Business

Mumbai, May 12 (PTI) Benchmark indices continued their downtrend for the fifth session on the trot on Thursday, with the Sensex tumbling nearly 817 points in early trade, tracking weak global trends and selling in index majors Reliance Industries and HDFC Bank.

Unabated selling by foreign institutional investors also weighed on the sentiment.

Jaipur, May 10 (PTI) Former Deputy Chief Minister Sachin Pilot on Tuesday hit out at the Centre over the fall in the Indian rupee against the US dollar, saying it has ruined the country's economy.

"The tenure of the Centre on the economic issues of the country is full of failures. The biggest fall recorded in rupee against dollar is proof that the central government has ruined the country's economy," Pilot tweeted.

Lucknow, May 10 (PTI) High Commissioner of Bangladesh to India Muhammad Imran met Chief Minister Yogi Adityanath at his official residence here on Tuesday and discussed ways and means to further strengthen the relations between the two countries and especially promote trade with Uttar Pradesh, an official release said.

Adityanath said India and Bangladesh have strong relations of history, language, culture, and there are wide possibilities of investment and employment in the Uttar Pradesh, it said.

10 May 2022; MEMO: Foreign food-delivery workers in the United Arab Emirates staged a mass walk-out on Monday, calling for better pay and working conditions in a rare act of industrial action in the Gulf State, Reuters reports.

The strike comes after foreign workers, this month, forced another food delivery company to suspend plans to cut their earnings after walking off the job in protest against the move.

10 May 2022; MEMO: The economy of Saudi Arabia is expected to exceed $1 trillion by the end of the year, for the first time in the kingdom's history, according to recent forecasts by the International Monetary Fund (IMF).

Last month, amid a surge in oil prices, the IMF revised its economic forecast for Saudi Arabia anticipating a 2.8 per cent growth.

10 May 2022; MEMO: Saudi Arabia's Oil and Energy Chief has warned that capacity in all energy sectors is decreasing and becoming ever more limited, as resources such as crude oil and natural gas are in higher demand amid the Russian invasion of Ukraine.

Mumbai, May 10 (PTI) The rupee surged 20 paise to 77.24 against the US dollar in early trade on Tuesday, as a firm trend in domestic equity markets and receding global crude prices boosted investor sentiment.

Besides, a weak American currency against its global rivals also helped the domestic unit, forex traders said.

However, rising concerns over higher interest rates and weakness in global economic growth kept the appreciation bias in check, they added.

10 May 2022; MEMO: Iran's Foreign Ministry yesterday announced there was "no progress" in talks with Saudi Arabia.

"There has been no new development in Tehran's talks with Riyadh," the ministry's spokesperson, Saeed Khatibzadeh, told reporters, adding that his country was hoping for the recently-signed joint agreements to "be implemented."

Khatibzadeh pointed out that the two countries had discussed the Yemen conflict "despite the existence of disagreements on this file."

10 May 2022; MEMO: Russian Foreign Minister Sergei Lavrov arrived in Algeria today for a visit during which he will discuss the Ukrainian and Libyan crises, the situation in the Middle East and developments in energy markets.

Sources said Lavrov will be received by Algerian President Abdelmadjid Tebboune and hold talks with his Algerian counterpart Ramtane Lamamra.

The sources also noted that the officials will discuss "strategic bilateral relations and international and regional developments."

10 May 2022; MEMO: The United Nations' Secretary-General's Special Adviser on Libya, Stephanie Williams, yesterday called for the reopening of the country's oilfields "as soon as possible."

"I met with Libyan National Oil Corporation (NOC) Chairman Engineer Mustafa Sanallah today in Tripoli. During our meeting, we discussed the national and international impact of the oil shutdown, including the infrastructure difficulties that ensue in the instance of a prolonged shutdown," Williams said on Twitter.