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Russia Ukraine war impact on gold price, over 3% surge recorded

There have been reports of military command centers being hit by missiles in Ukraine’s capital Kyiv and Kharkiv. The Russia-Ukraine war has witnessed a spike amid the increasing standoff between Russia and the West.

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gold price in india

Gold prices surged over 3% (Rs 1,400 per 10 gm) and hitting the peak of Rs 51,750 per 10 gm in the early morning trade on Thursday as Russia launched an all-out invasion of Ukraine by land, air and sea on Thursday.

The gold climbed 3.4% to 1,971.54 USD per ounce by 1018 GMT on Thursday, the highest since September 2020. However, the gold has risen over 9% in February so far as the Russia-Ukraine crisis hammered risk appetite.

This comes amid steep fall in the stock market with Sensex down by 1432.50 points and Nifty reporting a slump of 410.70 points at the time of opening.

Oil prices shot up and stock markets slumped on Thursday as the situation worsened.

Russia is the world’s third-largest producer of gold, while Moscow-based Nornickel (GMKN.MM) is also a major producer of platinum.

Also, the Silver surged 4.2% to 25.56 USD per ounce and platinum rose 2.7% to 1,121.10 USD per ounce.

There have been reports of military command centers being hit by missiles in Ukraine’s capital Kyiv and Kharkiv. The Russia-Ukraine war has witnessed a spike amid the increasing standoff between Russia and the West.

India News

Vodafone Idea in talks with Elon Musk’s Starlink, other satellite providers

Vodafone Idea is exploring partnerships with satellite communication providers, including Starlink, to expand internet connectivity in uncovered areas and rural regions.

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Vodafone Idea in talks with Starlink for satellite internet services

Vodafone Idea is currently in exploratory discussions with multiple satellite communication providers, including Elon Musk’s Starlink. This move comes shortly after its telecom competitors, Bharti Airtel and Reliance Jio, secured agreements with Musk’s company to introduce Starlink’s satellite internet services in India.

The company disclosed its ongoing talks on Wednesday after Indian stock exchanges sought clarification regarding its stock movement. Earlier in the day, a local financial news platform reported Vodafone Idea’s interest in satellite internet services.

Vodafone Idea’s satellite broadband strategy

Vodafone Idea’s Chief Technology Officer, Jagbir Singh, highlighted the company’s vision for satellite connectivity. “Our strategy is to provide services—whether fixed or mobile—in uncovered areas, where satellite makes perfect sense,” Singh stated in the report.

Additionally, the company aims to expand fixed wireless broadband coverage in rural areas and smaller towns, where traditional infrastructure deployment is cost-prohibitive.

Starlink’s expansion in India

Elon Musk’s SpaceX recently partnered with Bharti Airtel and Reliance Jio to distribute Starlink’s satellite internet services in India. These partnerships will allow the telecom giants to stock Starlink’s equipment in their retail stores, providing direct access to the satellite communication service for consumers across thousands of locations.

However, Starlink’s entry into the Indian market remains subject to government approval before it can officially commence operations in the country.

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Dreaming of Harvard? Tuition is now free for middle-income families

Harvard University will offer free tuition to students from families earning $200,000 or less per year, with full financial coverage for those under $100,000.

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Harvard University, free tuition, financial aid, middle-income families, Ivy League education, tuition-free college, Harvard admissions, student financial support

Harvard University has taken a major step toward making education more accessible and affordable by offering free tuition for undergraduate students whose families earn $200,000 or less per year. This initiative, set to begin in the 2025-26 academic year, is expected to benefit thousands of students from middle-income families who aspire to study at the prestigious Ivy League institution.

The university will also provide full financial coverage, including tuition, housing, food, health insurance, and travel expenses, for students from families earning $100,000 or less annually.

Eligibility criteria for Harvard’s tuition-free education

Harvard’s new financial aid structure will be based on household income:

Families earning $100,000 or less:

Full financial coverage, including tuition, food, housing, health insurance, and travel costs.

Additional $2,000 start-up grant in the first year.

A $2,000 launch grant during the junior year to support the transition beyond Harvard.

Families earning $200,000 or less:

Tuition fees waived.

Additional financial aid to cover billed expenses based on financial circumstances.

Families earning above $200,000:

Many will still qualify for financial aid, depending on their specific financial situation.

Harvard’s commitment to affordability

Harvard University previously offered free tuition to students from families earning less than $85,000 per year. The new financial aid expansion aims to make higher education more accessible to students from middle-income backgrounds, ensuring that cost is not a barrier to attending one of the world’s most prestigious universities.

Harvard University President Alan M. Garber and Edgerley Family Dean of the Faculty of Arts and Sciences Hopi Hoekstra announced the initiative on March 17, stating that the goal is to broaden access and remove financial constraints for talented students.

The university’s financial aid team will work individually with students and families to match assistance based on specific financial circumstances. Students can visit Harvard’s official website for further details and application guidelines.

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AAP leader Satyendar Jain faces fresh Rs 7 crore CCTV fraud allegations

Delhi ACB has filed a fresh corruption case against Satyendar Jain, alleging he took a Rs 7 crore bribe to waive penalties in a Rs 571 crore CCTV project. AAP denies all charges.

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AAP Minister Satyendar Jain

The Aam Aadmi Party (AAP) finds itself mired in yet another controversy as former Delhi Health Minister Satyendar Jain faces fresh corruption allegations in connection with a Rs 571 crore CCTV installation project. The Delhi government’s Anti-Corruption Bureau (ACB) has filed a case against Jain, accusing him of taking a Rs 7 crore bribe to waive a Rs 16 crore penalty imposed due to project delays.

According to the ACB’s statement released on Wednesday, the case has been registered under Section 17 of the Prevention of Corruption Act. The allegations stem from the installation of over one lakh CCTV cameras across Delhi’s 70 Assembly segments, with a second order of an additional 1.4 lakh cameras allegedly placed after the initial delay.

The case is reportedly based on the testimony of an official from Bharat Electronics Limited (BEL), who detailed alleged irregularities and “shoddy” installations. The ruling Bharatiya Janata Party (BJP) in Delhi has criticized AAP, accusing the party of suppressing the investigation when it was in power.

BJP Attacks AAP Over Corruption Allegations

Delhi BJP chief Virendra Sachdeva has slammed AAP over the fresh charges against Jain. He alleged that the tender for the Rs 571 crore project was awarded to BEL, and Jain took a Rs 7 crore bribe to waive off financial penalties. “BJP had complained then also… but AAP tried to suppress the investigation. No matter how much you tried to hide corruption, you have to answer now,” Sachdeva stated.

Neither AAP nor Satyendar Jain has responded to the allegations yet.

More Legal Trouble for AAP Leaders

This fresh case adds to the mounting legal troubles for top AAP leaders. Satyendar Jain, who was granted bail in October last year after spending two years in custody in a money laundering case, is also facing prosecution in a disproportionate assets case.

Delhi Chief Minister Arvind Kejriwal and former Deputy CM Manish Sisodia are also battling corruption charges. Kejriwal has been accused of misusing public funds for promotional posters, while Sisodia is embroiled in an alleged Rs 2,000 crore scam linked to classroom construction in Delhi government schools. Jain is also named in this case.

The controversial Delhi liquor excise policy scam also remains under investigation. Last month, a Comptroller and Auditor-General (CAG) report stated that the state suffered a Rs 2,002 crore loss due to policy irregularities.

AAP Denies Charges, Calls It a Political Vendetta

AAP has dismissed all allegations, claiming they are politically motivated and orchestrated by the BJP to tarnish its image. The party has also denied accusations that Kejriwal misused Rs 45 crore of taxpayers’ money for renovating his official residence.

Despite its denials, AAP suffered a massive defeat in the recent Delhi Assembly elections, where the BJP secured 48 of the 70 seats, marking a significant power shift in the capital after nearly three decades.

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