Prime Minister Narendra Modi’s self-reliance call may spell protectionist turn for India

New Delhi: Once a key advocate of globalization, Prime Minister Narendra Modi appears to have all but abandoned it. His advice to Indians yesterday to “buy local” is seen signaling a turn toward protectionism. “Self-reliance” was mentioned at least 17 times during Modi’s 33-minute address to the nation on Tuesday night, his third since imposing […]

India pharma firms Cipla, Jubilant Life, Hetero, Mylan ink licensing pact with Gilead for remdesivir

New Delhi: Four domestic pharma firms — Cipla, Jubilant Life Sciences, Hetero and Mylan — have entered into non-exclusive licensing agreements with drug major Gilead Sciences Inc for manufacturing and distribution of remdesivir, a potential therapy for COVID-19. The medicine has been issued an Emergency Use Authorization (EUA) by the United States Food and Drug […]

Oil production cut to deepen GCC fiscal deficits

Dubai: The OPEC+ agreement and the additional oil output cuts announced this week will push GCC budgets even deeper into deficit, according to Fitch Ratings. Saudi Arabia said on Monday it would add to existing cuts by reducing output by another 1 million bpd next month — equivalent to 1 per cent of global oil […]

Travel light with a mask: Europe unveils plans to get planes back in sky

BRUSSELS: European holidaymakers hoping to catch a plane this summer will have to wear masks and travel light under guidelines set out by the European Commission on Wednesday. The Commission unveiled sweeping proposals aimed at ensuring people can start travelling safely across the continent again as governments try to revive tourism and airline industries brought to […]