India's Adani to exit Wilmar joint venture AWL Agri
($1 = 85.9490 Indian rupees)
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The Independent
6 minutes ago
- The Independent
India to resume issuing tourist visas to Chinese citizens
India will resume granting tourist visas to Chinese nationals from Thursday in a new step to normalise Delhi's ties with Beijing, officials announced on Wednesday. The diplomatic restoration of tourist visas comes after a gap of five years due to degradation of ties between India and China following a 2020 military clash between their troops along the disputed Himalayan border. The embassy of India in China issued a statement on Wednesday and said that Chinese citizens can apply for a tourist visa to India after completing an online application, scheduling an appointment and personally submitting their passport and other important documents needed to obtain a visa. These documents can be submitted to the Indian visa application centres in Beijing, Shanghai and Guangzhou in south China's Guangdong province. 'Please be informed that all passport withdrawal requests for applications submitted in the India Visa Application Centre in Beijing must be accompanied by a passport withdrawal letter,' the embassy statement said. The statement was also shared on the embassy's social media platform Weibo. Indian Armed Forces and People's Liberation Army soldiers clashed in the Himalayan region's Galwan Valley in June 2020. At least 20 Indian and four Chinese soldiers were killed in the neighbours' first deadly military confrontation since 1975. Both armies came to blows and engaged in a physical clash over China's two tents and observation towers that India said were built on its side of the de-facto border, and which its troops set on fire after they were discovered by a patrol. About 900 soldiers of both sides were involved in the hand-to-hand combat that followed, when they beat each other with rocks and wooden sticks embedded with nails. The skirmish caused Indo-China ties to plummet to their lowest in decades as New Delhi and Beijing took steps to pause their bilateral engagements and trade. New Delhi heightened scrutiny of investments from China, banned popular Chinese mobile apps, and cut direct passenger air routes to China. According to India's defence minister Rajnath Singh, the military stand-off showed China's disregard for a two-way pact between both the countries. China suspended visas to Indian citizens and other foreigners around the same time due to the Covid-19 pandemic but lifted those restrictions in 2022, when it resumed issuing visas for students and business travellers. Tourist visas for Indian nationals remained restricted until March this year, when both countries agreed to resume direct air service. However, both Asian giants have taken steps to improve their relations in the past one year, with India and China holding several high-level talks between the top leaders – Chinese president Xi Jinping and prime minister Narendra Modi. The two met in Russia in October. In July this year, India's foreign minister told his Chinese counterpart that both countries must resolve border friction, pull back troops and avoid "restrictive trade measures" to normalise their relationship. Beijing has acknowledged Delhi's latest positive move, said Chinese foreign ministry spokesperson Guo Jiakun. "China is ready to maintain communication and consultation with India and constantly improve the level of personal exchanges between the two countries," he said.
BreakingNews.ie
7 minutes ago
- BreakingNews.ie
Donald Trump announces trade deal with Japan
US President Donald Trump has announced a trade framework with Japan, placing a 15% tax on goods imported from that nation. 'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Mr Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan'. Advertisement The president said Japan would invest 'at my direction' 550 billion dollars into the US and would 'open' its economy to American cars and rice. The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Mr Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting on August 1. Early Wednesday, Mr Ishiba acknowledged the new trade agreement, saying it would benefit both sides and help them work together. Japanese PM Shigeru Ishiba acknowledged the new trade agreement (Kyodo News via AP) With the announcement, Mr Trump is seeking to tout his ability as a dealmaker — even as his tariffs, when initially announced in early April led to a market panic and fears of slower growth that for the moment appear to have subsided. Advertisement Key details remained unclear from his post, such as whether Japanese-built cars would face a higher 25% tariff that Mr Trump imposed on the sector. But the framework fits a growing pattern for Mr Trump, who is eager to portray the tariffs as a win for the US. His administration says the revenues will help reduce the budget deficit and more factories will relocate to America to avoid the import taxes and cause trade imbalances to disappear. The wave of tariffs continues to be a source of uncertainty about whether it could lead to higher prices for consumers and businesses if companies simply pass along the costs. The problem was seen sharply on Tuesday after General Motors reported a 35% drop in its net income during the second quarter as it warned that tariffs would hit its business in the months ahead, causing its stock to tumble. Advertisement A staff member distributes an extra edition of a newspaper reporting that President Donald Trump announced a trade framework with Japan (Eugene Hoshiko/AP) As the August 1 deadline for the tariff rates in his letters to world leaders is approaching, Mr Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods, while American-made products would face no import taxes. The president also reaffirmed his 19% tariffs on Indonesia. The US ran a 69.4 billion dollar trade imbalance on goods with Japan last year, according to the Census Bureau. America had a trade imbalance of 17.9 billion dollars with Indonesia and an imbalance of 4.9 billion dollars with the Philippines. Both nations are less affluent than the US and an imbalance means America imports more from those countries than it exports to them. The president is set to impose the broad tariffs listed in his recent letters to other world leaders on August 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Tuesday dinner, Mr Trump said the EU would be in Washington on Wednesday for trade talks. Advertisement 'We have Europe coming in tomorrow, the next day,' Mr Trump told guests. The president earlier this month sent a letter threatening the 27 member states in the EU with 30% taxes on their goods to be imposed starting on August 1.
Reuters
7 minutes ago
- Reuters
India investigates Walmart's Myntra for breaching foreign investment rules
July 23 (Reuters) - Walmart's (WMT.N), opens new tab Indian fashion arm Myntra is being investigated for allegedly breaching rules that ban foreign-funded wholesale retailers from selling directly to consumers, India's federal crime fighting agency said on Wednesday. Myntra has raised nearly $192 million from foreign investors, the Enforcement Directorate said, without naming the investors. The company, registered as a wholesale retailer, sold the majority of its products to a retailer it owned, which then sold the products on Myntra's website, the agency said. Myntra and Walmart did not immediately respond to requests for comment. India's investment rules only allow foreign e-commerce companies to run a marketplace to connect buyers and sellers, and they cannot stock and sell goods to customers on their own. Other companies including Walmart's Flipkart and Amazon (AMZN.O), opens new tab have often faced allegations of breaching such rules using certain sellers - allegations the companies have denied. Founded in 2007, Bengaluru-based Myntra operates an online marketplace that specializes in fashion and lifestyle products. The company last reported an annual revenue of nearly $599 million, according to Tofler data. ($1 = 86.3840 Indian rupees)
