Global News

[ad_1] SYDNEY : India is targeting seven per cent growth in economy this year and we expect it to cross it in the next five years, external affairs minister S Jaishankar said on Saturday and adding that New Delhi will try to stay in the 7-9 per cent range at least for a decade and a half. "We are targeting 7 per cent growth this year, but we expect it to improve in the next five years. And definitely, we would stay in 7-9 per cent range at least for a decade and a half," Jaishankar said at the Raisina@Sydney Business Breakfast. "And you can today see the same reflected in the investment climate, both in the flow of FDI, FII as well as in the investments which the government itself is leading the capital outlay in this year's budget," he added. Raisina@Sydney Business Breakfast is being organized jointly by the Australian Strategic Policy Institute (ASPI) and India's Observer Research Foundation (ORF) at the InterContinental Hotel in Sydney. Taking ab...

[ad_1] Last Updated: July 11, 2023, 01:20 IST United States of America (USA) The U.S. Labor Department reported last Friday the smallest monthly job gain in 2-1/2 years along with strong wage growth. (Photo: Reuters) Oil prices ease on US interest rate hike concerns, but supply cuts from Saudi Arabia and Russia limit losses. CPI data and China reports to impact market Oil prices eased 1% on Monday on the increasing likelihood of more U.S. interest rate hikes, but crude supply cuts from top oil exporters Saudi Arabia and Russia limited the losses. Brent crude futures settled down 78 cents, or 1%, at $77.69 a barrel after touching their highest level in more than two months earlier in the session. US West Texas Intermediate crude fell 87 cents, or 1.2%, at $72.99. “Traders are very nervous about higher interest rates, which could kill demand very quickly," said Dennis Kissler, senior vice president of trading at BOK Financial, adding that some investors were also engaging in ...

[ad_1] Last Updated: July 08, 2023, 01:27 IST New York, United States of America (USA) Oil analytics firm Vortexa said there are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June. (Photo: Reuters) Oil prices surge to a nine-week high as supply concerns and technical buying outweigh fears of interest rate hikes, driving demand for oil Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6%, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose $2.06, or 2.9%, to settle at $73.86. That was the highest close for Brent since May 1 and WTI since May 24. Both benchmarks ended up about 5% for the week. “We’re knocking on the door of a major breakout to the upside. I think you’re seeing so...

[ad_1] Last Updated: July 04, 2023, 02:33 IST A mobile crane carries a container at Thar Dry Port in Sanand in the western state of Gujarat, India, February 13, 2017. Picture taken February 13, 2017. (Reuters File Photo) India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report. India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report. “China and India doubled their share of global commercial services exports from 2005 to 2022, from 3.0 per cent to 5.4 per cent, and from 2.0 per cent to 4.4 per cent, respectively,” it said. The report titled ‘Trade in services for development’ also said that in India, South Africa and Türkiye, jobs directly linked to cross-border services exports account for more than 10 per cent of total services sec...

[ad_1] Last Updated: June 29, 2023, 01:58 IST New York, United States of America (USA) Some analysts expect the market to tighten in the second half, citing ongoing supply cuts by OPEC+, the OPEC and allies like Russia, and Saudi Arabia’s voluntary reduction for July.(Reuters File Photo) Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56 Oil prices climbed about 3% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, offsetting worries that further interest rate hikes could slow economic growth and reduce global oil demand. Brent futures rose $1.77, or 2.5%, to settle at $74.03 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 2.8%, to settle at $69.56, narrowing Brent’s premium over WTI to its lowest since June 9. The U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in th...

[ad_1] Last Updated: June 30, 2023, 00:46 IST New York, United States of America (USA) Rising interest rates and shrinking crude supplies create uncertainty in oil market. (Photo: Reuters) Brent crude futures rose 31 cents, or 0.4%, to $74.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $69.86 a barrel Oil prices settled higher on Thursday after flip flopping during the session, supported by a bigger draw than expected in U.S. crude inventories but pressured by fears that rising interest rates could dent global economic growth. Brent crude futures rose 31 cents, or 0.4%, to $74.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 30 cents, or 0.4%, to $69.86 a barrel. On Wednesday, both benchmarks gained about 3% after the U.S. Energy Information Administration (EIA) said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million barrel draw analysts had forecast in a Reuters poll...

[ad_1] U.S. stocks were mixed and benchmark Treasury yields jumped to their highest level since March on Thursday as robust economic data helped ease recession fears, but also increased the odds that the Fed will keep its restrictive policy in place for longer than expected. Financials led the gainers after the Federal Reserve’s stress test showed U.S. lenders have adequate capital to weather an economic storm. The Dow was up most among the three major U.S. stock indexes, the S&P 500 was up only nominally while the Nasdaq lingered in negative territory, weighed down by interest rate sensitive megacaps. Smallcaps were clear outperformers, with the Russell 2000 well ahead of the pack, up 1.1%. “What we have seen year-to-date is a very narrow rally that is occasionally punctuated by participation from the smaller stocks," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia. “I believe we’re ahead of where we should be, and most observers are per...