Banks and companies in India are taking a cautious approach towards Sri Lanka, which, reeling from a financial crisis, has sought a $1-billion loan from the country to import essential commodities. A senior State Bank of India (SBI) executive said the bank was committed (to Sri Lanka) for the long term. "As far as exposures (are concerned), the bank will be cautious on its dollar exposure to Sri Lankan entities till the situation improves," he said.
'The finance ministry and the RBI will never admit to the difficulties in the economy because if they do so, it will adversely impact the financial markets, etc.' 'They like to present a rosy picture that everything is fine and under control.'
China on Tuesday said the activities of its high-tech research vessel will not affect the security of any country and should not be 'obstructed' by any 'third party', as the ship berthed at Sri Lanka's strategic southern port of Hambantota amid Indian and United States concerns.
The dissidents, led by former president Sirisena's Sri Lanka Freedom Party, would leave the ruling Sri Lanka Podujana Peramuna coalition with its 14 Members of Parliament, party sources said after their meeting with the President on Monday.
'The economic crisis hit us from nowhere. No one saw it coming.'
Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
Without naming India, S&P said it expects that in regions where inflation already exceeds targets, or which are vulnerable to capital flight, central banks will be forced to raise interest rates.
Sri Lanka has also imposed a police curfew in Western Province for six hours.
'The question often being asked is whether the demand for petrol and diesel is price inelastic?' asks Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Wickremesinghe will resign after an all-party government is established and the majority is secured in Parliament.
The Pakistani military may shortly give Imran Khan the boot, substituting him with another puppet, predicts Lieutenant General Prakash Katoch (retd).
In her statement given to the police on Friday, Shetty said she did not know about the content of the app, nor did she interfere in her husband's business, police sources said.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
Diesel price on Monday went past the Rs 98-a-litre mark in a few places of Rajasthan as a relentless increase in fuel prices took rates to record-high levels. Petrol price was increased by 29 paise per litre and diesel by 26 paise a litre, according to a price notification of state-owned fuel retailers. The increase - 16th this month - pushed petrol and diesel prices to a fresh all-time high across the country. Sri Ganganagar district of Rajasthan saw petrol price climb to Rs 105.24 a litre and diesel to Rs 98.08 per litre.
'India's sizeable foreign exchange reserves should serve as a buffer.'
Petrol price on Saturday crossed the Rs 100-a-litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26 paise per litre and diesel by 28 paise a litre, according to a price notification of State-owned fuel retailers.
The President had been moved out of his residence on Friday, in anticipation of Saturday's protests.
Upset over alleged 'personal' remarks made against her, Samajwadi Party MP Jaya Bachchan on Monday lashed out at the ruling Bharatiya Janata Party in Rajya Sabha with a 'curse' that it will face bad days soon.
Saudi Arabia has agreed to provide US$ 4.2 billion worth of assistance to cash-strapped Pakistan to support its economy, it emerged on Wednesday after Prime Minister Imran Khan held talks with Saudi Prince Mohammad bin Salman in Riyadh this week.
Pakistan's Opposition leader Shehbaz Sharif on Sunday nominated himself for the post of prime minister, while Imran Khan's party threatened to withdraw its lawmakers from Parliament if the former Punjab chief minister was allowed to contest the election for the top post on Monday.
'We welcome (you) back to the purana Pakistan,' top Opposition leader Bilawal Bhutto Zardari said on Sunday, as he took a jibe at ousted Pakistan Prime Minister Imran Khan following the adoption of a no-confidence vote against him.
Petrol price inched towards the Rs 100-mark in Mumbai on Tuesday after fuel rates were hiked again. Petrol price was increased by 23 paise per litre and diesel by 25 paise a litre, according to a price notification of state-owned fuel retailers. The hike - 13th this month - pushed petrol and diesel prices to record-high levels across the country.
Petrol price on Friday inched closer to the Rs 100-a-litre mark in Mumbai while diesel crossed the Rs 91 mark after oil companies raised rates again. Petrol price was increased by 19 paise per litre and diesel by 29 paise a litre, according to a price notification by state-owned fuel retailers. The hike -- 11th this month -- pushed petrol and diesel prices to all-time high levels across the country. In Delhi, petrol rates climbed to Rs 93.04 a litre and diesel rose to Rs 83.80.
Democratic Left Front politician Nanayakkara was among the 42 members who declared independence in Parliament from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition.
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
Amid domestic traders continuously complaining alleged violations of FDI norms by foreign online players, Commerce and Industry Minister Piyush Goyal on Friday said the ministry will "very shortly" come out with certain clarifications on the e-commerce sector. Goyal said the ministry is not changing any policy on e-commerce for foreign direct investment as the policy is crystal clear. "We will also come out with the e-commerce policy and whatever clarifications... Certain instances have come to our notice where the policy is not being followed in letter and spirit, we will obviously be clarifying that very shortly," he told reporters in New Delhi.
The probe is being conducted under various sections of the Foreign Exchange Management Act (FEMA) after the central probe agency recently received a communication from the commerce ministry seeking "necessary action" against e-commerce players like Amazon and Flipkart pertaining to certain multi-brand retail businesses and an observation made by the Delhi High Court in relation to Amazon.
The defence ministry on Wednesday announced a fresh list of 351 sub-systems and components that will not be allowed to be imported under a staggered timeline beginning December next year.
Tata Motors, Ford, Nissan, Maruti Suzuki, Toyota Kirloskar, BMW, Renault and Isuzu have also announced price hike from next month citing impact of increase in commodity prices and foreign exchange rates.
'We were exporting copper at that time. Now India is importing copper to the tune of around $1.2 billion. Moreover, there was a larger impact on the dependent MSMEs.'
Sri Lanka's Acting President Ranil Wickremesinghe on Monday imposed emergency giving him sweeping powers ahead of the key election on July 20 to pick a new President as he urged the political parties to put aside differences and form an all-party government, with the Opposition dubbing his decision as an 'undemocratic draconian act'.
'We should have calmed down the child. We will do an internal analysis on that.'
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Despite the government's hectic efforts to avoid voting on the no-confidence motion against Khan, the joint Opposition succeeded in its month-long efforts to oust Khan from the prime minister's office as 174 members of the 342-member National Assembly voted against him in the wee hours of Sunday after a day of high drama.
It said New Delhi increased its purchase of foreign exchange over the first three quarters of 2017 which does not appear necessary.
Petrol price on Thursday crossed the Rs 100-a-litre mark in Thane district of Maharashtra, while it was hovering a tad below that level in Mumbai, after fuel prices were raised again.
Petrol price on Monday neared Rs 100-a-litre mark in the national capital after the rate was hiked yet again. Petrol price was increased by 35 paise per litre while there was no change in diesel rates, according to a price notification from state-owned fuel retailers. In Delhi, the petrol price soared to Rs 99.86 per litre. Diesel rates were unchanged at Rs 89.36.
Increase in gold imports pushed the country's trade deficit to a five-month high of $ 15.33 billion in April.
A Sri Lankan court on Tuesday ordered the release of 56 Indian fishermen who were detained for allegedly fishing in the island nation's territorial waters.
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