What soaring auction prices say about the covid 19 economy

Representative image China's State Council joint prevention and control mechanism against COVID-19 has released a virus prevention and control plan. The new protocol has been released in accordance to the decision to downgrade the epidemic management from Class A to Class B. The new protocol stresses upon increasing inoculation of the vaccine, self protection against the virus and on monitoring the virus via China's national influenza surveillance network according to a report by the Global Times. Moneycontrol could not independently verify the report. Here's all that you need to know about the new Covid protocol: More Hospitals Citing the national influenza surveillance network the report said that 554 national influenza surveillance sentinel hospitals are required to conduct surveillance for influenza-like illness (ILI) and severe acute respiratory infections (SARI) surveillance. Genome Sequencing The new protocol urges upon collection of samples from … [Read more...] about China’s new Covid-19 control protocol calls for monitoring mutated variants: Report

The expected surge in demand comes as the market braces for further sanctions on Russian oil Petrol and diesel prices held steady across metro cities on January 23, the latest price notification issued by fuel retailers showed. Petrol and diesel in Delhi cost Rs 96.72 per litre and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre. Petrol and diesel are priced at Rs 102.63/litre and Rs 94.24/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively. Oil prices drifted lower in early trade on January 23, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year. Brent crude futures retreated by 46 cents, or 0.5 percent, to $87.17 at 0031 GMT, while US West Texas Intermediate (WTI) crude futures fell 40 cents, also down 0.5 percent, to $81.24 a barrel. Read More … [Read more...] about Fuel prices on January 23: Check petrol, diesel rates in Delhi, Mumbai and other cities

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

The Central Drugs Standard Control Organisation had shared the list of COVID-19 vaccines approved by it, the government said. (Image: AP) The Union health ministry on January 17 refuted media reports based on response to a Right to Information (RTI) query that the Indian Council of Medical Research (ICMR) and Central Drugs Standard Control Organisation (CDSCO ) had admitted to multiple side effects of COVID-19 vaccines. “It is clarified that the news report is ill-informed and provides erroneous information,” said the ministry in a statement. It added that the ICMR had simply provided a list of advantages and disadvantages of COVID-19 vaccines through reputed websites of World Health Organization (WHO), Center for Disease Control (CDC) and the ministry, where compiled global evidence on various COVID-19 vaccines available. "As is the case with all other vaccines, those who get vaccinated with different COVID-19 vaccines may experience mild symptoms like injection site … [Read more...] about “Ill-informed and erroneous’: Govt refutes reports claiming admission of COVID vaccine side-effects

(Image: AP) India saw a single day rise of 93 coronavirus infections, while the active cases have declined to 1,842, according to Union health ministry data updated on Saturday. The total tally of Covid cases is 4.46 crore (4,46,82,530) and the death toll stands at 5,30,739, the data updated at 8 am stated. The daily positivity has been recorded at 0.07 per cent while the weekly positivity is 0.08 per cent, it stated. The active cases comprise 0.01 per cent of the total infections, while the national recovery rate has increased to 98.81 per cent, according to the health ministry's website. There has been a decrease of 54 cases in the active Covid caseload in a span of 24 hours, the data stated. Read More COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also … [Read more...] about Coronavirus Update | Active Covid cases in country decline to 1,842

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

Oil prices reversed earlier gains on Friday as indications of strong Russian oil supply offset better than expected U.S. economic growth data, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. Brent futures were down 51 cents, or 0.6%, at $86.96 a barrel by 11:29 a.m. EDT (1629 GMT.) U.S. crude fell 65 cents, or 0.8%, to $80.37. Both benchmarks rose by more than $1 earlier in the session but are now poised to break a three-week run of gains. Oil loadings from Russia's Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices, traders said and Reuters calculations showed. Urals and KEBCO crude oil loadings from Ust-Luga over Feb. 1-10 may rise to 1.0 million tonnes from 0.9 million in the plan for the same period of January, traders also. "If Russian supply remains strong heading into next month, oil is probably going to continue to trend … [Read more...] about Oil prices fall on profit taking, strong Russian supply

A relaxation in COVID-19 restrictions and the anticipation of higher demand ahead of the Chinese New Year are driving a rise in gold prices in China. Gold prices reached their highest level earlier this week on 17th January after six months as spot gold jumped  to $1,816.69 per ounce by 1:52 p.m. ET (1852 GMT), rising to $1,832.99. "Gold is following the decisions by China to further ease COVID restrictions," on the anticipation of higher demand from the region and in spite of rising yields," Bob Haberkorn, senior market strategist at brokerage firm RJO Futures told news agency Reuters in an interview. A report by the World Gold Council on China’s gold market predicts that China’s economic recovery and gold consumption are likely to benefit  from the relaxation of the strict zero-COVID policy. The report also mentions that local gold consumption is also likely to receive traditional festive boosts from the Chinese New Year’s (CNY) holiday in late January. Bloomberg’s … [Read more...] about China’s gold demand slated to support high prices ahead of Chinese New Year

Oil Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth. Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday. The economic worries were exacerbated by a bigger-than-expected build in U.S. oil inventories that was reported after the market settled on Tuesday. U.S. crude stocks rose by about 3.4 million barrels in the week ended Jan. 20, according to market sources citing American Petroleum Institute figures on Tuesday. That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday. "But the build is expected to be temporary as the supply disruptions from a cold … [Read more...] about Oil rebounds as China demand recovery optimism supports prices

Share to Twitter Share to Linkedin Topline American Express shares surged Friday after the U.S.’ second-largest credit card company posted strong quarterly earnings , with American Express brass boasting about its wealthier consumer base’s resilience even as the U.S. economy borders on recession. Key Facts American Express reported $14.18 billion in revenue and $2.07 earnings per share, each below analyst expectations, but the stock rose 11% as investors latched onto an optimistic outlook from the company and a planned 15% increase in quarterly dividends to $0.60 per share. "We aren't seeing recessionary signals," CEO Stephen Squeri told Yahoo Finance after his company reported its highest-ever quarterly cardholder spending. Squeri’s assertion came even as the latest consumer spending data revealed Americans spent 1.1% less on retail last month compared to November. But credit card companies have largely benefited as … [Read more...] about American Express CEO: No Sign Of ‘Recessionary Signals’ As Credit Card Spending Soars