India’s crude oil imports from Russia surged to an 11-month high in June, reaching 2.08 million bpd, driven by refiners bolstering inventories amid geopolitical tensions. While India’s overall crude imports decreased, Russian volumes increased, with three refineries processing over half of these imports and exporting refined products.
Mercedes-Benz India will increase vehicle prices by 1-1.5% in September, according to MD and CEO Santosh Iyer, due to the weakening rupee against the euro. This marks the third price hike this year. Despite concerns, Iyer believes reduced interest rates and economic growth will sustain demand.
NLC India, a state-owned enterprise, is in advanced talks with a Russian entity to secure lithium from a mine in Mali, Africa, a crucial move for India’s energy transition. This initiative aligns with India’s strategy to ensure consistent lithium supplies for its clean energy goals, particularly for electric vehicle batteries.
Donald Trump has threatened major trade partners with new import tariffs, ranging from 20% to 50%, demanding individual trade deals by August 1. The EU and Mexico have condemned the proposed tariffs as unfair, while expressing willingness to negotiate. Trump cites trade deficits and fentanyl concerns as justification, despite data showing most fentanyl enters the…
Paytm founder Vijay Shekhar Sharma predicts AI’s inevitable integration into business, even as CFO. He envisions AI automating tasks, urging focus on core product development as Paytm transitions into an AI-first company. Despite recent layoffs partly due to RBI restrictions, Paytm is innovating with AI, including a rap song expense tracker.
More than 20,000 bars in Maharashtra will shut down on July 14. The shutdown is a protest against increased taxes. The Indian Hotel and Restaurant Association announced the bandh. They claim the tax hikes threaten the hospitality sector. The association seeks a rollback of the tax increases. They want discussions with the government to protect…
Sri Lankan exporters are concerned about a potential 30 percent tariff on goods entering the United States. The Exporters Association of Sri Lanka urges the government to negotiate with Washington before August 1. They highlight that competitor nations face lower tariffs. The association advises exploring new international markets to protect the economy from trade shocks.
India is set to commence domestic production of rare earth magnets in Hyderabad, aiming to diminish reliance on Chinese imports. Union Minister G Kishan Reddy announced that the National Institute for Transforming Science and Materials will spearhead this initiative. This move follows China’s export restrictions on rare earth materials, prompting India to accelerate its domestic…
A preliminary report on the Air India Flight AI171 crash revealed a catastrophic engine failure just seconds after takeoff from Ahmedabad. Both engines of the Boeing 787-8 Dreamliner lost power due to a sudden fuel supply cutoff, leading to the fatal accident. Investigators are probing the cause, focusing on fuel control switches and a prior…
Oil prices surged over 2% due to IEA’s report of a potentially tighter global market driven by strong summer demand. Concerns about new US tariffs and potential sanctions on Russia further fueled the price increase. Despite near-term constraints, IEA increased supply growth predictions while reducing demand forecasts, suggesting a possible future surplus.
