India Cuts Rates by 25 Basis Points

Thursday, August 3, 2017 BUSINESS 9 Qatar orders $5.9bn warships from Italy US private sector hiring slows in July The US Congress decision to pass the Doha Washington sanctions bill had made attempts to atar announced a five-billion-euro order for seven S companies hired at a slower but solid pace in July, thaw ties more difficult, but that all the warships from Italy. “We have signed a contract on with gains almost entirely in services industries but indications are that Qbehalf of the Qatari navy to acquire spreadU across firms of all sizes. seven warships from Italy for five Total private employment rose by Trump will sign it.” billion euros ($5.9 billion),” Foreign 178,000 last month, a decline after Minister Sheikh Mohammed bin the sharp upward revision to Abdulrahman Al-Thani said June hiring to 191,000. That puts at a Doha press conference with hiring below the trend pace of Rex Tillerson, his visiting Italian counterpart over 200,000 from late 2015, and US Secretary of State on new Russian Angelino Alfano. below analysts’ expectations. sanctions 1. Anthony Scaramucci, White House communications director. Fired 10 days into job after profanity-laced tirade against 1 2 then-White House chief of staff Reince Priebus and Trump’s chief strategist Steve Bannon 2. Reince Priebus, chief of staff. Confidant of president said Trump had lost confidence in Priebus after major legislative items failed to pass Congress 3 4 5 6 India cuts 3. Sean Spicer, press secretary. 4. Michael Flynn, national security Long-suffering but loyal spokesman adviser. Resigned after it emerged rates by 25 resigned after Trump’s appointment he discussed U.S. sanctions against of Scaramucci, saying he wanted Russia with Russian ambassador to avoid “too many cooks to U.S. before Trump took office, in the kitchen” and misled Vice President Mike Pence about conversations 5. James Comey, FBI director. Reserve Bank of India (RBI) Fired by Trump in May. Comey 6. Sally Yates, acting U.S. was leading investigation into attorney general. Fired by Governor Urjit Patel attends a alleged ties between Trump Trump after she ordered Justice news conference at the head basis points campaign and Russia in run-up Department lawyers not to enforce office in Mumbai to 2016 election Trump’s immigration ban Other people fired or eased out of jobs include Philip Bilden (Navy secretary), James Donovan (deputy Treasury secretary), Michael Dubke (White House communications director), Mark Green (Army secretary), Gerrit Lansing (White House chief digital officer), Mumbai since the government started tracking cut rates came a month before Prime Todd Ricketts (deputy secretary of commerce), and Walter Shaub (director of Office of Government Ethics) ndia’s central bank yesterday cut it in its current form in 2012. Minister Narendra Modi removed all Sources: Wire agencies Pictures: Associated Press, Getty Images © GRAPHIC NEWS interest rates for the first time in New Delhi has kept an inflation large-denomination banknotes from almostI a year amid sluggish growth target of 4 percent, with room for a 2pc circulation, in a shock move to tackle and record-low inflation in the world’s increase or decrease. The June data was corruption and tax evasion. fastest growing economy. the first time the lower end of that band Growth slowed in the fourth quarter Saudi Arabia is planning to turn hundreds of kilometres of its Red Sea The Reserve Bank of India has been breached, experts said. ending in March to 6.1pc, but the coastline into a “semi-autonomous” luxury travel destination in an effort to boost the economy and reduce its reliance on oil announced the benchmark repo Rates are set by a six-member government defended the pain as rate -- the level at which it lends to committee at the central bank. necessary to clean up corruption rife JORDAN commercial banks -- would be cut by RBI governor Urijit Patel said four throughout the economy. Petra IRAQ 25 basis points to 6 per cent, a near voted for a cut of 25 basis points, Experts have predicted further seven-year low. The interest rate last while one pushed for double that and disruption to the economy as Madain sat at 6 percent in September 2010. another for rates to remain unchanged. businesses adjust to the Goods and EGYPT Saleh Riyadh The cut -- the first since last October Patel said low inflation and the Services Tax. -- was predicted by 41 of 57 economists successful rollout of the national Goods The government welcomed the Medina polled by Bloomberg News, with the and Services Tax on July 1 helped steer move and called it “an important step RED SEA Mecca SAUDI SUDAN ARABIA rest anticipating no change. the decision. necessary to converge toward the RED SEA PROJECT OMAN Finance Minister Arun Jaitley called “These factors... opened up appropriate real monetary conditions Part of reform plan spearheaded by Crown Prince Mohammed 400km for a reduction in the key policy rate some space for monetary policy for sustained growth consistent bin Salman, new heir YEMEN 250 miles in June after retail inflation fell sharply accommodation,” he told reporters. with India’s potential and for stable, to Saudi throne from 2.18pc to 1.54pc -- the lowest The bank’s previous decision to moderate inflation”. Construction due to start in 2019. First phase, including new airport, luxury hotels and Al Wajh StanChart profits leap housing, expected to be completed in 2022 93pc in first half of year Project will cover 50 islands Hong Kong 2016 after scoring its first annual loss $583 million, down from $1.1 billion. and 34,000 sq km – area bigger sia-focused bank Standard for over a quarter of a century in 2015 Chief executive Bill Winters described than Belgium RED SEA Chartered said pre-tax profits were as it struggled to cope with the effect of the performance as “encouraging” and Sources: Vision 2030 A Aims to generate Umluj up 93 per cent in the first half of the year bad debts. said the bank was now leaner and more $4bn a year and as it continues to rally after job cuts and Results in the six months to June efficient. create 35,000 jobs 10km Visitors restructuring. showed underlying pre-tax profit of $1.9 “Although we still have a long way to Laws “on par with 6 miles will have access But it stopped short of paying interim billion, up from $994 million year-on- go, we are headed in the right direction,” international standards” to ancient ruins at mean restrictions on Madain Saleh – Unesco dividends, with chairman José Viñals year. he said in a statement. women’s dress, gender World Heritage site and relic of saying more clarity was needed on the Net profit almost doubled to $1.2 However, business confidence segregation and other same civilization that built city impact of global regulatory reforms billion from $580 million in the same remains fragile, said Winters, who cited conservative norms of Petra in Jordan could be waived Pictures: AP, Google Earth © GRAPHIC NEWS which are still under consideration. period a year ago. geopolitical uncertainty and the unknown The bank swung back to profit in Underlying loan impairments were at outcomes of regulatory reforms. .

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