/Artin Bakhan/UN website

    Iran has held back imposing the “hijab and chastity law”, which proposes stricter penalties for girls and women who do not fully cover their hair, forearms, or lower legs, including fines, and imprisonment of up to 15 years.

    Iran’s National Security Council has decided to halt the contentious law after severe opposition even as it was supposed to come into effect last Friday.

    With the law receiving worldwide and domestic backlash, President Masoud Pezeshkian said the legislation was “ambiguous and in need of reform”, whereas Amnesty International, a human rights organisation said the Iranian authorities were “seeking to entrench the already suffocating system of repression”.

    Pezeshkian voiced his disapproval of the country’s mistreatment of women regarding hijabs earlier this year during his presidential campaign.

    “Just as they could not forcibly remove hijabs from women’s heads in the past, they cannot now force it onto them. We have no right to impose our will on our women and daughters”, he said.

    According to the BBC, more than 300 Iranian rights activists, writers and journalists publicly condemned the new hijab law last week, calling it “illegitimate and unenforceable” and urged Pezeshkian to honour his campaign promises.

    Mahsa Amini’s death triggered hijab protests

    The death of Mahsa “Zhina” Amini in police custody triggered widespread protest across Iran.

    The 22-year-old Kurdish woman died in the police custody after she was detained for allegedly violating the dress code in 2022.

    Challenging the government’s authority, several Iranian women have since then removed their hijab in public.

    Recently, Iranian singer Parastoo Ahmadi was arrested after she performed in a virtual concert on YouTube without wearing a hijab.

  • UN health agency sounds alarm against avian flu as 108 countries across five continents report cases

    UN health agency alerts avian flu as 108 countries across five continents report cases
    Stopping avian flu in its tracks is only possible if poultry producers understand how to prevent its introduction and spread, working with animal health experts and authorities (file photo). Photo Courtesy:  FAO/Mohamed Moussa

    Avian influenza has caused the deaths of more than 300 million birds worldwide and the virus “is increasingly crossing species barriers”, UN health officers warned.

    In an update on the mutating virus — H5N1 — Dr. Madhur Dhingra from the Food and Agriculture Organization (FAO), said that it had “spilled over into wildlife”.

    More than 500 bird species have been infected along with at least 70 mammalian species, including the endangered California condor and polar bears.

    In regions that are heavily reliant on poultry as a primary source of protein, the FAO medic insisted that avian influenza “poses a serious threat to food and nutrition security”.

    Economic damage

    Dr Dhingra warned that hundreds of millions of people’s livelihoods have been affected by the virus — an economic burden on farmers that could prevent them from investing in adequate biosafety measures.

    Following the emergence of the H5N1 influenza virus in dairy cattle, the WHO has joined calls for strengthened surveillance and biosecurity on farms, to keep animals and people safe.

    The UN health agency said that in 2024, 76 people have been infected with the H5 avian influenza strain, and most were farm workers. More than 60 cases originated in the US, which has also reported outbreaks of H5 in wildlife and poultry and, more recently, in dairy cattle.

    There have also been cases reported in Australia, Canada, China, Cambodia and Vietnam.

    Low risk to humans – for now

    Dr. Maria Van Kerkhove, the Director of Epidemic and Pandemic Threat Management for the WHO, said that based on the latest science, “we assess the risk of infection for the public — you and I — is currently low”.

    But if you work on a farm, she cautioned — and are exposed to infected animals — “we assess the current public health risk to be low-to-moderate,” depending on the level of personal protection taken.

    There is no evidence so far that the H5N1 viruses have adapted to spread between people and there have been no reported cases of human-to-human transmission.

    No room for complacency

    “We must remember, however, that this can change quickly,” the UN pandemic expert said, adding, “as the virus is evolving and we must be prepared for such a scenario”.

    Every case that occurs in humans must therefore be investigated thoroughly.

    Dr. Van Kerkhove also stressed the importance of drinking pasteurized milk – and if that’s not available, of heating milk before consumption.

    “We want to reiterate the critical importance of using a One Health approach across sectors — globally, nationally, and sub-nationally —  to tackle avian influenza effectively, to minimize the risk in animals and humans,” she concluded.  

  • Singapore First Aid Training Centre signs MoU with Eduquest for enhanced workplace safety in F&B sector

    Food in Singapore
    Food in Singapore means an abundance of diversity; it also means that F&B workers need better food safety education. Representative photo courtesy: Instagram/piggweee

    Workplace safety — or the lack of it — is generally associated in people’s minds with sectors where heavy machinery is used, but other sectors, such as the Food & Beverages (F&B) sector, are also in equal need of enhanced workplace safety.

    With this goal, the Singapore First Aid Training Centre has recently signed a Memorandum of Understanding with Eduquest International Institute, in order to advance food safety education.

    The Singapore First Aid Training Centre trains and certifies people in administering first-aid in various emergencies, from tending to injuries to giving chest compressions. Its courses also include giving first-aid to infants. So far, the Centre has trained about half a million people.

    Eduquest International Institute is a training provider registered under the Singapore Government initiative SkillsFuture Singapore. Its four training verticals are: Food Safety, Culinary Arts and Baking, Digital Skills, Core Skills.

    This expertise in food safety training forms the basis of the MoU between the Singapore First Aid Training Centre and Eduquest.

    Eduquest MoU 1
    Left to right: Cierra Yet; Rasheed Doad, Director, SFATC; Idris Malim Sultan Malim, CEO, Eduquest; Nazreen MY. Photo courtesy: Eduquest

    SkillsFuture Adviser Peen Wei Ling, who was instrumental in developing the idea of this collaboration, said, “I’ve observed that food and beverage workers frequently suffer from cuts, lacerations, and puncture wounds as part of their daily tasks. Additionally, while packing food at the hawker centres, I’ve seen many ‘aunties’ and ‘uncles’ continue to manage their stalls, handling hot food despite their injuries, to support their families.”

    In a media release, Eduquest said: “The [MoU] initiative sets a benchmark for public-private partnerships, addressing public training needs with innovative solutions. With Eduquest’s excellence in food safety education and SFATC’s reputation in first aid training, the collaboration seeks to build safer workplaces and resilient communities.”

    When organisations work together, leveraging each other’s strengths, we can achieve remarkable outcomes that resonate across industries and communities.

    Idris Malim, Eduquest Director and CEO

    Eduquest MoU 2
    Left to right: Idris Malim Sultan Malim, CEO, Eduquest; Rasheed Doad, Director, SFATC; Mohamed Rabeek Ravathur, MD, Eduquest. Photo courtesy: Eduquest

    At Singapore First Aid Training Centre, we train approximately 30,000 learners each year, but we know there is always more to be done. By collaborating with Eduquest, we are integrating first-aid as a new dimension in F&B training, equipping learners with life-saving skills and fostering a proactive approach to safety.

    Rasheed Doad, SFATC Director and Founder

    Eduquest MoU 3
    Left to right: Tanushri Ghosh; Lakshmy Iyer; Cierra Yet; Priya Subramanian; Julian O’Hara; Arikah Sim; Edwin Leong; Rasheed Doad; Mohamed Rabeek Ravathur; Idris Malim Sultan Malim, Wei Ling Peen; Merytantri Kasem; Nazreen MY; Allan Lee. Photo courtesy: Eduquest

    The media release said that “this [new] partnership strengthens Eduquest’s ongoing commitment” to SkillsFuture Singapore, with Wei Ling “playing a pivotal role in providing sectoral insights to learners at Eduquest between July and October 2024”.

    It added: “This collaboration has impacted 3,852 learners, supported by 751 corporate partners. These efforts reflect a shared vision to enhance readiness, resilience, and reputation within the Food Services and Safety sector and beyond.”

    SkillsFuture Singapore is a national programme that promotes lifelong learning and high-quality training for the people of Singapore, helping them remain competitive in the changing landscape of employment.

  • 11 Indians among 12 dead in Georgian restaurant due to suspected carbon monoxide poisoning 

    11 Indians die in a Georgian restaurant.
    11 Indians die in a Georgian restaurant. Photo Courtesy: Unsplash

    At least 11 Indian nationals died in a restaurant in Georgia due to suspected carbon monoxide gas poisoning, media reports said.

    Apart from 11 Indian nationals, one Georgian person died in the incident, confirmed the country’s Ministry of Internal Affairs in a statement released on December 14.

    The restaurant is located in Gudauri ski resort.

    “In the resting area on the second floor of the Indian restaurant located in Gudauri, the bodies of 12 people employed in the same facility were found,” read a statement issued by the Ministry.

    “At the initial inspection, no signs of body injuries or signs of violence were detected,” it said.

    Georgian authorities are currently investigating the incident.

    The Indian Embassy in Georgia condoled the loss of lives in the incident.

    The Embassy said in a statement: “The Embassy of India in Tbilisi is saddened to learn of the unfortunate passing of eleven Indian nationals in Gudauri, Georgia, and extends its deepest condolences to their families.”

    The Embassy said it is working with local authorities to facilitate the prompt repatriation of the mortal remains to India. 

    What is carbon monoxide poisoning?

    As per Mayo Clinic website, carbon monoxide poisoning occurs when carbon monoxide builds up in the blood.

    When too much carbon monoxide is in the air, the body replaces the oxygen in the red blood cells with carbon monoxide. This can lead to serious tissue damage, or even death, Mayo Clinic website said.

  • Sharib Hashmi, Anupriya Goenka’s mystery thriller ‘Khoj – Parchaiyon Ke Uss Paar’ to release in December

    ZEE5 Global has announced its upcoming thriller series, ‘Khoj – Parchaiyon Ke Uss Paar’, a mind-bending journey that will have the viewer questioning everything they thought they knew. Produced by Juggernaut and directed by Prabal Baruah, its stars Sharib Hashmi, Anupriya Goenka, and Aamir Dalvi in pivotal roles.

    The official poster of Khoj featuring all three lead actors. Photo courtesy: Collected
    The official poster of Khoj featuring all three lead actors. Photo courtesy: Collected

    ‘Khoj – Parchaiyon Ke Uss Paar’ is a complex tale of mystery, identity, and the search for truth, as Ved embarks on a desperate mission to uncover the reality of his wife, Meera, and the unsettling events that follow. It premieres on ZEE5 Global on December 27th.

    Plot

    The story follows Ved, a man caught in a labyrinth of confusion after his wife, Meera, goes missing under mysterious circumstances. As Ved embarks on a desperate search to find the truth, he’s confronted by strange occurrences, cryptic clues, and a police officer who doesn’t seem to believe him.

    With each revelation, the lines between reality and illusion blur, and Ved begins to question his own sanity. Who is Meera really? And what dark secrets are lurking just beneath the surface?

    Star speak

    Sharib Hashmi expressed his excitement about being part of Khoj. “I am thrilled to be a part of this project as this is my first web series as a lead. I got so happy and emotional watching the trailer myself as I am in almost every frame, so that for me is a first,” he said.

    “As someone who loves watching psychological thrillers, I can confidently say that this show is an engaging watch which is sure to keep the viewers on the edge of the seat. And with the show releasing on ZEE5 Global on December 27th, I insist that the viewers end the year on a high with this suspenseful mind thriller,” the actor added.

    Anupriya Goenka said, “We’re filled with anticipation for the premiere of Khoj on ZEE5 Global, which truly deserves all the love and recognition it’s sure to receive. For those captivated by the trailer, let me assure you, it’s just a glimpse of the thrill that awaits. The entire cast, including myself, has poured immense passion, effort, and heart into this project. With its gripping twists, suspense, and intrigue, Khoj promises to keep audiences thoroughly engaged and on the edge of their seats.”

    Director Prabal Baruah said, “I’m beyond excited to bring Khoj to life with the support of incredible actors like Sharib Hashmi and Anupriya Goenka, who were an absolute delight to work with. We’re hopeful that the audience will love the twists and suspense we’ve crafted as it is sure to keep them guessing till the end.

    “Now that the trailer is out and the show is ready to premiere on December 27th, I just hope that viewers support our hardwork by watching Khoj on ZEE5 Global,” Baruah added.

  • SLINEX 2024: India, Sri Lanka to participate in naval exercise on Tuesday

    India, Sri Lanka to participate in joint naval exercise
    India, Sri Lanka to participate in joint naval exercise today. Photo Courtesy: PIB

    India and Sri Lankan navies will participate in the bilateral naval exercise SLINEX 2024 from Tuesday in Visakhapatnam under the aegis of the Eastern Naval Command.

    The exercise will take place from December 17 to December 20.

    “The exercise will be held in two phases – the Harbour Phase from 17 to 18 December and the Sea Phase from 19 to 20 December,” read a government statement.

    Initiated in 2005, SLINEX is a significant series of bilateral naval exercises that have strengthened maritime cooperation between India and Sri Lanka over the years.

    The inaugural ceremony of the exercise is scheduled on 17 December, marking the beginning of the Harbour Phase.

    During this phase, participants will engage in professional and social exchanges to strengthen mutual understanding.

    The Sea Phase, commencing on 19 December, will feature joint exercises, including Special Forces operations, gun firings, communication drills, seamanship practices, navigation evolutions, and helicopter operations.

    Over the years, SLINEX has expanded in scope, enabling both navies to enhance interoperability and share best practices.

    The 2024 edition aims to further reinforce the strong maritime ties between India and Sri Lanka while promoting a safe, secure, and rules-based maritime environment.

    The exercise is taking place at a time when Sri Lankan President Anura Kumara Dissanayake visited India and met PM Narendra Modi.