Russia Financial News

Oil prices rose for a second day on Friday, set for their sixth week of gains, after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through next month. Brent crude futures for October rose 30 cents, or 0.4%, to $85.44 a barrel by 0042 GMT, while U.S. West Texas Intermediate crude for September rose 36 cents, or 0.4%, to $81.90.

The cybersecurity division of Blackberry, a former smartphone giant, has highlighted the most notorious malware families targeting cryptocurrencies.

New Delhi will participate in a peace conference aimed at the war in Ukraine hosted by Saudi Arabia this month, confirmed MEA Spokesperson Arindam Bagchi. “India will participate in this event. Our participation is in consonance with our long-standing position that dialogue and diplomacy is the way forward," he said at a press briefing.

Saudi Arabia says it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices

World Trade Organization (WTO) early next year, commerce and industry minister Piyush Goyal cautioned emerging markets, developing countries and the least developed countries of the developed countries’ “game of dividing” them to get agreements on fisheries and e-commerce moratorium that address the needs of a few countries only. At the Confederation of Indian Industry’s (CII) India-Latin America & Caribbean (LAC) Region Conclave, he said that at the last WTO ministerial, many countries were trying to divide such countries through “small sops”.

BRICS Summit, the Ministry of External Affairs (MEA) said. "President Ramaphosa invited the prime minister for the BRICS summit being hosted by South Africa on August 22-24, and briefed him on the preparations for the same," the Ministry of External Affairs (MEA) said atfter PM Modi's talks with Ramaphosa. "The prime minister accepted the invitation and conveyed that he looked forward to his visit to Johannesburg to participate in the summit," the MEA said.

The prime ministers of the three Baltic countries agreed Thursday to speed up their nations’ disconnection from Russia’s power grid by nearly one year and connect with the continental European energy network by February 2025

The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel

A Russian court has imposed fines on Apple and the host of Wikipedia for failing to remove material deemed to be “false information” about Russia’s military actions in Ukraine

Brazilian President Luiz Inácio Lula da Silva says he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China and South Africa

Saudi Arabia says it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices

Russian shelling has damaged a landmark church in the southern Ukrainian city of Kherson that held the remains of Prince Grigory Potemkin until last year

BRICS summit in Johannesburg set to discuss admitting new members, India on Thursday dismissed as «baseless» reports that it is opposed to the expansion of the grouping. It is learnt that New Delhi is yet to take a final decision on Prime Minister Narendra Modi's in-person attendance in the summit of the five-nation grouping from August 22 to 24. The summit is set to extensively deliberate on expansion of BRICS (Brazil, Russia, India, China and South Africa).

By Arunima Kumar

By Michelle Nichols

Investing.com — Crude oil prices rebounded Thursday after the previous session’s sharp losses, as worries over tight global supplies offset the hit to risk sentiment caused by the downgrade of the U.S. credit rating.

India will participate in Ukraine peace talks to be hosted by Saudi Arabia on Aug. 5 and 6, a foreign ministry spokesperson said during a news briefing on Thursday. Saudi Arabia has invited Western nations, Ukraine and some major developing countries to discuss the peace plan proposed by Ukrainian President Volodymyr Zelenskiy earlier this year.

Apple for failing to remove material deemed to be «false information» about Russia's military actions in Ukraine. A justice of the peace in a magistrate's court, which handles administrative violations and low-level criminal cases, found Apple guilty of failing to delete podcasts and apps that spread false information about the conflict, Russian news agency Interfax reported.

Britannia Industries Limited said that the food sector in which it operates has been significantly impacted by high commodity prices, rising interest rates and due to the fall out of the Russia-Ukraine conflict.The long term effects of these factors continue to be felt extensively, the company said in its annual report for 2022-23. It said that although commodity prices were volatile and inflation was at unprecedented levels, the post-COVID normalisation of economic activities supported growth throughout 2022-23.

₹6,765.5 crore in the first quarter of the fiscal year 2023-24 as compared to a net loss of ₹8,557 crore in the same period last year. The company’s net profit increased by 87.5% from ₹3,608.3 crore in the quarter ending March 2023. HPCL’s revenue fell to ₹1.18 lakh crore in Q1FY24 from ₹1.21 lakh crore a year ago.

«First of all, the product prices normally follow with a lag to the crude prices and whenever there is an increase in the crude price, there will be a sudden shot up in the GRMs momentarily because the product prices would not have followed,» says MK Surana, Former CMD, HPCL.First up, your sense of whether the GRMs are going to be sustainable at that level? Where do you see it settling? First of all, the product prices normally follow with a lag to the crude prices and whenever there is an increase in the crude price, there will be a sudden shot up in the GRMs momentarily because the product prices would not have followed. But current GRMs are also a result of the Russian product supplies selling above the cap price right now.