Monetary measures that a government may take to control a high rate of inflation on the country

Under the OMSS policy, the government allows FCI to sell food grains, especially wheat and rice, at pre-determined prices in the open market from time to time to bulk consumers and private traders. The central government on January 24 approved a proposal to sell 30 lakh tonnes of wheat in the open market to control prices of wheat and wheat flour. "Offloading of 30 LMT wheat in the market through OMSS (D) scheme within a span of two months through multiple channels will have wider reach as well as immediate impact on the soaring wheat and atta (wheat flour) prices and will help contain the rising prices and will bring much relief to the common man," the Ministry of Consumer Affairs, Food & Public Distribution said in a statement. Earlier today, the Group of Ministers headed by Home Minister Amit Shah held a meeting to discuss the buffer stock position of the country. Last week, food secretary Sanjeev Chopra said that prices of wheat and atta had increased in the … [Read more...] about Govt approves proposal to sell 30 lakh tonnes of wheat in open market to control prices

Gold, Gold prices Gold was trading higher in India on January 22 morning, mirroring gains in the international market as a softer dollar and prospects of slower interest rate hikes by the US Federal Reserve boosted bullion's appeal. At 10.01 am, gold was trading 0.11 percent higher on the Multi Commodity Exchange (MCX) at Rs 56,722 for 10 grams, while silver was up 0.59 percent at Rs 68,953 a kilogram. Spot gold was up 0.3 percent at $1,932.12 a troy ounce at 0255 GMT. US gold futures, too, were up 0.3 percent at $1,934.70. Track Live Gold Prices Here Ravindra V Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities Read More Comex gold prices rose for the fifth week in a row to a fresh nine-month high of $1,939 in the week gone by, as a softer dollar, poor corporate earnings and layoffs raised concerns of a recession. The yellow metal has been witnessing a one-sided rally since early November, after touching a 28-month low of $1,618, on … [Read more...] about Gold Prices Today: Recession fears, weak dollar to support precious metal as investors eye US GDP data

If there’s an idea that might reduce health care costs, there’s a good chance Colorado’s trying it out. The state’s Office of Saving People Money on Health Care laid out a plan in 2020 that included passing a partial public option; extending the reinsurance program; launching a statewide purchasing alliance; importing prescription drugs; launching a drug affordability board; and increasing transparency in hospital and prescription drug prices. Other than the importation plan, which has to be approved by the U.S. Food and Drug Administration, all of those agenda items have at least started to be put into practice. Most are in the early stages, however, making it difficult to assess if they’ll succeed in bringing costs down. Colorado is ultimately pursuing two paths to lowering health care costs, said Bob Smith, executive director of the Colorado Business Group on Health. The Colorado option insurance plan is an example of setting rates, while the purchasing alliance is an … [Read more...] about Colorado’s trying a public option, drug importation and more. What’s actually lowering health care costs?

In 2021, privacy consultants working for two Dutch universities issued a critical report card on Google’s education apps, a set of classroom tools like Google Docs that are used by more than 170 million students and educators worldwide. The audit warned that Google’s tools for schools lacked a number of privacy protections — like narrow limits on how the company could use students’ and teachers’ personal data — that were required by European law. Although the company addressed some of the concerns, the report said, Google declined to comply with Dutch requests to reduce a number of “high risks” cited in the audit. It took a threat from the Dutch Data Protection Authority, the nation’s privacy regulator, to help break the deadlock: Dutch schools would soon have to stop using Google’s education tools, the government agency said, if the products continued to pose those risks. Two years later, Google has developed new privacy measures and transparency tools to address the Dutch … [Read more...] about How the Netherlands is taming Big Tech

China doctors battle covid surge (Image: AFP) A furious, wide-ranging argument is unfolding on the internet in China over the reversal of the government’s strict pandemic policies and the massive COVID surge that followed. The divisions are challenging the Communist Party’s efforts to control the narrative around its pandemic pivot. Since the party abandoned “zero-COVID” last month, many online commenters have staked out opposing positions over seemingly all manner of questions. Who should be blamed for the explosion of cases and deaths? Is a top government-appointed health expert trustworthy? Is omicron really less severe, as Chinese officials now say, when hospitals seem to be filling up with sick patients? They are even arguing over whether people should be allowed to set off fireworks during the upcoming Spring Festival holiday, after many did so during the New Year. The digital finger-pointing reveals a country that is deeply polarized, with each side distrustful and … [Read more...] about As China reopens, online finger-pointing shows a widening gulf

Representative image. The market succumbed to major selling pressure on January 27, with the benchmark indices falling nearly 2 percent despite a positive trend in global peers, as participants turned cautious ahead of key events next week – Union Budget 2023 and the US Federal Reserve meeting. Bears took a strong lead for a second consecutive session, which resulted in a loss of Rs 11.75 lakh crore of wealth during 2 sessions, as the BSE market capitalisation fell from Rs 280.39 lakh crore, to 268.64 lakh crore as of 14:46 hours IST. The mayhem At the same time, the BSE Sensex plunged 1.93 percent, or 1,160 points, to 59,045, while the Nifty50 tanked 2.1 percent, or 375 points, to 17,517. The broader markets were also caught in the bear trap with the BSE Midcap and Smallcap indices declining 1.5 percent and 2.5 percent, respectively as breadth was largely in the favour of sellers. Nearly 5 shares declined for every share rising on the BSE. Read More All … [Read more...] about Indices down 2% as pre-Budget selling wipes off Rs 12 lakh crore investor wealth

Najing East Road shopping area in Shanghai on Jan. 24. Tourist spots were swamped, movie theaters were packed and fireworks displays lit up the night sky as China celebrated the Lunar New Year with an abandon that marked the end of its three-year Covid Zero experiment. The sudden dismantling of China’s Covid restrictions in December allowed everyone to travel and freely mingle for the country’s most important festival for the first time since 2019. More than 300 million trips were made during the holiday, nearly 90% of pre-pandemic levels, according to the Ministry of Culture and Tourism. The upbeat mood is good news for the Chinese economy and President Xi Jinping after widespread public anger over the zero tolerance policy erupted late last year, which raised uncomfortable questions and created the potential for backlash. While the revelry is a relief after recurring lockdowns, it also carries the risk of reigniting the omicron wave that scorched the country in recent … [Read more...] about China celebrated Lunar New Year like Covid no longer exists

PHOTO: Bao Menglong on Unsplash The former director general of the World Trade Organisation has issued a caution against Thailand throwing open its borders too early. Supachai Panitchpakdi says Covid-19 is still very much a threat, pointing to other countries that appear trapped in a cycle of easing restrictions, followed by renewed lockdowns. His comments come as England emerges from a national lockdown, only for many areas to find themselves subject to even tougher measures, at least until Christmas. According to a Nation Thailand report, Supachai says the cycle of lockdown/open up/lockdown that’s being seen in many Western countries is not just damaging their economies, it’s also leading to more infections and deaths. He warns that re-opening Thailand’s borders too quickly could have long-term negative impacts for the Kingdom. “Thailand should gradually open the country, because human resources are the most important factor. It takes about 20 to 30 years for human … [Read more...] about Former WTO director cautions against re-opening Thailand too quickly

Supporters of ex-President Jair Bolsonaro storm Brazilian government buildings. (Image: AFP/File) Adages don’t come more prosaic than “football is a game of two halves”. But there is profoundness in the anodyne. Just ask Lionel Messi and Kylian Mbappe, our two stalwarts at the FIFA World Cup final in 2022 in Lusail, Qatar. Argentina and France squared off, each with the divine right to add a third star to their sacred crest. La Albiceleste and Messi on the scoresheet in the first half, a rampant 2-0 and all set to take the Jules Rimet trophy to the Americas. And then, Kylian Mbappe, widely touted to be the greatest since Pele, having already won the last World Cup in his teens, had something to say. Another two goals were scored in this half, except by Les Bleu, and 2-2 it was. Extra Time followed the same script, a goal on each side, 3-3, and then penalties. For a while, it looked like Kylian Mbappe, would have two World Cup titles at the age of 23, a feat achieved by the … [Read more...] about December 2022: In South America, it was the best of times, it was the worst of times

With the past rate increases playing out in full force and inflation losing its sting by the day, there is a great deal of interest in tracking growth dynamics and the ideal asset allocation for investors (Representative image) The billion-dollar question uppermost in everyone’s mind is: How will the Budget 2023 turn out? Can it live up to everybody’s expectations? Will it go the populist way, given the fact that it’s the last full-year budget before the 2024 Lok Sabha elections? Speculation is rife. The grapevine has it that the government is pretty much mindful of the high interest rate environment and will do every bit to focus on fiscal consolidation and make sure the sovereign cost of... … [Read more...] about Business in the Week Ahead (January 30-February 3, 2023)