Latest News
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India court rejects request to halt Adani's F1 track and real estate deal
India's highest court rejected a billionaire Anil. Agarwal's. Vedanta plea on Monday to halt the acquisition of a bankrupt real. estate giant by the. Adani group, which included a $4 billion collection of prized assets. This includes India's one Formula One track. Agarwal Vedanta has filed a lawsuit against a lender's panel's decision to give assets from bankrupt Jaiprakash Associates' group to Gautam Adani. This will lead to a fight between billionaires over assets such as homes, cement plants, and India's only Formula One track. Vedanta’s appeal to the?Supreme Court? was denied as the judges stated that a lower court is more suited to hearing the concerns of Vedanta and the top courts does not have to intervene in the proceedings. Vedanta claims that its $1.8billion bid was superior, but the lender's panel decided in Adani’s favour as its $1.5billion bid had higher upfront payments. Adani's plans for real estate in Mumbai could be boosted by the?acquisition. This includes its other 'key' projects, such as Dharavi, one of Asia's biggest slums. Karan Adani Adani's eldest son said at a public event last month that "he is very personally engaged" in bringing F1 to India after 13 years. (Reporting and editing by Arpan chaturvedi)
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The Kremlin claims that the entire Middle East is on fire
The Kremlin said on Monday that the 'Iran War is escalating in both geography and economic impact. And that the entire Middle East region is "on fire" because of the U.S. attacks and Israeli attacks against the Islamic Republic. In an expletive-filled Easter Sunday social media post, U.S. president Donald Trump threatened to attack Iran's bridges and power plants on Tuesday, if the Strait of Hormuz was not reopened. The Kremlin's spokesman, Dmitry Peskov, told reporters when asked about?Trump?s remarks that Russia had already seen them and that they preferred not to make a direct comment. Peskov stated, "We are aware that tensions in the region continue to rise." "In reality, the entire region is on fire." All of these are very dangerous and negative effects from the aggression against?Iran. The geography of the 'conflict' has grown, and we now know that there are very negative consequences for global economic growth. Reporting by Dmitry Antonov; Writing by Felix Light; Editing by Gleb Brianski/Guy Faulconbridge
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As Asia and Europe compete for supplies, US crude prices have reached record highs.
Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners and led to a 'widening of losses' on both continents. This puts severe pressure on firms, including state-owned companies, which are required by governments to continue producing fuel for their national security. In a note from April 3, Paola Rodriguez Masiu, Rystad's chief oil analyst, said that Asian refiners are aggressively bidding for "every barrel" in the Atlantic Basin, because they have been cut off from Middle Eastern supplies. 'EVERY DAY THERE'S A NEW ?PRICE' The premiums on WTI Midland crude for delivery to North Asia by very large crude carriers in July ranged from $30 to $40 per barrel, depending on the benchmark, traders reported. One trader put the premium at 34 dollars a barril over Dubai quotes, while another said it was $30 above Brent dated. Two other traders said that offers were closer to $40 a barron above the August ICE Brent base. These levels are higher than the premiums paid by Japanese refiners, including Taiyo Oil, for WTI crude in late March or early April. One of the traders stated that "every day, there is a new price", adding that Asian refiners suffer severe losses from the premiums. One trader suggested that refiners should reduce crude runs in order to buy?products, if any?are available. The spot premiums increased after the WTI monthly spread reached its largest backwardation Thursday. Backwardation is when the current price of a product is higher than that in future months. The demand for U.S. Gulf Coast tankers has also increased due to the wider discounts offered on U.S. Crude Oil compared with the global benchmark Brent. This has reduced vessel availability and pushed up freight rates. On Thursday, the bids for WTI Midland delivered to Europe reached a record high of nearly $15 per barrel compared to Brent dated. According to Rodriguez-Masiu, "At the current physical differentials as well as freight rates, European refiners who buy spot crude cannot make any money by running these barrels through their system."
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Dollar gains as gold falls due to raging Iran conflict and strong US job data
As markets awaited the U.S. President's remarks, gold prices fell on Monday. A stronger U.S. Dollar, boosted by a "strong" U.S. employment report, dampened bets for rate cuts. Donald Trump is facing an escalating conflict between Iran and the United States. Gold spot fell 0.4% at $4,658.90 an ounce as of 0706 GMT. U.S. gold for April delivery rose by 0.1% to $4684.30. Kelvin Wong is a senior analyst at OANDA. He said that markets are looking for a second so-called headline threat to be revealed later. Trump also threatened to "rain hell" on Tehran, if the Strait of Hormuz is not reopened by Tuesday. However, recent U.S. Intelligence assessments indicate that Iran will be unlikely to reopen this 'crucial waterway for oil shipping any time soon. Investors also considered an Axios article that stated that the U.S. and Iran, along with a group mediators, are discussing the possibility of a 45-day truce that could pave a way for the permanent end of the war. Brent oil prices rose as the war disrupted global energy supplies and fuelled inflation fears. Gold is often viewed as a hedge to inflation. However, high interest rates can dampen the demand for this non-yielding investment. The yield on the 10-year U.S. Treasury and the dollar index both rose, boosted by Friday's data showing that U.S. payrolls for non-farm workers in March increased to the highest level since December 2024. Meanwhile, the unemployment rate dropped to 4.3%. Tim Waterer is the chief market analyst at KCM Trade. He said that "the latest robust NFP has reinforced hawkish Central Bank nerves while persistent oil-driven fears of inflation continue to crowd out Gold's traditional "safe-haven" sparkle." The odds of a U.S. Federal Reserve rate reduction this year are almost non-existent, as compared to the two cuts that were expected before the Iran War began. Palladium rose 0.7%, while spot silver dropped 0.9%. (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Swati verma; Editing and production by Sumana Nandy, Mrigank Dhaniwala).
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Trump's threats to strike Iranian infrastructure has put the markets on edge
Oil prices rose on Monday, while stocks were mixed after U.S. president Donald Trump warned of 'hell' for Iran if it did not reopen?the Strait of Hormuz within his self-imposed date. Trump's repeated threat to destroy civil infrastructure, including power plants and a bridge, if the crucial waterway isn't open by Tuesday has put traders on alert for retaliatory attacks from Iran against targets in the Gulf States. S&P 500 e-minis futures were volatile, fluctuating between gains and losses as countries in the region celebrated Easter Monday and Tomb Sweeping Day. MSCI's broadest Asia-Pacific share index outside Japan rose 0.4%. The Nikkei rose by 0.6% while South Korea's Kospi grew 1.4%. Investors gained confidence when Axios reported the U.S. and Iran are negotiating the terms of a possible 45-day truce that could lead to an end permanent to the war. The report cited four U.S. sources, Israelis and regional sources who were privy to the talks. Brent crude futures rose 1.2%, to $110.29 per barrel on the back of a potential disruption in supply. Sim Moh Siong is a currency strategist with OCBC Singapore. He said that the markets were "clearly nervous". He added, "We have seen deadlines being extended, and it is difficult to know to what extent the current deadline will be adhered to or pushed back." The weekend saw a resurgence of the threat to blow up Iranian bridges and power plants. The markets were interested in the agreement reached on Sunday between members of OPEC+ to increase their output quotas for May by 206,000 barrels a day. This is because several major oil producing countries behind the Strait of Hormuz suffered damage to oil production and transport infrastructure after the war began. Mark Matthews is the head of Asia research at Bank Julius Baer, Singapore. He said: "It's puzzling that Asian equity markets have been performing so well despite the imminent threat of escalation of the war." He said that there are two plausible explanations. The first is that despite the bad news the market believes that the war is going to end soon. The second explanation is that, even if war continues, the negative effects will be offset by fiscal stimulus. The U.S. Jobs Report released on Friday showed that employment growth in March was higher than expected, with 178,000 more nonfarm payrolls, which is the largest increase in over a year. As people left the workforce, the unemployment rate dropped to 4.3%. The data will complicate the Federal Reserve's decision-making process at its next two-day meeting, ending on April 29, which is when it will decide the monetary policy. According to CME Group's Fedwatch, the swaps prices indicate that the market does not expect any moves from the U.S. Central Bank until September 2027. The U.S. Dollar Index, which measures greenback strength in relation to a basket six currencies, fell by 0.1% at 100.13. The yield on a 10-year Treasury bond in the United States?was up by 1.2 basis points to 4.3565%. Tokyo's yield on the Japanese government bond has set a new record for the 21st Century due to rising inflation fears. The yield on these notes increased by 4.5 basis points to 2.425%. This is the highest level since February 1999. The U.S. Dollar was unchanged at 159.615 Japanese yen. Gold fell 0.5% to $4653.82. Bitcoin was up 1.9% to $68,886.31, and ether rose 2.6% to 2,122.32. (Reporting and editing by Gregor Stuart Hunter, Lincoln Feast, and Shri Navaratnam.
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Saudi Arabia raises Arab Light crude oil prices for Asia at record-high premium
Saudi Arabia set its official selling price for May Arab 'Light' crude oil to Asia a record $19.50 per barrel above the Oman/Dubai benchmark, a $17 increase from the previous months, according to a document on pricing reviewed by on Monday. The price of Middle 'East oil is now the most expensive in the world, as the U.S./Israel war against Iran has limited shipping through Strait of Hormuz. This chokepoint accounts for about a fifth the world's supply. The exact date of a ceasefire or the resumption of oil exports through the Strait from Saudi Arabia and the United Arab Emirates is still unknown. Middle East high-sulphur oil benchmark Dubai rose last month to almost $170 a barrel in trading on the S&P Global Platts Market On Close process. OPEC+ 'agreed to increase its 'oil production quotas by 206,000 barrels a day in May. This modest increase will largely be on paper, as OPEC+ key members cannot raise production because of the war. Below are Saudi prices for?Asia-Pacific in $/bbl compared to the Oman/Dubai average: April May Change Arabian Super -0.60 +16.40+17.00 Arab Heavy +0.60 +16.40+17.00
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Seoul: North Korea's distancing from Iran will leave the door open for US-North Korea talks
North Korea appears to be separating itself from its long-time partner Iran and carefully managing their public messages to preserve the chance of a 'new relationship with the United States. South Korean lawmakers claimed on Monday that the spy agency had told them that the 'war with Iran' was over. Seoul's National Intelligence Service said that North Korea has not sent any weapons or supplies to Iran since February 28. They also did not express public condolences for the death of the Supreme Leader,?Ayatollah Ali Khamenei who was killed by air strikes. This was according to Park Sun-won, a lawmaker who attended the NIS's?closed-door meeting. Park, citing NIS, said that Pyongyang did not send a message of congratulations when Khamenei’s son Mojtaba Khamenei was chosen as the new Supreme Leader. The?NIS reported that while China and Russia have frequently released?statements about the conflict, North Korea has only made two toned down?statements. This is consistent with North Korea’s recent tendency to avoid criticism of U.S. president Donald Trump. This lawmaker stated that the NIS viewed this as a preparation for securing new diplomatic space following a May summit between Chinese president Xi Jinping, and Trump. The NIS told lawmakers that North Korea also faced significant economic strains related to the Middle East Crisis, including disruptions in the procurement of industrial supply, rising prices and an escalating exchange rate. The?NIS reported that North Korea also tried to secure Russian oil supply. Kim said that the U.S. could "get along well" with North Korea if it recognized its status as a nuke state and retracted its hostile policy. Park stated that the NIS believed Kim had made the remarks "in his own voice" as a deliberate message, to keep relations with Trump good and position Pyongyang in preparation for a new chapter in diplomatic relations once the Middle East conflict subsides. (Reporting and editing by Jack Kim, Joyce Lee)
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Gold falls as Iran war, robust US jobs data dim Fed rate-cut hopes
?Gold prices fell on ?Monday, pressured by a stronger ?dollar ?as elevated oil prices on the back of a protracted Iran war and stronger-than-expected U.S. jobs data dampened hopes for interest rate cuts by the Federal Reserve. Spot gold fell 0.5% per ounce to $4,652.89 by 0452 GMT. U.S. Gold futures for delivery in April held steady at $4,678.70. Many markets in Asia and Europe were closed on a holiday. The data released on Friday revealed that the U.S. payrolls increased by 178,000 in March, which is the highest since December 2024. Meanwhile, the unemployment rate dropped to 4.3%. The dollar index and 10-year U.S. Treasury Yield both rose, which pushed up the price of greenbacks. Brent oil prices rose as the U.S. - Israel war against Iran continued to disrupt global energy supply. Tim Waterer is the chief market analyst at KCM Trade. He said: "The latest robust NFP print reinforced hawkish nerves of central banks, while persistent inflation fears fueled by oil continue to crowd gold's traditional safety-haven shine." U.S. president Donald Trump has threatened to "rain hell" on Tehran, if the country does not reach a deal by Tuesday and reopen?the Strait of Hormuz. Recent U.S. Intelligence assessments indicate that Iran is unlikely reopen this passage anytime soon. The rise in crude oil prices has stoked inflationary fears. Gold is traditionally seen as a hedge against rising inflation. However, high interest rates have a tendency to reduce demand for this non-yielding investment. The traders have priced out any chance of a Fed interest rate cut in this year. Before the Iran War began, two rate cuts were expected this year. COMEX gold traders increased their net long positions by 1,098 contracts, to 93872 contracts, in the week ending March 31. Spot silver dropped 0.9% to $72.34 an ounce. Spot platinum fell 0.6% to 1,977.29 while palladium rose 0.3% to $1.500.25.
What will the impact of Trump's reciprocal duties on Indian exports be?
The United States imposed a reciprocal tariff on India on Wednesday as President Donald Trump increased trade barriers for all goods entering America.
Here are some key points to consider:
INDIA TARIFF RATE & COMMENTS
Trump announced reciprocal tariffs ranging from 10% to 49% for other countries.
In a press release, the White House stated that while India charges a 70% tariff on imports of passenger vehicles, the United States only charges 2.5%. Apples from the United States are duty-free in the U.S. but India charges 50% on U.S. imported apples. Rice is taxed at 2.7% in U.S. and 80% in India.
The statement said that the United States charges a zero percent tariff on networking switches and routers. India, however, imposes rates of 10-20% higher.
The U.S. trade deficit with India is $46 billion.
Which sectors may be hit the most?
The U.S. tariffs will affect a total of nearly $14 billion in electronics and more than $9 billion in gems and jewelry. The 26% tariff does not apply to aluminium and auto parts, but they will still be subject to the 25% tariff announced by Trump earlier.
According to the White House, energy products and pharmaceuticals, which together account for nearly $9 billion in exports from India, according to government data, are exempted under the new tariffs.
According to the Global Trade Research Initiative, Washington's average sectoral tariffs against India in the past were 1.05% for automobiles, 2.12% for gems and jewelry, 1.06 % for chemicals and pharmaceuticals, and 0.41 % on electronic products.
What are the tariffs that other Asian countries face?
The U.S. imposed a reciprocal tax of 34% on China. Japan's exports will be subject to a 24% rate, Thailand will pay 36%, Bangladesh will pay 37%, Malaysia will pay 24%, Taiwan will charge 32%, South Korea will collect 25%, and Vietnam, 46%.
Comment on Non-Tariff Barriers
According to the White House, India has its own unique and duplicative testing requirements and certification standards in areas such as telecom products, medical devices, chemicals and other products. This makes it difficult for American companies selling their products in India.
It said that if these barriers were removed the U.S. would see an increase in exports of at least $5 billion per year.
INDIA – THE WAY Ahead
The two countries agreed during Prime Minister Narendra Modi’s U.S. trip in February to begin talks toward a quick trade agreement and resolve their tariff standoff.
India has been reported to be open to reducing tariffs for more than $23 billion of U.S. products sold to India.
According to an Indian government internal report, India could gain market share by exporting textiles, footwear and apparel to the U.S.
The report states that India is interested in increasing exports of iron-and-steel products, as it has the manufacturing expertise, "especially if China's tariffs are higher." Reporting by Shivangi Acharya, Aftab Ahmed and Raju Gopalakrishnan; editing by Raju Gopi Krishnakrishnan
(source: Reuters)