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Updated - May 15, 2026 at 07:00 AM.
From US-China discussions on the Strait of Hormuz and global energy security, to India’s wholesale inflation hitting a 42-month high, Inox Clean Energy’s $750 million US solar manufacturing expansion, and the government’s immediate sugar export ban amid tightening domestic supply—here are today’s key business, energy, trade, and macroeconomic updates.
Trump and Xi discuss Iran and reopening Strait of Hormuz
Let’s start with developments around the Strait of Hormuz. According to a White House readout, US President Donald Trump and Chinese President Xi Jinping agreed on the need to keep the key energy shipping route open and opposed tolls on vessels amid global energy concerns. They also discussed curbing fentanyl precursor flows into the US and increasing China’s purchases of American oil and agricultural products.
Wholesale inflation jumps to 42-month high of 8.3% in April on sharp spike in fuel prices
Next up, wholesale inflation in India surged to a 42-month high of 8.3 per cent in April, driven by a sharp spike in fuel and energy prices amid global oil shocks linked to the West Asia crisis and disruptions around the Strait of Hormuz. Fuel and power inflation jumped to 24.71 per cent, with crude oil inflation surging 88.06 per cent, even as food inflation stayed relatively stable. Despite the spike, retail fuel prices were largely held steady to shield consumers, though economists warn WPI inflation could rise further above 9 per cent in May as energy costs and currency pressures continue to feed through.
Inox Clean buys US solar assets of China’s firm for ₹7,175 crore
In corporate and renewable energy developments, Inox Clean Energy has acquired Boviet Solar’s US solar manufacturing assets for about $750 million, marking a major expansion into the American market amid rising power demand driven by AI, data centres and industrial growth. The deal provides a 6 GW integrated manufacturing base in the US and strengthens its position to benefit from domestic clean energy incentives, even as regulatory scrutiny on China-linked supply chains increases.
India Bans Sugar Exports with Immediate Effect to Cool Domestic Prices
In a move to stabilise domestic supply, the government has imposed an immediate ban on sugar exports until September 30, 2026, amid tightening production and falling stock levels. While about 0.53–1 mt has already been shipped or contracted under the earlier 1.59 mt quota, the decision aims to retain surplus sugar domestically as closing stocks are projected to drop to just 3.5–3.8 mt. Limited exemptions have been allowed for EU, US quotas and advance authorization shipments, with transitional provisions to clear cargo already in transit.
Script & VO: Prethicshaa Gurumoorthy
Published on May 15, 2026
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