Business
Fundamentals for crude oil weaken, witness 1st surplus since June 2020: Goldman Sachs

Fundamentals for crude oil weakened in April-May with modest declines in the Russian exports, record large sales by Strategic Petroleum Reserve and severe Chinese lockdowns bringing the oil market to its first surplus since June 2020, said multinational investment and financial services firm Goldman Sachs in a report.
The surplus, which the report termed as “politically created surplus”, is already ending, driven by the ongoing recovery in the Chinese demand.
“Chinese demand is recovering, yet we remain conservative on its further normalisation. The government’s push for achieving robust growth this year, therefore leaves risk to our downgraded Chinese demand expectation as skewed to the upside,” the report said.
Going forward, it downgrades China’s demand expectations by 0.2-0.4 million barrels per day in the second half of 2022-23.
“Given our already cautious demand expectations for China at the beginning of this year, this reflects the view that rolling lockdowns will remain a headwind to mobility (in the country) this year.”
Meanwhile, Russian crude oil production is expected to fall by a 0.5 million barrel per day following the European ban, the report said.
“Oil’s structural deficit therefore remains unresolved, with in fact an even tighter oil market through April than we had expected. Supply remains inelastic to higher prices with core-OPEC (higher) and exempt countries (lower) production shifts broadly offsetting.”
On the demand side, the report said that the negative global growth impulse remains insufficient to rebalance inventories at the current prices.
While updating the supply and demand expectations, the report now forecasts that Brent prices will need to average $135 per barrel in the second half of 2022 and first half 2023 for inventories to finally normalise by late 2023.
Business
Centre issues revised guidelines for waste-to-energy projects

New Delhi, June 28: The Centre on Saturday said it has released revised guidelines for the waste-to-energy programme under the National Bioenergy Programme., which aims to foster a more efficient, transparent, and performance-oriented ecosystem for bio-waste to energy deployment in India.
By simplifying procedures, expediting financial assistance, and aligning support with plant performance, the updated guidelines are designed to significantly enhance the ease of doing business for private as well as public sector, said the Ministry of New and Renewable Energy (MNRE).
Under the new framework, the ministry has simplified several processes, such as cutting down on paperwork and easing approval requirements, which will enable the industry especially MSMEs to enhance their production of CBG, Biogas and Power.
These changes align well with improvement of waste management including stubble, industrial waste, and India’s broader goal of reaching net-zero emissions by 2070.
A key highlight of the revised guidelines is the improved system for releasing Central Financial Assistance (CFA).
“Considering the challenges faced by the developers to achieve 80 per cent generation, flexible provisions have been made in the scheme for release of CFA based on plant performance,” said a ministry statement.
Previously, companies had to wait until the entire Waste-to-Energy project attains 80 per cent generation to receive support.
Moreover, as per the revised guidelines, there is a provision to release the CFA in two stages. Based on performance of the projects, 50 per cent of total CFA will be released after obtaining the consent to Operate certificate from State Pollution Control Board, against the bank guarantee, while the balance CFA would be released after achieving the 80 per cent of the rated capacity or the maximum CFA eligible capacity, whichever is lesser.
“In notably, even if a plant does not achieve 80 per cent generation for above both conditions during performance inspection, provision is made for pro-rata based disbursement based on the percentage output. However, no CFA will be given if the PLF is less than 50 per cent,” according to the government.
This change acknowledges real-world challenges and supports developers by offering financial flexibility and viability during operations.
The revision introduced provides the flexibility to the project developers in claiming CFA either within 18 months from the date of commissioning, or from the date of In-principle approval of CFA, whichever is later.
International
Trump says US to terminate all trade talks with Canada

New York, June 28: US President Donald Trump announced that the United States would terminate all trade talks with Canada due to Canada’s digital services tax on US tech companies.
Canada has just announced that they are putting a digital services tax on American technology companies, which is a direct and blatant attack on the United States, said Trump in a post on social media.
“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,” said Trump.
The United States would inform Canada the US tariffs that apply to Canadian businesses within the next seven days, according to Trump.
Canada is copying the European Union in introducing digital services tax, noted Trump.
The United States is scrambling to wind up trade talks with a large number of trading partners as the self-imposed deadline of July 9 is approaching, media reported.
However, White House Press Secretary Karoline Leavitt on Thursday said Trump could extend the deadline.
Earlier in may 2025, Canadian Prime Minister Mark Carney said that he had wide-ranging and constructive discussions with US President Donald Trump in the White House, although the two leaders disagreed on tariffs lifting and the “51st state,” according to the live broadcast of CBC News.
Carney said he told Trump it’s “not useful” to repeat the 51st state idea, adding that Trump is the president who is going to say whatever he wants.
“He understands that we are having a negotiation between sovereign nations,” said Carney.
Crime
Mere recovery of blood-stained weapon matching deceased’s blood group not sufficient to prove murder: SC

suprim court
New Delhi, June 27: Upholding the acquittal of an accused, the Supreme Court has ruled that mere recovery of a blood-stained weapon bearing the same blood group as that of the deceased would not be sufficient to prove the charge of murder.
A bench of Justices Sandeep Mehta and P.B. Varale was dealing with a criminal appeal filed by the Rajasthan government challenging a judgment of the Rajasthan High Court, which had acquitted the respondent-accused of the offence of murder.
In its impugned order, a division bench set aside the judgment passed by the Additional Sessions Judge in December 2008, which had convicted the respondent for the offence punishable under Section 302 of the Indian Penal Code, 1860 and sentenced him to undergo life imprisonment and pay a fine of Rs 100, and in default of payment of fine, to further undergo 3 months simple imprisonment.
During the trial, the respondent was charged with the murder of Chotu Lal, which took place on the intervening night of March 1 and 2, 2007.
Initially, an FIR was filed against unknown assailants, and at a later stage, the respondent was arraigned in the case on the basis of suspicion and circumstantial evidence.
The prosecution led circumstantial evidence in the form of motive, alleging the respondent was having an evil eye on the wife of the deceased; recovery of the weapon of offence and the FSL report indicating that the blood group on the weapon matched with the blood group of the deceased (B +ve).
Contrary to the findings of the trial court, the Rajasthan High Court opined that the prosecution could not prove the complete chain of circumstances required to bring home the guilt of the accused in the case, which was based entirely on circumstantial evidence, and proceeded to acquit the respondent.
Concurring with the view taken by the Rajasthan HC, the Justice Mehta-led Bench said: “We find that the incriminating circumstances relied upon by the prosecution, i.e., the motive and the recovery of the blood stained weapon, even taken in conjunction cannot constitute the complete chain of incriminating circumstances required to bring home the charges against the accused.”
“The High Court seems to have overlooked the FSL report, which fact was stressed upon by learned counsel for the appellant (state government). However, in our view, even if the FSL report is taken into account, then also, other than the fact that the weapon recovered at the instance of the accused tested positive for the same blood group as that of the deceased (B +ve), nothing much turns on the said report,” it added.
The apex court, relying upon a previous judgment of the apex court, opined that mere recovery of a blood-stained weapon even bearing the same blood group of the victim would not be sufficient to prove the charge of murder.
It discarded the theory of motive, saying the evidence in that regard seems to be very vague and vacillating.
The Justice Mehta-led Bench added that the law is well settled by a catena of apex court decisions that in an appeal against acquittal, interference can only be made if the only possible view based on the evidence points to the guilt of the accused and rules out his innocence.
Dismissing the appeal of the state government, the Supreme Court said: “In the present case, we are duly satisfied that the prosecution failed to lead clinching evidence to bring home the charges. The only possible view is the one taken by the High Court, i.e., the innocence of the accused.”
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