Daily Morning Brief -21 April 2026

World News

1. The UAE warns the USA that it may shift to using the Yuan instead of the USD

Amid escalating tensions between the United States and Iran, the UAE has warned Washington that it may begin using the Chinese yuan for oil transactions. The move comes as regional instability and infrastructure disruptions tighten dollar liquidity, potentially challenging the dominance of the US dollar in energy trade.

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2. US Naval Failure Exposed in Iran Conflict

The ongoing conflict with Iran has highlighted emerging weaknesses in US naval operations. Fast-attack craft linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) have reportedly targeted commercial vessels, raising concerns over the US Navy’s ability to secure vital maritime chokepoints such as the Strait of Hormuz.

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3. The 'THAAD' defense system is reportedly unreliable, leaving the Gulf region in danger.

Questions are mounting over the effectiveness of the THAAD missile defense system as Gulf nations remain under threat from Iranian ballistic missiles. Despite intercepting numerous projectiles, worries about interceptor stockpile depletion and limitations against swarm-style attacks have increased regional security concerns.

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4. Trump under pressure: The President is set to face a significant political test on May 1.

Following a record 108-minute address to Congress, President Trump is heading into a crucial political moment on May 1. With a fragile ceasefire in place with Iran, he faces mounting pressure to justify both military decisions and economic policies amid growing domestic and global scrutiny.

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Economy

5. Petrol and diesel prices are expected to hike (increase) in May.

Rising geopolitical tensions in the Middle East are expected to push petrol and diesel prices higher in May. Oil marketing companies are reportedly facing heavy losses, prompting concerns that current retail fuel prices may not remain sustainable.

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6. Donald Trump to Refund Tariff Money to All countries. Process Begins After Court Ruling,

Following a Supreme Court decision declaring certain tariffs unconstitutional, the Trump administration has initiated a $166 billion refund process starting April 20. Businesses can now claim reimbursements through a newly launched federal portal, marking a significant policy reversal.

ODISHA NEWS

7.Heatwave Crisis: Schools in 11 Odisha Districts Shut Until April 23

Intense heatwave conditions have forced school closures in 11 Odisha districts, including Cuttack, Ganjam, and Khordha, until April 23. Temperatures exceeding 42°C in Titlagarh and Jharsuguda prompted collectors to suspend classes and Anganwadi services to ensure student safety during peak hours.

8. Over 9.8 Lakh Names Removed from Odisha Voter List; CEO Orders Strict Re-verification

Recent reports indicate that 9.8 lakh voters have been deleted from Odisha’s electoral rolls during a state-wide elector mapping process. This massive revision, conducted ahead of the Special Intensive Revision (SIR), has triggered significant public concern and administrative intervention.

INDIA NEWS

9.India and South Korea to Double Trade to $50 Billion by 2030

Prime Minister Modi and President Lee Jae-myung have agreed to upgrade the bilateral trade pact (CEPA) to address trade deficits. Key focus areas include semiconductors, shipbuilding, and defense, alongside the establishment of dedicated Korean industrial townships across India.