The actual monthly output gain exceeded the national statistical agency preliminary flash estimate of 0.1 per cent growth, providing momentum for national economic output following revised growth of 0.6 per cent recorded in April. The monthly economic expansion was led primarily by a 1.0 per cent rise in the mining, quarrying, and oil and gas extraction sector, marking its second straight month of sector-wide growth. Real estate and rental services also contributed to May economic expansion, as offices of real estate agents and brokers saw activity jump 5.1 per cent, marking the largest single-month increase for the subsector since October 2024.

Official projections indicate that the Cabinet approves Rs 84,084 crore offshore oil gas exploration scheme to achieve substantial reserve additions over the coming decade. Government estimates project the accumulation of more than 600 million metric tonnes of oil equivalent in hydrocarbon reserves through targeted exploration. The initiative aims to raise annual domestic oil and gas output from 62 million metric tonnes of oil equivalent to 80 million metric tonnes, expanding the overall hydrocarbon resource base from 1.6 billion to 2.2 billion tonnes of oil equivalent.

The strengthening United States dollar maintained positioning near a one-month peak, creating direct headwinds for dollar-denominated commodities across international trade channels. Currency market analysts noted that the robust greenback reduced the investment appeal of bullion for holders utilizing alternative foreign currencies. Market participants directed close attention toward the two-day policy meeting conducted by the Federal Reserve, which concluded its deliberations on Wednesday. Traders sought definitive guidance regarding future interest rate trajectories, inflationary pressures, and monetary policy adjustments. Financial data compiled by CME Group via its FedWatch Tool indicated that market expectations for the central bank to maintain current interest rates stood at 62 percent.

Ethics Watchdogs Demand Total Ban on Official Crypto Holdings
Regarding enforcement, the oversight groups stated that ethics rules require independent administrative authority to remain effective beyond individual presidential terms. The organizations urged Congress to grant investigating authority to the Attorney General under an extended statute of limitations while allowing private actors and state attorneys general to pursue legal remedies against official misconduct. Virginia Canter, chief counsel and director of ethics and anti-corruption at Democracy Defenders Action, stated that ethics legislation without independent enforcement mechanisms functions as a green light for corruption, urging Congress.

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