Shock Financial News

Subscribe to enjoy similar stories.India’s relationship with gold is entering a new phase. For decades, gold was viewed largely as a macroeconomic problem, a major import that widened the current account deficit and increased dependence on volatile foreign capital. But the global environment has changed sharply.

Subscribe to enjoy similar stories.Most of us grew up seeing conservation at home—saving water, switching off what we did not need, repairing rather than discarding things and treating resources with quiet respect. We never called it ‘sustainability.’ It was common sense, passed down by elders, absorbed without effort and practised without announcement.In today’s global environment, that common sense is not just a virtue but a practical national strength. That is why I read the Prime Minister’s recent seven-point appeal as a timely reminder and not as a signal of panic.

Subscribe to enjoy similar stories.India’s central bank has quietly become a key pillar of macroeconomic stability. It is not just a monetary authority, but increasingly playing a role as a fiscal shock absorber. This deserves appreciation and caution.The Reserve Bank of India (RBI) has managed an extraordinarily hard decade.

Subscribe to enjoy similar stories.The diplomatic stalemate between the US and Iran has spiralled into one of the most severe energy crises in modern history. The failure to secure a breakthrough agreement has left the global energy market reeling from an unprecedented supply shock, with policymakers appearing as helpless as cats chasing the shadows of birds overhead.The West Asia conflict and blockade of the Strait of Hormuz triggered a historic drain on global oil inventories, which plunged by 246 million barrels across March and April alone.

Subscribe to enjoy similar stories.Through the dotcom bust, the 2008 crisis, demonetization, the Covid crash, the Ukraine war, and every oil shock in between, my answer in this column has been almost monotonously the same. Stay the course. Don’t react to the news.

Subscribe to enjoy similar stories.The war in Iran has triggered the largest oil-supply disruption in modern history.The crisis in the Strait of Hormuz is forcing governments to redefine energy security for an age of geopolitical fragmentation—one in which resilience depends not only on how much oil the world produces, but where it flows, who can get it and which countries are able to absorb the shock when it is interrupted.Nearly 15% of global oil supply has been removed from the market. Crude prices remain elevated above $100 a barrel after initially spiking higher. They will very likely move sharply higher as inventories run dry.But while the oil market is global and rising costs are felt everywhere, the consequences are not evenly distributed.Asia has been hit first and hardest.

Subscribe to enjoy similar stories.Mumbai: India’s bond market is beginning to price in possible RBI rate hikes later this year after Friday’s fuel price increase renewed concerns over inflation, pushing government bond yields higher and reviving debate over whether the RBI may eventually need to raise rates.On Friday, the benchmark 10-year government bond yield climbed 4 basis points (bps) to 7.06% after state-run oil marketing companies raised petrol and diesel prices by about ₹3 per litre. The yield had already risen around 10 bps since last week to close at 7.02% on Thursday, according to Bloomberg data.

Subscribe to enjoy similar stories.Tata Motors Passenger Vehicles Ltd’s FY26 earnings showed that the domestic business is firing on all cylinders, but Jaguar Land Rover’s troubles continue to overshadow the gains.The domestic business benefited from the post-GST 2.0 demand recovery, particularly in SUVs, EVs and CNG vehicles. Nexon and Punch continued to see strong traction, while recent launches such as Sierra and the refreshed Punch.ev added momentum.The result: Tata Motors clocked an industry-beating 15% year-on-year (YoY) growth in sales volumes to more than 640,000 units in FY26, making it the second-largest passenger vehicle (PV) player in H2FY26.

Subscribe to enjoy similar stories.Mumbai/New Delhi: Air India posted an estimated loss of nearly $3 billion in FY26, as foreign exchange losses, airspace disruptions and elevated fuel costs battered the Tata Group-owned airline during the year.The losses were large enough to significantly erode the dividend income parent Tata Sons earned from its cash cow Tata Consultancy Services (TCS) in the previous fiscal year.According to the full-year earnings released by Singapore Airlines (SIA) on Thursday, the carrier’s share of losses from Air India were at Singapore $945.2 million (US$742.4 million) in FY26, reflecting its 25.1% stake in the Tata Group-owned airline.With currency conversions factoring in Thursday's exchange rates, as per this shareholding, Air India Group’s total loss for the year is estimated at S$3.76 billion ($2.97 billion), or roughly ₹28,400 crore, at current exchange rates.To be sure, Tata Sons and employees own 74.9% of Air India, and hence its share of the losses would be about ₹21,270 crore, while the remaining 25.1% is being recognized by SIA.Tata Sons received about ₹28,292 crore in dividend income from TCS in FY26, down 12.1% from ₹32,184 crore in FY25, according to a Mint report published on 12 April.Tata Sons is expected to share its financial performance in July, while privately-held Air India will file its earnings with the ministry of corporate affairs in August.The estimated loss, which includes both full-service carrier Air India and low-cost subsidiary Air India Express, is almost three times the ₹10,859 crore loss reported in FY25, largely due to foreign exchange losses—as aircraft leases, fuel and maintenance expenses are denominated in US dollars—along with the financial impact of the

Subscribe to enjoy similar stories.MUMBAI: India’s cement makers are bracing for a prolonged margin squeeze as rising fuel, freight and packaging costs, triggered by the West Asia conflict, test pricing power amid signs of demand softness.Companies are responding with fuel substitution, long-term sourcing contracts and efficiency measures, but analysts say these steps are unlikely to fully offset near-term cost pressures as construction activity slows.A Mint analysis of the top five cement companies shows three reported a year-on-year decline in fourth-quarter profits (Q4FY26) as higher input costs weighed on earnings.At the same time, executives and analysts say the sector’s ability to protect margins will depend on how far price hikes and operational efficiencies can offset structurally higher fuel and logistics costs.India’s largest cement maker, UltraTech Cement, said scale and procurement strategy are helping cushion the impact.“There are several measures…diversifying our sources of procurement, identifying newer opportunities to deal with the situation, and entering into long-term fuel contracts, which are now turning beneficial for us,” chief financial officer Atul Daga said during a post-earnings interaction on 27 April, after the company reported March-quarter earnings that beat expectations on stronger volumes and tighter cost control.The strong performance came despite escalating costs. Earnings before interest, taxes, depreciation, and amortization (Ebitda) climbed 21% to ₹5,600.3 crore, surpassing analyst estimates of ₹5,277.2 crore.Energy expenses, which account for more than a quarter of total costs for cement makers, have risen as the West Asia conflict pushes up crude oil and related fuel prices.

Subscribe to enjoy similar stories.Mumbai: The Indian rupee is sliding from one record low to another, but economists say assigning a precise trajectory to the currency has become increasingly difficult amid the US-Iran war and the resultant crude oil shock.On Wednesday, the Indian currency hit another all-time low of 95.80 per US dollar before closing at 95.66 against its previous close of 95.68, according to data provided by Bloomberg. While the Reserve Bank of India's (RBI) intervention trimmed some losses on Tuesday, traders believe the central bank is not intervening as much in the currency market.A Mint poll of 10 banks, brokerages and economists showed the Indian rupee is expected to weaken further through the year, with most forecasts for end-2026 clustering in the 96-98 per dollar range.Amid heightened volatility, only five respondents were willing to offer a near-term forecast, projecting the currency in a broad range of 94.5-96.5 against the US dollar over the next two weeks to one month.Most economists expect the rupee to depreciate 3-4% in the current financial year if crude prices remain elevated.“Currently, it seems that the rupee is trying to head towards 96.5 levels.

Subscribe to enjoy similar stories.Investors in Indian markets react instantly to quarterly earnings, oil prices, elections or monetary policy signals. A weak monsoon can move food stocks. A geopolitical crisis can rattle the rupee within hours.

Subscribe to enjoy similar stories.MUMBAI: Bears in gold and silver are in for a rude shock after the government raised import duty on bullion to 15% from 6%, a move expected to send prices on the Multi Commodity Exchange (MCX) soaring by more than 9% and potentially lock contracts at upper circuits.Gold and silver contracts on MCX have a maximum daily price limit of 9% in either direction. If international prices move beyond those levels, the exchange can relax the circuit limits in additional 3% bands.The government on Wednesday raised import duties on gold and silver as part of efforts to curb precious metals imports amid a swelling import bill triggered by the West Asia crisis.The duty hike comes days after Prime Minister Narendra Modi urged citizens to defer gold purchases for a year to help cushion the economic impact of the West Asia war.India imports about 700 tonnes of gold annually, putting pressure on the current account deficit (CAD) at a time when the conflict has driven crude oil prices up 45% to above $107 a barrel.CAD reflects the gap between the country’s foreign exchange earnings and spending.

Subscribe to enjoy similar stories.Prime Minister Narendra Modi’s call urging people to reduce their use of transport fuels is indeed a need of the hour, given the turmoil in West Asia. Our heavy dependence on imports of crude oil, the raw material for what most motor engines burn, means that India’s policy cushions are wearing thin. The government has thus far used state-owned fuel retailers to absorb much of the oil shock since the end of February, when the Iran war began.

Subscribe to enjoy similar stories.AMERICANS ARE not famous for their love of vegetables. The staples of American cuisine are starchy, cheesy and heavy on meat. One vegetable, though, sneaks into everything: the tomato.

Subscribe to enjoy similar stories.ON MARCH 11TH the 32 members of the International Energy Agency (IEA), a club of large oil-consuming countries, agreed to sell 400m barrels of crude from their emergency reserves. The release, equivalent to one-third of the group’s combined strategic stash, is the biggest ever co-ordinated by the IEA, which was founded in 1974 after the first Arab oil embargo. Its historical significance failed to impress oil markets, which have been shaken by the Middle Eastern crisis provoked by America and Israel’s war on Iran.

Subscribe to enjoy similar stories.Imagine how mortifying it would be if anyone ever read your diary.Now imagine it’s a diary from a stressful period of your life and it’s being read in a courthouse and people all over the world are paying attention because you’re being sued by the richest man on the planet and the future of your company might just depend on your private thoughts that have suddenly become much too public.It was also unimaginable for Greg Brockman.But over two excruciating days this week, journal entries from OpenAI’s president and co-founder were entered as exhibits in the trial captivating Silicon Valley.Elon Musk’s lawsuit against Brockman and Sam Altman has shaken loose a trove of evidence, offering a peek inside the minds of the people who have spent the past decade building artificial intelligence. We have read their unvarnished emails, dishy texts, notes from meetings that determined OpenAI’s future—and one deeply human journal.In any other part of civilized society, rifling through someone else’s diary is considered an outrageous invasion of privacy.

Subscribe to enjoy similar stories.The global jet-fuel crunch is hitting Asia’s low-cost airlines harder than their full-service counterparts. Governments should prepare financial or operational support to avoid further flight cancellations during the busy summer travel season—as well as outright shutdowns like the collapse of America’s Spirit Airlines.Discount carriers like Malaysia’s AirAsia, Indonesia’s Lion Air and Cebu Air of the Philippines are already bearing the brunt of the energy shock. Policymakers must consider targeted measures in the form of loans, grants or fuel price relief.

Subscribe to enjoy similar stories.AMERICA’S TOP artificial-intelligence labs have accused their Chinese rivals of being ruthless copycats. This month Anthropic and OpenAI each disclosed evidence that leading Chinese AI labs have illicitly used American models to train their own. The firms accuse Chinese researchers of aggressively “distilling” American chatbots—feeding them prompts in order to learn from and mimic their responses.

Subscribe to enjoy similar stories.TOKYO—One of the major surprises about the gravest energy shock since the 1970s is how resilient much of the world has been so far.The closure of the Strait of Hormuz has yanked around 13 million barrels of oil a day from global energy supplies. Blackouts have hit Pakistan, the Philippines has imposed a four-day workweek, and countries including Slovenia and Bangladesh have rationed fuel.

Subscribe to enjoy similar stories.The blockade of the Strait of Hormuz has disrupted not just oil and gas supplies, but caused a global fertilizer shock as well. Of the world’s traded fertilizers, more than 40% of urea and 20-30% of potassic and phosphatic fertilizers—as well as 45% of the sulphur that goes into fertilizer manufacture—are shipped from Gulf countries via that vital waterway.The blocked region also accounted for a fifth of all traded liquefied natural gas (LNG), some of which was feedstock for urea, before traffic through the strait came to halt. A shortage of all these products threatens food production and signals higher food prices globally, with hunger a distinct likelihood in countries that rely on imports for nutrition.