China says it is looking to work with India to maintain border peace
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CNA
an hour ago
- CNA
US Treasury chief Bessent accuses India of profiteering on Russian oil
WASHINGTON: US Treasury Secretary Scott Bessent on Tuesday (Aug 19) accused India of profiteering from its increased purchases of Russian oil during the war in Ukraine, saying Washington viewed the practice as unacceptable. Bessent told CNBC that Russian oil now accounted for 42 per cent of India's total oil imports, up from less than 1 per cent before the war. He contrasted that with China, where Russian oil imports rose modestly to 16 per cent from 13 per cent. 'India is just profiteering. They are reselling,' Bessent said. 'What I would call Indian arbitrage – buying cheap Russian oil, reselling it as product – has just sprung up during the war, which is unacceptable.' TRUMP TARIFFS US President Donald Trump this month announced an additional 25 per cent tariff on Indian goods as punishment for New Delhi's Russian oil purchases, bringing the total additional duties on Indian exports to 50 per cent since he took office. Trump has credited the tariffs with increasing pressure on Russian President Vladimir Putin to work toward ending the war in Ukraine. He has so far stopped short of imposing similar duties on China over its oil imports from Russia. Asked about the lack of tariffs on China, Bessent said the situation was 'completely different' because Beijing was a long-term buyer and had not engaged in the kind of 'arbitrage' seen with India.
CNA
2 hours ago
- CNA
India, China agree to resume direct flights, boost business links
NEW DELHI: India and China agreed on Tuesday (Aug 19) to resume direct flights and step up trade and investment flows as the neighbours rebuild ties damaged by a deadly border clash in 2020. The announcements followed Chinese Foreign Minister Wang Yi's two-day visit to New Delhi for the 24th round of border talks with India's National Security Advisor Ajit Doval. The talks addressed troop deployments, delimitation of borders and boundary management, though no breakthrough was achieved. Beijing said both countries agreed to meet again in China in 2026. FLIGHTS, TRADE AND VISAS The two sides said they would restore direct flights suspended since the COVID-19 pandemic, ease visas and boost trade and investment. No date was given for when flights would resume. 'Stable, predictable, constructive ties between India and China will contribute significantly to regional as well as global peace and prosperity,' Prime Minister Narendra Modi posted on X after meeting Wang. Modi is due to travel to China at the end of August to attend the Shanghai Cooperation Organisation summit, his first visit to the country in more than seven years. TIBET DAM CONCERNS A Chinese foreign ministry readout said Wang told Doval that the 'stable and healthy development of China-India relations is in the fundamental interests' of both peoples, urging mutual trust and expanded cooperation. India, however, raised concerns over a massive dam China is building on the Yarlung Zangbo river in Tibet, which becomes the Brahmaputra in India and Bangladesh. Foreign Minister Subrahmanyam Jaishankar stressed the need for 'utmost transparency', warning of potential risks to millions of people downstream. China has insisted its hydropower projects in Tibet will not harm the environment or reduce water flow, though India and Bangladesh remain wary. ECONOMIC PROMISES An Indian source said Wang assured Jaishankar that Beijing was working to address New Delhi's key needs, including fertilisers, rare earths and tunnel boring machines.
CNA
4 hours ago
- CNA
India plans to ban online games played with money, citing addiction risks
NEW DELHI :India's government plans to ban online games played with money, a proposed bill showed on Tuesday, in what would be a heavy blow for an industry that has attracted billions of dollars of foreign investment. Citing psychological and financial harm it says can be caused by such games, the Promotion and Regulation of Online Gaming Bill 2025 says that no person "shall offer, aid, abet, induce or otherwise indulge or engage in" the offering of online money games and such services. The 13-page bill, which has not yet been made public but has been reviewed by Reuters, describes an online money game as one played by a user by depositing money in expectation of winning monetary and other enrichment. The Indian market for such gaming is set to be worth $3.6 billion by 2029, venture capital firm Lumikai says. Endorsements by top Indian cricketers and other marketing efforts have boosted appeal and investor interest of real money gaming apps such as the popular fantasy cricket games operated by startups Dream11 and Mobile Premier League. Dream11 commands a valuation of $8 billion while Mobile Premier League is valued at $2.5 billion, PitchBook data shows. The Indian government has long been concerned about how such games are addictive. India's IT ministry, which has drafted the bill, did not immediately respond to a request for comment. MPL and Dream11 declined to comment. In fantasy cricket games on Dream11, users create their teams by paying as little as 8 rupees (10 U.S. cents), with a total prize pool of 1.2 million Indian rupees ($14,000). The apps become more popular during the Indian Premier League season, one of the world's most popular cricket tournaments. The bill states that anyone who offers such money games could face a jail term of up to three years and a fine. "Such games often use manipulative design features, addictive algorithms ... while promoting compulsive behaviour leading to financial ruin," the bill said.
