Interoceanic Train derails in southern Mexico, killing at least 13 and injuring dozens
Mexico City (AP): Officials said a train accident in southern Mexico killed at least 13 people and injured dozens, halting traffic along a rail line connecting the Pacific Ocean with the Gulf of Mexico.
The Interoceanic Train linking the states of Oaxaca and Veracruz went off the rails Sunday as it passed a curve near the town of Nizanda.
“The Mexican Navy has informed me that, tragically, 13 people died in the Interoceanic Train accident,” Mexican President Claudia Sheinbaum posted on X, adding that 98 people are injured, five of them seriously.
She said she instructed the secretary of the navy and the undersecretary of human rights of the Ministry of the Interior to travel to the site and personally assist the families.
In a message on X Sunday, Oaxaca state Gov. Salomon Jara said several government agencies had reached the site of the accident to assist the injured.
Officials said that 241 passengers and nine crew members were on the train when the accident occurred.
The Interoceanic Train was inaugurated in 2023 by then President Andres Manuel Lopez Obrador. The rail service is part of a broader push to boost train travel in southern Mexico, and develop infrastructure along the isthmus of Tehuantepec, a narrow stretch of land between the Pacific Ocean and the Gulf of Mexico.
The Mexican government plans to turn the isthmus into a strategic corridor for international trade, with ports and rail lines that can connect the Atlantic and Pacific Oceans. The Interoceanic train currently runs from the port of Salina Cruz on the Pacific Ocean to Coatzacoalcos, covering a distance of approximately 180 miles (290 kilometers) .
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India should create strategic buffers to navigate 'most difficult' energy shock: CEA Nageswaran
New Delhi (PTI): Chief Economic Advisor V Anantha Nageswaran on Saturday said India needs to create strategic buffers in the face of the "most difficult" energy shock that the country is facing amid the West Asia crisis.
Nageswaran also said the rising prices of fertiliser and petroleum products globally due to the crisis will make it challenging to achieve the 4.3 per cent fiscal deficit target for the current fiscal, while below normal monsoon and pass-through of higher energy prices could lead to "potential inflation spike".
He also said India has employment challenge emanating from AI, and there is a need to ensure that IT sector becomes more competitive and not lose jobs to AI, and instead create jobs that use AI within the IT sector or in other services.
Speaking at the ICPP Growth Conference organised by the Ashoka University, Nageswaran said the current account deficit (CAD) in the current fiscal could rise to over 2 per cent of GDP, from less than 1 per cent in FY'26.
"The ... priority for us is to create strategic buffers. This energy shock is the most difficult one compared to any other previous energy shock in terms of energy lost as a percentage of total global energy supply, not just oil, including gas.
"And we also need to use this occasion to think about other areas where we are vulnerable in terms of import dependence, nickel, tin, and copper. We need to build strategic buffers if we have to make a shot at manufacturing and becoming indispensable," Nageswaran said.
Since the beginning of the war in West Asia on February 28, crude oil prices soared to a four-year high of USD 126 per barrel on Thursday, from about USD 73 level before the war.
Stating that geopolitics will compel policymakers to be nimble and flexible and shed old model of thinking, Nageswaran said India is better prepared than many other countries to deal with the crisis because of the fiscal leeway that the country has due to lowering of fiscal deficit ratio to 4.4 per cent of GDP in FY'26.
Nageswaran said the West Asia conflict is more of a price shock than supply shock for India as the government is managing the supply side deftly.
"This particular conflict, which is going to be on a low simmer or a high flame situation, whatever it is, it is going to be there with us in some form or the other because the military conflict may be over, but the strategic conflict is well and truly alive. It will be so for some time," Nageswaran said.
He said the conflict has four channels of shock: price and supply shock, trade impact, sticky logistics costs and remittance shock.
India imports 60 per cent of its LPG usage and of that, 90 per cent flows through the now closed Strait of Hormuz.
Nageswaran said the pass-through of high global energy prices would have to be a "balancing act". He said some pass-through is already happening in commercial LPG, and the levy of export duty on diesel and ATF.
The government has cut excise duty on petrol and diesel to shield customers from the impact of the rise in petroleum prices. "We are coming around to arriving at a certain modus vivendi with respect to burden-sharing between the fiscal policy side, inflation, households and the oil marketing companies. So it has to be a balancing act," Nageswaran said.
