Dubai Imposes a 5% Import Duty on Gold Jewelry/ET Markets-Ghosal: Dubai has imposed a 5% import duty on gold and diamond jewelry, a move which is likely to hurt Indian exports at a time when demonetization has hit business at home. The war on cash takes another step forward in Dubai. The new levy may, however, boost bridal jewelry sales in India because many Indian shoppers had turned to Dubai owing to the cheaper gold there and the price difference may no longer be attractive enough. Read more here.
India's central bank unexpectedly kept its key policy rate unchanged at 6.25 % on Wednesday, despite calls for action in the face of an intense cash shortage that threatens to slam the brakes on the world's fastest-growing large economy.
There is growing evidence that not only is the global crude oil market back in balance, but there is a strong possibility that global demand is already outstripping daily oil output. Another big drop in U.S. oil inventory, the 6th in 7 weeks, and a 6.7 GDP reading in China adds more weight to the global oil supply versus daily production argument.
Crude oil prices closed at the highest level all year as concerns about supply and demand continue to simmer. Not only do we have continuing attacks on Nigerian oil infrastructure and a breakdown of the Venezuelan socialist system, we also have record-breaking demand--demand that has killed subpar global economic growth and demand that could explode if the global economy gets any momentum. The one place where demand should be not be taken into consideration is not in China--even though it’s near a record high--but in India.
Crude oil prices are trying to stabilize as traders and oil companies try to predict when oil production will find equilibrium with demand. There is a wide degree of different thinking on this topic, but I predict it will happen much sooner than people think. We’re faced with massive cap x cuts and plunging rig counts, as well as the inability to get capital to fund oil projects.
Spring is busting out all over, and so is gasoline demand. Low gas prices are causing a buying frenzy at the pump as gasoline demand in the month of March hit an all-time record high. According to the American Petroleum Institute (API) the lowest average price for regular unleaded gasoline in 12 years has Americans guzzling gas like never before.
India is in talks with some Gulf nations to buy oil to fill its strategic reserves and sell food in return, seeking to use its position as the world's third-largest oil importer to both secure energy supplies and boost exports. Indian Oil Minister Dharmendra Pradhan told reporters the idea was still fluid, but New Delhi had held preliminary conversations with the United Arab Emirates.
The Reserve Bank of India cut its policy interest rate to a 4-1/2 year low of 6.75% on Tuesday, in a bigger-than-expected move that, with inflation running at record lows, could help an economy in danger of slowing down.