FUEL CONSUMPTION INCREASE US
Karnataka's alcohol-content tax cuts consumption 2.4%, boosts revenue 13.4%
Karnataka's introduction of alcohol content-based taxation has led to a 2.4% reduction in per capita alcohol consumption. During this period, tax collections increased by 13.4%, indicating successful revenue generation. The shift resulted in a rise in beer and wine sales, which accounted for 45% of total alcoholic beverage sales. Furthermore, manufacturers of Indian-made foreign liquor have adjusted their products to lower alcohol content.
India’s Russian fossil fuel imports hit record €6.4 billion in October: CREA
India was the world’s second-largest buyer of Russian fossil fuels in October, with purchases hitting a record €6.4 billion, according to CREA, as crude oil imports rose across major Indian refineries. Higher global oil prices also lifted Russia’s overall fossil-fuel export revenues to their highest monthly level since December 2022, despite Western sanctions and price caps.
India's growth gets further votes of confidence as Moody's raises FY27 forecast to 7% from 6.5%
Moody's Ratings has raised India's economic growth forecast for 2026-27 to 7% from 6.5%. This adjustment reflects the nation's strong consumption and improving investment dynamics. Despite potential challenges such as policy interest rate hikes, consumption remains crucial for growth. Additionally, SBI Research predicts a growth of 7.8% for India in the July-September quarter. Improving economic indicators suggest a strong recovery might be underway, supporting a new cycle of private investment.
India's renewable energy expansion averts $100 bn in fuel imports, savings seen at $240 bn by 2030
The findings underline the growing economic and energy-security dividends of India's renewable energy transition, with increased domestic electricity generation reducing exposure to imported fossil fuels and volatility in international energy markets.
Climate crisis is outrunning world, UN chief Antonio Guterres warns leaders at COP31
UN Secretary-General Antonio Guterres addressed world leaders at the COP31 summit in Turkey regarding climate change action. He warned that the slow international response threatens the planet's future and urged countries to implement clean energy solutions. Negotiators from nearly 200 nations are currently seeking agreement on enhancing electricity's role in global energy consumption. The summit occurs amid significant geopolitical challenges and alarming climate data highlighting increasing global temperatures.
Fed's Bowman flags persistent inflation, expects price pressure to ease next year
Fed Vice Chair Michelle Bowman flagged persistent US inflation but stopped short of calling for further rate hikes. She expects core PCE inflation to ease next year as AI-related demand pressures and geopolitical shocks fade, while highlighting risks to the economic outlook.
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Goldman Sachs forecasts additional Fed rate hike in March after hotter US inflation data
Goldman Sachs expects the US Federal Reserve to deliver an additional 25-basis-point rate hike in March after October inflation data came in hotter than expected for the third consecutive month. The bank has also pushed back its forecast for the first rate cut to December 2027, signalling prolonged monetary tightening.
Japan bond yields rise as US inflation fuels rate hike bets
Japanese government bond yields climbed for a third straight session, tracking a global debt selloff after stronger US inflation data and hawkish Fed commentary raised expectations of further rate hikes. Investors also assessed the Bank of Japan’s policy outlook ahead of key bond auctions.
US stocks: US market falls as hot inflation, hawkish Fed fuel rate-hike fears
US stocks closed lower after hotter-than-expected inflation data strengthened expectations of a December Federal Reserve rate hike and raised the possibility of more aggressive tightening. Rising Treasury yields and weakness in technology stocks, particularly Nvidia, weighed on the market, while investors also assessed hawkish Fed comments and Anthropic’s upcoming IPO.
While the world nursed a hangover, India ordered another round
India’s alcohol consumption rose 10% in the first half of 2026, even as volumes across 21 major markets fell 1%, according to IWSR data shared with TOI. The US and China recorded declines of 4% and 3%, respectively. India was the only market among those tracked to report growth across every beverage category and subcategory.
CPI report today: What is current US Fed interest rate? Will inflation data force US Fed to go for interest rate hike?
CPI data today: Inflation report is running well above the US central bank's 2 per cent target. The US-Israeli war with Iran has boosted oil prices, combining with the import tariffs implemented by the Trump administration last year to lift the cost of living.
US consumer prices rise above expectations in October
Consumer prices in the US experienced a larger-than-expected increase in October, affecting future Federal Reserve interest rates. The Consumer Price Index rose by 0.4%, following a 0.6% increase in September. Core CPI also increased, leading many to predict a rate hike in December. Despite missing year-over-year data, inflation remains significantly above the Fed's 2% target.
India begins pouring in a bigger glass when global alcohol demand takes a hit
Alcohol consumption in India increased by 10% in early 2026, contrasting with declines in other major markets. Beer led the growth, with a 16% rise, while no-alcohol beer surged by 25%. Despite a global decline of 1% in alcohol consumption, India recorded increases across all categories tracked. Global brands are increasingly focusing on India for growth opportunities in the beverage alcohol sector.
European stocks rise, STOXX 600 nears record high as oil prices fall
European stocks kicked off the day on a positive note, with the STOXX 600 index climbing thanks to decreasing oil prices and reduced geopolitical tensions. Investors showed optimism after Donald Trump's remarks concerning military strategy towards Iran. Notably, airlines such as Lufthansa and Air France-KLM surged alongside lower oil costs.
Global climate talks open with big questions, smaller goals
Climate negotiators from nearly 200 countries are attending COP31 in Antalya, Turkey, to address rising global temperatures and emissions. The summit will focus on achieving existing commitments rather than making ambitious new goals amidst geopolitical tensions and financial constraints.
Fossil fuel emissions fall due to Iran war and renewables, finds research
Emissions from the burning of oil, gas and coal -- the main drivers of climate change -- rose by 0.9 percent per year on average in the past decade, hitting a record high in 2025, according to the Global Carbon Budget report.
India's net-zero transition aim by 2070 offers $22.7 tn investment opportunity for global capital
India's push to achieve net-zero emissions by 2070 could unlock a $22.7 trillion investment opportunity across renewable energy, power grids, battery storage, green hydrogen and clean technologies, according to a report by Australian economist Nicki Hutley. The report estimates a $6.5 trillion funding gap, which will require international capital to bridge.
When wars and AI cast a shadow, India has pressed a power reset
India’s renewable energy expansion is reshaping its energy security, cutting dependence on imported coal and natural gas as wars, oil supply disruptions and AI-driven electricity demand put pressure on power markets. An International Energy Agency report says clean energy saved India over $100 billion in fuel imports between 2011 and 2025, with cumulative savings potentially reaching $240 billion by 2030.
Middle East oil price war heralds post-conflict glut: Bousso
The Strait of Hormuz has become a bustling corridor for Middle Eastern oil, with exports rising sharply since September. However, the ongoing constraints in demand and refining capacity alongside dwindling global crude inventories mean that producers are slashing prices to lure in buyers within a fiercely competitive arena. Analysts foresee a possible surplus driven by increased output from Gulf nations, and a stable peace could exacerbate market dynamics.
Gas prices in the US are nearly half of Europe's: Why are American drivers paying so much less?
American motorists are currently paying much less for fuel compared to drivers in the European Union. The average petrol price in the EU is almost double that of the US, highlighting significant market differences. Higher taxation in Europe contributes to this price discrepancy, making it important for consumers to understand. Diesel costs also reflect a noticeable difference, though the gap is smaller than for petrol.
COP31 a 'moment of truth': UN chief Guterres urges world leaders to act now on climate change
António Guterres has urged global leaders to take immediate action against climate change ahead of the COP31 summit. He emphasizes that responsibility should not be shifted and that everyone must commit to change now. Guterres highlights the worsening impact of climate disasters and the interplay between climate change and other global challenges. Additionally, he believes that fossil fuel companies should contribute by being taxed on their profits.
Britannia Industries plans further price hikes amid food inflation impacting margins and boosting rural demand
Britannia Industries is responding to persistent inflation by considering additional price hikes for its products. The company has already raised prices by 3.5% in the September quarter, but this only partially addresses rising costs. Increased competition from companies like Reliance Industries adds pressure on their pricing strategy and market share. Demand is improving, particularly in rural and semi-urban markets, which reflects changing consumption patterns.
British Airways parent profit drops on higher fuel costs
IAG, the owner of British Airways and Iberia, said Friday that its net profit dropped more than 12 percent in the third quarter on soaring fuel costs and flight disruptions caused by the Middle East conflict. The group said its overall flight capacity had been hit "by cancellations due to the conflict in the Middle East, together with aircraft availability linked to engine issues and disruption related to air traffic control disruption".
In a divided world, COP31 aims for agreement on electrification
COP31, kicking off November 9 in Antalya, Turkey, is all set to spotlight the global push for electrification. With a target to raise electricity's contribution to final energy demand to 35% by 2035, nations are keenly examining how electrification can effectively curb fossil fuel use.
Google unveils $15 billion data centre investment in Malaysia
Google announced plans on Wednesday to invest $15 billion in Malaysia over the next two years to build data centres and other infrastructure as demand booms for artificial intelligence services. It said the $15 billion investment will be made "over the next two years (2027 to 2028)", expanding on a $2 billion investment announced in 2024.
Government prepares draft sustainable aviation fuels policy; moots mandatory blending in ATF from 2027
The civil aviation ministry has circulated the draft National Policy on Sustainable Aviation Fuels which mandates use of only indigenously manufactured SAF to be blended with Aviation Turbine Fuel (ATF).
MRPL boosts delivered oil buying as Iran war raises shipping risks
Mangalore Refinery and Petrochemicals Ltd plans to increase crude oil purchases on a delivered basis. This strategy aims to reduce shipping risks related to the ongoing Iran war. The company is also looking to diversify its crude sourcing to maintain full refinery capacity. CFO Devendra Kumar expressed hope for annual supply deals with Middle Eastern oil producers. Additionally, MRPL's fuel exports may decline as local consumption is projected to rise.
Rising crude prices could push India's inflation by upto 1 percentage point, diversified imports helping secure oil supplies: EY's Gaurav Moda
Gaurav Moda, Partner and Energy Industry Leader at EY India said the increase in crude oil prices from an average of $60-65 per barrel to $90-95 has significantly raised India's energy import costs, even as the country continues to prioritise securing supplies amid geopolitical uncertainties.
Diesel sales surged 11.7%, petrol 3.1% in October
Diesel sales experienced an 11.7% year-on-year increase in October due to heightened economic activity. Petrol sales, on the other hand, increased by only 3.1% during the same month. LPG sales continued to decline significantly, dropping 12.1% year-on-year as supplies tightened. Aviation turbine fuel sales decreased by 1.3%, reflecting persistent sluggishness in the aviation sector. Overall, the fuel market showed mixed trends amid changing consumption patterns in India.
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