India is set to move forward with a proposal requiring banks to report offshore rupee derivative trades, despite objections from lenders, according to two sources familiar with the matter. The move is aimed at increasing transparency in a market that has been contributing to volatility in the domestic currency. In February, RBI proposed that banks
The chief executive of Abu Dhabi National Oil Company has called for the immediate reopening of the Strait of Hormuz, warning that ongoing restrictions are disrupting global energy markets. Speaking on Thursday, Sultan Al Jaber stated that Iran must restore access to the vital shipping route and be held accountable for the damage caused by
Ukraine is aiming to accumulate 14.6 billion cubic metres (bcm) of natural gas in underground storage facilities ahead of the 2026–2027 heating season, according to Energy Minister Denys Shmyhal. In a statement shared via Telegram on Thursday, Shmyhal described the 14.6 bcm target as the country’s base-case scenario, while identifying 13.2 bcm as the minimum
Even with the two-week ceasefire between the US and Iran, shipping activities through the Strait of Hormuz would take several weeks to normalise. Additionally, the US Energy Information Administration (EIA) stated on Tuesday that fuel prices may continue to increase for months, even after the Strait of Hormuz is reopened. The EIA’s assessment contradicted US
British construction firms witnessed an unprecedented rise in cost inflation in March, marking the sharpest month-on-month increase since records began in 1997, according to a survey released on Wednesday. Data from S&P Global showed that the UK Construction Purchasing Managers’ Index (PMI) measure of input cost inflation jumped to 70.5 in March, up from 59.5
Every day the Strait of Hormuz stays closed, the global economy absorbs a cost that no military briefing fully captures. Brent crude is near $120 a barrel. Gas prices are over $4. Shipping insurance rates are at levels not seen since the tanker wars of the 1980s. Gulf desalination plants on alert. The IEA has
Pakistan will repay a $3.5 billion loan to the United Arab Emirates this month, two government officials said, raising fresh pressure on the country’s foreign exchange reserves and risking a breach of targets under its International Monetary Fund programme, with a further $1.3 billion Eurobond repayment due by June. The repayment comes as Pakistan works
The surge in energy prices, visible at US gas stations since early March, is set to be fully revealed next week when new consumer price statistics are released, with gasoline costs—up an estimated 20% from February after seasonal adjustment—expected to be the single largest driver of the inflation hike in the country. However, the increase
Ford Motor Company reported a notable decline in vehicle sales in the United States during the first quarter of 2026. The automaker announced on Thursday that total sales dropped by 8.8% year-on-year, reaching 457,315 vehicles between January and March. The fall reflects the ongoing adjustments within the automotive industry as manufacturers continue to respond to
Just over a year ago, on April 2, 2025, US President Donald Trump walked into the White House Rose Garden holding a large placard and signed what he called a declaration of economic independence. He called it Liberation Day. The US President promised it would make America wealthy, bring factories roaring back, and force the