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    India boosts Russian, UAE oil purchases in Jun ahead of full Hormuz recovery
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June 21, 2026
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Crude supply diversification drives India's higher Russian and UAE oil purchases as Hormuz flows slowly normalise.
India increased crude oil purchases from Russia and the United Arab Emirates in June as refiners sought to secure supplies ahead of the fuller restoration of traffic through the Strait of Hormuz. Russian crude remained the largest source of supply, supported by competitive discounts and steady refinery demand, while India also raised purchases from Atlantic Basin and Venezuelan sources to diversify amid disruption to Gulf flows. The reopening of the Strait of Hormuz is expected to normalise energy shipments in stages, with LPG recovering first, followed by LNG and crude oil.
June 21, 2026
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Economic conditions in India to be examined amid global uncertainty, with focus on growth, inflation, employment, and trade.
Parliamentary financial oversight has added evolving economic conditions in India as a subject for detailed examination for the year 2025-26. The proposed study is directed to assess the country's economic position in light of global uncertainty, geopolitical tensions, tariff-related pressures, supply chain disruptions, and commodity price fluctuations, with particular attention to growth, inflation, employment, investment trends, fiscal management, banking developments, trade, and the impact of external developments on domestic conditions.
June 20, 2026
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Petrol and diesel price stability highlighted amid global crude volatility, with excise duty cuts and inventory costs absorbing pressure.
Petrol and diesel prices in India have remained relatively stable despite volatility in global crude oil markets, with excise duty reductions said to have absorbed the burden of price swings. The minister said oil marketing companies are facing losses on higher-cost crude inventories, but fuel prices could soften when lower-priced crude reaches refiners. The address also highlighted Sonbhadra's development ranking, Uttar Pradesh's economic growth, startup expansion and tourism-driven activity in Ayodhya, Kashi and Prayagraj.
June 20, 2026
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Money laundering asset auction: attached Heera Group properties sold for investor restitution under judicial supervision.
The Enforcement Directorate auctioned 23 immovable assets earlier attached under the Prevention of Money Laundering Act as properties derived from the proceeds of crime in the Heera Group money-laundering investigation. The auction was conducted through MSTC pursuant to directions of the Supreme Court, and the proceeds are to be used for restitution and repayment of genuine investors under judicial supervision.
June 20, 2026
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Fuel pricing stability remains despite crude volatility as excise duty cuts and inventory effects cushion consumers.
Petrol and diesel prices in India have not materially increased despite volatility in global crude oil markets, with the government saying excise duty reductions absorbed much of the pressure. The statement says oil marketing companies have faced losses without passing the full burden to consumers, and that fuel prices may soften when lower-priced crude reaches refiners. It also highlights India's economic growth, Sonbhadra's development progress, and Uttar Pradesh's expansion in industry, employment and tourism-linked infrastructure.
June 20, 2026
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Logistics ecosystem collaboration drives India's trade facilitation agenda at the India Logistics Conclave 2026.
The Brihanmumbai Custom Brokers' Association hosted the second edition of the India Logistics Conclave 2026 in Mumbai, bringing together more than 550 delegates, government leaders and industry participants from the customs, ports, shipping, trade and logistics sectors. The conclave featured sessions on the roadmap for India's long-term development, the digital backbone of customs and trade, geopolitics and trade, and policy and infrastructure for a futuristic logistics ecosystem.
June 20, 2026
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Wealth banking expansion drives HSBC India's new Surat branch, strengthening services for affluent and non-resident clients.
HSBC India opened a new branch in Surat, Gujarat, to strengthen its presence in an emerging wealth and industrial centre and expand services for affluent, HNW, UHNW and non-resident Indian customers. The launch forms part of the bank's broader wealth strategy in India and follows Reserve Bank of India approval in 2025 to open additional branches in key cities. HSBC India said the branch is intended to support a growing customer base in emerging wealth hubs and its continued branch network expansion across India.
June 20, 2026
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Sector-diversified placement strategy strengthens recruiter confidence and broadens student opportunities across multiple industries.
DBS Global University reported a placement season driven by a sector-diversified recruitment strategy intended to reduce dependence on any single industry amid broader hiring slowdowns, especially in IT and banking. The placement team expanded relationships across core and emerging sectors, using placement intelligence, alumni networks and a curriculum aligned to industry needs to maintain recruitment momentum across a wider employer base. Placements were described across IT, FMCG, cement, home construction, retail, edtech, logistics, banking, consulting, NBFC, insurance, ecommerce and manufacturing, with roles in leadership, supply chain management, operations and brand management.
June 20, 2026
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Enforcement Directorate searches and seizure proceedings in a TASMAC-linked money-laundering probe faced challenge over their legality.
Challenge to the legality of Enforcement Directorate searches and seizure proceedings at a businessman's residence in a money-laundering probe linked to TASMAC. The plea sought quashing of searches conducted on multiple dates, but the High Court had declined to examine their validity at that stage. The Supreme Court upheld that approach and did not entertain the challenge to the searches.
June 20, 2026
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Luxury rug selection in India favors handmade craftsmanship, bespoke customization, and durable natural materials for homes and hotels.
Luxury rug and carpet selection in India is presented as a matter of craftsmanship, material quality, customization, and project suitability, with handmade and hand-knotted products positioned as superior to machine-made alternatives for durability, design flexibility, sustainability, and long-term value. The guide identifies The Ambiente as the leading luxury rug brand, emphasizing bespoke handmade rugs from Bhadohi, strong customization, premium materials, and suitability for homes, villas, hotels, and corporate spaces.
June 20, 2026
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Monetary policy status quo amid energy shocks, with repo rate unchanged and neutral stance retained as inflation risks build.
The Monetary Policy Committee reviewed global and domestic macroeconomic conditions amid prolonged West Asia conflict, elevated energy prices, supply-chain disruptions, and weather-related risks. It unanimously kept the policy repo rate unchanged at 5.25 per cent and retained the neutral stance, while the standing deposit facility rate, marginal standing facility rate, and Bank Rate remained unchanged. The minutes project real GDP growth at 6.6 per cent for 2026-27 and CPI inflation at 5.1 per cent, with continued vigilance on energy pass-through, food prices, and inflation expectations.
June 20, 2026
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Building materials trade and export linkages gain momentum as Bharat Buildcon 2026 connects global buyers and manufacturers.
Bharat Buildcon 2026 highlighted the expansion of India's building materials and construction sector through a large-scale exhibition, business networking platform and industry conference programme bringing together domestic and international buyers, manufacturers, policymakers and trade stakeholders. The event featured buyer-seller meetings, product showcases and knowledge-sharing sessions aimed at strengthening export linkages, market access and business collaboration across categories such as ceramics, tiles, sanitaryware, bathware, hardware, plywood, laminates, paints, construction chemicals, machinery and building technologies. The exhibition also underscored policy and infrastructure themes linked to water conservation, sustainable infrastructure development, real estate growth, industrial expansion and urbanisation. Discussions referenced government-led development initiatives and the broader role of manufacturing, logistics, hospitality, transportation and services in supporting industry growth.
June 20, 2026
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Trade expansion and non-tariff barrier review shape India-Uzbekistan cooperation across sectors, digital systems and logistics.
India and Uzbekistan agreed to deepen bilateral trade, address non-tariff barriers and work towards doubling trade over the next three years through the India-Uzbekistan Intergovernmental Commission on Trade, Economic, Scientific and Technological Cooperation. The parties discussed expansion of Indian exports across multiple sectors, priority cooperation in pharmaceuticals and agriculture, and wider collaboration in ICT, digital infrastructure, customs data exchange, payment systems, energy and critical minerals. Non-tariff barriers, logistics connectivity and business engagement were identified as key areas for review and implementation.
June 20, 2026
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Anti-money laundering leadership strengthens as India assumes FATF Vice-Presidency for the first time.
India has assumed the Vice-Presidency of the Financial Action Task Force for the first time, with Shri Vivek Aggarwal appointed for the term July 2026 to June 2027. The Vice-President is elected by the FATF Plenary and assists the President in steering the organisation's work. The appointment places an Indian official in a key role within the global standard-setting body for anti-money laundering and counter-terrorist financing.
June 20, 2026
Show AI Summary
Audit quality and financial reporting standards drive NFRA-ICAI workshop focus on professional capacity and global competitiveness.
NFRA, in collaboration with ICAI, organised a workshop in Pune to enhance professional capacity for audit practitioners, strengthen audit quality and improve the quality of financial reporting. The programme focused on the role of the accountancy profession in safeguarding public interest and maintaining trust in financial reporting, while urging audit firms, including small and medium practitioners, to align with contemporary global standards and continuously improve competence.
June 20, 2026
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MSME-led trade expansion drives Uttar Pradesh's BRICS exports, with industrial support schemes linking artisans, youth and global markets.
Uttar Pradesh reported expanding trade links with BRICS member and partner countries, with exports of machinery, garments, leather, carpets and precious stones crossing USD 5.36 billion in 2025-26. The state also highlighted the MSME sector as a driver of employment and growth, along with the One District One Product scheme, Vishwakarma Shram Samman Yojana, youth entrepreneurship support through interest-free, guarantee-free loans, and MSME parks under the PLEDGE scheme.
June 19, 2026
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NCLT asset takeover follows declaration of illegal entity, with property vested and encroachment warned against.
NCLT has taken over the assets and properties of the Sirajul Uloom Welfare Foundation after it was declared an illegal entity, with all properties vested in the National Company Law Tribunal, Chandigarh. The order warns that interference with, encroachment upon, or trespass over the properties would violate the tribunal's directions and attract action under the relevant legal provisions.
June 19, 2026
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Fresh litchi export facilitation boosts Uttarakhand growers and opens European market access through coordinated export support.
Facilitation of the first-ever export consignment of fresh litchis from Uttarakhand to Italy marked the State's entry into the European market. The inaugural shipment of one metric tonne of Dehradun litchi was dispatched from Dehradun, with the export covering varieties such as Rose Scented, Calcuttia and Bedana cultivated in the Dehradun, Haridwar, Nainital and Udham Singh Nagar districts. The export initiative provided a financial boost to local growers, with farmers reportedly securing prices nearly 25 per cent higher than prevailing domestic market rates.
June 19, 2026
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Regulatory and market updates include buyback reforms, IPO approvals, RBI caution on rates, and food safety notices.
Employment incentives were disbursed under Pradhan Mantri Viksit Bharat Rozgar Yojana, with support extended for new jobs and the employment count under the scheme reported as having crossed 70 lakh. Sebi approved the reintroduction of share buybacks through stock exchanges, allowed open-market repurchases from August 1, and capped the execution period at 66 working days. The RBI Monetary Policy Committee maintained a wait-and-watch stance on interest rates amid uncertainty over inflation and growth. Food safety notices, forex reserve data and market updates were also reported.
June 19, 2026
Show AI Summary
Share buyback framework returns through stock exchanges with tighter execution limits and simpler market access rules.
Sebi approved the reintroduction of share buybacks through stock exchanges, allowing companies to repurchase their own shares through regular trading mechanisms without a dedicated buyback window, with the execution period capped at 66 working days. The board also eased mutual fund borrowing norms, simplified securities transmission procedures, approved a green-channel mechanism for AIFs, strengthened governance and disclosure requirements for Sebi members and employees, and cleared amendments to frameworks for SDIs and municipal debt securities.

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Customs & Trade

Zelenskyy has 'good meeting' with Trump at White House as he seeks more cooperation with US

July 29, 2026

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Washington, Jul 29 (AP) President Donald Trump and Ukrainian President Volodymyr Zelenskyy met Tuesday ahead of Senator Lindsey Graham's funeral, with the two leaders discussing ways for Ukraine to produce its own powerful weapons and “other ideas that could help” in its ongoing war against Russia.

The sit-down in the Oval Office, which was closed to the media, followed a consequential meeting at the NATO summit earlier this month in Ankara, Turkiye, where Trump announced that the US will give Ukraine a license to make Patriot defence systems -- a long-running request from Kyiv to counter Russian missile attacks.

Taken together, those meetings underscore how much the US president, once a major sceptic of continued assistance to Kyiv, has warmed to Zelenskyy as Ukraine continues to withstand the Russian barrage more than four years after Moscow's invasion in 2022. The Ukrainian leader, whose relationship with Trump in his second term was marked by a raucous White House visit in which he was denigrated for being ungracious, has worked to court the Republican administration while relying on both likely and unlikely allies in Trump's orbit to exert their influence with the president.

The ongoing conflict in the Middle East, which has consumed much of the Trump administration's focus this year, has also become gradually entwined with Ukraine, with Ukraine firing on at least one Iranian vessel in the Caspian Sea over the weekend while Zelenskyy asserts that Russia has been offering satellite imagery of US bases in the Persian Gulf to Iran.

In a post on social media after the meeting, Zelenskyy thanked Trump for the “good meeting” and the Republican administration's efforts to aid Kyiv in the long-running war. Officials also agreed that Steve Witkoff and Jared Kushner, the president's main envoys, would make a trip to Kyiv sometime in the future, according to a person familiar with the talks who was granted anonymity to discuss the closed-door meeting.

“The President and I discussed licenses for Patriot interceptor production and several other ideas that could help,” said Zelenskyy, who also noted that he offered condolences to Trump for the death of Graham, a close ally. “We also spoke about diplomacy -- it's important that the diplomatic process be reinvigorated.” Trump on Tuesday night weighed in on his meeting with Zelenskyy, calling it a “Great Honour” to meet with him. “Many things were discussed. The meeting went very well!” he wrote on Truth Social.

Zelenskyy wants to bolster Ukraine's defence production ------------------------------------------------------------------ Later during his whirlwind, one-day visit to Washington, Zelenskyy posted that he met with officials from Lockheed Martin for further cooperation in both defence production and exchanging of technologies, saying, “Ukraine has a lot to share with those who help us protect lives.” Later, in a meeting with senators at the Capitol, Zelenskyy again made his case for why Ukraine needs Patriot interceptors, as well as a sweeping sanctions bill to impact morale and increase pressure on Russia, according to two people with direct knowledge of the private discussion. They were granted anonymity to disclose details of a closed-door meeting.

While Ukraine remains grateful to Trump for agreeing to issue a license to manufacture the Patriots, Zelenskyy emphasised to senators that that is a longer-term solution. This year, Zelenskyy said, Ukraine will need the US to provide missiles that Kyiv would pay for with European funds, said one of the people with knowledge of the meeting.

Finnish President Alexander Stubb, who like Zelenskyy was in Washington for Graham's funeral, also spoke to senators, saying Ukraine retains strong support from NATO and the European Union in terms of providing and paying for weaponry, as well as imposing sanctions on Russia.

Luke Coffey, a senior fellow at the conservative-leaning Hudson Institute, said expanding production capacity for Patriot interceptors is not only vital for Ukraine, but also for the US and its Gulf allies, particularly as supply runs low during the war in Iran.

“Ukraine has shown that its defence industry is capable, innovative and creative,” Coffey said. “I have no doubt that when they're granted the license, they will be able to produce these missiles which will hopefully mean there will be more available for the US” Trump welcomed Zelenskyy to the White House as the Ukrainian leader travelled to Washington to honour Graham, whose final act as a public official was visiting Kyiv and securing an agreement on a package of sanctions that seek to punish countries that purchase Russian oil, gas and other exports.

In a Fox News interview Tuesday, Trump recalled Graham's hawkishness and said the South Carolina senator's support for Ukraine never wavered. Trump said Graham had suggested it was time to make a deal with Iran but had no similar suggestion for the Russia-Ukraine war.

“Ukraine, he's very militant about,” Trump said on “Fox & Friends." "I mean, Lindsey liked war, to be honest with you." The Trump administration's embrace of Zelenskyy also comes as Laura Loomer, a far-right activist with the US president's ear had a recent, widely publicised change of heart on Russia's war against Ukraine.

Ukraine highlights ties between Iran and Russia ------------------------------------------------------- Ahead of the meeting, Zelenskyy also warned that Russia has been aiding Iran as the war persists by capturing satellite imagery of US bases in the Gulf region that later appear in Iran. The Ukrainian president also asserted that there was a “clear correlation” between Russia's images and subsequent Iranian strikes.

Iran is a key ally of Russia in its war against Ukraine and has helped Moscow build up its drone expertise.

But on Monday, Trump downplayed any impact of potential Russian assistance for Iran.

“I don't think they've been doing it, certainly not at a high level,” Trump told reporters on Air Force One as he travelled to Michigan. “And if they have, it has been very un-impactful.” On the Caspian Sea attack, the foreign ministers of Iran and Ukraine spoke about the matter, according to statements posted on social media Tuesday. Ukrainian Foreign Minister Andrii Sybiha called the conversation “frank” and said Ukraine's focus is “solely at defending our country from Russian aggression" and not on targeting civilians.

Iran has said at least one sailor was killed in the attack. For his part, Iranian Foreign Minister Abbas Araghchi said Iran is also not seeking escalation but “made clear any attack on our citizens or interests is unacceptable." Pro-Ukraine backers pushing to advance sanctions bill --------------------------------------------------------------- Zelenskyy had a busy itinerary during his latest visit to Washington. During his meeting at the Capitol, which was held just before a key vote on the Russia sanctions bill and after Graham's funeral, the Ukrainian leader argued that they have a window to bring Russian President Vladimir Putin to the negotiating table, according to one of the people with direct knowledge of the meeting.

In a bipartisan 86-12 vote, the Senate took the first steps toward passage of legislation to penalise countries that continue to buy Russian oil, gas and other exports after more than a year of negotiations.

The bill has dozens of backers from both major political parties and is seen as the main policy tribute to Graham, who died unexpectedly this month from a tear in his aorta. It imposes tariffs on goods from the world's top five purchasers of Russia oil or natural gas, including China and India.

The legislation also includes sanctions against Putin; senior Russian political and military leaders; and Russian financial institutions and energy projects. (AP) FHK FHK

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