India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
A spokesman for Gibraltar's government also confirmed that police proceedings against four members of the crew had ended.
Turkey's state-run Halkbank can only resume processing Indian oil payments to Iran once Western sanctions are officially lifted following an interim deal in Geneva last month, a senior Halkbank official said on Wednesday
Russian President Vladimir Putin "probably approved" the murder of former KGB agent Alexander Litvinenko who died in a London hospital in November 2006 from radioactive poisoning, a British public inquiry concluded on Thursday.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
It marked the first major meeting between the two countries since President Trump pulled US armed forces out of northern Syria.
Policymakers should aspire to restore the pre-Independence environment where the rupee was trusted and used all over South Asia, in Southeast Asia, in West Asia, and in East Africa, suggests Ajay Shah.
A day after suffering their worst session in about two years, benchmark indices Sensex and Nifty rebounded up to 2.5 per cent on Friday, in line with higher global markets as the US and allies put up a united front to punish Russia with harsher sanctions over the Ukraine conflict. Snapping their seven-day losing streak, the BSE Sensex climbed 1,328.61 points or 2.44 per cent to settle at 55,858.52, while the NSE Nifty went soared 410.45 points or 2.53 per cent to 16,658.40. Barring HUL and Nestle, all Sensex shares closed with gains -- with Tata Steel, IndusInd Bank, Bajaj Finance, NTPC and Tech Mahindra surging as much as 6.54 per cent.
Young investors could allocate in the proportion of 70:20:10 to equity, debt and gold.
World soccer's ruling body added that the decision had been taken following a meeting between its President Gianni Infantino and PSSI Chairman Erick Thohir.
Putin justified his decision in a speech blaming NATO for the current crisis and calling the US-led alliance an existential threat to Russia.
After the Russian aviation sector was hit by crippling Western sanctions for war against Ukraine, China refused to supply Russia with aircraft parts.
Xi Jinping's recent actions in South Asia have amply demonstrated the disastrous impact of China's embrace, observes Jayadeva Ranade, the retired senior RA&W officer and China expert.
Vajpayee had always felt that India must act with conviction and panache. He decided that, irrespective of the attendant risks, he would undertake what many felt was a precarious course. A fascinating excerpt from N K Singh's Portraits Of Power: Half A Century Of Being At Ringside on Atalji's 96th birthday, December 25.
Shipments from Russia rose nearly 33 per cent to $1.1 billion in March from $831.17 million in the previous month, which was when the country mounted aggression on Ukraine and faced sanctions from Western nations, the data accessed by Business Standard shows. Growth in imports was largely on account of oil, people aware of the matter said. The Department of Commerce is learnt to have written to the Ministry of Petroleum and Natural Gas (MoPNG), seeking details of imports, including the payment mechanism, which India has not made public.
From the Sensex pack, Bajaj Finance, Bajaj Finserv, Reliance Industries, Wipro, HDFC Bank, HDFC, ICICI Bank and Tata Steel were the major laggards. ITC was the lone winner in the Sensex pack.
Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said it has decided to exit its investment in Myanmar by June next year. APSEZ, the largest port developer in India, is part of the globally diversified Adani Group. "The Board has decided to actively work on a plan on exiting Company's investment in Myanmar including divestment opportunities (expected to be concluded by March - June 2022)," APSEZ said in notes to its second quarter results.
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
Indian imports of Russian oil plunged by a record in August month-on-month (M-o-M) as discounts on the fuel shrank in tandem with rising Brent oil prices. Higher crude prices will drive inflation or hurt earnings at oil companies and India's fiscal position if such spikes are not passed on to consumers. Indian purchases of Russian crude declined by around 24 per cent in August from July to the lowest level since January, with refiners expecting volumes to drop further amid rising rates of Russian benchmark Urals grade, substantial stocks at refiners, and planned maintenance at Indian refineries, according to ship tracking data and industry officials.
The unalloyed truth about the Ukraine-Russia conflict is that it is a war that Russia cannot lose and Ukraine cannot win, observes Colonel Anil Athale (retd).
Ahead of the G-20 summit in Osaka this week, Xi has reasserted China's role as a global player, points out Dr Rajaram Panda.
Exclusion of SCs, STs and OBCs, who constitute a large segment of the population, from the reservation for economically weaker sections in admissions and government jobs violates the right to equal opportunity, the Supreme Court said on Monday in its minority verdict striking down the 103rd Constitution amendment.
'The clean break between Russia and Europe that this foolish attack is creating may actually last long.' 'It will undermine Europe and benefit the US and China.'
In India, Sartaj Azizis respected as a man of grace, wit and patience. He is a wizened soldier of many diplomatic battles between the two neighbouring nations
'With a solid investment programme and sustainable development strategy, India can exceed 7 per cent growth per year, or a doubling of high-quality national income within a decade.'
"Throughout our history we've learned this lesson -- when dictators do not pay a price for their aggression, they cause more chaos. They keep moving. And, the costs and threats to America and the world keep rising," Biden said addressing the joint session of the Congress in his first State of the Union.
Indian Oil Corporation (IOC), the nation's top oil firm, has bought as much as 3 million barrels of crude oil that Russia had offered at steep discount to prevailing international rates, sources said. The purchase, made through a trader, is the first since Russia's February 24 invasion of Ukraine that brought international pressure for isolating Putin administration. Sources aware of the matter said IOC bought Urals crude for May delivery at a discount of $20-25 a barrel to dated Brent.
'The BJP is trying to change this mantra.'
Premier Li, replying to a question on China's refusal to criticise Russia's military action against Ukraine, said that utmost efforts should be made to support Russia and Ukraine in carrying forward ceasefire negotiations.
Rajapaksa said China indicated that it would help Sri Lanka, while adding that "usually they don't like" lending out more money to cover earlier debt payments.
The poll of people in 25 countries found that just 27 per cent of all respondents, on average, have confidence in Trump to "do the right thing in world affairs".
'It is only when Beijing sees a country with an infirm political will such as India that it acts up as the PLA has done in eastern Ladakh.'
'He told senior journalists a few days after the Babri Masjid demolition, 'Jo hua theek hua. Maine isliye hone diya ki BJP ki rajniti hamesha ke liye khatam ho jaye.'
National Security Advisor Ajit Doval on Wednesday said that the Shanghai Cooperation Organisation members should respect the sovereignty and territorial integrity and seek no unilateral military superiority in adjacent areas.
World Taekwondo condemned the Russian military action in Ukraine
'The selling in India may emerge as soon as the RBI reverses its interest rate stance.'
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of the RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments. "...the way we allowed for standard deduction and also the rates which have been fixed, tax rates which have been fixed for different slabs, it has actually left more money in the hands of the people, the taxpayer, the household," she said.
India has not yet condemned the Russian invasion of Ukraine and it has been maintaining that the crisis must be resolved through diplomacy and dialogue.
