Business
ECB sets ‘moderately lower pace’ for bond buying

The European Central Bank (ECB) decided to leave its key interest rates unchanged and set a “moderately lower pace” for the Covid-19 pandemic-related bond buying.
“Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase program (PEPP) than in the previous two quarters,” the ECB said in a statement on Thursday.
Earlier this year, after its March and June meetings, the ECB decided that purchases under the PEPP in the second and third quarters would be conducted at a significantly higher pace than during the first months of the year, reports Xinhua news agency.
Thursday’s announcement came as eurozone inflation surged to three percent in August, the highest in ten years, according to a flash estimate published last week.
The ECB also left other policy measures largely unchanged.
Eurozone key interest rates will remain at record low levels, with the base interest rate, marginal lending rate and deposit rate unchanged at 0.00 per cent, 0.25 per cent and minus 0.50 per cent, respectively.
The PEPP, first rolled out in March last year to cushion the impact from the pandemic and expanded twice thereafter, has a total envelope of 1.85 trillion euros ($2 trillion) and is set to run until at least the end of March 2022.
The 3 per cent rise in eurozone headline inflation in August, together with a jump in core inflation to 1.6 per cent, had largely exceeded analysts’ expectations.
At a press conference on Thursday, ECB President Christine Lagarde reiterated that the surge in inflation is expected to be temporary.
“Summing up, the euro area economy is clearly rebounding. However, the speed of the recovery continues to depend on the course of the pandemic and progress with vaccinations. The current rise in inflation is expected to be largely temporary and underlying price pressures will build up only gradually,” Lagarde told reporters.
According to the ECB, the inflation upswing mainly reflects the strong increase in oil prices since around the middle of last year; the reversal of the temporary value-added tax (VAT) reduction in Germany; delayed summer sales in 2020; and cost pressures due to supply chain issues — all of which should ease or fall out of the year-on-year inflation calculation over the course of 2022.
If supply bottlenecks last longer and feed through into higher than anticipated wage rises, price pressures could be more persistent, Lagarde said.
The ECB’s latest projections expect annual inflation in the eurozone to be 2.2 per cent in 2021, 1.7 per cent in 2022 and 1.5 percent in 2023, all revised upwards compared with the forecasts three months ago.
Lagarde also said policymakers believe that the eurozone’s growth will be back to the 2019 pre-pandemic level at the end of this year, which is two quarters earlier than initially anticipated.
The latest ECB staff projections foresee the eurozone’s real GDP to grow 5 per cent this year, 4.6 per cent in 2022 and 2.1 per cent in 2023.
Dutch bank ABN Amro said there was a little relief in the market that Thursday’s move is a slowdown rather than a taper.
It expects the PEPP to end in March 2022.
However, policy rates are likely to remain on hold through 2024, given the ECB’s symmetric 2 per cent inflation target and subdued inflation outlook in the medium term, according to the bank.
International
Striking Iranian regime targets with unprecedented force: Israel Defence Minister

New Delhi, June 23: Israel’s Defence Minister Israel Katz announced Monday that the Israel Defence Forces (IDF) are currently striking with “unprecedented force” regime targets and governmental repression bodies in the heart of Tehran.
“In accordance with the directives of Prime Minister Benjamin Netanyahu and myself, the IDF is now attacking with unprecedented force regime targets and government repression bodies in the heart of Tehran, including the Basij headquarters, Evin prison for political prisoners and regime opponents, the ‘Israel Destruction’ clock in Palestine Square, the Revolutionary Guards’ internal security headquarters, the ideology headquarters, and other regime targets,” Katz posted on X.
He added, “For every shot fired at the Israeli home front, the Iranian dictator will be punished. The attacks will continue with full force. We will keep acting to protect the home front and defeat the enemy until all war goals are achieved.”
Meanwhile, Iran’s Supreme Leader Ayatollah Ali Khamenei on Monday issued a stern warning in his first reaction following US strikes on Iranian nuclear sites.
“The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished right now,” Khamenei said on X, calling the attacks “a big crime.”
The US strikes came after Israeli attacks on June 13 that targetted various locations in Iran, including nuclear and military sites, resulting in the deaths of senior commanders and nuclear scientists.
In response, Iran also launched missile and drone strikes on Israel.
Earlier that day, Israeli Prime Minister Benjamin Netanyahu reiterated the country’s determination to press on with its operations.
“Israel will continue to operate at full tilt in both Iran and Gaza,” he said, adding, “We will not stop this historic operation before we achieve our goals.”
International
Israel makes new raids on Iran after intercepting missile

Jerusalem, June 23: Israel conducted a new wave of airstrikes on Iran early Monday, shortly after intercepting a missile fired from Iran, said the Israeli military.
The Israeli Air Force targetted what it described as “military infrastructure sites” in Iran’s Kermanshah province, striking surface-to-surface missile launch and storage facilities, the military said in a statement. More than 15 warplanes participated in the operation.
The strikes came shortly after Iran fired a missile at Israel before dawn and triggered air raid sirens across much of the country. The Israeli military said the missile was shot down, causing no casualties or damage.
The Iranian attack followed US President Donald Trump’s suggestion of a possible regime change in Iran, as US bombers and submarines carried out heavy strikes on Iranian nuclear facilities, Xinhua news agency reported.
Earlier in the day, Iran’s Supreme Leader Ayatollah Ali Khamenei, in his first reaction following the US strikes on Iranian nuclear sites, said that the punishment for Israel, referred to as the “Zionist enemy,” will continue.
Calling the attacks “a big crime,” Khamenei warned of retaliation.
Talking to X, he stated, “The punishment continues. The Zionist enemy has made a big mistake, committed a big crime; it must be punished, and it is being punished; it is being punished right now.”
The US strikes followed Israeli attacks launched on June 13 on various targets in Iran, including nuclear and military sites, killing several senior commanders, nuclear scientists, and civilians, Xinhua news agency reported.
Iran has retaliated with missile and drone strikes on Israel.
Earlier on Sunday, Israeli Prime Minister Benjamin Netanyahu affirmed that Israel would press ahead with its operations. “Israel will continue to operate at full tilt in both Iran and Gaza,” he said, vowing not to be “dragged into a war of attrition.”
“We will not stop this historic operation before we achieve our goals,” Netanyahu stated.
Meanwhile, several reports cited that, a day after US strikes on Iran’s nuclear facilities, the Iranian parliament voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints. Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council..
The US strikes on three Iranian nuclear sites — dubbed “Operation Midnight Hammer” – in Isfahan, Fordow, and Natanz mark the first direct involvement of America in the escalating crisis between Iran and Israel.
International
Iran executes man accused of spying for Israel

Tehran, June 23: Iran on Monday executed a man found to be guilty of spying for the Israeli intelligence service, the judiciary of the Islamic Republic reported.
“Mohammad Amin Mahdavi Shayesteh was hanged this morning for intelligence cooperation with the Zionist regime,” stated the judiciary of Iran. (Zionist regime is the term used by Iran for Israel)
Shayesteh was arrested in 2023 for having alleged links to Mossad, Israel’s intelligence agency.
This comes as tensions continue to escalate between Iran and Israel.
Earlier also, on June 14, the Iranian authorities executed a man accused of espionage for Mossad.
“Israeli Mossad spy executed after full criminal trial, the verdict being upheld by Iran’s Supreme Court,” reported Iran’s Mehr news agency.
According to reports, Esmail Fekri was arrested in December 2023 during a complex intelligence operation conducted by the Iranian security agencies.
The execution comes at a time when the war between the two countries continues to intensify and has drawn global attention for threatening the peace of the entire West Asia, a region already facing massive geopolitical turbulence.
Not much information about Fakhri’s arrest, trial proceedings, or specific charges has been revealed, as cases dealing with espionage rarely provide full details, given the sensitivities attached to it.
The Mizan news agency of the Iranian judiciary reported that Fekri sought to send Iran’s classified and sensitive information to Mossad in return for money.
Iran, in late May, had also announced the execution of another individual, identified as Pedram Madani, on the conviction of spying for Israel.
The Iranian media claimed on Sunday that the police in Alborz province in the west of Tehran had arrested two people suspected of having links to Mossad. Later in the day, Israel said it had also arrested two citizens suspected of working for Iran’s intelligence services.
These cases reflect ongoing tensions between Iran and Israeli intelligence agencies, which have been engaged in covert intelligence and counterintelligence operations and have dealt a heavy blow to each other via covert operations.
The two intelligence agencies are engaged in a tit-for-tat campaign combining classic espionage, sabotage, aerial strikes and other covert assassinations.
Several reports claimed that Israeli spies were already on the ground and smuggling weapons into the hostile territory, much before the launch of airstrikes on Tehran.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra9 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra8 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra9 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
Crime8 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
National News9 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Maharashtra7 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News9 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface