US Fed Meet Highlights: Federal Reserve leaves interest rate unchanged

US Fed Meeting Live: Federal Reserve leaves key lending rates unchanged

The US Federal Reserve left its key lending rate unchanged again on Wednesday and said it had made "some further progress" in its inflation fight.

Policymakers voted unanimously to maintain the US central bank's benchmark interest rate between 5.25 percent and 5.50 percent, the Fed announced in a statement, adding it was "attentive to the risks to both sides of its dual mandate."

US Fed Meeting Live: First interest rate cut in 4 years likely on the horizon

With the end of their two-year fight against inflation in sight, Federal Reserve officials are likely to set the stage for the first cut to their key interest rate in four years, a major shift in policy that could eventually lower borrowing costs for US consumers and businesses.

Inflation has been falling steadily closer to the Fed's 2% target for the past several months. And the job market has cooled, with the unemployment rate rising about a half-point this year to 4.1%.

Fed officials have said that they are seeking to balance the need to keep rates high enough to control inflation without keeping them too high for too long and causing a recession.

US Fed Meeting Live: Emerging assets climb as traders expect Fed to signal rate cuts

Emerging-market equities and currencies climbed on expectations the Federal Reserve to leave interest rates unchanged on Wednesday, but nod toward a cut in September, boosting risk appetite.

The strength in currencies were driven by the “anticipation of a dovish Fed hold as well as general dollar weakness,” said Win Thin, global head of markets strategy at Brown Brothers Harriman.

US Fed Meeting Live: Treasuries rally into Fed meeting with a September cut at stake

The US Treasury market rallied in the hours before the Federal Reserve’s July announcement, buoyed by economic data that backs the case for a September interest-rate cut.

While central bankers led by Fed Chair Jerome Powell will likely hold rates steady as their two-day policy meeting concludes on Wednesday, traders are keen for evidence that policymakers are ready to cut rates in September.

US Fed Meeting Live: Nasdaq, S&P 500 ride chip-stock wave before Fed decision; Microsoft falters

The Nasdaq and the S&P 500 jumped around 2% on Wednesday, as investors hoped for hints from the Federal Reserve on the timing of rate cuts, a bullish forecast from AMD boosted chip stocks and Microsoft slipped after a higher spending forecast.

US Fed Meet LIVE: First interest rate cut in 4 years likely on the horizon as the Federal Reserve meets

With the end of their two-year fight against inflation in sight, Federal Reserve officials are likely Wednesday to set the stage for the first cut to their key interest rate in four years, a major shift in policy that could eventually lower borrowing costs for U.S. consumers and businesses.

Inflation has been falling steadily closer to the Fed's 2% target for the past several months. And the job market has cooled, with the unemployment rate rising about a half-point this year to 4.1%. Fed officials have said that they are seeking to balance the need to keep rates high enough to control inflation without keeping them too high for too long and causing a recession.

News LIVE: House collapses after heavy rain in Delhi

A house collapsed in the Sabji Mandi area of north Delhi following heavy rain on Wednesday, a Delhi Fire Services official said.

"We received a call at 8:57 pm regarding the collapse of a house in the Sabji Mandi area close to Ghanta Ghar near Robin Cinema. Five fire tenders were rushed to the spot," an official said.

Eastern Ladakh row: India, China hold 'constructive', 'forward-looking' diplomatic talks in Delhi

India and China on Wednesday held "constructive" and "forward-looking" diplomatic talks to resolve the over four-year border standoff along the Line of Actual Control (LAC) in eastern Ladakh but there was clear no indication of any breakthrough.

The Ministry of External Affairs (MEA) said restoration of peace and tranquillity, and respect for the LAC are "essential basis" for restoration of normalcy in bilateral relations.

News LIVE: House collapses in Delhi's Sabzi Mandi area. Further details awaited.

News LIVE: Delhi area where IAS aspirants died flooded again after spell of rain

Delhi's Old Rajinder Nagar, where three students died due to flooding in the basement of a coaching centre last week, was flooded again following a spell of heavy rain on Wednesday.

Several videos surfaced of the flood-like situation in the stretch that is lined with many coaching centres.

"We had come out from our home for dinner and it suddenly started raining and within minutes the whole area got flooded with water," a resident of the area said.

"Even after five days (of the death of the UPSC aspirants), the administration and MCD is applying its complete force to suppress the protest and has done nothing for cleaning the drains," he said.

News LIVE: Delhi LG forms panel to address issues related to regulation of coaching centres

Delhi Lieutenant Governor V K Saxena Wednesday formed a committee headed by the chief secretary to frame guidelines to regulate coaching centres in the city and redress issues faced by students, Raj Niwas officials said.

The move comes in the wake of a tragedy that claimed the lives of three civil services aspirants in a flooded basement library of Rau's IAS coaching centre in Old Rajinder Nagar.

Saxena directed for various steps after a meeting on Tuesday with student representatives, managements of over 20 coaching centres, senior Delhi government officials and DDA vice chairman.

News LIVE: Delhi airport sees 10 flight diversions due to bad weather

At least 10 flights that were to land at the Delhi airport were diverted on Wednesday evening due to heavy rains in the national capital.

An official said that at least 10 flights were diverted at the airport after 1930 hours due to bad weather.

The national capital witnessed heavy rains that also caused waterlogging and traffic congestion in several areas.

News LIVE: Waterlogging, traffic snarls all over Delhi after heavy rainfall

Many parts of the national capital were inundated following a spell of heavy rainfall on Wednesday evening, causing massive traffic snarls in several areas.

According to the India Meteorological Department's Automatic Weather Station (AWS) network, the Pragati Maidan observatory in central Delhi recorded 112.5 mm of rainfall in just one hour.

Although there was no official confirmation that it was actually a "cloudburst", the IMD defines the phenomenon as more than 100 mm of precipitation within an hour.

As Delhi witnessed widespread waterlogging, the traffic police issued an advisory asking commuters to avoid certain roads.

Taking to the social media platform 'X', the police said traffic movement was hit in the carriageway from Moolchand towards Chirag Delhi and in both the carriageways on Anuvrat Marg due to heavy waterlogging.

News LIVE: Delhi records over 100 mm rainfall in an hour, 'red' warning issued

Delhi recorded more than a hundred millimetres of rainfall in one hour, leading to waterlogging in several areas of the national capital and prompting the weather office to issue a 'red' warning.

The National Flash Flood Guidance Bulletin also included Delhi in its list of 'areas of concern', the weather office said.

According to the India Meteorological Department's (IMD) Automatic Weather Station (AWS) network, the Pragati Maidan observatory in central Delhi recorded 112.5 mm of rainfall in one hour.

An extreme amount of precipitation in a short period, specifically 100 mm of rainfall within an hour, is defined by the IMD as a "cloud burst".

There has, however, been no official statement on the situation from weather officials.

Delhi Lt Governor, in a post on X, said he cautioned officers to remain alert in light of the heavy downpour.

Coaching deaths: Delhi Police records statements of 16 employees; MCD officials yet to join probe

The Delhi Police has recorded the statements of 16 employees of Rau's IAS Study Circle as part of its probe into the death of three civil services aspirants in flooded basement of the coaching centre, officials said on Wednesday.

They said the statements of teachers, managers, and security and cleaning staff have been taken in the past two days.

A police officer said that MCD officials, who have been asked to join the probe, are yet to come with the relevant documents about de-silting and actions taken by them in the past.

Delhi coaching centre incident LIVE: Atishi asks protesting students names of 10 representatives for panel on coaching regulation

Delhi Education Minister Atishi on Wednesday said asked protesting students at old Rajinder Nagar to give names of 10 representatives who will be part of a panel that will draft a law to regulate coaching institutes in the city.

While Atishi was greeted with slogans of 'go back', 'we want justice', she sat with the protesters and assured them of government support for their issues.

News LIVE: Bureaucrats not bad, leadership and direction crucial, says Goyal

Piyush Goyal: The bureaucrats are not bad, the leadership and direction that you provide that defines the work you get out of them.

He further said that the government is constantly at it to liberalise and decriminalise laws and reduce compliance burden.

The world today recognises India's growth story, Goyal said.

News LIVE: Piyush Goyal shares on the halwa ceremony row in Parliament

Piyush Goyal on the halwa ceremony exchange: Fortunately we have PM Modi at the helm of affairs and he does not get swayed by such frivolous comments. It is not as if he will suddenly start scouting and start looking at everybody's caste because just for a photo opportunity we have to appoint them

News LIVE: India can replicate, if not better, the China story between 2000-2020, says Goyal

Piyush Goyal: India can replicate, if not better, the China story between 2000-2020, the two decades where China relentlessly grew at 8 percent with a stable currency and low inflation. And that is the sweet spot in which India is today

News LIVE: People want a stable, decisive and honest govt for next 20-25 years, says Goyal

Piyush Goyal: At times there will be certain jolts to the politics of the country, we have to be prepared for that. But my own sense is for next 20-25 years, people want a stable, decisive and honest government. We do have a coalition currently, but at the core of this coalition is a party with 240 seats

News LIVE: Soon, India will be rubbing shoulders with the largest economies of the world, says ex-CEA

Former CEA KV Subramanian: India will be rubbing shoulders with the largest economies of the world, or with some luck possibly be the largest economy of the world. That is a once in a few centuries opportunity.

News LIVE: We are looking at a rupee appreciation, says Goyal

Piyush Goyal on India's long term outlook: As we increase shipping, focus more on electric mobility and become sufficient in defence and a little bit more on things like oilseeds, rubber, pulses we are looking at a rupee appreciation.

News LIVE: India could maintain 5% inflation in next 2-2.5 decades, says former CEA

Former CEA KV Subramanian: Going forward, India could maintain 5 percent inflation in next 2.2.5 decades and an 8 percent GDP growth

News LIVE: Going forward the focus will be on defence self-sufficiency, says Goyal

Piyush Goyal: Going forward the focus will be on defence self-sufficiency, replacing oil economy with electric economy and bring quality in play in manufacturing and consumer choices

News LIVE: Govt focused on infra, making India corruption-free, says Goyal

Piyush Goyal at an ASSOCHAM event: This govt has focussed on infrastructure, actions on making India corruption-free, to encourage employment generation. Want to see similar thrust on areas like shipping where India has a long way to catch up.

Delhi coaching centre incident LIVE: Police records statements of 16 employees; MCD officials yet to join probe

The Delhi Police has recorded the statements of 16 employees of Rau's IAS Study Circle as part of its probe into the death of three civil services aspirants in flooded basement of the coaching centre, officials said on Wednesday.

They said the statements of teachers, managers, and security and cleaning staff have been taken in the past two days.

A police officer said that MCD officials, who have been asked to join the probe, are yet to come with the relevant documents about de-silting and actions taken by them in the past.

Word News LIVE: 80% of crypto investors see Bitcoin hitting $80K if Donald Trump wins election, says report

Delhi coaching centre incident LIVE: LG directs police chief to crack down on exorbitant rentals being charged in coaching hubs

Delhi LG on July 31 directed police chief to crack down on exorbitant rentals being charged in coaching hubs, Raj Niwas officials said.

News LIVE: AIF to tap SME-focused IPOs

The high returns from Initial Public Offerings (IPOs) of Small and Medium Enterprises (SMEs) in recent years, coupled with government support for the sector, have encouraged Alternative Investment Funds (AIFs) to explore this growth potential.

AIF is a fund established or incorporated in India which is a privately pooled investment vehicle.

Paradise Moon Investment Fund, an AIF, has announced its launch with the aim of raising Rs 750 crore over the next few years, targeting investors looking to leverage the growth of the SME market pre and post-IPOs.

News LIVE: BJP-ruled MP, Rajasthan support Centre in SC over prospective implementation of royalty verdict

BJP-ruled Madhya Pradesh and Rajasthan on Wednesday supported the Centre's demand in the Supreme Court for prospective implementation of its verdict on royalty and taxes on mines and minerals, saying they will adopt a "citizen-centric approach" and not seek refund of the amount.

However, the JMM-led Jharkhand government opposed the Centre's demand and sought retrospective implementation of the July 25 verdict. The newly elected BJP government in Odisha did not specify any clear stand despite prodding by the apex court.

A nine-judge constitution bench headed by Chief Justice DY Chandrachud reserved its orders on the issue of whether its July 25 verdict upholding the power of states to levy tax on mineral rights and mineral-bearing land should be given retrospective or prospective effect.

In a significant verdict on July 25, the bench, by a majority 8:1 verdict, had held that the legislative power to tax mineral rights vests with the states and the royalty paid on minerals is not a tax.

The verdict had overruled a 1989 judgement in the case of India Cement versus Tamil Nadu, which held that only the Centre has power to impose royalty on minerals and mineral bearing land.

News LIVE: Delhi HC refuses to entertain PIL seeking dual citizenship for Indians

The Delhi High Court on Wednesday refused to entertain a public interest litigation seeking dual citizenship for Indians abroad.

A bench headed by Acting Chief Justice Manmohan said the issue of allowing dual citizenship did not fall within the domain of the high court as a decision in this regard has to be taken by the Parliament.

"These are matters of national security. It has wide ramifications. This is not in our domain," said the bench also comprising Justice Tushar Rao Gedela.

News LIVE: China condemns Haniyeh killings; Warns of deeper chaos in Middle East

Strongly condemning the assassination of the Hamas leader Ismail Haniyeh in Tehran, China -- which brokered a unity deal between various Palestine groups last week -- on Wednesday warned that the killing could plunge the region into deeper chaos.

Chinese foreign ministry spokesman Lin Jian told a media briefing here that Beijing strongly opposed the assassination of Haniyeh, whose Hamas group took part in the unity talks along with 14 Palestine factions in Beijing sponsored by China.

News LIVE: Second vote-on-account in Odisha in single fiscal

Odisha Chief Minister Mohan Charan Majhi Wednesday tabled a vote-on-account in the assembly to meet various government expenditures for August and September.

Odisha Appropriation (Vote-on-Account) Bill, 2024 was presented by Majhi, who also holds the finance portfolio, for an amount of Rs 95,000 crore.

This is the second vote-on-account in the state in the 2024-25 fiscal.

Delhi coaching centre incident LIVE: Court rejects bail pleas of SUV driver, basement co-owners

A court on Wednesday rejected the bail pleas of an SUV driver and four owners of the coaching centre basement in the Old Rajinder Nagar area which was flooded with rainwater and led to the death of three civil services aspirants.

Judicial Magistrate Vinod Kumar rejected the bail plea of driver Manuj Kathuria and basement owners Tejinder Singh, Parvinder Singh, Harvinder Singh, and Sarabjeet Singh.

"All the bail applications are dismissed," the judge said.

News LIVE: Apple likely to post higher revenue as discounts aid iPhone demand in China

Apple will likely report on Thursday that it returned to revenue growth in its fiscal third quarter as it won back some customers in China with big iPhone discounts and sold more high-margin iPads thanks to a refreshed design.

Sales of the iPhone, which account for nearly half of Apple's revenue, are expected to have decreased by 2.2% in the three months ended June, a big improvement from the 10.5% decline in the second quarter, according to LSEG data.

News LIVE: Construction of Delhi-Mumbai Expressway will be completed by October 2025, says Gadkari

The construction of Delhi-Mumbai Expressway, India's longest Greenfield Expressway, will be completed by October, 2025, Parliament was informed on Wednesday.

In a written reply in the Rajya Sabha, Union Minister for Road Transport and Highways Nitin Gadkari said the Ministry has taken up the construction of Delhi-Mumbai Expressway including spurs in 53 packages having a length of 1,386 km.

"As of June 2024, a total 26 packages have been completed," Gadkari said.

News LIVE: Blinken says US not involved in killing of Hamas leader

US Secretary of State Antony Blinken said on Wednesday the United States was not involved in the assassination of Hamas leader Ismail Haniyeh, and reiterated the importance of a ceasefire in Gaza.

"This is something we were not aware of or involved in. It's very hard to speculate," Blinken said in an interview with Channel News Asia during a visit to Singapore.

Wayanad landslide LIVE: Maldives President sends message of condolence to PM Modi

Maldives President Dr Mohamed Muizzu sends a message of condolence to Prime Minister Narendra Modi following the Wayanad landslide: President's Office, Maldives.

News LIVE: IAF conducts longest ferry of aircraft to Alaska

Indian Air Force conducted the longest ferry of aircraft to Alaska in the US for Exercise Red Flag. Now we are conducting the first multinational exercise Tarang Shakti in India to be held at Sulur and Jodhpur, said Group Captain Ashish Dogra.

He further added that make-in-India equipment including LCA Tejas, LCH Prachand and other weapon systems would be showcased at the event exercise.

News LIVE: Punjab CM Bhagwant Mann attacks Sukhbir Singh Badal

Punjab CM Bhagwant Mann said, "Sukhbir Singh Badal did drama for his party. For 25 years Sukhbir Singh Badal helped BSP, in the Jalandhar assembly elections and got 731 votes and Shiromani Akali Dal got 1400 votes. Gulab Chand Kataria ji is very experienced from Rajasthan. He has been MLA eight times..."

News LIVE: Toyota Kirloskar's Rs 20,000-cr investment in Maharashtra to create 8,000 direct jobs, says Fadnavis

Maharashtra Deputy CM Devendra Fadnavis on July 31 said, "It is a matter of great joy that Toyota Kirloskar Company has signed an MoU with the Maharashtra Government today for an investment of Rs. 20,000 crores in the category of electric vehicles and hybrid vehicles in Chhatrapati Sambhaji Nagar in Marathwada. This investment will create 8,000 direct and 12,000 indirect jobs and a very big vendor system will also be set up here. This investment will take Maharashtra one step ahead in the field of automobiles. Through Chief Minister Eknath Shinde and our Industries Department, we made continuous efforts and brought this investment of Toyota to Maharashtra. They were being invited from many other places but Maharashtra has prepared a common strategy with them and brought this investment today. I would like to congratulate the people of Marathwada in the community..."

News LIVE: Uddhav dares PM Modi to campaign in Maharashtra for assembly polls

Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday dared Prime Minister Narendra Modi to come to Maharashtra to campaign for the BJP during the upcoming state assembly elections.

Modi was made to sweat in Maharashtra during the recent Lok Sabha polls, Thackeray said referring to the campaign undertaken by the opposition Maha Vikas Aghadi (MVA), in which his party is a constituent along with the Congress and the NCP (SP).

News LIVE: India, Vietnam should explore possibility of free trade pact, says Vietnamese PM Chinh

India and Vietnam should explore the possibility of a free trade pact to further strengthen the economic cooperation, Vietnamese Prime Minister Pham Minh Chinh said on Wednesday.

Chinh, who is accompanied by a high-level delegation, including several ministers, deputy ministers and business leaders, is on a three-day visit to India.

Going forward, the two nations should aim to increase their bilateral trade to $20 billion, the Vietnamese Prime Minister said while addressing the Vietnam-India Business Forum.

Coaching centre incident LIVE: Delhi HC pulls up authorities, slams freebies culture

The Delhi High Court on Wednesday pulled up authorities over the deaths of three UPSC aspirants who drowned in the basement of a coaching centre, saying such tragedies are bound to happen when there is no collection of taxes due to a "freebies culture".

The high court hinted at asking a central agency to probe the incident and directed the Municipal Corporation of Delhi (MCD) commissioner, deputy commissioner of police concerned and the investigating officer of the case to appear before it on Friday.

India News LIVE: Coaching institutes operating illegally from basements in Indore will be closed, says collector

Coaching institutes and libraries functioning illegally from basements in Indore will be shut down and FIRs will be registered against their operators, a move aimed at averting any potential Delhi basement-like tragedy.

Indore administration has sealed more than 15 coaching institutes and libraries functioning from basements of buildings, a senior official said.

News LIVE: Hamas leader Ismail Haniyeh was on Israel's hit list since October 7

Ismail Haniyeh, Hamas' supreme leader in exile who landed on Israel's hit list after the militant group staged its surprise October 7 attacks, was killed in an airstrike in the Iranian capital early Wednesday. He was 61.

Hamas said Haniyeh was killed at his residence in Tehran in an Israeli airstrike after he attended the swearing-in ceremony of Iran's new president. Israel has not commented on the accusation.

Haniyeh's death makes him the latest Hamas official to be killed by Israel since the Hamas-led October 7 attacks, when militants killed 1,200 people and took about 250 hostages. The devastating Israel-Hamas war the attacks set off has become the deadliest and longest in the Arab-Israeli conflict. More than 39,000 Palestinians have been killed, according to health officials in Gaza.

World News LIVE: Iran's supreme leader Khamenei vows revenge against Israel over killing of Hamas' political chief

Coaching centre incident updates: UPSC aspirants meet MCD commissioner, 'outsiders' removed from protest

The Delhi Police on Wednesday removed a few "outsiders" from a protest site in Rajinder Nagar, where hundreds have been demonstrating to seek justice following the deaths of three civil services aspirants at Rau's IAS Study Circle.

According to a police officer, over a dozen individuals were removed from the protest site as they were identified as "outsiders" and not students of any coaching institute.

Meanwhile, a delegation of UPSC aspirants met MCD Commissioner Ashwani Kumar at the agency headquarters here on Wednesday amid protests that have erupted following the death of three students at a coaching centre in the national capital.

IAS fraud case LIVE: Ex-health secretary Preeti Sudan is new UPSC chairperson

The government has appointed former health secretary Preeti Sudan chairperson of the Union Public Service Commission after Manoj Soni resigned from the UPSC's top post early this month, according to an official order.

Sudan, currently a member of the UPSC, will take charge on Thursday.

IAS fraud case LIVE: UPSC cancels Puja Khedkar's provisional candidature

Union Public Service Commission (UPSC) has cancelled the provisional candidature of Puja Manorama Dilip Khedkar, a provisionally recommended candidate of the Civil Services Examination-2022 (CSE-2022) and permanently debarred her from all future exams and selections.