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The rupee hit an all-time low of nearly 77 a dollar on Monday after crude oil made fresh surges on news reports that the US and its European allies were weighing a ban on Russian oil.  This was the fourth consecutive session when the currency weakened. At 12.11pm, the home currency was trading at 76.96 a dollar, down 1.03 percent from its previous close. It opened at 76.96 a dollar and touched a record low of 76.97 during the day. Analysts says that the higher crude is likely to widen India's current account deficit. A higher current account deficit is likely to put further pressure on the domestic currency. The Russian invasion of Ukraine and likely lower exports of Russian crude oil will keep the oil prices elevated for a protracted period. "We note increasing risks of global crude prices staying elevated in the next 6-9 months due to large imbalances in the global crude oil markets," an analyst said. Brent soared to a near 14-year high of $140. Oil reached its highest … [Read more...] about Rupee trades at record low of 76.96 a dollar on soaring crude prices

Representative image. India’s COVID-19 tally increased to 4,31,34,145 on Saturday with 2,323 fresh infections, while the number of active cases came down to 14,996, according to Union health ministry data. The death toll climbed to 5,24,348 with 25 fatalities, the data updated at 8 am stated. The active cases comprise 0.03 per cent of the total infections. The national COVID-19 recovery rate was recorded at 98.75 per cent, the ministry said. A decrease of 48 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. The daily positivity rate was recorded at 0.47 per cent and the weekly positivity rate was recorded at 0.51 per cent, the ministry said. The number of people who have recuperated from the disease surged to 4,25,94,801. The case fatality rate stood at 1.22 per cent, it said. The cumulative COVID-19 vaccine doses administered in the country so far under the nationwide inoculation drive have exceeded 192.12 crore. India’s COVID-19 tally had … [Read more...] about India sees single-day rise of 2,323 COVID-19 cases

A view shows a tank, which was destroyed during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine May 20, 2022. (REUTERS/Alexander Ermochenko) KYIV/OSLO — Russia stopped providing gas to Finland in an escalation of a row over energy payments with the West on Saturday and intensified an offensive in the Donbas region of eastern Ukraine. After ending weeks of resistance by the last Ukrainian fighters in the strategic southeastern city of Mariupol, Russia is waging what appears to be a major offensive in Luhansk, one of two provinces in Donbas. Russian-backed separatists already controlled swathes of territory in Luhansk and the neighboring Donetsk province before the Feb. 24 invasion, but Moscow wants to seize the last remaining Ukrainian-held territory in Donbas. The end of fighting in Mariupol, the biggest city Russia has captured so far, could be crucial to that ambition and gives Russian President Vladimir Putin a rare victory after a series of setbacks … [Read more...] about Russia cuts gas flow to Finland, intensifies push for Donbas

Margot Robbie wants to rob. The actor is attached to star in a prequel to Ocean's Eleven , a heist comedy about con artists who rob hundreds of millions from a Las Vegas casino. The upcoming film is still in development at Warner Bros. and has not been greenlit. Jay Roach, who previously worked with Robbie on 2019's workplace sexual harassment drama Bombshell , is directing the film. Carrie Solomon is working on the screenplay, which is expected to take place far away from Sin City, in 1960s Europe. The title has yet to be confirmed, but Ocean's Eight has already been claimed by 2018's gender-swapped reboot, led by Sandra Bullock, Cate Blanchett and Anne Hathaway, so the studio may have to settle on another numeral for Robbie's mission. Since the film does not officially have the go-ahead, there's always a chance it will not come to fruition. But if all goes to plan, the next Ocean's installment will go into production in spring of 2023. Complicating the timeline, … [Read more...] about ‘Ocean’s Eleven’ prequel in the works with Margot Robbie

IPOH: While some fathers feel that seven days of paternity leave is too short, others believe it is more than enough. Marketing designer Muhammad Luqman Hakim Mohamed Radzi, who will soon have his second child, said seven days will be good enough to “settle matters related to a newborn”. ALSO READ : SMEs unhappy with longer paternity leave “There are a number of things to be done such as registering the baby’s name and getting a birth certificate. “Most infants also develop jaundice a few days after birth so the extra days of leave will be important for the men as they need to accompany their wife and newborn to the doctor,” he said in response to the Dewan Rakyat’s passing of amendments to the Employment Act on March 21, which saw the three-day paternity leave extended to seven days. Working fathers are eligible for paternity leave for up to five children. They must also have worked at the company for at least 12 months to be entitled to such leave. Before this, the … [Read more...] about Seven days of paternity leave more than enough, say some dads

KOTA KINABALU: A man who was reported missing while searching for crabs at a river in the Semporna district has been found drowned. The victim’s body was discovered in the Bulian River at about 3pm, Saturday (May 21). State Fire and Rescue Department assistant operations director Misran Bisara said the victim was found when search and rescue officials were conducting a search for him. “He was believed to have gone missing on May 20 and a report was only lodged on May 21 afternoon,” he said in a statement Saturday. It is learnt that the victim’s friends had reported him missing after he failed to return from the activity. The victim’s age and name have yet to be verified as he is a foreigner, said Misran. The victim’s body was surrendered to the police for further action. … [Read more...] about Missing crab-hunter found drowned in Semporna

(Representative Image) In news that comes as a relief to the common man, the Centre has decided to cut excise duty on petrol by Rs 8 per litre and on Diesel by Rs 6 per litre. This will effectively reduce the price of petrol by Rs 9.5 per litre and of diesel by Rs 7 per litre. Finance Minister Nirmala Sitharaman , while making the announcement on her Twitter handle on May 21, requested state governments to follow the lead, especially those who didn't announce a reduction last time (Novemeber 2021). "I wish to exhort all state governments, especially the states where reduction wasn’t done during the last round (November 2021), to also implement a similar cut and give relief to the common man", read her tweet. Also Read: Excise duty on fuel has to be reduced by Rs 10-12 as there is no other option: Former finance secretary 7/12 We are reducing the Central excise duty on Petrol by ₹ 8 per litre and on Diesel by ₹ 6 per litre. It will have revenue implication of … [Read more...] about Centre cuts excise duty on petrol by Rs 8 per litre, on diesel by Rs 6 per litre

REUTERS/Ajay Verma India's inflation based on the Wholesale Price Index (WPI) rose further to 15.08 percent in April from 14.55 percent in March, according to data released by the commerce ministry on May 17. The WPI inflation was 10.74 percent a year ago. Another 10 percent-plus print in April means WPI inflation has extended its stay in double-digit territory to 13 months in a row. The rise in wholesale inflation in April comes after data released on May 12 showed the more closely tracked headline retail inflation rate based on the Consumer Price Index (CPI) jumped to 7.79 percent in April - the highest since May 2014, or 95 months. Expectations of a sharp increase in inflation in April forced the Reserve Bank of India's (RBI) Monetary Policy Committee to meet more than a month in advance of their scheduled meeting in June and announce a 40-basis-point hike in the repo rate on May 4. At 15.08 percent, the inflation print for April is the highest in the current series, … [Read more...] about WPI inflation rises further to 15.08% in April from 14.55% a month back

India is 80% dependent on imports for meeting its oil needs and retail rates adjust according to the global movement in crude prices. (Representative Image) Prices of petrol and diesel have remained steady for more than 40 days now. Since the end of a four-and-a-half-month-long halt in rate revision on March 22, rates of petrol and diesel have increased by Rs 10 a litre each through 14 revisions. Fuel prices were last hiked on April 6 by 80 paise a litre each. According to a price notification from fuel retailers, petrol in Delhi now costs Rs 105.41 a litre and diesel Rs 96.67 a litre. In Mumbai, petrol and diesel prices are at Rs 120.51 and Rs 104.77 per litre, respectively. In Chennai, petrol costs Rs 110.85 and diesel Rs 100.94 per litre; and in Kolkata, petrol is at Rs 115.12 per litre and diesel at Rs 99.83 per litre. Oil marketing companies (OMCs) began to raise retail prices of fuel on March 22. In March, the hike was Rs 6.40 a litre each and in April the hike … [Read more...] about Fuel Prices on May 21: Check out petrol, diesel rates in Mumbai, Delhi and other cities

US President Joe Biden (File image: Reuters) As Americans deal with the highest inflation in decades, President Joe Biden has declared that combating rising costs is a priority for his administration. Lately, he has cited one policy in particular as an inflation-fighting tool: shrinking the nation’s budget deficit. “Bringing down the deficit is one way to ease inflationary pressures in an economy,” Biden said this month. “We reduce federal borrowing and we help combat inflation.” The federal budget deficit — the gap between what the government spends and the tax revenue it takes in — remains large. But Biden has pointed out that it shrank by $350 billion during his first year in office and is expected to fall more than $1 trillion by October, the end of this federal budget year. Rather than stemming from any recent budget measures by his administration or Congress, the deficit reduction largely reflects the rise in tax receipts from strong economic growth and the winding … [Read more...] about Biden’s curious talking point: Lower deficits offer inflation relief