US stocks fell sharply on Friday as surging oil prices and disappointing economic data fuelled concerns about a potential stagflation scenario, where slowing growth combines with rising inflation.The S&P 500 dropped 1.6%, while the Dow Jones Industrial Average fell 909 points, or 1.9%, to 48,338.36 as of 9:35 am Eastern Time, AP reported. The Nasdaq…
Global oil prices surged on Friday as the conflict in West Asia intensified, pushing benchmark crude above the $90 mark amid fears of further supply disruptions.The Brent North Sea crude, the international oil benchmark, rose more than 5% to $90.25 per barrel, its highest level since April 2024, AFP reported.The US benchmark West Texas Intermediate…
Indian refiners are currently paying a premium of $2 to $4 per barrel above Dated Brent for deliveries of Russia’s benchmark Urals crude. (AI image) In a quick and immediate fix to the Middle East oil supply shock, Indian refiners have begun purchasing readily available Russian crude oil. With ships and tankers currently not moving…
The US economy unexpectedly shed jobs in February, marking a sharp reversal from the previous month and raising fresh concerns about the strength of the labour market.Data released by the US Labor Department on Friday showed the world’s largest economy lost 92,000 jobs in February, compared with job growth of 126,000 in January, reported AFP.The…
India’s foreign exchange reserves surged $4.885 billion to an all-time high of $728.494 billion during the week ended February 27, according to data released by the Reserve Bank of India (RBI) on Friday.In the previous reporting week, the country’s reserves had declined by $2.119 billion to $723.608 billion, PTI reported. The earlier record high stood…
Commerce and industry minister Piyush Goyal on Friday said that the government will deploy all available policy tools and support mechanisms to help Indian exporters cope with disruptions arising from the ongoing West Asia conflict.Speaking to reporters on the sidelines of the IIFT vice chancellors’ conclave in New Delhi, Goyal said an inter-ministerial group has…
Benchmark equity indices Sensex and Nifty fell sharply on Friday, retreating by more than 1 per cent after a brief recovery in the previous session as escalating tensions in West Asia and surging crude oil prices weighed on investor sentiment.The 30-share BSE Sensex declined 1,097 points, or 1.37 per cent, to close at 78,918.90. During…
Bengaluru: In a break from a decades-old system, Karnataka will stop fixing retail prices of alcoholic beverages from April 2026, allowing beer and liquor makers greater freedom to set prices in one of India’s largest alcohol markets.Announcing the move in the 2026-27 state budget on Friday, chief minister Siddaramaiah said the government will also introduce…
The head of the International Energy Agency (IEA) has cautioned Europe against returning to Russian gas supplies, warning that doing so would be both economically and politically misguided despite the current turmoil in global energy markets, according to a Reuters report.IEA Executive Director Fatih Birol said the ongoing Middle East crisis has prompted fresh debate…
The Australian government sharply increased the application fee for the Temporary Graduate Visa (Subclass 485) from March 1, effective immediately. The non-refundable fee has risen to AU$4,600 (US$3,000), up from AU$2,300, marking more than a doubling over three years. The visa allows eligible foreign graduates to work in Australia from 18 months to three years…
