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Why US spares China, but hits India: Marco Rubio defends Russian oil hypocrisy

Why US spares China, but hits India: Marco Rubio defends Russian oil hypocrisy

India Today7 hours ago
US Secretary of State Marco Rubio has acknowledged that imposing secondary sanctions on China for refining Russian oil could drive up global energy prices, even as Washington has punished India with additional tariffs for continuing to purchase crude from Moscow.Speaking to Fox News on August 17, Rubio cautioned that targeting Chinese refiners would have disruptive consequences for the global oil market.advertisement"If you impose secondary sanctions on a country, as in the case of Russian oil shipments to China, China will simply refine that oil and it will return to the global market. Anyone buying this oil will pay a higher price, or if it is unavailable, they will have to look for alternative sources," he said.
Rubio revealed that European nations have already expressed unease over such measures. "When we discussed the Senate bill proposing a 100 percent tariff on China and India, we heard from a number of European countries that they were unhappy with that possibility," he added.His comments came after he had earlier stressed that India's energy trade with Moscow has long been a sore spot in Washington. Speaking to Fox Radio, Rubio said India's continued purchases of Russian oil were "helping to sustain the Russian war effort in Ukraine" and were "most certainly a point of irritation" in New Delhi's relationship with the United States, though not the only one."India has huge energy needs and that includes the ability to buy oil and coal and gas and things that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap. In many cases, they're selling it under the global price because of the sanctions," he said."Unfortunately, that is helping to sustain the Russian war effort. So it is most certainly a point of irritation in our relationship with India - not the only point of irritation. We also have many other points of cooperation with them."Yet, while the US has refrained from sanctioning China, Washington has moved aggressively against India. After first imposing a 25 percent tariff on Indian goods, President Donald Trump recently doubled the duty to 50 percent, penalising New Delhi for persisting with Russian oil imports. The White House also warned India that secondary sanctions could follow if it did not alter its course.The move has sparked accusations of double standards, with critics pointing out that China continues to import large volumes of Russian oil without facing similar punitive measures. Despite Trump's repeated threats, India has maintained there has been no pause in its Russian oil purchases and accused Washington of hypocrisy.advertisementThe debate over sanctions comes against the backdrop of Trump's high-profile meeting with Russian President Vladimir Putin in Alaska. Although the summit did not yield a breakthrough on a ceasefire in Ukraine, Trump described the talks as productive, calling them a "10/10".In a subsequent interview, he softened his stance on Russia, signalling a temporary pause on secondary sanctions. "I may have to think about it [sanctions] in two or three weeks or something, but we don't have to think about that immediately," Trump said. "If I did secondary sanctions now, that would be devastating for them."Just days before the Alaska summit, Trump had argued that his tariffs on India had pressured Moscow into seeking direct engagement with Washington, claiming that Russia was losing its "second-largest customer". New Delhi, however, has brushed off the assertion, underlining that its energy trade with Moscow remains uninterrupted.- EndsTune InMust Watch
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Stock Market Strategy: Emkay Global raises Nifty 50 target to 28,000 as GST reforms seen as major market trigger
Stock Market Strategy: Emkay Global raises Nifty 50 target to 28,000 as GST reforms seen as major market trigger

Mint

time27 minutes ago

  • Mint

Stock Market Strategy: Emkay Global raises Nifty 50 target to 28,000 as GST reforms seen as major market trigger

Prime Minister Narendra Modi's announcement of a significant Goods and Services Tax (GST) reform to be rolled out by Diwali, made during his Independence Day speech on August 15, 2025, is growth-accretive and likely to be a major market driver, according to Seshadri Sen, Head of Research and Strategist at Emkay Global Financial Services Ltd. Emkay Global has raised its Nifty 50 target to 28,000 for September 2026 and recommends investors focus on autos and cement to play this theme. 'The second-order benefits of the GST rationalization are key: this speeds up formalization of the economy and improves competitiveness of Indian companies. We think the government should absorb the revenue loss through the higher deficit, as the growth accretion will cover the shortfall within 2-3 years,' Sen said in a report. According to reports, the government is likely to rationalize the GST structure for essential and daily-use items, with the aim of reducing the tax burden on households and stimulating consumption demand. The proposed changes include eliminating the 12% and 28% GST slabs and consolidating products under three categories: > 5%: Most items currently in the 12% slab (around 99%) > 18%: Around 90% of items from the 28% slab > 40%: Luxury and sin goods Sen noted that this move is a 'massive positive' for India as it provides a consumption stimulus, simplifies compliance with fewer tax rates, and promotes greater formalization of the economy by reducing the incentive for tax evasion. Passenger vehicles, two-wheelers, air conditioners, cement, and packaged foods are expected to benefit the most from the reform. Sen highlighted that the best strategy would be to invest in companies catering to mass-market segments within these categories. Emkay Global's preferred picks include Hero MotoCorp, Maruti Suzuki India, Voltas, and Ultratech Cement, with Bikaji Foods as a small-cap idea. The brokerage expects earnings upgrades of 10–15% for companies in these sectors, even though the direct impact on Nifty earnings will be modest (less than 1%). The brokerage estimates a fiscal slippage of 0.1% – 0.2% of GDP for FY26 and FY27, which could be partly offset by buoyancy and asset sales. 'The government should look through near-term fiscal slippage; India's complex GST is a millstone around the growth neck, and rationalization is worth the risk. Strong macro-financial stability, highlighted by the recent ratings upgrade, makes this the perfect time to push this through,' Sen said. Emkay acknowledged that the 50% tariffs imposed by the US on Indian goods remain a key overhang. However, S&P's decision to upgrade India's sovereign rating to BBB on August 14, 2025, provides a significant counterbalance. 'This is a timely recognition of India's fortress balance sheet and will serve to calm potential investor fears around the impact of elevated US tariffs. It also, we believe, gives the government more freedom to risk a higher fiscal deficit through GST rationalization,' Sen added. Calling GST rationalization a 're-rating trigger,' Emkay Global expects the reform to deliver long-term growth benefits and revive earnings momentum. The brokerage has raised its Nifty 50 target to 28,000, valuing it at an aggressive 20.7x one-year forward P/E ratio, which is one standard deviation above the five-year average. 'The GST rationalization offsets near-term worries on weak growth and tepid earnings. The six-week downtrend should now reverse, as the outlook for earnings improves considerably, and valuations will factor in the broader positives of this big-ticket reform measure,' Sen said. Emkay remains Overweight on Consumer Discretionary, while favoring small and mid-cap names in staples and cement within the materials space. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Is Zelenskyy caged by Animal Farm's Boxer syndrome and can he keep chasing ‘absolute victory' goal?
Is Zelenskyy caged by Animal Farm's Boxer syndrome and can he keep chasing ‘absolute victory' goal?

First Post

time27 minutes ago

  • First Post

Is Zelenskyy caged by Animal Farm's Boxer syndrome and can he keep chasing ‘absolute victory' goal?

Ukraine's President Volodymyr Zelenskyy is likely to be in the spotlight as he holds talks with US President Donald Trump on Monday night (India time). Trump has put the onus of ending the Ukraine war, going on for over three years, on Zelenskyy, who has top European leaders crossing the Atlantic to ensure he is not ambushed the same way as his February visit to the White House. But Zelenskky has a lot to decide as many wonder what the Ukraine president would be pondering when he meets Trump: will he ponder for himself, or for his country? STORY CONTINUES BELOW THIS AD 'I do not understand it. I would not have believed that such things could happen on our farm. It must be due to some fault in ourselves. The solution, as I see it, is to work harder. From now onwards I shall get up a full hour earlier in the mornings.' The above passage is spoken by Boxer, the hardworking cart-horse in George Orwell's Animal Farm. At this point in the story, the animals are beginning to face difficulties on the farm under the pigs' leadership, yet Boxer cannot bring himself to question Napoleon or the system. Instead, when he says the sentence above, he reveals both his loyalty and his tragic naivety. Rather than recognising that the pigs are exploiting other animals, Boxer concludes that the blame lies within themselves and that the solution is simply greater effort. Ukraine today faces a similar situation under President Zelenskyy's wartime leadership. Since regaining independence in 1991, Ukraine has lived at the edge of two powerful gravitational fields: Russia to the east and the Western bloc led by the European Union and Nato to the west. This positioning has created opportunities but also exposed Ukraine to a unique strain of geopolitical turbulence. In recent years, particularly since 2014, the narrative of Ukraine's future has been increasingly framed as a binary choice: integrate with the West or resist Russia's influence. Yet such framing overlooks a difficult truth—Ukraine's path to lasting peace and prosperity may depend not on endless sacrifice or rigid defiance, but on pragmatic leadership willing to prioritise lives over land, peace over pride, and compromise over confrontation. STORY CONTINUES BELOW THIS AD Historical ties that cannot be ignored Ukraine and Russia share centuries of interwoven history. From the medieval state of Kyivan Rus to the long era under the Russian Empire and the Soviet Union, Ukraine has been deeply linked to Russia politically, culturally, linguistically and economically. Millions of Ukrainians have family ties across the border. The Russian language still remains widely spoken. Economically, until the last decade, Russia was Ukraine's primary trading partner, supplying natural gas and serving as a major export market. These legacies create a reality that cannot simply be erased by treaties with Europe or military aid from the United States. Ukraine's geography places it as a bridge rather than a barrier. To imagine a Ukraine flourishing in permanent hostility with Russia is to underestimate the weight of history and proximity. Costs of conflict The ongoing war, intensified by Russia's full-scale invasion in February 2022, has inflicted staggering costs on Ukraine. Tens of thousands of lives have been lost. Millions have been displaced internally or forced into exile abroad. Infrastructure has been shattered—power stations, schools, hospitals and entire neighbourhoods reduced to rubble. The economy has contracted, foreign investment has dried up and reconstruction needs are estimated in the hundreds of billions of dollars. For ordinary Ukrainians, this war is not a chess match of geopolitics but a daily fight for survival. The longer the war drags on, the deeper the scars and the more fragile the nation's future. Zelenskyy's defiant stance has earned global admiration, but admiration has not shown the way how the cities destroyed in the war could be rebuilt. At some point, the calculus is likely return to the most basic principle: human lives are more precious than territorial lines. STORY CONTINUES BELOW THIS AD Western embrace: Support with strings Ukraine's westward trend after 2014 was both understandable and necessary for a nation seeking security guarantees and economic opportunity. The EU Association Agreement, visa-free travel to Europe and growing Nato cooperation offered Ukrainians a sense of belonging to the democratic, prosperous West. Since 2022, Western nations have poured in military equipment, humanitarian aid and financial support. This backing has been indispensable to Ukraine's survival. Yet it also comes with strings. Western governments have their own strategic priorities. Aid can be delayed, reduced or made conditional on reforms. Nato membership remains elusive, blocked by fears of direct confrontation with Russia. Meanwhile, ordinary Ukrainians face the possibility of their nation becoming a proxy battlefield for larger powers rather than an autonomous state shaping its own destiny. Dependence on Western aid is not a permanent solution. It is just a temporary lifeline. Russia: A neighbour that cant be replaced No matter how bitter the conflict, geography is unchangeable. Russia will remain Ukraine's largest neighbour, a nuclear power and a dominant force in the region. Unlike distant allies in Washington, London or Brussels, Russia is next door. For Ukraine to flourish in peace, it cannot build its entire future on enmity with its most immediate neighbour. A strategy that ignores Russia is a strategy that condemns Ukraine to perpetual instability. Historical examples abound of countries turning bitter rivalries into pragmatic coexistence: France and Germany after World War II, Vietnam and the United States decades after conflict. Ukraine, too, may one day need to find a formula to engage Russia not as a master or a partner of choice, but as a neighbour with whom coexistence is unavoidable. STORY CONTINUES BELOW THIS AD The question of Donetsk Among the most painful dilemmas for Ukraine is the question of Donetsk and the wider Donbas region. For years, Donetsk has been a flashpoint of conflict. While its mines and industries were once an economic engine, decades of mismanagement, war and sanctions have left the region in ruins. Continuing to fight for its return has drained Ukrainian lives and resources. Pragmatically, ceding control of Donetsk to Russia might not actually be the defeat many imagine if Zelenskyy is forced to sign such a deal. To many, this could a first step toward recovery. The area is already firmly under Russian control. The argument backing this solution is thar relinquishing Donetsk would allow Ukraine to redirect its limited resources toward rebuilding regions firmly under Kyiv's control, such as Kharkiv, Odesa and Dnipro. It would reduce the human cost of defending contested territories and give millions of Ukrainians a chance to rebuild their lives without constant shelling. Moreover, by drawing a line under one of the most intractable disputes, Ukraine could stabilise its borders, attract foreign investment and demonstrate to the world that it values peace and human security over endless war. Proponent of this peace approach also cite history to argue that nations can recover and thrive even after territorial concessions. Germany after World War II and South Korea after its division are examples of resilience born out of compromise. STORY CONTINUES BELOW THIS AD Price of land versus value of lives The central dilemma for Zelenskyy is how to balance territorial integrity with the preservation of life. The principle of sovereignty is non-negotiable in international law, yet wars are rarely resolved by absolute victories. Compromise is painful, especially when it involves land. Crimea, Donetsk and Luhansk are names etched in grief and resilience. But if the continuation of fighting means decades of devastation, depopulation and despair, then at what point does the defence of land eclipse the duty to save lives? Zelenskyy faces the question of whether a pragmatic peace that safeguards the future generations of Ukrainians would be better than a prolonged, unwinnable war of attrition or there is another alternative to explore. Illusion of total victory Rhetoric of total victory, of reclaiming every inch of occupied territory, resonates deeply with national pride and international solidarity. Yet reality is harsher. Russia remains a vast power with greater military reserves and nuclear leverage. Western support, though significant, has limits. War fatigue in donor countries is already visible and political shifts in Europe or the United States may curtail aid further. Ukraine cannot indefinitely match Russia blow for blow, nor can it indefinitely rely on foreign backers. Recognising the limits of military solutions is not surrender but realism. Zelenskyy's burden of leadership President Zelenskyy rose from entertainer to war leader, embodying courage in the face of overwhelming odds. His speeches rallied both Ukrainians and global audiences. Yet leadership is not only about inspiring resistance alone. It is also about knowing when to chart a new course. History will judge Zelenskyy not merely on how long he defied Russia but on whether he managed to secure a livable peace for his people. His courage to stand up to a bigger armed power is being praised, but some have also blamed him triggering the war. STORY CONTINUES BELOW THIS AD Zelenskyy has been promising Ukrainians an absolute victory against Russia, something no war strategy expert has backed him for the claim. It appears that to pursue his absolute victory dream, Zelenskyy could be risking stretching Ukraine's suffering further. On the hand, if Zelesnkyy negotiates peace by surrendering Ukrainian territories to an invading force, he risks accusations of betrayal. This is the dilemma the Ukrainian president faces; it's a choice between the politically safe path of symbolic defiance and the morally urgent path of pragmatic compromise. Toward a vision of peaceful coexistence For Ukraine to flourish, all commentators agree, the route passes through the fields of stability, security and the safety for ordinary citizens to rebuild their lives. This vision is unlikely to materialise solely through Western alignment or through isolation of Russia. It is likely to happen when Ukraine is both European and regional, Western-leaning but pragmatically cooperative with its eastern neighbour. Ukraine stands at a crossroads that may define its destiny for generations. The allure of full Western integration is powerful, but geography and history anchor Ukraine to realities it can hardly escape. Lasting peace in Ukraine is likely not to come from choosing between Russia and the West but from balancing the two, ensuring sovereignty while preventing any perpetual war. For Zelenskyy, the challenge is to make the right choice between the price of land, however integral, and the value of lives, which Ukraine is losing with each passing day in its war with Russia. STORY CONTINUES BELOW THIS AD

Travel Food Services partners with Gordon Ramsay Restaurants Global
Travel Food Services partners with Gordon Ramsay Restaurants Global

Business Standard

time27 minutes ago

  • Business Standard

Travel Food Services partners with Gordon Ramsay Restaurants Global

Launches Gordon Ramsay Street Burger at T1 of Indira Gandhi International Airport Gordon Ramsay Restaurants Global and Travel Food Services (TFS) unveiled Gordon Ramsay Street Burger at the state-of-the-art Terminal 1 of Indira Gandhi International Airport (IGIA), Delhi. This landmark launch marks the debut of Gordon Ramsay Restaurants in India. Gordon Ramsay, arguably one of the world's most famous chefs, is celebrated for his bold flavours, dynamic restaurant concepts, and an unmistakable culinary legacy built over decades. This launch sets the stage for a broader strategic expansion across India's key travel hubs, with additional Gordon Ramsay dining concepts to follow soon. Varun Kapur, Managing Director & CEO, Travel Food Services: Bringing Gordon Ramsay to India, and into the airport space for the first time, is a defining milestone for us at Travel Food Services Limited. Indian travellers today expect global-quality dining that's fast, relevant, and elevated. This partnership combines our operational expertise with the Gordon Ramsay team's culinary excellence to meet that demand. As India's aviation sector rapidly evolves, this launch reflects the shift in what airport experiences can and should be, and we're committed to driving that evolution forward

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