India keen to engage with IMF to pursue G20 agenda on domestic resource mobilisation
India's Finance Minister, Nirmala Sitharaman, expressed India's interest in collaborating with the International Monetary Fund (IMF) to support developing countries in mobilizing domestic resources. This aligns with the G20 New Delhi Leaders' Declaration, which called for enhanced domestic resource mobilization in emerging markets and developing economies. Key Points
Economic TimesIndia, ASEAN most buoyant FDI recipients: UNCTAD
FDI inflows were higher in developing countries compared with those in developed economies. Globally, FDI declined 12% to $1.3 trillion in 2022 after a strong rebound in 2021 following the steep drop due to the coronavirus pandemic, according to the report. Key Points
Economic TimesBlackRock says emerging markets have an edge over rest of world
BlackRock Inc.’s research arm is growing even more bullish on emerging markets, where central bankers are moving far faster than the Federal Reserve to reach a peak in their interest rate hiking cycles. Key Points
mintFDI in developing countries stood at $662billion in 2022: UNCTAD
Global FDI declined by 12% to $1.3 trillion in 2022 after a strong rebound in 2021 following the steep drop induced by the coronavirus pandemic in 2020, the report stated. Key Points
mintWTO meet: India to oppose no customs duty policy on ecomm transmissions
New Delhi is of the view that e-commerce needs to be looked at from a development dimension and not from the “eyes of big tech companies”. The moratorium on customs duties on electronic transmissions is in place since 1998 and gets extended every two years when the WTO ministerial conferences take place. “There is no question of extending the moratorium. We have given a final extension. There will be no more extension…We are in favour of continuation of the work programme,” said the official. Key Points
Economic Times
developing Asia to end 2023 on brighter note as China's economy recovers - ADB
The ADB raised its 2023 growth forecast for developing Asia to 4.9% from 4.7% projected in September, but kept its growth outlook for the region at 4.8% next year. Key Points
Business TodayIndia, 20 others to talk agriculture subsidies at WTO tomorrow
Around 80 WTO members opposed this proposal by the Cairns Group, which has 19 members including Argentina, Australia, Brazil and Canada. Last month, the European Union had shown willingness to negotiate the public stockholding issue with India. The move was seen as a significant breakthrough on the issue which has been deadlocked for the past 10 years. Key Points
Economic TimesIMF says private sector needs to shoulder most of climate investment burden
The International Monetary Fund (IMF) has stated that the majority of the $2 trillion in annual climate investments needed by developing countries by 2030 will have to come from the private sector. Governments risk accumulating high debts if they attempt to reach net-zero goals using public funds. The IMF recommends that countries develop carbon pricing schemes to raise revenue and encourage private investments. Key Points
Economic TimesIndia's recovery bright spot for global outlook: Nirmala Sitharaman
India's rapid post-pandemic recovery is a bright spot for the global growth outlook , according to Finance Minister Nirmala Sitharaman. However, she also acknowledged the challenges faced by emerging market developing economies attempting to balance sustainable growth with environmental objectives. Speaking in Japan at the G7's meeting of finance ministers and central bank governors, Sitharaman also urged the bolstering of multilateral development banks to resolve the debt crisis faced by vulnerable nations. Key Points
Economic TimesIndia can help beat global debt distress
As G20 the president, it should support reforms that let all countries in debt distress into the G20 Common Framework. At present, the Framework is not open to all developing countries needing debt relief. Key Points
FinancialexpressA Texas man lost both his hands and all of his toes after contracting typhus from a single flea bite
Michael Kohlhof was taken to hospital after developing flu-like symptoms but went into shock shortly after his arrival. He'd been bitten by a flea. Key Points
InsiderWorld Bank notes jobless development in South Asia, calls for more reforms to increase employment ratios
The share of the employed working-age population has been declining since 2000 and is low, it said. In 2023, the employment ratio for South Asia was 59%, compared to 70% in other emerging market and developing economy regions. Key Points
Business TodayIndia pitches re-examination of customs duties moratorium on e-commerce
India calls for re-examination of customs duties moratorium on e-commerce at WTO. developing countries losing $10 billion annually. India opposes extension, facing $500 million loss each year. Policy options needed for digital industrialisation. Discussions at 13th Ministerial Conference. Key Points
Economic TimesIndia to seek pharma IPR waiver for future pandemics
India is expected to seek a global patent waiver for vaccines, therapy and diagnostics to tackle future pandemics at a mini-ministerial meeting of the World Trade Organization (WTO) in Paris next month. The move follows a five-year waiver for Covid-19 vaccines, secured in 2022. Officials anticipate an omnibus waiver could expedite the process of dealing with future pandemics. Key Points
Economic TimesRussian Deputy PM Denis Manturov on India trip to meet Jaishankar to push investments & exports to Russia
Denis Manturov, an old India hand, will hold an inter-governmental commission meeting with foreign minister S Jaishankar on April 17-18 on a variety of economic and business-related matters. The two last met in Moscow in November 2022 and held a video conference meeting last month. Key Points
Economic Times
Despite opposition, non-trade issues make their way into WTO draft package
The draft package distributed ahead of the Abu Dhabi World Trade Organisation (WTO) conference scheduled for next week has brought attention to themes of trade inclusivity, women's involvement in trade, industrial policy, and environmental considerations – topics that India and numerous other developing nations oppose. The draft document has been reviewed by ET. Key Points
Economic TimesG-33 ministers call for meaninful outcome on agri negotiations at World Trade conference in Abu Dhabi
Ahead of the World Trade Organization's (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi, the G-33 group, including India, has urged members to achieve an outcome on public stockholding for food security purposes. The G-33, representing 47 developing and least developed countries, emphasized the need for a rules-based, non-discriminatory, and transparent trading environment to address global food security challenges. Key Points
Economic TimesLesser Googling and more naps may help reduce dementia
Daily brain exercises like memory workouts, developing an associative memory, moderating alcohol, using rest days and regular naps help enhance brain health.... Key Points
The Tribune India'US, not India, creating hurdles by blocking judges' appointment': Experts
The US blocks WTO appointments, hindering negotiations and voice of Least Developed Countries. India's Joint Statement Initiative on Services Domestic Regulations benefits developing countries. Key Points
Economic TimesCapex on developing oilfields to drop below $3.5 billion in 2030
Capital expenditure on developing oil projects is estimated to drop below $3.5 billion in 2030 from around $4.3 billion in 2024. The estimates are based on the current pipeline of upstream projects, said Toril Bosoni, the head of oil markets at IEA. Key Points
Economic Times
Chances to reach consensus on WTO dispute settlement body reforms 'low' in next meet: GTRI
WTO member countries are unlikely to reach a consensus on reforming the dispute settlement system at the upcoming ministerial conference (MC). The differences between developed and developing countries over the issue pose a challenge. Key Points
Economic TimesBiological E's Covid-19 vaccine CORBEVAX gets WHO emergency use listing
India Business News: Biological E's Covid-19 vaccine CORBEVAX has received emergency use listing from the World Health Organisation (WHO). The vaccine was approved in India for restricted use in emergency for adults, adolescents, and young children, as well as a heterologous booster dose for those aged 18 years and above. The Hyderabad-based vaccine maker has already supplied 100 million doses of CORBEVAX to the Indian government. The WHO EUL will help the company continue developing Covid-19 vaccines. Key Points
Times Of IndiaObesity may raise risk of blood cancer by over 70 per cent: Study
Smoking habits and exercise may also impact one's likelihood of developing multiple myeloma, said the team from Massachusetts General Hospital. Researchers find... Key Points
The Tribune IndiaJack Ma's family trust to sell Alibaba shares amid US export curbs
US News: Alibaba Group Holding reported a 9% increase in revenue for Q3, reaching 224.8 billion yuan ($31 billion), in line with market expectations. However, Key Points
Times Of IndiaWorld Powers Say They Want to Contain AI. They’re Also Racing to Advance It
The US, China, and others signed a declaration coordinated by the UK warning AI could be “catastrophic.” Yet none seem to be suggesting development of the technology should slow down. Key Points
WIRED
Bio-Techne's quarterly profit misses estimates as biotech funding woes persist
Bio-Techne (TECH.O) missed Wall Street expectations for first-quarter profit on Tuesday, as a persisting funding crunch among its biotech clients weighed on demand for its diagnostic products and compounds used in developing drugs. Key Points
ReutersBeam Therapeutics to cut 20% of workforce as part of restructuring plan
Beam Therapeutics (BEAM.O) said on Thursday it will focus on developing its experimental sickle cell disease treatments and reduce about 20% of its current workforce, or 100 employees, as part of a restructuring plan. Key Points
ReutersIndia may lose 35% of GDP to climate change by 2100, warns Unescap report
In a report released on Friday, ESCAP noted that losses from climate change due to high emissions could be higher at 35% of the gross domestic product for India compared with 24% of the GDP for developing Asia by 2100, and average losses for Asia-Pacific economies from disaster-related and other natural hazards could double to $1.4 trillion in the worst case scenario during this period. Key Points
Economic TimesThe language revolution: How tech tools, audio content, and AI-powered models are shaping our communicatio
The heavy reliance on autocorrect and predictive typing tools like Autocomplete has led to a decline in people's spelling abilities, according to software engineer Sayani Bhattacharjee, podcaster Abbas Momin, and marketer Nona Uppal. Tech companies are now developing language learning models to adapt to this trend. The writing enhancement software market is valued at $351 million globally, with Grammarly being one of the leading tools. Key Points
Economic TimesGovt plans to set up helipads, drone landing facilities along national highways: Nitin Gadkari
According to an official release, the Minister for Road Transport and Highways said that NHAI is developing world-class 'Wayside Amenities (WSA) at more than 600 locations along the National Highways. Apart from basic facilities like good toilets, parking and restaurants; these wayside amenities will also have dormitories for truck drivers, facilities for charging electric vehicles, and trauma centres, among others, he said. Key Points
Economic Times
Govt plans to introduce bills to amend companies, insolvency laws in Parliament's monsoon session
The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It has already undergone various amendments. On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. Key Points
Economic TimesWorld’s riskiest markets stumble into crisis with dollars scarce
In some of the worlds most vulnerable developing nations, the situations on the ground are dire. Shortages of dollars are crimping access to everything from raw materials to medicine. Meanwhile governments are struggling with their debts as they chase rescue packages from the International Monetary Fund. Key Points
Economic Times