B-2 Bomber roars overhead as Putin lands in Alaska for Ukraine talks with Trump
US President Donald Trump greets Russian President Vladimir Putin as he arrives at Joint Base Elmendorf-Richardson.(AFP)
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Hindustan Times
22 minutes ago
- Hindustan Times
US, Russian journalists bond over booze during Putin-Trump Alaska meet
US and Russian journalists were seen sharing a moment of camaraderie in Alaska, while present to cover the Trump-Putin meeting. US President Donald Trump and Russian counterpart Vladimir Putin had a high-stakes meeting amid the ongoing Russia-Ukraine conflict. Brian Glenn, the Chief White House correspondent of Real America's Voice and partner of Republican lawmaker Marjorie Taylor Greene, shared a video of his interaction with the Russian press.(X/@brianglenntv) Brian Glenn, the Chief White House correspondent of Real America's Voice and partner of Republican lawmaker Marjorie Taylor Greene, shared a video of his interaction with the Russian press. US, Russian journalists bond over booze in Alaska | Watch Glenn, who infamously asked Ukraine President Volodymyr Zelenskyy, why he never wears a suit, shared a video of what the Russian media had given him. Holding up a bottle of vodka, Glenn offered some backstory too. 'I found a lost camera belonging to one of the reporters in the Russian media and he was so thankful he gave me this!,' he said. On the video, members of the Russian press can be seen urging Glenn to have a drink, which he refuses. One person even offers some 'Russian cognac'. Glenn identified them as members of the press in the video. He clinks bottles with them, but says that though he wouldn't be drinking at the moment – understandably, he was on camera. 'Here's to bridging world peace!,' Glenn also said on his X post. Girlfriend MTG reacts Marjorie Taylor Greene, the Republican lawmaker from Georgia, and Glenn's partner, shared the video, commenting 'American media and Russian media making peace and being kind! Yes this is the world I want to live in.' 'Great job Brian!!!,' she added. Trump, meanwhile, said that 'progress' had been made during the talks with Putin, but suggested not all parties were 'there yet' when it came to an immediate end to the war. Now, Zelenskyy is slated to travel to Washington on Monday to meet Trump for further discussions.
Mint
22 minutes ago
- Mint
Trump's punishing tariffs to deepen the slump in one large corner of Indian banking
Mumbai: Indian banks have low exposure to the sectors in the direct line of US President Donald Trump's tariffs. Yet, as trade disruption ripples through the economy, they may not escape a further slowing in corporate loans. Sectors including textiles, jewellery, apparel, seafood, machinery and mechanical appliances, chemicals, and auto components are expected to bear the brunt of the 50% tariffs on Indian goods entering the US. Direct lending by top banks such as State Bank of India, ICICI Bank and HDFC Bank to these industries is estimated to be about 10% of the overall loans, limiting the impact on lenders. What is concerning is the second-order hit. There are three primary reasons behind concerns about a potential slowdown in corporate credit growth on account of tariffs, according to analysts at Fitch group company CreditSights. 'First, we expect banks to be more cautious to lend to export-oriented companies, particularly in sectors heavily reliant on US demand, as the 50% tariff would have a significant impact on their businesses," Lim Ze Hao, analyst, financials at CreditSights, told Mint. It is likely that export orders are put on hold or even scrapped as US buyers seek cheaper alternatives from countries with lower tariffs, he said. Second, with the high tariff rate now and some uncertainty over where the tariff rate will eventually settle, exporters and manufacturing firms are likely inclined to pause expansion plans, resulting in reduced demand for bank loans. According to Ze Hao, finally, the 50% tariff rate will also have a moderate drag on India's GDP growth. 'Slower GDP growth typically translates into slower overall system loan growth, as businesses become more conservative about expanding operations because of slower demand, and consumers will also be more cautious about making major purchases." India's growth rate is estimated to decline by 20-30 basis points as US President Donald Trump imposes tariffs on trading partners to fulfil his election promise of bringing back jobs to the US. India faces one of the highest levies, at 50%, including 25% for buying Russian energy. Indian conglomerates have already flagged uncertainties emanating from tariffs. Corporate credit slump Reliance Industries, in its annual report, warned that 'continuing geopolitical and tariff-related uncertainties may affect trade flows and demand‑supply balance" for its oil-to-chemicals business that encompasses transportation fuels, and polyesters, among others. JSW Steel said in its annual report that 'the policy uncertainty is adversely affecting business and consumer confidence". Demand for corporate loans wasn't strong even before Trump started using tariffs as a negotiating stick. Indian banks have been waiting for corporates to borrow more. A recovery in credit demand has been impeded by the companies' reluctance to embark on new capital expenditure and their use of internal accruals, instead of bank loans, to fund projects. Bank loans to industries—micro, small, medium, and large—stood at ₹39.3 trillion at end-June, up 5.5% on year. Yet, the growth has slowed down from 8.1% seen in the previous year. The segment accounted for 21.4% of the overall non-food credit of banks in June, down from 22.1% in the same period of the previous financial year. Non-food credit excludes loans to the Food Corporation of India. A Mint analysis of cash holdings of 285 BSE-listed firms, excluding banking, financial services and insurance companies, showed a 12% year-on-year rise to ₹5.09 trillion in FY25. However, new project announcements—a proxy for capital expenditure—fell 5% in FY25, following a 3% contraction in FY24, Mint reported on 6 July, citing data from the Centre for Monitoring Indian Economy (CMIE). Lenders still optimistic Banks are hopeful that corporate loan demand will recover.C.S. Setty, chairman, State Bank of India (SBI), said on 8 August that corporate loan demand is expected to be at least 10% in the December quarter of the current financial corporate loan book grew 5.7% year-on-year, down from 15.9% a year earlier. The state-owned lender's total domestic loan book expanded 11.1% in the June quarter versus 15.6% a year earlier. Sashidhar Jagdishan, chief executive of HDFC Bank, told analysts on 19 July that the bank is 'not seeing anything great on the capital, private capex side as yet". However, the private lender 'shall surely participate in across all our segments, whether it is rural, whether it is retail, whether it is MSME and whether it is corporate as well". But it's not just that the demand for corporate loans has slowed down. 'There is a general demand slowdown, whether it is consumption in general or demand for corporate loans," said Anil Gupta, senior vice-president and group head of financial sector ratings, Icra Ltd. 'Banks would be ready to fund but in an uncertain environment, loan growth may remain tepid in the near term." According to Gupta, exporters may be in a wait-and-watch mode, given the uncertainty on tariffs and possible additional costs, which may reduce demand for working capital loans. As far as term loans are concerned, he said, clarity on demand revival may revive private capital expenditure.
Mint
22 minutes ago
- Mint
Russia-Ukraine peace deal closer? Trump envoy says Putin agrees to NATO-style protection for Kyiv
During his summit with President Donald Trump, Russian President Vladimir Putin accepted the proposal that the US and its European allies could extend Ukraine a security guarantee similar to NATO's collective defense mandate as part of a potential peace settlement. Trump's envoy Steve Witkoff, who attended Friday's talks at a military base in Alaska, said 'was the first time we had ever heard the Russians agree to that' and called it 'game-changing.' Witkoff told CNN on Sunday, 'We were able to win the following concession: That the United States could offer Article 5-like protection, which is one of the real reasons why Ukraine wants to be in NATO," Witkoff did not elaborate on how the security framework might function, but the proposal signaled a significant shift for Putin and could provide a way around his longstanding resistance to Ukraine joining NATO. It is likely to be a key topic Monday as Ukrainian President Volodymyr Zelenskyy and major European leaders meet with Trump at the White House to discuss ending the 3 1/2-year conflict. Witkoff added that Russia had also consented to pass legislation pledging not to 'go after any other European countries and violate their sovereignty.' 'The Russians agreed on enshrining legislatively language that would prevent them from — or that they would attest to not attempting to take any more land from Ukraine after a peace deal, where they would attest to not violating any European borders," he said on 'Fox News Sunday.' Europe welcomes US openness to security guarantees European Commission President Ursula von der Leyen, speaking in Brussels alongside Zelenskyy, applauded the news from the White House as a European coalition looks to set up a force to police any future peace in Ukraine. "We welcome President Trump's willingness to contribute to Article 5-like security guarantees for Ukraine and the coalition of the willing' — including the European Union — is ready to do its share,' she said. Zelenskyy thanked the US for signaling that it was willing to support such guarantees but said much remained unclear. 'There are no details how it will work, and what America's role will be, Europe's role will be and what the EU can do — and this is our main task: We need security to work in practice like Article 5 of NATO,' he said. French President Emmanuel Macron said the substance of security guarantees to secure any peace arrangement will be more important than whether they are given an Article 5-type label.
