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India's renewable energy output increases at the fastest rate in three years
In the first half 2025, India's renewable energy output grew at its fastest rate since 2022. According to an analysis of daily load dispatch data by the federal grid regulator, renewable power output increased 24.4% from January to June 2025 to 134.43 kilowatt-hours (kWh). In June, the share of renewables (excluding hydropower) reached a new record of over 17%. India's coal-fired electricity generation fell by nearly 3% during the first half of this year, as growth in overall power output slowed down to just 1.5%. Electricity production will grow 5.8% by 2024. A milder summer, due to an earlier-than-expected monsoon, and slowing economic activity have reduced coal demand, resulting in record domestic stockpiles and lower imports by the world's second-largest consumer of the fossil fuel behind China. According to Vikram V., vice president for corporate ratings at Moody's ICRA, renewable generation in India will continue to increase. This year, India is expected to add 32 gigawatts of renewable capacity, compared to about 28 GW by 2024. Government data shows that India has added 16.3 GW in wind and solar power capacity during the five months to May. After a long slowdown, the nation of South Asia has increased its wind and solar capacity. This is after it missed its target for 2022 of 175 GW. The country now wants to reach 500 GW non-fossil energy capacity, including nuclear and hydro power by 2030. This is nearly twice the current 235.6GW. S&P Global Commodity Insights stated in a report that "we believe this target is achievable but, in our base scenario, the goal may shift to 2032". Grid modernisation and energy-storage investments are crucial to support renewable integration. (Reporting from Sudarshan varadhan and Sethuraman NR, both in Singapore; editing by Shinjini ganguli).
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US Senate budget bill cuts money for filling oil reserves
The U.S. Senate budget bill, passed on Tuesday, reduces the amount of money that can be used to replenish the Strategic Petroleum Reserve despite the fact that President Donald Trump promised on the first day of his second term in office to fill it to "the top". Joe Biden, former president, sold 180 million barrels of SPR, the highest amount ever, following the Russian invasion of Ukraine. SPR was at its lowest point in 40 years when oil imports were more important to the U.S. The budget bill reduced the amount of money available for crude oil purchases in order to replenish the SPR from $1.3 billion to $171 millions. This is only enough money to purchase about 3 million barrels, instead of the 20 million barrels that are currently available at current prices. Rapidan Energy, an energy consultancy, informed clients that funding had been affected by the Senate’s need to cut budgets elsewhere, as they softened the green energy cuts in the House version. It was not clear when the U.S. House would vote on this bill. Trump stated on Tuesday that the SPR will be filled when market conditions are favorable, but he did not specify when or how. Even scheduled oil deliveries to the SPR after Biden purchased some crude last summer are seven months behind schedule. Biden had scheduled deliveries of 15.8 million barrels to the SPR between January and May. Only 8.8 million barrels have been delivered so far to the SPR, which the Trump administration has blamed on maintenance. The Senate bill kept a measure to cancel 7 million barrels in congressionally-mandated sales. Later in the year, lawmakers could repeal further mandated sales through legislation. SPR currently has approximately 403 million barrels. This is a far cry from the 727 millions barrels that it had in 2009, when it was the largest ever. The SPR is the largest oil reserve in the world. Under Biden's leadership, the U.S. achieved record oil production. Trump wants to increase this.
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UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign
In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged international law violations be held legally accountable. Albanese wrote that the 27-page report showed why Israel's genocide is continuing: it is profitable for many. She accused corporations of being "financially tied to Israel's militarism and apartheid." Israel's Geneva mission said that the report was "legally unfounded, defamatory, and a flagrant misuse of her position". The Israeli foreign ministry and prime minister's office have not responded to requests for comments. The U.S. Mission to the United Nations, New York, called on U.N. Sec.-General Antonio Guterres for a condemnation of Albanese. They also demanded her removal. Israel rejected the accusations of genocide against Gaza. It cited its right to self defense following a Hamas attack on October 7, 2023 that resulted to 1,200 deaths and 251 hostages according to Israeli statistics. Gaza Health Ministry reports that the war in Gaza, which followed, has resulted in the death of more than 56,000 individuals and the destruction of the entire enclave. Arms FIRMS Identified in Report The report divides the companies into sectors, such as military or technology. It does not always specify if the companies are involved in the Gaza campaign or settlements. The report said that 15 companies had responded directly to Albanese’s office, but they did not publish the replies. The article names Lockheed Martin, Leonardo and other arms companies as having used their weapons in Gaza. The report also names heavy machinery suppliers Caterpillar Inc. and HD Hyundai. It claims their equipment contributed to the destruction of property in Palestinian territory. "Foreign military sales are government-to-government transactions. Lockheed Martin's spokesperson said that the U.S. Government is best suited to discuss these sales. No one else responded to our requests for comment. Caterpillar previously stated that it expects to use its products in accordance with international humanitarian laws. The technology giants Alphabet (Alphabet), Amazon, Microsoft and IBM are "central to Israel’s surveillance apparatus and ongoing Gaza destruction". Alphabet has defended the $1.2 billion contract it signed with Israel's government for cloud services, saying that this was not a military or intelligence operation. Palantir Technologies also provided AI tools to Israel's military. However, specifics about their use weren't included. The report adds to a U.N. database that was last updated in 2023 and lists new companies, as well as alleged links to the Gaza conflict. The 47 members of the U.N. Human Rights Council will receive it on Thursday. The U.N. Human Rights Council does not have legal binding power, but cases that were documented through U.N. investigations often inform international prosecutions. Israel and the United States withdrew from the Council in the first half of this year citing bias towards Israel.
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Spain and the World Bank push for wider use 'debt Swaps'
The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to Belize and Ecuador to Ivory Coast used debt swaps. They bought back expensive bonds or loans and secured refinancing agreements with lower rates. In recent years, debt-for nature swaps have accounted for $6 billion in transactions where a country reduces its debt in exchange of a promise to invest in conservation. In recent years, development banks have played a key role in reducing the cost of swapped loans and generating savings. They do this by providing insurance or guaranteeing the risk. Critics claim that such deals are time-consuming and complicated, and this has hindered a wider adoption of an important tool for helping countries reduce their debt burdens and tackle development issues. Carlos Cuerpo, Spain's Minister of Economy, Trade, and Business, stated that many countries have made it clear they need tools to make debt swaps easier, faster, and more accessible. The Hub will receive 3 million euros (3,54 million dollars) from Spain. World Bank President Ajay Banaga said that the Hub would be a host for a "multiple-partner trust fund" to finance technical assistance. TIMELY This push is timely for the debt-swap market, amid fears that U.S. support for these deals - especially those with a focus on climate or nature - may largely dry up under Donald Trump. Ilan Goldfajn, President of the Inter-American Development Bank, said that demand for broad development swaps is still strong. He made this statement at a press conference held in Seville, on Tuesday. IDB backed five out of nine of the largest debt-for nature swaps in the past, most of which were carried out with the United States International Development Finance Corporation. Goldfajn stated, "We're getting requests for debts for education and debts for health." These are things which have been in construction. "Let's see what they become." A group of conservation groups and investors, as well as development bankers, lawyers, and other professionals who have been at the forefront of the market's growth, published a guide on best practices for nature swaps in an attempt to encourage wider adoption. The guide included information on how and who to use debt swaps. Melissa Garvey said that debt swaps are now "a proven model for financing conservation at scale."
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South America is shivering in the cold as Europe sizzles
While Europe and North America suffer through heatwaves, South America is experiencing a similar extreme weather event at the opposite end: a sudden freezing snap. On Tuesday morning, residents of Buenos Aires bundled up in scarves and wore wooly hats as they sipped warm drinks while frost covered cars. The temperatures in the city fell below zero. This is a rare occurrence, even during the winter in the Southern Hemisphere which is now underway and runs in opposition to the seasons in the Northern Hemisphere. Juan Manuel Amnini wore a gray hat with a wool face cover to protect himself from the cold. You can cover yourself with anything you have. "I'm like an onion, wearing layers upon layers of clothing." Meanwhile, in Europe, Italy has banned outdoor work from certain areas while France closed schools and a part of the Eiffel tower. Spain has confirmed that it had its hottest ever June as a severe heatwave gripped Europe and triggered widespread health warnings. Authorities in Barcelona were investigating whether the death of an street sweeper at the weekend was due to heat. Since late June, temperatures have consistently been high in the northern and central swaths of the United States. There have been heat warnings issued in large areas. This is part of a pattern that has been linked to climate changes, with temperatures rising earlier and lasting for longer. The impact of asphalt and concrete in urban areas is amplified by their ability to absorb and radiate heat. The cold snap in Argentina, as well as Chile and Uruguay's neighbors, led to snowfall in unexpected places. Chilly winds from Antarctica blew south. Residents said that many homes and offices weren't built to withstand these conditions. Gael Larrosa, a student from Buenos Aires, said: "Right Now, I have a thermal under my clothes, a couple of trousers and another pair on top." I have a hard time with cold. The cold here kills, and it kills. Reporting by TV, writing by Adam Jourdan. Cynthia Osterman is the editor.
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Powell's comments and data gauged the impact of Powell's comments on US yields, stock prices, and US stocks.
Investors weighed the latest economic data from the United States and remarks by Federal Reserve chair Jerome Powell in order to determine when interest rates will be cut. Powell said at a central bank conference in Sintra that he couldn't say whether July would be too soon for a rate reduction, but "it will depend on the data and we are going from meeting to meeting." According to CME's FedWatch Tool the market expectations for a rate cut in July briefly increased to 21,2%, up from 18,6% in the previous session. However, they then declined to 19,1%. The Dow Jones rose about 1% on Wall Street but the S&P 500, Nasdaq and Nasdaq remained in check after reaching record levels Monday. This was partly due to a nearly 6% increase in Tesla following President Donald Trump's threat to stop the federal subsidies worth billions that Elon Musk’s companies receive. The Dow Jones Industrial Average gained 427.24, or 0.99%, to 44,522.63. The S&P 500 increased 1.03, or 0.02% to 6,206.19. And the Nasdaq Composite dropped 107.68, or 0.5%, to 20,262.06. The MSCI index of global stocks rose 0.32 points, or 0.03% to 918.21, while the pan-European STOXX 600 closed down 0.21%. Concerns over the impact of the tariffs on the global economy were reignited as the deadline of July 9 by Trump drew closer. The Institute for Supply Management reported that U.S. manufacturing was still in contraction in June. The Job Openings and Labor Turnover Survey (JOLTS) report showed that the number of openings had increased by 374,000, to 7.769 millions, on the last day in May. However, a decrease in hiring suggested the market might have slowed. Brian Jacobsen is the chief economist of Annex Wealth Management, a company in Menomonee falls, Wisconsin. "Despite a big jump in job openings, the economy remains stuck in Powell's equilibrium, which says, 'no fire, no hire'. It's not an equilibrium that is stable and, if you look at the ISM Manufacturing data for the summer, it may be the case that the job market will become weaker. Investors are closely watching the key government payrolls data due out on Thursday, a day sooner than usual because of the Independence Day holiday. This report will help to shape their expectations about rate cuts by the Fed. After the data, U.S. Treasury rates reversed their course and moved higher. The yield on the benchmark 10-year U.S. notes rose 2.9 basis points to 4,255%. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve (usually based on their forecasts), rose by 6.2 basis points, to 3.783%. Trump's tax-cut and spending legislation continued its advance, as the Republican-controlled U.S. Senate passed by the thinnest of margins, and now heads back to the House of Representatives for final approval. "It will create some problems for fixed income markets as we continue spending no matter which party in power is in office, and that, in the end, is a negative for stock market," Rick Meckler said, a partner at Cherry Lane Investments, in New Vernon, New Jersey. Investors are not worried about inflation and continue to purchase stocks. The dollar index (which measures the greenback versus a basket currencies) is on course to end an eight-session streak of declines. The euro fell 0.03% to $1.1782, while the pound fell 0.01% at $1.3732. The dollar fell 0.26% against the Japanese yen to 143.63. The Bank of Japan Tankan Index of Business Sentiment showed that the largest economies in the region are likely to be holding up despite tariffs. A separate survey of the private sector revealed that the manufacturing sector in Japan expanded for the first time since 13 months in June. U.S. crude oil rose by 0.4% to $65.37 per barrel. Brent was up to $67.05 a barrel, a 0.46% increase on the day.
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Stellantis could close its factories as a result of EU fines on carbon emissions
The head of Stellantis' European operations, a Franco-Italian company, said that the automaker may be forced to shut down factories as he fears hefty fines from the European Union for failing to meet CO2 emissions targets. As part of the EU's effort to curb the devastating effects of climate changes, European auto manufacturers must sell more electric cars to reduce CO2 emissions. Otherwise, they risk being penalized. The automaker industry successfully lobbied to extend the deadline for compliance, so that fines are based on emissions in 2025-2027 and not just 2025. Jean-Philippe Imparato, the Europe Chief of Stellantis, said that automakers were not able to reach their targets and his company could be fined up to 2,95 billion euros in "two-three" years. He said, at a conference held in the lower chamber of the parliament in Rome, that if there are no significant changes to the regulatory environment by the end this year, then "we will be forced to take tough decisions." Imparato explained that Stellantis's fleet would have to be re-energy by switching to electric vehicles rather than petrol or diesel. This is not possible, as Stellantis either has to double the sales of electric vehicles (which is impossible) or reduce the production of petrol/diesel vehicles. "I have only two options: either I push hard (on electric vehicles) or I shut down ICEs (internal-combustion engine vehicles). "I close factories," he said at one point, mentioning Atessa's Italian van plant.
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Minister: Peru's economy is expected to grow by up to 3.5% per year in 2025
Economy Minister Raul Perez stated on Tuesday that Peru's economic growth is expected to be between 3.0% to 3.5% by 2025. This is lower than what the government previously predicted and compares to the 3.33% recorded last year. Perez said at a press event that he didn't see "severe risk" for Peru's economic future from the United States tariff policies. The Minister's Estimate is higher than the Central Bank's forecast for 2.9% growth in late June, but lower than earlier estimates by the government that projected a 3.5%-4% expansion. Peru's economy has been one of Latin America’s best performers for decades. But in recent years, growth has slowed due to social unrest that hit the mining sector and political instability. Perez stated that his ministry would meet with executives of the embattled Petroperu to ensure that its cash flow remained "viable." The company, which was seeking alternative sources of funding to avoid relying on more state aid, reported a net loss of $111 million in the first quarter of this year. (Reporting and editing by Natalia Siniawski, Alison Williams and Marco Aquino)
Trump's cabinet: who's been selected, who remains in the running?
Donald Trump has actually begun the procedure of picking a cabinet and picking other high-ranking administration authorities following his governmental election victory.
Here are the early choices and top competitors for a few of the crucial posts supervising defense, intelligence, diplomacy, trade, migration and economic policymaking. Some are in contention for a variety of posts.
SUSIE WILES, chief of personnel Trump revealed recently that Wiles, among his 2 project supervisors, will be his White House chief of staff. While the specifics of her political views are somewhat unclear, Wiles, 67, is credited with running a successful and effective campaign. Advocates hope she will instill a sense of order and discipline that was often lacking during Trump's first four-year term, when he cycled through a number of chiefs of staff.
TOM HOMAN, 'border czar' Trump revealed on Sunday night that Homan, the acting director of Immigration and Customs Enforcement throughout Trump's first administration, will be in charge of the nation's borders.
Trump made cracking down on people in the nation illegally a central element of his campaign, appealing mass deportations.
Homan, 62, said on Monday he would prioritize deporting immigrants in the U.S. unlawfully who presented security and security threats along with those operating at job websites.
Trump, in a post on his Reality Social platform, stated Homan will be in charge of our country's borders ( The Border Czar),. consisting of, but not limited to, the Southern Border, the Northern. Border, all Maritime, and Aviation Security, including the. deportation of immigrants in the U.S. illegally.
ELISE STEFANIK, U.N. ambassador. Trump announced on Monday that Stefanik, a Republican politician. congresswoman and staunch Trump advocate, would be his. ambassador to the United Nations.
Stefanik, 40, a U.S. representative from New York state and. House Republican politician conference chair, took a management position in. the House of Representatives in 2021 when she was elected to. replace then-Representative Liz Cheney, who was ousted for. criticizing Trump's false claims of election scams.
I am honored to choose Chairwoman Elise Stefanik to serve. in my Cabinet as U.S. Ambassador to the United Nations, Trump. said in a statement. Elise is an extremely strong, difficult, and. wise America First fighter.. Stefanik will come to the U.N. after vibrant pledges by Trump to. end the Russia-Ukraine war and Israel's war in Gaza.
LEE ZELDIN, EPA administrator
Trump revealed on Monday he had selected previous. congressman Lee Zeldin of New York state as administrator of the. Environmental Protection Agency, and Zeldin said he had accepted. the function.
Zeldin, 44, a strong Trump ally, served in Congress from. 2015 to 2023. In 2022, he lost the New york city governor's race to. Democratic incumbent Kathy Hochul. Trump has actually guaranteed to upgrade U.S. energy policy, with the goal. of taking full advantage of the country's already record-high oil and gas. production by rolling back guidelines and speeding up. permitting.
As head of the EPA, Zeldin will play a crucial role in. implementing those policies.
MARCO RUBIO, secretary of state. Trump is expected to tap U.S. Senator Marco Rubio to be his. secretary of state, sources said on Monday, putting the. Florida-born politician on track to be the first Latino to serve. as the United States' leading diplomat.
Rubio, 53, was perhaps the most hawkish alternative on Trump's. short list for secretary of state. The senator has in past years. promoted for a muscular foreign policy with respect to U.S. geopolitical foes, including China, Iran and Cuba.
Over the last numerous years he has actually softened some of his. stances to line up more closely with Trump's views. The. president-elect implicates previous U.S. presidents of leading the U.S. into expensive and useless wars and has pushed for a more restrained. foreign policy.
MIKE WALTZ, nationwide security adviser. Trump has chosen Republican U.S. Agent Mike Waltz to be. his national security advisor, 2 sources knowledgeable about the. matter informed Reuters on Monday, tapping a retired Army Green. Beret who has actually been a leading critic of China.
Waltz, a 50-year-old Trump follower who also served in the. National Guard as a colonel, has actually criticized Chinese activity in. the Asia-Pacific and has actually voiced the requirement for the U.S. to be. prepared for a prospective dispute in the area.
The national security adviser is a powerful function, which does. not require Senate confirmation. Waltz will be accountable for. instruction Trump on essential national security problems and collaborating. with various agencies.
While knocking the Biden administration for a devastating. withdrawal from Afghanistan in 2021, Waltz has openly applauded. Trump's foreign policy views.
KRISTI NOEM, Homeland Security secretary. Trump has actually selected South Dakota Governor Kristi Noem to serve as. the next homeland security secretary, two sources acquainted with. the choice said on Tuesday.
Noem, 52, when seen as a possible running mate for Trump, is. currently serving her 2nd four-year term as South Dakota's. governor. She rose to national prominence after declining to. enforce a statewide mask mandate during the COVID-19 pandemic.
The Department of Homeland Security is accountable for. everything from border security and immigration to catastrophe. response and the U.S. Secret Service.
Both Trump's campaign and Noem's office did not right away. respond to requests for remarks.
SCOTT BESSENT, possible treasury secretary. Bessent, a key economic adviser to Trump, is commonly seen as a. top prospect for treasury secretary. A long time hedge fund. investor who taught at Yale University for numerous years,. Bessent has a warm relationship with the president-elect.
While Bessent has actually long preferred the laissez-faire policies. that were popular in the pre-Trump Republican Party, he has also. spoken extremely of Trump's use of tariffs as a negotiating tool. He has actually praised the president-elect's financial approach, which. rests on an apprehension of both regulations and worldwide. trade.
ROBERT LIGHTHIZER, prospective treasury secretary
A loyalist who worked as Trump's U.S. trade representative. for basically the then-president's entire term, Lighthizer. will probably be welcomed back. Though Bessent likely has. a much better contended becoming treasury secretary, Lighthizer has an. outside chance, and he might be able to reprise his old role if. he's interested. Like Trump, Lighthizer,77, is a trade doubter and a firm. believer in tariffs. He was one of the leading figures in. Trump's trade war with China and the renegotiation of the North. American Open Market Contract, or NAFTA, with Mexico and Canada. during Trump's first term.
HOWARD LUTNICK, prospective treasury secretary
The co-chair of Trump's shift effort and the longtime. chief executive of monetary services firm Cantor Fitzgerald,. Lutnick remains in the running for treasury secretary.
A bombastic New Yorker like Trump, Lutnick, 63, has. uniformly applauded the president-elect's economic policies,. including his use of tariffs.
He has at times given elaborate, unvarnished viewpoints about. what policies will be enacted in Trump's 2nd term. Some Trump. allies had independently complained that he frequently presented. himself as speaking on behalf of the project.
LINDA McMAHON, prospective commerce secretary. Expert fumbling mogul and former Small Business. Administration director Linda McMahon is seen as the frontrunner. to lead Trump's Department of Commerce, 3 sources briefed on. the strategies stated. McMahon, 76, is a major donor and was an early supporter of the. Republican president-elect when he initially ran for the White House. almost a decade ago. This time, Trump tapped her to co-lead a. shift group formed to help veterinarian personnel and draft policy. ahead of the Nov. 5 election.
McMahon is the co-founder and previous CEO of the professional. battling franchise WWE. She later functioned as director of the. Small Company Administration, resigning in 2019, and went on to. lead a pro-Trump political action committee that supported his. 2020 reelection quote.
JOHN RATCLIFFE, prospective CIA director
A previous congressman and district attorney who functioned as director. of nationwide intelligence during Trump's last year in office,. Ratcliffe, 59, is viewed as a leading contender to be director of. the CIA, according to two people familiar with the shift. process. Ratcliffe is also a prospective attorney general pick. The president-elect's allies view Ratcliffe as a hardcore Trump. follower who could likely win Senate confirmation. Still, during. his time as director of national intelligence, Ratcliffe typically. contradicted the assessments of career civil servants, drawing. criticism from Democrats who stated he politicized the role.
MIKE LEE, potential chief law officer
A U.S. senator from Utah, Lee is extensively viewed as another top. candidate for attorney general. Though the former district attorney. decreased to elect Trump during the 2016 election, he later on. ended up being an undeviating ally, and he has actually become something of an. intellectual hero among some factions of Trumpworld. Lee, 53, was an essential figure in attempts by Trump and his allies to. overturn his 2020 election loss to Democrat Joe Biden, and has. spread unproven conspiracy theories about the Jan. 6, 2021,. attack on the Capitol.
KASH PATEL, potential candidate for nationwide security posts
A previous Republican House staffer who served in various. high-ranking personnel functions in the defense and intelligence. neighborhoods during Trump's very first term, Patel often appeared. on the campaign path to rally assistance for the prospect.
Some Trump allies want to see Patel, considered the. ultimate Trump follower, appointed CIA director. Any position. requiring Senate confirmation may be a challenge, nevertheless.
Patel, 44, has actually leaned into controversy throughout his. career. In an interview with Trump ally Steve Bannon in 2015,. he assured to come after political leaders and journalists. viewed to be enemies of Trump.
Throughout Trump's first term, Patel drew bitterness from some. more skilled national security authorities, who saw him as. unpredictable and too eager to please the then-president.
(source: Reuters)