Tag: high

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Business confidence at 10-qtr high as demand, economic activity picks up, shows Business Today-C fore survey

India Inc’s small business sentiment rebounded strongly in Q2 of FY22 together with the ebbing impression of the COVID-19 pandemic, in accordance to the most recent Business enterprise Right now-C fore Business Self confidence Index (BCI).
 
On a scale of 100, the index jumped to 49.6 in the July-September quarter (Q2) of FY22 immediately after touching its least expensive position at 43.2 in the April-June quarter (Q1) of the present-day fiscal 12 months. 
 
The BCI, centered on The Small business Currently-C fore Enterprise Self-confidence Survey, further shows the organization sentiment has moved up throughout all corporations — significant, medium, little and micro — and touched its optimum place in the very last 10 quarters.

Also Read: Financial restoration gaining momentum, expansion observed across sectors: Finance Ministry
 
Aroon Purie, Editor-in-Main, India Nowadays Group, of which Business Currently is a part, says the recent study highlights sturdy optimism amongst organizations.
 
“Business enterprise sentiments had been falling for several quarters, but the most current BCI has skyrocketed to break a 10-quarter history. Whilst the study effects give refreshing hope, we want to continue to be notify for near-time period difficulties this sort of as the coal crisis, and climbing commodity selling prices,” Purie notes.
 
The index more signifies that as the economic system opens up and businesses get back to normal, India Inc’s honchos are experience better about the point out of the economic system as well as business. 
 
The increase in July-September BCI is a direct final result of an uptick in the financial activity more than the previous quarter. The unlocking of practically all corporations soon after the second COVID-19 wave, followed by the pickup in desire, has altered the outlook of small business leaders, in accordance to the survey.

Also Examine: Indian financial state poised to attain double-digit progress in FY22: PHDCCI
 
The BCI is dependent on a survey conducted with 500 CEOs and CFOs of firms across big, mid-sized and tiny organisations across 12 towns — Delhi, Mumbai, Chennai, Hyderabad, Bangalore, Kolkata, Chandigarh, Lucknow, Nagpur, Kochi, Vizag and Bhubaneswar.
 
The survey, carried out between September 28 and Oct 4 is element of the October 31 concern of the Business enterprise Right now magazine, which is on stands now.
 
For the September quarter, the ratings on all five parameters integrated in the survey — overall economic circumstances, monetary problem, demand from customers disorders, income margins, and employing conditions — are far better than the prior examine.
 
The outlook for the up coming quarter — October-December 2021 — is also constructive across all parameters, the study suggests.
 
It more details out that 80 per cent of corporate leaders are economically prepared to deal with a possible 3rd COVID-19 wave. Yet another 45 for every cent believe the government’s asset monetisation pipeline would supply a sturdy boost to economic activity and work.  
 
Meanwhile, 63 per cent of respondents do not count on the cost of cash or desire outgo to raise in excess of the future just one yr, though 76 for each cent say the rollback of the moratorium and two-calendar year personal loan restructuring, provided by the Reserve Bank of India (RBI) and the federal government, would enhance the money tension in the system.

The Small business Currently-C fore Business enterprise Assurance Survey, which captures the temper of corporate India, has come to be a bellwether of business and economic sentiment considering that its inception in January-March 2011.

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Today’s top economy and business news: WPI inflation eases; Sensex at a new high; IEA on energy crisis and more

 

Evening wrap:

The worsening gobal energy crisis could boost oil demand by half a million barrels per day (bpd), the International Energy Agency. This could push inflation up and slow the world’s recovery from the COVID-19 pandemic, the agency noted.

In other developments, China’s factory-gate inflation rose to a record on soaring commodity prices. The country’s producer price index (PPI) rose 10.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from a year earlier in September, the National Bureau of Statistics (NBS) said on Thursday, the biggest rise since the bureau started compiling the data in 1996. – John Xavier 

For other top business, economy and market updates, pls read our blog

4:45 P.M.

Rupee closes at 75.26 against US dollar

The rupee appreciated 11 paise to close at 75.26 (provisional) against the US dollar, posting gains for a second straight day. 

The domestic unit rose on heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment while surging crude prices in the international market restricted the rupee’s gain. 

The local unit opened strong at 75.27 against the greenback, before closing at 75.26 against the American currency, a rise of 11 paise over its previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, dipped 0.28{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 93.81.

4:30 P.M.

China’s coal prices near record high

 China coal prices held near record high after cold-weather prompted power plants to stock up on fuel to ease an energy crunch.

China has been grappling with a widening power crisis due to a shortage of coal, record-high fuel prices and booming post-pandemic demand.  

Soaring energy prices sent producer prices to their highest in at least 25 years in September, rising 10.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from a year earlier, and cold winter weather is likely to worsen the situation.

Beijing has ramped up efforts to contain coal price rises. Some of it includes raising domestic coal output, rationing of power at factories and assuring energy supplies will be secured for the winter heating season.

4:00 P.M.

Sensex soars to a new high

Equity benchmark Sensex rallied 569 points to close at a new high amid positive macro cues and upbeat global markets. The sense rose 0.94{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to close above 61,000 for the first time at 61,305.95.

The Nifty also surged 0.97{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to a new lifetime closing high of 18,338.55.

ITC was the top gainer in the Sensex pack, followed by HDFC Bank, and PowerGrid while TCS, HCL Tech, and Bajaj Finance were among the laggards.

The Indian market stayed in green due to the upbeat global market and favourable inflation data. 

The wholesale price-based inflation eased to 10.66{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in September, and retail inflation in September too slowed to a five-month low of 4.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on moderating food prices.

In Asia, Seoul and Tokyo ended with strong gains, while Shanghai was in the red. Stock exchanges in Europe were trading on a positive note in mid-session deals.

3:30 P.M.

Passenger vehicle sales drop  

Passenger vehicle wholesales in India fell 41{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-on-year in September as the semiconductor shortage hit production of automobiles.

Passenger vehicle sales last month stood at 1,60,070 units compared with 2,72,027 units in the same month a year ago. 

According to the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches to dealers plunged 17{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 15,28,472 units, compared to 18,49,546 in September 2020.

While demand for automobiles is picking up, the semiconductor chip shortage has been a major concern for the industry. During the festive season when sales usually peak, customers have to wait for a long time on popular models of some segments. 

3:00 P.M.

Energy crisis could threaten global economic recovery: IEA

The global energy crunch could boost oil demand by half a million barrels per day (bpd), fuelling inflation and slowing the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said. 

Oil and natural gas prices have skyrocketed to multi-year highs recently, leading to record power prices across the world. 

“Record coal and gas prices as well as rolling blackouts are prompting the power sector and energy-intensive industries to turn to oil to keep the lights on and operations humming,” the IEA said in its monthly oil report.

Due to an increased demand for oil,  global oil demand next year is now projected to recover to pre-pandemic levels. 

2:15 P.M.

Govt approves proposals for telecom PLI scheme

The Department of Telecom approved 31 proposals of companies including Nokia India, HFCL, and Foxconn requiring an investment of  ₹3,345 crores over the next four and a half years.

The other firms selected for the PLI scheme are HFCL, Flextronics, Coral Telecom, VVDN Technologies, Akashastha Technologies, and GS India.

With the scheme for telecom gear manufacturing, the government aims to encourage the production of equipment worth ₹2.44 lakh crore and create direct and indirect employment for about 40,000 people.

1:30 P.M.

Oracle opens Israel cloud centre to withstand rocket attacks

Oracle opened a public cloud centre in Israel to let firms and Israeli people store their data on local servers rather than relying on other countries. 

The underground data centre, which is the first of two planned public cloud centres in the country is built below one of Jerusalem’s technology parks. 

The nine floors centre, estimated to have cost hundreds of millions of dollars, is designed to work even during the potential terror.  The company claims it can withstand a rocket direct, a missile direct hit or even a car bomb.

1:00 P.M.

WPI inflation eases to 10.66{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in September

The wholesale price-based inflation eased to 10.66{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in September on moderating food prices despite a rise in prices of crude petroleum. It stood at 11.38{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in August.

Inflation in food articles eased for the fifth straight month, recording 4.69{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in September from 1.29{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in August, primarily on low vegetable prices. Pulses prices continued to spike at 9.42{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Retail inflation in September eased to a five-month low of 4.35{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} on moderating food prices.

12:30 P.M.

EU rules will raise cybercrime risks: Apple 

Apple said EU’s draft rules that will allow users to install software from outside its App Store would boost cybersecurity risk.

On the contrary, the Coalition for App Fairness, which includes Spotify, Match Group and Epic Games, argued that built-in security measures such as encrypted data and antivirus programmes provide security to devices, and not its App Store. 

The group wants regulators to loosen Apple’s grip on its App Store so they can bypass it to reach Apple’s hundreds of millions of users and also to avoid paying commissions of up to 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for purchases made in the Store.

11:30 A.M.

Rupee rises against US dollar

The Indian rupee rose 12 paise to 75.25 against the US dollar in opening trade on heavy buying in domestic equities and fresh foreign fund inflows. 

At the interbank foreign exchange, the domestic unit opened strong at 75.27 against the US dollar before gaining further to 75.25, a 12 paise rise against the previous close.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.03{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 94.05.

10:45 A.M.

U.S. Federal Reserve to reduce bond purchases

According to the minutes of the September 21-22 Fed meeting, the U.S. central bank would scale back its bond-buying programme, and conclude its $120 billion asset purchases by the middle of next year. 

Policymakers discussed cutting the Fed’s purchases of Treasuries by $10 billion a month and those of mortgage-backed securities by $5 billion a month. However several participants preferred a faster reduction.

If a decision to begin tapering is agreed upon in the Fed’s next policy meeting scheduled at  November 2-3,  the process could begin by the middle of that month or mid-December.

10:00 A.M.

Infosys, Wipro announce Q2 results

Infosys reported a 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} rise in its second-quarter net profit on growth across verticals and geographies, strong revenue contribution from the Daimler deal, and higher adoption of digital transformation.

The net profit of India’s second-largest IT service company stood at ₹5,421 crore as compared with ₹4,845 crore in the same quarter a year ago.

Infosys also raised its annual revenue outlook due to an increased demand for its software services from global businesses. 

Wipro posted a 17{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} jump in consolidated net profit for the quarter ended September 30. The net profit rose to ₹2,930.6 crore as compared with ₹2,484.4 crore in the same period a year ago.

Consolidated revenue of Wipro increased by about 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to ₹9,667.4 crore during the quarter compared to ₹15,114.5 crore it registered in the corresponding quarter of 2020-21.

Wipro said it is in position to hire 25,000 people in the next financial year and is also resuming work back from office in a staggered manner starting with fully vaccinated senior colleagues in India.

9:30 A.M.

Asian markets open | Sensex update

India’s benchmark equity indices opened at fresh record high. At 9:17 IST, the benchmark index rose 388.11 points to 61125.16 and the Nifty surged 117.70 points or 0.65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to 18279.50.

Most Asian markets rose as investors anticipated that inflation will push rate hikes around the world.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} while Japan’s Nikkei surged 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Overnight on Wall Street the S&P 500 rose 0.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and in early Asia trade S&P 500 futures were also up 0.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

The minutes from last month’s Federal Reserve meeting showed policymakers’ growing concern about inflation and a general agreement to start tapering asset purchases soon.

Morning note:

Investment activity in India rebounded in the September ending quarter, but growth was not spread across all sectors or states. Gujarat secured the highest amount of fresh investment commitments among the top 5 states, which included Maharashtra, Telangana, Karnataka and Odisha. Manufacturing led the pack among industries, and irrigation and infrastructure lagged.

Coal crisis hit the country’s Aluminium sector as the industry demanded immediate resumption of supplies from Coal India for its survival.

In other developments, the U.S. Federal Reserve released minutes of its September 21-22 meeting, which revealed the Fed plans to scale back its bond buying programme next month. In China, the Evergrande crisis sapped investors appetite for Chinese dollar bond. – John Xavier

Follow our live blog for more on business, economy and markets

 

—-  Edited by John Xavier

 

(With inputs from Reuters, PTI and other news agencies.)

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Experts warn of high levels of chemicals in clothes by some fast-fashion retailers

Canadians who purchase cheap fast fashion from online retailers may be exposing themselves to potentially toxic chemicals.

A Marketplace investigation found that out of 38 samples of children’s, adult’s and maternity clothes and accessories, one in five items had elevated levels of chemicals — including lead, PFAS and phthalates — that experts found concerning. 

“People should be shocked,” said Miriam Diamond, an environmental chemist and professor at the University of Toronto. Diamond oversaw the lab testing that Marketplace commissioned. 

  • Watch the full investigation tonight at 8 p.m. (8:30 NT) on CBC TV and CBC Gem.

Lab tests expose toxic chemicals found on new clothes. And how to fight back against overseas fraudsters. 22:31

Scientists found that a jacket for toddlers, purchased from Chinese retailer Shein, contained almost 20 times the amount of lead that Health Canada says is safe for children. A red purse, also purchased from Shein, had more than five times the threshold. 

“This is hazardous waste,” said Diamond. 

This jacket, purchased for $23 from Chinese fast-fashion giant Shein, contained almost 20 times the limit of lead Health Canada says is safe in children’s products. (David Abrahams/CBC)

“I’m alarmed because we’re buying what looks cute and fashionable on this incredibly short fashion cycle. What we’re doing today is to look [for] very short-lived enjoyment out of some articles of clothing that cost so much in terms of our … future health and environmental health. That cost is not worth it.”

Shein, which sells products both under its own brand and from third-party suppliers, sent an emailed statement to Marketplace saying it had removed the purse and jacket from its app, and would stop working with relevant suppliers until the issue was resolved. “We are committed to continuous improvement of our supply chain,” the company said.

Marketplace found garments containing elevated levels of chemicals from three fast-fashion retailers: Zaful, AliExpress and Shein. 

These companies boast hundreds to thousands of styles updated daily at rock-bottom prices. Tops are available for under $5, sneakers for under $10. Marketplace purchased a kids raincoat from AliExpress for just $6 US.

Miriam Diamond, a professor at the University of Toronto, oversaw the lab testing Marketplace commissioned to test for PFAS, heavy metals and phthalates in clothing. Here, she’s holding a purse from Shein that contained over five times the amount of lead that Health Canada considers safe in children’s products. (CBC)

Lead can cause damaging health effects to the brain, heart, kidneys and reproductive system. Children and pregnant people are more vulnerable, and infants and children are the most at risk, according to Health Canada’s website.

Lead is a naturally occurring element that can be found throughout the environment, but Joël Mertens, a product environmental impacts expert at the Sustainable Apparel Coalition, said the levels found in Marketplace’s lab results were beyond environmental contamination, or the small amounts clothes are exposed to unintentionally during the manufacturing process. 

“There were clearly products that were intentionally using lead and intentionally using it in a way that was well above what should be considered responsible  — or even safe,” he said.

Mertens explained that lead can be used in textile dye pigments, but there are safer alternatives that can achieve the same results.

Diamond pointed to the broader concerns stemming from the industry itself, noting that it’s not just the consumer that could be exposed to the ill effects of lead; it’s the entire supply chain, from mining the lead to shipping the final product. 

“If the final product isn’t safe for me, it’s definitely not safe for the workers that are handling these chemicals to make it,” said Diamond.

Health Canada would not give an interview, but in an emailed statement said it “monitors the marketplace and follows up on all identified consumer product risks.”

Expert: Current regulations on phthalates not strong enough in Canada

Other articles of clothing contained elevated levels of phthalates, a group of chemicals often used to make plastic more flexible. 

A clear tote purchased from Zaful contained enough phthalates, including DEHP, DiNP and DnOP, that Diamond and Mertens suggested Health Canada review the product.

Health Canada restricts some phthalates in children’s toys — like DEHP, DiNP and DnOP — to no more than 1,000 parts per million (ppm) each. However, it is unclear if it would be considered a children’s product. 

Health Canada has proposed to ban DEHP in all products bought and sold in Canada, but it is not yet in effect.  

Diamond said more attention should be paid to all phthalates, many of which are considered endocrine disruptors, which are chemicals that can interfere with hormones. They can also have developmental effects, and target the liver and kidneys, with particular concerns about its effect on people in their reproductive years, she said.

After notifying Zaful of the lab results, the company wrote in a statement that it is recalling the clear tote purse and sending customers who purchased it a refund.

This clear tote purse, purchased from Zaful for $13 US, contained levels of phthalates that concerned experts. (David Abrahams/CBC)

In addition to the tote purse, Diamond flagged elevated levels of phthalates in a children’s tutu dress from Shein, a children’s dress featuring Elsa from the movie Frozen from AliExpress, the red purse purchased from Shein, a children’s raincoat set from AliExpress and a set of plastic bibs from AliExpress. None exceeded Health Canada’s limits.

But Diamond still has concern, particularly with the tendency for children to suck on clothing or put it in their mouths. Children’s skin also can absorb chemicals easier than adults’ skin, she said. 

After informing retailers of Marketplace’s investigation, Shein, Zaful and AliExpress removed all questionable products from their sites. The companies confirmed they would be investigating further, and taking action against suppliers and sellers if necessary.

Health Canada addressed the tote in an emailed statement, writing that the presence of phthalates doesn’t always mean a risk. The regulator suggested that unless a toddler under age four is sucking on the purse for more than three hours on a daily basis, the purse is not a significant source of exposure to phthalates. 

WATCH | Marketplace finds toxic chemicals in some ultra fast-fashion items:

Toxic chemicals found in some Shein, AliExpress and Zaful clothes

A Marketplace investigation found lead, phthalates and ‘forever chemicals’ in purses, jackets and Disney princess dresses. 2:13

Some scientists are calling for stronger regulations on phthalates in Canada. Unlike the European Union, where the combined amount of phthalates is considered in regulations, Canada restricts each phthalate individually. 

“The question naturally arises that combined exposures are possible,” said Eva Pip, a biologist and professor at the University of Winnipeg. “You can’t have more than 1,000 [ppm] of any individual [phthalates] they list, but you could theoretically have 900 [ppm] of each of them together and still be okay.”

In 2021, Health Canada published a document stating that the combined exposure of phthalates to the Canadian environment is “below the levels that are expected to cause death to organisms.” 

Pip thinks this needs to change. “Given the fact that these chemicals are hormone and developmental disruptors, death [to organisms] is a pretty extreme criterion to determine harm,” she said.

Unnecessary forever chemicals found in rain gear

The scientists also tested for PFAS, a collection of fluorinated compounds commonly used in clothing for waterproofing and stain resistance. 

Many PFAS are known to be endocrine disruptors, and all are considered “forever chemicals” because they aren’t flushed from the body and don’t break down in the environment. 

Potential harmful effects include “increasing obesity to impairing immune function to different types of cancers to even diabetes,” Diamond said, noting: “This is a class of chemicals that should not be used unless they’re absolutely essential.” 

A raincoat purchased for $13.21 US from AliExpress contained high levels of PFAS, said Diamond. 

Health Canada prohibits the sale and import of any products containing particular fluorinated compounds, including the type CBC tested for, with the exception of products containing trace amounts of the chemical. However, the regulator doesn’t specify what a trace amount would be.

“This creates a huge loophole,” said Pip. “The manufacturer can claim that presence [of PFAS] in the product is incidental.” 

When reviewing the amount of PFAS found in the AliExpress raincoat, Pip said: “It is hard to imagine this is an incidental amount.”

When CBC brought the lab results to AliExpress, the company removed the raincoat from its online marketplace, confirming that it would be investigating further. 

A pink raincoat, purchased from AliExpress for $13.21 US, contained 220 parts per billion (ng/g) of PFAS, a type of ‘forever chemical’ that Diamond says should not be used in any product unless it is ‘absolutely essential.’ Experts considered this amount to be ‘high.’ (David Abrahams/CBC)

In addition to affecting human health, the chemicals assessed can enter the environment through laundering. A 2019 study from B.C.’s Ocean Wise found that up to 4.3 million microfibres can be shed in just one load of laundry. 

Mertens suggests PFAS are not essential, and there’s suitable alternatives easily available, such as wax for water repellency, or newer, degradable chemical compounds with similar effects.

“This is actually one of the areas that the industry has been focusing on, especially leading players in the industry, is phasing out PFAS compounds for alternatives,” said Mertens. 

Health Canada initially told Marketplace it has “identified concerns with PFAS and actively monitors the evolving science related to these substances.” With the products that concerned experts, the regulator confirmed it will “assess compliance and take immediate action as appropriate.” Ultimately though, the regulator said it is up to companies to provide safe products to Canadians. 

So you still need new clothes. Here’s what to do

Mertens says that while the fashion supply chain is complicated and spans many countries, the onus is on the brands themselves to oversee the process so it eliminates unnecessary chemicals.

“There are many, many organizations and groups out there that can help any brand or manufacturer navigate this space. Nobody really has an excuse to say, ‘Well, I just don’t know how to tackle it,’ including small brands.”

Mertens suggests consumers look for brands that complete product safety compliance through organizations like Oeko-Tex or Bluesign, which set restricted substances limits in each article of clothing based on progressive international regulations, like the EU’s REACH, which sets safe levels of certain chemicals in clothing.

And if you already own the garments? Diamond says some chemicals can wash out of clothes.

However, she adds, “In the long term, you know, I just don’t want to buy it.”