Author: News Room

Emerging economies, like China and its allies, have been hoarding gold to diversify from the US dollar.But they’re not the only gold buyers.Even central banks from advanced economies are planning to load up on gold, according to a World Gold Council survey released on Monday.This enthusiasm for the yellow metal comes even though the spot gold price is hovering at record levels, around $2,330 an ounce, after hitting nearly $2,450 last month.The WGC survey conducted between February and April found that 29% of 70 central banks — a record share — are planning to buy gold over the next 12…

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By Vivek Mishra and Hari Kishan BENGALURU (Reuters) – The Indian economy is likely to remain the fastest-growing major one in coming years, but a majority of independent economists and policy experts polled by Reuters are not confident it will make any difference in narrowing stark economic inequality. Despite over 8% economic growth last fiscal year and a roaring stock market in Mumbai that is easily one of the world’s most expensive, New Delhi still distributes free food grains to more than 800 million of its 1.4 billion people. Prime Minister Narendra Modi, sworn in for a third term with…

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The Swiss National Bank (SNB) board members decided to cut the benchmark Sight Deposit Rate by 25 basis points (bps) from 1.50% to 1.25%, following its quarterly monetary policy assessment on Thursday. The decision came in line with the market expectations.  The SNB announced a surprise 25 bps rate reduction in March to 1.50%, which made it the first major central bank to dial back tighter monetary policy. Summary of the SNB policy statement Momentum on the mortgage and real estate markets in recent quarters has been weaker than in previous years. Also willing to be active in the foreign exchange market…

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Fans gave Major League Baseball a fine Father’s Day present by turning out in record numbers this past weekend. The combination of good weather, good match-ups, and shorter games resulted in attendance of 1,688,731 for 45 games, an average of 37,527, according to Front Office Sports. Those numbers were the best for any weekend since Aug. 22, 2008 and the best for any Sunday – Father’s Day or otherwise — since Sept. 28, 2008. A combination of factors helped. The New York Yankees and Boston Red Sox tangled in Fenway Park, the Los Angeles Dodgers hosted the suddenly-contending Kansas City…

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One key part of buying a home became a bit more affordable last week, and some Americans decided to take advantage.The 30-year fixed mortgage rate fell from 7.02% to 6.94% in the week ending June 14, according to a Bloomberg report that cited Mortgage Bankers Association data released on June 19. This was the first time the 30-year fixed mortgage had fallen below 7% since March. In the same week, the MBA’s index of mortgage applications rose 1.6% to its highest point since March — signaling an uptick in homebuyer demand.In recent years, high home prices and mortgage rates have…

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Shimmering regency-era gowns, sparkling jewels, and elaborate wigs were the talk of the ton in Bridgerton’s latest season.But one of the hit Netflix show’s makeup artists had another task: Making the actors’ makeup look good during sex scenes.In an interview with Page Six published on Friday, makeup artist Erika Okvist said that the cast had to perform “smooch-tests” to ensure that the makeup could hold up in steamy scenes.”We want them to look as good as they did when they stepped into the carriage when they step out,” Okvist told Page Six, hinting at the viral hookup scene in the…

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By David Milliken LONDON (Reuters) – Britain’s central bank looks on course to hold interest rates at a 16-year high of 5.25% on Thursday as underlying inflation pressures prove persistent, depriving Prime Minister Rishi Sunak of a much-needed boost ahead of a July 4 election. Bank of England Governor Andrew Bailey opened the door early last month to a rate cut, saying he was “optimistic that things are moving in the right direction” and that a June rate cut was an option – although no fait accompli. But despite data on Wednesday showing headline inflation fell back to the BoE’s…

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By Corina Pons, Emma Pinedo and Charlie Devereux MADRID (Reuters) – China’s dumping probe into EU pork imports following duties slapped on Chinese EVs, caught Spain’s pig farmers on the hop this week, but the sector has proved it is resilient and far less vulnerable than the bloc’s car industry. Spain supplied 22% of China’s imported pork in 2023, worth 1.2 billion euros ($1.29 billion), and stands to lose more than any of the bloc’s members from the probe into underpriced pork after the EU took aim at China’s subsidised electric vehicle imports last week. “It was like a shock…

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By Kate Lamb and Bernadette Christina JAKARTA (Reuters) – In a jungled corner of Indonesia’s Papua, the Awyu tribe await a Supreme Court verdict that will determine whether thousands of hectares of rainforest will be cleared for a vast palm oil concession to be planted atop the graves of their ancestors. “Birds of paradise, cassowaries… sacred places, and the paths of our ancestors are there,” said Awyu man, Hendrikus ‘Franky’ Woro. “If the graves of our ancestors are removed, we will be committing a sin against them.” At stake in three cases being decided by the court is the fate…

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The Indian Rupee (INR) loses ground on the firmer US Dollar on Thursday.  Significant inflows into Indian markets might support the INR, while Fed rate-cut bets could cap the upside.  Investors await the US weekly Initial Jobless Claims, Housing data, and Philly Fed Manufacturing Index, which are due on Thursday.  The Indian Rupee (INR) trims gains on Thursday amid renewed US Dollar (USD) demand. The INR depreciation underscores the ongoing pressure from local importers and oil companies demanding USD. Furthermore, the rise in crude oil prices might contribute to the INR’s downside as India is the third largest consumer of…

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