International Politics

Amid Political Crisis, Liz Truss Resigns As UK PM

Liz

Next week an election of MPs will be held and Liz Truss’s successor will be elected

London: Liz Truss PM of Britain, resigned today after 45 days in power. Her tenure as PM is the shortest term for a British Prime Minister. Just six weeks after Rishi Sunak’s replacement, her economic policy had divided the Conservative Party and sent shockwaves across the markets. Today the pound rose by 0.36%.

“I recognize that given the situation I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party. I will remain as Prime Minister until a successor has been chosen,” Truss told reporters today.

Next week an election of MPs will be held and her successor will be elected, she added.

She further said that today she met the chairman of the 1922 Committee, Sir Graham Brady. They have agreed that there will be a leadership election to be completed within the next week. This will ensure that they remain on a path to deliver their fiscal plans and maintain their country’s economic stability and national security.

Despite having hardly begun, Truss’ unstable premiership was fatally damaged. With the exception of the mourning period of 10 days for the late Queen Elizabeth II, Truss had just one week before her political plan fell apart, forcing the resignation of her finance minister, Kwasi Kwarteng.

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Kwarteng was seen as like-minded with Truss. He had announced a “mini-budget” that details the price of an energy scheme worth $67 billion over the next six months. But he lacked strategies for raising money.

Instead, he proposes significant new borrowing, the removal of a restriction on bankers’ bonuses, and broad tax cuts, including those for the highest earners. The statement prompts swift political backlash for being unjust, and the pound falls precipitously in value relative to the dollar. The anticipated reduction in the highest rate of income tax is then abruptly abandoned, forcing Kwarteng and Truss into an embarrassing U-turn.

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Business & Finance National

Central Bank Of India’s Net Profit Rises 27% To Rs 318 Crore

ANI
Central Bank

Operating profit of Central Bank of India increased to Rs 1,748 crore from Rs 1,445 crore in the year-ago period due to an increase in total interest income by Rs 661 crore

Mumbai: The Central Bank of India on Thursday posted a jump of 27.20 per cent in its net profit at Rs 318 crore for the quarter ended September 30 against Rs 250 crore in the year-ago period.

The Mumbai-headquartered bank’s net interest income for the year has increased to Rs 2,747 crore as compared to Rs 2,206 crore for the corresponding quarter ended September 30, registering a 24.5 per cent year-on-year growth at Rs 541 crore. Operating profit increased to Rs 1,748 crore from Rs 1,445 crore in the year-ago period due to an increase in total interest income by Rs 661 crore. The bank had exited the prompt corrective action (PCA) framework of Reserve Bank of India (RBI) after demonstrating sustained performance under all the parameters during the last five quarters. The performance has further improved during the September quarter.

Gross advances rose 12.20 per cent to Rs 1,97,022 crore in September 30, 2022 as against Rs 1,75,594 crore in the year-ago period. Net NPA has improved from 4.51 per cent to 2.95 per cent for the same quarter last year. Net NPAs in absolute terms has also declined to Rs 5,407 crore from Rs 7,004 crore on year-on-year basis.

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The total business of the bank stood at Rs 5,40,103 crore during the reviewed quarter, against Rs 5,12,094 crore, registering a 5.47 per cent y-o-y growth.

The current account savings account (CASA) deposits have increased by Rs 7,093 crore to Rs 1,74,296 crore, reflecting 4.24 per cent growth. CASA share in total deposits has improved from 49.79 per cent as at the end of September 30, 2021, to 50.99 per cent as at the end of September 30, 2022.

Total deposits have increased by Rs 6,581 crore and stood at Rs 3,43,081 crore as on September 30, 2022 as compared to Rs 3,36,500 crore in the year-ago period, reflecting an increase of 1.96 per cent.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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