NEW DELHI: A shipping lobby group and a state-run oil company on Friday sought security escort for vessels moving in and out of the Strait of Hormuz, the channel for oil and gas supply from West Asia, while also suggesting access through other ports, such as Yanbu in Saudi Arabia, to ensure uninterrupted flow of…
NEW DELHI: With West Asia-bound cargo ships stranded in India due to conflict in the region, shipping ministry on Friday directed all 12 major ports to consider requests for reduction, waiver or remission of charges, including for storage rent, reefer plugging and change of vessel.The ministry said ports may permit storage of cargo destined for…
NEW DELHI: India has sufficient foreign exchange reserves, low current account deficit and inflation rates, which collectively allow it to effectively mitigate the impacts of rising global crude oil prices and ensure domestic energy security despite the country’s high dependency on imported crude oil, a finance ministry report said on Friday.But it cautioned that if…
NEW DELHI: Government will use “every policy tool and the export promotion mission” to support exporters in the ongoing crisis in West Asia, commerce and industry minister Piyush Goyal said on Friday. “We are in complete engagement with exporters. Every day, the inter-ministerial group talks to exporters and takes feedback. We will not be found…
MUMBAI: The rupee closed at 91.75 against the dollar on Friday, down 15 paise from the previous close of 91.6, after a largely range-bound session marked by pressure from higher crude oil prices and foreign fund outflows.Suspected intervention by the central bank too influenced market movements. Heavy selling in domestic equities and withdrawals by foreign…
Banking relief for UAE and Gulf amid Iran–US–Israel crisis: Emirates NBD Bank removes ATM cash withdrawal charges In a move aimed at easing financial access during a turbulent period in the Gulf, Emirates NBD has announced that it will temporarily waive ATM withdrawal fees at other banks’ machines across the UAE and the wider GCC….
The United States has given “permission” to India to buy Russian oil already stranded at sea issuing a temporary waiver aimed at stabilising global oil supplies amid disruptions caused by the escalating conflict in West Asia.US treasury secretary Scott Bessent praised India as a “very good actor” for previously complying with Washington’s request to halt…
NEW DELHI: India’s medical technology (medtech) sector is set to get its first dedicated investment fund, which will also support the government’s ‘Make in India‘ push. A clutch of investors and industry veterans led by Ganesh Sabat, former CEO of SMT (Sahajanand Medical Technologies), a major cardiac stent player, are floating a Rs 1,000 crore…
Indian refiners are currently paying a premium of $2 to $4 per barrel above Dated Brent for deliveries of Russia’s benchmark Urals crude. (AI image) In a quick and immediate fix to the Middle East oil supply shock, Indian refiners have begun purchasing readily available Russian crude oil. With ships and tankers currently not moving…
Global oil prices surged on Friday as the conflict in West Asia intensified, pushing benchmark crude above the $90 mark amid fears of further supply disruptions.The Brent North Sea crude, the international oil benchmark, rose more than 5% to $90.25 per barrel, its highest level since April 2024, AFP reported.The US benchmark West Texas Intermediate…