India's JSW Steel, Japan's JFE to invest $669 million to boost cold rolled grain-oriented electrical steel output
($1 = 87.4070 Indian rupees)
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BBC News
7 minutes ago
- BBC News
Trump threatens India with 'substantial' tariff hike for buying Russian oil
Donald Trump has threatened to "substantially" raise tariffs against India over its purchase of oil from Russia."They [India] don't care how many people in Ukraine are being killed by the Russian War Machine," the US president wrote on his online platform, Truth Social, on is currently among the largest buyers of Russian oil. It has become an important export market for Moscow after several European countries cut trade when Russia launched its full-scale invasion of Ukraine in did not specify what the new tariff would be, but it comes just days after he unveiled a hefty 25% levy on India. Delhi called Trump's warning "unjustified and unreasonable". In a statement, a spokesman for India's foreign ministry, Randhir Jaiswal, said the US had encouraged India to import Russian gas at the start of the full-scale invasion of Ukraine, "for strengthening global energy markets stability".He said India "began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict".India also criticised the US - its largest trading partner - for introducing the tariffs, when the US itself is still doing trade with Russia. Last year, the US traded goods worth an estimated $3.5bn (£2.6bn) with Russia, despite tough sanctions and tariffs. "Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the foreign ministry statement week, Trump had described India as a "friend" whose tariffs on US products "are far too high". His latest Truth Social post again struck a critical tone."India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," he Minister Narendra Modi has not ordered India's oil refineries to stop buying Russian oil, Bloomberg reported, citing people familiar with the Srivastava, a former Indian trade official and head of the Global Trade Research Initiative (GTRI), a Delhi-based think tank, said Trump's claims about India's oil trade with Russia are misleading for several reasons. He told the BBC that the trade has been transparent and broadly understood by the US. Mr Srivastava said India ramped up purchases of oil to help stabilise global markets after Western sanctions disrupted supplies - helping to stop a global oil price shock. He also said that India's oil refineries - both public and private - decide where to buy crude oil based on factors like price, supply security, and export rules. They operate independently of the government and do not need its approval to buy from Russia or other countries. I'm 'disappointed but not done' with Putin, Trump tells BBCThough relations between the US and Russia warmed after Trump returned to the White house in January, the US president has more recently toughened his rhetoric against the Kremlin and Russian President Vladimir has questioned whether Putin is truly committed to peace with Ukraine. In Monday's Truth Social post he used stern language, describing the Russian military as the "Russian War Machine". Russia's leader has repeatedly said he is ready for peace but only if Kyiv meets certain conditions, such as recognising Ukrainian territories that Russia has occupied. Trump has threatened Moscow with severe tariffs targeting its oil and other exports if a ceasefire with Ukraine is not agreed by 8 envoy Steve Witkoff is due to visit Russia later this week, where he is expected to meet Putin.
Reuters
35 minutes ago
- Reuters
Hims and Hers beats quarterly profit on steady subscription growth
NEW YORK, Aug 4 (Reuters) - Hims and Hers Health (HIMS.N), opens new tab beat Wall Street estimates for second-quarter profit on Monday, aided by continued subscription growth and surging volume in the telehealth company's weight-loss business. The company reported a quarterly profit of 17 cents per share, higher than the average analyst estimate of 15 cents, according to LSEG data. However, shares fell about 10% in extended trading as quarterly revenue of $544.8 million missed analysts' average expectation of $551.6 million.
Reuters
an hour ago
- Reuters
Loews' quarterly profit rises on investment income, strong insurance unit
Aug 4 (Reuters) - Loews Corp (L.N), opens new tab reported a rise in second-quarter profit on Monday, helped by higher investment income and strong performance in its insurance unit. U.S. stocks staged a rebound following weeks of tariff-driven turbulence, as signs of easing trade tensions and hopes for renewed trade negotiations between Washington and key trading partners helped calm investor nerves, easing fears of a prolonged economic fallout. The New York-based company's investment income rose to $714 million in the quarter compared with $639 million a year earlier. The company rakes in the bulk of its revenue from CNA Financial (CNA.N), opens new tab, the insurance giant in which it owns a dominant 90% stake, according to LSEG data. Loews' insurance unit's property and casualty catastrophe losses were $62 million, compared with $82 million a year earlier, while net written premiums increased by 6%. Spending on insurance products by individuals and corporations has remained resilient despite economic uncertainty. Net income attributable to Loews rose to $391 million, or $1.87 per share, in the three months ended June 30, compared with $369 million, or $1.67 per share, a year earlier. Loews, which also operates in energy, hospitality and packaging through subsidiaries including Boardwalk Pipelines, Loews Hotels and Altium Packaging, reported total revenue of $4.56 billion, up from $4.27 billion last year. The company's stock rose nearly 6.6% so far this year, compared with the 6.1% rise in the benchmark S&P 500 index (.SPX), opens new tab.
