India's NSE settles with regulator for $4.6 million over data sharing case
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The Independent
3 hours ago
- The Independent
India signals it will keep buying Russian oil despite Trump tariff threat
India has suggested it will continue purchasing oil from Russia despite US president Donald Trump 's threats to hit Delhi with new tariffs over the imports. Foreign ministry spokesperson Randhir Jaiswal told reporters on Friday that India 's energy decisions were based on market availability and global conditions, adding that ties with Moscow were 'steady and time-tested' and should not be seen through the prism of a third country. Mr Trump said earlier this week that he plans to impose a 25 per cent tariff on Indian goods along with an additional import tax in response to Delhi 's continued buying of Russian crude. The US president has stepped up warnings against nations doing business with Moscow as Washington seeks leverage over Russia 's war in Ukraine. India bought about 68,000 barrels of crude oil a day from Russia in January 2022, but this rose to 1.12 million barrels per day by June that year, peaking at 2.15 million barrels a day in May 2023, according to data from analytics firm Kpler cited by Press Trust of India. Russian supplies at one point made up nearly 40 per cent of India's total oil imports, making Moscow its biggest crude supplier. While the Indian government may not be deterred by Mr Trump's threats, Reuters news agency earlier reported that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Reacting to the reports, Mr Trump told reporters: 'I understand that India is no longer going to be buying oil from Russia. That's what I have heard. I don't know if that's right or not. That is a good step. We will see what happens.' He added that despite his tariff announcement, trade deal talks with India were progressing. India consumes around 5.5 million barrels of oil a day, importing roughly 88 per cent of its needs. The world's third-largest crude buyer after China and the US shifted sharply towards Russian supplies after the invasion of Ukraine in February 2022, taking advantage of steep discounts as Western nations turned away from Moscow's energy exports.
The Independent
14 hours ago
- The Independent
India to defy Trump's threats and keep buying Russian oil, government sources say
India will keep purchasing oil from Russia, despite President Donald Trump threatening to impose penalties for doing so, two Indian officials said on Saturday Officials in India, the most populous country on Earth, told Reuters and That contradicted a statement from Trump, who on Friday told reporters his understanding was that India would 'no longer' be buying oil from Russia. "These are long-term oil contracts," an unnamed Indian official told Reuters. "It is not so simple to just stop buying overnight.' Last week, Trump said India would face unspecified penalties for buying Russian oil in addition to a 25 percent tariff on goods. However, China and Turkey, two countries that also purchase large amounts of Russian oil, have not faced similar penalty threats. India drastically increased its import of Russian oil after the Kremlin invaded Ukraine in 2022, while many other countries began to cut back it's imports. The cheap availability of Russian oil allowed India to reduce its reliance on other countries, such as Saudi Arabia or Iraq, who typically sell to Asian countries at a higher price. While India faced criticisms for doing so, the general consensus around India's increase in imports has been that it helps avoid a global surge in oil prices. It's unclear why exactly Trump has targeted India in reducing its import of Russian oil. The president has recently expressed frustrations with Russian President Vladimir Putin for failing to come to the peace talks table to negotiate a ceasefire in Ukraine. On Friday, India's external affairs spokesperson Randdhir Jaiswal said India and Russia had a 'time-tested partnership' and that India was analyzing its energy sourcing. "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," Jaiswal said, according to Reuters. India heavily relies on energy imports to sustain the needs of it's more than one billion population. It imports more than one million barrels per day.
BBC News
17 hours ago
- BBC News
How South Korea's K-beauty industry is being hit by Trump tariffs
Cars and smartphones may rank among South Korea's biggest exports to the US, but few goods inspire a more devoted following than the Asian country's beauty products.K-beauty - a term that covers a wide range of skincare, makeup and cosmetics from South Korea - is lauded for its quality and value, driving soaring demand in recent global appeal of South Korean culture has also helped propel the popularity of its Pearl Mak tells the BBC that she was introduced to K-beauty products by her friends. South Korean serums are better-suited for her skin compared to some Western brands that tend to be more harsh, the 27-year-old graphic designer "95% of my skincare is made up of K-beauty products", she Mak is not alone in her preference for South Korean skincare brands. Americans spent as much $1.7bn (£1.3bn) on K-beauty products in 2024, according to industry estimates. That marks a more than 50% rise compared to the previous year.K-beauty products are often more attractively priced than their Western counterparts - but also feature ingredients that are not as commonly found in the West - from heartleaf to snail mucin. US President Donald Trump has now imposed a 15% import tax on South Korean goods traded between Seoul and Washington. It's less than the 25% levy that Trump had threatened, but many consumers are not taking any chances. US K-beauty retailer Santé Brand saw orders spike by nearly 30% in April, right after Trump unveiled sweeping US import taxes on most of the world."When the tariff announcements hit, customers got strategic with how they were going to weather the storm," Santé Brand's founder Cheyenne Ware told the BBC. "Consumers are preparing against the uncertainty."Another K-beauty retailer, Senti Senti, has been ordering more products since Trump started his tariff threats, says manager Winnie Zhong. This week, she received alerts from suppliers urging retailers to "stock up before tariffs".Both retailers said prices of K-beauty products are likely to increase as the levies push up costs across the industry."Anyone telling you prices will stay flat through the next two years is naive," says Ms are bound to rise, especially for smaller sellers of beauty products on platforms like Amazon, who operate with slim profit margins, economist Munseob Lee from the University of California San Diego higher prices, the global popularity of South Korean culture means K-beauty products are likely to remain in demand in the US, he says."Casual buyers might be turned off by the higher price, but fans won't find an easy substitute."Ms Zhong agrees. She thinks customers will still want to buy K-beauty products but price rises may mean they purchase fewer items than prices are unlikely to stop Ms Mak buying her favourite products."It depends on how much the price shoots up, but as of now, I am willing to pay more to purchase the same products," she says. 'No easy substitute' Big K-beauty brands are in a much better position to absorb the cost of tariffs than their smaller rivals, says South Korea-based business consultant Eyal Victor larger companies will be able to avoid major price rises for their customers as they have higher profit margins, he smaller K-beauty firms that make their products in South Korea will struggle to keep a lid on costs, Mr Mamou adds."It will take some time to take effect since most goods being sold in the short-run have already been commissioned at current prices, but we'll see it play out soon." In recent days, President Trump has struck deals with Japan and the European Union that will see their exports to the US subject to the same 15% tariffs as South means countries that are home to some of the world's biggest cosmetics brands face the same levies as the K-beauty to Trump's trade policies is his ambition to see more goods being made in it's yet to be seen whether or not this will mean US buyers switch to American beauty Mak says she doesn't see US-made products as attractive alternatives."I do search for American-made alternatives often, but I have yet to find any that are as effective as the ones I use. So I wouldn't go for American products yet."
