Business
Iran war oil shock: India buys 30 million barrels of Russian crude after US waiver – The Times of India
India has purchased around 30 million barrels of unsold Russian crude after the United States issued a 30-day waiver allowing the country to buy shipments already stranded at sea, Bloomberg reported citing sources.According to the report, Indian refiners moved quickly to secure the available cargoes, many of which were already positioned in Asian waters, offering an immediate alternative as disruptions hit oil flows from the Middle East.India had earlier scaled back purchases of Russian oil, replacing part of those supplies with crude from Saudi Arabia and Iraq. While New Delhi has never officially said it would stop buying Russian oil and a significant volume continues to flow. Though the overall import levels had declined in recent months.The widening conflict in the Middle East has since disrupted traditional supply routes, with shipping traffic through the Strait of Hormuz severely affected after US and Israeli strikes on Iran.Although the Strait of Hormuz is one of the world’s most critical oil shipping lanes, only about 40% of India’s crude imports pass through the waterway. Still, the disruption has pushed Indian refiners to secure alternative crude supplies to maintain stable energy flows.
Indian refiners move quickly to secure cargoes
Following the waiver, Indian refiners including Indian Oil Corporation and Reliance Industries bought up nearly all available Russian cargoes in the spot market, according to sources cited by Bloomberg.Much of the crude had already been loaded onto tankers and was moving through Asian waters but had not yet been committed to buyers.Traders said Indian Oil purchased around 10 million barrels, while Reliance bought at least another 10 million barrels, with other Indian refiners taking the remaining volumes. Russian crude offered included a range of grades such as Urals, ESPO and Varandey. The prices were offered at premiums of $2 to $8 per barrel over London’s Dated Brent benchmark, a sharp shift from earlier months when Russian oil traded at discounts to the global marker.The surge in purchases comes amid major disruptions to global energy supplies caused by the escalating Middle East conflict. The Strait of Hormuz, which connects Gulf oil producers to global markets, has been effectively closed since US and Israeli strikes on Iran began, limiting access to Middle Eastern crude.The disruption has forced importers such as India to quickly secure alternative supplies.
Tankers change course toward India
Several oil tankers that had initially been sailing away from the subcontinent have reversed course toward India following the waiver.Among them are the vessels Maylo and Sarah, which recently changed their destination from Singapore and are now heading to Indian ports, according to shipping data cited by Bloomberg.India traditionally imported little Russian oil before the Russian invasion of Ukraine, but the purchase increased after Western sanctions forced Moscow to offer crude at steep discounts.At its peak in mid-2024, India’s imports of Russian oil exceeded 2 million barrels per day. However, purchases fell to about 1.06 million barrels per day in February, according to data from analytics firm Kpler, as India cut back under pressure from Washington.
US says waiver is temporary
The United States has earlier described the waiver as a temporary measure aimed at stabilising global energy markets during the ongoing Middle East crisis.White House press secretary Karoline Leavitt said the move was intended to address short-term supply disruptions.Responding to a question about the waiver, Leavitt said, “They came to this decision because our allies in India have been good actors and have previously stopped buying sanctioned Russian oil,” she said. “So as we work to appease this temporary gap of oil supply around the world because of the Iranians, we have temporarily permitted them to accept that Russian oil and this Russian oil was already at sea,” she added.She noted that the shipments would not boost Russia’s revenue, stating that, “It was already out on the water. So this short term measure, we don’t believe it will provide significant financial benefit to the Russian government at this time.”
Business
Starmer says ‘tide could be turning’ on shoplifting epidemic
Sir Keir Starmer claimed “the tide could be turning” against shoplifting as he set out the Government’s efforts to crack down on retail crime.
The Prime Minister said shop thefts were “slightly down” in the latest figures and he wanted wider use of technology which allows CCTV footage to be shared immediately with the police.
His comments came as a think tank highlighted figures showing 67% of shoplifting offenders go on to commit another offence within 12 months, up from 55% before the pandemic.
In an address to the Usdaw shopworkers’ union, Sir Keir said: “It’s disgraceful that people just working in their shop have to take abuse from customers.
“It’s disgraceful that people feel sick to the stomach thinking about how they’re going to get through the day and it’s disgraceful that people can have their lives and livelihoods ruined by persistent shop theft.”
He said the Government has put an extra 3,000 neighbourhood police officers on the streets and scrapped the “ridiculous” rule which left theft of goods worth less than £200 “not properly investigated” by police.
“That was a shoplifters’ charter, and we’ve ended it and not before time,” he said.
“We’ve toughened up punishment too. We’re giving police stronger powers, making the abuse and assault of retail workers a specific crime and giving you the same protections as emergency workers.”
Sir Keir said he was “not blind to how big this challenge is” but said the number of people charged had gone up 17% in the latest statistics and shop theft was down.
The latest Office for National Statistics (ONS) data showed shoplifting offences fell slightly last year, down from 516,611 in 2024 to 509,566 in 2025.
Sir Keir said: “It’s only slightly down, but the tide could be turning.”
The Prime Minister’s speech came as the Centre for Social Justice (CSJ) warned of a high street crime epidemic.
The centre-right think tank highlighted figures uncovered by former Tory leader Sir Iain Duncan Smith through parliamentary questions which showed the extent of repeat offending.
The think tank’s analysis showed the average number of offences committed by shoplifters has nearly doubled in five years, rising from 5.5 to 9.1 offences per convicted thief.
Sir Iain, the CSJ’s chairman, said: “Communities across Britain are suffering from a high street crime wave.
“Set against years of economic difficulties, there is a risk that some of our town and city centres are left permanently hollowed out.”
A standalone offence for assaulting a retail worker is set to be introduced in the Crime and Policing Bill going through Parliament.
But the two Houses of Parliament are currently in a tussle over the final draft of the Bill as the end of the parliamentary session nears.
Almost 80% of shop workers said they experienced verbal abuse, more than half said they were threatened by a customer and 10% said they were assaulted in the latest annual survey by retail trade union Usdaw.
The small drop in shoplifting in the ONS figures may reflect a change in how such offences are recorded.
Offences where someone has entered a retail premises, steals, then either uses or threatens violence against staff or other people should be classed as robbery of business, police forces were advised in April last year.
This may account for the steep increase in the number of such robberies recorded, which rose 78% to 26,158 in 2025.
Joanne Thomas, Usdaw general secretary, said the incoming legislation delivers “much-needed protection of retail workers’ law”.
She said: “While there has been a welcome small decrease in shoplifting across last year, the fact is retail crime continues to be a significant issue for the sector and particularly staff.
“Usdaw’s last survey found that this is in no way a victimless crime, with two-thirds of attacks on retail staff being triggered by theft or armed robbery.
“Having to deal with repeated and persistent offences can cause issues beyond the theft itself, like anxiety, fear and physical harm to retail workers.”
Shadow home secretary Chris Philp accused the Prime Minister of “brazen cheek”, saying Sir Keir was “part of the problem, not the solution”.
He said: “Shoplifting is up 8% under Labour, made worse by a drop in total police numbers of 1,300 in the last year alone.
“Starmer is abolishing prison sentences under a year, which means virtually no shoplifter will ever go to prison.
“The Conservative plan to take back our streets will see 10,000 extra police hotspot patrol high crime areas, combined with a tripling of stop and search and widespread use of live facial recognition to catch wanted criminals.
“Only the Conservatives have a plan to fix this.”
Business
Gold prices rise rebound in Pakistan after recent decline – SUCH TV
Gold prices in Pakistan have risen again at the start of the business week after several days of decline, according to the All Pakistan Bullion Market.
The price of gold per tola increased by Rs 800, reaching Rs 493,962.
Similarly, the price of 10 grams of gold rose by Rs 686 to Rs 423,492.
In the global market, gold also recorded an increase of $8 per ounce, reaching $4,716.
Experts say global economic uncertainty, currency fluctuations, and investor preference for safe-haven assets are driving the upward trend in gold prices.
They add that changes in international markets directly impact Pakistan’s local bullion rates, leading to continued fluctuations in domestic prices.
Business
Anta: The Chinese sports brand taking on Nike and Adidas
Now one of the biggest sportswear firms, Anta’s rise follows a playbook adopted by many Chinese giants.
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