Top news of the day: Credit Suisse unease sparks selloff in world stocks; India’s exports shrink by 8.8% in February 2023, and more

The major news headlines of the day and more.

March 15, 2023 07:24 pm | Updated 07:24 pm IST

India’s goods exports fell 8.8% in February to $33.88 billion while imports fell 8.2% from a year ago to $51.31 billion. Image for representation | Photo Credit: K.K. Mustafah

India’s goods exports fell 8.8% in February to $33.88 billion while imports fell 8.2% from a year ago to $51.31 billion. Image for representation | Photo Credit: K.K. Mustafah

Credit Suisse unease sparks selloff in world stocks

Renewed unease gripped world markets on March 15 as news that Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more. Signs of calm and stability in banking stocks, which have tanked in the past week, following the collapse of Silicon Valley Bank, soon paved way for renewed selling as Credit Suisse shares fell to record lows.

India’s exports shrink by 8.8% in Feb 2023

India’s goods exports fell 8.8% in February to $33.88 billion while imports fell 8.2% from a year ago to $51.31 billion, as per Commerce Ministry estimates. This is the second time in three months that goods exports have shrunk, but February’s dip was steeper than the 3% contraction recorded in December 2022.

Congress accuses government of ‘undermining, weakening’ democracy amid Adani issue, Rahul’s UK remarks row

The Congress on March 15 accused the Modi Government of “undermining and weakening” democracy in the country by stalling Parliament in order to save a businessman. “What the government is doing in Parliament is proof that democracy in the country is being undermined,” Congress spokesperson Supriya Shrinate told reporters. She said it is the duty of everyone to save democracy in the country and also of the media. “The manner in which the BJP is destroying democracy in the country both inside and outside Parliament is in itself proof of how democracy is being weakened in the country,” she alleged, adding any statement about the Adani Group is expunged.

Adani issue | Opposition leaders write to ED, says it cannot ‘abdicate’ its jurisdiction

Leaders of several opposition parties on March 15 urged the ED to initiate an investigation into the Adani Group over allegations of corrupt practices, including money laundering through shell companies. In a letter emailed to the ED Director S.K. Mishra, the parties told the probe agency that “it cannot turn around and abdicate its jurisdiction”. The letter was signed by leaders of the Congress, CPI, CPI-M, JDU, SS (UBT), RJD, DMK, JMM, AAP, IUML, VCK, Kerala Congress and others.

Opposition leaders stopped by Delhi Police on way to ED office over Adani issue

Delhi Police on March 15 erected barricades and stopped leaders of several opposition parties marching towards the ED office here from Parliament House demanding a JPC probe into the Adani issue, saying prohibitory orders under Section 144 of the CrPC were in place in the area. The opposition leaders were stopped near Vijay Chowk in Lutyens’ Delhi. Police made regular announcements using loudspeakers and urged the protesting MPs to vacate the area as CrPC Section 144, which prohibits the assembly of four or more people in an area, was in effect. When the leaders could not move past the barricade, they called off their march and returned to Parliament House.

Lalu Prasad, Rabri Devi, Misa Bharti granted bail in land-for-job scam case

A Delhi court on March 15 granted bail to RJD leader and former railway minister Lalu Prasad Yadav, his wife and former Bihar chief minister Rabri Devi and their daughter Misa Bharti on a personal bond of ₹50,000 and one surety of like amount each. They appeared before the court in connection with a case related to the alleged land-for-job scam. The case relates to alleged appointments made in the railways in return for land parcels gifted or sold to Mr. Prasad’s family when he was the minister of railways between 2004 and 2009.

Prevent highly intoxicated travellers from boarding aircraft, install CCTV cameras: DCW tells DGCA

Prevent highly intoxicated travellers from boarding the aircraft, limit alcohol intake, install CCTV cameras and sensitise staff about sexual harassment are part of the detailed guidelines given by DCW to the aviation regulator amid rising incidents of unruly passengers on flights. In a letter to the DGCA, the Delhi Commission for Women said it has observed increasing incidents of disruptive and unruly passengers on flights in recent months, adding such incidents are extremely unpleasant and traumatising for the passengers.

Resolution in U.S. Senate to recognise McMahon Line as international boundary between China and Arunachal Pradesh

A resolution has been introduced in the United States Senate to recognise the McMahon Line as the international boundary between China and Arunachal Pradesh. The bipartisan Senate resolution sees Arunachal Pradesh as an integral part of India. “At a time when China continues to pose grave and gathering threats to the Free and Open Indo-Pacific, it is critical for the United States to stand shoulder-to-shoulder with our strategic partners in the region, especially India,” Senator Bill Hagerty, who along with Senator Jeff Merkley introduced a resolution in the Senate, said.

Russia urges U.S. to stop ‘hostile’ flights after drone crash

Moscow warned against “hostile” U.S. flights on March 15, as tensions simmered after a Russian fighter jet was accused of colliding with an American drone over the Black Sea. Though Russia has denied its Su-27 plane clipped the propeller of an unmanned Reaper drone, Kyiv said the incident over international waters was a Kremlin attempt to widen the Ukraine conflict. The crash on Tuesday, which Washington called the fault of reckless and unprofessional conduct, added fresh tensions between Moscow and Western allies. “We assume that the United States will refrain from further speculation in the media and stop flights near Russian borders,” Russia’s ambassador to Washington Anatoly Antonov said.

Naval forces from China, Iran, Russia to stage joint drills in Gulf of Oman: China’s Defence Ministry

Naval forces from China, Iran and Russia — all countries at varying degrees of odds with the United States — are staging joint drills in the Gulf of Oman this week, China’s Defence Ministry has announced. Other countries are also taking part in the “Security Bond-2023” exercises, the Ministry said, without giving details. Iran, Pakistan, Oman and the United Arab Emirates all have coastline along the waterbody lying at the mouth of the strategic Persian Gulf.

Pakistan court stops police operation outside Imran Khan’s residence till March 16

In a temporary relief for Imran Khan, a Pakistani court on March 15 ordered the police to stop till Thursday its operation outside the former Prime Minister’s residence in Lahore to arrest him in a corruption case after a scuffle between the security personnel and his supporters. Mr. Khan’s Pakistan Tehreek-e-Insaf party on Tuesday challenged the police operation in the Lahore High Court, requesting it to direct the government to end it. On Wednesday, the Lahore High Court stopped police operation at Zaman Park till 10 a.m. Thursday, the Dawn newspaper reported.

India adds 23 new unicorns in 2022, overtakes China for the second consecutive year: report

India overtook China by adding 23 unicorns in 2022 while the neighbouring country created 11 such startups with valuation of $1 billion or more, according to a report released on March 15. For the second time in a row, India topped China by creating 23 unicorns in 2022, taking the total number of such high-value companies to 96, as against China’s 11 in the year, said a report by IVCA-Bain & Co.

Ashwin regains No. 1 spot in ICC Test bowlers rankings

Senior India spinner Ravichandran Ashwin’s superlative show in the fourth Test against Australia has helped him regain the top spot among bowlers in the latest ICC Rankings issued on Wednesday. Ashwin, who grabbed a haul of six for 91 in the drawn fourth Test and was the leading wicket-taker in the Border-Gavaskar Trophy with 25 scalps, is 10 rating points ahead of England seamer James Anderson. Fellow Indian left-arm spinner Axar Patel climbed six places to 28 among bowlers. He also rose to the fourth spot in the all-rounder’s list led by Ashwin and Jadeja.

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