India, U.S. mini trade deal unlikely before Aug 1, CNBC-TV18 reports
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Indian firm says it shipped non-military explosives to Russia
NEW DELHI, July 26 (Reuters) - An Indian firm that shipped $1.4 million worth of an explosive compound with military uses to Russia in December said on Saturday it complies with Indian rules and the substance it had shipped was for civilian industrial purposes. Reuters reported on July 24 that Ideal Detonators Private Limited shipped the compound, known as HMX or octogen, to two Russian explosives manufacturers despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed in Indian customs data as receiving the compound is the explosives manufacturer Promsintez. An official at Ukraine's SBU security service has said the Russian company has ties to the military and that Ukraine launched a drone attack in April against a Promsintez-owned factory. Promsintez did not respond to a request for comment. Ideal Detonators said in an emailed response to Reuters that the material it shipped was not military grade. "The shipment ... is for industrial activity and it's a civil explosive," the company said. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, sanctions lawyers have said. HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems, according to the Pentagon's Defense Technical Information Center and related defense research programs. The compound also has some limited civilian applications in mining and other industrial activities.
The Guardian
2 hours ago
- The Guardian
Trump tells Europe to ‘get your act together' on immigration before US-EU trade talks
Intensive negotiations are continuing on Saturday between the EU and the US before a crunch meeting in Scotland between Donald Trump and the European Commission president, Ursula von der Leyen, to avert a costly trade war. Trump spent the night at his family-owned Turnberry golf resort on a private visit, but took time to criticise European leaders over wind turbines and immigration claiming there won't be a Europe unless they 'get their act together'. 'I say two things to Europe. Stop the windmills. You're ruining your countries. I really mean it, it's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds,' he said. 'On immigration, you better get your act together,' he said. 'You're not going to have Europe anymore.' On Saturday morning, he abandoned a scheduled meeting with the press, who travelled with him on Air Force One, for a round of golf at his seaside course with music blaring from the buggy he drove. Sky News, stationed next to the course, reported the songs included Billy Joel's Uptown Girl, Elaine Paige's Memory and Simon and Garfunkel's Bridge over Troubled Water. Billed as a four-day family visit to Scotland, Trump is meeting European leaders and the British prime minister, Keir Starmer, raising hopes of new and refined trade deals with the EU and the UK. On the prospects of an EU trade deal, the US president has said there were '20 sticking points'. When asked what they were, he said: 'Well, I don't want to tell you what the sticking points are.' He described von der Leyen as a 'highly respected woman' and said the meeting on Sunday with the EU chief would be 'good', rating the chances of a deal as 'a good 50-50'. It is understood von der Leyen and her aides will fly in on Saturday, with the European trade commissioner, Maroš Šefčovič, arriving on Sunday morning. It is expected the deal will centre on an outline agreement in principle over 15% tariff rates for exports including cars, but with a 50% tariff continuing on steel. There may also be a breakthrough deal on pharmaceuticals, setting a rate of 15% for exports. Although this would breach a longstanding World Trade Organization agreement that medicines are rated at a zero tariff, it would be a far cry from the 200% tariff Trump threatened to impose on pharmaceuticals earlier this month. This would have triggered a highly damaging trade war not just with Ireland, where many US multinationals are based, but Germany, Denmark, Belgium, France and Spain. Von der Leyen's spokesperson, Paula Pinho, said: 'Intensive negotiations at technical and political [level] have been ongoing between the EU and US. Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' It is believed the meeting will be held in Aberdeenshire and will be followed by a series of meetings with Starmer on Monday, with hopes he will widen the bare bones trade deal he struck in May. Trump's arrival in Scotland has required the biggest security operation since Elizabeth II died in 2022. More than 5,000 police and security personnel are involved in the four-day visit with no risks taken after the assassination attempt on the president a year ago. High perimeter fences have been erected around the coastal golf course with naval vessels patrolling the shore while security drones overhead and dozens of security detail staked out the resort early on Saturday. The heavy security presence may be a foretaste of events to come later in August when the US vice-president, JD Vance, and his family arrive for a holiday in the Cotswolds, reportedly in the village of Charlbury. Locals who resisted the expansion of Trump's golf course in the past asked who would be footing the bill for the security arrangements.
South Wales Argus
3 hours ago
- South Wales Argus
When you should buy Euros, say experts, as pound drops
The pound is under pressure against the Euro today (July 25), following the issuance of interest rates and a potential US-EU trade deal. So, holidaymakers may want to consider buying Euros now because the pound is expected to fall even further, financial experts have warned. Tony Redondo, founder of Cosmos Currency Exchange, says: 'For Brits travelling to Europe soon, buy now, as it looks more than likely that the Pound may weaken further. "The Pound has weakened to its lowest level since November 2023 against the Euro due to the ECB's hawkishness on interest rates and optimism that a trade deal will be struck with the US before Trump's 30% tariffs are due to take effect on 1 August. "Do not change money at the airport or ferry terminal, but use a travel or pre-pay card as the rates are better. If you regularly visit the continent, consider opening up a Euro-denominated bank account with a debit card as bank account to bank account exchange rates are superior to travel money rates.' Harry Mills, director at Oku Markets, said the fall was down to reduced investor confidence as the nation looks ahead to the Autumn Budget. He adds: "We anticipate a dreary end to the summer for sterling, and also for Brits heading across the channel. Do I Need Travel Insurance? "It had looked like the pound was finding a floor around €1.15, but repeated failed attempts to lift above €1.1550 saw sterling trade sideways for the past fortnight. "Thursday saw the pound's first close below €1.15 since November 2023. Soft UK economic data and the looming Autumn Budget are reducing investor confidence in the UK; consequently, the pound is devaluing. "Meanwhile, the European Central Bank held rates steady on Thursday as expected, sticking with its "wait-and-watch" tone." Prem Raja, head of Trading Floor at Currencies 4 You, also said now is the time to act: "With GBP/EUR struggling to hold above 1.15, now is the time to act. Sterling is under pressure, and the outlook isn't encouraging. Recommended reading: "The UK economy continues to show signs of stagnation, while political uncertainty ahead of the Autumn Budget could weigh further on the Pound. 'Meanwhile, the Euro has gained strength on the back of a more hawkish ECB and optimism around a potential US-EU trade deal. For Brits heading to Europe soon, it's wise to buy your Euros sooner rather than later, as waiting could cost you. "To make your money go further, avoid airport exchanges, use specialist currency providers and consider locking in rates in advance.'
