Page 3 - West Asia

West Asia conflict threatens Indian economy's 'Goldilocks' phase

Surging crude oil prices amid the West Asia conflict threaten the RBI's 'Goldilocks' phase, raising inflation concerns and complicating monetary policy as growth headwinds intensify

Buffalo meat exporters recall West Asia consignments amid spoilage fears

Saudi Arabia, Bahrain, Dubai and the UAE are the major destinations for Indian buffalo meat exports

Bengaluru hotels face shutdown from March 10 amid commercial LPG shortage

Hotel and restaurant operations in the city are likely to be affected starting March 10, following a sudden and total halt in the supply of commercial gas cylinders, the Bangalore Hotels Association said on Monday. This development comes amid rising energy costs and supply constraints caused by the West Asia conflict. "Since the gas supply has stopped, the hotels will be closed from tomorrow," the association said in a release. Noting that the supply of commercial gas cylinders stopped today, it said, since the hotel industry is an essential service, common people, students, and medical professionals, who rely on the hotels for daily meals, will be affected. "In addition, our hotel industry will also face difficulties until the gas supply returns to normal," it added. The association said oil companies had guaranteed an uninterrupted gas supply for 70 days, making the sudden stoppage a "big blow" to the hotel industry. "Therefore, we expect the concerned Union Ministers to take .

Trade in turmoil: Conflict and tariffs dim the shine of Surat diamonds

With the war in West Asia upending global trade, the first part of a series examines how the global diamond hub is grappling with the raging crisis and also tariff uncertainty

Markets sink again, volatility surges on crude spike and growth worries

Indian markets fell to 10-month lows as crude oil surged on West Asia tensions, stoking fears of higher inflation, a wider current account deficit, and pressure on corporate earnings

Iran sought nod to dock 3 warships at Indian ports: EAM Jaishankar

Jaishankar told Parliament that Iran requested permission to dock three warships at Indian ports, as he outlined India's energy, trade and citizen-security priorities amid the West Asia conflict

Hike in pump prices unlikely for now even as Brent tests $120 per barrel

Oil prices spike past $100 amid Iran war and supply cuts, raising fears of a sharply higher import bill, inflation and current account deficit for India

West Asia crisis: Nasscom warns tech firms of cybersecurity threats

Nasscom has urged tech firms to strengthen cybersecurity frameworks as West Asia conflict heightens risks, advising measures ranging from credential resets to DDoS readiness and supply-chain audits

West Asia war: Refiners asked to maximise LPG output for local consumption

Facing supply risks from the West Asia conflict, the government has ordered all refiners to channel full C3-C4 streams into LPG production to ensure adequate supply for households

Impact of rising crude prices on inflation won't be substantial: FM

Finance Minister Nirmala Sitharaman, in a written statement, said that the medium-term impact of global crude oil price rise on inflation would depend upon several factors

Oil remains potent geopolitical tool, decades after energy crisis

In the West Asia, Iran has leaned on one of its strategic advantages: its ability to disrupt the flow of oil and natural gas through the Persian Gulf and hurt economies around the world

West Asia war: Remain calm amidst this storm, says Sebi chairman Pandey

Sebi Chairman Tuhin Kanta Pandey urged investors to stay calm amid volatility triggered by the West Asia war, saying strong domestic fundamentals have helped Indian markets remain resilient

IndiGo London-Mumbai flight diverted to Cairo; Delhi-Manchester returns

Another IndiGo flight operating from London Heathrow to Mumbai, diverted to Cairo on March 8 due to Flight Duty Time Limitations, and will resume its journey on March 10

More small ships to West Asia from Apr 15 as freight rates jump 300%: FIEO

With exporters facing a surge in sea freight of up to 300 per cent due to the West Asia crisis, it has been decided to increase the number of small vessels operating between India and Gulf countries from April 15 to help clear consignments, FIEO director general Ajay Sahai said on Monday. In a meeting with the DG (Shipping), exporters flagged issues they are facing due to the crisis, triggered by the US and Israel joint attack on Iran, Sahai said. About 400 exporters participated in the meeting, as the crisis is impacting the movement of containers. "It has been decided to increase the number of Non-Vessel Operating Common Carriers (NVOCCs) from April 15 between India and the Middle East countries," the director general of the Federation of Indian Export Organisations (FIEO) said. He said that the war has led to a significant jump in freight due to an additional contingency surcharge being imposed by foreign shippers. "The surcharge ranges between USD 1,500 and USD 4,000. There is

West Asia conflict could boost palm oil demand from biodiesel sector

Indonesia, the world's largest user of palm oil-based biodiesel, said it may revive plans to roll out a B50 grade of palm oil biodiesel mid-year to counter surging crude oil prices

Central banks across Europe face rising rate hike bets amid Iran war

The unusually sharp repricing came as major oil producers cut supply and fears grew of prolonged shipping disruptions, pushing crude above $119 a barrel its highest level since mid-2022

Customs issues norms for return of export cargo amid West Asia crisis

The Customs department has come out with norms for dealing with export cargo returning to Indian ports due to the closure of the Strait of Hormuz and disruptions in maritime routes amid the West Asia crisis. The norms, issued by the CBIC on March 8 and to be valid for 15 days, stipulate that in all such cases the vessel shall be permitted to berth only at the same Indian port from which it departed, except in the case of transhipment. The field offices under the Central Board of Indirect Taxes and Customs (CBIC) will recover all export incentives, including IGST, drawback, etc., manually from such cargo, if they have already been disbursed, said the CBIC circular. The CBIC said it has received representations from field formations indicating that, due to the closure of the Strait of Hormuz and the consequent disruption in maritime routes, certain vessels carrying export cargo from India are unable to reach their destination ports and are returning to Indian ports. It has been ...

Lok Sabha fails to take up resolution seeking Speaker Om Birla's removal

The Lok Sabha on Monday could not take up a resolution seeking the removal of Speaker Om Birla amid repeated adjournments, as opposition members demanded a debate on the West Asia situation. The government and the Chair accused the opposition of holding the House proceedings "hostage" to its demands. The House was adjourned for the day shortly after it reassembled at 3 pm, following an earlier adjournment due to relentless protests by opposition members. As proceedings resumed, opposition MPs continued raising slogans. Jagadambika Pal, who was chairing the proceedings, urged them to maintain decorum and allow the House to take up the resolution against Birla. Pal reminded the opposition that the no-confidence resolution against the Speaker was already on the House agenda, and their adjournment notice seeking debate on the West Asia crisis could not be taken up. He accused the opposition of wasting taxpayers' money -- about Rs 9 crore per day -- by holding the House "hostage" to its

Nifty Metal slides 4% amid West Asia conflict; analysts flag risks

According to analysts, the broader weakness in metal stocks reflects the risk-off sentiment across global markets amid rising geopolitical tensions