South Asia

India and the U.S. are expected to sign a "formal" trade agreement in March. After that, New Delhi will lower tariffs on U.S. products, said Trade Minister Piyush Goyal on Thursday. This was the first official timeline of the adoption of the deal. Washington will then reduce the duty on Indian exports from 50% to 18% within a few days. Goyal stated that India will purchase about $500 billion worth of U.S. products over the next five years. This includes $70-80 billion of Boeing aircraft. In the deal announced Monday, U.S. President Donald Trump reduced U.S. Tariffs on Indian Goods...

A spokesperson for the Indian Foreign Ministry said that India would be willing to buy oil from Venezuela and other countries, depending on their commercial viability. "There's a long history of engagement with Venezuela." We have had a longstanding energy partnership, and are open to exploring the availability of crude oil in Venezuela and elsewhere, based on its commercial viability. Last week, U.S. president Donald?Trump agreed to lower tariffs on Indian products to 18% from 50% as part a broader trade deal Narendra Modi, he claimed, 'assured him that South Asia will stop buying Russian oil. Trump said that India...

Investors say that the U.S. India trade deal will likely be enough to stop foreign stock selling. However, they insist that earnings growth and fundamentals must improve before sustained?buying can occur. The long-awaited agreement sparked an increase in the stock markets and rupee's strongest rally in seven year on?Tuesday as it?signalled improved diplomatic and trade relationships with the U.S. This was only one of many factors that hung over the currency and stock market, which has underperformed by a large margin regional and global counterparts since the start of last year, and seen the foreign allocations shrink to a 2-decade-low....

Reliance, heavyweight financials and export-oriented stocks led a broad rally on Tuesday after the India-U.S. trade deal. Trade deal removes key overhang which had been roiling?markets since months. Both benchmarks jumped about 5% at the start of trading. ?At a close, the Nifty50 settled 2.55% higher, at 25,727.55 point, while the BSE Sensex rose 2.54%, to 83739.13 points. This was their biggest single-session gain since May 2025. Donald Trump, the U.S. president announced on Monday a deal with India in which U.S. duties on Indian goods will be reduced to 18% instead of 50%. In exchange, New Delhi must stop...

A government official revealed to? ?on Tuesday. Donald Trump, the U.S. president, announced on Monday a deal with India that reduces U.S. tariffs from 50% to 18% on Indian goods in exchange for India ceasing its Russian oil purchases and lowering trading barriers. Trump said India had agreed to "BUY AMERICAN" at a higher level. He said India would be able to?buy $500 Billion worth of U.S. coal, technology, agricultural, and other products. Unnamed official of the Indian government said that India had agreed to "buy U.S. products" to reduce the trade gap between the U.S. The U.S. has a...

Donald Trump, the U.S. president, said that he and India had reached a deal on Monday. He also stated that New Delhi agreed to stop purchasing Russian oil in favor of buying more from the U.S. Here are some of the most important developments in U.S.-Indian Trade Relations over the last year. Why did India-U.S. Why did the India-U.S. Trump surprised India in April to August 2025 by imposing an initial 25% tariff on goods sent to the United States. The U.S. then imposed a second 25% tariff citing India's purchases of Russian oil. Tariffs on Indian goods sent to...

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

Reliance Industries, India's operator of the largest refinery complex in the world, said it would 'buy up to 150.000 barrels of Russian oil per day' from February, for its domestic-market-focused refinery. Reliance is set to receive Russian oil that complies with sanctions in February and march after a month-long pause, it was reported earlier this month. Reliance received its last shipment of Russian crude oil in December, after it secured a one-month U.S. It was able to extend its contract with Rosneft, the Russian oil producer beyond the November 21 deadline after securing a one-month?U.S. In October, the U.S. sanctioned...

Analysts and traders said that Russia's exports of naphtha to Asia will?fall? in January. The storage volumes are increasing as U.S. Sanctions pressure key buyers such as Taiwan, India, and Venezuela, forcing Moscow to find new markets. After Washington imposed sanctions against top Russian oil producers, buyers have become more cautious. Sellers are now forced to store naphtha in foreign storage or on ships, so that it can be reexported. Armaan Ashraf is the director of Asia oil and natural gas liquids at FGENexant. He said that this would mean premiums for "legitimate barrels" of full-range heavy naphtha or discounts...

Vikas Kaushal, chairman of India's Hindustan Petroleum Corp Ltd, said that the refiner will increase the heavy oil processing in the new fiscal year starting April. Indian refiners are Consideration Importing Venezuelan crude oil, which is offered by Vitol or Trafigura as part of a U.S. mandated sale following Washington's capture of Venezuelan President Nicolas Maduro in the first half of this month. "We're trying to increase the flexibility of our system, as we have two new installations, which will allow us to process heavy crudes more efficiently,"?Kaushal said to reporters at the Indian Energy Week Conference, referring specifically to...

The price of oil fell on Tuesday, despite a major winter storm that hit the crude production in the U.S. Gulf Coast and affected refineries. Brent crude futures fell 28 cents or 0.4% to $65.31 per barrel at 0145 GMT. U.S. West Texas Intermediate Crude was $60.39 per barrel, down by 24 cents or 0.4%. Analysts and traders estimate that oil producers in the U.S. lost up to two million barrels of oil per day, or about 15% of the nation's production, over the weekend. This was due to a winter storm which swept through the country and put strain...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

An explosion in India's northeastern Meghalaya state killed at least 16 people and trapped more, according to an official. This is the latest of many similar incidents that have occurred in the area in recent years. Manish Kumar, East Jaintia Hills District's deputy commissioner, said that the blast occurred at 10 am local time (0430 GMT). The mine is called a "rat-hole" because the tunnels are only big enough to allow workers to get through. In India's northeastern state, the use of rat-hole mines was once widespread. However, they were banned in 2014 due to the high number of deaths...

The Kremlin stated?on? Tuesday that it had not heard any statements from India regarding the halting of purchases of Russian oil? after U.S. president Donald Trump claimed New Delhi had agreed in a trade agreement with Washington to cease such purchases. U.S. president Donald Trump announced on Monday a trade deal with India, which reduces U.S. tariffs from 50% to 18% on 'Indian goods in exchange for India ceasing its purchases of Russian oil and lowering trade barriers. Dmitry Peskov, the Kremlin's spokesman, said that Russia is?carefully analyzing Trump's remarks about relations with India. Peskov responded: "We haven't heard anything...

These are the most popular stories from the business pages of the New York Times. The New York Times has not verified the accuracy of these stories. SpaceX, Elon Musk's rocket and satellite company, announced on Monday that it acquired xAI. This is a sweeping move for Musk to consolidate his empire, as he faces questions about its A.I. ambitions. Waymo, owned by Alphabet (parent company of Google), the self-driving cab company, announced on Monday that they had raised $16 Billion to fund their plans for global expansion. U.S. president Donald Trump announced on Monday that he would be launching...

India cut tariffs on a variety of capital goods and raw material on Sunday in an effort to reduce its dependency on China for essential products?for the energy transition, and to lower costs for exporters who have been hit by?U.S. trade policies. Analysts say that customs reform is crucial to India's goal of $1 trillion in goods exports. They argue that lower input costs will help firms integrate with global supply chains, and attract investment away from China. Nirmala Sitharaman, India's Finance Minister, said that India would reduce the duty on capital goods needed to process vital minerals and manufacture...

Gold prices fell by over 8% on Friday to 'break below $5,000 mark as the dollar strengthened due to the upcoming appointment of the new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1982 following multiple record highs. As profit-taking took hold, other precious metals have also fallen sharply. Gold spot was down 5% to $5,124.37 per ounce at 1132 GMT. It had fallen earlier in the day to $4,957.54. U.S. gold futures for delivery in February fell by 3.9% to $5118.40. Gold reached a record high of $5,594.82 Thursday, and...

Gold prices fell by over 7% on Friday, breaking?below $5,000. The dollar was strengthening on the news of the imminent appointment of a new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1999. As profit-taking took hold, other precious metals have also fallen sharply. By 0947 GMT, spot gold had fallen 7.5% to $4.992.05 per ounce. U.S. Gold Futures for February Delivery fell 6.4% to $ 4,985. Gold reached a record high of $5,594.82 in the US on Thursday. It is on course to gain more than 15% this month. This...

ArcelorMittal is a multinational steelmaker that was the former owner Acciaierie d'Italia, an Italian steel company. On Thursday, it announced that it filed a 1.8 billion euro claim ($2.2 billion) against the Italian Government over losses?linked with its investment in ADI's factories. This filing is a 'tit-fortat' move after Italy's state appointed administrators of ADI (formerly known as ILVA) sought around 8 billion euros in damages from ArcelorMittal alleging it mismanaged ADI’s steelworks. Early in 2024, the government assumed control of ADI after ArcelorMittal. ADI has struggled to maintain its production due to high energy costs and low demand. In...

Vedanta, an Indian conglomerate that converts metals into oil, reported a rise in its third-quarter profits on Thursday due to strong base metal prices. Mumbai-based miner’s?consolidated?net profit increased to 57.10bn rupees ($621m) for the quarter ending December 31st from 35.47bn rupees one year earlier. Elara Capital analysts said that the price of aluminium was supported by higher costs for Chinese producers due to winter power cuts and stricter environmental regulations across 'the supply chain. The brokerage said that lower inventories and production disruptions at the major aluminium producer China will likely keep prices stable in the near-term. In the quarter...

According to two sources and an official presentation, India will soon offer incentives to companies to set up nickel and lithium processing plants in order to boost production and meet the rising demand for these critical minerals. India wants to speed up its energy transition by promoting initiatives such as electric vehicles. However, it does not have the technology or capacity to process vital minerals. This is a capability that is largely controlled by China. Nickel and lithium are essential to India's electric vehicle supply chain, particularly when it comes down to batteries. New Delhi is targeting 30% penetration of...

The World Gold Council (WGC), which announced the news on Thursday, said that India's demand for gold is likely to drop in 2026 after a 11% decline last year. A surge in prices will dampen jewellery sales, and offset an increase in investment purchases. Sachin Jain is the chief executive officer of the WGC Indian operations. He said that the demand for gold could be between 600 and 700 tons compared to the 710.9 tonnes last year. This was the lowest level in five years. Jain, the jeweller, said that jewellery buyers prefer stable gold prices. However, recent price increases...

The gold price surpassed $5,300 an ounce on Wednesday for the 'first time,' driven by economic uncertainties and a weakening?U.S. dollar. Investors waited for the Federal Reserve to announce its policy amid growing concerns about their independence. By 12:45 pm, spot gold had risen 1.9% to $5,289.48 per ounce. After reaching a record of $5,311.31, ET (1745 GMT), gold prices fell to $5,289.48 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by 4% to $5286.50 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals...

Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed. By 11:05 am, spot gold had risen 1.7% to $5,278.28 per ounce. After reaching a record of $5,311.31, ET (1605 GMT), gold prices fell to $5,278.28 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.8% to $5275.30 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president at Zaner Metals said: "The rally has taken on a new life...