Day: March 14, 2020

Trump emerges as oil’s white knight after worst week since 2008

The battered U.S. oil market may have just received a lifeline from President Trump after crude prices posted the worst week since 2008 hugging the $31 per barrel level, down 48 percent so far this year.

Trump, as part of his national emergency declaration to combat the fallout from the coronavirus, greenlighted the Department of Energy to step into the market as a buyer.

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“Based on the price of oil I have also instructed the Secretary of Energy to purchase, at a very good price, for large quantities of crude oil

7.28 lakh households ‘unwilling’ to take electricity connections remain unelectrified: Govt in Lok Sabha

According to informed sources, most of the unwilling households use illegal power connections.

As many as 7.3 lakh households remain unelectrified in the country as they are still ‘unwilling’ to take electricity connections for their premises. As on February 28, the largest number of such un-willing households are in Uttar Pradesh (5.82 lakh), followed by Jharkhand (68.1 thousand) and Assam (45.4 thousand), according to a response in the Lok Sabha by Union power minister RK Singh.

Under the Saubhagya scheme, all states have declared electrification of all households on March 2019, except 18,734 households in left wing extremism affected areas

Economists expect RBI to cut 50-75 bps before April

Over the last weeks, the US Federal Reserve and the Bank of England, among others, have slashed rates by 50 basis points (bps).

Amid fears around the growth slowdown being intensified by the spread of Covid-19 and inflation easing in February, the markets are expecting a repo rate cut anytime now. Similar actions by a number of central banks around the world, that are widely being seen as acting in concert, have also fuelled expectations in India.

Economists and money-market watchers — some of whom were till last week expecting the Reserve Bank of India (RBI) to act