Rupee falls 16 paise against US dollar in early trade
The rupee appreciated 16 paise to settle at 85.39 (provisional) against the US dollar on Monday, supported by a weak American currency and on expectations of a further reduction in key interest rate by the Reserve Bank.
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Hindustan Times
an hour ago
- Hindustan Times
Canada steelworkers urge Ottawa to counter Trump
Steelworkers in the Canadian city of Hamilton see President Donald Trump's latest trade war escalation as a wake-up call, insisting US efforts to protect struggling metal producers demand an equivalent national response. Hamilton is known locally as "Steeltown," with expansive industrial plants dominating the view from the main bridge that leads into the city. Hamilton has endured countless setbacks as the steel industry that drove its growth through much of 20th Century declined. Trump's decision to double steel and aluminum tariffs to a crippling 50 percent did not come as a shock to those who have spent decades in the industry. "Steel is like a roller-coaster," said Jake Lombardo, who retired after 38 years at Stelco, one of Hamilton's main plants. Lombardo's career spanned the era that saw automation and cheaper foreign product hollow out Hamilton's steel sector. He voiced a degree of understanding for Trump's efforts to shield US producers from external competition. "I'm not a Trump supporter, but one thing I like what he said, he wants to do things in-house. And I don't think there's anything wrong with that," Lombardo, 69, told AFP. "We should have been doing this a long time ago." Hamilton's steel industry was born in the early part of the last century, hitting its peak in the decades following World War II, when the main local union, United Steelworkers Local 1005, counted more than 12,000 members. That number has since fallen to about 650, said union president Ron Wells. Wells said he wasn't opposed to a future where Canadian producers serve Canadian demand and cross-border trade is reduced. But, like Lombardo, he believes Ottawa needs to create the environment that ensures that Canadian steelmakers thrive. "We've been saying that for, like years, if not decades," Wells told AFP. The union chief said he was encouraged by Prime Minister Mark Carney's pledge to counter Trump's trade war by boosting internal trade and ushering in an era of massive construction across Canada. Asked about the prospect that Hamilton could benefit from Carney's recent promise that his government would "build baby build," Wells said: "we applaud it." "It's better late than never." Carney on Wednesday called Trump's decision to double steel and aluminum tariffs "unjustified" and "illegal" and promised that Canada the largest supplier of foreign steel and aluminum to the United States will respond. But in the short term, Wells said there is cause for concern. Stelco, which was bought by the US steel producer Cleveland-Cliffs last year, had been sending about 30 percent of its output to the United States, Wells said. Those orders largely dried up when Trump imposed a blanket 25 percent tariff on all metal imports in March. But Stelco was still selling to Canadian clients who were making products subsequently sold to the United States, with the American importers absorbing the 25 percent tariff hit. At 50 percent, Wells voiced fear that business could vanish. "People are just pissed off that keeps changing his mind and he's playing chicken with the economy," Wells told AFP. "Our members want to see the tariffs situation get resolved. So go back to full production and we can share the wealth." The Canadian Steel Producers Association, an industry group, said Wednesday that "at a 25 per cent tariff rate, we saw significant layoffs, curtailed investments and a significant drop of shipments to the United States." "At a 50 per cent tariff rate, the US market is effectively closed to Canadian steel, leaving billions of dollars of Canadian steel without a market," it warned. Throughout Trump's trade war, Canadian workers in targeted sectors notably auto and metal have voiced frustration over the president's decision to harm a bilateral trade relationship widely seen as mutually beneficial. "We think they're picking on the wrong foe," Wells said. Tony Mclaughlin, who has worked for Stelco for 47 years, told AFP he "always thought we'd be exempt," from tariffs." "Is he trying to get a new trade agreement?" He asked. "Maybe that's the big plan." bs/nl
Time of India
2 hours ago
- Time of India
Birla to acquire US chemical facility from agri giant Cargill
MUMBAI: Aditya Birla Chemicals, a privately held company owned by Kumar Mangalam Birla and his family, is set to acquire a chemical manufacturing facility in the US from agribusiness major Cargill. The facility, spanning 17 acres, is located in Dalton, Georgia. The deal signifies Birla's continuous expansion in the American manufacturing sector, with investments exceeding $15 billion over the past 17 years, and cementing his position as the biggest Indian investor in the country. "This acquisition represents Aditya Birla's strategic entry into the US chemicals industry, extending the business model of our other successful manufacturing businesses in the United States, including Novelis and Birla Carbon," said Aditya Birla Group chairman Kumar Mangalam Birla. The Cargill facility currently employs 50 people and has an annual capacity of 16,000 tons, which will be boosted to 40,000 tons within the next two years. The acquisition is being carried out through Aditya Birla Chemicals (USA), a wholly owned subsidiary of Aditya Birla Chemicals (Thailand). Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
New Indian Express
2 hours ago
- New Indian Express
Aditya Birla group acquires Cargill's specialty chemical unit in US
The Aditya Birla Group has acquired Cargill Incorporated's 17-acre specialty chemicals manufacturing facility in Dalton, Georgia, marking its strategic foray into the US chemicals sector. The financial terms of the transaction were not disclosed. The acquisition was made through Aditya Birla Chemicals (USA) Inc., a wholly owned subsidiary of Aditya Birla Chemicals (Thailand) Ltd., and will bolster the group's Advanced Materials business. With this purchase, Aditya Birla Group's cumulative investment in the U.S. manufacturing sector now exceeds $15 billion. 'This acquisition represents Aditya Birla's strategic entry into the U.S. chemicals industry, extending the business model of our other successful manufacturing businesses in the United States, including Novelis and Birla Carbon,' said Kumar Mangalam Birla, Chairman of Aditya Birla Group. 'Our growth strategy in the United States is anchored in a commitment leverage our deep manufacturing expertise to support the revitalization of the growing American manufacturing sector. We look forward to investing in and expanding this foundational facility and identifying other strategic assets to drive growth,' he added. With this acquisition, the Advanced Materials business welcomes 50 employees. The business plans to expand the facility's current capacity of 16,000 tons per year to over 40,000 tons over the next two years, affirming the business's commitment to local operations and job creation.
