The Tycoons Who Profit From India's Thirst for Russian Oil
She performed there in March 2024 for an exclusive audience — Bill Gates, Mark Zuckerberg, Ivanka Trump and the like — at the pre-wedding party for Anant Ambani, the younger son of Asia's richest man, Mukesh Ambani.
They were in Jamnagar, which had no international airport or hotel rooms for most of the guests, because its port and oil refineries have become central to the Ambanis' empire and $115 billion fortune.
This week, Jamnagar was the backdrop for a grittier story: Its oil — some of which is imported from Russia — has become a sticking point in U.S.-Indian relations.
Months of back-and-forth over trade between Washington and New Delhi unraveled last week, along with much of the friendly feeling between the world's two biggest democracies. On July 30, President Trump slapped India with a 25 percent tariff. He tossed in an insult, posting on social media that American companies would soon start drilling with India's nemesis, Pakistan.
'Who knows,' he wrote, 'maybe they'll be selling Oil to India some day!'
One week later, Mr. Trump signed an executive order that doubled the punishment. In effect, he pushed India's exporters into peril on the grounds that their government was aiding Russia's war aims in Ukraine by letting Indian companies profit from the international oil trade.
Want all of The Times? Subscribe.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
34 minutes ago
- Yahoo
AI Boom, Tariff Shield, Apple Surge: Why TSMC Might Be the Next Big Winner
TSMC (NYSE:TSM) just clocked a 26% sales jump in July, reaching NT$323.2 billion ($10.8 billion)a figure that not only lines up with Street expectations for the quarter but also adds fuel to the broader narrative: AI demand isn't slowing down anytime soon. Year to date, revenue is up 38% versus 2024, even with currency pressure from a stronger Taiwanese dollar. The company is sprinting to keep up with outsized demand from heavyweights like Nvidia and AMD, reinforcing its place as the backbone of the AI hardware supply chain. There's also a political tailwind at play. TSMC's shares in Taipei hit record highs after the Trump administration introduced new chip tariffstariffs that TSMC could dodge thanks to its deep investment in U.S. manufacturing. According to Bloomberg Intelligence, this gives TSMC and GlobalWafers a clear relative advantage over other Taiwan-based peers like United Microelectronics and ASE, who may be left exposed. If this trend holds, U.S.-based chipmakers like GlobalFoundries and Amkor could start capturing share from the slower movers. And the story goes beyond AI. TSMC still supplies a massive share of smartphone chipsand that market is waking up. Sony flagged a recovery in mobile demand during its earnings, and Apple just reported its strongest quarterly revenue growth in over three years, driven by robust China performance. Apple also expects mid-to-high single-digit growth this quarter. That outlook, paired with AI tailwinds and tariff immunity, could set up TSMC for a powerful second-half run. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
35 minutes ago
- Yahoo
Taliban investigating death threats against UN Afghan female staff
The Taliban are investigating explicit death threats against dozens of Afghan women working for the United Nations, according to a report published on Sunday. In its latest update on the human rights situation in Afghanistan, the UN mission to the country said dozens of female national staff were subjected to explicit death threats in May. The threats came from unidentified individuals related to their work with the UN Assistance Mission in Afghanistan, or UNAMA, other agencies, funds, and programmes, 'requiring the UN to implement interim measures to protect their safety', according to the report. It said the Taliban told the UN mission that their personnel were not responsible for the threats. An Interior Ministry investigation is under way, the report said. Afghan authorities, including the Interior Ministry, did not immediately respond to requests for comment on the report or the investigation. The Taliban barred Afghan women from working at domestic and foreign nongovernmental organisations in December 2022, extending this ban to the UN six months later, and then threatening to shut down agencies and groups still employing women. Humanitarian agencies say the Taliban have hampered or interfered with their operations, allegations denied by authorities. The UN report is the first official confirmation of death threats against Afghan women working in the sector. The report also highlighted other areas affecting women's personal freedoms and safety. In Herat, inspectors from the Vice and Virtue Ministry began requiring women to wear a chador, a full-body cloak covering the head. Dozens of women deemed 'not in compliance' were barred from entering markets or using public transportation. Several women were detained until relatives brought them a chador, the report said. In Uruzgan, women were arrested for wearing a headscarf, a hijab, rather than a burqa. Women have also been denied access to public areas, in line with laws banning them from such spaces. In Ghor province, police forced several families to leave a recreational area. They warned the families against visiting outdoor picnic sites with women. In Herat, vice and virtue inspectors stopped family groups with women and girls from accessing an open recreational area, only allowing all-male groups. Nobody from the Vice and Virtue Ministry was immediately available to comment on the Ghor, Herat and Uruzgan incidents, which the UN said happened in May. In Kandahar, the Public Health Department instructed female health care workers to be accompanied to work by male guardians with an identification card proving that they were related to the woman by blood or marriage. It was not immediately clear if the card is specific to Kandahar or will be rolled out across Afghanistan. 'The process to apply for a mahram (male guardian) identification card is reportedly cumbersome and can take up to several weeks as it requires the de facto Department for the Propagation of Virtue and the Prevention of Vice and a member of the local community (eg malik, imam or village elder) to verify the relationship,' the UN report said.
Washington Post
an hour ago
- Washington Post
Nepal's LGBTQ+ community holds first Pride rally since US funding cuts
KATHMANDU, Nepal — Members of the Nepal's LGBTQ+ community and supporters rallied in the capital Sunday in the annual pride rally, which was the first since a major cut in funding after the U.S. government ceased financial aid. Hundreds of people took part in the rally through the heart of Kathmandu, playing music and dancing in the Gai Jatra festival, which is celebrated to remember family members who have passed away during the year. But it has long drawn colorful parades by bringing in sexual minorities to join in on the festivities.
