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Russia-Ukraine war: Indian company’s containers remain stuck at Antwerp for a year

Russia-Ukraine war: Indian company’s containers remain stuck at Antwerp for a year

A prominent Indian metals company's containers bound for Russia have been stuck at the port of Antwerp for more than a year.

Jindal Stainless Ltd said its five containers carrying about 100 tonnes of stainless steel have been unable to enter the European Union because of sanctions imposed on Russia.

But the company said stainless steel is not on the list of goods sanctioned by the EU.

The cargo was dispatched in February last year - around the time the ongoing Russia-Ukraine military conflict began.

Jindal Stainless, India's largest stainless steel producer having customers in 60 countries, indicated its containers should be cleared for their onward movement.

It, however, did not answer Eastern Eye’s questions as to how the authorities in Belgium have responded to the matter and when it expects clearance for the transit.

The company reported consolidated revenue of £1.72 billion for the first nine months to December 2022, compared to £1.47 bn a year earlier.

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UK house price growth slows to 0.3 per cent in October.

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UK house price growth slows as buyers delay decisions ahead of budget

Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

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