RUSSIA SEIZES DEUTSCHE BANK
A Taliban delegation attends a UN-led meeting in Qatar on Afghanistan, with women excluded
The Taliban were not invited to the first meeting, and U.N. Secretary-General Antonio Guterres said they set unacceptable conditions for attending the second one in February, including demands that Afghan civil society members be excluded from the talks and that the Taliban be treated as the country's legitimate rulers. The Taliban seized power in August 2021 as U.S. and NATO forces were in the final weeks of their pullout from the country following two decades of war.
Moscow warns of retaliation if income from its assets is seized
Leaders of the G7 agreed at a summit in Italy last week to use interest from Russian assets frozen in the West to provide a $50 billion loan to Ukraine. Russia says the action is illegal and will rebound against the West by undermining confidence in the global financial system.
UK inflation falls to Bank of England's 2% target rate for first time in nearly 3 years
Inflation in the U.K. has returned to the Bank of England's target rate of 2% after nearly three years. The official figures showed a decrease from 2.3% to 2% in the year to May, mainly driven by lower food prices. The governing Conservative Party views this as evidence of their successful economic plan ahead of the July 4 election. The opposition Labour Party highlighted concerns over rising mortgage rates and high taxes. Despite the decline, the Bank of England is unlikely to cut interest rates from 5.25%.
G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work
The Group of Seven leaders have reached a historic agreement to provide a $50 billion loan to support Ukraine in its ongoing conflict with Russia. This loan will be backed by interest earned on profits from Russia's frozen central bank assets, with details currently being finalized at the G7 summit in Italy. President Joe Biden hailed the agreement as a crucial step in providing sustainable support for Ukraine, while Ukrainian President Volodymyr Zelenskyy expressed gratitude for the international assistance.
RBI MPC meeting: India’s FY25 GDP forecast raised to 7.2% from 7%
The Reserve Bank of India (RBI) raised the FY25 real GDP growth forecast to 7.2% from 7% due to improved rural and urban demand, bolstered by monsoon predictions. The Monetary Policy Committee kept the benchmark rate at 6.25%, noting domestic economic resilience. India's FY24 GDP growth accelerated to 8.2%, driven by a sharp decline in the GDP deflator.
European Central Bank set to cut rates for the first time since 2019 even as inflation fight continues
All 82 economists polled by Reuters expected the ECB to trim its deposit rate to 3.75% on Thursday from a record 4.0%, in what would be its first cut since 2019. ECB policymakers have clearly telegraphed their intention to lower borrowing costs after seeing inflation in the 20 countries that share the euro fall from more than 10% in late 2022 to just above their 2% target in recent months.
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Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank
A German brokerage predicts a possible sovereign rating upgrade for India due to strong growth and improved fiscal deficit targets. S&P recently upgraded India's sovereign rating outlook to 'positive'. The real GDP growth for India has been resilient, with a notable increase in FY24.
India’s near-8% growth gives Modi a boost as elections end
India is expected to report close to 8% economic growth for the fiscal year ending in March, boosting Prime Minister Modi’s government as elections conclude. The growth in the first three months is predicted to be 7%, with the full year reaching 7.9%. The quarterly GDP release is eagerly awaited.
G7 officials make progress but no final deal on money for Ukraine from frozen Russian assets
G7 finance officials are nearing an agreement on using frozen Russian assets to benefit Ukraine, with final decisions to be made at a June summit of national leaders.
Russia seizes Deutsche Bank, UniCredit assets
A Russian court in Saint Petersburg rules to seize 239 million euros from Deutsche Bank and 463 million euros from UniCredit in Russia. European banks exit after Moscow's 2022 offensive on Kyiv. The court decision follows a request from RusKhimAlians planning a gas project with German company Linde, affected by Russia's military assault.
Xi, Putin hail ties as 'stabilising' force in chaotic world
Xi Jinping and Vladimir Putin emphasized the crucial role of China-Russia relations in maintaining global peace and stability.
Global debt crisis impacting nearly 95 countries: G20 Sherpa Amitabh Kant
G20 Sherpa Amitabh Kant emphasized the challenges posed by the Russia-Ukraine war and tensions in the Middle East for global stability and economics. He stressed the need for urgent action to pursue inclusive and sustainable growth strategies in the face of a global debt crisis affecting nearly 95 countries, while maintaining focus on achieving the Sustainable Development Goals (SDGs) by 2030.
Gold prices rally ahead of Akshaya Tritiya. What investors should know?
The precious metal has surged approximately 20%, hitting a record high of $2,431 per ounce in the international market on April 12 and exceeding Rs 74,000 in the Indian market due to strong purchases by central banks and demand from retail investors amid growing geopolitical tensions.
Trump advisers discuss penalties for nations that move away from the dollar
A verbal backlash against the dollar’s dominance in the global financial system gained traction in 2022, when the US led efforts to impose harsh economic sanctions on Russia, a Group of 20 nation.
Western powers tangle over Russian assets at G20 finance meeting
G20 finance ministers debated frozen Russian assets, with the US and France disagreeing on their handling. Divisions over war in Ukraine and Gaza caused further disagreements. Brazil's G20 presidency focuses on sustainable development, combating inequalities, and the fight against inflation.
Indian economy likely to have expanded 7 pc in December quarter: Report
The country's real GDP growth for the December quarter is expected to be 7 per cent, higher than anticipated, according to a German brokerage. The official data on quarterly growth will be released on February 29. The estimate is based on high-frequency indicators and the Indian economy has shown resilience.
Banks urge Britain to tighten laws around seizing Russian assets
Sweeping international sanctions, imposed after Moscow's invasion of Ukraine in February 2022, froze an array of assets including about $300 billion owned by the Russian central bank. Now, on the second anniversary of the invasion, a global campaign by politicians and activists is demanding that the assets be seized and the proceeds sent to Kyiv.
Roman Sharf: The Russian CEO who won autographed pair of Trump’s golden sneakers
Luxury Bazaar CEO Roman Sharf showcased his personally signed pair of Donald Trump's golden "Never Surrender high-tops" at Sneaker Con. The limited-edition sneakers sold out in under two hours. Sharf plans to wear them for a winning celebration in November.
Russia warns the West: We will be very tough if you 'steal' our assets
Russia has warned the West that Moscow would respond very toughly if the US and EU seize hundreds of billions of dollars worth of Russian assets. This comes after the US and its allies blocked around $300 billion of sovereign Russian assets in the West in response to Russia's actions in Ukraine.
Jindal Power drops plan to submit financial bid for troubled Go First
Recent regulatory changes in the Insolvency and Bankruptcy Code (IBC) have allowed aircraft lessors to seize aircraft if payments are not made in time for aircraft leased by an airline. Previously, regulations granted airlines immunity from such punitive actions by lessors if the airline was undergoing an insolvency process.
The US sanctions more foreign firms in a bid to choke off Russia's supplies for its war in Ukraine
The sanctions imposed by Treasury Department's Office of Foreign Assets Control target third-party firms and people alleged to assist Moscow in procuring equipment needed on the battlefield, including suppliers and shippers. In addition, the State Department imposed diplomatic sanctions targeting Russian energy production and its metals and mining sector.
FBI and European partners seize major malware network in blow to global cybercrime
Cybersecurity experts said they were impressed by the deft dismantling of the network but cautioned that any setback to cybercrime would likely be temporary.
Deutsche Bank tells investors some of their Russian shares are missing
Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.
Ukraine's allies vow to make Russia pay
Ukraine's Western allies on Wednesday promised to make Russia pay for its invasion, as governments and private investors met to fund the country's reconstruction from the ravages of war. The World Bank has put an estimate of $14 billion on Ukraine's immediate needs to repair the damage caused by the bitter fighting.
Deutsche Bank says cutting risks from Russian IT operations
The comments by a bank spokesperson followed a report in the Financial Times that the bank was winding down its remaining software technology operations in Moscow and St Petersburg as it looks to end its decades-long reliance on Russian IT expertise.
European stocks fall as Deutsche Bank leads rout in banks
European banks fell 4.5% and were set for their third week of declines, after the failure of U.S. midsized lenders and the turmoil at Credit Suisse highlighted growing risks to banks in the wake of tightening financial conditions.
Ukraine: Russia hits power site by Kyiv, guards seized land
Kyrylo Tymoshenko, the deputy head of the Ukrainian president's office, urged Kyiv area residents and people in three neighboring regions to reduce their energy consumption during evening hours of peak demand.
The winters in Europe could chill India’s economy
In an effort to cripple Russia’s economy, which is largely propelled by the sale of fossil fuels, the European Union opted to impose huge sanctions and has vowed to eventually stop buying Russian gas. Soaring gas prices are pushing economies to the brink of recession and as a result, India is expected to suffer.
Google's Russian subsidiary to file for bankruptcy after bank account seized
The Alphabet Inc unit has been under pressure in Russia for months for failing to delete content Moscow deems illegal and for restricting access to some Russian media on YouTube, but the Kremlin has so far stopped short of blocking access to the company's services.
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