Live news: Putin's war hurls Russian economy back four years in one quarter

Live news updates: The jolt of international sanctions over the war disrupted trade and threw industries like car manufacturing into paralysis while consumer spending seized up

3:02 PM

India may issue fresh 10-year bonds next week; strong demand seen - analysts

Indian government is likely to issue a new 10-year bond, hoping to draw strong investor demand and realign the entire yield curve, analysts said.

"The new 10-year is expected to be priced between 7-10 basis points lower than the current benchmark levels and the entire yield curve may be lowered by few basis points initially post new bond auction," said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

India's 10-year 6.54% 2032 bond yield was at 7.3094% as of 0810 GMT, and its outstanding stands at 1.56 trillion rupees ($19.59 billion). The yield curve typically moves in alignment with the change in 10-year bond yield.

India's central government generally stops issuing a note once the outstanding reaches around 1.50 trillion rupees ($18.83 billion), traders added. The government is due to sell bonds worth 330 billion rupees on Aug. 19, which will include a 10-year security, according to the federal calendar.

2:59 PM

TMC leader Pawan K Varma tenders resignation from party

Trinamool Congress leader Pawan K Varma tendered his resignation to party president Mamata Banerjee on Friday.

His resignation came days after Nitish Kumar returned to the Mahagathbandhan and formed a new government in Bihar, snapping the JD(U)'s ties with the BJP-led NDA in Bihar.

Varma tweeted, "Please accept my resignation from the @AITCofficial. I want to thank you for the warm welcome accorded to me, and for your affection and courtesies. I look forward to remaining in touch. Wishing you all the best, and with warm regards."

Varma, a former JD(U) MP, had joined Trinamool Congress last year, saying it was the need of the hour to work for strengthening the Opposition.

2:53 PM

No PM ambitions but ready to play role in forging opposition unity: Nitish

Bihar Chief Minister Nitish Kumar on Friday maintained that he had no prime ministerial ambitions but said he was looking forward to play a positive role in forging opposition unity against the ruling NDA at the Centre.

Kumar also made light of apprehensions of misuse of the Central Bureau of Investigation and the Enforcement Directorate against the new dispensation in Bihar, which has achieved power after ousting the BJP, and said those habituated to misuse will face public ire.

"Please do not ask me such questions, I have said many times that I harbour no such ambitions. I want to serve my state," Kumar asserted, with folded hands, replying to journalists who asked whether the people of Bihar could one day see him as the prime minister.

2:39 PM

Deadline to apply for JEE-Advanced extended till 8 pm on August 12: IIT Bombay

The deadline for registration for the Joint Entrance Exam (JEE)-Advanced for admission to IITs has been extended till Friday 8 pm, IIT Bombay announced.

IIT Bombay, which is conducting the crucial examination this year, also said this is the final deadline and there will be no extension thereafter.

"The deadline for JEE (ADV) registration is extended till 8:00 PM IST, 12th Aug, 2022. This is the FINAL deadline, and students MUST UPLOAD their documents and exam city centre choices at https://jeeadv.nic.in by 8:00 PM today," the institute said.

The registration for the exam began on Monday and was earlier scheduled to conclude on August 11 at 5 pm.

2:31 PM

Why is govt silent on 'Gajak' culture: Cong counters 'Rewari' jibe

The Congress on Friday attacked the Centre over the writing off loans amounting to Rs 10 lakh crore and termed it as the "Gajak culture".

Addressing a press conference on Friday Congress spokesperson Gaurav Vallabh said that based on the Food Security Act 2013, the BJP government distributed free ration to 80 crore citizens during the corona epidemic. Indirectly, the National Food Security Act also obliged the government to buy foodgrains from farmers at the Minimum Support Price (MSP).

"So if the distribution of foodgrains to 800 million citizens (approximately 60 per cent of the population) and buying the same foodgrains from farmers at MSP is a free Rewari culture, then in the last 5 years Rs 9.92 trillion (about 10 trillion) was written off by the banks. Why is the government silent on this free Gajak culture?", he said.

2:26 PM

Bank of Maharashtra tops list of PSU lenders in Q1 loan, deposit growth

Bank of Maharashtra (BoM) has emerged as the top performer among the public sector lenders in terms of the loan and deposit growth in percentage terms during the first quarter of 2022-23.

The Pune-headquartered lender recorded a 27.10 per cent increase in gross advances to Rs 1,40,561 crore at the end of June 2022, according to published quarterly numbers of the public sector banks (PSBs).

It was followed by the Indian Overseas Bank and Bank of Baroda with 16.43 per cent and 15.73 per cent rise in advances growth, respectively.

2:19 PM

'Jungle raj' has returned to Bihar, claims BJP

The BJP alleged on Friday that "jungle raj" has returned to Bihar with the RJD-JD(U) government assuming power in the state as it cited a string of murders and other crimes to attack the alliance.

BJP spokesperson Sambit Patra said at a press conference that several people, including journalists, have been killed and a temple priest was beheaded since the two parties joined hands to form the government after the Janata Dal (United) snapped ties with the saffron party.

He also cited cases of sexual assault and the death of six persons in Chhapra after drinking spurious liquor.

2:00 PM

Putin’s war hurls Russian economy back four years in one quarter

President Vladimir Putin’s invasion of Ukraine set Russia’s economy back four years in the first full quarter after the attack, putting it on track for one of the longest downturns on record.

 

In a bleak tally of the war for Russia, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data due on Friday will show gross domestic product shrank for the first time in over a year, dropping an annual 4.7%, according to the median forecast of 12 analysts surveyed by Bloomberg.

 

1:59 PM

Turkey urges Sweden, Finland to fulfil NATO accession commitments

Turkish Foreign Minister Mevlut Cavusoglu urged Finland and Sweden to take "concrete steps" about their commitments that should be fulfilled before their accession to the NATO.

"They have not yet fulfilled their commitments made in the documents (to join NATO)," Cavusoglu told the annual Ambassadors' Conference, which was held in the capital Ankara to discuss the Turkish foreign policy.

Finland and Sweden decided to join NATO after the outbreak of the ongoing Russia-Ukraine war on February 24.

1:49 PM

Khadi tricolour fly-past over Hudson, billboard at Times Square on India's 75th Independence Day in NY

A fly-past by a 220 ft-long majestic Indian tricolour, made of Khadi, over the iconic Hudson river and the display of a giant billboard at the Times Square are among the highlights of the grand celebrations planned to mark 75 years of India's Independence here this week.

 

The Federation of Indian Associations NY-NJ-CT-NE (FIA) has planned a plethora of special events to celebrate India's 75 years of Independence - Azadi Ka Amrit Mahotsav this year.

 

The commemoration will start with the hoisting of the Indian national flag, made of Khadi, at Times Square on August 15. As in previous years, the iconic Empire State Building will also be lit up in hues of the Indian tricolour.

 

1:22 PM

Arunachal Pradesh logs 39 new COVID-19 cases

Arunachal Pradesh's COVID-19 tally rose to 66,353 on Friday as 39 more people tested positive for the infection, a senior health official said here.

 

The northeastern state on Thursday had recorded 41 recoveries against 21 new cases.

 

The COVID-19 death toll remained at 296, with no new fatality recorded in the last 24 hours, State Surveillance Officer (SSO) Dr Lobsang Jampa said.

1:11 PM

SC issues notices to Centre, ONGC on appeal of Vedanta Ltd relating to Barmer oil field

The Supreme Court on Friday sought a response from the Centre on an appeal of Vedanta Ltd against a Delhi High Court verdict related to a production sharing contract (PSC) of Vedanta and the ONGC to produce oil from the Barmer oil field in Rajasthan.

 

Vedanta Ltd has moved the top court against the March 26 judgement of a division bench of the Delhi High Court setting aside a single judge order directing the Centre to extend till 2030 its PSC with Vedanta Ltd and ONGC to produce oil from the Barmer oil field.

 

Issue notice, said a bench comprising Chief Justice N V Ramana and Justice Krishna Murari after hearing brief submissions from senior advocate Harish Salve, appearing for Vedanta Ltd.

1:10 PM

Antibodies that may lead to next-gen vaccines for all Covid strains found

Scientists have identified antibodies that are effective against many different SARS-CoV-2 variants, an advance that paves the way for next-generation vaccines which could protect from different COVID-19 strains.

 

The antibodies identified in monkeys by a team at The Scripps Research Institute in San Diego, US are also effective against other SARS viruses like SARS-CoV-1, the highly lethal virus that caused an outbreak in 2003.

 

The results show that certain animals are more able to make these types of "pan-SARS virus" antibodies than humans, giving scientists clues as to how to make better vaccines.

 

The findings, published on Thursday in the journal Science Translational Medicine, reveal the antibody structures that produce this more comprehensive immune response.

1:00 PM

Politics should be kept away from sports, says Robert Vadra

Robert Vadra, husband of Congress general secretary Priyanka Gandhi Vadra, reacting to the row over the Delhi Aam Aadmi Party denying a cash reward to wrestler Divya Kakran who won a bronze medal in the Commonwealth Games 2022, said that politics should not be brought into sports.

Vadra added that the sportspersons should be helped and it's not that the Delhi government has to help "only sportspersons from Delhi".

Speaking to ANI, Vadra said, "I think we should be proud of them as Indian holistically and we should help them. It's not that the Delhi government has to help only Delhi sportspersons."

12:49 PM

Passenger vehicle dispatches rise 11% in July as chip situation improves

The passenger vehicle dispatches to dealers increased by 11 per cent in July as improvement in semiconductor supplies helped the companies to ramp up production ahead of the festive season, auto dealers' body SIAM said on Friday.

Overall passenger vehicle wholesales increased to 293,865 units last month compared to 264,442 units in July 2021.

Passenger car dispatches rose 10 per cent to 143,522 units in July from 130,080 units in the year-ago period.

Utility vehicle wholesales grew 11 per cent to 137,104 units last month from 124,057 units in the same period last year.

Van dispatches also increased to 13,239 units from 10,305 units in July 2021.

The total two-wheeler dispatches rose 10 per cent to 1,381,303 units from 1,260,140 units.

Scooter wholesales climbed to 479,159 units against 373,695 units.

Similarly, motorcycle wholesales increased to 870,028 units in July compared to 837,166 units a year ago.

Three-wheeler dispatches to dealers also increased to 31,324 units from 18,132 units a year earlier.