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The Andaman Skies is transferring its cargo of crude oil to the Sao Tome and Principe-flagged vessel Ozanno, the sources said. While many buyers have shunned Russian oil since Moscow's invasion of Ukraine in 2022, India and China have remained keen buyers. India is the biggest buyer of seaborne Russian crude, which accounted for about 35% of its crude imports in 2024. However, port authorities last week barred the more than 20-year-old Andaman Skies from entering India's port of Vadinar as its seaworthiness certificate was not issued by an Indian-approved classification agency. The Tanzania-flagged vessel, carrying about 100,000 metric tons (or some 800,000 barrels) of Varandey Russian oil sold by Lukoil from the northern port of Murmansk, is sitting off the port of Mumbai in western India, LSEG shipping data shows.

European Central Bank could cut rates as soon as this month, Nomura said. U.S. President Donald Trump imposed sweeping tariffs on dozens of countries on Wednesday, which intensified the threat of a global trade war and fuelled fears of a global economic slowdown, or even a recession. The tariffs are «worse than feared», said Nomura, lowering its U.S. GDP growth estimate to 0.6% from 1.5%, on a quarterly basis, and hiking to 4.7% from 3.5% its forecast for year-end core PCE, the Fed's preferred inflation gauge. As a result, the brokerage expects the Fed to lower rates in December, taking the policy rate to 4.125%, followed by two more 25 bps cuts in the first quarter of 2026. It had previously expected the central bank to hold at 4.25%-4.5% until the second quarter of 2026.

Sachin Shah, Executive Director & Fund Manager, Emkay Investment Managers, says private sector banks are favoured due to reasonable valuations, eased liquidity from RBI actions, and a rebound in the rural market economy. Domestic focused businesses and export-oriented industries with strong value propositions also present advantages as India benefits from lower tariffs in global markets. Identifying strong businesses with solid balance sheets will be crucial. What should one do? How should one gauge an event like Trump-led reciprocal tariff and prepare for it? We were preparing, for the last two months we knew we were going to get a reciprocal tariff, April 2nd was the date that we all were watching out for, April 3rd for India. Despite all that, this tariff has hit us hard. It was much more than we expected. Sachin Shah: Yes, you are right, this is an event which we have been discussing for a while now and now it has happened. But we also have to become aware of the fact that this is sustainable, something we need to really think through because this is definitely going to impact the US economy the most and this is also reflected in the US capital markets clearly for the last few weeks and more so in the last couple of days. This is going to be very, very inflationary for the economy and clearly at this point in time, it looks like it may not be very sustainable.

Subscribe to enjoy similar stories. On Thursday, the Office of the United States Trade Representative (USTR) published the formula by which US reciprocal tariffs are to be calculated. The New York Times also published what calculation resulted in country-wise tariffs from 9 April onwards that range in a wide band.

Subscribe to enjoy similar stories. Since President Trump announced sweeping tariffs on imported goods Wednesday, Americans have been busy “adding to cart." Cedar Roach promptly checked out on $244 of workout sets from Lululemon (a Canadian brand) and a $150 sweater from House of Sunny (a U.K. brand) while Trump’s press conference played over the radio.

Subscribe to enjoy similar stories. As investors and consumers fretted in recent weeks about the fallout if President Trump unleashed a massive trade war, Trump himself kept looking to the past. The rest of the world has been ripping off the U.S.

reciprocal tariffs for India to 26% from 27% announced a day before. Revisions have been made for atleast 14 countries including South Korea, Norway, South Africa and Thailand. As per a White House document, India’s reciprocal tariff was originally listed at 27%, as against the 26% that US president Donald Trump had shown during the announcement on April 2. However, the latest annex document shows that the tariffs have been revised down to 26%. The US’ trading partners will be subject to a global 10% tariff on April 5, after which only the countries listed in the annex would have their rates elevated to the revised numbers. Around 60 countries have been slapped with reciprocal tariffs. The measures announced by the US could lead to an overall contraction of around 1% in global merchandise trade volumes this year, the World Trade Organization (WTO) said Thursday.

Flipkart cofounder Sachin Bansal said he was unhappy after exiting the ecommerce platform in 2018, as it was not planned. «I was extremely unhappy after exiting Flipkart because it wasn't planned. Vijay Shekhar Sharma (founder of Paytm) told me you're the most unhappy billionaire I've seen,» Bansal said, while speaking at the Startup Mahakumbh 2025 in Delhi. In 2018, Walmart acquired a majority stake in homegrown ecommerce company Flipkart. Bansal, along with his cofounder Binny Bansal, sold their stakes in Flipkart to the US retailer.

Stock markets in the Asia-Pacific region fell for a second day, hot on the heels of the US S&P 500, which had its worst day since Covid crashed the economy in 2020. Nike, Apple and Target were among big consumer names worst hit, all of them sinking by more than 9%. ALSO READ: An article on Warren Buffett acquiring Elon Musk's Tesla for $1 trillion caused huge confusion online. Here's why

Vladimir Putin of dragging his feet in ceasefire talks to bring a halt to fighting in Ukraine and ramped up pressure on Moscow by insisting that he owes the United States an immediate answer. Russia has effectively rejected a U.S. proposal for a full and immediate 30-day halt in the fighting after a Kremlin official said on Monday that Moscow views efforts to end its three-year war with Ukraine as «a drawn-out process.» «Our judgment is that Putin continues to obfuscate, continues to drag his feet,» British Foreign Secretary David Lammy told reporters at NATO headquarters, standing alongside his French counterpart Jean-Noel Barrot in a symbolic show of unity. Britain and France are helping to lead a multinational effort known as the «coalition of the willing» to set up a force to police any future peace in Ukraine. Lammy said that while Putin should be accepting a ceasefire, «he continues to bombard Ukraine. It's civilian population. It's energy supplies. We see you, Vladimir Putin. We know what you are doing.»

Mahesh Patil, CIO, ABSL AMC, says from an India standpoint, the impact of the reciprocal tariffs is there for a few sectors including large exporters like IT and pharma, because of the slowdown in the US. But the overall impact compared with the US trade, the impact on GDP, will not be more than 20 basis points. The reaction has also not been very big and it should probably settle down. Patil says he does not see a major downgrade to our earnings for next year, except for one or two sectors. Any dip because of this correction could be a good buying opportunity. It is easy to turn bearish in this market, but should one really turn bearish? If yes, why? If no, why not? Mahesh Patil: Clearly, the Trump tariffs that have come out are slightly worse than expectations. But if you look at it from an India standpoint, I would not be too bearish. While the tariffs have been imposed across the various countries, relatively if you look at India, tariffs are much lower than some of these other partners on the global front – be it China, Vietnam, or Bangladesh. In that sense, we will not be competitively worse off over there.

Phil Goff, New Zealand's former High Commissioner to the UK, sacked for publicly questioning US President Donald Trump's understanding of history, has defended his comments. Goff stated his comments were prompted by the US President's «disgraceful bullying» of Ukraine and its president Volodymyr Zelensky, and the «untruthful statements» made by the Trump administration about Russia’s invasion. New Zealand Foreign Minister Winston Peters moved quickly to dismiss Goff, stating his position had become “untenable.” Goff, however, maintains he has no regrets and believes his actions will be viewed favorably in the future. Goff made the first comments about Trump during a live-streamed Q&A event with Finland Foreign Minister Elina Valtonen on March 4. Referring to Winston Churchill’s 1938 speech to the House of Commons following the Munich Agreement, asking Valtonen, “President Trump has restored the bust of Churchill to the Oval Office. But do you think he really understands history?” This question, according to Goff, arose from the “dismay” shared within the diplomatic community in London regarding Trump's stance on Ukraine. “As one untruthful statement followed another like something out of an Orwell novel, I increasingly felt that the lies needed to be called out," he had said.

Donald Trump lambasted globalization as a raw deal for the United States that has devastated US manufacturing towns. Trump left out the upside to the United States from the liberal flow of goods: a reliable supply of affordably priced appliances, clothing and electronics whose consumption has helped lift US economic growth above other developed economies in recent years. «Obviously we've benefited significantly,» said Paul Gruenwald, global chief economist at S&P Global Ratings. «We get to consume a lot of things that are produced more efficiently in other countries.» Trump's tariffs are almost certain to negatively impact this dynamic, say economists who see the levies lifting the price on everything from Gap t-shirts to the Apple iPhone to French wine. «This is very clearly going to raise consumer prices,» Michael Pearce, a US economist with Oxford Economics, said of the barrage of levies announced late Wednesday in an unveiling the White House billed as «liberation day.»

«The whole purpose of creating this chaos seems to be to deliberately weaken the dollar. Gold has been pricing this in for a while now, and it’s already extremely expensive—so don’t read too much into gold’s move yesterday,» says Maneesh Dangi, Macro Mosaic Investing. World moves in a pattern, which is that if there is problem of growth, then gold goes up. If there is problem of inflation, gold goes up. If there is a fear of recession, then equities go down. Last night, everything went down, gold, silver, Bitcoin. Why have we seen such a massive synchronised sell off last night at least in US markets? So, if uncertainty increases in general, the typical reflex you talked about does occur. However, we are in uncharted territory. It has never happened before that a country like the US is behaving the way it currently is. The whole purpose of creating this chaos seems to be to deliberately weaken the dollar. Gold has been pricing this in for a while now, and it’s already extremely expensive—so don’t read too much into gold’s move yesterday.

gems and jewellery industry, one of the country’s top export earners and a major source of employment, is staring at job losses after US President Donald Trump announced a 26% tariff on imports from India. The US is the sector’s largest market, and with demand expected to fall sharply, exporters fear that the move will put thousands of livelihoods at risk. In the last financial year (FY24), India exported about $33 billion worth of gems and jewellery, of which nearly $10 billion went to the US, according to official data. The new tariff would raise the current US import duty from around 6% to about 34%, making Indian products significantly more expensive for American buyers, said industry players. The Indian gems and jewellery sector is the country’s third-largest export to the US, after engineering and electronic goods. It employs millions of people, many of whom are involved in labour-intensive work such as diamond cutting, polishing, and jewellery crafting. India is also the global leader in diamond processing, handling about 90% of all cut and polished diamonds in the world.

Ordinarily priced at $20 a month, ChatGPT Plus gives users access to faster response times, higher usage limits, and premium features like GPT-4o, image generation, advanced voice mode, and specialised research tools. These capabilities are now temporarily open to students without charge.

Robert Irwin, the 21-year-old son of the late Steve Irwin, has partnered with Australian underwear brand Bonds for a new campaign launching in the US. The photoshoot features Irwin posing in underwear with snakes and lizards, leading to a controversy and online trolling. The campaign aims to promote the brand's expansion into the American market. Irwin, known for continuing his father's wildlife conservation legacy alongside his mother and sister at Australia Zoo, has been in the public eye since childhood. His latest venture into underwear modelling marks a significant departure from his previous work. Bonds, an Australian brand, chose Irwin and Australian rapper Tkay Maidza for their US launch campaign. The images feature Irwin in various poses, often with reptiles. The photoshoot has generated considerable discussion online, with many expressing surprise at Irwin's appearance. Some social media users commented on their conflicted feelings seeing him in this new light, remembering him as a child on television. “I was born in 1989. My elder eyes shan't not look upon this.”

Fitch Ratings. The ratings agency said the new tariffs, announced on what is labelled as “Liberation Day” by the US administration, go far beyond what it had previously expected and are already altering the global economic outlook. The tariff regime now imposes a minimum rate of 10% on all US trade partners, with significantly higher levies on 57 selected countries. As a result, the effective tariff rate (ETR) for EU imports into the US has jumped to about 20%, while the rate on Chinese goods has surged to 64%. These figures compare with Fitch’s earlier March assumptions of 15% for the EU and 35% for China. Other Asian economies have also been hit hard. Vietnam now faces a 46% tariff, Thailand 36%, Taiwan 32%, India 26%, South Korea 25%, Malaysia 24% and Japan 24%. Sector-specific exclusions—such as semiconductors, pharmaceuticals, copper and lumber—may be negotiated separately. Also Read: Recession, not Liberation Day! India, US and world GDP may slump for Trump tariff 'insanity' «We estimate the changes will raise the overall US ETR to about 25%, which would be significantly higher than the 18% we had assumed for 2025 in the March GEO and the highest rate for more than 115 years,» Fitch said.

US Department of Defence (Pentagon) will investigate Secretary of Defence Pete Hegseth's use of Signal in a group chat with other national security officials to discuss military actions against the Houthis in Yemen last month, according to a letter from the IG's office on Thursday, CNN reported. In a letter to Hegseth, Acting Inspector General Steven Stebbins notified him of an upcoming evaluation following a request from the Chairman and Ranking Member of the Senate Armed Services Committee. Stebbins said that the evaluation is in response to recent public reports regarding Hegseth's use of an «unclassified commercial messaging application» to discuss military actions in Yemen in March. «The purpose of this memorandum is to notify you that we are initiating the subject evaluation. We are conducting this evaluation in response to a March 26, 2025, letter I received from the Chairman and Ranking Member of the Senate Armed Services Committee, requesting that I conduct an inquiry into recent public reporting on the Secretary of Defense's use of an unclassified commercially available messaging application to discuss information pertaining to military actions in Yemen in March 2025,» the letter stated. The letter further stated, «The objective of this evaluation is to determine the extent to which the Secretary of Defense and other DoD personnel complied with DoD policies and procedures for the use of a commercial messaging application for official business. Additionally, we will review compliance with classification and records retention requirements.»

The drop is the fourth-largest one-day decline in the Bloomberg Billionaires Index’s 13-year history, and the largest since the height of the Covid-19 pandemic.

In fact, he stated that if India negotiates wisely during bilateral trade talks with the US, it could even gain some ground. Gulati said, «If competing countries face lower tariffs than India, then India may lose in that product exports. Overall, it seems India may not lose much in agriculture. But if we negotiate smartly in BTA, we may gain.» Gulati also explained that the impact of these tariffs will not be the same for all agricultural products. The final outcome depends on various factors, including how the US sets tariffs on India and other competing countries. Under the new policy, Indian agricultural exports to the US are currently subject to a 27 per cent tariff (as per the trade document). However, what really matters is how these tariffs compare with those applied to countries that compete with India in the same product segments.