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Commercial LPG price hiked by ₹993 to ₹3,071 in Delhi

The price of the 19-kg commercial LPG cylinder has been increased by ₹993 with effect from May 1, 2026, raising the cost in Delhi to ₹3,071.50. The revision marks a significant upward movement in fuel prices used by commercial establishments such as hotels, restaurants, bakeries, and small businesses.

Oil marketing companies implemented the hike across the country, with similar increases seen in other major cities. The sharp revision is expected to raise operating costs for businesses that depend heavily on LPG for cooking and heating purposes.

Despite the steep rise in commercial cylinder prices, there has been no change in domestic LPG rates. The 14.2-kg household cylinder continues to remain at its existing price level, offering relief to consumers amid volatile energy markets.

Officials and industry sources link the price hike to global energy disruptions and rising international fuel costs, influenced by ongoing geopolitical tensions. These factors have pushed up import prices for LPG, leading to higher retail rates in the commercial segment.

This is one of the most notable single-day increases in recent months and adds pressure on the hospitality and food service sectors, which may eventually pass on the higher costs to customers.

However, the government has kept domestic LPG prices unchanged in an effort to shield households from inflationary pressure, even as commercial fuel rates continue to fluctuate with global market trends.

Also Read: Musk–Altman OpenAI trial intensifies in court

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India cuts export duty on diesel, jet fuel

India has reduced export duties on diesel and aviation turbine fuel (ATF), offering some relief to refiners as global oil prices remain volatile. The new rates came into effect on May 1.

Export duty on diesel has been brought down to ₹23 per litre from ₹55.5, while jet fuel duty has been reduced to ₹33 per litre from ₹42. There is no export duty on petrol. Despite these changes, taxes on fuels sold within the country remain unchanged.

The decision comes at a time when global crude oil prices have surged due to ongoing geopolitical tensions and supply concerns, particularly in West Asia. As a major importer of crude oil, India is sensitive to such fluctuations, which can impact both fuel availability and pricing.

Earlier, the government had raised export duties to ensure enough fuel stayed within the country and to prevent companies from exporting more for higher profits. The latest move signals a shift, allowing refiners more flexibility while still keeping domestic supply stable.

For consumers, there is no immediate impact, as petrol and diesel prices at the pump remain steady. The government has maintained these rates to avoid passing on the burden of rising global prices to the public.

The changes also come as the aviation sector faces higher fuel costs, with ATF being a major expense for airlines. Lower export duties may help ease some of the pressure on fuel supply and pricing.

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Samsung family wealth doubles to $45 bn

The controlling family behind Samsung has seen its wealth nearly double in just one year, reaching around $45 billion, driven largely by a global boom in artificial intelligence and semiconductor demand.

According to the Bloomberg Billionaires Index, the combined wealth of the Lee family rose from about $20 billion last year to roughly $45.5 billion as of March this year. This sharp increase has pushed them up the ranks to become Asia’s third-richest family, moving from 10th place last year.

The surge in fortune is closely linked to Samsung Electronics’ strong performance in the chip industry. Demand for advanced memory chips, used in AI systems, cloud computing, and data centres, has pushed up valuations across the semiconductor sector.

The family’s financial recovery is especially notable given the challenges they faced after the death of Samsung patriarch Lee Kun-hee in 2020. The group had been dealing with one of the world’s largest inheritance tax burdens, along with legal and governance issues involving leadership transitions within the conglomerate.

Despite earlier concerns that these pressures could weaken family control over the company, the opposite has happened. The rise in Samsung’s business value has helped the family strengthen its financial position while continuing to maintain influence over the wider conglomerate.

Samsung remains South Korea’s largest chaebol (family-run business group), with major operations spanning electronics, semiconductors, and consumer technology. Its performance is seen as a key driver of the country’s economy.

Also Read: Musk–Altman OpenAI trial intensifies in court

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Musk–Altman OpenAI trial intensifies in court

The legal fight between Elon Musk and OpenAI CEO Sam Altman has escalated as Musk appeared in court and gave testimony in a closely watched trial over the future of the AI company.

Musk, who helped found OpenAI in 2015, told the court that the organisation was originally created to develop artificial intelligence for the benefit of humanity. He claims that over time, it moved away from that goal and became more focused on profit and commercial growth.

He also argued that OpenAI’s shift, especially after receiving major investment from Microsoft, went against its founding principles. Musk is now asking the court to remove Sam Altman and other top executives, reverse the company’s current structure, and award damages.

OpenAI has strongly denied these allegations. The company says its transition to a more commercial model was necessary to fund large-scale AI development. It also points out that Musk himself had considered similar directions before leaving the organisation.

The case has attracted global attention because it involves some of the biggest names in artificial intelligence. It also raises important questions about how AI companies should be structured and who should control advanced technologies.

During his testimony, Musk said his main concern was ensuring that AI remains safe and accessible, rather than being controlled by a few powerful companies or driven mainly by profit.

OpenAI, on the other hand, maintains that its current model allows it to raise the resources needed to compete in a rapidly evolving industry. The company says it remains committed to responsible AI development.

The trial is expected to continue for several more weeks, with both sides presenting evidence, including emails and internal discussions.

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Etihad Airways teams up with Air Cambodia to expand routes

Travelling between the Middle East and Southeast Asia is set to become simpler, thanks to a new partnership between Etihad Airways and Air Cambodia.

The two airlines have signed a codeshare agreement that allows passengers to book connecting flights under a single ticket. This means travellers can fly across multiple destinations without the hassle of separate bookings or rechecking baggage at every stop.

For instance, passengers flying with Etihad can now easily reach Cambodian cities like Phnom Penh and Siem Reap by connecting through the airline’s network. Siem Reap, in particular, is a popular destination as it serves as the gateway to the famous Angkor Wat temple complex, attracting tourists from around the world.

The agreement also benefits passengers flying from Cambodia. Those travelling with Air Cambodia will now have smoother access to Etihad’s wide global network through Abu Dhabi, opening up routes to Europe, the Middle East, and other parts of Asia.

This partnership is part of Etihad’s broader effort to strengthen its presence in Southeast Asia, a region where travel demand continues to grow. Instead of launching new direct flights to every destination, airlines often use codeshare deals like this to expand their reach quickly and efficiently.

The collaboration also improves access to nearby countries. Travellers can now connect more easily to cities in Vietnam, such as Ho Chi Minh City and Da Nang, adding more options to their travel plans.

Etihad had already introduced direct flights between Abu Dhabi and Phnom Penh last year. This new agreement builds on that step, making Abu Dhabi an even more important hub for travellers heading to Southeast Asia.

Airline officials say the move will not only make travel more convenient but also help boost tourism and business links between the regions.

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Gold falls ₹1,50,430, Silver drops ₹2,54,900

Gold and silver prices in India witnessed a slight correction on April 30, 2026, as investors opted for profit booking after recent gains in the bullion market.

Gold prices fell by around ₹10, with the metal trading near ₹1,50,430 levels in domestic markets. Silver also declined by about ₹100, and was quoted around ₹2,54,900 per kilogram. Despite this minor dip, both precious metals continue to trade at elevated levels compared to historical averages.

The softening in prices is largely attributed to short-term profit booking after a strong upward movement in recent sessions. Earlier gains were driven by global uncertainty, inflation concerns, and heightened geopolitical risks, which had increased demand for safe-haven assets like gold and silver.

Retail gold prices across major Indian cities such as Delhi, Mumbai, and Pune also reflected slight variation depending on local taxes and making charges. However, overall trends remained aligned with the national benchmark movement.

Silver prices, while also slipping marginally, continue to remain volatile due to dual demand factors. Apart from investment demand, silver is widely used in industrial sectors such as electronics, solar energy, and manufacturing, which keeps its price movements more sensitive to global economic conditions.

Also Read: Sensex falls 1,100+ points, Nifty dips below 23,800

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UAE quits OPEC, shaking global oil alliance

The United Arab Emirates (UAE) has announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, marking a major shift in global energy politics. The exit will take effect from May 1, 2026.

According to official statements reported by multiple international outlets, the UAE described the move as part of a long-term strategic and economic realignment of its energy policy. The country said it intends to focus on national interests, expand domestic production capacity, and respond more flexibly to global energy demand.

The UAE, one of the largest oil producers within OPEC and a key Gulf member, has been part of the organization for decades. Its departure is being viewed as a significant blow to the group’s cohesion and its ability to influence global oil supply and pricing.

Reports indicate that the decision comes at a time of heightened global energy instability. The ongoing conflict involving Iran and disruptions in the Strait of Hormuz, a critical passage for global oil shipments, have already tightened supply routes and increased volatility in crude markets. The UAE’s exit adds further uncertainty to an already fragile situation.

Analysts suggest the move could allow the UAE greater freedom to adjust production levels outside OPEC quotas, potentially increasing output in response to market conditions. However, it also weakens coordinated supply management within the oil-exporting bloc traditionally led by Saudi Arabia.

The decision has also been linked in reports to growing policy differences between Gulf producers over production targets and long-term energy strategy. While some members favour tighter coordination to stabilize prices, others, including the UAE, appear to be prioritising production flexibility and investment expansion.

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ED attaches ₹3,034 cr Reliance Group assets

The Enforcement Directorate (ED) has attached assets worth ₹3,034 crore in connection with its money laundering investigation into the Reliance Communications (RCom) bank fraud case. The assets are linked to companies associated with Anil Ambani-led Reliance Group.

According to officials, the properties attached include a high-value residential flat in Mumbai, a farmhouse in Khandala, land parcels in Gujarat and shares of Reliance Infrastructure. The action has been taken under the Prevention of Money Laundering Act (PMLA), which allows authorities to provisionally seize assets suspected to be linked to proceeds of crime.

The case is related to alleged irregularities in loans taken by Reliance Communications and connected entities from a consortium of banks. Investigators are examining whether funds were diverted and whether assets were acquired using money connected to the alleged fraud.

With the latest move, the total value of assets attached in matters involving the Reliance Anil Ambani Group has risen sharply over the course of the investigation. Officials said the probe is continuing and more findings may emerge as financial records and transactions are reviewed.

Reliance Communications was once one of India’s leading telecom companies but later faced mounting debt and financial stress. The company entered insolvency proceedings after failing to repay lenders, leading to wider scrutiny by banks and investigative agencies.

The ED’s action is a provisional step meant to prevent the sale, transfer or disposal of the assets while the investigation continues. The individuals or companies concerned have the right to challenge the attachment before legal authorities.

The development adds to the financial and legal challenges faced by the Anil Ambani group, which has been working through debt issues and legacy disputes in recent years.

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Australia plans 2% big tech news levy

Australia has unveiled a new proposal that would require major technology companies to financially support local journalism or face a levy on their revenue. The plan targets large digital platforms such as Google, Meta and TikTok, which play a major role in how people access news online.

Under the proposal, eligible tech companies would have to either sign commercial agreements with Australian media organisations or pay a 2.25% levy on their local revenue. The government says the measure is designed to ensure journalism is fairly funded in the digital age.

Prime Minister Anthony Albanese said strong journalism is essential for democracy and local communities. He noted that many Australians now discover news through search engines and social media, making it reasonable for platforms benefiting from news content to contribute financially.

The new system is meant to encourage direct deals between tech firms and publishers rather than simply collect a tax. Companies that reach agreements with local media outlets could avoid paying the levy. Any money raised would be used to support Australia’s news industry.

Australia was one of the first countries to introduce rules requiring digital platforms to negotiate with publishers over payment for news content. Those laws led to several high-profile deals in recent years, but the government now says the system needs to be updated as the digital market has changed.

The latest move has received mixed reactions. Media organisations welcomed the proposal, saying it could help protect public-interest journalism and support newsroom jobs at a time when many outlets are under financial pressure.

Technology companies, however, have criticised the plan. Some argue that platforms already drive traffic to publishers and should not be forced to pay additional charges. They also warn that such measures could affect how news is shared online.

The proposal is expected to be debated in parliament before any final decision is taken. If passed, Australia could once again become a global test case for regulating the relationship between big technology firms and traditional news media.

Also Read: RBI brings new rules for bank loan losses

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RBI brings new rules for bank loan losses

The Reserve Bank of India (RBI) has introduced a new framework that will require banks to prepare earlier for possible loan defaults. The new rules, which will come into effect from April 1, 2027, are aimed at making the banking system stronger and more resilient.

Under the revised system, banks will move to the Expected Credit Loss (ECL) model for provisioning. This means lenders must estimate the chances of loans turning bad in the future and set aside money in advance. At present, banks usually make provisions after stress begins to show or when repayments are missed.

The RBI believes the shift will help banks recognise risks sooner and improve financial stability. It also brings India’s banking practices closer to international standards followed in several major markets.

The new framework will classify loans into three categories depending on the level of risk. Standard loans with no major warning signs will need lower provisions. Loans showing signs of weakness will require higher reserves, while credit-impaired or troubled loans will need the highest level of provisioning.

Importantly, the RBI has kept the current 90-day overdue rule for identifying non-performing assets (NPAs). This means a loan will still be treated as bad if repayments remain overdue for more than 90 days.

Banks had sought more time to prepare for the transition, as the new model may increase the amount of money they need to keep aside. However, the central bank has retained the April 2027 deadline. To ease the shift, lenders will be allowed to spread any additional provisioning burden over four years.

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