Daily Current Affairs – May 16, 2026

With the West Asia conflict persisting and global oil prices likely to average around USD 100/bbl, India's current account deficit could rise meaningfully this year, ICICI Bank Global Markets warns. While resilient services exports should offer some cushion, the brokerage expects the current account deficit (CAD) to settle between 1.5-2 per cent of GDP, provided non-essential imports are contained and capital inflows improve once global risk sentiment stabilizes.

A 10% rise in imports, despite a steep decline in inbound shipments from West Asia amid the continuing geopolitical disruptions, widened the trade deficit to $28.38 billion in April from $27.1 billion a year ago. The exports growth came despite India's outbound shipments to West Asia falling by more than a quarter, officials said.

A whopping 1.17 lakh services are likely to be brought under this prepaid metering system, which includes 91,306 single-phase and 26,507 three-phase services

Congress leader Ajay Rai said that the Union Government failed to respond appropriately to the crisis, especially as Russian President expressed condolences to India after 111 deaths and widespread destruction in U.P.

The student leaders warned that they would not accept any move that, according to them, weakens democratic practices in the country

Years after the civil war ended, the Tamils of Sri Lanka continue to face poverty, high unemployment, and land-takeovers. They believe that governments have done little to devise a comprehensive plan for the war-battered northern and eastern regions. While a generation of children is growing up with little understanding of the conflict, their parents are grappling with discrimination and deprivation, reports Meera Srinivasan

U.S. stocks pulled back from record highs as rising crude oil prices and surging Treasury yields triggered fresh inflation concerns. The selloff hit AI-driven tech stocks hardest, while markets reassessed rate hike risks under incoming Fed leadership, with geopolitical tensions and bond market signals dampening investor sentiment.

Elon Musk’s SpaceX is accelerating its IPO plans, with pricing expected around June 11 and a potential market debut by June 12 on Nasdaq. The company has fast-tracked filings after a quicker SEC review, moving ahead of its earlier late June timeline as it eyes strong investor demand.

The agriculture sector accounts for nearly two-fifths of India’s annual diesel consumption of around 92 million tonnes

A spike in fuel and input prices is squeezing margins for Indian consumer and logistics firms, potentially leading to higher product prices and delivery fees.

The country is currently the sport’s super power, but its emerging players must compete regularly against the world’s top stars to attain an elite level. They must not be forced to find the means to travel around the globe for this opportunity. Besides, high-category events featuring the likes of Carlsen, Caruana and Nakamura will only help the game’s marketing in India