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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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Airlines flag crisis over rising fuel prices

India’s leading airlines have warned of a serious financial crisis due to rising aviation turbine fuel (ATF) prices and have sought urgent government intervention to avoid operational disruption.

Air India, IndiGo, and SpiceJet, represented by the Federation of Indian Airlines (FIA), said the sector is under “extreme stress” as fuel costs continue to rise. They have urged the Centre to revise pricing policies and provide immediate relief measures.

ATF accounts for nearly 40% of airline operating expenses, making price volatility a major challenge. Airlines say global oil price swings and supply issues have further increased costs.

The carriers have also called for a uniform ATF pricing structure across domestic and international routes, saying current differences are adding to financial strain. They have suggested temporary tax relief on jet fuel to ease pressure.

The FIA warned that without timely intervention, airlines could be forced to cut flights or even suspend parts of their operations, affecting connectivity across the country.

While passenger demand remains strong, airlines say high costs are squeezing profitability. Industry observers note that the warning reflects growing financial stress in the aviation sector.

The government is expected to examine the demands as pressure builds to stabilize the industry and prevent possible disruption to air travel services.

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Gold nears one lakh, Silver at ₹1.13 lakh

Gold and silver prices remained firm on April 29, 2026, as investors closely tracked the upcoming US Federal Reserve policy decision for signals on interest rates and inflation.

In the domestic market, gold traded near the ₹1 lakh per 10 grams level, while silver held above ₹1.13 lakh per kg. Precious metals stayed supported by global uncertainty, safe-haven demand and expectations that the US central bank may maintain current rates.

International markets moved cautiously as traders awaited comments from the Federal Reserve on future monetary policy. Gold typically benefits when interest rates remain low or when rate cuts are expected, as it does not generate fixed returns.

Meanwhile, India’s gold market witnessed a major shift in consumer behaviour during the January-March quarter. For the first time, investment demand for gold exceeded jewellery demand, showing that more Indians are now buying gold as a wealth-protection asset rather than only for ornaments.

According to industry estimates, India’s gold investment demand rose 52% year-on-year to 82 tonnes in the March quarter. Jewellery demand, however, fell nearly 20% to 66 tonnes as high prices reduced regular household purchases.

The rise in investment demand was driven by strong buying of gold bars, coins and exchange-traded funds (ETFs). Many retail and institutional investors turned to gold amid stock market volatility, inflation concerns and geopolitical tensions.

Despite the fall in jewellery purchases, India’s total gold consumption still increased by more than 10% during the quarter, reflecting continued interest in the precious metal.

Silver prices also remained steady, supported by industrial demand and global market caution. Analysts said silver may continue to track both precious metal sentiment and industrial growth expectations in coming months.

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Tech gains drive Axis Bank to cut 3,000 jobs

Axis Bank has reduced its workforce by around 3,000 employees in FY26, as its growing use of technology and automation has improved efficiency across operations.

The total employee count fell to about 1.01 lakh, down from roughly 1.04 lakh in the previous year. The bank said the change happened gradually over time rather than through a sudden layoff drive.

According to the bank, the reduction reflects productivity gains from its ongoing digital transformation. With better systems, automation and upgraded technology platforms, fewer employees are now needed to handle the same volume of work.

At the same time, Axis Bank continued to expand its physical presence. It added around 400 new branches during the year, showing that it is still investing in traditional banking channels alongside digital services.

The bank clarified that the workforce drop is not linked to any large-scale restructuring but is part of a broader shift towards efficiency and technology-led operations.

In recent years, Axis Bank has been heavily investing in digital banking, automation tools and customer service platforms. These investments are now beginning to show results in the form of improved productivity.

The trend also reflects what is happening across the banking sector, where technology is changing how work is done. Many routine tasks are being automated, allowing banks to operate with leaner teams while improving speed and service quality.

Even with fewer employees overall, banks like Axis continue to hire selectively in areas such as digital services, risk management and customer experience roles.

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China blocks Meta’s $2 billion Manus deal

Meta’s plan to buy artificial intelligence startup Manus for $2 billion has been blocked by Chinese authorities, dealing a blow to the tech giant’s efforts to strengthen its AI business.

The decision shows how sensitive AI technology has become, with governments increasingly treating it as a strategic asset rather than just another business sector.

Meta had hoped the acquisition would help it move faster in the global AI race. Manus has attracted attention for building advanced AI systems that can perform tasks such as research, planning and customer support with limited human input.

For Meta, the startup was seen as a valuable opportunity to add both technology and talent at a time when competition is intensifying with rivals such as Google, Microsoft and OpenAI.

Chinese regulators reportedly opposed the deal on national security and foreign investment grounds. The move suggests Beijing is becoming more cautious about allowing promising domestic AI companies or their technology to come under foreign ownership.

Even though Manus had links outside mainland China, authorities appear to have taken a broad view of the company’s strategic importance.

For Meta, the setback is more than a lost acquisition. It means the company may now need to spend more time and money building similar capabilities internally or searching for other partnerships.

Chief Executive Mark Zuckerberg has made AI one of Meta’s top priorities, investing heavily in smart assistants, business tools, advertising technology and future digital platforms.

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Rupee drops 24 paise to 94.39 against dollar

The Indian rupee came under pressure on April 28, 2026, slipping 24 paise to 94.39 against the US dollar, as higher oil prices and cautious global sentiment weighed on the domestic currency.

The rupee opened weaker at 94.35, compared with the previous close of 94.15, and extended losses during early trade.

Currency dealers said the sharp rise in crude oil prices was the main reason behind the fall. Brent crude traded above $109 per barrel as tensions in West Asia continued to keep energy markets on edge. For India, which depends heavily on imported oil, higher crude prices usually mean more demand for dollars to pay import bills, putting pressure on the rupee.

There was also regular month-end dollar buying from importers and oil companies. Businesses that make overseas payments often purchase dollars near the end of the month, and that added to the rupee’s weakness.

Global factors also played a role. The US dollar remained firm, while several Asian currencies traded lower as investors stayed cautious amid geopolitical tensions and uncertainty over interest rate decisions by major central banks.

Traders said the rupee’s losses were partly contained by likely intervention from state-run banks, which are often seen selling dollars when volatility rises sharply. This helped prevent a steeper decline in the domestic unit.

Meanwhile, Indian equity markets remained volatile during the session, giving little immediate support to the rupee. Foreign investment flows were also in focus, as continued outflows can weigh on the currency.

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Gold falls to ₹1,53,700, Silver slips to ₹2,59,900

Gold prices edged lower in the domestic bullion market on April 28, 2026, while silver also declined slightly, reflecting cautious sentiment and weak global trends.

According to market data, the price of 24-carat gold fell ₹10 to ₹1,53,700 per 10 grams, while 22-carat gold slipped to around ₹1,40,900 per 10 grams in major cities. Silver prices declined ₹100 to ₹2,59,900 per kilogram in the physical market.

The marginal fall in precious metal prices comes amid softer international bullion prices and investor caution ahead of major central bank policy decisions this week. Global gold prices remained under pressure as traders monitored inflation concerns and expectations that the US Federal Reserve may keep interest rates unchanged.

Rising crude oil prices have also become a key factor for bullion markets. Higher oil rates can fuel inflation fears, which generally support gold as a hedge. However, they can also strengthen expectations of prolonged higher interest rates, limiting upside in non-yielding assets like gold.

In India, jewellers said retail demand remains mixed, with consumers closely watching price movements after recent volatility. Buyers continue to prefer staggered purchases rather than aggressive fresh buying at elevated levels.

City-wise rates varied slightly depending on local taxes and logistics. In Delhi, 24-carat gold traded near ₹1,53,150 per 10 grams, while Mumbai and Kolkata remained close to ₹1,53,000 levels. Chennai prices were marginally higher.

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