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☆ Mike Pence just officially filed to run for president in 2024, challenging Trump after dramatic January 6 fallout
▼ + stars: | 2023-06-05 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +5 min

Former Vice President Mike Pence is runnning for president. Pence was loyal to Trump during most of his presidency, but stood up to him on January 6. By entering the race, Pence will officially challenge former President Donald Trump — a man he publicly stood by throughout his presidency, right up until Trump pressured him to subvert Joe Biden's 2020 election win. DeSantis has criticized Trump's response to the pandemic, though Trump handed the reins of the response to Pence during his tenure. Pence was deeply involved in the Trump administration, with his fingerprints especially visible on healthcare policy and on defending religious groups.

Persons: Mike Pence, He'll, Pence, —, Pence's, Donald Trump —, Trump, Joe Biden's, Ron DeSantis, Nikki Haley, Sen, Tim Scott of, Asa Hutchinson, Vivek Ramaswamy, Larry Elder, Ryan Binkley, Perry Johnson, Chris Christie, Doug Burgum, he'd, Wade, DeSantis, Alex Azar, Seema Verma Organizations: Trump, Service, Federal, Commission, Des, Des Moines Area Community College, CNN, Capitol, Florida Gov, DeSantis, GOP, Arkansas Gov, Former New Jersey Gov, North Dakota Gov, Pence, Republican, Indiana, Walt Disney Locations: Iowa, Des Moines, Tim Scott of South Carolina, Arkansas, Indiana, Roe, Florida, Indianapolis

Average house prices as measured by the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas were forecast to stagnate next year. "Looking ahead, we think there is scope for prices to fall a little further. "Given supply is likely to stay tight, there is a risk house prices may not fall as much as we previously expected." The 30-year fixed mortgage rate, currently around 6.7%, was expected to average 6.2% in 2023. Those high mortgage rates are restricting housing supply, which puts upward pressure on prices, as well as demand.

Persons: Sam Hall, haven't, Sal Guatieri, Indradip Ghosh, Prerana Bhat, Aditi Verma, Maneesh Kumar, Jonathan Cable, Ross Finley, Sharon Singleton Organizations: stagnating, Reuters, U.S . Federal Reserve, Capital Economics, BMO Capital Markets, Thomson Locations: BENGALURU

☆ India exempts overseas card spends up to 700,000 rupees from 20% tax
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 19 (Reuters) - India will not impose a 20% tax on spending of up to 700,000 rupees ($8,559.55) through international debit and credit cards in a financial year, it said in a statement on Friday, partly reversing the rules within days after a public backlash. The finance ministry earlier this week had announced a tax of 20% on the spending for overseas travel and purchases using international debit and credit cards from July 1. A tax collected at source could be claimed by the payee at the time of filing of tax returns. ($1 = 81.7800 Indian rupees)Reporting by Nikunj Ohri and Nidhi Verma; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

"Put simply, inflation is more than double the Fed's target rate and the unemployment rate is below every FOMC participant's estimate of the natural rate. "In our view, rather than lean against a mild recession, the Fed would view it as an acceptable price for bringing inflation back down to target." A slight majority, 22 of 41 respondents, said the risk of a default was higher this time compared to prior episodes of debt ceiling brinkmanship. Elevated worries about a default will push U.S. Treasury yields higher over the coming weeks, a separate Reuters poll showed. The macroeconomic consequences of a short default would be somewhat more severe."

☆ India's Russian oil buying hits record high, slashes Mideast, Africa share
▼ + stars: | 2023-05-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

Asia's third-largest economy imported about 1.9 million barrels per day (bpd) of Russian oil in April, about 4.4% higher than the previous month, the data showed. Higher imports from Russian raised the share of oil from the C.I.S. India's oil imports from various regionsRussia remained the top oil supplier to India for the sixth-straight month in April, followed by Iraq and Saudi Arabia. Oil imports from Russia also rose as Indian Oil Corp (IOC.NS), the country's top refiner, raised the size of its annual import deal with Rosneft (ROSN.MM). Lower purchases of oil from the Middle East dragged OPEC's share of India oil imports to a record low of 46%, the data showed.

☆ What does India's BJP losing Karnataka elections mean for Modi?
▼ + stars: | 2023-05-17 | by ( Rhea Mogul | ) edition.cnn.com time to read: +7 min

CNN —India’s ruling Bharatiya Janata Party (BJP) has lost its only stronghold in the country’s south after voters in Karnataka state rejected the Hindu-nationalist policies of Prime Minister Narendra Modi’s party in crucial local elections last week. The opposition Congress party won 135 seats in the state’s legislative assembly, versus 66 for the BJP, giving Modi’s opponents a boost as they prepare to challenge India’s populist leader in next year’s general election. “Were they to lose some or all of the remaining state elections this year, including three big states in the (central and northern) Hindi belt, that may be further indication of waning support,” he said. Indian Prime Minister Narendra Modi waves to the crowd during campaigning for state elections in Bengaluru, Karnataka, on May 7. “A lot would depend on how Congress Party does in upcoming state assembly elections,” Verma said.

☆ India working to rein in inflation- finance minister
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, May 6 (Reuters) - Inflation in India is slightly above the "tolerance limit", and the government is taking steps to control it, Indian Finance Minister Nirmala Sitharaman said on Saturday. "Because we took a very calibrated approach, today we have an inflation which is slightly above the tolerance limit, but which is constantly being worked at so it can be brought down," she said. India's annual retail inflation for March rose at the slowest pace in nearly 15 months and was below the central bank's upper tolerance level for the first time this year, on the back of softer food prices. Reporting by Nidhi Verma and P JayshreeOur Standards: The Thomson Reuters Trust Principles.

☆ Russian oil slashes OPEC's share of Indian market to 22-year low
▼ + stars: | 2023-04-24 | by ( Nidhi Verma | ) www.reuters.com time to read: +3 min

OPEC's share shrank as India, which in the past rarely bought Russian oil due to high freight costs, is now the top oil client for Russian seaborne oil, rejected by Western nations following Moscow's invasion of Ukraine in February 2022. India's oil importsIndia shipped in about 1.6 million barrels per day (bpd) of Russian oil in 2022/23, the data showed, about 23% of its overall 4.65 million bpd imports. Higher intake of Russian oil boosted the share of Commonwealth of Independent States (C.I.S.) India's oil imports from various regionsIn March, India shipped in nearly 5 million bpd of oil, marginally higher than the previous month, with Russian oil accounting for about 36% of overall imports, the data showed. "OPEC's output cut decision is helping Russia as well," said Haq, adding the planned supply cut has lifted global oil prices and at the same time narrowed the discounts for Russian oil against Brent and Dubai benchmarks.

☆ Indian cos sometimes face delays in paying for Russian oil above $60/bbl - oil secretary
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, April 24 (Reuters) - Indian companies "sometimes" face delays in paying for Russian oil priced above the $60 cap per barrel fixed by the Western nations, India's oil secretary Pankaj Jain said on Monday. "Nobody stops us from buying Russian oil at above the price cap level provided. In case of Russian oil priced above the cap, the companies on their own manage to find alternative mechanisms to settle payments, he said, adding most Russian oil supplies to India are made at below the price cap level. He also said India is seeking to buy oil at discounts from other countries depending on grades. India has significantly increased oil imports from Russia since the beginning of the conflict in Ukraine.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

☆ Russia's Gazprombank deepens ties with Indian banks for bilateral trade
▼ + stars: | 2023-04-17 | by ( Nidhi Verma | ) www.reuters.com time to read: +1 min

Trade between India and Russia has surged since the West imposed sanctions against Russia for its invasion last year of Ukraine, which has altered flows of oil and other goods. "Now we have infrastructure, we have payments from banks ... it is much better than it was three months ago," she added. Gazprombank is Russia's third-largest lender by assets and a key conduit of the Russian energy trade. Due to higher purchases of oil, the trade balance is tilted increasingly in favour of Russia. India last year implemented a broader framework to facilitate overseas trade in rupees and since then many foreign banks, including Gazprombank and other Russian institutions, have opened vostro accounts with Indian banks.

☆ Strategists slash U.S. yield view again despite Fed's inflation focus
▼ + stars: | 2023-04-12 | by ( Sarupya Ganguly | ) www.reuters.com time to read: +4 min

Yields on U.S. 2-year Treasury notes have plunged over 100 basis points following the failure of some regional U.S. banks last month. But markets are pricing for a series of interest rate cuts starting just two months later, underscoring an exceptionally large divergence from the central bank's own view. That recent downward trend in yields is forecast to continue further, according to the April 5-12 poll of over 60 bond strategists. However, in the coming three months, yields on both 2-year and 10-year notes were expected to rise 20 and 25 basis points, respectively, before resuming their fall. Relatively high volatility has also been a driver of yield forecasts over the past few months.

BENGALURU, April 6(Reuters) - The Bank of Canada will keep its key interest rate steady at 4.50% through 2023, according to most economists polled by Reuters, with an even smaller minority now expecting an interest rate cut by year-end than a poll taken a month ago. In March, the BoC was the first major central bank to stop its aggressive hiking cycle and is on what it calls a conditional pause. So all 33 economists polled March 31-April 6 said it will hold its overnight rate at 4.50% on April 12. A majority of forecasters, 23 of 31, said the rate would remain unchanged for the rest of 2023. Only seven expected at least one 25-basis-point rate cut by end-year, down from 13 in a survey taken about a month ago.

☆ Instant View: Here’s what experts think of India's surprise rate decision
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +16 min

The monetary policy committee (MPC) retained the key lending rate or the repo rate (INREPO=ECI) at 6.50% in a unanimous decision. With the likely softening of CPI to the low- to mid-5% levels in the coming month, the current repo rate of 6.5% implies that India’s real policy rate will hover around 1% during 2023-24, while maintaining a policy rate differential of about 1.5% with the US. Room for additional rate hikes has been retained with MPC’s policy stance continuing to remain unchanged at ‘withdrawal of accommodation’. We believe the bar for future rate hikes has increased, especially since near-term prints of CPI will be sub 6%. Scope for further hikes is limited given our growth-inflation outlook and impact of the past rate hikes on the same.

Europe typically imported an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia's invasion of Ukraine. That increased to 200,000 bpd after the European Union banned Russian oil products imports from Feb. 5, Kpler data showed. OIL PRODUCTSAs Europe's ban kept Russian products out, India's diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed. The key European buyers of Indian diesel are France, Turkey, Belgium and the Netherlands, the Kpler data showed. Indian oil products exportsBesides increasing exports to Europe, India has also boosted vacuum gas oil (VGO) shipments to the U.S.

☆ Exclusive: India's Bank of Baroda stops clearing payment for above-cap Russian oil - sources
▼ + stars: | 2023-04-04 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

"Bank of Baroda is extremely cautious in settling payments for Russian oil bought (at levels) above the price cap," one of the sources said. After Western sanctions on Moscow for its invasion of Ukraine, Indian refiners have been gorging on discounted Russian oil. Russia has replaced Iraq as the top oil supplier to India in the last few months, data from trade sources showed. It was not clear if Axis Bank had also stopped settling trades for Russian oil sold above the price cap. India does not recognise the Western price cap on Russian oil, a senior oil ministry source said last month.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ India extends export curbs on gasoline, diesel - government
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: 1 min

MUMBAI, April 2 (Reuters) - India has extended restrictions on the export of diesel and gasoline, the government said in a notification, as New Delhi tries to ensure the availability of refined fuels for the domestic market. The government had imposed the curbs on gasoline and gasoil exports through Friday's end of the financial year. The extension may discourage some Indian refiners, mainly private companies, from buying Russian fuel for re-exports to countries including those in Europe that have stopped purchases of refined products from Russia due to its invasion of Ukraine. Reporting by Nidhi Verma and Rajendra Jadhav; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India keeps domestic gas prices on hold for now
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, March 31 (Reuters) - India will provisionally keep the price of locally produced gas from old fields at $8.57 per million metric British thermal units (mmBtu), the government said on Friday, while it considers a potential change to the pricing formula. Keeping gas prices at the current level could hit the earnings of producers such as government-run Oil and Natural Gas Corp. (ONGC) (ONGC.NS) and Oil India Ltd (OILI.NS). Over 80% of India's yearly gas output of 91 billion cubic metres comes from old fields owned by ONGC and Oil India. India currently links prices of locally produced gas from old fields to a formula tied to global benchmarks, including Henry Hub, Alberta gas, NBP and Russian gas. However, it added it had lowered the ceiling price of domestic natural gas from difficult fields for April-September to $12.12 per mmBtu from $12.46 per mmBtu.

☆ China's demand comeback to help oil weather banking crisis: Reuters poll
▼ + stars: | 2023-03-31 | by ( Bharat Gautam | ) www.reuters.com time to read: +2 min

A survey of 45 economists and analysts forecast benchmark Brent crude would average $86.49 a barrel this year, down from February's estimate of $89.23. "The dip in oil prices is more of a blip at the moment, rather than a sustained move below $80 per barrel". Most analysts polled by Reuters expect oil prices to stay below $90 on fears of a recession in developed economies stemming from interest rate increases to bring down inflation. "Oil demand in China should pick up a bit further over the year. Reuters GraphicsAlong with China, prices will also hinge on potentially declining Russian oil production due to Western sanctions, with a combination of the two likely tightening global supplies, analysts said.

☆ India to cut gas prices from April 1 after review panel report - sources
▼ + stars: | 2023-03-27 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

NEW DELHI, March 27 (Reuters) - India's cabinet is set to adopt a gas panel report this week, which has recommended capping the price for most local gas at $6.50 per million British thermal units (mmBtu) in April, two sources said on Monday. India last year set up the panel, led by energy expert Kirit Parikh, to review India's gas pricing formula to ensure fair prices to consumers after state-set prices of gas from old fields and a ceiling price for output from hard-to-access, difficult blocks rose to record highs. The current price of gas from old blocks is set at $8.57 and is valid from October to end-March. Oman and Dubai crudes make up on average 75.6% of India's crude basket, with 24.5% coming from dated Brent. India's current local gas prices are linked to global benchmarks and are revised twice a year in April and October.

NEW DELHI, March 20 (Reuters) - India plans to extend restrictions on the export of diesel and gasoline after the current fiscal year ends this month to ensure the availability of refined fuels for the domestic market, two government sources with direct knowledge of the matter said. That forced state refiners to fill the void and meet demand at home by selling fuels at government-capped lower prices. "We would like to extend it ... we want private companies to sell diesel and petrol in the Indian market. Why should only state-run companies suffer when all Indian refiners are buying discounted Russian oil," the official said. Reporting by Nidhi Verma and Nikunj Ohri; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ India says situation with China fragile, dangerous in the Himalayan front
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, March 18 (Reuters) - The situation between India and China in the western Himalayan region of Ladakh is fragile and dangerous, with military forces deployed very close to each other in some parts, Indian Foreign Minister S Jaishankar said on Saturday. At least 24 soldiers were killed when the two sides clashed in the region in mid-2020, but the situation has been calmed through rounds of diplomatic and military talks. "The situation to my mind still remains very fragile because there are places where our deployments are very close up and in military assessment therefore quite dangerous," Jaishankar said at an India Today conclave. Jaishankar said he discussed the situation with China's new foreign minister, Qin Gang, on the sidelines of a meeting of the foreign ministers of the G20 nations hosted by India this month. Two G20 ministerial meetings in India in the last three weeks have been overshadowed by Russia's 13-month invasion of Ukraine.

☆ PM Modi: India's econmic, banking systems are strong
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, March 18 (Reuters) - India's economic and banking system are strong even amid the turmoil currently rocking global markets, Prime Minister Narendra Modi said on Saturday. "Amidst a global crisis, today India’s economic system is strong, the banking system is strong. This is the power of our institutions," Modi said at an India Today gathering. While authorities have rescued lenders on the edge, the turmoil has spurred worries about what may be lurking in the wider global financial system. Reporting by Nidhi Verma and Krishn Kaushik Editing by Gareth JonesOur Standards: The Thomson Reuters Trust Principles.

While Xiaomi remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. According to Counterpoint, the market share of the sub-$120 phones in India fell to 26% in 2022 from 41% two years ago. And premium phones - priced above 30,000 ($360) - saw their share double to 11% in the same period. Xiaomi and Samsung both count India as a key growth market, with smartphones their top selling electronic device. And premium phones accounted for only 0%-1% of Xiaomi's total India phone shipments in the last two years, when Samsung's higher-end phones more than doubled their share to 13%, Counterpoint data showed.

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