Page 23 - West Asia

Pidilite signals further price hike as West Asia war fuels input inflation

Adhesives and construction chemicals maker Pidilite Industries is considering another round of price hike due to inflation in raw materials from the ongoing geopolitical tensions in West Asia, the company's Managing Director, Sudhanshu Vats, said. The company, which owns popular brands such as Fevicol, Dr Fixit, FeviKwik and M-Seal, had announced a price hike in April, followed by a second round in May. The company's raw material basket, which is closely linked to crude derivatives, has seen a weighted-average increase of around 40-50 per cent due to geopolitical tensions in West Asia, Vats said. "The West Asia crisis, like for many other businesses, has had an impact on our business as well. It came towards the end of the quarter. So therefore, we were able to manage a bit of it, and I think it did not reflect in the numbers, but I think moving forward, our raw material prices have gone up indeed," said Vats in a post-earnings briefing. In line with its philosophy, Pidilite will l

Nalco's alumina exports to West Asia hit by geopolitical tensions: CMD

State-run National Aluminium Company Ltd's exports to West Asia have been affected by geopolitical tensions in the region, according to its CMD, Brijendra Pratap Singh. West Asia accounts for 40-50 per cent of the company's alumina shipments. National Aluminium Company (Nalco) also said that a shift in export destinations due to supply disruptions in West Asia has contributed to a decline in global spot alumina prices, which have now fallen to USD 305-310 per tonne. Alumina is a white, granular material refined from bauxite ore, primarily used as the feedstock for producing aluminium. The Nalco Chairman and Managing Director, in the earnings conference call, said, "Our alumina export to the Middle East ... a lot of around 40 per cent, 50 per cent of our export was going to the Middle East, which has been affected. But now, from Indonesia and other places also, orders are there. Of course, that has resulted in a reduction in the spot prices." Nalco further said that smelters in Wes

Crude prices to stay higher for longer due to Iran war: ADB chief economist

Crude oil prices are likely to stay higher for longer due to the disruption caused by the longer-than-expected Middle East crisis, ADB Chief Economist Albert Park has said. "With a higher oil price expectation, we actually have it as USD 96 per barrel as average for 2026 as per the new reference scenario. It should stay elevated at USD 80 per barrel in 2027. So, our idea is that the oil prices are likely to stay higher for longer," Park told PTI in an interview. Future prices are showing higher prices farther out into next year than they did before, he said. However, he said, "We have also seen always a kind of a premium of the spot market prices and the nearby futures market because there is such a shortage currently." Speaking about the impact of the ongoing Middle East crisis on India, Park said it is going to shave off 0.6 per cent from the country's GDP growth, bringing it to 6.3 per cent, and also stoke inflation significantly in the current financial year. The Asian Develop

Long overlooked, Caspian Sea provides strategic trade route for Iran

The landlocked body of water has taken on new significance, with Russia shipping military and commercial goods to bolster Tehran's ability to withstand the US assault

Iran warns US against attacks on its ships as ceasefire appears to hold

Iran's Revolutionary Guard navy has warned that any attack on Iranian oil tankers or commercial vessels would be met with a "heavy assault" on one of the US bases in the region and enemy ships. Iranian state TV reported the warning on Saturday, a day after the United States struck two Iranian oil tankers, while a tenuous ceasefire appeared to be holding. Meanwhile Bahrain, which hosts the US Navy's regional headquarters, said it arrested dozens of people it alleged had links to Iran's Revolutionary Guard. Friday's attacks cast doubt on the month-old ceasefire that the US has insisted is still in effect. Washington awaits Iran's response to its latest proposal for a deal to end the war, reopen the Strait of Hormuz to shipping and roll back Tehran's disputed nuclear program. The US military said Friday its forces disabled two Iranian tankers that were trying to breach its blockade of Iran's ports. Hours earlier, the military said it thwarted attacks on three Navy ships and struck ...

Rupee settles lower at 94.48 against US dollar in choppy trade

The rupee settled weaker against the US dollar amid renewed tensions in West Asia, while RBI intervention helped curb further losses in the domestic currency

West Asia war dampens India's music tourism surge after Coldplay highs

Geopolitical tensions disrupt big-ticket concerts, but India's fast-growing music tourism industry continues to adapt and expand

Under-recovery of ₹30K crore per month on LPG and fuel sales: Govt

State-run oil marketing companies are facing mounting under-recoveries as retail fuel prices remain largely unchanged despite crude oil hovering around $100 a barrel

Air India defers annual increments by one quarter amid cost-cutting drive

Air India CEO Campbell Wilson on Friday asked the employees to suspend discretionary spending and defer non-critical expenditures as he emphasised the need to cut down on costs in these "tough times", according to sources. The management of the loss-making airline, which has been facing multiple headwinds especially due to the West Asia conflict, told staff that layoffs are not anticipated. Wilson, along with Chief Financial Officer Sanjay Sharma and Chief Human Resources Officer Ravindra Kumar GP, addressed the airline's employees during a townhall on Friday. As per the sources, Kumar said Air India will proceed with variable pay for the last financial year and continue with planned promotions while annual increments will be deferred by at least one quarter in light of the uncertain economic environment. "We don't anticipate layoffs," he said. Calling for a relentless focus on costs in these tough times, Wilson urged employees to suspend discretionary spending, renegotiate rates

West Asia war: What we know so far about renewed tensions between US, Iran

Iran and the US accuse each other of violating a fragile ceasefire after fresh clashes in the Strait of Hormuz, raising fears of a wider regional conflict

UAE reports drone, missile attack as Iran war ceasefire challenged again

The United Arab Emirates' Ministry of Defence announced that the country's air defences are "actively engaging" with a missile and drone attack as the Iran war's shaky ceasefire was again challenged. The ministry advised residents not to approach, photograph or touch "any debris or fragments that have fallen as a result of successful air interceptions.

Strikes against Iran just a 'love tap': Trump says ceasefire going on

The comments come amid heightened regional tensions following exchanges of fire involving US naval assets and Iranian forces near the Strait of Hormuz

US military strikes Qeshm Port, Bandar Abbas in southern Iran: Report

On X, the Fox News correspondent stated that the US official confirmed the strikes took place "moments ago" but stressed that the operation does not signal a return to full-scale conflict in West Asia

Iran creates new govt agency to control shipping in Strait of Hormuz

Iran has created a government agency to vet and tax vessels seeking passage through the crucial Strait of Hormuz, a shipping data company has reported, as Tehran said it was reviewing the latest US proposals for ending the war. The Iranian effort to formalise control over the channel raised new concerns about international shipping, with hundreds of commercial ships bottled up in the Persian Gulf and unable to reach the open sea. Still, hope that the two-month conflict could soon be over buoyed international markets. Iranian Foreign Ministry spokesperson Esmail Baghaei on Thursday said the Islamic Republic was reviewing messages from Pakistan, which is mediating peace negotiations, but Iran "as not yet reached a conclusion, and no response has been given to the US side", Iranian state TV reported. Late in the day, Iranian state media said the country's armed forces exchanged fire with "the enemy" on Qeshm Island in the Strait of Hormuz. It is the largest Iranian island in the Persia

FIFA world cup, stock market crash, economic woes: What does history say?

A FIFA-WTO study estimates the 2026 World Cup could generate $80.1 billion in global output, add $40.9 billion to global GDP, and support around 824,000 jobs

Best of BS Opinion: Vodafone must quickly raise capital, improve services

From Vodafone Idea's financial struggles and Bengal's political tensions to oil market reactions during the Iran conflict, here are the top opinions of the day

ECLGS 5.0: Top 3 airlines may get up to ₹1.5K cr each, says DFS secy

Credit facilities worth Rs 70,000-80,000 crore available with SBI for MSMEs under ECLGS scheme: SBI chairman

West Asia conflict: US and Iran edge towards interim halt to war

The US and Iran are moving toward a temporary deal to halt hostilities and reopen the Strait of Hormuz, lifting hopes of easing global energy disruptions