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As one of the fastest growing economies in the world, India is looking to maintain its role as a rising economic superpower amid high global inflation and trade impacts from the war in Ukraine.

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Dr. Ajay Chhibber joins the Essential Podcast to talk about India's path to becoming an upper middle income country, the necessary reforms that will unleash the country's potential, and the challenges that yet hold it back.

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Capital Markets

This Week In Credit

Global credit ratings remain resilient, despite market turmoil fueled by unexpected monetary policy actions. Primary issuance remains subdued, and credit spreads are widening. Upgrades outpaced downgrades last week, aided by strong financial performances from media and entertainment issuers, some which continue to benefit from a post-pandemic bounce. Revlon Inc. filed for Chapter 11 Bankruptcy last week, pushing the global default tally to 34,with year-to-date defaults approximately one-quarter of 2021 levels. No respite for markets this week as the gap between year-to-date 2021 and 2022 global issuance volumes further widened to 22% below last year levels. U.S. and European speculative-grade credit spreads widened to over 500 basis points.

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The shipping industry will soon be incorporated into the European Union Emissions Trading Scheme. This report details what that means for the maritime sector and highlights the uncertainties attached. Just like with the countdown to the IMO 2020 sulfur legislation that limits sulfur in ships' fuel oil to a maximum of 0.50%, there are many unanswered questions as the deadline approaches.

Who will bear the extra costs? What will be the impact on the evolution of trade flows and the development of the fleet? How will carbon pricing for shipping develop? Amid all the uncertainty, one thing is clear – the effect of this new legislation will be profound and will be followed by more such measures as the industry faces up to the challenge of energy transition.

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Global demand for coal is on the rise while prices for thermal coal and metallurgical coal have climbed dramatically over the last year. As some countries have ramped up coal production, others are looking for greener alternatives.

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Without a quick end to the conflict on the horizon, the effects of the Russian invasion of Ukraine are being seen in equities, energy, global trade and commodities markets.

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