Business
50% US tariffs: Indian refiners look to cut back on Russian crude imports; Trump claims India to stop buying oil from Moscow – The Times of India
India is looking to reduce its Russian oil imports with refiners planning a gradual reduction, according to a Reuters report quoting sources. Russia continues to be India’s largest crude oil supplier. The Donald Trump administration has imposed 50% tariffs on India, 25% of which are for the latter’s crude oil procurement from Russia.On Wednesday, US President Donald Trump claimed that Prime Minister Narendra Modi had given assurance that India would discontinue purchasing oil from Russia.“So I was not happy that India was buying oil, and he (Modi) assured me today that they will not be buying oil from Russia,” Trump informed reporters at a White House gathering on Wednesday.Sources told Reuters that Indian refiners have not received any official directive from the government regarding stopping Russian oil imports.The sources quoted in the report indicated that an immediate halt to Russian oil purchases would be problematic, as transitioning to alternative crude sources would result in increased global oil prices and potentially trigger inflation concerns.During April to September, India’s Russian crude imports averaged 1.75 million barrels per day, representing approximately 36% of total oil imports, down from 40% in the corresponding period last year, according to government statistics.Imports of US crude increased by 6.8% year-on-year to roughly 213,000 bpd, constituting 4.3% of total imports.For the six-month period ending September 2025, Middle Eastern oil’s proportion increased to 45% from 42%, as revealed by the data.Following Trump’s claim, India issued a statement on Thursday emphasising its two primary objectives: maintaining stable energy prices and ensuring supply security.“It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective,” the foreign ministry said in a statement.Indian officials are currently conducting trade negotiations in Washington, whilst the US has increased tariffs on Indian goods by twofold to encourage New Delhi to decrease Russian oil imports. US negotiators have indicated that reducing these purchases would be essential for lowering India’s tariff rate and concluding a trade agreement, the Reuters report said.India and China have emerged as the leading purchasers of Russian seaborne crude exports, benefiting from reduced prices that Russia has had to offer following European buyers’ withdrawal and sanctions imposed by the US and EU after the Russia-Ukraine war that started in February 2022.Meanwhile India has indicated that it is exploring enhanced energy collaboration with the United States.“The current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” said foreign ministry spokesperson Randhir Jaiswal in the statement.
CEO of United Airline Scott Kirby speaks during the Semafor 2025 World Economy Summit at Conrad Washington on April 24, 2025 in Washington, DC.
Alex Wong | Getty Images
United Airlines CEO Scott Kirby said the federal government shutdown could hurt bookings if it continues.
Despite the funding impasse, essential federal employees including Transportation Security Administration officers and air traffic controllers are required to work without pay. The shutdown started Oct. 1 as Congress failed to pass a funding bill.
Speaking on an earnings call on Thursday, Kirby said the shutdown so far hasn’t impacted the carrier’s business.
“I think that at least for the first couple of weeks, people thought it was going to get resolved, so they just kind of continued business as usual,” he said. “But as time goes on, as people read headlines and say, ‘it’s not going to get resolved soon.’ People start to lose confidence in the government and the government’s ability to resolve this. And that’s going to start to impact bookings.”
Kirby said there isn’t an exact cutoff for when the airline could start to see an impact, but added “every day that goes by, the risk to the U.S. economy grows. So I hope we will avoid an unforced error here.”
Delta Air Lines CEO Ed Bastian last week made a similar warning about how a prolonged shutdown could affect air travel but emphasized that the airline’s operation hadn’t been affected.
The shutdown has raised concerns about already thin-staffing among air traffic controllers, the Federal Aviation Administration said. Insufficient staffing at some FAA facilities last week disrupted flights at airports, including in Nashville, Tennessee, and Burbank, California.
Members of the union that represents U.S. air traffic controllers handed out leaflets outside of LaGuardia Airport in New York, as well as in Washington, D.C., and Chicago on Tuesday to urge the public to ask lawmakers to end the shutdown.
A more-than-monthlong shutdown starting in late 2018 ended hours after a shortage of air traffic controllers snarled air travel in the New York area.
Business
Commodity market boost: Sebi plans to boost institutional participation; derivatives and bonds in focus – The Times of India
Markets regulator Sebi is taking steps to enhance institutional participation in both agricultural and non-agricultural commodity markets, aiming to make them more appealing for hedging activities, its chairman Tuhin Kanta Pandey said on Thursday, PTI reported.Speaking at the Bloomberg Forum for Investment Management, Pandey said, “We are looking to enhance institutional participation to make this market more attractive for hedging.” He added that deepening India’s cash equities market and improving the derivatives segment remain high priorities.The Sebi chief emphasised that any further measures to strengthen commodity markets would be consultative and carefully designed. Last month, he had indicated plans to engage with the government to allow banks, insurance companies, and pension funds to invest in non-agricultural commodity derivative markets.Pandey also highlighted that Sebi is examining proposals to permit foreign portfolio investors to trade in non-cash-settled, non-agricultural commodity derivative contracts.Beyond commodities, the regulator has taken steps to deepen the corporate bond market, making it more accessible for issuers and investors. Sebi is also considering bond derivatives and encouraging the growth of municipal bonds through regulatory reforms and targeted outreach programmes.
Business
‘I’m not a gold buyer, but…’: JPMorgan CEO Jamie Dimon, long a gold skeptic, now sees ‘semi-rational’ in buying it; what he said – The Times of India
Jamie Dimon, the JPMorgan Chase & Co CEO, who is long known to be a skeptic on gold investment, has said that he now sees a ‘semi-rational’ in having the yellow metal as part of your investment portfolio.Gold prices have surged significantly, rising from under $2,000 two years ago to remarkable levels, outperforming equity markets in the 21st century. This upward trend reflects investors seeking refuge in secure assets, driven by inflationary pressures and global political tensions.
Jamie Dimon’s View on Gold
While stating that he is not a buying of gold, Dimon acknowledged that gold prices could go up to as high as $10,000! “I’m not a gold buyer — it costs 4% to own it,” Dimon said this week at Fortune’s Most Powerful Women conference in Washington. Dimon expressed a measured view on gold ownership whilst acknowledging its potential value in current circumstances.“It could easily go to $5,000, $10,000 in environments like this. This is one of the few times in my life it’s semi-rational to have some in your portfolio,” he was quoted as saying by Bloomberg.“Asset prices are kind of high,” Dimon said, and “in the back of my mind, that cuts across almost everything at this point.”Ken Griffin, the billionaire founder of Citadel, expressed concern last week about investors increasingly perceiving gold as a more stable alternative to the dollar, describing this shift as “really concerning.”Goldman Sachs has adjusted its gold price prediction for December 2026 upwards to $4,900 per ounce, an increase from the previous $4,300, attributing this change to significant Western ETF investments and anticipated central bank purchases.“We see the risks to our upgraded gold price forecast as still skewed to the upside on net, because private sector diversification into the relatively small gold market may boost ETF holdings above our rates-implied estimate,” Goldman said according to a Reuters report.HSBC has increased its projected average gold price for 2025 to $3,355 per ounce from $3,215, attributing the rise to heightened safe-haven interest amidst global political tensions, financial instability, and declining US dollar strength.“Sentiment remains bullish as rallies are expected to continue in 2026 aided by official sector buying and institutional demand for gold as a diversifier,” the bank stated in a note dated October 15.HSBC revised its gold price projection upward, setting a new average target of $3,950 for 2026, an increase from its previous estimate of $3,125.ANZ’s latest analysis predicts gold prices will reach $4,400 per ounce by end-2025, citing several factors including heightened geopolitical tensions, economic instability, financial market uncertainties, and anticipated Federal Reserve interest rate reductions.The bank expects gold valuations to achieve their highest point around $4,600 per ounce in June 2026, before trending downward in the latter half of 2026, coinciding with the end of the Federal Reserve’s easing programme and increased certainty regarding US economic expansion and trade policy directions.
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