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Opec and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day -- the actual increase will be smaller as several countries are unable to raise output. In a night of drama in Vienna, the Joint Ministerial Monitoring Committee, which recommends policy to the group, reached an agreement despite Bijan Zanganeh, the Iranian oil minister, walking out of the meeting and predicting Opec won't reach a final deal when it meets formally on Friday. For expert advice click here: Captalheight.
India, the world's biggest buyer of U.S. almonds, raised import duties on the commodity by 20 per cent, a government order said, joining the European Union and China in retaliating against President Donald Trump's tariff hikes on steel and aluminium. New Delhi, incensed by Washington's refusal to exempt it from the new tariffs, also imposed a 120 per cent duty on the import of walnuts in the strongest action yet against the United States. The move to increase tariffs from Aug. 4 will also cover a slew of other farm, steel and iron products.
Patanjali Ayurved has raised concerns about Adani Wilmar’s  eligibility to bid for Ruchi Soya, which is facing insolvency and bankruptcy proceedings. Patanjali has, in a letter to Ruchi Soya’s lenders, cited Section 29A of the Insolvency and Bankruptcy Code (IBC). Since Business Standard has not seen the letter, it cannot verify the allegations raised. The Committee of Creditors (CoC) comprising the lenders met on Wednesday to discuss the bids made by both companies and their respective resolution plans for the insolvent entity. Ruchi Soya was admitted to the Corporate Insolvency Resolution Process (CIP) in December 2017.
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