IndiGo will temporarily suspend flights to six international destinations including Langkawi, Krabi, Ho Chi Minh City, Hong Kong, Shanghai and Siem Reap from July 1 (July 3 for Siem Reap) until September 30. The airline cited weakening demand, elevated operating costs and continuing international airspace restrictions as reasons for the move, despite the summer travel season. Bookings for these routes will reopen from October 1, although services may resume earlier if market conditions improve. IndiGo said it will continue operating over 1,800 international flights weekly and retain most of its overseas network. The announcement follows its decision to suspend Manchester flights from August 31 amid rising operational challenges. (PC: X)

UK Business and Trade Secretary Peter Kyle will visit New Delhi on June 2 to meet Commerce Minister Piyush Goyal and discuss the early implementation of the UK-India Free Trade Agreement (FTA). The deal aims to strengthen bilateral trade, already valued at £48 billion annually, amid global economic disruptions caused by conflicts and the blockade of the Strait of Hormuz. Once in force, the agreement will remove 99% of UK tariffs and 90% of Indian tariffs, making trade easier and cheaper. Kyle will also meet business leaders from both countries to help firms prepare for the landmark trade deal.

Global oil prices surged nearly 2% after fresh US strikes targeted Iranian military facilities near Bandar Abbas, intensifying fears of wider conflict and potential supply disruptions. According to Reuters, US forces struck Iranian drone-launching infrastructure after intercepting four attack drones allegedly targeting a US commercial vessel near the Strait of Hormuz. Following the operation, explosions were reported east of Bandar Abbas, triggering temporary activation of Iranian air defence systems. Brent crude climbed above $96 per barrel amid renewed geopolitical anxiety over the strategically critical Strait of Hormuz, through which a significant share of global oil passes. Markets remain volatile as uncertainty grows around stalled US-Iran peace negotiations and risks to global energy supply chains worldwide. (PC: Times Now)

Ferrari shares tumbled after the luxury carmaker unveiled the Luce, its first fully electric vehicle, signaling a major shift in the company’s history. The Rome-launched model, whose name means “light,” represents a departure from traditional Ferrari styling and arrives as rivals Porsche and Lamborghini slow EV plans amid weak demand. Ferrari’s Milan-listed shares fell about 8%, while U.S.-listed shares dropped 5.3%. CEO Benedetto Vigna called the launch a “new chapter,” saying the Luce would attract both existing and new customers. Analysts cited investor concerns over brand dilution, high EV development costs, and controversial design choices. Critics including Luca di Montezemolo and Matteo Salvini publicly questioned the model.

Taiwan has overtaken India to become the world’s fifth-largest stock market after a sharp rally in shares of Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker. Bloomberg data showed Taiwan’s total market capitalisation rose to $4.95 trillion, slightly ahead of India’s $4.92 trillion. Taiwan’s gains were driven by strong global investor interest in artificial intelligence-linked technology stocks, particularly semiconductor companies. India’s markets, meanwhile, faced foreign investor outflows, rising energy prices and concerns over slowing earnings growth. Analysts said Taiwan benefited from its dominance in global chip manufacturing, while India saw weaker investor sentiment and valuation concerns. (PC: Ai generated)

India raised petrol and diesel prices by Rs 3 per litre nationwide on Friday as surging global crude oil prices linked to the ongoing West Asia conflict intensified pressure on state-run oil companies. In New Delhi, petrol now costs Rs 97.77 per litre and diesel Rs 90.67, while CNG prices increased by Rs 2 per kg to Rs 87. Fuel rates also climbed sharply across Mumbai, Kolkata and Chennai. State-owned fuel retailers had maintained stable prices for nearly 11 weeks despite mounting losses, but crude prices nearing $114 per barrel forced a partial pass-through. Long queues formed at petrol pumps nationwide amid fears of steeper hikes. (PC: India Today)

Gautam Adani could receive major legal relief as the United States Justice Department reportedly moves to drop criminal fraud and bribery charges linked to an alleged $265 million corruption scheme tied to India’s largest solar power project. According to a Bloomberg report, US prosecutors may withdraw the case as early as this week, while the US Securities and Exchange Commission is also reportedly considering settlement discussions in a parallel civil fraud matter. Prosecutors had accused Adani, nephew Sagar Adani and other executives of concealing alleged bribery payments while raising billions through loans and bond offerings. The case had intensified global scrutiny of the Adani Group since late 2024. (PC: India Today)

Amul and Mother Dairy have announced a nationwide hike in milk prices by Rs 2 per litre, effective May 14, 2026. The increase will apply across several popular milk variants and major selling packs. According to the Gujarat Cooperative Milk Marketing Federation, which markets Amul products, the revision comes amid rising input costs, including higher cattle feed expenses, packaging costs and overall production expenditure. The latest increase is expected to impact household budgets across India, particularly daily consumption items such as tea, coffee and milk. The move reflects continued inflationary pressure on essential food products and rising operational costs within the country’s dairy sector. (PC: X)

The Indian rupee slipped to a fresh all-time low of 95.8 against the US dollar on Wednesday as soaring crude oil prices and rising import costs intensified pressure on the economy. The currency weakened amid fears of prolonged disruption in global oil supplies, with Brent crude trading above $107 per barrel.   The Centre also raised import duty on gold and silver from 6 per cent to 15 per cent to curb foreign exchange outflow and protect reserves. Despite volatile trading, benchmark indices Sensex and Nifty ended marginally higher. Analysts warned that sustained high oil prices and foreign fund outflows could keep the rupee under pressure in the coming weeks. (PC: ai)

The Centre has increased import duties on gold and silver to 15% from 6% as part of efforts to reduce imports and ease pressure on India’s foreign exchange reserves. The revised structure includes a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC). The move comes days after Prime Minister Narendra Modi urged citizens to avoid buying gold for a year to help conserve foreign exchange amid global economic uncertainty. Industry bodies warned the sharp hike could hurt demand and revive gold smuggling, even as the government seeks to narrow the trade deficit and support the rupee. (PC: NDTV)