The end of cheap Chinese cars? Government vows to end price wars
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India.com
2 minutes ago
- India.com
Masterstroke by Modi government, launches double strike on China, hampers Xi Jinping's plan of building world's largest dam by... India plans to...
Siang Dam: A tractor slowly climbed a muddy hill in Beging village of Siang district in Arunachal Pradesh on May 21. According to the reports, the vehicle was carrying a drilling machine and other equipment meant for a special study. This study was being conducted to explore the possibility of constructing a large dam on the Siang River. The Siang River is known as the Brahmaputra in Assam and the Yarlung Tsangpo in China. The local Adi community there is against the dam and has been protesting. Authorities, meanwhile, tried to carry out the work discreetly. They planned to begin operations in Beging village first and then transport the equipment across the river. Locals are protesting against the dam: According to an ET report, protestors marched to Beging, cut off its only link to the outside world — a hanging bridge — and damaged the drilling machines, halting the survey work. Law enforcement agencies, despite the growing protests, remained restrained and avoided confrontation in the sensitive border region. Fearing a worsening of the situation, authorities temporarily suspended the operations. Here are some of the key details: The NHPC engineers stationed at the current drilling site moved to Pasighat, the main town located on the banks of the Siang River This has brought a temporary calm to the disputed riverfront. The government remains committed to constructing the Siang Upper Multipurpose Project (SUMP), which is estimated to cost ₹1.5 lakh crore. The project includes a 267-meter-high dam with a storage capacity of 9.2 billion cubic meters (BCM), designed as a strategic reservoir to counter potential upstream water diversion by China. Dam Vs Dam: It is important to note that this 1,000-megawatt project offers Arunachal Pradesh 12 percent free electricity and revenue sharing. The timing coincides with Beijing laying the foundation of the world's largest dam on the Brahmaputra River. The building of the dam marks the beginning of strategic water management in the Eastern Himalayas. This raises a critical question: Will India's defensive dam strategy provide effective deterrence in this sensitive region, or will it further exacerbate environmental vulnerabilities? Arunachal Pradesh Chief Minister Pema Khandu said on July 9, 'This (Chinese dam) poses an existential threat to our tribes and our livelihood. It is quite serious because China could even use it as a kind of 'water bomb'.' He made this statement just a few days before Beijing officially announced the commencement of the construction work.
CNBC
2 minutes ago
- CNBC
Euro rises after U.S., EU agree to tariff deal
The euro gained on Monday following the announcement of a framework trade agreement between the United States and the European Union, the latest in a flurry of deals to avert a global trade war. Meeting in Scotland on Sunday, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which will result in a 15% tariff on EU goods, half what Trump had threatened to impose from August 1. Senior U.S. and Chinese negotiators are due to meet in Stockholm on Monday with an aim to extend a trade truce and prevent steep tariff hikes. Meanwhile, investor attention is shifting towards corporate earnings and central bank meetings in the U.S. and Japan. "It could be a positive week, just purely from the fact that now we know the rules of the game, if you like," said Rodrigo Catril, senior currency strategist at National Australia Bank. "Now that there is more clarity, you would think that not only in the U.S., but around the globe, there will be a little bit more willingness to look at investment, to look at expansions, and to look at where the opportunities are," he said on a NAB podcast. The euro stood at $1.1763, up 0.2% so far in Asia. The common currency rose 0.2% to 173.78 yen. Trump said the EU plans to invest some $600 billion in the U.S. and dramatically increase its purchases of American energy and military equipment. The pact is similar to one forged with Tokyo negotiators last week that will see Japan investing some $550 billion in the U.S. and a 15% tariff imposed on its cars and other imports. The baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal. China is facing an August 12 deadline to reach a durable trade pact with the U.S. No breakthrough is expected in the U.S. and China talks in Stockholm, but analysts said another 90-day extension of a trade truce struck in mid-May was likely. The U.S. dollar advanced on Friday, bolstered by solid economic data that suggested the Federal Reserve could take its time in resuming interest rate cuts. Both the Fed and the Bank of Japan are expected to hold rates steady at this week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next moves. The dollar was little changed at 147.68 yen. The dollar index, which tracks the greenback against major peers, fell 0.1% to 97.534. Sterling traded at $1.34385, down almost 0.1%. The Australian dollar fetched $0.6576, up 0.2%, while New Zealand's kiwi dollar was flat at $0.6019.
CNBC
2 minutes ago
- CNBC
Gold falls to near two-week low after US, EU agree to tariff deal
Gold prices fell to their lowest level in nearly two weeks on Monday, as a framework trade agreement between the United States and European Union ahead of the August 1 tariff deadline boosted appetite for risk assets. Spot gold was down 0.1% at $3,332.18 per ounce, as of 0208 GMT, after touching its lowest level since July 17. U.S. gold futures edged 0.1% lower to $3,331.60. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. However, the agreement left key issues unresolved, including tariffs on spirits. The agreement eased transatlantic trade tensions, putting pressure on gold, said Jigar Trivedi, a senior commodity analyst at Reliance Securities, adding that it also softened the dollar index, which provided some cushion to bullion. The U.S. dollar index eased 0.1%, making greenback-priced bullion more affordable for overseas buyers. Risk sentiment improved following the agreement, with European currencies and U.S. stock index futures trading higher. Meanwhile, senior U.S. and Chinese negotiators are set to meet in Stockholm later in the day to address long-standing economic disputes, seeking to extend a truce that has prevented higher tariffs. "In the short term, we don't expect gold to experience wild swings. Investors are turning their focus to a pivotal week for U.S. monetary policy and economic data," Trivedi said. The Federal Reserve is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. U.S. President Donald Trump said on Friday he had a positive meeting with Powell, suggesting the Fed chief might be inclined to lower interest rates. Spot silver was up 0.2% at $38.23 per ounce, while platinum gained 0.6% to $1,409.50 and palladium rose 0.6% to $1,227.76.
