LIVE: Price shocks from Ukraine war to last 3 years, says World Bank

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8:48 AM

Russia expels 40 German diplomats in retaliatory move

Russia has declared 40 German diplomats "personae non gratae" in a tit-for-tat move, the Russian Foreign Ministry said on Monday.

 

The ministry summoned German Ambassador to Russia Geza Andreas von Geyr on Monday in protest over Germany's decision to declare 40 Russian diplomats working in Germany "personae non gratae" earlier in April, the ministry said.

8:47 AM

Forest fires burning hectares of land for the last 3-4 days in Tehri Garhwal

8:43 AM

Global Covid caseload tops 510.1 mn

The global coronavirus caseload has topped 510.1 million, while the deaths have surged to more than 6.22 million and vaccinations to over 11.24 billion, according to the Johns Hopkins University.

In its latest update on Tuesday morning, the University's Center for Systems Science and Engineering (CSSE) revealed that the current global caseload and the death toll stood at 510,191,435 and 6,220,536, respectively, while the total number of vaccine doses administered increased to 11,246,449,964.

The US continues to be the worst-hit country with the world's highest number of cases and deaths at 81,042,367 and 991,572, respectively, according to the CSSE.

India accounts for the second highest caseload at 43,060,086.

8:42 AM

EIB commits $20mn to fight plastic pollution

Circulate Capital, the Singapore-based investment management firm financing high-growth opportunities at the nexus of climate-tech and plastics, recycling and the circular economy, announced on Tuesday that the European Investment Bank (EIB) has committed up to $20 million to the Circulate Capital Ocean Fund I-B (CCOF I-B), which invests both into disruptive innovations aligned with Circulate Capital Disrupt (CCD), the firm's climate-tech strategy, and into the South and Southeast Asia recycling value chain, alongside the firm's $112m Circulate Capital Ocean Fund (CCOF I).

CCOF I-B is targeting a total raise of $80 million and is therefore in consideration with other investors, as recently disclosed by the International Finance Corporation (IFC).

8:36 AM

Sweden, Finland to apply for NATO membership together in May: Reports

Swedish newspaper Expressen on Monday confirmed the information of the Finnish media that Sweden and Finland are preparing to jointly apply to NATO on May 16-20.

On Monday, the Finnish Iltalehti newspaper reported that the applications of Finland and Sweden to NATO should be published in the week starting May 16. A state visit of the Finnish President Sauli Niinisto to Sweden at the invitation of King Carl XVI Gustaf of Sweden is scheduled for the same week, May 17 to 18.

8:17 AM

RBI to hike repo rate in June, earlier than previously thought: Poll

The Reserve Bank of India will raise its repo rate in June and hike at a faster pace than predicted just a few weeks ago as a surge in inflation puts pressure on the central bank to act quicker, a Reuters poll showed.

Retail inflation accelerated to nearly 7% in March, above the 6% upper limit of the central bank's targeted range, and will likely soar further as a spike in global energy prices since Russia's invasion of Ukraine seeps into consumer prices.

The Monetary Policy Committee (MPC) kept its key rate at a record low 4.0% at its April meeting despite shifting its focus to inflation from growth.

But March's 17-month-high inflation number leaves little room for the RBI other than hiking sooner rather than later, and all but three of 46 economists in an April 20-25 Reuters poll expected the RBI to raise the repo rate for the first time since 2018 in June.

8:16 AM

Be part of India's growth story: Sitharaman at Silicon Valley

India's Finance Minister Nirmala Sitharaman at the Silicon Valley invited investors to be part of the country's growth story while pitching for collaboration with the US in financial services and emerging technologies.

Speaking at a round table hosted by the Confederation of Indian Industry (CII) and the US Chamber of Commerce's US-India Business Council (USIBC), she said financial technology (fintech) represents a unique opportunity for sustainable and inclusive growth.

"With a growth forecast of almost 8 per cent in FY 2023, India is likely to remain the world's fastest growing major economy over the next few years, driven by the continued expansion of its technology and start-up ecosystems," Sitharaman told a group of eminent corporate executives in the Silicon Valley.

7:40 AM

IMF urges Sri Lanka to tighten monetary policy, raise tax to address debt woes

Sri Lanka must tighten monetary policy, raise tax and adopt flexible exchange rates to address its debt crisis, a senior International Monetary Fund (IMF) official said on Tuesday. The country of 22 million people has requested loans from the IMF as it struggles to pay for imports amid crushing debt and a sharp drop in foreign exchange reserves that has fueled soaring inflation. "We've had very good, fruitful, technical discussions on preparations for the negotiations with authorities over the past weekend and couple of days before," said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department, speaking at an online news conference.

7:39 AM

Dollar ascends on China Covid fears, Fed rate hike pace

The dollar climbed to around a two-year high against the euro and an 18-month high versus the pound as fears about the economic impact of China's COVID-19 lockdowns and an aggressive pace of U.S. rate hikes sent investors scrambling for safety. China's offshore yuan was steadier in early trading, however, at 6.5770 per dollar after the People's Bank of China said late on Monday it would cut the amount of foreign exchange banks must hold as reserves. That helped the currency to recover from a year low of 6.609 per dollar on Monday, hurt by fears about China's economic growth.

7:31 AM

Sri Lanka cabinet clears proposal to clip President Rajapaksa's power

Sri Lanka’s cabinet approved a plan to abolish constitutional amendments that gave President Gotabaya Rajapaksa wide-ranging executive powers, acceding to one of the key demands from citizens protesting his economic policies as the ruling family tries to stay in office.