India's state-owned oil refineries are facing significant challenges in buying Iranian oil sanctioned by the US, citing payment, shipping, and insurance issues. This comes as India seeks to secure rapid oil supplies. Despite its desire for quick oil deliveries, these obstacles have forced India to delay purchase operations.
China's top anti-graft agency has launched a new investigation into a senior official at the country's main financial regulator, marking the latest move in a campaign to root out corruption in the financial sector, which is worth $69 trillion.
despite a sharp decline in gold prices, some analysts still predict a rise to 10,000 usd per ounce by the end of the decade. gold prices have fallen by 21% since their peak in january, but sustained demand from central banks and geopolitical risks may support prices.
The European Union and Australia have signed a comprehensive trade agreement aimed at eliminating most tariffs between the two sides, marking a significant shift in their economic relations in the face of increasing geo-political tensions. The agreement, which comes after eight years of negotiations, is expected to boost EU exports to Australia by up to 33% over the next decade. The deal also includes a mechanism to protect sensitive products and European producers in case of a significant increase in imports from Australia.
Philippine President Ferdinand Marcos Jr. has announced that his government will bear the brunt of the peso's weakness, citing limits to defending the currency amid the dollar's rise. Marcos aims to achieve a 6% economic growth rate by 2028.
India's private sector activity declined sharply in march 2023, with the purchasing managers' index falling to 56.5, its lowest level since october 2022. The decline is attributed to weak domestic demand and the impact of the war in the middle east. The indian government has warned of potential long-term effects on the economy.
The global car industry is facing a severe crisis due to the ongoing conflict in the Middle East, which has disrupted aluminum supplies. The region's main production sources in the Gulf have been affected by energy issues and shipping bottlenecks, forcing car manufacturers to rely heavily on aluminum in their production processes.
Hong Kong's financial services are attracting increasing interest from Gulf families, with the government planning to expand tax incentives to include more asset classes. This move reflects the growing investment trend from the Middle East towards Hong Kong. The city is seeking to regain its status as a global financial hub, with the government aiming to attract more foreign investments, particularly from Gulf families.