Page 7 - West Asia

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

Air India board holds meet, discusses costs, new CEO amid West Asia crisis

Air India board reviews mounting FY26 losses, cost cuts and CEO succession plans as fuel prices and West Asia disruptions hit operations

Should India and the Gulf elevate their relationship to a strategic one?

Against a backdrop of broken alliances and misaligned interests, India's relationship with West Asia is fundamentally different

Marco Rubio discusses West Asia with Pope after Trump dispute

US Secretary of State Marco Rubio met Pope Leo XIV at the Vatican amid tensions sparked by Donald Trump's criticism of the pontiff over the Iran conflict

US waits on Iran's peace deal response as Israel strikes Lebanon

The US awaits Iran's response to a proposed peace deal as tensions persist in the West Asia, with Israel resuming strikes near Beirut despite a Lebanon ceasefire

Retail trading is becoming more disciplined, says Upstox CEO Ravi Kumar

Upstox CEO Ravi Kumar says retail investors are becoming more discerning and risk-aware, with trading behaviour shifting from momentum-driven bets to more disciplined strategies

Alcoholic beverage industry seeks price hike as costs rise amid Iran war

Alcoholic beverage makers have sought a reasonable price hike from state governments to deal with pressures arising out of rising can and bottle costs due to supply chain disruptions triggered by the West Asia crisis. Confederation of Indian Alcoholic Beverage Companies (CIABC) and the Brewers Association of India (BAI) have urged states to allow revisions of IMFL (Indian Made Foreign Liquor), wine and beer products and provide interim relief measures to help manufacturers cope with rising production costs. BAI has asked state governments to allow suppliers a price increase of 15-20 per cent to partially offset the impact of rising input costs. In letters sent to state governments, BAI Director General Vinod Giri said the conflict has triggered a sharp increase in input costs across categories. "Glass bottle prices have risen by around 20 per cent, paper cartons have increased by almost 100 per cent, and materials such as LDPE, BOPP and adhesives have become costlier by 20-25 per .

Iran 'categorically' denies role in damage to South Korean vessel in Hormuz

The statement came as US President Donald Trump claimed on his Truth Social platform that Iran had fired on a South Korean cargo ship in the Strait of Hormuz

Iran ready to provide technical support to commercial ships in Hormuz

According to IRNA, the maritime authority stated that ships may access a range of services, including provisions, fuel supply, medical assistance, health services