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Oil prices jump 3% on bigger-than-expected decline in US crude storage

Investors remained cautious that interest rate hikes could slow economic growth and reduce oil demand

Cong questions pricing of predator drone deal with US, seeks transparency

The Congress on Wednesday demanded complete transparency in the multi-crore India-US drone deal, while alleging that the 31 MQ-9B Predator UAV drones were being procured for a higher price. Congress spokesperson Pawan Khera said at a press conference that national security was paramount and that several doubts were being raised on the predator drone deal. "The Modi government is known to jeopardise national interests and the people of India have witnessed the same in the Rafale deal, where the Modi government bought only 36 Rafale jets instead of 126. We also saw how HAL was denied transfer of technology. We also saw how several unilateral decisions were made, despite widespread objections from the Defence Acquisition Committee and the Armed Forces. The Rafale 'scam' is still under scrutiny in France," he charged. "We demand complete transparency in this Predator Drone deal. India needs answers to the crucial questions. Otherwise, we will be trapped in another 'scam' under the Modi

India produces 27 mn vehicles, valued at $108-bn in FY23: Report

The Indian automobile industry produced a whopping 2.7 crore vehicles across segments and types, worth around USD 108-billion (Rs 8.7-lakh crore) in FY23, with passenger vehicle segment accounting for 57 per cent at Rs 5-lakh crore in the total value, a report said on Wednesday. Also, in the total 2.7 lakh crore vehicles churned out last fiscal, the commercial vehicle segment, which includes small 4-wheel carrier with less than 2-ton capacity to large tractor trailers and specialty vehicles like tippers, share stood at 10-lakh vehicles, generating a value of Rs 1.7-lakh crore, management consulting services firm Primus Partners said in its report. The CV segment accounted for 4 per cent in the total volume and 19 per cent in value terms, it said. According to Primus Partners, the production of two-wheelers is closely matched by China, with 20-million two-wheelers coming out of the manufacturing facilities in the country, accounting for 77 per cent of the volume share. The overall .

'In-country renewal of H-1B visas by US to boost India's services exports'

The US announcement to introduce in-country renewable of H-1B visas will help swift movement of Indian IT professionals and promote services exports, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that the decision would allow easier on-site client engagement by domestic IT professionals. "When Indian IT professionals can quickly travel to client locations abroad, they can better understand client requirements, build stronger relationships, and deliver tailored solutions. This direct engagement can lead to increased client satisfaction, repeat business, and ultimately, higher IT exports," SEPC Chairman Sunil H Talati said. He said that as the US is the major market for India's IT exports, this development will have a significant positive impact on the export of IT services from India. "The earlier estimates for IT exports growth have been in the range of 8-12 per cent however with this particular push the exports growth in IT can further stride in the range o

Rupee gains 5 paise to 81.97 against US dollar on foreign fund inflows

The rupee strengthened by 5 paise to 81.97 against the US dollar in early trade on Wednesday on foreign fund inflows and gains in domestic equities. The currency opened higher by 2 paise at 82 at the interbank foreign exchange market and moved in a tight range of 82.01 to 81.97 in early trade. The rupee was trading at 81.97 against the US dollar at 9.35 am, registering a gain of 5 paise over the previous close of 82.02. Foreign portfolio investments into equities and overnight losses in the US dollar in global markets boosted the rupee sentiment in early trade, analysts said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was almost flat at 102.58. Global crude oil benchmark Brent crude was trading 0.69 per cent higher USD 72.76 per barrel. In the domestic equity market, the 30-share BSE Sensex advanced by 199.06 points or 0.31 per cent to 63,615.09 points while the broader Nifty gained 62.75 points to 18,880.15 points. Foreign Portfo

FBI ignored 'massive amount' of intelligence before January 6: Senate

The FBI and the Department of Homeland Security downplayed or ignored a massive amount of intelligence information ahead of the January 6, 2021, attack on the US Capitol, according to the chairman of a Senate panel that on Tuesday released a new report on the intelligence failures ahead of the insurrection. The report details how the agencies failed to recognize and warn of the potential for violence as some of then-President Donald Trump's supporters openly planned the siege in messages and forums online. Among the multitude of intelligence that was overlooked was a December 2020 tip to the FBI that members of the far-right extremist group Proud Boys planned to be in Washington, DC, for the certification of Joe Biden's victory and their "plan is to literally kill people", the report said. The Senate Homeland Security and Governmental Affairs Committee said the agencies were also aware of many social media posts that foreshadowed violence, some calling on Trump's supporters to come

Canadian wildfires causing unhealthy air quality again in parts of US

Drifting smoke from the ongoing wildfires across Canada is creating curtains of haze and raising air quality concerns throughout the Great Lakes region, and in parts of the central and eastern United States. Michigan's Department of Environment, Great Lakes, and Energy on Tuesday issued an air quality alert for the entire state, while in Chicago where the air quality has been categorised unhealthy by the US Environmental Protection Agency officials are urging young people, older adults and residents with health issues to spend more time indoors. Just driving into the zoo ... you could just see around the buildings, kind of just haze," said Shelly Woinowski, who was visiting the Lincoln Park Zoo in Chicago. Some day care centres in the Chicago area have told parents that their children will remain indoors on Tuesday due to the poor air quality, while one youth sports club says it adjusted its activities to add more time indoors. We recommend children, teens, seniors, people with .

Over $200 bn may have been stolen from Covid-19 aid: Federal watchdog

More than USD 200 billion may have been stolen from two large COVID-19 relief initiatives, according to new estimates from a federal watchdog investigating federally funded programmes that helped small businesses survive the worst public health crisis in more than a hundred years. The numbers issued on Tuesday by the US Small Business Administration inspector general are much greater than the office's previous projections and underscore how vulnerable the Paycheck Protection and COVID-19 Economic Injury Disaster Loan programmes were to fraudsters, particularly during the early stages of the coronavirus pandemic. The inspector general's report said at least 17 percent of all COVID-EIDL and PPP funds were disbursed to potentially fraudulent actors. The fraud estimate for the COVID-19 Economic Injury Disaster Loan programme is more than USD 136 billion, which represents 33 per cent of the total money spent on that programme, according to the report. The Paycheck Protection fraud estimat

Decoded | What really happened with the Titanic Submersible

OceanGate Expeditions, which owned the 22-foot-long Titan, said all 5 crew members, including CEO Stockton Rush, are believed to be dead. Watch the video to know what really happened >

PM Modi, India represent lynchpin in Prez Biden's strategy in Asia: Report

As he welcomed Modi to the White House earlier in the day, Biden sought to underscore the importance of shared values in the relationship moving forward

PM's US visit to bolster bilateral ties, strategic collaboration: India Inc

Prime Minister Narendra Modi's US visit will boost bilateral ties and deepen strategic technology collaboration in areas like defence, semiconductor, space and artificial intelligence, India Inc said on Saturday. PM Modi left for Egypt on Saturday after concluding his US state visit, during which he held talks with President Joe Biden and addressed the joint session of Congress. CII Director General Chandrajit Banerjee stated that the visit has culminated in laying a strong foundation for further strengthening the Indo-US relationship. "A new chapter has been added to the partnership that will see a much stronger collaboration in strategic technology collaboration, including defence, semiconductor, and space and in emerging technology sectors like AI and quantum, advanced materials, biotechnology, and telecommunications," Banerjee stated. He observed that the visit is also significant as we see new areas where industry on both sides would benefit significantly from the outcomes. "

PM Modi describes meeting Indian diaspora in US as 'sweet dish after meal'

He said people from India need no longer to go outside the US to renew H1B visas, which he said will majorly help IT professionals

India, US to discuss GSP restoration issue to find solution: Piyush Goyal

India and the US have agreed to discuss New Delhi's demand for restoration of GSP benefits to domestic exporters and now both sides will commence discussions to find a solution, Commerce and Industry Minister Piyush Goyal said on Friday. The previous Trump administration in the US revoked the Generalized System of Preferences (GSP) from India in 2019. The GSP allows eligible developing countries to export duty-free goods to the US. About 1,900 Indian products from sectors such as chemicals and engineering were getting duty-free access to the US market under the GSP, introduced in 1976. The joint statement issued after the meeting of Prime Minister Narendra Modi and US President Joe Biden in Washington said that India has highlighted its interest in the restoration of its status under the US Generalized System of Preferences programme, which could be considered in relation to eligibility criteria determined by the US Congress. The leaders supported intensifying the work to advance .

Success of Modi doctrine in diplomacy: Shah on PM's White House welcome

The grand welcome accorded to Prime Minister Narendra Modi at the White House underscores the success of his diplomacy doctrine and is a source of pride of every indian, top BJP leaders said on Thursday. Several BJP leaders and ministers tweeted a video of the formal ceremony organised to welcome Modi to the While House. "A grand welcome to Prime Minister Narendra Modi Ji at the White House radiates with the success of Modi doctrine in diplomacy," Union Home Minister Amit Shah said, posting a video of the event on Twitter. "A people's leader at home and a charismatic statesman on the global stage, the accolades bestowed upon Modi Ji are a source of pride for every Indian," he added. Posting a video clip of the welcome ceremony on Twitter, BJP IT department head Amit Malviya said, "I can't remember any world leader having got this kind of reception and attention from the White House." Union Minister Kiren Rijiju also tweeted the video clip and said, "Feeling proud.

Google's advertising tech in peril as EU joins US's breakup bandwagon

The US agency alleges that Google's dominance over advertising technology allows it to keep at least $0.30 out of every dollar advertisers spend through its online advertising tools

'Debris field' found near Titanic wreck in search for missing submersible

The US Coast Guard said on Thursday that an underwater vessel has located a debris field near the Titanic in the search for a missing submersible with five people aboard, a potential breakthrough in the around-the-clock effort. The search for the missing submersible on an expedition to view the wreckage of the Titanic passed the critical 96-hour mark Thursday when breathable air could have run out, a grim moment in the intense effort to save the five people aboard. The Titan submersible was estimated to have about a four-day supply of breathable air when it launched Sunday morning in the North Atlantic - but experts have emphasised that was an imprecise approximation to begin with and could be extended if passengers have taken measures to conserve breathable air. And it's not known if they survived since the sub's disappearance.

Institutions in both countries based on democratic values, says PM Modi

The societies and institutions of both the US and India are based on democratic values and both countries take pride in their diversity, Prime Minister Narendra Modi said at the ceremonial welcome at the White House ahead of his official talks with US President Joe Biden. The constitution of both countries begins with the "three words -We the People- as President Biden just mentioned", said Modi, who is on his first state visit to the US. Thanking Biden, his wife Jill Biden and the US administration for a warm and grand welcome, Modi said this is the first time the gates of the White House have been opened for Indian-Americans in such large numbers. "This grand welcome ceremony at the White House today is an honour and pride for the 1.4 billion people of India. It is also an honour for more than 4 million people of Indian origin in the US," Modi said. He said both countries take pride in their diversity, and "both of us believe in the fundamental principle of 'In the interest of al

US to introduce in-country hassle-free renewable for H-1B visa: Official

The US is set to introduce in-country renewable H-1B visas, a significant decision that would help thousands of Indian professionals in staying in the country to continue with their jobs without the hassle of travelling overseas for the renewal of their work visas. This is part of the people-to-people initiative, a senior administration official said ahead of the bilateral meeting between Prime Minister Narendra Modi and President Joe Biden at the White House here on Thursday. The much-sought-after H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. The United States last year issued 125,000 visas to Indian students, which is a record and they are on pace to become the largest foreign student community in the United States with a 20 per cent increase last ye

Indian diaspora gathers to witness PM Modi's welcome at White House

Large crowds of the Indian diaspora on Thursday gathered at the South Lawns of the White House under an overcast sky as ceremonial music played ahead of Prime Minister Narendra Modi's arrival here for his official welcome. Officials said anywhere between 2,000-3,000 persons are expected to witness the ceremonial welcome being given to Modi, who is on his first state visit to the US. A drizzle was no dampener to the enthusiasm of the members of the diaspora, many of whom travelled overnight from different parts of the US, as they waved the flag of the two countries and raised slogans. "What a great sight it is. It is like a festival," Hitesh Shah, who came from Boston, said. Slogans like 'Vande Mataram', 'Bharat Mata ki Jai' and 'Modi, Modi' went up the air amid a mood of cheer. Prime Minister Modi arrived here on Wednesday on the second leg of his maiden state visit to the US during which he will hold bilateral talks with President Joe Biden and address a joint session of the US .

IFFCO, Kapoor Enterprises ink pact for export of nano liquid urea to US

Leading fertiliser cooperative Indian Farmers Fertiliser Cooperative Ltd (IFFCO) on Thursday said it has signed an agreement with California-based Kapoor Enterprises Inc for export of nano liquid urea to the US. The agreement was signed on June 21 in the backdrop of Prime Minister Narendra Modi's visit to the US. "IFFCO now started exporting ...nano liquid urea to the USA," the cooperative said in a statement. IFFCO, however, did not provide any details about the quantity and value of the contract it has bagged from Kapoor Enterprises. Currently, the cooperative is exporting more than 5 lakh bottles of nano liquid urea to more than 25 countries. In June 2021, IFFCO launched the world's first nano urea fertiliser, while nano DAP in April this year. A 500-mililitre bottle of IFFCO nano urea liquid will replace at least one bag of conventional urea. The bottle can significantly bring down the cost of logistics and warehousing, the cooperative said. IFFCO has already sold more than