Day: July 5, 2020

$2 Trillion-a-Year Refining Industry Crisis

(Bloomberg) — Crude oil is the world’s most important commodity, but it’s worthless without a refinery turning it into the products that people actually use: gasoline, diesel, jet-fuel and petrochemicals for plastics. And the world’s refining industry today is in pain like never before.

“Refining margins are absolutely catastrophic,” Patrick Pouyanne, the head of Europe’s top oil refining group Total SA, told investors last month, echoing a widely held view among executives, traders and analysts.

What happens to the oil refining industry at this juncture will have ripple effects across the rest of the energy industry. The multi-billion-dollar plants employ

Kharif sowing 88% higher than last year; here’s why this season is faring better than last one

Among major kharif crops, rice, cotton, sugarcane, oilseed and pulses sowing was higher than last year.

Amid all the mayhem due to coronavirus pandemic, kharif crop sowing so far has beaten last year’s figures with the total acreage as of 3rd July 2020 being 88% higher than the comparable period last year. The favourable monsoons this year are largely behind the kharif sowing growth, a report said on Saturday. “As of July 3, the total kharif acreage was 88% higher than the same period last year. Sowing was late last year due to extremely weak start to monsoon,” a Kotak

PM Modi roots for startups to promote innovation in agriculture; suggests hackathons to solve problems

PM Modi had also launched the Atmanirbhar Bharat Innovation Challenge for developing apps.

To boost innovation and use of technology in agriculture and allied sectors, Prime Minister Narendra Modi on Saturday stressed on the need to promote startups and agri entrepreneurs. Reviewing the progress of the Indian Council of Agricultural Research (ICAR), Modi underscored leveraging information technology to provide information-on-demand to farmers. Moreover, in order to “solve identified problems and design needs for tools and equipment that can reduce drudgery”, Modi asked ICAR to organize biannual hackathons, according to a statement by Prime Minister’s Office (PMO). The prime minister also