NEW YORK: India captain Rohit Sharma allayed fears about an arm injury after making 52 before retiring hurt as his side thrashed Ireland by eight wickets in the teams’ T20 World Cup opener in New York on Wednesday.
India only required 97 to win after a dominant display by their bowling attack, with left-arm quick Arshdeep Singh striking twice in the third over to reduce Ireland to 9-2 after Rohit won the toss.
All-rounder Hardik Pandya took two wickets in two balls on his way to 3-27 and Jasprit Bumrah, the player of the match, 2-6.
“Just a little sore,” said Rohit at the presentation ceremony. “New ground, new venue, wanted to see what’s it like to play on. I don’t think the pitch settled down, there was enough there for the bowlers.”
Ireland, all out for just 96, needed to hold every chance to have any hope of a shock upset.
But Rohit had made just two when, off the last ball of the first over of India’s chase, he edged Mark Adair through the hands of Andrew Balbirnie at second slip.
Adair dismissed Virat Kohli for just one, when the star batsman sliced to deep third man, but the damage had been done as India launched their bid to win a first major title since their 2013 Champions Trophy triumph with a commanding Group A victory.
Rohit punished Ireland with a 37-ball innings, including four fours and three well-struck sixes as he shared a stand of 54 with Rishabh Pant.
The wicketkeeper, returning to international cricket after a horror car crash in December 2022, finished on 36 not out and ended the match with a typically flamboyant reverse-scooped six off Barry McCarthy as India won with nearly eight overs left.
Rohit was not there alongside him, however, having been previously struck on the arm by Josh Little, although he struck the next two balls from the paceman for resounding sixes.
Victory was all but secured for India, the inaugural 2007 T20 World Cup champions, when they dismissed Ireland cheaply as a drop-in pitch of variable bounce at a Long Island ground built specially for the tournament again proved tough to bat on.
India’s joy, however, would have been tempered by the thought they too could be batting first on a similar surface when they return to the ground on Sunday to play arch-rivals Pakistan in the showpiece match of the group phase.
“I don’t know what to expect against Pakistan, we will prepare like the conditions are going to be like that,” said Rohit.
Bumrah, however, had few qualms, with the fast bowler saying: “Coming from India, when you see the ball seaming around (here), I would never complain when there’s help for the bowlers.”
Only four Ireland batsmen reached double figures, Gareth Delany top-scoring with 26 before he was run out as the innings ended in the 16th over.
“A tough one,” said Ireland captain Paul Stirling. “The toss played a really important part in overcast conditions and then the pitch offered all sorts.
“We weren’t quite up to that challenge and India bowled really well to put us under pressure.”
Rohit plays down injury scare after India rout Ireland in T20 World Cup
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Rohit plays down injury scare after India rout Ireland in T20 World Cup
- India only required 97 to win after a dominant display by their bowling attack, with left-arm quick Arshdeep Singh striking twice in the third over
- Rohit punished Ireland with a 37-ball innings, including four fours and three well-struck sixes as he shared a stand of 54 with Rishabh Pant
Pakistan central bank surprises with hold on key policy rate
- In widely unexpected move, Pakistan’s central bank held key policy rate at 12 percent
- Central bank has slashed rates by 1000 bps from all time high of 22 percent in June 2024
KARACHI: Pakistan’s central bank held its key policy rate at 12 percent on Monday, it said in a statement, a widely unexpected move which halted an easing cycle that witnessed six straight reductions since June.
The central bank has slashed rates by 1000 bps from an all time high of 22 percent in June 2024, to revive economic sentiment and growth, while navigating reforms under a $7 billion facility from the International Monetary Fund (IMF) in September.
“On balance, the MPC (monetary policy committee) assessed the current real interest rate to be adequately positive on forward-looking basis to sustain the ongoing macroeconomic stability,” the bank statement said.
The State Bank of Pakistan (SBP), despite the halt in cuts, is one of the most aggressive central banks among central banks of emerging markets during the current easing cycle and has topped the 625 bps in rate cuts it did in 2020 during the COVID-19 pandemic.
At its last policy meeting, SBP kept its forecast of full-year GDP growth at 2.5 percent to 3.5 percent, and predicted faster growth would help boost foreign exchange reserves that had been lacklustre.
Pakistan’s economy grew by 0.92 percent in the first quarter of the fiscal year 2024-25 which ends in June.
Ten of 14 analysts surveyed by Reuters expected the central bank to cut its key rate, while four expected it to hold the rate. Analysts surveyed said they expect inflation may pick up in May as the base year effect wears off.
Pakistan’s consumer inflation rate slowed to a near decade low of 1.5 percent in February, largely due to a high year-ago base. That was below the government’s forecast and significantly lower than a multi-decade high of around 40 percent in May 2023.
Egypt’s annual inflation drops sharply to 12.8%
- Slowdown mainly attributed to an 8.2 percent dip in vegetable prices
RIYADH: Egypt’s annual urban consumer price inflation fell sharply to 12.8 percent in February, down from 24 percent in January, according to the latest data from the country’s statistics agency.
The Central Agency for Public Mobilization and Statistics attributed the decline to the base effect, noting that the exceptionally high price increases observed over the past two years are no longer influencing the inflation rate.
A Reuters survey of 15 analysts had predicted a median inflation rate of 14.5 percent, meaning February’s actual figure was significantly lower than anticipated.
On a month-to-month basis, consumer prices increased by 1.4 percent in February, a slight decrease from January’s 1.5 percent rise. This marks the fourth time in the last seven months that inflation has slowed, following a period of acceleration that began in August 2023.
Last year’s inflationary pressures were primarily driven by rising fuel prices, higher public transportation fares — including for trains and the metro—and a 300 percent hike in the price of subsidized bread in May, marking the first such increase in over 30 years.
The February slowdown was mainly attributed to an 8.2 percent drop in vegetable prices, while costs for water, electricity, and gas remained stable. On the other hand, grain and bread prices rose by 0.8 percent, meat and poultry saw a 3.2 percent increase, and fruit prices climbed by 3 percent.
Egypt’s economic foundations have been showing positive results. The banking sector saw a significant 26.9 percent increase in total deposits for the 2023/2024 fiscal year, compared to the previous 12-month period.
Earlier in February, CAPMAS reported that total banking deposits reached 11.99 trillion Egyptian pounds ($237 billion), reflecting a surge in banking activity across various sectors.
The country’s fiscal year runs from July 1 to June 30 of the following year.
This growth in banking deposits comes amid high inflation, which peaked at 38 percent in September 2023, prompting both individuals and businesses to deposit more money in banks as a safeguard against currency devaluation.
The central bank’s attractive interest rates, along with financial inclusion initiatives under Egypt's Vision 2030 plan, also played a significant role in encouraging deposit growth.
CAPMAS data indicated that the household sector dominated Egypt’s banking deposits, accounting for 7.03 trillion pounds—an increase of 27.5 percent from the previous year. Individual depositors represented 95.9 percent of household deposits, underscoring strong saving trends among Egyptians. Overall, the household sector controlled 58.6 percent of total banking deposits.
Meanwhile, the business sector also experienced notable growth, with deposits rising to 1.99 trillion pounds—up 37.6 percent from the previous fiscal year.
PM calls for improving awareness of digital wallet use for full utilization of Ramadan package
- Previously, annual Ramadan package used to be administered by utility stories that sold essential food items at reduced rates
- Under new system, government has deposited Rs5,000 in digital wallets for four million families to make withdrawals from
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed relevant ministries, the central bank, and private partners to improve awareness of using digital wallets so that poor families could fully utilize a Rs20 billion ($71.4 million) Ramadan relief package.
Announcing the package at the start of this month, the government said it would credit Rs5,000 ($17.87) into digital wallets for around 4 million families across the country to support them in the holy month of Ramadan.
During a visit on Monday to the National Telecommunication Corporation Headquarters to monitor the execution of the Ramadan program, Sharif was informed that around 2.8 million entitled accounts had been credited with Rs5,000 each but money had only been withdrawn from 683,000 accounts.
“As 94 percent of accounts have been established, the withdrawal ratio is just 22 percent,” the PM was quoted as saying by state-run APP news agency.
“There is a big gap between disbursement and withdrawal, which shows a lack of awareness among the people,” the PM added, calling on the governor central bank to join the campaign to ensure that maximum people benefitted from the program.
In the past, the annual Ramadan relief package would be implemented through state-run utility stores, from where low-income households could buy essential commodities such as wheat, sugar, oil, and pulses, among other items, at reduced prices. However, each year, consumers complain of long queues at the stores, limited stock availability, substandard food items, and difficulties with the process of identification verification needed to receive the discounted package at utility stores, which led the government to announce it would no longer utilize utility stores to administer its Ramadan program.
Other than in Ramadan also, utility stores have been plagued by reports of corruption and mismanagement for years, with consumers complaining of substandard merchandise being sold and staff accused of vending subsidized products in the open market.
During Ramadan in Pakistan, there is a significant increase in the demand for essential food items at subsidized prices, which overwhelms the capacity of utility stores, causing long lines and potential shortages.
Ensuring equitable distribution of the package across different regions and demographics can also be difficult in a country of 241 million people, sometimes leading to some areas receiving less benefits than others. To prevent abuse, the government implements strict verification processes like CNIC checks, which also leads to delays and inconvenience for customers.
The allocated stock of subsidized items at utility stores is also often not sufficient to meet the high demand during Ramadan, leading to disappointment for customers who cannot purchase everything they need.
“This [digital wallets] was a new concept to say goodbye to the utility stores forever due to the massive complaints of worst corruption of public money, which was also an injustice to the common man,” Sharif said. “The issue of poor quality and corruption have been done away with through a new modern digital wallet.”
The PM also urged people to call the program helpline at 9999 to get their financial support without any delay.
Tadawul approves Morgan Stanley Saudi Arabia as market maker for 8 listed securities
RIYADH: Tadawul has approved Morgan Stanley Saudi Arabia to serve as a market maker for eight securities on the main trading platform and the parallel index, Nomu.
The decision allows the financial services company to enhance market liquidity and improve price efficiency in accordance with regulations and procedures.
Among the securities listed on the main index, the firm will act as a market maker for Arabian Internet and Communications Services Co., where it will ensure a minimum presence of orders at 80 percent, maintain a size of SR150,000 ($39,982), and adhere to a maximum spread of 0.65 percent, with the lowest value traded of 5 percent.
Similarly, it will provide services for Electrical Industries Co., ensuring an 80 percent minimum presence of orders, a minimum size of SR75,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.
Elm Co. is also among the approved securities, with Morgan Stanley Saudi Arabia committing to the same trading obligations as Electrical Industries Co.
Meanwhile, the Co. for Cooperative Insurance will have a minimum order presence of 80 percent, a minimum size of SR150,000, a maximum spread of 0.65 percent, and a value traded of 5 percent.
On Nomu, Morgan Stanley Saudi Arabia was approved as a market maker for National Environmental Recycling Co., International Human Resources Co., Almuneef Co. for Trade, Industry, Agriculture, and Contracting, as well as Aqaseem Factory for Chemicals and Plastics Co.
In each of these cases, it will ensure a minimum presence of orders at 50 percent, maintain a minimum size of SR50,000, and adhere to a maximum spread of five percent, with no minimum value traded requirement.
Morgan Stanley Saudi Arabia’s participation in market making is expected to contribute to greater liquidity and a more efficient trading environment, reinforcing the development of the country’s capital market.
In November, the investment bank was granted approval to establish its regional headquarters in the Kingdom, as the nation continues to attract international investment.
This move aligns with Saudi Arabia’s regional headquarters program, which offers businesses various incentives, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, as well as access to discounts and support services.
Morgan Stanley first entered the Saudi market in 2007, launching an equity trading business in Riyadh, followed by the establishment of an equity fund in 2009.
Syria’s inflation drops sharply as new leadership seeks economic recovery, international support
- Monthly inflation rate for January stood at 8.7%, an improvement from the 13.8% rate recorded in December
- Food prices generally declined, with the overall index dropping 12.5% in February
RIYADH: Syria’s annual inflation rate plummeted to 6.4 percent in January, down from 118.9 percent in the same month last year, driven by an improved local supply chain.
According to the latest Directorate of Economic Research, General Statistics, and Planning report at the Central Bank of Syria, the overall inflation rate from February 2024 to January 2025 stood at 46.7 percent.
The analysis attributed the decline to an improvement in the exchange rate following the liberalization process and a notable increase in the supply of goods and materials in the local market, significantly easing inflationary pressures.
On Dec. 8, Syrian President Bashar Assad was ousted, ending over five decades of family rule. Since then, Syria’s new leadership has focused on rebuilding and reviving the economy, with the EU easing sanctions to support reconstruction. Still, 90 percent of Syrians live in poverty, according to a recent UN report.
Syria’s monthly inflation rate for January stood at 8.7 percent, an improvement from the 13.8 percent rate recorded in December. This progress was similarly driven by reduced inflationary pressures due to the increase in supply and exchange rate stability.
The report also highlighted sectoral developments, showing mixed trends across different categories. Food prices generally declined, with the overall index dropping 12.5 percent in February. Dairy and eggs decreased by 3.4 percent, followed by oils, which fell by 14.5 percent, and vegetables, which saw a decline of 18 percent. Meat was the only category to rise, increasing by 17.6 percent.
On Feb. 24, Syria’s economy minister met with the Middle East director of the World Bank and discussed resuming cooperation with the lender, which was suspended under the toppled government of Assad.
Minister Bassel Abdel Hanan emphasized with Jean-Christophe Carret the resumption of relations between the bank and Syria as well as the prospects for their development, the official SANA news agency reported.
Abdel Hanan proposed the establishment of a “joint committee between the ministry and the bank to evaluate a new start.” He added that “the nature of the financing granted by the bank will determine the type of projects that will be financed,” pointing to the energy, agriculture, industry, and infrastructure sectors.
The World Bank had provided Syria with technical assistance and development advice before suspending its operations following the outbreak of the civil war in 2011. Since Assad’s fall, Syria has been urging the international community to lift the sanctions imposed on the former government.
Syrian Foreign Minister Asaad Al-Shaibani called the EU’s decision to ease sanctions on the energy, transport, and banking sectors “a step toward alleviating the suffering of our people.”
