India Raises Fuel Prices, Cuts Duty, to Narrow Losses (Update3) – Bloomberg
 Gulf Times |
India Raises Fuel Prices, Cuts Duty, to Narrow Losses (Update3)
Bloomberg - The Reserve Bank of India said oil companies can invest more than 400 percent of their net worth in exploration of oil, gas and mining coal overseas. … India raises fuel prices 10 pct, stirs protests Soaring cost of imported crude oil forces India, Malaysia to raise … IBNLive Chat:'Oil will be king for next 20-25 yrs' |
Asian markets fall as crude oil surges
Stock markets across the Asia-Pacific region fell on Thursday, after the U.S. Federal Reserve’s warning about possible higher inflation and a weaker economy sparked fears that the world’s largest economy faced stagflation. Crude oil surged to a new record above $135 a barrel in Asian trading.
At 10:24 a.m. local time, Japan’s benchmark Nikkei 225 index was down 183.62 points at 13,742.68 and the broader Topix index was losing 24.92 points to 1,345.17.
In early Tokyo deals, the U.S. dollar was trading in the upper 102-yen levels. At 10:04 a.m. local time, the dollar was quoted at 102.82-102.84 yen, down 0.49 yen from Wednesday’s 5:00 p.m. quotes of 103.31-103.33 yen in Tokyo.
On the economic front, Japan’s merchandise trade surplus declined by 46.3% on year in April to 485.0 billion yen, the Finance Ministry said on Thursday. Analysts expected a 21.7% decline to 707.2 billion yen.
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