A prominent Indian metals company's containers bound for Russia have been stuck at the port of Antwerp for more than a year.
Jindal Stainless Ltd said its five containers carrying about 100 tonnes of stainless steel have been unable to enter the European Union because of sanctions imposed on Russia.
But the company said stainless steel is not on the list of goods sanctioned by the EU.
The cargo was dispatched in February last year - around the time the ongoing Russia-Ukraine military conflict began.
Jindal Stainless, India's largest stainless steel producer having customers in 60 countries, indicated its containers should be cleared for their onward movement.
It, however, did not answer Eastern Eye’s questions as to how the authorities in Belgium have responded to the matter and when it expects clearance for the transit.
The company reported consolidated revenue of £1.72 billion for the first nine months to December 2022, compared to £1.47 bn a year earlier.
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Asda staff move closer to £1.2 billion equal pay payout
Feb 04, 2025
THOUSANDS of Asda workers have won the latest stage in a long-running equal pay case, bringing them closer to a potential £1.2 blillion payout.
The Manchester employment tribunal ruled that 12 out of 14 lead claimants, part of a case involving 60,000 employees, had jobs of equal value to their higher-paid, mostly male counterparts working in Asda warehouses, The Guardian reported.
The case, supported by the GMB union and law firm Leigh Day, could have wider implications for other supermarket workers involved in similar claims. The industry-wide compensation bill for back pay could reach £8 bn.
The tribunal found that checkout operators and shop floor assistants in areas such as bakery, chilled, produce, customer services, and George clothing performed work of equal value to at least one warehouse role.
However, online shopping packers and store workers handling only packaged or tinned groceries were not deemed equivalent, affecting about 11,000 claimants. The GMB is considering an appeal for these workers, The Guardian reported.
GMB national officer Nadine Houghton urged Asda to settle, stating that while this was a historic step, it was disappointing for those facing an appeal.
Asda, which is dealing with declining sales after a private equity-led takeover, denied any discrimination.
A spokesperson said the company would continue to defend the claims, arguing that retail and distribution are separate industries with different pay structures.
The final stage of the case requires Asda to justify the pay difference with a reason unrelated to gender.
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Diageo faces challenges in life after Ivan Menezes
Feb 04, 2025
DIAGEO, the global beverage company known for brands like Johnnie Walker and Guinness, has encountered significant challenges following the death of CEO Sir Ivan Menezes in June 2023. Menezes, who had led the company since 2013, was succeeded by Debra Crew.
Under Crew's leadership, Diageo has faced a profits warning and adverse global consumer trends. The company's shares have declined nearly 30 per cent since her appointment.
Factors contributing to this downturn include the rise of weight-loss drugs reducing alcohol consumption, supply chain misjudgments in Latin America, and global economic pressures, reported The Guardian.
In the US, Diageo's largest market, cautious consumer behaviour has further impacted sales. Despite maintaining market share in 75 per cent of measured markets, including the US, investor confidence has waned.
Crew's commitment to a long-term sales growth forecast of 5-7 per cent has been met with scepticism given recent performance.
The company has denied rumours of drastic measures, such as selling the Guinness brand. Challenges persist, including changing consumer behaviours, increased alcohol duties, and potential tariffs affecting exports.
Crew aims to reassure investors and meet ambitious growth targets in the upcoming half-year results presentation.
Menezes, who was born in Pune, India, and educated at St Stephen's College in Delhi and the Indian Institute of Management, Ahmedabad, passed away following a brief illness. He had been hospitalised for conditions including a stomach ulcer.
Diageo's leadership transition has been closely watched by investors and industry analysts as the company navigates these challenges.
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Key points from India's 2025 budget
Feb 02, 2025
INDIA will focus on increasing the spending power of its middle class, encouraging private investment, and promoting inclusive development, finance minister Nirmala Sitharaman said on Saturday while presenting the annual budget.
Sitharaman said the budget for 2025-26 includes measures for the poor, youth, farmers, and women. She also highlighted "transformative reforms in taxation."
Key announcements from the budget:
Relief for middle-class taxpayers
- Raises the nil tax slab threshold for income tax payers to ₹1.2 million (£11,200) per year
- Proposes changes to income tax slabs and rates to benefit all taxpayers
- Maximum tax rate of 30 per cent raised to incomes of ₹2.4 million (£22,300) and above under the new tax regime
- Plans to introduce an income tax bill in parliament to simplify tax rules and reduce litigation
- Analysts say tax cuts may boost consumer demand
- Expects nominal GDP growth of 10.1 per cent in 2025-26
- Fiscal deficit expected at 4.4 per cent of GDP in 2025-26, down from a revised 4.8 per cent in the current fiscal year
- Gross borrowings estimated at ₹14.82 trillion (£137.9 billion) for 2025-26
- Net borrowings estimated at ₹11.54 trillion (£107.4 billion) for 2025-26
- Total revenue receipts projected at ₹34.20 trillion (£318.3 billion) for 2025-26, up from ₹30.88 trillion (£287.3 billion) in the current fiscal year
- Net tax revenue receipts for 2025-26 expected at ₹28.37 trillion (£264.1 billion)
- Total budget spending for 2025-26 estimated at ₹50.65 trillion (£471.4 billion), compared to revised spending of ₹47.16 trillion (£438.6 billion) in 2024-25
- Revised spending target for 2024-25 lowered by ₹1.04 trillion (£9.7 billion) from the initial estimates
- Capital spending target for 2025-26 set at ₹11.2 trillion (£104.2 billion), up from the revised ₹10.18 trillion (£94.8 billion) in the current fiscal year
- Proposes to increase the foreign direct investment limit in insurance to 100 per cent from 74 per cent
- Focus areas of the budget include taxation, power sector, urban development, mining, financial sector, and regulatory reforms
- Plans a six-year mission to boost pulses production
- Launching a five-year mission for cotton production
- National Manufacturing Mission to be set up to support the ‘Make in India’ initiative
- Credit guarantee cover for small and medium enterprises increased to ₹100 million (£930,500)
- Fund of funds to be created for start-ups with government support of ₹100 billion (£930.5 million)
- Five national skilling centres to be established to improve manufacturing workforce skills
- ₹1.5 trillion (£14 billion) in 50-year interest-free loans to states for infrastructure development
- Announces a Maritime Development Fund with a corpus of ₹250 billion (£2.3 billion)
- Plans an Urban Challenge Fund worth ₹1 trillion (£9.3 billion)
- Regional air connectivity to be expanded to 120 new destinations over 10 years
- A policy for critical minerals development to be launched
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Shoplifting surge costs retailers record £2.2bn
Feb 01, 2025
SHOPLIFTING across the UK has spiked in recent months costing stores a record £2.2 billion ($2.7bn) in losses, a leading retail organisation warned.
"Retail crime is spiralling out of control," the British Retail Consortium said in its latest annual report, adding that thieves were also becoming more violent towards staff.
Cases of "retail violence and abuse increased over 50 per cent to more than 2,000 incidents a day".
In the 12 months to September 1, 2024, a total of 45,000 cases involving violence or abuse were recorded in UK stores, out of which 25,000 involved weapons.
"Shopworkers are often in a vulnerable situation, facing intimidation from someone potentially carrying a weapon and possibly under the influence of alcohol or drugs," the report said.
Chris Brook-Carter, head of the Retail Trust, said that "almost half of the retail workers we've surveyed told us they currently fear for their safety."
"Nearly two thirds are stressed and anxious going to work due to this unacceptable level of retail crime," he added.
The total cost of retail crime including crime prevention has now reached "a colossal £4.2bn, of which £2.2bn is a direct result of customer theft", the report added.
"A lack of police action" over the years "has given these criminals a licence to steal, and a green light for aggression," said Helen Dickinson, head of the consortium.
Two main factors were also blamed for the rise in shoplifting: rising food prices and the spread of automated checkouts.
(AFP)
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What to expect from India's budget
Jan 31, 2025
INDIAN prime minister Narendra Modi's government will present the annual budget on 1 February, with a focus on economic growth, job creation, and trade policies amid global uncertainties.
Finance minister Nirmala Sitharaman will deliver the budget speech.
The budget comes as India faces slowing economic growth, inflation concerns, and trade disruptions. Economists expect measures to boost disposable income, support local manufacturing, and provide relief to the middle class.
"We could see a nod from the government, to signal to the middle class that we are aware of your challenges and we would like to raise disposable incomes, which increases spending power," Priyanka Kishore, director and principal economist at Asia Decoded, said.
The government is considering personal income tax cuts, Reuters reported last month. Tariff reductions on key imports to encourage domestic manufacturing are also expected. Dhiraj Nim, an economist at ANZ, said tax cuts on fuel and cooking gas may also be introduced.
India’s job market remains a concern despite strong economic growth. Last year’s budget allocated nearly £19.4 billion over five years for job creation programmes, but these schemes have not yet been implemented due to delays in finalising details.
"They will focus more on direct measures for employment generation and skilling," Kishore said.
Trade policies and global supply chain strategy
India is also preparing for potential disruptions from US trade policies. To support local production, the government may offer lower tax rates to companies manufacturing in India, reduce import duties on intermediate goods, and increase tariffs to counter cheaper imports from China, Nomura economists said.
India sees an opportunity to gain a larger share of the global supply chain due to trade shifts. A government source said India is considering import tax cuts on components used in local production, including mobile phone parts like printed circuit board assemblies, camera module components, and USB cables.
Additionally, the government may introduce incentives for the textile and garment industry, including financial support and tariff reductions on key inputs. This comes as Bangladesh’s exports face challenges due to political instability.
Infrastructure spending will likely remain a priority. Government spending in this sector has played a key role in recent economic growth, but the current fiscal year’s £102.8 billion infrastructure allocation is expected to fall short of targets, according to ICRA economists.
The budget is also expected to increase spending for the agriculture sector by around 15 per cent, the highest increase in six years, alongside moderate increases in key subsidies to support rural economic recovery.
Fiscal strategy and growth outlook
India plans to project higher economic growth in the budget, according to Reuters. The economy is expected to grow between 6.3 per cent and 6.8 per cent in the next fiscal year, lower than the 8.2 per cent growth recorded in 2023-24 but in line with global forecasts.
"Headwinds to growth include elevated geopolitical and trade uncertainties and possible commodity price shocks," the Finance Ministry said in its annual economic survey.
The government will have to balance spending measures with its fiscal constraints. India’s fiscal debt-to-GDP ratio remains above 80 per cent, which is high for emerging markets, Nim said. The fiscal deficit target for the next financial year is expected to remain at 4.5 per cent of GDP, according to a Reuters poll.
With limited fiscal space, the burden of economic recovery may shift to the Reserve Bank of India, analysts said. The government is expected to borrow £132.7 bn in the next fiscal year, slightly higher than this year’s £130.2 bn borrowing plan.
Focus on women, the middle class, and social policies
Modi has indicated that the budget will include measures to support women, the middle class, and lower-income groups.
Speaking before the budget session, he referred to Lakshmi, the Hindu goddess of wealth, and said he prayed for "special blessings for the poor and middle class."
He also stressed the need for ensuring equal rights for women, free from religious and sectarian divides. "Significant decisions towards this goal will be taken during this session," Modi said.
India's president Droupadi Murmu, in her address to parliament, echoed the government’s focus on economic policies benefiting the poor, middle class, youth, women, and farmers.
"The nation is witnessing major decisions and policies being implemented at an extraordinary speed, with the highest priority given to the poor, middle class, youth, women, and farmers," she said.
The budget session will also include discussions on various policy bills and proposals. Modi said these measures will strengthen the country’s economy and governance framework.
(With inputs from agencies)
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