World Biz
Britain’s PM delays fiscal statement to Nov 17
Uk new PM Rishi Sunak on Wednesday, 26 October postponed the announcement of a plan to repair the nation’s public finances until November 17, two-and-a-half weeks later than originally planned.
Finance Minister Jeremy Hunt announced the move in a televised statement, saying it was prudent to delay the plan to ensure it took into account the latest economic forecasts.
“The prime minister and I have decided that it is wise to make that statement on the 17th of November,” Hunt said.
The plan is expected to set out how the government will plug a budget shortfall of as much as 40 billion pounds ($45.88 billion).
Britain’s credibility in financial markets was shaken last month when former PM Liz Truss announced a string of unfunded tax cuts, triggering a bond market rout so severe the Bank of England had to intervene and Truss was forced into a U-turn and eventually resigned.
“Our number one priority is economic stability and restoring confidence that the United Kingdom is a country that pays its way and for that reason, the medium-term fiscal plan is extremely important,” Hunt said.
“I want to confirm that it will demonstrate debt falling over the medium term.”
British government bonds extended their losses on confirmation of the delay. Long-dated gilt yields hit new session highs as they rose 12-13 basis points on the day. Sterling was little changed by the announcement.
Prior on Wednesday, Sunak gathered his cabinet for the first time, a day after he took over from Truss with a promise to fix his predecessor’s mistakes and stabilize the economy.
The budget plan delay will complicate the Bank of England’s job next week when it is due to publish forecasts for the economy without knowing the details of the government’s fiscal plans, as well as take its latest monetary policy decision.
The BoE is expected to raise interest rates again – probably to 3.0pc from 2.25pc now on November 3.
At least 20 Umrah pilgrims were killed and 29 injured in a horrific bus crash southwest of Saudi Arabia, according to Gulf News reports.
The passenger bus crashed into a bridge on Monday, overturned, and caught fire, killing 20 and injuring 29.
According to Saudi media, the accident occurred around 4pm on the 14 km-long Aqabat Shaar road in the Asir province, as the bus was traveling from Khamis Mushayt to Abha.
The road, according to Saudi Press Agency, cuts through mountains, and has 11 tunnels and 32 bridges. When the bus was making its way down a bridge it underwent a brake failure, which caused it to crash into a barrier at the end of the bridge, overturn and catch fire. About 29 other people were also injured in the accident, according to reports.
The Saudi civil defense and Red Crescent Authority teams rushed to the site of the accident and cordoned off the area.
The deceased and the injured have reportedly been transferred to nearby hospitals.
Greeting Bangladesh, the United Nations on Sunday (26th March) said Bangladesh has many accomplishments — extraordinary economic development, a significant cultural legacy, leadership on a global stage for climate-vulnerable countries, and immense generosity in welcoming and hosting nearly a million Rohingya refugees.
“The hospitality of Bangladesh’s diverse people is just one of the many facets of a country that my colleagues and I have been fortunate to experience every day,” UN Resident Coordinator in Bangladesh Gwyn Lewis said in a press statement on the occasion of the country’s Independence Day.
“On behalf of the United Nations, I warmly congratulate the people of Bangladesh on the 52nd anniversary of independence,” she said.
Over the last 52 years, Bangladesh has made impressive and remarkable achievements: evolving from a war-torn country to one of the leading economic powers in South Asia, standing at the threshold of upcoming graduation from least developed countries (LDCs) in 2026, and planned achievement of the sustainable development goals (SDG) by 2030, she said.
The UN fully supports Bangladesh’s commitments to economic and sustainable development and appreciates the strong and long-lasting relationship with Bangladesh and our shared values.
The constitution of the country, which was adopted even before Bangladesh had formally become a member of the United Nations in 1974, guarantees fundamental human rights. The right to freedom of speech, religion, movement and assembly, the right to speak one’s own language and other rights that are in line with the UN charter, said the UNRC.
“Wishing you all a Happy Independence Day!” — she concluded.
South Asian Bourse or Stock Markets dropped last week. Among them, the biggest fall was in the stock markets of India and Pakistan.
A review of South Asian markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has dropped 462 points during the week. At the end of the week, the index stood at 57,527 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange dropped by 467 points last week. At the end of the week, the index stood at 16,945 points.
Pakistan Stock Exchange Index ‘KSE 100’ lost 1,387 points last week. After a week of losing, the index settled at 39,942 points.
On the hand The Sri Lankan stock market hiked, the Colombo Stock Exchange index ‘ASPI’ lost 251 points in a week. After a week the index settled at 9,419 points.
Bhutan’s stock market index ‘BSI’ hiked by 23 point and the index stood at 1,127 points throughout the whole week. Nepal’s ‘NEPSE’ lost 18 points last week, as the index stands at 1,915 points.
