LIVE news: US Fed holds policy rate unchanged in 5.25%-5.5% range

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LIVE updates: The US Federal Reserve began its second day of interest rate deliberations on Wednesday. Jerome Powell-led Federal Open Market Committee (FOMC) kept the interest rates steady in 5.25 per cent-5.50 per cent range in its fight against inflation. The central bank has maintained a hawkish stance on interest rates in a bid to tame surging inflation and bring it below the long-run target of 2 per cent. In past months, the Fed's target inflation rate has drastically tumbled below an annual 3 per cent, while economic growth remained robust at 2.5 per cent in 2023 and unemployment stayed close to historic lows.

Jharkhand's Transport Minister Champai Soren will replace Chief Minister Hemant Soren, who resigned this evening. Both leaders are currently meeting the Governor. Mr Soren stepped down in anticipation of his arrest by the Enforcement Directorate in an alleged  money laundering case.

Core sector output growth hit a 14-month low of 3.8 per cent in December on the back of a high base and a moderation in the growth of six constituent sectors, according to the Ministry of Commerce and Industry data released on Wednesday. Last month, the output growth was 7.9 per cent. In December last year, the core sector, comprising eight key infrastructure industries, output had grown 8.3 per cent.

The gross GST revenue collected in January 2024 is Rs. 1,72,129 crore, which shows a 10.4% Year-over-year (YoY) growth over the revenue of Rs. 155,922 crore collected in January 2023. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. The government has settled Rs. 43,552 crore to CGST and Rs. 37,257 crore to SGST from the IGST collection: Ministry of Finance

Mumbai: The Burman family have increased their stake to 25.18 per cent in Religare Enterprises as part of their plan to acquire the financial services firm. The Burmans have made the open offer for the company to acquire an additional 26 per cent stake in the company but is awaiting the market regulator, Sebi nod for the offer. On September 25th, last year, the Burman family had announced an open offer for REL at Rs 235 per share. Religare share price closed  4.5 per cent up at Rs 237 a share. The Religare board however has rebelled against the Burman takeover and have complained to the Sebi.

Earlier, the ASI had begun a survey of the Gyanvapi mosque complex to find out whether the 17th-century mosque was erected on top of an existing Hindu temple. The Allahabad High Court granted permission for the survey, and the ASI team documented,  and recorded a full account of the findings while avoiding damage to the structure. 
Delhi Chief Minister Arvind Kejriwal has been issued summons for fifth time by probe agency Enforcement Directorate in Delhi liquor policy case.

The Punjab and Haryana High Court today refused to stay the election results of the Chandigarh mayoral election that had been challenged by Congress-Aam Aadmi Party (AAP) candidate Kuldeep Kumar, reported Live Law.

Former Pakistan Prime Minister Imran Khan and his wife Bushra Bibi were sentenced to 14 years in jail in the Toshakhana reference today, according to a report by Dawn. Khan and his wife were also prohibited from holding any public office for 10 years and slapped with a fine of Rs 787 million each.

During his Bharat Jodo Nyay Yatra that resumed from Kolasi village in Katihar district of Bihar this morning, Congress leader Rahul Gandhi interacted with well-wishers and supporters.

A thick layer of smog covered Delhi on Wednesday morning, leading to visibility issues and challenges for commuters. Several flights were  delayed at the Indira Gandhi International Airport in the national capital, an official said. At least three flights were diverted today due to bad weather at the Indira Gandhi International Airport. The official added that a total of five flights were diverted to various destinations between 9:30 pm on Tuesday and 7:00 today. The Indian Meteorological Department (IMD) said that a thick layer of fog was also reported in pockets of Punjab, Haryana, Northwest Rajasthan, and eastern Uttar Pradesh.

Two individuals were killed  and two others injured after their camp was attacked in Manipur on Tuesday, police officials said.

The incident took place at the camp near Kadangband village in Lamshang area at the border of the Imphal West and Kangpokpi districts. The dead were identified as N Michael, 33, and M Khaba, 23, officials said. The injured people were taken to the Regional Institute of Medical Sciences (RIMS) in Imphal for treatment.The village volunteers retaliated in self-defence after the camp was attacked. Women, children and elderly from Kadangband and neighbouring Koutruk village had to leave to secure refuge safer areas, a police official said. 

Jharkhand Chief Minister Hemant Soren held several meetings with JMM party leaders and legislators belonging to the INDIA bloc at his residence on Monday to quell rumours that "Soren has been absconding," news agency ANI reported today. The BJP sharpened its attack saying that that people have no expectations from CM Soren as he is deeply involved in massive corruption and has made it is source of income. Union Minister Arjun Munda took a jab at the Jharkhand CM, stating that, "What will the people of Jharkhand think of a CM who disappears. He came to Delhi and then disappeared. He is then out of the scene."

12:40 AM

US Fed holds policy rate unchanged in 5.25%-5.50% range

The US Federal Reserve began its second day of interest rate deliberations on Wednesday. Jerome Powell-led Federal Open Market Committee (FOMC) kept the interest rates steady in 5.25 per cent-5.50 per cent range in its fight against inflation. The central bank has maintained a hawkish stance on interest rates in a bid to tame surging inflation and bring it below the long-run target of 2 per cent. In past months, the Fed's target inflation rate has drastically tumbled below an annual 3 per cent, while economic growth remained robust at 2.5 per cent in 2023 and unemployment stayed close to historic lows.

10:52 PM

Crude oil extends losses ahead of Fed decision

Oil prices fell on Wednesday, pressured by low economic activity in leading crude importer China and a surprise build in US crude inventories as oil producers ramped up output after following frigid weather earlier this month.

 

Prices were also pressured after US Energy Information Administration data showed weekly crude inventories rose by 1.2 million barrels last week. Brent crude futures for March, which expire today, fell 78 cents, or about 0.9 per cent, to $82.09 a barrel. 

 

The more actively traded April contract was down $1.00, or about 1.2 per cent, at $81.50. US West Texas Intermediate crude futures lost $99, or roughly 1.3 per cent, to $76.83. Both benchmarks fell by more than $1 a barrel earlier in the session, according to news agency Reuters.

10:52 PM

Energy shares drag FTSE 100 lower; Fed decision in focus

The UK's blue-chip index fell on Wednesday, hurt by losses in energy shares and Vodafone, while investors awaited comments from Federal Reserve Chair Jerome Powell after the U.S. central bank's policy decision later in the day.

 

The blue-chip FTSE 100 slipped 0.5 per cent, with heavyweights Shell and BP weighing on the index with a one per cent slide, tracking oil prices lower.

 

UK stocks logged their worst month since October as investors scaled back bets of aggressive interest rate cuts from major central banks, with concerns about China's slowing economy adding to the gloom.

10:47 PM

Powell-led FOMC likely to hold key rates steady for 4th straight meeting

The US Federal Reserve began its second day of interest rate deliberations on Wednesday. Jerome Powell-led Federal Open Market Committee (FOMC) is likely to keep the interest rates steady in its fight against inflation and continue talks about when to start cutting them. The central bank has maintained a hawkish stance on interest rates in a bid to tame surging inflation and bring it below the long-run target of 2 per cent. In past months, the Fed's target inflation rate has drastically tumbled below an annual 3 per cent, while economic growth remained robust at 2.5 per cent in 2023 and unemployment stayed close to historic lows.

10:45 PM

Hemant Soren's wife Kalpana Soren arrives at the Enforcement Directorate's office, in Ranchi

9:17 PM

President's address only a 'propaganda', an 'advertisement' of Modi govt: Congress

The Congress on Wednesday rejected President Droupadi Murmu's address to both houses of Parliament as "propaganda" and "advertisement" of the Modi government, saying it belied expectations. Congress president Mallikarjun Kharge said they were happy that the President came to the new Parliament for the first time and addressed both the Houses, even though the honour was granted late to her. He said everyone saw that the government did not consider it appropriate to invite her to the inauguration of the new Parliament building, although the President is an integral part of the Parliament.

8:29 PM

NHAI to extend KYC compliance deadline for FASTags by one month

Indian Highways Management Company, an arm of state-owned NHAI, will extend the KYC compliance deadline for FASTags by one month, a senior government official said on Wednesday. Earlier on January 15, the National Highways Authority of India (NHAI) said FASTags with valid balances but incomplete KYC will get deactivated by banks post-January 31, 2024. "Only 7 lakh multiple FASTags have been closed out of 1.27 crore. Hence, we are proceeding with extending the deadline by another one month," the official told PTI on the condition of anonymity.

7:39 PM

GST revenue collected in January 2024 up by 10% at Rs. 1,72,129 crore: Ministry of Finance

7:33 PM

Maratha reservation: Activist Jarange Patil declares indefinite hunger strike from February 10

7:19 PM

Jharkhand: Section 144 imposed near Raj Bhavan, CM house, ED office in Ranchi amid Soren's questioning by ED

6:43 PM

Bharat Jodo Nyay Yatra: Will conduct countrywide caste census after coming to power, says Rahul Gandhi

Senior Congress leader Rahul Gandhi on Wednesday asserted that a countrywide caste census would be conducted if the party comes to power at the Centre in the upcoming Lok Sabha elections. While addressing a rally as part of 'Bharat Jodo Nyay Yatra' in West Bengal's Malda district, Gandhi accused the RSS and the BJP of propagating hatred and violence. "We want social justice. After we come to power at the Centre, we will conduct a countrywide caste census to find out the number of Dalits and people from other backward communities," he said.

6:18 PM

Burman family raises their stake to 25.18% in Religare Enterprises

Mumbai: The Burman family have increased their stake to 25.18 per cent in Religare Enterprises as part of their plan to acquire the financial services firm. The Burmans have made the open offer for the company to acquire an additional 26 per cent stake in the company but is awaiting the market regulator, Sebi nod for the offer. On September 25th, last year, the Burman family had announced an open offer for REL at Rs 235 per share. Religare share price closed  4.5 per cent up at Rs 237 a share. The Religare board however has rebelled against the Burman takeover and have complained to the Sebi.

 

6:09 PM

Bharat Jodo Nyay Yatra: Assam Congress chief questioned by police in FIR on route deviation

Assam Congress president Bhupen Kumar Borah was on Wednesday questioned by the police for his "role" in the deviation of the route of the 'Bharat Jodo Nyay Yatra' in Jorhat. The police had on January 18 registered an FIR against the 'Bharat Jodo Nyay Yatra' and several Congress leaders for allegedly deviating from its permitted route in Jorhat town. The case was lodged under nine sections of the IPC, including some non-bailable ones, such as 120B (criminal conspiracy), 143 (unlawful assembly), 147 (rioting), 188 (disobedience of order), 283 (causing danger, obstruction or injury), 323 (voluntarily causing hurt) and 353 (criminal force to deter public servant from discharging duty) of the IPC.

5:54 PM

Kerala CM Pinarayi Vijayan accuses Congress of adopting 'soft Hindutva' stance

Kerala Chief Minister Pinarayi Vijayan on Wednesday lambasted the Congress in the state assembly, accusing the grand old party of adopting a "soft Hindutva" stance, and asserting that it has failed to uphold Nehruvian secularism. In his response to the debate on the Motion of Thanks to the Governor's Policy address, Vijayan criticised the actions of the opposition party in the state, pointing out that Rahul Gandhi visited a temple in Assam during the Ram Temple consecration ceremony, and that Congress governments in Karnataka and Himachal Pradesh had organised special celebrations

4:54 PM

Core sector growth dips to 14-month low of 3.8% in Dec due to high base

Core sector output growth hit a 14-month low of 3.8 per cent in December on the back of a high base and a moderation in the growth of six constituent sectors, according to the Ministry of Commerce and Industry data released on Wednesday. Last month, the output growth was 7.9 per cent. In December last year, the core sector, comprising eight key infrastructure industries, output had grown 8.3 per cent.