Traffic in Suez Canal resumes as stranded massive ship set free : Bulletin: Business Today
Business Today
Loading...
 

Traffic in Suez Canal resumes as stranded massive ship set free

Loading the player...

Shailendra Shukla | March 30, 2021

Traffic in Suez Canal resumes as stranded massive ship set free
Shipping traffic through Egypt's Suez Canal resumed on Monday after a giant container ship which had been blocking the busy waterway for almost a week was refloated, the canal authority said. The 400-metre (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday, halting traffic on the shortest shipping route between Europe and Asia. Approximately 30,000 cubic metres of sand was dredged to refloat the 224,000-ton container ship and a total of 11 tugs and two powerful sea tugs were used to pull the ship off.
Coronavirus origins report to be out on Tuesday: WHO
A joint WHO-China study on the origins of COVID-19 says that the virus was probably transmitted from bats to humans through another animal, and that a lab leak was "extremely unlikely" as a cause, the Associated Press reported on Monday. The reported findings match what WHO officials have said in the past about their conclusions following a Jan-Feb visit to China. Many questions remain unanswered, and the team proposed further research in every area except the lab leak hypothesis, the Associated Press reported, citing a draft copy it had obtained.

Rupee appreciates 4% against dollar in FY21
The Indian rupee has registered more than 4% gain so far this fiscal year in the backdrop of sustained foreign fund inflows and the Reserve Bank of India's (RBI) dexterous policy manoeuvring, which ensured a solid year for the Indian currency, despite headwinds on the economic front, according to experts. The rupee is expected to average around 73.50-74 in FY22, as, despite a vaccine, the COVID-19 frenzy still persists and is likely to continue to grapple the foreign exchange market, experts add. FY21 has been a roller-coaster ride for the local unit due to coronavirus.

Younger generation shaping response to climate change with innovative thinking, says Indra Nooyi
Encouraging the younger generation to take charge and own the future of the planet, Pepsico's former CEO Indra Nooyi has said the youths have begun to shape the response to climate change and water security through their innovative thinking and appetite for risk. Nooyi stressed that the magnitude of the combined challenges are much too great and the need for solutions is so urgent that there should be no territoriality for ideas on water and climate security. She said every individual of the younger generation can be part of the solutions that are so desperately needed.

Phone makers approach Centre to push timeline of PLI scheme by a year
Phone manufacturers have urged the Centre to push the five-year production-linked incentive (PLI) scheme timeframe by a year. In a letter to the government, the India Cellular & Electronic Association (ICEA) proposed that the FY 2020-21 be considered as "zero year" or "year of preparation", with no incentive handed out for any incremental production this year to compensate for disruptions due to the COVID-19 pandemic that delayed the production output, dragging it behind stipulated targets. As per ICEA's letter dated March 4, incentives should begin from FY22, and end in FY26, instead of FY25, "with no other change in the scheme, keeping the yearly expenditure envelope unchanged," the Economic Times reported.
RBI's digital currency to be like cash, won't need intermediate settlements
The Reserve Bank of India's upcoming digital currency, which will use a private blockchain platform, will reduce the transaction settlement processes. The digital currency will be like cash and give the central bank tighter control over it. RBI's private blockchain platform will be like the Unified Payments Interface (UPI) on which government and private companies can build their own apps. While there have been initial discussions on the issue, the final decision to start the work on it hasn't been taken yet.

More from this section