Thu. Jun 30th, 2022

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India is the youngest country to face severe power crisis threatening to undermine the recovery of the pandemic, with authorities warning that power stations are dangerously low for coal.

According to the Ministry of Power in India, the 135 thermal power plants of the third largest economy in Asia had an average of only four days ‘supply of coal, compared to 13 days’ supply in early August. Of the plants monitored daily, more than half have less than three days’ supply.

Power supply has already begun to hit the economy in neighboring China, where the manufacturing sector suffered its first contraction since the start of the pandemic last month. Beijing has ordered state-owned enterprises to secure fossil fuel supplies at all costs to prevent the winter shortage, which helps raise prices for other major importers, including India.

India’s generators have reduced coal imports in recent months as international prices have risen due to strong global demand, from both Europe and China. The government of Prime Minister Narendra Modi has also promoted a policy of Indian economic independence as a guiding principle for the recovery of the pandemic.

  • More energy news: Even as fears of a global energy crisis increase, US oil producers are supply can not increase to tame rising crude oil prices that “remain under Opec control”, according to the largest shale operator.

Thank you for reading FirstFT Asia. We continue to cover the latest on power shortages and rising fuel prices, but for an in-depth look at what is happening in the energy sector sign up for Energy source, written by my colleagues Derek Brower, Myles McCormick, Justin Jacobs and Amanda Chu. – Emily

Five more stories in the news

1. Pandora Papers: Hidden Wealth of World Leaders Exposed The financial transactions of dozens of world leaders, from King Abdullah of Jordan to former British Prime Minister Tony Blair, is set out in the leak – called the ‘Pandora Papers’ – which shows how the richest people in the world use foreign tax havens to save and move their money.

2. Democrats compromise on spending Senior Democrats say they are prepared to do so reduces the cost by $ 3.5 tons of the spending measures in Joe Biden’s signing package to boost America’s social safety net, after days of infighting that threatened the president’s economic agenda.

China’s bias against IMF chief increases A word war over the future of IMF managing director Kristalina Georgieva is probably come to a point in the next few days, while the fund’s board meets to investigate allegations that it manipulated data in a previous role to benefit China.

4. Duterte deletes vice-presidential bid Philippine President Rodrigo Duterte said on Saturday that he was retire from politics and the deletion of a vice-presidential bid that would have allowed him to remain in power for another six years in the number two position.

5. China sends record number of warplanes to Taiwan China has a large number of aircraft Friday and Saturday in Taiwan’s air defense identification zone ahead of a visit to Taipei by French lawmakers.

  • Go deeper: French defense groups turn to French President Emmanuel Macron restore the submarine’s reputation as the abolition of the “transforming agreement” with Australia is a setback in the business.

Coronavirus consumed

  • Ugur Sahin, Said BioNTech’s CEO a new wording of the company’s Covid-19 vaccine will likely be needed by mid-next year to protect against virus mutations.

  • In Singapore, the reopening of the city-state caused an increase in new affairs panic among anxious residents.

  • Vietnam is a strict, almost three-month-long closure loosens in Ho Chi Minh City after a sharp warning from the company and a record quarterly decline in gross domestic product.

  • Israel was set to remove more than 1 million citizens from them vaccine passportsand becomes the first country to regulate firearms as proof of a fully immunized status.

Graph showing that the number of cases, serious illnesses and deaths is significantly lower among elderly Israelis who have received a boost than among those who have not

The day ahead

Turkey consumer price index data Figures will be released today as the country experiences rising inflation – according to Ankara fought against it. Last month, the central bank of Turkey unexpectedly lowers its benchmark interest rate, despite the accelerated inflation that has already made borrowing costs negative in real terms.

Decision of the European Medicines Agency Covid-19 The agency is expected to decide today whether a boost for the BioNTech / Pfizer vaccine should be approved.

2021 Nobel Prize The winner of the prize for medicine will be announced in Stockholm today. On Friday, the Lasker Awardswhose winners often win the Nobel Prize go to researchers whose work was crucial to the development of Covid-19 vaccines. (NEW)

Join us on 7-8 October for the Moral Money Summit Americas, debate about money, regulation and how businesses can act more responsibly. Sign in here to receive the Moral Money newsletter in your inbox.

What we still read

Kishida must face the chance of Japanese political longevity In Japan, ordinary people enjoy one of the highest life expectations in the world, but the prime ministers of the post-war period are still a long way off. on average about two years in office. A few considerations of a new prime minister, says the chairman of one of the largest enterprises in Japan, are more important than the chance to achieve this opportunity.

Lunch with the FT: Thomas Chatterton Williams In July 2020, Williams was one of the organizers of ‘A Letter on Justice and Open Debate’, an open letter signed by 152 scholars and writers, published in Harper’s magazine. Recently, the author sat down with Jemima Kelly of FT to talk about make enemies left and right.

Shares rise for Singapore’s major crypto bet By avoiding China’s cryptocurrency transactions, the potential prices and dangers for the city-state are increased as the cryptocurrency industry seizes Singapore unlikely Asian alternative.

Crypto-awareness in Singapore

Payday for US athletes in US hampers $ 14 billion industry Student athletes have not received a payment for more than 100 years – now a U-turn means they can earn up to $ 1.5 billion this year. But there is still confusion about how a thickening of state laws and possible federal legislation will happen regulates this new image rights market.

Money is not everything in the Big Re-evaluation People are reconsidering what they really want from real life, and employers need to keep a close eye on them, writes Pilita Clark. The move has major consequences for employers from all industries.


FT Horticulture columnist Robin Lane Fox reflects on the Chelsea Flower Show, which rediscovered itself as an autumn event. Meanwhile, new wave designers are celebrating the full life cycle of the garden as they embrace it beauty of dead and dying plants. A new trend shows that plants are selected for their used form.

Marian Boswall's Reighton Wood in Kent, where winter and summer are equally important © Jason Ingram

Marian Boswall’s Reighton Wood in Kent, where winter and summer are equally important © Jason Ingram

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