Money & Business - Gulf Insider

3 minutes ago

India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee

One day after vehemently denying speculation that India plans to raise duties on gold and silver imports following Prime Minister Narendra Modi’s urging people to avoid buying gold for a year ‌due ⁠to the impact of the Iran war, India did in fact raise import tariffs on gold and silver in an attempt to defend its currency, a surprise move as the country races to limit the damage from the Middle East war and to shore up foreign-exchange reserves. The government has more than doubled import taxes on gold and silver to about 15% from 6%, according to two official orders, imposing a 10% basic customs duty alongside a 5% agriculture infrastructure and development levy. The hikes, aiming to dampen demand in the world’s second-largest bullion market, followed a rare weekend appeal from Prime Minister Narendra Modi in which he urged citizens to forgo gold purchases as well as unnecessary foreign travel in order to help hold up the currency. The Indian rupee has plunged more than 6% in 2026 with most of the losses occurring after the Iran war started; the currency is on pace to drop to 100 vs the US dollar in the coming weeks. New Delhi is also weighing other emergency steps, including raising fuel […]

2 days ago

UAE: Dubai Police Warn Of Eid Al Adha Sacrificial Animal Scams

As Eid Al Adha approaches and demand for sacrificial animals rises, Dubai Police has warned residents against fraudulent online offers promoting heavily discounted sacrificial animals. In a new awareness campaign, Dubai Police cautioned that scammers are exploiting the festive season by fake livestock deals on social media platforms and messaging applications, targeting residents searching for Eid sacrifices at lower prices. The authority warned that some offers may appear attractive and convincing but are in fact carefully designed scams aimed at stealing money from unsuspecting buyers. “Some deals might look too good to pass on, but sometimes, they’re actually carefully designed scams,” Dubai Police said. According to the awareness message, fraudsters take advantage of the increase in Eid shopping activity and the spread of online advertisements during the holiday season. Dubai Police urged the public to follow several precautionary measures before purchasing sacrificial animals online, including: • Verifying the authenticity of sellers and social media accounts • Avoiding offers with unrealistic prices or suspicious discounts • Dealing only with trusted and authorised livestock suppliers • Refusing to transfer money to personal bank accounts The campaign also stressed the importance of using secure payment methods and purchasing through reliable and recognised platforms. […]

2 days ago

Oman To Establish $250 Million EV Wiring And Battery Cell Project In Duqm

Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) has signed an investment usufruct agreement with Korean EV technology company EL B&T to establish an electric vehicle and battery cell manufacturing project in the Special Economic Zone at Duqm. Valued at approximately $250 million, the project will be developed in two phases and is expected to reach an annual production capacity of 60,000 vehicles and 1.6 million battery cells upon completion of phase II, Oman News Agency (ONA) reported. The first phase covers an area of about 467,000 square metres, while an additional 429,000 square metres has been allocated for the second phase. The project forms part of Oman’s efforts to expand industrial investment and strengthen its position in advanced manufacturing and electric vehicle supply chains within the Duqm economic zone. The project is expected to support the development of an integrated industrial ecosystem for the electric vehicle sector in the zone by strengthening value chains linked to batteries and other components, helping attract complementary industries in the future. During Phase I, the project will focus on meeting demand in the local market in Oman, with gradual expansion planned towards the GCC, Middle East, and North African markets.

3 days ago

Saudi Industrial Production Falls 14.1% In March Amid Oil Sector Decline

Saudi Arabia’s Industrial Production Index (IPI) decreased by 14.1% YoY in March 2026, driven by declines in mining and quarrying and manufacturing activity, according to results by the General Authority for Statistics (GASTAT). Mining and quarrying activity recorded the sharpest decline, falling 22.2 percent compared to March 2025, while manufacturing activity decreased by 4.7 percent, affected by an 11.6 percent drop in the manufacture of coke and refined petroleum products and a 4.5 percent decline in chemicals and chemical products. Oil activities fell by 20 percent YoY in March 2026, while non-oil activities remained broadly stable compared to the same period last year. On a monthly basis, the IPI declined by 22.3 percent from February 2026, as mining and quarrying fell by 36 percent and manufacturing decreased by 0.7 percent. Oil activities also fell by 30.8 percent, while non-oil activities rose by 1.4 percent. Despite the overall decline, electricity, gas, steam, and air conditioning supply activity increased by 10.1 percent YoY while water supply, sewerage, waste management, and remediation activities rose by 1.1 percent. Basic metals manufacturing also recorded a 9 percent annual increase.

3 days ago

Saudi Arabia: Aramco CEO: World Deprived Of 1 Billion Barrels Of Oil Over Past Two Months

The world has lost about one billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco Chief Executive Officer Amin Nasser said on Sunday, as shipping disruptions choke traffic through the Strait of Hormuz. “Our objective is simple: keep energy flowing, even when the system is under strain,” Nasser told Reuters in a statement after Aramco reported a 25 percent jump in net profit in its first quarter. Global energy supplies have been sharply squeezed by Iran’s blockade of the Strait of Hormuz, which has curtailed shipping and driven prices higher following the US-Israeli war. “Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil,” Nasser said, adding that years of underinvestment have compounded the strain on already-low global inventories. Aramco has used its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, an asset Nasser described as a “critical lifeline” to mitigate the global supply crisis. Despite shifts in shipping routes, Nasser reiterated that Asia remained a key priority for the company and was central to global demand. Energy supplies to global […]

4 days ago

Toyota And Honda See Sharp Declines In Profit Amidst Iran War Pressures, Spiking EV Costs

Toyota expects a sharp decline in profit as rising material and shipping costs tied to the Iran conflict pressure its business, according to Bloomberg. The automaker projected operating income of ¥3 trillion for the fiscal year ending March 2027, well below both analyst expectations of ¥4.6 trillion and last year’s ¥3.8 trillion. The company said supply chain disruptions are driving up costs for aluminum, resins, and other materials, while logistics issues remain unpredictable. Toyota estimates the regional conflict could reduce earnings by about ¥670 billion. After the forecast was released, shares dropped as much as 3.5%. Analysts noted Toyota may be giving conservative guidance, but future performance will depend heavily on how long the conflict continues. Julie Boote, an analyst at London-based research firm Pelham Smithers Associates Ltd told Bloomberg: “Toyota did not only miss consensus estimates, but also its own forecast, as auto unit sales came in much weaker than predicted by the automaker. It is still likely that Toyota is once again lowballing its guidance, with earnings upgrades possible during the fiscal year; much depends also on the development of the Iran war.” Toyota expects vehicle sales to dip slightly this year, though hybrid sales are projected to surpass […]

4 days ago

UK Jet Fuel Rationing Risks Emerge As Goldman Warns Of “Extreme Physical Tightness”

Brent crude futures briefly tumbled below $100 a barrel on Wednesday morning after an Axios report indicated the Trump administration and Tehran were working toward a one-page memorandum of understanding to end the war and reopen the Strait of Hormuz. Still, any near-term peace deal would not immediately normalize the badly fractured global energy supply chains. Crude products markets remain physically tight, and the damage from months of disrupted tanker flows will take time to unwind. Some countries may already be entering a critical point, with jet fuel and diesel inventories at risk of being drawn down to dangerously low levels in the months ahead. Goldman analysts, led by Michele Della Vigna, warned about diesel and jet fuel availability in Europe ahead of the summer months, noting that “extreme physical tightness in summer/early autumn” is a scenario they are forecasting. “We believe jet fuel prices in Europe will need to remain elevated to redirect cargoes from other regions, covering 50% of the shortfall in disrupted volumes from the Middle East through Hormuz and from Asian exporters no longer exporting to Europe,” Della Vigna told clients. Della Vigna, the head of EMEA natural resources research at Goldman, pointed out that “some […]

7 days ago

Taxpayers Foot Staggering £629 Million Bill For Foreign Nationals In UK Prisons

UK taxpayers are forking out £629 million a year to house 10,487 foreign national offenders in British prisons — a bill that could pay for 16,500 police officers or 15,000 NHS nurses. While Labour claims it’s deporting record numbers, an ex-prison governor has torn into the “staggering” cost and the “incredibly slow process” that leaves dangerous foreign criminals draining public resources instead of being sent home. This is the direct result of years of open-borders policies that prioritise criminals’ “rights” over British safety. Reform UK’s Prisons Adviser and former prison governor Vanessa Frake laid it out clearly on GB News. “The cost to this country for foreign national prisoners is staggering,” she said. “It’s a very long, drawn-out process, which kind of goes from three main areas.” Frake detailed the excuses that keep foreign offenders here: “The problem is a lack of identity documents for these people. Quite often they get rid of their passports, so the Home Office then has to write to the country that they originate from, and that process is very slow.” “Sometimes the country refuses. And there are of course the ECHR claims. Those under Article 8, right to life, right to family for those who have family in this country and […]

1 week ago

Russia’s Oil Revenues Surge As The World Scrambles For Supply

Following the Russian invasion of Ukraine in 2022, several major world powers introduced strict sanctions on trade with Moscow. Europe and the United States have been gradually decreasing their dependence on Russian gas and other energy products and putting pressure on other countries to do the same, to place a financial strain on Moscow, as the war with Ukraine continues. However, some countries, such as India and China, have used these sanctions as an excuse to buy discounted crude and gas from Russia, in a bid to reduce costs and boost energy security. Imports of Russian crude to China and India have increased significantly since 2022. In 2024, China bought a record of more than 100 million tonnes of Russian oil, which contributed nearly 20 percent of its energy imports. Meanwhile, India spent an estimated $140 billion on Russian energy imports. Over the last year, both Asian countries deepened their ties with Moscow following the imposition of high tariffs on imports by the United States. Although several countries have decreased their dependence on Russian energy since the invasion of Ukraine, shifting dependence to alternative energy sources, some have been forced to turn back to Russia in the wake of the […]

1 week ago

OPEC+ Seven Agree 188,000 bpd Output Adjustment For June To Support Market Stability

Seven OPEC+ countries agreed to implement a production adjustment of 188,000 barrels per day in June 2026, as part of efforts to support global oil market stability. The countries — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on Sunday to review market conditions and outlook. The adjustment is part of the additional voluntary production measures first announced in April 2023. The group said these adjustments could be partially or fully reversed depending on evolving market conditions. The countries reaffirmed their commitment to maintaining flexibility, noting they may increase, pause, or reverse the phase-out of voluntary cuts, including those introduced in November 2023. They also stressed the importance of full compliance with the Declaration of Cooperation, with implementation to be monitored by the Joint Ministerial Monitoring Committee (JMMC). The group confirmed plans to compensate for any overproduction since January 2024 and said the current measure would help accelerate those efforts. The seven countries will continue to meet monthly to assess market developments, compliance, and compensation progress, with the next meeting scheduled for June 7, 2026.

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India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee

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India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee

UAE: Dubai Police Warn Of Eid Al Adha Sacrificial Animal Scams

Oman To Establish $250 Million EV Wiring And Battery Cell Project In Duqm

Saudi Industrial Production Falls 14.1% In March Amid Oil Sector Decline

Saudi Arabia: Aramco CEO: World Deprived Of 1 Billion Barrels Of Oil Over Past Two Months

Toyota And Honda See Sharp Declines In Profit Amidst Iran War Pressures, Spiking EV Costs

UK Jet Fuel Rationing Risks Emerge As Goldman Warns Of “Extreme Physical Tightness”

Taxpayers Foot Staggering £629 Million Bill For Foreign Nationals In UK Prisons

Russia’s Oil Revenues Surge As The World Scrambles For Supply

OPEC+ Seven Agree 188,000 bpd Output Adjustment For June To Support Market Stability

Recent Posts

India More Than Doubles Gold, Silver Tariffs To Defend Crashing Rupee

Report Exposes Shocking Explosion In EU Sex Crimes

Parents Sent To Prison After Isolating Kids For Four Years Over COVID Fears

Bessent’s “Suffocating” Iranian Regime Strategy Materializes In Kharg Island Satellite Imagery

Fake Hajj Offers Trap Victims As Dubai Police Issue Warning

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