Page 21 - Israel Iran Conflict

Moody's cuts India's FY27 GDP growth forecast to 6% amid West Asia war

Moody's Ratings has slashed India's economic growth estimates for the current fiscal to 6 per cent from 6.8 per cent earlier, saying the ongoing conflict in West Asia will moderate growth momentum and raise inflation risks. In its credit opinion report on India, Moody's said prolonged disruptions, particularly LPG shipments due to the conflict, would lead to near-term household shortages, higher fuel and transport costs, and spillovers to food inflation through India's reliance on imported fertilisers. The region accounts for around 55 per cent of crude oil imports and over 90 per cent of liquified petroleum gas (LPG) supplies to India. "While inflation remains contained for now, geopolitical risks have tilted the inflation outlook to the upside," Moody's said while projecting inflation to average 4.8 per cent in FY27, up from 2.4 per cent in FY26. With inflation risks re-emerging and growth remaining robust, policy rates are likely to be held steady or raised gradually in fiscal .

Iran war starts pinching US as gas prices, transport costs surge

The war against Iran has started to impact Americans, with Amazon announcing a fuel surcharge for its e-commerce deliveries and some airlines hiking fees for checked-in baggage to offset higher fuel costs. The average price of petrol in the US has increased to USD 4.09 a gallon on Friday, up more than one dollar from just before the war and the highest level since August 2022. The cost of diesel has risen sharply from USD 3.64 per gallon a year ago to USD 5.53 per gallon on Friday, according to data maintained by the American Automobile Association (AAA). Diesel is widely used in farming, construction and transportation, besides other industries. E-commerce giant Amazon also said that, beginning April 17, it plans to add a 3.5 per cent fuel surcharge on third-party sellers. The US Postal Service on Wednesday said it is seeking to impose a temporary 8 per cent fuel surcharge for package and express mail deliveries to deal with rising transportation costs. If approved by the Postal

CII 20-point agenda calls for coordinated response amid West Asia crisis

Industry lobby CII on Sunday outlined a 20-point agenda to mitigate the impact of the West Asia crisis, calling for measures including a temporary exemption from long-term capital gains tax for foreign investors in the primary market, the introduction of a time-bound Conflict-Linked Emergency Credit Line Guarantee Scheme and a three-month moratorium and restructuring window for MSMEs. CII proposed that priority sector lending (PSL) norms may be revisited to enable banks to respond more flexibly to sector-specific stress during external disruptions. It also suggested that the RBI could institute a Special Refinance Window for MSMEs and other affected sectors, among other measures, seeking their consideration by the government. To sustain foreign capital inflows into primary markets during a period of heightened global uncertainty, the Ministry of Finance may consider a temporary exemption from long-term capital gains tax for foreign investors in primary market investments, with the .

Fire breaks out at Borouge petrochemicals plant in UAE following attack

Authorities say a fire has broken out at a petrochemicals plant in the United Arab Emirates following an attack on Sunday. Abu Dhabi authorities responded to multiple fires at the Borouge petrochemicals plant. They say the fires were caused by falling debris following successful interceptions by air defence systems, but production at the plant has halted. The plant is in Ruwais, near the UAE's western border with Saudi Arabia. The plant is a joint venture of the Abu Dhabi National Oil Co. and Borealis of Australia.

'We got him': How US rescued crew member of F-15E jet downed by Iran

US special forces and air cover rescued injured colonel after more than a day behind enemy lines as Iranian forces searched the crash site

Gulf nations explore oil routes beyond Strait of Hormuz amid Iran war

Amid rising Iran tensions, Gulf nations are reportedly exploring pipelines and new trade corridors to reduce dependence on the Strait of Hormuz

Aid groups warn Iran war is hindering food, medicine from reaching millions

Aid groups are warning that the war in the Middle East has upended their ability to get food and medicine to millions of people around the world in need, and that the suffering will deepen if the violence continues. Not only has the conflict cut off vital shipping routes, creating a global energy crisis, it's also disrupting supply chains for aid groups, forcing them to use costlier, more time-consuming routes. Key pathways such as the Strait of Hormuz have been effectively shuttered and routes from strategic hubs such as Dubai, Doha and Abu Dhabi have also been impacted. Transport costs have spiked with higher fuel and insurance rates, meaning less supplies can be delivered with the same amount of money. The World Food Program says it has tens of thousands of metric tons of food heavily delayed in transit. The International Rescue Committee has USD 130,000 worth of pharmaceuticals intended for war-torn Sudan stranded in Dubai and nearly 670 boxes of therapeutic food meant for ...

Missing US airman rescued after fighter jet downed in Iran: Report

The rescue operation for the crew member of the F-15E fighter jet was conducted by a "specialised commando unit with a high volume of air cover," the report said

US inflation set to spike as energy prices rise amid West Asia war

Economists are penciling in a 1 per cent increase in the consumer price index for March - the sharpest one-month advance since 2022 - after the Iran war pushed gas prices up by about $1/gallon

Kuwait's oil ministry building set ablaze by Iranian drone strike

The damaged building, which also houses the emirate's oil ministry, was evacuated and firefighting crews were on the scene

Iran rejects Trump's 48-hour ultimatum as 'helpless', 'unbalanced'

The rejection follows a period of heightened tensions after the US leader warned of severe military consequences if the Strait of Hormuz is not reopened

Iraqi ships can transit through Strait of Hormuz: Iranian military

The declaration has the potential to unleash as much as 3 million barrels a day of Iraqi oil cargoes

US deploys bulk of stealthy long-range missiles for Iran conflict

The US has allocated funds to buy more than 6,200 JASSMs since 2009, and production of the baseline JASSM for US supplies ended about 10 years ago

Iran calls on public to find 'enemy pilot' as US continues frantic search

The US military pressed ahead Saturday in a frantic search for a missing pilot over a remote area in southwestern Iran, a day after the Islamic Republic shot down a US warplane and promised a reward for whoever turns in the pilot. The plane, identified by Iran as a F-15E Strike Eagle, was one of two attacked Friday, with one service member rescued and at least one missing. It was the first time the United States lost aircraft in Iranian territory during the war, now in its sixth week, and could add to pressure on the Trump administration to end the fighting. The war, which began with joint US-Israel strikes on Feb 28, has killed thousands, shaken global markets, cut off key shipping routes and spiked fuel prices. It shows no signs of slowing as Iran responds to ongoing airstrikes with attacks across the region. The downing of the American planes came two days after US President Donald Trump said in a national address that the United States has "beaten and completely decimated Iran."

US arrests niece, grand-niece of late Iranian general Qassem Soleimani

The Trump administration has revoked the green cards or US visas of at least four Iranian nationals connected to the current or former Iranian government, including two who have been detained by immigration authorities and are to be deported. The latest actions were taken just this week when Secretary of State Marco Rubio determined they were no longer eligible for either lawful permanent resident status, or to enter the United States. The steps follow a move late last year in which the visas of several diplomats and staffers at Iran's mission to the United Nations were also revoked. In a statement on Saturday, the State Department said the niece and grand-niece of former Iranian Revolutionary Guard Corps chief Qassem Soleimani, who was killed in a US airstrike near the Baghdad airport in 2020, had been arrested late Friday by immigration agents after Rubio revoked their green cards. "Hamideh Soleimani Afshar and her daughter are now in the custody of US Immigration and Customs ...

Trump warns Iran to open Hormuz Strait or face 'hell' in 48 hours

In a post on Truth Social, Trump said the deadline, set to expire on April 6, was nearing its end, reiterating his demand that Tehran either "make a deal" or ensure the strategic waterway remains open

Iran envoy to India calls US-Israel conflict a 'strategic failure'

In a post on X, Fathali said, "A review of global think tanks, from the US and Europe to Asia, reveals a clear pattern: strategic failure for Israel and the US"

Iran open to peace talks as search continues for missing US pilot

The incidents show the risks still facing US and Israeli aircraft over Iran, despite assertions by Donald Trump and his Defense Secretary Pete Hegseth that US forces had total control of the skies

EU pushes for profit caps on energy firms as Iran conflict drives prices up

The finance ministers of Spain and four other European countries are urging the European Union to impose a bloc-wide windfall tax on energy companies, concerned that surging oil and gas prices driven by the war in Iran will fuel inflation and strain households. Spanish Economy Minister Carlos Cuerpo said on Saturday that his counterparts from Germany, Italy, Portugal and Austria had signed a letter to the European Commission citing "market distortions" caused by the price spike. "The conflict in the Middle East has caused oil prices to rise, placing a significant burden on the European economy and on European citizens," the letter, dated Friday and made public by Cuerpo in an online post, said. "It is important to ensure that this burden is distributed fairly," it added. Europe is largely dependent on imported oil and gas, leaving it vulnerable to external shocks. In 2022, turmoil in energy markets following Russia's full-scale invasion of Ukraine pushed inflation into double digit

West Asia crisis may hit India exports if conflict persists: Rajesh Agrawal

If the West Asia conflict continues, India's exports to other parts of the world will also be impacted, Central Commerce Secretary Rajesh Agrawal said on Saturday. Indian exports during the last financial year were expected to remain on a positive trajectory despite the crisis, he added. Addressing a press conference on the sidelines of 'Chintan Shivir - Scaling Up Pharma Exports', Agrawal said that because of the West Asia crisis, there was definitely an impact last month on both imports and exports, as energy is a major part of the Indian import market. "West Asia is also an important market. Around 12-13 per cent of our exports go to the region. So, that will directly get impacted. And if it goes on for long, maybe our exports to other parts of the world will also get impacted as some of the value chains will rotate back. We are cognizant of it," the official told reporters. Replying to a query, he said the exact impact of the West Asia crisis on Indian exports will be known in