Latest News
-
India is likely to finalise the framework for a Qatar trade agreement in October, as Trump tariffs bite
A government source stated on Monday that India will likely finalise terms of reference of a proposed free-trade agreement with Qatar by early October. This is in response to its efforts to create deeper global partnerships, and to offset the impact from U.S. Tariffs. The government source who requested anonymity because the details of the trade negotiations are not yet public told reporters that Trade Minister Piyush Goyal may visit Doha to finalize the framework for the negotiations on October 6. Both sides agreed that they would double their bilateral trade in five years to $28 billion during the visit of Qatar's Sheikh Tamim Bin Hamad Al-Thani to India. Qatar also announced plans for an investment of $10 billion in India, in the areas of infrastructure, technology and manufacturing, food safety, logistics, hospitality, logistics and other sectors. India and Qatar have a close energy partnership and last year, a long-term agreement was renewed for the supply to India of liquefied gas for 20 years beginning in 2028. New Delhi has intensified its efforts to strengthen trade relations with other countries after U.S. president Donald Trump doubled the total tariffs to 50% by imposing additional 25% duties on Indian goods last month for purchasing Russian oil. In addition, India is seeking to sign a free-trade agreement with the European Union (EU), India's largest trading partner for goods, by the end of this year. The U.S. Tariffs are estimated to affect 55% of India’s $87 billion worth of merchandise exports, benefiting other competitors like Vietnam, Bangladesh, and China. Source: India is also looking to sign bilateral trade agreements with Oman and Chile, as part of its efforts to diversify and boost markets while protecting small businesses and farmers.
-
Commission: EU envoy to Washington for talks about Russia sanctions
David O'Sullivan, European Union's Sanctions Envoy, is in Washington along with a team to discuss additional sanctions against Russia with U.S. colleagues. On Sunday, U.S. president Donald Trump said that he was prepared to move into a second phase, which is the closest thing he's come to suggesting that he may be about to increase sanctions against Moscow for its war in Ukraine. EU Council President Antonio Costa stated that new sanctions are being closely coordinated with U.S. officials and they hope for better cooperation following several disappointments in the early part of the year when Trump pursued peace talks with Russian president Vladimir Putin. The United States is not joining the other Group of Seven (G7) nations - the EU and Britain - to lower the price cap for Russian crude oil, before sanctions are imposed at $47.60 per barrel. Trump announced steep tariffs against U.S. imports of Indian goods, in part because India is a major buyer of Russian energy. The EU is currently working on a 19th set of sanctions against Russia. EU diplomats say that the package will likely include additional listings of Chinese firms, Russian banks, and vessels from Moscow's "shadow fleet" which evades sanctions. It may also include a ban on transactions involving Russian oil. Kremlin says On Monday, he said that sanctions will never force Russia to change its course.
-
UN Human rights chief condemns "mass killing" of Palestinians in Gaza
The United Nations Human Rights Chief condemned Israel for "massacring" Palestinian civilians in Gaza, and "hindering sufficient life-saving aid", saying that the country has a case before the International Court of Justice. Volker Turk is the head of the Office of the United Nations' High Commissioner for Human Rights (OHCHR). He did not describe the Gaza War as a genocide in progress, as had been urged by hundreds of U.N. employees. In his opening remarks to the 60th Human Rights Council session in Geneva, Turk expressed disgust at the "open use of genocidal language" and the "disgraceful humanization" of Palestinians that senior Israeli officials had engaged in. Turk said: "Israel's killing of Palestinian civilians, its wholesale destruction and indescribable suffering; its refusal to provide sufficient aid for civilians and the subsequent starvation; the killing of journalists and its commission of crime after crime are shocking to the conscience of the entire world." Turk said that Israel has a case before the International Court of Justice, and the evidence is mounting. Turk was referring to a January ruling by the ICJ which stated that Israel had a duty to prevent genocide. Israel's U.N. delegation in Geneva has said that it will respond to any requests for comments shortly. Israel previously denied accusations of genocide against Gaza. It cited its right to self defense following the Hamas attack on October 7, 2023 that resulted to the death of 1,200 people, and the capture of 251 captives, according to Israeli statistics. Gaza's health ministry reports that Israel's subsequent offensive has killed nearly 63,000 people. A global hunger monitor states that a part of the territory suffers from famine. Turk addressed the issue of human rights, and said that they are being undermined by "disturbing" trends such as the glorification violence and the withdrawal of certain states from the system multilateral. He said that "rules of war are being dismantled - and there is virtually no accountability." Turk condemned widespread violations that he claimed had occurred following Russia's invasion of Ukraine, as well as conflicts in Sudan and Myanmar. (Reporting and editing by Miranda Murray, Aidan Lewis, and Olivia Le Poidevin)
-
Six Palestinians are killed by Palestinian gunmen at a Jerusalem bus stop
On Monday, two Palestinian gunmen opened up at a bus station on the outskirts Jerusalem and killed six people. Police described the attack as "a terror attack," which was one of the most deadly in recent years. Dashboard camera footage from the scene shows people running away from a bus parked on the side of the road. Shots can be heard. A video from the scene showed bullet holes in a bus's windows and windscreen. "Suddenly, I heard the shots start..." Ester Lugasi told Israeli TV that she felt as if she had been running for an eternity. "I thought I would die." Ambulance service identified five victims: a man aged 50, a woman aged in her fifties, and three men aged in their 30s. The ambulance service said that 11 people were injured, six of whom had gunshot injuries and were in serious condition. Gideon Saar, the Israeli Foreign Minister, said that a sixth victim had died. He also confirmed that the gunmen are Palestinians living in the Israeli-occupied West Bank. Hamas, a Palestinian militant group, praised the two Palestinian "resistance" fighters it claimed were responsible for the attack. However, it did not claim responsibility. Islamic Jihad is another Palestinian militant group that praised the shooting. Benjamin Netanyahu, speaking at the site of the attack said that Israeli forces were pursuing those who assisted them. Israeli police reported that two attackers arrived in a car and fired at a Ramot Junction bus stop. Police said they recovered several weapons, ammunition, and a knife from the scene. After the shooting, footage showed that there was a large police presence in Ramot. A paramedic who arrived at the scene told the ambulance service that there were several victims lying on the street and sidewalk. Some of them were unconscious. Israeli military has said that it has deployed soldiers in the area to assist police in their search for suspects. It said that soldiers were also deployed in Ramallah, West Bank, to "thwart terror" and conduct interrogations. In Tel Aviv, in October 2024, armed with knives and guns, two Palestinians killed seven people. Two Palestinian gunmen murdered three people in November 2023 at a Jerusalem stop bus. Israeli security services claimed that the attackers of the 2023 Jerusalem shooting had Hamas ties. Reporting by Rami Amitay, Maayan Lulbell, Alexander Cornwell, Ahmed Elimam, and Jana Choukeir, in Jerusalem; Editing and production by Gareth Jones, Ros Russell, and Ros Jones.
-
India's top refiner claims that Russia's oil spot supply is normal
Anuj Jain is the head of finance for Indian Oil Corp, India's largest refiner. He said that spot supplies of Russian oil have not changed. Barrels are still trading at a $2-$3 discount per barrel in Dubai, and will be delivered to Indian ports. India, which is the world's largest purchaser of Russian crude oil, has benefited from discounts on Russian production as Europe and the U.S. shun Russian oil due to Moscow's invasion of Ukraine in 2022. Washington has pressured India into stopping buying Russian oil by imposing heavy tariffs on Indian exports. However, Prime Minister Narendra Modi has stated that the government will continue to buy Moscow's crude because it is economically viable. IOC, the state-run oil company, buys Russian crude from traders on a delivery basis. According to LSEG trade flow, the loading of Russian oil to India in August almost halved from 1.34 million barrels per day in July to 686.850 barrels per daily. The August loading of Russian crude oil for India was low, as refiners stopped purchases after discounts shrank. "We never stopped (buying Russian crude). Jain said that we are already planning to buy for November and October. He said that IOC must reduce its imports of Russian crude oil due to the high inventories. We wanted to optimize our inventory as well. Jain explained in Hindi that this was one of the major factors. (Reporting and writing by Mohi Naira in Singapore, Nidhh Verma, Editing by Sonali Pau)
-
Analyst: Ukraine imports diesel fuel of Indian origin after losing a key refinery
Analysts said that the loss of Ukrainian oil refining facilities this summer forced traders to import diesel fuel, even from India. India imports a large portion of its crude from Russia. Russia has been trying to win the war against Ukraine by using drones and missiles to attack Ukrainian fuel storage and refineries. Ukraine has used similar tactics to defend itself, but neither side is transparent about the extent and severity of damage. Serhiy K. Kuyun, a fuel consultant from Ukraine, said on Facebook that the Kremenchug oil refining plant (which) had been hit by dozens of ballistic and cruise missiles was destroyed in June. The market was rushing to purchase what was available. India was the only option. We don't transport it, international traders transport it to Turkey and Romania. And we buy what is already there," he said. He said that Indian fuel met post-Soviet standards, including Ukrainian ones, and claimed some of it had been purchased by Ukraine's defence ministry, who never comment on fuel purchases. He didn't specify the import volumes, but said that Indian diesel had an unexpected market share of around 10%. Before the war with Russia began in 2022 and the full-scale conflict, Ukraine imported diesel fuel from Belarus and Russia mainly to compensate for its lack of production. Since 2022, Ukraine has imported diesel fuel primarily from European countries. A-95 reported that the imports of diesel fell 13% on an annual basis in the first six months of this year to 2.74 millions metric tons. (Reporting and editing by Kevin Liffey; Pavel Polityuk)
-
State TV reports that one person has died in Nepal during protests against the social media ban
State TV reported that one person was killed when the Nepali police used tear gas and rubber balls to disperse youths who attempted to break into Parliament during a Monday protest against a social-media shutdown and an alleged government of corruption. Last week, Nepal blocked several social media platforms including Facebook after users failed to register their accounts with the authorities as part of a crackdown against misuse. According to the government, social media users who have fake IDs spread hate speech and fake stories and commit fraud and other crimes on some platforms. The authorities imposed a curfew on the area around the Parliament building after thousands tried to break through a barricade of police and enter the legislative chamber. Nepal Television, the state-run broadcaster, reported that one person died and 50 others were injured. Local media reported at least six deaths. The death and injury figures could not be independently verified. A witness reported that several protesters were taken to nearby hospitals after being injured. They added that a group of protesters had stopped a vehicle headed towards the parliament, and an ambulance had been set blaze. Ekram Giri, the spokesperson for Nepal's Parliament, stated that some protesters had entered the premises of the parliament but didn't make it to its main building. He said that the police had driven them out and they were now gathered on the road. Muktiram Rjal, spokesperson for the Kathmandu District Office, said: "We've imposed a curfew that will remain in effect until 10 p.m. local (1615 GMT), to bring the situation into control after the protesters started to become violent." Rijal stated that the police had been ordered to use batons, water cannons and rubber-bullets to control the crowd. Rijal stated that the curfew was extended to Kathmandu’s Singha Durbar, including the Prime Minister’s Office, other ministries, as well as the residence of both the Prime Minister and President, as well as the residence for the Prime Minster. Protests in other cities The police said that similar protests had also been organised in Biratnagar, Bharatpur, and Pokhara in western Nepal, the gateway to Mount Annapurna - the 10th highest peak in the world. On Monday morning, police stopped thousands of students and youths from marching to the parliament, where protests are prohibited. As they marched in Kathmandu, protesters carried placards and the national flag with slogans like "Stop corruption and not social networks", "Unban Social Media", and "Youths Against Corruption". On television, protesters were seen throwing projectiles towards police officers in riot gear who huddled together in a single spot as tear gas filled the streets. The protesters also knocked down police barricades. The government of Prime minister K.P. Opponents have criticised Sharma Oli for not delivering on his promises. The social media shutdown in Nepal comes at a time when governments around the world, including those of the U.S.A., EU and Brazil, as well as China, India and Australia, are taking steps to tighten their oversight over social media and Big Tech, due to concerns about misinformation, privacy, harm online and national security. Critics claim that many of these restrictions stifle free speech, while regulators insist that stricter controls are necessary to protect users and maintain social order. Nepal has 30 million internet users. Reporting by Gopal Singh, Writing by YPrajesh and Editing by Helen Popper & Saad Sayeed
-
Rosatom prepares to issue bonds in yuan currency in China
The Russian state nuclear company Rosatom is planning to issue bonds in yuan currency in China, a spokesperson for the company said on Monday. The spokesperson did not provide any further information. The announcement by Rosatom comes after Russian President Vladimir Putin visited China last week and called for a joint financial infrastructure between countries in the "Global South". Alexei Likhachev, Rosatom's chief executive officer On the sidelines the four-day trip, the Russian giant said that it was willing to help China surpass the United States when it comes to installed nuclear generation capacity. Likhachev stated that Russia has helped China build four nuclear reactors and is currently building four others. China also needs a lot of uranium for its ambitious plans. Atomenergoprom, Rosatom's main power unit Atomenergoprom, said that it received a "AAA" credit rating from China's Dagong Global Credit Rating Agency in April. The agency also rated the unit as "stable". Ilya Rebrov, Rosatom's Chief Finance Officer, told an August corporate publication that the Rosatom Supervisory Board had approved the influx of foreign funding. Rebrov said that "work is underway to prepare Atomenergoprom for the issue of bonds in Chinese Yuan." Earlier Monday, another Chinese credit rating agency CSCI Pengyuan You can also find out more about the following: On Friday, China gave its highest AAA credit rating to the Russian oil and gas company Gazprom GAZP.MM that was blacklisted by the United States. This opened up China's bond market for debt issuance. The second largest bond market in the world, China, is a great opportunity for Russian companies that are cut off from Western funding due to sanctions. The "AAA' rating for Gazprom was given just days after Russia, China and other countries gave their blessing to the Power of Siberia 2 gas pipeline. This massive project links the two countries in an effort to reduce economic dependence on the West. (Reporting Anastasia Lyrchikova; writing by Gleb Brianski; editing Guy Faulconbridge).
China's steel exports and lower iron ore shipments have led to a rise in the price of iron ore.
Iron ore futures rose on Monday for the fifth consecutive session, helped by a sharp drop in shipments from one of its major suppliers and resilient steel exports to China's top consumer.
The day-traded contract for January iron ore on China's Dalian Commodity Exchange ended 0.64% higher, at 792 Yuan ($111.05).
By 831 GMT the benchmark October Iron Ore at the Singapore Exchange had risen 0.53% to $105.4 per ton. This was the highest price since July 24.
Mysteel, a consultancy, reported that the shipment of the main steelmaking ingredient, mainly from Brazil, fell by nearly 50% or 5 million tons from the previous week, to 5,07 million tons during the first week in September.
The sharp drop in Brazilian shipments is mainly due to scheduled maintenance at three ports. Brazil increased shipment the week prior. Normal shipments should resume on September 9.
In August, China's exports of steel were robust, partially offsetting the faltering domestic demand dragged down by its protracted property woes.
Many Chinese steelmakers are making money this year, after losing money in the previous two years. This is partly due to the strong steel exports. The healthy margins allowed mills to maintain a high rate of operation, which led to a steady demand for raw materials.
However, a sharper-than-expected fall in hot metal output, a gauge of iron ore demand, raised cation among investors, limiting price gains.
Coking coal, which is used to make steel, and coke both rose by 1.42% and 0.222%.
The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. Rebar increased by 0.19%; wire rod grew by 0.09%; hot-rolled coils jumped 0.96%, and stainless steel gained 0.67%.
Citi Research analysts expected that the steel industry would experience a significant supply cut during the fourth quarter. This is a traditionally slack season for demand. ($1 = 7,1321 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson and Mrigank Dahniwala).
(source: Reuters)