2024-03-26 13:09

MUMBAI, March 26 (Reuters) - India's current account deficit narrowed in the October-December quarter, largely due to higher service exports, the central bank said on Tuesday. The deficit (INCURA=ECI) , opens new tab was $10.5 billion, or 1.2% of GDP (INCAPA=ECI) , opens new tab, in the third quarter of fiscal 2023/24, compared with $11.4 billion, or 1.3% of GDP, in the preceding quarter, which was revised upwards from $8.3 billion, or 1% of GDP. The deficit stood at $16.8 billion or 2% in the same quarter a year ago. The median forecast in a Reuters poll of 21 economists was for a deficit of $12.1 billion. "Services exports grew by 5.2% on a year-on-year basis on the back of rising exports of software, business and travel services," the Reserve Bank of India said in a statement. Net services receipts increased both sequentially and from a year ago, which helped cushion the current account deficit (CAD), the RBI said. "Buoyancy in services exports along with a recovery in global demand suggests that CAD for 2023-24 is likely to be lower than last year," said Aditi Gupta, an economist at Bank of Baroda. Next fiscal year, a combination of lower global rates and a pickup in global and domestic growth might push CAD higher but "within a manageable range," Gupta said. Merchandise trade deficit (INTRDQ=ECI) , opens new tab widened marginally to $71.6 billion in the quarter, from $71.3 billion a year ago, the RBI said. The merchandise trade deficit in February stood at $18.71 billion compared to $17.49 billion in January. Private transfer receipts, which are mainly remittances by Indians employed overseas, increased 2.1% on-year to $31.4 billion. The country's balance of payments (INBOP=ECI) , opens new tab was a surplus of $6 billion in the December quarter, compared with a surplus of $11.1 billion a year ago. The surplus, however, widened sharply from $2.5 billion in the September quarter. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/india/india-current-account-gap-narrows-12-gdp-q3-fy24-cenbank-2024-03-26/

2024-03-26 12:58

DUESSELDORF, March 26 (Reuters) - The insolvency manager of German department store giant Galeria Karstadt Kaufhof said on Tuesday it will hold talks with two bidders who want to buy the nation's most prominent retailer that filed for insolvency after the collapse of its parent Signa. Galeria, currently under supervision of the insolvency manager, had been seeking a new owner after being hit by problems at Signa, the Austrian-based property empire that has become the biggest casualty so far in Europe's real-estate crisis. The deadline for binding final bids for Galeria was over the weekend. Four investors had placed offers for the chain, the insolvency manager, Stefan Denkhaus, told journalists. He didn't name the bidders but said they had international financing and were interested in taking over more than 60 stores. More than 90 stores are currently listed on its website. Get U.S. personal finance tips and insight straight to your inbox with the Reuters On the Money newsletter. Sign up here. https://www.reuters.com/markets/deals/two-bidders-talks-buy-german-retail-giant-galeria-2024-03-26/

2024-03-26 12:52

KYIV, March 26 (Reuters) - Ukraine's daily electricity imports will reach their highest this year on Tuesday after a series of Russian missile strikes on critical infrastructure caused blackouts in many regions, the energy ministry said. The attacks, the biggest of which came on Friday, have caused major damage to generating and transmission facilities, forcing Kyiv to halt power exports. Power imports are expected to reach 18,649 megawatt hours (MWh) on Tuesday, up from 14,900 MWh on Sunday, the ministry said in a statement. By contrast, Ukraine had exported 3,300 MWh the day before the first wave of Russian attacks on March 22. Ukraine has been connected to the European Union's united grid since the first weeks of Russia's full-scale invasion in February 2022. The imports come from Romania, Slovakia, Poland, Hungary and Moldova, the Ukrenergo grid operator told Reuters. Ukraine, which has an extensive civilian nuclear energy sector, was a net exporter of power before the invasion and subsequent Russian occupation of Europe's largest nuclear power plant. In the northeastern border city of Kharkiv and parts of southeastern Zaporizhzhia region, 200,000 residents have gone without electricity since last Friday's attacks. "Very serious damage to the power system makes it impossible to connect all people and houses to the grid and there are parts of the city where blackouts last 4-6 hours," Kharkiv Mayor Ihor Terekhov told state television. "Today underground transport is already working, however ... (other) electric transport is not working today in Kharkiv," he said. Emergency power outages have also been introduced in Ukraine's Black Sea port city of Odesa. Deputy Odesa governor Serhiy Kropyva told national television 23,000 residents were without electricity as of Tuesday noon while "the transport system was almost completely restored." He said the maritime Black Sea transport corridor continued to function despite the attacks. "Ships leave periodically from all ports located on the territory of the Odesa region," Kropyva said. Moscow has said that Ukrainian power facilities are legitimate targets and such attacks are aimed at weakening Kyiv's military. It says the latest strikes are retaliation for Ukrainian attacks that overshadowed the re-election of Russian President Vladimir Putin. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/ukraine-electricity-imports-soar-after-russian-attacks-2024-03-26/

2024-03-26 12:40

March 26 (Reuters) - Yemen's Houthis said on Tuesday that they had mounted six attacks on ships with drones and missiles in the last 72 hours in the Gulf of Aden and the Red Sea. The Houthis attacked the Maersk Saratoga, APL Detroit, Huang Pu and Pretty Lady after identifying them as either U.S. or British, according to a statement from the group's military spokesperson Yahya Sarea. Sarea added that the group also attacked two U.S destroyers in the Red Sea as well as Israel's city of Eilat. It was not immediately clear which if any of the targets were struck by the drones or missiles. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/middle-east/yemens-houthis-say-they-attacked-four-ships-gulf-aden-red-sea-2024-03-26/

2024-03-26 12:35

OTTAWA, March 26 (Reuters) - Canadian wholesale trade most likely rose 0.8% in February from January, largely driven by higher sales in the machinery, equipment and supplies, as well as the motor vehicle and motor vehicle parts and accessories subsectors, Statistics Canada said in a flash estimate on Tuesday. The estimate was calculated based on a weighted response rate of 60.7%. The average weighted response rate for the survey over the previous 12 months has been 80.1%. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. https://www.reuters.com/markets/canada-february-wholesale-trade-most-likely-rose-08-statscan-flash-estimate-2024-03-26/

2024-03-26 12:31

WASHINGTON, March 26 (Reuters) - The Francis Scott Key bridge collapsed after it was struck by the Dali container ship early Tuesday morning in the Baltimore harbor. State, federal and local officials have sped to the area. The I-695 highway that the bridge carried, also known as the Baltimore Beltway, is a major transportation artery for the United States' heavily populated Eastern Seaboard. Multiple vehicles were on the bridge when it was struck. FEDERAL HIGHWAY ADMINISTRATOR SHAILEN BHATT "Travelers advised to avoid the area and use alternative routes...Terrible tragedy in Baltimore this morning." LARS JENSEN, CONTAINER SHIP EXPERT The bridge collapse "will create significant problems on the U.S. East Coast for U.S. importers and exporters." MAERSK, DANISH COMPANY THAT CHARTERED THE DALI "We are horrified by what has happened in Baltimore, and our thoughts are with all of those affected. "We are closely following the investigations conducted by authorities and Synergy, and we will do our utmost to keep our customers informed." MARYLAND GOVERNOR WES MOORE "I have declared a State of Emergency here in Maryland and we are working with an interagency team to quickly deploy federal resources from the Biden administration." UNITED STATES COAST GUARD "Coast Guard watchstanders received a report into the Coast Guard Sector Maryland - National Capital Region command center at 1:27 a.m. reporting a 948-foot Singapore-flagged containership collided with the Francis Scott Key Bridge. Additionally, it was reported that the bridge collapsed and there were reports of persons in the water...An Urgent Marine Information Broadcast is issued regarding the incident and there has been a 2000-yard safety zone issued for the surrounding waters. Mariners are urged to avoid the area." THE WHITE HOUSE "Our hearts go out to the families of those who remain missing as a result of this horrific incident...Senior White House officials are in touch with the Governor and Mayor to offer any federal assistance they need. "There is no indication of any nefarious intent." BALTIMORE POLICE COMMISSIONER RICHARD WORLEY "There is absolutely no indication that this is terrorism, that this was done on purpose." Get weekly news and analysis on the U.S. elections and how it matters to the world with the newsletter On the Campaign Trail. Sign up here. https://www.reuters.com/world/us/francis-scott-key-bridge-disaster-reactions-2024-03-26/