News in Brief
Highest inflation rate for UK
CNBC – The U.K. will experience the highest level of inflation among all advanced economies this year, according to data from the Organization for Economic Cooperation and Development.
The U.K. is set to report a headline inflation of 6.9% this year, above the OECD average of 6.6% for 2023.
Among the countries analyzed in the latest OECD economic outlook, only Argentina and Turkey are expected to have a higher headline rate than the U.K. this year.
India approves $11b revival plan for BSNL
REUTERS – India’s cabinet on Wednesday approved an 890.47 billion rupee ($10.79 billion) revival package for loss-making Bharat Sanchar Nigam Ltd (BSNL) to help the state-owned telecom operator deploy 4G and 5G services in a market dominated by private players.
“With this revival package, BSNL will emerge as a stable telecom service provider focused on providing connectivity to remotest parts of India,” the cabinet said in a statement.
Pullback in exports widens
US trade
AFP – The US trade deficit grew in April on a pullback in exports, bringing the gap to its widest since October 2022, according to government data released on Wednesday.
In April, the overall trade deficit was $74.6 billion, expanding slightly less than expected by $14 billion, according to Commerce Department data.
Exports fell by $9.2 billion to $249 billion in the month, while imports edged up by $4.8 billion to $323.6 billion. deficit