Indian companies may be among the most impacted in Asia by the Iran war, according to Goldman Sachs, which estimates a 20% rise in the price of Brent crude would cut regional earnings by 2%. Societe Generale expects India’s underperformance to deepen given its high dependency on imported energy, while Natixis labels the country’s assets “most at risk” for the same reason.

India’s $5 trillion equity market has lagged most major peers since late 2024, on weaker earnings growth and lack of exposure to artificial intelligence-related shares. The surge in the price of oil — the country’s top import — has dampened a nascent recovery in stocks since India’s trade deal with the US. Analysts expect it to drive inflation, and weaken the economy and currency.

“With Middle East tensions showing little sign of easing, supply risks remain high, leaving room for oil prices to move higher in the near term,” said Dilin Wu, a research strategist at Pepperstone Group. “India’s heavy reliance on imported crude — most of it from the Gulf — makes its market vulnerable. Prolonged higher oil prices could widen the import bill, strain the current account and rupee, and put additional pressure on equities.”

Bloomberg

Stocks are likely to be under pressure Wednesday as traders return from a holiday. The jump in Brent prices already pressured the Nifty Index on Monday, and it closed down more than 1% that day. If history is a guide, that weakness may continue for some time.

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The start of the Russia-Ukraine war resulted in the Nifty correcting by around 10% in the first half of 2022, Citigroup analysts including Samiran Chakraborty wrote in a note. “A 10% rise in oil prices leads to 30 basis points of upside pressure on inflation and 15 basis points downside on growth,” they said.
To be sure, some investors are more optimistic about India. BNP Paribas says Indian stocks should outperform in coming months as the risk/reward balance is skewed to the upside.Still, more investors are seeking alternatives to Indian stocks. SocGen recommends going long Asia ex-Japan shares while shorting those from India, while Sanford C. Bernstein expects a drawn-out Iran conflict may continue to depress the index from its Monday close of 24,866.

A more prolonged escalation “could push the Nifty below 24,500,” Bernstein analysts including Venugopal Garre wrote in a note. “In particular, we see higher risk for energy, travel and trade-linked names, and construction companies with meaningful Middle East and North Africa exposure.”

The NACC handed over gold bars worth 1.5 billion baht, equivalent to 20,976 baht in weight, to the Ministry of Finance after a Supreme Court ruling related to tax fraud.

Key Points

• On February 27, 2026, Surapong Intharathaworn, Secretary-General of Thailand’s National Anti-Corruption Commission, transferred gold bars valued at 1.5 billion baht to the Ministry of Finance, following a Supreme Court ruling confirming the gold belonged to a former Revenue Department chief involved in tax fraud.
• The NACC found that Satit Rungkasiri improperly accumulated wealth through gold purchases from Hua Seng Heng Commodities Co., Ltd. The gold was ruled as the state’s property due to its ill-gotten nature.
• This case is linked to a 4-billion-baht tax fraud investigation implicating at least 10 individuals, including civil servants. Satit Rungkasiri was sentenced to prison, and the gold bars are now officially part of the nation’s assets, concluding the high-profile investigation.

Handing Over of Gold Bars

On February 27, 2026, Surapong Intharathaworn, Secretary-General of Thailand’s National Anti-Corruption Commission (NACC), presented 20,976 baht of gold bars worth 1.5 billion baht to the Ministry of Finance. This handover was mandated by a Supreme Court ruling in case 1256/2567, which confirmed that the gold belonged to the former chief of the Revenue Department. The bars were seized as a result of a major tax fraud investigation, demonstrating the government’s commitment to combat corruption and uphold lawful conduct in public service.

Background on the Tax Fraud Case

The NACC’s previous investigation revealed that Satit Rungkasiri, while serving as director-general of the Revenue Department, had amassed wealth through improper means, particularly through the purchase of gold bars from Hua Seng Heng Commodities Co., Ltd. These assets were classified as ill-gotten gains and were ultimately ruled by the court to belong to the state. This case is part of a broader 4-billion-baht tax fraud investigation implicating at least 10 individuals, including both civil servants and private sector members. Previously, Rungkasiri had been sentenced to prison for his involvement in the fraudulent activities.

Closure of the Case

With the formal transfer of the gold bars, this high-profile case reaches its conclusion, officially adding the bars to the nation’s assets. This event signifies a critical step in demonstrating the government’s efforts to address corruption within its ranks and reaffirms the judicial system’s role in holding individuals accountable. The NACC’s actions reflect a robust approach to ensuring public trust and fostering integrity across governmental operations, illustrating Thailand’s commitment to tackling corruption proactively.

Source : NACC returns 1.5 billion baht in gold seized from tax fraud case to Ministry of Finance

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Overview The ASEAN region is currently undertaking a massive overhaul of its energy systems to balance rapid economic growth and rising energy demand with the urgent need for deep decarbonization. To achieve a just and responsible energy transition, Southeast Asian nations must address a significant investment gap and the “energy trilemma” of security, affordability, and sustainability.

Key Points

• ASEAN is the world’s fourth-largest energy consumer, with energy demand and carbon emissions both growing at an annual rate of 3%, which is significantly higher than the global average.
• The region faces a massive investment gap, requiring an estimated $150 billion annually in clean energy funding by 2030, while currently attracting only about $30 billion per year.
• Geographical and economic vulnerabilities, such as exposure to rising sea levels and agricultural dependence, make the transition to resilient, low-carbon power systems an urgent necessity.
• The transition is complicated by “young” coal fleets and a grid infrastructure originally designed for conventional thermal power rather than intermittent renewable energy.
• Targeted funding and concessional finance mechanisms, such as the Just Energy Transition Partnership (JETP), are needed to de-risk unattractive investment areas like the early retirement of coal plants.
• Regional policy alignment regarding carbon taxes and sustainable activity taxonomies is essential to create a stable environment for international investors.
• Technology transfer in areas such as carbon capture (CCUS), green hydrogen, and smart grids is critical for modernization.
• A “just” transition must include workforce reskilling and community engagement to ensure that those dependent on the coal economy are not left behind during the shift.
• The “ASEAN Leaders for Just Energy Transition” community, facilitated by the World Economic Forum, has issued a Shared Aspirations Statement to provide a unified voice for the region’s specific challenges and priorities.

ASEAN faces a critical energy transition, aiming for deep decarbonization despite surging demand and significant funding gaps. The region, a major energy consumer, is highly vulnerable to climate change, necessitating an urgent overhaul of its power sector. Key challenges include economic development goals, a young coal fleet, and infrastructure limitations. To succeed, ASEAN requires an estimated $150 billion annually in clean energy investment. Success hinges on mobilizing funds, fostering extensive regional and global collaboration, and aligning policies. A just transition also involves reskilling the workforce and ensuring community buy-in for long-term benefits.

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