India hikes fuel prices; Day 2 of Trump-Xi meeting; EU keeps doors open for Indian seafood exports & more

India hikes petrol and diesel prices by ₹3 per litre — Check new rates The Centre has hiked petrol and diesel rates by ₹3 per litre, effective from 6 am on Friday, May 15. In Delhi, diesel will now cost ₹90.67 per litre compared to its previous price of ₹87.67 per litre. Petrol will now cost ₹97.77 per litre from the previous ₹94.77 per litre. CNG prices have also been increased by ₹2 per kg and will now cost ₹79.09 per kg. The fuel price hike comes on the back of the global energy crisis after the Iran war broke out on February 28, effectively blocking the key oil shipping waterway — The Strait of Hormuz. Adani Group in focus on reports of prosecutors considering dropping charges; Stocks give up gains Shares of Adani Group companies, Adani Enterprises Ltd., Adani Ports Ltd., Adani Green Energy Ltd., Adani Energy Solutions Ltd., Adani Power Ltd., opened higher on Friday, May 15, after multiple reports suggested that the US authorities are moving to resolve the fraud charges against Gautam Adani and end a criminal case. However, the stocks soon gave up their gains to trade with losses. India rolls out new tax law, brings in AI tool to help taxpayers understand rules India rewrote its income tax law this year. The Income Tax Act, 2025, replaced a 65-year-old framework on 1 April, and the government has since been running awareness programmes across the country, attempting to explain within a matter of weeks what changed in legislation that had evolved over decades. The Prarambh 2026 outreach campaign is the Income Tax Department’s nationwide initiative to help taxpayers and stakeholders navigate the new law. Mumbai, which accounts for a significant share of India’s direct tax collections, has been one of its key stops. On Tuesday, the Office of the Principal Chief Commissioner of Income Tax organised a major outreach event that drew more than 700 participants, including chartered accountants, corporate executives, tax professionals, and industry representatives. Trump says Xi does not want Iran to have nuclear weapons US President Donald Trump said on Thursday that Chinese President Xi Jinping does not want Iran to have a nuclear weapon, adding that the two leaders were aligned on ending the war in West Asia. “We did discuss Iran. We feel very similar (on) Iran. We want that to end. We don’t want them to have a nuclear weapon. We want the straits open,” Trump said, according to Reuters. The two are meeting at Zhongnanhai, a compound housing both the offices and residences of the Chinese Communist Party's elites, on Friday, May 15. Taiwan emerges as biggest flashpoint in Trump-Xi meeting despite friendly optics: WSJ’s Cheng US President Donald Trump and Chinese President Xi Jinping may have exchanged praise and promises of continued engagement during their meeting in Beijing, but Taiwan remained the clearest point of tension between the world’s two largest economies, according to Jonathan Cheng, China Bureau Chief at The Wall Street Journal. Speaking to CNBC-TV18 after the high-profile summit, Cheng said Beijing’s message on Taiwan was unusually sharp, even by Chinese standards, underlining how central the issue remains to China’s leadership . “There’s no question that China cares a lot more about this issue than the US does,” Cheng said. “This is the most important issue, and this is something that will not be tolerated.” EU keeps doors open for Indian seafood exports ahead of India-EU trade deal In a development that may increase export opportunities for India once its Free Trade Agreement (FTA) with the European Union (EU) comes into force, the 27-nation bloc's revised draft list has allowed the continuation of imports of aquaculture products from India . The India-EU FTA is expected to come into force by early 2027. India's Commerce Ministry said that the revised regulation is expected to ensure the uninterrupted export of Indian aquaculture products to the EU market beyond September 2026, with tariffs expected to significantly drop on India's exports to the bloc once the FTA comes into force. West Asia conflict drives up packaging costs, hits Indian exports hard The ongoing conflict in West Asia is sharply increasing packaging costs for Indian exporters, adding fresh pressure on businesses already struggling with weak global demand and earlier tariff-related disruptions. Industry players say the Iran war and the resulting rise in crude oil prices have pushed up polymer prices by nearly 40%, directly affecting the cost of packaging materials used across sectors ranging from handicrafts to agricultural products. Air India's $2.8 billion loss drags Singapore Airlines' profit down 57% Singapore Airlines has reported a 57.4% plunge in net profit to $877 million for FY26, and the primary culprit is a single line item: its 25.1% stake in Air India. Despite posting record revenue and a 39% jump in operating profit to $1.76 billion, SIA's bottom line was hammered by Air India's mounting transformation costs. Air India posted a loss after tax of nearly $2.8 billion for the financial year ended March 2026- a dramatic widening from just $214 million the previous year. PM Modi’s austerity appeal: From Delhi to Maharashtra, states cut convoys, push WFH and public transport Following Prime Minister Narendra Modi’s appeal for fuel conservation and reduced dependence on imports, several states, including Delhi and Uttar Pradesh, have announced measures aimed at cutting fuel use, saving electricity and reducing government spending. From smaller official convoys to work-from-home policies and virtual meetings, states have started rolling out different steps in response to the Centre’s call. The five quiet thieves of wealth Two decades of working with investors have led to an uncomfortable conclusion: the biggest risk in investing is rarely the market itself. It is human behaviour, and none of us is exempt . From Rafael Nadal’s Australian Open comeback to investor panic during market swings, this piece by Navin Gogia explores how greed, herd mentality and emotional decision-making quietly destroy long-term wealth creation. Daily Data Five years after the remote-work boom, some countries still lead the world in WFH days. How does India fare?