STOCK MARKET CRASH RUSSIA UKRAINE WAR
Top fertiliser maker says ‘Black Swan’ jolts are finally easing
Russia’s 2022 invasion of Ukraine disrupted global fertiliser shipments and pushed prices — and Nutrien earnings — to record heights. But as farmers and retailers balked at the sticker shock, demand tumbled.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
India buys record amount of sunflower oil as Ukraine-Russia fight for market share cuts price
Indian buyers purchased a record 500,000 metric tons of sunflower oil in June due to competitive pricing against soyoil and palm oil from leading suppliers Russia and Ukraine. The war has lead to reduced inventories in the Black Sea region. The lower prices for sunflower oil were attributed to aggressive competition from Russia, Ukraine, and Argentina, with sunflower oil trading at a discount to soyoil and palm oil, prompting Indian buyers to pivot towards sunflower oil amidst robust demand in southern states.
With its new pact with North Korea, Russia raises the stakes with the West over Ukraine
In a significant move, President Putin's visit to North Korea showcased Russia's willingness to challenge Western interests, particularly in the context of the Ukraine crisis. The pact signed with Kim Jong Un includes mutual military assistance and the possibility of weapons shipments to North Korea. This agreement marks the strongest tie between the two countries since the Cold War. Putin's actions have raised concerns in Washington and Seoul, with South Korea considering supplying arms to Ukraine in response. However, Putin warned against this, indicating potential repercussions.
Russia is storing up a crime wave when its war on Ukraine ends
Russia war: Russia saw a drop in crime levels as men joined the war in Ukraine, but the return of these servicemen is now leading to a surge in offending. Data shows a rise in non-war-related crimes by more than 20%, with violent offenses, theft, and drug-related transgressions increasing. The impact of the conflict on returning servicemembers is expected to have long-lasting effects on society, with concerns over rising crime rates post-war. The return of convicts who fought for the Wagner group is a particular worry, as their reintegration into civilian life poses significant challenges for law enforcement and society as a whole.
Russia obliterates front-line Ukraine towns by retrofitting bombs and expanding its air base network
A devastating Russian bombing of Kharkiv's Epicenter store left 19 dead and unleashed shockwaves across Ukraine. Using retrofitted Soviet-era bombs, Russia's attacks have intensified, targeting cities like Avdiivka, Chasiv Yar, and Vovchansk. Investigators hope an unexploded bomb will trace the supply chain for these destructive weapons. Despite restrictions on hitting Russian airfields, Ukraine remains determined to defend its cities. Survivors, like salesperson Nina Korsunova, vow to stay in their hometowns, refusing to be driven away by terror.
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Oil inches up as war jitters outweigh surprise build in U.S. crude stocks
Oil prices rose on conflict fears in Europe and the Middle East, with unexpected U.S. crude inventory build. Concerns over escalating conflict and supply disruptions led to price increases in the oil market.
G7 draft confronts China's 'unfair' business competition
The G7 nations are set to pledge action against Chinese financial institutions that aided Russia in obtaining weaponry for its war in Ukraine, according to a draft summit communique seen by Reuters. The draft, involving leaders from the UK, Canada, France, Italy, Germany, Japan, and the US, also promises sanctions against entities helping Russia evade oil sanctions through fraudulent transportation. The G7 leaders emphasized that entities supporting Russia's defense industry undermine Ukraine's sovereignty and pledged to restrict financial system access for individuals and entities in third countries, including Chinese ones, engaged in such activities.
What will happen when the Ukraine gas transit deal expires?
Ukraine has announced it will not extend a five-year deal with Russia's Gazprom for the transit of Russian gas to Europe when it expires at the end of the year. The Ukraine gas transit route, agreed upon by Moscow and Kyiv in 2019, enables Russia to export gas to Europe via Ukraine. Russian gas transit via Ukraine to Europe fell by 28.5% to 14.65 billion cubic meters last year, from 20.5 bcm in 2022. The system connects Poland, Slovakia, Hungary, Romania, and Moldova.
G7 Summit: How G-7 nations plan to counter rising clout of Russia and China
The G-7, facing challenges from rising powers like China and Russia, grapples with economic and military limitations while navigating a shifting global landscape. Focused on protecting democracy, the group confronts issues such as defense spending, economic vitality, and trade tensions, seeking to maintain its influence and address geopolitical threats.
Sweden, Norway ink long-term security deals with Ukraine
Zelenskyy visited Stockholm as Western nations discuss whether to let Kyiv use weapons provided by them to strike targets inside Russia. The security deals with Sweden and Norway bring to 15 the number of agreements Kyiv has signed with Western nations.
View: Central banks are moving over to the yellow metal to de-dollarise and tackle global uncertainty
Gold prices have surged to a record high of $2,400/oz, driven by uncertainty rather than demand. Central banks have significantly increased their gold holdings, with a notable shift towards ETF investments.
G7 will try to use frozen Russian assets to help Ukraine
The G7 froze some $300 billion of Russian assets shortly after Moscow invaded its neighbour in February 2022. "We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine," the draft statement said.
Top Russian military officials are being arrested. Why is it happening?
Following the arrest of a Russian deputy defense minister last month, a series of detentions of senior military officials on corruption charges has unfolded. These arrests coincided with President Vladimir Putin's fifth term and a reshuffle of Defense Minister Sergei Shoigu. The detentions have sparked speculation about Putin's control over the Defense Ministry, potential turf battles, or other internal power plays. Corruption has long been entrenched in Russia's system, but the recent crackdown, especially amid the war in Ukraine, suggests a significant shift in handling graft within the defense sector.
Oil prices stable as markets believe major stakeholders don't want hostilities to escalate: Hardeep Singh Puri
Global oil prices holding at $82/barrel despite OPEC supply cuts, wars, and uncertainties. Oil minister Hardeep Singh Puri believes major stakeholders don't want hostilities to escalate, maintaining supply-demand equilibrium. OPEC and allies control market by keeping 7 million barrels/day off the market.
Helicopter crash that killed Iran's president and others could reverberate across the Middle East
The helicopter crash of Iranian President Ebrahim Raisi and Supreme Leader Ayatollah Ali Khamenei underscores Iran's vast influence in the Middle East, impacting regional conflicts, alliances, and nuclear concerns.
Helicopter crash that killed Iran's president and others could reverberate across the Middle East
The helicopter crash involving Iranian President Raisi will have significant consequences in the Middle East and Israel, fueled by concerns over Iran's pursuit of nuclear weapons, U.S. sanctions under Donald Trump, and disruptions to the U.N. nuclear agency. The escalating tensions pose a threat to global non-proliferation efforts.
Russia, China to expand oil and gas trade
Russia currently delivers gas to China through the Power of Siberia pipeline and plans to build a second supply link along the same route no later than in 2027. It has, for years, been trying to sign a third gas contract with China, which would pave the way for a third pipeline via a different route via Mongolia. If all three lines operate as planned, Russia's gas flows to China could reach nearly 100 billion cubic meters per year.
What is Putin and Xi's 'new era' strategic partnership?
Russian President Vladimir Putin and Chinese President Xi Jinping have agreed to strengthen their strategic partnership, criticizing the United States for actions they see as threatening their countries. They expressed determination to defend their interests, resist interference, and support each other on key issues like Taiwan and Ukraine. They also condemned U.S. missile defense systems, nuclear weapons development, and military alliances in Asia. The joint statement outlines plans to deepen cooperation in trade, industry, agriculture, technology, energy, and nuclear energy.
Ukraine says it has checked Russia's offensive in a key town, but Moscow says it will keep pushing
Ukrainian forces have halted a Russian advance in Vovchansk, a key northeastern town near the Russian border, according to Kyiv. However, Moscow insists it has sufficient resources to continue its offensive. Ukraine's President Zelenskyy acknowledged the difficult situation and is bolstering defenses in Kharkiv. Russia aims to create a buffer zone to prevent Ukrainian strikes on Russia. Amid ongoing battles, U.S. Secretary of State Antony Blinken announced a $2 billion arms deal for Ukraine, while NATO urged increased military support for Kyiv.
Russia economy resilient; Gaza war weighs on neighbours: EBRD
The EBRD forecasts Russia's economy to grow by 2.5% in 2024 despite Western sanctions. Israel's war against Hamas will affect neighboring nations. EBRD issued GDP projections and highlighted the impact of the Gaza conflict on Mediterranean countries' economies.
Defence industry world over facing capacity crunch, India must step up to fulfil needs: Defence Secretary
Defence Secretary Giridhar Aramane highlighted the global demand for defence utilities amidst geopolitical conflicts, urging Indian shipbuilders to enhance capacity. He mentioned government initiatives and targets for indigenous defence manufacturing and exports, emphasizing the potential for growth and the importance of research and development.
Vladimir Putin begins his fifth term as president, more in control of Russia than ever
Vladimir Putin commenced his fifth term as Russian leader in a lavish Kremlin ceremony, extending his quarter-century rule marked by political suppression, the Ukrainian conflict, and amassing power. Amid escalating tensions with the West and domestic crackdowns, Putin's new term prompts speculation about his agenda and the nation's trajectory.
Ukraine gets a big boost of US aid. It still faces a long slog to repel Russia
The US House of Representatives approved the package on Saturday after months of delays by some Republicans wary of US involvement overseas. It was passed by the Senate on Tuesday, and President Joe Biden said he would sign it Wednesday.
Pushing the envelopes hard: Conflicts are being ‘managed’ to draw new lines of hostile engagement
As these points of tumult escalate, irrelevance of UNSC and the tangential impact on conflicts in Africa, South America and other parts of the world paints a grim picture. Livelihood and economic logic are factors on which new conversations will now have to move faster. Otherwise, matters can spiral out of control sooner than expected.
The global turn away from free-market policies worries economists
That faith in the superiority of free-market policies was deeply shaken in recent years by a string of global jolts -- the pandemic, supply chain meltdowns, soaring inflation and interest rates, Russia's invasion of Ukraine etc.
Which nuclear power plant is at the center of the Russia-Ukraine conflict? What risk does it pose?
Russia has alleged that Ukraine targeted the Zaporizhzhia nuclear power station under Russian control, demanding a response from the West. However, Kyiv has denied involvement in the attacks. The International Atomic Energy Agency (IAEA) has long warned of risks at Zaporizhzhia, Europe's largest nuclear plant, and urged an end to the fighting. The plant, near the site of the Chornobyl disaster, has reactors in cold shutdown, except for one in "hot shutdown" for heating. The IAEA confirmed attacks on the plant but did not assign blame.
Diesel exports plunge 25% to $20 billion as global prices soften
India's diesel exports have decreased by 25% year-on-year in the first 11 months of the financial year to $20 billion due to softer international market prices. Despite this, the export volume rose marginally to 26 million metric tonnes from 25.8 million metric tonnes. Petrol exports also declined, fetching $10 billion, a 13% decrease compared to the previous year, although the export volume increased by 4% to 12.1 million metric tonnes.
Jio-BP, Nayara, Shell unable to regain pre-2022 market share
Nayara Energy leads the private players, accounting for more than half of their combined sales. Nayara also operates the largest network of petrol pumps among private retailers. It has 6,590 pumps while Jio-BP, the joint venture of Reliance Industries and BP, operates 1,700 pumps, according to the oil ministry data. Shell has just 340 fuel stations and less than 1% share in domestic sales of petrol and diesel.
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