Israel-Iran conflict: Oil slides 6% after Iran's 'symbolic' strikes

Oil prices slipped nearly $5, or 6%, on Monday after Iran attacked the US military base in Qatar in retaliation for US attacks on its nuclear facilities, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz.
About a fifth of global oil supply flows through the strait.
A telegraphed attack on a well-defended US base could be a first step in reducing tensions provided there are no US casualties, Energy Aspects said in a post.
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Time of India

4 hours ago

Time of India

No more hot air

Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. DGCA waking up to aviation safety won't change much unless audit is unsparing & findings are made public Nothing shows more starkly why nothing should be taken for granted than aviation regulator DGCA's 'comprehensive safety audit' – a 360-degree evaluation of the sector's safety, ops and regulatory compliance. Flyers assume such a periodic 360-degree audit and assessments are at the core of DGCA's raison d'etre. Apparently not. Airlines' and chopper operators' audits have been carried out in silos. And compliance of aviation's safety rules have been hostage to airlines' cutting corners to keep losses in check and profits intact, coupled with a crippling shortage of suitably trained inspectors at DGCA's multiple operations' wings. Plus, allround graft, including in the running of flying training schools. Commercial flying is a multitude of operations demanding high skill, high training and plenty of rest – it is only when every small part works in unison can flight safety be guaranteed. Take something as routine as oxygen on board. A Lok Sabha response mentioned a Nov 2022 Air India B737 Bombay-Bengaluru-San Francisco flight that was fined ₹1.10cr for insufficient oxygen on board. The penalty order came a year later on Jan 24, 2024. On July 9, 2024, in a 'serious scheduling incident' on a Delhi-Riyadh flight, a trainee first officer was paired with a non-trainer pilot, against basic norms – AI was fined ₹90L. It's not a moment too soon that three AI senior officials were removed from their posts for a series of lapses. A constant stream of 'accidents' – from unlawful entry into the cockpit to under-trained and fatigued pilots, from poor maintenance to inspection staff shortage – has the aviation sector glitching. There have been calls that DGCA may want to bring in third party auditors since a key operational audit would be to identify the safety watchdog's own weaknesses and gaps in protocol, staffing and service. Finally, findings of the audit must be made public – to reassure those who actually buy air tickets and keep the business running. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.

Simplify processes, speed up refunds, Finance minister Sitharaman tells tax officials

Time of India

4 hours ago

Time of India

Simplify processes, speed up refunds, Finance minister Sitharaman tells tax officials

NEW DELHI: Finance minister Nirmala Sitharaman on Monday asked top direct tax officials to make the processes simpler, transparent, and taxpayer-friendly, while seeking to speed up cases of disputed tax demand. During a meeting with principal chief commissioners of income tax, the minister called for a "structured, process-driven approach to compliance" focusing on greater ease for taxpayers and improved voluntary compliance, an official statement said. A key thrust of FM's discussions, which sets the agenda for the financial year, was a focus on refunds and grievance redressal, in addition to the disposal of cases locked up in disputes. While direct tax refunds in the fiscal year up to June 19 shot up 58%, the statement said Rs 23,376 crore refunds were issued on account of "Order Giving Effects", while another Rs 10,496 crore were on account of rectifications made during the financial year. While nearly 5.8 lakh appeals are pending, over 2.2 lakh appeals are sought to be completed by March, dealing with over Rs 10 lakh crore of disputed demand. Around 4,605 cases were withdrawn after the monetary limits were raised in 2024, and in around 3,120 cases, appeals were not filed as the monetary limits for filing appeals were increased as part of an exercise to reduce litigation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ductless Air Conditioners Are Selling Like Crazy [See Why] Keep Cool Click Here Undo As part of the exercise, Sitharaman asked the officials to prioritise and accelerate the disposal of disputed tax demands that are currently pending before the faceless appellate authorities. She also suggested that all appeals by the tax department falling below the revised monetary thresholds should be identified and withdrawn within three months. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Time of India

4 hours ago

Time of India