News in Brief
Italy PM Meloni takes ‘full responsibility’ for bank tax
REUTERS – Italian Prime Minister Giorgia Meloni on Monday took “full responsibility” for last week’s shock decision to impose a one-off bank tax that has been blamed for causing lasting damage to her government’s credibility with financial markets.
In comments to Italian newspapers Corriere della Sera, la Repubblica and La Stampa, Meloni said the 40% levy had no punitive intent.
“I would do it again. Because I believe that the right things must be done...This is a decision that I took (on my own)”, she was quoted as saying by la Repubblica.
Russia’s ruble hits 17-month low
CNN – The ruble hit a 17-month low against the dollar on Monday, as the Russian currency slid past 100 against the dollar, its lowest level since March 23, 2022.
The ruble has shed around 30 percent of its value against the dollar since the beginning of the year, as the country imports more and exports less.
Data from the Moscow Exchange showed the ruble trading at 101.01 to the dollar at 11:33 am (0833 GMT). Russia’s central bank said it will meet today to discuss the key interest rate.
India’s July trade gap widens
BLOOMBERG – India’s trade deficit widened last month as exports and imports stayed weak on slowing demand.
The gap between exports and imports was at $20.67 billion in July, the Trade Ministry said on Monday.
The reading is lower than a deficit of $20.9 billion seen by economists in a Bloomberg survey but is well above a $20.13 billion gap in June.