Page 7 - West Asia And The Gulf

India plans sovereign guarantees to back Gulf shipping insurance: Report

The plan includes a $1.5 ​billion sovereign guarantee fund to provide insurers with reinsurance support and liquidity should insurance costs remain high, said ‌one government source

Morgan Stanley cuts India FY27 GDP forecast by 30bps to 6.2%

If crude spikes to $150/bbl for a quarter, we see FY27 (GDP) growth at around 5.7 per cent, CPI inflation breaching 6 per cent and the CAD widening to around 3 per cent of GDP, Morgan Stanley said.

Trump says US can 'take out' Iran in one night as Tuesday deadline nears

Trump earlier in the day reiterated that the deadline he has set for Iran to reach a deal remains final, warning of consequences if an agreement is not reached

Tuesday deadline for Iran deal is final, no extension, says Trump

US President Donald Trump warns of consequences if Iran fails to meet Tuesday deadline, says proposal falls short as tensions escalate over Strait of Hormuz

Iran rejects latest ceasefire proposal, seeks permanent end to war: Report

Tehran said it does not accept a temporary ceasefire, instead stressing the "need for a permanent end to the war while respecting Iran's considerations"

Priyanka says PM Modi 'failed' to address West Asia conflict concerns

Congress leader Priyanka Gandhi Vadra on Monday alleged that Prime Minister Narendra Modi and the Centre have "failed" to address the concerns arising out of the ongoing West Asia conflict, which was affecting lakhs of Indians. Addressing a corner meeting at Peravoor in this northern district as part of the campaign for the April 9 Assembly polls, she claimed that no adequate provisions had been made for the safety and security of Indians in the region. Referring to the situation in the Middle East, the Wayanad MP said India could face more problems in the coming days as the conflict continues to escalate. Taking a dig at the Prime Minister, she alleged that, "Modiji is too busy bowing to the US and Israel." Similarly, she accused Kerala Chief Minister Pinarayi Vijayan of being "too busy bowing to Modiji". According to her, fuel prices in the country were rising steadily and the Centre handed over the energy sector to the United States. "Today, the US decides where we should buy o

Indian refiners defer maintenance shutdowns to meet local fuel demand: Govt

However, Nayara Energy will shut its 400,000 barrels per day Vadinar refinery for maintenance from April 9, tightening supply of ​liquefied petroleum gas in the country, she said

Airstrikes on Iran kill over 25 as Trump's deadline to open Hormuz looms

A series of airstrikes early Monday morning on Iran's capital targeted the Sharif University of Technology. Iranian media reported the strikes and damage to buildings there, as well as a natural gas distribution site next to the campus. It wasn't immediately clear what had been targeted on the grounds of the university, which is empty of students as the war has forced all schools in the country into online classes. Multiple countries over the years have sanctioned the university for its work with the military, particularly on Iran's ballistic missile programme, which is controlled by the country's paramilitary Revolutionary Guard. The Guard and other security forces have been using secondary sites as rally points as their bases have come under repeated attack during the war. Explosions rang out into the night. The sound of low-flying fighter jets could be heard off and on for hours. Meanwhile, the state-run IRAN daily newspaper said in an online message that an airstrike in a ...

CII asks Finance Ministry for fiscal support amid West Asia crisis

Industry body proposes credit support, tax relief and policy steps to shield MSMEs, exporters and energy-intensive sectors from disruptions caused by the ongoing West Asia crisis

Stranded Indian fishermen in Iran to return home via Armenia: Jaishankar

A group of stranded Indian fishermen in Iran are returning home through Armenia on Saturday, the government said. External Affairs Minister S Jaishankar thanked his Armenian counterpart Ararat Mirzoyan for assistance in the return of the Indian nationals. The exact number of Indian nationals in the group and the circumstances that led to them being stranded in Iran are not immediately known. "Thank FM @AraratMirzoyan and the Government of Armenia for facilitating the evacuation of Indian fishermen today from Iran, through Armenia to India," he said on social media. Over 1,150 Indian nationals have left Iran through land border crossings in Armenia and Azerbaijan since the start of the West Asia conflict over a month ago. "A group of Indian fishermen, stranded in Iran, are returning home via Armenia today; their flight is expected to reach India this evening," a government statement said. It said the Ministry of External Affairs continues to closely monitor the evolving situation

French, South Korean leaders agree to work together on Strait of Hormuz

French President Emmanuel Macron and South Korean President Lee Jae Myung agreed on Friday to work together to help reopen the Strait of Hormuz and ease global economic uncertainties caused by the war in the Middle East. Their summit in Seoul came as US President Donald Trump slammed allies for not supporting the US and Israeli war against Iran. Macron was making his first visit to South Korea since taking office in 2017 as part of an Asian tour that already has taken him to Japan. Macron told Lee at the start of the meeting that the two countries can play a role in helping to stabilise the situation in the Middle East, including the Strait of Hormuz, according to South Korean media. At a joint televised briefing afterwards, Macron underscored the need for France and South Korea to cooperate to help reopen the strait and de-escalate Middle East animosities, while Lee said the two affirmed "their resolve to cooperate to secure the safe shipping route in the Strait of Hormuz." The tw

West Asia crisis: Rajnath Singh stresses 'constant vigilance' at IGoM meet

The government said it is closely monitoring the evolving situation in West Asia and would take calibrated steps to minimise any adverse impact on India

More measures on anvil to help exporters tackle West Asia crisis: Goyal

Government is considering fresh measures, including freight support, to help exporters manage rising costs and disruptions caused by the ongoing West Asia crisis, says Goyal

China drains cash from economy in rare move during oil price shock

Taken together, commercial banks likely recorded their first net repayment of PBOC loans since last May, according to Bloomberg calculations based on official data

Chandrasekaran asks Tata group heads to brace for West Asia conflict impact

According to a PTI report, the Tata Group chairman asked over 30 CEOs and MDs to prepare for a tougher business environment, and to manage spending and review project starts

How Iran conflict has pushed UK to fix 'deep damages' caused by Brexit

Brexit was designed for control in a 'stable' world, but in a volatile one shaped by the Iran conflict, it is forcing the UK back towards the EU

From certainty to ambiguity: How market analysts interpret Trump's statement

One of the most important factors that will determine market's trajectory in the weeks ahead, according to analysts, remains crude oil prices.

West Asia conflict may push up realty construction costs by 5% in near term

The escalating West Asia conflict is beginning to exert cost pressure on India's real estate sector, with material prices rising and industry leaders warning of a potential 5 per cent spike in construction costs if hostilities persist through April. Construction schedules are also likely to be affected because of shortage of materials and resources if the conflict prolongs. Harshavardhan Neotia, Chairman of Ambuja Neotia Group, said the crisis is triggering a "classic cost-push cycle" for real estate, with crude oil moving from sub-USD70 levels in February to well above USD 110120 per barrel in March and natural gas witnessing sharp spikes. "Early pressure is already visible across steel, logistics, and petrochemical-linked materials. If this persists, construction costs could rise meaningfully over the next 12 quarters, which may have a bearing on pricing going forward," Neotia said. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, struck a more immediat

Gulf allies urge Trump to keep fighting until Iran is decisively defeated

Gulf allies of the United States, led by Saudi Arabia and the United Arab Emirates, are urging President Donald Trump to continue prosecuting the war against Iran, arguing that Tehran hasn't been weakened enough by the monthlong US-led bombing campaign, according to US, Gulf and Israeli officials. After private grumbling at the start of the war that they were not given adequate advance notice of the US-Israeli attack and complaining the US had ignored their warnings that the war would have devastating consequences for the entire region, some of the regional allies are making the case to the White House that the moment offers a historic opportunity to cripple Tehran's clerical rule once and for all. Officials from Saudi Arabia, United Arab Emirates, Kuwait and Bahrain have conveyed in private conversations that they do not want the military operation to end until there are significant changes in the Iranian leadership or there's a dramatic shift in Iranian behaviour, according to the

Govt has taken steps to counter West Asia crisis impact: MoS Finance

The government has taken a host of measures to mitigate external risks, support the balance of payments, and maintain macroeconomic stability amid the ongoing West Asia crisis, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to a question in the Lok Sabha, Chaudhary said the government is consistently reviewing and closely monitoring the economic impact of the ongoing West Asia conflict at the highest levels and taking immediate corrective and facilitative measures as warranted. Seven new empowered groups have been constituted to undertake swift and far-reaching action on supply chains, petrol-diesel, fertilisers, gas and inflation. In addition, an Inter-Ministerial Group on supply chain resilience has been operationalised to monitor the situation and coordinate facilitation measures related to exports and imports. To a question on the extent by which the GDP growth and foreign investment is likely to be affected due to the crisis, Chaudhary said, .