'Completely false': Indian minister denies rumours of lockdown in India
Explosions heard from south Beirut in early morningLebanese media reported an Israeli strike hit Beirut's southern suburbs early Friday, as AFP correspondents heard several explosions from the Hezbollah stronghold, which Israel has repeatedly struck since war erupted this month.AFPTV footage showed smoke billowing from the area after the raid.Israel has previously issued sweeping evacuation warnings for the area, but provided no specific warning in advance of Friday's strike, which came in the early hours of the morning.The usually densely populated area has largely emptied of residents since the hostilities erupted, and it was unclear whether there were any casualties.India cuts excise duties on petrol, dieselIndia slashed its special excise duties on petrol and diesel, as fuel prices stay volatile with supplies choked by the Iran war, Reuters reported.In a government order on Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees earlier. It also cut the duty on diesel to zero from 10 rupees.The ministry did not say how much the duty cuts would cost the government.Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly 1.55 trillion rupees. Indian oil minister denies rumours of lockdown in IndiaIndian oil minister denied rumours of a lockdown in India, calling it "completely false." Hardeep Singh Puri clarified that while the "global situation remains in flux," there is no such proposal under consideration by the Indian government. He said: "Attempts to spread rumours and create panic in such a situation are irresponsible and harmful."The minister added that "all necessary steps are being taken to ensure uninterrupted availability of fuel, energy, and other critical supplies".Hardeep Singh PuriIndia has consistently demonstrated resilience in the face of global uncertainties, and we will continue to act in a timely, proactive, and coordinated manner.Economic effects felt globally While the war unfolds in the Middle East, the economic repercussions are felt around the world, with conflicts depicting just how much countries are interlinked during the globalisation era.Here's a snapshot of what some countries are doing:Vietnam waives green taxVietnam temporarily waived an environmental tax on fuel to cut soaring petrol prices by more than a quarter on Friday, the trade ministry said.Japan to ease coal restrictionsJapan's government plans to temporarily lift restrictions on coal-fired power plants as it seeks to ease an energy crunch, an official told AFP.Power suppliers have been required to keep the operating rate of coal-fired thermal power stations that emit large amounts of carbon dioxide at or below 50 percent. But the government now intends to allow full operation of older, less efficient coal-fired plants, for a year from the new fiscal year starting April.Spain approves war-impact measuresSpain's parliament approved a sweeping package worth five billion euros ($5.8 billion), including steep cuts to energy taxes.Poland cuts fuel taxesPoland's prime minister announced Thursday a series of measures to cushion the impact of soaring fuel costs, including reduced taxes and price ceilings.The value-added tax was being reduced on petrol and diesel from 23 percent to eight percent, and a maximum price would be set on a daily basis by the energy ministry, said Donald Tusk.German consumer confidence slumpsGerman consumer sentiment fell heading into April due to the war, a survey showed Thursday, adding to the woes facing Europe's top economy.South Korea prepares 'wartime' budgetSouth Korea will roll out a $17 billion "wartime" supplementary budget and expand fuel tax cuts as the war in Iran pushes up energy prices, authorities saidDay 28: How war has unfolded so farTake a look at Khaleej Times's live coverage from the beginning of the war to find out how events have unfolded.Day 1Day 2Day 3Day 4Day 5Day 6Day 7Day 8Day 9Day 10Day 11Day 12Day 13Day 14Day 15Day 16Day 17Day 18Day 19Day 20Day 21Day 22Day 23Day 24Day 25Day 26Day 27Indian refineries exporting oil to pay export taxIndian oil minister Hardeep Singh Puri said any refinery exporting oil to foreign nations would have to pay an export tax. He added that Indian government has taken a "huge hit on tax revenues" to ensure that very high losses of oil companies are reduced, amid sky-high international prices.Hardeep Singh PuriIndian government decided to take a hit on its own finances again to safeguard the Indian citizenAsean summit in May shortened to 'bare bones' programme: ReutersPhilippine President Ferdinand Marcos Jr. said on Friday that the Asean Leaders' summit will go ahead in May, but will be shortened to a "bare-bones" programme that focuses on addressing issues like fuel supplies, food prices and migrant workers.Marcos said he has consulted with his counterparts in the regional bloc and asked them whether they preferred to postpone the Asean
Explosions heard from south Beirut in early morning
Lebanese media reported an Israeli strike hit Beirut's southern suburbs early Friday, as AFP correspondents heard several explosions from the Hezbollah stronghold, which Israel has repeatedly struck since war erupted this month.
AFPTV footage showed smoke billowing from the area after the raid.
Israel has previously issued sweeping evacuation warnings for the area, but provided no specific warning in advance of Friday's strike, which came in the early hours of the morning.
The usually densely populated area has largely emptied of residents since the hostilities erupted, and it was unclear whether there were any casualties.
India cuts excise duties on petrol, diesel
India slashed its special excise duties on petrol and diesel, as fuel prices stay volatile with supplies choked by the Iran war, Reuters reported.
In a government order on Thursday, India's finance ministry reduced the special excise duty on petrol to 3 rupees ($0.0318) per litre from 13 rupees earlier. It also cut the duty on diesel to zero from 10 rupees.
The ministry did not say how much the duty cuts would cost the government.
Madhavi Arora, an economist at Emkay Global, estimated the annualised fiscal hit to be nearly 1.55 trillion rupees.
Indian oil minister denies rumours of lockdown in India
Indian oil minister denied rumours of a lockdown in India, calling it "completely false."
Hardeep Singh Puri clarified that while the "global situation remains in flux," there is no such proposal under consideration by the Indian government. He said: "Attempts to spread rumours and create panic in such a situation are irresponsible and harmful."
The minister added that "all necessary steps are being taken to ensure uninterrupted availability of fuel, energy, and other critical supplies".
Economic effects felt globally
While the war unfolds in the Middle East, the economic repercussions are felt around the world, with conflicts depicting just how much countries are interlinked during the globalisation era.
Here's a snapshot of what some countries are doing:
Vietnam waives green tax
Vietnam temporarily waived an environmental tax on fuel to cut soaring petrol prices by more than a quarter on Friday, the trade ministry said.
Japan to ease coal restrictions
Japan's government plans to temporarily lift restrictions on coal-fired power plants as it seeks to ease an energy crunch, an official told AFP.
Power suppliers have been required to keep the operating rate of coal-fired thermal power stations that emit large amounts of carbon dioxide at or below 50 percent. But the government now intends to allow full operation of older, less efficient coal-fired plants, for a year from the new fiscal year starting April.
Spain approves war-impact measures
Spain's parliament approved a sweeping package worth five billion euros ($5.8 billion), including steep cuts to energy taxes.
Poland cuts fuel taxes
Poland's prime minister announced Thursday a series of measures to cushion the impact of soaring fuel costs, including reduced taxes and price ceilings.
The value-added tax was being reduced on petrol and diesel from 23 percent to eight percent, and a maximum price would be set on a daily basis by the energy ministry, said Donald Tusk.
German consumer confidence slumps
German consumer sentiment fell heading into April due to the war, a survey showed Thursday, adding to the woes facing Europe's top economy.
South Korea prepares 'wartime' budget
South Korea will roll out a $17 billion "wartime" supplementary budget and expand fuel tax cuts as the war in Iran pushes up energy prices, authorities said
Day 28: How war has unfolded so far
Take a look at Khaleej Times's live coverage from the beginning of the war to find out how events have unfolded.
Indian refineries exporting oil to pay export tax
Indian oil minister Hardeep Singh Puri said any refinery exporting oil to foreign nations would have to pay an export tax.
He added that Indian government has taken a "huge hit on tax revenues" to ensure that very high losses of oil companies are reduced, amid sky-high international prices.
Asean summit in May shortened to 'bare bones' programme: Reuters
Philippine President Ferdinand Marcos Jr. said on Friday that the Asean Leaders' summit will go ahead in May, but will be shortened to a "bare-bones" programme that focuses on addressing issues like fuel supplies, food prices and migrant workers.
Marcos said he has consulted with his counterparts in the regional bloc and asked them whether they preferred to postpone the Asean summit due to the conflict in the Middle East.
"The consensus that we came to is that it is precisely now that we must coordinate our efforts," Marcos told reporters.
Israel military says carried out 'wide-scale' strike on Tehran
Israel's military said its forces carried out strikes on "infrastructure" targets in Tehran early Friday, AFP reported.
A brief military statement said Israeli forces "completed a wide-scale wave of strikes targeting infrastructure of the Iranian terror regime in the heart of Tehran".
Oil prices fall on Friday
Oil prices fell in early trade on Friday and were down over a volatile week, Reuters reported, after Trump announced he would pause attacks on Iran's energy plants for 10 days.
Brent futures fell 90 cents, or 0.8 per cent, to $107.11 per barrel as of 12.24am GMT, while US West Texas Intermediate futures lost 83 cents, or 0.88 per cent, to $93.65 per barrel, trimming gains from a bullish previous session.
Day 28 of war
As the war begins its fourth week, Trump extended his pause on striking Iranian power plants. The pause would now go on for 10 days, extending into April, amid his claim that ongoing talks are "going very well".
The US President claimed that the extension was "as per Iranian government request."
While Trump has previously said Iran was desperate to make a deal, the Iranian foreign minister said his country was reviewing a US proposal but had no intention of holding talks to wind down the conflict.
Trump has not identified with whom the US is negotiating in Iran, only claiming that he has spoken to "top leaders."
Stay tuned to this Khaleej Times live blog to get all the latest updates from the war today.
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