Oil prices rise for fourth day
Brent crude futures for September delivery, which are set to expire on Thursday, rose 27 cents, or 0.4%, to $73.51 a barrel, while US West Texas Intermediate (WTI) crude for September gained 37 cents, or 0.5%, to $70.37 a barrel.
The more active Brent October contract was up 29 cents, or 0.4%, at $72.76
Both benchmarks settled 1% higher on Wednesday.
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Times of Oman
10 hours ago
- Times of Oman
Afghanistan's hunger crisis worsens, WFP warns of dire situation
Kabul: The hunger crisis in Afghanistan is spiralling out of control, with the World Food Programme (WFP) warning that the situation is deteriorating by the day, Tolo News reported. The economic crisis, successive droughts, and the forced return of thousands of Afghan migrants have put immense pressure on the country's limited resources, exacerbating the plight of vulnerable groups, including women, children, and returnees from neighbouring countries. In its latest report, this UN-affiliated agency stated that women, children, and returnees from neighbouring countries are the most vulnerable groups in this crisis. According to Ziauddin Safi, WFP communications officer, the agency requires nearly USD 540 million to carry out its programs aimed at reaching the most vulnerable Afghans across the country over the next six months. "For the next six months, the World Food Programme in Afghanistan needs nearly 540 million US dollars to carry out its programs aimed at reaching the most vulnerable Afghans across the country," Ziauddin Safi, the WFP communications officer, said. However, some economic experts believe that for long-term economic growth, investment in infrastructure projects is essential, as per Tolo News. Mir Shaker Yaqubi, an economic affairs expert, notes that aid becomes effective only when it takes on a developmental shape and positively impacts development, welfare, and economic comfort. "These aids are humanitarian and prevent a serious crisis, but they cannot in any way be considered as a fundamental solution to Afghanistan's economic problems," he said. Another economic expert, Sayed Masood, shares a similar perspective, but with a different emphasis. He believes that Afghanistan's crisis is not primarily economic but rather political. "We have the facts and elements necessary to grow and organise the economy," he said. "In reality, Afghanistan's crisis is a political one, especially with the current global and regional engagement, which is preventing developmental projects from moving forward." The Ministry of Economy also considers the continuation of aid from international relief organisations to be beneficial to the country under current conditions. Abdul Latif Nazari, Deputy Minister of Economy, said: "Humanitarian aid is a serious and essential need under the current circumstances, particularly with the return of migrants from neighbouring countries. Therefore, our request is that international aid organisations and the global community continue their humanitarian and emergency assistance to the people of Afghanistan." Previously, the United Nations had requested over two billion dollars to provide aid to approximately 23 million people in Afghanistan.
Times of Oman
17 hours ago
- Times of Oman
RBI keeps Repo Rate unchanged at 5.5% in August policy meet
Mumbai: In a unanimous decision the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept the repo rate unchanged at 5.5 per cent in its August policy meeting. The decision was announced by RBI Governor Sanjay Malhotra on Wednesday. The Monetary Policy Committee (MPC), which met on the 4th, 5th, and 6th of August, carefully reviewed the latest economic and financial conditions before taking this decision. The Governor said that all six members of the MPC voted unanimously to maintain the repo rate under the Liquidity Adjustment Facility at 5.5 per cent. The RBI Governor stated, "After a detailed assessment of the evolving macroeconomic and financial developments and outlook, the MPC voted unanimously to keep the policy record under the Liquidity Adjustment Facility unchanged at 5.5 per cent. This comes after the MPC had reduced the repo rate by 50 basis points to 5.5 per cent in the previous policy meeting held in June. The reason for the earlier rate cut was the easing of inflation. Earlier he stated that both near-term and medium-term inflation levels are now within the RBI's comfort zone. He also highlighted that food inflation has remained soft, which gives the central bank more flexibility in its decisions. Retail inflation in India has continued to fall and has now reached its lowest level in more than six years. According to the Ministry of Statistics, the year-on-year inflation rate based on the Consumer Price Index (CPI) for June was 2.10 per cent (provisional), a drop of 72 basis points compared to May 2025. This is the lowest CPI inflation rate since January 2019. Food prices have also dropped. The Consumer Food Price Index (CFPI) for June showed a year-on-year inflation rate of (-) 1.06 per cent (Provisional). In rural areas, the food inflation rate was (-) 0.92 per cent, while in urban areas, it was (-) 1.22 per cent. Wholesale inflation has also turned negative. The Wholesale Price Index (WPI) for June stood at (-) 0.13 per cent, compared to 0.39 per cent in May. The Ministry of Commerce and Industry said the negative WPI was due to lower prices of food items, mineral oils, basic metals, crude petroleum, and natural gas. Governor Malhotra added that the economic outlook looks positive. "The monsoon season is progressing well, and the upcoming festival season usually increases economic activity. Combined with supportive government and RBI policies, this situation bodes well for the Indian economy in the near term," he said.
Times of Oman
17 hours ago
- Times of Oman
PM Modi announces free e-visas to Filipinos after President Marcos grants visa-free entry to Indians
New Delhi: Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal move following the Philippines' decision to grant visa-free entry to Indian nationals. The announcement came during a Joint Press Statement by PM Modi and Philippine President Ferdinand R Marcos Jr, who is currently on a five-day state visit to the country. During the event, both leaders agreed to enhance people-to-people ties and connectivity further. "We welcome the decision of the Philippines to grant visa-free entry to Indian tourists. India, in turn, has decided to extend the facility of free e-visas to tourists from the Philippines. Efforts will also be made to launch direct flights between Delhi and Manila within this year," PM Modi said. President Marcos echoed the sentiment, highlighting the Philippines' recent visa-free policy for Indian citizens and thanking India for the reciprocal gesture. "I reiterated our introduction of visa-free entry privileges and extended our invitation for more Indian tourists to visit the Philippines. I thank Prime Minister Modi in turn for the introduction of a scheme to grant visas free of charge to Filipino tourists travelling to India. We welcome the resumption of direct flights from October this year and have renewed our commitment to sustaining and expanding such direct air connectivity," he stated. The Ministry of External Affairs later announced direct flights from Delhi to Manila, expected to commence operations from October 1 this year, in a significant step towards enhancing regional connectivity between India and the Philippines. During a special press briefing on the occasion of the state visit of the President of the Philippines, Ferdinand R. Marcos Jr, to India, the MEA indicated that the two countries are exploring possibilities of expanding air links to additional destinations shortly to provide a strong impetus to tourism, business, and people-to-people contacts between the two countries. "Direct Air India flight connectivity from Delhi to Manila will be operational from the 1st of October to the Philippines, hopefully. Further discussions on destinations and how to expand will be further," the MEA stated. PM Modi also expressed gratitude to the Philippines for strongly condemning the April 22 terrorist attack in Pahalgam, where 22 people were killed and for supporting India's efforts in the global fight against terrorism. "We welcome the Philippines' decision to join the International Fusion Centre established by India for the Indian Ocean Region. We express our sincere gratitude to the Government of the Philippines and to the President for strongly condemning the terrorist attack in Pahalgam and for standing with us in our fight against terrorism," the Prime Minister stated. President Marcos conveyed the solidarity of the Filipino people with India in the wake of the Pahalgam attack and reiterated the Philippines' firm stance against terrorism. "As emissaries of our people, I bring with me the enduring friendship of the Filipino nation. I carry the message of our solidarity with India, both over the tragic attack in Pahalgam earlier this year and in the broader fight against terrorism," President Marcos stated. This visit also marks a historic moment in India-Philippines relations, as the two countries announced the elevation of their ties to a Strategic Partnership as they celebrate 75 years of diplomatic relations. "India is delighted to welcome Philippines President, Mr. Bongbong Marcos at a time when we mark 75 years of bilateral relations between our nations. It is equally gladdening that we have decided to elevate ties to a Strategic Partnership, which ensures our cooperation becomes more robust and diverse. An Action Plan has also been drawn up in this regard," PM Modi stated in a post on X. Both leaders expressed satisfaction over the growing cultural and tourism exchanges, reaffirming their commitment to regular cultural exchange programmes. "We are working to boost cultural linkages between India and Philippines. Our nations will work together in tourism, connectivity and holding regular cultural exchange programmes. President Marcos and I held wide-ranging talks on India-Philippines bilateral cooperation, regional and global issues. An important part of the discussion was to boost trade. Other areas like IT, healthcare, automobiles, minerals, space and science offer immense potential too. Growing cooperation in defence and security is also a very welcome development," the post added. The Ministry of External Affairs also stated the meeting was a "new milestone" in India-Philippines relations, stating that the two leaders had "agreed to elevate India-Philippines bilateral relations to a 'Strategic Partnership'," and noted the signing of several key agreements. These include the Mutual Legal Assistance Treaty in Criminal Matters (MLAT), a Treaty on the Transfer of Sentenced Prisoners, and Terms of Reference for Preferential Trade Agreement (PTA) negotiations. "A new milestone: India and Philippines are now Strategic Partners. PM Narendra Modi and President Marcos held talks at Hyderabad House & agreed to elevate India-Philippines bilateral relations to a 'Strategic Partnership'. The leaders also witnessed exchange of the Plan of Action (2025-29) for implementation of the Strategic Partnership. Discussions focused on various aspects of ties. Several important documents, including MLAT in Criminal Matters, Treaty on Transfer of Sentenced Prisoners, ToRs on negotiations of India-Philippines Preferential Trade Agreement, ToRs on establishment of Staff Talks between defence forces, in the area of space, tourism, culture, S&T and digital technologies, were exchanged," the MEA stated in a post on X. External Affairs Minister S Jaishankar also expressed his affirmation over the India-Philippine relationship and over the Indo-Pacific cooperation. "Pleased to witness the announcement of India-Philippines Strategic Partnership by PM Narendra Modi and President Marcos. An affirmation of our deepening Indo-Pacific cooperation, as we mark 75 years of diplomatic relations," the EAM stated. Following their meeting, both leaders declared 13 wide-ranging agreements, with key pacts spanning defence, security, science and technology, tourism, digital cooperation, maritime collaboration, and cultural exchange. A detailed Plan of Action for the Strategic Partnership covering the years 2025 to 2029 was also unveiled, laying the roadmap for enhanced engagement across critical sectors, the MEA stated in a statement. Among the notable outcomes were the adoption of Terms of Reference between the Indian Air Force and the Philippine Air Force on Air Staff Talks, between the Indian Army and the Philippine Army on Army-to-Army Staff Talks, and between the Indian Navy and the Philippine Navy on Navy-to-Navy Talks. The two sides also signed a Treaty on Mutual Legal Assistance in Criminal Matters and a Treaty on the Transfer of Sentenced Persons, aimed at strengthening legal and judicial cooperation. A Memorandum of Understanding was also signed to bolster cooperation in digital technologies. A statement of Intent was also exchanged between the Indian Space Research Organisation (ISRO) and the Philippine Space Agency, focused on collaboration in the peaceful uses of outer space.
