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The U.S. Department of Health and Human Services reversed its previous decision to lay off staff at the National Institute for Occupational Safety and Health (NIOSH), restoring hundreds of related positions.According to the Wall Street Journal, six federal prosecutors in Minnesota have resigned in connection with the Immigration and Customs Enforcement (ICE) shooting investigation.On January 14th, it was reported that on January 10th, the Guangzhou Futures Exchange (GFE), Fudan University, and the National Meteorological Information Center signed a tripartite cooperation framework agreement and held a symposium. Representatives from the three parties reached an important consensus on promoting innovative practices in "meteorology × finance" and developing weather-related derivatives. A GFE representative stated that as a crucial venue for risk management, the futures markets introduction of weather derivatives that meet market needs is of significant practical importance in helping weather-sensitive enterprises, such as those in the new energy sector, mitigate weather volatility risks and serve the development of new productive forces. As a vital national financial infrastructure, the GFE will leverage its experience in green innovation and development, deepen practical cooperation with all parties, actively promote the research and application of weather derivatives, and provide strong support for meteorological risk management and the construction of a green finance system.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.8% to 49,191.99 points, the S&P 500 fell 0.19% to 6,963.74 points, and the Nasdaq Composite fell 0.1% to 23,709.87 points. Salesforce fell more than 7%, and Visa fell more than 4%, leading the decline in the Dow Jones. The Wind U.S. Tech Big Seven Index fell 0.22%, with Facebook and Amazon falling more than 1%. Chinese concept stocks generally declined, with Brain Regeneration falling more than 26% and Pony.ai falling more than 9%. Concerns surrounding the independence of the Federal Reserve remain. 2. European stock indices closed mixed. Germanys DAX rose 0.06% to 25,420.66 points, driven by gains in defense stocks amid geopolitical tensions; Frances CAC40 fell 0.14% to 8,347.2 points, with support from bank stocks partially offsetting weakness in other sectors; the UKs FTSE 100 fell 0.03% to 10,137.35 points, dragged down by energy and financial sectors, reflecting market concerns about the UKs economic outlook. 3. US Treasury yields were mixed. The 2-year Treasury yield fell 0.19 basis points to 3.530%, the 3-year yield rose 0.12 basis points to 3.591%, the 5-year yield fell 0.17 basis points to 3.752%, the 10-year yield rose 0.40 basis points to 4.179%, and the 30-year yield rose 0.82 basis points to 4.837%. 3. International precious metals futures closed mixed. COMEX gold futures fell 0.44% to $4,594.40 per ounce, while COMEX silver futures rose 2.08% to $86.86 per ounce. Although geopolitical tensions, central bank gold purchases, and market uncertainty provided support for gold prices, signals from Federal Reserve officials that they would not cut interest rates for the time being suppressed trading based on expectations of a rate cut, leading to a slight decline in gold futures for the day. 4. The main WTI crude oil contract closed up 2.69% at $61.1 per barrel; the main Brent crude oil contract rose 2.43% to $65.42 per barrel. 5. London base metals traded mixed. LME tin rose 2.46% to $49,145.0/ton, LME aluminum rose 0.36% to $3,196.0/ton, LME lead rose 0.34% to $2,060.0/ton, LME copper fell 0.40% to $13,156.5/ton, LME zinc fell 0.44% to $3,202.0/ton, and LME nickel fell 1.61% to $17,600.0/ton.Eli Lilly (LLY.N) CEO: We need to know the number of patients receiving obesity drugs under the US Medicare drug plan, as well as the number of out-of-pocket patients outside the US, in order to forecast sales for 2026.

Indian Government Reduces Tax on Fuel, Key Commodities To Battle Inflation

Charlie Brooks

May 23, 2022 09:52

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India on Saturday announced a series of modifications to the tax system charged on vital commodities in an attempt to buffer customers from rising prices amid high inflation.


Finance Minister Nirmala Sitharaman announced a drop in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.


The new tax policy on fuel and diesel could result in a loss of around 1 trillion Indian rupees to the government in annual revenue due to the decreased collection, she stated in a series of tweets.


The government also reduced the import duty on anthracite, PCI coal and coking coal in an attempt to cut raw material costs for local market demand.


The latest measures will be effective from May 22, the government stated in a notification after the announcement by Sitharaman, who also asked state governments to follow suit with comparable reductions on fuel costs keeping in line with federal plans.


A liter of petrol currently costs 105.41 rupees, while diesel is at 96.67 rupees in New Delhi.


The government would also pay a supplementary subsidy of 200 rupees per cooking gas cylinder to approximately 90 million people under a welfare scheme launched for women below the poverty line.


The subsidy will have an annual income implication of about 61 billion Indian rupees, Sitharaman said.


"Prime Minister Narendra Modi has expressly requested all arms of the government to work with sensitivity and give relief to the common man," she said.


The government was also attempting to minimize taxes on raw materials for plastic items to lower down the cost of final products.


Experts said the recent steps will likely increase fiscal problems and create uncertainties about the government attaining its deficit target of 6.4 percent of GDP for 2022-23.



But inflation has become a huge concern for Modi's government ahead of elections to many Indian state assemblies this year.


A substantial surge in inflation meant input costs rose for businesses.


The rise forced the central bank to hike interest rates during an unexpected policy meeting this month.


"Today's decisions, notably the one relating to a major drop in fuel and diesel prices, will positively impact many industries, offer relief to our folks," Modi wrote on Twitter (NYSE:TWTR) (NYSE:TWTR). "It is always people first for us!"

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