South Asia

New Zealand and Australia announced on Thursday that they were each working with other countries on a potential joint response to bolster free trade in the face of a barrage U.S. Tariffs. Christopher Luxon, the New Zealand Prime Minister, said that he spoke with leaders from Singapore, Vietnam, and Malaysia as well as with the head of the executive of the European Union about international trade. Luxon, in a speech he gave on Thursday, floated the idea that members of the European Union and Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) could work together. The global trade system has been...

Indian shares closed the week on Friday lower, after U.S. President Donald Trump imposed sweeping retaliatory duties that intensified global trade wars and stoked fears of recession. Due to their exposure to U.S. economic growth and commodities, information technology and commodity stocks have led the declines. The Nifty 50 dropped 2.61% this week to 22,904.45 and the BSE Sensex fell 2.65% to $75,364.69. The indexes fell by 1.5% and 1.2% respectively on the day. Indian markets, while Trump's tariffs are higher than expected, were not as affected on Thursday. They were buoyed by the optimism surrounding a lower levy on...

Indian shares sold off on Friday amid fears of a global economic recession due to the U.S. tariffs. They had largely avoided the storm during the previous session because the duties on India were lower than those on its competitors. As of 10:51 a.m. IST the Nifty 50 was down 1.17% at 22,977.85, and the BSE Sensex fell 0.97% to 76,552. On Thursday, they fell by a very mild 0.4%. The Asian share market fell by 0.8% today, following a 0.7% drop on Thursday. This was after Trump imposed a 10% tariff on all imports as well as higher rates...

The oil markets shrugged Monday off the threat of U.S. president Donald Trump to impose tariffs on Russian oil buyers as the shock factor of the White House's barrage of threats begins to wear out with jaded traders. Analysts and traders have questioned the seriousness of Trump's proposal. Warren Patterson, ING's director of commodities strategy, said that the U.S. government's announcements on tariffs and other sanctions have a tired feel. He said that the market would not overreact until he could provide more concrete information. The price of oil fell on Monday. Brent crude futures, the most active, were down...

Spanish Foreign Minister Jose Manuel Albares announced on Monday that his government will defend the interests the Spanish oil company Repsol, after sources close to U.S. president Donald Trump claimed his government would revoke licenses granted to oil firms operating in Venezuela. Albares told Tele 5 that he had spoken to the CEO of Repsol and they were discussing and analysing their decision. He said: "We shouldn't rush until we have all the information about this decision. We need to know what it means, how it will affect us and the room for dialogue that exists in order to resolve...

Saudi Aramco has been in discussions to invest in two refineries planned in India, as the world’s largest oil exporter seeks a stable outlet for crude oil in the fastest-growing market in the world. India, which is the third largest oil importer and consumer in the world, wants to be a global refinery hub, as Western companies reduce their crude processing capacity to switch to cleaner fuels. Saudi Arabia's share in India's oil imports is declining as refiners who have invested billions to upgrade their plants are diversifying crude sources, including Russia, to tap into cheaper alternatives. Aramco has separate...

The Information, a technology news website, reported that OpenAI and Meta Platforms held separate talks with India's Reliance Industries about potential partnerships to increase their artificial intelligence offerings within the country. According to The Information which cited sources with knowledge of the subject, a possible relationship was being discussed between Reliance Jio, OpenAI and ChatGPT to distribute ChatGPT. According to the report it was also revealed that OpenAI discussed price reductions with its employees. The price of the ChatGPT subscription could be reduced to a few dollars per month instead of the usual $20. It is unclear if OpenAI had...

According to a letter obtained by The Hindu, the Indian government asked a court in its jurisdiction to serve a summons from the U.S. Securities and Exchange Commission on billionaire Gautam. Adani for alleged securities fraud and $265 million bribery. Indian lawyers stated that the summons was issued in accordance with the Hague Service Convention, which does not permit the service of legal documents directly on defendants in India. Adani or his legal representative would be required to appear before the court in the United States. Adani Group denied the allegations and called them "baseless". They also promised to pursue...

Three merchant bankers confirmed on Thursday that India's Jio Finance (a unit wholly owned by Jio Financial Services) has tapped into the debt market through its first commercial paper (CP), ahead of its debut Bond sale later this month. Bankers with direct knowledge of the situation said that the non-banking financial company issued three-month CPs for a 7.80% yield and accepted bids totaling 10 billion rupees (114.95 millions). They all requested anonymity because they were not authorized to speak with the media. One of the bankers stated that "as expected, Jio Finance started its funding by issuing CP bonds of...

Mukesh Ambani’s Reliance Jio has signed a deal to bring Starlink satellite Internet services to India. This is a surprising move by the billionaires who had been at odds with each other for months about how India should allocate spectrum to them. This deal comes on the heels of a similar announcement made by Starlink with India's No. 2 telecom player Bharti Airtel a day before. Starlink will be available in the retail stores of Indian telecom operators, giving Starlink direct access to thousands of outlets in India. The two deals are contingent upon Starlink receiving government approval for operations...

A person with knowledge of the matter told Reuters on Friday that Bharat Petroleum Corporation, the Indian state refiner, plans to launch a four-month tender to purchase U.S. West Texas Intermediate crude (WTI), as it seeks cheaper oil from the top producer in the world. Source: The refiner is looking for one million barrels of WTI each month to arrive in May or June, for a period of four months. BPCL has not responded to a request for comment. Last year, the Indian refiner awarded a similar contract to BP, a major European company. BPCL buys U.S. crude oil to...

Nayara Energy is a private Indian refiner that is majority owned by Russian companies, including Rosneft. It will offer a $217.5-million share buyback to assist its minority shareholders in leaving the delisted company. Rosneft, along with its partners, closed the acquisition of Nayara Energy (formerly known as Essar oil) for nearly $13 billion in 2017. Before the closing of the deal, Essar Oil shares were delisted. Nayara announced that it has decided to make an offer of 731 rupees each ($8.39), totaling 18.94 billion rupees, to over 200,000 minority investors who have not participated in previous delisting or exit offers....

India's auto stocks jumped over 3% on Monday and were on track for their best day in January after U.S. president Donald Trump suggested that he may grant exemptions to auto-related import duties. Trump announced on Monday that he would be considering a change to the 25% tariffs on imports of foreign autos and auto parts from Mexico, Canada, and other countries. These tariffs can increase the cost of a vehicle by thousands of dollars. Trump stated that car companies need "a little time" to manufacture cars in the United States. The auto index rose 3.3%, with shares of auto...

After recalling parliament, Britain began the process of nationalising British Steel. The move was intended to preserve the country's ability to make steel and save jobs. British Steel, owned and operated by China's Jingye Group employs 3500 people in its Scunthorpe facility, with more working throughout the supply chain. It has You can also read about the warnings below. It could close its two blast-furnaces, which lose 700,000 pounds (914,760 dollars) per day, by June. The output of the Scunthorpe plant is used by the rail network, as well as the automotive and construction industries. The Scunthorpe Plant is the...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines British Steel is preparing to shut down one of its blast furnaces Keir Starmer focuses US trade negotiations on reducing 25% tariffs on UK cars UK and India rush for trade agreement after Trump tariffs Prada reduces Versace purchase by $200M after Trump tariffs View the full article British Steel will shut down one of its blast furnaces by next week in order to conserve critical raw materials. The talks to prevent a...

Tata Steel announced on Wednesday that it would cut 1,600 jobs from the Netherlands in order to improve profitability amid fierce competition with China and increasing U.S. tariffs. Tata will reduce its Dutch workforce by around 20%. This is primarily at the large IJmuiden steel plant, located on the coast to the west of Amsterdam. Tata stated that the reorganisation will primarily affect management and support staff at IJmuiden, with the goal of centralising the organisation and increasing its efficiency. The Dutch division suffered a loss totaling 556 million euro ($613,05 million) for the year ending March 31, 2024. This...

Three sources familiar with the matter have confirmed that Saudi Arabia's Ma'aden, the country's largest mining company, is looking at forming a rare-earths processing partnership. The kingdom wants to be a global hub for critical minerals. Sources said Ma'aden was considering a partnership with MP Materials in the United States, China's Shenghe Resources or Australia's Lynas rare earths, as well as Canada's Neo Performance Materials. According to sources who weren't authorized to speak publicly about the discussions, Ma'aden intends to select at least one partner before the end of the month to assist in developing plans for a rare-earths processing...

Codelco, Chile’s state-owned copper manufacturer, increased production in the first quarter of 2025. Trade war escalates Maximo Pacheco, chairman of the board, said that there is a growing relationship between China and the U.S. The world's largest copper producer recorded slightly higher production in the first quarter than the same period of 2024. It is also maintaining its production guidance, even after a nationwide power outage in Februrary crimped the output. In an interview given ahead of the CESCO/CRU conferences on the copper industry in Santiago, Pacheco stated that "we will have a quarter which will be slightly better than...

Surat's diamond polishing centre is experiencing a wave of anxiety as the U.S. Tariffs threaten the gem and jewellery exports of India, putting the livelihoods of tens of thousands workers at risk. The United States, who takes over 30% of South Asia's gems and jewellery exports set a reciprocal tariff of 27% on it on Friday, as demand in other important markets, such as China and the Middle East and Europe, is easing. Dinesh Nadiya is the chairman of Indian Diamond Institute in Surat. He said that tariffs would have a major impact on the demand for diamonds. Job losses...

Industry officials warned that India's gems and jewelry industry, worth $32 billion, is bracing itself for a steep drop in exports due to the high U.S. import tariffs. The United States has imposed a reciprocal 26% tariff on India. This is a blow for the hopes that South Asia had of being relieved under President Donald Trump’s global trade policy. Colin Shah, managing Director of Kama Jewelry - one of India's largest diamond jewellery manufacturers - said that the tariff was higher than expected. "It's quite severe and will impact exports." India is the largest hub in the world for...

Gold prices soared to record levels on Monday, surpassing $3,100 an ounce, amid fears of inflation caused by U.S. Tariffs. The safe-haven investment is set to have its best quarter since 1986. Bullion has continued to rise, with the metal up 18% this year. Gold spot rose 1.1%, to $3,117.43 an ounce, at 0935 GMT. It had earlier reached a record of $3,128.06. U.S. Gold Futures rose 1.1% to $3149.60. Bullion prices rose by more than 27% in the past year, as several factors, such as a favorable monetary policy and robust central bank purchases, combined to encourage investors to...

The gold demand in India was sluggish due to record-high prices, and jewellers busy closing their accounts for the year. Most other Asian hubs saw a similar trend. Harshad Ajmera, a wholesaler at JJ Gold House Kolkata, said that "Jewellers weren't making purchases." India's fiscal year runs from April through March. The domestic gold price hit a new record of 89 796 rupees for 10 grams in the first week of this month. It has risen by nearly 15% since 2025. This week, Indian dealers offered a discount Discounts of up to $33 per ounce on official domestic prices, inclusive...

Senior executive of the Indian alloy steel producers association told reporters on Thursday that it plans to file a petition against imports from China which are cheap with the Federal Trade Ministry soon. India is the second largest producer of crude steel in the world. It has the ability to produce around 18-20 millions metric tons of alloy steel per year, which is used by the auto, aerospace and defence sectors. Anil Dhawan (Director General of the Alloy Steel Producers Association of India, ASPA) responded to a question about the petition by saying that "there has been a continuous increase...

India's government is confident that the strong domestic steel demand will offset the European Union plans to tighten import quotas starting in April. A source with first-hand knowledge of the issue confirmed this. The European Commission announced on Tuesday that it will tighten steel import restrictions from next month, in an effort to protect the European steel industry from soaring imports. The EU will lower import quotas (also known as safeguards), limiting the amount that can be imported tariff-free into the 27-nation bloc. The source declined to identify herself as India had not publicly responded to the EU move. The...