PM Truss defends economic plans in the wake of wide criticism of the mini budget
Economy

PM Truss defends economic plans in the wake of wide criticism of the mini budget

Sterling has fallen by 1% after the dollar wavered and British Prime Minister Liz Truss defended her government's economic plans that led to the drop in the pound. Defending the new plans laid by the British government, Truss said that the big tax cuts were the right path for the nation and refused to give a second thought to making any changes to the "mini-budget". The pound was last down 0.3% to $1.0854 after hitting a low of $1.0764. However, the euro was 0.12% lower against sterling at 89.27 pence. Not only on other currencies, the new budget has affected the UK government bond market

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Global Innovation Index Places India In The Top 40
Economy

Global Innovation Index Places India In The Top 40

A new report released by the World Intellectual Property Organisation (WIPO) on 29 September shows India has made significant progress in the global innovation index ranking, reaching the top 40 for the first time. In the report, the most innovative economies in the world are Switzerland, the United States, Sweden, the United Kingdom and the Netherlands. Furthermore, India jumps to 40th place, while Turkey moves up to 37th place, with emerging economies showing consistently strong performance. It has made its way into the top 40 this year after entering the top 50 earlier in 2020. In sp

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Asian Development Bank announces $14 billion support for food security in Asia Pacific
Economy

Asian Development Bank announces $14 billion support for food security in Asia Pacific

The Asian Development Bank (ADB) on Tuesday announced plans to provide at least $14 billion in financial support for the Asia-Pacific region's worsening food crisis, which is a direct impact of the Russia-Ukraine war and global climatic conditions. The funding will be done over 2022-2025. The funding was announced by Asian Development Bank (ADB) President Masatsugu Asakawa during the 55th ADB annual meeting, conducted via a virtual press conference. $3.3 billion will be spent in 2022, while $10.7 billion is to be utilized between 2023-25. Mr. Asakawa highlighted global climate change

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Rajnath Singh Asks Industry To Make Defence Products For The World
Economy

Rajnath Singh Asks Industry To Make Defence Products For The World

On Tuesday, Defence Minister Rajnath Singh urged the domestic industry to identify cost-effective products and technologies for making weapons for the world, noting that global military spending is on the rise. He said the recent rally in defence stocks indicates a growing interest in the sector, as he addressed a gathering of domestic defence manufacturers. He spoke at the Society of Indian Defence Manufacturers (SIDM). Singh said, “The whole world is coming forward to invest in India. India is an attractive investment destination. This shows that now is the time to move ahead much f

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Japan Increases LNG Purchases From Russia
Economy

Japan Increases LNG Purchases From Russia

In August, the Japanese Finance Ministry released trade statistics showing a significant increase in LNG purchases from Russia. The data shows that Russian LNG supplies to Japan increased by 211.2% over August 2021. The value of Russian LNG imports increased by more than 380%. The quantity and value of Russian oil purchases dropped by 20.3% and 54.1%, respectively, in August. Additionally, Japan bought less Russian coal this year (a 32.6% drop), but at a higher price. The number of Japan's exports to Russia also increased last month, with shipments of computers increasing 107.1% and comput

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Saudi Overtakes Russia To Be India’s No. 2 Oil Supplier
Economy

Saudi Overtakes Russia To Be India’s No. 2 Oil Supplier

In August, Saudi Arabia surpassed Russia to become the second-biggest supplier of oil to India, while Iraq retained the top spot, according to industry and trade sources. Saudi Arabia shipped 8,63,950 barrels of crude to India last month, up 4.8% from last month, while Russia shipped 8,55,950 barrels, down 2.4% from December 2011. In spite of Saudi Arabia's gain, India cut African imports in order to cut its share of oil from the Organization of Petroleum Exporting Countries to 59.8%. Following Moscow's invasion of Ukraine in late February, India became Russia's second biggest oil bu

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Global financial biggies set hopes in India amid a sea of despair
Economy

Global financial biggies set hopes in India amid a sea of despair

Foreign banks and rating agencies are increasingly becoming optimistic about India's potential to grow and as a key investment destination, while the global economy keeps fretting about intense pains caused by the biggest economies be it as front-loading of Federal Reserve rate hikes or China's deteriorating construction bubble. Moody’s yesterday proclaimed a stable outlook on India, saying its credit profile shows key strengths, including its huge and diversified economy with high growth potential, a comparatively robust external position, and a firm domestic financing base for governme

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India & Japan unite for a free Indo-Pacific, confront China’s expansionist policy
Economy

India & Japan unite for a free Indo-Pacific, confront China’s expansionist policy

India and Japan come together to combat the ever-increasing expansionist behavior of China in the Indo-Pacific region. Both countries plan to soon carry out their first-ever air combat exercise with fighter jets, improve their reciprocal military logistics pact and augment the range of defense-industrial collaboration to make the most advanced weapon systems. Defence Minister Rajnath Singh and his counterpart Yasukazu Hamada met and discussed the importance of the India-Japan defense partnership and the vital role it will play in clinching a free, open, and rules-based Indo-Pacific region.

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Saudi GDP up 12.2% in the second quarter, better than initial estimate
Economy

Saudi GDP up 12.2% in the second quarter, better than initial estimate

Saudi Arabia's real gross domestic product increased by 12.2% in the second quarter compared with last year's second quarter, according to data published on Wednesday. The kingdom, which is the world's largest oil exporter, gains an advantage due to escalating crude prices and a post-pandemic recuperation. The government had expected a growth of 11.8% at the end of July, but the growth figure in the second quarter exceeded the estimate. The economy improved by 2.2% from the first quarter. “The growth is mainly due to the high increase in oil activities by 22.9% y-o-y," the General Aut

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US services sector expands in August as prices ease
Economy

US services sector expands in August as prices ease

The American services sector grew at a somewhat quick pace in August amid indications of easing supply issues and decelerating price gains, according to an industry survey released on Tuesday. The Institute for Supply Management's services index went up to 56.9 percent, a little above the July level, flouting expectations of a decline. The new orders index rose 1.9 percentage points, and employment jumped 1.1 points, ISM said, while prices went down 0.8. "The services sector had a slight uptick in growth for the month of August due to increases in business activity, new orders, and empl

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