Top headlines: US bans Russian crude import; India evacuates students

Oil prices surged around 4 per cent on Tuesday after the United States banned Russian oil imports and the Britain said it will phase them out by the year end, while International rating agency Fitch Ratings downgraded Russia's Long Term Foreign Currency Issuer Defalut Rating (IDR) from "B" to "C". Meanwhile the Centre is likey to relax some norms for asset sale of MTNL and BSNL. Read more about these top stories and other headlines from our morning newswrap below. 

Oil prices surge as US bans Russian crude, Britain launches phase out

Oil prices settled around 4% higher on Tuesday as the United States banned Russian oil imports and Britain said it will phase them out by year end, decisions expected to further disrupt the global energy market where Russia is the second-largest exporter of crude. Oil prices have surged more than 30% since Russia invaded Ukraine, and the United States and other countries imposed a raft of sanctions. Read more

Fitch downgrades Russia's long-term foreign-currency issuer rating to 'C'

International rating agency Fitch Ratings has downgraded Russia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'B'," according to the statement.  Russia started a special military operation in Ukraine on February 24 in response to calls from the Donetsk and Luhansk people's republics for protection against intensifying attacks by Ukrainian troops. Read more

Centre likely to relax some norms for asset sale of BSNL, MTNL

The Centre is considering relaxing some norms that led to the failure in attracting bids for assets of Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) as they look to restart the auction for their non-core assets. The Department of Investment and Public Asset Management (DIPAM) had listed six properties of BSNL and MTNL for sale through its new e-bidding portal, developed by state-run MSTC, but the auction failed to garner an adequate interest. Read more
 

Dish TV shareholders vote against annual accounts, director appointment

The shareholders of satellite TV broadcaster Dish TV India rejected the adoption of the company’s annual accounts and the reappointment of Director Ashok Kurien to the company’s board. The company had held its annual shareholders’ meeting on December 30, but did not disclose the results citing pending litigation. Read more

Apple announces iPhone SE 5G, iPad Air M1, Mac Studio, and Studio Display

Apple Inc on Tuesday announced a range of new products at its first event of 2022, including a low-cost iPhone SE with 5G network and M1-chip powered iPad Air. The American technology giant also introduced the M1 Ultra, a new addition in the M1 chip line-up. It is a high-performance chip, which will power its new desktop, Mac Studio, aimed at power users. Read more