New Delhi, April 8 (IANS) Global crude oil prices on Wednesday plunged sharply up to 20 per cent, after US President Donald Trump announced a two-week ceasefire with Iran that includes a pledge to restore navigation through the Strait of Hormuz — the narrow waterway at the heart of the world’s most acute energy crisis in decades.The international benchmark Brent crude futures shed nearly 16 per cent or $17.39 to $91.88, hitting an intraday low, while US WTI crude declined almost 20 per cent or …
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Antananarivo, April 8 (IANS) The Malagasy government declared a state of energy emergency across the entire territory for a period of 15 days to address a major energy supply crisis currently affecting the country.According to a presidential communique, this situation is attributable in particular to the repercussions of the conflict in the Middle East, which have disrupted energy supplies and public services in Madagascar.The government said that this state of emergency would allow for the impl…
Seoul, April 7 (IANS) Downside risks to the South Korean economy are increasing amid the prolonged conflict in the Middle East as rising global oil prices and supply chain disruptions could have broader negative impacts on prices, consumption and exports, a state-run think tank said on Tuesday.”The economy, which had shown a gradual recovery, is now facing heightened downside risks due to surging oil prices and growing global supply chain uncertainties stemming from the conflict in the Middle Ea…
Seoul, April 5 (IANS) Finance Minister Koo Yun-cheol urged Gulf Cooperation Council (GCC) countries to strengthen cooperation to help stabilise energy and raw material supply chains amid prolonged tensions in the Middle East, the finance ministry said on Sunday.Koo, who also serves as deputy prime minister, met with ambassadors from the six GCC countries in Seoul on Friday at the residence of the United Arab Emirates (UAE) ambassador to discuss economic cooperation, according to the Ministry of …
Seoul, April 3 (IANS) The government will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumours, a senior finance ministry official said on Friday.”Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy,” Moon Ji-sung, deputy minister for international economic affairs, said while presiding ove…
Washington, April 2 (IANS) President Donald Trump has warned Iran that US forces could “bring them back to the Stone Ages” within weeks if no deal is reached, declaring the country’s military “decimated” after a month of sustained strikes.In a televised address on Wednesday (Local time), Trump said it had been “just one month since the United States military began Operation Epic Fury targeting the world’s number one state sponsor of terror, Iran,” claiming rapid battlefield gains…
New Delhi, March 27 (IANS) The Congress on Friday said that the government’s revenue ultimately comes from the people’s pockets, asserting that any reduction in excise duty is not a financial sacrifice by the government but a return of taxpayers’ money. Shiv Sena (UBT) MP also questioned the intent behind the move, with some calling it politically-motivated. This comes after the Centre slashed excise duties on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre …
Bhubaneswar, March 27 (IANS) Odisha Chief Minister Mohan Charan Majhi on Friday thanked Prime Minister Narendra Modi for the reduction of Rs 10 per litre in central excise duty on both petrol and diesel, to ensure adequate availability of fuel and essential commodities.Describing it as a significant move, CM Majhi wrote on his X handle that India always acts with prudence and preparedness under the visionary leadership of Prime Minister Modi amid an evolving global landscape.“I express my sinc…
New Delhi, March 27 (IANS) Union Home Minister Amit Shah on Friday said that amid global fuel shortages triggered by the West Asia crisis, which have pushed prices higher worldwide, the Modi government’s decision to cut excise duty on fuel offers much-needed relief to citizens. Taking to social media platform X, Amit Shah said, “As the world is reeling under fuel shortages amid the West Asia crisis, driving up prices globally, the Modi government’s decision to cut excise duty on fuel brings …
New Delhi, March 27 (IANS) The Congress party on Friday said that the excise duty cut on petrol and diesel offers no real relief to the common people and accused the government of fooling people with headlines suggesting a price reduction. The party stated that if people saw reports about petrol and diesel prices “coming down” and assumed it would ease their expenses, they would be mistaken, as prices remain unchanged for both dealers and consumers.Congress leader Pawan Khera took to social …