Morning digest: May 5, 2022


PM Modi leaves for home after concluding three-nation European tour

Prime Minister Narendra Modi left for home on Thursday, May 5, 2022, after concluding his three-nation European tour during which he held a series of bilateral meetings to boost ties in a range of areas including trade, energy and green technology.

Fed raises key rate by a half-point in bid to tame inflation

The United States Federal Reserve intensified its fight against the country’s worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signalling further large rate hikes to come.

COVID-19 situation under control but caution needed with changing virus: V.K. Paul

COVID-19 is not over and the virus is constantly changing shape. There is an uptick in some pockets of the country, according to Dr. V.K. Paul, member (health), NITI Aayog.

LIC IPO: Policyholders’ portion oversubscribed; overall subscription at 66% on day 1

LIC’s public offer, the country’s biggest-ever IPO, saw the policyholders’ portion being oversubscribed on the first day itself on Wednesday, though overall subscription stood at just 66%.

PM Modi meets Norwegian counterpart in Denmark, discusses ways to deepen developmental cooperation

Prime Minister Narendra Modi on Wednesday met his Norwegian counterpart Jonas Gahr Store in Copenhagen and the two leaders took stock of the full range of bilateral relations, discussed ways to deepen developmental cooperation and exchanged views on regional and global developments.

RBI increases policy rates in sudden move; repo rate is higher by 40 basis points, cash reserve ratio up by 50 bps

Making an unscheduled announcement, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) of the RBI met in an off-cycle meet and decided to increase the policy rates to curb the rising inflation. 

RBI move sends Sensex into downward spiral

Key indices crashed 2.29% in reaction to the development. The last time the repo rate was increased was in August, 2018. This time around, the market was not prepared for an off-cycle announcement.

Gang-rape victim who went to UP police station to file complaint allegedly raped by policeman

The family of a 13-year-old girl in Uttar Pradesh’s Lalitpur has alleged she was raped by a police station in-charge after she had gone there to register a complaint about a gang rape case.

President Kovind bats for conservation of local languages

His statement at the 61 st annual conference of the Bodo Sahitya Sabha (BSS) in western Assam’s Tamulpur attains significance after the row in the northeast over the Centre’s bid to make Hindi compulsory in high schools across the region.

Stir to continue against ‘azaan’ on loudspeakers, says Raj Thackeray

Even as the police served notices to workers of the Maharashtra Navnirman Sena (MNS), its chief Raj Thackeray on Wednesday said the movement to shut down loudspeakers on mosques was not a one-day affair but would continue.

Durgapur-bound SpiceJet flight returns to Chennai after engine glitch

The incident that occurred on Tuesday was the second involving a Max plane of the SpiceJet in the last five months.

Lapsus$: how two teenagers hacked big tech firms

What are the methods through which the cyber-crime group attacks companies? Has any action been taken against the masterminds of the group?

Sri Lanka’s usable reserves now negligible, says Finance Minister 

Sri Lanka’s usable foreign reserves are down to $50 million, as the cash-strapped island awaits assistance from the International Monetary Fund, which might take up to six months to come through, Finance Minister Ali Sabry said on Wednesday.

Russian troops enter Azovstal plant, top Ukrainian lawmaker says

Russian forces have entered the territory of Mariupol’s Azovstal plant, Ukraine’s ruling parliamentary faction head David Arakhamia said in a Wednesday evening comment to  RFE/RL.

Govt’s wheat purchases set to halve; no plans to curb exports: Food secretary

The Centre’s wheat procurement is set to decline by more than half to 19.5 million tonnes in the the current rabi marketing year amid higher exports and likely fall in output, food secretary Sudhanshu Pandey said on Wednesday, and asserted there won’t be any concern for meeting the domestic demand under the Public Distribution System.

IPL 2022 | RCB pushes CSK to brink of elimination with 13-run win

With the win RCB moved to fourth position on the points table, while CSK were pushed closer to the brink of elimination as they remained at the penultimate spot.

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