
India test-fires nuclear-capable ballistic missile
The Agni-5 missile was successfully launched in India's eastern Odisha state, with authorities saying it "validated all operational and technical parameters."
India and China, the world's two most populous nations, are intense rivals competing for influence across South Asia and relations plummeted in 2020 after a deadly border clash.
India is also part of the Quad security alliance with the United States, Australia and Japan, which is seen as a counter to China.
India's bitter rival Pakistan has nuclear weapons as well and the two countries came to close to war in May after militants killed 26 people in Indian-administered Kashmir, an attack New Delhi blamed on Islamabad. But Pakistan denied any involvement.
Caught in global trade and geopolitical turbulence triggered by US President Donald Trump's tariff war, Delhi and Beijing have moved to mend ties.
Last October, Indian Prime Minister Narendra Modi met with Chinese leader Xi Jinping for the first time in five years at a summit in Russia.
Modi is expected to make his first visit to China since 2018 later this month to attend the summit of the Shanghai Cooperation Organisation (SCO) -- a regional security bloc.
Ties between New Delhi and Washington, meanwhile, have been strained by Trump's ultimatum that India end its purchases of Russian oil, a key source of revenue for Moscow as it wages its military offensive in Ukraine.
The United States says it will double new import tariffs on India from 25 per cent to 50 per cent by Aug 27 if New Delhi does not switch crude suppliers.
The Agni-5 is one of a number of indigenously produced short- and medium-range Indian ballistic missiles aimed at boosting its defence posture against Pakistan, as well as China. - AFP
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Star
15 minutes ago
- The Star
South Korea imposes curbs on foreigners buying homes in Seoul
Surging property prices have become a political liability for President Lee Jae-myung. - Photo: Pixabay file SEOUL: South Korea has introduced new restrictions on foreign property purchases in the greater Seoul area, its latest effort to curb housing prices. The new measures unveiled by the government on Thursday (Aug 21) will require foreigners to get prior approval to buy a property starting Aug 26. Those granted approval must move into the home within four months of receiving permission and reside there for at least two years after the purchase, the land ministry said in a statement, adding that the policy will remain in effect for one year. The measures are aimed at countering speculation in the housing market, the ministry added. The number of housing transactions by foreigners has increased by an average of 26% annually since 2022, rising from 4,568 that year to 7,296 in 2024, the ministry said. Chinese nationals account for 73% of those purchases, followed by US citizens at 14%. Gyeonggi Province accounted for 62% of such purchases in the Seoul metropolitan area, followed by Incheon at 20%. Surging property prices have become a political liability for President Lee Jae Myung, who took office in June pledging to ease living costs. The Bank of Korea's rate cuts since last year have fueled demand, adding to speculative buying. Lee's administration tightened mortgage lending in June, but apartment prices remain elevated and have risen for 29 consecutive weeks. The property boom, coupled with swelling household debt, has discouraged the Bank of Korea from cutting rates further, even as the export-driven economy shows signs of weakness following new US tariffs. Total household debt rose by 24.6 trillion won ($17.7 billion) in the April-June period, the biggest quarterly gain since the third quarter of 2021. - Bloomberg


The Star
15 minutes ago
- The Star
India makes a caveated pledge to continue buying Russian oil
NEW DELHI: India pledged - with a caveat - to keep buying Russian oil, a step that would preserve a vital market for Moscow's barrels. Purchases will continue "depending on the financial benefit,' Vinay Kumar, India's ambassador in Moscow, said in an interview with Russia's Izvestia newspaper. "India buys what is best for itself,' he added. While it's not an outright pledge that the South Asian nation will keep Russian oil purchases steady if higher US tariffs kick in next week, it's the latest example of how souring relations between India and the US have pushed New Delhi closer to Moscow. India has ramped up oil imports from Russia since the full-scale invasion of Ukraine began in 2022, when Group of Seven nations imposed a $60-per-barrel price cap on Moscow's crude that aimed to limit the Kremlin's energy revenue. The Trump administration sees those purchases as helping fund Russia's war, with the US president threatening to raise India's tariffs to 50% on Aug. 27, among the highest on any country's products. India accounts for 37% of Russia's oil exports, according to Moscow-based Kasatkin Consulting. Russia expects India's imports of its crude to remain at current levels, as Moscow sells oil to India at about a 5% discount, leaving Asia's third-largest economy with few alternatives, Evgeny Griva, Russia's deputy trade representative in India, said on Wednesday. India's state refiners have resumed buying Russian Urals after a brief pause earlier this month. Moscow will continue to supply crude, petroleum products and coal to India and sees potential to export liquefied natural gas, First Deputy Prime Minister Denis Manturov said Wednesday (Aug 20) at a meeting with Indian officials, including External Affairs Minister Subrahmanyam Jaishankar and Federal Oil Secretary Pankaj Jain. Jaishankar said the two countries must remove trade bottlenecks and reduce non-tariff barriers to reach the goal of increasing their annual trade by about 50% over the next five years to reach $100 billion. He met his Russian counterpart Sergei Lavrov on Thursday. "We have good results in cooperation in the hydrocarbon sector, in the supply of Russian oil to the Indian market, and we have a mutual interest in implementing joint projects to extract energy resources,' including in Russia's Far East and Arctic waters, Lavrov said at a joint press conference. "In general, the economic base of our especially privileged strategic partnership is strengthening steadily and progressively.' Russia is India's fourth-largest trading partner, while India is Russia's second-largest. - Bloomberg


The Star
an hour ago
- The Star
Boeing in talks to sell as many as 500 planes to China
BEIJING: Boeing Co. is heading closer toward finalising a deal with China to sell as many as 500 aircraft, according to people familiar with the matter, a transaction that would end a sales drought that stretches back to US President Donald Trump's last visit in 2017. The two sides are still hammering out terms of the complex aircraft sale, including the types and volume of jet models and delivery timetables, according to one of the people, who asked not to be identified discussing confidential matters. The mega sale to China, years in the making, is contingent on the two nations diffusing the trade hostilities that hark back to Trump's first term in office - and could still fall apart, they said. Chinese officials have already started consulting domestic airlines about how many Boeing aircraft they'll need, the people said. The transaction taking shape is similar in scope to the order for as many as 500 jets that China's central planners have struck with Airbus SE, but haven't yet announced, they added. Boeing shares jumped as much as 3.7% in premarket US trading Thursday (Aug 21) after Bloomberg reported on the talks. The stock has risen 27% this year amid a turnaround under Chief Executive Officer Kelly Ortberg. The order is expected to be the centerpiece of a trade agreement that would benefit both Trump and China's President Xi Jinping, the culmination of long-running and sometimes contentious negotiations. The nation's leaders were close to a similar announcement in 2023, but then-President Joe Biden and Xi left a San Francisco summit without consummating an aircraft sale. Complicating matters for Boeing is a leadership void in China. Alvin Liu, its top executive in China and a fluent Mandarin-speaker with extensive government contacts, left the company in recent weeks. Carol Shen has been named interim president of Boeing China, said people familiar with the matter. Boeing declined to comment on any potential deal or management changes. Aircraft orders for Boeing have figured large in US diplomacy since Trump returned to the White House in January, with nations touting new, tentative and existing deals for airplanes, which are as expensive as skyscrapers, to narrow trade imbalances with the US. The US and China have engaged in several rounds of talks since de-escalating tit-for-tat tariffs that soared to as high as 145%, but have yet to reach a final trade deal. Earlier in the summer, Xi, in a phone call, invited Trump to China at an unspecified date. One opportunity for the pair to meet is in late October, ahead of the Asia-Pacific Economic Cooperation summit in South Korea. For China, the deal would secure aircraft delivery slots that are hard to come by at both Boeing and Airbus, which are largely sold out into the 2030s. The world's second largest's aviation market is expected to more than double its commercial fleet to 9,755 airplanes over the next 20 years, by Boeing's estimation, far more than China's homegrown planemaker Comac could manufacture. The country's top economic planning agency, the National Development and Reform Commission, recently sought input from Chinese carriers about how many jets they want, one of the people said. Talks centered on the 737 Max series of aircraft, Boeing's popular single-aisle jet, in a sign Beijing is laying the groundwork for a major order. Boeing's last Chinese deal was unveiled in November 2017 during Trump's first state visit to China. The deal amounted to orders and commitments for 300 single-aisle and twin-aisle planes valued at $37 billion at the time. The next year, Boeing's China deliveries peaked, when a quarter of its jets ended up in the mainland. Airbus has dominated sales and deliveries to China since 2019, when the nation's regulators were the first to ground the 737 Max after two fatal accidents. Boeing has notched only 30 orders with Chinese carriers and leasing companies since the start of 2019, according to the company's website. In an interview with Bloomberg in January, CEO Ortberg was optimistic that years of talks with Beijing would finally pay off. "We certainly hope that there's an opportunity for some additional orders in the next year with China,' he said. - Bloomberg