Business

New Delhi, Nov 13 (PTI) Retail inflation surged to 4.62 per cent in October, mainly on account of higher food prices, according to government data released on Wednesday.

The inflation based on Consumer Price Index (CPI) was 3.99 per cent in September and 3.38 per cent in October 2018.

The inflation in the food basket spiked to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month.

Mumbai, Nov 13 (PTI) The rupee nosedived 62 paise to hit an over two-month low of 72.09 to the US dollar on Wednesday as poor macro data and lingering worries over US-China trade war weighed on sentiment.

At the interbank foreign exchange, the rupee opened on a weak note at 71.75 against the US dollar. As the day progressed, it crashed below the 72-level and touched the day's low of 72.10. The Indian unit finally settled at 72.09 -- registering a fall of 62 paise over its previous close.

Wellington, Nov 13 (AFP/PTI) New Zealand's central bank held interest rates at a record low on Wednesday but said it was ready to step in with stimulus to support the struggling economy.

The Reserve Bank of New Zealand kept borrowing costs at 1.0 percent, confounding forecasts for a cut to 0.75 percent.

Officials said that since its last reduction in August economic developments "do not warrant a change to the already stimulatory monetary setting at this time", although the immediate future did not look promising.

KUALA LUMPUR, Nov 12 (NNN-BERNAMA) — Malaysia will continue to be on the global investors’ radar due to its solid economic position and its importance in the Belt and Road Initiative (BRI), said IQI Global chief economist Shan Saeed.

There have been lots of financial fragilities in Europe and many advanced economies in recent times, he said.

MANILA, Nov 12 (NNN-PNA) – Philippines is on its way to become the world’s biggest importer of rice this year following the government’s decision to allow the unimpeded importation of the staple as a way to bring down prices, international data showed.

A report by the United States’ Department of Agriculture-Foreign Agricultural Services (USDA-FAS) projected the country’s rice imports to reach a record three million metric tons (MT) by year-end—the highest in the world and the highest for the country.

by Elif Selin Calik

After being vetoed twice for membership of the European Union in 1967, the United Kingdom was finally admitted at the third attempt in 1973. Today, the British government is negotiating to leave the EU, with the so-called Brexit.

12 Nov 2019; MEMO: The Governor of Lebanon Central Bank, Riad Salameh, said yesterday that the 2017 resignation of Prime Minister Saad Hariri following pressure from Saudi authorities has negatively affected the country’s economy.

12 Nov 2019; MEMO: President Hassan Rouhani said on Monday Iran would regain access to the international arms market later next year if it stuck to its 2015 nuclear deal with world powers and this would prove “a huge political success”, reports Reuters.

However, while a United Nations-imposed arms embargo on Iran is supposed to be lifted in October 2020, five years after the nuclear deal took effect, it is questionable whether that will transpire given the recent unravelling of the accord.

New Delhi, Nov 11 (PTI) Several countries, including Australia, Iran, UK and Vietnam, will participate in the 14-day India International Trade Fair 2019 beginning here on Thursday.

The theme for the 39th edition of the fair (November 14-27, 2019) is 'Ease of Doing Business' inspired by India's unique achievement of rising to 63rd rank on the World Bank's Ease of Doing Business Index from 142nd rank in year 2014, an official release said.

The fair will be inaugurated by Minister of Micro, Small and Midium Enterprises (MSME) Nitin Gadkari.

Johannesburg, Nov 12 (PTI) The world's largest steel maker ArcelorMittal's South Africa unit has said it will retrench nearly 1,000 workers and shut down its Saldanha plant due to severe financial losses, amid a global downturn in the steel industry.

Global steel magnate Lakshmi Mittal's ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.