Economic News
US to provide India alternatives on security issues, step up partnership: White House adviser
"We need to help provide India with alternatives on the security side that means not only the United States providing capabilities but partners like Great Britain, France and Israel. We are working with other countries to support India so it has a broader set of choices when it comes to security and defense," said the White House official.
One dead, two wounded in another US shooting
The shooting took place as the church was holding a potluck dinner, the church said on its website. The United States is in the midst of a particularly gruesome chapter of its epidemic of gun violence. The worst case in this stretch was a shooting at an elementary school in Uvalde, Texas that left 19 children and two teachers dead on May 24.
Rain lashes parts of Delhi and NCR
Indian Meteorological Centre (IMD) predicted thunderstorms accompanied by lightning/gusty wind over Delhi for the next five days beginning June 16. Rain is likely to bring respite to people from the heat in Delhi-NCR.
Fed’s uncommon 75 may push RBI to go for steep hikes
Bankers said increments of 25 basis points each will not work now and the RBI will have to go for a higher 50 basis point move to have any effect on prices. What that means is the yield on the benchmark bond is set to increase, possibly impacting government borrowing.
Jerome Powell’s bigger-than-flagged move puts Saudi Arabia in tiny club with positive real rates
With the decision, Saudi Arabia joins China and Brazil in having a positive real rate. Neighboring Gulf countries including Kuwait and Qatar also didn’t follow the Fed in full.
RBI sells $10 billion in two weeks to keep its inflation forecast bearable
Stubbornly high crude oil prices may require Mint Road to revisit its calculations on automotive fuels, and medium-term price assumptions are likely to be raised to $115 a barrel, from $105 currently.
UK PM Boris Johnson’s ethics adviser quit after being put in “impossible and odious position”
Geidt, whose role was to advise Johnson on matters relating to the ministerial code of conduct, did not specify what the advice was about but said an intention to breach the code to suit a political end would have made a "mockery" of the code.
China has slowed down but the odds are against a US recession in 2022 — sustainability is achievable: Jeffrey A. Frankel
The immediate cause is that one of the leading producers — there are only four major baby formula producers in the US — had to recall their product due to the discovery of bacteria in one factory, said the professor while replying to a question.