Business
Wall Street reaps weekly gains amid Fed announcement, economic data

US equities advanced for the week as Wall Street parsed the Federal Reserve’s tapering announcement and a slew of economic data.
For the week ending Friday, the Dow rose 1.4 per cent, the S&P 500 increased 2 per cent, and the tech-heavy Nasdaq rallied nearly 3.1 per cent, Xinhua news agency reported.
The S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, logged a weekly decline of 0.7 per cent.
In a highly anticipated move, the Federal Reserve announced this week that it would begin unwinding, often referred to as “tapering,” its monthly bond and mortgage security purchases amid great concerns over elevated inflation levels.
“Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors,” the Federal Open Market Committee (FOMC), the Fed’s policy-making committee, said in a statement after a two-day policy meeting.
In light of the “substantial further progress” the US economy has made toward the Fed’s goals since December 2020, the committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for US Treasury securities and $5 billion for agency mortgage-backed securities, according to the statement.
Meanwhile, the Fed included the usual caveat that the taper pace could change if the FOMC deems it advisable.
“The FOMC statement was almost unchanged in November with the exception of a taper to begin in November and to follow exactly the path laid out in the September minutes,” Chris Low, Chief Economist at FHN Financial, said on Wednesday.
“The tweak to the inflation language does not change the meaning but offers an explanation of the transitory factors the Fed believes underlie inflation pressures,” he added.
Analysts at Zacks Investment Management noted that “the Fed is intentionally winding down its programs slowly, while widely telegraphing its plans to the market,” adding “the taper and associated tightening are poised to happen very slowly, which should give the markets ample time to adjust.”
Investors also sifted through the latest payroll data to assess the shape of US labor market.
The US Labor Department reported on Friday that US employers added 531,000 jobs in October, higher than a gain of 450,000 jobs expected.
The latest data followed upwardly revised job gains of 312,000 in September, and upwardly revised job gains of 483,000 in August, when labor market recovery slowed amid a Delta variant-fueled Covid-19 surge.
The unemployment rate edged down by 0.2 percentage points to 4.6 per cent in October, after dropping by 0.4 percentage points in September. The figure was down considerably from its recent high in April 2020, yet remained well above the pre-pandemic level of 3.5 per cent.
The labor force participation rate was unchanged at 61.6 per cent in October and has remained within a narrow range of 61.4 per cent to 61.7 per cent since June 2020, according to the report. The participation rate is still 1.7 percentage points lower than that of February 2020.
A separate report by the Labor Department on Thursday showed that US initial jobless claims, a rough way to measure layoffs, registered 269,000 in the week ending October 30, a decrease of 14,000 from the prior week’s revised level. Economists polled by The Wall Street Journal had estimated new claims would total a seasonally adjusted 275,000.
Business
PM Modi to hand over GI certificates for 21 products in Varanasi today

New Delhi, April 11: Prime Minister Narendra Modi will visit his parliamentary constituency Varanasi on Friday, during which he will distribute Geographical Indication (GI) certificates for 21 newly registered products of Uttar Pradesh.
Of the 21 recipients, nine are artisans and producers from Varanasi, underscoring the city’s role as a vibrant hub of traditional craftsmanship and cultural heritage.
Padma Shri awardee and GI expert Rajni Kant, who has been instrumental in advancing GI registrations across India, shared his views ahead of the event.
“I am playing a small role in the progress of GI in Banaras and the whole of India,” he said.
“Since the GI Act came into force in 2003, this is the first time in the country that GI certificates will be distributed for 21 products in one event, and that too by the Prime Minister,” Kant said.
He highlighted that with these new inclusions, the total number of GI-tagged products from Uttar Pradesh will reach 77, placing it among the top states in India in terms of GI recognition.
“It’s a proud moment, Kashi alone has 32 GI-tagged products, supporting around 20 lakh people and generating an annual business of about Rs 25,500 crore,” he said.
Emphasising the national impact of the GI movement, he said: “The journey that started in Kashi has now reached Arunachal Pradesh and Andaman and Nicobar Islands.”
Apart from the GI event, PM Modi’s Varanasi visit includes inaugurating a transit hostel at Police Lines, new police barracks in Ramnagar, four rural roads, and beautification works along Shastri Ghat and Samne Ghat.
Additional urban development projects under the Railways and Varanasi Development Authority will also be launched.
A major portion of the Rs 3,880 crore development push will focus on upgrading the city’s power infrastructure, including the construction of 15 new substations, the installation of transformers, and laying 1,500 km of new power lines.
National
PM Modi calls PM-JAY rollout in Delhi a ‘revolutionary step’ for health sector

New Delhi, April 11: Prime Minister Narendra Modi on Friday hailed the rollout of the Ayushman Bharat Pradhan Mantri Jan Aarogya Yojana (PM-JAY) in Delhi as a “revolutionary step” for the national capital’s healthcare sector, enabled by the “double-engine” BJP government.
As the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), of which PM-JAY is a component, was officially launched in the national capital on Thursday, 19 residents, including 11 women and 8 men, became the first beneficiaries to receive Ayushman Bharat cards under the scheme.
PM Modi praised the implementation and expressed happiness that the people of Delhi will now benefit from the health scheme.
Taking to X, PM Modi wrote, “A revolutionary step related to Delhi’s health sector! This mission of the double-engine government is going to be extremely beneficial for lakhs of my brothers and sisters here. I am very happy that Delhiites will now also be able to get their treatment under the Ayushman Yojana.”
The PM-JAY rollout in Delhi comes just days after a memorandum of understanding (MoU) was signed on April 5, enabling the implementation of the Modi government’s flagship health scheme in the national capital.
With this, Delhi has become the 35th state or Union territory to adopt the Ayushman Bharat scheme.
The AB-PMJAY is a key component of the broader PM-ABHIM framework, which aims to boost public health infrastructure and improve access to quality healthcare across the country.
Launched in 2018, PM-JAY provides an annual health coverage of Rs 5 lakh per family for secondary and tertiary hospital care, targeting economically vulnerable populations. The scheme is the world’s largest government-funded healthcare programme.
The inclusion of Delhi in PM-JAY marks a significant milestone in expanding healthcare access to low-income families in the capital and reducing their financial burden for critical medical treatments.
National
Vishy Anand puts his weight behind Gukesh ahead of high-stake Norway Chess 2025

Mumbai, April 10: The youngest-ever world champion Gukesh Dommaraju will take on Magnus Carlsen – the world’s No. 1 player in a high-stakes contest — in the most highly-anticipated contest in the world of chess at this year’s Norway Chess 2025. The tournament will take place in Stavanger from May 26 to June 6.
Addressing an event hosted by the Norway Chess and Sports Journalists Association of Mumbai (SJAM) in Mumbai, five-time world champion Viswanathan Anand put his weight behind the prodigy from Chennai.
“I expect a very exciting battle. Gukesh will not lack motivation or the determination to go after Magnus Carlsen. But Magnus is also highly motivated by the challenge of playing against our young players. I’ve seen him in multiple tournaments whether it’s Kolkata or the World Rapid Blitz, he eagerly looks forward to these match-ups and so we have the perfect storm. I think we have the right to expect some great battles,” Anand said appearing at the event virtually.
Gukesh, 18, has achieved remarkable success in 2024, winning the Tata Steel Masters, leading India to gold at the Chess Olympiad, dominating the Candidates Tournament, and finally claiming the ultimate prize in classical chess: the World Championship title in Singapore last December.
This year’s Norway Chess will see a star-studded line-up featuring world No.1 and defending champion Magnus Carlsen (Norway), Hikaru Nakamura (USA), Gukesh D. (India), Fabiano Caruana (USA), Arjun Erigaisi (India), and Wei Yi (China) among the men.
The Norway Chess Women will feature reigning four-time Women’s World Champion Ju Wenjun (China), Lei Tingjie (China), Koneru Humpy (India), Anna Muzychuk (Ukraine), Vaishali Rameshbabu (India), and Sarasadat Khademalsharieh (Spain).
Norway Chess and Norway Chess Women, feature the same format, same prize money, and take place in the same playing hall. Both tournaments follow a 6-player double round-robin format.
From his own experience of playing at the Norway Chess, Anand highlighted the reasons behind Norway Chess being different from any other world event under FIDE’s calendar. This year, with the top 5 in the world participating in Norway Chess, the contest promises to be nail-biting for any chess aficionado following the tournament.
“It is one of the premier events in the sport of chess, and since Norway Chess began in 2013, it has kept on evolving very well. They continue to make the tournament very attractive a demonstration of what chess is all about. They always have some extra tweaks to make it very interesting, whether it’s the confessional booth or now the Armageddon. It’s a very innovative tournament, and the levels of competition are simply outstanding,” Anand said.
He further added, “And for Indian chess, the fact that we have four players, says a lot. On the men’s side, Indian chess is as strong as it’s ever been. Even more so obviously due to the depth we have. But it’s great that Koneru Humpy is still competing so successfully and that she’ll be joined by Vaishali as well, which bodes well for us.”
Visiting India to explore partnerships, Kjell Madland, the Managing Director and visionary behind Norway Chess expressed a keenness to expand further.
“Norway Chess is absolutely honoured to be hosting the Gukesh and Magnus clash, especially on the back of Gukesh’s incredible run of form. Both the champions will have a couple of chances to go after each other which bodes very well for Norway Chess,” he said.
“And hopefully, next year, Norway Chess can host this exact fixture in India as well, where there are so many champions. The quality of chess in India over the last ten years has been, and for sure, the sport would be poorer without the Indian champions,” he added.
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