Highlights: Ceasefire possible if Ukraine withdraws from annexed areas: Russia

Highlights: Catch all the news developments from around the world here

11:05 PM

Apex court asks CoC to consider INSCO’s plan

The Supreme Court has asked the Committee of Creditors (CoC) of Hindustan National Glass and Industries (HNGI) to consider the resolution plan of Independent Sugar Corporation (INSCO), provided the cash payment by INSCO to the CoC matches glass and sanitaryware maker AGI Greenpac’s commercial offering.

10:55 PM

Saudi Arabia aims at 25% of leisure travellers from India by 2030

Saudi Arabia expects to attract over 7.5 million Indian visitors by 2030 under its ambitious ‘Vision 2030’ program, as it sets its eyes on not just religious but also on leisure travellers. It’s a substantial three-fold jump from last year’s number.

10:16 PM

Russia proposes restoring economic ties with Ukraine, including gas transit

Russia considers the complete withdrawal of Ukrainian troops from Russian territory — including the Donetsk, Luhansk, Zaporizhzhia and Kherson regions — as one of the options for establishing a ceasefire, according to a memorandum cited by Interfax. The first part of the Russian memorandum proposes lifting all existing economic sanctions and rejecting any new restrictive measures between Russia and Ukraine, Interfax reports.

 

Russia has proposed that Ukraine recognise Crimea, Luhansk, Donetsk, Zaporizhzhia and Kherson as part of Russian territory, and calls for the complete withdrawal of Ukrainian military units from these regions, according to Interfax. The Russian memorandum outlines the restoration of economic relations with Ukraine, including the resumption of gas transit, Interfax reports.

9:22 PM

Tariffs, AI, unleashing unprecedented uncertainty: Nilekani

Infosys chairman Nandan Nilekani said that enterprises are in an era of uncertainty never seen before due to geopolitics, tariffs, trade war, and artificial intelligence that is making them go back to the drawing board to chart the future course of action. “Multiple trends are colliding and leading us to re-examine the fundamentals of our businesses,” he said in the company’s FY2024-25 annual report.

9:12 PM

Govt extends tenure of Punjab & Sind Bank MD Swarup Kumar Saha till February 2027

The Union government has extended the tenure of Swarup Kumar Saha, Managing Director and Chief Executive Officer of Punjab & Sind Bank, until his superannuation on February 28, 2027, or until further orders, whichever is earlier. According to an official notification issued by the Department of Financial Services under the Ministry of Finance, Saha’s current term was set to end on June 2, 2025. “The extension has been granted under clause (a) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980,” Said the notification.

8:55 PM

Global majors, but Tesla keen on India e-car production

Elon Musk-led Tesla Inc is yet to express interest in India’s flagship scheme to attract global investment in electric vehicle (EV) manufacturing, said Union Minister for Heavy Industries H D Kumaraswamy on Monday. In contrast, multiple global automobile giants -- such as Mercedes-Benz, Škoda Auto Volkswagen, Hyundai Motor, and Kia Motors -- are keen to participate, the minister noted. “Mercedes-Benz, Volkswagen, Škoda, Hyundai, and Kia have already shown interest,” Kumaraswamy told reporters while releasing the long-awaited guidelines for the ‘Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI)’. “As of now, Tesla is not interested in manufacturing in India, but only in opening showrooms. We will know their real intent when we open the application, and if the company feels like investing.”

8:44 PM

Fintech bodies hope for relief from RBI

Fintech bodies have raised concerns about potential double-provisioning resulting from the Reserve Bank of India’s (RBI’s) new mandate, which disallows lenders from offsetting default loss guarantees (DLGs) provided by loan service providers (LSPs) against provisions for stressed loans. These bodies are now collecting data from their members to present the likely impact of the mandate to the RBI.

8:44 PM

RBI docu series on Jiostar goes live

The first of the 5 part documentary series on the Reserve Bank of India went live on JioHotstar Monday night showcasing the 90 year journey of the Indian central bank. Each of the episodes will be of 25-30 minutes, according to the Request for Proposal for production of distribution of the web series floated in July last year. The estimated cost of the project was Rs 7 crore.

8:43 PM

Paraguay asks India to use its open economy as a staging post for South America

Indian companies should look at Paraguay as a staging post and a launch pad to expand their operations in the rest of South America, the Ministry of External Affairs (MEA) said on Monday after the talks between the visiting Paraguayan delegation led by President Santiago Pena Palacios and Indian delegation led by Prime Minister Narendra Modi. The two countries also decided to “explore holding technical talks” on the India-MERCOSUR Preferential Trade Agreement (PTA) to enhance market access and boost bilateral and inter-regional trade.

8:43 PM

IOCL raises FY26 capex target to $4 bn

Indian Oil Corporation Ltd (IOCL) on Monday said the oil-marketing company was planning to spend nearly $4 billion in capital expenditure in FY26, up from $3.71 billion or ~31,000 crore of planned capex in FY25. In an investor presentation, IOCL also said it aimed to complete the commissioning of two key refinery expansion projects, including the 10 million tonnes (mt) per annum capacity expansion at the Panipat refinery, and allied projects by December.

8:42 PM

India weighs moves as US doubles metal safeguards

India is considering three options after the US doubled steel and aluminium safeguard duties to 50 per cent, further straining bilateral trade ties. “At present, there are three options on the table. We can press that the US measure is a safeguard duty and impose retaliatory tariffs. Since the US disagrees, it may retaliate. This can go on and on potentially. India can also file a dispute at the World Trade Organization (WTO), like some other countries. We can also continue to talk bilaterally and arrive at some arrangement. These are the full set of options. We are yet to take a final call,” a government official said.

8:42 PM

Coop sugar mills seek ethanol price revision

The cooperative sugar industry has demanded a revision of ethanol procurement prices and extension of blending targets beyond 20 per cent. This comes as sugar’s contribution to the national ethanol programme has declined sharply from 73 per cent to 28 per cent.

8:41 PM

Over 63,000 digital payment frauds reported in last decade, says government

The total number of digital payment frauds was 63,315 cases, as reported by Commercial Banks and All India Financial Institutions under the specific category ‘Card / Internet and Digital Payments’ (for amounts involving Rs 1 Lakh and above) between the Financial Year 2014-15 and December 2024 (covering a period of nearly ten years), according to the government sources. 

5:00 PM

E-mail verification via OTP for all RTI requests starting Jun 16: Govt

The Centre will implement e-mail verification via a one-time password (OTP) from June 16 for all RTI applications, according to an official statement issued on Monday. The aim is to enhance citizen privacy and data security, besides strengthening the portal's cybersecurity framework, it said. Citizens can file Right to Information (RTI) applications through the portal -- www.rtionline.gov.in -- which also allows users to file appeals and know their status.

4:46 PM

No discussion on merger: Deshmukh on meetings between Sharad, Ajit Pawar

NCP (SP) leader Anil Deshmukh on Monday downplayed speculation about a political reunion following recent meetings between Sharad Pawar and his estranged nephew Ajit Pawar, asserting there was no discussion on the rival NCP factions coming together. NCP (SP) president Sharad Pawar and Deputy Chief Minister Ajit Pawar have met on multiple occasions in the recent past, fuelling speculation in political circles about rapprochement.