Denying that there is no shortage of fuel in Afghanistan, the Taliban-led government on Tuesday told WION that they have made adequate arrangements to replenish their fuel supplies and stressed that there will be a drop in the prices in the coming days.

Speaking exclusively to WION, spokesperson of Taliban finance ministry, Ahmad Wali Haqmal, said, “There is nothing we are short of. About two to three days ago over 200 trucks filled with fuel entered our soil from Turkmenistan and Iran, and soon it will reach every corner of Afghanistan. In the coming 5 to 10 days, we will also see a decrease in the rate of fuel.”

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/us-will-not-attend-moscow-talks-on-afghanistan-this-week-ned-price-421914">US will not attend Moscow talks on Afghanistan this week: Ned Price</a>

When asked regarding the delay in payment to the employees and dwindling cash reserves, the Taliban spokesman said that the dues have been paid.

“The ministry of Finance is committed to pay salaries of all the staff. 90% of the staff have received salaries and the payment for the rest is under process. So, we will pay all the salaries. And with regards to the availability of cash (reserves), the Afghanistan banks know how much we have,” Haqmal said.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/malala-sends-letter-to-taliban-one-month-after-girls-school-ban-421804">Malala sends letter to Taliban one month after girls school ban</a>

Under the Taliban-led government, the residents of Afghanistan have been struggling to make ends meet with the price of basic commodities skyrocketing,&nbsp;Russia’s TASS news agency reported.

According to reports, fuel prices have risen by 20 per cent to 40 per cent since early August.

Also read |<a href="https://www.wionews.com/south-asia/taliban-are-not-terrorists-us-has-a-wrong-understanding-zabihullah-mujahid-to-wion-421788">&nbsp;Taliban are not terrorists, US has a wrong understanding: Zabihullah Mujahid to WION</a>

Food costs have also risen as a result of food imports from Pakistan and Iran and on account of rising fuel prices.

A Kabul resident remarked that flour costs have gone up by 30 per cent, while vegetables and cereals are dearer by 50 per cent. Medicines are also hard to come by.

Restrictions on cash withdrawals from banks and ATMs have further accentuated their problems. Not more than 20,000 Afghanis ($200) can be withdrawn from banks per week, the Taliban government has dictated. The value of the Afghan currency has also fallen.

“The issue of survival is now at the forefront, and the threat of misery is the primary cause of our despair,” a Kabul resident said, as quoted by TASS.

Denying that there is no shortage of fuel in Afghanistan, the Taliban-led government on Tuesday told WION that they have made adequate arrangements to replenish their fuel supplies and stressed that there will be a drop in the prices in the coming days.

Denying that there is no shortage of fuel in Afghanistan, the Taliban-led government on Tuesday told WION that they have made adequate arrangements to replenish their fuel supplies and stressed that there will be a drop in the prices in the coming days. Speaking exclusively to WION, spokesperson of Taliban finance ministry, Ahmad Wali Haqmal, said, “There is nothing we are short of. About two to three days ago over 200 trucks filled with fuel entered our soil from Turkmenistan and Iran, and soon it will reach every corner of Afghanistan. In the coming 5 to 10 days, we will also see a decrease in the rate of fuel.” Also read | US will not attend Moscow talks on Afghanistan this week: Ned Price When asked regarding the delay in payment to the employees and dwindling cash reserves, the Taliban spokesman said that the dues have been paid. “The ministry of Finance is committed to pay salaries of all the staff. 90% of the staff have received salaries and the payment for the rest is under process. So, we will pay all the salaries. And with regards to the availability of cash (reserves), the Afghanistan banks know how much we have,” Haqmal said. Also read | Malala sends letter to Taliban one month after girls school ban Under the Taliban-led government, the residents of Afghanistan have been struggling to make ends meet with the price of basic commodities skyrocketing, Russia’s TASS news agency reported. According to reports, fuel prices have risen by 20 per cent to 40 per cent since early August. Also read | Taliban are not terrorists, US has a wrong understanding: Zabihullah Mujahid to WION Food costs have also risen as a result of food imports from Pakistan and Iran and on account of rising fuel prices. A Kabul resident remarked that flour costs have gone up by 30 per cent, while vegetables and cereals are dearer by 50 per cent. Medicines are also hard to come by. Restrictions on cash withdrawals from banks and ATMs have further accentuated their problems. Not more than 20,000 Afghanis ($200) can be withdrawn from banks per week, the Taliban government has dictated. The value of the Afghan currency has also fallen. “The issue of survival is now at the forefront, and the threat of misery is the primary cause of our despair,” a Kabul resident said, as quoted by TASS.

Amid soaring fuel prices and dwindling cash reserves in Afghanistan, Taliban say ‘all is well’

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday.

The "important topic" has been added to the agenda of a summit taking place on October 21 and 22, said Michel's spokesman, Barend Leyts.

While the short-term impact being felt by households and businesses is primarily for individual EU countries to tackle, "we need to discuss how the EU can help," Leyts said in a statement.

A surge in energy prices across Europe, driven largely by a three-fold jump in wholesale gas prices, is exacerbating fears of high inflation as the EU's economy bounces back strongly from the Covid-19 pandemic.

It also threatens to undermine an EU push towards a low-carbon future that entails a profound transformation of many sectors -- and with it, bigger costs for Europeans.

<a href="https://www.wionews.com/world/transport-chiefs-warn-world-leaders-and-un-about-incoming-collapse-of-global-supply-chain-417077https://www.wionews.com/world/transport-chiefs-warn-world-leaders-and-un-about-incoming-collapse-of-global-supply-chain-417077">Also read |&nbsp;Transport chiefs warn world leaders and UN about incoming collapse of global supply chain</a>

EU envoys and representatives have already been addressing the issue, which they deem "critical", and the European Commission has also taken it up.

Some lawmakers in the European Parliament accuse Russia, which accounts for much of the gas imported into the EU, of manipulating prices in an effort to get Germany to activate the newly completed Nord Stream 2 pipeline across the Baltic, bypassing Ukraine.

Russia's gas giant Gazprom denies that, but has allowed its gas tanks in Europe to drop to nearly empty.

The EU is considering short-term measures such as cutting value-added tax and excises on energy, in a bid to protect its medium- and long-term plans for more renewable energy sources and better energy efficiency.

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday.

EU leaders will get together in three weeks to discuss soaring energy prices and how to mitigate their impact on European consumers, European Council President Charles Michel's office said on Thursday. The "important topic" has been added to the agenda of a summit taking place on October 21 and 22, said Michel's spokesman, Barend Leyts. While the short-term impact being felt by households and businesses is primarily for individual EU countries to tackle, "we need to discuss how the EU can help," Leyts said in a statement. A surge in energy prices across Europe, driven largely by a three-fold jump in wholesale gas prices, is exacerbating fears of high inflation as the EU's economy bounces back strongly from the Covid-19 pandemic. It also threatens to undermine an EU push towards a low-carbon future that entails a profound transformation of many sectors -- and with it, bigger costs for Europeans. Also read | Transport chiefs warn world leaders and UN about incoming collapse of global supply chain EU envoys and representatives have already been addressing the issue, which they deem "critical", and the European Commission has also taken it up. Some lawmakers in the European Parliament accuse Russia, which accounts for much of the gas imported into the EU, of manipulating prices in an effort to get Germany to activate the newly completed Nord Stream 2 pipeline across the Baltic, bypassing Ukraine. Russia's gas giant Gazprom denies that, but has allowed its gas tanks in Europe to drop to nearly empty. The EU is considering short-term measures such as cutting value-added tax and excises on energy, in a bid to protect its medium- and long-term plans for more renewable energy sources and better energy efficiency.

EU leaders to discuss rising energy prices at next summit

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources.

The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand.

Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned.

"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference.

"That raises the prospect of potential cycles of higher prices for traditional forms of energy.

"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added.

PRICE SPIKES

A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices.

Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers.

But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said.

He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings.

"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist.

"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition."

But it will take a long time before new energy sources can compensate for global demand, he added.

DEMAND OUTLOOK

Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC.

BP and TotalEnergies expect oil demand to peak in the next decade.

"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer.

"I think it`s much further out than what a lot of the pundits are thinking right now," he added.

He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040.

"The world needs cheap affordable energy. We want to be in that space," Hill said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said.

Lack of investment, more demand to drive oil price volatility-industry execs

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. 
Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. 
The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. 
Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. 
"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. 
"That raises the prospect of potential cycles of higher prices for traditional forms of energy. 
"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. 
PRICE SPIKES 
A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. 
Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp; 
The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. 
But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and&nbsp; rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. 
He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. 
Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. 
"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. 
"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." 
But it will take a long time before new energy sources can compensate for global demand, he added. 
DEMAND OUTLOOK 
Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. 
BP and TotalEnergies expect oil demand to peak in the next decade. 
"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. 
"I think it`s much further out than what a lot of the pundits are thinking right now," he added. 
He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. 
"The world needs cheap affordable energy. We want to be in that space," Hill said. 
(Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said. (Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

Lack of investment, more demand to drive oil price volatility -industry execs

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said.

Global energy investment saw its biggest fall on record https://www.reuters.com/article/us-iea-energy-investment-idUSKBN2330FF in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources.

The International Energy Agency (IEA) too has called on investors to stop funding https://www.reuters.com/business/environment/radical-change-needed-reach-net-zero-emissions-iea-2021-05-18 new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA.

Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned.

"It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference.

"That raises the prospect of potential cycles of higher prices for traditional forms of energy.

"Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added.

PRICE SPIKES

A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices.

Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018.&nbsp;

The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers.

But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said.

He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies.

Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings.

"We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist.

"That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition."

But it will take a long time before new energy sources can compensate for global demand, he added.

DEMAND OUTLOOK

Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year&nbsp;https://jp.reuters.com/article/oil-appec-idAFL4N2QT0RN, in line with a bullish forecast from OPEC.

BP and TotalEnergies expect oil demand to peak in the next decade https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA.

"Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer.

"I think it`s much further out than what a lot of the pundits are thinking right now," he added.

He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040.

"The world needs cheap affordable energy. We want to be in that space," Hill said.

(Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

A lack of investment in new oil and gas supplies, amid a shift in focus to cleaner fuels, is likely to drive price volatility in the next decade as demand for traditional energy sources grows, senior industry executives said. Global energy investment saw its biggest fall on record https://www.reuters.com/article/us-iea-energy-investment-idUSKBN2330FF in 2020 when the COVID-19 pandemic hammered demand, while a push for energy transition to meet greener targets pulled more funds into renewable resources. The International Energy Agency (IEA) too has called on investors to stop funding https://www.reuters.com/business/environment/radical-change-needed-reach-net-zero-emissions-iea-2021-05-18 new fossil fuel projects to reach net zero emissions by mid-century, even as industry participants remain split on forecasts for peak oil demand https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA. Underinvestment in the global oil and gas sector could lead to tighter supplies at a time when demand is set to recover, senior executives at Vitol, Trafigura, Hess Corp and Equinor cautioned. "It seems likely that rather than falling, global oil demand is set to continue to rise as new markets and consumers emerge," Ben Luckock, co-head of oil trading at Trafigura said at the annual APPEC 2021 conference. "That raises the prospect of potential cycles of higher prices for traditional forms of energy. "Whilst that might be beneficial to oil producers in the short term, it also means significant costs to the global economy which is in nobody`s long-term interest," Luckock added. PRICE SPIKES A sharp rebound in global demand for energy, power and metals has already led to a supply crunch and a surge in prices. Gas prices in Europe and Asia are at or near record highs, while those in the United States are at seven-year peaks. Coal prices are at record levels and Brent breached $80 per barrel, highest since 2018. The Organization of the Petroleum Exporting Countries (OPEC) and its allies still have a cap on oil production, while a lack of investment has limited output from the group`s top two African producers. But the spare capacity may be challenged next year "if we do not see an accelerated pace of investment in the U.S. sector and rapid rapprochement between the U.S. and Iran", Vitol`s Asia CEO Mike Mueller said. He was referring to global talks to revive a nuclear deal with Tehran that could lead to more Iranian supplies. Several executives said investment in fossil fuel sources was needed to avoid shortages and price swings. "We`re in a period where we have been investing too little coming back from COVID," said Eirik Waerness, Equinor`s senior vice president and chief economist. "That is probably exacerbated by a lot of uncertainty regarding what the energy transition will be, so there will be a wait-and-see attitude here in terms of also going into new types of investment in the energy transition." But it will take a long time before new energy sources can compensate for global demand, he added. DEMAND OUTLOOK Executives at the conference said they expect global oil demand to reach pre-pandemic levels by early next year https://jp.reuters.com/article/oil-appec-idAFL4N2QT0RN, in line with a bullish forecast from OPEC. BP and TotalEnergies expect oil demand to peak in the next decade https://www.reuters.com/article/uk-oil-demand-factbox-int-idUKKBN2870LA. "Depending on where the climate-energy transition goes, there is probably peak demand laying out there somewhere," said Greg Hill, Hess Corp`s president and chief operating officer. "I think it`s much further out than what a lot of the pundits are thinking right now," he added. He noted that even in the IEA`s sustainable development scenario, oil and gas account for 46% of the global energy mix in 2040. "The world needs cheap affordable energy. We want to be in that space," Hill said. (Reporting by Roslan Khasawneh and Florence Tan in Singapore and Sonali Paul in Melbourne; Editing by Himani Sarkar)

Lack of investment, more demand to drive oil price volatility - industry execs

The world is changing. Well, literally, in several terms. A note of a wedding is a living proof of the reality. &nbsp;&nbsp;

In a recent wedding, the guest encountered a weird arrangement, reveals a note. &nbsp; &nbsp;

The photo of the note, which shares details of the arrangement, has gone viral on social media. It has got several likes and comments. &nbsp;

Watch:&nbsp;Afghan women post photos in traditional attire to protest Taliban's burqa order

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In the note, the bride and groom have asked the guests to let them know how much they will spend on their wedding gift. &nbsp;

On basis of the price of the gift, the hosts will offer food and refreshments. &nbsp;&nbsp;

Around the world, people have been making several arrangements for guests at the weddings. All of this is done by the newlyweds to get the blessings of the visitors. But this wedding seems to have been the most unusual one. &nbsp;
<img alt="Note" data-entity-type="file" data-entity-uuid="9143cd3b-0979-41bc-8ca8-84804a2d1738" src="//cdn.wionews.com/sites/default/files/inline-images/The%20note.jpg" />
The note, which was shared on Reddit, had the caption, "Bigger cash gift = better dinner?". &nbsp;&nbsp;

According to the note, the guests were divided into four categories, which were named Loving Gift, Golden Gift, Silver Gift and Platinum Gift. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/after-missing-on-evacuation-afghan-dogs-of-war-finally-find-new-abode-412871" hreflang="en">After missing on evacuation, Afghan ‘dogs of war’ finally find new abode</a>

If the gift was worth $250, then it fell in 'Loving Gift' category, which had roast chicken or swordfish in dinner. &nbsp;

The gifts worth between $251 and $500 will fall into 'Silver Gift' category, where guests will get dishes under the first category or choose between sliced steak and poached salmon, in dinner. &nbsp;

In 'Golden Gift' category, gifts between $501 and $1000, will ensure guests can enjoy dishes under the first, second category or choose between filet mignon or lobster tails, in dinner. &nbsp;

And finally, 'Platinum Gift' category for gifts above $1000 and below $2500, the dinner in it will be comprised of dishes under the first, second, third category or a lobster with a souvenir champagne goblet.&nbsp;

The world is changing. Well, literally, in several terms. A note of a wedding is a living proof of the reality. In a recent wedding, the guest encountered a weird arrangement, reveals a note.

The world is changing. Well, literally, in several terms. A note of a wedding is a living proof of the reality. In a recent wedding, the guest encountered a weird arrangement, reveals a note. The photo of the note, which shares details of the arrangement, has gone viral on social media. It has got several likes and comments. Watch: Afghan women post photos in traditional attire to protest Taliban's burqa order × In the note, the bride and groom have asked the guests to let them know how much they will spend on their wedding gift. On basis of the price of the gift, the hosts will offer food and refreshments. Around the world, people have been making several arrangements for guests at the weddings. All of this is done by the newlyweds to get the blessings of the visitors. But this wedding seems to have been the most unusual one. The note, which was shared on Reddit, had the caption, "Bigger cash gift = better dinner?". According to the note, the guests were divided into four categories, which were named Loving Gift, Golden Gift, Silver Gift and Platinum Gift. Also Read: After missing on evacuation, Afghan ‘dogs of war’ finally find new abode If the gift was worth $250, then it fell in 'Loving Gift' category, which had roast chicken or swordfish in dinner. The gifts worth between $251 and $500 will fall into 'Silver Gift' category, where guests will get dishes under the first category or choose between sliced steak and poached salmon, in dinner. In 'Golden Gift' category, gifts between $501 and $1000, will ensure guests can enjoy dishes under the first, second category or choose between filet mignon or lobster tails, in dinner. And finally, 'Platinum Gift' category for gifts above $1000 and below $2500, the dinner in it will be comprised of dishes under the first, second, third category or a lobster with a souvenir champagne goblet.

Note offering food on basis of price of gift at a wedding goes viral

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC).

According to the Guardian, the costs of Brexit-induced red tape is also fuelling inflation as household budgets start to feel the sting.

The latest figures from the BRC reveal a 0.4 per cent month-on-month rise in August, driven by a 0.6 per cent rise in non-food prices, which includes a sharp spike in the cost of electrical goods caused by shortages of micro-chips and shipping problems.

“There are some modest indications that rising costs are starting to filter through into product prices,” Helen Dickinson, the chief executive of the BRC, which represents hundreds of retail businesses, told the Guardian.

“Food retailers are fighting to keep their prices down as far as possible. But mounting pressures – from rising commodity and shipping costs as well as Brexit-related red tape, mean this will not be sustainable for much longer, and food price rises are likely in the coming months,” he added.

Watch |<a href="https://www.wionews.com/videos/bid-to-fight-medical-staff-shortage-in-uk-404558">&nbsp;Bid to fight medical staff shortage in UK</a>

The BRC’s warning comes after the toy retailer The Entertainer said prices could rise by 10 per cent over 18 months because of supply chain disruption, labour shortages and higher transport costs.

The indications of rising prices surface&nbsp;in the UK as inflation across the eurozone surged to its highest level in a decade with mounting costs of energy, goods and services hitting household spending.

The statistics body Eurostat has estimated that euro area annual inflation is expected to be 3 per cent in August, up from 2.2 per cent in July.

(With inputs from agencies)

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC).

Retail prices in Britain have shot up owing to a national shortage of lorry drivers and disruption to the global supply chain caused by the Covid pandemic, according to the latest data from the British Retail Consortium (BRC). According to the Guardian, the costs of Brexit-induced red tape is also fuelling inflation as household budgets start to feel the sting. The latest figures from the BRC reveal a 0.4 per cent month-on-month rise in August, driven by a 0.6 per cent rise in non-food prices, which includes a sharp spike in the cost of electrical goods caused by shortages of micro-chips and shipping problems. “There are some modest indications that rising costs are starting to filter through into product prices,” Helen Dickinson, the chief executive of the BRC, which represents hundreds of retail businesses, told the Guardian. “Food retailers are fighting to keep their prices down as far as possible. But mounting pressures – from rising commodity and shipping costs as well as Brexit-related red tape, mean this will not be sustainable for much longer, and food price rises are likely in the coming months,” he added. Watch | Bid to fight medical staff shortage in UK The BRC’s warning comes after the toy retailer The Entertainer said prices could rise by 10 per cent over 18 months because of supply chain disruption, labour shortages and higher transport costs. The indications of rising prices surface in the UK as inflation across the eurozone surged to its highest level in a decade with mounting costs of energy, goods and services hitting household spending. The statistics body Eurostat has estimated that euro area annual inflation is expected to be 3 per cent in August, up from 2.2 per cent in July. (With inputs from agencies)

Shortage of lorry drivers, Covid-induced supply disruptions driving inflation in UK

Top Indian automaker <a href="https://www.wionews.com/business-economy/maruti-suzuki-cuts-3000-contract-jobs-245947">Maruti Suzuki</a> said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth.

The company cut prices on 10 different models by 5,000 rupees ($70) each, representing discounts of just about 1 per cent or less on average car prices.

The price cuts start on Wednesday.

Maruti said the move was aimed at reviving demand by sharing "the benefits of corporate tax reduction with its customers".

The price cuts will kick in just ahead of the festive season, and Maruti said it hoped the move would help entice entry-level customers.

On Friday, Finance Minister announced a cut in the headline corporate tax rate to 22 per cent from 30 per cent in a move widely cheered by local stock markets.

The cuts were the latest in a line of government measures aimed at reviving growth in Asia's third-largest economy, which slumped to a six-year low in the April-June quarter.

Maruti's shares were down 2.7 per cent&nbsp;at 6,811.30 rupees by 0514 GMT on Wednesday amid a broader decline in Indian stocks.&nbsp;

&nbsp;

Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth.

Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government's move to cut corporate taxes in a bid to revive economic growth. The company cut prices on 10 different models by 5,000 rupees ($70) each, representing discounts of just about 1 per cent or less on average car prices. The price cuts start on Wednesday. Maruti said the move was aimed at reviving demand by sharing "the benefits of corporate tax reduction with its customers". The price cuts will kick in just ahead of the festive season, and Maruti said it hoped the move would help entice entry-level customers. On Friday, Finance Minister announced a cut in the headline corporate tax rate to 22 per cent from 30 per cent in a move widely cheered by local stock markets. The cuts were the latest in a line of government measures aimed at reviving growth in Asia's third-largest economy, which slumped to a six-year low in the April-June quarter. Maruti's shares were down 2.7 per cent at 6,811.30 rupees by 0514 GMT on Wednesday amid a broader decline in Indian stocks.

Maruti trims prices after government cuts corporate taxes

<a href="https://www.wionews.com/business-economy/asia-stocks-gain-as-china-rates-tweak-lifts-investor-mood-243985">China</a>'s new home prices grew at their weakest pace in nearly a year in August as a cooling economy and existing curbs on speculative buying put a dent on overall demand.

Wary of property bubbles, Chinese regulators have vowed to refrain from stimulating the real estate sector as they roll out measures to boost the broader economy hit by the Sino-US trade war and slowing consumer demand.

Average new home prices in China's 70 major cities rose 8.8 per cent in August from a year earlier, compared with a 9.7 per cent gain in July and the weakest pace since October 2018, Reuters calculated from official <a href="https://www.wionews.com/world/chinas-factory-prices-fall-faster-as-weak-demand-hits-economy-248722">National Bureau of Statistics</a> (NBS) data on Tuesday.

Monthly basis, average new home prices rose 0.5 per cent in August, less than July's growth of 0.6 per cent and the smallest increase since February. However, it still marked the 52nd straight month of gains.

Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, though the number was down to 55 from 60 in July.

The property sector has held up as one of the few bright spots in the world's second-largest economy.

China's property investment grew at its fastest pace in four months in August, data showed on Monday, in contrast to a protracted slowdown in industrial output and investment.

But some analysts said the rebound in investment was likely due to developers rushing to meet government requirements before they can start sales on growing financing pressure and worries about the market's prospects as regulators have made clear that supervision is only set to tighten.

Yang Yewei, a Beijing-based analyst at Southwest Securities, noted some developers have opted to cut prices, although the government's tight control over new launches suggests they may not tolerate large discounts.

A resilient real estate market has provided some cushion for the world's second-largest economy as policymakers try to revive the ailing manufacturing sector and restore flagging consumer confidence amid an escalating trade war with the United States.

But regulators are walking a tightrope, as rapidly-growing household debt and ever-rising home prices have also deepened fears about a sudden market correction and concerns over housing affordability.

In a sign the government has turned more hawkish on its housing policy as it manoeuvres to pump more credit into other areas of the economy, top Chinese leaders said in July they will not resort to using the housing market as a form of short-term stimulus.

"The policy impact of this meeting was in full play in August," said Xia Dan, an analyst with China's Bank of Communications.

Slower price increases may give the authorities breathing room as they refrain from stimulating the property sector but economists at Nomura expect some tightening measures to be eased around end-2019 as weakness in the economy becomes more pronounced.

"Any attempt to stabilise growth by choking credit to the property sector could backfire," they said, noting the sector comprises about one-quarter of China's GDP.

Price trends have been mixed lately, with some cities showing signs of rapid cooling while others are still plagued with overheating risks.

In August, softer prices were mainly in tier-2 cities, which include most of the larger provincial capitals.

Property prices there increased by 0.5 per cent on average monthly, easing from a 0.7 per cent gain in the previous month, the statistics bureau said in a statement accompanying the data.

However, Nanning, the capital of Guangxi Zhuang Autonomous Region in southern China, was the top price performer in the month, with prices surging 2.3 per cent on a monthly basis.&nbsp;

China's four top-tier cities, Beijing, Shanghai, Shenzhen and Guangzhou, had an average gain of 0.3 per cent from a month earlier, unchanged from July's.

Out of the 70 major cities the government tracks, price growth in the smallest tier-3 cities rose the most on a monthly basis, though their increase of 0.7 per cent was also in line with July's pace.

China's average residential property prices are estimated to rise 6 per cent in 2019 from a year earlier, according to a Reuters poll published in August.

The forecast was slightly higher than the 5 per cent projected in the last poll conducted in March but is significantly slower than the 9.7 per cent gain seen in 2018. &nbsp;

China's new home prices grew at their weakest pace in nearly a year in August as a cooling economy and existing curbs on speculative buying put a dent on overall demand.

China's new home prices grew at their weakest pace in nearly a year in August as a cooling economy and existing curbs on speculative buying put a dent on overall demand. Wary of property bubbles, Chinese regulators have vowed to refrain from stimulating the real estate sector as they roll out measures to boost the broader economy hit by the Sino-US trade war and slowing consumer demand. Average new home prices in China's 70 major cities rose 8.8 per cent in August from a year earlier, compared with a 9.7 per cent gain in July and the weakest pace since October 2018, Reuters calculated from official National Bureau of Statistics (NBS) data on Tuesday. Monthly basis, average new home prices rose 0.5 per cent in August, less than July's growth of 0.6 per cent and the smallest increase since February. However, it still marked the 52nd straight month of gains. Most of the 70 cities surveyed by the NBS still reported monthly price increases for new homes, though the number was down to 55 from 60 in July. The property sector has held up as one of the few bright spots in the world's second-largest economy. China's property investment grew at its fastest pace in four months in August, data showed on Monday, in contrast to a protracted slowdown in industrial output and investment. But some analysts said the rebound in investment was likely due to developers rushing to meet government requirements before they can start sales on growing financing pressure and worries about the market's prospects as regulators have made clear that supervision is only set to tighten. Yang Yewei, a Beijing-based analyst at Southwest Securities, noted some developers have opted to cut prices, although the government's tight control over new launches suggests they may not tolerate large discounts. A resilient real estate market has provided some cushion for the world's second-largest economy as policymakers try to revive the ailing manufacturing sector and restore flagging consumer confidence amid an escalating trade war with the United States. But regulators are walking a tightrope, as rapidly-growing household debt and ever-rising home prices have also deepened fears about a sudden market correction and concerns over housing affordability. In a sign the government has turned more hawkish on its housing policy as it manoeuvres to pump more credit into other areas of the economy, top Chinese leaders said in July they will not resort to using the housing market as a form of short-term stimulus. "The policy impact of this meeting was in full play in August," said Xia Dan, an analyst with China's Bank of Communications. Slower price increases may give the authorities breathing room as they refrain from stimulating the property sector but economists at Nomura expect some tightening measures to be eased around end-2019 as weakness in the economy becomes more pronounced. "Any attempt to stabilise growth by choking credit to the property sector could backfire," they said, noting the sector comprises about one-quarter of China's GDP. Price trends have been mixed lately, with some cities showing signs of rapid cooling while others are still plagued with overheating risks. In August, softer prices were mainly in tier-2 cities, which include most of the larger provincial capitals. Property prices there increased by 0.5 per cent on average monthly, easing from a 0.7 per cent gain in the previous month, the statistics bureau said in a statement accompanying the data. However, Nanning, the capital of Guangxi Zhuang Autonomous Region in southern China, was the top price performer in the month, with prices surging 2.3 per cent on a monthly basis. China's four top-tier cities, Beijing, Shanghai, Shenzhen and Guangzhou, had an average gain of 0.3 per cent from a month earlier, unchanged from July's. Out of the 70 major cities the government tracks, price growth in the smallest tier-3 cities rose the most on a monthly basis, though their increase of 0.7 per cent was also in line with July's pace. China's average residential property prices are estimated to rise 6 per cent in 2019 from a year earlier, according to a Reuters poll published in August. The forecast was slightly higher than the 5 per cent projected in the last poll conducted in March but is significantly slower than the 9.7 per cent gain seen in 2018.

China's home price growth at weakest in nearly a year, developers seen cutting prices

Oil shed some of its massive gains on Tuesday (September 17) as the <a href="https://www.wionews.com/world/dont-need-middle-east-oil-gas-but-will-help-our-allies-says-trump-after-attacks-on-saudi-arabias-aramco-250005">United States</a> flagged the possible release of crude reserves, but the threat of military action over the <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">attacks on Saudi oil</a> facilities kept prices elevated and stocks under pressure.

While equity market losses have not been large, shaky investor confidence continued to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising.

Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the US&nbsp;Federal Reserve on Wednesday (September 18) and the next round of <a href="https://www.wionews.com/world/iran-dismisses-us-claim-it-was-behind-saudi-oil-attacks-says-ready-for-war-249810">US</a>-China trade talks on Thursday.

The benchmark Nikkei average added 0.2 per cent&nbsp;to 22,021.86 in mid-morning trade to mark its highest level since May 7, as soaring oil prices triggered by attacks on Saudi oil facilities boosted oil and gas-related companies.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per&nbsp;cent.

Chinese shares fell 0.85 per cent, while Australian shares were down 0.27 per cent.

Brent crude, the international benchmark, fell 1.78 per cent to&nbsp;$67.79 per barrel in Asia on Tuesday.

On Monday Brent surged by 14.6 per cent for&nbsp;its biggest one-day percentage gain since at least 1988.

Saturday's attack on Saudi oil facilities has halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data show.

In South Korea, stocks opened slightly lower with the Korea Composite Stock Price Index (KOSPI) down 3.14 points or 0.15 per cent to 2,059.08 points as of 0200 GMT.

China stocks fell on Tuesday as Beijing kept a key money rate unchanged even as recent readings pointed to further downward pressure on the world's second-largest economy.

In Hong Kong, stocks extended falls after credit rating agency Moody's downgraded the island city's outlook.

The Hang Seng index dropped 1.0 per cent, to 26,849.72, while the Hong Kong China Enterprises Index lost 1.0 per cent, to 10,520.42.

Oil shed some of its massive gains on Tuesday (September 17) as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.

Oil shed some of its massive gains on Tuesday (September 17) as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure. While equity market losses have not been large, shaky investor confidence continued to support safe-haven assets, with gold edging higher on Tuesday and Treasury prices rising. Investors otherwise broadly remained on the sidelines ahead of an expected interest rate cut from the US Federal Reserve on Wednesday (September 18) and the next round of US-China trade talks on Thursday. The benchmark Nikkei average added 0.2 per cent to 22,021.86 in mid-morning trade to mark its highest level since May 7, as soaring oil prices triggered by attacks on Saudi oil facilities boosted oil and gas-related companies. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6 per cent. Chinese shares fell 0.85 per cent, while Australian shares were down 0.27 per cent. Brent crude, the international benchmark, fell 1.78 per cent to $67.79 per barrel in Asia on Tuesday. On Monday Brent surged by 14.6 per cent for its biggest one-day percentage gain since at least 1988. Saturday's attack on Saudi oil facilities has halved the kingdom's oil output, creating the biggest disruption to global oil supplies in absolute terms since the overthrow of the Iranian Shah in 1979, International Energy Agency data show. In South Korea, stocks opened slightly lower with the Korea Composite Stock Price Index (KOSPI) down 3.14 points or 0.15 per cent to 2,059.08 points as of 0200 GMT. China stocks fell on Tuesday as Beijing kept a key money rate unchanged even as recent readings pointed to further downward pressure on the world's second-largest economy. In Hong Kong, stocks extended falls after credit rating agency Moody's downgraded the island city's outlook. The Hang Seng index dropped 1.0 per cent, to 26,849.72, while the Hong Kong China Enterprises Index lost 1.0 per cent, to 10,520.42.

Oil falls more than 1 per cent as market awaits response to Saudi oil attacks

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Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday.

In Delhi, petrol is being sold at Rs 77.56 whereas diesel is available at Rs 72.31 per litre. Yesterday, commuters in the national capital shelled out Rs 77.89 and Rs 72.58 for a litre of petrol and diesel respectively.

The prices of the fuel in the national capital stand lowest as compared to other metropolitan cities.

In the financial capital Mumbai, petrol price has slipped to Rs 83.07 per litre and diesel to Rs 75.76. On Sunday, the petrol cost at Rs 83.24 and diesel at Rs 75.92 per litre here.

The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday.

Continuing the declining trend that has been going for the past couple of days, oil marketing firms across the country once again slashed the rates for transportation fuels on Monday. In Delhi, petrol is being sold at Rs 77.56 whereas diesel is available at Rs 72.31 per litre. Yesterday, commuters in the national capital shelled out Rs 77.89 and Rs 72.58 for a litre of petrol and diesel respectively. The prices of the fuel in the national capital stand lowest as compared to other metropolitan cities. In the financial capital Mumbai, petrol price has slipped to Rs 83.07 per litre and diesel to Rs 75.76. On Sunday, the petrol cost at Rs 83.24 and diesel at Rs 75.92 per litre here. The rates of the fuel across India have been slashing due to the slip in the prices of crude oil prices. The United States recently softened its stand on Iran's sanctions and given nod to eight oil countries to continue to import oil from Tehran temporarily. The list includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates and Taiwan.

Petrol, diesel prices continue to fall

Subsidised cooking gas (LPG) price Sunday hiked by Rs 2.89 per cylinder to Rs 502.4 per cylinder.

The price of non-subsidised LPG at Delhi will increase by Rs 59.00 per cylinder in October 2018 mainly due to change in international price and foreign exchange fluctuations, Indian Oil Corporation (IOC) said in a statement.

The actual impact on subsidised domestic LPG customers is only Rs 2.89 per cylinder, which is mainly due to GST on the above, IOC added.

The subsidy transfer in customers' bank account has been increased to Rs 376.60 per cylinder in October 2018 as against Rs 320.49 per cylinder in September 2018.&nbsp;

"Thus the domestic subsidised LPG customer is protected against the increase in prices of LPG," it said.&nbsp;

Subsidised cooking gas (LPG) price Sunday hiked by Rs 2.89 per cylinder to Rs 502.4 per cylinder. The price of non-subsidised LPG at Delhi will increase by Rs 59.

Subsidised cooking gas (LPG) price Sunday hiked by Rs 2.89 per cylinder to Rs 502.4 per cylinder. The price of non-subsidised LPG at Delhi will increase by Rs 59.00 per cylinder in October 2018 mainly due to change in international price and foreign exchange fluctuations, Indian Oil Corporation (IOC) said in a statement. The actual impact on subsidised domestic LPG customers is only Rs 2.89 per cylinder, which is mainly due to GST on the above, IOC added. The subsidy transfer in customers' bank account has been increased to Rs 376.60 per cylinder in October 2018 as against Rs 320.49 per cylinder in September 2018. "Thus the domestic subsidised LPG customer is protected against the increase in prices of LPG," it said.

LPG cylinder price hiked by Rs 59; subsidised gas to cost Rs 2.89 more

Prices of Liquefied petroleum gas (LPG) were increased by Rs 48 and Rs 2 point 34 for non-subsidised and subsidised cylinders respectively in the national capital on Friday.

The new price for subsidised (14.2 Kg) cylinder in Delhi is Rs 493.55, while that of non-subsidised cylinder is Rs 698.50.

Besides Delhi, the new rates for subsidised cylinder are Rs 496.65 in Kolkata, Rs 491.31 in Mumbai and Rs 481.84 in Chennai respectively.

Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai.

Thie hike comes amid criticism that the government has been receiving for not curbing rising fuel prices for 16 consecutive days until May 30, when prices were brought by just 1 paisa. On Thursday, petrol prices were reduced by 7 paise, and another 6 paise on Friday.

In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre.

(With inputs from ANI)

Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai.

Prices of Liquefied petroleum gas (LPG) were increased by Rs 48 and Rs 2 point 34 for non-subsidised and subsidised cylinders respectively in the national capital on Friday. The new price for subsidised (14.2 Kg) cylinder in Delhi is Rs 493.55, while that of non-subsidised cylinder is Rs 698.50. Besides Delhi, the new rates for subsidised cylinder are Rs 496.65 in Kolkata, Rs 491.31 in Mumbai and Rs 481.84 in Chennai respectively. Non-subsidised LPG cylinders, on the other hand, are being sold at Rs 723.50 in Kolkata, Rs 671.50 in Mumbai and Rs 712.50 in Chennai. Thie hike comes amid criticism that the government has been receiving for not curbing rising fuel prices for 16 consecutive days until May 30, when prices were brought by just 1 paisa. On Thursday, petrol prices were reduced by 7 paise, and another 6 paise on Friday. In Delhi, Petrol now costs Rs 78.29 per litre, while diesel price has been revised to Rs 69.20 a litre. (With inputs from ANI)

Non-subsidised LPG price gets Rs 48 jump, subsidised dearer by Rs 2.34

The Petrol and Diesel prices are soaring and they are almost at the all-time highest level. Being the most essential commodity, Petroleum has been the favourite domain for the politicians for the slugfest.

With rising price, opposition parties got a much-awaited issue to put Government of India on backfoot. Rahul Gandhi is throwing a challenge to Modi for reducing prices. On the same time BJP's media cell is active too and these days social media is full of stuff proclaiming that how prices of petroleum products surged during UPA regime (2004-2014) and how Modi has been able to rein them in.

But if you go in a bit deep in the realities of this sector, you will find that all these claims and blames are simply bereft of any logic and they are rather hilarious. Indian Oil & Gas sector is in a state currently that any government can do little to tame price in the shorter run.

With rapid economic growth, India has become an energy guzzler over the past 10-15 years and currently, it is the third largest consumer of energy after USA and China. India consumes around 200 MMT (Million Metric Tonne) of petroleum crude oil per year and around 80 per cent of this is being imported on the international price.&nbsp;

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<h5>The prices of petroleum products are done on import parity and after adding due taxes and dealer’s commissions, MRP is fixed</h5>
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The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed. Therefore MRP of Petrol and Diesel are linked with international prices of crude oil.

Since we (GOI) can't control the crude price and bound to pay it, the ways to tame MRP is either by reducing taxes or by forcing Oil PSUs to sell products with under-recoveries (basically selling with a loss). Both of these ways would be like feeding gulab jamun to a patient with diabetes. Mean, these measures will give short-term pleasure but they will inflict serious long-term complications.

Cutting taxes would disturb the fiscal discipline which Modi/GOI could bring to an extent over the past four years and would hamper GOI's huge infra push and other planned expenditure.

Forcing under-recoveries (which UPA-2 did for purely political reasons) to Oil companies would only make these companies sick for days to come, restrict the Capex infusion in this sector and of course it cannot last long.

All government can do (that too to silence opposition) in the short term is that it can give some relief by way of slashing tax but it can't make a huge impact on the selling price. Forcing under-recoveries would be the last thing, which Modi/GOI should and would exercise (in case of crude price further takes heavy jump).

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<h5>The government should work to take measures to bring strength in this sector in long run</h5>
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The government should work to take measures to bring strength in this sector in long run. After Modi came to power, GOI has made its oil exploration policy more transparent and business friendly but impact of this on ground would be visible only after many years and that too will not be decisive as the gap between demand and supply is huge and no way India is in the position to multiply its oil production even in the long run.&nbsp;

OPEC (Organization of Petroleum Exporting Countries) is the international body, who plays the prominent role in fixing crude oil price and country like India are bound to pay it.

So the bottom line is that let the politician enjoy the blame and claim game, the onus to live with the problem and withstand with it lies with us, the citizens only. Don't expect a miracle from anybody to get the reprieve. We need to be a judicious energy consumer and take the high petroleum prices as a hard and unavoidable reality.

We can sum up like this. If you are getting petroleum product cheap (like in 2014-16), the government is an accidental hero or otherwise it is an unlucky victim of the situation.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed

The Petrol and Diesel prices are soaring and they are almost at the all-time highest level. Being the most essential commodity, Petroleum has been the favourite domain for the politicians for the slugfest. With rising price, opposition parties got a much-awaited issue to put Government of India on backfoot. Rahul Gandhi is throwing a challenge to Modi for reducing prices. On the same time BJP's media cell is active too and these days social media is full of stuff proclaiming that how prices of petroleum products surged during UPA regime (2004-2014) and how Modi has been able to rein them in. But if you go in a bit deep in the realities of this sector, you will find that all these claims and blames are simply bereft of any logic and they are rather hilarious. Indian Oil & Gas sector is in a state currently that any government can do little to tame price in the shorter run. With rapid economic growth, India has become an energy guzzler over the past 10-15 years and currently, it is the third largest consumer of energy after USA and China. India consumes around 200 MMT (Million Metric Tonne) of petroleum crude oil per year and around 80 per cent of this is being imported on the international price. The prices of petroleum products are done on import parity and after adding due taxes and dealer’s commissions, MRP is fixed × The prices of petroleum products are done on import parity and after adding due taxes and dealer's commissions, MRP is fixed. Therefore MRP of Petrol and Diesel are linked with international prices of crude oil. Since we (GOI) can't control the crude price and bound to pay it, the ways to tame MRP is either by reducing taxes or by forcing Oil PSUs to sell products with under-recoveries (basically selling with a loss). Both of these ways would be like feeding gulab jamun to a patient with diabetes. Mean, these measures will give short-term pleasure but they will inflict serious long-term complications. Cutting taxes would disturb the fiscal discipline which Modi/GOI could bring to an extent over the past four years and would hamper GOI's huge infra push and other planned expenditure. Forcing under-recoveries (which UPA-2 did for purely political reasons) to Oil companies would only make these companies sick for days to come, restrict the Capex infusion in this sector and of course it cannot last long. All government can do (that too to silence opposition) in the short term is that it can give some relief by way of slashing tax but it can't make a huge impact on the selling price. Forcing under-recoveries would be the last thing, which Modi/GOI should and would exercise (in case of crude price further takes heavy jump). The government should work to take measures to bring strength in this sector in long run × The government should work to take measures to bring strength in this sector in long run. After Modi came to power, GOI has made its oil exploration policy more transparent and business friendly but impact of this on ground would be visible only after many years and that too will not be decisive as the gap between demand and supply is huge and no way India is in the position to multiply its oil production even in the long run. OPEC (Organization of Petroleum Exporting Countries) is the international body, who plays the prominent role in fixing crude oil price and country like India are bound to pay it. So the bottom line is that let the politician enjoy the blame and claim game, the onus to live with the problem and withstand with it lies with us, the citizens only. Don't expect a miracle from anybody to get the reprieve. We need to be a judicious energy consumer and take the high petroleum prices as a hard and unavoidable reality. We can sum up like this. If you are getting petroleum product cheap (like in 2014-16), the government is an accidental hero or otherwise it is an unlucky victim of the situation. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Rising petrol prices - the onus is on the citizens

A knifeman shouting "Allahu akbar" was shot dead by police in central Paris late Saturday after he killed one person and injured four, prompting a terror probe.

The attack took place near the city's main opera house in an area full of bars, restaurants and theatres which were brimming on a weekend night.

French President Emmanuel Macron said: "France once again pays the price of blood."

Saturday's assault is the latest to strike a nation rocked by a series of jihadist attacks in the last three years that have killed more than 245 people.

Prosecutors cited witnesses as saying the man shouted "Allahu akbar" (God is greatest) as he went on the rampage, and added that a terror investigation had been launched.

The Islamic State group claimed responsibility, according to the SITE monitoring group, but provided no corroborating proof.

"The executor of the stabbing operation in the city of Paris is a soldier of the Islamic State and the operation was carried out in response to the calls to target the coalition states," a "security source" told IS's official Amaq news agency, according to SITE.

The man, who has not yet been named, attacked five people with a knife, one of whom died, police said. Two were in serious condition and all the victims are in hospital.

A police source told AFP one officer tried to restrain the attacker with a taser but when that failed a colleague shot the man dead.

Interior Minister Gerard Collomb hailed in a tweet the "sang-froid and reaction of the police who neutralised the attacker".

Prime Minister Edouard Philippe, who visited police in the district where the attack took place, added: "France is determined not to give in to threats that the attackers hope will grind her (the country) down."

Scenes of panic 
The attack took place on Rue Monsigny in the 2nd arrondissement, an area that lies between the main opera house and the Louvre museum, two major tourist attractions. A large area was cordoned off where police, fire and rescue vehicles converged.

Shocked tourists and residents looked on from behind the security perimeter.

"I was on the cafe terrace, I heard three, four shots, it happened very fast," said 47-year-old Gloria.

"The bartenders told us to come inside very quickly. Then I went out to see what was going on, and then I saw a man on the ground," she added.

Another witness, who gave her first name Maxine, said panic spread as word got out that an attack was taking place.

"We saw someone coming out of a building who said he saw the assailant slaughter someone, so people took refuge in the bar," she said.

France has suffered a series of major Islamist attacks including the massacre at the satirical newspaper Charlie Hebdo, the November 2015 attacks that killed 130 in Paris, and the 2016 Bastille Day truck attack in Nice that killed more than 80.

There have also been a string of less deadly but frequent attacks by lone wolf jihadists wielding knives or guns. Most of the attacks have either been claimed by the Islamic State group or been carried out in their name.

A state of emergency put in place just after the 2015 Paris attacks was lifted in October when Macron's centrist government passed a new law boosting the powers of security forces.

French far-right leader Marine Le Pen called for greater security measures after Saturday's attack.

"The French people will no longer be content with talk, they expect action," she said.

Thousands of French troops remain on the streets under an anti-terror operation known as Sentinelle, patrolling transport hubs, tourist hotspots and other sensitive sites.

The knifeman was shot dead by police. 'France once again pays the price of blood,' French President Emmanuel Macron said

A knifeman shouting "Allahu akbar" was shot dead by police in central Paris late Saturday after he killed one person and injured four, prompting a terror probe. The attack took place near the city's main opera house in an area full of bars, restaurants and theatres which were brimming on a weekend night. French President Emmanuel Macron said: "France once again pays the price of blood." Saturday's assault is the latest to strike a nation rocked by a series of jihadist attacks in the last three years that have killed more than 245 people. Prosecutors cited witnesses as saying the man shouted "Allahu akbar" (God is greatest) as he went on the rampage, and added that a terror investigation had been launched. The Islamic State group claimed responsibility, according to the SITE monitoring group, but provided no corroborating proof. "The executor of the stabbing operation in the city of Paris is a soldier of the Islamic State and the operation was carried out in response to the calls to target the coalition states," a "security source" told IS's official Amaq news agency, according to SITE. The man, who has not yet been named, attacked five people with a knife, one of whom died, police said. Two were in serious condition and all the victims are in hospital. A police source told AFP one officer tried to restrain the attacker with a taser but when that failed a colleague shot the man dead. Interior Minister Gerard Collomb hailed in a tweet the "sang-froid and reaction of the police who neutralised the attacker". Prime Minister Edouard Philippe, who visited police in the district where the attack took place, added: "France is determined not to give in to threats that the attackers hope will grind her (the country) down." Scenes of panic The attack took place on Rue Monsigny in the 2nd arrondissement, an area that lies between the main opera house and the Louvre museum, two major tourist attractions. A large area was cordoned off where police, fire and rescue vehicles converged. Shocked tourists and residents looked on from behind the security perimeter. "I was on the cafe terrace, I heard three, four shots, it happened very fast," said 47-year-old Gloria. "The bartenders told us to come inside very quickly. Then I went out to see what was going on, and then I saw a man on the ground," she added. Another witness, who gave her first name Maxine, said panic spread as word got out that an attack was taking place. "We saw someone coming out of a building who said he saw the assailant slaughter someone, so people took refuge in the bar," she said. France has suffered a series of major Islamist attacks including the massacre at the satirical newspaper Charlie Hebdo, the November 2015 attacks that killed 130 in Paris, and the 2016 Bastille Day truck attack in Nice that killed more than 80. There have also been a string of less deadly but frequent attacks by lone wolf jihadists wielding knives or guns. Most of the attacks have either been claimed by the Islamic State group or been carried out in their name. A state of emergency put in place just after the 2015 Paris attacks was lifted in October when Macron's centrist government passed a new law boosting the powers of security forces. French far-right leader Marine Le Pen called for greater security measures after Saturday's attack. "The French people will no longer be content with talk, they expect action," she said. Thousands of French troops remain on the streets under an anti-terror operation known as Sentinelle, patrolling transport hubs, tourist hotspots and other sensitive sites.

One dead, 4 injured after knife attack in Paris. Islamic State claims responsibility

Italian super bike maker Ducati on Tuesday launched an all new version of ‘Monster 821’ in India at an introductory price of Rs9.51 lakh (ex-showroom).

The Monster 821 comes with a Euro 4 compliant liquid-cooled engine which delivers a maximum power of 109 hp.

“For the last 25 years, the Monster has consistently delighted biking enthusiasts across the world. This year is the 25th anniversary of the Monster and we are very proud to introduce the new Monster 821 in India,” Ducati India managing director Sergi Canovas Garriga said in a statement.

The bookings for the model are now open and deliveries will start by the first week of June across all Ducati dealerships in Delhi—NCR, Mumbai, Pune, Ahmedabad, Bengaluru, Kochi & Kolkata, the company said.

Ducati Monster 821 comes with a Euro 4 compliant liquid-cooled engine which delivers a maximum power of 109 hp

Italian super bike maker Ducati on Tuesday launched an all new version of ‘Monster 821’ in India at an introductory price of Rs9.51 lakh (ex-showroom). The Monster 821 comes with a Euro 4 compliant liquid-cooled engine which delivers a maximum power of 109 hp. “For the last 25 years, the Monster has consistently delighted biking enthusiasts across the world. This year is the 25th anniversary of the Monster and we are very proud to introduce the new Monster 821 in India,” Ducati India managing director Sergi Canovas Garriga said in a statement. The bookings for the model are now open and deliveries will start by the first week of June across all Ducati dealerships in Delhi—NCR, Mumbai, Pune, Ahmedabad, Bengaluru, Kochi & Kolkata, the company said.

Ducati launches new Monster 821 in India at Rs 9.51 lakh

The government is working on a proposal to incentivise digital transactions by providing cashback to businesses and price benefits to consumers, a source said.

As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The discount would be capped at Rs 100.

Businesses, on the other hand, could get a cashback based on the quantum of turnover through the digital mode.

The proposals to encourage digital transactions are likely to be placed before the GST Council, chaired by Finance Minister Arun Jaitley and comprising state ministers, on May 4.

According to the source, the issue of providing an incentive for the digital transaction was discussed at a meeting held in the Prime Minister's Office.

During the meeting, three possible modes of incentivising businesses to go in for digital transactions were discussed. Apart from cash-backs, a proposal to allow businesses to obtain tax credit on the basis of turnover obtained through digital mode was also discussed.

This would have worked like the input tax credit mechanism wherein businesses can credit for taxes paid on raw materials.

Besides, the option of allowing businesses to offset their GST liability up to a threshold for using digital transaction was also deliberated.

The source said the Revenue Department has zeroed in on the option of cashback to businesses based on a threshold of digital transaction. This would be easier to implement and cannot be misused by unscrupulous elements.&nbsp;

As a matter of precaution, the department will ascertain the veracity of the digital transactions reported by the businesses and then credit the cashback to their bank account.

During the PMO meeting, it was also discussed if any incentives could be given for digital transaction from the direct taxes side.

The direct tax department, the source said, has outlined the steps it had taken to discourage cash dealings. Besides, for small businesses opting for presumptive taxation scheme, it had reduced the rate for calculation of deemed profit from 8 per cent to 6 per cent in respect of the amount of total turnover or gross receipts received through banking channel/digital means.

The source said since the incentives would have been on the basis of the turnover of the businesses, it was felt that the indirect tax department would be better placed to incentivise the businesses and hence the GST Council would have to give a final go ahead. &nbsp;

As per the proposal, consumers paying through the digital mode would be offered a discount over the MRP

The government is working on a proposal to incentivise digital transactions by providing cashback to businesses and price benefits to consumers, a source said. As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The discount would be capped at Rs 100. Businesses, on the other hand, could get a cashback based on the quantum of turnover through the digital mode. The proposals to encourage digital transactions are likely to be placed before the GST Council, chaired by Finance Minister Arun Jaitley and comprising state ministers, on May 4. According to the source, the issue of providing an incentive for the digital transaction was discussed at a meeting held in the Prime Minister's Office. During the meeting, three possible modes of incentivising businesses to go in for digital transactions were discussed. Apart from cash-backs, a proposal to allow businesses to obtain tax credit on the basis of turnover obtained through digital mode was also discussed. This would have worked like the input tax credit mechanism wherein businesses can credit for taxes paid on raw materials. Besides, the option of allowing businesses to offset their GST liability up to a threshold for using digital transaction was also deliberated. The source said the Revenue Department has zeroed in on the option of cashback to businesses based on a threshold of digital transaction. This would be easier to implement and cannot be misused by unscrupulous elements. As a matter of precaution, the department will ascertain the veracity of the digital transactions reported by the businesses and then credit the cashback to their bank account. During the PMO meeting, it was also discussed if any incentives could be given for digital transaction from the direct taxes side. The direct tax department, the source said, has outlined the steps it had taken to discourage cash dealings. Besides, for small businesses opting for presumptive taxation scheme, it had reduced the rate for calculation of deemed profit from 8 per cent to 6 per cent in respect of the amount of total turnover or gross receipts received through banking channel/digital means. The source said since the incentives would have been on the basis of the turnover of the businesses, it was felt that the indirect tax department would be better placed to incentivise the businesses and hence the GST Council would have to give a final go ahead.

In digital push, government plans cashback to businesses, discount to consumers

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise.

Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever.

The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices.

The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

India imports more than 80% of its crude oil requirement from the international market.

Petrol prices rose to 55-month high while diesel became costliest ever. On Friday, petrol increased marginally by 1 paisa and diesel by 4 paise. Petrol in the national capital, Delhi now costs Rs 74.08 a litre, the highest since September 2013 when rates had hit Rs 76.06. Diesel price at Rs 65.31 is the highest ever. The rise in petrol and diesel prices is due to rise in the rate of crude oil. India imports more than 80% of its crude oil requirement from the international market. This makes our petrol and diesel price directly proportional to international crude oil prices. The Oil Ministry had earlier sought a reduction in excise duty on both petrol and diesel to cushion the impact of rising international oil prices. This was however turned down by Finance Minister Arun Jaitley in the budget presented on 1st February.

Petrol rises to 55-month high, diesel costliest ever

Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6 (2018), officially launched at the Mobile World Congress (MWC) 2018 last month, were released in India earlier today.&nbsp;

HMD Global launched the highly anticipated, new range of Nokia's Android devices at an event in New Delhi today.

Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6 (2018) are the upgraded versions Nokia, 8, Nokia 7 and Nokia 6 respectively that were launched last year.&nbsp;

Some of the key features of the new Nokia devices include facial recognition, AI-powered imaging suite among others.

Ahead, a quick look at the&nbsp;price and key specifications of the new Nokia smartphones.

Nokia 8 Sirocco at Rs 49,999

The top model of the range, the Nokia 8 Sirocco comes with a 5.5-inch QHD pOLED display guarded by Corning Gorilla Glass 5. The device is powered by a Qualcomm Snapdragon 835 processor and comes with 6GB RAM and 128GB internal storage which is non-expandable.&nbsp;

The smartphone boasts of a metallic design and comes in a single colour -- black. Users will enjoy rear dual camera – 12-megapixel primary lens along with a 13-megapixel telephoto lens. On the front, it comes with a 5-megapixel camera.&nbsp;

One of the star features of the device is the ''Bothie' option wherein a person can take a selfie and a photo from the rear camera at the same time.&nbsp;

Nokia 8 Sirocco runs on a 3260mAh battery.

Nokia 7 Plus at Rs 25,999

The device boasts of a 6-inch full-HD+ IPS display shielded with Gorilla Glass with 1080×2160 pixels resolution and an 18:9 aspect ratio.&nbsp;

Nokia 7 Plus runs on Android 8.0 Oreo and is powered by an octa-core Qualcomm Snapdragon 660 processor. The device comes with 4GB RAM and 64GB of internal storage, expandable up to 256GB with the help of a memory card. The device will be available in India in two attractive colours -- Black & Copper and White & Copper.

For those who love clicking pictures, the device packs in a dual rear camera -- 13-megapixel and 12-megapixel autofocus -- and a 16-megapixel front camera.&nbsp;

Nokia 7 Plus runs on a whopping 3800mAh battery.

Nokia 6 (2018) at Rs 16,999

The upgraded version of its predecessor Nokia 6, the Nokia 6 (2018) comes with Android One OS preloaded. The device bears a 5.5-inch full-HD display with Corning Gorilla Glass 5 shielding on top. The device is powered by a Qualcomm Snapdragon 630 processor coupled with 3GB and 4GB of RAM options.&nbsp;

The phone's internal storage offers options between 32GB and 64GB, both expandable up to 256GB via microSD card.

Nokia 6 (2018) comes with a 16-megapixel rear camera equipped with a dual-tone LED flash. The device also packs in an 8-megapixel fixed focus selfie camera.&nbsp;

Nokia 6 (2018) runs on a 3000mAh battery and is available in three colour options -- Black & Copper, White & Iron, and Blue & Gold.

Some of the key features of the new Nokia devices include facial recognition, AI-powered imaging suite among others

Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6 (2018), officially launched at the Mobile World Congress (MWC) 2018 last month, were released in India earlier today. HMD Global launched the highly anticipated, new range of Nokia's Android devices at an event in New Delhi today. Nokia 8 Sirocco, Nokia 7 Plus, and Nokia 6 (2018) are the upgraded versions Nokia, 8, Nokia 7 and Nokia 6 respectively that were launched last year. Some of the key features of the new Nokia devices include facial recognition, AI-powered imaging suite among others. Ahead, a quick look at the price and key specifications of the new Nokia smartphones. Nokia 8 Sirocco at Rs 49,999 The top model of the range, the Nokia 8 Sirocco comes with a 5.5-inch QHD pOLED display guarded by Corning Gorilla Glass 5. The device is powered by a Qualcomm Snapdragon 835 processor and comes with 6GB RAM and 128GB internal storage which is non-expandable. The smartphone boasts of a metallic design and comes in a single colour -- black. Users will enjoy rear dual camera – 12-megapixel primary lens along with a 13-megapixel telephoto lens. On the front, it comes with a 5-megapixel camera. One of the star features of the device is the ''Bothie' option wherein a person can take a selfie and a photo from the rear camera at the same time. Nokia 8 Sirocco runs on a 3260mAh battery. Nokia 7 Plus at Rs 25,999 The device boasts of a 6-inch full-HD+ IPS display shielded with Gorilla Glass with 1080×2160 pixels resolution and an 18:9 aspect ratio. Nokia 7 Plus runs on Android 8.0 Oreo and is powered by an octa-core Qualcomm Snapdragon 660 processor. The device comes with 4GB RAM and 64GB of internal storage, expandable up to 256GB with the help of a memory card. The device will be available in India in two attractive colours -- Black & Copper and White & Copper. For those who love clicking pictures, the device packs in a dual rear camera -- 13-megapixel and 12-megapixel autofocus -- and a 16-megapixel front camera. Nokia 7 Plus runs on a whopping 3800mAh battery. Nokia 6 (2018) at Rs 16,999 The upgraded version of its predecessor Nokia 6, the Nokia 6 (2018) comes with Android One OS preloaded. The device bears a 5.5-inch full-HD display with Corning Gorilla Glass 5 shielding on top. The device is powered by a Qualcomm Snapdragon 630 processor coupled with 3GB and 4GB of RAM options. The phone's internal storage offers options between 32GB and 64GB, both expandable up to 256GB via microSD card. Nokia 6 (2018) comes with a 16-megapixel rear camera equipped with a dual-tone LED flash. The device also packs in an 8-megapixel fixed focus selfie camera. Nokia 6 (2018) runs on a 3000mAh battery and is available in three colour options -- Black & Copper, White & Iron, and Blue & Gold.

HMD Global launches new Nokia 6, 7 Plus, 8 Sirocco in India: Price and key specs

The Samsung Galaxy S9 is set to launch today and basically, every aspect of the phone has already been leaked.

One day before the official launch&nbsp;Samsung accidentally published a full-length promo video. Although Samsung immediately removed the video from YouTube, it didn&rsquo;t stop others from reuploading it.

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Past reports have claimed that the Galaxy S9 and S9 Plus would be more expensive than their predecessors.&nbsp;

On the eve of Mobile World Congress, we&#39;ll finally get a chance to see which Galaxy S9 rumours square with reality and whether Samsung will drop one of the year&#39;s best phones.&nbsp;

The Galaxy S9 and S9 Plus will be Samsung&rsquo;s response to the iPhone X. Unfortunately, the new Galaxy phones will have no major design changes while the iPhone X came with a radical new design.&nbsp;

The Galaxy S9 and S9 Plus are almost confirmed to have 5.8-inch and 6.2-inch Super AMOLED Infinity displays with an 18:9 aspect ratio. The standard S9 would pack 4GB RAM, a 3000mAh battery, and a single 12-megapixel camera on the back. The Galaxy S9 Plus would offer 6GB RAM, a dual camera setup on the back, and a 3500mAh battery pack. Both the phones will have an 8MP shooter on the front.

Despite an older form factor, Samsung is planning to bump up the Galaxy S9 price compared to last year&rsquo;s models.&nbsp;

A report&nbsp;says that the Galaxy S9 would cost $1,036 in European markets while the larger Galaxy S9 Plus would be priced at $1,229.

Check out all the key details below, including the latest Galaxy S9 release date news, plus rumours on specs, features and price

The Samsung Galaxy S9 is set to launch today and basically, every aspect of the phone has already been leaked. One day before the official launch Samsung accidentally published a full-length promo video. Although Samsung immediately removed the video from YouTube, it didn’t stop others from reuploading it. × Past reports have claimed that the Galaxy S9 and S9 Plus would be more expensive than their predecessors. On the eve of Mobile World Congress, we'll finally get a chance to see which Galaxy S9 rumours square with reality and whether Samsung will drop one of the year's best phones. The Galaxy S9 and S9 Plus will be Samsung’s response to the iPhone X. Unfortunately, the new Galaxy phones will have no major design changes while the iPhone X came with a radical new design. The Galaxy S9 and S9 Plus are almost confirmed to have 5.8-inch and 6.2-inch Super AMOLED Infinity displays with an 18:9 aspect ratio. The standard S9 would pack 4GB RAM, a 3000mAh battery, and a single 12-megapixel camera on the back. The Galaxy S9 Plus would offer 6GB RAM, a dual camera setup on the back, and a 3500mAh battery pack. Both the phones will have an 8MP shooter on the front. Despite an older form factor, Samsung is planning to bump up the Galaxy S9 price compared to last year’s models. A report says that the Galaxy S9 would cost $1,036 in European markets while the larger Galaxy S9 Plus would be priced at $1,229.

Samsung Galaxy S9: Specifications, price and leaked video

Diesel prices have touched a record high of Rs 61.74 per litre and petrol prices have crossed Rs 71 as international oil rates continue to rally.

Petrol price rose to Rs 71.18 per litre in Delhi today, the highest since August 2014, according to daily fuel price list of state-owned oil firms.

Diesel prices soared to their highest level of Rs 61.74 per litre in Delhi. It is being sold at Rs 65.74 in Mumbai, where the local sales tax or VAT rates are higher.

Prices have been on the rise since December 12, 2017. Diesel in Delhi on that day was priced at Rs 58.34, and in past one month has risen by Rs 3.4. Petrol price has during the period risen by Rs 2.09, according to oil companies.

Two the most traded benchmark crude globally have risen the most since December 2014 - Brent touched USD 70.05 a barrel last week and WTI reached USD 64.77.

The rally in oil prices has renewed calls to the government to cut excise duty to cushion burden on common man.

The BJP-led NDA government has during its tenure cut excise duty only once - by Rs 2 per litre in October 2017 when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14.

Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs.

Last week, Oil Minister Dharmendra Pradhan had responded to questions on whether the Centre would cut excise duty on the two fuel, by asking states to first cut VAT.

&quot;Why dont you ask state governments to reduce first,&quot; he said on January 1 responding to reporters question on excise duty cuts. &quot;Government of India reduced excise duty (in October last year). We are appealing to states to reduce VAT.&quot;

Some state governments had followed that excise duty cut with reduction in VAT. &quot;Why Delhi government has not reduced VAT,&quot; he asked.

Price of petrol and diesel in Delhi is the lowest in all metros.

Pradhan had said that Finance Minister Arun Jaitley has already written to the states seeking reduction in VAT.

The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government&#39;s excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4.

Since then prices are revised on daily basis. Today, price of petrol went up by 12 paisa per liter and that of diesel by 18 paisa.&nbsp;

Petrol was selling at Rs 71.18 per litre in Delhi

Diesel prices have touched a record high of Rs 61.74 per litre and petrol prices have crossed Rs 71 as international oil rates continue to rally. Petrol price rose to Rs 71.18 per litre in Delhi today, the highest since August 2014, according to daily fuel price list of state-owned oil firms. Diesel prices soared to their highest level of Rs 61.74 per litre in Delhi. It is being sold at Rs 65.74 in Mumbai, where the local sales tax or VAT rates are higher. Prices have been on the rise since December 12, 2017. Diesel in Delhi on that day was priced at Rs 58.34, and in past one month has risen by Rs 3.4. Petrol price has during the period risen by Rs 2.09, according to oil companies. Two the most traded benchmark crude globally have risen the most since December 2014 - Brent touched USD 70.05 a barrel last week and WTI reached USD 64.77. The rally in oil prices has renewed calls to the government to cut excise duty to cushion burden on common man. The BJP-led NDA government has during its tenure cut excise duty only once - by Rs 2 per litre in October 2017 when petrol price had reached Rs 70.88 per litre in Delhi and diesel was priced at Rs 59.14. Because of the excise duty cut, diesel prices had on October 4, 2017 come down to Rs 56.89 and petrol to Rs 68.38. However, subsequent rally has wiped away all the gains and prices have touched new highs. Last week, Oil Minister Dharmendra Pradhan had responded to questions on whether the Centre would cut excise duty on the two fuel, by asking states to first cut VAT. "Why dont you ask state governments to reduce first," he said on January 1 responding to reporters question on excise duty cuts. "Government of India reduced excise duty (in October last year). We are appealing to states to reduce VAT." Some state governments had followed that excise duty cut with reduction in VAT. "Why Delhi government has not reduced VAT," he asked. Price of petrol and diesel in Delhi is the lowest in all metros. Pradhan had said that Finance Minister Arun Jaitley has already written to the states seeking reduction in VAT. The October 2017 excise duty cut cost the government Rs 26,000 crore in annual revenue and about Rs 13,000 crore during the remaining part of the current fiscal year that ends on March 31, 2018. The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop-up more than double to Rs 242,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since July 4. Since then prices are revised on daily basis. Today, price of petrol went up by 12 paisa per liter and that of diesel by 18 paisa.

Diesel prices hit record high of Rs 61.74 per litre, petrol crosses Rs 71

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock.

Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its &lsquo;conviction list&rsquo; with a &lsquo;buy&rsquo; rating. The investment bank also expects the company&rsquo;s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent.

The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26.

The Nifty Pharma index rose 2.2 per cent with Dr. Reddy&rsquo;s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam.

Broader Asian markets were trading higher after strong German economic data boosted sentiment.

MSCI&rsquo;s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

&ldquo;Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,&rdquo; said Krish Subramanyam, co-head - equity advisor at Altamount Capital.

Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent.

Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd.

Among losers, L&amp;T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock

Indian shares rose for a fourth consecutive session on Tuesday, boosted by Reliance Industries Ltd after Goldman Sachs raised its target price on the stock. Goldman Sachs raised the target price on Reliance by 26 percent to 1,205 rupees and added the stock to its ‘conviction list’ with a ‘buy’ rating. The investment bank also expects the company’s core earnings to double over the next three years. Reliance shares gained as much as 2 per cent. The broader NSE Nifty was up 0.41 per cent at 10,341.05 as of 0637 GMT, while the benchmark BSE Sensex was 0.44 per cent higher at 33,507.26. The Nifty Pharma index rose 2.2 per cent with Dr. Reddy’s Laboratories Ltd gaining 9.65 per cent after the company got Establishment Inspection Report from the U.S. FDA for its Duvvada facility at Vishakapatnam. Broader Asian markets were trading higher after strong German economic data boosted sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. “Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head - equity advisor at Altamount Capital. Logistics firms gained after the government granted infrastructure status to the sector to help enable easy access to loans. Allcargo Logistics Ltd rose as much as 3.8 per cent. Quess Corp Ltd surged as much as 9.5 percent after agreeing to buy a 51 per cent stake in Tata Business Support Services Ltd. Among losers, L&T Finance Holdings Ltd fell 3.9 percent after IFR reported that Citigroup is selling a 2.15 per cent stake in the company.

Sensex rises for fourth day; Reliance, pharma lead

Pakistan&#39;s sugar industry is urging the government to reinstate export subsidies after a steep fall in global sugar prices has slowed shipments, adding to a domestic surplus just as the country prepares to harvest a record crop.

Without revenues from exports, local mills will struggle to pay farmers for new supplies, while large stockpiles will stop domestic prices from rallying in the world&#39;s eighth-largest sugar producer, industry officials said.

Prime Minister Shahid Khaqan Abbasi met with the politically influential industry last week and directed the Commerce Ministry and Sugar Advisory Board to work on ways to resolve &quot;the issues and problems&quot; affecting sugar, his office said in a statement.

Pakistan last had an export subsidy in 2015/16, set at 13,000 rupees ($124) per tonne for exports of 650,000 tonnes of the sweetener, and a similar subsidy level is needed again, the industry said.

&quot;Mills are not able to export sugar at the current international prices,&quot; Iskandar Khan, senior vice chairman of the politically influential Pakistan Sugar Mills Association told Reuters.

Global prices have fallen over a quarter so far in 2017 to around $378 a tonne as output is expected to climb in key producers like India, China and Thailand.

&quot;In the world market, prices need to rise by $60 per tonne to make exports viable,&quot; said a Mumbai-based dealer with a global trading firm.

Sugar cane is a popular crop in Pakistan as the government sets procurement prices, while the industry is protected by a 40 percent import tariff which has led to high domestic prices.

The association says the area given over to sugar cane has risen about 30 percent over the past seven years, while output has more than doubled with the help of government subsidies for fertilizers and other aids.

Pakistan produced 7 million tonnes of sugar in the 2016/17 marketing year ending September 30, exceeding local demand of around 5 million tonnes, and the association pegs this year&#39;s crop at a record 8 million tonnes.

Pakistan controls sugar exports via quotas in an effort to ensure sufficient local supplies. So far this year it has authorised 725,000 tonnes of shipments, which would make it the world&#39;s ninth largest exporter, according to the United States Department of Agriculture.

However, the country has actually exported only about 350,000 tonnes, traders estimate, with current stockpiles sitting at about 1 million tonnes.

Mills in Pakistan usually start crushing in October, but this year plan to delay crushing by a few months as they lack the funds to settle bills for cane purchases before the new season, said a sugar miller based in Karachi.

&quot;Pakistan has no choice but to export surplus sugar,&quot; said the Mumbai-based dealer.

Without revenues from exports, local mills will struggle to pay farmers for new supplies, while large stockpiles will stop domestic prices from rallying in the world's eighth-largest sugar producer, industry officials said.

Pakistan's sugar industry is urging the government to reinstate export subsidies after a steep fall in global sugar prices has slowed shipments, adding to a domestic surplus just as the country prepares to harvest a record crop. Without revenues from exports, local mills will struggle to pay farmers for new supplies, while large stockpiles will stop domestic prices from rallying in the world's eighth-largest sugar producer, industry officials said. Prime Minister Shahid Khaqan Abbasi met with the politically influential industry last week and directed the Commerce Ministry and Sugar Advisory Board to work on ways to resolve "the issues and problems" affecting sugar, his office said in a statement. Pakistan last had an export subsidy in 2015/16, set at 13,000 rupees ($124) per tonne for exports of 650,000 tonnes of the sweetener, and a similar subsidy level is needed again, the industry said. "Mills are not able to export sugar at the current international prices," Iskandar Khan, senior vice chairman of the politically influential Pakistan Sugar Mills Association told Reuters. Global prices have fallen over a quarter so far in 2017 to around $378 a tonne as output is expected to climb in key producers like India, China and Thailand. "In the world market, prices need to rise by $60 per tonne to make exports viable," said a Mumbai-based dealer with a global trading firm. Sugar cane is a popular crop in Pakistan as the government sets procurement prices, while the industry is protected by a 40 percent import tariff which has led to high domestic prices. The association says the area given over to sugar cane has risen about 30 percent over the past seven years, while output has more than doubled with the help of government subsidies for fertilizers and other aids. Pakistan produced 7 million tonnes of sugar in the 2016/17 marketing year ending September 30, exceeding local demand of around 5 million tonnes, and the association pegs this year's crop at a record 8 million tonnes. Pakistan controls sugar exports via quotas in an effort to ensure sufficient local supplies. So far this year it has authorised 725,000 tonnes of shipments, which would make it the world's ninth largest exporter, according to the United States Department of Agriculture. However, the country has actually exported only about 350,000 tonnes, traders estimate, with current stockpiles sitting at about 1 million tonnes. Mills in Pakistan usually start crushing in October, but this year plan to delay crushing by a few months as they lack the funds to settle bills for cane purchases before the new season, said a sugar miller based in Karachi. "Pakistan has no choice but to export surplus sugar," said the Mumbai-based dealer.

Pakistan struggles to export sugar surplus as global prices plunge

With VR taking a major role in the education sector, we found the ways in which VR is immensely helpful for better learning.

Virtual Reality has matured a lot since it’s inception and it seems like it has no intentions of stopping in further development. And people have realized the impact it is having, so much so that people have started taking advantage of it in the education sector. With the implementation of mobiles, tablets and various learning applications that have been made available to students these days, the latest is VR in immersive learning, and it changing the education sector for the better: Inspires Learning Virtual Reality can help merge the line of difference between education and technology. It can help students explore and learn. VR brings interactiveness in education to a whole new level, which the old methods could not. Role of Virtual Reality in Education (Others) × VR with the help of educational but fun games will help students retain their imagination. It also offers students to work together thereby promoting team-building. An Interactive Teaching-Learning Environment With the help of VR, teachers can take lectures from home or other environments. It gives them an opportunity to show the students various artifacts from around the world which they otherwise may not be able to visit and see. Some of the schools in rural areas have started to utilize VR technology, to provide their students with top class education even when they are not able to bring in teachers with high qualifications to teach. For instance, a school can get pre-recorded lessons from highly qualified teachers. The interactive session allowed the teacher to come live from her computer to answer the questions that the students were curious about. Education is more Engaging VR helps the educators to add a more interactive way of teaching in their establishments. This will help them make subjects which the students feel are difficult easy for them with the help of subject based games. Role of Virtual Reality in Education (Others) × In the recent times, companies like Google have made huge efforts to push VR in education by getting engaging educational games and lessons provided in their databases. Helps Students Perform better There are many benefits of VR to Educational Sector, one of which is that the students will be more attentive and engaged while playing educational games, getting virtual lectures, etc. This will aid them in retaining what they have learned at a greater level, which will inturn help them perform better. Conclusion With the implementation of VR in education, there are chances of students getting better grades and get equal level of knowledge from highly qualified educators. This will also help improve kids attention spans and also help them develop their imagination. Written By - Karanveer Singh Arora

Role of Virtual Reality in Education

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales.&nbsp; 
 
India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers.&nbsp; 
 
The gambit to protect India&#39;s domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets.&nbsp; 
 
The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India&#39;s shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports.&nbsp; 
 
&quot;My input cost is 40 per cent higher than other nations. How will my finished product compete?&quot; Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs.&nbsp; 
 
Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter.&nbsp; 
 
Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. 
 
Also hanging over India&#39;s steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. 
 
 
Cold-roll steel mills shut down 
 
Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. 
 
Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again.&nbsp; 
 
Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue.&nbsp; 
 
India&#39;s indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place.&nbsp;By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices.&nbsp; 
 
But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses.&nbsp; 
 
About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. 
 
&quot;Others are operating at 40-50 per cent of capacity and incurring losses.&quot;&nbsp; 
 
 
Not just India vs China 
 
China, the world&#39;s largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity.&nbsp; 
 
India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. 
 
India, the world&#39;s third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016.&nbsp;It imported about 11 million tonnes that year, according to the steel ministry&#39;s Joint Plant Committee (JPC), with China supplying around 47 per cent.&nbsp; 
 
(Reuters)

A price policy to protect Indian markets from cheap imports are affecting cold-roll steel mills

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales. India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers. The gambit to protect India's domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets. The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India's shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports. "My input cost is 40 per cent higher than other nations. How will my finished product compete?" Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs. Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter. Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. Also hanging over India's steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. Cold-roll steel mills shut down Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again. Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue. India's indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place. By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices. But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses. About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. "Others are operating at 40-50 per cent of capacity and incurring losses." Not just India vs China China, the world's largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity. India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. India, the world's third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016. It imported about 11 million tonnes that year, according to the steel ministry's Joint Plant Committee (JPC), with China supplying around 47 per cent. (Reuters)

India's anti-China steel tariffs harm engineering, manufacturing firms

German flag carrier Lufthansa warned Tuesday that &quot;horrific&quot; terror attacks in Europe were having a &quot;tangible impact&quot; on business, with second-quarter profits down 17 per cent. 
 
Advance bookings were down sharply, the airline said, as net profits for the three months ending June came in at 437 million euros ($488 million). 
 
&quot;Horrific terror attacks are making people feel unsafe,&quot; chief executive Carsten Spohr said in a conference call with reporters on Tuesday. 
 
&quot;Because of repeated terror attacks in Europe and political and economic uncertainty, advance bookings, especially on long-haul flights to Europe, have fallen significantly,&quot; finance director Simone Menne said. 
 
The weak profits came despite the lower oil price, which resulted in a fuel cost boon of 597 million Euros. Compared with the figure for the first half of 2015, net profits took a 55 per cent blow, falling to 429 million Euros. 
 
Lufthansa had already said last month that the jittery atmosphere in Europe was hitting its business and considered &quot;a complete recovery as not likely anymore.&quot; Its European rival Air France-KLM also warned last week about the impact of recent attacks on the airline. 
 
Air France-KLM&#39;s chief financial officer Pierre-Francois Riolacci said unit revenue fell by 5.6 per cent in the second quarter, which he put down to the sluggish global economic recovery and &quot;most of all the effect of the terror attacks that have struck Europe in recent quarters&quot;. 
 
A spate of attacks targeting France and Germany at the height of peak tourist season in Europe has hurt the industry. France, the world&#39;s top tourist destination, is reeling from an attack at the Riviera town of Nice on Bastille Day when a gunman drove a 19-tonne truck into a crowd of revellers, killing 84. 
 
That was the third major strike against France in less than 18 months, coming just eight months after Islamic State gunmen and suicide bombers stormed bars, restaurants, a concert hall and the national stadium in Paris, killing 130 people. 
 
In January last year, 17 were killed in another assault at various sites including the offices of the Charlie Hebdo magazine and a Jewish supermarket in Paris. 
 
Germany was meanwhile hit in July by an axe attack that left five people, including four tourists from Hong Kong, wounded, a gun rampage, a machete assault and a suicide bomb attack. 
 
A spokeswoman for the German tourism board told AFP last week that &quot;there haven&#39;t been any cancellations&quot; in the immediate aftermath of the attacks in Europe&#39;s biggest economy. 
 
But in France, flight reservations following the Nice attack were down 20 per cent. Between January and July 10 arrivals to France by air were down 5.8 per cent, and down 11 per cent to Paris. 
 
(AFP) 
&nbsp;

The weak profits for the airline have come in despite the lower oil price, which resulted in a fuel cost boon of 597 million Euros

German flag carrier Lufthansa warned Tuesday that "horrific" terror attacks in Europe were having a "tangible impact" on business, with second-quarter profits down 17 per cent. Advance bookings were down sharply, the airline said, as net profits for the three months ending June came in at 437 million euros ($488 million). "Horrific terror attacks are making people feel unsafe," chief executive Carsten Spohr said in a conference call with reporters on Tuesday. "Because of repeated terror attacks in Europe and political and economic uncertainty, advance bookings, especially on long-haul flights to Europe, have fallen significantly," finance director Simone Menne said. The weak profits came despite the lower oil price, which resulted in a fuel cost boon of 597 million Euros. Compared with the figure for the first half of 2015, net profits took a 55 per cent blow, falling to 429 million Euros. Lufthansa had already said last month that the jittery atmosphere in Europe was hitting its business and considered "a complete recovery as not likely anymore." Its European rival Air France-KLM also warned last week about the impact of recent attacks on the airline. Air France-KLM's chief financial officer Pierre-Francois Riolacci said unit revenue fell by 5.6 per cent in the second quarter, which he put down to the sluggish global economic recovery and "most of all the effect of the terror attacks that have struck Europe in recent quarters". A spate of attacks targeting France and Germany at the height of peak tourist season in Europe has hurt the industry. France, the world's top tourist destination, is reeling from an attack at the Riviera town of Nice on Bastille Day when a gunman drove a 19-tonne truck into a crowd of revellers, killing 84. That was the third major strike against France in less than 18 months, coming just eight months after Islamic State gunmen and suicide bombers stormed bars, restaurants, a concert hall and the national stadium in Paris, killing 130 people. In January last year, 17 were killed in another assault at various sites including the offices of the Charlie Hebdo magazine and a Jewish supermarket in Paris. Germany was meanwhile hit in July by an axe attack that left five people, including four tourists from Hong Kong, wounded, a gun rampage, a machete assault and a suicide bomb attack. A spokeswoman for the German tourism board told AFP last week that "there haven't been any cancellations" in the immediate aftermath of the attacks in Europe's biggest economy. But in France, flight reservations following the Nice attack were down 20 per cent. Between January and July 10 arrivals to France by air were down 5.8 per cent, and down 11 per cent to Paris. (AFP)

Lufthansa says terror attacks impacting business

Ride-hailing firm Didi Chuxing said on Monday that it will buy Uber&#39;s China operations, in a deal that will give Uber a stake in the company and end bruising competition between the two. 
 
The deal is valued at $35 billion, according to a source familiar with the matter who didn&#39;t want to be named before the deal was made public, combining Didi&#39;s $28 billion worth and Uber China&#39;s $7 billion valuation. Didi confirmed the agreement on its official microblog, but gave no valuation. 
 
San Francisco-based Uber Technologies will receive a 5.89 per cent stake in Didi, but will have disproportionate &quot;economic interests&quot; of 17.7 per cent with another 2.3 per cent interest going to Uber China shareholders. 
 
Uber will continue to operate independently, the Didi posting said. &quot;Cooperating with Uber will give the entire mobile travel industry a healthier order and a period of a higher level of development,&quot; it said. 
 
Uber CEO Travis Kalanick will join Didi&#39;s board, while Didi Chuxing chief Cheng Wei is joining the Uber board. 
 
In an internal message to staff viewed by Reuters, Kalanick wrote: &quot;Sustainably serving China&#39;s cities, and the riders and drivers who live in them, is only possible with profitability. This merger paves the way for our team and Didi&#39;s to partner on an enormous mission, and it frees up substantial resources for bold initiatives focused on the future of cities - from self-driving technology to the future of food and logistics.&quot; 
 
He said Uber was operating in more than 60 cities in China and serving more than 40 million rides a week. 
 
Challenging China 
 
China has been a challenging market for Uber, which has been burning through more than $1 billion a year in a price war with Didi. Uber is profitable in the United States, Canada and about 100 other cities. 
 
&quot;It makes huge sense. Uber faces an uphill task in China especially since Didi is multiple times larger by transaction value and city coverage,&quot; said Hong Kong-based Richard Ji, co-founder of All-Stars Investment Ltd, which manages about $900 million and owns Didi stock. 
 
&quot;This will lead to favourable outcomes for both companies. The biggest benefit is cost savings, they no longer have to give out subsidies to drivers and passengers. It will give pricing power as the new entity will become the dominant player. That means profitability will come sooner than later,&quot; he added. 
 
Under the deal, Didi will also invest $1 billion in Uber, which operates globally outside China, the source said, adding to a series of deals and joint ventures Didi has struck in recent years. 
 
International Ambition 
 
Analysts said Didi&#39;s latest move is a signal of its readiness to step beyond its home market. 
 
&quot;This clearly shows Didi&#39;s global ambitions and its desire to work together with Uber to tap Chinese travelers, who are going out in big numbers. There&#39;s a possibility the two could work together in other markets,&quot; All-Stars Investment&#39;s Ji said. 
 
Didi said in its posting it will look to expand its international business and enter markets like Hong Kong, Taiwan, Macau, Japan, South Korea, Europe and Russia. 
 
Didi, itself created last year from a merger of two firms backed respectively by e-commerce giant Alibaba Group and social network firm Tencent, has invested $100 million in Lyft, Uber&#39;s main rival in the United States. 
 
It has also formed an alliance with Lyft, India&#39;s ride service Ola and Southeast Asia&#39;s ride-hailing startup Grab in an effort to compete with Uber&#39;s global dominance. 
 
The deal is the latest sign of a global Internet or technology company struggling to break into China&#39;s cut-throat market, where local entrepreneurs have built formidable businesses, partly helped by a supportive government. 
 
All of China&#39;s technology heavyweights will be stakeholders in Didi, as Uber shareholder Baidu will gain a stake. Apple Inc recently made a rare $1 billion investment in Didi. 
 
China last week issued guidelines that establish a long-awaited framework for the booming ride-hailing industry and remove uncertainty for firms such as Didi and Uber. 
 
(Reuters)

China has been a challenging market for Uber, which has been burning through more than $1 billion a year in a price war with Didi

Ride-hailing firm Didi Chuxing said on Monday that it will buy Uber's China operations, in a deal that will give Uber a stake in the company and end bruising competition between the two. The deal is valued at $35 billion, according to a source familiar with the matter who didn't want to be named before the deal was made public, combining Didi's $28 billion worth and Uber China's $7 billion valuation. Didi confirmed the agreement on its official microblog, but gave no valuation. San Francisco-based Uber Technologies will receive a 5.89 per cent stake in Didi, but will have disproportionate "economic interests" of 17.7 per cent with another 2.3 per cent interest going to Uber China shareholders. Uber will continue to operate independently, the Didi posting said. "Cooperating with Uber will give the entire mobile travel industry a healthier order and a period of a higher level of development," it said. Uber CEO Travis Kalanick will join Didi's board, while Didi Chuxing chief Cheng Wei is joining the Uber board. In an internal message to staff viewed by Reuters, Kalanick wrote: "Sustainably serving China's cities, and the riders and drivers who live in them, is only possible with profitability. This merger paves the way for our team and Didi's to partner on an enormous mission, and it frees up substantial resources for bold initiatives focused on the future of cities - from self-driving technology to the future of food and logistics." He said Uber was operating in more than 60 cities in China and serving more than 40 million rides a week. Challenging China China has been a challenging market for Uber, which has been burning through more than $1 billion a year in a price war with Didi. Uber is profitable in the United States, Canada and about 100 other cities. "It makes huge sense. Uber faces an uphill task in China especially since Didi is multiple times larger by transaction value and city coverage," said Hong Kong-based Richard Ji, co-founder of All-Stars Investment Ltd, which manages about $900 million and owns Didi stock. "This will lead to favourable outcomes for both companies. The biggest benefit is cost savings, they no longer have to give out subsidies to drivers and passengers. It will give pricing power as the new entity will become the dominant player. That means profitability will come sooner than later," he added. Under the deal, Didi will also invest $1 billion in Uber, which operates globally outside China, the source said, adding to a series of deals and joint ventures Didi has struck in recent years. International Ambition Analysts said Didi's latest move is a signal of its readiness to step beyond its home market. "This clearly shows Didi's global ambitions and its desire to work together with Uber to tap Chinese travelers, who are going out in big numbers. There's a possibility the two could work together in other markets," All-Stars Investment's Ji said. Didi said in its posting it will look to expand its international business and enter markets like Hong Kong, Taiwan, Macau, Japan, South Korea, Europe and Russia. Didi, itself created last year from a merger of two firms backed respectively by e-commerce giant Alibaba Group and social network firm Tencent, has invested $100 million in Lyft, Uber's main rival in the United States. It has also formed an alliance with Lyft, India's ride service Ola and Southeast Asia's ride-hailing startup Grab in an effort to compete with Uber's global dominance. The deal is the latest sign of a global Internet or technology company struggling to break into China's cut-throat market, where local entrepreneurs have built formidable businesses, partly helped by a supportive government. All of China's technology heavyweights will be stakeholders in Didi, as Uber shareholder Baidu will gain a stake. Apple Inc recently made a rare $1 billion investment in Didi. China last week issued guidelines that establish a long-awaited framework for the booming ride-hailing industry and remove uncertainty for firms such as Didi and Uber. (Reuters)

Didi Chuxing to buy Uber's China business for $35 billion deal

Launching an offensive against the Prime Minister over price rise, Rahul Gandhi today said after coming to power Narendra Modi has ignored the issue and demanded that he should give a date by when the prices of pulses will drop.&nbsp; 
 
&quot;You may make as many hollow promises as you want, but give us a date by when the prices of daal will come down,&quot; Gandhi said in Lok Sabha during a debate on price rise. 
 
In his first major intervention in the monsoon session, Gandhi said the price of pulses and vegetables have gone over the roof after NDA came to power, and farmers have not been able to get any benefit of the steep rise in the price of these commodities. 
 
Recalling Modi&#39;s speech at a poll rally in Himachal Pradesh in February 2014, Gandhi said while attacking the then UPA government over the issue, he had said that &quot;Ma-bachche raat raat rote hain, aasoon pee ke sote hain&quot; (mother and child cry the whole night and sleep drinking their tears). 
 
&quot;What a dialogue,&quot; Gandhi said thrice, taking a dig at Modi who was not present in the House. 
 
&quot;I want to remind the Prime Minister of the promises he made to people of the country during the poll campaign, which Modiji does not talk about now and has forgotten. He had also promised that when the BJP government comes to power, it will bring down the prices,&quot; Gandhi said. 
 
Listing out the prices of vegetables and pulses, Gandhi said in 2014, the price of tomato was Rs 18, which has shot up to Rs 55 in 2016. Urad and tur dal, priced at Rs 70 and 75 in February 2014, has gone up to Rs 160 and Rs 180 this month. 
 
He said there was a gap between the minimum support price for tur dal given to the farmers. It was Rs 45 whereas its price in the market was Rs 75. Now, the MSP has risen to Rs 50, but the price of the pulses is now Rs 180.&nbsp; 
 
&quot;So, there is a gap of Rs 130 in the NDA government. Where is this Rs 100 going?&quot; Gandhi asked. &quot;During elections, Modiji had said, &#39;Make me a chowkidar&#39; (watchman).&nbsp;Now, there is a theft of dal under the very nose of the chowkidar. But the chowkidar has not uttered a word. He is mum. Now he has become a big person. Leave that job of chowkidari to the Congress,&quot; Gandhi said.&nbsp; 
 
In reference to a BJP slogan &#39;Har Har Modi&#39; used during the Lok Sabha polls, he said, &quot;Now people are saying &#39;Arhar Modi&#39;.&quot; Taking a jibe at NDA&#39;s second birthday celebrations, the Congress vice president said the Prime Minister did not even utter a single word about rising prices during this event, and sought to know why. 
 
Accusing the government of waiving off Rs 52,000 crore of the corporates, Gandhi asked what benefit the government has given to the farmers and housewives of the savings amounting to Rs 2 lakh crore it has made from the slump in the crude prices. He also questioned NDA&#39;s flagship programmes like Make in India, Stand Up India and said, &quot;The &#39;Make in India&#39; programme has not got given a single job to the youth&quot;. 
 
(PTI)

The Congress vice president said the PM did not even utter a single word about rising prices. 'Now people are saying 'Arhar Modi''

Launching an offensive against the Prime Minister over price rise, Rahul Gandhi today said after coming to power Narendra Modi has ignored the issue and demanded that he should give a date by when the prices of pulses will drop. "You may make as many hollow promises as you want, but give us a date by when the prices of daal will come down," Gandhi said in Lok Sabha during a debate on price rise. In his first major intervention in the monsoon session, Gandhi said the price of pulses and vegetables have gone over the roof after NDA came to power, and farmers have not been able to get any benefit of the steep rise in the price of these commodities. Recalling Modi's speech at a poll rally in Himachal Pradesh in February 2014, Gandhi said while attacking the then UPA government over the issue, he had said that "Ma-bachche raat raat rote hain, aasoon pee ke sote hain" (mother and child cry the whole night and sleep drinking their tears). "What a dialogue," Gandhi said thrice, taking a dig at Modi who was not present in the House. "I want to remind the Prime Minister of the promises he made to people of the country during the poll campaign, which Modiji does not talk about now and has forgotten. He had also promised that when the BJP government comes to power, it will bring down the prices," Gandhi said. Listing out the prices of vegetables and pulses, Gandhi said in 2014, the price of tomato was Rs 18, which has shot up to Rs 55 in 2016. Urad and tur dal, priced at Rs 70 and 75 in February 2014, has gone up to Rs 160 and Rs 180 this month. He said there was a gap between the minimum support price for tur dal given to the farmers. It was Rs 45 whereas its price in the market was Rs 75. Now, the MSP has risen to Rs 50, but the price of the pulses is now Rs 180. "So, there is a gap of Rs 130 in the NDA government. Where is this Rs 100 going?" Gandhi asked. "During elections, Modiji had said, 'Make me a chowkidar' (watchman). Now, there is a theft of dal under the very nose of the chowkidar. But the chowkidar has not uttered a word. He is mum. Now he has become a big person. Leave that job of chowkidari to the Congress," Gandhi said. In reference to a BJP slogan 'Har Har Modi' used during the Lok Sabha polls, he said, "Now people are saying 'Arhar Modi'." Taking a jibe at NDA's second birthday celebrations, the Congress vice president said the Prime Minister did not even utter a single word about rising prices during this event, and sought to know why. Accusing the government of waiving off Rs 52,000 crore of the corporates, Gandhi asked what benefit the government has given to the farmers and housewives of the savings amounting to Rs 2 lakh crore it has made from the slump in the crude prices. He also questioned NDA's flagship programmes like Make in India, Stand Up India and said, "The 'Make in India' programme has not got given a single job to the youth". (PTI)

Give a date by when pulses price will decline: Gandhi scion tells Indian Prime Minister Modi

Even though Apple&rsquo;s new iPhones will be unveiled in two months, rumours regarding their price have already surfaced online. According to a new leak the company will offer three iPhone variants namely iPhone 7, iPhone 7 Plus and iPhone 7 Pro. 
 
A report by Weibo shares the rumoured prices of the devices. 
 
iPhone 7 
 
32GB variant - CNY 5,288 (approximately Rs 52,900) 
 
64GB variant at CNY 6,088 (approximately Rs 60,900) 
 
256GB at CNY 7,088 (approximately Rs 70,900) 
 
iPhone 7 Plus 
 
32GB variant - CNY 6,088 (approximately Rs 60,900) 
 
128GB variant - CNY 6,888 (approximately Rs 68,900) 
 
256GB variant - CNY 7,888 (approximately Rs 78,900) 
 
iPhone 7 Pro 
 
32GB variant - CNY 7,088 (approximately Rs 70,900) 
 
128GB variant &ndash; CNY 7,888 (approximately Rs 78,900) 
 
256GB variant - 8,882 (approximately Rs 88,900) 
 
Additionally, the iPhone 7 is likely to drop the headphone jack, and will instead offer earpods with Lightning Connector. According to images shared on Weibo, the new EarPods look similar to the company existing earbuds. However, Apple has ditched the 3.5mm connector and now offers a reversible Lightning port for digital sound. 
 
(DNA) 
 
 
 
&nbsp;

Additionally, the iPhone 7 is likely to drop the headphone jack, and will instead offer earpods with Lightning Connector

Even though Apple’s new iPhones will be unveiled in two months, rumours regarding their price have already surfaced online. According to a new leak the company will offer three iPhone variants namely iPhone 7, iPhone 7 Plus and iPhone 7 Pro. A report by Weibo shares the rumoured prices of the devices. iPhone 7 32GB variant - CNY 5,288 (approximately Rs 52,900) 64GB variant at CNY 6,088 (approximately Rs 60,900) 256GB at CNY 7,088 (approximately Rs 70,900) iPhone 7 Plus 32GB variant - CNY 6,088 (approximately Rs 60,900) 128GB variant - CNY 6,888 (approximately Rs 68,900) 256GB variant - CNY 7,888 (approximately Rs 78,900) iPhone 7 Pro 32GB variant - CNY 7,088 (approximately Rs 70,900) 128GB variant – CNY 7,888 (approximately Rs 78,900) 256GB variant - 8,882 (approximately Rs 88,900) Additionally, the iPhone 7 is likely to drop the headphone jack, and will instead offer earpods with Lightning Connector. According to images shared on Weibo, the new EarPods look similar to the company existing earbuds. However, Apple has ditched the 3.5mm connector and now offers a reversible Lightning port for digital sound. (DNA)

Leaked: Apple iPhone 7, iPhone 7 Plus and iPhone 7 Pro pricing spotted online

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