Oil prices climb on supply and demand fundamentals

Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

Brent crude rose $1.61, or 1.4 percent, to $115.74 a barrel by 0825 GMT. US West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.29, or 2.1 percent, to $111.85.

The more-active WTI contract for August was up $2.48 at $110.47 a barrel.

UBS analyst Giovanni Staunovo said that despite concerns over economic growth, latest data on flight activity and mobility on US roads continues to show solid oil demand.

Read More : https://english.alarabiya.net/business/energy/2022/06/21/Oil-prices-climb-on-supply-and-demand-fundamentals

Rajeev Jhawar, the saviour of Usha Martin in its tough times

Rajeev Jhawar, the son of Brij Kishore Jhawar, is an Indian industrialist with over three decades of experience in strategic management. He is an alumnus of Ranchi University and London Business School. He started his journey as Sr. Vice President (Commercial) and became the Managing Director of Usha Martin Limited in 1998. He has been the Managing Director at Usha Martin Limited since May 19, 2008, and in the three decades that he has been at the helm of the Usha Martin Group, he has accelerated growth, built a meritocracy and enhanced stakeholder value. Usha Martin started its business as a wire rope manufacturing company. The group has set new standards in the manufacture of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. The company is also in the business activities of Steel, Wire & Wire Ropes.

Rajeev Jhawar is the Director of Neutral Publishing House Ltd. He graduated from London Business School and completed Management Development Course at the University of Pennsylvania. Rajeev Jhawar has been Vice Chairman of Usha Martin Education & Solutions Limited since September 2010. His leadership qualities, sharp business acumen, in-depth understanding of business administration and strategic decision making has taken the Group to an altogether higher growth trajectory.

Rajeev Jhawar has been an Independent Non-Executive Director of Orient Cement Limited since August 09, 2014. He serves as an Executive Director of Usha Martin Limited. He serves as Director of Usha Martin International Ltd., Usha Siam Steel Industries Public Company Ltd., Thailand, Brunton Wolf Wire Ropes FZCO, Dubai, Usha Breco Ltd, Usha Breco Realty Ltd, KGVK Rural Enterprises Ltd, KGVK Social Enterprises Ltd, Redtech Networks India (P) Ltd, PARS Consultancy & Services Pvt. Ltd. And Jhawar Venture Management Pvt. Ltd. He has been a Non-Executive Director at Usha Martin Education & Solutions Limited since March 4, 2000. He has been Director of Usha Breco Limited since March 30, 2010. He is also on the boards of various corporates including Orient Cement Limited (part of CK Birla group companies) and Neutral Publishing House Limited which has a leading regional newspaper under the flagship title ‘Prabhat Khabar’ published in the Indian cities of Patna, Dhanbad, Ranchi, Jamshedpur & Kolkata.

 

Post covid market analysis by Rajeev Jhawar

Rajeev Jhawar Usha Martin shares his observation about the industry post covid. After the coronavirus, the industry witnessed a pandemic and subsequent lockdown disrupted overall economic activity. The Indian steel industry struggled to keep pace with the sharp fall in steel demand.  Adverse market conditions forced steelmakers to cut their operations by up to 50% by the end of 2019-20 and early 2020-21. Further, he also makes his views on the various stimulus measure taken by the government to enhance the growth of the economy.

Rajeev Jhawar, managing director, UML, said the various measures announced by the central government to stimulate the economy are likely to bear fruit after the monsoon. While the pandemic has not yet been eradicated, the growth is likely to occur as all the industries had learnt to live together with the pandemic. Rajeev said while the demand for wire rope in the international market was very modest, domestic demand in various sectors was very low due to the lockdown in the wake of the Covid-19 pandemic. Rajeev Jhawar says that their plant is currently operating at 50-55% of the installed capacity.  However, export demand is good and we are supported by the depreciation of the rupee, he said. The company expects capacity to increase by the second half of this financial year once the covid situation is brought under control and domestic demand picks up.

 

Usha martin in wire rope manufacturing

The company’s global R&D Centre in Italy is actively engaged in the design of wire ropes and uses property design software to develop products. The company also has a comprehensive R&D facility in its manufacturing unit at Ranchi. “Product innovation that meets the customers’ needs is a continuous process for us. We are a major supplier of several OEMs,” explains Devadip Bhowmik, director, sales & marketing, UML. The market leader in India in wire ropes, Usha Martin can produce a wide range – from 4.8 mm to 130 mm in diameter – of wire ropes. “Our USP is diverse quality products that cater to large customers,” adds Bhowmik. “It is the concept of a ‘super market’, where one can pick up everything under one roof.”

Describing the advantages of the overseas operations, Rajeev Jhawar affirms that these operations provide a significant synergy and support to the overall business performance. It also helps us to spread the offerings across the globe. The Covid pandemic had adversely impacted UML’s demand but the international market is expected to open up, though slowly. Rajeev Jhawar thinks that in the next five years, the segment will see good demand.

Mr. Rajeev Jhawar has also cautioned all to remain agile and responsive to the changing market needs and focus on increasing market share in high contributory products. Rajeev is bullish about the segment and expects oil & gas, ports and shipping to be the growth drivers. On a consolidated basis, 35-40 per cent of Usha Martin’s revenue is from exports to Europe, South East Asia, the US and the Scandinavian countries.

Rajeev Jhawar Usha Martin

“Usha Martin has been supplying us with wire ropes for heavy-duty cranes for ports over decades now,” says Harinder Singh, business head, coal import terminal, Adani Ports & SEZ. Performance-wise, UML’s products are on par with the imported ropes. But though the quality is good, there is a need to improve the services, says Rajeev Jhawar Usha Martin enjoys strong brand recall in the segment.  Usha Martin is now in the process of strengthening its projects and services under the new leadership. The adopted HR policy of the company identifies future leaders. The HR processes find high-potential performers. UML nurture them internally through training and development, as part of a succession planning process, so that future leaders can be developed within the organization. This is what Rajeev Jhawar feels. Usha Martin has a workforce of 2,300. The average age group of the company’s management is below 50.

Israel building US-led ‘Middle East air defense alliance:’ Defense minister

Israel is building a “Middle East Air Defense Alliance” under the leadership of the United States, Israeli Defense Minister Benny Gantz said on Monday, adding that the apparatus has already foiled attempted Iranian attacks.

The remarks, which appeared in an official transcript of a briefing Gantz gave parliament’s Foreign Affairs and Defense Committee, did not name any other partners in the alliance.

Google co-founder and world's sixth-richest person Sergey Brin files for divorce

Sergey Brin, co-founder of Google and the world’s sixth-richest person with a net worth of $94 billion, has filed for divorce, making him the third multibillionaire in three years to end his marriage.

Mr Brin, 48, filed a petition for dissolution of his marriage to Nicole Shanahan earlier this month, citing “irreconcilable differences”, Bloomberg reported, quoting court documents.

The couple, who married in 2018 and have a daughter, requested that the divorce documents be sealed by the court for privacy reasons.

“Because of the high-profile nature of their relationship, there is likely to be significant public interest in their dissolution case and any potential child custody issues,” according to the filing in Santa Clara, California.

Mr Brin is the latest billionaire to face the prospect of an expensive divorce, joining Amazon founder Jeff Bezos, who ended his marriage with MacKenzie Scott in April 2019, and Bill Gates, who split with Melinda French last year.

READ MORE : https://www.thenationalnews.com/business/money/2022/06/20/google-co-founder-and-worlds-sixth-richest-person-sergey-brin-files-for-divorce/

Ronaldo, Fernandes and more in our Manchester United quiz for 2022

Another season and more disappointment for Manchester United fans and supporters. United finished sixth in the Premier League with a goals difference of zero and a lowest points total since 1990.

The Erik Ten Hag era has officially started at Old Trafford and the hope is that the 2022-23 season will result in a change in fortunes.

Despite their troubles, United have already sold out season tickets for the next campaign. A number of players have moved out or are on their way towards the exit, with some big names expected to arrive in Manchester over the coming weeks.

So, how well did you follow United over the previous season? Check out our quiz below to find out.

EasyJet slashes timetable at Gatwick

Travellers hoping for a smooth summer getaway from the UK suffered another blow today, when easyJet announced it is “proactively” cancelling flights at Gatwick.

The airline has cancelled dozens of daily flights at the West Sussex airport in recent weeks, including some when passengers were already on the plane.

EasyJet said it expects to be able to rebook “the majority” of passengers on to other departures, with “many being on the same day”.

It said it wants to “build additional resilience” as the aviation sector across Europe is having “operational issues”.

These include air traffic control delays, staff shortages in ground handling and at airports, and increased waits for identity checks on new recruits.

Meanwhile, Heathrow Airport asked airlines to reduce their schedules on Monday while it tries to get its services back on track after a baggage system malfunction lead to a sea of luggage at terminals at the weekend, with passengers forced to leave without their cases.

Read More : https://www.thenationalnews.com/world/uk-news/2022/06/20/easyjet-slashes-timetable-at-gatwick/

Lebanon detects first case of monkeypox

Lebanon announced on Monday its first case of monkeypox, the state news agency NNA reported, quoting the health ministry.

The patient had come from abroad and is currently quarantining at home, NNA quoted a ministry statement as saying.

Read More : https://english.alarabiya.net/News/middle-east/2022/06/20/Lebanon-detects-first-case-of-monkeypox-Report

Complete your CUET exam in less time – Practise now with CUET Mock

The CUET exam is for admission to all undergraduate programs at Central Universities for the academic year. The CUET is a single exam that will allow candidates to apply for courses and to be considered for admission to multiple Central Universities. CUET Mock helps aspiring candidates to prepare accurately and confidently with the CUET Mock Test Series.

CUET is one of the top examinations that is conducted in India. Cracking the examination like CUET is never easy, the candidate needs utmost preparation. By using the CUET Mock Test the candidates can prepare well for the examination. These mock tests have various benefits which help to get a good score in the examination.

There are two types assessment tests at CUET Mock. They are CUET Mock Tests and CUET All India Tests. CUET Mock Tests sharpen your problem-solving skills and approach. This will also help you build the right exam temperament. All India Tests allow you to compare your preparation among lakhs of students. You will feel the same scenario as in real exam. Mock Tests offered by CUET Mock boost problem solving efficiency and help you complete your test in less time.

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Attempt CUET mock test 2022 at CUET Mock to experience a real-time exam situation. You can access the website of CUET Mock at cuetmock.com.

Militants kill Indian police official in disputed Kashmir

Militants in India’s Kashmir shot dead a police official near his home, the latest victim of killings that target government officials, teachers and civilians in the disputed region, local officials said on Saturday.

“Body of Farooq Ahmad Mir, a senior police official was found in paddy fields near his home in Pampore town,” said a senior police official in Sringar, the summer capital of Jammu & Kashmir state.

No militant group has claimed responsibility for the latest killing. At least 17 people have been killed by militants in Kashmir this year.

India and Pakistan rule different parts of the divided Himalayan Kashmir region.

India accuses Pakistan of backing the militants, but Pakistan denies this, saying that it only offers political support to fellow Muslims it believes are being suppressed by Indian security forces.

READ MORE : https://english.alarabiya.net/News/world/2022/06/18/Militants-kill-Indian-police-official-in-disputed-Kashmir

Iranian engineer’s death at military site due to ‘industrial sabotage’: Agency

The death of an Iranian Defense Ministry engineer in May 2021 was the result of “industrial sabotage” at a military site in Parchin near the capital Tehran, an Iranian Revolutionary Guards commander was quoted on Monday as saying.

In his comments to the semi-official Entekhab news agency, the commander, Hassani Ahangar, did not say who was believed to be behind the sabotage.

“The martyr from the Ministry of Defense was himself not the target but was affected by an act of industrial sabotage. We must prevent such threats with artificial intelligence methods,” Ahangar was quoted by the agency as saying.

“Engineer Ehsan Ghadbeigi was martyred and one of his colleagues was injured in an accident that took place in one of the Ministry of Defense’s research units at the Parchin area on May 25 [2021],” Entekhab added.

READ MORE : https://english.alarabiya.net/News/middle-east/2022/06/20/Iranian-engineer-s-death-at-military-site-due-to-industrial-sabotage-Agency

Massive oil refining capacity idle in China amid soaring prices

As gasoline prices soar and the US considers invoking Cold War-era laws to boost production, there’s a massive pool of oil refining capacity on the other side of the Pacific Ocean that’s sitting idle.

Around a third of Chinese fuel-processing capacity is currently out of action as Asia’s largest economy struggles to put the coronavirus behind it. If tapped, the extra supply of diesel and gasoline could go a long way to cooling red-hot global fuel markets, but there’s little chance of that happening.

That’s because China’s refining sector is set up mainly to serve its mammoth domestic market. The government controls how much fuel can be sent abroad via a quota system that also applies to privately owned companies. And while Beijing has allowed more shipments at times over the years, it doesn’t want to become a major oil-product exporter as that would run counter to its goal of gradually de-carbonizing the economy.

“China’s absence in the export market is keenly felt in the broader regional, and even global market,” said Jane Xie, a senior oil analyst at data and analytics firm Kpler. There’s been a massive expansion in refining capacity in the country over the last three to five years, but that’s no longer translating into increased oil-product exports, she said.

READ MORE : https://english.alarabiya.net/business/energy/2022/06/20/Massive-oil-refining-capacity-idle-in-China-amid-soaring-prices

Strong quake hits eastern Taiwan: US Geological Survey

A 6.0-magnitude earthquake struck Monday in Taiwan’s east, 38 kilometres south of Hualien city, the US Geological Survey said.

There were no immediate reports of damage or injuries.

The quake had an estimated depth of 10 kilometres, according to USGS, and struck at 9.05am local time (0105 GMT).

An AFP reporter in Taipei felt shaking, and local media said the quake was felt across the island.

The Taipei Metro stopped briefly when it hit, according to one passenger, before continuing at reduced speed for several stops.

A second smaller tremor hit about half an hour later, according to Taiwan’s Central Weather Bureau.

Read More : https://www.khaleejtimes.com/asia/strong-quake-hits-eastern-taiwan-us-geological-survey

You have to create Process, Discipline and Risk-Reward as an Investor - Shyam Maheshwari

In a fireside chat, Shyam Maheshwari SSG, Chief Executive Officer, SSG Capital Management Limited; Haseeb Malik, Senior Managing Director, Ward Partners Inc., discusses the risks and rewards associated with investing in stressful assets and how they create opportunities.

Shyam Maheshwari enunciates about the recent developments around stressed assets resolution. They are a $4.5 billion platform today. India has happened to be a large part of our investments since 2009. According to Shyam Maheshwari “the economy has a tailwind of growth. They have put in resources, talent pool and capital as well as processes. It’s a market you have to work hard for, he said. They have done 14 steel site visits in the last two years but they haven’t concluded a deal in India yet. It takes time but there’s nothing called wasted learning”, he said. According to Shyam Maheshwari, foreign investors have to continuously work on the process of executing things and are ready to invest their capital in India.

Shyam Maheshwari also illuminated on the challenges they face in the country. Assets have to be fundamentally sound. Operating assets could have been mismanaged. “Operating a completed asset is the first criterion. They thought about the steel cycle and realized that the government came up with the process which created a flow to steel prices in India. The same thing is happening in China too. Non-operating assets are shutting down. In that context, they had started looking at those assets and at that time the law (Insolvency and Bankruptcy Code) had not been enacted and there was no process of restructuring”, Shyam Maheshwari explained.

Shyam Maheshwari SSG

According to Maheshwari, diligence is a learning process. As he said one has to be in the game to learn the game. They put the resources and people on the ground. They are paying to learn the game. The process is fine. It’s all about being there and contributing positively. “Expectations of our investors are similar to us. On the equity side, you just can’t make a quick buck and then leave. We have a long duration fund of eight-10 years. We need that kind of time to figure out our way. You have to create that process, discipline and risk-reward as an investor and it is not different from what a strategic investor would do”, Shyam Maheshwari said.

Shyam Maheshwari SSG is optimistic because the process in front of his eyes has changed positively. “The whole part of foreign portfolio investments (FPI) to invest in debt instruments is good. This has created a level playing field for foreign and domestic funds and much more is required to solve the problem of the mammoth size that the economy face. Many things have ramifications when the company goes into debt. Salaries are not paid; the income tax department is after your life and this cannot be underestimated. The process is improving, creditor rights are recognized. The attitude is changing and this NCLT process is a level playing field in itself”, Shyam Maheshwari explained.

Militants kill Indian police official in disputed Kashmir

Militants in India’s Kashmir shot dead a police official near his home, the latest victim of killings that target government officials, teachers and civilians in the disputed region, local officials said on Saturday.

“Body of Farooq Ahmad Mir, a senior police official was found in paddy fields near his home in Pampore town,” said a senior police official in Sringar, the summer capital of Jammu & Kashmir state.

No militant group has claimed responsibility for the latest killing. At least 17 people have been killed by militants in Kashmir this year.

Read More : https://english.alarabiya.net/News/world/2022/06/18/Militants-kill-Indian-police-official-in-disputed-Kashmir

Commonwealth Games scam – a legal timeline

The 2010 New Delhi Commonwealth Games have been marred by corruption and mismanagement, which have skewed India’s reputation as a nation ravaged by high levels of fraud and misuse. Commonwealth Games was founded in 1930 and is an internationally successful multi-sport event involving athletes from the Commonwealth Nations Games. The event is organized every four years by the Traditional Wealth Games Federations. CWG scam was one of the biggest Indian scams involving rounding of Rs. 70,000 crores. 

Just half of the amount allocated was estimated to be spent on Indian sportspeople. The athletes were supposedly forced to move from those allocated by the authorities to shabby flats. Reports of the Central Vigilance Commission revealed that Suresh Kalmadi, Chairman of the Organizing Committee of the Games, had offered Swiss Timings a contract of Rs 141 crore for its time-limiting equipment, which was unduly high by Rs.95 crore. All the suspects, including Kalmadi, have been charged with criminal conspiracy, theft, talking, and have been charged in compliance with the parts of the Corruption Prevention Act.

Read More : https://blog.ipleaders.in/commonwealth-games-scam-legal-timeline/#:~:text=CWG%20scam%20was%20one%20of,the%20authorities%20to%20shabby%20flats.

Macron battling to avoid hung parliament and unpalatable deals

From the glitzy Mediterranean resort of Saint-Tropez to working-class suburbs of north-eastern Paris, French voters have exposed the frailty of consensus politics and the rise of extremes.

A mixture of apathy, disappointment and outright hostility could deprive President Emmanuel Macron of his majority in parliament when the decisive second round of voting takes place on Sunday.

Amid mutual mudslinging, with the far right and far left denouncing each other and Mr Macron’s camp labelling both as threats to civil order, an uncomfortable era of instability looms for France.

Opinion polls suggest a hung parliament as the most likely outcome, forcing the newly re-elected president to turn enemies into allies if he hopes to see his policies enacted.

Read More : https://www.thenationalnews.com/world/europe/2022/06/18/macron-battling-to-avoid-hung-parliament-and-unpalatable-deals/

Ketan Parekh Scam – The Infamous Stock Market Fraud!

Demystifying how Ketan Parekh Scam was executed: One of the biggest stock market frauds that became an eye-opening event for not only the equity investors but also for the Securities Exchange Board of India and such other regulatory authorities was Ketan Parekh Scam.

The Market Rip-off was done in such a way that he was able to make multiple times the annual return on the stocks he manipulated. Ketan Parekh was the God for many investors as he created a delusion that whatever he touched turned into Gold and whatever he wished the market seemed to grant him.

Just within two years of time, Ketan deceived so many investors as well as banks and the stock market that it became a case study for many these days.

The stock market has the power to make someone rich and the others lose their money in just a matter of seconds. On one hand, we have examples of people successfully trading in the stock market such as Warren Buffet, Carl Icahn and George Soros who became multi-millionaires by investing in the stock markets.

And on the other hand, we have Harshad Mehta and Ketan Parekh who not only ruled the stock markets but were also found guilty of economic crimes. Let us understand in detail what the Ketan Parekh scam was, how did he succeed in fooling the investors and shaking the stock markets, which next-level chicanery he had planned and how he got caught.

Read More : https://tradebrains.in/ketan-parekh-scam/

Star-studded line-up of British Muslims perform in UK charity gigs

A fresh series of star-studded nights from the best British Muslim performers began in London on Friday after a three-year hiatus because of Covid-19.

International humanitarian charity Penny Appeal launched the British Muslim Variety Show in the UK to raise money for orphans.

The line-up includes poets, comics and theatrical performers; who will take to the stage in 10 UK cities as part of the fifth edition of the charity’s Orphan Kind fundraising campaign.

Previous runs of the show have raised up to £500,000 ($616,000) which goes towards providing meals for children in the UK and countries in the Middle East, as well as across Asia and Africa.

Read More : https://www.thenationalnews.com/world/uk-news/2022/06/18/star-studded-line-up-of-british-muslims-to-perform-in-uk-charity-gigs/

Afghanistan: Blast hits Sikh temple in Kabul, casualties unclear

A blast occurred in a Sikh temple in the Afghan capital Kabul on Saturday morning, a temple official said, but it was unclear if there were casualties.

"There were around 30 people inside the temple. We don't know how many of them are alive or how many dead. The Taliban are not allowing us to go inside, we don't know what to do," the official, Gornam Singh, told Reuters.

Taliban officials have not confirmed the explosion, and it was not immediately clear who was behind the blast.

Local broadcaster Tolo aired footage showing heavy grey fumes of smoke rising from the area.

Afghanistan's Taliban say they have secured the country since taking power in August, but international officials and analysts say the risk of a resurgence in militancy remains. Multiple attacks have taken place in recent months, with some claimed by Daesh.

Read More : https://www.khaleejtimes.com/asia/afghanistan-blast-hits-sikh-temple-in-kabul-casualties-unclear

Indian PM Modi meets mother on her 100th birthday

Prime Minister Narendra Modi on Saturday met his mother Heeraben Modi at her residence in Gandhinagar on her 100th birthday.

PM Modi tweeted this morning, “Took blessings of my mother today as she enters her 100th year.” 

Prime Minister arrived in Gandhinagar on Saturday morning. On the occasion of his mother’s birthday, PM Modi washed her feet and sought her blessings.

Prime Minister last met her mother in March during his two-day Gujarat visit.

On the occasion of Heeraben Modi’s 100th birthday today, a road in Gandhinagar will be named after her to “keep her name alive forever and for future generations to learn lessons of service.”

Read More : https://www.khaleejtimes.com/asia/look-indian-pm-modi-meets-mother-on-her-100th-birthday

Is Asia better placed to handle impact of US policy tightening

Asia's emerging economies are better placed than most other regions to weather a bout of turbo-charged US policy tightening, analysts say, but with a health warning that investors shouldn't rush in.

The US Federal Reserve raised interest rates by 75 basis points on Wednesday, the largest hike in more than a quarter century, and flagged further steep increases for the rest of the year to curb surging inflation.

In contrast, only hours earlier, China's central bank kept rates unchanged in the world's second-largest economy for a fifth straight month.

Expectations of aggressive US tightening had already caused a violent selloff in global stock, bond and even cryptocurrency markets, although Asian currencies and stocks rallied on Thursday.

Read More : https://www.thenationalnews.com/business/economy/2022/06/18/is-asia-better-placed-to-handle-impact-of-us-policy-tightening/

Why the average price of an electric vehicle has now grown to more than $60,000

With petrol prices in the US topping $5 a gallon for the first time, the one vehicle that can alleviate pain at the pump — an electric car — is experiencing its own bout of runaway inflation.

Car makers pressed by consumer demand and rising material costs are charging more for electric vehicles across the board.

Market leader Tesla is boosting sticker prices by as much as $6,000 a car, its third increase this year, Electrek reported. Ford Motor has raised the price of its Mustang Mach-E, following a similar move by electric vehicle start-up Rivian Automotive.

And yet the buyers still keep coming.

“We’ve seen an actual acceleration in demand” at Rivian since the boost on March 1, Claire McDonough, its chief financial officer, said at a Deutsche Bank conference on Thursday.

“We had 10,000 new pre-orders with a $93,000” average selling price, she said.

Read More : https://www.thenationalnews.com/business/road-to-net-zero/2022/06/18/why-the-average-price-of-an-electric-vehicle-has-now-grown-to-more-than-60000/

Adnoc awards $173m contract to boost production at Asab oil field

Adnoc awarded a contract worth $173 million to boost production capacity of Abu Dhabi's flagship Murban crude at one of its largest oil fields, Asab.

The company's subsidiary, Adnoc Onshore, awarded the three-year engineering, procurement and construction (EPC) contract to Archirodon Construction Overseas Company, it said in a statement on Monday.

The project will boost the capacity of the light and sweet Murban crude from the Asab field by 12 per cent.

It will also increase "the handling capacity of the Asab Central Degassing Station, which serves as the central processing hub for Adnoc Onshore’s South East and Haliba fields" while allowing the company to support the production evaluation of nearby exploration blocks, Adnoc said.

"This work further supports our advantage of providing some of the world’s most cost-efficient, lower-carbon crude, as we continue to accelerate towards an oil production capacity of 5 million barrels per day by 2030," it said.

Read More : https://www.thenationalnews.com/business/energy/2022/06/17/adnoc-awards-173m-contract-to-boost-production-at-asab-oil-field/

The Notion of helping others Seems to be Perfect - Anurag Batra

Anurag Batra is the chairman and editor-in-chief of BW Business world group. Mr. Batra also founded the exchange4media group and he serves as the Chairman and Editor-in-Chief of exchange4media group which includes exchange4media.com, samachar4media.com and magazines like PITCH, IMPACT, Franchisee Plus and Realty Plus.

Dr. Batra is a very self-driven person, believes in experiences rather than failures. In his opinion, if one learns from their mistakes and moves forward, failure has no room. He is a regular speaker at national and international conferences on the media, the Internet, television, media policy, and entrepreneurship. As a member of the Sales & Marketing Committee of the Delhi Management Association and President of the Northern Chapter of the Franchising Association of India, he has been instrumental in decision making in industry circles.

He is passionate about Magazines and is on the Executive Committee of the Association of Indian Magazines (AIM). He also wants to give back to the industry and his love for teaching comes into play in his position as the Chairman of the Advisory Board of FMCC (Futuristic Media Communication Centre), a leading Media and Communication School in India. In 2006, the prestigious Management Development Institute (MDI) and Mr. Batra’s Alma mater awarded him the “Most Distinguished Alumni of the Decade Award”. Anurag Batra believes that if you make your hobby your profession, you don’t have to work and life is a blessing.

We are in a culture where all of us want to get ahead, all of us have deadlines, dreams ambitions, goals whether materialistic or non-materialistic. Anurag Batra thinks that the notion of helping others may sound little earlier to some of them who may do it consciously or some who does it unconsciously. It may be a notion that is real but all of us are very individualistic. All of us want to do well in life all of us don’t find time for ourselves when you talk about helping others and you know all of us are struggling.

Anurag Batra is the chairman and editor-in-chief
of BW Business world group.

Anurag Batra even in his busy schedule, whatever little time he gets he spent it on introducing people to people. Some of them ask for introduction and some of them don’t ask for introduction and he does it. It is something that he invests his energy, time and mind. The reason Anurag Batra does it is because he like and believe that it’s his duty to help people in some way. He does it because he knows in the past when he helps people, they help me back. It may not be the same set of people but other people.

Anurag Batra thinks the notion of helping other seems perfect. He believes in the law of karma. He thinks what matters is intent and sincerity. Helping doesn’t mean that it may come in the form of money or in some material way, it may come in a way that is even more valuable than money, concludes Anurag Batra.

Fiat Chrysler's US unit to pay $300m fine after pleading guilty to 'dieselgate' conspiracy

Fiat Chrysler's US unit has pleaded guilty and agreed to pay $300 million in penalties in the long-running case over the automakers efforts to cheat diesel emissions tests, the US Justice Department announced on Friday.

The European carmaker was accused of installing "defeat devices" on cars to evade emissions standards and in January 2019 agreed to a $515m US civil settlement.

FCA has now admitted guilt to one criminal felony count of conspiracy to defraud the US, commit wire fraud and violate the Clean Air Act, according to the Justice Department statement.

"FCA US engaged in a multi-year scheme to mislead US regulators and customers," assistant attorney general Kenneth Polite Jr said.

"The guilty plea demonstrates the department's dedication to prosecuting all types of corporate malfeasance and holding accountable companies that seek to place profits above candour, good corporate governance, and timely remediation."

Read More : https://www.thenationalnews.com/business/2022/06/04/fiat-chryslers-us-unit-to-pay-300m-fine-after-pleading-guilty-to-dieselgate-conspiracy/

Biden challenges GOP to act on guns

President Biden used a rare evening address to the nation from the White House on Thursday to speak to Americans while urging Congress to send him legislation to ban assault weapons and respond to America’s epidemic of mass shootings, including recent incidents in New York, Texas and Oklahoma (The Hill).

“Enough, enough,” the president repeated in hushed tones while standing amid two lines of burning white candles to represent victims of recent shooting sprees. “The question now is, what will the Congress do?”

Biden used the brief speech to repeat a list of legislative restrictions and responses long proposed by Democrats and rejected by many Republicans over the years. 

Read More : https://thehill.com/news/morning-report/3510583-the-hills-morning-report-biden-challenges-gop-to-act-on-guns/

Lebanon’s election sees political vote buying and intimidation

As the Lebanese population went to the polls on May 15, several observers noted a significant number of violations of the electoral law, potentially affecting the accuracy and respect of the legislative elections.

On his way to his polling station in Yarin, a village in southern Lebanon, Hussein Hamoud, a 35-year-old social media manager, noticed hundreds of cars queued and waiting for gasoline. This situation is reminiscent of the fuel shortages that the country experienced last summer, but which can be explained by another reason on the Election Day.

“All these people are waiting to fill their tanks with the political parties’ coupons in exchange for their vote. Here, nobody hides from vote-buying, which is a recurrent practice in Lebanon during elections time,” said Hamoud.

Read More : https://english.alarabiya.net/News/middle-east/2022/05/26/Lebanon-s-election-sees-political-vote-buying-and-intimidation

Pakistan investigates polio outbreak in troubled northern region

Pakistani health authorities on Friday confirmed the seventh case of polio this year, saying it was registered in the former Taliban stronghold in the northwest, a region bordering Afghanistan.

The outbreak, after the first polio case of 2022 was registered in the same region in April, is a blow to the Islamic nation's efforts to eradicate the disease, which can cause severe paralysis in children. 

All seven cases have been reported in North Waziristan, a district in the Khyber Pakhtunkhwa province, where the government has launched an investigation into the outbreak.

Parents in the region often refuse to get their children inoculated.

Read More : https://www.thenationalnews.com/world/asia/2022/06/04/pakistan-investigates-polio-outbreak-in-troubled-northern-region/

China to launch next crewed mission on Sunday to build space station

China will launch a spacecraft on Sunday carrying three astronauts to the core module of the unfinished Chinese space station, where they will work and live for six months as construction enters advanced stages.

A Long March-2F rocket carrying the Shenzhou-14 spacecraft is set to blast off from Jiuquan Satellite Launch Centre in the northwestern province of Gansu at 10:44 a.m. local time (0244 GMT) on Sunday, a China Manned Space Agency official told a news conference on Saturday.

Mission commander Chen Dong will be accompanied by Liu Yang and Cai Xuzhe aboard Shenzhou, meaning “Divine Vessel” in Chinese.

“All preparations for the launch are basically ready,” said Lin Xiqiang, an agency official.

Shenzhou-14 will be the third of four crewed missions - and the seventh of a total of 11 missions - needed to complete the space station by the end of the year.

Read More : https://english.alarabiya.net/News/world/2022/06/04/China-to-launch-next-crewed-mission-on-Sunday-to-build-space-station-

Japan’s Kishida may join NATO summit to discuss Ukraine crisis

Japanese Prime Minister Fumio Kishida is leaning toward attending a summit of leaders from the North Atlantic Treaty Organization (NATO) in late June to spur coordination with the West over Russia’s invasion of Ukraine, Kyodo News reported, citing unnamed government sources.

The move would mark an unusually aggressive stance for a Japanese leader although Kishida has repeatedly condemned Russia over what he has described as a “war crime” against Ukraine.

Moscow has called its action a special operation.

In the past, Japanese leaders have maintained a careful line on their relations with Russia as the two countries have wrangled over decades-old territorial disputes.

A government spokesman said officials would be unable to comment on the Kyodo report before Monday.

The NATO summit takes place on June 29-30 in the Spanish capital Madrid, which would likely overlap with the campaign ahead of elections in Japan penciled in for July 10.

Read More : https://english.alarabiya.net/News/world/2022/06/04/Japan-s-Kishida-may-join-NATO-summit-to-discuss-Ukraine-crisis

High-earning Americans living pay cheque to pay cheque after inflation surge

About 36 per cent of Americans earning an annual income of between $200,000 and $250,000 lived pay cheque to pay cheque in April as inflation in the world's largest economy remains at a 40-year high, according to a new survey by data provider PYMNTS. 

Forty-two per cent of consumers earning more than $100,000 per year also reported living pay cheque to pay cheque in April — down from 49 per cent in March 2022 but an increase from 40 per cent in April last year, the survey, which polled 4,048 US consumers from April 6 to April 13, found.

“Approximately three-in-five US consumers devote nearly all of their salaries to expenses with little to nothing left over at the end of the month,” PYMNTS said.

“While costs everywhere are going up, more pandemic-related restrictions are lifting across the country, meaning that staying in and saving money may be harder than ever.”

Read More : https://www.thenationalnews.com/business/money/2022/06/04/majority-of-us-consumers-lived-from-one-pay-cheque-to-next-in-april-as-inflation-soared/

Amber Heard supporters outraged by defamation trial verdict

Actress Amber Heard, who was last week found liable for more than $10 million in damages in a defamation lawsuit brought against her by her ex-husband Johnny Depp, called the verdict “a setback for women”.

Her supporters agreed.

Depp brought the suit against Heard over an op-ed she wrote for The Washington Post in 2018, in which she described herself as a victim of domestic abuse. Though the Pirates of the Caribbean star was not named in the piece, a jury found it to be defamatory and awarded Depp more than $10m in damages.

The jury also found that Depp had defamed Heard, but awarded her far less in damages.

Heard's supporters were deeply disappointed in the verdict, with many seeing it as another instance of a powerful man getting away with abuse.

“Amber Heard had photos, video, text messages, audio recordings, eye witnesses, medical notes, therapists notes and she was still not believed,” one Twitter user wrote. “This is a massive setback for women.”

Read More : https://www.thenationalnews.com/world/us-news/2022/06/04/amber-heard-supporters-outraged-by-defamation-trial-verdict/

UAE weather: temperatures to hit 47°C this weekend

Temperatures are set to soar this weekend, reaching as high as 47°C in some areas and up to 48°C on Monday.

On Saturday the mercury will climb to 44°C in Abu Dhabi city and Dubai.

It will be fair in general, becoming hazy and dusty at times.

Humidity will reach up to 85 per cent on the coast and 75 per cent in the interior.

Both the Arabian Gulf and Oman Sea will be calm.

Read More : https://www.thenationalnews.com/uae/environment/2022/06/03/uae-weather-temperatures-to-hit-47c-this-weekend/

Ukraine says troops have retaken ground from Russia

Ukraine said it clawed back a chunk of the industrial centre of Sievierodonetsk in combat that appeared on Saturday to be stymieing a Russian drive to capture the ruined city, the focus of Moscow’s offensive to take the eastern Donbas region.

Sergiy Gaidai, governor of Luhansk province, told national television that Ukrainian troops had retaken 20% of the territory they had lost in Sievierodonetsk.

It was “not realistic” the city would fall in the next two weeks even though Russian reinforcements were being deployed, he said on Friday.

“As soon as we have enough Western long-range weapons, we will push their artillery away from our positions. And then, believe me, the Russian infantry, they will just run,” said Gaidai. Reuters could not immediately verify his claim of Ukrainian advances.

Read More : https://www.khaleejtimes.com/world/ukraine-says-troops-have-retaken-ground-from-russia

Sethurathnam Ravi, Domestic demand and the supply or exports that sharply dropped is the major cause of the adverse impact

Sethurathnam Ravi (S Ravi) is the former Chairman of Bombay Stock Exchange Limited (BSE) and Founder and Managing Partner of Chartered Accountants’ firm Ravi Rajan & Co., an advisory and accountancy firm, headquartered in New Delhi, India. S. Ravi, former chairman of BSE and Founder of accountancy firm Ravi Rajan & Co, speaks about how the Indian economy and the major sectors of employment were impacted by the pandemic.

The globe today is facing a pandemic situation and India has not remained untouched by its negative influence. In fact, as per the BSE Chairman Sethurathnam Ravi, India is the most disruptive considering the economic situation and human lives loss. Nearly every sector has been adversely affected during this period. The reason behind this adverse effect as per S. Ravi was the domestic demand and the supply or exports that sharply dropped with noteworthy exceptions.

Sethurathnam Ravi is a Post Graduate in Commerce and
holds a diploma in Information System Audit (DISA).

According to Sethurathnam Ravi BSE, an effort was also made for analysing the effect and the possible solutions for particular essential key sectors. Among all Aviation, hospitality, and tourism were the most affected sectors which faced the maximum burden of the crisis. As per the reports of UNCTAD, the trade of India faced a loss of around USD 348 million due to Covid-19. He points out that this came up with an adverse impact on the production, as well as the inventory available. “The loss of the pharmaceutical industry is also essential as China exports around 70% of the APIs to India. These APIs are essential for the manufacturing companies who are producing various medications in the country which leads to a huge loss and financial erosion”, the former BSE Chairman detailed.

Similar to the health sector as mentioned by Former BSE Chairman Sethurathnam Ravi, the banks have also faced a contrary situation for responding to an impulsive situation. Along with these sectoral impacts, demolishing buyer and business opinion can lead firms to expect lower interest, ascend in business cost and diminish their spending and speculation. A similar case can affect all instalments including those for representatives, interest, advance reimbursements, and expenses. Thus, the equivalent would fuel business terminations and employment misfortunes.