Top headlines: BoE raises rates by most since 1995; GAIL Q1 net up 51%

GAIL Q1 net profit rises 51% to Rs 2,157 cr on marketing margin boost

GAIL (India) Ltd, the nation's largest gas utility, on Thursday reported a 51 per cent jump in its June quarter net profit on the back of bumper margins from gas marketing. GAIL posted a consolidated net profit of Rs 3,250.95 crore, or Rs 7.34 per share, in April-June compared to Rs 2,157.15 crore, or Rs 4.81 a share, net profit in the same period a year back, the company said in a regulatory filing. Read more

China fires 11 ballistic missiles near Taiwan in biggest test in decades

China fired its largest missile tests in Taiwan’s waters in decades, the day after US House Speaker Nancy Pelosi defied Beijing by visiting the self-ruled island it claims as its own. The People’s Liberation Army fired 11 Dongfeng ballistic missiles into waters north, east and south of Taiwan between 13:56 p.m. and 16:00 p.m. local time Thursday, the island’s Defense Ministry said in a statement. Sun Li-fang, a ministry spokesman, earlier said missiles had been fired from land. Read more

Mumbai court extends Sena MP Sanjay Raut's ED custody till August 8

A Mumbai Special Court extended Shiv Sena MP Sanjay Raut's custody to the Enforcement Directorate (ED) by four days till August 8, here on Thursday. Raut, who was arrested in the wee hours of Monday in an alleged money-laundering case, was remanded to ED custody till August 4 and produced before a Special PMLA Court this afternoon. Read more

BoE raises rates by most since 1995 even as long recession looms

The Bank of England raised interest rates by the most in 27 years on Thursday, despite warning that a long recession is on its way, as it rushed to smother a rise in inflation which is now set to top 13%. Reeling from a surge in energy prices caused by Russia's invasion of Ukraine, the BoE's Monetary Policy Committee voted 8-1 for a half percentage point rise in Bank Rate to 1.75% - its highest level since late 2008 - from 1.25%. Read more