The Reserve Bank of India kept its policy repo rate unchanged at 5.25 per cent on Wednesday, as it awaits data to judge if higher oil prices are stoking inflationary pressures across Asia’s third largest economy.

The decision to hold rates sets India apart from a growing band of regional peers including Indonesia, Philippines and others that have responded to the inflationary fallout from higher energy prices and war-driven currency volatility by tightening policy. Instead, the RBI announced a series of steps at the previous meeting to boost capital inflows and support the rupee.

Read more-India central bank holds rates as oil shock raises risks

The central bank’s six-member rate panel, which includes three external members, voted unanimously to keep rates on hold. The rate-setting panel also retained the policy stance at “neutral”.

An overwhelming majority of 68 out of 72 economists polled by Reuters had forecast that the RBI will stand pat on its benchmark interest rates.

Headline inflation has moved above target mainly because of higher fuel prices, while broader price pressures remain in check, RBI governor Sanjay Malhotra said while announcing the policy.

Signalling no rush to act until there is greater clarity on inflation, Malhotra reaffirmed the RBI’s “resolute” commitment to its inflation target.

India’s benchmark 10-year bond yield was flat at 6.7765 per cent, while the rupee weakened marginally to 95.03. The benchmark Nifty 50 index was flat, while BSE Sensex was 0.5 per cent higher.

Inflation in check; growth resilient

The central bank cut its forecast for average inflation in the current financial year to 5 per cent from the 5.1 per cent it projected in June. The forecast for core inflation, which excludes food and fuel, was cut more steeply to 4.3 per cent from 4.7 per cent earlier.

Retail inflation in India rose above the central bank’s medium term target of 4 per cent for the time in 17 months in June but is projected to stay within its tolerance band of 2 per cent-6 per cent in the current fiscal year, giving policymakers breathing room on rates.

The central bank also raised its GDP growth estimate marginally to 6.7 per cent for the year from 6.6 per cent in June.

High frequency economic indicators have projected a mixed picture with the purchasing managers index slipping to a five-year low but demand for credit growing at a much stronger pace of near 18 per cent.

Domestic demand remains resilient but a weak monsoon, trade and geopolitical uncertainties could emerge as risks to growth, Malhotra said.

In a statement shared with local media, the Consulate General of India (CGI) in Dubai has confirmed the identity of the Indian national who died following a gas cylinder explosion at a car showroom on Dubai’s Sheikh Zayed Road, as authorities continue investigations into the incident.

The victim has been identified as Shijin Paul, a 27-year-old Indian expatriate from Kerala’s Kollam district, who had been working at the showroom for around eight months. He reportedly succumbed to injuries sustained in Monday’s explosion after being taken to hospital.

In the statement, the Consulate General of India in Dubai expressed its condolences to the family and said it was providing assistance.

The incident occurred at a car showroom on Sheikh Zayed Road when a gas cylinder exploded, killing one person and injuring five others. Dubai Civil Defence responded to the emergency, bringing the situation under control, securing the site and ensuring those injured received medical treatment.

According to Dubai authorities, emergency teams completed all response operations shortly after the incident, while the site was secured for further investigation. The cause of the explosion remains under investigation.

Wynn Resorts said its Wynn Al Marjan Island development in the UAE would open in September 2027. The company also reported a marked rise in second-quarter revenue and profit alongside stronger performance in Macau.

The company contributed $48.1m during the quarter to the joint venture developing the resort in Ras Al Khaimah, bringing its total cash contributions to $1.06bn.

Wynn holds a 40 per cent stake in the venture.

“Importantly, we continue to invest in both growing and diversifying our business with construction at Wynn Al Marjan Island progressing at a rapid pace,” chief executive Craig Billings said.

“Wynn Resorts, alongside our partners in Ras Al Khaimah, are now pleased to announce that Wynn Al Marjan Island, the most exciting integrated resort to be developed in over a decade, will open its doors to guests in September of 2027.”

Wynn Resorts’ Q2 numbers

Wynn reported net income of $140.1m for the three months ended June 30, more than double the $66.2m recorded a year earlier. Diluted earnings per share rose to $1.32 from $0.64.

Operating revenue increased by $119.1m to $1.86bn, while adjusted property EBITDAR rose to $568.3m from $552.4m.

Revenue at Wynn Palace in Macau climbed by $113.8m to $653.4m, with adjusted property EBITDAR rising to $201.5m from $157.2m.

Wynn Macau revenue increased by $7.3m to $351.1m, although adjusted property EBITDAR slipped to $95.5m from $96.5m.

Revenue from the company’s Las Vegas operations edged up to $643.2m from $638.6m, while adjusted property EBITDAR fell to $215.2m from $234.8m.

Encore Boston Harbor revenue declined by $6.4m to $209.3m, with adjusted property EBITDAR falling to $56.1m from $63.9m.

Wynn declared a quarterly cash dividend of $0.25 per share, payable on August 28 to shareholders of record as of August 14.

The company repurchased about 741,100 shares during the quarter for $75m and had $326.1m remaining under its share repurchase programme as of June 30.

Wynn held $1.57bn in cash and cash equivalents at the end of the quarter, excluding $527.4m in short-term investments held by Wynn Macau.

Total current and long-term debt stood at $10.72bn.

An Air India flight from Phuket to Delhi encountered severe turbulence during its descent on Tuesday, leaving multiple passengers and cabin crew injured and highlighting the continuing operational challenges airlines face from unexpected weather-related events.

According to Indian media reports, flight AI2379, operated by an Airbus A320, experienced a sudden bout of turbulence shortly before landing in the Indian capital. According to Indian media reports citing airline and aviation sources, the aircraft briefly lost around 300 feet in altitude during the incident before the pilots safely regained control and completed the flight to Delhi.

The aircraft landed safely at Indira Gandhi International Airport, where medical personnel were on standby. Reports said at least 12 people, including passengers and cabin crew, sustained injuries, while some outlets put the total number receiving medical attention at 14. The injuries were reported to be minor, although several individuals were taken to hospital for further evaluation.

For airlines, severe turbulence incidents can trigger aircraft inspections, operational reviews and regulatory reporting requirements, while also placing renewed focus on crew procedures and passenger safety protocols.

The aircraft involved in Tuesday’s incident was able to continue to its destination without further complications, and authorities are expected to review the circumstances surrounding the turbulence as part of standard aviation safety procedures.

Spotify forecast third-quarter profit and monthly active users below Wall Street estimates on Tuesday, underscoring the streaming service’s challenges in maintaining growth despite expanding its offerings of AI-based features to fend off competition.

Shares of the company were down around 4 per cent in premarket trading.

The company has launched AI features like “Personal Podcasts” and new offerings such as “Reserved” to attract more users and fend off competition from rivals including YouTube and Netflix, and AI music startups like Udio and Suno.

Separately on Tuesday, Spotify announced a new agreement with digital music licensing firm Merlin for the Swedish company’s upcoming paid tool for fan-made covers and remixing. It will allow artists on labels under Merlin’s Spotify agreement to participate.

The company said it expects operating income of €670m ($770.97m) in the third quarter, below analysts’ average estimates of €677.8m, according to data compiled by Visible Alpha.

In the second quarter, its operating income came in at €655m, beating estimates of €639.2m, driven by strong revenue growth and lower payroll taxes.

Such taxes, called social charges, are tied to the value of the company’s share price. The company’s stock has fallen about 16 per cent so far this year.

Spotify’s quarterly revenue rose 14 per cent to €4.78bn, slightly below LSEG-compiled estimates of €4.80bn. The revenue forecast of €5bn for the third quarter was slightly above estimates of €4.93bn.

Its monthly active users forecast of 788 million was below Visible Alpha estimates of 793.6 million, while its outlook for a 5 million increase in premium subscribers to 305 million was largely in line with estimates.