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<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s coal imports increased by 30 per cent to 162.46 million tonnes in the 2022-23 financial year against 124.99 MT in the year-ago period, according to a report. The import of coking coal rose 5.44 per cent to 54.46 MT over 51.65 MT in FY22, mjunction said in its latest report. In March alone, the non-coking coal import stood at 13.88 MT against 12.61 MT in the same month last year. Coking coal imports were 3.96 MT against 4.76 MT imported in March 2022. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on imports. "The persistently high demand for steam coal in India coupled with the weakening of seaborne prices led to increased volumes during March. This trend is likely to continue in coming months in view of the above-normal average temperature expected this summer," mjunction <keyword id="17354076" type="General" weightage="20" keywordseo="md-ceo-vinaya-varma" source="Orion">MD &amp; CEO Vinaya Varma</keyword> said. Along with other varieties of coal like anthracite, pulverised coal injection (PCI coal), met coke and pet coke, the total imports in FY23 were at 249.06 MT, up from 200.71 MT FY22, a rise of over 24 per cent. A B2B e-commerce platform, mjunction services limited is a 50:50 joint venture promoted by <keyword id="109319" type="General" weightage="50" keywordseo="steel-authority-of-india" source="Orion">Steel Authority of India</keyword> (SAIL) and <keyword id="6357147" type="General" weightage="50" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-video-sets-may-18-premiere-for-modern-love-chennai/articleshow/100069356.cms">Prime Video sets May 18 premiere for 'Modern Love Chennai'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iafs-mig-21-crashes-in-rajasthan-three-civilians-killed-pilot-safe/articleshow/100069573.cms">IAF's MiG-21 crashes in Rajasthan; three civilians killed, pilot safe</a>

India coal imports surge to 162 MT in FY23; inbound coking coal shipment grows to 54 MT

<ul class="summary-list"><li>The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore.</li><li>The port is a key shipping point for cars, construction and farm equipment, and coal.</li></ul>After a cargo ship crashed into Baltimore's <a target="_blank" href="https://www.businessinsider.com/francis-scott-key-bridge-baltimore-collapses-after-struck-large-boat-2024-3">Francis Scott Key Bridge</a> and caused it to collapse, shipments in and out of the Port of Baltimore could be blocked for weeks.The <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-cargo-ship-mayday-call-traffic-2024-3">Dali container ship</a> collided with one of the bridge's support beams early Tuesday morning, causing large portions of the 1.6-mile bridge to collapse into the Patapsco River, with the wreckage effectively blocking ships from moving in and out of the Port of Baltimore.The <a target="_blank" href="https://www.businessinsider.com/bigger-ships-making-shipping-incidents-baltimore-bridge-more-complicated-2024-3">port is currently closed to vessels</a> until further notice, with officials saying it's unclear when it will be able to reopen.Industry experts say it could take months and that an extended disruption could have <a target="_blank" href="https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3">major economic consequences</a>, as well as direct impacts on the port's biggest imports and exports."If the port is closed, it's going to impact all of them," Daraius Irani, chief economist for the Regional Economic Studies Institute at Towson University, told Business Insider.<h2>The biggest point of entry for imported cars</h2>The Port of Baltimore is the top port in the US for roll-on/roll-off cargo, which refers to wheeled cargo like vehicles, construction equipment, and agriculture equipment, according to the port.In 2023, the port handled 847,158 automobiles and light trucks — more than any other US port for the thirteenth straight year — according to <a target="_blank" href="https://msa.maryland.gov/msa/mdmanual/01glance/html/port.html#cargo">data from the Port of Baltimore</a>."Baltimore is relatively unique in having the infrastructure to accept the cars and to store them until they ultimately reach their final destination," Anirban Basu, economist, founder, and CEO of Baltimore-based Sage Policy Group, told BI.Roll-on/roll-off cargo is especially difficult to divert to other ports, in part because it generally takes up a lot of space and requires specific handling.General Motors told BI that it expects the collapse to have a "minimal impact" on their operations. "Our thoughts are with those who were affected and the Baltimore community," the statement said, adding: "We are working to re-route any vehicle shipments to other ports as the recovery work continues."A spokesperson from Ford said, "Where workarounds are necessary, our team has already secured shipping alternatives."The Port of Baltimore said it handled 1.3 million tons of imported roll-on/roll-off cargo in 2023, including heavy farm and construction equipment.Basu said Caterpillar, a maker of construction, mining, and agricultural equipment, also moves much of its product through the Port of Baltimore. Caterpillar did not immediately respond to a request for comment from BI.<div type="image" title="Aerial shot of the Port of Baltimore at sunset, looking across and intermodal container yard towards a ship being unloaded by cranes." height="2160" width="3840" msid="108804870" hostid="261" sizebytes="385616"></div><h2>Coal, gypsum, and sugar</h2>In 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. In 2023, the port ranked second in the US for coal exports, according to the port."The Port of Baltimore, over time, has developed the ability to store and then load coal onto ships and have those ships go places long and far, including India," Basu said, noting Maryland's proximity to West Virginia and <a target="_blank" href="https://www.businessinsider.com/coal-magnate-building-renewable-energy-plant-size-chicago-2024-3">coal country</a>. "And so tons of coal are set not to be sent abroad in the near term as the port suffers this lack of operability."In 2023, the Port of Baltimore was also the top US port for imported gypsum, a mineral commonly used in fertilizer and construction material, and imported sugar, according to the port, which has a Domino Sugar refinery operating nearby.ASR Group, whose companies include Domino Sugar and C&amp;H Sugar, told BI in an emailed statement they do not expect any short-term impacts to their operations in Baltimore."The Baltimore Refinery has six to eight weeks of raw sugar supply on hand with a ship currently discharging at the refinery's dock and another that finished unloading on Monday, March 25," the statement said. "ASR Group also owns a network of production facilities and warehouses across the US that all currently have healthy inventories of finished products and can be utilized if necessary."<h2>Paper, chocolate, and ice cream</h2>Many other items pass through the port every day. According to the port, in 2022, that included 1,000 tons of aircraft and parts, 793,695 tons of paper, 24,900 tons of chocolate, and $59.4 million worth of ice cream.In 2023, 444,000 cruise ship passengers also departed from the terminal at the Port of Baltimore.How much the port closure will impact each of these industries remains to be seen. "It really just depends on how much stuff was there before this accident happened," economist Irani said.A research briefing from <a target="_blank" href="https://www.oxfordeconomics.com/wp-content/uploads/2024/03/The-economic-costs-of-the-Key-Bridge-collapse.pdf">Oxford Economics</a> said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level."There will likely be some temporary disruptions to certain industries, including automakers, but nothing that warrants an immediate change to our baseline forecast," the briefing said. "Ultimately, the duration of the disruptions at the Port of Baltimore, along with how quickly trade can be rerouted, will determine the economic costs.

Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul class="summary-list"><li>The Baltimore bridge collapse will put a dent in the city's 28-million-ton coal-exporting operation, the EIA says.</li><li>The port is the second-largest exporting hub of coal in the US, accounting for 28% of total coal exports in 2023.</li></ul>The ship that crashed into a bridge in Baltimore this week is going to be a drag on the coal-export market this year, the Energy Information Administration said in <a href="https://www.eia.gov/todayinenergy/detail.php?id=61663" target="_blank" rel="noopener">new research</a>.Currently, the collision of the Maersk ship into the Francis Scott Key Bridge has temporarily halted all shipping traffic from the Port of Baltimore. The port is the second-largest exporting hub of US coal, a release from the EIA stated. Last year, the port accounted for 28% of total US coal exports. That's a total of 28 million short tons.While the EIA has already forecasted a slowdown in US coal exports this year as renewable energy adoption replaces coal consumption, the port closure will further negatively impact exports, the agency said.The hiccup has already <a href="https://markets.businessinsider.com/news/stocks/baltimore-bridge-collapse-global-stock-market-impact-maersk-consol-energy-2024-3?mrfhud=true">affected the share prices</a> of key companies involved in the coal trade in Baltimore lower, from Consol Energy to CSX Railroad.Most of the coal leaving the Baltimore port would head towards Asia, EIA data shows. In fact, last year, demand for coal from Asian countries accounted for a surge in exports, especially from India, where the manufacturing industry is a big customer. China and Japan have also been buying more coal from the US over the past few years.Besides coal, however, energy markets are expected to go relatively untouched. In terms of petroleum products, the Baltimore terminal mostly imports biodeisel feedstock and edible oils from countries in Central America and Western Europe, the EIA researchers said.It could, however, impact agricultural markets. The Port of Baltimore is the closest coastal port to Midwestern markets which have a significantly higher demand for products like fertilizers, the EIA said. And the terminal imports the most urea ammonium nitrate, a liquid fertilizer product, on the Atlantic Coast.

The Baltimore bridge collapse will put a dent in a 28-million-ton coal-exporting operation, EIA says

<ul class="summary-list"><li>Coal billionaire Gautam Adani is building the world's largest power plant, and it's all renewable.</li><li>Adani's nephew, who's in charge of the project, says there's "no choice" but to go big on green energy.</li></ul>The largest power plant in the world is under construction, and it'll produce enough clean energy to fuel entire countries like Belgium, Chile, or Switzerland.It will cover 200 square miles — nearly the size of Chicago.Adani Green Energy Limited (AGEL) is building the solar and wind power plant in a salt desert in the western Indian state of Gujarat. AGEL is the clean energy unit of the Adani Group, the biggest coal miner and importer in India founded by <a target="_blank" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">billionaire Gautam Adani</a> in 1988. Adani is currently the second richest person in Asia, <a target="_blank" href="https://www.forbesindia.com/article/explainers/top-10-richest-people-asia/88245/1">according to Forbes</a>.The Adani Group has promised to dump $70 billion into clean energy by 2030 — including $20 billion on this project alone — as India tries to reduce its reliance on fossil fuels, <a target="_blank" href="https://www.cnn.com/2024/03/19/business/india-adani-green-energy-plant-climate-intl-hnk/index.html">CNN reported</a>."There is no choice for India but to start doing things at a previously unimagined size and scale," Sagar Adani, the 30-year-old nephew of Gautum Adani and the executive director of AGEL, told CNN.India — the <a target="_blank" href="https://climatepromise.undp.org/what-we-do/where-we-work/india">third-largest energy consumer in the world</a>, 73% of which comes from coal — has pledged to reach net-zero emissions by 2070, two <a target="_blank" href="https://www.whitehouse.gov/wp-content/uploads/2021/10/us-long-term-strategy.pdf">decades later than the US has pledged</a>. India also hopes to get half of its energy from renewable sources by 2030.And AGEL's massive new plant could be a major step in making that happen.The project, expected to be finished in five years, will create 15,200 green jobs and produce enough clean energy to power 16 million Indian homes, AGEL <a target="_blank" href="https://www.adanigreenenergy.com/newsroom/media-releases/Adani-Green-Energy-operationalizes-1000-MW-of-the-30000-MW-Khavda-renewable-energy-park">said in a press release on its website</a>.As India develops, Sagar Adani told CNN he hopes his country does not burn through as much fossil fuel as other countries did during their developments."If India does what China did, if India does what Europe did, if India does what the US did, then we are all in for a very, very bleak climatic future," Sagar Adani told the outlet.However, AGEL's plant and green energy commitments are still built on profits from coal production.The Adani Group's coal mining operations make up at least 3% of the world's coal-based carbon dioxide emissions, and the group makes 62% of its revenue from fossil fuel, <a target="_blank" href="https://www.bloomberg.com/news/features/2022-09-09/world-s-third-richest-billionaire-adani-pivots-from-coal-mogul-to-green-champion?sref=yaJhKSOh">Bloomberg reported</a>.

Billionaire Gautam Adani got rich off coal. Now his company is building a green energy plant the size of Chicago. 

<ul class="summary-list"><li><keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">Coal</keyword> jumped on Wednesday after EU leader Ursula von der Leyen announced sanctions on Russian imports</li><li>Russian coal imports to Europe are worth over $4 billion annually, Von der Leyen said. </li></ul>Coal prices jumped on Wednesday after the European Union imposed restrictions on Russian imports, marking the bloc's first sanctions on the country's fossil fuels shipments."The fifth package has six pillars. First, we impose an import ban on coal from Russia. Worth 4 billion euros a year, finally, it was high time to take these steps. It's the first time we directly sanction the import of fossil fuels from Russia, thus cutting an important revenue source," EU Commission leader Ursula von Der Leyen <a href="https://twitter.com/vonderleyen/status/1511607592367366145?s=20&amp;t=Qsal6eCmsqYNunyZRPcGcg">said</a> on Wednesday.European coal prices rose sharply, logging a 15% increase since Friday, their biggest two-day rally since early March. Futures for coal deliverable in Rotterdam traded around $303 per ton – their highest since March 24. European <a href="https://markets.businessinsider.com/commodities/coal-price">coal</a> prices have already risen by over 120% since the start of this year alone, and are up by over 300% since this time last year. Speaking on Wednesday, Von der Leyen said the EU must turn up the pressure on Russian President Vladimir Putin and his government, promising to limit the Kremlin's political and economic options, before noting that there will be more sanctions to come. The EU gets almost half its coal from Russia, with the majority going to Germany and the Netherlands, according to Commerzbank research, while the US and Australia supply 18% and 14%, respectively, according to Eurostat data. <div type="image" title="Chart of Russia coal exports to regions" height="710" width="1582" msid="90687690" hostid="261"></div>"The downside is that the embargo would have only a limited impact on Russia. Coal accounts for just 3.5% of Russia's export revenues, and only around a quarter of exports go to the EU," Commerzbank strategist Barbara Lambrecht said.<keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> and gas sanctions are still on the table, although a number of member states, including Germany have pointed out that ban on natural gas in particular might hurt the economies' of EU nations more than Russia's. Furthermore, while Von Der Leyen noted that Russian coal imports to EU nations were worth $4 billion a year, this is only a fraction of the bloc's total trading volume with the country for mineral fuels – coal, oil and natural gas. "In 2021, the total trade in goods between the EU and Russia amounted to €257.5 billion. The EU's imports were worth €158.5 billion and were dominated by fuel and mining products – especially mineral fuels (€98.9 billion, 62%)," a <a href="https://ec.europa.eu/trade/policy/countries-and-regions/countries/russia/">European Commission report on Russia said</a>.

Coal prices hit two-week highs after EU sanctions target Russian imports

Citing UK-based newspaper, Financial Times which claimed that the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> was purchasing coal above its market value from Asian countries, <keyword id="1575" type="General" weightage="50" keywordseo="congress" source="Orion">Congress</keyword> leader <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> on Wednesday alleged that it is due to this reason for prices of electricity in country are getting inflated. Addressing a press conference in Delhi, Rahul Gandhi alleged,"In a report from the famous Financial Times, London, Now we know that Adani Group has committed another fraud of Rs 12,000 crore. So now the total corruption of the Adani Group stands at Rs 32,000 crore. They overinvoice their coal imports, and when the coal enters India, its price changes leading to surge in electricity prices. These Rs 12,000 crore are getting paid from the pocket of common masses." Emphasising that Congress is already providing subsidy in Karnataka, Rahul Gandhi said," We are also ready to provide subsidies in Madhya Pradesh. No media has an interest in this story. No one is interested in asking questions from the Adani group. This cannot happen without protection being provided from Prime Minister. Adani buys coal in Indonesia, and by the time the coal arrives in India, its price doubles. Our electricity prices are going up." Rahul Gandhi further alleged that Adani Group is involved in a direct theft of the public money."This time the theft is happening from the pockets of the public.When you push the button for a switch, Adani gets money in his pocket.Enquiry is happening in different countries, and people are asking questions, but nothing is happening in India," he said. Earlier last week, the Adani Group had said there is a renewed attempt by the UK based newspaper Financial Times and its collaborators to rehash old and baseless allegations to tarnish the name and standing of the Indian business conglomerate. In a media statement, Adani Group said on October 9 that these articles were part of an extended campaign to advance vested interests under the guise of public interest. "Continuing their relentless campaign, the next attack is being fronted by Dan McCrum of the Financial Times, who jointly with the <keyword id="12406255" type="General" weightage="50" keywordseo="occrp" source="Orion">OCCRP</keyword> put out a false narrative against the Adani Group on 31 August 2023. The OCCRP is funded by <keyword id="101566" type="General" weightage="50" keywordseo="george-soros" source="Orion">George Soros</keyword>, who has openly declared his hostility against the Adani Group," the Adani Group statement said. Having failed earlier, the UK daily is making another effort to financially destabilise the Adani Group by raking up an old, baseless allegation of over-invoicing of coal imports, the statement added. Adani Group said in the case of Knowledge Infrastructure, one of the 40 importers mentioned in the General Alert Circular, the DRI's Show Cause Notice alleging over-valuation in the import of coal was quashed by the appellate tribunal (CESTAT). The question of over-invoicing price manipulation does not arise, it noted. Meanwhile, when asked why he was not raising questions about Sharad Pawar's meeting with Adani despite INDIA alliance being united on Adani issue, the Congress MP said, "I have not asked Sharad Pawar, he is not the Prime Minister of India. Sharad Pawar is not protecting Adani, Mr Modi is and that's why I asked Mr Modi this question. If Sharad Pawar was sitting as PM of India and protecting Adani, then I would be asking Sharad Pawar this question" Earlier this year, an American short seller Hindenburg Group had launched an attack on Adani Group in January this year through a report that allegedly claimed accounting fraud, stock price manipulation and improper use of tax havens.Post the Hindenburg report, the group had erased close to USD 150 billion in its market value. Adani Group has been denying all allegations since the beginning of the controversy. The Adani Group had then attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares.

Rahul Gandhi targets Adani group again on coal pricing issue

<ul class="summary-list"><li>VC Marc Andreessen wrote a lengthy missive this week, titled "The Techno-Optimist Manifesto."</li><li>The billionaire investor denounced efforts to regulate technology and AI.</li></ul>It wouldn't be a <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-manifesto-slowing-down-on-ai-preventable-deaths-2023-10">Marc Andreessen essay</a> if the internet didn't lose its mind over it.That's what happened Monday when the billionaire venture capitalist dropped a lengthy manifesto that decries efforts to regulate technology and the <a target="_blank" href="https://www.businessinsider.com/marc-andreessen-plan-use-ai-save-the-world-regulation-startups-2023-6">full-blown moral panic</a> around artificial intelligence. Rather, technology, he wrote, can solve for "any material problem" under the sun and herald a new era of "abundance for everyone.""Typical boneheaded straw man setup that EVERYONE but the fine minds of tech elite hate the future. Most of us are both excited and wary — given the cost so far — about tech and that is how adults behave," tech journalist <a target="_blank" href="https://twitter.com/karaswisher/status/1714020724514410629">Kara Swisher</a> said on X, speaking for the everyman.Andreessen's screed clocks in at 5,200 words, but it's one section in particular that has other investors, <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-chatgpt-worldcoin-helion-future-tech-2023-4">artificial-intelligence</a> alarmists, and journalists up in arms.In a section titled "enemies," Andreessen warned of "zombie ideas" stemming from the past that have turned humanity against the very technologies he invests in.These ideas go by pseudonyms, he wrote, such as "sustainability," "ESG," "social responsibility," "trust and safety," "tech ethics," and "risk management," touching on one of the most contentious debates in tech over the industry's obligations to society.The bit went viral after investigative journalist Ben Collins tweeted a quote from the essay, which published on Substack and A16z's website. Andreessen's missive went out the same day that the Securities and Exchange Commission released an <a target="_blank" href="https://www.sec.gov/news/press-release/2023-222">annual report on its priorities</a> when inspecting firms for compliance with agency rules. It noticeably removed ESG, which stands for environmental, social, and governance matters, as a focus for examinations in 2024, three years after the standards first appeared.The backlash to Andreessen's essay was swift. German tech ethicist <a target="_blank" href="https://twitter.com/DorotheaBaur/status/1714021659550552330">Dorothea Baur</a> said on X she couldn't decide whether she should "laugh or cry." <a target="_blank" href="https://twitter.com/cameronmoll/status/1714269262888435916">Cameron Moll</a>, a former head of design at Facebook, tweeted as a father he's concerned that technology without regulation "is a recipe for regret, remorse, and ruin." <a target="_blank" href="https://twitter.com/GaryMarcus/status/1713995232407372277">Gary Marcus</a>, one of the leading voices of AI skeptics, chastised the investor for dismissing anyone who disagrees with him as the enemy."The very idea that the world might focus on sustainable development goals for the sake of the less fortunate puts him in absolute agony," Marcus wrote of Andreessen.Others still praised the investor for saying aloud what's discussed behind closed doors."Marc Andreessen is brave enough to say what most of us can't," Aravind Srinivas, the cofounder and chief executive of Perplexity AI, a search engine startup backed by A16z, tweeted. "He is pushing for a technocratic world. And raising and allocating capital to make it happen."A spokesperson for A16z declined to comment on the criticism swirling around Andreessen's post.<h2>'I present to you, moral hazard'</h2>Andreessen's mug is etched on the Mount Rushmore of Silicon Valley. He runs one of the biggest venture capital firms by assets and perceived importance. Its successful early bets on crypto inspired a generation of venture investors to pump money into the industry, that is, before the bursting of the <a target="_blank" href="https://www.businessinsider.com/ivp-tom-loverro-crypto-winter-venture-capital-investors-2022-7">crypto bubble sent them packing</a>.In his <a target="_blank" href="https://twitter.com/oneunderscore__/status/1713978560304587161">tweet</a>, the journalist Collins noted that the firm Andreessen Horowitz has dialed back the hoopla around crypto investing and taken a stronger interest in American military and defense contractor technology this year.The essay laid bare an awkward truth: The venture capital ecosystem seeds companies using technology to build a better world, but its primary goal is to create profits for the public pensions, university endowments, hospitals, and wealthy families that invest in its funds.Perhaps the most scathing rebuke came from Del Johnson, a former principal at Backstage Capital and now angel investor and limited partner in venture funds. In a <a target="_blank" href="https://twitter.com/DelJohnsonVC/status/1713994924218011908">tweet</a>, he pointed to the March bank run at Silicon Valley Bank, which Johnson has previously <a target="_blank" href="https://www.wired.com/story/to-save-the-innovation-economy-break-big-venture-capital/">blamed</a> on the VCs who urged founders to withdraw their deposits, as evidence of the need for regulators to wrest control from investors."Venture capitalists are calling risk management 'the enemy' just over half a year after the industry was screaming for the government to rescue their failing bank," Johnson wrote. "Ladies and gentlemen, I present to you, moral hazard."

Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>'s top steelmaker said it would stop importing Russian coal. </li><li><keyword id="11942049" type="UNKNOWN" weightage="60" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> cited "uncertainties" over <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s supply given the repercussions of Western <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>. </li></ul>India's top steelmaker said it would stop importing Russian coal due to "uncertainties" created by Western sanctions, <a href="https://www.ft.com/content/25fde8d4-bbf0-4d08-8c7b-94b5f854d865">the Financial Times first reported.</a>Tata Steel was India's biggest importer of Russian coal in the first quarter, bringing in 617,000 tonnes, according to data from CoalMint cited by the FT. But Tata placed those orders before Russia invaded <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>."To ensure business continuity, we have sourced alternative supplies of raw materials as transactions with Russian suppliers and bankers at present come with a lot of uncertainties as a result of international sanctions imposed on Russia," a spokesperson for Tata Steel told the FT. The company's decision to halt Russian coal imports comes despite India's willingness to buy Russian oil, which New Delhi has <a href="https://www.theguardian.com/world/2022/mar/31/india-defends-buying-discounted-russian-oil-despite-appeal-by-truss">vehemently defended</a> while other governments have banned it or are heading that way.But analysts have noted that sanctions on Moscow have made making payments for its commodities trickier. Russia has demanded that buyers for their products pay in rubles to side step the dollar and other currencies.And while India and Russia have flirted with local currency payments for business transactions, concrete plans have yet to come to fruition. Meanwhile India has an insatiable need for coal. In addition to relying heavily on coal for making steel, the country uses coal for 70% of its power grid and is currently experiencing an unusually strong heatwave that has shuttered 20 coal plants in the country.

You Searched For "coal import" and got 9 results

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Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'

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India's top steelmaker will stop importing Russian coal due to 'uncertainties' created by Western sanctions on Moscow

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