India Widens Global Funds' Access to $639 Billion Credit Market
The financial regulator for the special economic zone known as GIFT City has allowed global banks including HSBC Holdings Plc and Standard Chartered Plc to offer total return swaps for corporate bonds, the people said, asking not to be identified discussing a private matter.
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India responds to U.S. penalty over Russia oil
Aug. 2 (UPI) -- Indian officials confirmed Saturday the country is not altering policy and will continue buying oil from Russia, despite threats of a financial "penalty" from U.S. President Donald Trump. India's government has not given any directive to the country's oil refiners to stop or reduce the amount of Russian crude oil, the New York Times reported, citing two senior Indian officials. Trump earlier this week said he would impose a financial "penalty" on the South Asian country if it did not cut back on its reliance on Russian oil. The sanction would be in addition to a 25% American tariff on Indian goods. The president did not elaborate on the extent of the additional financial "penalty." "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country, " Trump said in a Truth Social post. "Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." Trump on Friday said it was his understanding "that India is no longer going to be buying oil from Russia. That's what I heard. I don't know if that's right or not. That is a good step. We will see what happens." Indian officials told the New York Times the country has "not given any direction to oil companies" to change direction. Publicly, Indian officials said they are considering options without confirming or denying the Times report. "We have taken note of the sanctions, and we are looking into it," Ministry of External Affairs of India spokesman Shri Randhir Jaiswal said during a news conference Friday in New Delhi. "On the other question about proposed oil sale, I would say that I have no comments to offer in this particular matter. As far as sourcing our energy requirements is concerned, you are well aware of our broad approach, meaning our overall approach and stance. We take decisions based on the price at which oil is available in the international market and depending on the global situation at that time. As for the specifics of your particular question, I am not aware of it. I don't have details of these specifics." Jaiswal also attempted to avoid further escalating the situation. "I would also like to underline this particular point that this is a sensitive and complex case and therefore, I would urge all to be mindful that media reports based on speculation and misinformation are not helpful at all," he told reporters. "In so far as the reports claiming that there has been certain developments etc., such reports are incorrect. Please wait for an update from us, this is a sensitive matter, and we urge all sides to stay away from misinformation." Solve the daily Crossword
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China cites ‘backdoor safety risk' in Nvidia's H20 AI chip; company denies allegation
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US official says differences with India cannot be resolved overnight for deal
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