Page 8 - United States

Saudi Aramco earned profits of $161 bn in 2022 due to high crude oil prices

Oil giant Saudi Aramco said Sunday it earned a USD 161 billion profit last year. The firm, known formally as the Saudi Arabian Oil Co., said in its annual report that higher crude oil prices propelled its profits. It made the announcement on Riyadh's Tadawul stock exchange. In 2021, Aramco declared profits of USD 110 billion, as compared to USD 49 billion in 2020 when the world faced the worst of the coronavirus pandemic lockdown, travel disruptions and oil prices briefly going negative. Benchmark Brent crude oil now trades around USD 82 a barrel, though prices had reached over USD 120 a barrel back in June. Aramco, whose fortunes hinge on global energy prices, announced a record USD 42.4 billion profit in the third quarter of 2022 off the back of that price spike. Those high prices have further strained ties between the kingdom and the United States, traditionally a security guarantor among the Gulf Arab states amid tensions with Iran. Before the midterm elections in November, t

United States: 4.6 magnitude earthquake hits Guatemala's Iztapa, says USGS

The earthquake occurred at 04:39:11 (UTC+05:30) and hit Iztapa, Guatemala on Sunday, at a depth of 75.9 km, the USGS informed

Joe Biden appoints two Indian-American CEOs to Advisory Committee

Revathi Advaithi is the Chief Executive Officer of Flex, the global manufacturing partner of choice that helps a diverse customer base design and build products to improve the world

US CDC lifts Covid-19 test requirements for travellers from China

The US Centers for Disease Control and Prevention (CDC) has lifted mandatory Covid-19 test requirements for travellers from China

Silicon Valley Bank seized by FDIC as depositors pull cash amid crisis

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The bank failed after depositors mostly technology workers and venture capital-backed companies began withdrawing their money creating a run on the bank. Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment. Notably, the FDIC did not announce a .

US job growth beats expectations in February; wages rise moderately

Economists polled by Reuters had forecast job growth of 205,000

Inflation going in right direction, Joe Biden says after jobs data

The US added 311,000 jobs in February, beating estimates, but the unemployment rate also rose to 3.6% while monthly wages rose at the slowest pace in a year

US House votes to declassify information about origins of Covid-19

The House voted unanimously Friday to declassify U.S. intelligence information about the origins of COVID-19, a sweeping show of bipartisan support near the third anniversary of the start of the deadly pandemic. The vote was final approval of the bill, sending it to President Joe Biden's desk to be signed into law. Debate was brief and to the point: Americans have questions about how the deadly virus started and what can be do to prevent future outbreaks. The order to declassify focused on intelligence related to China's Wuhan Institute of Virology, citing potential links between the research that was done there and the outbreak of COVID-19. U.S. intelligence agencies are divided over whether a lab leak or a spillover from animals is the likely source of the virus. Experts say the true origin of the coronavirus pandemic may not be known for many years if ever.

Natco launches additional strengths of generic version of Revlimid in US

Natco Pharma Ltd on Friday said it has launched additional strengths for its generic lenalidomide capsules used in the treatment of multiple myeloma, in the US. The company has launched 2.5 mg, and 20 mg strengths of the generic version of Revlimid (lenalidomide capsules) through its marketing partner Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd, Natco Pharma said in a regulatory filing. "With this launch the companies (have) made available all the strengths of lenalidomide in the US market," it added. Lenalidomide capsules are a prescription medicine used in adults for the treatment of multiple myeloma, the filing said.

India, US ink MoU on semiconductor supply chain, innovation partnership

India and the US on Friday signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership during the Commercial Dialogue 2023 here, the commerce ministry said. On the invitation of Commerce and Industry Minister Piyush Goyal, the US Secretary of Commerce Gina Raimondo visited Delhi between March 7 and 10. During this visit, the India-US Commercial Dialogue was re-launched on March 10 to discuss cooperation for unlocking new trade and investment opportunities between the two countries, it said. "During the Dialogue, a MoU on establishing semiconductor supply chain and innovation partnership under the framework of India-US Commercial Dialogue was signed between India and US," it said. The MoU seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of the US's CHIPS and Science Act and India's Semiconductor Mission. It aims to leverage complementary strengths of

Cloture motion filed for Garcetti's nomination, step closer to confirmation

The nomination of Eric Garcetti for US Ambassador to India moved a step closer to being confirmed by the Senate as it adopted a cloture motion, indicating that the ruling Democrats have the support of a super-majority for his selection for the key position. Such a move by Senate Majority Leader Senator Chuck Schumer came a day after the Senate Foreign Relations Committee at its business meeting voted 13-8 in favour of his nomination. Garcetti's nomination is pending before the US Congress since July 2021, when he was nominated for the prestigious diplomatic posting by President Joe Biden. His nomination was not brought to the Senate floor for a vote during the last Congress as the ruling Democratic Party did not have enough support to get the 52-year-old close aide of Biden through. On Thursday afternoon, a Senate clerk read and brought the nomination of Garcetti to be Ambassador of the US to India on the Senate floor. "I send the cloture motion to the desk," Schumer said on the f

India a global strategic partner of US: State dept spokesperson Ned Price

India is a global strategic partner of the United States, the Biden administration said on Thursday amidst a series of high-level of exchanges between the two countries. "Our message to India and about India is consistent. India is a global strategic partner of the United States. The engagements we've had with our Indian partners at the ministerial level, at the leader level, at all levels has been in furtherance of deepening the already extensive ties between our two countries," State Department Spokesperson Ned Price told reporters at a news conference here. "These are ties that are political in nature, diplomatic, economic, security and importantly, people-to-people ties," he said. There is a vibrant Indian diaspora in this country, he said, adding that there is quite a bit of interest on the part of the American private sector in India, exchange students. "There are various ways in which our two societies are intertwined. So every time we have an opportunity to meet with our ..

In favour of constructive dialogue, diplomacy between India, Pak: US

The United States supports a constructive dialogue and meaningful conversation between India and Pakistan, the Biden administration said Thursday reiterating that it's for New Delhi and Islamabad to decide on the nature of that dialogue. The US is ready to play its role if they agree, it added. State Department Spokesperson Ned Price, in response to a question, refused any meditating role for the US for talks between India and Pakistan. "Because these are decisions for the countries themselves. If they agree on a particular role for the United States, the United States is prepared to, as a partner to both countries, support that process in any way that we responsibly can, Price told reporters at a news conference. "Analysts believe that the United States has the power and authority to mediate between the two partners. Pakistan and India are partners of yours, so why don't you just mediate? he was asked. "Ultimately, it is not for the United States to determine the modalities or th

Biden unveils $6.9 trn budget, raises tax on rich, boosts spending on infra

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure. The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives. Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion. "To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit. Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental

Indo-American Vedant Patel to serve as US State Dept's interim spokesperson

According to the announcement made by US Secretary of State Antony Blinken, Patel will take over the position of interim spokesperson

Biden ultimate socialist president, a disaster for America: Nikki Haley

Indian-American Republican presidential candidate Nikki Haley Thursday slammed President Joe Biden for his annual budgetary proposals which she said was socialist in nature and a "disaster for America". "We should be moving people from welfare to work. But Joe Biden is calling for no-strings-attached welfare checks with no work requirements," Haley said after Biden unveiled his USD 6.9 trillion budget. In his annual budget, Biden has come out with a series of social welfare measures and raised taxes on the rich. "I think Biden is the ultimate socialist president. He loves to spend everybody else's money. His answer to everything is to increase taxes," Haley told Fox News in an interview. "We need to be realistic. We're USD 31 trillion in debt. We are borrowing money to make our interest payments. This is not sustainable. The problem is Washington DC has a spending problem, and we need to put them on our diet and put an end to it," she said in response to a question. "The first thi

US jobless claims jump to 211,000, led by New York, California, shows data

Initial unemployment claims increased by 21,000 to 211,000 in the week ended March 4, Labor Department data showed Thursday

How 'excuseflation' is keeping prices and corporate profits high

The key question is, in an economy where the consumer continues to spend freely, how sticky this 'excuseflation' proves to be

US encourages Pak to continue working with IMF to improve economy, business

The United States has encouraged Pakistan to continue working with the IMF to improve the cash-strapped country's economy and the business environment to "unlock" the much-needed funds from the global lender. US State Department Spokesperson Ned Price while talking to media on Wednesday said that the US is working with Pakistani partners and, in turn, it is working with international financial institutions, the IMF, to put itself on a sustainable growth path. Ultimately, it is going to have to be decisions on the part of our Pakistani counterparts to unlock this IMF funding. We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan's business environment, Price said. We believe that it will make Pakistani business more competitive, and will attract high-quality investment, he said. They improve the competitiveness of partnering Pakistani firms, fuelling economic growth that increases employment and household incomes. We believe that by

Joe Biden shames Republicans for playing down Jan 6 Congress attack

Biden expressed support for the Capitol Hill police, whose chief has accused Fox News presenter Tucker Carlson of manipulating video footage of the unprecedented assault after Trump's election defeat