Top headlines: Govt approves 5G spectrum auction; May trade deficit widens

Business Standard brings you the top headlines on Wednesday

Govt to auction 5G spectrum for 20 yrs; allows private captive networks

The Union Cabinet has cleared the auction for 5G airwaves paving the way for auction and commercial launch of next generation telecom services this year.

The cabinet in its meeting on Tuesday approved Department of Telecom's proposal for the auction of 72 GHz of spectrum for a 20-year-period. It also decided to “enable the development and setting up of private captive networks to spur a new wave of innovations in industry 4.0 applications". Read more

Exports rise 20.55% to $38.94 bn in May; trade deficit at record $24.29 bn

India's merchandise exports in May rose by 20.55 per cent to USD 38.94 billion, while the trade deficit ballooned to a record USD 24.29 billion, according to the government data released on Wednesday. Read more

Imports during May 2022 grew by 62.83 per cent to USD 63.22 billion, the data showed. Read more

UAE to suspend exports, re-exports of Indian wheat for four months: Report

UAE's Ministry of Economy has ordered the suspension of exports and re-exports of wheat and wheat flour originating from India for four months, a media report said on Wednesday.

According to Emirates news agency WAM, companies wishing to export or re-export Indian wheat that was imported to the UAE before May 13, when the suspension began, must first apply to the ministry. Read more

Crypto exchange Binance opens 2,000 positions for hiring, says CEO

Cryptocurrency exchange Binance has opened 2,000 positions for hiring, Chief Executive Officer Changpeng Zhao said on Wednesday, a sharp contrast to a slew of job cuts by companies operating in the digital currency space.

"It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance," Zhao said in a tweet to his 6.4 million followers on the social media app. Read more