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Time of India
4 days ago
- Politics
- Time of India
Surat district tops in disposal of cases at Lok Adalat
Surat: Under the guidance of the National Legal Services Authority, the Supreme Court and the Gujarat State Legal Services Authority, a National Lok Adalat was organized on Saturday in all the courts of Surat district by the District Legal Services Authority (DLSA). Tired of too many ads? go ad free now The district topped in disposal of cases at the Lok Adalat by disposing of the highest number of cases in the state. At the Lok Adalat, 1,05,554 cases were taken up, of which 1,01,559 cases were disposed of and settlements totalling Rs 96 crore were reached. The disputes were settled between parties and permanently resolved. A total of 174 cases, which were older than 10 years or more, civil and criminal, were disposed of in the Lok Adalat. Rahul Trivedi, chairman of the DLSA and principal district judge, Surat, requested all litigants to seize the opportunity to settle disputes in the Lok Adalat and resolve them amicably.
Yahoo
27-05-2025
- Business
- Yahoo
Bank of Korea to cut rate on May 29, more easing ahead: Reuters poll
By Rahul Trivedi BENGALURU (Reuters) - The Bank of Korea (BOK) will lower its key policy rate by 25 basis points on Thursday as economic activity contracted in the last quarter and benign inflation supports the case for easing, a Reuters poll of economists found. BOK Governor Rhee Chang-yong signalled the possibility of a rate cut at the April meeting, days before official data showed South Korea's economy contracted 0.2% in the first quarter from the previous three months. With inflation at 2.1% in April - close to the BOK's 2.0% target - and the Korean won rebounding around 9% from last month's low, the central bank has more space to resume its easing cycle. All 36 economists polled between May 19-25 expected the BOK to cut its base rate by 25 basis points to 2.50% on May 29, a level last seen in August 2022. "At the April meeting, policymakers strongly suggested that there would be a rate cut and the near-term growth forecasts could be revised downwards," said Suktae Oh, chief Korea economist at Societe Generale. "Since then, we have not seen anything in the data that would be likely to deter them. Indeed, the Q1 GDP contraction, continued uncertainty on U.S. tariffs and the decline in the USD/KRW exchange rate further support monetary easing." Among those who provided a longer-term outlook on rates, a strong majority of economists, 23 of 27, expected the key interest rate to fall by 50 basis points from current level to 2.25% by the end of next quarter, a view broadly unchanged from the previous poll. However, a slight majority, 15 of 27, or around 56%, forecast an additional 25 basis point cut by the end of the fourth quarter, bringing the rate to 2.00%, a quarter percentage point lower than in the previous poll conducted in April. Apart from monetary easing, economists in the poll also pointed to the likelihood of fiscal support following the presidential election in early June, on top of the 13.8 trillion won ($10.1 billion) supplementary government budget approved this month. "After lowering the (interest rate) to 2.00%, we see the BOK prioritising financial stability while passing the baton for boosting growth to the government from next year," wrote Kathleen Oh, chief Korea economist at Morgan Stanley. The South Korean economy was expected to grow 1.3% this year, a separate Reuters poll found, higher than the International Monetary Fund's forecast of 1.0% and the BOK's projection of 1.5%, which most economists said will be revised downward on Thursday. (Other stories from the May Reuters global economic poll) Sign in to access your portfolio
Yahoo
15-05-2025
- Business
- Yahoo
Thai growth likely slowed in first quarter on weak investment and consumption: Reuters poll
By Rahul Trivedi BENGALURU (Reuters) - Economic growth in Thailand likely slowed in the first quarter, weighed down by subdued private investment, weaker household consumption and a drop in tourism, according to a Reuters poll of economists. Southeast Asia's second-largest economy was forecast to expand 2.9% on average in the three months to March 31 from the same period a year earlier, the May 8–14 poll of 20 economists showed. Estimates ranged between 2.2% and 3.8%. The economy grew 3.2% in the fourth quarter. The government is scheduled to release the data on May 19. Tepid domestic demand and softening tourist arrivals from China were partly cushioned by stronger exports and higher government spending, a Bank of Thailand report said late last month. Private investment - which shrank 1.6% last year - was a drag on the economy in the previous quarter. On a quarterly basis, gross domestic product (GDP) likely grew a seasonally adjusted 0.6%, slightly faster than the 0.4% increase in the quarter ended December 31, a smaller poll sample showed. "Private investment could be a drag on the economy in the first quarter because a lot of businesses seem to have falling confidence," said Poon Panichpibool, a markets strategist at Krung Thai Bank. Panichpibool said the main driver of first-quarter growth would still be exports, which had been expanding by double digits up until the past few months due to the rush to avoid tariffs. Private consumption would also continue to grow steadily. Thailand faces tariffs of 36% on its exports to the U.S. although the government said it has received a positive response from Washington for a possible trade deal. "Thailand is likely to reach a deal that aligns with a universal 10% tariff, similar to what competitors like Vietnam might agree to. This would limit the disadvantage to Thai exporters," said Amonthep Chawla, head of the research office at CIMB Thai Bank. An April survey showed economists had lowered their 2025 growth forecast to 2.1%, from 2.9% in a January survey. That was above the Bank of Thailand's 2.0% projection in April and the International Monetary Fund's more conservative 1.8% forecast in May. The central bank cut its key rate by 25 basis points for the second consecutive time last month to support the economy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-04-2025
- Business
- Yahoo
Bank Indonesia to hold rates on April 23 as FX concerns outweigh growth risks
By Rahul Trivedi BENGALURU (Reuters) - Bank Indonesia will hold interest rates steady on Wednesday to support the under-pressure rupiah, despite growing concerns of slowing economic growth driven by U.S.-led trade policies, a Reuters poll of economists found. With the rupiah down more than 4% this year, and hovering near a record low, the central bank will probably remain cautious about rushing into a cut. The currency had initially come under pressure from the impact of President Prabowo Subianto's fiscal plans, but more recently also by a 32% tariff imposed on all Indonesian goods imported by the United States, currently paused for 90 days. Southeast Asia's largest economy has grown steadily at around 5% for years, but U.S. tariffs could slow it by 0.3% to 0.5%, Finance Minister Sri Mulyani Indrawati said recently. Indonesia is currently negotiating a trade deal with Washington. All but two of the 26 economists in the April 14–21 Reuters poll predicted the central bank would keep its benchmark seven-day reverse repurchase rate at 5.75% on Wednesday. The overnight deposit and lending facility rates are also expected to remain at 5.00% and 6.50%, respectively. "With USD/IDR surging visibly after the Eid holiday, we doubt Bank Indonesia will be able to resume rate cuts in April," said Brian Tan, senior regional economist at Barclays. "That said, the need to support economic growth is likely rising due to the slowdown in government spending and recent developments on the U.S. tariff front." TIMING Economists forecast that the central bank will probably lower its key policy rate by 25 basis points to 5.50% this quarter, and to 5.25% in the third quarter, where it is expected to remain until the end of 2025. "We still expect Bank Indonesia's next move to be a 25 basis point interest rate cut but the timing of the cut has become increasingly uncertain," said Jeemin Bang, associate economist at Moody's Analytics. The poll also forecast inflation to average 2.1% this year, rising to 2.7% next year, while economic growth was expected to average 4.8% in 2025 and 4.9% in 2026, slightly lower than the previous poll and official projections. (Other stories from the April Reuters global economic poll) Sign in to access your portfolio
Yahoo
21-02-2025
- Business
- Yahoo
Bank of Korea to cut rates by 25 bps on February 25 amid growth worries: Reuters poll
By Rahul Trivedi BENGALURU (Reuters) - The Bank of Korea (BOK) will cut its key interest rate by 25 basis points on Tuesday, offering support to an economy which barely grew last quarter, according to economists polled by Reuters who expected a further 50 points of easing this year. After unexpectedly holding its policy rate steady last month, South Korea's central bank signaled it needed to wait for domestic political turmoil, which weighed on the currency, to stabilize before easing further. With the won rebounding around 2.5% against the U.S. dollar this year and inflation at 2.2% in January, not far from the BOK's medium-term target of 2%, the central bank now has room to cut rates to support a weak economy. All but one of the 36 economists polled February 14-20 expected the BOK to cut its base rate by 25 basis points to 2.75% on Tuesday. "We believe the BOK is going to cut by 25 basis points. They will be acknowledging that the economy will face a greater negative output gap, which justifies the BOK's move to address growth," said Stephen Lee, chief economist at Meritz Securities. "As long as FX volatility remains subdued, I think there is a chance for the BOK to implement additional rate cuts this year." The central bank, in its last policy statement, projected economic growth to be slower this year than the previously estimated 1.9% due to weaker exports, deteriorating consumer sentiment, and ongoing political turmoil, which is expected to remain a drag on growth this year. Asia's fourth-largest economy, which heavily depends on semiconductor exports - particularly to the U.S. - faces significant risks from U.S. President Donald Trump's tariff threats against major trading partners, which could hit South Korean shipments. That increases pressure on the BOK to cut policy rates to stave off a potential recession. A strong majority of economists, 32 of 35, predicted a quarter-point rate cut to 2.50% in Q2, with most also forecasting another cut in Q3, bringing the rate 75 bps lower than currently, to 2.25%. That was despite the U.S. Federal Reserve projected to make fewer or no cuts in coming months. A separate Reuters poll showed economists divided on the timing of the next Fed rate cut, with most expecting it by mid-year and some seeing it later or not at all. Median forecasts showed Korean rates would remain unchanged at 2.25% in Q4 2025, a view unchanged from the January poll. "Our view is the Fed will only cut once this year, in June... the U.S. (Fed) is pausing because they're getting closer to the neutral, but (BOK) still has some room to cut in order to get to the neutral," said Bum Ki Son, North Asia economist at Barclays. (Other stories from the February Reuters global economic poll)
