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☆ 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

☆ It is for China to explain Xi's absence from G20 summit, US official says
▼ + stars: | 2023-09-09 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping attends the plenary session of the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg, South Africa on August 23, 2023. GIANLUIGI GUERCIA/Pool via REUTERS Acquire Licensing RightsNEW DELHI, Sept 9 (Reuters) - Only China can explain the reason for the absence of President Xi Jinping from the annual G20 summit in New Delhi this weekend, a U.S. official said on Saturday. "Some have speculated China's absence indicates that it is giving up on the G20, building an alternative world order, that it will privilege groupings like the BRICS," Finer said. Also absent from the summit is President Vladimir Putin of Russia, which is being represented instead by Foreign Minister Sergei Lavrov. Last Sunday, reacting to news that Xi would not attend the G20 summit, Biden said he was "disappointed" but would "get to see him".

Persons: Xi Jinping, GIANLUIGI, Joe Biden, Jon, Li Qiang, Vladimir Putin of, Sergei Lavrov, Biden, Xi, Sudipto Ganguly, Clarence Fernandez Organizations: REUTERS Acquire, U.S, Thomson Locations: Sandton, Johannesburg, South Africa, DELHI, China, New Delhi, U.S, United States, Vladimir Putin of Russia, India, Brazil

REUTERS/Adnan Abidi/File PhotoNEW DELHI, Aug 3 (Reuters) - India has restricted imports of laptops, tablets and personal computers with immediate effect, according to a government notice on Thursday, in a bid to push local manufacturing. In April-June, electronics imports, which include laptops, tablets and personal computers, was $19.7 billion, up 6.25% year-on-year. Electronics imports range between 7% to 10% of the country's total merchandise imports. "The move's spirit is to push manufacturing to India. India has been trying to push local manufacturing by giving production-linked incentives in over two dozen sectors, including electronics.

Persons: Adnan Abidi, It's, Ali Akhtar Jafri, Madhavi Arora, Shivam Patel, Shivangi Singh, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, Electronics, Dell, Samsung, LG Electronics, Apple Inc, Lenovo, HK, HP Inc, Dixon Technologies, Emkay, India Cellular and Electronics Association, Thomson Locations: New Delhi, India, China, Mumbai

☆ India PM Modi calls alleged Manipur sexual assault 'shameful'
▼ + stars: | 2023-07-20 | by ( Tanvi Mehta | ) www.reuters.com time to read: +1 min

NEW DELHI, July 20 (Reuters) - Indian Prime Minister Narendra Modi on Thursday called the alleged sexual assault of women in the northeastern state of Manipur "shameful", urging heads of state governments to ensure the safety of women. Videos have surfaced on social media purporting to show two women paraded naked on a street in violence-hit Manipur after what townspeople on the videos say was a gang rape. State police have made the first arrest in the case, Manipur Chief Minister Biren Singh said on Twitter, without specifying how many people were arrested. "In a constitutional democracy it is unacceptable," said Chief Justice of India D.Y. Reporting by Tanvi Mehta and Arpan Chaturvedi; Editing by Sudipto Ganguly and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Narendra Modi, Biren Singh, Singh, Chandrachud, Modi, Tanvi Mehta, Arpan Chaturvedi, Sudipto Ganguly, William Mallard Organizations: Indian, State, Twitter, Thomson Locations: DELHI, Manipur, India

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ India hits online gaming industry with 28% tax
▼ + stars: | 2023-07-11 | by ( Nikunj Ohri | ) www.reuters.com time to read: +1 min

International investors have also been drawn to the industry, with Tiger Global backing Indian gaming startup Dream11, the lead sponsor of India's national cricket team. India's Finance Minister Nirmala Sitharaman, who chairs the goods and services tax (GST) council, comprising state finance ministers, said the decision to tax online gaming was reached after extensive discussion. "The implementation of a 28% tax rate will bring significant challenges to the gaming industry. This higher tax burden will impact companies' cash flows," Aaditya Shah, chief operating officer at the gaming app IndiaPlays, said. Roland Landers, CEO of The All India Gaming Federation, said the decision was "unconstitutional (and) irrational".

Persons: Dado Ruvic, Nirmala Sitharaman, Shah, Roland Landers, Sudipto Ganguly, Aftab Ahmed, Mark Potter, Jane Merriman, Barbara Lewis Organizations: REUTERS, Tiger Global, national cricket team, India's, Industry, The, India Gaming Federation, Thomson Locations: DELHI, India

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

The Central Bank of Sri Lanka (CBSL) cut its standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) to 11% and 12%, respectively, from 13% and 14% previously, in line with expectations. The 200 basis point cut 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. Analysts expect more rate cuts in coming months to aid economic recovery and reduce borrowing costs for corporates and the government.

Persons: Gotabaya Rajapaksa, Ranil Wickremesinghe, CBSL, Sri, Dimantha Mathew, Thilina Panduwawala, Sudipto Ganguly, Raju Gopalakrishnan Organizations: International Monetary Fund, Central Bank of Sri, First, corporates, Frontier Research, Thomson Locations: COLOMBO, Sri Lanka, Central Bank of Sri Lanka

BHUBANESWAR, India, July 4 (Reuters) - Workers repairing a rail-road barrier in India made faulty connections in the automated signalling system on the network, leading to the country's worst rail disaster in two decades, an official probe has found. The June 2 crash at Bahanaga Bazar station, in the eastern Indian state of Odisha, killed 288 people and injured more than 1,000. The disaster struck when a passenger train hit a stationary freight train, jumped off the tracks and hit another passenger train coming from the opposite direction. The malfunctioning system directed the passenger train onto the path of the freight train, it said. Indian Railways, the fourth largest train network in the world, is a state monopoly run by the Railway Board.

Persons: Narendra Modi's, Jatindra Dash, Krishn Kaushik, Sudipto Ganguly, Raju Gopalakrishnan Organizations: Workers, Reuters, of Railway Safety, CRS, Local, Railways, Railway Board, Railways Ministry, Thomson Locations: BHUBANESWAR, India, Bahanaga Bazar, Odisha, New Delhi, Mumbai

☆ Rahul Gandhi's convoy stopped by Indian police in Manipur, teargas fired
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

[1/3] Supporters of Rahul Gandhi, a senior leader of India's main opposition Congress party, speak with him after his convoy, heading to Churachandpur, was stopped by the police in Bishnupur district, Manipur, India, June 29, 2023. REUTERS/StringerGUWAHATI, India, June 29 (Reuters) - Indian opposition leader Rahul Gandhi was stopped by local police on Thursday and teargas fired near his convoy when the 53-year old scion of the Congress party was on his way to visit the violence-hit northeastern Manipur state. Teargas shells were then fired to disperse a crowd that had started gathering in the area. "There is a possibility of a grenade attack along the highway through which Rahul Gandhi is moving. Gandhi's convoy returned to Imphal and he reached Churachandpur by helicopter, Meghachandra Singh, Manipur state Congress president, said.

Persons: Rahul Gandhi, India's, Stringer, teargas, Gandhi, Heisnam Balram Singh, we've, Meghachandra, Narendra Modi's, Zarir Hussain, Sudipto Ganguly, Frank Jack Daniel Our Organizations: REUTERS, Reuters, Thomson Locations: Churachandpur, Bishnupur district, Manipur, India, Stringer GUWAHATI, Myanmar, Bishnupur, Imphal, Meghachandra Singh, Kuki

☆ India's quarterly current account gap narrows as trade deficit shrinks
▼ + stars: | 2023-06-27 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, June 27 (Reuters) - India's current account deficit narrowed sharply in the January to March quarter, helped by a smaller trade gap and increased services exports, the Reserve Bank of India (RBI) said on Wednesday. The current account deficit (CAD) (INCURA=ECI) stood at $1.3 billion, or 0.2% of gross domestic product (GDP), in the fourth quarter of the 2022/23 fiscal year, compared with the previous quarter's revised deficit of $16.8 billion, or 2% of GDP. The deficit had stood at $13.4 billion in the same period a year earlier, the data showed. Forecasts ranged widely, from a deficit of $5 billion to a surplus of $7.8 billion. For the 2022/23 fiscal year the current account balance showed a deficit of 2% of GDP versus a deficit of 1.2% in the preceding financial year as the trade deficit widened to $265.3 billion from $189.5 billion a year earlier.

Persons: Aditi Gupta, Baroda's Gupta, Siddhi Nayak, Sudipto Ganguly, Clarence Fernandez, David Goodman Organizations: Reserve Bank of India, Reuters Graphics, Baroda, Bank, Baroda's, Thomson Locations: MUMBAI

[1/2] Pakistan Prime Minister Shehbaz Sharif meets with managing director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris, France June 22, 2023. Press Information Department (PID)/Handout via REUTERSJune 22 (Reuters) - Pakistan's Prime Minister Shehbaz Sharif on Thursday briefed International Monetary Fund's managing director Kristalina Georgieva on the economic outlook of the cash-strapped South Asian nation, hoping for the release of critical stalled funds. Under the $6.5 billion EFF's 9th review, concluded earlier this year, Pakistan has been trying to secure $1.1 billion of funding that has been stalled since November. "The Prime Minister expressed the hope that the funds allocated under the IMF's EFF would be released as soon as possible," said a statement from his office. Pakistan has defended the budget, but at the same time offered to review it in any further talks with the IMF.

Persons: Shehbaz Sharif, Kristalina Georgieva, Sharif, Asif Shahzad, Shilpa Jamkhandikar, Sudipto Ganguly, Christina Fincher Organizations: Pakistan, International Monetary Fund, Press Information Department, REUTERS, Pakistan's, Monetary, Global Financing, EFF, Thomson Locations: Paris, France, Pakistan, Islamabad

☆ Greece boat tragedy: At least 209 Pakistanis were on board, data suggests
▼ + stars: | 2023-06-22 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +2 min

[1/2] A undated handout photo provided by the Hellenic Coast Guard shows migrants onboard a boat during a rescue operation, before their boat capsized on the open sea, off Greece, June 14, 2023. The FIA has been tasked by the Pakistan government with handling investigations into the tragedy. Pakistan is yet to officially confirm how many of its citizens were on the boat, but kick-started a DNA sampling effort to help Greece identify those who died. The data shared by the FIA showed that 181 people were from Pakistan and 28 from Pakistan-administered Kashmir. The FIA said 29 suspected human smugglers had been arrested in Pakistan so far over the case.

Persons: Rana Abdul Jabbar, Gibran Naiyyar, Sudipto Ganguly, Gareth Jones Organizations: Hellenic Coast Guard, REUTERS, Reuters, Federal Investigation Agency, FIA, FIA Islamabad, Officials, Thomson Locations: Greece, KARACHI, Pakistan, Pakistani, Libya, Kashmir, Pylos

☆ Scores die in northern India as heat wave scorches region
▼ + stars: | 2023-06-19 | by ( Saurabh Sharma | ) www.reuters.com time to read: +2 min

The Indian Meteorological Department (IMD) issued a red alert warning last week for extreme heat in some regions of the country, including Uttar Pradesh and Bihar. There is no concrete evidence of heat wave behind these deaths." The government fired Diwakar Singh, the chief medical official at the main state hospital in Ballia, for saying that the deaths were due to heat. While the heat wave was expected to continue in some regions on Monday, parts of India's northeastern Assam state reeled under floods triggered by heavy rains. Many pockets are expected to receive heavy to extremely heavy rainfall this week, which could lead to flooding," said a senior official with the IMD.

Persons: Ravindra Kumar, Diwakar Singh, Brajesh Pathak, Singh, Rajendra Jadhav, Sudipto Ganguly, Raju Gopalakrishnan Organizations: Indian Meteorological Department, IMD, Reuters, Hindustan Times, Thomson Locations: LUCKNOW, India, Uttar Pradesh, Bihar, Uttar Pradesh's Ballia, New Delhi, Ballia, Patna, India's, Assam, Mumbai

AHMEDABAD, India, June 16 (Reuters) - Early warnings, accurate identification of vulnerable areas and timely evacuations helped India to avert major casualties from cyclone Biparjoy, which battered the west coast near Pakistan late on Thursday, authorities said. India and Pakistan evacuated more than 180,000 people from the coastal areas to safety ahead of the cyclone. In 1998, a major storm in Gujarat killed about 4,000 people, according to local media, while in 2021, close to 100 people died in an 'extremely severe cyclone' named Tauktae. "Early identification of areas that were likely to be impacted by the cyclone and timely evacuation of people living within 10 km of the coasts are the biggest reasons" for low casualties, said Kamal Dayani, a senior Gujarat official. [1/5] A drone view of a broken bridge during the aftermath of Cyclone Biparjoy after it made landfall, along the Naliya-Bhuj highway, in the western state of Gujarat, , India, June 16, 2023.

Persons: Kamal Dayani, Francis Mascarenhas, Atul Karwal, Dayani, Sumit Khanna, Sudipto Ganguly, Kevin Liffey, Conor Humphries Organizations: Biparjoy, REUTERS, Authorities, Force, Thomson Locations: AHMEDABAD, India, Pakistan, Gujarat, Bhuj, Kutch, Ahmedabad, Mumbai

[1/3] A police officer patrols Mandvi beach after it was shut because of cyclone Biparjoy in the western state of Gujarat, India, June 14, 2023. Classified as a very severe cyclonic storm, Biparjoy was situated about 280 km (174 miles) from Jakhau Port in Gujarat and was expected to make landfall around Thursday evening. "As of now, our forecast is it will cross as a very severe cyclonic storm. Eight districts in coastal Gujarat are expected to be affected, the state government said. The evacuation operations will continue till today (Wednesday) evening, mainly in Kutch," said Kamal Dayani, a senior official in the Gujarat state government.

Persons: Francis Mascarenhas, Manorama Mohanty, Kamal Dayani, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, IMD, Ships, Wednesday, Disaster Management Authority, Thomson Locations: Gujarat, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Pakistan, Jakhau Port, Kutch, Saurashtra, Mandvi, Karachi, Jakhau, Pakistan's

[1/3] A man with a mobile phone takes a picture of rising waves before the arrival of the cyclonic storm Biparjoy over the Arabian Sea, in Karachi, Pakistan, June 14, 2023. The cyclone is likely to cross Saurashtra, Kutch, and neighboring Pakistan coasts on Thursday noon with winds of 125-135 kmph gusting to 150 kmph. "As of now, our forecast is it will cross as a very severe cyclonic storm. After crossing, its intensity will fall and become a cyclonic storm and depression." In neighbouring Pakistan 62,000 people were evacuated from high risk areas, according to the country's National Disaster Management Authority.

Persons: Akhtar Soomro, gusting, Sherry Rehman, Manorama Mohanty, Mrutyunjay Mohapatra, Mohapatra, Alok Kumar Pandey, Sumit Khanna, Rajendra Jadhav, Gibran Naiyyar Peshimam, Sudipto Ganguly, Raju Gopalakrishnan, Barbara Lewis Organizations: REUTERS, India Meteorological Department, IMD, Gujarat's, Disaster Management Authority, Ships, Rajendra, Thomson Locations: Karachi, Pakistan, Akhtar Soomro AHMEDABAD, MUMBAI, Jakhau Port, Indian, Gujarat, Pakistan's, Saurashtra, Kutch, Mandvi, Jakhau, India, Ahmedabad, Mumbai

☆ Sri Lanka extends freeze on outward capital transactions by 6 months
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

COLOMBO, June 13 (Reuters) - Sri Lanka's government has decided to extend a restriction on outward capital transactions by six months due to pressure on its limited foreign exchange reserves, cabinet spokesperson Bandula Gunawardena said on Tuesday. The decision will be revisited after debt talks are finalised in September, added Gunawardena, who is also the transport minister of the island country. Reporting by Uditha Jayasinghe; writing by Sudipto ganguly; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Bandula Gunawardena, Uditha Jayasinghe, Sudipto ganguly, Kim Coghill Organizations: Thomson Locations: COLOMBO

[1/2] A lifeguard patrols Juhu beach, during a red flag alert due to rough seas caused by cyclone Biparjoy, in Mumbai, India, June 12, 2023. Eight districts in coastal Gujarat are expected to be affected, the state government said. Gujarat is home to many offshore oil installations and major ports in the country and most have been forced to suspend operations. Two of India's largest ports - Kandla and Mundra - located in Gujarat, have suspended operations, the state government said. Other ports including Bedi, Navlakhi, Porbandar, Okha, Pipavav and Bhavnagar have also closed due to the cyclone, according to shipping sources.

Persons: Francis Mascarenhas, Kamal Dayani, Bedi, Navlakhi, Jamnagar, Sumit Khanna, Rajendra Jadhav, Mohi Narayan, Sudipto Ganguly, Raju Gopalakrishnan Organizations: REUTERS, India Meteorological Department, Force, Reliance Industries, Adani, Indian Coast Guard, Key Singapore, Oil, Gas, Vedanta Ltd, National Disaster Management Authority, Rajendra, Thomson Locations: Mumbai, India, Francis Mascarenhas AHMEDABAD, MUMBAI, Gujarat, Pakistan, Mandvi, India's Gujarat, Karachi, Kutch, Rajkot, Pipavav, Bhavnagar, Mundra, Tuna, Kandla, Key, Dubai, Ahmedabad

June 8 (Reuters) - Pakistan is likely to post GDP growth of 0.29% in the fiscal year ending June 2023, the country's economic survey released on Thursday said, well below the target of 5% set last year. Finance Minister Ishaq Dar told a news conference on the annual report that 0.29% GDP growth was a "realistic achievement" and anything higher was not achievable. Average year-on-year inflation rate for the period up to May 2023 was recorded at 29.2%, the survey found. In April and May, the country's inflation hit record levels, which were also the highest in Asia. Remittances of money sent from relatives abroad were down 13% for the FY23 until April, to $22.7 billion.

Persons: Ishaq Dar, Ariba Shahid, Asif Shahzad, Gibran Peshimam, Sakshi Dayal, Sudipto Ganguly, Barbara Lewis Organizations: International Monetary Fund . Finance, Thomson Locations: Pakistan, Asia

Despite hitting an 18-month low of 4.70% in April, analysts do not expect India's inflation to fall to the Reserve Bank of India's (RBI) 4% medium-term target in a sustainable manner for some time. India has raised rates by 250 basis points (bps) since May 2022, but surprised analysts in April by keeping them unchanged. India's hold on rates contrasts with recent central bank actions elsewhere. "Our goal is to achieve the inflation target of 4% and keeping inflation within the comfort band of 2-6% is not enough," Das said. Das said that the central bank would remain "nimble" with its liquidity operations amid spikes in overnight rates despite surplus liquidity in the banking system.

Persons: Shaktikanta Das, OIS, Das, Michael Patra, Suvodeep Rakshit, Gaura Sen Gupta, Swati Bhat, Sudipto Ganguly, Ira Dugal, Krishna N, Sam Holmes, Kim Coghill Organizations: REUTERS, Reserve Bank of India's, MPC, Reserve Bank of Australia, Bank of Canada, Reuters, Reuters Graphics Reuters, IDFC, Thomson Locations: Delhi, India, Anushree, MUMBAI

REUTERS/Francis MascarenhasBALASORE, India, June 7 (Reuters) - Indian authorities made fervent appeals to families on Tuesday to help identify over 100 unclaimed bodies kept in hospitals and mortuaries after 275 people were killed in the country's deadliest rail crash in over two decades. Following non-stop efforts to rescue survivors and clear and repair the track, trains resumed running over that section of the line on Sunday night. Till Monday evening around 100 bodies were yet to be identified, a senior state health department official told Reuters. Bijay Kumar Mohapatra, health director of Odisha, said authorities were trying to source iced containers to help preserve the bodies. "Unless they are identified, a post mortem cannot be done," Mohapatra said, explaining that under Odisha state regulations no autopsy can be conducted on an unclaimed body until 96 hours has passed.

Persons: Dilip Kumar Sabar, Jyotilal Sabar, Francis Mascarenhas BALASORE, Bijay Kumar Mohapatra, Odisha, Mohapatra, A.M, Chowdhary, Jatindra Dash, Krishn Kaushik, Sudipto Ganguly, Simon Cameron, Moore Organizations: REUTERS, Reuters, All India Institute of Medical Sciences, India's Railway, federal Central Bureau of Investigation, CBI, Railway, Express, Thomson Locations: Balasore, Bhubaneswar, Odisha, India, Bhubaneswar's, Assam, Bihar, Jharkhand, West Bengal, Tamil Nadu, Karnataka, Andhra Pradesh, Chennai, Kolkata, Howrah

☆ Probe into Indian rail disaster opens as trains start running
▼ + stars: | 2023-06-05 | by ( Jatindra Dash | ) www.reuters.com time to read: +3 min

Following non-stop efforts to rescue survivors, and clear and repair the track, trains resumed running over that section of the line on Sunday night. The inquiry is underway," a senior railway officer told a Reuters reporter, as officials checked documents being submitted for examination. India's Railway Board, the top executive body, has recommended that the Central Bureau of Investigation take over the investigation into the cause of the disaster. "We have to move towards normalization... Our responsibility is not over yet," railway minister Ashwini Vaishnaw told reporters. "Passenger occupancy is almost 99%," Aditya Chaudhary, chief public relations officer of South Eastern Railway, told Reuters.

Persons: Adnan Abidi, A.M, Chowdhary, Ashwini Vaishnaw, Aditya Chaudhary, Jatindra Dash, Subrata, Tanvi Mehta, Sudipto Ganguly, Simon Cameron, Moore Organizations: REUTERS, Reuters, Railway Board, Central Bureau of, Express, South Eastern Railway, Thomson Locations: Balasore district, Odisha, India, Adnan, Adnan Abidi KHARAGPUR, Balasore, Kharagpur, West Bengal, Chennai, Kolkata, Howrah, New Delhi

MUMBAI, May 29 (Reuters) - The Reserve Bank of India has come across instances of some banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, its governor said on Monday. Das also said that despite the guidelines on corporate governance, it was a matter of concern that the RBI has come across gaps in governance at certain banks, which have the potential to cause some volatility in the sector. "While these gaps have been mitigated, it is necessary that boards and the managements do not allow such gaps to creep in," he said. A robust governance structure is the most important requirement to ensure the stability of a bank and sustainable financial performance, Das added. "RBI has engaged with certain banks on the need to make suitable adjustments in their business strategies where it was observed that over-aggressive growth in certain business segments were creating avoidable vulnerabilities," Das said.

☆ Sri Lanka's economy to shrink by 2% in 2023, central bank says
▼ + stars: | 2023-04-27 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +1 min

NEW DELHI, April 27 (Reuters) - Sri Lanka's economy is expected to shrink by 2% in 2023, its central bank said in an annual report on Thursday, as the country struggled to emerge from its worst financial crisis in decades. The central bank projected Sri Lanka's economy would grow by 3.3% in 2024, according to the report. The World Bank estimates Sri Lanka's economy will contract by 4.3% in 2023. "Sri Lanka's economy has been gradually stabilising since mid-2022. Sri Lanka, which defaulted on its foreign debt a year ago, is currently negotiating its debt repayments with bondholders and bilateral creditors.

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