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News in Short

News in Short - 03-March-2022

Export denands grow for Indian wheat, corn and spices

Date: 03 March 2022 Tags: Miscellaneous
  • Export demand for Indian wheat, corn and spices has shot up after Russia launched a military operation against Ukraine.
  • Apart from wheat, demand for Indian corn has increased as buyers from India’s neighbourhood shifted from Ukraine to India.
  • India is now the only prominent jeera supplier as supplies from countries such as Afghanistan, Turkey and Syria have been disturbed due to geopolitical reasons.

Ukraine gets Starlink satellite

Date: 03 March 2022 Tags: Miscellaneous
  • A shipment of Starlink terminals has arrived in Ukraine after the country's digital transformation minister asked SpaceX CEO Elon Musk for help.
  • One of the challenges is to install end-user terminals, which require a clear view of the sky to connect to Starlink.
  • As high-rise buildings can block the service, one has to go to the top of the highest building nearby to set up the antenna.

US bans Russian flights from its airspace

Date: 03 March 2022 Tags: Miscellaneous
  • President Joe Biden announced that the U.S. is banning Russian flights from its airspace in retaliation for the invasion of Ukraine.
  • The ban would come on top of a wide range of sanctions the U.S., Europe and other nations have imposed on Russia that have caused the value of its currency.
  • The U.S. ban raises the possibility that Russia could respond by prohibiting U.S. flights over its territory, which would make for longer and more costly flights, especially for cargo carriers.

Sri Lanka imposes longest power cut in 26 years

Date: 03 March 2022 Tags: Miscellaneous
  • Sri Lanka announced nationwide seven-and-a-half hour daily power cuts, the longest in more than a quarter of a century, as its foreign exchange crisis leaves it unable to import oil.
  • The cuts are the longest imposed since 1996, when the country relied on hydropower for as much as 80% of its electricity and a prolonged drought saw reservoirs run dry.
  • Sri Lanka’s tourism sector, a key foreign-exchange earner, collapsed in the wake of the Covid-19 pandemic, and the government imposed a broad import ban in March 2020 to save foreign currency.