13/04/2026

BIZ & FINANCE MONDAY | APR 13, 2026

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Domestic Indian migrants weigh return home

South Korea close to securing oil supplies from Kazakhstan SEOUL: South Korea is close to securing crude oil supplies from Kazakhstan, the industry minister said yesterday, as the country looks for alternative energy sources amid the war in the Middle East. “There has been quite (some) progress, so we should be able to announce specific amounts and details early next week,“ Industry Minister Kim Jung-kwan said in an interview with local broadcaster KBS. Earlier this month, presidential chief of staff Kang Hoon-sik travelled with Kim to Kazakhstan to secure supplies of crude oil and naphtha amid disruptions to shipping through the Strait of Hormuz. “Kazakhstan might sound very far, but it actually takes about the same time with shipments from the US. About 50 to 60 days,“ Kim said, adding that the recent visit to the central Asian country was aimed at diversifying oil supplies in the long run. South Korea, which is almost entirely dependent on imports for its energy with 70% of oil purchases coming from the Middle East, also secured a pledge last month from the United Arab Emirates to supply 24 million barrels of crude oil. On Friday, South Korea’s Parliament approved a supplementary government budget of 26.2 trillion won (RM70 billion) to mitigate the domestic economic impact of the Iran war. The government plans to implement the extra budget as soon as possible to minimise the economic shock from a surge in oil prices. The package includes a consumer voucher handout programme, which provides payments ranging from 100,000 won to as much as 600,000 won per person for those in the bottom 70% of income earners. The budget also includes spending to maintain nationwide fuel price caps, introduced last month for the first time in nearly three decades, for about six months, in a country that is almost entirely dependent on imports for its energy. Amid high oil prices, South Korea’s consumer inflation quickened in March, with policymakers warning of upside risks in the months ahead, while the cost of imports grew at the strongest pace since September 2022. – Reuters Thailand to increase essential goods allowance for ‘vulnerable’ people BANGKOK: Thailand will increase its allowance for essential goods starting today to help mitigate the economic impacts of the Mideast war, which are particularly affecting farmers, small business owners and “vulnerable” people. More than 13 million Thais, who hold a card entitling them to social benefits, will see their monthly allowance increase from 300 baht (RM37) to 400 baht for their daily expenses, the Finance Ministry said at a press briefing. The measures are intended to “protect vulnerable groups of people and prevent the situation from spreading to other sectors”, Finance Minister Ekniti Nitithanprapas said. Farmers and small business owners will also be able to benefit from preferential-rate loans, as will people wishing to buy electric vehicles or install solar panels. The government has also approved subsidies for transport operators. “This challenge will be long term. Therefore, we are not only implementing short-term measures but also preparing the public and entrepreneurs to adapt to potentially higher energy and product costs,“ Ekniti said. – AFP

NEW DELHI: Domestic migrants in India, who often travel thousands of kilometres for work are weighing up whether to leave New Delhi for good as energy resources choked by the Middle East war dwindle. Black market prices of cooking gas cylinders have soared beyond what labourers living hand-to-mouth can earn and, even if energy flows resume soon, they worry it could take weeks for the impact to filter down to them. Crouched over smoky fires at dawn, using wood shavings to cook a breakfast of flat bread chapatis, dozens of construction workers say they are ready to return home. “We will just leave when (the) money finishes,” said Milan Kumar Mondal, who will make the 1,100km journey home to Katihar in Bihar state, when the last of his savings runs out. India has more than 450 million internal migrants, according to the last census in 2011 and government estimates, forming the backbone of its informal economy. Many move seasonally from poorer states such as Bihar and Uttar Pradesh to cities in search of construction, factory and daily wage work. o Cooking gas prices have soared beyond what labourers living hand-to-mouth can earn

“The crisis has made savings uncertain,” he said. Many initially turned to firewood gathered from city forests or wood shavings from construction sites, but even the cost of that has now nearly doubled. “We were cooking on firewood for the first 15 days of the crisis,” said Suresh Kumar from Bhagalpur district, noting that they cannot cook when it rains. “Now, even wood has become expensive.” Electric stoves are not an option, since their power connection in tight-packed rooms is often only strong enough for a single charging point. “If we use a heater or induction stove, the fuse goes off, the wiring burns,” Kumar said. Food stalls are unaffordable – or mean the worker spends all that they earn. “A labourer needs three meals a day because the work is heavy – lifting stones, working on multi-storey buildings,” construction worker Lalu Singh said. “If we spend almost everything on food, what is left? It is better to go home and be with your family”. Work is uncertain back in their villages – farming on leased land or daily wage labour – but living costs are lower and families share expenses. Five-month pregnant Naseema, in Delhi’s Noor Nagar district, gathers wood from scrubland to cook for her six children and husband. “If we can manage with the wood, we will,” she said. “After that, what option do we have – than to return back to our village?”– AFP

The South Asian nation, heavily dependent on imported energy, including roughly 60% of its liquefied petroleum gas (LPG) needs, has seen supply chains strained by the war. And while the government says there is no overall LPG shortage, and is ensuring the most vulnerable receive cooking gas, migrants in informal settlements say they are left out. Government rules mean a household can have only one registered LPG connection. For domestic migrants, that is back in their home village. Incomes are volatile and savings minimal, making them particularly vulnerable to sudden price spikes or supply disruptions. Mondal earns around 600-700 rupees (RM25.77-RM29.74) a day for construction work but, with LPG prohibitively expensive, he is barely breaking even. Prices of cooking gas have surged by as much as five times on the black market, the only source he can access without formal paperwork. “Earlier cooking gas was 80-90 rupees per kilogramme ... Now it is 300-400 rupees, even 500,” Mondal said. Workers’ union leader Rajiv Kumar Pandit said swaths of migrant workers had left the city already. “The situation is very bad,” he said. “Wages are irregular, gas is not available, and prices are extremely high.” Ramesh Kumar Mahto, also from Bihar, is ready to return home once he is paid. “I don’t think I will return to Delhi,” he said.

A man pulls a three-wheeled cart as he transports goods across a market area in the Indian city of Amritsar. – AFPPIC

Vietnam extends fuel tax suspension until end of June HANOI: Vietnam has decided to extend the suspension of taxes on fuels until the end of June from April 15 to stabilise the domestic market, the country’s parliamentary office said yesterday, as the Iran war continues to disrupt supplies. and special consumption taxes on fuels, the parliament office said in a statement. The tax suspension has been in place since late March.

the US-Israeli war on Iran began at the end of February, with gasoline prices up 17% and diesel prices rising 70%, according to data from fuel trader Petrolimex. Vietnam’s consumer prices in March rose 4.65% from a year earlier, driven by a surge in transport costs, putting pressure on the country’s goal to keep inflation at 4.5% for this year. – Reuters

The Finance Ministry last month said the suspension of the taxes would reduce revenue going into state coffers by 7.2 trillion dong (RM1.1 billion) a month. Fuel prices in Vietnam have surged since

The National Assembly, the country’s lawmaking body, has passed a resolution on the suspension of environmental protection