foreign exchange crisis World 

Amid the forex crisis, Sri Lanka seeks a $500 million loan from India for fuel purchases

Amid a severe foreign exchange crisis, the Sri Lankan Cabinet has accepted a 500 million dollar loan from the Exim Bank of India for the purchase of petroleum supplies. As the government grapples with a serious foreign exchange crisis, Sri Lanka has been considering several possibilities to facilitate efforts to prevent fuel pumps from running dry. The country is experiencing extraordinary economic hardship, the worst since its 1948 independence from the United Kingdom. Due to a lack of cash to pay for imports, it is experiencing a shortage of practically…

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1 200 bodies found near Kyiv World 

Ukraine says 1,200 bodies found near Kyiv as east braces for onslaught

Ukraine’s president warned his nation Sunday night that the coming week would be as crucial as any in the war. “Russian troops will move to even larger operations in the east of our state,” Volodymyr Zelenskyy said in his nightly address. He accused Russia of trying to evade responsibility for war crimes. “When people  lack the courage to admit their mistakes, apologize, adapt to reality and learn, they turn into monsters. And when the world ignores it, the monsters decide that it is the world that has to adapt to…

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Ukraine crisis World 

Open to India mediating in Ukraine crisis: Russian foreign minister

Russian Foreign Minister Sergey Lavrov on Friday said that India can mediate between Moscow and Kyiv as the peace talks between the two counties failed to come up with solutions yet to end the war. Responding to an ANI question on the possibility of India becoming a mediator between Russia and Ukraine, he said, “India is an important country. If India sees to play that role which provides resolution of the problem…If India is with its position of a just and rational approach to international problems, it can support such process.” Lavrov,…

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US Congress passes budget World 

US Congress passes budget including $14 billion for Ukraine

The US Congress passed a huge omnibus 2022 spending bill Thursday including almost $14 billion in humanitarian and military aid to war-torn Ukraine, as its invasion by Russia entered its third week. Lawmakers had been facing the latest in a series of shutdown showdowns, with government funding due to expire at midnight Friday into Saturday, meaning thousands of workers would have been sent home without pay. With the deadline fast approaching, senators in the legislative body’s upper chamber followed their House of Representatives colleagues, who green-lit the $1.5 trillion package…

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US allies ready to retaliate for Russian cyberattacks World 

US, allies ready to retaliate for Russian cyberattacks

The United States and its allies are prepared to respond to Russian cyberattacks amid escalating tensions over Ukraine, with the scope of retaliatory actions or sanctions depending on the severity of the hacks, U.S. and European officials said on Tuesday. U.S. President Joe Biden, speaking hours after Ukraine reported its defense ministry and two banks had been hacked, told reporters that Washington was coordinating closely with NATO allies and other partners to expand defenses against threats in cyberspace. The attacks, believed by Western security experts to have been carried out…

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Ukraine tensions Fed hike talk drag on euro World 

Ukraine tensions, Fed hike talk drag on euro

Tensions in eastern Europe weighed on the euro on Tuesday and pushed demand for the dollar and the safe-haven yen, while the greenback was also helped by debate about more aggressive U.S. interest rate hikes. The euro was at $1.1308 in early Asia having touched $1.1278 the day before, its lowest in a week-and-a-half. The yen was at 115.33 per dollar, after briefly hitting 114.99 on Monday, its strongest in a week. Moves were slightly more cautious elsewhere and the overall result was that the dollar index, which tracks the…

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Saudi Arabia transfers World 

Saudi Arabia transfers Aramco shares worth $80 billion to state fund

Saudi Arabia’s Crown Prince Mohammed bin Salman has transferred 4% of Saudi Aramco shares worth $80 billion to the kingdom’s sovereign wealth fund, the government said. The shares will bolster the Public Investment Fund’s (PIF) strong financial position and high credit ratings in the medium term, the crown prince said in a statement. The fund is the prince’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues. The state remains the largest shareholder in Saudi Aramco after the transfer process, as it retains more than 94%…

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New York joins blue states World 

New York joins blue states in easing rules, drops indoor mask mandate

Gov. Kathy Hochul will drop New York’s stringent indoor mask mandate on February 9, ending a requirement that businesses ask customers for proof of full vaccination or require mask wearing at all times, and marking a turning point in the state’s coronavirus response, according to three people briefed on her decision. The decision will eliminate a rule that prompted legal and interpersonal clashes over mask wearing, especially in conservative parts of New York. It was set to expire Thursday and would have required renewing. Hochul’s decision will let the mask…

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Oil prices World 

Oil prices take a breather, OPEC+ sticks to output plans

Oil prices eased on Thursday following weak U.S. payrolls data and some profit taking, but remained underpinned by tight supply as OPEC+ producers stuck to planned moderate output increases. Brent crude fell 17 cents, or 0.2%, to $89.30 a barrel by 0420 GMT, after rising 31 cents on Wednesday. U.S. West Texas Intermediate crude was down 31 cents, or 0.4%, at $87.95 a barrel, having gained 6 cents the previous day. “This morning’s dip might be a result of the shockingly low U.S. ADP employment print last night, but we believe…

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Oil rises World 

Oil rises, hovers near 7-year highs on supply fears, political risks

Oil rose 1% on Monday, hovering near 7-year highs hit in the previous session, amid concerns over tight supply as well as geopolitical tensions in Eastern Europe and the Middle East. Brent crude rose 92 cents, or 1.0%, to $90.95 a barrel at 0051 GMT, after adding 69 cents on Friday. The front-month contract for March delivery expires later in the day. The most-active Brent contract, for April delivery, was trading at $89.69, up $1.17 or 1.3%. U.S. West Texas Intermediate crude rose 99 cents, or 1.1%, to $87.81 a…

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