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Trump hints at ‘big’ trade offer if Britain breaks free from EU

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Donald Trump waded into the UK’s fraught politics on the first day of a state visit, urging his hosts to proceed with Brexit and dangling the promise of a U.S. trade deal he said would swiftly follow.

With the country preparing for the appointment of a new prime minister, Trump called on the British to throw off the “shackles” of European Union membership in a tweet before a banquet hosted by Queen Elizabeth II.

The White House issued a statement saying that the president supports a Brexit “being accomplished in a way that will not affect global economic and financial stability while also securing independence to the United Kingdom.”

Trump will meet Tuesday with Premier Theresa May, likely for the last time. May, who became the Conservative government’s leader in the wake of the 2016 Brexit referendum, is resigning after failing to persuade Parliament to approve the divorce deal she negotiated with the EU, leaving the issue in the hands of her successor.

The American president has suggested that person should be Boris Johnson, the former foreign secretary who quit May’s cabinet in protest over her Brexit proposal.

In the lead-up to his trip to London, Trump said the U.K. should walk away from tortured talks with the EU if Brussels refuses to negotiate better terms, and said Nigel Farage – who’s campaigning for a no-deal Brexit – should be put in charge of the process.

A hard split with the EU would give maximum scope for a new trade accord with the US If the UK remained bound to the bloc’s regulations, it would narrow the options for a future agreement.

It’s a sensitive issue in the UK Rivals jockeying to replace May are putting forward their own Brexit plans, with the favorite, Johnson, pledging to take Britain out of the EU – with no deal, if necessary – at the end of October.

‘Powerful Deal’

Trump criticized May’s compromise agreement with the EU last November, saying Britain “may not be able to trade with us” as a result. His comments dashed hopes stoked by his comments made before an earlier meeting with May, when he said “a very big deal, a very powerful deal” would be completed between the two countries “very very quickly.”

Opponents of Brexit say a trade deal with the US risks imperiling the National Health Service, by increasing the involvement of private US companies in the public sector. May’s office was forced to reiterate Monday that the state-funded health-care system would not be up for discussion in trade talks.

The statement potentially put her government at odds with Trump after his ambassador in London, Woody Johnson, told the BBC that the “entire” UK economy would be on the table.

Trump and May will meet American and British business leaders on Tuesday at the start of the second day of his visit, which could throw up more controversy than Monday’s schedule of royal visits and pageantry.

‘Greater Still’

May, who will co-host the talks at St. James’s Palace, will call for governments on both sides of the Atlantic to embrace the opportunity of Brexit to seal a bilateral free-trade deal, and work together to keep global markets “free, fair and open.”

Before the talks, the prime minister’s office called for greater cooperation in a statement that appeared to acknowledge the potential differences of opinion.

The partnership between the US and UK “can be greater still” if they continue “to work together to underpin, shape and influence the global economy and its rules and institutions,” May will say, according to extracts of her remarks released by her office.

Trump has clashed with global economic institutions including the International Monetary Fund and the World Bank, and his use of tariffs in trade conflicts with China, Europe and Mexico has alarmed markets, adding to uncertainty around Brexit for companies investing in the UK.

The talks will include executives from BAE Systems Plc, GlaxoSmithKline Plc, National Grid Plc, Barclays Bank Plc, Reckitt Benckiser Group Plc, JPMorgan Chase & Co, Lockheed Martin Corp, Goldman Sachs International, Bechtel Corp and Splunk Inc.

Johnson, Farage

Small and elite by design, the event is timed to put Trump in control of the message at the start of the day, before talks with May’s team at 10 Downing Street.

He is expected to pressure the UK over Huawei Technologies Co., which the US wants to see shut out of 5G broadband networks across Europe.

A joint news conference with the prime minister will then give Trump – if he chooses – a further chance to intervene in British politics.

The president is all but certain to be asked about his views on Boris Johnson and Farage, whose fledgling Brexit Party inflicted a heavy defeat on May’s Tories in European elections last month.

While Trump had held out the possibility that he could meet with the two men, no plans had been announced by Monday evening. If the meetings are to take place, the most likely timing is Tuesday afternoon.

Trump’s first day in London was largely free from controversy – once he’d actually landed. Minutes before Air Force One touched down at Stansted Airport, he renewed his long-running spat with Mayor of London Sadiq Khan, calling him a “stone cold loser.”

It was an apparent response to a newspaper column by Khan – the first Muslim mayor of a major Western capital – in which he called Trump “one of the most egregious examples” of the global rise of the far right.

Trump and the Queen

At the Buckingham Palace banquet, the president and the British monarch exchanged toasts.

The queen hailed the “assembly of international institutions” created after World War II “to ensure that the horrors of conflict would never be repeated.”

“While the world has changed, we are forever mindful of the original purpose of these structures: nations working together to safeguard a hard-won peace,” she said.

Trump has frequently questioned the continued utility of such institutions, including the United Nations and NATO.

He toasted “the common values that will unite us long into the future: freedom, sovereignty, self-determination, the rule of law, and reverence for the rights given to us by almighty God.”

Thousands of anti-Trump protesters are expected to take to the streets on Tuesday, with Labour Party leader Jeremy Corbyn planning to address the crowds about the time of the Trump-May news conference.

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Business

Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?

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Image Source: maxpixel.net

Are Indian Banks Ready to Face the Heat of Rising Interest Rates?

As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?

Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.

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Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G

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Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Business

Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year

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Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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