Business
First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry – The Times of India
In the middle of the ongoing Middle East conflict, India has received around 4 million barrels of crude from Iran. This is the first time in around seven years that India has procured crude oil from Iran. India is looking to quickly secure supplies ahead of a deadline set by the Donald Trump administration that expires over the weekend.India, which relies heavily on imported energy and is sensitive to price fluctuations, has felt the impact of disruptions in global oil flows following strikes by the United States and Israel on Iran since late February.
To manage the situation, it has made use of temporary waivers granted by Washington that permitted purchases of previously restricted Russian and Iranian crude, aimed at easing global oil prices. One of these waivers has already lapsed, while the other is set to expire soon unless extended at the last moment.
India Receives Crude Oil From Iran
A Bloomberg report quoting sources familiar with the matter and vessel-tracking data from intelligence firms Kpler and Vortexa, said that the very large crude carrier Jaya, fully loaded with Iranian oil, is currently unloading its cargo at Paradip on India’s eastern coast.Also Read | Atmanirbhar Bharat 2.0 push: Amid Middle East conflict, India working on self-reliance in energy, nuclear power Another tanker, Felicity, is carrying out similar operations at Sikka on the western coast. Both vessels, which are under US sanctions, are expected to leave Indian ports by Friday, based on port documents reviewed by Bloomberg News.Indian Oil Corporation handles crude shipments at Paradip, while Sikka is used by Reliance Industries and Bharat Petroleum Corporation, which operates a single-point mooring facility in the area.India had been a major importer of seaborne Russian crude until last year and quickly ramped up those purchases. However, refiners have faced greater challenges in sourcing and paying for Iranian shipments due to continuing financial sanctions. Earlier this month, India indicated that it would procure crude from Iran, among other sources, to deal with the ongoing supply strain.The arrival of cargoes carried by the tankers Jaya and Felicity, both under US sanctions for their role in transporting Iranian oil, suggests that alternative arrangements have been put in place to facilitate these imports, the report said.Meanwhile, another Iran-linked vessel, Derya, is currently positioned off India’s western coast with a full load of crude. The tanker had taken on cargo at Kharg Island in late March, but may have missed the deadline tied to the US waiver. It is currently signaling that it is awaiting further instructions, indicating that it has yet to secure a destination port.Also Read | Trump’s blockade of Strait of Hormuz begins: How will India be impacted?
A student aged about 13 opened fire at random in a Turkish school Wednesday killing four people and wounding 20, just one day after a shooter wounded 16 people and then killed himself in another school, officials said.
Kahramanmaras province governor Mukerrem Unluer said a teacher and three students were killed in the latest attack. The attacker was also dead.
“A student came to school with guns that we believe belonged to his father in his backpack. He entered two classrooms and opened fire randomly, causing injuries and deaths,” Unluer told reporters.
Four of the wounded were in serious condition and undergoing surgery, he said.
The attacker, an eighth-grade student, was the son of a former police officer, Unluer said, adding that the suspect was carrying five guns and seven magazines.
“We suspect he may have taken his father’s weapons,” the governor said.
Unluer said the attacker was also dead.
“He shot himself. It is not yet clear whether this was suicide or happened amid the chaos,” he said.
Footage released by IHA private news agency showed a person, body and face covered, being evacuated in an ambulance, as well as tearful parents who had rushed to the school in the southern province’s main city, Kahramanmaras.
Witnesses quoted by media said intense gunfire was heard.
Police increased security around the building, and television footage showed ambulances in the area.
‘Will be held accountable’
Justice Minister Akin Gurlek said prosecutors had launched an immediate investigation into the shooting.
On Tuesday, an ex-student opened fire with a shotgun at his former high school in Siverek district of Sanliurfa province, wounding 16 people before killing himself in a showdown with police. Ten students were among the casualties.
Speaking to the ruling AKP party in parliament, President Recep Tayyip Erdogan promised that those found to have been negligent or at fault “will certainly be held accountable” over the school shootings.
Police detained one suspect after Tuesday’s attack and suspended four officials from duty, Erdogan said. The school was ordered closed for four days.
School shootings in Turkiye had been rare until this week. In May 2024, a former student killed a private high school principal in Istanbul with a firearm five months after he was expelled.
Turkiye has strict gun laws that require licensing, registration, mental and criminal background checks, and severe penalties for illegal possession.
Business
Donald Trump targets Fed chief Jerome Powell again, threatens to fire him if he is ‘not leaving on time’ – The Times of India
US President Donald Trump on Wednesday renewed his attack on Federal Reserve Chair Jerome Powell, saying he would fire him if he continues in the role beyond the end of his mandate.Powell’s term as Fed chair ends in mid-May, and Trump has repeatedly criticised him for not cutting interest rates more aggressively, AFP reported.
“I’ll have to fire him,” Trump told Fox Business, if Powell “is not leaving on time.”The president added: “I’ve wanted to fire him.”The remarks come as the Trump administration steps up pressure on the independent central bank, including initiating a Department of Justice probe into Powell over alleged renovation cost overruns and seeking to remove Fed governor Lisa Cook.Asked if he would drop the DOJ investigation, Trump said: “I’m not playing. I have to find out.”Trump has nominated former central banker Kevin Warsh to succeed Powell, but his appointment requires confirmation by the US Senate.Warsh is scheduled to appear before the Senate Banking Committee next Tuesday, though his confirmation faces resistance.Senator Thom Tillis, a Republican member of the committee, has said he would hold up the nomination while the probe into Powell remains unresolved.As long as the nomination process is delayed, Powell can legally continue as Fed chair.While uncommon, it is possible for a Fed chair to remain on the board even after their term as chief expires.Powell first became Fed chair in 2018 during Trump’s earlier presidency and was reappointed in 2022 under then president Joe Biden.
Morgan Stanley on Wednesday posted results that topped analyst estimates as the firm’s trading operations generated almost $1 billion more in revenue than expected.
Here’s what the company reported:
- Earnings: $3.43 a share vs. $3 LSEG estimate
- Revenue: $20.58 billion vs. $19.72 billion estimate
The bank said profit jumped 29% to $5.57 billion, or $3.43 a share. Revenue rose 16% to $20.58 billion, fueled by gains in the firm’s trading, investment banking and wealth management businesses.
Equities trading revenue jumped 25% to a record $5.15 billion, or about $450 million above the StreetAccount estimate. The firm cited strong volumes across its global equities franchise, especially in its prime brokerage business catering to hedge funds and its derivatives unit.
Fixed income revenue rose 29% to $3.36 billion, or about $540 million more than expected, helped by commodities trading that benefited from volatility in energy markets in the period.
Morgan Stanley, led by CEO Ted Pick since 2024, appears to have capably navigated the tumult of the first quarter, which saw rolling corrections in software stocks and the upheaval caused by the Iran war. Of note, the bank edged out rival Goldman Sachs in the key arena of fixed income trading, where Goldman posted an unusually large miss of $910 million versus the StreetAccount estimate.
Morgan Stanley’s investment banking revenue surged 36% to $2.12 billion, essentially matching the StreetAccount estimate, on rising fees from completed mergers, as well as stock and bond underwriting.
Wealth management revenue climbed 16% to a record $8.52 billion as the firm cited rising asset values and fee-generating transactions.
The firm’s smallest division, its investment management business, saw revenue drop 4.2% to $1.54 billion, or about $110 million below expectations. Morgan Stanley cited lower carried interest on private funds for the drop in performance.
Analysts will want to know what Pick has to say on the business outlook for the rest of the year as geopolitical tensions remain high.
This story is developing. Please check back for updates.
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