FTX founder Sam Bankman-Fried is expected to appear in a US courtroom around 1 pm EST (18:00 GMT) on Thursday, a court official said, the cryptocurrency exchange's founder was extradited from The Bahamas to face fraud charges.
Shrugging off rampant inflation and rising interest rates, the US economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth.
A fiscal deficit of 6.9% for 2021-22 and an expected 6.4% for 2022-23 were expected to be followed by a further fall in the next fiscal year. The median forecast from 37 economists polled from Dec. 13 to Dec. 21 was for the government to limit borrowing to 6.0% of GDP in 2023-24 - well above the historic average of 4%-5%. Predictions ranged from 5.7% to 6.8%.
Indian solar module exports have jumped sharply, driven mostly by rising shipments to the US after Washington's ban on import of items suspected to have been made using 'forced labour' left supplies from China stranded. India exported modules worth $157 million during the July-September period against exports worth over $21 million in the same period a year ago, renewable energy market tracker Mercom said quoting commerce ministry data.
The Covid surge in China is driven by a complete reversal of its zero-Covid policy. While infections have touched all-time high, epidemiologists have warned at this rate almost 60% of the Chinese population will get Covid in the next 90 days and there could be multiple such waves.
The government is closely following the inflation situation to prevent any surge in prices, FM Nirmala Sitharaman told the Rajya Sabha as she attributed inflation to "extraneous" factors, such as, rising fuel and fertiliser prices The minister said while some large economies were facing recession because of their financial handling of the pandemic, the government with its "targeted approach" of providing relief had kept India on a "safe course of revival" and the country was not getting into recession.
India Inc needs to brace itself for turbulence due to the recession in advanced economies which has begun to weigh in, but the country is in a situation that it can be optimistic about, Panda, who took over as president of the industry body last week, told ET. "There will certainly be a little bit of cooling off from where we are right now.
Global companies have begun looking at India as a viable alternative to traditional low-cost destinations. That offers ample opportunities for investors.
The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises.