Sajjan Jindal, chairman, JSW Group, blamed the complacency of domestic industry for increased dependency on cheaper Chinese imports.
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“A lot of my friends and co-industrialists are upset as their business with China is important to maintain healthy margins and continuity,” Jindal said via a company statement. “We cannot keep making money by buying cheaper Chinese raw materials for our business while our soldiers are getting killed at the LAC,” he added.
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Kenyan President Uhuru Kenyatta on Monday announced a “phased reopening” of the country, with the resumption of international flights from August 1 as well as the lifting of internal travel restrictions.
The move comes as pressure mounts to kickstart the country’s ailing economy after nearly four months of coronavirus restrictions that have devastated key industries such as tourism.
Kenyatta said in a televised address that “international air travel into and out of the territory of Kenya shall resume effective 1 August 2020.”
He also announced that a ban on movement in and out of the capital Nairobi, the port city of Mombasa and northeastern Mandera, would be lifted from July 15.
However, a curfew from 9pm to 4am will remain in place for another 30 days.
Kenya has recorded just over 8,000 cases of the virus and 164 deaths — the highest official figures in East Africa — and has seen a steep increase in numbers in recent weeks, with a fatality rate of 2.09 percent.
Health Minister Mutahi Kagwe on Sunday warned “our healthcare facilities risk being overwhelmed”.
Fewer than 200,000 people
Adbri subsidiary Cockburn Cement is expected to cut up to 50 jobs after Alcoa of Australia did not renew its contract to purchase about $70 million of lime each year.
South Australia-based Adbri said it was too early to assess the full financial impact of the loss of the contract, which was due to expire on June 30 next year.
However, between 40 and 50 Cockburn Cement jobs including contractors are likely to be affected.
Adbri chief executive Nick Miller said the group had supplied lime product to Alcoa for almost 50 years.
“We are disappointed with Alcoa’s decision to displace locally manufacture product with imports from multiple sources,” Mr Miller said in an ASX announcement.
“We will work quickly to mitigate the impact on local jobs supporting our lime business and we remain committed to supplying our WA resources sector customers.”
Adbri, formerly known as Adelaide Brighton, recently said in an investor presentation that the Western Australian market for cement and lime was expected to grow in 2020 driven by demand from the resources sector, particularly in nickel and gold.
The WA alumina sector also represented around 70 per cent of the state’s lime demand, Adbri said.
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The finance ministry may assess the capital requirement of public sector banks after the September quarter as there would be greater clarity about a spike in bad loans by that time, sources said.
There is widespread fear that non-performing assets (NPAs) of the banks will witness a surge due to the economic slowdown triggered by the Covid-19 outbreak and resultant lockdowns.
This will need higher provisioning by banks as per the Reserve Bank of India (RBI) guidelines. However, there could be a silver lining if RBI accepts request of loan restructuring for sectors hit badly by the coronavirus pandemic, sources said.
The pain of NPA will surface only after the extended moratorium ends in August, the sources said, adding it will be appropriate to assess capital requirement only after the second quarter numbers are finalised.
CII President Uday Kotak had said the PSBs would need financial support from the government to drive the economy, while private sector banks need to raise capital from various sources to meet the future challenges.
“While the government is facing the risk of higher fiscal deficit, the banking sector urgently needs the recapitalisation to the tune of
Mercedes-Benz will recall more than 660,000 vehicles in China later this year for a possible oil leak.
A seal between a high-pressure fuel pump and a low-pressure fuel pipe could weaken over time, allowing oil to leak when the engine starts in cold weather, according to a notice published last week on the website of China’s State Administration for Market Regulation.
The official Xinhua News Agency reported the recall Sunday. The recall of 668,954 vehicles will begin on Dec. 18. It includes several models made between February 2013 and June 2017 including C-class, E-class, V-class, GLK-class, CLS-class, SLC-class, GLC SUV and VS20 VITO vehicles.
Most of the vehicles were made in China by Beijing Benz Automotive Co. About 12,500 were built by Fujian Benz Automotive Co. and about 36,000 were imported.
Dealers will replace faulty parts free of charge.
The announcement follows another recall that began last month of 4,653 imported Mercedes G-class sedans that had incorrect child-safety lock labels, Xinhua said.
Those vehicles were manufactured between Feb. 14, 2018, and Sept. 24, 2019.
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Italy has authorised charity vessel Ocean Viking to disembark 180 migrants rescued in the Mediterranean in Sicily, ship operator SOS Mediterranee said on Sunday.
“We have received instructions from the Italian maritime authorities to disembark those on board in Porto Empedocle,” a spokesman for the charity told AFP, which has a correspondent on board.
The Ocean Viking is now heading for the port where it expects to arrive by Monday.
Italy said on Saturday that medics were testing the migrants before they would be transferred to a quarantine vessel in Sicily.
They have been on the Ocean Viking for over a week, with fights and suicide attempts on board prompting the charity to declare a state of emergency on Friday.
After the coronavirus tests, the migrants are expected to be transferred to the Moby Zaza quarantine ship in Porto Empedocle.
The Ocean Viking, which has been in limbo in the Mediterranean south of Sicily, has been waiting for permission from Italy or Malta to offload the migrants at a safe port.
Tensions have risen in the past week, as witnessed by an AFP reporter, with the migrants increasingly desperate to reach land. Others have become distraught at not being able
