National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

Amid the ongoing Russian invasion of Ukraine, many global businesses and agencies are quitting the Russian market. However, Chinese firms are staying put in Russia.

Chinese firms staying put in Russia despite exodus from western companies

Amid the ongoing Russian invasion of Ukraine, many global businesses and agencies are quitting the Russian market. KPMG and PWC became the latest addition to this wave.

KPMG, PWC to exit Russia amid the ongoing Russian invasion of Ukraine

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. 
 
Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. 
 
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. 
 
Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. 
 
The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. 
 
"A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. 
 
"Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." 
 
"Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." 
 
Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. 
 
Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. 
 
Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. 
 
Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. 
 
Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. 
 
IRAN 
 
Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. 
 
In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. 
 
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. 
 
Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. 
 
"Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. 
 
Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. 
 
Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. "A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. "Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." "Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. IRAN Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. "Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. "Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban, Iran delay

Microsoft&nbsp;Corp unveiled its&nbsp;fourth&nbsp;data&nbsp;centre in&nbsp;India&nbsp;on Monday, betting on rising digital consumption in one of its fastest-growing markets.

Microsoft&nbsp;India&nbsp;head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/in-a-relief-for-indian-students-in-sumy-russia-announces-ceasefire-for-humanitarian-purposes-459790">In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes</a>

"A public cloud&nbsp;data&nbsp;center&nbsp;is not a one time investment, it is a continuous investment that we have," Maheshwari told Reuters. "In the last two years, we doubled the capacity in the existing three&nbsp;data&nbsp;centers."

The overall&nbsp;Indian public cloud services market is expected to reach $10.8 billion by 2025, according to research firm IDC.

India's government has been nudging foreign tech companies to store more of their&nbsp;data&nbsp;locally, a move seen as New Delhi's attempt to gain stricter oversight of Big Tech firms.

Maheshwari said&nbsp;Microsoft&nbsp;was continuing to grow its workforce in&nbsp;India&nbsp;from 18,000 currently "both through the pandemic and going forward."

"We already serve more than 340,000 companies in the country," Maheshwari said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/uttar-pradesh-assembly-elections-voting-underway-in-54-seats-across-9-districts-459730">Uttar Pradesh Assembly elections: Voting underway in 54 seats across 9 districts</a>

The new&nbsp;data&nbsp;centre is located in&nbsp;India's southern state of Telangana.

The company's business model, which relies on partners building additional services on top of its cloud platform, Azure, generated business worth about $10 billion in the last five years, Maheshwari said.

Competitors are joining the race in&nbsp;India. Key rival Amazon announced in late 2020 it would spend $2.8 billion to build its second&nbsp;data&nbsp;centre in the country, while Adani Group last year announced plans to build six&nbsp;data&nbsp;centre parks across the country.

Microsoft Corp unveiled its fourth data centre in India on Monday, betting on rising digital consumption in one of its fastest-growing markets. Microsoft India head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre.

Microsoft Corp unveiled its fourth data centre in India on Monday, betting on rising digital consumption in one of its fastest-growing markets. Microsoft India head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre. Also read | In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes "A public cloud data center is not a one time investment, it is a continuous investment that we have," Maheshwari told Reuters. "In the last two years, we doubled the capacity in the existing three data centers." The overall Indian public cloud services market is expected to reach $10.8 billion by 2025, according to research firm IDC. India's government has been nudging foreign tech companies to store more of their data locally, a move seen as New Delhi's attempt to gain stricter oversight of Big Tech firms. Maheshwari said Microsoft was continuing to grow its workforce in India from 18,000 currently "both through the pandemic and going forward." "We already serve more than 340,000 companies in the country," Maheshwari said. Also read | Uttar Pradesh Assembly elections: Voting underway in 54 seats across 9 districts The new data centre is located in India's southern state of Telangana. The company's business model, which relies on partners building additional services on top of its cloud platform, Azure, generated business worth about $10 billion in the last five years, Maheshwari said. Competitors are joining the race in India. Key rival Amazon announced in late 2020 it would spend $2.8 billion to build its second data centre in the country, while Adani Group last year announced plans to build six data centre parks across the country.

Microsoft unveils fourth data centre in India

&nbsp;The&nbsp;prices&nbsp;of&nbsp;red&nbsp;chilli&nbsp;peppers are surging as output in&nbsp;top&nbsp;exporter&nbsp;India&nbsp;is set to drop by a fifth from a year ago, hit by an invasive pest attack and&nbsp;damage&nbsp;from unseasonal rain in key southern producing states.

Lower production has boosted&nbsp;prices&nbsp;by 80% in four months to a record high and&nbsp;prices&nbsp;are likely to stay high through the year, forcing overseas buyers to shell out more at a time when the&nbsp;prices&nbsp;of fuel and other food ingredients are also soaring.

"The pest attack was widespread," said D. Kanungo, a trader from the biggest producing state of Andhra Pradesh. "In many areas, it forced farmers to uproot plants during the flowering stage."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/in-a-relief-for-indian-students-in-sumy-russia-announces-ceasefire-for-humanitarian-purposes-459790">In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes</a>

As a result, farmers fear an output drop of at least 20%, he added.

India, the world's biggest&nbsp;exporter&nbsp;of&nbsp;red&nbsp;chillis, shipped out 578,800 tonnes in 2021, up nearly 8% from a year ago.

Bangladesh, China, Indonesia, Malaysia, Nepal, Sri Lanka, Thailand and the United States accounted for the bulk of its exports of $1.3 billion in 2021.

Chilli&nbsp;plants were badly hit by thrips and the infestation spread despite heavy use of pesticide, said Mahankal Rao, a 46-year-old farmer, who planted the&nbsp;crop&nbsp;on his two-acre farm at Guntur in Andhra Pradesh.

"For me, yields were lower, despite heavy use of pesticides, but some farmers gave up and didn't use pesticides," said Rao, who has been planting&nbsp;chillies for nearly three decades.

The invasive pest species Thrips parvispinus must be tackled quickly but many farmers abandoned affected fields, allowing it to spread, said a senior agronomist at the&nbsp;Indian Council of Agricultural Research.

Farmers have now been reporting lower yields as the pest caused large-scale shedding of flowers, malformation of fruit and fruit drops, he said.

Also read |<a href="https://www.wionews.com/india-news/mukul-arya-indias-envoy-to-palestine-found-dead-at-office-459762">&nbsp;Mukul Arya, India's envoy to Palestine, found dead at office</a>

SPIRALING&nbsp;PRICES

Farmers have completed harvesting but are going slow on releasing the&nbsp;crop&nbsp;into the market, said Alepata Srinivas Rao, a trader based in Guntur.

"Farmers know supplies are limited and they are anticipating further price rises, so they are delaying sales," Rao said.

Wholesale&nbsp;prices&nbsp;in&nbsp;India's biggest spot market of Guntur have risen to 18,000 rupees ($234) per 100 kg from about 10,000 rupees in November.

Indian spices companies worried about supplies have been making aggressive purchases in the past few months, which also aided&nbsp;prices, said A.P.J. Arun, an&nbsp;exporter&nbsp;in Guntur.

Also read |<a href="https://www.wionews.com/business-economy/indian-shares-plummet-over-2-as-oil-prices-soar-on-ukraine-crisis-459741">&nbsp;Indian shares plummet over 2% as oil prices soar on Ukraine crisis</a>

But export demand will determine the price trend in coming months, said Arun, adding, "We need to see how buyers react to higher&nbsp;prices."

Though&nbsp;prices&nbsp;are high, overseas buyers cannot replace&nbsp;Indian&nbsp;chillis with those from any other origin, said trader Kanungo.

"No one has a massive surplus to replace&nbsp;Indian supplies," he said. "And for buyers, taste is also important. Other origins don't offer the same flavour."

Chilli&nbsp;production in Pakistan, another&nbsp;exporter, has also fallen because of erratic weather, traders said.

The prices of red chilli peppers are surging as output in top exporter India is set to drop by a fifth from a year ago, hit by an invasive pest attack and damage from unseasonal rain in key southern producing states.

The prices of red chilli peppers are surging as output in top exporter India is set to drop by a fifth from a year ago, hit by an invasive pest attack and damage from unseasonal rain in key southern producing states. Lower production has boosted prices by 80% in four months to a record high and prices are likely to stay high through the year, forcing overseas buyers to shell out more at a time when the prices of fuel and other food ingredients are also soaring. "The pest attack was widespread," said D. Kanungo, a trader from the biggest producing state of Andhra Pradesh. "In many areas, it forced farmers to uproot plants during the flowering stage." Also read | In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes As a result, farmers fear an output drop of at least 20%, he added. India, the world's biggest exporter of red chillis, shipped out 578,800 tonnes in 2021, up nearly 8% from a year ago. Bangladesh, China, Indonesia, Malaysia, Nepal, Sri Lanka, Thailand and the United States accounted for the bulk of its exports of $1.3 billion in 2021. Chilli plants were badly hit by thrips and the infestation spread despite heavy use of pesticide, said Mahankal Rao, a 46-year-old farmer, who planted the crop on his two-acre farm at Guntur in Andhra Pradesh. "For me, yields were lower, despite heavy use of pesticides, but some farmers gave up and didn't use pesticides," said Rao, who has been planting chillies for nearly three decades. The invasive pest species Thrips parvispinus must be tackled quickly but many farmers abandoned affected fields, allowing it to spread, said a senior agronomist at the Indian Council of Agricultural Research. Farmers have now been reporting lower yields as the pest caused large-scale shedding of flowers, malformation of fruit and fruit drops, he said. Also read | Mukul Arya, India's envoy to Palestine, found dead at office SPIRALING PRICES Farmers have completed harvesting but are going slow on releasing the crop into the market, said Alepata Srinivas Rao, a trader based in Guntur. "Farmers know supplies are limited and they are anticipating further price rises, so they are delaying sales," Rao said. Wholesale prices in India's biggest spot market of Guntur have risen to 18,000 rupees ($234) per 100 kg from about 10,000 rupees in November. Indian spices companies worried about supplies have been making aggressive purchases in the past few months, which also aided prices, said A.P.J. Arun, an exporter in Guntur. Also read | Indian shares plummet over 2% as oil prices soar on Ukraine crisis But export demand will determine the price trend in coming months, said Arun, adding, "We need to see how buyers react to higher prices." Though prices are high, overseas buyers cannot replace Indian chillis with those from any other origin, said trader Kanungo. "No one has a massive surplus to replace Indian supplies," he said. "And for buyers, taste is also important. Other origins don't offer the same flavour." Chilli production in Pakistan, another exporter, has also fallen because of erratic weather, traders said.

Red chilli pepper prices surge on crop damage in top exporter India

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported. 
 
The KSE-100, a benchmark for market performance, underwent selling pressure from the word go, falling below the 44,000-point mark during intra-day with volumes remaining on the lower side.

Also read |<a href="https://www.wionews.com/south-asia/ally-of-pakistan-govt-accuses-imran-khan-of-targeting-certain-media-groups-459609">&nbsp;</a><a href="https://www.wionews.com/world/us-allies-plan-ways-to-help-establish-support-a-ukrainian-government-in-exile-459791">US, allies plan ways to help establish, support a Ukrainian government-in-exile</a> 
 
Market talk suggested that the uncertainty in international markets is the prime reason behind investors` dump-and-run approach at the PSX. 
 
BMA Capital Executive Director Saad Hashemy said that the market was primarily down because of rising oil prices in the international market.

Also read |<a href="https://www.wionews.com/south-asia/ally-of-pakistan-govt-accuses-imran-khan-of-targeting-certain-media-groups-459609">&nbsp;Ally of Pakistan govt accuses Imran Khan of targeting certain media groups</a> 
 
"The oil was last trading at $115 per barrel on Friday; however, the prices surged by $15 on Monday morning which impacted the financial markets worldwide," he said. 
 
Oil prices soared more than 9 per cent, touching their highest since 2008, as the US and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Meanwhile, gold prices scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.

Watch |&nbsp;Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/asian-stocks-tumble-in-morning-trade-as-the-risk-of-stagflationary-shock-for-world-markets-continue-459754/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

&nbsp;

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported.

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported. The KSE-100, a benchmark for market performance, underwent selling pressure from the word go, falling below the 44,000-point mark during intra-day with volumes remaining on the lower side. Also read | US, allies plan ways to help establish, support a Ukrainian government-in-exile Market talk suggested that the uncertainty in international markets is the prime reason behind investors` dump-and-run approach at the PSX. BMA Capital Executive Director Saad Hashemy said that the market was primarily down because of rising oil prices in the international market. Also read | Ally of Pakistan govt accuses Imran Khan of targeting certain media groups "The oil was last trading at $115 per barrel on Friday; however, the prices surged by $15 on Monday morning which impacted the financial markets worldwide," he said. Oil prices soared more than 9 per cent, touching their highest since 2008, as the US and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Meanwhile, gold prices scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high. Watch | Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

Pakistan stock market takes a hammering

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&amp;P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss.

Also read |&nbsp;<a href="https://www.wionews.com/world/boris-johnson-6-steps-the-west-must-take-to-help-ukraine-right-now-459725">Boris Johnson: 6 steps the West must take to help Ukraine right now</a>

Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears.

Also read |<a href="https://www.wionews.com/india-news/russia-ukraine-conflict-indian-pm-narendra-modi-to-speak-with-ukrainian-president-zelenskyy-459732">&nbsp;Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy</a>

India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation.

Watch |&nbsp;Russia enlists help of Syrian fighters in Ukraine

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-enlists-help-of-syrian-fighters-in-ukraine-459772/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban. The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss. Also read | Boris Johnson: 6 steps the West must take to help Ukraine right now Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears. Also read | Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation. Watch | Russia enlists help of Syrian fighters in Ukraine The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares plummet over 2% as oil prices soar on Ukraine crisis

Amid the ongoing trade restrictions in Russia due to the invasion of Ukraine, Nike, Ikea has decided to close its stores in Russia.

Russia trade restrictions: Nike, Ikea close stores in Russia

Japan's jobless rate rises to 2.8%. The ongoing Russian invasion of Ukraine has also overshadowed the recovery outlook of the economy.

Japan's jobless rate rises: Ukraine crisis overshadow recovery outlook

After Reports of Ukraine Nuclear plant fire emerged, Asia stocks slid to a 16-month low. Euro also suffered heavy losses vs US Dollars.

Reports of Ukraine Nuclear plant fire: Asia stocks slide to a 16-month low

There is huge pressure on policymakers to raise interest rates as South Korea's inflation nears decade-high levels. Consumer inflation hovered near a 10-year high.

South Korea inflation nears decade-high levels: Pressure on policymakers to raise interest rates

To control inflation and also to prop up the economy, the US central bank is preparing for a rate hike that can come as soon as next month.

US interest rate hike likely in March: Powell testified before US Congress

Amid the ongoing invasion of Ukraine, Fitch slashed Russia's sovereign rating to junk status. S&P also lowered Russia's rating to junk status in a big blow.

Amid the ongoing invasion of Ukraine, Fitch slashes Russia's sovereign rating to junk status

The Asian markets have opened in the green early this morning after some reassuring comments from the federal reserve that has helped wall street to rally.

Asian shares open with gains: Concerns persist over global inflation

In a potential move to tighten economic screws against Russia, the London Stock Exchange has suspended trading in 27 companies that have strong links with Russia. These companies include Gazprom and Sberbank. Gazprom is Russian energy company.

Action has also been taken against Severstal which is Russia's largest steel and mining company. Severstal is owned by Alexei Mordashov, the richest man in Russia.

Aluminium comapany EN+, co-owned by Russian oligarch Oleg Deripaska, has also been barred. Other companies which have found themselves to have been targetted are Rosneft and VK. The latter is parent company of social media platform VKontakte. It is bigger than Facebook in Russia.

Some other companies in the list are PhosAgro (fertiliser company), Lukoil (energy firm), Polyus (Gold producer), Novolipetsk Steel.

The London Stock Exchange said that such a step was taken “in light of market conditions, and in order to maintain orderly markets”

Russia is currently invading Ukraine and the intense global pressure in terms of economic sanctions have begun to take toll on Russian businesses.

In related but distinct development, In the rebalance, Evraz and Polymetal International will exit the FTSE 100 and enter the FTSE 250 index, FTSE Russell, a subsidiary of the LSE, said in a statement.&nbsp;

The changes -- part of the quarterly reshuffle of the FTSE 100 -- will take effect from the start of trading on March 21, it added.

Both companies' share prices have tanked in the past week, making their relegation inevitable, market watchers said.&nbsp;

Polymetal International is a gold miner, while Evraz specialises in steel.

(With inputs from agencies)&nbsp;

In a potential move to tighten economic screws against Russia, the London Stock Exchange has suspended trading in 27 companies that have strong links with Russia.

In a potential move to tighten economic screws against Russia, the London Stock Exchange has suspended trading in 27 companies that have strong links with Russia. These companies include Gazprom and Sberbank. Gazprom is Russian energy company. Action has also been taken against Severstal which is Russia's largest steel and mining company. Severstal is owned by Alexei Mordashov, the richest man in Russia. Aluminium comapany EN+, co-owned by Russian oligarch Oleg Deripaska, has also been barred. Other companies which have found themselves to have been targetted are Rosneft and VK. The latter is parent company of social media platform VKontakte. It is bigger than Facebook in Russia. Some other companies in the list are PhosAgro (fertiliser company), Lukoil (energy firm), Polyus (Gold producer), Novolipetsk Steel. The London Stock Exchange said that such a step was taken “in light of market conditions, and in order to maintain orderly markets” Russia is currently invading Ukraine and the intense global pressure in terms of economic sanctions have begun to take toll on Russian businesses. In related but distinct development, In the rebalance, Evraz and Polymetal International will exit the FTSE 100 and enter the FTSE 250 index, FTSE Russell, a subsidiary of the LSE, said in a statement. The changes -- part of the quarterly reshuffle of the FTSE 100 -- will take effect from the start of trading on March 21, it added. Both companies' share prices have tanked in the past week, making their relegation inevitable, market watchers said. Polymetal International is a gold miner, while Evraz specialises in steel. (With inputs from agencies)

Trading in 27 companies that have links to Russia suspended by London Stock Exchange

The EU's official journal said on Wednesday that seven Russian banks will no longer be part of the SWIFT network. The move is the result of sanctions over Russia's invasion of Ukraine.

SWIFT has also notified that they will be complying with the EU's instructions.

"To this end, in compliance with the legal instruction in &nbsp;EU Council Regulation (EU) 2022/345 of 1 March 2022, we will disconnect seven designated Russian entities (and their designated Russia based subsidiaries) from the SWIFT network. This Regulation requires us to disconnect the identified entities on 12 March 2022, and we will do so accordingly."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-invasion-united-states-treasury-bans-transactions-with-russias-central-bank-457505">Ukraine invasion: United States Treasury bans transactions with Russia’s Central Bank</a>

The banks, which have been given 10 days to discontinue SWIFT services, include Russia's second-largest bank, VTB, as well as Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB.

As a senior EU official explained, the banks on the list were selected based on their connections to the Russian state, with public banks already subject to sanctions following Russia's annexation of Crimea in 2014.

"All these banks that we have listed under SWIFT... they are all based on their connection to the state and the implicit connection to the war effort. We have not gone for a blanket ban across the whole banking system," the official said.

Also read |&nbsp;<a href="https://www.wionews.com/world/swift-has-the-power-to-put-russia-on-back-foot-but-what-is-it-actually-456396">‘SWIFT’ has the power to put Russia on back foot. But what is it actually?</a>

The list does not include Sberbank, Russia's largest lender, and Gazprombank. This is because these companies handle most of the payments for Russian oil and gas, which EU countries are still buying despite the conflict.

The EU official said it was not possible simply to allow energy-related transactions and exclude others as SWIFT was unable to differentiate between types of payments. The official added that these two banks were nevertheless subject to other measures.

Watch |&nbsp;Russia-Ukraine Conflict: Moscow trying to install puppet regime in Ukraine?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-ukraine-conflict-moscow-trying-to-install-puppet-regime-in-ukraine-458384/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

On Saturday, the European Union, the United States, Britain, and Canada blocked certain Russian banks from SWIFT, although they did not say which banks would be affected.

There is no clear global rival to SWIFT, a global payments network with over 11,000 members. EU officials said China has established a system, but it remains small, whereas SWIFT is still used for 70 per cent of transfers within Russia despite the existence of a Russian system.

If such systems existed, banks could still transfer funds via workarounds such as faxes and bilateral messaging systems.

(With inputs from agencies)

The EU's official journal said on Wednesday that seven Russian banks will no longer be part of the SWIFT network. The move is the result of sanctions over Russia's invasion of Ukraine.

The EU's official journal said on Wednesday that seven Russian banks will no longer be part of the SWIFT network. The move is the result of sanctions over Russia's invasion of Ukraine. SWIFT has also notified that they will be complying with the EU's instructions. "To this end, in compliance with the legal instruction in EU Council Regulation (EU) 2022/345 of 1 March 2022, we will disconnect seven designated Russian entities (and their designated Russia based subsidiaries) from the SWIFT network. This Regulation requires us to disconnect the identified entities on 12 March 2022, and we will do so accordingly." Also read | Ukraine invasion: United States Treasury bans transactions with Russia’s Central Bank The banks, which have been given 10 days to discontinue SWIFT services, include Russia's second-largest bank, VTB, as well as Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. As a senior EU official explained, the banks on the list were selected based on their connections to the Russian state, with public banks already subject to sanctions following Russia's annexation of Crimea in 2014. "All these banks that we have listed under SWIFT... they are all based on their connection to the state and the implicit connection to the war effort. We have not gone for a blanket ban across the whole banking system," the official said. Also read | ‘SWIFT’ has the power to put Russia on back foot. But what is it actually? The list does not include Sberbank, Russia's largest lender, and Gazprombank. This is because these companies handle most of the payments for Russian oil and gas, which EU countries are still buying despite the conflict. The EU official said it was not possible simply to allow energy-related transactions and exclude others as SWIFT was unable to differentiate between types of payments. The official added that these two banks were nevertheless subject to other measures. Watch | Russia-Ukraine Conflict: Moscow trying to install puppet regime in Ukraine? On Saturday, the European Union, the United States, Britain, and Canada blocked certain Russian banks from SWIFT, although they did not say which banks would be affected. There is no clear global rival to SWIFT, a global payments network with over 11,000 members. EU officials said China has established a system, but it remains small, whereas SWIFT is still used for 70 per cent of transfers within Russia despite the existence of a Russian system. If such systems existed, banks could still transfer funds via workarounds such as faxes and bilateral messaging systems. (With inputs from agencies)

Russia-Ukraine Crisis Day 8: SWIFT says will comply with EU instructions, disconnect 7 Russian banks

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth.

The rubber-stamp parliament starting Saturday in Beijing gathers some 3,000 members of the National People's Congress (NPC) for highly choreographed meetings over bills, budgets and personnel changes.

The ruling Communist Party uses the opportunity to tout its achievements while also setting the country's economic blueprint and GDP target for the year ahead.

Also read |&nbsp;<a href="https://www.wionews.com/photos/a-day-in-the-life-of-uighurs-251734">A day in the life of China’s persecuted Uighur community</a>

Much of the NPC's agenda is unknown until during -- or even after -- the multi-day meeting, with many sessions taking place behind closed doors.

But this year, concerns are bound to centre on the country's sluggish economic growth, partly down to a crunch in the crucial property sector -- which makes up as much as a quarter of national output.

Stringent "zero-Covid" measures including harsh lockdowns and closed borders have also been a major blow to manufacturing hubs, tourist centres and port cities.

Meanwhile, the Russian invasion of Ukraine has raised the prospect of spiking food and oil prices, with fears over supplies of crucial commodities from the region being affected.

Commerce Minister Wang Wentao admitted to journalists this week that China's economy faces "huge" pressure this year.

Also read |&nbsp;<a href="https://www.wionews.com/world/how-will-the-russia-ukraine-conflict-impact-chinas-economic-interests-in-ukraine-458283">How will the Russia-Ukraine conflict impact China's economic interests in Ukraine?</a>

GDP and stability

Beijing traditionally announces its new economic growth target at Premier Li Keqiang's annual "state of the nation" speech at the NPC, followed by his rare -- but heavily stage-managed -- press conference.

China's GDP growth slowed sharply in the final months of 2021 despite an earlier pandemic bounceback, as it grappled with tepid domestic demand and a property downturn.

The country's communist leaders have long based their legitimacy on the argument that their model of government represents economic growth and continuity for China's massive population.

But as much of the rest of the world now reopens, China is increasingly out of step, as continued COVID-19 restrictions weigh on consumer confidence.

Maintaining stability will be crucial as the Communist Party gears up for a pivotal meeting this fall -- the 20th party congress -- that is expected to easily secure President Xi Jinping a third term.

In 2020, there was no GDP target set at all, and last year Li announced a modest goal of "above six percent".

Also read |&nbsp;<a href="https://www.wionews.com/world/china-suggests-this-is-the-most-important-thing-that-can-end-conflict-between-russia-and-ukraine-458166">China suggests this is the 'most important thing' that can end conflict between Russia and Ukraine</a>

Amid the unpredictability, analysts expect Beijing to announce a similarly open and attainable target this year.

"We expect the growth target to be set at 'above five percent'," UOB economist Ho Woei Chen said in a recent report, adding that pace would match the past two years' average of 5.1 per cent.

Iris Pang, ING's chief economist for Greater China, expected the range could be higher after the country easily exceeded last year's target.

Watch |&nbsp;Report: China asked Russia to delay the attack on Ukraine till Olympics were over

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/report-china-asked-russia-to-delay-the-attack-on-ukraine-till-olympics-were-over-458442/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

And infrastructure would probably form a key part of the government's support for the economy, predicted ANZ Research senior China strategist Zhaopeng Xing.

He expected "double-digit growth in infrastructure investment" in the first quarter, on top of tax cuts and the central bank's earlier interest rate cuts.

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth.

A property downturn, slowing economy and war in Ukraine loom large over this week's annual convening of China's legislature, with policymakers expected to focus on shoring up faltering growth. The rubber-stamp parliament starting Saturday in Beijing gathers some 3,000 members of the National People's Congress (NPC) for highly choreographed meetings over bills, budgets and personnel changes. The ruling Communist Party uses the opportunity to tout its achievements while also setting the country's economic blueprint and GDP target for the year ahead. Also read | A day in the life of China’s persecuted Uighur community Much of the NPC's agenda is unknown until during -- or even after -- the multi-day meeting, with many sessions taking place behind closed doors. But this year, concerns are bound to centre on the country's sluggish economic growth, partly down to a crunch in the crucial property sector -- which makes up as much as a quarter of national output. Stringent "zero-Covid" measures including harsh lockdowns and closed borders have also been a major blow to manufacturing hubs, tourist centres and port cities. Meanwhile, the Russian invasion of Ukraine has raised the prospect of spiking food and oil prices, with fears over supplies of crucial commodities from the region being affected. Commerce Minister Wang Wentao admitted to journalists this week that China's economy faces "huge" pressure this year. Also read | How will the Russia-Ukraine conflict impact China's economic interests in Ukraine? GDP and stability Beijing traditionally announces its new economic growth target at Premier Li Keqiang's annual "state of the nation" speech at the NPC, followed by his rare -- but heavily stage-managed -- press conference. China's GDP growth slowed sharply in the final months of 2021 despite an earlier pandemic bounceback, as it grappled with tepid domestic demand and a property downturn. The country's communist leaders have long based their legitimacy on the argument that their model of government represents economic growth and continuity for China's massive population. But as much of the rest of the world now reopens, China is increasingly out of step, as continued COVID-19 restrictions weigh on consumer confidence. Maintaining stability will be crucial as the Communist Party gears up for a pivotal meeting this fall -- the 20th party congress -- that is expected to easily secure President Xi Jinping a third term. In 2020, there was no GDP target set at all, and last year Li announced a modest goal of "above six percent". Also read | China suggests this is the 'most important thing' that can end conflict between Russia and Ukraine Amid the unpredictability, analysts expect Beijing to announce a similarly open and attainable target this year. "We expect the growth target to be set at 'above five percent'," UOB economist Ho Woei Chen said in a recent report, adding that pace would match the past two years' average of 5.1 per cent. Iris Pang, ING's chief economist for Greater China, expected the range could be higher after the country easily exceeded last year's target. Watch | Report: China asked Russia to delay the attack on Ukraine till Olympics were over And infrastructure would probably form a key part of the government's support for the economy, predicted ANZ Research senior China strategist Zhaopeng Xing. He expected "double-digit growth in infrastructure investment" in the first quarter, on top of tax cuts and the central bank's earlier interest rate cuts.

Sluggish economic growth to overshadow upcoming Chinese Congress session

Asian stocks under renewed pressure as crude oil prices soar amid Russian invasion of Ukraine

With the ongoing Russian invasion of Ukraine and a big surge in International crude oil prices, Indian companies are bracing for an impact.

Indian companies monitoring the situation closely as crude oil prices surge globally

As the world pushed for new economic sanctions against Russia and President Putin amid the ongoing Russian invasion of Ukraine, Russia's economy faces hardships. Now, Will Russia impose counter-sanctions amid economic crisis?

Russia seeks to shield its economy amid Russian invasion of Ukraine

The United States and its allies are weighing an oil reserve release amid soaring prices and concern about supplies after Russia invaded Ukraine. Oil prices have hit the seven years high following the invasion and after Western allies have imposed sanctions on Russia.

US, allies to release oil reserves as US oil prices surges 11% to $106 a barrel

With the global condemnation and shunning of Russian markets amid the invasion of Ukraine, US brands like Apple and Ford have stopped sales in Russia.

US brands join wave shunning Russia as Apple, Ford stops Russian sales amid invasion of Ukraine

Amid the ongoing Russian invasion of Ukraine, Exxon becomes the latest company to exit Russia. According to reports, it will leave behind assets worth 4 billion Dollars.

Exxon to exit Russia leaving behind $4 Bn in assets amid the ongoing Russian invasion of Ukraine

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.8 per cent and energy prices surged.

The acceleration, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia's invasion of Ukraine.

Brent crude touched USD 110 a barrel for the first time since 2014. WTI followed suit hours later. It hit its highest level since 2013. European natural gas prices similarly hit a record level.

Also Read | <a href="https://www.wionews.com/world/russian-talkshows-describe-reports-of-military-losses-as-fake-458218">Russian talkshows describe reports of military losses as 'fake'</a>

The surge in inflation comes at a difficult time for European leaders as they warn their citizens of the "price to pay" from tough sanctions imposed on Russia, the EU's leading foreign gas supplier.

Policymakers fear soaring inflation could choke off the EU's recovery from the coronavirus pandemic.

Eurostat said energy prices in February jumped 31.7 percent, faster than the 28.8 percent recorded in January.

Food prices were up 4.1 percent in February, compared with 3.5 percent the previous month.

Analysts at Capital Economics predicted inflation would hit six percent in the coming months before falling back to around four percent, "most likely" at the end the year.

That is still double the European Central Bank's target of around two percent.

Capital Economics warned that not only energy prices, but also food prices could rise further due to the conflict in Ukraine, a major wheat exporter.

The EU and Western allies have imposed sweeping sanctions on Moscow over President Vladimir Putin's invasion.

They have unleashed turmoil on Russia's economy and forced the Kremlin to impose capital controls.

(With inputs from agencies)

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.

The European Union's official statistics agency Eurostat said on Wednesday (March 2) that Eurozone inflation had soared to a record high in February. The inflation was at 5.8 per cent and energy prices surged. The acceleration, from 5.1 percent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on supplies from Russia's invasion of Ukraine. Brent crude touched USD 110 a barrel for the first time since 2014. WTI followed suit hours later. It hit its highest level since 2013. European natural gas prices similarly hit a record level. Also Read | Russian talkshows describe reports of military losses as 'fake' The surge in inflation comes at a difficult time for European leaders as they warn their citizens of the "price to pay" from tough sanctions imposed on Russia, the EU's leading foreign gas supplier. Policymakers fear soaring inflation could choke off the EU's recovery from the coronavirus pandemic. Eurostat said energy prices in February jumped 31.7 percent, faster than the 28.8 percent recorded in January. Food prices were up 4.1 percent in February, compared with 3.5 percent the previous month. Analysts at Capital Economics predicted inflation would hit six percent in the coming months before falling back to around four percent, "most likely" at the end the year. That is still double the European Central Bank's target of around two percent. Capital Economics warned that not only energy prices, but also food prices could rise further due to the conflict in Ukraine, a major wheat exporter. The EU and Western allies have imposed sweeping sanctions on Moscow over President Vladimir Putin's invasion. They have unleashed turmoil on Russia's economy and forced the Kremlin to impose capital controls. (With inputs from agencies)

Eurozone inflation hits record high due to soaring energy prices

Crude oil prices rose up sharply on Wednesday, surging nearly 5% on concerns of a supply crunch even after countries agreed to release 60 million barrels of oil from reserves around the world.

Oil prices surge $110 per barrel