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…
Latest Middle East crisis News & Updates
Washington, April 14 (IANS) The US dollar has retained its role as a global safe-haven currency despite recent volatility, the International Monetary Fund (IMF) has said, even as central banks worldwide remain on high alert to contain inflation risks triggered by the Middle East conflict. Speaking during a group interview with reporters from India, Japan, the UAE, the Netherlands and Chile, IMF Chief Economist Pierre-Olivier Gourinchas said recent market movements indicate a return to more tr…
New Delhi, April 9 (IANS) Asserting that Tehran is beaten and weaker than ever with its missile production machinery destroyed completely, Reuven Azar, the Ambassador of Israel to India, on Thursday reiterated Israeli Prime Minister Benjamin Netanyahu’s statement that Lebanon is not part of the ongoing two-week ceasefire between the United States and Iran. Hours after the temporary truce was announced, Israel claimed of giving Hezbollah one of the biggest blows by attacking “100 targets in 10 mi…
New Delhi, April 1 (IANS) Pakistan’s economy bears significantly greater risks associated with the ongoing Middle East crisis, as the impact on the general public is considerably higher than on those nations which do not have to meet strict IMF conditions due to loans taken from the multilateral institution, according to an article in the local media.During the past three decades, Pakistan has been administered by the military and civilian governments represented by all three major national pa…
Hyderabad, March 31 (IANS) The Telangana government on Tuesday requested the Centre for urgent additional supply of auto LPG to the state to overcome the daily deficit.Minister for Civil Supplies N. Uttam Kumar Reddy on Tuesday sent a letter to Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stating that the state is currently facing a daily shortage of 55 MTs.The state government called for ramping up the auto LPG availability at public sector undertakings’ (IOCL, BPCL & HPC…
New Delhi, March 30 (IANS) The Middle East crisis poses a greater risk to Bangladesh, Pakistan and Sri Lanka, among the South Asian countries, due to their high dependence on imported energy and limited reserve supplies, according to an S&P Global Ratings report.Since these countries are particularly vulnerable to rising oil prices and potential supply disruptions, a prolonged price and supply shock in global energy markets could hit their sovereign credit ratings, the report states.S&P …
Seoul, March 29 (IANS) South Korean Prime Minister Kim Min-seok on Sunday vowed to take pre-emptive measures against possible shortages of daily necessities, as the Middle East crisis has disrupted global energy markets and driven up energy prices. “We are at a grave economic crossroads,” Kim said during an emergency economic headquarters meeting. “The aftermath of the Middle East conflict is emerging as a complex crisis for our economy, in the form of severe energy supply instability and global…
New Delhi, March 27 (IANS) More than 350 show-cause notices have been issued to LPG distributorships as part of enforcement action to maintain seamless supply of gas, the government said on Friday, adding that enforcement drives are ongoing across states/UTs, with more than 3,000 raids conducted and over 1,500 LPG cylinders seized.PSU oil marketing companies (OMCs) conducted more than 1,500 surprise inspections at retail outlets and LPG distributorships across the country, according to an offici…
New Delhi, March 27 (IANS) The government on Friday slashed excise duties on petrol and diesel by Rs 10 per litre each, bringing them down to Rs 3 per litre for petrol and zero for diesel, in a move aimed at cushioning the impact of surging global oil prices.The government has also provided exemptions on duties for fuel exports and supplies to foreign-going aircraft.Separately, the Centre has rescinded an earlier 2022 notification and granted customs duty relief on imported aviation turbine fuel…
New Delhi, March 24 (IANS) Bangladesh has been unable to exit the “red” category of countries, which face a risk of food inflation, for almost three years, and although overall inflation decreased somewhat due to various interim government initiatives, food inflation has increased again over the last five months, according to a report in the Bangladeshi media. A recently published World Bank report highlighted Bangladesh’s ”red” status due to the high food inflation in the country over the las…