The leaders of the Shanghai Cooperation Organisation (SCO)  has endorsed the holy city of Varanasi as the first ever tourist and cultural capital of the grouping for the year 2022-23.

Uzbekistan handed over the rotating presidency of the grouping to India for the year 2022-23.

The summit also decided to give permanent membership of SCO to Belarus and Iran.

The Delhi Anti-Corruption Branch  has arrested AAP MLA Amanatullah Khan in connection with a graft case.

The ACB is probing alleged irregularities in the recruitment in the Delhi Waqf Board, which Khan heads as the chairman.

Egypt said on  Sep 17 that it will increase transit fees for vessels, including oil-laden tankers, passing through Suez Canal, one of the world's most crucial waterways.

The Suez Canal Authority said in a statement that it will add 15% to the fees for tankers carrying oil and petroleum products, and 10% for dry bulk carriers and cruise ships.

The authority's chief, Osama Rabie, said the hikes, which will take effect on Jan.1, are "inevitable and a necessity."

He blamed booming global inflation rates, which have increased the cost of the waterway's operations, maintenance, and maritime services.

About 10% of global trade, including 7% of the world's oil, flows through the Suez Canal, a major source of foreign currency to Egypt, the most Arab populous country with over 103 million people.

Egypt has faced towering economic challenges and is running low on foreign currency needed to buy essentials such as grain and fuel.

Authorities said 20,649 vessels passed through the canal last year, a 10% increase compared to 18,830 vessels in 2020. The annual revenues of the canal reached $6.3 billion in 2021, the highest in its history.

The Shanghai Cooperation Organisation (SCO) plans to prepare a single list of terrorist, separatist and extremist groups whose activities are banned on the territories of the member states, with an aim to counter the threat posed by them to the region.

In a joint declaration issued at the end of the annual Summit of the eight-member bloc in the historic Uzbek city of Samarkand, the leaders of the SCO member states, expressed deep concern over the security threat posed by terrorism, separatism and extremism in all its forms and manifestations and strongly condemned terrorist acts around the world.

Briefing reporters later, Indian Foreign Secretary Vinay Kwatra said that each of the SCO member states was very very clear in recognising the threat that this challenge poses to the region and beyond.

To counter the threat of chemical and biological terrorism, the SCO members called for the compliance with the Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons.

On the Afghanistan issue, the member states called for creating an inclusive government in the war-torn country, which is now ruled by the Taliban.

The grouping also advocated the formation of Afghanistan as an independent, neutral, united, democratic and peaceful state, free from terrorism, war and drugs.

On Iran, the declaration said that the SCO member states consider the sustained implementation of the Joint Comprehensive Plan of Action on the Iranian nuclear programme important and called upon all participants to rigorously implement their commitments for the full and effective implementation of the document.

It said the impacts of global climate change and the ongoing COVID-19 pandemic pose additional challenges to economic growth, social well-being and food security, as well as to the implementation of the 2030 Agenda for Sustainable Development.

The member states reaffirmed their commitment to a more representative, democratic, just and multipolar world order based on the universally recognised principles of international law, multilateralism, equal, common, indivisible, comprehensive and sustainable security.

The SCO called for creating a transparent international energy market and reducing the existing trade barriers.

The SCO called for the effectiveness of the World Trade Organisation (WTO) as the key forum for discussing the international trade agenda and adopting the rules of the multilateral trading system.

They emphasised the need for early and inclusive reform of the organization, focusing on its development and adaptation to modern economic realities, as well as effective implementation of monitoring, negotiation and dispute settlement functions, it said.

The SCO, seen as a counterweight to NATO, is an eight-member economic and security bloc and has emerged as one of the largest transregional international organisations.

India and Pakistan became its permanent members in 2017.

The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, the Kyrgyz Republic, Kazakhstan, Tajikistan and Uzbekistan.

India has shown keen interest in deepening its security-related cooperation with the SCO and its Regional Anti-Terrorism Structure (RATS), which specifically deals with issues relating to security and defence.

Adani Group has completed the acquisition of Ambuja Cements and ACC, becoming India’s second-largest cement manufacturer. The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations.

Karan Adani, 35, the eldest son of Gautam Adani is likely to oversee the Group’s cement business. Currently, he is managing Group’s port business. Soon after the takeover that happened in a quick span of just 4 months when first announced, the two cement companies announced the resignation of their board of directors, including the CEOs and CFOs.

Adani Group named its founder chairman Gautam Adani as the head of Ambuja Cements and Karan was named as a director of both the cement firms and chairman of ACC. The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 6.50 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in infrastructure and materials space, Adani Group said.

The threat of a global recession is growing as central banks focus on bringing down soaring inflation rates, the World Bank has warned in its latest report, calling on governments to help boost supply to ease the constraints behind rising prices.

Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has been exacerbated this year by the Russian invasion of Ukraine and Covid lockdowns in China.

Major central banks have responded forcefully, raising borrowing costs to cool demand and douse red-hot inflation.

But in a new paper, World Bank economists warned that the actions may not be enough to bring high prices under control, leading to a need for more interest rate hikes, which in turn will put the brakes on growth.

Many countries will not be able to avoid a recession, but the worldwide slowdown and tightening monetary policy "could give rise to significant financial stress and trigger a global recession in 2023," the paper said.

In that scenario, global GDP growth would slow to 0.5 percent in 2023 -- a 0.4 percent contraction in per capita growth, meeting the technical definition of a global recession.

World Bank President David Malpass  has urged policymakers to "shift their focus from reducing consumption to boosting production."

The World Bank in early June slashed its forecast for global growth to 2.9 percent, more than a full point lower than the estimate in January.

Eddie Butler, a former Wales rugby captain who later forged a career as a highly respected commentator and broadcaster, has died. He was 65.

Butler was a No. 8 who played 16 times for Wales from 1980-84 and toured New Zealand with the British and Irish Lions in 1983.

After rugby, Butler enjoyed a short stint as a teacher, then with a property development company before finding another niche in broadcasting.

As has been the case for quite some years now, wrestler Vinesh Phogat was one of the favourites at the ongoing World Championships in Belgrade, Serbia. The 2019 Worlds bronze medallist, however, lost 0-7 to Mongolia's Khulan Batkhuyag in the qualification round much to the surprise of all and sundry.

The Mongolian wrestler entered the final giving a new lease of life to Vinesh's campaign. And the 28-year-old Vinesh didn't let the opportunity slip out of her hands this time as she won two bouts in the repechage round (one via injury) and the bronze medal play-off to become the first Indian woman to bag two Worlds medals. The medal was also India's first at the ongoing event.