India's Eternal reports 90% slump in first-quarter profit as quick commerce expenses rise
Consolidated net profit fell to 250 million rupees ($2.90 million) for the three months ended June 30, the food and grocery delivery firm said.
($1 = 86.2775 Indian rupees)
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Telegraph
22 minutes ago
- Telegraph
If Russian oil sales are stopped, Putin may fall
At last there are signs that Donald Trump means business in his dealings with Vladimir Putin. The US president has delivered an ultimatum, warning that Russia poses an 'unusual and extraordinary threat' to the US, while hitting India – Russia's biggest oil customer – with secondary sanctions. Talks in the Kremlin between Mr Putin and Steve Witkoff, Mr Trump's envoy, have fuelled speculation about a possible truce in the war with Ukraine. However, so far nothing concrete has emerged and Mr Trump's mercurial character adds an extra element of uncertainty to this game of diplomatic poker. He has given the Russians until Friday to agree to an unconditional ceasefire. More important has been the president's decision to impose an additional 25 per cent tariff on imports from India, on top of the 25 per cent levy already imposed last week. It is a major blow to Narendra Modi, India's prime minister, not only because his country is having to pay a much higher rate than other Asian countries, but because his personal relationship with the president had been hailed as an unusually cordial one. In May, however, Mr Modi showed insufficient gratitude for Mr Trump's role in brokering an end to the armed confrontation with Pakistan. The US president, notoriously transactional in relationships with foreign leaders, is proving to be unsentimental in penalising India for enabling the Russian war effort to continue. The subcontinental superpower's imports of Moscow's crude oil fill Putin's coffers to the tune of £41bn annually. Choking off this lucrative source of revenue for the Kremlin could open up a real chance of peace in Ukraine. Where, though, is Europe in all this? The answer, shamefully, is nowhere. The EU is still importing Russian oil and gas on a large scale. Last year, these imports contributed almost £20bn to Moscow's war machine – a figure that easily exceeded EU financial aid to Ukraine. Meanwhile, the Labour Government has killed off our North Sea energy industry in the name of net zero. According to Downing Street, it is better to pay a premium to import fossil fuels than to produce them ourselves. Nor must anything be said or done to risk the new era of Anglo-Indian trade and investment ushered in by Mr Modi's visit last month. While Ukrainian civilians continue to die in ever greater numbers from Russian bombardment, Europe and the UK are turning a blind eye to the dirty money that is financing this dirty war. It is time for Sir Keir Starmer to follow the American lead, set an example to Europe, and get tough with Putin's enablers.
Reuters
40 minutes ago
- Reuters
Gold eases on profit-taking, eyes on Trump's Fed picks
Aug 6 (Reuters) - Gold prices eased on Wednesday as investors booked profits after prices hit a near two-week high in the previous session, while the market's focus shifted to U.S. President Donald Trump's upcoming Federal Reserve nominations. Spot gold fell 0.2% to $3,373.59 per ounce by 02.00 p.m. ET (1800 GMT). U.S. gold futures settled flat at $3,433.4. "We view this as a bit of a pullback ... a little profit-taking from the recent move higher in the midst of a quieter time on the economic front, and a little lesser need for that safe-haven demand," said David Meger, director of metals trading at High Ridge Futures. Gold logged gains for three consecutive sessions after weaker-than-expected U.S. employment growth data on Friday. Market participants now see a more than 93% chance of a September rate cut, up from 63% earlier, according to CME FedWatch, opens new tab. Gold tends to perform well during economic uncertainty and a low-interest environment further supports the non-yielding asset. Trump said on Tuesday he will name a Fed Board nominee by the end of the week and has narrowed options to replace Chair Jerome Powell. Elsewhere, spot silver added 0.1% to $37.88 per ounce. Meanwhile, platinum gained 0.9% to $1,332.26 and palladium dropped 2.7% to 1,143.52, hitting its lowest level since July 10 earlier today. "The concern about sanctions on Russia has been one of the factors that had supported platinum and palladium over the course of the last several weeks," Meger said. "So, the prospects for decreased tensions between the U.S. and Russia most certainly has allowed for prices to come down in recent sessions," he added. Russia is a major supplier of palladium and platinum. U.S. envoy Steve Witkoff held "useful and constructive" talks with Russian President Vladimir Putin, a Kremlin aide said, two days before the expiry of a deadline set by Trump for Russia to agree to peace in Ukraine or face new sanctions.
Daily Mail
an hour ago
- Daily Mail
Trump drops the hammer on India with crushing 50% tariffs in massive trade war punishment
President Donald Trump punished India by signing an executive order doubling tariffs on the South Asian democracy for continuing to purchase Russian oil amid the deadly war in Ukraine. Starting August 27th, India will face an additional 25 percent tariff if it continues to buy oil from Russia, making the total tariff rate a crushing 50 percent. Trump coupled his new order with a threat to impose additional tariffs on other countries that purchase Russian fossil fuels. The executive order is a key part of the administration's increasingly muscular strategy to pressure the Kremlin to resolve the three-year war in Ukraine. After years of cozying up to Vladimir Putin, Trump is now calling Russia an ' extraordinary threat ' to the US as the country repeatedly ignores his deadline to end the Ukrainian invasion. Previously, Trump gave the Kremlin until this Friday to agree to a ceasefire with Ukraine, or the US would begin implementing massive tariffs on Russia's main trading partners. Trump's envoy Steve Witkoff met with Putin in Moscow on Wednesday for three hours. The Kremlin described the meeting as 'a very useful and constructive conversation.' The pair reportedly discussed ending the Ukrainian war as well as developing strategic cooperation between the United States and Russia. But while Trump touted 'great progress,' there was no indication Putin was willing to end his furious campaign to take Ukraine. Trump previously imposed a 25 percent tariff last week on India citing unfair trade barriers. After Wednesday's executive order, the total tariffs on goods coming from India will rise to 50 percent – the highest levies on any US trading partner. A statement from India's Ministry of External Affairs said that its energy imports help ensure the 'security of 1.4 billion people,' while indicating it did not intend to stop purchasing Russian oil. 'These actions are unfair, unjustified and unreasonable,' the statement says. China is the largest buyer of Russian oil and energy products in the world. Turkey is also a significant buyer, but the two countries have not faced additional tariffs so far. When asked why the president did not place an additional tariff on China for their purchase of Russian oil, the White House did not respond at the time of publishing. Over the last eight months, India imported approximately 1.75 million barrels daily from Russia, which is up one percent from the same period last year. However, Trump did tease a threat to impose similar 25 percent tariffs on other large importers of Russian energy. In his Wednesday executive order, the president directed administration officials to 'determine whether any other country is directly or indirectly importing Russian Federation oil,' and then decide if they should face economic punishments. Trump's congressional allies praised the president's drastic moves. Republican South Carolina Senator Lindsey Graham wrote on X, 'I completely understand and applaud President @realDonaldTrump's decision to hit India with an additional 25 percent tariff ... because India insists on purchasing Putin's oil to prop up his war machine, allowing the bloodbath in Ukraine to continue.' 'President Trump has put the world on notice that if you continue to buy Putin's oil, you are no longer going to be allowed to have access to the American economy without substantial tariffs,' Graham added. Nikki Haley, Trump's former United Nations ambassador and rival for the 2024 Republican nomination, agreed that India shouldn't be buying oil from Russia but warned Trump against burning a relationship with a strong ally. Trump's tariff bombshell lands just 48 hours before Trump's make-or-break Friday ultimatum to Putin—demanding Russia agree to Ukraine ceasefire talks or face a mammoth sanctions blitz. The crackdown signals Trump is serious about wielding his tariff power to try to bend world leaders to his demands. Switzerland also looked like it would be a loser in Trump's trade war with its president reportedly ending her visit to Washington on Wednesday without a deal to lower its tariff rate.
