Business

[ad_1] VIENNA: Saudi Arabia, Russia and six other key OPEC+ members announced on Saturday a huge increase in crude production for July.They will produce an additional 411,000 barrels a day -- the same target set for May and then June -- according to a statement, which is more than three times greater than the group had previously planned.In recent years, the group within OPEC+ that is known as the "Voluntary Eight", or V8, had agreed to daily reductions of 2.2 million barrels with the aim of boosting prices.But in early 2025, OPEC+ members decided on the gradual output increase and subsequently began to accelerate the pace.The moves have resulted in oil prices plummeting to around $60 per barrel, the lowest level in four years. OPEC+ "struck three times: (the output target for) May was a warning, June a confirmation and […]

[ad_1] NEW DELHI: Industry associations Solvent Extractors’ Association (SEA) and Indian Vegetable Oil Producers’ Association (IVPA) have welcomed the government’s decision to reduce the basic customs duty on crude edible oils to 10 per cent, calling it a timely intervention that supports domestic refiners and discourages imports of finished products.Announced on Friday, the policy reduces the basic customs duty on crude palm, soybean, and sunflower oils from 20 per cent to 10 per cent. The effective import duty now stands at 16.5 per cent, down from 27.5 per cent. In contrast, refined edible oils continue to attract a 32.5 per cent basic duty, with an effective duty of 35.75 per cent.The move follows concerns raised by the industry over rising imports of refined palmolien. Over the past six months, SEA and IVPA had urged the government to widen the duty […]

[ad_1] The upcoming hike in US tariffs on steel and aluminium imports, announced by President Donald Trump, is set to impact Indian metal exports worth $4.56 billion, according to a new analysis by the Global Trade Research Initiative (GTRI).Beginning June 4, the higher duties are expected to raise product costs for Indian manufacturers and exporters in the American market, potentially affecting their competitiveness.“For India, the consequences are direct. In FY2025, India exported $4.56 billion worth of iron, steel, and aluminum products to the US,” said GTRI, as quoted by ANI.The US continues to be a key market for India’s metal sector. In FY2025, exports included $587.5 million worth of iron and steel, $3.1 billion in iron or steel products, and $860 million in aluminium and related items. The GTRI report cautions that increased tariffs on these categories will challenge India’s […]

[ad_1] NEW DELHI: Bank branches in metropolitan areas have seen their share in overall credit decline to 58.7 per cent as of March 2025, down from 63.5 per cent five years ago, according to the Reserve Bank of India’s (RBI) latest report.The central bank attributed this shift to faster credit growth in non-metro regions. “With higher credit growth in rural, semi-urban and urban areas compared to metropolitan area, the share of metropolitan branches in total credit declined to 58.7 per cent in March 2025 from 63.5 per cent five years ago,” the report stated.Despite the drop in credit share, metropolitan branches continued to lead in deposit mobilisation, registering an annual growth of 11.7 per cent in March 2025. In comparison, rural, semi-urban, and urban centres posted growth rates of 10.1 per cent, 8.9 per cent, and 9.3 per cent, respectively.Overall, […]

[ad_1] US President Donald Trump has put forward the possibility of resuming large-scale trade with Russia once the war in Ukraine ends, but experts say major obstacles stand in the way of such a move anytime soon."Russia wants to do large-scale TRADE with the United States when this catastrophic bloodbath is over, and I agree," Trump said in a statement following a phone call with Russian President Vladimir Putin. "There is a tremendous opportunity for Russia to create massive amounts of jobs and wealth. Its potential is UNLIMITED," he added.But the ground reality paints a grim picture for the US–Russia business revival. Reasons behind:Russian State Media Claims Israel Ready To Hit Iran Nuclear Sites Amid Nuclear Talks With U.S.US firms remain waryAccording to the Associated Press, since Russia’s 2022 invasion of Ukraine, hundreds of foreign companies, including major US brands […]

[ad_1] New Delhi: Banks across India will stay open on Saturday, May 31, as it is the fifth Saturday of the month.According to the Reserve Bank of India (RBI) guidelines, banks are closed on the second and fourth Saturdays of each month, in addition to all Sundays. However, on the first, third, and fifth Saturdays, banks operate as usual. Since May 31 falls on the fifth Saturday, all banks will function normally.Many customers are often unsure about the status of banks on a fifth Saturday, as it doesn’t occur every month, leading to confusion about whether it is a working day or a holiday. Today, you can visit your bank branch as usual for transactions.Meanwhile, digital banking services such as mobile banking, net banking, ATMs, UPI, NEFT, RTGS, and IMPS will remain fully operational, even if a particular branch is […]

[ad_1] Communications minister Jyotiraditya Scindia said government has no plans to provide any relief on the AGR (adjusted gross revenue) front to telecom companies after the Supreme Court struck down their plea for a waiver of interest and penalty. In an interview with TOI, the minister also made it clear that beleaguered Vodafone Idea will not receive any further equity conversion from government beyond the current 49%, and it's now the company's responsibility to take care of profit and loss and the balance sheet. Excerpts:Struggling Vodafone Idea has come to govt time and again for support. How long can you give this long rope to the company? Every company has to chart its own path. Profit and loss and the balance sheet are the responsibility of the management of each company - be it BSNL, Vodafone Idea, Jio, or Airtel. […]

[ad_1] President Donald Trump on Friday (local time) claimed that the United States is "very close to making a deal with India," adding that a representative from Pakistan is expected to visit Washington for talks next week."Pakistan representatives are coming in next week. We're very close to making a deal with India," Trump told reporters at Joint Base Andrews.However, he made it clear that any ongoing conflict between India and Pakistan could derail such agreements. "And I wouldn't have any interest in making a deal with either if they were going to be at war with each other," he further warned.His remarks come amid heightened tensions between the two nuclear-armed neighbours following India’s May 10 'Operation Sindoor', a counterstrike in response to the April 22 Pahalgam terror attack that claimed 26 lives.The United States has announced worldwide tariffs, potentially subjecting […]

[ad_1] NEW DELHI: EaseMyTrip reported strong growth in the fourth quarter of FY25, with Gross Booking Revenue at Rs 2,192.7 crore and operational revenue at Rs 139.5 crore, according to its financial report.For the full year ending March 31, 2025, EaseMyTrip achieved a total Gross Booking Revenue of Rs 8,691.6 crore, whilst operational revenue reached Rs 587.3 crore. The result was mainly driven by solid performance across key business areas and entry into new markets.Q4 results showed an EBITDA of Rs 17.3 crore with a 12.1 per cent margin, whilst Total Comprehensive Income reached Rs 18.5 crore. Annual EBITDA stood at Rs 161.2 crore with a 26.7 per cent margin, accompanied by a Total Comprehensive Income of Rs 117.1 crore.The organisation's enhanced focus on non-air segments contributed significantly to these results, showing notable year-on-year improvements.The Hotels and Holidays division experienced […]

[ad_1] NEW DELHI: India is broadening its efforts to develop AI foundation models. After Sarvam AI, the government on Friday selected three more teams - Soket AI, Gan AI, and Gnani AI - for building indigenous AI models. IT and electronics minister Ashwini Vaishnaw said the country has 367 data sets loaded on AI Kosh. "So the app ecosystem is also now developing. In a sense, the entire ecosystem is now getting built." Govt has also announced the availability of 16,000 more GPUs, which would take the compute facility available to startups and researchers to 34,000.Vaishnaw said significant progress was made on the India AI Mission, with a focus on the "democratisation of technology". The compute facility, supercharged with 34,000 GPUs, will enable India to develop the AI ecosystem in a big way."I would like to make some mention about […]