Latest News
-
Four Russians are killed by Ukraine drones in Russia. This is the biggest attack on Moscow in more than a year
At least 'four' people were killed by a major Ukrainian drone strike on Russian -regions including Moscow. This was the largest attack Moscow has faced in over a year. Authorities announced on Sunday that three people were killed in the Moscow Region and one in Belgorod. The regional governor of Moscow, Andrei?Vorobyov, said that a woman died when a house was hit in Khimki to the north of the capital. He added that rescuers were searching for a second person among the debris. Two men died?in the village Pogorelki, in the Mytishchi District. He said that a number of?residential buildings and infrastructure facilities had been damaged. TASS, citing Sergei Sobyanin as the mayor, reported that air defences had destroyed 81 drones heading for Moscow since midnight. This is the largest attack on the capital of over a calendar year. Sobyanin reported that 12 people were injured, mostly near the entrance of Moscow's oil refining plant, while three houses were damaged. He added that the "technology" of refinery was not affected. The Russian defence ministry said that 556 drones had been shot down over the country during the night and early morning. The largest airport in the country, Moscow's Sheremetyevo, said that drone debris landed on its land without causing damage. Reporting by Vladimir Soldatkin and Anton Kolodyazhnyy, Editing by Raju Gopikrishnan & William Mallard
-
Sun reports that UK government will not raise fuel tax as planned.
The Sun newspaper reported late on Saturday that British Finance Minister Rachel Reeves will announce next week that she plans to postpone the planned 'rise in motor fuel tax that was due to take place 'in September. The temporary fuel duty reduction, first implemented in 2022 and due to expire this September, will increase fuel prices by 6 cents per litre. The British government has repeatedly extended this reduction. Most recently, in November's budget. And the Sun reported that Reeves is poised to do it again. A government insider told the newspaper: "They've been looking at fuel duties." A spokesperson for the British finance ministry responded to a question about the report by saying: "We don't comment on speculation." Since the beginning of the Iran War at the end February, global oil prices have increased by around 60%. Fuel duty, which raised 24 billion pounds last year, is a significant source of revenue. Budget watchdog in Britain bases its predictions on the'stated' government policy to increase fuel duty. However, in 'March, it said that if the government continued with past practices of not increasing fuel duty there would be an annual tax shortfall of 3.6 billion pounds in future years. British government bond prices fell on Friday. This pushed 10-year borrowing rates to their highest level since 2008. Investors were concerned that Starmer's leadership challenge would either force him to spend more money or replace him with a left-winger from his Labour Party.
-
Tata Electronics, ASML to partner in India's first semiconductor manufacturing facility
Tata Electronics signed an agreement with?ASML to build India's front-end semiconductor manufacturing plant in the state of Gujarat, as India accelerated its efforts to develop a chip industry. In a joint press release, Tata Electronics and the Dutch chipmaking equipment manufacturer said that their technology would support the planned 300-millimetre fabrication plant for semiconductors in Gujarat. ASML CEO Christophe Fouquet stated that "India's rapidly growing semiconductor?sector presents many compelling opportunities. We are committed to building long-term partnerships in the region." Tata Electronics has announced that it is investing $11 billion in the development of a plant at Dholera, Gujarat. The plant will produce chips for applications as diverse as automotive, mobile devices, and artificial intelligence. India's Ministry of External Affairs announced that the deal was signed by Indian Prime Minister Narendra modi and Dutch Premier Rob Jetten. The two leaders met with the chief executives of leading Dutch companies in sectors such as energy, ports, and technology. Modi encouraged Dutch companies to invest in areas such as semiconductors and renewable energy. He also urged them to invest in digital technologies, healthcare, and digital technology. Both leaders called for the early implementation of a free trade agreement between India and the European Union. India has committed?billions in subsidies for attracting?semiconductor manufacturing plants and related manufacturing. Eight projects are currently underway, including a $14 Billion Tata Electronics facility in Gujarat. Dutch semiconductor firms are looking for new markets and geographic diversification in the face of export controls and trade restraints linked to U.S. and Chinese technology rivalry. (Reporting by Disha Mishra in Bengaluru. Mark Potter (Editing)
-
India restricts imports of certain silver with immediate effect
According to a government notification published on Saturday, India has 'curbed' imports of some silver products, moving them from a "free" category to one that is "restricted". The government is attempting to reduce the importation of precious metals in order to relieve the pressure on foreign exchange reserves due to higher oil prices. The notification stated that the restriction on imports was only applicable to certain high purity silver bars, and also?certain other grades. India raised import tariffs for gold and silver on Tuesday from 6% to 15%. This could reduce demand in the second largest consumer of precious metals in the world, but also help the rupee and narrow India's trade surplus. India is the world's biggest consumer of silver. It is used in jewellery, coins, bars, and industrial applications from solar energy to electronics. Silver ETFs have seen record-breaking inflows of money over the last year.
-
The Latvian President proposes an opposition politician as the next Prime Minister
Edgars Rinkevics, the Latvian president, proposed Andris Kubergs as the next prime minister after 'Evika Silina' resigned. Silina announced on Thursday that she would be stepping down. This caused the collapse of her entire coalition, just months ahead of an October election. Kulbergs will be able to take office as the leader of United List, the largest opposition bloc in Parliament if his cabinet and he are approved by lawmakers. "Given recent events, I believe the new 'prime minister' should come from the opposition parties," said?Rinkevics at a press conference. Silina fired Defence Minister Andris SPruds at the weekend, after two Ukrainian drones crossed into Latvia from Russia, and exploded in an oil storage facility. This was just the latest incident of a long lineage that has occurred among NATO members Latvia and Estonia. The Latvian army claimed it did not?detect? the drones that crossed from Russia. Silina blamed Spruds, saying that they 'didn't develop anti-drone systems fast enough. Spruds' Progressives Party withdrew its support on Wednesday from Silina's Government, leaving it without a parliamentary majority, and potentially vulnerable to a vote of no confidence. (Reporting Janis Laizans. Writing by Andrius Sytas. Editing by Louise Heavens, Mark Potter and Mark Potter
-
In Thailand, a train accident that ignites a bus fire has left at least eight dead and 25 injured
Rescue officials and police reported that at least 'eight people' were killed, with 25 more injured after a train collision triggered a fire in a Bangkok public bus on Saturday. The firefighter and rescue crews were sent to the scene as flames consumed the bus and vehicles nearby, according to the report. Officials reported that rescue teams pulled injured victims out of the wreckage while fire crews battled with water hoses to try and contain the fire. They said that the fire had been brought under control. Crews were cooling down the area and releasing gas while continuing to search for survivors. The cause of the accident is under investigation. (Reporting and editing by Louise Heavens; Orathai Shriring, Panarat Thepgumpanat)
-
Tata Sons, India's largest company, is being pressed to list amid trust divisions
India's Tata sons, an umbrella organisation that includes Tata Motors?, TCS?, and Tata Steel?, is under pressure to go public. This, despite the fact that the charitable trusts which control two-thirds? of the company are battling internal disagreements. Tata Sons was not listed until now. The Shapoorji Pallonji Group, its second largest shareholder and a major internal stakeholder, is pushing for the listing. The Reserve Bank of India's rules may also force it to?list, unless an exception is obtained. What is the structure of TATA Group? Tata Sons, the 108-year old salt-to steel conglomerate, is unique in its structure. A group of philanthropic organizations collectively known as Tata Trusts owns 66% of Tata Sons. SP Group, a construction and infrastructure conglomerate with a lot of debt, holds 18.4%. Tata Trusts consists of 13 entities. Seven of these directly own shares in Tata Sons. Six trustees are drawn from each of these entities to form the board of Tata Trusts. Noel Tata is the current Chairman of Tata Trusts, and a director on the Tata Sons Board. Who wants TATA Sons to be listed? There is pressure from many quarters to list the company. In media interviews, at least two Tata trustees, Venu Srinivasan, and Vijay Singh, have supported the listing of Tata Sons. They said that expansion, particularly into new areas such as semiconductors, would require large capital which cannot be generated locally. The SP Group is seeking a listing to be able to monetise its holdings, which are not easily transferable under the current structure. The SP Group is not among the trustees. The main pressure comes from the RBI regulations, which require large non-bank lending institutions with assets above certain thresholds or public funds to be listed. What are the RBI rules and why do they apply to TATA Sons? Tata Sons, as the holding company of a number businesses, is classified by the RBI as a "core investment company". According to revised rules released last month, companies with assets greater than 1 trillion rupees (10.45 billion dollars) or those who have direct or indirect access public funds must list. Tata Sons assets alone stood at 1,75 trillion rupees as of March 2025. The RBI has the discretion to decide which companies can be exempted from listing. HAS RBI clarified its position? The RBI has not made its position public, despite the fact that analysts and legal experts claim the revised rules will make it more difficult for Tata Sons' to remain a private company. Tata Sons' request for an exemption is currently being reviewed. The company has tried to reduce borrowings as a way to avoid a listing. However, it is not clear if this will be enough. Who is opposing the listing? Noel Tata did not make any public statements, but he has publicly opposed the conversion of Tata Sons to a listed company. According to media reports, he and other trustees opposed listing last summer. They asked Tata Sons chairman to contact the RBI. TATA TRUSTS: THE ISSUES Tata Trusts was ordered to postpone its board meeting by India's Maharashtra State Charity Commissioner after complaints prompted an investigation into the trusts governance. Venu Srinivasan was a senior Tata Trusts trustee who was one of the complainants. On May 16, two important trusts -- Sir Dorabji Tata Trust (?) and Sir Ratan Tata Trust (?) -- that together own over 50% of Tata Sons were scheduled to meet. The RBI rules, and the implications of them for a possible listing were to be a central item on the agenda. Other items included the Tata Trusts increasing its representation on the Tata Sons Board, reappointing the chairman and reviewing the performance of Tata Sons. The street was closely watching the board meeting, which is the first since the RBI revised its rules, to see how the differences between the trustees of Tata Sons would play out. According to the Trusts governance norms resolutions pass if majority of trustees votes in favor. If a majority vote of the trustees supports the proposal to list Tata Sons then the company must initiate the listing. (Reporting and editing by Ira Dugal and Raju Gopalakrishnan in Mumbai. Reporting by Jayshree Upadhyay, Gopika Gopakumar and Muralikumar Anantharaman.
-
NextEra and Dominion are in talks to create a $400 billion US utility.
?U.S. The Financial Times, citing sources, reported that NextEra Energy was 'in talks' to merge with the smaller Virginia-based utility, Dominion Energy. This deal would?create a $400 billion company, including debt. Reports said that the deal could be announced as early as next week. It is expected to take a form similar to a stock transaction. The report said that discussions were still ongoing but the talks might not succeed. The report could not be verified immediately. Requests for comments outside of regular business hours were not immediately responded to by the companies. The U.S.?power consumption reached a second consecutive record in 2025, and it is expected to continue climbing over the next two-year period. This will be largely due to the surge in electricity demand from data centres. According to LSEG, Florida-based NextEra is?one the world's biggest energy developers. Its market capitalization is $194.69 Billion, compared to?about $54.29 Billion for Dominion. A tie-up would create the largest US power company by market value. Data-center operators are being pushed by the artificial intelligence boom to secure supply agreements with utilities. This will allow them to make more money as the'scramble' to meet the rising demand reshapes power markets. Reporting by Mrinmay dey in Mexico City, Editing by Tom Hogue & Muralikumar anantharaman
The closure of Hormuz has divided the fortunes between Middle Eastern oil states
A study found that the closure of the Strait of Hormuz and the subsequent?surge of global oil prices has brought financial windfalls for Iran, Oman, and Saudi Arabia. Other states, however, who lack alternate shipping routes, have suffered?billions of dollar losses. Iran closed the Strait, a route that accounts for a fifth or more of the global oil and gas flows. This was after U.S. airstrikes and Israeli strikes on Iran in February triggered a wider conflict. Later, it said that vessels with no U.S. and Israeli connections would be allowed to transit the Strait. Some tankers have managed to cross the narrow waterway. However, energy markets are still experiencing unprecedented disruption. Brent crude international rose 60% in March. This is a record increase for a single month. Donald Trump, the U.S. president, has threatened to "rain hell" on Tehran until it agrees to a deal that will allow traffic through the Strait of Hormuz by Tuesday's end.
GEOGRAPHY INDICATES OIL FORTUNES
The Middle East oil producers have experienced a different impact on the rise in energy prices.
Oman, Saudi Arabia, and the United Arab Emirates are able to bypass the Strait via ports and pipelines, despite the fact that Iran controls the Strait.
Oil from Iraq, Kuwait, and Qatar, on the other hand, has been trapped because these countries do not have alternative routes to international market.
A senior Iranian official responded to Trump's threat by saying that Iran would not open the Strait in a temporary ceasefire. The Iranian government has refused to accept Trump's earlier ultimatums and said it would not be humiliated. Some analysts claim that the U.S. and Israeli war against Iran has in some way strengthened Tehran.
Neil Quilliam is an associate fellow with the think tank Chatham House. He said: "Now that Hormuz was closed, it could be closed again.?And that poses a serious threat to global economic growth." "The genie has escaped the bottle." "The genie is out of the bottle."
According to the analysis of export data for March, Iraq's and Kuwait's notional oil export revenue both fell by around three quarters in comparison with last year. Iran's revenue grew by 37%, and Oman's revenue by 26%. Saudi Arabia's revenues from oil increased by 4.3% while those of the UAE decreased by 2.6% due to the lower volumes.
Estimates are based on export data from Kpler, a ship tracking firm, and JODI, where they are available. They then multiply the average Brent price by these volumes and compare them to a year ago. Brent was chosen for its simplicity, despite the fact that many of these crudes were priced using other benchmarks which are currently trading at significant premiums.
SAUDI ARABIA GETS HIGER ROYALTIES & TAXES
Saudi Arabia will see higher oil prices translate into increased taxes and royalties from the state-owned Aramco. Aramco is owned by both the government and sovereign wealth fund. This is especially good news for Saudi Arabia, which has been spending heavily on projects to diversify incomes away from oil. These had led to a budget gap.
Aramco refused to comment on the 'calculations. Reps from the other countries' oil companies or representatives did not immediately respond when asked for comments.
SAUDI PIPELINE BUILT DURING IRAN IRAQ WAR
The 1,200 kilometre (746 mile) East-West pipeline, which was built during the Iran-Iraq War in the 1980s to bypass Hormuz, is the largest pipeline of the Kingdom.
The new 7 million barrels a day capacity allows it to connect the eastern oilfields with the Red Sea Port of Yanbu.
Aramco exports approximately 5 million bpd, while using about 2 million for domestic use. Shipping data show that Yanbu loadings were near capacity at 4.6 million barrels per day in the week beginning March 23. This was despite the attacks on the hub.
Kpler data and JODI showed that overall Saudi crude exports in March fell by 26% on an annual basis to 4,39 million bpd. Even so, the higher prices boosted the value of these exports by approximately $558 million compared to a year ago. Riyadh preemptively increased exports to their highest level since April 2023 in February, in the event of an attack by the United States on Iran.
Quilliam said that despite the East-West connection, Saudi Arabia was vulnerable to any further attacks by Iran, its allies, or the Houthis against the energy infrastructure of the country in the west, and ships passing through the Bab el-Mandeb Strait into the Red Sea.
IRAQ HAS 'SUFFICIENTED THE LARGEST DROP
The UAE is shielded to a certain extent by the 1.5-1.8 million barrels per day Habshan-Fujairah Pipeline, which bypasses Strait. In March, its estimated oil exports fell more than $174m year-on-year. Fujairah was the target of a series attacks which led to the suspension of loading.
Iraq had the biggest drop in revenue among Gulf producers - 76%, to $1.73billion. Kuwait was next, with a 73% drop to $864 millions. Iraq's SOMO, the state oil marketing company in Iraq, said on April 2, that oil revenues for March were close to estimates of $2 billion.
Both countries will likely suffer greater declines in April, as cargoes which managed to sail during the early days were a major contributor to their March revenues. Last week, a tanker carrying Iraqi crude oil sailed across the Strait after Iran announced that Iraq would not be subject to restrictions.
Adriana Alvarado is the VP for sovereign ratings at Morningstar DBRS. She said Gulf governments have options to'stabilize their finances. They can either use fiscal savings to do so or issue debt on financial markets.
She added that "apart from Bahrain, Gulf states have sufficient fiscal room to handle the shock with government debt moderately below 45% GDP".
The impact on the long term is not clear. Some Western politicians and oil companies have called for more investment in fossil fuels in order to combat supply shocks. However, some analysts believe that renewable energy is the best way to guard against these supply shocks. Last week, France's TotalEnergies announced a $2.2billion joint venture with Masdar, a UAE-based renewable energy company. This is an early indication of how the oil crisis could accelerate the shift away from oil.
(source: Reuters)