Egypt contracts to buy 180,000 tonnes of wheat from India: Aly Moselhy

Egypt has contracted to buy 180,000 tonnes of wheat from India, Supply Minister Aly Moselhy said on Sunday, less than previously agreed, a deal that is part of the country’s efforts to diversify its wheat supplies. Egypt, one of the world’s biggest wheat importers, is looking for alternatives to … Read more

UK construction groups accused of ‘bid rigging’ in £150mn contracts

Several cartels involving ten construction suppliers conspired to rig bids for contracts worth £150mn and cheat clients including Selfridges and Oxford university, the UK competition regulator has found. On Friday, the Competition and Markets Authority said it had provisionally found that the businesses colluded over contract tenders for demolition and asbestos removal projects. The three-year … Read more

Live news updates: China’s manufacturing sector contracts at a slower pace

South Korea’s industrial output, consumption and investment all fell in April as higher raw material prices and supply chain disruptions weighed on Asia’s fourth-largest economy, data showed on Tuesday.  It was the first time in two years that all three indicators fell in the same month. Factory output in April shrank by a seasonally-adjusted 3.3 … Read more

itc: Suppliers in spot as ITC, Cargill cancel wheat buying contracts

Export houses such as and Cargill have begun cancelling wheat procurement contracts with local traders following the ban on overseas sales of the cereal, putting suppliers in a fix as they don’t have holding capacities. ITC, the country’s largest wheat exporter, has invoked force majeure. “The government of India has prohibited exports of wheat with … Read more

Steel Sector | Inflation Impact: From steel to dairy, companies in a fix as suppliers shun long term contracts

Inflation has added another worry for industry: suppliers are reworking long-term contracts to ones lasting only 2-3 months as they are uncertain about how long prices of raw materials will hold out. This is impacting sectors as varied as dairy cooperatives to steel and cement sectors. “One-year contracts were the norm earlier but now suppliers … Read more

China’s Economy Contracts Sharply as Lockdowns Wreak Havoc

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Bloomberg News Article content (Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. China’s economy is paying the price for the government’s Covid Zero policy with industrial output and consumer spending sliding to the worst levels since the pandemic … Read more

China’s Economy Contracts Sharply as Covid Zero Cuts Output

(Bloomberg) — China’s economy contracted in April, with Covid outbreaks and lockdowns dragging the industrial and consumer sectors down to the weakest levels since early 2020 as millions of residents were confined to their homes and factories were forced to halt production. Most Read from Bloomberg Industrial output fell 2.9% in April from a year … Read more

Power exchanges asked to explain T+1 contracts

The Central Electricity Regulatory Commission (CERC) has sought an explanation from the two power exchanges, IEX and PXIL, based on feedback from states that the bourses allegedly introduced unapproved products in the term-ahead markets in April amid huge power demand. The regulator initiated suo motu action as the power exchanges started T+1 contracts, which enable … Read more