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Petrol in New Delhi rose by 87 paise to ₹99.51 a litre, while diesel increased by 91 paise to ₹92.49 a litre. The latest increase takes the cumulative rise in both fuels to about ₹5 a litre this month, following the first retail fuel price increase since April 2022.

The pricing move reflects mounting pressure on oil marketing companies as international crude benchmarks remain elevated amid conflict in West Asia and supply concerns around key shipping routes. The controlled increases also point to a calibrated approach by the government, which is seeking to protect refiners’ balance sheets without delivering a sharp one-time shock to household budgets, freight operators and small businesses.

Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation dominate the retail fuel market, operating more than 90 per cent of the country’s roughly 103,000 fuel stations. Their pricing decisions carry wide implications for transport costs, food supply chains, inflation expectations and fiscal calculations.

The latest revision follows a ₹3-a-litre increase on May 15 and another smaller increase during the week, marking a clear shift from the long freeze that had shielded consumers from global volatility while pushing losses onto state-run refiners. That freeze had become harder to sustain as crude prices climbed and the rupee’s movement added to import costs.

The country imports more than four-fifths of its crude oil requirements, leaving domestic retail prices exposed to global oil markets and exchange-rate swings. Refiners have been selling petrol and diesel at discounted rates relative to landed costs, with diesel under-recoveries remaining larger because of its central role in freight, agriculture, public transport and industry.

Losses on diesel sales have been estimated at ₹25-30 a litre even after the first hike, while petrol losses have been placed at about ₹10-14 a litre. The fresh increase narrows that gap only modestly, suggesting further upward revisions could follow if crude prices stay high or the currency weakens.

Diesel is the more sensitive fuel for the broader economy. It powers trucks, buses, farm equipment, construction machinery and a large part of the country’s goods movement. Even modest increases can feed into freight rates, especially for smaller fleet operators with limited capacity to absorb higher running costs.

Petrol demand has also stayed firm, supported by urban commuting, two-wheeler use and private vehicle ownership. April consumption data showed petrol sales at about 3.7 million tonnes, up more than 6 per cent from a year earlier, while gasoil sales stood near 8.3 million tonnes, marginally higher than last year. The numbers indicate that demand has not weakened sharply despite higher living costs.

Bulk fuel demand has added another layer of pressure. Large users such as transport operators, mining companies and industrial consumers often respond quickly to price differences between retail outlets and direct industrial supply. A spike in retail buying can worsen supply imbalances and deepen losses for refiners if pump prices remain below market-linked levels.

The government has so far signalled little appetite for direct subsidies to compensate refiners for continuing under-recoveries. That stance increases the likelihood of gradual price adjustments, particularly if global crude remains above levels assumed in company projections. A sudden subsidy programme would also complicate fiscal planning at a time when public spending priorities remain stretched across infrastructure, welfare and defence.

State-level taxes mean consumers across major cities will see different pump prices even when the base increase is broadly similar. Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad typically record higher retail rates than New Delhi because of local levies, dealer commissions and freight costs. That variation also affects inflation differently across regions.

Compressed natural gas prices have moved higher as well, with Delhi seeing another ₹1-per-kg increase, the third rise in ten days. The parallel increase in CNG adds pressure on taxis, autorickshaws and urban commuters who had shifted to gas-based transport as a cheaper alternative to petrol and diesel.

For oil marketing companies, the price increases may support margins but are unlikely to restore full profitability immediately. Investor attention is now focused on how quickly the companies can recover past losses, whether demand holds up, and whether policymakers allow market-linked pricing to continue if inflationary pressure grows.

The forum, themed “Developing the International Maritime Financial Ecosystem within the Vietnam International Financial Center in Ho Chi Minh City,” took place at the VIFC-HCMC Building, 08 Nguyen Hue Street, District 1, and drew more than 100 senior delegates. Attendees included leaders from central ministries and agencies, the Ho Chi Minh City People’s Committee, representatives from coastal provinces (Da Nang, Khanh Hoa, Kien Giang), domestic and international financial institutions, port and logistics enterprises, and international organisations.

The day’s agenda focused on three headline moments: a strategic industry report by Roland Berger, titled “Vietnam Maritime Industry: A Strategic Opportunity for Breakthrough Growth,” which benchmarked leading global maritime financial hubs and mapped a roadmap to raise Vietnam’s domestic value retention from the current 4–5% to 15% by 2035; the official launch ceremony of the IMFE initiative within VIFC-HCMC; and a memorandum of understanding signed between VIFC-HCMC and Gemadept Corporation, owner and operator of Gemalink International Port in Cai Mep – Thi Vai, formalising Gemadept’s role as a founding lead of the initiative. The forum also saw the introduction of the first maritime financial products and initiatives to be developed within the VIFC-HCMC framework.

A seaport system of growing global weight

The ambition behind IMFE is grounded in the rapid rise of southern Vietnam’s port infrastructure. Ho Chi Minh City is home to Cat Lai Port — ranked among the world’s top 21, handling approximately 7.5 million TEUs annually — and Gemalink International Port in Cai Mep – Thi Vai, capable of receiving ultra-large container vessels. These existing assets are set to be joined by the Can Gio International Transshipment Port, a 571-hectare project with a projected capacity of 17 million TEUs per year, further deepening the city’s integration into global logistics and trade networks.

In 2025, the Ho Chi Minh City port system handled over 24 million TEUs, ranking 8th globally according to Lloyd’s List, and was associated with approximately USD 200 billion in import-export turnover, accounting for around 20% of Vietnam’s total trade value. Surrounding this physical infrastructure, a broad ecosystem of supporting services has expanded significantly, spanning cargo handling, warehousing, freight forwarding, customs clearance, and supply chain management. The total annual trade transaction value flowing through the region — encompassing goods, logistics services, and related financial demand – is estimated at over USD 1 trillion.

The financial gap: billions flowing through offshore centers

However, the scale of this physical activity stands in sharp contrast to the financial value Vietnam currently retains. Despite enormous cargo volumes, most high-value maritime financial services generating the largest profit margin including trade finance, ship financing, marine insurance and reinsurance, international payments, and logistics risk management continue to flow through developed offshore maritime financial centers. Vietnam currently captures only around 4–5% of these financial transaction values domestically, leaving an estimated USD 6–8 billion in potential value accessible but unrealised. To complete the maritime value chain and retain these economic benefits onshore, Vietnam must evolve beyond purely physical cargo transshipment. The gradual development of a comprehensive maritime financial ecosystem is an essential and inevitable strategic step.

IMFE: from vision to institutional launch

Against this backdrop, the IMFE initiative took shape as a core component of VIFC-HCMC, with Gemadept Corporation serving as a founding lead. The initiative was first introduced on September 12, 2025, during the symposium “Ho Chi Minh City – A Modern, High-End, High-Value Service Hub,” where Gemadept presented a strategic vision of integrating Vietnam’s deep-sea port infrastructure with a dedicated maritime financial ecosystem. To materialise that vision, the corporation cooperates with the Ho Chi Minh City People’s Committee, leading to its official designation as a Strategic Member of VIFC-HCMC on February 11, 2026, at the Center’s Launching Ceremony. Today, as the operator of Gemalink — a major deep-sea gateway at Cai Mep – Thi Vai — Gemadept is focused on channeling high-value capital flows and advanced financial services directly into Ho Chi Minh City’s real maritime economy.

With this foundation in place, today’s forum pursues three concrete objectives: to officially launch the IMFE as a strategic platform designed to localise maritime financial capital and services, laying the groundwork for Ho Chi Minh City to emerge as one of the region’s leading maritime hubs; to connect financial institutions, banks, insurance companies, shipping lines, logistics enterprises, and international organisations within an integrated ecosystem, bringing the port-to-finance model to life in Vietnam; and to introduce the first maritime financial products and initiatives, creating mechanisms for Vietnamese enterprises to access financing, insurance, and risk management tools domestically rather than through foreign intermediaries.

“Ports such as Can Gio and Cai Mep-Thi Vai are transshipment hubs for cargo flows — VIFC-HCMC must become the transshipment hub for capital flows serving Vietnam’s maritime economy,” said Assoc. Prof. Dr. Nguyen Huu Huan, Vice Chairman of VIFC-HCMC.

Hashtag: #VIFC

The issuer is solely responsible for the content of this announcement.

At the China (Hainan Free Trade Port)–U.S. (San Francisco) Economic and Trade Exchange Meeting, the delegation highlighted the policy advantages and innovative achievements of the Hainan Free Trade Port to American enterprises. The two sides engaged in extensive exchanges in areas such as international trade, modern services, high-tech industries, and cross-border investment.

The head of the delegation noted that since the Hainan Free Trade Port began island-wide special customs operations on December 18, 2025, policy dividends have been steadily unleashed. The customs supervision model of “freer access at the first line, regulated access at the second line” has been fully implemented. The number of zero-tariff commodity items has been expanded to 6,631. Additionally, the policy of exempting tariffs on processed goods with a value-added rate exceeding 30% has created new cost advantages for cooperation between Chinese and U.S. enterprises.

Sean Randolph, a representative of the Bay Area Council, stated that direct exchanges between companies are essential for establishing long-term cooperative relationships. He noted that the San Francisco Bay Area, as a key gateway for Pacific trade, has maintained long-standing economic ties with Asia, particularly China. As the Hainan Free Trade Port continues to develop, sectors such as services, life sciences, and tourism are creating new opportunities for collaboration with California-based businesses.

During the visit, the delegation also participated in the 2026 China-California Economic and Trade Forum and held business negotiations with U.S. companies. The CCPIT Hainan signed a memorandum of cooperation with the Sino America Business Information Center to support the establishment of a platform for bilateral economic and trade cooperation and exchanges.

In addition, the delegation visited institutions such as the American-Chinese CEO Society, the Huamei Business Information Center, the Silicon Valley Open Intelligent Culture Foundation, and Sidley Austin LLP, engaging in in-depth exchanges on cross-border investment , specialized industry development, and commercial legal matters.

In June 2020, China unveiled a master plan to build the whole of Hainan Island into a globally influential and high-level free trade port by the middle of the century. The initiative reached a major milestone in December last year with the launch of island-wide special customs operations, which marked the completion of the first key step toward that goal.

The move has turned the island into a special customs supervision zone, allowing freer trade between Hainan and areas outside China’s customs borders, while enforcing standard customs controls for goods moving from Hainan to the mainland.Hashtag: #CPITHainan

The issuer is solely responsible for the content of this announcement.

What seemed like an accidental glitch turns out to be a clever stunt celebrating Domino’s new brand idea, “Unbox Your Cravings.”

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 21 May 2026 – What seemed like an accidental on-air glitch during Era FM’s Petang Era broadcast has been revealed as a cheeky stunt by Domino’s Pizza Malaysia. During the live segment, the usual flow of the show came to a sudden halt, replaced by faint chatter and laughter drifting through the airwaves, leaving listeners both puzzled and curious.

It all started when Haziq mentioned his pizza craving with co-hosts Muna and Der. Then the aroma of freshly delivered pizzas drifted into the studio, and his craving got the better of him. He stepped out of the studio, while Muna and Der kept the show going, unaware that their mics were still on, leaving listeners to hear every bit of their conversation. The moment felt real, and it struck a chord with listeners nationwide.

Naturally, the internet had questions. Clips from the unexpected on-air moment quickly spread across social media, with listeners and creators reacting in real time to what many believed was an actual live radio slip-up.

“On-air can wait. Cravings can’t”

Era FM eventually addressed the incident in a statement, explaining that listeners had accidentally overheard an off-air conversation between the DJs about a topic very close to their hearts and stomachs. “Our team always strives to deliver entertaining and engaging content for listeners, but sometimes the most authentic human moments naturally shine through,” the station shared.

“Live radio is unpredictable, and sometimes, cravings simply get the better of you.” Era FM also thanked listeners for embracing the moment in good spirit while encouraging continued support for Haziq, Muna, Der, and the entire Petang Era team.

What audiences may not have realised at the time is that the moment was part of Domino’s Pizza Malaysia’s introduction of its refreshed brand idea, ‘Unbox Your Cravings.

A New Bold Direction Built Around Real Cravings

The ‘Unbox Your Cravings’ is built on a simple truth that cravings don’t wait. They show up unexpectedly during work, study, gaming, or even live radio broadcasts. Domino’s understands these cravings aren’t tied to special occasions but to everyday, spontaneous urges when you deserve to reward yourself.

Cravings are emotional and hard to ignore, pulling you away from what you’re doing and demanding your attention. Domino’s encourages Malaysians to embrace these cravings and indulge in what they truly want without hesitation. By highlighting how cravings disrupt daily life, Domino’s shows how treating yourself can turn an ordinary experience into something memorable.

Ringo Joannes, Region CEO of Domino’s Pizza Malaysia, Singapore & Cambodia, shared, “Cravings are among the most honest signals we have. They are immediate, emotional, and impossible to ignore. With ‘Unbox Your Cravings,’ we wanted to reflect that truth in a way that feels real to people today. This is about recognising those small but meaningful moments when you choose to listen to what you want, instead of putting it off and being there, ready, when that decision is made.”

Introducing Domino’s New Thick Crunch Pizza : The first pizza to fill the whole box

As part of its brand refresh, Domino’s Malaysia is introducing three exciting flavours of its latest innovation, the Thick Crunch Pizza. Inspired by Detroit-style pizzas and crafted to satisfy even the strongest cravings, this new offering features bold and indulgent options.

The New Thick Crunch Pizza is a bold new experience that is thick, airy, fluffy, and irresistibly crunchy, delivering a multi-textural bite pizza lovers have long been craving. Designed in a signature rectangular shape, it is also Domino’s Malaysia’s first-ever pizza to completely fill the whole box, turning every inch into pure satisfaction with no empty space left behind.

From its golden, crispy bottom to its soft, chewy, airy dough, every layer is built for maximum enjoyment. The experience is elevated further by its caramelised red cheddar edges, a standout feature that delivers a deeply satisfying crunch in every bite, making it impossible to stop at just one slice.

Aloha Salsa features Domino’s signature pizza sauce layered with cheddar cheese sauce and mozzarella, topped with Aloha Chicken and finished with a tangy salsa drizzle on a thick, fluffy base. Mac & Cheese combines rich cheddar cheese sauce and creamy mac and cheese for the ultimate comfort food experience. Cheesy Pepperoni elevates a classic favorite with Domino’s signature pizza sauce, cheddar cheese sauce, mozzarella, 24 generous slices of beef pepperoni and all three pizzas is complete with the irresistible crunchy red cheddar crust.

Available Nationwide

The New Thick Crunch Pizza is now available at Domino’s Pizza outlets nationwide for delivery, takeaway and dine-in. Orders can be made via the Domino’s website, Domino’s App or in-store at any Domino’s outlet. Whether shared with friends or enjoyed solo, the New Thick Crunch Pizza promises to satisfy every craving from the very first bite.

For more updates, visit www.dominos.com.my or follow @dominosmy on Facebook and Instagram.

Hashtag: #DominosPizza

The issuer is solely responsible for the content of this announcement.

About Domino’s Malaysia

At Domino’s Pizza, we take PRIDE in our commitment to enrich the lives of our customers, employees, partners, shareholders and communities. As one of the most lovable brands in Malaysia, we will go the extra mile for your smile as well as uphold our culture to ‘sell more pizza, have more fun’. Embracing our company’s philosophy of smart hustle, Domino’s is committed to provide customers with the ultimate pizza delivery experience, with its product satisfaction guarantee,

30-minutes delivery guarantee and 15-minutes take-away guarantee. To date, there are over 270 Domino’s Pizza stores in the country.

Forging ahead as an e-commerce entity, Domino’s Pizza has led many firsts in its digital platforms. Domino’s Pizza Malaysia has leveraged on the digital world to the best of its advantage, and this began when it was certified as the first QSR company to provide an online ordering platform by the Malaysian Book of Records with the launch of its website in 2003.

By Nitya Chakraborty This is the season of high level summits. On May 14 and 15, U.S President Donald Trump visited Beijing and had ‘ fantastic’ talks, according to the U.S. President, Chinese media also went overboard explaining the great possibilities of China-US cooperation in political and economic spheres and also how important this was […]

The article Cuba Is Under Siege By USA, But Neither Xi Jinping Nor Putin Taking It With Trump appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The stock rose to ₹5.25 on Wednesday as traders reacted to online chatter around Modi gifting Meloni a packet of Melody toffees during his visit to Rome. The moment spread quickly after Meloni posted a video thanking him for the gift, with the two leaders smiling as the confectionery was shown to the camera. Meloni called it a “very, very good toffee”, feeding a social-media burst around the long-running “Melodi” meme built from the two leaders’ surnames.

The market reaction, however, appeared to rest on a misunderstanding. Melody is made by Parle Products, the privately held consumer goods company behind brands such as Parle-G, Monaco, Hide & Seek and Mango Bite. Parle Industries, the BSE-listed penny stock that rallied, is a separate entity and is not connected to the toffee brand.

Trading volumes reflected the intensity of the speculative move. More than 8 lakh shares changed hands, sharply above the stock’s one-week average of about 2 lakh shares and its one-month average of about 3 lakh shares. The counter’s low price and limited liquidity made it particularly vulnerable to abrupt moves driven by social-media narratives rather than company fundamentals.

Parle Industries was formerly known as Parle Software and was incorporated in 1983. The company changed its name to Parle Industries in 2019 and has been associated with infrastructure, real estate and paper-related activities after earlier links to technology services. Its business profile bears little resemblance to Parle Products, which remains privately owned and is not available for direct stock-market investment.

The episode underlined a recurring weakness in retail trading behaviour, especially in penny and small-cap counters. Brand-name familiarity, partial information and fast-moving online trends can combine to create price action detached from corporate reality. Similar cases have occurred in global markets when investors bought shares of companies with names resembling better-known brands, digital assets or takeover targets.

The Modi-Meloni exchange took place during the Prime Minister’s visit to Italy, where bilateral talks covered political, economic and strategic cooperation. The confectionery moment, however, overshadowed the formal agenda online, with users recirculating earlier “Melodi” memes that gained popularity after previous public appearances by the two leaders.

For Parle Products, the viral clip amounted to unpaid visibility for one of its best-known confectionery labels. Melody has long been associated with the advertising line built around the question of why the toffee is so chocolaty, making the brand instantly recognisable to consumers across the country. The company did not need to be listed for the publicity to become a market event; traders simply found a listed company carrying the Parle name and pushed it to the exchange limit.

Market participants said the movement showed how quickly meme-driven attention can spill into thinly traded stocks. In such counters, even modest buying can produce exaggerated percentage gains because of narrow order books and daily circuit filters. The 5 per cent upper circuit capped the day’s rise, preventing the stock from moving higher during that session.

The rally also raised questions about investor due diligence at a time when retail participation in equity markets remains elevated. Millions of new demat accounts have entered the market over the past few years, with many first-time investors using mobile platforms, social-media tips and short-form videos as part of their trading decisions. While this has widened market access, it has also increased exposure to rumour-led activity.

By Dr. Gyan Pathak Despite several orders and recommendations of the Supreme Court and the Parliamentary Standing Committee, the Union Government did not structurally reform the National Testing Agency (NTA), and also did not take appropriate actions that helped the education mafia of the country to strengthen its grip over the agency. In the name […]

The article What Is Behind India’s Education Minister’s Refusal To Reform NTA? appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The sharpest pressure has fallen on long-dated Japanese government bonds, where the 30-year yield has climbed above 4 per cent, reaching a record since the maturity was introduced in 1999. The 10-year yield has also risen to around 2.8 per cent, its highest level in nearly three decades, marking a decisive break from the low-yield era that defined Japan’s markets for much of the post-deflation period.

The selloff has rippled across global debt markets. US Treasury yields have moved higher, with the 30-year yield testing levels above 5 per cent, while Germany’s benchmark bonds and UK gilts have also weakened. Bond prices move inversely to yields, meaning the surge in yields reflects heavy selling by investors who are demanding greater compensation for inflation, fiscal risk and uncertain central bank policy.

Rising oil prices are the immediate catalyst. Brent crude has moved above $100 a barrel as geopolitical tensions in the Middle East disrupt energy flows and heighten concerns over import costs for major economies. For Japan, which relies heavily on imported energy, the oil shock carries a particularly direct inflationary threat. A weaker yen has amplified the impact, increasing the local-currency cost of fuel, food and other imported goods.

Japan’s inflation backdrop has become more difficult for policymakers. Consumer prices have remained above the Bank of Japan’s 2 per cent target for an extended period, while corporate goods prices have shown persistent pressure from energy, raw materials and logistics costs. Investors are now pricing in a greater chance that the central bank will raise interest rates again, possibly as early as its next policy meetings, after years of extraordinary accommodation.

Fiscal concerns are adding to the strain. Tokyo is preparing additional spending to cushion households and businesses from rising fuel and utility costs, but fresh borrowing could worsen concerns over debt sustainability. Japan’s public debt is already among the highest in the developed world, making long-term bond investors more sensitive to any increase in issuance. The prospect of larger supply has hit demand for longer maturities, where insurers, pension funds and banks traditionally played a stabilising role.

The Bank of Japan faces a delicate balance. Raising rates too quickly could unsettle growth and worsen losses in bond portfolios held by financial institutions. Moving too slowly could allow inflation expectations to become entrenched and place further pressure on the yen. The central bank has already scaled back its dominance of the bond market compared with the period of yield-curve control, leaving prices more exposed to market forces.

Global investors are also reassessing the role of government bonds as a safe asset. During earlier market shocks, US Treasuries, German Bunds and Japanese government bonds often rallied as investors sought protection. The current episode is different because the shock is inflationary rather than deflationary. Higher energy prices reduce household purchasing power, raise business costs and complicate the task of central banks that had hoped to cut rates or keep policy steady.

The selloff has implications beyond financial markets. Higher sovereign yields raise funding costs for governments already facing pressure from defence spending, ageing populations, energy subsidies and climate-related investment. They also affect mortgage rates, corporate borrowing and equity valuations. Technology shares and other growth-sensitive assets tend to come under pressure when long-term yields climb, because future earnings are discounted more heavily.

Japan’s shift is especially important because its low yields long encouraged domestic investors to buy overseas bonds. As yields rise at home, insurers and pension funds have less incentive to take currency risk abroad, potentially reducing demand for US and European debt. That repatriation effect could intensify volatility in global markets if Japanese institutions continue to rebalance portfolios.

By Nitya Chakraborty Now that the U.S. President Donald Trump is back to Washington DC. After his two day summit talks in Beijing on May 14 and 15, it is appropriate to decode the gains of the summit. There were four major issues– Taiwan, Iran war, trade deals and facilitating more business for the American […]

The article Decoding Global Geopolitical Impact Of Trump-Xi Summit In Beijing appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The measure, effective from 16 May for three months, applies to selected motor vehicles including passenger cars, jeeps, vans, buses, goods transport vehicles, ambulances, electric vehicles and hybrids. Vehicles for which letters of credit were opened on or before 15 May are exempt, limiting the immediate disruption for importers who had already committed payments before the order took effect.

The surcharge is levied on the applicable customs import duty, rather than directly on the total value of a vehicle. For many private vehicles, the customs import duty had stood at 30 per cent, meaning the added surcharge raises that component to 45 per cent. Other taxes and levies, including excise duties, value-added tax and sector-specific charges, mean the final tax burden on imported cars can be far higher than the headline customs duty figure.

Deputy Finance Minister Anil Jayantha Fernando said the step was designed to encourage buyers to delay vehicle imports rather than halt the trade outright. He said the government was responding to a sharp rise in import expenditure and added pressure on foreign reserves. “Given the current pressure on foreign exchange, we want people to delay their imports by three months,” he told reporters in Colombo.

The decision marks a swift policy adjustment by President Anura Kumara Dissanayake’s administration as Sri Lanka attempts to balance consumer demand, revenue needs and currency stability after years of severe economic strain. Vehicle imports were heavily restricted after the island’s 2022 financial collapse, when the country ran short of foreign exchange and struggled to pay for fuel, food and medicines. The gradual reopening of imports was seen as a sign of economic normalisation, but it has also revived concerns about the pressure placed on the balance of payments.

Sri Lanka remains dependent on imported fuel, leaving the economy exposed to swings in global crude prices. Tensions across the Middle East have pushed energy costs higher, forcing authorities to reassess import priorities. Fuel prices have already climbed sharply this year, adding to the cost of transport, electricity generation and logistics. The government is trying to prevent higher oil bills from draining reserves at a time when the country remains under a $2.9 billion International Monetary Fund programme.

The rupee has weakened against the US dollar this year, with official figures showing a fall of about 4.5 per cent since January. Central Bank Governor Nandalal Weerasinghe has warned lawmakers that the currency could remain under pressure unless global oil prices ease or the country reduces energy imports. That warning sharpened the policy case for curbing non-essential import demand, particularly in high-value categories such as vehicles.

Vehicle importers and consumers are likely to face a tougher market over the next quarter. The surcharge may delay purchases, reduce showroom availability and raise prices for buyers who choose to proceed. Importers with confirmed letters of credit before the cut-off date may have a temporary advantage, while new buyers could defer orders until the surcharge expires, provided the government does not extend it.

The policy also carries revenue implications. Vehicle imports are a lucrative source of tax income, and Sri Lanka has relied on trade-related levies to support public finances during its recovery. A surcharge may increase tax collected on each imported vehicle, but lower import volumes could offset that gain if buyers hold back. The government’s calculation appears to prioritise currency defence and reserve management over short-term market expansion.

UAE President Sheikh Mohamed bin Zayed Al Nahyan welcomed Modi on arrival, underscoring the personal diplomacy that has become a defining feature of ties between the two leaders. The visit opened the first leg of Modi’s five-nation tour, which is scheduled to include the Netherlands, Sweden, Norway and Italy between May 15 and 20.

The Abu Dhabi stop carries immediate strategic weight for New Delhi as energy markets remain exposed to geopolitical pressure and supply uncertainty. Discussions between the two sides were centred on long-term energy arrangements, petroleum reserves, liquefied petroleum gas supply and a wider defence framework, reflecting the broadening scope of a relationship once driven largely by trade, remittances and crude oil.

Agreements signed during the visit covered defence cooperation, petroleum reserve collaboration and LPG supply. The defence pact points to a gradual shift in the partnership towards security coordination, technology exchange and maritime stability, particularly as both countries seek to protect trade routes and energy flows across the Arabian Sea, the Gulf and the wider West Asia region.

Energy remains the strongest pillar of the relationship. The UAE is among India’s key suppliers of crude oil and gas, while Abu Dhabi’s state-linked energy companies have already taken part in India’s strategic petroleum reserve programme. New Delhi has been seeking to expand reserve capacity as part of a long-term effort to cushion the economy from global supply shocks, currency pressure and price spikes.

For Abu Dhabi, the visit fits a broader strategy of deepening ties with major Asian economies while positioning the UAE as an energy, finance, logistics and technology hub. The UAE’s investment push into ports, renewable energy, infrastructure, food corridors and financial services has increasingly aligned with India’s priorities in manufacturing, digital infrastructure and supply-chain diversification.

Bilateral trade has grown strongly since the Comprehensive Economic Partnership Agreement came into force in 2022. The pact reduced tariffs on a wide range of goods and helped accelerate commerce in gems and jewellery, petroleum products, food, metals, machinery and services. Both sides have set ambitious targets to lift non-oil trade, while businesses have expanded their use of rupee-dirham settlement mechanisms and cross-border payment links.

The partnership has also moved deeper into technology. Artificial intelligence, digital public infrastructure, data centres, financial technology and advanced computing have emerged as major areas of cooperation, especially after high-level exchanges earlier this year involving Sheikh Mohamed and Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. The proposed deployment of advanced computing infrastructure in India, with UAE-linked institutions and companies involved, has reinforced the technology dimension of the relationship.

People-to-people ties remain central to the diplomatic equation. The UAE hosts one of the largest overseas communities from India, with millions working across construction, services, health care, finance, aviation, education and technology. Their remittances and social links have long shaped the political warmth between the two countries, while improved consular services, labour welfare frameworks and easier travel arrangements remain important issues in bilateral engagement.

Modi’s Abu Dhabi visit also follows a sequence of symbolic gestures that have strengthened the public profile of the relationship. Sheikh Mohamed visited India in January this year, while senior members of Abu Dhabi and Dubai’s ruling families have taken part in major diplomatic and technology engagements. Modi’s 2024 visit to the UAE included the inauguration of the BAPS Hindu Mandir in Abu Dhabi, a project presented by both sides as a marker of tolerance and cultural connection.