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☆ LSEG says FX system briefly impacted by technical glitch, it is investigating
▼ + stars: | 2023-11-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Nov 10 (Reuters) - Financial technology and data provider LSEG said on Friday it had resolved a technical incident that affected its Indian foreign exchange trading platform earlier in the day and was investigating what had happened. Whether standard operating procedures were followed and a business continuity plan was put in place when the system went down". "They are keen to find out if the issue was due to a system failure or some human error," the source said. Six traders said there was a system outage for about 10 minutes on the spot dollar/rupee trading platform during which they had been unable to transact. LSEG said earlier on Friday that all indices compiled by FTSE Russell, which it also owns, were hit by a technical issue that prevented them being published for forty minutes.

Persons: Francis Mascarenhas, LSEG, Swati Bhat, Alun John, Jon Boyle, Catherine Evans Organizations: Bank of India, REUTERS, Rights, Reuters, Reserve Bank of India, FTSE Russell, London Stock Exchange Group, Thomson Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI, LSEG, London

KOCHI, India, Oct 29 (Reuters) - At least one person was killed and several were injured in a series of explosions at a convention centre in the southern Indian state of Kerala on Sunday where a Christian group was holding a prayer meeting. The incident took place during a Jehovah's Witnesses convention at the centre in Kalamassery, about 10 kilometres (6.21 miles) northeast of Kochi. P. Rajeev, Kerala's industry minister, told reporters that he cause of the explosion could not be immediately determined. Local newspaper Mathrubhumi said at least three explosions occurred inside the convention hall, with more than 23 people injured. Seconds later, two more explosions rocked simultaneously on either sides of the hall," TA Sreekumar, regional spokesperson for the Jehovah's Witnesses told mathrubhumi.com.

Persons: Pinarayi Vijayan, Rajeev, Jehovah's, Mathrubhumi, Veena George, mathrubhumi.com, Swati Bhat, Gerry Doyle Organizations: TA, Thomson Locations: KOCHI, India, Kerala, Kalamassery, Kochi, United States

☆ Maldives will return Indian military as soon as possible, says incoming president
▼ + stars: | 2023-10-29 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress speaks with the media personnel during the second round of a presidential election in Male, Maldives September 30, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsCOLOMBO, Oct 29 (Reuters) - Maldives will work to return Indian military personnel from its shores "as soon as possible," President-elect Mohamed Muizzu told Reuters on Sunday, insisting it was the top foreign policy priority for the tiny Indian Ocean island chain. Muizzu won Maldives' presidential election last month, beating incumbent President Ibrahim Solih in a second-round runoff. Solih had followed an "India first" policy but Muizzu in his election campaign promised to remove a small Indian military presence of some 75 personnel in Maldives. "The focus is not on the actual number of military personnel here, it is on not having any at all in the Maldives.

Persons: Mohamed Muizzu, Dhahau Naseem, Muizzu, Ibrahim Solih, Solih, I’m, Uditha, Swati Bhat, Susan Fenton Organizations: People's, REUTERS, Rights, Reuters, Maldives ., Thomson Locations: Maldives, Male, India, China

☆ One Killed, Several Injured in Explosions in India's Southern State
▼ + stars: | 2023-10-29 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

By Jose Devasia and Maria PonnezhathKOCHI, India (Reuters) -At least one person was killed and several were injured in a series of explosions at a convention centre in the southern Indian state of Kerala on Sunday where a Christian group was holding a prayer meeting. The incident took place during a Jehovah's Witnesses convention at the centre in Kalamassery, about 10 kilometres (6.21 miles) northeast of Kochi. P. Rajeev, Kerala's industry minister, told reporters that he cause of the explosion could not be immediately determined. Local newspaper Mathrubhumi said at least three explosions occurred inside the convention hall, with more than 23 people injured. Seconds later, two more explosions rocked simultaneously on either sides of the hall," TA Sreekumar, regional spokesperson for the Jehovah's Witnesses told mathrubhumi.com.

Persons: Jose Devasia, Maria Ponnezhath, Pinarayi Vijayan, Rajeev, Jehovah's, Mathrubhumi, Veena George, mathrubhumi.com, Swati Bhat, Gerry Doyle Organizations: TA Locations: Maria Ponnezhath KOCHI, India, Kerala, Kalamassery, Kochi, United States

People stand outside a convention centre where multiple blasts occurred during a religious gathering in Kochi, India, October 29, 2023. Preliminary investigation showed that an improvised explosive device was used, Kerala Director General of Police Shaik Darvesh Saheb told reporters earlier. Police were appointing a special investigations team, Saheb told reporters, adding that strict action would be taken against those involved. "The explosions occurred seconds after the end of a prayer as part of the day's event. Seconds later, two more explosions rocked simultaneously on either sides of the hall," TA Sreekumar, regional spokesperson for the Jehovah's Witnesses told mathrubhumi.com.

Persons: Umesh, Veena George, Police Shaik Darvesh Saheb, Saheb, Pinarayi Vijayan, mathrubhumi.com, Swati Bhat, Gerry Doyle, Bernadette Baum Organizations: REUTERS, Rights, Asianet News, Reuters, Police, Local, National Security Guard, TA, Thomson Locations: Kochi, India, Rights KOCHI, Kerala, Thrissur, Ernakulam, Kalamassery, United States

Savings accounts are low interest rate-bearing deposits offered by Indian banks, forming a third of their total deposits. Public sector banks offer interest rates between 2.70% to 4% on savings deposits, while large private banks offer rates between 3% to 4.50%. Savings deposits rate of banks vs RBI's repo rateThe RBI has been nudging banks at meetings to raise savings deposit rates and may need to push them again if required, the same source said. The RBI said in its monetary policy report that while the increase in term deposit rates in the current tightening cycle has exceeded that in lending rates, savings deposit rates have remained almost unchanged. Yes Bank (YESB.NS), Kotak Mahindra Bank (KTKM.NS) and IndusInd Bank (INBK.NS) are among lenders that have recently said they have no plans to raise savings deposit rates.

Persons: Anushree, Siddhi Nayak, Swati Bhat, Nivedita Organizations: Reserve Bank of India, REUTERS, Rights, Savings, Reuters, Yes Bank, Kotak Mahindra Bank, IndusInd Bank, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI

☆ India's state-run banks to lower bond purchases as liquidity tightens, treasurers say
▼ + stars: | 2023-10-13 | by ( Dharamraj Dhutia | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters) - India's state-owned banks will slow government bond purchases in the weeks ahead as banking system liquidity tightens, treasury officials from nine state lenders said. Bond yields have spiked since Oct. 6, when the central bank said it will keep monetary policy restrictive and sell bonds to manage banking system liquidity. These lenders have bought 253 billion rupees ($3 billion) of government debt since Sept. 22, including 100 billion rupees on Oct. 6. Reuters GraphicsBanking system liquidity - the quantum of funds in the interbank market - has largely been in deficit from the middle of September. Bond purchases would be incremental and linked to rise in yields, say at every 3-4 basis points, the treasury head at the state-run bank said.

Persons: Vijay Sharma, PNB Gilts, Dharamraj Dhutia, Swati Bhat, Mrigank Organizations: Reuters Graphics Banking, Reserve Bank of India, Thomson Locations: MUMBAI, India

☆ India central bank keeps key rate steady; liquidity measures in focus
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsMUMBAI, Oct 6 (Reuters) - The Reserve Bank of India's key lending rate was held steady at a fourth consecutive policy meeting on Friday, as widely expected, with investors more focused on the regulator's liquidity management plan amid a resurgence in inflation. The country's monetary policy committee (MPC) kept the repo rate (INREPO=ECI) unchanged at 6.50%, in a unanimous decision. It has raised rates by 250 basis points (bps) since May 2022 in a bid to cool surging prices. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and commentary and further measures, if any, are being closely monitored by market participants.

Persons: Francis Mascarenhas, Das, Swati Bhat, Sudipto Ganguly, Savio D'Souza Organizations: Bank of India, REUTERS, Rights, Reserve Bank of, Reuters, Thomson Locations: Mumbai, India, Rights MUMBAI

People walk past the main entrance of the Sri Lanka's Central Bank in Colombo, Sri Lanka March 24, 2017. The Central Bank of Sri Lanka (CBSL) lowered the standing deposit facility rate and the standing lending facility rate by 100 basis points each to 10% and 11%, respectively, it said in a statement. Sri Lanka, however, failed to reach an agreement with the IMF in its first review of the bailout package last month, due to a potential shortfall in government revenue. Even with policy loosening Sri Lanka could find it difficult to post (a 2% contraction) this year," said Udeeshan Jonas, chief strategist at equity research firm CAL Group. The central bank reiterated that it would like to see market interest rates come down further.

Persons: Dinuka, CBSL, Udeeshan Jonas, Thilina Panduwawala, Uditha Jayasinghe, Swati Bhat, Sam Holmes, Sudipto Ganguly Organizations: Sri, Central Bank, REUTERS, Rights, International Monetary Fund, Central Bank of Sri, IMF, CAL, Frontier Research, Bank Locations: Colombo, Sri Lanka, Lanka's, Central Bank of Sri Lanka, Sri, Lanka

A Reuters poll of 17 analysts show that 15 are forecasting a rate hike. An easing of import restrictions and the removal of subsidies - both conditions of the bailout - have fueled spikes in energy prices. Although overall inflation fell slightly to 27.4% in August, food inflation remain elevated at 38.5%. Pakistan's central bank said in July that it expects inflation to be on a downward path over the next 12 months. Analysts also noted that rises in cut-off yields in treasury bill auctions - the highest yield at which a bid is accepted - indicate that market participants expect a rate hike.

Persons: Shivaan Tandon, Ariba Shahid, Swati Bhat, Edwina Gibbs Organizations: State Bank of Pakistan, Capital Economics, Thomson Locations: KARACHI, Karachi

Police stand on a road outside 'Bharat Mandapam', the main venue of the G20 Summit, in New Delhi, India, September 3, 2023. REUTERS/Altaf Hussain/File Photo Acquire Licensing RightsNEW DELHI, Sept 10 (Reuters) - India's strong leadership made it possible for G20 leaders to reach consensus in intense discussions on a summit message urging nations to shun use of force in territorial disputes, a senior European Union official said on Sunday. "Without India's leadership it would not have been possible," he added, referring to the summit declaration. The EU official, however, said there was not a single word on the Black Sea grain deal from Russia, which finds itself more isolated after the summit. The official said, "The European Union leadership made the points very strongly during the session.

Persons: Bharat Mandapam, Altaf Hussain, Putin, Manoj Kumar, Swati Bhat, Sudipto Ganguly, Clarence Fernandez Organizations: REUTERS, European Union, Group, EU, Thomson Locations: New Delhi, India, DELHI, Ukraine, Moscow, Russia

☆ IMF urges pact to boost its resource quota, strengthen world economy
▼ + stars: | 2023-09-10 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

Kristalina Georgieva, Managing Director of the International Monetary Fund, arrives to attend a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF's quota resources before the end of the year," she said. Such a pact would secure resources needed for the Fund's interest-free support to the poorest countries through the Poverty Reduction and Growth Trust, she added. The G20 summit also pledged to strengthen and reform multilateral development banks, while accepting a proposal to regulate cryptocurrencies more tightly worldwide. Reporting by Swati Bhat; Editing by Sudipto Ganguly and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina Georgieva, Amit Dave, Georgieva, Swati Bhat, Sudipto Ganguly, Clarence Fernandez Organizations: International Monetary Fund, Ministers, Central Bank governors, REUTERS, Growth Trust, Thomson Locations: Gandhinagar, India, DELHI, New Delhi

NEW DELHI, Sept 10 (Reuters) - Any initiative to revive the Black Sea grain deal that isolates Russia is not likely to be sustainable, Turkish President Tayyip Erdogan said in a press briefing after the conclusion of the G20 summit in New Delhi on Sunday. Russia, Ukraine and Turkey are going to continue to discuss the grain deal, Erdogan added. Russia is willing to send free grain to poorer countries, which Turkey favours, he told reporters, adding that Qatar had also agreedErdogan said he was not "hopeless" about reviving the grain deal. The Turkish president also held talks with Japanese Prime Minister Fumio Kishida at the sidelines of the G20 summit regarding efforts to revive the deal, two sources with knowledge of the matter said, without giving further details. Reporting by Krishn Kaushik and Aftab Ahmed, Writing by Swati Bhat; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Russia, Erdogan, Fumio Kishida, Krishn Kaushik, Aftab Ahmed, Swati Bhat, Kim Coghill Organizations: United, Japanese, Thomson Locations: DELHI, Russia, New Delhi, Sunday, United Nations, Turkey, Ukraine, Qatar, Turkish

☆ Countries of the global south helped avoid Ukraine overshadowing G20 agenda - Lavrov
▼ + stars: | 2023-09-10 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

Russian Foreign Minister Sergei Lavrov speaks at a press conference, during the G20 summit, in New Delhi, India, September 10, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsNEW DELHI, Sept 10 (Reuters) - Russian Foreign Minister Sergei Lavrov called the G20 summit in India a success and said that due to the consolidated position of the countries of the global south, Russia managed to ensure the G20 agenda was not overshadowed by the Ukraine conflict. Russia's 2022 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world. Lavrov also said the Russia was willing to return to the Black Sea grain deal as soon as its conditions are met. Lavrov said Russia values the attempts by the United Nations to facilitate grain talks but called it "west only talks".

Persons: Sergei Lavrov, Francis Mascarenhas, Lavrov, Swati Bhat, Jacqueline Wong, Kim Coghill Organizations: Russian, REUTERS, United, Thomson Locations: New Delhi, India, DELHI, Russia, Ukraine, Moscow, United Nations, Turkey

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, ahead of the G20 Summit in New Delhi, India, September 8, 2023. She will seek to build G20 support for an "equi-proportional" increase in IMF quota funds paid-in by member countries, which would increase IMF lending resources, but not immediately change its shareholding structure. At the briefing, Yellen said there was significant progress made on international debt relief efforts. "Those are crucial additional resources for reducing poverty, advancing global health security and combating climate change," Yellen said. "Even without Russia's active participation and the tensions the war has created, I still see that G20 is highly effective," Yellen said.

Persons: Janet Yellen, Francis Mascarenhas, Yellen, David Lawder, Swati Bhat, Leslie Adler, Kim Coghill Organizations: . Treasury, REUTERS, International Monetary Fund, World Bank, U.S, Congress, U.S . Treasury, Ukraine, Thomson Locations: New Delhi, India, DELHI, United States, Ukraine, U.S, Washington

☆ IMF-FSB recommends cooperation, info sharing for crypto asset regulation-report
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: 1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsNEW DELHI, Sept 7 (Reuters) - The International Monetary Fund and Financial Stability Board has recommended cross border co-operation and information sharing for consistent regulation of crypto assets, the two said in a joint report to the Group of 20 nations released to the media on Thursday. A blanket ban that makes crypto activities illegal can be costly and demanding to enforce, the report added. Reporting by Sarita Chaganti Singh and Shivangi Acharya Writing by Swati BhatOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuri Gripas, Sarita Chaganti Singh, Swati Bhat Organizations: Monetary Fund, REUTERS, Thomson Locations: Washington , U.S, DELHI

☆ India central-bank chief urges fintech firms to form a self-regulatory body
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference after a G20 Finance Ministers' and Central Bank governors' meeting at Gandhinagar, India, July 18, 2023. "I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation or SRO themselves. From the Reserve Bank, we are willing to engage with you," Das said while delivering the keynote address at the Global FinTech Fest 2023 (GFF). The other advantage is that all the aspects of regulation will not be burdened on the Reserve Bank." Reporting by Siddhi Nayak and Swati Bhat; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Shaktikanta Das, Amit Dave, Das, T, Rabi Sankar, Siddhi Nayak, Swati Bhat, Dhanya Ann Thoppil Organizations: Bank of India, Ministers, Central Bank governors, REUTERS, Rights, Financial, Reserve Bank of India, Reserve Bank, Global, Siddhi, Thomson Locations: Gandhinagar, India, Rights MUMBAI

The rupee closed at 82.9350 per U.S. dollar, 0.2% stronger than its close of 83.1075 on Monday. "Inflows for initial public offerings and presence of the central bank around 83.10 levels ensured some strength in the rupee after nearly two weeks of fall," said Anil Bhansali, head treasury at Finrex Treasury Advisors. The easing of the dollar index also aided in helping the rupee strengthen past the 83 mark, a trader with a private bank said. "A large foreign bank was mainly on the selling side," the private bank trader added. India's central bank ensured the rupee did not depreciate significantly despite immense dollar-buying pressure from oil companies, Bhansali said.

Persons: Francis Mascarenhas, Anil Bhansali, Vishnu Prakash R, Jerome Powell's, Jackson, Bhansali, Swati Bhat, Janane Organizations: REUTERS, Rights, Treasury, Companies, Aeroflex Industries, Vishnu, U.S, Traders, Jackson, Thomson Locations: Mumbai, India

☆ Indian energy company ONGC Videsh secures 3-yr extension to explore South China Sea
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsMUMBAI, Aug 19 (Reuters) - Indian energy company ONGC Videsh has secured a three-year extension from Vietnam to explore 'Block 128' in the South China Sea, it said in a post on social messaging platform X, formerly known as Twitter. Conflicting territorial claims over South China Sea stretch back many decades but have intensified in recent years as China and its rivals have reinforced their positions on the rocks and reefs they hold. "India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," the company said in its post. ONGC Videsh is the overseas investment arm of India's top oil explorer Oil and Natural Gas Corp (ONGC.NS). China claims virtually the entire mineral-rich South China Sea and has stepped up its military presence there.

Persons: Amit Dave, Videsh, Swati Bhat, Jane Merriman Organizations: Gas, REUTERS, Rights, Twitter, Natural Gas Corp, Thomson Locations: Ahmedabad, India, Vietnam, South China, China, Philippines, Brunei, Malaysia, Taiwan

☆ India's Titan Co to raise stake in its subsidiary CaratLane
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, Aug 19 (Reuters) - India's Tata Group-owned Titan Co (TITN.NS) will acquire an additional 27.18% of equity shares in its subsidiary CaratLane Trading Pvt Ltd for 46.21 billion rupees ($555.81 million), it said in an exchange statement on Saturday. Titan has entered into a share purchase agreement to acquire all of the 91,90,327 equity shares held by the founder of CaratLane Trading Private Limited and his family members, representing 27.18% of the total paid-up equity share capital of CaratLane on a fully diluted basis, the release said. ($1 = 83.1400 Indian rupees)Reporting by Swati Bhat; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Swati Bhat, Kim Coghill Organizations: India's Tata Group, Titan Co, Trading, CaratLane, Limited, Thomson Locations: MUMBAI, CaratLane

☆ India imposes 40% export duty on onions to calm rising prices
▼ + stars: | 2023-08-19 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Farmers wait for the auction of onions at Lasalgaon market in Nashik district in the western state of Maharashtra, India, December 19, 2018. "The export duty will make Indian onions more expensive than those from Pakistan, China, and Egypt. Onions are used as the base for traditional dishes across Asia such as biryani in Pakistan and India, belacan in Malaysia and fish curry in Bangladesh. "The Indian duty would prompt China and Pakistan to raise prices, as they have a limited surplus for exports," said the second exporter. India surprised buyers last month by imposing a ban on widely consumed non-basmati white rice sales to dampen price rises.

Persons: Rajendra, Ajit Shah, Rajendra Jadhav, Swati Bhat, Nikunj, Toby Chopra, Clelia Organizations: Insight, Reuters, Thomson Locations: Nashik district, Maharashtra, India, Delhi, Pakistan, China, Egypt, Mumbai, El, Bangladesh, Nepal, Malaysia, United Arab Emirates, Sri Lanka, Asia, belacan

☆ India rate panel to dial up hawkishness even as it holds policy steady
▼ + stars: | 2023-08-08 | by ( Swati Bhat | ) www.reuters.com time to read: +3 min

A woman walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 6, 2023. A July 13-31 Reuters poll of 75 economists showed the central bank was expected to keep its repo rate unchanged at 6.50% at its Aug. 10 policy meeting. The rise in food prices, however, has been sharper than expected this year and is seen lasting longer. The MPC at its June policy meeting also reiterated its intent of nudging inflation towards its medium-term target of 4% and not just holding it below 6%. "It will also possibly emphasise a larger need to be watchful of the second-round effects of high food prices and inflation expectations."

Persons: Francis Mascarenhas, Shah, Pankaj Pathak, Swati Bhat, Sharon Singleton Organizations: Reserve Bank of India, REUTERS, MPC, Capital Economics, DBS Bank, DBS, ANZ, U.S, Fed, AMC, Thomson Locations: Mumbai, India, MUMBAI

☆ US working with India on platform to speed energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +2 min

[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, along with Indian Finance Minister Nirmala Sitharaman, on the sidelines of a G20 meeting at Gandhinagar, India, July 17, 2023. REUTERS/Amit DaveGANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Australia and Japan are hoping to make progress during the G20 meeting on the global minimum tax. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Amit Dave GANDHINAGAR, Yellen, Sitharaman, Narendra Modi's, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger, Lincoln, Simon Cameron, Moore Organizations: . Treasury, Indian Finance, REUTERS, Treasury, Thomson Locations: Gandhinagar, India, United States, U.S, Gujarat, Washington, Australia, Japan, Vietnam

☆ US working with India on platform to speed its energy transition - Yellen
▼ + stars: | 2023-07-17 | by ( Aftab Ahmed | ) www.reuters.com time to read: +1 min

GANDHINAGAR, India, July 17 (Reuters) - The United States is working with India to develop an investment platform to lower the cost of capital and increase private investment to fast-track India's energy transition, U.S. Treasury Secretary Janet Yellen said on Monday. The visit is Yellen's third to India this year, indicating the growing closeness between the two countries. Yellen said the two nations have been collaborating across a range of economic issues, including commercial and technological collaboration and strengthening supply chains. "In particular, we look forward to working with India on an investment platform to deliver a lower cost of capital and increased private investment to speed India's energy transition," she said. Yellen will visit Vietnam after the G20 finance meetings end on July 18.

Persons: Janet Yellen, Nirmala Sitharaman, Narendra Modi's, Yellen, Swati Bhat, Shilpa Jamkhandikar, Christian Schmollinger Organizations: Treasury, Thomson Locations: GANDHINAGAR, India, United States, U.S, Washington, Vietnam, Lincoln

The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate and standing lending facility rate to 11% and 12%, respectively, from 13% and 14% previously. This follows a 250 bps cut at its last policy meeting in June. The central bank raised rates by a record 950 bps last year to tame inflation and by 100 bps on March 3. Sri Lanka's key inflation index peaked at 70% year-on-year in September and has come down gradually. "Now that they are bringing down rates fast, they will issue very long-term bonds and reduce borrowing costs for the government.

Persons: Gotabaya Rajapaksa, Ranil Wickremesinghe, CBSL, Sri, Dimantha Mathew, Uditha Jayasinghe, Swati Bhat, Sudipto Ganguly, Raju Gopalakrishnan Organizations: International Monetary Fund, Central Bank of Sri, First, Thomson Locations: COLOMBO, Lanka's, Central Bank of Sri Lanka

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