BUSINESS
Indian economy to incur additional $70bn burden in FY23 on rising crude prices
Indian economy is expected to incur an additional $70 billion burden (or 1.9 per cent of the country's GDP) in FY23 as compared to the current fiscal at an average crude price of $120 per barrel, said brokerage house Kotak Securities. Steep crude prices will pose stiff challenges in the form of higher current account deficit, higher inflation, and lower growth, it said.
Pakistan stock market takes a hammering
The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported. The KSE-100, a benchmark for market performance, underwent selling pressure from the word go, falling below the 44,000-point mark during intra-day with volumes remaining on the lower side.
Ukraine war 'catastrophic for global food'
The war in Ukraine will deliver a shock to the global supply and cost of food, the boss of one of the world's biggest fertiliser companies has said, BBC reported. Yara International, which operates in more than 60 countries, buys considerable amounts of essential raw materials from Russia. Fertiliser prices were already high due to soaring wholesale gas prices.
ONGC shares up 8% as crude hits fresh high
Shares of state-run oil exploration company ONGC rose sharply on Monday in line with skyrocketing global crude oil prices. Ongoing hostilities between Russia and Ukraine as well as lack of fresh supplies pushed crude oil price to a 14-year high of $130 per barrel on Monday. Global crude oil prices have risen over 40 per cent in the past one-month period.
Oil price at highest level since 2008; Asian markets slump
Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies, BBC reported. Brent crude -- the global oil benchmark -- spiked to above $139 a barrel, before easing back to below $130, BBC reported. Energy markets have been rocked in the recent days over supply fears triggered by the Russian invasion of Ukraine.
Stock Markets: Sensex, Nifty crash as crude prices soar
India's key indices -- S&P BSE Sensex and NSE Nifty50 -- fell sharply during the opening session on Monday amid skyrocketing crude oil prices. Notably, the Ukraine crisis pushed Brent crude oil price to $130 a barrel on Monday. The trend is expected to trigger an inflationary trend and ultimately a reversal in monetary policy stand.
Inflationary fears: Rupee hits record low at over 77 to USD
High commodity prices as well as outflow of foreign funds from equity markets dragged Indian rupee to a new record low against the US Dollar. Accordingly, rising prices of crude oil along with other commodities triggered by the Russia-Ukraine war had kept a weak pressure on the rupee.
Gold Rush: Ukraine war pushes up global prices to $2K
Inflationary fears triggered a rush for safe haven investments during the ongoing market volatility that pushed up the global gold price to $2,000 per ounce on Monday. Accordingly, the fears of supply shortages due to the Russian-Ukrainian conflict along with robust demand has kept prices higher. Besides, sanctions on Russia, which is a major producer of Gold, is expected to reduce the supply.
CBI to seek two week custody of ex-NSE CEO Chitra Ramkrishna
The Central Bureau of Investigation (CBI), which arrested the former Managing Director (MD) and Chief Executive Officer (CEO) of National Stock Exchange (NSE) Chitra Ramkrishna on Sunday night, is likely to seek two week custodial remand of her.
Russian banks switch to Chinese UnionPay after withdrawal of Visa and MasterCard
The step, which came shortly after Mastercard and Visa pledged to cease operations in Russia and disconnect all the country's banks from their payment systems, will enable the holders of new cards to use them for paying and withdrawing cash abroad, RT reported. On Saturday, international financial service providers Visa and Mastercard said they would suspend operations in Russia within the next several days.
Don't Miss
Advertisement