Author: Varta24 Business

Consumers are bracing for further economic strain as economists warn that petrol and diesel prices could surge by another ₹10 per litre in the coming weeks. The warning follows a sudden ₹3 per litre hike implemented on Friday by India’s state-run Oil Marketing Companies (OMCs), marking the first major domestic fuel price increase in four years. The sharp upward revision is a direct consequence of the ongoing war in West Asia involving Iran, which has sent global crude oil prices soaring into the $105–$110 per barrel range. Why a ₹10 Hike is on the Horizon According to a report by…

Indian equity benchmarks, the Sensex and Nifty 50, traded with modest gains on Friday, May 15, 2026. The market showed resilience despite mixed global cues, with the Sensex rising over 450 points and the Nifty 50 successfully reclaiming the 23,800 level during the session. Market Sentiment: Results-Driven Volatility Analysts noted that the current market movement is heavily dictated by the Q4 earnings season. There is a visible “performance gap” where companies delivering strong results are seeing double-digit price surges, while those missing expectations are facing sharp sell-offs. Sector Watch: A notable trend continues with Pharmaceutical stocks showing sustained strength, while…

The landmark legal battle between Elon Musk and OpenAI reached its climax on Thursday, May 14, 2026, as both sides delivered closing arguments in an Oakland, California, federal court. The trial, which has gripped Silicon Valley for weeks, centers on Musk’s allegations that OpenAI CEO Sam Altman and President Greg Brockman betrayed the company’s founding nonprofit mission to enrich themselves. The Arguments: “Charitable Trust” vs. “Jealousy” Musk’s legal team argued that OpenAI was built on a “charitable trust” to develop safe Artificial General Intelligence (AGI) for the benefit of humanity. They claim the shift to a for-profit structure and the…

China’s leading contract chipmaker, Semiconductor Manufacturing International Corp (SMIC), reported a significant increase in orders from international clients on Friday. The company attributed this surge to the global explosion in Artificial Intelligence (AI) development, which has exhausted production capacity at major overseas foundries. During an earnings call, SMIC co-CEO Zhao Haijun highlighted that China has become one of the few regions globally with the available infrastructure to handle the rising demand for semiconductor manufacturing. Key Highlights from the Earnings Call: Capacity Shift: As foreign foundries reach their production limits due to the AI gold rush, overseas customers are increasingly turning…

In a high-stakes diplomatic confrontation, Iranian Foreign Minister Abbas Araqchi appealed to the BRICS nations on Thursday to formally condemn the United States and Israel. Speaking at the BRICS Foreign Ministers’ Meeting in New Delhi, Araqchi characterized the ongoing conflict as a violation of international law that threatens global stability. Rare Confrontation with the UAE The meeting provided a rare and tense moment as Iranian and Emirati officials shared a room for the first time since the outbreak of the U.S.-Israeli war against Iran on February 28. Araqchi used the platform to level serious accusations against the United Arab Emirates,…

The Air India Group has recorded a staggering record loss of $2.8 billion (3.56 billion Singapore dollars) for the 2025-26 fiscal year, according to the annual report released by shareholder Singapore Airlines (SIA). SIA currently holds a 25.1% stake in the Indian carrier following the merger with Vistara. The losses highlight a turbulent year for India’s second-largest airline group, which has been hit by a combination of geopolitical tensions and operational hurdles. Key Drivers of the Record Loss According to the report, several external factors severely impacted the airline’s bottom line during the 12 months ending in March: Conflict in…

Gold prices continued their downward slide on Friday, May 15, 2026, hitting their lowest level in nearly two weeks. Spot gold dropped 0.6% to $4,619.61 per ounce, marking a 2% loss for the week as the precious metal faced pressure from a strengthening US dollar and rising global economic concerns. Factors Driving the Decline The slump in gold prices is being fueled by a complex mix of geopolitical and economic shifts: Inflation and Interest Rates: Skyrocketing energy prices, driven by the conflict in West Asia, have reignited fears of persistent inflation. This has led investors to believe that central banks,…

The Indian rupee continues its downward trajectory, slipping to a record low of 95.9575 against the US dollar on Thursday, before hovering near 95.94 on Friday, May 15, 2026. The currency is currently on track for a weekly decline of over 1%, making it one of the worst-performing currencies in Asia this year. Drivers of the Rupee’s Decline The currency’s weakness is primarily driven by the escalating conflict in West Asia and its impact on energy costs: High Oil Prices: Brent crude has surged above $106 per barrel. Given that India imports nearly 90% of its oil, these elevated prices…

Prime Minister Narendra Modi is scheduled to arrive in the United Arab Emirates (UAE) this Friday for a high-stakes visit aimed at stabilizing India’s energy security. The UAE marks the first stop on a critical five-nation tour from May 15 to 20, as India navigates a volatile global energy market. With India being the world’s third-largest oil importer, the government is moving aggressively to address the supply chain disruptions caused by the ongoing conflict in West Asia. Securing Long-Term Energy Deals The primary objective of the visit is to finalize long-term crude oil and liquefied natural gas (LNG) supply agreements.…

Indian Foreign Minister Subrahmanyam Jaishankar issued a strong call for the modernization of global institutions on Friday, stating that the United Nations and its subsidiary bodies must be reformed to reflect current global realities. Speaking at the BRICS Foreign Ministers’ Meeting in New Delhi, Jaishankar argued that the current UN structure is outdated and representative of an “earlier era.” The Push for Fairer Representation A central theme of the minister’s address was the lack of adequate representation for the Global South within the UN’s most powerful bodies. Jaishankar emphasized that reform is no longer optional if the organization wishes to…