South Asia

Two sources revealed that India will cut the consumption tax on 175 different products, from hybrid cars and shampoos to consumer electronics. Modi has repeatedly called for increased usage of Indian products. This is the biggest reform to the goods and service tax system in almost a decade. Modi announced his first reform plan on Independence Day last month when he promised to make everyday products cheaper in the fifth largest economy of the world. His proposal reduces the goods and services (GST), which includes toothpaste, talcum, and shampoo, from 18% down to 5%. This is expected to increase sales...

Two sources revealed new details about Prime Minister Narendra Modi’s major tax reform. India will cut consumption tax on 175 products, including shampoos, hybrid cars, and consumer electronics. Two sources revealed that India plans to reduce goods and services taxes (GST) from 18% down to 5% on products like talcum, toothpaste, and shampoo. This is expected to boost sales at companies such as Hindustan Unilever, and Godrej Industries. Before the Diwali shopping period, which begins in October, brands such as Samsung, LG Electronics and Sony will dominate sales, consumer electronics, like air conditioners, televisions and other electronic devices, could see...

Gold prices were slightly lower on Friday but are still on track for a gain in the month ahead of U.S. Inflation data, which will give more clues about Federal Reserve's rate-cutting trajectory. As of 0818 GMT, spot gold was down by 0.1%, at $3,414.07 an ounce. Bullion gained 3.6% this August, and reached $3,423.16 Thursday, the highest level since July 23, its highest ever. U.S. Gold Futures for December Delivery eased by 0.1% to $3471.70. Gold is feeling gravitational force around large, round numbers. The markets are reluctant to allow gold to stray too far away from the psychological...

Indian exporters should prepare for disruptions following a U.S. Homeland Security confirmed that Washington will impose an extra 25% tariff on all Indian origin goods starting Wednesday. This will increase trade pressure against the Asian nation. After President Donald Trump announced additional tariffs to punish New Delhi for its increased purchases of Russian crude oil in August, Indian exports could face U.S. duty of up 50%. This is among the highest Washington has imposed. According to Homeland Security's notice, the new duties will be applied to goods that are imported into the U.S. or removed from warehouses to be consumed...

Indian exporters should prepare for disruptions following a U.S. Homeland Security confirmed that Washington will impose a 25% additional tariff on all Indian origin goods starting Wednesday. This will increase trade pressure against the Asian nation. Indian exports could face U.S. tariffs of up to 50 percent - one of the highest Washington has imposed - following President Donald Trump's announcement of extra tariffs in response to New Delhi's increased purchase of Russian oil. According to Homeland Security's notice, the new duties apply to goods that are imported into the U.S. or removed from warehouses for consumption as of 12:01...

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,...

Gold prices reached a record of $3,532 an ounce on February 2, extending the rally that has seen them rise by more than 90% since 2022. The demand is expected to be robust for a while due to various factors. The main drivers are central bank purchases, strong investment demand visible in the inflows of physical gold exchange traded funds and the upending of Western Security Policy by U.S. president Donald Trump, as well as his trade wars and concerns over the independence of the U.S. Federal Reserve. Will central banks continue to buy more? Metals Focus estimates that central...

India's JSW Cement reported on Tuesday a larger quarterly loss in the first results it has released since its listing in August. The company was hurt by an one-off charge relating to the conversion from preference shares to equity shares. The combined net loss for April-June was 13.56 billion rupees (154.96 millions), compared to a loss 151.2 million rupees one year earlier. Cement maker reported that 160 million compulsory convertible preferential shares were converted during the quarter into 235.7 millions equity shares at an additional premium of 132.75 rupies each, resulting in a valuation differential of 14.66 billion rupies. This...

Jewellers in India stocked up on gold ahead of the holiday season. Activity elsewhere remained low. Indian dealers are charged a premium Up to $4 per ounce above official domestic prices. This includes 6% import duties and 3% sales taxes. Last week, the offers ranged from a discount of $2 to a premium of $3. A bullion dealer in Chennai said that "Jewelers had been sitting on the sidelines, but as prices refused to improve much, they have now started purchasing for the upcoming holiday season." This year, the Dussehra/Diwali festival, which is a time when buying gold is considered...

Gold prices fell on Wednesday, as Treasury and dollar yields increased. However, the losses were limited due to the demand for safe havens amid concerns over the independence of the U.S. Central Bank following President Donald Trump's attempts to remove a Fed Governor. At 1018 am, spot gold fell 0.4% per ounce to $3379.76. ET (14:18 GMT). U.S. Gold Futures for December Delivery fell 0.1% to $3.428. The dollar index rose 0.4% in relation to a basket major currencies. This made greenback-priced Gold more expensive for foreign buyers. Jim Wyckoff is a senior analyst with Kitco Metals. He said: "We...

Sources and a government report claim that Indian steel producers are calling on the government for a sharp increase in import quotas of low-ash metallic coke. They want a nearly sevenfold increase, citing a severe shortage. India, the second largest crude steel producer in the world, extended in June import restrictions on low-ash metalurgical coke (a raw material for steelmaking) for six months, starting in July. New Delhi has also imposed country-specific import limits and set a limit of 1.4 million metric tonnes for the period July 1 through December 31. Sources familiar with the matter said that steelmakers have...

The additional 25% tariff imposed by President Donald Trump on Indian imports went into effect on Wednesday. Some shipments now face a duty of up to 50%, which is among the highest Washington has imposed and equal with Brazil and China. This article explains why an additional tariff was implemented and what this means for India. Why did trade talks break down? India and the U.S. held five rounds since April of trade talks, but disagreements over India's dairy and farm sectors and its purchases from Russia led to the breakdown of the talks. Both sides blamed the failure of...

India's Foreign Ministry said that the Quad Group of countries was important to India and Japan, especially in relation to critical minerals. The ministry also stated that the two prime ministers would be discussing the grouping during this week. The Indian Prime Minister Narendra Modi will visit Japan from August 29-30 to attend the 15th India Japan Annual Summit. He will also hold discussions with his Japanese counterpart Shigeru ishiba. Modi will fly to Tianjin, a Chinese port city on the coast of the Pacific Ocean for the Shanghai Cooperation Organisation Summit (SCO), which takes place between August 31 and...

Surat Diamond Bourse is eerily silent, with just a few traders working. It's billed as being the largest office complex in the world, surpassing the Pentagon. The business climate is slow and the outlook is dim. India's diamond exports have already reached a two-decade-low due to weak Chinese demand. Now, higher tariffs under U.S. president Donald Trump threatens to cut off access to the largest market in India, which accounts nearly a quarter of its $28.5billion annual shipments. The looming U.S. Tariffs have shaken the confidence of buyers in Surat, which is where over 80% of all rough diamonds in...

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...

Two sources confirmed on Thursday that the Asian Development Bank would provide $410 million to Barrick Gold for its Reko Diq Copper Mine in Pakistan, which is one of the largest untapped deposits in history. Islamabad hopes that the project will be a springboard for attracting more foreign interest in its mineral sector. Pakistan has already drawn interest from the Trump Administration and offered future concessions for U.S. firms. The loan and financing guarantee will be used to support the development of Reko Diq. It is anticipated that Reko Diq will produce copper and gold by 2028, and it should...

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...