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Pakistan defers India trade restarting decision over Kashmir

The Cabinet of Pakistan has put on hold a decision made by the country’s top economic decision-making body to allow imports of cotton and sugar from India until its neighbour reviews a 2019 move to revoke the special status of Indian-administered Kashmir.
In an effort to cool local demand and prices, Pakistan’s Economic Coordination Committee (ECC) on Wednesday gave the go-ahead for the imports, which was to have ended nearly two years of trade suspension between the nuclear-armed rivals.
On August 5, 2019, the Indian government stripped the special status its part of Kashmir had long held under the Indian Constitution, a move Pakistan said was in contravention of United Nations Security Council resolutions on the decades-long dispute.

India , Kashmir , North-west-frontier , Pakistan , Pakistani , Shah-mahmood-qureshi , Narendra-modi , Imran-khan , United-nations-security-council , Pakistan-economic-coordination-committee , Reuters , Economic-coordination-committee

Yasser Abbas: Will there be armed conflict over Nile dam dispute?

Sudan’s irrigation minister discusses continuing tensions with Ethiopia over the Renaissance Dam’s construction.
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Show-types , Tv-shows , Business-and-economy , Construction , International-trade , Politics , Water , Africa , Egypt , Ethiopia , Middle-east

Climate concerns to crime: Bitcoin's dark side draws scrutiny | Business and Economy News

Bitcoin’s latest rally to another all-time high north of $60,000 may have lost some steam this week, but its blistering ascent since last year has reignited concerns about the toll Bitcoin is taking on people and the planet.
In the United States, President Joe Biden’s administration has voiced concerns over Bitcoin’s role in money laundering, the potential fallout of financial speculation, and Bitcoin’s environmental impact.
In China, where more than half of new Bitcoins are mined, the vast amounts of energy required to do that are at odds with Beijing’s climate goals, prompting a crackdown by authorities.

Kazakhstan , Malaysia , Mongolia , Japan , Xinjiang , Jiangxi , China , United-states , India , Paris , France-general , France

Coinbase pegs valuation at $68bn ahead of landmark listing

Coinbase Global Inc, the largest United States cryptocurrency exchange, said on Wednesday that recent private market transactions had valued the company at around $68bn this year ahead of a planned stock market listing.
The eye-popping valuation underscores how the perceived value of Coinbase has rallied in lockstep with the surge in the price of Bitcoin.
In a regulatory filing, Coinbase said its shares in the private market traded at a weighted average price of $343.58 apiece in the first quarter of 2021 through March 15, up from $28.83 per share in the third quarter ended September 30.
That represents a nearly 13-fold jump in its valuation in the space of a few months. According to data platform PitchBook, Coinbase was valued at a shade over $8bn during its last private fundraise in October 2018.

United-states , India , Coinbase-global-inc , Exchange-commission , Cipher-mining-inc , Francisco-based-coinbase , Economy , News , Business-and-economy , Crypto , Financial-markets

Lebanon: Aid to be disbursed in dollars as Lebanese pound crashes

Impoverished groups in Lebanon could soon receive more aid after a letter from international donors showed on Wednesday that there had been an agreement to hand out assistance in hard currency as the Lebanese pound crashed to a new low.
Aid to the country in the midst of a financial meltdown exacerbated by the COVID-19 pandemic had previously been handed out in Lebanese pounds at rates set by the Banque du Liban, the central bank.
But in a letter to the country’s finance ministry seen by the Thomson Reuters Foundation, representatives of the European Union, United Nations and World Bank said they “take note of the verbal agreement” on February 22 by the central bank chief and deputy prime minister for aid to be disbursed in United States dollars.

United-states , Lebanon , Lebanese , Ghazi-wazni , European-union , World-bank , United-nations , Thomson-reuters-foundation , Finance-minister-ghazi-wazni , Economy , News , Business-and-economy

India's rising number of loan defaulters has added to the non-banking lenders' woes

Reuters
The nightmare for India’s beleaguered non-banking finance companies seems to have no end.
After the economic slowdown and liquidity crunch, now the impact of the Covid-19 pandemic is weighing heavily on the balance sheet of Indian NBFCs. A key indicator of this pressure is the rising number of stage-3 assets, which are accounts that have defaulted on repayment of loans for more than 90 days. The number of such accounts went up during the October-December period for most of the leading NBFCs in India.
As part of a Covid-19 relief package, the Reserve Bank of India had allowed borrowers to halt repayment of loans without impacting their credit history between March and August. But with the moratorium now lifted, borrowers still do not seem to have the ability to repay.

Mumbai , Maharashtra , India , Indian-nbfcs , Emkay-global-services , Reserve-bank , Emkay-global , Bajaj-finance , Mahindra-finance , Cholamandalam-finance , Magma-fincorp , Business-and-economy

The Fed boosts its forecast for US economic growth this year | Business and Economy News

The United States Federal Reserve foresees the economy accelerating quickly this year but still expects to keep its benchmark interest rate pinned near zero through 2023, despite concerns in financial markets about potentially higher inflation.
The Fed on Wednesday significantly upgraded its forecasts for growth and inflation. It now envisions the economy expanding 6.5 percent this year, up sharply from its previous projection in December of 4.2 percent. And it boosted its forecast for inflation by the end of this year from its previous estimate of 1.8 percent to 2.4 percent as the economy gains momentum.
That level of inflation would finally surpass the Fed’s 2 percent annual target after years of ultra-low inflation. But the Fed foresees inflation falling back to 2 percent in 2022 and 2.1 percent in 2023.

United-states , Americans , Jerome-powell , Joe-biden , United-states-federal-reserve , Fed-chairman-jerome-powell , President-joe-biden , Economy , News , Business-and-economy , Coronavirus-pandemic

Facebook strikes deal with Murdoch's News Corp in Australia | Business and Economy News

It is the first large media outlet with a Facebook deal under new laws on fees social media giants must pay for news.

Australia , Melbourne , Victoria , Sydney , New-south-wales , Australian , Andrew-hunter , Robert-thomson , Google , Facebook-inc , Thomson , Alphabet-inc-google

Asian stocks rise, track US gains before Federal Reserve meeting

Asian stocks rose on Tuesday, tracking gains by Wall Street’s main indexes to record highs, as investors looked to key central bank meetings this week, starting with the United States Federal Reserve.
An index of the region’s share markets excluding Japan strengthened by 0.7 percent, led by a 1.2 percent jump in Australia’s benchmark S&P/ASX 200 index.
Japan’s Nikkei 225 gained 0.6 percent to just below the closely watched 30,000 mark, while the broader Topix added 0.5 percent.
China’s blue chip CSI 300 index climbed 0.7 percent, and Hong Kong’s Hang Seng gained 0.7 percent.
On Monday, the S&P 500 and Dow Jones Industrial Average soared on gains in travel stocks as mass vaccinations in the US and congressional approval of a $1.9 trillion aid bill raised investor optimism.

Germany , Australia , Japan , United-states , Texas , Italy , China , France , Japanese , Market-committee , Federal-reserve

China wants Jack Ma's Alibaba to shed media assets: Report | Business and Economy News

The government is reportedly worried about the tech giant’s influence over public opinion, especially on social media.

Beijing , China , Jiang-fan , Zhejiang , Hong-kong , Qinghui , Jiangxi , Chinese , Jack-ma , Alibaba-group-holding-ltd , Bloomberg , Ant-group-co