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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.
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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)
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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.
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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
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Cuba raises petrol and diesel prices, but filling stations are still closed
Prices of gasoline and diesel at the pumps in 'Cuba almost doubled on Friday. However, filling stations that were 'open to the public' in the capital remained largely closed due to a U.S. oil blockade which has stifled?supply. The Ministry of Finance and Prices announced earlier this week that the new pricing system would be revealed on Friday. It said the update was needed to reflect "actual" import costs of gas and diesel. Some Havana gas stations have posted signs indicating that premium gasoline is now $2.00 per liter, up from the previous $1.30. Diesel went up to $2.00 per liter from $1.10 and regular gasoline to $1.80. The government hasn't said when the fuel will be available at the new prices. The uncertainty frustrates Cuban motorists, many of whom have been without fuel for four months. Roberto Veguet is a Havana cab driver. "Right away, we don't know anything," he said. "We don't even know where to purchase it." Since the Russian tanker Anatoly Kolodkin brought approximately 700,000 barrels of oil to the island nation of 10,000,000 people in late March, Cuba has not received any oil shipments. Officials said that the fuel ran out early in May. Cuban officials have stated that future prices could be affected by the provider, transport costs, routes, insurances, associated risks and fluctuations on international markets. The black market price of gasoline has risen to $8-$10 per liter, which is far above the global?market level and out of reach for most Cubans. Private businesses in Cuba are importing fuel in high-cost containers from the U.S. The United Nations has declared the U.S. blockade of Cuba's fuel illegal, and that it violates Cubans human rights. Reporting by Ayose Naranjo, Editing by Dave Sherwood & Rosalba o'Brien
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S&P raises Nigeria's rating on the basis of improving macroeconomic profile
S&P, the credit rating agency, upgraded Nigeria's long term sovereign rating from "B-" to "B" on Friday citing improved creditworthiness. The agency stated that higher oil prices and production, an increase in domestic refining capacity, and the decision to liberalize exchange rates by 2023 will boost Nigeria's economy and improve the balance of payments. It also revised Nigeria's outlook from "positive" to "stable". The World Bank said in April that it expected Nigeria's economic growth to be about 4.2% in 2026, despite the Iran War, and encouraged authorities to conserve windfalls from higher oil prices, to maintain a tight monetary policy, and to avoid large subsidies in order to?curb inflation. Africa's largest nation made significant progress in reducing price pressures before the U.S. and Israeli?war against Iran. Inflation had been easing for eleven straight months until it began to rise again in March. The conflict increased fuel prices and impacted food costs. In April, the headline inflation rate in Nigeria rose for a second consecutive month. S&P said that Nigeria, as an important net exporter of crude and a producer of refined fuels is less vulnerable to spillover effects of the Middle East conflict than other regional countries. It said: "We expect Nigeria’s real GDP per person to increase 1.4% on average each year until 2029. This is a significant improvement over the 1% annual contraction on average that has occurred in the last decade." S&P's rating action follows Fitch and Moody's who both upgraded the 'Nigerian sovereign' over the last year, citing improved external and fiscal position. (Reporting by Akshaya V in Bengaluru and Chijioke Ohuocha; Editing by Shilpi Majumdar)
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Bond yields rise on inflation fears, while global shares fall
Investor euphoria about technology stocks was replaced by inflation fears and traders increased bets on the Federal Reserve raising interest rates in this year. The U.S. president Donald Trump left China Friday without any major breakthroughs in trade or tangible help from Beijing for ending the Iran War. After two sets of high April inflation readings were released this week, there are now concerns over 'inflationary pressures. S&P 500, Nasdaq and Dow Jones fell after reaching record closing levels on the strength of artificial intelligence technology stocks during the previous two sessions. The market has realised that it was way ahead of itself. The market didn't pay enough attention to the economic and bond markets. "It was caught in this momentum AI trade", said Kenny Polcari. Chief market strategist at Slatestone Wealth. The market has finally listened to what the bond markets and economic data are telling it. The inflation rate is still high and could rise in the coming months. REVERSING EQUITIES Wall Street saw the Dow Jones Industrial Average fall 537.29, or 1.07 percent, to 49.526.17. The S&P 500 dropped 92.74, or 1.24 percent, to 7,408.50, and the Nasdaq Composite declined 410.08, or 1.54% to 26,225.15. The S&P 500 still recorded its?seventh consecutive weekly gain. This is its longest winning streak in the last 20 years. The Nasdaq, Dow and S&P 500 all fell this week. The MSCI index of global stocks fell by 17.06 points or 1.53% to 1,099.00. The?pan-European STOXX 600 Index finished earlier down by 1.48%. MSCI's broadest Asia-Pacific index outside Japan dropped 2.5%, while Japan's Nikkei fell 1.99%. Data showed that wholesale inflation in April accelerated to 4.9%, the highest rate in three years. This data kept the Bank of Japan committed to raising rates. The Kospi index in South Korea fell by more than 6 percent on Friday, after an impressive run of gains over the past few months. The index is still up by 77.8% for the year. GOVERNMENT BONDS YIELDS A SPIKE Treasury yields on U.S. government bonds? climbed to their highest level in a full year, as rising?oil costs added to concerns that energy disruptions in Middle East might add to inflation. The yield on the benchmark 10-year U.S. notes increased 13.8 basis point to 4,597% from 4.459% at late Thursday, while the 30-year bond rate rose 10.9 basis to 5.122%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve (Fed), rose by 8.7 basis points, to 4,079% from 3.992% at late Thursday. The dollar has risen for the fifth day in a row, putting it on course for its largest weekly gain since two months. Inflationary pressures have driven bets that the Fed will raise rates this year. According to CME Group’s FedWatch tool which shows a 9.9% probability that rates will be 50 basis points higher at year end, traders were betting last week on a 38.8% chance for a 25 basis-point rate hike. A week earlier, the odds were less than 14 percent. Kevin Warsh will replace Jerome Powell as Fed chair on Friday. Trump nominated the incoming Fed Chair, who was under pressure from Powell to lower interest rates. The market will test Kevin Warsh. "They're going press him to find out what he truly stands for," Polcari stated. The dollar index (which measures the greenback versus a basket including the yen,?the Euro, and the yen) rose by 0.33%, to 99.28. Meanwhile, the euro fell 0.38%, to $1.1624. The dollar gained 0.25% against the Japanese yen to 158.74. Sterling has fallen for the fifth day in a row and reached its lowest level in over five weeks. The last time it was down 0.61%, at $1.3318, after a 0.9% drop on Thursday. The ruling Labour Party in Britain said that it would allow Greater Manchester Mayor Andy Burnham to return to Parliament, as a first step towards a potential challenge to Keir starmer's leadership. Steve Reed, British Housing Minister, urged Labour Party legislators to support Starmer. He said that no one who was vying to succeed him had shown sufficient support. Oil prices rose on concerns about supply after Abbas Araqchi, Iran's Foreign Minister, said that Iran had "no faith" in Washington and was only interested in negotiations if Washington was serious. Trump stated that he had 'run out of patience' with Iran, and that he agreed with Chinese leader Xi Jinping that Iran could not have a nuclear bomb and that the Strait of Hormuz must be reopened. U.S. crude oil settled at $105.42 per barrel, an increase of 4.2% or $4.25. Brent reached $109.26, an increase of 3.35% or $3.54. Gold fell to its lowest level in more than a week, under pressure from rising Treasury yields and the dollar as well as bets on higher interest rates. Spot gold dropped 2.35% to $4.540.11 per ounce. U.S. Gold Futures dropped 3.29% to $4,542.30 an ounce. Reporting by Sinead Culp and Stephen Culp, in New York; Sophie Kiderlin, in London, and Stella Qiu, in Sydney. Editing by Sam Holmes and Mark Potter, Joe Bavier and Barbara Lewis, and David Gregorio.
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Cubans are frightened by the US's plans to indict Raul Cuba
The U.S. plan to indict Cuba's former 'leader Raul Castro for the downing humanitarian planes 20 years ago increased tensions in the island Friday. This comes as the country is struggling with its worst crisis in decades due to severe fuel shortages. Indicting the '94-year old'revolutionary icon' would be a major step in the Trump administrations pressure campaign on Cuba. The Trump administration has been describing the communist government of Cuba as corrupt and incompetent, while pushing for change. Cuba has not yet commented directly on the threat to indict, but Bruno Rodriguez, Cuba's Foreign Minister, expressed his defiance Friday. Rodriguez told a meeting of BRICS Foreign Ministers that Cuba is continuing to develop its socialist system despite the embargo and sanctions imposed by the United States. Cubans interviewed in Havana said that an indictment could only go backwards on negotiations with the U.S. and further deepen the diplomatic crisis between both nations. Sonia Torres 59, Havana schoolteacher, said that a prosecution against Raul Castro who oversaw the military for decades and served as president between 2008-2018 was an insult to Cuban pride in a time of crisis. She said, "Cubans should always move forward." "If they want to prosecute Raul, then we will defend Cuba using sticks and stones if necessary." Tensions between neighboring countries go back to Fidel Cuba's communist revolution of 1959. Castro formed an alliance with the Soviet Union and then seized U.S. citizen-owned businesses and properties. This stoked decades of tensions between both?nations. Since January, the Trump administration has been laying siege to Cuba, enforcing de facto fuel blocks, issuing military threats and increasing sanctions which have forced foreign companies - such as Canadian miner Sherritt International to flee. Peter Kornbluh said that an indictment of Castro would be a "watershed moment" in negotiations. He said it would represent the "diplomatic endpoint". Kornbluh stated that this was an ultimatum. It's now or never. The indictment has provided a legal fig leaf for military operations that aim to capture or assassinate Raul Castro. The United States used criminal charges against foreign politicians to justify military action in the past. Trump also threatened that Cuba would be "next" after his administration captured Venezuelan leader Nicolas Maduro by his government in January. His government called it a "law-enforcement operation" in order to bring Maduro to New York and face criminal charges. Although he has no formal government position, the younger Castro is still seen as the most influential?leader of Cuba and a symbol of its revolution. Brothers to the Rescue The U.S. Department of Justice said that a potential Castro indictment relates back to the 1996 shooting down of two planes operated?by the humanitarian group Brothers to the Rescue. Cuba defended its attack at the time as a legitimate defence of its airspace. But the U.S. later supported the U.S. view, concluding that the shooting down took place in international waters. Fidel Castro claimed that Cuba's military acted on "standing instructions" to shoot down planes entering Cuban airspace. He claimed that his brother Raul, the then-defense?minister of Cuba, had not given a specific command to shoot down the planes. Havana resident Eliecer Diaz, 45 said that then as now Cuba had to defend its self against U.S. aggression. Eliecer Diaz (45), a Havana resident, said: "That is an invasion... You have to defend yourselves." "If they're now considering prosecuting (Raul Cuba), I think this is wrong."
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
(source: Reuters)