'Ottawa should stop interfering': Danielle Smith and Scott Moe unite to corner Carney on pipelines
Days after Prime Minister Mark Carney met provincial leaders for a collective commitment on pipelines, Alberta Premier Danielle Smith teamed up with Saskatchewan Premier Scott Moe to oppose Ottawa's interference in building pipelines, opposing bill C5. She also discussed the impact of Canada and India restoring high commissioners and finding Asian partners amid US tariffs.
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Hindustan Times
26 minutes ago
- Hindustan Times
Middle East tensions, importer dollar bids keep rupee on backfoot
MUMBAI -The Indian rupee declined on Thursday to hover around its weakest level in over two months, as persistent worries about escalation in the Iran-Israel air war kept oil prices elevated and dented risk sentiment. The rupee was quoted at 86.6875, as of 12:20 p.m. IST, down 0.2% from its close of 86.4475 on Wednesday. Earlier in the session, it touched 86.71 - its lowest level since April 9. The dollar index was up about 0.2% at 99 and Asian currencies declined, as the possible entry of the United States into the week-old Israel-Iran air war kept financial markets on edge. The Israeli military said on Thursday it had targeted the nuclear reactor in the area of Arak in Iran overnight and what it called a nuclear weapons development site in the area of Natanz. The geopolitical tensions have sparked a jump in oil prices, with Brent crude futures last at $76.8 per barrel, up nearly 19% on the month so far. Traders also pointed to dollar demand from importers weighing on the rupee on the day. The rupee could decline towards 86.70-86.80 if dollar strength and elevated crude oil prices persist, said Amit Pabari, managing director at FX advisory firm CR Forex. Meanwhile, the U.S. Federal Reserve expectedly kept policy rates unchanged on Wednesday. Fed Chair Jerome Powell said that he expects "meaningful" inflation ahead as consumers pay more for goods due to the Trump administration's planned import tariffs.
India Gazette
2 hours ago
- India Gazette
"India-Canada relations are now getting back on track": Defence Expert Sanjeev Srivastava hails PM Modi's visit
Varanasi (Uttar Pradesh) [India], June 19 (ANI): Following Prime Minister Narendra Modi's visit to Canada and meeting with Canadian Prime Minister Mark Carney, Defence Expert Sanjeev Srivastava on Thursday said that India-Canada relations are now getting back on track. Srivastava said that by reinstating their respective High Commissioners, both India and Canada have taken constructive steps to restore stability in the relationship. 'In a positive development, India and Canada have decided to reinstate their High Commissioners. Tensions between the two countries had significantly escalated after former Prime Minister Justin Trudeau made baseless allegations against India regarding the killing of terrorist Hardeep Singh Nijjar. The previous Trudeau government had also failed to take action against Khalistani terrorists, which had caused deep resentment in India,' the Defence expert told ANI. 'However, now that a new Prime Minister has been elected in Canada, India was invited to the G7 summit, and the discussions between the two Prime Ministers were positive. PM Modi was welcomed with great applause in Canada. This is a constructive turn of events, and India-Canada relations are now getting back on track,' Sanjeev Srivastava said. PM Modi visited Canada to attend the 51st G7 Summit at the invitation of his counterpart, Mark Carney. Earlier, PM Modi met Canadian PM Mark Carney on the sidelines of the G7 Summit. Notably, this was the first in-person meeting between the two leaders after Canada's recent general elections. During the meeting, the leaders reaffirmed the importance of India-Canada ties and agreed to take constructive steps to restore stability in the relationship, with the early return of High Commissioners to each other's capitals, the Ministry of External Affairs (MEA), said in a statement on Wednesday. As per the MEA, the meeting between PM Modi and PM Carney provided an opportunity for both sides to hold frank and forward-looking discussions on the state of India-Canada relations and the way ahead. The leaders reaffirmed the importance of India-Canada ties, based on shared democratic values, respect for the rule of law and commitment to upholding the principles of sovereignty and territorial integrity. They underlined the need to pursue a constructive and balanced partnership grounded in mutual respect for concerns and sensitivities, strong people-to-people ties, and growing economic complementarities. In a significant development, it was announced by the MEA in its statement that India and Canada 'agreed to take calibrated and constructive steps to restore stability in the relationship, beginning with the early return of High Commissioners to each other's capitals.' (ANI)
Mint
2 hours ago
- Mint
Asian shares decline after mixed Wall Street finish and tensions simmer in Middle East
Tokyo, Jun 19 (AP) Asian shares retreated Thursday as worries persisted about conflict in the Middle East. Ratcheting up tensions, President Donald Trump warned of the possibility of getting directly involved in the conflict with Israel, while Iran's supreme leader rejected US calls for surrender. Oil prices and US futures declined. In Asian trading, Japan's benchmark Nikkei 225 shed 0.7 per cent to 38,619.17. Shares in Japan's Nippon Steel Corp. rose 0.8 per cent after it announced that its acquisition of US Steel, which met US government opposition for more than a year, was finally completed. Hong Kong's Hang Seng dropped 2 per cent to 23,231.48 on heavy selling of tech-related shares, while the Shanghai Composite lost 0.9 per cent to 3,359.78. Australia's S&P/ASX 200 was little changed at 8,528.30 and in South Korea, the Kospi lost 0.4 per cent to 2,960.81. US financial markets will be closed Thursday for the Juneteenth holiday. On Wednesday, US stocks drifted to a mixed finish after the Federal Reserve indicated it may cut interest rates twice this year, though it's far from certain about that. The S&P 500 finished nearly unchanged at 5,980.87. The Dow Jones Industrial Average dipped 0.1 per cent to 42,171.66, and the Nasdaq composite rose 0.1 per cent to 19,546.27. Treasury yields also wavered but ultimately held relatively steady after the Fed released projections showing the median official expects to cut the federal funds rate twice by the end of 2025. That's the same number they were projecting three months ago, and it helped calm worries a bit that inflation caused by Trump's higher tariffs could tie the Fed's hands. Cuts in rates would make mortgages, credit-card payments and other loans cheaper for US households and businesses, which in turn could strengthen the overall economy. But they could likewise fan inflation higher. So far, inflation has remained relatively tame, and it's near the Fed's target of 2 per cent. But economists have been warning it may take months to feel the effects of tariffs. And inflation has been feeling upward pressure recently from a spurt in oil prices because of Israel's fighting with Iran. Fed Chair Jerome Powell stressed on Wednesday that all the uncertainty surrounding tariffs means the median forecast for two cuts to interest rates this year could end up being far from reality. 'Right now it's just a forecast in a very foggy time,' he said. Fed officials are waiting to see how big Trump's tariffs will ultimately be, what they will affect and whether they will drive a one-time increase to inflation or something more dangerous. There is also still deep uncertainty about how much tariffs will grind down on the economy's growth. 'Because the economy is still solid, we can take the time to actually see what's going to happen,' Powell said. 'We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring and all those things.' A report released Wednesday said fewer workers applied for unemployment benefits last week, possibly indicating fewer layoffs. But another said homebuilders broke ground on fewer homes last month than economists expected. That suggests higher mortgage rates may be casting a chill on the industry. In other dealings early Thursday, benchmark US crude declined 10 cents to USD 73.40. Brent crude, the international standard, fell 24 cents to USD 76.46 a barrel. Oil prices have been yo-yoing as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. In currency trading, the US dollar fell to 145.05 Japanese Yen from 145.13 Yen. The Euro cost USD 1.1468, down from USD 1.1484. (AP) NPK NPK
