Indian Finance Minister Says Partnership With Russia Remains ‘Resilient And Steadfast'
The minister "observed that India and Russia enjoy exemplary levels of mutual trust and understanding and our Special and Privileged Strategic Partnership remains resilient and steadfast," the ministry said on X.
Sitharaman also "congratulated Russia for its successful chairship of the BRICS in 2024 and said that India will continue to leverage the BRICS platform to build South-South cooperation in areas of common interest.
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The Star
3 minutes ago
- The Star
Trump to resume Cambodia, Thailand trade talks after truce
WASHINGTON: President Donald Trump said the US will resume trade negotiations with Thailand and Cambodia after they agreed to halt clashes along their disputed border, taking credit for pushing them to peace after threatening punishing tariffs. The two South-East Asian nations reached a ceasefire Tuesday (July 29) after five days of fighting, including airstrikes and artillery shelling, left at least three dozen dead and displaced more than 150,000 on both sides of their roughly 800 kilometre frontier. ALSO READ: Thai army accuses Cambodia of breaking truce "I have instructed my Trade Team to restart negotiations on Trade,' Trump said in a social media post Monday. "I am proud to be the President of PEACE!' Both countries face 36 per cent US tariffs. Neighbouring Vietnam secured a 20 per cent rate, while levies for Indonesia and the Philippines were set at 19 per cent ahead of Trump's Aug. 1 deadline. Thailand's Acting Prime Minister Phumtham Wechayachai said Monday night Trump told him in a phone call after the peace talks that "we will get something very good out of it. He will do his best to give us as much as he can.' The Thai baht was slightly weaker at 32.49 per dollar in early Asian trading Tuesday amid broad greenback strength. The country's stock market is set to reopen at 10 a.m. local time after being closed Monday for a holiday. Trump's remarks are the latest example of how the US leader has wielded trade as a way to resolve for geopolitical clashes, claiming credit for pressuring trading partners to end conflicts if they wish to retain continued access to US markets. The US in June brokered a deal between the Democratic Republic of Congo and Rwanda aimed at ending years of conflict. And Trump has similarly claimed credit for halting a clash between nuclear powers India and Pakistan earlier this year. Phumtham and Cambodian Prime Minister Hun Manet reached their agreement in Malaysia on Monday in talks hosted by Prime Minister Datuk Seri Anwar Ibrahim, acting in his role as the chair of Asean. Envoys from China and the US were also at the negotiations, and a joint statement from the three South-East Asian nations after the talks said the meeting had been "co-organised by the United States of America with the active participation of the People's Republic of China.' In their remarks after the meeting, both Phumtham and Hun Manet thanked Anwar and Trump, as well as China, for helping reach the ceasefire. "The fact that the US and China are both in on it is good.,' said Thitinan Pongsudhirak, a professor of political science at Chulalongkorn University. "Thailand needs the tariffs to come down from the US side. And Trump will see this as a win.' After its conflict with India was paused earlier this year, Pakistan hailed Trump's intervention while New Delhi disputed his claims that securing trade deals helped clinch their ceasefire. Both countries are still engaged in trade talks. In the DRC, Trump has said the US stands to get mineral rights from the country after brokering their deal. Congo is the second-biggest copper producer and largest source of cobalt, giving it prominence in Washington's efforts to reduce dependence on Chinese supply chains for minerals needed for a wide-range of cutting-edge technologies. - Bloomberg
Daily Express
3 minutes ago
- Daily Express
Ringgit gains as trade tensions ease, US-China talks in focus
Published on: Tuesday, July 29, 2025 Published on: Tue, Jul 29, 2025 By: Bernama Text Size: At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. Kuala Lumpur: The ringgit opened higher on Tuesday against the US dollar and other major and regional currencies, supported by easing global trade tensions that lifted investor sentiment, an analyst said. At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had strengthened, buoyed by optimism ahead of upcoming US-China trade talks. The DXY gained 1.03 per cent to 98.653 points, as officials from both countries were in discussions in Sweden on a possible trade truce, he told Bernama. 'At the same time, the two-day Federal Open Market Committee (FOMC) meeting, which begins today, will be in the spotlight, with consensus expecting no change to the Fed Funds Rate. 'In addition, the US labour market will be closely watched, with July's Nonfarm Payrolls (NFP) report due on Friday. The market expects a softer print of 108,000, down from 147,000 in June,' he said. Mohd Afzanizam noted that the ringgit had weakened 0.21 per cent against the US dollar to RM4.2310 on Monday, amid ongoing trade negotiations between Malaysia and the United States. Malaysia is actively engaging the US to avert the impending 25 per cent tariffs set to take effect on Aug 1, seeking a rate below 20 per cent. Meanwhile, the extended US-China negotiations could signal a prolonged truce, suggesting the administration of US President Donald Trump remains sensitive to the tariffs' potential impact on the domestic economy. 'However, tariff shocks are likely to increase downside risks to global growth in the second half of 2025 and beyond, as higher costs of doing business in the US could dampen aggregate demand. 'The current term of the Fed chair ends in May next year, and it appears likely that Jerome Powell's successor will be more aligned with the US President's preference for lower interest rates as a policy stance,' he added. Mohd Afzanizam expects the ringgit to trade in a narrow range, likely between RM4.23 and RM4.24 today. At the opening, the ringgit traded higher against most major currencies. It rose against the Japanese yen to 2.8383/8600 from 2.8497/8546 at Monday's close, appreciated versus the British pound to 5.6286/6714 from 5.6720/6814, and strengthened against the euro to 4.8861/9232 from 4.9331/9412 previously. The local note was also firmer against regional peers. It improved against the Indonesian rupiah to 257.4/259.6 from 258.3/258.9, gained versus the Singapore dollar to 3.2750/3004 from 3.2917/2974, strengthened against the Thai baht to 12.9626/13.0702 from 13.0511/0787, and inched up against the Philippine peso to 7.37/7.43 from 7.39/7.41 previously * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Star
13 minutes ago
- The Star
Ringgit opens higher on easing trade tensions
KUALA LUMPUR: The ringgit opened higher on Tuesday against the US dollar and other major and regional currencies, supported by easing global trade tensions that lifted investor sentiment, an analyst said. At 8.01 am, the local note rose to 4.2140/2460 against the greenback from Monday's close of 4.2275/2345. However, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Dollar Index (DXY) had strengthened, buoyed by optimism ahead of upcoming US-China trade talks. The DXY gained 1.03 per cent to 98.653 points, as officials from both countries were in discussions in Sweden on a possible trade truce, he told Bernama. "At the same time, the two-day Federal Open Market Committee (FOMC) meeting, which begins today, will be in the spotlight, with consensus expecting no change to the Fed Funds Rate. "In addition, the US labour market will be closely watched, with July's Nonfarm Payrolls (NFP) report due on Friday. The market expects a softer print of 108,000, down from 147,000 in June,' he said. Mohd Afzanizam noted that the ringgit had weakened 0.21 per cent against the US dollar to RM4.2310 on Monday, amid ongoing trade negotiations between Malaysia and the United States. Malaysia is actively engaging the US to avert the impending 25 per cent tariffs set to take effect on Aug 1, seeking a rate below 20 per cent. Meanwhile, the extended US-China negotiations could signal a prolonged truce, suggesting the administration of US President Donald Trump remains sensitive to the tariffs' potential impact on the domestic economy. "However, tariff shocks are likely to increase downside risks to global growth in the second half of 2025 and beyond, as higher costs of doing business in the US could dampen aggregate demand. "The current term of the Fed chair ends in May next year, and it appears likely that Jerome Powell's successor will be more aligned with the US President's preference for lower interest rates as a policy stance,' he added. Mohd Afzanizam expects the ringgit to trade in a narrow range, likely between RM4.23 and RM4.24 today. At the opening, the ringgit traded higher against most major currencies. It rose against the Japanese yen to 2.8383/8600 from 2.8497/8546 at Monday's close, appreciated versus the British pound to 5.6286/6714 from 5.6720/6814, and strengthened against the euro to 4.8861/9232 from 4.9331/9412 previously. The local note was also firmer against regional peers. It improved against the Indonesian rupiah to 257.4/259.6 from 258.3/258.9, gained versus the Singapore dollar to 3.2750/3004 from 3.2917/2974, strengthened against the Thai baht to 12.9626/13.0702 from 13.0511/0787, and inched up against the Philippine peso to 7.37/7.43 from 7.39/7.41 previously. - Bernama
