India

Peter Navarro, White House's trade adviser, said that India's purchases were funding the war in Ukraine by Moscow and must stop. He added that New Delhi is "now cozying up with both Russia and China." Navarro, in a recent opinion piece, wrote: "If India wishes to be treated like a strategic partner by the U.S. it must act as such." Published by: Financial Times. India's Foreign Ministry said that the country was unfairly singled-out for purchasing Russian oil, while the United States continues to buy goods from Russia. U.S. president Donald Trump imposed an additional 25% tariff on Indian products...

Donald Trump stated on Thursday that, he believes that Russian President Vladimir Putin is willing to make a deal and that sanctions against Russia played a part in Moscow wanting a meeting. Trump is scheduled Meet Putin on Friday in Alaska. The U.S. President said that he was unsure if an immediate ceasefire could be achieved, but expressed his interest in brokering peace agreements. "He really, I think now, is he convinced that he will make a bargain, he will make a bargain." Trump told Fox News Radio that he believes he will, and they would find out. Early in...

Nayara Energy, a Russian-backed Indian refiner, said it was in contact with government officials and partners on Thursday to ensure the operational stability of its 400,000 bar per day refinery. Last month, the EU sanctioned the private refiner owned by Russian companies, including Rosneft. This was part of an EU package that targeted entities associated with Russian oil. In a court filing in Delhi, the private company said that it sold 70% of its refined fuels to Indian consumers through more than 6,600 retail outlets. Nayara said that it supplies fuels through its coastal, rail and road networks to its...

The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up...

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

The Indian rupee has dropped for the fifth consecutive week. This is its largest weekly decline in six months. Trade tensions between India, and the United States have escalated after President Donald Trump called for new tariffs to be placed on Indian products. The rupee was slightly higher on Friday, closing at 87.6550 versus the U.S. Dollar. It closed at 87.7025 last Thursday. The dollar opened at 87.5600, and reached a high intraday of 87.5350 due to the unwinding long dollar positions on the NDF. After initial lows the USD/INR rose after dollar bids from oil importers pushed it higher,...

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices. Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly. The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy,...

U.S. president Donald Trump issued an executive directive on Wednesday imposing an extra 25% tariff on Indian products citing New Delhi’s continued imports from Russia. This sharply escalated tensions between both countries after the collapse of trade talks. The new measure increases tariffs on certain Indian goods up to 50%, making it among the highest for any U.S. trade partner. The U.S. and India relations have been deteriorating since Trump took office in January. The announcement comes at the same time that Indian Prime Minister Narendra Modi is preparing for his first trip to China in more than seven years....

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

The New York Times reported that Indian officials said they would continue to buy oil from Russia, despite the threats of sanctions that U.S. president Donald Trump had said he would impose. Could not verify immediately the report. Requests for comments were not immediately responded to by the White House, India’s Ministry of External Affairs and Ministry of Petroleum and Natural Gas. In a Truth Social posting last month, Trump said that India could face additional sanctions for purchasing Russian oil and arms. He later stated that he didn't care what India did with Russia. Trump informed reporters on Friday...

Industry sources claim that Indian state refiners stopped buying Russian crude oil last week, as the discounts have narrowed in this month. Donald Trump has also warned other countries against purchasing oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude by sea. This revenue stream for Russia, as it continues to wage war against Ukraine, has been vital for the country. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum...

Gold prices fell on Friday, as the U.S. Dollar strengthened. Investors were also awaiting Federal Reserve Chair Jerome Powell to speak at the Jackson Hole Symposium for clues about the central bank's policy. Spot gold fell 0.5% to $3,322.43 an ounce at 8:43 am EDT (1243 GMT) while U.S. Gold Futures fell 0.5% to $3,364.20. Investors backed off rate-cut bets in anticipation of Powell's address at 10:00 a.m. ET (1400 GMT). Powell's speech at the annual Jackson Hole Economic Conference comes amid unprecedented pressure from President Donald Trump on the central banks. However, mixed economic data could pull Powell towards...

This week, physical gold demand remained low in major Asian hubs as volatility in prices kept buyers away. However, jewellers in India recommenced purchases in advance of the festival season. The price of gold in India was around 99,300 rupies ($1,135.77) for 10 grams last Friday, after reaching a record-high of 102 250 rupies earlier this month. Jewellers have started to buy again after a price drop, as they are more confident of the festival demand. In October, Indians celebrate Dussehra (Diwali) and Diwali (Diwali), when gold is considered auspicious. Indian dealers quoted between a discount and a full price...

CNBC-TV18, an Indian news channel, reported Wednesday that the Indian government had objected to Vedanta’s proposed split into four new firms, claiming the demerger would make it more difficult to collect dues. CNBC reported that the Indian government claimed at a hearing held by the National Company Law Tribunal that Vedanta had modified its demerger plan after receiving a certificate of no objection from the Securities and Exchange Board of India. The NCLT is an independent quasi-judicial tribunal that decides on matters relating to companies. Could not verify the court proceedings immediately. Vedanta said in a press release that it...

India has proposed a tariff of 11-12 percent on certain steel products for a period of three years to reduce shipments by China, the world's largest producer. If a levy is imposed, it will begin at 12%. The levy will then be reduced to 11.5% the second year, and 11% the third. This was announced by the Directorate General of Trade Remedies in a 16th August notification. The notification stated that "the Authority concludes there has been a recent, abrupt, sharp, and significant increase in imported steel," adding that it could result in serious harm to the domestic sector. The...

South African coal miner Thungela CEO July Ndlovu, who is leaving his position on Monday, said that global thermal coal producers will reduce output due to low prices of the fossil fuel and an uncertain economic outlook. South Africa's largest thermal coal exporter has reported a 80% drop in profit, to 248 million Rand ($14 million), in the six-month period ending June 30. This is primarily due to lower fuel prices. Thungela stated that geopolitical tensions, rising tariffs and economic growth were all impacted by the disruption of global supply chains. Ndlovu or the company did not elaborate. Thermal coal...

A source familiar with this matter has confirmed that India's state owned miner IREL wants to work with Japanese and South Korean firms to begin commercial production of rare-earth magnets as part of its efforts to reduce reliance upon China. The company is looking at both Japan and South Korea for rare earth processing technology, potentially through government-to-government channels, the source said, declining to be named as the discussions are not public. Source: The miner plans to formalise discussions with other countries about rare earth mining and technologies partnerships, and seek IREL approval for commercial magnet production in this year....

Indian gold loan financier Muthoot Finance announced a 90% increase in its first-quarter profits on Wednesday. This was aided by a higher demand for loans as the price of precious metals soared. Muthoot Finance has reported a profit for the quarter April-June of 20,46 billion rupees (US$233.91m), which is above analysts' estimates of 16,24 billion rupees. This was based on data compiled by LSEG. Gold prices reached multiple records during the third quarter. Gold financiers benefit from this as the higher prices allow borrowers to get larger loans with the same amount. Analysts said that tighter lending conditions in the...

Radico Khaitan will launch a premium brand of tequila in partnership with Bollywood actor Shah Rukh Khan, Zerodha cofounder Nikhil Kamath, and Zerodha founder Nikhil Kamath. This is their first foray into this category. The Indian liquor producer, well-known for its premium products such as Rampur Indian single malt and Jaisalmer Indian Craft gin, will launch the brand D'YAVOL Anejo, a premium spirit aged in wine casks about two years. D'YAVOL is a luxury brand founded by Shah Rukh Khan's Son Aryan Khan in 2022, along with Leti Blagoeva, and Bunty Sing, and headquartered in Amsterdam. It offers premium streetwear,...

The Indian state-owned mining company NMDC announced a lower profit for the first quarter on Tuesday. Higher expenses and lower prices outweighed gains from strong demand in India. In the quarter ending June 30, the country's biggest state-run iron ore company reported a profit drop of nearly 1% from a previous year to 19,69 billion rupees ($225 million). Royalties and other levies increased by 33%, to 26.8 trillion rupees. This led to a 38% increase in total expenses. Indian miners pay a royalty to the government for the right of extracting minerals from their land. NMDC stated that if a...

Donald Trump, the president of the United States, increased tariffs on Indian goods by 25% this week. He cited New Delhi's continued purchases of Russian oil. The new import tax will take effect 21 days after the 7th of August and raise duties on certain Indian goods up to 50%. This is among the highest tariffs imposed on U.S. trading partners. Some sectors, such as smartphones, pharmaceuticals, and energy, are exempted from reciprocal tariffs. However, others, like gems, jewellery, textiles, and auto components that make up the bulk of Indian exports into the U.S. will be hit. Here are the...

This week, physical gold demand in major Asian hubs declined as rising prices dampened interest in buying while higher rates encouraged others to sell their holdings. Gold isn't a popular purchase at the current prices. Some investors are selling the gold bars and coins they bought when prices were cheaper, said Ashok Jain of Mumbai's Chenaji Narsinghji. On Friday, gold prices in India were around 102.100 rupees (1,165.45 dollars) per 10 grams after reaching a record-high of 102.191 rupees. Indian dealers have this week offered a discount The discount last week was up to $7. A Mumbai-based dealer of bullion...

A Washington lobbying company has signed a $3 million-per-year agreement with Myanmar's Ministry of Information in order to help the country, which was ruled by the military for many years, rebuild its relations with the United States. Documents submitted under the U.S. Foreign Agents Registration Act, (FARA), show that the DCI Group and the Ministry signed an agreement on July 31. This was the day Myanmar's army nominally handed over power to a civilian interim government in advance of a planned elections. The military leadership of Myanmar, led by Min Aung Hlaing, seized power through a coup in 2021. That...