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India records over 3.26 lakh new COVID-19 cases, 3,890 deaths in last 24 hrs
India’s Covid crisis hits work at ports as risk to global trade grows
India has 21.9 million tons of cargoes scheduled to arrive this month but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays, according to IHS Markit associate director Pranay Shukla. That may have a knock-on effect on scheduled loadings at the exporting countries.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
Cairn Energy sues Air India to enforce $1.2 bln arbitration award – court filing
Cairn filed the lawsuit on Friday in the U.S. District Court for the Southern District of New York, seeking to make Air India liable for the judgement that was awarded to Cairn. The lawsuit argued that the carrier as a state-owned company, is “legally indistinct from the state itself.”
The move ratchets up pressure on India’s government to pay the sum of $1.2 billion plus interest and costs that the British firm Cairn was awarded by an arbitration tribunal in December. The body ruled India breached an investment treaty with Britain and said New Delhi was liable to pay.
India’s Covid situation stabilising, positivity rate has dipped: Govt
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