Skip to content
Search

Latest Stories

India’s Trade Deficit Narrows to Five-Month Low of £10.62 Billion in September

India’s trade deficit declined to a five-month low of £10.62 billion in September 2018 despite jumping crude oil prices in the international market, said India’s Ministry of Commerce and Industry on Monday (15).

Country’s trade deficit during the first half of the financial year 2018-19 stood at £71.66bn. The exports for the month of September went down by 2.2 per cent while the imports recorded a jump of 10.5 per cent over the last fiscal year.


“Mid-year assessment shows exports growing in a healthy manner, building on export growth seen in 2016-17 and 2017-18,” the ministry said in a statement.

In the first half of the current fiscal year, the trade deficit came in at £71.66bn with exports up by 12.5 per cent and imports witnessing a rise of 16.2 per cent.

Imports during April-September 2018 period exhibited a positive growth of 16.16 per cent in dollar terms whereas, in September 2018, imports moved up 10.45 per cent in dollar terms, lowest in the last five months, the latest figures from the ministry added.

During September 2018, major commodity groups showing positive export growth over the corresponding month of last year are petroleum products (26.8 per cent), organic and inorganic chemicals (16.9 per cent), drugs and pharmaceuticals (3.8 per cent), cotton yarn, made-ups, handloom products, and others (3.6 per cent) and plastic, linoleum (28.2 per cent), the ministry said.

More For You

BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less
Bank-of-England-Getty

The BoE also revised its economic growth forecast for 2025, reducing it by half. (Photo credit: Getty Images)

Bank of England cuts rates, lowers growth outlook

THE BANK OF ENGLAND (BoE) has cut interest rates by 0.25 percentage points to 4.5 per cent, with some policymakers supporting a bigger reduction to counter economic slowdown. However, the central bank signalled a cautious approach to future cuts, citing inflation concerns and global uncertainty.

The BoE also revised its economic growth forecast for 2025, reducing it by half. Chancellor Rachel Reeves, who has been advocating for faster economic growth, faces a challenge as inflation is now projected to be nearly double the 2 per cent target this year.

Keep ReadingShow less
Bank-of-England-Getty
A general view of the Bank of England on December 19, 2024 in London. (Photo credit: Getty Images)

Bank of England set to reduce interest rate amid weak growth

THE BANK OF ENGLAND is expected to cut its key interest rate on Thursday as it seeks to support weak economic growth, even though inflation remains above target.

Analysts predict the central bank will reduce borrowing costs by a quarter point to 4.50 per cent at its first rate meeting of the year.

Keep ReadingShow less