Tanker carrying 1 million barrels of oil hit by explosion off Libya
An oil tanker carrying one million barrels of crude oil exploded near the Libyan coast, Bloomberg reported on 30 June....
RBI cuts repo rate to 6.25% for the first time in nearly five years to support growth amid cooling inflation. Markets react mildly as economists foresee further easing ahead.
The Reserve Bank of India (RBI) reduced its key repo rate by 25 basis points to 6.25% on Friday, February 7, marking the first interest rate cut in nearly five years. This move comes as part of a broader effort to support India’s sluggish economy amid cooling inflation.
The rate cut is the first since May 2020, when the pandemic prompted aggressive monetary easing. Since then, the RBI focused on controlling inflation, which had remained above the 4% target for much of the period.
Following the announcement, India’s stock markets reacted with mild declines, with the Nifty 50 index dropping 0.5%. The yield on 10-year government bonds rose to 6.7%, and the rupee weakened slightly against the dollar.
The RBI’s updated forecasts project a real GDP growth of 6.7% for the next fiscal year, with inflation expected at 4.2%. For the current fiscal year, the RBI downgraded growth expectations to 6.4%, its weakest forecast in four years, from 6.6%. Inflation is projected at 4.8% for the fiscal year ending in March.
Although the MPC maintained a “neutral” policy stance, contrary to some predictions of a shift to "accommodative," further rate cuts could be on the horizon, according to economists like Shilan Shah from Capital Economics. He forecasts a total of 75 basis points in cuts during this cycle, given the soft patch expected in the economy over the next few quarters.
The RBI’s decision marks a key pivot in India’s monetary policy, as the central bank seeks to foster economic recovery in a challenging global environment.
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
The French Riviera town of Cannes will restrict large cruise ships from docking starting from January 2026, as part of new efforts to manage over tourism and protect local infrastructure.
Polish refiner Orlen will not buy Russian oil for its Czech refinery after 30 June, Chief Executive Ireneusz Fafara said on Monday. "We freed Central Europe from Russian oil today," Fafara stated.
Starting today, British car and aerospace manufacturers will benefit from significant tariff reductions when exporting to the United States, thanks to the implementation of a landmark UK-US trade agreement. This move is expected to safeguard thousands of jobs in the United Kingdom.
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment