7.7 C
New York
Monday, November 24, 2025
Home Blog Page 221

IMF demands external financing assurance from Pakistan for bailout agreement

By
Lillian Hocker
-
0
IMF demands external financing assurance

IMF imposes new condition for Pakistan’s financial bailout: Economy crisis

The Pakistani government has proposed multiple measures in its pursuit of an IMF bailout. According to the country’s finance ministry, the Industrial and Commercial Bank of China Ltd (ICBC) will provide a loan of $1.3 billion.

Pakistan’s economy, already facing a crisis, has been dealt another blow as the International Monetary Fund (IMF) imposed a new condition for a vital financial bailout. The IMF has demanded that Pakistan provide assurance that its balance of payments deficit is fully funded for the current financial year ending in June, according to the agency’s resident representative as cited by Reuters. The IMF has stipulated that meeting this condition is essential for Pakistan to resume the stalled IMF program and access the next installment of urgently needed funding. The potential IMF bailout is crucial for Pakistan’s economy, which is struggling with a balance of payments crisis, with foreign exchange reserves at critically low levels that can only cover four weeks of imports.

Pakistan suspends most imports as foreign exchange reserves reach critical low levels amid tough IMF conditions

IMF sets tough conditions for Pakistan

IMF Negotiates Release of $1.1 Billion for Pakistan Bailout Agreement
The Pakistan government has been in discussions with the International Monetary Fund (IMF) since February to complete its ninth review, which, if approved by the IMF board, will provide $1.1 billion in funding as part of a $6.5 billion bailout agreement. The bailout agreement is set to conclude at the end of the current financial year on June 30. Last week, Pakistan’s Finance Minister Ishaq Dar had claimed that external financing assurance was not included in the list of IMF conditions.

IMF sets condition for Pakistan bailout, including assurance on balance of payments deficit
Pakistan has reportedly completed most of the conditions set by the International Monetary Fund (IMF) for its bailout package, except for an assurance on external financing. IMF official Esther Perez Ruiz stated that “All IMF program reviews require firm and credible assurances that there is sufficient financing to ensure that the borrowing member’s balance of payments is fully financed…over the remainder of the program.” Pakistan’s government has implemented measures such as raising policy interest rates and reducing expenses in its bid for the IMF bailout. The Industrial and Commercial Bank of China Ltd (ICBC) has also agreed to provide a loan of $1.3 billion to boost the country’s foreign exchange reserves. The IMF bailout, if approved by the IMF board, will provide $1.1 billion and is part of a $6.5 billion agreement that ends on June 30.

Japan’s declining birthrate, warns senior adviser to PM

By
Lillian Hocker
-
0
Japan's Declining Birthrate, warns senior adviser to PM

A senior adviser to the Japanese prime minister has cautioned that if action is not taken to curb its declining birthrate, Japan could face the possibility of “disappearing”. This warning comes in light of recent data from the health ministry, which shows that the country’s birth rate has hit a record low, with only 799,728 births in 2022 – the first time it has fallen below 800,000.

This concerning trend has persisted for decades, with the number of births decreasing by almost half in the past 40 years, from over 1.5 million recorded in 1982. According to Masako Mori, an adviser to the PM, the country’s birth rate is not declining gradually but instead heading “straight down”. She warned that if the birth rate continues to plummet, children born now could face a society that becomes distorted, shrinks, and loses its ability to function.

In January, PM Fumio Kishida emphasized the urgency of solving Japan’s low birth rate problem. The crisis is compounded by a record high of post-war deaths last year, surpassing 1.58 million, resulting in a growing problem for the third-largest economy in the world. The fertility rate of 1.3 is well below the required rate of 2.1 needed to maintain a stable population without relying on immigration. Additionally, Japan has one of the world’s highest life expectancies, with almost one in 1,500 people aged 100 or older in 2020.

Leaders in Japan are grappling with a growing elderly population and a shrinking workforce, which poses challenges for funding pensions and healthcare amidst surging demand from aging citizens.

To tackle the low birth rate crisis, Prime Minister Fumio Kishida has warned that Japan is on the brink of being unable to maintain social functions. In response, a new government agency will be established in April, with Kishida aiming to double the government’s spending on child-related programs.

Could child-rearing support be the solution to Japan’s low birth rate crisis?

The country’s low birth rate is attributed to several social factors, such as the high cost of living, limited living space, and lack of child care support in urban areas, making it difficult for couples to raise children. According to financial institution Jefferies, Japan was ranked one of the world’s most expensive places to raise a child in 2022. Despite this, the country’s economy has stagnated since the early 1990s, and the average real annual household income has declined over time.

In addition to financial factors, attitudes towards marriage and starting families have also shifted. More couples are delaying both due to the pandemic, and young people are becoming increasingly pessimistic about their future.

Here are The best cross-platform games to play in 2023

By
Lillian Hocker
-
0

Welcome to our blog on the best cross-platform games to play in 2023! In today’s world of gaming, cross-platform play has become a key feature for many gamers who want to play with their friends regardless of what gaming device they own. This feature allows gamers to play on different platforms such as PC, Xbox, PlayStation, and Nintendo Switch, without worrying about compatibility issues. The trend of cross-platform games is on the rise, and many game developers are releasing their games with cross-platform compatibility. In this blog post, we will be discussing the top cross-platform games to play in 2023 that offer a seamless gaming experience on all platforms. So, let’s dive into the world of gaming and discover some of the most popular cross-platform games that are sure to provide endless hours of entertainment.

What Are The Cross Platform Games

Cross-platform games are video games that can be played on multiple platforms, such as PC, consoles (e.g. PlayStation, Xbox, Nintendo Switch), and mobile devices (e.g. Android, iOS). These games allow players to enjoy the same game on different devices, often with shared progression and saves. Some popular examples of cross-platform games include Fortnite, Minecraft, Rocket League, and Call of Duty: Warzone. As technology continues to advance, cross-platform gaming is becoming increasingly popular, allowing players to connect and play with each other regardless of the device they are using.

List Of Top Cross Platform Games

Gears 5

Gears 5 is a third-person shooter video game developed by The Coalition and published by Xbox Game Studios. It is the fifth main installment in the Gears of War series and was released for Xbox One and Windows in September 2019.

The game’s campaign follows Kait Diaz, an outsider of Locust descent who sets out to uncover her connection to the Locust and the Swarm. The campaign can be played cooperatively with up to three players online or locally.

In addition to the campaign, Gears 5 features several multiplayer modes, including Versus, Horde, and Escape. Versus is a traditional player versus player mode, while Horde is a cooperative mode where players defend against waves of enemies. Escape is a three-player cooperative mode where players must escape a hive of the Swarm after planting a bomb.

Call of Duty: Warzone

Crossplay platforms: PC, PlayStation, Xbox

Call of Duty has evolved a lot over the years, and we have just had the latest one released – but most of the buzz around the franchise at the moment is about its battle royal game, Warzone. Like Fortnite, the game changes significantly every now and then which keeps it fresh and continues to keep players coming back with regular updates- this will be around for some time.

Dead by Daylight

Dead by Daylight is a multiplayer survival horror game developed by Behaviour Interactive. It was released in 2016 for various platforms and has since gained a dedicated following. The game revolves around a group of survivors trying to escape from a killer, who is controlled by another player. With its intense gameplay, unique characters, and customizable perks, Dead by Daylight has become a popular choice for fans of the horror genre and multiplayer gaming.

Back 4 Blood

Back 4 Blood is a highly anticipated cooperative first-person shooter game set to release in 2022. Developed by Turtle Rock Studios and published by Warner Bros. Interactive Entertainment, the game is a spiritual successor to the critically acclaimed Left 4 Dead series. Back 4 Blood offers an intense and thrilling experience with a focus on teamwork and strategy as players battle hordes of zombies known as the Ridden. With a variety of playable characters and weapons, as well as new features such as a card system and a dynamic AI director, Back 4 Blood promises to be a fresh and exciting addition to the zombie survival genre.

Chess Ultra

Chess Ultra is a popular chess game that offers an immersive and realistic chess experience on mobile devices. The game boasts stunning graphics and a variety of features that make it stand out from other mobile chess games. With Chess Ultra, players can enjoy a classic game of chess on the go, test their skills against the computer, or compete with other players online. Whether you’re a beginner or a seasoned chess player, Chess Ultra is sure to provide you with hours of engaging and challenging gameplay.

Deathloop

Deathloop is a first-person action-adventure game developed by Arkane Studios and published by Bethesda Softworks. The game is set on the mysterious island of Blackreef, where two assassins are trapped in an endless time loop, reliving the same day over and over again. The player takes on the role of Colt, one of the assassins, as he attempts to break the cycle by eliminating eight targets before midnight. With a unique blend of stealth, action, and time-manipulation mechanics, Deathloop promises to be a thrilling and immersive experience for players. The game was released for PlayStation 5 and PC in September 2021 and has received critical acclaim for its innovative gameplay and stylish visuals.

Japan’s Birth Rate Decline Poses Threat to Society and Economy, Adviser Warns

By
Lillian Hocker
-
0

In Japan last year, the number of deaths was approximately double that of births, with fewer than 800,000 babies born and around 1.58 million people passing away. This has raised concerns, and Prime Minister Kishida has pledged to increase spending on children and families to address the issue. The aim is to slow down the decline, which is occurring at a faster pace than previously anticipated.

According to an adviser to Prime Minister Fumio Kishida, Masako Mori, Japan is facing a threat to its social safety net and economy due to a fall in its birth rate. Mori stated that unless the country can slow this decline, Japan may cease to exist.

In an interview in Tokyo, Mori expressed her concern after the announcement on February 28th that the number of babies born last year had hit a record low. Mori emphasized that it would be the people who have to live through the consequences of this disappearance who would face enormous harm, and the situation could be likened to a terrible disease that would afflict the children.

Japan’s population continues to decline, with last year’s birth rate being less than half of its death rate. The number of births was fewer than 800,000 while deaths were around 1.58 million. This has alarmed Prime Minister Kishida, who has pledged to double spending on children and families to combat the situation, which is progressing even faster than expected.

The population in Japan has fallen from its peak of just over 128 million in 2008 to 124.6 million, with the rate of decline accelerating. Additionally, the proportion of people aged 65 or over has risen to more than 29% in the past year. While South Korea also has a low fertility rate, Japan’s population is shrinking at a more rapid pace.

Japanese births hit record low as years-long decline accelerates

Masako Mori, an upper house lawmaker and former minister who advises Prime Minister Kishida on issues related to birth rate and LGBTQ, stated that the decline in Japan’s birth rate is not gradual but rather a sharp nosedive. She expressed concern that children being born in the current scenario would have to face a society that is distorted, shrinking, and unable to function.

Furthermore, if no action is taken, Mori warned that the social security system in Japan would collapse, leading to a decline in industrial and economic strength. Additionally, there would not be enough recruits to protect the country through the Self-Defense Forces.

Korea again smashes own record for world’s lowest fertility rate

According to Masako Mori, while reversing the birth rate decline in Japan would be incredibly challenging due to the dwindling number of women of childbearing age, the government must take all possible measures to slow down the fall and alleviate the impact.

Although Prime Minister Kishida has not yet disclosed the specifics of his new spending package, he has indicated that it will be substantially different from previous policies. Some of the measures proposed so far include increasing child allowances, enhancing childcare provisions, and introducing flexible working arrangements.

However, critics argue that providing financial support to families with children is insufficient to tackle the problem. A government panel on gender equality has recommended a comprehensive approach that encompasses reducing the burden on women of raising children and making it easier for them to participate in the workforce after giving birth.

Mori criticized the tendency to consider the issue of birth rate decline separately from finance, trade, and female empowerment. She believes that women’s empowerment and birth rate policies are interconnected, and addressing them in isolation would not yield the desired results.

Top 5 Gaming Trends in 2023: Games like Real world

By
Lillian Hocker
-
0

As we move further into the future, the gaming industry continues to evolve and adapt to new technologies, player preferences, and market trends. In 2023, we can expect to see some exciting game trends emerge and dominate the industry. From the rise of virtual reality to the increasing popularity of mobile gaming, game developers are constantly pushing the boundaries to create more immersive and engaging gaming experiences for players around the world. In this blog, we will explore the top 5 game trends that are set to take the gaming world by storm in 2023.

The Evolution of 3D Animation

Over the years, the video game industry has witnessed a significant shift towards 3D animation. This trend has taken the gaming world by storm, as it adds a sense of realism to the games, making them more engaging and captivating. Unlike traditional 2D animation, 3D animation provides players with an immersive experience, allowing them to interact with the game environment and its characters seamlessly. While 3D animation has long been used in the movie and TV industry, its use in video games has only recently started gaining traction.

VR and AR gaming

As technology continues to advance, virtual and augmented reality (VR and AR) gaming are becoming increasingly popular among gamers. VR and AR provide an immersive gaming experience that goes beyond traditional gameplay, transporting players into a fully interactive virtual world. With the use of head-mounted displays and sensors, players can move around and interact with their virtual surroundings, creating a sense of presence and realism that was previously unimaginable. In this article, we’ll explore the exciting world of VR and AR gaming and discuss the latest trends and advancements in this rapidly evolving field.

Cross-platform gaming

Cross-platform gaming has become a buzzword in the gaming industry, enabling players to connect and play games with others on different platforms. In the past, games were developed exclusively for a single platform, limiting players to only those who owned that particular console or device. However, with cross-platform gaming, players can now enjoy the same game with friends regardless of their gaming system. This trend has been on the rise in recent years and has led to increased collaboration between developers to make games more accessible to a wider audience.

Crypto games and play-to-earn

Axie Infinity generated $1.2 billion revenue in 2021, making it one of the highest grossing mobile apps surpassing Pokemon Go and Candy Crush Saga. It is a game based on the Ethereum blockchain, which lets users play-to-earn Axie coins, which they can then sell on a crypto marketplace.

Expect more of these games to come out in 2023, primarily designed to be like FarmVille or other play-to-earn mobile experiences over the years, but with the potential benefit of actual earnings through an altcoin rising in price.

Single-player

At The Game Awards 2021 we saw a lot of new solo games announced. Alan Wake 2 will be a survival horror experience, as will Slitterhead, from Silent Hill creator Keiichiro Toyama. Quantic Dream’s making a Star Wars game and Hellblade’s getting a sequel. The most anticipated game of 2022 is probably Bethesda’s space-faring single-player game, Starfield.

This is several years, you’ll remember after EA rang the death bell for linear single-player games and closed down Visceral accordingly. Turns out there’s room for Fortnite and dozens of other high-quality solo experiences within the same marketplace after all.

Imran Khan seeks security from Chief Justice after assassination attempt

By
Lillian Hocker
-
0

On Sunday, the Islamabad Police attempted to arrest Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan at his Zaman Park residence in connection with the Toshakhana case, but he successfully evaded capture, leading to high drama that lasted for hours. Later, Khan addressed his party workers and supporters, criticizing state institutions and the ruling Pakistan Democratic Movement (PDM) alliance’s leadership.

He claimed that his life was in danger and demanded to attend the Toshakhana case hearing via video link. In his fiery speech, Khan also alleged that former army chief Gen (retd) Qamar Javed Bajwa had imposed a group of criminals on the country through a conspiracy. He maintained that he was being dragged into fake cases and accused foreign agencies of hatching an assassination attempt on him.

During his passionate speech, Imran Khan stated that he had no qualms about the government placing his name on the Exit Control List since he had no intentions of leaving the country. He also took a swipe at the ruling Pakistan Democratic Movement (PDM) alliance’s leadership, claiming that they trembled with fear if their names were put on the no-fly list. Khan went on to criticize former army chief Gen (retd) Qamar Javed Bajwa, accusing him of conspiring to impose a group of criminals on the country.

Addressing his supporters, Khan stated that he was not a security risk, and his enemies sought to remove him from their path through assassination. The former prime minister accused the authorities of dragging him to court in fake cases, and PTI senior leader Advocate Babar Awan had earlier claimed evidence suggested a foreign agency planned to assassinate Khan again.

To ensure his safety, Khan demanded to attend the Toshakhana case hearing through video link and stated that his lawyers would write a letter to Chief Justice of Pakistan Umar Ata Bandial in this regard. An Islamabad Police official confirmed that they were in Lahore on court order due to Khan’s repeated absence from the court.

“There are clear indications of another assassination attempt being plotted on my life,” he said.

“To date, there are 74 cases against me and I am being made to appear in court for hearings time and often. I am chairman of the largest political party in the country and wherever I go massive crowds naturally follow. This further aggravates the prevailing security threat. Right to life is a fundamental right under the Constitution and there is a grave threat to my  life,”

According to a report from The Express Tribune, Imran Khan has expressed dissatisfaction with the level of security provided to him despite his status as the former Prime Minister of Pakistan. He has accused the current Prime Minister and Interior Minister of involvement in a previous assassination attempt against him. During his last appearance before the Lahore High Court, Khan claimed there was a “total failure” in official security arrangements, similar to what he faced in Islamabad when appearing before different courts. He has urged the Chief Justice of Pakistan to take action against those in power who pose a threat to him and ensure adequate security if his presence in court is necessary.

Bangladesh Authorities Probe Cause of Fire That Leaves 12,000 Without Shelter

By
Lillian Hocker
-
0

An investigation is underway by authorities in Bangladesh into a massive fire that has left 12,000 individuals without shelter in a Rohingya refugee camp.

The cause of the blaze, which destroyed 2,000 shelters, is being examined by police to determine if it was an act of sabotage. No casualties have been reported, but officials believe that the fire spread rapidly through gas cylinders in the camp kitchens. The camp, located in the southeast, is the world’s largest refugee camp and is home to many Rohingya refugees who had fled persecution in Myanmar. On Monday, residents returned to the area to see what could be salvaged from the ruins. The fire began on Sunday afternoon and quickly engulfed the bamboo-and-tarpaulin shelters.

“Some 2,000 shelters have been burnt, leaving about 12,000 forcibly displaced Myanmar nationals shelterless,” Mijanur Rahman, Bangladesh’s refugee commissioner, told AFP news agency.

The blaze was brought under control within three hours but at least 35 mosques and 21 learning centres for the refugees were also destroyed, he added.

Photos are now emerging that show the extent of the devastation.

Many of those who lived there can be seen picking through the charred area, where only metal struts and singed corrugated roofing remains.

Hrusikesh Harichandan, from the International Federation of Red Cross and Red Crescent Societies, told the BBC there had been “massive damage” to the camp.

He said basic services such as water centres and testing facilities had also been affected.

“My shelter was gutted. [My shop] was also burnt,” Mamun Johar, a 30-year-old Rohingya man, told AFP.

“The fire took everything from me, everything.”

Thick black clouds were seen rising above Camp 11, one of many in the border district where more than a million Rohingya refugees live.

The camps, overcrowded and squalid, are vulnerable to fires.

Between January 2021 and December 2022, there were 222 fire incidents in the Rohingya camps including 60 cases of arson, according to a Bangladesh defence ministry report released last month.

In March 2021, at least 15 people were killed and some 50,000 were displaced after a huge fire tore through a camp in the settlement.

The refugee camp houses people who fled from Myanmar following a military crackdown against the Rohingya ethnic minority.

The Rohingya are Muslims in largely Buddhist Myanmar, where they have faced persecution for generations.

The latest exodus of Rohingya escaping to Bangladesh began in August 2017, after Myanmar’s military brutally retaliated when a Rohingya insurgent group launched attacks on several police posts.

Apple’s MacBook Portfolio Updated by M1 and M2 Chipsets

By
Lillian Hocker
-
0

Apple recently expanded its macOS laptop portfolio by launching the M2 Pro and M2 Max MacBook Pro, in addition to the M2 MacBook Air. This move upgraded the architecture from M1 to M2. However, those who seek a larger device are forced to upgrade to the MacBook Pro, even if they don’t require the added power and performance of the Pro line.

However, Apple is gearing up to introduce a more suitable alternative to the MacBook Pro, giving consumers a better option.

Mark Gurman, writing for Bloomberg’s Power On newsletter on Sunday, March 5th, highlighted an ongoing debate within Apple regarding the next MacBook Air. The question at hand is whether to make the larger display the main selling point and stick with the M2 chipset or follow previous precedents and bundle a more expensive Apple Silicon.

Gurman suggests that the situation regarding the chip destined for the new MacBook Air models is somewhat unclear. If the machines are launched in a few months with the M2 chip, they may quickly become outdated. While a 15-inch MacBook Air with an M2 chip might excite consumers, a new M2 13-inch MacBook Air may not be as compelling.

In the past, the MacBook lineup followed a natural hierarchy where the MacBook Air was a light and thin option with less processing power but greater convenience. As you moved up the portfolio, the MacBook Pro offered better thermal options, greater power, and a higher price tag. However, with the launch of the M1-powered MacBook Air, Apple Silicon disrupted this hierarchy. The M1 MacBook Air offered more power than the Intel MacBook Pro of the day, allowing users to achieve the same results without needing to invest in a more expensive and bulkier laptop.

The M1 Pro and M1 Max models of the MacBook Pro further pushed the envelope in terms of power and performance, with the M2 Pro and M2 Max building on that foundation. While some people may continue to buy the MacBook Pro due to the status associated with the “Pro” name and old habits from the Intel days, the majority of MacBook users may no longer need a MacBook Pro.

With the launch of the M2 chipset, the MacBook Air has become even more flexible and capable than before. However, one thing that Apple’s loyal macOS users have been asking for repeatedly is a MacBook Air with a larger display to match Windows-powered hardware. Fortunately, this long-awaited device is on its way, with Apple having ordered displays, sought certifications, and started production lines. The 15-inch MacBook Air, set to arrive before WWDC 2023, will boast power that can rival the fastest and most expensive MacBook Pro from the Intel days. It will be the perfect blend of performance, size, and affordability, and the laptop that countless users have been eagerly anticipating.

Liverpool Demolishes vs Manchester United 7-0 in Historical Victory

By
Lillian Hocker
-
0
Liverpool Demolishes Manchester United

Liverpool dominated Manchester United as they scored an impressive seven goals against a helpless David de Gea. Darwin Nunez, Mohamed Salah, and Cody Gakpo each scored two goals, while Roberto Firmino added one, leading to a complete demolition of the Red Devils on their home ground. The defeat was Erik ten Hag’s worst as United’s manager and significantly impeded his pursuit of four trophies, with their chances of a Premier League title now appearing slim. On the other hand, Liverpool capitalized on losses for their top four rivals, Newcastle and Tottenham, on Saturday, boosting their own chances of qualifying for the Champions League. The internet exploded with reactions as social media users shared their opinions on this historic scoreline.

HIGHLIGHTS: Liverpool 7-0 Man United | Salah breaks club record as Reds score SEVEN!

Prediction for Today’s Stock Market: 10 Key Points to Keep in Mind

By
Lillian Hocker
-
0

The SGX Nifty’s Trends Point to a Favorable Start for the Wider Indian Index on Monday, Maintaining the Bullish Momentum from the Previous Trading Session: Stock Market Updates Reveal. This Morning, Asian Markets Displayed an Optimistic Tone Based on Positive Signals from Western Markets.

According to the latest updates on the SGX Nifty, the market is anticipated to commence on a positive note, with a gain of 68 points for the broader Indian index on Monday. On Friday, the BSE Sensex surged by 900 points to 59,809, while the Nifty50 rose by 272 points to 17,594, creating a long bullish candlestick pattern on the daily charts, with volumes exceeding the average at market close.

Pivot charts suggest that the Nifty has support at 17,473, followed by 17,421 and 17,338, whereas key resistance levels to observe in case of upward movement are 17,639, followed by 17,690 and 17,773. Keep an eye on the currency and equity markets by following CityTelegraph. Additionally, we have compiled a list of significant headlines from various news sources that may impact both Indian and international markets.

US Markets

On Friday, Wall Street experienced a surge in response to the week’s volatility, as the decline in US Treasury yields and positive economic data caused investors to overlook the increasing likelihood of the Federal Reserve maintaining its restrictive policy until later in the year. The Dow Jones Industrial Average climbed by 387.4 points or 1.17 percent, while the S&P 500 increased by 64.29 points or 1.61 percent, and the Nasdaq Composite saw an addition of 226.02 points or 1.97 percent, reaching 33,390.97, 4,045.64, and 11,689.01, respectively.

Asian Markets

On Monday, Asian equities inched up, while bond markets awaited an update on the US rate outlook from the world’s most influential central banker and a jobs report that could determine whether the next hike should be substantial. MSCI’s Asia-Pacific shares index, excluding Japan, increased by 0.8 percent, following a 1.5 percent rebound last week. Japan’s Nikkei rose by 1.0 percent, reaching a three-month high, while South Korean stocks advanced by 0.6 percent, aided by a milder reading on inflation.

The Government reduces windfall tax on diesel and eliminates it entirely on ATF.

In the latest review, the Centre has raised the windfall profit tax on crude petroleum to Rs 4,400 per tonne from Rs 4,350. The special additional excise duty on diesel has been lowered to Rs 0.5 per litre from Rs 2.5, while it has been eliminated entirely on ATF. Petrol will continue to have zero special additional excise duty. The windfall profit tax on domestically produced crude oil and fuel exports is expected to generate approximately Rs 25,000 crore in the current fiscal year ending March 31. These taxes were first imposed on energy companies on July 1, 2022, following a surge in crude oil prices, with export duties of Rs 6 per litre on petrol and ATF, and Rs 13 per litre on diesel.

SGX Nifty

Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 68 points. The Nifty futures were trading around 17,700 levels on the Singaporean exchange.

China sets modest growth target of about 5% as parliament opens

China set a modest target for economic growth this year of around 5 percent on Sunday as it kicked off the annual session of its National People’s Congress (NPC), which is poised to implement the biggest government shake-up in a decade.

The economy gave one of its weakest performances in decades last year, when gross domestic product (GDP) grew by just 3 percent, squeezed by three years of Covid controls, a crisis in the vast property sector and a crackdown on private enterprise.

This year’s growth target is at the low end of expectations, as policy sources had recently told Reuters a range as high as 6 percent could be set. It is also below last year’s target of around 5.5 percent.

FII and DII data

Foreign institutional investors (FII) bought shares worth Rs 246.24 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,089.92 crore on March 3, the National Stock Exchange’s provisional data showed.

ECB Half-Point March Rate Hike Very Likely, Lagarde Says

European Central Bank is set to raise borrowing costs by another half point at its March decision, according to President Christine Lagarde.

“It is very likely that we will raise interest rates by 50 basis points,” Lagarde told El Correo when asked what would happen later this month. “This was a decision that was indicated at our last monetary policy meeting and all the numbers we have been seeing in recent days are confirming that this interest rate hike is very, very likely.”

A move of that size would take the ECB’s rate increases since July to 350 basis points. What happens beyond March 16, is less certain.

Oil rises by $1 per bbl after denial of reported UAE plan to exit OPEC

Oil prices rose by more than $1 a barrel on Friday, recovering from an early slump after Reuters reported that the United Arab Emirates is not planning an exit from the Organization of Petroleum Exporting Countries (OPEC).

Brent crude futures were up $1.01, or 1.2 percent, to $85.76 a barrel by 1:52pm EST (1852 GMT). US West Texas Intermediate (WTI) crude futures gained $1.38, or 1.8 percent, to $79.54.

Gold eases on firmer dollar, rate-hike fears

Gold prices ticked lower on Monday in the international markets as the dollar firmed, with a fresh set of data cementing fears that central banks across the globe would keep raising rates to contain sticky inflation.

Spot gold was down 0.1 percent at $1,853.19 per ounce, as of 0037 GMT, after climbing to its highest since February 15 on Friday. US gold futures rose 0.3 percent to $1,859.60.

Bitcoin falls 5.2% to $22,253

Bitcoin dropped 5.2 percent to $22,253 at 2204 GMT on Friday, losing $1,213 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 11.9% from the year’s high of $25,270 on Feb. 16.

Ether , the coin linked to the ethereum blockchain network, dropped 5.3 percent to $1,560.9 on Friday, losing $87.1 from its previous close.

1...220221222...400Page 221 of 400

Business

News

Technology

Entertainment

Blockchain

Contact us

Email: [email protected] || [email protected]

©Copyright 2020-2023 | CityTelegraph | All Rights Reserved