Latest News
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Indian shares open lower as crude oil tops $100
Indian shares will likely fall on Friday due to a deteriorating Middle East situation. Brent crude has now risen above $100 per barrel, the first time in two months. As of 7:12 am IST, the GIFT Nifty Futures were at 23,710, which indicates that the benchmark Nifty50 could open lower than Thursday's closing price of 23,869.6. Donald Trump, the U.S. president, promised on Thursday a "major military punishment" against Iran and its Houthi ally after two Saudi oil tanks were attacked by Yemeni fighters in the Red Sea. This extended?the Middle East conflict to a second important shipping chokepoint. India's oil price increases are a major?risk to the country, which is the third largest crude importer in terms of both volume and value. They can also cause inflation, increase trade gaps, and reduce corporate profits and growth. On Friday, the Trump administration will impose tariffs between 10% and 12.5% for goods imported from 60 countries, including India and the European Union, over accusations of lax enforcement of forced labor bans. This comes as a temporary global tariff of 10% expires. India's benchmarks fell about 2% this week, setting up their largest weekly?loss?in?over two month. Information technology giant Infosys shares will be under scrutiny after the company named Ashiss Dash its new CEO and lowered its revenue growth forecast for fiscal year 2027. India's largest carrier,?IndiGo, forecasts largely flat growth in capacity for the current quarter after posting a loss Thursday. This was due to soaring fuel costs and the Middle East conflict.
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US Energy officials consider power shifting in PJM electrical grid
U.S. Energy officials questioned PJM's 'power structure' on Thursday, as regulators weighed reforms for the country's biggest power grid. The grid faces growing risks of blackouts due to a 'data center demand that soars' and 'little new electricity supply' is added. PJM, a company that covers 67 millions Americans in the Mid-Atlantic region and the 'Midwest', including the largest concentration of data centres in the world, has been struggling with power shortages and rising electricity prices ever since the demand for the region started to increase two years ago. At a Federal Energy Regulatory Commission technical conference, officials from the White House and state governments met with power industry executives to discuss possible solutions to PJM’s supply and pricing problems. Some of these proposals included giving the grid operators board of managers greater independence from their stakeholders, including voting members such as utilities and independent producers, and more power to enact change?in the 13 state and District of Columbia market. PJM has hundreds of members including transmission owners and power plants operators who vote on the market rules in a multi-layered procedure. The?board then decides whether or not to approve any proposed changes. According to proposals made at the conference these members could serve as an advisory group instead of directly voting on PJM regulations - a move that would?shift more decision-making power onto the board managers. David LaCerte, FERC commissioner said: "I do not know how to fix it without breaking up the system so that the board can get a spine." LaCerte stated that the 'board' should be more aggressive and not bend to the will of the stakeholders whose competing interests could ultimately slow down PJMs primary task of ensuring the 'grid operates reliably and affordably. DILEMMA OF RETENTION Participants at the FERC conference expressed concern that board members who serve three-year term terms run the risk being removed if they adopt an unpopular or opposing stance with the membership. Sources said that two years ago, PJM’s board chair and a member were removed after clashing with other members. Peter Lake, Senior Director, Power at the White House’s National Energy Dominance Council, said: "PJM requires an independent and transparent board, which can make decisions without fearing to be fired after each board meeting." Extending the term of PJM's board members was one solution proposed to this retention dilemma. David Mills, PJM's CEO, was asked by FERC commissioners what a reasonable term would be. He suggested a period of six to nine years. The critics also claimed that the governance of PJM - including the stakeholder votes and board deliberations - lackS transparency, as they are usually conducted out of public view. We don't want to be shrouded by mystery or secrecy. James?Danly, U.S. deputy secretary of energy, said that he wanted to know exactly what was going on. FERC commissioners 'also discussed giving states in PJM, including governors more power to make decisions in the grid. Governors can have a political impact on PJM, including capping the power price in the most recent grid auctions. However, they do not have a voice in PJM governance or membership. Jon Gordon, of the energy trade group Advanced Energy United, said that by giving the board more power and taking some authority away from members, the state can focus on affordability as well as reliability. PJM proposed its own set of reforms in order to get'more power generation onto the grid, to connect data centers rapidly?and avoid shortfalls. Lake, who was the chair of the Public Utility Commission of Texas 'after a fatal and widespread grid failure that occurred in the state after 2021 Winter Storm Uri', said he saw warning signs similar to those four years ago. He said that the root cause of this failure was a flawed governance structure and a failing stakeholder process. These are the same ills which harm PJM now.
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The Trump administration calls on Congress to adopt permanent daylight savings time
As part of the legislation required to renew federal transportation programs, the Trump administration wants Congress to make daylight savings?time permanent. They also want to deprioritize mass transit and bicycle lanes, reduce funding for charging stations for electric vehicles, and accelerate adoption of self-driving car technology. In a letter sent to Congress on Thursday by Sean Duffy of the U.S. Transportation Department, he also asked that Congress provide New York Penn Station another $1 billion to rebuild it and direct Amtrak rename Penn Station. In February, it was reported that the Trump administration offered to defrost some transportation funds in exchange for Senator Chuck Schumer, New York's Senate Democratic Leader, agreeing to support renaming Penn Station to President Donald Trump. Last week, the U.S. House of Representatives passed a bill that would make daylight savings time?permanent. However, it will face a tough battle in Senate. Trump personally calls senators to urge them to support the bill. Duffy wants to pass it as part of the legislation needed by September 30. The surface transportation law, which has been in place for five years, expires September 30. The House has proposed?a new 5-year bill which would authorize funding of $580?billion and require electric vehicle owners to pay an annual fee of $130 for road repairs. Duffy wrote: "Adopting permanent Daylight Saving Time will eliminate the unnecessary time, hassle and cost of changing clocks twice per year. A study also found that this would prevent hundreds traffic deaths each year by relocating daylight hours to times when Americans are more likely to drive." Duffy wants Congress' approval of a number of provisions relating to self-driving vehicles, including a pilot program that allows manufacturers to deploy robotaxis. He also wants to preempt state regulations and remove the annual cap for some deployments. He urged legislators to?end certain grant programs, including one geared towards supporting bicycle lanes. Eliminate the Mass Transit Fund?within Highway Trust?Fund. Consolidate fuel tax revenues into the highway fund. Bicyclists deaths increased 4% last year to 1,148. While traffic deaths overall have decreased, they are still down compared to the previous year. Bicycle lanes can reduce injuries and deaths, say those who support their addition. Duffy wrote: "We urge Congress not to fund bicycle lanes or other bicycle infrastructure which reduces the travel throughput of motor vehicles, and to remove existing bike lanes contributing to congestion." In January 2025, a federal judge declared the EV infrastructure?program enacted in Congress 2021 as illegal. The U.S. Transportation Department suspended it in February 2025. Many legislators expect Congress to extend temporarily the current law past the midterm elections in November. Transportation Department wants to be included in any short-term extensions. (Reporting and editing by Howard Goller; David Shepardson, Reporting)
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Zelenskiy, a Ukrainian official, says that Raytheon is interested in producing interceptors.
Volodymyr Zelenskiy, Ukrainian president, said that the U.S. aerospace company Raytheon expressed interest in a joint production of Patriot interceptors. Kyiv is seeking to strengthen air defences as it tries to counter escalating Russian missile attacks. Zelenskiy said on X that he was grateful for the willingness of the company to take our partnership to a?higher level. This would allow Ukraine to co-produce with RTX some of the most important air defense assets –?Patriot interceptors. Ukraine has?asked for help? from its Western partners to build up interceptors that can down Russian ballistic rockets. It also sought agreement on securing an licence. U.S. president Donald Trump announced during the NATO summit held in Turkey earlier this month that Washington will grant Ukraine a licence to manufacture Patriot missiles interceptors. Zelenskiy stated that discussions with the Raytheon delegation led by Vice-President Joseph DeAntona also focused on "other areas of partnerships regarding non offensive?military?equipment." Zelenskiy held a meeting with U.S. Ambassador to NATO Matthew Whitaker on Wednesday in Kyiv. The discussion focused on licenses and Zelenskiy said that he wanted "faster actions and greater support" by Kyiv’s partners. (Reporting by Ron Popeski; Editing by Sanjeev Miglani)
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FERC considers major reforms to improve the transparency and independence of the largest US power grid
U.S. 'energy officials' pushed Thursday for greater transparency and independence in PJM Interconnection as regulators consider reforms to the country’s largest power grid. PJM faces a growing risk of blackouts due to the soaring?data centre?demand while fewer new electricity supplies are being added. PJM has been struggling with power shortages and rising electricity prices ever since the demand for electricity in the Mid-Atlantic region increased two years ago. At a Federal Energy Regulatory Commission technical conference, officials from the White House and state governments met with power industry executives to discuss possible solutions to PJM’s supply and pricing problems. Some of these proposals included giving the grid operators board of'managers' more independence from their voting members and requiring that decisions made by the board be public. "We don't want to be shrouded in mystery or secrecy." James Danly, U.S. deputy secretary of energy, said that he wanted to be able to see what was going on. PJM has hundreds of members including transmission owners and operators of power plants. They vote on the market rules in a multi-layered procedure, with the board ultimately deciding if proposed changes are approved. The board's voting and deliberations are often conducted behind closed doors, according to critics. Participants at the FERC conference expressed concern that board members who serve three-year term terms run the risk being removed if they adopt a contrary or unpopular stance with the membership. Peter Lake, Senior Director, Power at the White House National Energy Dominance Council, said: "PJM needs a transparent, independent board that can make decisions and take action without fear of being terminated after each board meeting." The proposed solution to this retention dilemma was to extend the terms of PJM's board members. FERC commissioners asked PJM CEO David Mills to suggest a'reasonable' new term period. Mills suggested six to nine year terms. FERC commissioners?also discussed the possibility of?giving PJM states, including governors more power to make decisions in the grid. Governors do have some political influence on PJM, including the ability to cap power prices at the most recent power auctions conducted by the grid operator. However, they are not voting members. PJM proposed its own'series of reforms' to increase power generation, to connect data centers faster and to avoid shortages. Lake, who was the chair of the Public Utility Commission of Texas after a 'deadly grid failure that affected the entire state following Winter Storm Uri in 2021, has said he is seeing 'warning signs similar to those leading up to the disaster four years ago, and has stressed the importance of reforms. He said that the root cause of this failure was a flawed governance structure and a failing stakeholder process. These are the same ills which harm PJM now.
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During protests, Metro and Internet restrictions in Delhi affected commuters and businesses.
Commuters have had their journeys disrupted and businesses stopped in India's capital city as authorities shut down metro?stations. They also blocked mobile internet service amid protests calling for the resignation of the education minister over?exam leaking. The "critical situation" has led a traders' association to urge all businesses in Connaught Place, the commercial and business hub in central Delhi that is adjacent to the Jantar Mantar protest area, to close earlier. In a city in which the majority of mobile phone payments are made via the Unified Payments Interface, the internet restrictions have been particularly harsh on small businesses. Rakesh Yadav (38), who runs a food stall, says his daily earnings dropped from 5,000 Rupees ($52), to just 500 rupees (5 dollars), since most people don't carry cash. He said, "Make the Education Minister resign... don't ruin our livelihood at least." Taxi driver Umesh Kumra, 24, has also seen his earnings drop to only 200 rupees (about $2) a day as he is no longer able to pick up passengers via?his usual ride hailing app and those who flagged him down seldom carry cash. On Thursday evening, reporters were unable to connect to mobile internet in the region, including the protest site, popular five-star hotel, and the central business district. The government and the Telecom Department did not respond immediately to our requests for comment. Two sources confirmed that the telecoms companies were in compliance with an order from the government to disable mobile data. The authorities also announced that a few metro stations were closed, and regular announcements are made on trains. Dolly Haldar is a finance professional who has had her commute disrupted by the closure of the closest metro station to her office. "Our commute is more expensive, we are not able to reach our office in time and there's more traffic on the road. "We will be disappointed," she said. The Cockroach?Janta party, which is leading the protest, claims that people will still come to the protest despite station closures. Anant, a 21-year-old man from Delhi, was one of those who endured the disruptions in the metro system to join the sitin for the very first time on Thursday. He said, "A good educational system is the bare minimum. We should go (to protest) for our future", while he was travelling by train to find a different route to the site of the protest.
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After Houthi attacks, the cost of war risk insurance for south Red Sea cruises has increased.
Sources say that the insurance costs for shipping goods across the southern Red Sea have doubled since Thursday's attack by Yemen's Iran aligned Houthis on at least one tanker. The Houthis claimed that their forces had launched missiles and drone attacks on the Encelia and the Layla, two Saudi oil tankers. The Strait of Hormuz was essentially closed, which made the situation worse for "shipping" in the region. The strike was confirmed by maritime security sources off the coast of Jizan in southern Saudi Arabia, near Yemen's border. Donald Trump, the U.S. president, mentioned two attacks against Saudi oil tankers. The Houthis announced a naval blockade against Saudi Arabia on Monday, potentially opening up a new front in the U.S. war with Iran. Sources said that on Thursday, indicative "war risk premiums" for voyages in the southern Red Sea increased to more than 1% of a vessel's value from around 0.7%?on Monday and 0.3% the week prior to the Houthi announcement. Sources said that rates?for certain shipping companies and Saudi-linked vessels were as high as 3% on voyages departing from southern Saudi 'ports such as Jizan or Al Shuqaiq in the Red Sea, which would bring them closer to Yemeni territories, and transits through Bab el-Mandeb further south, leading into the Gulf of Aden. Even minor changes in war insurance can add up to hundreds of thousands of extra dollars for a 7-day trip. Sources said that rates for other Saudi Red Sea Ports, like Jeddah and Yanbu which are located further north along the coast, closer to the Suez Canal were quoted at around 0.1%, reflecting a lower level of risk for the time being. Sources said that two Chinese supertankers - which loaded Saudi oil in Yanbu earlier this week - sailed past the Bab el-Mandeb Wednesday. Uncertain was the amount of insurance paid. Houthi attacks on Yemen's coast started in November 2023. The group claims solidarity with Palestinians? during the Gaza War. Gaza's ceasefire only last October brought an end to the group's attacks against merchant ships. The successful passage of a China-owned oil tanker through Bab el-Mandeb suggests that "the blockade is likely to target vessels with Saudi and Western interests" as was the case in the 2023-25 Houthi 'Red Sea Anti-shipping Campaign", according to Hamish Kinnear. Principal?Middle East & North Africa Analyst at Verisk Maplecroft. The shipping industry is now facing increased risks due to two choke points in the trade, and several vessels have already been forced to change their routes as a result of Houthi threats. (Reporting and editing by Jonathan Saul with the Insurer, Michael Jones at the Insurer)
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Spain's Zapatero claims jewels seized worth $1.5m were a "courtesy gift"
Former Spanish Prime Minister Jose Luis Rodriguez Zapatero stated on 'Thursday' that the EUR1.3 million ($1.5million) worth of jewellery seized by police in an investigation were a personal gift he had received years ago, and never intended to be used for financial gain. Zapatero is being investigated for alleged influence peddling. He denies the accusations. This case is part of a string of alleged corruption scandals that have affected the Socialist Party and put political pressure on Prime Minster Pedro Sanchez's Government. Zapatero said in his first interview with Spanish public broadcaster TVE, that the jewels discovered during a search at his office had been "a personal gift" and that they had been kept for many years along with other family treasures. He said the jewels were unrelated to any of his political activities. Their origin and handling will be explained in full before a court. He denied that they were an attempt to enrich himself. Investigators claim that Investigating Judge Jose Luis Calama launched a separate investigation into the jewellery. Its origin is still unknown. Zapatero disagrees with the estimate of EUR1.3 million ($1.5million) by an 'auction house. Zapatero admitted that he would have 'not accepted the gift had he known what he knew now. He said, "Looking back I probably would have taken another decision." The?jewellery? is part of a larger investigation, which also alleges that Zapatero benefited from his influence in securing the state-backed bailout of?airline Plus Ultra. He denies these allegations. Zapatero's remarks on Thursday were dismissed by the opposition People's Party. PP spokesperson 'Ester Munoz' said Zapatero has "every?right? to lie but he?hasn?t answered any questions or doubts that Spaniards may have had? about the case.
Weekly oil price rises amid Red Sea attacks and Kazakhstan production cuts
The oil market was set to see gains this week as Houthi attacks on tankers in Red Sea raised concerns about the closure of a second shipping snare. Meanwhile, Kazakhstan temporarily reduced its output after its main export route had been forced to close.
Brent futures eased?72 Cents, or 0.72 %, to $99.97 per barrel at 0126 GMT but remain on track for a 13.5% gain this week. West Texas Intermediate futures (WTI) fell 70 cents or 0.76% to $91.49 per barrel. They are on course for a weekly gain of 10.9%.
Brent and WTI both rose by 7% on Thursday. This is the first time Brent has been above $100 since May, when Iran-aligned Houthis claimed they had struck two Saudi oil tanks in the Red Sea.
Prices rose due to fears that the?attacks could lead to the closure the Bab el-Mandeb route. This shipping route controls access from?the Red Sea to?the?Indian Ocean, and is the second-most important oil channel behind the Strait?of Hormuz.
U.S. president Donald Trump vowed that he would "hold Iran accountable" for any future attacks.
Houthis, who are Iran-aligned, declared on Monday they would impose a naval blockade against Saudi Arabia. Saudi Arabia had diverted its oil through pipelines to avoid Iran's closure of Strait of Hormuz.
After an interim ceasefire between Iran and the United States collapsed two weeks ago, Iran had pressed the Houthis to shut the Bab el-Mandeb?towards the Red Sea if they continued to attack the Iranian power infrastructure.
In a recent note, Tony?Sycamore, IG'market analyst said that the noose surrounding global energy supply routes was tightening again.
The Kazakhstan Energy Ministry said that oil companies temporarily reduced production on Thursday after suspected Ukrainian drone attacks forced the main Black Sea export terminal of the country to close.
Sources in the industry said that on Tuesday, the Caspian Pipeline Consortium had stopped receiving oil from Kazakhstan. They suspended loadings due to attacks on tankers near the terminal. This?route is responsible for about 2% of the global?daily crude oil supply.
The Kazakhstani energy ministry has not specified the extent of production reductions. However, one source claims that the output from the largest field in the country was reduced by more than 50%. (Reporting and editing by Kevin Buckland; Colleen howe)
(source: Reuters)