Thursday, July 7

International

International

Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates. The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country's central bank will raise Australia's key interest rate by a quarter-point later in the day or opt for something bigger. The Australian dollar fell 0.15 percent to $0.7183, continuing its decline from a six-week high of $0.72825 reached last Friday. The dollar rose to 132.305 yen on Tuesday, a level not seen since April 2002, boosted by a surge in the 10-year Treasury yield above 3.05 percent for the first time in almost four weeks. The curre...
The uncertain wheat crop in China raises concerns about the global economy
International

The uncertain wheat crop in China raises concerns about the global economy

Floods and severe lockdowns in China have hampered farming to the point where the country's winter wheat harvest, which begins next month, remains one of the biggest unknowns in a global economy already beset by high commodity prices. According to the New York Times, if the Chinese harvest is poor in the following weeks, food prices will rise, even more, exacerbating hunger and poverty in the world's poorest countries. The soil in China was flooded last autumn due to a flood. Because of this, wheat struggles to establish itself. Furthermore, Ren Ruixia, a 45-year-old farmhand, claims that the Chinese government's coronavirus quarantines have caused fertilizer deliveries to be delayed. The scarcity of food has long been a major concern in China. The People's Republic of China (...
Oil prices rising as the European Union prepares to impose ban on Russian petroleum
International

Oil prices rising as the European Union prepares to impose ban on Russian petroleum

Oil prices gained on Tuesday, extending gains from the previous session, as the European Union firmed up plans to increase sanctions on Russia this week, with Germany indicating that it was willing to support an immediate oil embargo. At 0234 GMT, Brent crude prices were up 25 cents, or 0.2 percent, to $107.83 a barrel, while WTI crude futures were up 17 cents, or 0.2 percent, to $105.34 a barrel. "Crude prices are up after comments from Germany's economy minister, which noted that the EU plans to ban Russian oil imports either immediately or in a few months," said Stephen Innes, managing partner at SPI Asset Management. On Tuesday, the European Commission is expected to complete work on the sixth package of EU sanctions against Russia for its actions in Ukraine, which will in...
 European Union and India agreed to form a Trade and Technology Council.
International

 European Union and India agreed to form a Trade and Technology Council.

On Monday, India and the European Union (EU) decided to form a Trade and Technology Council, a strategic mechanism to address the issues of assuring trusted technology and security in the face of rapid geopolitical change – a move that is expected to strengthen their strategic partnership. The decision to form such a council will be India's first with any of its partners and the EU's second after the first with the US. Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement. The Trade and Technology Council will provide the political steer and the necessary structure to operationalize political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in ar...
Pak PM Shehbaz writes to PM Modi, urges for meaningful ties with India
International

Pak PM Shehbaz writes to PM Modi, urges for meaningful ties with India

Pakistan Prime Minister Shehbaz Sharif has written a letter to his Indian counterpart, Narendra Modi urging for maintaining meaningful bilateral ties between the two neighboring countries, media reports said. Sharif's letter on Sunday comes in response to the congratulatory message sent by Modi earlier in the day in which the latter said India supported constructive ties with Pakistan. The Pakistani Prime Minister replied to the Indian Prime Minister's letter and sought to resolve the outstanding issues between the two countries, including that of Kashmir while stressing that Pakistan wants peaceful and friendly ties with India. India has, however, reiterated its stand that it wants strong diplomatic ties with Pakistan provided that Islamabad creates a terror-free environment ...
Sri Lankan economic crisis: President Rajapaksa’s grip on power weakens
International

Sri Lankan economic crisis: President Rajapaksa’s grip on power weakens

The parliamentary majority of Sri Lanka's ruling coalition headed by President Gotabaya Rajapaksa has come under threat with dissident lawmakers, led by former president Maithripala Sirisena, planning to break away from the government against the backdrop of nationwide protests over the country's worst economic crisis. Sri Lanka is currently experiencing its worst economic crisis in history. With long lines for fuel, cooking gas, essentials in short supply, and long hours of power cuts, the public has been suffering for months. The 225-member Parliament will convene on Tuesday in its first session since a state of emergency was declared by President Rajapaksa last week. The dissidents, led by former president Sirisena's Sri Lanka Freedom Party (SLFP), would leave the ruling Sr...
Sri Lanka crisis: State of emergency still in place as curfew lifted
International

Sri Lanka crisis: State of emergency still in place as curfew lifted

The 36-hour long curfew that was imposed on Sri Lanka on Saturday evening has been lifted on Monday at 6 am but the country is still under the effect of a state of emergency. The curfew was imposed on Saturday from 6 pm by the powers vested in the President under the provisions of the Public Security Ordinance following protests outside the residence of President Gotabaya Rajapaksa as the country faces its worst economic crisis since independence. Namal Rajapaksa, Sri Lanka's Minister of Sports and Youth Affairs and son of Prime Minister Mahinda Rajapaksa, has resigned from all his portfolios. The 26-member Sri Lankan cabinet submitted letters of resignation - but not Prime Minister Mahinda Rajapaksa amid rising public anger against the government over the economic crisis in t...
Google to send air raid alerts to Android users in Ukraine before attacks
International

Google to send air raid alerts to Android users in Ukraine before attacks

Google has initiated air raid alerts for Android users in Ukraine directly on their phones before expected attacks happen near them. At the request, and with the help, of the government of Ukraine, Google has started rolling out a rapid Air Raid Alerts system for Android phones in Ukraine. "This work is supplemental to the country's existing air raid alert systems, and based on alerts already being delivered by the Ukrainian government," said Kent Walker, President, Global Affairs at Google. The Android notifications will be based on the alerts already being sent by the Ukrainian government. "Tragically, millions of people in Ukraine now rely on airstrike alerts to try to get to safety," Walker said in airstrikes late on Thursday. Google said that to help the increasing ...
World Bank approves $723 mn loans, grants for Ukraine amid Russia invasion
International

World Bank approves $723 mn loans, grants for Ukraine amid Russia invasion

The World Bank said its executive board on Monday approved a $723 million package of loans and grants for Ukraine, providing government budget support as the country battles a Russian invasion. The package includes a $350 million loan supplement to a prior World Bank loan, augmented by about $139 million through guarantees from the Netherlands and Sweden, the bank said in a statement. The package also includes $134 million in grants from Britain, Denmark, Latvia, Lithuania, and Iceland, as well as parallel financing of $100 million from Japan.
US in final phase of evacuations from Kabul; Taliban seize 3 airport gates
International

US in final phase of evacuations from Kabul; Taliban seize 3 airport gates

By Administrator_ India Capital Sands US forces are in the final phase of leaving Kabul, ending two decades of involvement in Afghanistan, and just over 1,000 civilians at the airport remain to be flown out before troops withdraw, a Western security official said on Sunday. The country's new Taliban rulers are prepared to take control of the airport, said an official from the hardline Islamist movement that has swept across Afghanistan, crushing the US-backed government. The Taliban have already taken over control of three gates at Kabul’s airport from US forces and will be in charge of the rest soon, an official from the group said. “The whole airport is slowly coming under the control of the Taliban,” Enhamullah Samangani, a member of the group’s Cultural Commission, sai...