Daily Current Affairs – May 23, 2026

India and Russia are deepening energy ties. Discussions focus on gas supplies and joint ventures for hydrocarbon development. Russia is a key crude oil supplier, with US sanctions waivers continuing. The nations are also exploring LPG purchases and new oil and gas facilities. Civil nuclear cooperation is gaining momentum, with projects like Kudankulam showcasing Russian technology.

The Reserve Bank of India's central board approved a record Rs 2.86 lakh crore surplus transfer to the government for FY26. This significant boost to non-tax revenues aligns with expectations. The RBI's balance sheet expanded, and net income rose, supported by increased gross income.

Rubio’s India itinerary, scheduled from May 23 to 26 and also encompassing Agra, Jaipur, and New Delhi, is being viewed as diplomatically significant for his scheduled energy talks with India and the meeting with Ministers from the Quad nations.

Pradeep Gupta pointed out that regions with a strong port infrastructure and trade networks historically became centres of prosperity

Rubio’s India itinerary, scheduled from May 23 to 26 and also encompassing Agra, Jaipur, and New Delhi, is being viewed as diplomatically significant for his scheduled energy talks with India and the meeting with Ministers from the Quad nations.

Fresh uncertainty has emerged over future U.S. military assistance to Taiwan after American officials suggested some foreign arms transfers could face temporary delays

US stocks face potential headwinds as a strong earnings season concludes. Investors are shifting focus to rising inflation and bond yields, with the PCE price index due Thursday. Futures now price in a potential Fed rate hike later in 2026, a stark contrast to earlier expectations. Key reports from Salesforce and Costco are awaited.

New US Federal Reserve chair Kevin Warsh vowed to be "reform-oriented" as he was sworn in at the White House on Friday, with President Donald Trump insisting the central bank chief would be "totally independent." It is unusual for the chief of the Fed — an independent non-partisan body that sets monetary policy according to a dual mandate on inflation and employment — to be sworn in at the White…

Dedicated parcel trains are cutting travel time for Kashmir’s cherries from days to hours, offering growers lower losses, cheaper freight and fresh hope in a difficult season.

New Oscar rules allowing multiple international film entries per country could boost India’s regional and indie cinema, but experts say steep Hollywood campaign and marketing costs remain a major hurdle for small-budget films.