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The Independent
an hour ago
- The Independent
India signals it will keep buying Russian oil despite Trump tariff threat
India has suggested it will continue purchasing oil from Russia despite US president Donald Trump 's threats to hit Delhi with new tariffs over the imports. Foreign ministry spokesperson Randhir Jaiswal told reporters on Friday that India 's energy decisions were based on market availability and global conditions, adding that ties with Moscow were 'steady and time-tested' and should not be seen through the prism of a third country. Mr Trump said earlier this week that he plans to impose a 25 per cent tariff on Indian goods along with an additional import tax in response to Delhi 's continued buying of Russian crude. The US president has stepped up warnings against nations doing business with Moscow as Washington seeks leverage over Russia 's war in Ukraine. India bought about 68,000 barrels of crude oil a day from Russia in January 2022, but this rose to 1.12 million barrels per day by June that year, peaking at 2.15 million barrels a day in May 2023, according to data from analytics firm Kpler cited by Press Trust of India. Russian supplies at one point made up nearly 40 per cent of India's total oil imports, making Moscow its biggest crude supplier. While the Indian government may not be deterred by Mr Trump's threats, Reuters news agency earlier reported that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd have not sought Russian crude in the past week or so, four sources told Reuters. Reacting to the reports, Mr Trump told reporters: 'I understand that India is no longer going to be buying oil from Russia. That's what I have heard. I don't know if that's right or not. That is a good step. We will see what happens.' He added that despite his tariff announcement, trade deal talks with India were progressing. India consumes around 5.5 million barrels of oil a day, importing roughly 88 per cent of its needs. The world's third-largest crude buyer after China and the US shifted sharply towards Russian supplies after the invasion of Ukraine in February 2022, taking advantage of steep discounts as Western nations turned away from Moscow's energy exports.
Telegraph
5 hours ago
- Telegraph
Sky-high energy prices destroying European industry, warns metal giant
Soaring energy prices will destroy what little heavy industry Britain and the EU have left, the boss of a metals giant has warned ahead of its London listing on Monday. Evangelos Mytilineos, the chief executive of Metlen, a Greek energy and metals company, has marked his company's new FTSE 100 listing with a dire warning about the disastrous impact of high energy costs. 'The UK and Europe have entered a period of high energy prices compared with our competitors,' he said. 'Countries like China, the US and others have maybe half or a third of the cost of power than we have, and this is the biggest problem for UK and European productivity going forward. 'A lot of [UK and European] companies are moving their plants to other parts of the world.' Mr Mytilineos cited German chemical giant BASF's 2024 decision to shut down 11 chemical plants in Germany and spend €10bn (£8.7bn) on a new mega-plant in southern China – partly linked to energy costs and green regulations. The Greek executive, who is also president of the European Metals Association, said the UK and Europe were fighting to retain the factories they had. 'A decade ago Europe had maybe 15 aluminium plants but now there are just four left so we are buying it from countries like China and Indonesia which make it by burning coal,' he said. That decline is partly down to the cost of renewables, the rollout of which is typically funded by subsidies that add levies to energy bills. Surging gas price followed Russia's invasion of Ukraine have also fuelled the problem. 'As long as Russian gas was around, we could be globally competitive,' Mr Mytilineos said. 'Now this is gone. This is geopolitics, and Europe is paying the price.' Addressing Ed Miliband and Sir Keir Starmer's race to decarbonise Britain's economy, Mr Mytilineos warned that green energy policies can come with a heavy price. 'If they want to take these decisions, they must also consider industry. You have to support your industries. Otherwise industries have to find new ways to survive. They have to move.' Metlen's core business is metal refining. It produces bauxite ore from its own mines in Greece where it also has a refinery and smelter. They annually produce 190,000 tonnes of aluminium and 860,000 tonnes of alumina, a vital ingredient in advanced ceramics. From the same ore it is now also extracting gallium, a strategically vital metal where China has long dominated global markets. Metlen is also increasingly involved in metal recycling, melting down scrap and targeting valuable metals like zinc and lead. The company has managed to avoid energy-induced shutdowns because its other key business is energy production: it owns around 14 wind farms, three solar farms and four hydroelectric plants, mostly in Greece, plus several gas fired power stations. It uses those generators to power its metal refining, giving it a near-unique level of immunity from the high energy prices that are wiping out energy-intensive industries across the UK and Europe. The comments come as Mr Mytilineos prepares to ring the London Stock Exchange opening bell at 8am on Monday as Metlen joins the market. The company, valued at close to £6bn, is set for inclusion in the FTSE 100 later this year when the index is re-evaluated. Metlen's move is a vote of confidence in London's beleaguered stock market, which has suffered from a dearth of new listings in the years following Brexit. Mr Mytilineos said: 'My shareholders ask me this – why London? We consider that despite London going through difficult times after Brexit, Amsterdam, Frankfurt or Paris have not managed to overtake the City as a financial hub. 'I think that having gone through this difficult period, the City will make a big comeback, and London Stock Exchange with it. So when choosing a European exchange with the biggest profile for our company, London was the obvious place.'
The Sun
5 hours ago
- The Sun
‘It's my new favourite city' – the beautiful stopover holiday with world's tallest bar and Hawaii-like beaches
OUR new column gives you the lowdown on what to see and do in your favourite holiday hotspots. This week it's all about the captivating city of Hong Kong, a great layover destination for anyone travelling to Australia or New Zealand. 5 5 The Sun's Deputy Travel Editor Kara Godfrey recently visited on a whirlwind two-day trip of the city. She explained: "It's one one of my new favourite cities, having everything from amazing food and nightlife as well as beautiful nature parts. "If staying in the city, head to the 18th floor of the Ritz Carlton Hotel, which is where you will find Ozone, the highest rooftop bar in the world. "Or there is The Majestic Garden, a beautiful outdoor bar tucked behind a shopping mall restaurant, as well as the Quinary, named one of the best bars in Asia. "But my favourite spot was Sai Kung, a short taxi from the main city where I found empty beaches more like the Philippines or Hawaii. "If you want to splash out, a stay at The Peninsular is really something special, with Rolls-Royce pick ups and beautiful views over the river (although if you just want to explore the hotel itself, you can book a much more affordable and just as popular afternoon tea there instead)." Here are some other top tips of ours when visiting Hong Kong. Must see and do It would be silly to pass through Hong Kong without visiting the Tian Tan Buddha (or Big Buddha), a giant bronze statue in Ngong Ping. It's a pretty spectacular sight, perched atop the lush and leafy Mount Muk Yue. If you're into theme parks, Disneyland Resort Hong Kong is celebrating its 20th anniversary this summer, and there'll be a full year of celebrations taking place. Noah's Ark Hotel and Resort is one of Hong Kong's most quirky and unusual spots Visitors will get to watch the largest-ever parade along Main Street, a special night-time fireworks display and a show exclusive to the anniversary celebrations. Best view Ask anyone where to find the best view in Hong Kong and they'll undoubtedly say The Peak, or Victoria Peak, the highest hill on the island. Tick off a bucket list experience by riding the historic Peak Tram, one of the oldest trams in the world, to the top where a viewing platform (Sky Terrace 428) awaits. It was built in 1888 to serve the British governor and The Peak's residents and continues to run today as a popular tourist attraction. Pack your hiking boots to take advantage of one of the many scenic walking trails. Rated restaurant Luk Yu Tea House is a dining institution in Hong Kong - and the food is so good, we're not surprised it's made it into the Michelin Guide. Spread across colonial-era three floors, you can expect to tuck into classic Chinese flavours including crispy deep-fried chicken and sliced beef brisket noodles. Don't leave without trying the dim sum, though, which are delicately hand-folded. Best bar As the World's 50 Best Bars heads to Hong Kong for 2025 at the revamped Kai Tak Cruise Terminal, Bar Leone is looking to beat off the competition to retain its title from 2024. This casual Italian-themed bar, founded by an awardwinning Italian mixologist, is famed for having mastered the classic cocktails, all of which come at a reasonable price. Make sure to try the bar snacks while you're here, from mortadella foccacia to smoked olives. Hotel pick If you're after something a little different, look no further than Noah's Ark Hotel and Resort. The quirky hotel was built as a full-scale replica of Noah's Ark, complete with animals walking two-by-two from the dock on to dry land. The rooms inside are less funky, kitted out with comfy bedding and simple wooden-panelled walls. It's a great spot for families or groups, too, with four-person bunk rooms as well as rooms with two queen-sized beds. Double bedrooms start from £74 per night based on two adults sharing and including breakfast. See For more information about Hong Kong, see 5
