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<ul class="summary-list"><li>Iran launched a massive missile attack on Israel on Tuesday. </li><li>Iran, Israel, and other neighboring nations closed their airspaces, forcing flight diversions.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">Iran launched a huge missile attack on Israel</a> on Tuesday as tensions in the Middle East soar. In response, the airspace above Iran, Israel, Jordan, Iraq, and other countries in the region was closed Tuesday by various authorities, and airlines quickly reacted to keep their flights out of harm's way In some cases, planes were diverted en route to their destination to <a target="_blank" class="" href="https://www.businessinsider.com/iran-may-upgrade-its-air-defenses-after-israeli-missile-strike-2024-4">avoid restricted airspace.</a>According to <a target="_blank" class="" href="https://twitter.com/flightradar24/status/1841146667778638016">FlightRadar24</a>, at least three flights operated by German carrier Lufthansa bound for India and Dubai turned around before reaching Iranian airspace. The treks back to Europe stretched their flight times up to eight hours. <div type="image" title="Flightradar24 screenshot showing Swiss and Lufthansa flights diverting amid Iran attacks on Israel." height="1721" width="2048" msid="113863113" hostid="261" sizebytes="298438"></div>Another flight operated by Swiss from Zurich to Dubai diverted to Antalya, Turkey, shortly before it would have crossed into Iran, FlightRadar24 shows.The flight-tracking website also showed several Emirates flights bound for Dubai were impacted. The airline told <a target="_blank" class="" href="https://airlinegeeks.com/2024/10/01/airlines-scramble-to-reroute-flights-following-iranian-missile-attack/#">AirlineGeeks</a> that it was diverting some flights and cancelling others."We are closely monitoring the situation and are making all efforts to ensure minimal disruption to customers while assisting those impacted," a spokesperson said.Several other carriers were also being forced to divert as route options remained limited between Europe, the Middle East, and Asia.FlightRadar24 <a target="_blank" class="" href="https://www.flightradar24.com/data/airports/lca/arrivals">data</a> shows that on Tuesday, a British Airways flight from London to Dubai, a Royal Jordanian Airlines flight from Paris to Amman, and an Israeli airline El Al flight from Rhodes, Greece, to Tel Aviv were all diverted to Larnaca, Cyprus.British Airways told Business Insider: "Safety and security are always our highest priorities, and we continuously assess and adjust our operations accordingly."Throughout the day, some restrictions were lifted, FlightRadar24 said. Jordan and Iraq reopened to flights late Tuesday local time, though few were passing through the region. Ongoing airspace closures could see airlines add hours of flight time to circumvent Iran and Israel to reach places in Europe, the Middle East, India, and beyond — similar to what happened <a target="_blank" class="" href="https://www.businessinsider.com/airline-routings-add-hours-flight-time-to-avoid-russian-airspace-2022-3#:~:text=On%20March%204%2C%20a%20Japan,Arctic%20to%20get%20to%20England.">after Russia invaded Ukraine</a> in 2022.Airlines like Japan Airlines, British Airways, and Finnair added up to four hours of flight time to avoid the Kremlin's airspace on flights between Asia and Europe amid Russian airspace closures and sanctions.

Iran's missile attack forced some flights to turn around hours into their trips to avoid restricted airspace 

<ul class="summary-list"><li>Israel is one of the world's few countries armed with nukes and multiple means to deliver them.</li><li>An Israeli aerospace official recently broached these "doomsday weapons."</li></ul>The prospect of a full-scale war between Israel and the powerful <a target="_blank" href="https://www.businessinsider.com/hezbollah-has-the-weapons-to-carry-out-threat-against-cyprus-2024-6">Hezbollah militia</a> in Lebanon has sent tensions spiking and briefly highlighted the power of Israel's undeclared nuclear weapons.Israel is one of the world's few countries armed with nukes and multiple means to deliver them, a capability recently referenced by an Israeli official with a leading government-run aerospace manufacturer."If we understand that there is an existential danger here, and that Iran, Yemen, Syria, Iraq and all the countries of the Middle East decide that it is time to settle against us, I understand that we have the capabilities to use doomsday weapons," Yair Katz, chairman of the Israel Aerospace Industries Workers' Council, <a target="_blank" href="https://web.archive.org/web/20240630060555/https://www.jpost.com/israel-news/defense-news/article-808275">reportedly said</a> on Saturday.He was speaking a day after Iran's United Nations mission warned that <a target="_blank" href="https://www.reuters.com/world/middle-east/israel-fm-iran-regime-threatening-destruction-deserves-destruction-2024-06-29/">"an obliterating war will ensue"</a> if Israel commits "full-scale military aggression" against the Iran-backed Hezbollah in Lebanon. It also declared that in this scenario, "all options" are on the table, including "the full involvement of all resistance fronts," a clear reference to Iran's militia proxies in Iraq, Syria, and Yemen, the other countries Katz specifically mentioned.By invoking doomsday weapons, it was clear Katz was alluding to <a target="_blank" href="https://www.businessinsider.com/countries-with-nuclear-weapons-2017-11">Israel's nuclear weapons</a> arsenal — an arsenal over which neither he nor IAI have any command-and-control. But his use of the word "capabilities" is a reminder that Israel has ground, air, and sea-based delivery systems for its nuclear weapons. In other words, a complete nuclear triad.There are eight countries in the world with declared nuclear arsenals, four of which — the United States, China, India, and Russia — have a complete nuclear triad. Pakistan has a partial triad, making it a close fifth. Israel's triad has some notable distinctions and limitations compared to those of the other four."Israel's nuclear triad bears the hallmarks of a regional nuclear triad as seen in India and Pakistan, rather than seeking globe-spanning strike capability," Sebastien Roblin, a widely published military-aviation journalist, told Business Insider."<a target="_blank" href="https://www.businessinsider.com/us-nuclear-submarine-surfaces-off-norway-in-rare-flex-2024-6">Ballistic missile submarines</a> with submarine-launched ballistic missiles and heavy bombers are unnecessary, even though Israel does face some range and geography complications vis-a-vis Iran in particular," Roblin said. "So, like Pakistan, Israel can rely on fighters, conventionally powered submarines, and submarine-launched cruise missiles for what it's trying to do.""Israel's triad remains remarkably powerful for a country its size."Experts believe Israel has three main delivery systems for its nuclear warheads. Israel has ground-based <a target="_blank" href="https://missilethreat.csis.org/missile/jericho-3/">Jericho 3 intermediate-range ballistic missiles.</a> Built by Israel Aerospace Industries, these IRBMs are capable of hitting targets at least 3,000 miles away. Israel also has German-built Dolphin 2 diesel-electric submarines widely believed to carry nuclear-armed Popeye Turbo cruise missiles, which can strike targets up to 930 miles away and purportedly have <a target="_blank" href="https://nationalinterest.org/blog/reboot/not-secret-israel-has-submarines-armed-nuclear-missiles-171297">a 200-kiloton nuclear warhead</a>. That modest submarine fleet gives Israel a second-strike capability in case its ground-based Jerichos are destroyed in an enemy first strike. And its fighter jets can drop nuclear bombs.Ryan Bohl, a senior Middle East and North Africa analyst at the risk intelligence company RANE, noted that one primary way Israel's nuclear triad differs from its counterparts is its regional focus."Israel's nuclear deterrent is not designed to ward off great powers like Russia or China, but rather regional powers like Egypt and Iran," Bohl told BI. "Should it ever face a great power nuclear confrontation that would inevitably drag in the United States, which is certainly better equipped to handle such a thing.""Israel does have purported capabilities for intercontinental ballistic missiles that would allow limited strikes extra-regionally, but again, none of these would have the impact of a great power," Bohl said."From what is known about the Jericho systems, they are both silo and land-based, but the reality is that all such land-based systems are vulnerable to first strikes, which is a key reason why the Israelis keep the triad," Bohl said.<div type="image" title="The F-15I fighter jet firing flares" height="853" width="1280" msid="111487399" hostid="261" sizebytes="59392"></div>The Israeli Air Force's fighter jets also play a role in the triad."Most believe specific IAF F-16 and F-15I Ra'am units have been assigned nuclear roles, with the latter fighters with their greater range and payload taking on added importance in the event of a long-distance war with Iran," Roblin said.Israel also boasts a sizable fleet of fifth-generation F-35I stealth jets, which are more capable of penetrating enemy air defenses to destroy strategic targets. It's unclear if Israel's F-35s can currently carry nuclear payloads.Roblin noted the US Air Force only recently certified the F-35A for <a target="_blank" href="https://www.businessinsider.com/f35a-stealth-fighter-closer-to-carrying-nuclear-weapons-2021-10">nuclear missions</a>."Whether and how Israel has integrated nuclear arms into its customized F-35Is is another mystery box," Roblin said. "Though I assume they will eventually assume a nuclear role if they haven't already —--they are just so much more survivable for delivery of gravity or glide bombs."Israeli jets can also fire Popeye cruise missiles for standoff strikes. Israel has developed <a target="_blank" href="https://www.forbes.com/sites/pauliddon/2024/06/11/israel-could-become-a-leading-air-launched-ballistic-missile-exporter/">several air-launched ballistic missiles</a>, some of which it used in <a target="_blank" href="https://www.businessinsider.com/iran-may-upgrade-its-air-defenses-after-israeli-missile-strike-2024-4">a strike against central Iran</a> in April. However, it's unclear if Israel has air-launched ballistic missiles fitted with nuclear warheads."The main challenge for making these nuclear-capable is Israel's capacity to miniaturize nuclear warheads vis-a-vis how heavy a warhead a given missile can carry," Roblin said. "So, weapons that support bigger warheads are easier to convert."The IAF had nuclear gravity bombs as far back as 1973. Roblin pointed out that the US has "invested billions" in turning its B61 nuclear bombs into nuclear bunker busters. He suspects Israel could have undertaken a similar project."If Israel has more ambitious counterforce intentions for its air-based nukes, as in hoping they could be used to reliably destroy enemy nuclear missile silos and storage areas, then perhaps it has quietly developed its equivalent of the US's new B61s, say based around the SPICE glide bomb kit," Roblin said.While extensive for a state Israel's size, RANE's Bohl highlighted some limitations of the Israeli triad, noting that Israel's true strength lies in having Washington's back."Israel's limitations are in part its relatively limited arsenal and more constrained systems for deployment beyond the region," Bohl said. "But within the region, Israel is certainly unsurpassed in its nuclear capabilities.""Given that the United States would serve as a nuclear umbrella for Israel for extra-regional threats, these limitations are certainly nothing that constrains Israel's nuclear deterrent from its primary targets like Iran," Bohl added.The RANE analyst also noted that the US's own forces represent a much more dangerous retaliation threat than Israel's submarines for any country that considers striking Israel with nukes."The true second strike threat for Israel is the United States itself, which in a theoretical nuclear war scenario would almost certainly retaliate on Israel's behalf should it ever suffer a first strike from a nuclear rival," Bohl said. "This makes it so that a second strike capability is important in terms of deterrence for full-scale escalation from a power like Iran.""But from a strictly tactical perspective, it would be the United States that truly serves as Israel's most effective second strike system."

Tensions with Iran spotlight Israel's hidden nuclear arsenal 

<ul class="summary-list"><li>Iranian President Ebrahim Raisi died in a helicopter crash on Sunday in foggy conditions.</li><li>An official said the rescue effort was made "extremely difficult" by darkness, dense fog, and rain.</li></ul>Flying a helicopter in fog can be a recipe for disaster, with Kobe Bryant and now Iran's president adding to a string of deaths.<a target="_blank" href="https://www.businessinsider.com/iran-president-ebrahim-raisi-dead-helicopter-crash-2024-5">Iranian President Ebrahim Raisi and his entourage died after his aircraft crashed Sunday</a> in a remote and mountainous area of northwestern Iran.The group was on a helicopter ride back from a ceremony marking a dam opening near Azerbaijan's border when it crashed into trees in the region of Iran's East Azerbaijan province, <a target="_blank" href="https://www.aljazeera.com/news/liveblog/2024/5/20/live-irans-president-raisi-fm-amirabdollahian-killed-in-helicopter-crash#:~:text=Iran's%20President%20Ebrahim%20Raisi%20and,northern%20Iran's%20East%20Azerbaijan%20province.">per Al Jazeera</a>.Interior Minister Ahmad Vahidi told IRNA, Iran's state-run news agency, that the helicopter carrying Raisi and other senior Iranian officials was forced to make a "hard landing" Sunday but failed to offer details.The search was "extremely difficult" because of darkness, dense fog, and rain, Pirhossein Koulivand, the head of Iran's Emergency Medical Services, said on Iranian state TV about 10 hours into the operation, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-19/air-fleet-of-iran-s-raisi-involved-in-incident-iranian-state-tv">per Bloomberg</a>.State TV said the helicopter crashed into a mountain. While there is no official statement on the cause, <a target="_blank" href="https://x.com/isna_farsi/status/1792449226904908053">images of the crash site</a> captured by ISNA, Iran's state students' news agency, showed heavy fog lingering over the area.According to the National Oceanic and Atmospheric Administration, <a target="_blank" href="https://www.weather.gov/safety/fog-flying">flying in fog</a> is challenging, even for the most experienced of pilots. "For pilots that are not as skilled, fog is an extremely dangerous and potentially deadly hazard," it said.Raisi's helicopter crash follows a series of deadly helicopter and plane crashes in foggy weather conditions.Last year, a helicopter carrying Ukraine's interior minister crashed into a kindergarten in a foggy residential suburb of Kyiv, claiming his life and that of a dozen people, authorities said at the time, <a target="_blank" href="https://apnews.com/article/russia-ukraine-9ec684edb2af6b7b84e67ab5e984e739">per The Associated Press</a>.India's top military official, Gen. Bipin Rawat, and his wife perished with 11 other passengers in December 2021 after <a target="_blank" href="https://www.businessinsider.com/eyewitness-india-general-heavy-fog-crash-2021-12">their helicopter flew unusually low</a> and through heavy fog before crashing into a hillside in southern India, eyewitnesses told Reuters at the time.In January 2020, <a target="_blank" href="https://www.businessinsider.com/kobe-bryant-crash-dangerous-fog-helicopter-too-low-2020-1">Kobe Bryant's helicopter crashed</a> in foggy conditions while en route from John Wayne Airport to Camarillo Airport, killing the NBA legend, his then-13-year-old daughter, the Orange Coast College baseball coach John Altobelli, and his family. The pilot of the helicopter most likely became disorientated amid fog, US safety investigators said.Ten years earlier, Polish President Lech Kaczynski, the first lady, and 94 others died in a plane crash after pilots tried to land in thick fog with reduced visibility near the western Russian city of Smolensk, according to a <a target="_blank" href="https://wayback.archive-it.org/all/20120906032711/http://mswia.datacenter-poland.pl/FinalReportTu-154M.pdf">final report</a> by the country's committee for Investigation on National Aviation Accidents.In 1994, a Chinook Mk2 helicopter carrying 25 senior British intelligence experts crashed into the hillside on the Mull of Kintyre in southwestern Scotland after <a target="_blank" href="https://publications.parliament.uk/pa/cm199798/cmselect/cmdfence/611/df0403.htm">the pilot flew too fast and too low</a> in foggy conditions, killing all passengers on board, the UK's Defence Committee said at the time.Raisi's body and those of the other passengers who died in the helicopter crash are being transported to the city of Tabriz, where an autopsy will take place, followed by a first official state funeral on Tuesday, <a target="_blank" href="https://www.aljazeera.com/news/liveblog/2024/5/20/live-irans-president-raisi-fm-amirabdollahian-killed-in-helicopter-crash">according to Al Jazeera</a>.

Flying a helicopter in fog can be a recipe for disaster &mdash; Kobe Bryant and now Iran's president add to a string of deaths

Paris: Indian para-athlete <keyword id="20460399" type="General" weightage="20" keywordseo="Navdeep" source="keywords">Navdeep</keyword> expressed happiness at his <keyword id="20342188" type="General" weightage="20" keywordseo="gold-medal" source="keywords">gold medal</keyword> win at the Paris <keyword id="20396851" type="General" weightage="100" keywordseo="Paralympics" source="keywords">Paralympics</keyword> and opened up on his admiration for star javelin thrower and World Champion <keyword id="19968766" type="General" weightage="20" keywordseo="Neeraj-Chopra" source="keywords">Neeraj Chopra</keyword>. <keyword id="20460399" type="General" weightage="20" keywordseo="Navdeep" source="keywords">Navdeep</keyword>'s silver was upgraded to a <keyword id="20342188" type="General" weightage="20" keywordseo="gold-medal" source="keywords">gold medal</keyword> after the initial winner, Islamic Republic of Iran's Sadegh Beit Sayah, got disqualified from the men's javelin F41 final at the Paris <keyword id="20396851" type="General" weightage="100" keywordseo="Paralympics" source="keywords">Paralympics</keyword> on Saturday. Navdeep had initially finished second with a throw of 47.32 m, while Sadegh took the top honours with a Paralympic record of 47.64 m. Speaking to ANI, Navdeep, who started javelin throwing after being inspired by Neeraj, refused to be compared with India's Olympic gold medallist, saying, "I have been inspired by Neeraj, but I am not like him. He will always be my senior, and I cannot compare with him." On his medal win, he said, "It feels good that India could win the gold and when Paralympics were concluding, the national anthem was played. I am happy that medal tally has been concluded with a gold." Talking further about his win, Navdeep said that the coach gave him a target of 47 m to prove himself as a great javelin thrower to him and also recalled an episode of sportsmanship with the disqualified Irathlete Sadegh. "I had trained really well and analysed the track by talking to other players. I had gathered information about the track and talked to everything with my coach. Coach gave me a target to hit 46, but told me that I should hit 47, and he would consider me really great for that. When I got to know that the Iranian athlete was disqualified, I tried to console him and make him feel good. But I am happy to have got the gold," said Navdeep. He said that the medal was due to fine support from his family, the Sports Authority of India (SAI), the <keyword id="21310141" type="General" weightage="20" keywordseo="Olympic-Gold-Quest" source="keywords" meta.keywordsubtype="org" meta.entityname="Olympic Gold Quest" meta.hostid="261" meta.entityid="Olympic Gold Quest">Olympic Gold Quest</keyword> (OGQ), the central government, and the Athletics Federation of India (AFI). On talking with Prime Minister Narendra Modi after the medal win, Navdeep said, "I felt proud on talking with PM Modi. This produces a lot of motivation to do something so that we get to meet him again." The Indian contingent concluded its historic Paris Paralympics campaign with a total of 29 medals, including seven gold, nine silver, and 13 bronze medals, the most by the country in the history of the competition. With this landmark campaign, India has surpassed their previously most-successful campaign at Tokyo 2020 Paralympics, which gave them 19 medals, including five golds, eight silvers and six bronze medals.

Cannot be compared to Neeraj Chopra: India's Paralympics gold medalist Navdeep after Paris triumph

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

Mumbai: The Reserve Bank is unlikely to cut the benchmark <keyword id="20071327" type="General" weightage="20" keywordseo="interest-rate" source="keywords">interest rate</keyword> in its forthcoming bi-monthly monetary policy review later in the week as <keyword id="19999652" type="General" weightage="20" keywordseo="retail-inflation" source="keywords">retail inflation</keyword> is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- <keyword id="19913109" type="General" weightage="20" keywordseo="Monetary-Policy-Committee" source="keywords">Monetary Policy Committee</keyword> (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the current context, experts feel that the RBI may not follow the US Federal Reserve, which lowered the benchmark rates by 50 basis points, and the central banks of some developed nations, which have reduced the interest rates. "We do not expect any change in the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> or stance by MPC. The reason is that inflation for September and October will be above 5 per cent, and the present low inflation is due to the base effect. Besides, core inflation is inching upwards," said Madan Sabnavis, Chief Economist, Bank of Baroda. Further, the recent Iran-Israel imbroglio can intensify, and there is uncertainty here, he said. "Hence, the status quo is the most likely option even for new members. Inflation forecast may be lowered by 10-20 bps and no change in GDP forecast likely," said Sabnavis. The central bank last hiked the repo rate to 6.5 per cent in February 2023 and since then, it has held the rate at the same level. Icra Chief Economist Aditi Nayar said that given the undershooting in the initial first quarter GDP growth relative to the MPC's forecast and the likely sizeable undershooting in the second quarter CPI inflation print as well, "we believe a stance change to neutral may be appropriate in the October 2024 policy review". This could be followed by a shallow rate-cutting cycle of 25 bps each in December 2024 and February 2025, she added. "The abundant monsoon offers some insurance for crop inflation. The impact of global political developments and geopolitical uncertainty on the growth inflation dynamics remains a risk," Nayar added. An HSBC report said three developments stand out -- softer growth numbers have trickled in recently, inflation has been falling, and the external environment has moved from rate hikes to cuts. "We believe the RBI doesn't gain from waiting any longer. We think it will change its stance from a hawkish 'withdrawal of accommodation' to 'neutral' in the upcoming 9 October policy meeting, followed by repo rate cuts of 25 bps each in the December and February meetings, taking the repo rate to 6 per cent," the report said. The RBI kept the repo rate unchanged at 6.5 per cent in its August bi-monthly review amid risks from higher food inflation. This was the ninth consecutive MPC meeting, which decided to maintain the status quo on the rate front. Pradeep Aggarwal, founder and chairman, Signature Global (India) Limited, said while the real estate industry, developer community, and homebuyers are hoping for an interest rate cut in the upcoming monetary policy review, the RBI is likely to hold on to the interest rate cuts for the tenth consecutive time. "The apex bank still seems uncomfortable with the overall retail inflation scenario, particularly food inflation. As such, it is expected to maintain the status quo. The recent interest rate cut by the US Federal Reserve has ignited similar hopes even in India, but the domestic scenario is very different," he added. SBM Bank India Head Treasury Mandar Pitale believed that the MPC has persistently advocated a restrictive policy until inflation aligns durably towards the 4 per cent target. "With the unfavourable base effect taking the next couple of CPI prints near 5 per cent plus or minus, it will pose a major challenge for MPC to start easing from the October meeting," Pitale said, adding that the MPC is also expected to deliberate upon the global factors like growth-inflation behaviour in developed economies. The government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as external members of the MPC. They have replaced Ashima Goyal, Shashanka Bhide, and Jayanth R Varma. Apart from the Governor, the other internal members are the RBI Deputy Governor in charge of monetary policy Michael Debabrata Patra and the Executive Director monetary policy department of RBI Rajiv Ranjan. In an off-cycle meeting in May 2022, the MPC raised the policy rate by 40 basis points and it was followed by rate hikes of varying sizes, in the subsequent meetings till February 2023. The repo rate was raised by 250 basis points cumulatively between May 2022 and February 2023.

Status-quo on interest rate likely, say experts ahead of RBI's policy review

Johannesburg, Top leaders of the BRICS nations on Thursday decided to admit <keyword id="5927" type="General" weightage="20" keywordseo="argentina" source="Orion">Argentina</keyword>, <keyword id="6354912" type="General" weightage="20" keywordseo="egypt" source="Orion">Egypt</keyword>, <keyword id="61936" type="General" weightage="20" keywordseo="ethiopia" source="Orion">Ethiopia</keyword>, <keyword id="41896" type="General" weightage="20" keywordseo="iran" source="Orion">Iran</keyword>, <keyword id="50996" type="General" weightage="20" keywordseo="saudi-arabia" source="Orion">Saudi Arabia</keyword> and the <keyword id="6354870" type="General" weightage="20" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> as full members of the grouping that is largely seen as a counterweight to Western powers. The decision to induct the six countries to join the bloc from January 1 next year was announced by South African President Cyril Ramaphosa on the final day of the annual summit of the BRICS that currently comprises Brazil, Russia, India, China and South Africa. "We have consensus on the first phase of this expansion process, and further phases will follow," Ramaphosa, flanked by Prime Minister Narendra Modi, Chinese President Xi Jinping and Brazilian President Luiz Inacio Lula da Silva, said at a media briefing at the end of the BRICS summit in Johannesburg. With the entry of the six countries, the total number of members in the grouping is reaching 11 from the current five. The decision to expand the bloc is seen as an effort to reshape global governance while putting the voices of the Global South as a key priority area to advance the overall development agenda. The South African president said an agreement was reached on the "guiding principles, standards, criteria and procedures of the BRICS expansion process, which has been under discussion for quite a while". "We have decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of BRICS," he added. Around 40 countries had shown interest in joining BRICS out of which 23 formally applied for the membership. In his media statement, Modi said the "expansion and modernisation" of BRICS is a message that all institutions in the world need to mould themselves according to changing times. "India has always fully supported the expansion of the BRICS membership. India has been of the view that the addition of new members will further strengthen BRICS as an organisation, and give a new impetus to all our common endeavours," he said. The prime minister said the decision to expand the bloc will further strengthen the faith of many countries in the multipolar world order. "The expansion and modernization of BRICS is a message that all the institutions of the world should adapt to the circumstances of the changing times," he said. "This is such an initiative that can become an example for the reform of other global institutions established in the 20th century," he added. Chinese President Xi described the expansion of BRICS as a "new starting point" for cooperation in the grouping. "It will bring new vigour to the BRICS cooperation mechanism, further strengthening a force for world peace and development," he said at the press briefing. The grouping took shape in September 2006 and it originally comprised Brazil, Russia, India and China (BRIC). It was renamed as BRICS after South Africa was accepted as a full member in September 2010. At present, the BRICS represents 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade. The BRICS member nations have been the main engines of global economic growth over the years. Speaking remotely, Russian leader Vladimir Putin hailed the expansion. In his remarks, Ramaphosa said the BRICS valued the interests of other countries in building partnership with the grouping. "We have tasked our foreign ministers to further develop the BRICS partner country model and a list of prospective partner countries and report by the next summit," he said. "Through this Summit, BRICS has embarked on a new chapter in its effort to build a world that is fair, a world that is just, a world that is also inclusive and prosperous," he noted. In its Johannesburg declaration, the BRICS leaders said they appreciated the considerable interest shown by countries of the global South in becoming members of BRICS. Ramphosa said the BRICS is ready to explore opportunities for improving the "stability, reliability and fairness of the global financial architecture." He said the summit agreed to task the BRICS finance ministers and Central Bank governors to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit. "We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation," the South African president said. "We addressed our expectations for the BRICS economic partnership to generate tangible benefits for our communities and deliver viable solutions for common challenges faced by the global South," he said. "We shared our vision of BRICS as a champion of the needs and concerns of the peoples of the Global South. These include the need for beneficial economic growth, sustainable development and reform of multilateral systems," he added. The South African leader said the BRICS reiterated its commitment to inclusive multilateralism and upholding international law. On the Ukraine conflict, the BRICS called for peaceful resolution of the crisis. "We recall our national positions concerning the conflict in and around Ukraine as expressed at the appropriate fora, including the UN Security Council and UN General Assembly," the declaration said. "We note with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy, including the African Leaders Peace Mission and the proposed path for peace," it said.

BRICS decides to admit 6 countries as new members of grouping; focuses on voices of Global South

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords" meta.keywordsubtype="org" meta.entityname="India" meta.hostid="153" meta.entityid="India">India</keyword>n para-athlete Yogesh Kathuniya bagged the eighth medal for team India in the ongoing <keyword id="20420017" type="General" weightage="100" keywordseo="paris-paralympics" source="keywords">Paris Paralympics</keyword> 2024 as he won the silver medal in the Men's Discus Throw F56 final on Monday. Kathuniya's best throw in the final of the event was 42.22 metres at the Stade de France. This was his second successive medal at the <keyword id="20396851" type="General" weightage="20" keywordseo="Paralympics" source="keywords" meta.keywordsubtype="org" meta.entityname="Paralympics" meta.hostid="153" meta.entityid="Paralympics">Paralympics</keyword> after Tokyo 2020, with a best throw of 44.58 metres. Before the ongoing mega event, the para-athlete clinched a silver medal in the F56 category at the World Para-Athletics Championship 2024. With an impressive throw of 41.80 meters, Kathuniya secured the second position, trailing behind the gold medallist, Brazilian athlete Claudiney Batista Dos Santos. Dusan Lackzo of Slovakia claimed the bronze. He previously secured a silver medal in the Men's Discus Throw F54/55/56 Final at the Asian Para Games 2023 in Hangzhou. Brazil's Claudiney Batista won the gold medal at the event with a best throw of 46.86 metres and the bronze medal was taken by Greece's Konstantinos Tzounis whose best throw was 41.32 metres Other than this medal, India has secured a total of seven more medals at the ongoing marquee event, with one gold medal, two silvers, and four bronze medals. Preeti Pal clinched the bronze medal in the 200m T-35 race on Sunday. With this medal, Preeti created history as she became the first-ever Indian woman athlete to win 2 medals in the track &amp; field events at the Paralympics, or Olympics. Nishad Kumar clinched a silver medal in the men's high jump - T47 final on early Monday morning. Nishad, who also finished second in Tokyo three years ago, achieved his season-best performance with a leap of 2.04 meters, earning him the silver. Rubina finished third and bagged a bronze medal in the P2-Women's 10M Air Pistol SH-1 final on Saturday. She gathered a total of 211.1 points in the final. Javanmardi Sareh of Iran finished with gold (236.8 points) and Turkey's Ozgan Aysel went on to win the silver medal (231.1 points). Earlier during the day, India's Kumar Nitesh clinched his maiden gold medal after beating Great Britain's Daniel Bethell in a thrilling men's singles SL3 badminton final here on Monday. The 29-year-old from Haryana was rock solid in his defence and spot on with his shot selections as he beat Tokyo silver medallist Bethell 21-14 18-21 23-21 in an absorbing contest that lasted an hour and 20 minutes. SL3 class players, like Nitesh, compete with more severe lower limb disabilities, requiring them to play on a half-width court. When he was 15, Nitesh had lost his left leg in a train accident in Visakhapatnam in 2009 but he recovered from the trauma and found his calling in para badminton. Nitesh's victory on Monday ensured that India retained the SL3 gold after Pramod Bhagat clinched the title three years ago when para badminton made its debut in Tokyo. Last week, reigning Paralympic champion, <keyword id="9458227" type="General" weightage="20" keywordseo="Avani-Lekhara" source="Orion">Avani Lekhara</keyword> maintained her winning streak and struck gold in the women's 10m air rifle final at the ongoing Paris Paralympics. Shooter Mona Agarwal bagged the bronze medal at the same event. India's first silver medal at the Paris Paralympics came in shooting as well, with Manish Narwal getting a silver in the men's P1 10 m air pistol SH1 competition. This year, India has sent its largest Paralympics contingent ever, comprising 84 athletes across 12 sports, a testament to the country's expanding para-sports ecosystem. India's participation in the Paris 2024 Paralympics marks not only a significant increase in numbers but also in medal hopes, as the nation aims to surpass its previous achievements in Tokyo. Tokyo 2020 was India's most successful Paralympic Games, with the country winning 19 medals, including five golds, eight silver and six bronzes.

Paris Paralympics: Yogesh Kathuniya wins silver in Men's Discus Throw F56 final, Kumar Nitesh clinches gold

<ul class="summary-list"><li>Yemeni Houthi rebels hijacked a cargo ship in the Red Sea on Sunday.</li><li>The group has pledged to take action against Israeli ships until attacks on Gaza stopped.</li></ul>Israel said that a cargo ship was hijacked in the Red Sea by Yemen's Houthi rebels on Iran's orders.The cargo ship, Galaxy Leader, was traveling from Turkey to India and sailing under the flag of the Bahamas when the incident occurred, <a target="_blank" href="https://twitter.com/IDF/status/1726242707763564828">the IDF wrote in a post on X, formerly Twitter.</a>The ship was registered under a British company but operated by a Japanese firm, and at some point, it seems to have been partly owned by Israeli billionaire Rami Ungar, <a target="_blank" href="https://www.nytimes.com/2023/11/19/world/middleeast/israel-yemen-houthis-hijacked-red-sea-ship.html">The New York Times</a> reported.The rebels used a <a target="_blank" href="https://www.nbcnews.com/news/world/militants-believed-houthi-rebels-use-helicopter-seize-japanese-tanker-rcna125883">helicopter raid</a> to hijack the ship at around 1 p.m. local time, three US officials told NBC News.Israeli President Benjamin Netanyahu's office released a statement saying that the boat was "hijacked on an Iranian whim by the Houthi militia in Yemen," <a target="_blank" href="https://www.timesofisrael.com/yemens-houthis-claim-to-hijack-israeli-ship-in-red-sea-jerusalem-it-isnt-israeli/#:~:text=The%20Prime%20Minister's%20Office%20identified,no%20Israelis%20on%20the%20ship.">The Times of Israel</a> reported."This is another act of Iranian terrorism which expresses a leap forward in Iran's aggression against the citizens of the free world, and creates international implications regarding the security of global shipping lanes," the statement said.The Israel Defense Forces <a target="_blank" href="https://twitter.com/IDF/status/1726242707763564828">said in a statement</a> that it was not an Israeli ship, adding that the incident was "a very grave incident of global consequence."Netanyahu's office's statement said that there were no Israelis on the ship, but there were 25 crew members from countries including Ukraine, Bulgaria, the Philippines, and Mexico.On Sunday, a spokesperson for the Yemeni Armed Forces , Yahya Sare'e, threatened <a target="_blank" href="https://twitter.com/Yahya_Saree/status/1726228785471869096">Israeli vessels in the Red Sea</a> "in solidarity with Palestinian people in the wake of the brutal Israeli aggression on Gaza."He said this would include ships "carrying the flag of the Zionist entity" and ones operated by and owned by Israeli companies.The International Maritime Security Construct, a global coalition working to maintain safety in regional waters, <a target="_blank" href="https://www.longwarjournal.org/archives/2023/11/international-maritime-security-construct-issues-warning-as-houthis-threaten-commercial-shipping.php">advised ships to avoid Yemeni waters</a> and travel at night when possible.The Houthis are an Islamist political and armed organization who analysts say have ties to Iran. They have been battling against the Yemeni military for more than a decade.

Yemen's Houthi rebels hijacked a cargo ship in the Red Sea on Iran's orders, Israel says

<ul class="summary-list"><li>Iran-backed Houthi rebels hijacked an internationally flagged cargo ship in the Red Sea on Sunday.</li><li>A new video published by the militants show them carrying out a helicopter raid of the vessel.</li></ul>A new video shared by the Houthi rebel group captures the Iran-backed militants conducting a dramatic helicopter raid of an internationally flagged cargo ship in the Red Sea and hijacking the vessel, taking its entire crew hostage. The chilling footage, which is nearly four minutes long and was published on Monday by the Yemen-based Houthis, shows snippets of how the ship seizure unfolded the day before. It begins by showing the Bahamas-flagged Galaxy Leader from afar, before cutting to a helicopter landing on the deck — an aggressive operation even by Iranian standards.Multiple militants armed with rifles can be seen exiting the helicopter and storming the deck, taking positions as they approach the bridge of the vessel, before entering the pilothouse and yelling at a handful of crewmembers. Additional footage shows some of the rebels operating from other locations inside the ship, as well as footage that captures the Galaxy Leader sailing in the middle of several smaller speedboats. A Houthi spokesperson <a href="https://twitter.com/Yahya_Saree/status/1726290072994296194">said</a> on Sunday that the rebel group <a href="https://www.businessinsider.com/israel-iran-idf-houthi-rebels-hijack-ship-red-sea-2023-11">hijacked the ship</a> because it was connected to Israel, and issued a warning to all ships associated with Israel that they will become "a legitimate target" for military action. The spokesperson suggested to countries with citizens working in the Red Sea that they should avoid association with Israel-affiliated ships. But Israeli officials have pushed back on this. The Israel Defense Forces (IDF) said in a Telegram statement on Sunday that the Galaxy Leader is not an Israeli ship, and had departed from Turkey on its way to India. Publicly available shipping data from as recent as Saturday shows the vessel was halfway through its south-bound transit of the Red Sea. Israeli Prime Minister Benjamin Netanyahu's office <a href="https://twitter.com/IsraeliPM/status/1726248918835728671">said</a> the ship is owned by a British company and operated by a Japanese firm, although it is reportedly <a href="https://www.washingtonpost.com/business/2023/11/19/israel-houthi-rebels-hijacked-ship-red-sea/5a008880-86f3-11ee-a36e-fdb7be9bd43d_story.html;">affiliated</a> with an Israeli billionaire. The office said the 25 crewmembers on board are a handful of nationalities, including Ukrainian and Mexican, but none of them are Israeli. It "strongly" condemned what it asserted was an "Iranian attack." "This is another act of Iranian terrorism and constitutes a leap forward in Iran's aggression against the citizens of the free world, with international consequences regarding the security of the global shipping lanes," Netanyahu's office said. Iran's naval activities around the Middle East — including ship hijackings and the <a href="https://www.businessinsider.com/western-forces-raiding-gunrunners-at-sea-messing-up-irans-plans-2023-2">smuggling of weapons</a> to the Houthis — have long troubled Western militaries, and US officials frequently slam Tehran for <a href="https://www.businessinsider.com/us-navy-sent-naval-drones-monitor-iranian-gunboats-harass-ships-2023-10">actions they say are destabilizing</a>.Meanwhile, the condition of the hostages aboard the Galaxy Leader is unknown, and the Japanese government is <a href="https://apnews.com/article/israel-houthi-rebels-hijacked-ship-red-sea-dc9b6448690bcf5c70a0baf7c7c34b09">reportedly</a> working to secure their release through negotiations with the Houthis. The shipping company, NYK Line, <a href="https://www.nyk.com/english/news/2023/20231120_01.html">said</a> on Monday that there was no cargo aboard the ship when it was seized near Hodeida, on Yemen's west coast. It's unclear where, exactly, the ship is now, although the Houthi spokesperson said after confirming its capture that it was being brought to Yemen's coast. "The Yemeni armed forces deal with the ship's crew in accordance with the principle and values of our Islamic religion," the spokesperson said. They added that the Houthis will continue to target Israeli assets until the country stops its war against Hamas, although Israel — and the US — have ruled out doing so and continue to stress the need to crush Hamas entirely over its responsibility in the October 7 terror attacks. Since that day, the Houthis have fired multiple waves of drones and missiles at Israel, forcing the country to <a href="https://www.businessinsider.com/israel-used-new-arrow-system-first-time-stop-enemy-missile-2023-11">activate the upper level</a> of its sophisticated air-defense network. US Navy warships in the Red Sea have also <a href="https://www.businessinsider.com/us-navy-downs-rebel-missiles-iran-backed-militants-stir-trouble-2023-10">shot down</a> Houthi threats on more than one occasion, most recently <a href="https://www.businessinsider.com/us-destroyer-defends-itself-against-drone-in-red-sea-2023-11">downing a drone</a> last week. Adding to their list of provocations, Houthi militants in early November even shot down a <a href="https://www.businessinsider.com/rough-year-us-military-mq-9-reaper-drone-combat-recon-2023-11">US military MQ-9 Reaper drone</a> off the coast of Yemen.The Houthis are one of multiple Iran-backed groups that have stepped up attacks against Israel and the US since the start of the ongoing war. Hezbollah militants in Lebanon continue to engage with IDF troops in cross-border attacks on a daily bases, and Tehran-backed groups in Iraq and Syria have launched dozens of rocket and drone attacks on US forces stationed across the two countries.

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