MUMBAI (Reuters) -India's current account deficit widened in the April-June quarter, driven by soaring global commodity prices that pushed up the trade deficit, while large capital outflows also hurt, Reserve Bank of India (RBI) data showed on Thursday. The CAD stood at $13.4 billion, or 1.5% of GDP, in the preceding January-March quarter, while there had been a surplus of $6.6 billion, or 0.9% of GDP, in the same quarter a year earlier, the release showed. The median forecast in a Sept. 9-15 Reuters poll of 18 economists was for a CAD of $30.5 billion, or 3.6% of GDP.
The airline food caterer is proposing a large acquisition that will allow it to leapfrog into the global league. The post SATS Share Price Tumbles Amid S$1.64 Billion Acquisition: 5 Things Investors Need to Know appeared first on The Smart Investor.
NEW DELHI (Reuters) -India's central bank is encouraging state-run refiners to reduce dollar buying in the spot market to contain a sharp fall in the rupee, two sources said, adding they have been asked to lean on a special credit line instead. The Reserve Bank of India has ensured $9 billion has been made available at overseas branches of some Indian banks for the country's three state-run refiners to tap, said the sources who have direct knowledge of the matter, adding that the funds are available at market rates. "Since last 2-3 days RBI has been asking companies to tap this credit line," one of the sources said.
The Reserve Bank of India will stop conducting 28-day variable rate reverse repo (VRRR) auctions, considering the current banking system liquidity conditions, but will continue with 14-day VRRR auctions, the central bank chief said on Friday. "Fine-tuning operations of various maturities will be conducted for injection as well as absorption of liquidity as may be necessary from time to time."
Singapore is taking steps to tighten maximum housing loan limits after a jump in borrowing costs.
WASHINGTON (Reuters) -World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation. In a speech at Stanford University, Malpass said there was an increased likelihood of recession in Europe, while China's growth was slowing sharply and U.S. economic output had contracted in the first half of the year. Those developments would have grave consequences for developing countries, Malpass said, citing what he called "consequential" and "worsening" challenges facing development.
European stocks were a touch higher on Friday as government bond yields pulled back from recent peaks, but higher-than-expected inflation continued to weigh on markets. After a week of market turmoil in which recession fears sapped stocks and currency markets were rocked by dollar strength, Asian shares fell on Friday and were on track for their biggest monthly loss since the start of the pandemic in 2020. But European shares saw some recovery, although they remained on track for a third consecutive quarter of losses as markets worried about the impact on global growth of central banks hiking interest rates to counter inflation.
Gold prices gained on Friday, thanks to a softer dollar, but non-yielding bullion was headed for its biggest quarterly decline since March last year on an ongoing aggressive monetary policy stance by central banks worldwide. Spot gold rose 0.7% to $1,671.68 per ounce by 0823 GMT. "The slowdown of the U.S. dollar is supporting gold," said Carlo Alberto De Casa, external analyst for Kinesis Money, adding short term outlook for gold, however, still remains weak.
Hong Kong actor, filmmaker and now NFT creator, Stephen Fung, attended a Token2049 afterparty in Singapore on 29 September and spoke about how the different universes of the traditional film industry and Web3 content such as NFTs can be integrated.
A senior Singapore central bank official is repeatedly warning cryptocurrency firms that policymakers will clamp down hard on crypto players who fan speculation in the country.
TAINAN, TAIWAN - Media OutReach - 29 September 2022 - At the end of 2019, the Taiwanese TV series "Someday or One Day" was broadcasted in various Asian countries and it created a viral wave for Tainan in the 1990s. There was a lot of discussion amongst the fans when the Series was being filmed in Tainan, and with the upcoming remake, the Tainan City Bureau of Tourism used the historical and cultural attractions of the Series to create advertisements in South Korea, Singapore, and Malaysia to pre
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India's ban on smart TV imports two years ago, and tax incentives for domestic producers from federal government and many states, have boosted local manufacturing, said an official at Viera group, one of the fast-growing producers of smart TVs. In July 2020, Prime Minister Narendra Modi's administration imposed restrictions on TV imports, mainly to contain imports from China and to boost local manufacturing.
NEW DELHI (Reuters) -Indian companies are still buying Russian oil using dollars after Dubai's Mashreq Bank declined to handle payments from at least two refiners in Emirati Dirhams as requested by the supplier, according to three sources familiar with the matter. Russia has been hit by sanctions from the United States and allies following its invasion of Ukraine, and Moscow has requested some buyers of its commodities pay using roubles or other currencies than the dollar and euro which its contracts are typically priced in. Traders supplying Russian oil in July had asked at least two Indian companies to settle in dirham.
The Reserve Bank of India raised its benchmark repo rate by 50 basis points on Friday, the fourth straight increase, as policymakers extended their battle to tame stubbornly high inflation and analysts said further tightening is on the cards. The monetary policy committee (MPC), comprising of three members from the RBI and three external members, raised the key lending rate or the repo rate to 5.90% with five out of the six voting in favour of the hike. "The inflation trajectory remains clouded with uncertainties arising from continuing geopolitical tensions and nervous global financial market sentiments," Governor Shaktikanta Das said in his address accompanying the MPC's decision.
MANILA, PHILIPPINES - Media OutReach - 29 September 2022 - Recently, Hebe Beauty Cosmetics Inc., an Indonesian beauty group, launched a brand new high-end makeup brand Dazzle Me for the Southeast Asian market. Dazzle Me offers the boldest and trendiest cosmetic products—and they are especially affordable to teens, students and/or women looking for their first step into the glamorous make-up industry. With an international presence and customer satisfaction as the main priority, Dazzle Me Cosmeti
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NEW DELHI (Reuters) -India will require all passenger cars to have a minimum of six airbags from Oct. 1, 2023, a year later than originally planned, the road transport minister said on Thursday. The move, aimed at improving safety in a country that has the world's deadliest roads, was initially planned for Oct. 1, 2022, but faced resistance from some carmakers. "Considering the global supply chain constraints being faced by the auto industry and its impact on the macroeconomic scenario" the rules will be implemented from October 2023, Nitin Gadkari said.
NEW DELHI (Reuters) -The Indian government cut its 2022/23 planned borrowing marginally despite higher spending on food and fertiliser due to the Ukraine crisis, partly helped by buoyant tax collections. The government cut its 2022/23 gross borrowing plan to 14.21 trillion rupees ($173.91 billion) from 14.31 trillion rupees, it said in a statement on Thursday. The government plans to borrow 5.92 trillion rupees in October-March period, compared with 8.29 trillion rupees of borrowing in the first half of the fiscal year that will end on September 30.
How does the international Forex brokerage service OctaFX fare in light of recent uncertainties and fears on the financial markets in general and the Foreign Exchange in specific? We took a closer look at the company to find out.KUALA LUMPUR, MALAYSIA - Media OutReach - 30 September 2022 - Decentralisation of financial services and the growingly independent approach of the individual in entering those new markets have its obvious strengths in terms of financial self-determination. But the downsi