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March 9, 2026
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Force majeure declarations disrupt oil and gas contractual supply chains, creating carriage, insurance and performance risks for parties.
Strikes and security-driven closures have caused shutdowns at major oil and gas terminals, pipelines and refineries, leading suppliers to invoke force majeure and creating contractual, insurance and logistical challenges. The effective closure of a maritime chokepoint and targeted attacks on alternative export terminals have increased carriage and routing risks, while storage constraints have forced producers to suspend output; once shut in, restart may take weeks or months, affecting mitigation, notice and performance obligations. State regulatory orders may create legal bases for interruption separate from force majeure.
March 9, 2026
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Force majeure invoked for oil shipments, suspending contractual delivery obligations amid Gulf supply disruptions and transit risks.
Military attacks and leadership developments in Iran have impaired Gulf oil and gas production and shipping, prompting a national oil company to invoke force majeure to suspend contractual shipment obligations due to extraordinary damage and security risks; resulting export curtailments, tanker transit disruptions through the Strait of Hormuz, and filled storage have reduced available supply, while governments consider reserve releases and impose regulatory measures against hoarding to stabilize markets and protect energy security.
March 9, 2026
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Fuel price freeze maintained as government directs companies to absorb costs and boosts LPG allocation to prevent shortages.
Government sources say retail petrol and diesel prices will not be raised immediately; oil marketing companies are expected to absorb current cost pressures. The state reports adequate crude and fuel stocks for six to eight weeks, has increased the minimum domestic LPG refill booking gap from 21 to 25 days to prevent hoarding, and has directed refineries to maximise LPG production while monitoring global energy developments and recalibrating allocations to maintain supply chain stability.
March 9, 2026
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Cognisance under PMLA: challenge to requirement of FIR for scheduled offences may determine prosecutorial scope.
The ED challenges a trial court ruling that refused cognisance of its PMLA prosecution because the alleged scheduled offence arose from a private complaint rather than an FIR, arguing that denying prosecution on that basis improperly shields alleged money launderers; the Delhi High Court has listed the ED's appeal for hearing and notices were issued to the accused and related entities concerning alleged usurpation of Associated Journals Limited's assets by Young Indian.
March 9, 2026
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Consumer financing: pre approved EMI and Easy EMI Loan options enable instant in store purchases of eco friendly refrigerators.
Bajaj Finserv's Summer Sale provides pre approved consumer financing and Easy EMI Loan options enabling instant, in store purchase of eco friendly refrigerators with flexible tenors, conditional zero down payment, and partner store availability; promotional prices, EMIs and offers vary by model, store and location. Bajaj Finance Limited is disclosed as an RBI registered deposit taking NBFC classified as an NBFC Investment and Credit Company, with cited credit and deposit ratings and a disclaimer limiting the news agency's editorial responsibility.
March 9, 2026
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Force majeure declarations amid Middle East conflict trigger supply disruptions and spur talks of releasing strategic oil reserves.
Attacks on production and shipping linked to the Iran conflict have reduced exports and prompted a national oil company to declare force majeure, relieving contractual obligations during extraordinary disruption. Some producers have cut output as storage fills, while major consuming states are considering coordinated releases of strategic petroleum reserves and domestic measures to prevent hoarding and price collusion to stabilize markets.
March 9, 2026
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Limiting customer liability in digital transactions expanded to cover more fraud and introduce a temporary compensation mechanism.
RBI has published draft Amendment Directions to broaden the scope of limits on customer liability in digital transactions to include additional fraudulent electronic banking transactions, mandate faster bank processing of fraud complaints, and establish a temporary compensation mechanism for small-value frauds subject to a one-year review aimed at shifting more compensation responsibility to banks.
March 9, 2026
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Provincial development priorities: prioritize industry technology integration and service sector modernization under the new five year plan.
Guangdong sets strategic provincial development priorities for the 15th Five-Year Plan, prioritizing industry technology integration and the cultivation of large-scale industrial clusters in fields such as 6G, embodied artificial intelligence, and quantum technology. Simultaneously, the province will accelerate high-quality service sector development through six strategic dimensions-integration, high-end advancement, digital intelligence, green development, internationalization, and diversification-by expanding investment, building world-class industrial parks, and creating diverse platforms while inviting external participants and talent to engage in provincial opportunities.
March 9, 2026
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Wealth management platform expansion strengthens bank's direct advisory franchise while maintaining strategic collaboration with existing partner.
Federal Bank launched Fed Wealth and a Wealth Hub to develop an in house wealth franchise offering fixed income, equities, mutual funds, alternatives and GIFT City solutions, and will establish specialised Wealth Hubs for private advisory and virtual consultations. The Bank restructured its arrangement with Equirus Capital to align product and service architecture for affluent and UHNI clients while ensuring uninterrupted service for existing Equirus customers, retaining a minority stake in Equirus and continuing targeted collaboration to offer select Equirus products to UHNI clients.
March 9, 2026
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Oil supply disruption drives crude price surge and market volatility amid Middle East conflict, threatening shipping and energy inflation.
Crude oil prices surged as the Iran war damaged energy infrastructure and disrupted shipping through the Strait of Hormuz, constraining exports and prompting production cuts by regional producers. Attacks on depots and transfer terminals, reduced tanker traffic, and filling storage tanks tightened physical supply, fueling market volatility, higher fuel and natural gas prices, and inflationary pressures. Discussions of strategic petroleum reserve releases and official assurances were cited as potential mitigating measures against persistent disruptions.
March 9, 2026
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Oil supply disruption drives crude prices up, threatening global inflation and straining markets and fuel costs.
Crude oil prices surged after the Iran war disrupted production and maritime transit through the Strait of Hormuz, impeding tanker movement and prompting output cuts by producers as storage tanks filled. Attacks on oil and gas facilities and depots further reduced exports, transmitting supply shocks into elevated crude and natural gas prices, higher retail fuel costs, intensified market volatility, and upward pressure on inflation, with major buyers potentially seeking alternative suppliers.
March 9, 2026
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Export Obligation extension grants automatic relief for advance and EPCG authorisations, no application or fee required.
Automatic extension of the Export Obligation (EO) period is provided for specified Advance Authorisations and EPCG Authorisations, without requiring separate applications or payment of composition fees, operating alongside existing Foreign Trade Policy and Handbook of Procedures provisions; DGFT regional authorities will verify EO compliance at the time of issuance of Export Obligation Discharge Certificates, closure, or regularisation, and Customs have been informed to permit exports consistent with the revised EO timeline.
March 9, 2026
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Technological self-sufficiency drives China's industrial policy, prompting state-led subsidies and supply-chain strategies to counter foreign tech restrictions.
China's 2026 and five-year plans combine near-term focus on expanding domestic demand with a strategic push for technological self-sufficiency. The state will deploy industrial policy and sizeable subsidies to accelerate breakthroughs in AI, semiconductors, batteries, biotech, 6G, electric vehicles and commercial aviation, seeking supply-chain resilience in response to foreign technology restrictions, while acknowledging risks of manufacturing oversupply and international trade tensions.
March 9, 2026
Show AI Summary
Energy supply disruption raises oil prices and fuels market volatility with implications for fuel costs and economic risk.
Oil prices rose above one hundred dollars per barrel after conflict involving Iran disrupted production and shipping through the Persian Gulf, reducing tanker transits via the Strait of Hormuz, prompting production cuts and storage fill-ups among regional producers, and following attacks on oil and gas facilities that tightened global crude availability and heightened market volatility.
March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.
March 7, 2026
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Export obligation relief extends EO for specified advance and EPCG authorisations without composition fee to aid exporters facing shipping disruptions.
The DGFT has automatically extended the export obligation period, block-wise, for specified advance authorisations and EPCG authorisations expiring between March and May, until August 31, 2026, without payment of the composition fee, supplementing existing foreign trade policy extension mechanisms to assist exporters affected by shipping and supply-chain disruptions.

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Focus on rural growth, Haryana budget proposes 'Agri Discom'; 20 pc reservation for Agniveers in state police

March 2, 2026

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Chandigarh, Mar 2 (PTI) Haryana Chief Minister Nayab Singh Saini on Monday presented the budget for 2026-27 with an outlay of Rs 2.23 lakh crore, with several initiatives including a new electricity distribution company for the agriculture sector, a Rs 100 crore green climate resilience fund and 20 per cent reservation for Agniveers in the state police force.

A slew of announcements have also been made in the budget for women.

Saini also announced setting up of 'Adarsh Pariksha Kendra' on a public-private partnership model, Anti-Terrorist Squad (ATS) under IG rank police officer, 'Wedding City' each in Gurugram, Kharkhoda and Pinjore on the concept of 'Wed in India', a modern film city at Pinjore, besides stating that Rajiv Gandhi Sports Complex, Daulatabad, will be upgraded to the state's first 'Para Sports Stadium'.

Sporting a saffron turban, Saini said 5,000 suggestions were received from various quarters, and these have been incorporated in the budget, which he described as "people's budget".

Haryana remains committed to serving as an uninterrupted and tireless engine of development in the journey towards fulfilment of Prime Minister Narendra Modi's vision of 'Viksit Bharat' @ 2047, he said.

"Therefore, we have set an ambitious goal of transforming Haryana into a one trillion-dollar economy by the year 2047," Saini said.

This will be for the first time in the state's history that 98 per cent of the total budget has been spent, Saini said referring to the current fiscal. Describing the state budget as the "non-stop government's" 12th budget, Saini said his government has fulfilled 60 out of 217 promises made in his party's poll manifesto.

Reacting to the budget, Leader of Opposition and Congress leader Bhupinder Singh Hooda said, "This is not a budget, just rhetoric, containing no reality." Sharing details of the budget proposals, the chief minister announced a capital expenditure of Rs 28,205 crore for 2026-27, which is 12.6 per cent of the total allocation.

Saini presented a tax-free budget, which envisages an outlay of Rs 2,23,658.17 crore for the year 2026-27, which is 10.28 per cent higher than the revised estimates of Rs 2,02,816.66 crore for the year 2025-26.

The state debt is projected at Rs 3.91 lakh crore in 2026-27 against Rs 3.51 lakh crore in 2025-26 (revised estimates). Salary and pension expenditure is estimated at Rs 52,419 crore in 2026-27 as against Rs 47,549 crore in 2025-26 (revised estimates).

Inspired by the spirit of sacrifice that emerged from the successful celebrations of "Veer Bal Diwas" last December, Saini said and proposed a "Veer Bal Memorial Initiative Scheme" at a cost of Rs 6 crore.

In case of accidental death of a student, Rs 5 lakh will be given to the family, and in case of disability, Rs 3 lakh will be given, Saini said.

In this budget, the fiscal deficit is estimated at Rs 40,293.17 crore, which is 2.65 per cent of GDP. The revenue deficit is 0.87 per cent, the effective revenue deficit is 0.41 per cent, capital expenditure stands at 1.86 per cent, and effective capital expenditure at 2.32 per cent, said Saini, who also holds the finance portfolio.

Haryana's per capita income in 2025-26 is estimated at Rs 3,95,618. This represents a 2.7-fold increase in the state's per capita income over the last 11 years, he said.

In his over three-hour-long budget address, Saini announced a 20 per cent reservation in recruitment to various posts in Haryana Police for 'Agniveers' returning after service in the Indian Army.

"To strengthen the state's disaster preparedness, I propose the formation of the Haryana State Disaster Response Force comprising 1,149 personnel. Maximum participation of Agniveers will be ensured in it," he said.

Saini also informed the House that the government of India has recently strengthened MGNREGA by launching it as the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VBG RAM G).

“ I have made a provision of Rs 610 crore for 125 days of wage-based employment guarantee annually to every rural family in Haryana,” he said.

Among new proposals, the budget proposed setting up a 'Haryana Agri Discom' - a third power distribution company aimed to ensure faster release of connections and reliable and uninterrupted electricity supply for farmers.

"This will serve all 5,084 agricultural feeders and 7.12 lakh agricultural consumers across Haryana. This initiative will ensure uninterrupted power supply to every farm and significantly accelerate services, from providing new tubewell connections to replacement of faulty transformers," he said.

This initiative will prove to be a milestone in enhancing farmers' income, he noted.

Saini proposed that, from the upcoming fiscal year, discussion of six new works will be made mandatory in every Gram Sabha meeting. These works will cover village drinking water supply, wastewater management, review of drug addiction in the village; among other things.

He also announced introducing major overhaul for primary agricultural credit societies (PACS) and said a target has been set to bring at least 300 loss making PACS into profit in 2026-27.

Under the state's flagship Deen Dayal Lado Lakshmi Yojana, in which eligible women aged 23 years and above get a monthly assistance of Rs 2,100, Saini proposed that on the occasion of Deen Dayal Upadhyaya's 110th birth anniversary in September, the state government will will increase the eligibility annual income limit under this scheme to Rs 1.80 lakh (from Rs 1 lakh).

"Therefore, this time, I have proposed Rs 6,500 crore for this scheme," he said announcing increased outlay for the scheme, which was Rs 5,000 crore in FY 2025-26.

The chief minister also proposed the setting up of the 'Haryana Green Climate Resilience Fund' with an initial provision of Rs 100 crore which is in line with the goal of net-zero emissions by 2070.

This fund will accelerate investments in zero-emission vehicles, renewable energy, energy efficiency, water conservation, urban greening, climate-resilient agriculture, and nature-based solutions across the state.

By upgrading Rajiv Gandhi Sports Complex, Daulatabad, the state's first para sports stadium, equipped with international-level facilities, will be established, where sports infrastructure suited to their special needs will be made available for training, Saini said.

In collaboration with the Department of Future and Higher Education, an Autonomous AI and Digital College will be started.

Saini also proposed setting up 'Adarsh Pariksha Kendra' in every assembly constituency under a public-private partnership (PPP) model.

On the agriculture front, Saini proposed to provide an additional bonus of Rs 2,000 per acre to such farmers who choose to cultivate pulses, oilseeds, and cotton in place of paddy.

He also said biomass power projects based on paddy straw, with capacities ranging from 9.9 MW to 25 MW and totalling 200 MW, will be established in 13 districts.

Under the Mukhyamantri Bagwani Bima Yojana, Saini proposed to increase compensation for fruit crop damage due to natural disasters from Rs 40,000 per acre to Rs 50,000 per acre, and for vegetables and spices from Rs 30,000 per acre to Rs 40,000 per acre.

In another new initiative, Saini proposed to set up one 'Wedding City' each at Gurugram and Kharkhoda by HSIIDC, and at Pinjore by the tourism department, advancing Prime Minister Narendra Modi's vision of "Wed in India." These will function on the concept of 'Sagaai se Vidaai', thereby promoting "Vocal for Local" and generating numerous new employment opportunities, he said.

To accelerate the pace of making women 'Lakhpati Didi', a Pink Cab scheme will be launched under which women will be given driving training and provided interest-free loans up to Rs 10 lakh for the purchase of electric vehicles.

A rebate of 1 per cent in motor vehicle tax will be provided for non-transport vehicles registered in the name of women.

A daily yoga break will be introduced for employees in all industrial units in the state.

On the police front, Saini announced that to effectively deal with and prevent terrorist activities, a Anti Terrorist Squad (ATS) will be constituted under an officer of the rank of Inspector General of Police.

Twenty-one new sports stadiums will be constructed in Kaithal, Jhajjar, Charkhi Dadri, Gurugram, Kurukshetra, Jind, Rohtak, Faridabad, Yamunanagar, Sonipat, Fatehabad, and Palwal, he said. PTI SUN CHS VSD MR

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