S&P, Nasdaq open at record highs on US-EU deal optimism
ADVERTISEMENT The Dow Jones Industrial Average rose 45.1 points, or 0.10%, at the open to 44946.98. The S&P 500 rose 9.0 points, or 0.14%, to 6397.69, while the Nasdaq Composite rose 68.1 points, or 0.32%, to 21176.401.
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Mint
an hour ago
- Mint
If India were to stop buying Russian oil, global crude prices could jump to 200 dollars a barrel: Report
Global crude prices could jump to 200 US Dollars a barrel if India were to stop buying Russian Oil thus severely harming consumers worldwide, sources told ANI. Russian oil has never been sanctioned and is still not sanctioned by either the United States or the European Union. Providing context for India's energy security policy, sources explained that Russia, the world's second-largest crude oil producer with about 9.5 million barrels per day output – nearly 10% of global demand – is also the second-largest exporter, shipping roughly 4.5 million barrels per day of crude and 2.3 million barrels per day of refined products. Past fears of Russian oil being squeezed out of global markets had driven Brent crude prices to a high of $137 per barrel in March 2022. "In this challenging environment, India, as the world's third-largest energy consumer with 85% import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," sources added. Earlier, United States President Donald Trump on Friday ( EST) claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to pursue an energy policy in its own national interest. News agency Reuters reported on July 31st that Indian state-run refiners suspended purchases of Russian oil amid tariff threats from President Trump and narrowing price discounts. However, Indian sources have now rebutted these reports, clarifying that Indian refiners have continued to buy Russian crude based on commercial viability. Sources further told ANI that Russian oil has never been sanctioned, but rather subjected to a G7/EU price-cap mechanism to limit Russian revenues while keeping global supplies flowing. India oil refiners' purchases have remained fully legitimate under international frameworks. "Had Indian oil refiners not absorbed discounted Russian crude, combined with OPEC production cuts of 5.86 million barrels per day, global oil prices could have surged well beyond the March 2022 peak of 137 dollars per barrel, intensifying inflation globally," sources explained. It was also highlighted that Indian oil marketing companies (OMCs) have refrained from buying Iranian or Venezuelan crude, which is actually sanctioned by the US, and have complied with the $60 per barrel price cap recommended for Russian oil by the US. The European Union has recently recommended a lower price cap of $47.6 per barrel for Russian oil, to take effect in September. Commenting on Europe's continued Russian energy imports, sources noted the EU was the largest importer of Russian-origin liquefied natural gas (LNG), buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. For pipeline gas, the EU remained the top buyer with a 37% share, followed by China at 30% and Turkey at 27%. Backing India oil refiners' decision to continue sourcing Russian oil, sources reiterated that India's energy choices are guided by its national interest, while also contributing to global energy stability. "India's pragmatic approach has kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks," they added.
NDTV
2 hours ago
- NDTV
WhatsApp Suspends Over 9.8 Million Accounts In India In June, Cites Harmful Activity
Mumbai: WhatsApp banned more than 98 lakh accounts in India during June, as part of its efforts to curb abuse and harmful activity on the platform, according to WhatsApp's latest India Monthly Report. Of these, nearly 19.79 lakh accounts were banned proactively, before any user complaints were received, the report stated. In addition to banning accounts, WhatsApp also acted on grievances received from users in India. During the month, the platform received 23,596 complaints through its grievance mechanisms, out of which action was taken against 1,001 accounts. These actions included banning accounts or restoring previously banned accounts after reviewing complaints. Most complaints were related to ban appeals, with 16,069 such cases reported, leading to action on 756 accounts. Other categories included account support, product support, and safety-related issues, as per the report. WhatsApp said its abuse detection works at three stages -- during account registration, while messaging, and in response to negative feedback such as user reports and blocks. The company added that prevention is its primary focus, as stopping harmful activity before it happens is more effective than detecting it afterward. The platform emphasised its commitment to user safety, saying it uses end-to-end encryption, safety tools, and dedicated teams to fight abuse, misinformation, and security threats. It also works with experts to promote cybersecurity and protect election integrity, the messaging platform said in the report. Meanwhile, last month, the messaging platform has introduced two new tools - 'Status Ads' and 'Promoted Channels'. According to WABetaInfo, these features were available to select beta users on Android. Status Ads work like Instagram Story ads. Now, business accounts can post paid content that will show up in people's Status updates. These ads will appear between status updates from friends and family, with a clear "sponsored" label so people can easily spot them as ads. (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Economic Times
3 hours ago
- Economic Times
Federal Bank Q1 Results: Standalone net profit falls 15% YoY to Rs 862 crore; NII up 2%
Federal Bank on Saturday reported a standalone net profit of Rs 861.75 crore, down 14.6% year-over-year compared to a profit of Rs 1,009.53 crore in the corresponding quarter of last year. ADVERTISEMENT The bank also posted a 2% increase YoY in net interest income (NII), which rose to Rs 2,336.83 crore in the June quarter from Rs 2,291.98 crore a year ago. Despite the drop in bottom line, the lender posted its highest-ever other income of Rs 1,113 crore, which was up 21.6% from the year-ago period. Total income for the quarter rose 7.6% year-on-year to Rs 7,799.61 crore. KVS Manian, Managing Director & CEO of the bank, said the quarter 'reaffirmed the strength of our diversified model.' He noted that 'even in a typically soft Q1, we saw momentum in key segments like commercial banking, credit cards, and gold loans.''Our mid-yielding engines are firing well too,' Manian said. 'We delivered a strong operating performance, with improving productivity. Fee income hit a record high, and CASA ratios continued to improve steadily.' ADVERTISEMENT The bank's total deposits grew 8.03% to Rs 2.87 lakh crore, while net advances increased by 9.24% to Rs 2.41 lakh crore. Within this, retail advances rose 15.6% to Rs 81,047 crore, commercial banking loans jumped 30.3% to Rs 25,028 crore, and corporate loans grew 4.5% to Rs 83,680 bank's CASA (current account and savings account) base expanded 12% YoY to Rs 87,236 crore. Net interest margin for the quarter stood at 2.94%, while annualised earnings per share came in at Rs 14.07. ADVERTISEMENT Asset quality remained stable, with gross non-performing assets (NPAs) at 1.91% and net NPAs at 0.48%. Provision coverage ratio (excluding technical write-offs) stood at 74.41%.Manian said that 'while credit costs were elevated this quarter, they were largely driven by slippages in the Agri and MFI portfolios.' He added, 'Based on current trends, we expect these slippages to moderate and stabilise going forward, leading to a normalisation in credit costs.' ADVERTISEMENT The lender's capital adequacy ratio for the June 2025 quarter stood at 16.03%, and net worth increased 12.2% YoY to Rs 33,994 crore. Return on assets (ROA) and return on equity (ROE) for the quarter stood at 1% and 10.3%, respectively. 'With macro tailwinds building and our strategic themes gaining traction, we're confident of accelerating growth in the second half while staying disciplined on risk and profitability,' Manian said. (You can now subscribe to our ETMarkets WhatsApp channel)
