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Govt ‘in no hurry’ on medium-term inflation target: Report

RBI’s inflation-targeting Monetary Policy Committee, established in 2016, is mandated to keep inflation within a band extending 2 percentage points either side of its 4% target.

NEW DELHI: The government is in no hurry to push inflation – now hovering near 7% and eight-year highs – back to the central bank’s 4% medium-term target, for fear that aggressive rate hikes could hurt economic growth, two sources with direct knowledge of the matter said. Surging prices are poised to trigger for the first time a legally mandated central bank report to the government on anti-inflation policy responses, but the sources said the government would be comfortable if the central bank took two years or even longer to get inflation down to 4%. They added that, after rate rises of 140 basis points over the past four months by the Reserve Bank of India, to 5.4%, inflation was now getting under control and is expected to head back towards the top of its target band at 6%, which could be reached within three to six months. “We are in no hurry to get inflation to 4%. Growth and inflation have to be balanced,” said one of the sources, who asked not to be named because discussions on the matter are not public. “New Delhi would be comfortable with inflation coming below 6% in the next three to six months,” the source added. “Our inflation is under control especially after a series of measures from the government and the RBI.” The finance ministry did not immediately reply to an email and an instant message seeking comment. Many other big central banks also worried about inflation have been raising rates aggressively, with the US Fed widely expected to raise rates by at least 75 basis points on Wednesday. The RBI’s inflation-targeting Monetary Policy Committee (MPC), established in 2016, is mandated to keep inflation within a band extending 2 percentage points either side of its 4% target. If inflation remains below or above the band for three straight quarters, the RBI has to report to the government why it failed to reach the target, what remedial actions it will take, and an estimated time period for achieving the target. Inflation data for September, due on Oct. 12, is nearly certain to keep consumer price growth above 6% for a third quarter in a row, triggering the reporting requirement. For four years the RBI’s monetary policy maintained an accommodative stance with a growth bias, but it changed course in May, just before the release of April’s “shocker” retail inflation reading of 7.79%, which was the highest in eight years, driven by a surge in food prices. Inflation has remained high since, putting pressure on the central bank to raise interest rates again when the Monetary Policy Committee is next due to meet on Sep. 30. The government has taken a number of other measures to battle inflation, imposing curbs on rice exports last week after previously restricting exports of wheat and sugar, to cool local prices, while reducing taxes on gasoline and diesel in May. With economic growth flagging, however, authorities have become worried about steps that would undermine domestic demand. India’s April-June economic growth of 13.5% was lower than the RBI’s forecast of 16.2% for the period, threatening the overall growth projection of 7.5% for the full year. Last week, global ratings agency Fitch cut India’s 2022/23 growth forecast to 7% from 7.8%, as elevated inflation will lead to tighter monetary conditions. Fitch said it expects the country’s monetary policy rates to peak in the near future and remain at 6% through next year. The second source familiar with the matter said economic growth momentum is in the right direction and steps already taken by the central bank and the government should be able to contain inflation. The central bank has said its rate decisions would be calibrated, measured and nimble depending on economic dynamics, while markets expect that it might raise rates by 35 to 50 basis points later this month.

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Tucker Carlson leaves Fox News after Dominion settlement for defamation

In this articleFOXAFollow stocks you likeCREATE A FREE ACCOUNTTucker Carlson, the right-wing prime-time host at Fox News, is leaving immediately. The cable network announced this Monday. This announcement came just days after Fox News parent company settled Dominion Voting Systems defamation suit for $787.5 Million. CNBC reported that the settlement did not require the company’s hosts to discuss the lawsuit or apologize for it. FOX News Media announced in a Monday statement that it and Tucker Carlson had agreed to part ways. “We thank him both for his work as a network host and, before that, as a contributing contributor. “There will not be a send-off for Carlson as his last show aired on Friday. Carlson had said he would return Monday when he signed off on Friday. Carlson’s “Tucker Carlson Tonight” has been one of Fox’s most popular programs for years. The company would not comment beyond the press release or whether Carlson had been taken off the air as a result of the Dominion defamation lawsuit. Fox News did make a statement in Carlson’s name. The Fox Corp. Class A share price fell about 3% on Sunday. Carlson’s emails and texts were also included in the evidence that was released before the settlement. Carlson was also among the hosts deposed by Dominion and included in the evidence. Other hosts deposed were Maria Bartiromo and Jeanine Pirro. Sean Hannity, Laura Ingraham and former host Lou Dobbs. “It’s unbelievably insulting to me.” Court documents show that Carlson stated in a text message sent in the weeks following the election: “Our viewers are good people, and they believe it.” Dominion pointed out the drop in Fox’s viewership after election night when the network called Arizona Biden. Carlson and his co-hosts expressed “the danger to them personally” behind the scenes. Carlson wrote to his producer in a message on November 5, “We worked hard to build what you have.” These f —-ers destroy our credibility. It enrages my.” Carlson was one of the witnesses who would have testified if the lawsuit went to trial. Abby Grossberg was also on that list of witnesses. She was a former Fox Producer who worked for Bartiromo, Carlson, and Bartiromo. Grossberg claimed she was forced to give misleading testimony in the Dominion lawsuit. Fox said Grossberg’s “unmeritorious claims” were “filled with false allegations about Fox and its employees”. “Grossberg’s attorneys stated in court documents that she was terminated by Fox as a result of retaliation. She has filed lawsuits against Fox in New York and Delaware, accusing the network of discrimination.Grossberg cheered Carlson’s departure in a statement Monday, saying, “This is a step towards accountability for the election lies and baseless conspiracy theories spread by Fox News, something I witnessed firsthand at the network, as well as for the abuse and harassment I endured while Head of Booking and Senior Producer for Tucker Carlson Tonight. I think this is fantastic for America! It’s a win for cable news viewers, not just Fox. “Carlson replaced Bill O’Reilly’s prime-time slot on Fox after O’Reilly quit the network in 2017 amid controversy. O’Reilly was accused of sexual harassment in the past by former Fox employees. He has denied these allegations. While the Dominion suit was unlikely to have an impact on Fox’s business it was not clear what effect it would have on its programming or hosts. Shortly after Smartmatic, a voting technology company, sued Fox in 2021 for defamation, Dobbs weekday show on Fox Business was cancelled. Dobbs was named as a defendant by Smartmatic in their ongoing lawsuit. The trial is not scheduled to begin until 2025. Fox had said that the show was already being cancelled before the lawsuit. Disclosure: NBCUniversal owns CNBC.

 

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Rupee Gains One Paisa to 82.16 US Dollar

The dollar index fell by 0.04 percent to 108.80. (File)Mumbai: The rupee gained 1 paisa to 82.16 against the US dollar in early trade on Friday, tracking a weak greenback against major currencies and positive sentiment in the domestic equities market.Forex traders said downward movement of crude oil prices also supported the local unit.

At the interbank foreign exchange, the domestic unit opened strong at 82.11 against the dollar and hit the lowest level of 82.17 before trading at 82.16, registering a rise of 1 paisa over its previous close.On Thursday, the rupee closed at 82.17 against the US currency.Participants were also cautious due to expectations of further interest rate hike by the US Federal Reserve and other central banks.

“Upside expectations were abandoned as soon USDINR turned under 82.2. As long as 81.97 is held, expect a bounce today. However, 82.4 seems far away. The 30-share BSE Sensex rose 109.93 or 0.18 percent to 59.742.28. The broader NSE Nifty gained 21.95 points, or 0.12 percent, to 17,646.40. According to exchange data, Foreign Institutional Investors (FIIs), who are net sellers on the capital market today sold shares worth Rs 1,169.32 million.

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Sensex and Nifty markets rise in early trade on buying Reliance Industries

The BSE Sensex climbed 134 to 59 766 in early trading. The 30-share BSE Sensex climbed 134 to 59,766.37 points in early trading. The NSE Nifty gained 36.4 points, to 17,660.85. HCL Technologies was the largest gainer among the Sensex companies, climbing nearly 2% in early deals.

HCL Technologies posted a 10.85 percent increase in consolidated profit to Rs 3,983 billion for the fourth quarter 2022-23. Kotak Mahindra Bank was among the other winners. The Q4 results have been mixed, with IT disappointing, and banking showing early signs of continued strength. This trend is likely not to change. There can be a slight pullback in IT after the sharp correction following the Infosys result.

“HCL Tech’s results have not disappointed. Some IT midcaps could beat market expectations.” The Sensex rose 64.55 points (0.11%) to settle at 59.632.35 on the Thursday. The Nifty rose by 5.70 points, or 0.03 percent, to close at 17,624.45. Brent crude, the global oil benchmark, fell 0.09 percent to USD 81.03 a barrel. According to exchange data, Foreign Portfolio Investors (FPIs), sold equities valued at Rs 1,169.32 crore.

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DeSantis and his allies intensify their Disney battle as more Republicans criticize him

Ron DeSantis answers a question at a press conference held Monday, April 17th, 2023, at the headquarters of Central Florida Tourism Oversight District (formerly Reedy Creek Improvement District), which a newly appointed board has renamed. Orlando Sentinel Ron DeSantis, his allies and the Republican presidential hopeful are intensifying their fight against Walt Disney Co. despite the criticism from his rivals for his long-running battle with the entertainment giant.

DeSantis has ripped Disney this week repeatedly over its recent moves to thwart his efforts to seize control of the company’s Orlando parks and property. DeSantis, who hasn’t announced his presidential plans, is considered the top Republican candidate for the 2024 GOP presidential nomination. He was promoting a new book that calls Disney a “Magic Kingdom of Woke Corporatism”. “Meanwhile his handpicked Disney World’s Special Tax District board of supervisors increased the pressure on Disney.

The officials took action on Wednesday to regain control of the property they claim Disney wrongfully took away before they took over. “People have suggested that we create a state-run park or try to build more amusement parks. Someone suggested another state prison. Who knows?” DeSantis said.It is the latest chapter of a grim story that began over a year ago, when Disney opposed the controversial Republican Florida law limiting discussion in classrooms about sexual orientation or gender identification. Disney’s stance on the legislation, dubbed by critics “Don’t Say Gay”, sparked an intense feud.

The Republican governor of Florida and the GOP-controlled legislature targeted a special tax district which has allowed Disney to govern itself for decades. DeSantis, who is willing to use his political influence to engage in cultural battles, has become a rising star within the GOP. His transition to the national scene, in apparent anticipation for a presidential announcement has sparked some criticism from his fellow Republicans. Trump, a former DeSantis supporter who is now regularly attacking the governor, wrote on Tuesday that the Governor is being “absolutely ruined by Disney”. “Republican ex-New Jersey Gov. Chris Christie questioned DeSantis this week about his political skills, referencing the Disney row.

Chris Christie said in an interview with Semafor that “that’s not the person I want to sit across from” President Xi Jinping or Russian President Vladimir Putin and trying to resolve what is happening in Ukraine if you cannot see around a blind corner [Disney CEO] Bob Iger has created for you.” Chris Sununu, who spoke on CNN Monday, said that the battle “confuses the entire Republican message,” Politico reports. These Republicans are either running or considered potential candidates for president. They could be DeSantis’ rivals. DeSantis’ press secretary Bryan Griffin responded to the recent GOP criticism by referring to a statement released on Tuesday accusing Disney of passing a “legally defective, 11th-hour agreement” to preserve its special privileges.

Griffin’s statement was a response Christie’s criticism. It said: “That’s an effort to subvert will of the people in Florida, and Governor DeSantis won’t stand for that.” The Reedy Creek Improvement District is a local government entity established in 1967. It gave Disney regulatory control of public services and functions in a 25,000-acre region encompassing its Florida resorts and parks. Disney paid Reedy Creek millions of dollars in taxes to fund these services. This was on top of the local tax obligations.

Florida Republicans passed legislation weeks after Disney denounced this classroom bill. DeSantis then signed the bill. The move raised concerns that Florida taxpayers living in the two counties around Reedy Creek would be hit with a large tax bill if Florida removed Disney’s self governing status. In a February special session, the state legislature scrapped the plan and replaced it with a proposal that allowed DeSantis the power to appoint the five board members.

But last month, the newly chosen board of the governing board — now called the Central Florida Tourism Oversight District – said that their predecessors had stripped many of their rights on their way out. “The bottom line is Disney committed a caper that would have made Scrooge McDuck proud to try and evade Florida laws,” said David Thompson, identified as trial counsel for the board. David Thompson, identified by the board as trial counsel, said that its efforts were illegal and would not stand.

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Media outlets and top pro leagues join forces to combat problematic sports betting ads

Kansas City Star The coalition is led by Jonathan Nabavi, NFL vice president of government affairs and public policy. It aims to regulate the sports-betting advertisements that flood television, internet, and print media. The coalition said that as sports betting becomes legal across the country, it is important to set guidelines for how the industry should be promoted to consumers. “Each coalition member feels a sense of responsibility to ensure that sports betting advertising is not just targeted at the right audience, but is also carefully crafted and delivered.

“The coalition describes themselves as voluntary and stated that it will work to ensure that sports-betting advertisements only target adults of legal betting ages, do not promote excessive or irresponsible gaming habits, remain in good taste and aren’t misleading. David Highhill is the general manager of sports wagering for the NFL. He said that legalized sports betting gives fans a new way to interact with their favorite sports.

“But we must not only support problem-gambling prevention, but also be mindful of the way sports betting is advertised and presented to consumers. This coalition will greatly help in this cause. The National Council on Problem Gambling commended the coalition, and promised to collaborate with it in order to “better minimize problem gambling-related harm.” 

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