India’s central bank made a bigger-than-expected interest rate cut, lowering the repo rate by half a percent to 5.5%, the lowest level in three years.
This is the third rate cut in a row as the country faces slower growth and falling inflation.
RBI Governor Sanjay Malhotra said the economy is growing slower than expected and the bank wants to encourage more spending and investment amid global uncertainties.
India’s economy grew 6.5% last year, still the fastest among big economies, but down from 9.2% the year before. Inflation has dropped to a six-year low of 3.16%, helped by falling food prices.
The central bank also increased money supply but shifted its policy stance to “neutral,” meaning future rate changes will depend on how growth and inflation develop.
Lower rates should help consumers with cheaper home and car loans and support companies by cutting borrowing costs. This could also boost India’s struggling real estate market, especially affordable housing, as lower mortgage payments make homes more affordable.
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U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, according to three senior Iranian sources. Washington is escalating pressure in hopes of securing concessions in future negotiations.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 4th of September, covering the latest developments.
Two people have been rescued alive from a tunnel in Nepal, nine days after catastrophic floods devastated the country, as rescuers continue searching for survivors.
A Chinese national was pulled alive from a tunnel in Nepal on Saturday, authorities said, 10 days after a wall of ice, rock and mud tore through a Himalayan valley, killing more than 1,300 people and leaving more than 5,600 missing.
U.S. negotiators Steve Witkoff and Jared Kushner have arrived in Moscow for peace talks on the Russia-Ukraine conflict, two people familiar with the matter said. They were met by Russian Presidential Envoy Kirill Dmitriev.
Spanish authorities are preparing a new site in Ceuta to accommodate hundreds of migrants who remain on the streets following large-scale arrivals in July, local media reported Saturday.
At least two people were killed and dozens injured on Friday after an explosion at a military barracks in the Bolivian municipality of Viacha, about 30 km (20 miles) from La Paz, Defence Minister Ernesto Justiniano said.
The resolution, sponsored by African countries and led by Togo, passed by 164 votes to one, with six abstentions. The United States was the only country to vote against it.
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