BUSINESS
Britain announces tax cuts as inflation hits 30-yr high
Britain announced the tax cuts on Wednesday, Xinhua news agency reported. In the 12 months to February 2022, Britain's Consumer Prices Index (CPI) rose by 6.2 per cent, up from 5.5 per cent in January, according to the country's Office for National Statistics (ONS) on Wednesday. On a monthly basis, the CPI rose by 0.8 per cent in February 2022, compared with a rise of 0.1 per cent in February 2021.
Economic Crisis: SL's ex-President, Premier insist govt to get closer to India
Presenting his solutions to the current crisis, former Premier Ranil Wickremesinghe said, "The only way for us now is to make an agreement and get closer to the selected friendly nations. They include India, Japan, China and European Union." Meanwhile, former President Maithripala Sirisena, who had initiated the idea of an APC, too suggested that Sri Lanka should get the support of India and other friendly nations.
China investing over $400 bn in 54 Muslim countries: Wang Yi
China is investing over $400 billion in nearly 600 projects across the Muslim world under the Belt and Road Initiative (BRI), Chinese Foreign Minister Wang Yi said, Express Tribune reported. Speaking at the foreign ministers' meeting of the Organization of Islamic Cooperation (OIC) in Islamabad, Wang Yi said that Beijing has close ties with the Muslim world, which are based on respect and mutual cooperation.
New record high: India achieves $400 bn merchandise exports target
India has achieved the $400 billion merchandise exports target well before the set deadline, said Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal on Wednesday. The merchandise exports from India crossed the $400 billion-mark in the current financial year, that too 9 days ahead of schedule. The previous record high for exports stood at $330 billion achieved in 2018-19.
Equity indices settle lower in volatile trade; Sensex down 304 pts
Paring the entire opening session gains, India's key equity indices -- Sensex and Nifty -- settled on a negative note on Wednesday. Sensex settled 0.5 per cent or 304 points lower at 57,685 points, whereas Nifty 0.4 per cent or 70 points down at 17,246 points. Among the sectoral indices, Nifty auto was the top loser, declining 1.04 per cent during the session.
Gas price in US Los Angeles exceeds $6 per gallon
The average price rose by 2.3 cents to $6.011, according to figures released on Tuesday by the American Automobile Association (AAA) and Oil Price Information Service. The overnight surge was the 28th consecutive increase and the new record came 19 days after the price topped $5 for the first time in history, Xinhua news agency reported.
US, Britain strike trade deal on steel, aluminum
The deal would allow "historically-based sustainable volumes" of British steel and aluminum products to enter the US market without applying Section 232 tariffs, said US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai's joint statement released on Tuesday. The deal will also lift retaliatory tariffs on over $500 million worth of US exports to Britain, including distilled spirits, various agricultural products and consumer goods, the statement said.
PM Modi lauds goods export worth $400 bn ahead of schedule
Prime Minister Narendra Modi on Wednesday lauded the farmers, weavers, MSMEs, manufacturers, exporters as India has achieved the ambitious target of $400 billion of goods exports nine days ahead of schedule. In a tweet, Prime Minister Modi said, "India set an ambitious target of $400 Billion of goods exports & achieves this target for the first time ever.
Sri Lanka ends ban on foreign exchange transactions
The Sri Lankan central bank has lifted a ban on foreign exchange transactions and allowed banks to provide forward sale and purchase of foreign exchange facilities to importers. Forward sale and purchase of foreign exchange are contractual agreements between two parties to exchange a pair of currencies at a specific time in the future.
RS adjourned till 12 p.m amid Oppn uproar over fuel price hike, inflation
The proceedings of the Rajya Sabha were adjourned till 12 p.m. on Wednesday after the Opposition created a ruckus over fuel price hike and inflation. Soon after the House assembled at 11 a.m, Chairman M. Venkaiah Naidu, after laying of the papers, said that the notices for discussion under rule 267 given by Opposition MPs, including Ramgopal Yadav, Vishmbhar Prasad Nishad, Binoy Biswam, K.C. Venugopal, Mallikarjun Kharge, stands rejected.
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