News in Brief
Coal India’s Q4 profit falls 17%
Reuters – Coal India Ltd reported a 17.3% fall in fourth-quarter profit on Sunday, as the world’s largest coal miner made higher provisions for wage hikes.
Consolidated net profit fell to 55.33 billion Indian rupees ($677.07 million) in the three-months ending March 31, compared with 66.93 billion rupees a year earlier, the state-run company said in an exchange filing.
Net sales rose 17.3% to 351.61 billion rupees.
More renewables to lower industry costs In Germany
AFP – Ramping up renewable power production rather than subsidies is the key to lower electricity prices for Germany’s energy industry.
Chancellor Olaf Scholz said this in an apparent dig at proposals by his government’s economy minister.
Industrial companies in Germany say electricity prices are too high compared with other countries, putting Germany’s heavy industry at a structural disadvantage to other manufacturing centres such as the United States and China.
China forex reserves rise
Reuters – China’s foreign exchange reserves rose more than expected in April, official data showed on Sunday, as the dollar fell against other major currencies.
The country’s foreign exchange reserves - the world’s largest - rose $21 billion to $3.205 trillion last month, compared with $3.192 trillion tipped by a Reuters poll of analysts and $3.184 trillion in March.
The yuan fell 0.63% against the dollar in April, while the dollar last month fell 0.94% against a basket of other major currencies.