Day: June 7, 2020

Saudi Arabia Lays Down the Law to the Oil Market

(Bloomberg Opinion) — Saudi Arabia called out the cheats at yesterday’s OPEC meeting — the countries that hadn’t fully reduced oil output in May as agreed — and extracted promises that they would compensate with even deeper reductions in the third quarter. Now the kingdom faces the group’s perennial problem of enforcing those promises.

The meetings of the Organization of Petroleum Exporting Countries and the bigger OPEC+ group, which includes Russia and nine other countries, were the shortest and least controversial since the latter collective was formed in 2016. It’s not that there was no drama; it just all took

Economy to take further hit after likely 5% contraction, 10% permanent GDP loss if these risks materialise

Expected GDP contraction and risk averseness among lenders are likely to keep credit growth subdued.

While India’s GDP is likely to contract by 5 per cent along with a 10 per cent permanent loss to it, as per the ratings agency Crisil, there would be further downside to the impact if three key risks materialise, according to Ashu Suyash, MD and CEO, Crisil. First, if the global GDP falls beyond the 2.4 per cent decline projected by S&P Global for 2020. Second, if coronavirus cases see a second wave adding to the uncertainty and stringency of measures to contain the

No better time to bet on India than now, says billionaire Gautam Adani

Adani Group’s six publicly traded companies have each performed well. (File image: Reuters)

The recent slump in economic growth notwithstanding, India will be one of the world’s top consumption centres and a manufacturing and services hub for the next several decades, billionaire Gautam Adani has said, stressing there is no better time to bet on India than now.

India’s economic growth slipped to 4.2 per cent in 2019-20 fiscal (April 2019 to March 2020) — its slowest pace in more than a decade. International rating agencies as well as the Reserve Bank of India (RBI) have forecast a