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☆ Firefighters, army work to douse massive fire in Bangladesh market
▼ + stars: | 2023-04-04 | by ( Ruma Paul | ) www.reuters.com time to read: +2 min

[1/4] Firefighters try to douse a fire that broke out in a clothing market in Dhaka, Bangladesh, April 4, 2023. REUTERS/Mohammad Ponir HossainDHAKA, April 4 (Reuters) - Firefighters and army personnel were working on Tuesday to douse a massive fire that raged through a shopping complex with 3,000 shops in Bangladesh's capital of Dhaka, fire officials said. Fire service official Rashid Bin Khalid told Reuters 50 fire units were working to douse the fire, the cause of which was not known immediately. Smoke engulfed the area and flames were seen rising from the complex, hampering rescue efforts, a fire official said. Reporting by Ruma Paul; Writing by by Shilpa Jamkhandikar; Editing by Krishna N. Das and Lincoln Feast.

☆ Leaders like Elon Musk want to pause AI development, but the power of the free market means it's impossible to stop
▼ + stars: | 2023-04-03 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Elon Musk and other business leaders signed a letter urging a six-month pause in AI development. From the moment the public was allowed to start testing OpenAI's GPT-3 in November, there was no stopping the bullet train of generative AI development. And the power of market forces means that there's no stopping the pace of AI development, even if companies like OpenAI wanted to. The train has left the station, and there's no going backSince November, and arguably even before, generative AI has been the technology on everyone's lips. Even if we wanted to pause AI development, there's not a clear way to enforce itThere's also the problem of enforcement.

☆ RBI to raise rates once more on April 6 but leave door open for more - Reuters poll
▼ + stars: | 2023-03-29 | by ( Madhumita Gokhale | ) www.reuters.com time to read: +3 min

A majority of economists in the March 23-28 Reuters poll also said the RBI would then keep the rate steady for the rest of the year. A majority of respondents, 20 of 36, said the central bank would maintain its withdrawal of accommodation stance at the April meeting. Until that is behind us, the RBI probably will not be very comfortable in signalling that they are done with rate hikes," said QuantEco's Kumar. In last month's poll, all economists said the bigger risk was it would be higher than they predicted. The Indian economy was forecast to grow 6.9% this fiscal year and then slow to 6.0% in the next.

☆ U.S. Treasury to Change Proposed Corporate-Ownership Reporting Form
▼ + stars: | 2023-03-28 | by ( Dylan Tokar | ) www.wsj.com time to read: 1 min

Treasury’s Financial Crimes Enforcement Network says it is focused on implementing reporting rules to maximizes its ability to conduct compliance and enforcement reviews. The U.S. Treasury Department said it would change its plans for rolling out a corporate-ownership database, after its release of a draft reporting form appeared to give companies a way to opt out of providing certain information and prompted criticism by lawmakers and advocacy groups. “FinCEN is working to issue an updated beneficial ownership information reporting form as soon as possible,” Himamauli “Him” Das, the acting director of the Treasury’s Financial Crimes Enforcement Network, said in a statement.

☆ Wickremesinghe delivers IMF deal for Sri Lanka despite public mistrust
▼ + stars: | 2023-03-21 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +5 min

Only 4% were satisfied with the way things were going in Sri Lanka, down from 7% in October but higher than 2% in June. The Paris Club of creditors, which includes Japan, earlier this year gave financing assurances to support the IMF deal. A Japan-funded $1.8 billion light-railway project, which was suspended in 2019, is among infrastructure projects that Sri Lanka is now trying to restart. But Sri Lanka still needs to renegotiate its debt, a potentially drawn-out process where Wickremesinghe, who is also the finance minister, will have to deal with demands from China, India and other creditors. A crisis-weary public may still have to absorb years of continuing hardship as Sri Lanka tries to fix its economy during the four-year IMF programme, warned Jayadeva Uyangoda, a senior political analyst.

☆ Explainer: How resilient are Indian lenders amid a global banking turmoil?
▼ + stars: | 2023-03-20 | by ( Siddhi Nayak | ) www.reuters.com time to read: +5 min

He does not foresee a direct impact of the global banking turmoil on Indian banks. HOW WELL CAPITALISED ARE INDIAN BANKS? Reuters GraphicsHOW ARE INDIAN BANKS' BOND PORTFOLIOS PERFORMING? Indian banks are not facing the same level of pressure on their bond portfolios as U.S banks because Indian interest rates have risen less. If Indian banks mark their held-to-maturity (HTM) investments to market, it would bring down their CET-1 capital by 12-25%, estimates Moody's Investors Service.

☆ India's Tech Mahindra soars 10% as Infosys veteran to join as CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 13 (Reuters) - Shares of Tech Mahindra Ltd (TEML.NS) surged nearly 10% on Monday after the Indian information technology services firm appointed Infosys Ltd (INFY.NS) veteran Mohit Joshi as its new managing director and chief executive officer. Joshi has been with rival Infosys for 22 years, and is currently the president at the company. Shares of Tech Mahindra (TEML.NS) were up 8.2% at 1,148.80 rupees, Infosys (INFY.NS) fell 1.1% to 1,455.05 rupees. At least three brokerages indicated it is a welcome move for Tech Mahindra. The current average rating of 39 analysts covering Tech Mahindra is "buy" and the median price target is 1,143 rupees, according to data from Refinitiv.

At some Silicon Valley Bank branch locations in California, depositors gathered early Friday to attempt to get their cash out, fearing it could be inaccessible in the coming days. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N). A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.

☆ Reliance Jio to buy U.S.-based Mimosa Networks for $60 mln
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 9 (Reuters) - Jio Platforms, owned by Indian conglomerate Reliance Industries Ltd (RELI.NS), will buy communications equipment maker Mimosa Networks for $60 million to bolster its expanding 5G and broadband services, the companies said on Thursday. The deal is between Radisys Corp, a unit of Jio Platforms, and US-based Airspan Networks Holdings (MIMO.A), which owns Mimosa. Reliance Jio Infocomm USA, a unit of Jio, is a shareholder in Airspan and has a seat on its board, according to the statement. The Mimosa deal also comes at a time when some governments, including India, have either banned or discouraged the use of China's Huawei in national networks. Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

[1/2] Sri Lankan rupees are seen in a bowl at a vegetable vendor's shop amid the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29 , 2022. China has extended its "firm support to Sri Lanka through a debt treatment", EXIM Bank wrote in the letter to the Sri Lankan government on March 6. "Meanwhile, we would like to expedite the negotiation process with your side regarding medium- and long-term debt treatment in this window period, with a view to finalising the specifics of a debt treatment in the coming months. We will make our best efforts to contribute to the debt sustainability of Sri Lanka." The letter mirrors what EXIM Bank sent to Sri Lanka in January, except for the target of finalising debt-treatment specifics in the coming months.

[1/2] Sri Lankan rupees are seen in a bowl at a vegetable vendor's shop amid the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29 , 2022. China has extended its "firm support to Sri Lanka through a debt treatment", EXIM Bank wrote in the letter to the Sri Lankan government on March 6. "Meanwhile, we would like to expedite the negotiation process with your side regarding medium- and long-term debt treatment in this window period, with a view to finalising the specifics of a debt treatment in the coming months. We will make our best efforts to contribute to the debt sustainability of Sri Lanka." By end-2020, Sri Lanka owed EXIM $2.83 billion, or 3.5% of its external debt, according to IMF data.

It was not clear what new support China, the world's biggest sovereign creditor, had extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Countries in debt distress such as Zambia and Sri Lanka have faced unprecedented delays in securing IMF bailouts as China and Western economies have clashed over how to provide debt relief. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ Sri Lanka expects approval of $2.9 billion IMF deal after China support
▼ + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +4 min

"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ With China's support, Sri Lanka expects nod for $2.9 bln IMF deal
▼ + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +4 min

"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the China EximBank $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe added. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

Sri Lanka's finance ministry and India's foreign ministry did not immediately respond to requests for comment. He said China, Sri Lanka's biggest lender, extended support for the IMF programme on Monday, clearing the way for the loan. The IMF said its board would meet on March 20 to review a preliminary staff-level agreement first signed with Sri Lanka in September. It said Sri Lanka had secured financing assurances from all major bilateral creditors. China and India are Sri Lanka's biggest lenders and both seek influence on the island located on a busy shipping route on the Indian Ocean.

☆ Sri Lanka says 'positive news' coming from IMF on $2.9 bln package
▼ + stars: | 2023-03-07 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, March 7 (Reuters) - Sri Lanka is on the verge of getting "very positive news" from the International Monetary Fund on a $2.9 billion programme, a government minister said on Tuesday, while a senior source said it had also won debt restructuring support from China. The island nation of 22 million is struggling with its worst economic crisis in more than seven decades. "Sri Lanka is on the verge of getting very positive news from the IMF," the junior finance minister, Shehan Semasinghe, told parliament. "The IMF programme is essential for us and Sri Lanka has worked very hard since last September to secure it." A senior Sri Lankan government official said the Export-Import Bank of China had written to the IMF supporting Sri Lanka's debt restructuring programme, which is critical to securing final approval for the loan.

☆ Exclusive: India may issue alert on Marion cough syrup exports after toxins found
▼ + stars: | 2023-03-04 | by ( Krishna N. Das | ) www.reuters.com time to read: +3 min

[1/2] Logo of Marion Biotech, a healthcare and pharmaceutical company is seen on a gate outside their office in Noida, India, December 29, 2022. REUTERS/Anushree FadnavisNEW DELHI, March 4 (Reuters) - India may issue an alert on cough syrup exported by Marion Biotech, whose products have been linked to deaths in Uzbekistan, after tests showed many of the company's drug samples contained toxins, a drug inspector said on Saturday. "The health ministry could issue an alert. Babbar has been part of a team that inspected Marion's plant four times after Uzbekistan said in December the children died after consuming the company's cough syrups. India in October suspended production at Maiden for violating manufacturing standards after the WHO said four of its cough syrups may have killed dozens of children in Gambia.

Two Marion directors were "out of the country and will be arrested as soon as they land in India," senior police official Ram Badan Singh told Reuters. Uzbekistan in December said the children died after consuming Marion's cough syrups. The same toxin was found in cough syrups exported to Gambia by another Indian company, Maiden Pharmaceuticals. India in October suspended production at Maiden for violations of manufacturing standards after the World Health Organization said four of its cough syrups may have killed dozens of children in Gambia. The deaths in Gambia and Uzbekistan have dented the image of the $41 billion pharmaceutical industry in India, which is known as the "pharmacy of the world."

☆ India's top court overhauls election commissioner appointment in 'historic' judgment
▼ + stars: | 2023-03-02 | by ( Sakshi Dayal | ) www.reuters.com time to read: +2 min

Joseph, delivering the order of a constitution bench that heard several petitions calling for an independent committee to appoint election commissioners. "The election commission of India is to perform the arduous and unenviable task of remaining aloof from all forms of subjugation by and interference from the executive." "They have said the independence of the election commission is absolutely essential for democracy, and for that independence to be assured, you cannot have a system where the government alone appoints the election commissioners," he told reporters outside the court. India's former chief election commissioner, S.Y. Good for the perception of neutrality of the Election Commission."

☆ Most G20 members condemn Ukraine war, except China and Russia
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, March 2 (Reuters) - Most members from the Group of 20 nations (G20) strongly condemned the war in Ukraine on Thursday, with only Russia and China disagreeing, current president India said after a meeting of the bloc's foreign ministers in New Delhi. India's "chair's summary & outcome document" after the meeting largely stuck to the language used in a similar statement it released following a meeting of G20 financial leaders last week. In that gathering too, Russia and China disagreed with statements condemning the war. Reporting by Shivam Patel in New Delhi Editing by Gareth Jones and Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

☆ Blinken says G20 meeting in India marred by Russia-Ukraine war
▼ + stars: | 2023-03-02 | by ( Simon Lewis | ) www.reuters.com time to read: +2 min

This year’s host India has declined to blame Russia for the war, seeking a diplomatic solution and sharply boosting its purchases of Russian oil. The G20 should repeat calls – agreed upon by most G20 nations’ leaders in Bali in November - for Russia to end the war and withdraw for the sake of international peace and economic stability, Blinken said. Blinken said Russia has yet to agree to renew the Black Sea Grain Initiative, which facilitates the export of Ukraine's agricultural products, before it expires on March 18. "It is imperative the G20 speak up on behalf of extending and expanding the (Black Sea) grain initiative to strengthen food security for the most vulnerable," Blinken added. Reporting by Simon Lewis and Sudipto Ganguly; Editing by Krishna N. Das and Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

☆ China urges global lenders' involvement in developing nations' debt
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

[1/3] Chinese Foreign Minister Qin Gang and India's Foreign Minister Subrahmanyam Jaishankar shake hands before the start of G20 foreign ministers' meeting in New Delhi, India, March 2, 2023. India's Ministry of External Affairs/Handout via REUTERSNEW DELHI, March 2 (Reuters) - Chinese Foreign Minister Qin Gang called on global financial institutions on Thursday to play an active role in restructuring the debt of developing countries. "China has put forth relevant initiatives under the G20," Qin said. "China has suspended more debt service payments than any other G20 member, and participated in the debt treatment under the Common Framework." Last week, China urged G20 nations to conduct a fair, objective and in-depth analysis of the causes of global debt issues and to "resolve the problem in a comprehensive and effective manner".

☆ Elon Musk recruits team to develop OpenAI's ChatGPT rival - The Information
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] Tesla CEO Elon Musk arrives on the red carpet for the automobile awards "Das Goldene Lenkrad" (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke/File PhotoFeb 27 (Reuters) - Elon Musk has approached AI researchers in recent weeks about forming a new research lab to develop an alternative to OpenAI's ChatGPT, the Information reported on Monday, citing people with direct knowledge of the effort. Tesla and Twitter chief Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet's (GOOGL.O) DeepMind AI unit, the report said. Babuschkin added that has not officially signed onto the Musk initiative, according to the report. Musk and Babuschkin could not be reached immediately for comments.

☆ G20 chair India says most members condemn Ukraine war
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 25 (Reuters) - G20 chair India on Saturday said most members of the bloc "strongly condemned" the war in Ukraine and reiterated their positions demanding Russia's withdrawal from Ukraine. In a statement at the end of financial leaders' meet near Bengaluru, India said the statement condemning Russia's war was endorsed by all members except Russia and China. "The peaceful resolution of conflicts, efforts to address crises, as well as diplomacy and dialogue, are vital. Today’s era must not be of war," the statement said. Reporting by Shivam Patel in New Delhi; Editing by Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

☆ India's push to regulate crypto gains IMF, U.S. support at G20
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBENGALURU, Feb 25 (Reuters) - A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks. "We haven't suggested outright banning of crypto activities, but it is critical to put in place a strong regulatory framework," Yellen said. Earlier, IMF Managing Director Kristalina Georgieva told reporters after co-chairing a meeting with Indian Finance Minister Nirmala Sitharaman that banning crypto should be an option. The Reserve Bank of India has said that cryptocurrencies should be banned as they are akin to a Ponzi scheme. On Thursday, the IMF laid out a nine-point action plan for how countries should treat crypto assets, with point number one a plea not to give cryptocurrencies legal tender status.

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