Sydney, April 15 (IANS) Virgin Australia said on Wednesday it will reduce flights in the current quarter and flagged increased fares to offset higher jet fuel costs. In an update to the Australian Securities Exchange (ASX), Virgin Australia said that its fuel costs in the second half of 2026 are expected to be up to 40 million Australian dollars (about 28.5 million US dollars), higher than previously forecast, as a result of a surge in oil prices driven by the conflict in the Middle East, report…
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New Delhi, April 13 (IANS) Bangladesh is facing a major economic shock due to the disruption in oil and gas supplies through the Strait of Hormuz in the wake of the Iran war, as the country is heavily dependent on imports for its energy needs, according to an article in the local media. Years of relying on imported energy, along with slow progress toward renewable alternatives, have tied the economy to volatile global currents. When those currents turn turbulent, the exposure is immediate and un…
New Delhi, April 12 (IANS) Finance ministers and central bankers from the 191 member countries will attend the International Monetary Fund (IMF) and World Bank’s spring meetings, to be held from April 13-18 in Washington, DC, to take stock of the global economic uncertainties amid the fragile ceasefire between the US and Iran and continuing uncertainties over the outcome of the peace talks.IMF managing director Kristalina Georgieva has warned that the new economic forecasts, to be published on…
New Delhi, April 10 (IANS) Krushna Chandra Panigrahy, director general, Bureau of Energy Efficiency, on Friday said that Indian users shifting from LPG to induction‑based cooking amid shortages caused by the West Asia war could add 13–27 gigawatts of additional power demand at the distribution level.The wide band of 13–27 GW range is due to complexity of demand estimations because of the diverse usage patterns across regions, differences in climate, socio‑economic conditions, and cooking…
Washington, April 9 (IANS) A global oil shock linked to the Middle East conflict is set to hit growth and stoke inflation across energy-importing economies, the International Monetary Fund (IMF) Managing Director Kristalina Georgieva warned on Thursday. In her curtain raiser speech ahead of the Annual Spring Meeting of the IMF, Georgieva said the disruption has cut the world’s daily oil flow by about 13 per cent and liquefied natural gas (LNG) supply by 20 per cent, triggering a broad-based rise…
Ahmedabad, April 7 (IANS) No industrial units in Gujarat have shut down due to gas shortages despite the ongoing West Asia crisis, officials claimed on Tuesday, underlining that disruptions in the sector are linked to supply chain and viability issues. Speaking at a state-level press briefing in Ahmedabad, K.C. Sampat, Additional Commissioner of the Industries and Mines Department of Gujarat, said a comprehensive review across districts showed that out of the state’s 4,11,733 registered indust…
New Delhi, April 5 (IANS) The ongoing war in Iran is creating real economic pressures in Bangladesh, affecting fuel, fertiliser, freight, and foreign exchange, a report has said. While the country is geographically distant from the conflict, its highly connected economy is feeling the impact quickly, as per The Daily Star report.The main channel of this disruption is the Strait of Hormuz, through which about one-fifth of the world’s oil and LNG normally move.Any interruption in this route affe…
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 …
New Delhi, April 3 (IANS) Sentiment towards India’s IT services sector has turned more bearish amid rising global uncertainties, although investors remain hesitant to take strong directional bets, a report said on Friday.BNP Paribas India said in its report that while uncertainty has increased, investors — particularly hedge funds — are avoiding clear market calls and are instead reducing exposure by trimming factor-based positions.The report noted that recent volatility, including rapid rev…
New Delhi, April 3 (IANS) The cost pressures facing Indian auto companies are being systematically underestimated by the market, even as investor sentiment on India has taken a distinctly more cautious turn, according to a report released on Friday.A BNP Paribas analysis found investors reluctant to take a clear directional position on the market. Hedge funds were largely removing tilts and factor exposures from their portfolios, with several actively reducing gross exposure.The rapid reversal o…