russian ukraine crisis | Business Upturn

China to keep promoting peaceful resolution of conflicts in Ukraine, Gaza Strip

United News of India (UNI) — Tue, 31 Oct 2023 09:16:12 +0000

Beijing, Oct 31 : China will keep promoting the peaceful resolution of the Ukrainian and Palestinian-Israeli conflicts, as well as resisting ideological divisions and confrontation, Chinese Assistant Foreign Minister Nong Rong said on Tuesday.

“China will continue to adhere to the core direction of promoting reconciliation and peace negotiations, encourage the countries involved to strengthen mutual security trust, and resolve contradictions and differences through frank dialogue and interaction,” Nong said at the 10th Beijing Xiangshan Forum.

He reiterated that China would keep facilitating the start of a reconciliation process and peace negotiations between Russia and Ukraine.

Speaking about the Palestinian-Israeli conflict, Nong said that Beijing would continue to actively push the sides to an early ceasefire to avoid a humanitarian catastrophe and stand for the implementation of the two-state solution to the Palestinian issue.

“China will continue to engage in various forms of dialogue and exchanges with all parties on global security issues, work with all parties to realize common comprehensive cooperation and the concept of sustainable security, and resist ideological lines, narrow circles and incitement to division and confrontation,” the diplomat added.

The 10th Xiangshan Forum is taking place in Beijing from October 29-31. It has been held since 2006 as a venue for discussing important international security issues. This year’s event will be the first in-person forum since 2019, as hosting international events was prohibited in China due to the COVID-19 pandemic.

President Putin breaks grain export agreement with Ukraine after signing it

Pranay Maniar — Sat, 23 Jul 2022 20:41:07 +0000

Ukraine: Russian armed forces rained down missiles on the port of Odessa in the Black sea with Kalibr Cruise Missiles shortly after signing an agreement with Ukraine to open up the naval blockade on the Black sea.

The Russians and the Ukrainians agreed to let a safe passage of Ukrainian wheat be exported to the world markets. And the UN and Turkish authorities signed an identical deal as well.

The deal permitted up to 5 million tones of wheat to be shipped out of Odessa while the merchant ships were to be guided out with the help of pilot ships through the mine-laden seas as Russians agreed to not attack them.

According to the Ukrainian armed forces, the port of Odessa was hit by Russian missiles. Which was in the early hours of the morning.

Ukraine’s Operational Command South wrote on Telegram. “The enemy attacked the Odesa sea trade port with Kalibr cruise missiles. Two missiles were shot down by air defence forces; two hit the infrastructure of the port.”

This comes shortly after the UN said that 44 million people worldwide would be “marching towards starvation”. Due to war and droughts, and called the deal a “beacon of hope”.

Oleh Nikolenko, a spokesperson for Ukraine’s foreign ministry, said: “The Russian missile is Vladimir Putin’s spit in the face of UN Secretary-General António Guterres and President of Turkey Recep Erdogan, who made enormous efforts to reach an agreement, and to whom Ukraine is grateful.”

Olesky Honcharenko, a local parliamentarian wrote on Telegram about the city’s port’s infrastructure being attacked and subsequently catching fire.

There is no certainty and clarity over the amount of damage and casualties the missile strikes have caused.

UN chief visits Bucha, Borodyanka in Ukraine

United News of India (UNI) — Thu, 28 Apr 2022 09:41:14 +0000

UN chief Antonio Guterres on Thursday visited Bucha and Borodyanka in Ukraine. Speaking at the mass grave site in Bucha, Guterres said. “Here, you feel how important it is for a thorough investigation. And accountability. I fully support the international criminal court. And appeal to the Russian federation to accept to cooperate with the ICC (the International Criminal Court). But when we talk of war crimes we cannot forget that the worst of crimes is war itself”. The first stop of the UN chief was Borodyanka where he was moved by the sight of wreckage of residential apartment blocks on Central Street, BBC reported. He said, “When I see those destroyed buildings, I imagine my family in one of those houses now destroyed and black.

“I see my granddaughters running in panic. “The war is an absurdity in the 21st century. The war is evil and when you see these situations our heart of course stays with the victims. Our condolences to their families. But our emotions – there is no way a war can be acceptable in the 21st century. Look at that.” According to The Guardian, Guterres was heavily criticised for visiting Ukraine after Russia, rather than before.

Russian Sanctions offer opportunities for Indian engineering exporters: EEPC India

United News of India (UNI) — Fri, 22 Apr 2022 09:39:31 +0000

New Delhi, April 22: The ongoing Russia-Ukraine war poses significant risks to economies and trade globally but sanctions imposed by several developed nations on Russia could bring opportunities for Indian engineering exporters to replace Russia in the global market, said EEPC India Chairman Mahesh Desai. Terming the year 2021-22 as a remarkable year for engineering exports, Mr Desai said that several challenges have emerged on both global as well as domestic front which could act as a deterrent in maintaining the current trend of exports. “Russia-Ukraine conflict is the most sensitive issue at present to disturb the global economy while sudden rise in COVID cases in China is also a major concern on global supply chain. Inflation pressure in the US and real estate instability in China would have a dampening impact on trade growth.

Back home, rising steel prices and some financial issues are also apprehended to act as bottleneck to exports in the months ahead,” he said. Stating that engineering exports crossed US$ 11 billion in March 2022 for the first time in a month, Desai said there was need to take measures to maintain this momentum. The EEPC India analysis showed the country’s engineering exports recorded 19.7% YoY growth in March 2022 by climbing up to US$ 11.13 billion from US$ 9.29 billion in March 2021. Exports during April-March 2021-22 stood at US$ 112.10 billion, registering 46.12% growth over the previous financial year. In FY22, the share of engineering in total merchandise exports was 26.7%.

As many as 32 out of 34 engineering product panels witnessed positive growth during 2021-22 compared to 2020-21. Negative Y-o-Y growth during March 2022 was witnessed in “Copper and its products, “Nuclear reactors and boilers”. “Prime mica and its products”, “Ships, boats and floating structures” and “Tin and its products”. While negative growth in cumulative terms for the fiscal 2021-22 was witnessed in. “Ships, boats and floating structures” and “Aircrafts, spacecraft and parts.”

India’s engineering exports surpassed the engineering export target of US$ 107.34 billion for FY 2021-22 set by the government. Among top 25 key markets of Indian engineering goods, exports to the US jumped 61% in March to reach U$ 2.02 billion. As compared to US$ 1.26 billion in the same month last year. On a cumulative basis, engineering exports to the US stood at US$ 17.32 billion in FY22. As compared to US$ 11.33 billion in the previous financial year thus recording 52.8% growth. Engineering exports to UAE surged 78.9% Y-o-Y in March, 2022 to US$ 553 million. In the financial year 2021-22, exports to UAE registered 74.3% growth to US$ 5.57 billion. As compared to US$ 3.2 billion in FY 2020-21.

Engineering exports to China, however, declined in the month of March 2022 by 44.5% year-on-year to US$ 316 million. The full year growth was positive though, with total exports in FY22 to China standing at US$ 5.45 billion. As compared to US$ 4.84 billion in the previous year. Top 25 countries such as the US, UAE, China, Germany, Italy and Singapore. Account for almost 75% of total engineering exports from the country.

(Except for the headline, this story has not been edited by Business Upturn staff. And is published from a syndicated feed.)

Russians quit northern Ukraine: UK

United News of India (UNI) — Fri, 08 Apr 2022 07:12:39 +0000

London, April 8: The UK’s Defence Ministry on Saturday said that Russia has now fully withdrawn its military from northern Ukraine. The Ministry said that some of the forces will be sent to fight in the Donbas region. “In the north, Russian forces have now fully withdrawn from Ukraine to Belarus and Russia. At least some of these forces will be transferred to East Ukraine to fight in the Donbas,” the Ministry tweeted.

“Many of these forces will require significant replenishment before being ready to deploy further east. With any mass redeployment from the north likely to take at least a week minimum,” it said. Shelling by Russia is still taking place in the east and south of Ukraine, it added. “Russian shelling of cities in the east and south continues. And Russian forces have advanced further south from the strategically important city of Izium. Which remains under their control”. The Ministry said.

Dubai Electricity and Water Board plans to launch IPO

Mymun Malik — Tue, 15 Mar 2022 10:11:13 +0000

DEWA, Dubai’s state-run utility Dubai Electricity and Water Authority revealed on Tuesday that it will list a part of its share on the Dubai Financial Market Exchange (DFME), to try its luck in the recent spurt of IPOs in Gulf countries.

DEWA will release 3.25 billion shares that will be listed on DFME which is 6.5% more than its evaluation.

This move is part of a bigger picture when in November Sheikh Maktoum bin Mohammed Al Maktoum, son of the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum announced to let 10 state entities go public to massively enhance its profile and seek capital for the high life emirate.

This decision comes amidst uncertainty and market volatility with the onset of the Russian offensive against Ukraine. The history of the previous IPOs of markets hit players in Dubai have bled investors off their hard-earned money and companies continue to keep to private with these setbacks.

DEWA’s Chief Financial Officer Thomas Varghese said passionately in a report, “We have experienced very positive response across the globe, some unfortunate events in Europe are going on as we plan things here, however, we do not see it directly affecting our action plan.”

In a compilation for investors, DEWA mentioned it closed in 2021 with a sale of $1.7 billion. And in 2019 it marked its profits to $ 1.8 billion, though the coronavirus dropped its profits in 2020 to $1.4 billion. It paid handsome dividends to the Government of Dubai to the tune of $ 1.2 billion in 2019, $ 408 million in 2020 and $ 544 million in the year 2021.

DEWA has plans to pay handsome dividends bi-annually to its priced investors, with at least $1.6 billion to be given annually over the next 5-year bracket.

Dubai has a bustling population of 3.5 million people and continues to be the hot spot for young executives and entrepreneurs as the ruler of Dubai kept the tourism crown prime throughout the pandemic and real estate markets reigning under his aegis. DEWA is the most favourite government office public interacts with on a daily basis and has a monopoly in being able to meet the basic and most important demands of water and electricity.

Russian troops retrieve to their bases after sparking tensions

Mymun Malik — Tue, 15 Feb 2022 11:51:44 +0000

After several days of sparking fears of a full-blown war Russian troops that were amassed at the Ukraine border, are now retrieving back to their military garrisons, stated a spokesperson for the defense ministry of Russia.

Ukraine breathes a sigh of relief and confirms that it has managed to avert the Russian offensive with the help of the West.

Foreign Minister Dmytro Kuleba informed reporters in Kyiv,” We and our allies have managed to prevent Russia from any further escalation. It is already the middle of February and you see that diplomacy is continuing to work.”

Soon after the news reached the public, they took to Twitter to lighten up the mood. we have a select few memes for you to laugh at and brighten up your mood.

So apparently a large number of Russian Troops are returning back to their permanent bases 🤷🏻‍♂️ 🤷🏻‍♂️ 🤷🏻‍♂️ #RussiaUkraineCrisis #Ukrainian #Russian pic.twitter.com/huHbKGaG1a

— Ryan (@RyanHen31961048) February 15, 2022

https://twitter.com/Somesh83maliq/status/1493462860604719106

https://twitter.com/MJennsy/status/1493515016363982849

https://twitter.com/BabaIndic/status/1493506979645788160

From the past few days and weeks, Russian troops had gathered around the Ukrainian border including Belarus. Their presence felt as though they were bullying and they carried out their military drills awaiting Putin’s orders for an imminent attack.

Now the intervention of the US that had previously warned Russia of unforgivable economic sanctions should it chooses to invade Ukraine.

Although Russia informs that its military is returning back to their garrisons, these drills are to be continued till February 20th.

Putin’s decision to retrieve the troops also comes in from a meeting he had with his Defense Minister Sergei Shoigu.