How the Sell-Side Stays Ahead in 2025 Report
From managing volatility and regulatory shifts to embedding AI across the front office, discover how sell-side leaders are responding to change to stay ahead.
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Yahoo
2 minutes ago
- Yahoo
Modi and Trump once called each other good friends. Now the US-India relationship is getting bumpy
NEW DELHI (AP) — They men shared bear hugs, showered praise on each other and made appearances side by side at stadium rallies — a big optics boost for two populist leaders with ideological similarities. Each called the other a good friend. In India, the bonhomie between Prime Minister Narendra Modi and U.S. President Donald Trump was seen as a relationship like no other. That is, until a series of events gummed up the works. From Trump's tariffs and India's purchase of oil from Russia to a U.S. tilt towards Pakistan, friction between New Delhi and Washington has been hard to miss. And much of it has happened far from the corridors of power and, unsurprisingly, through Trump's posts on social media. It has left policy experts wondering whether the camaraderie the two leaders shared may be a thing of the past, even though Trump has stopped short of referring to Modi directly on social media. The dip in rapport, some say, puts a strategic bilateral relationship built over decades at risk. 'This is a testing time for the relationship,' said Ashok Malik, a former policy adviser in India's Foreign Ministry. The White House did not immediately respond to a message seeking comment. Simmering tensions over trade and tariffs The latest hiccup between India and the U.S. emerged last week when Trump announced that he was slapping 25% tariffs on India as well as an unspecified penalty because of India's purchasing of Russian oil. For New Delhi, such a move from its largest trading partner is expected to be felt across sectors, but it also led to a sense of unease in India — even more so when Trump, on social media, called India's economy 'dead.' Trump's recent statements reflect his frustration with the pace of trade talks with India, according to a White House official who was not authorized to speak publicly and spoke on condition of anonymity to describe internal administration thinking. The Republican president has not been pursuing any strategic realignment with Pakistan, according to the official, but is instead trying to play hardball in negotiations. Trump doubled down on the pressure Monday with a fresh post on Truth Social, in which he accused India of buying 'massive amounts' of oil from Russia and then 'selling it on the Open Market for big profits.' 'They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA,' he said. The messaging appears to have stung Modi's administration, which has been hard-selling negotiations with Trump's team over a trade deal by balancing between India's protectionist system while also opening up the country's market to more American goods. Many expected India to react strongly considering Modi's carefully crafted reputation of strength. Instead, the announcement prompted a rather careful response from India's commerce minister, Piyush Goyal, who said the two countries are working towards a 'fair, balanced and mutually beneficial bilateral trade agreement.' India's Foreign Ministry also played down suggestions of any strain. However, experts in New Delhi wonder. 'Strenuous, uninterrupted and bipartisan efforts in both capitals over the past 25 years are being put at risk by not just the tariffs but by fast and loose statements and social media posts,' said Malik, who now heads the India chapter of The Asia Group, a U.S. advisory firm . Malik also said the trade deal the Indian side has offered to the U.S. is the 'most expansive in this country's history,' referring to reports that India was willing to open up to some American agricultural products. That is a politically sensitive issue for Modi, who faced a yearlong farmers' protest a few years ago. Trump appears to be tilting towards Pakistan The unraveling may have gained momentum over tariffs, but the tensions have been palpable for a while. Much of it has to do with Trump growing closer to Pakistan, India's nuclear rival in the neighborhood. In May, India and Pakistan traded a series of military strikes over a gun massacre in disputed Kashmir that New Delhi blamed Islamabad for. Pakistan denied the accusations. The four-day conflict made the possibility of a nuclear conflagration between the two sides seem real and the fighting only stopped when global powers intervened. But it was Trump's claims of mediation and an offer to work to provide a 'solution' regarding the dispute over Kashmir that made Modi's administration uneasy. Since then, Trump has repeated nearly two dozen times that he brokered peace between India and Pakistan. For Modi, that is a risky — even nervy — territory. Domestically, he has positioned himself as a leader who is tough on Pakistan. Internationally, he has made huge diplomatic efforts to isolate the country. So Trump's claims cut a deep wound, prompting a sense in India that the U.S. may no longer be its strategic partner. India insists that Kashmir is India's internal issue and had opposed any third-party intervention. Last week Modi appeared to dismiss Trump's claims after India's Opposition began demanding answers from him. Modi said that 'no country in the world stopped' the fighting between India and Pakistan, but he did not name Trump. Trump has also appeared to be warming up to Pakistan, even praising its counterterrorism efforts. Hours after levying tariffs on India, Trump announced a 'massive' oil exploration deal with Pakistan, saying that some day, India might have to buy oil from Islamabad. Earlier, he also hosted one of Pakistan's top military officials at a private lunch. Sreeram Sundar Chaulia, an expert at New Delhi's Jindal School of International Affairs, said Trump's sudden admiration for Pakistan as a great partner in counterterrorism has 'definitely soured' the mood in India. Chaulia said 'the best-case scenario is that this is just a passing Trump whim,' but he also warned that 'if financial and energy deals are indeed being struck between the U.S. and Pakistan, it will dent the U.S.-India strategic partnership and lead to loss of confidence in the U.S. in Indian eyes.' India's oil purchases from Russia are an irritant The strain in relations has also to do with oil. India had faced strong pressure from the Biden administration to cut back its oil purchases from Moscow during the early months of Russia's invasion of Ukraine. Instead, India bought more, making it the second-biggest buyer of Russian oil after China. That pressure sputtered over time and the U.S. focused more on building strategic ties with India, which is seen as a bulwark against a rising China. Trump's threat to penalize India over oil, however, brought back those issues. On Sunday, the Trump administration made its frustrations over ties between India and Russia ever more public. Stephen Miller, deputy chief of staff at the White House, accused India of financing Russia's war in Ukraine by purchasing oil from Moscow, saying it was 'not acceptable.' Some experts, though, suspect Trump's remarks are mere pressure tactics. 'Given the wild fluctuations in Trump's policies,' Chaulia said, 'it may return to high fives and hugs again.' ___ Associated Press writer Michelle L. Price in Washington contributed reporting. Sheikh Saaliq And Rajesh Roy, The Associated Press Sign in to access your portfolio
Yahoo
2 minutes ago
- Yahoo
China trade fight weakens Matson earnings
Matson said earnings were hit by U.S. tariffs on China and said that an expected recovery of trans-Pacific trade won't equal year-ago volumes. The U.S.-flag carrier (NYSE: MATX) reported revenue for the second quarter ended June 30 totaled $830.5 million compared with $847.4 million for the same period in 2024. Net income fell to $94.7 million, or $2.92 per diluted share, from $113.2 million, or $3.31 per diluted share a year ago. Operating income was $113.0 million from $124.6 million y/y, while earnings before interest, taxes, depreciation and amortization (EBITDA) declined to $163.6 million versus $171.5 million in the year-ago quarter. Freight rates were modestly higher in the quarter y/y. The Honolulu-based company said ocean transportation income was lower year-over-year due to China volumes that fell 14.6%. Demand rebounded following the April tariff pause between China and the U.S., while shifting trade flows boosted container volumes outside of China higher than in the first quarter. Hawaii and Alaska volumes were higher y/y. Chairman and Chief Executive Matt Cox in a release said that the company was raising its full-year ocean transportation operating income guidance higher than it provided in May, but moderately lower than the level achieved in the prior year. Third quarter results are expected to be 'meaningfully lower' from a year ago on trade and tariff volatility, as well as the expectation of a 'muted' peak shipping season. Also this week, Matson in a letter to customers said it would no longer ship electric vehicles powered by lithium-ion batteries due to increasing safety concerns. The carrier is an established carrier of roll-on roll-off cargo to Hawaii and Alaska, and hauled 30,000 vehicles in 2024. Find more articles by Stuart Chirls ports sales challenge could turn into Trump win Why a French shipping magnate with US ties is interested in China-owned port terminals Rail deal will open new markets for top US container port Activist investor may target CSX, citing slumping financial performance The post China trade fight weakens Matson earnings appeared first on FreightWaves. Sign in to access your portfolio
Yahoo
2 minutes ago
- Yahoo
San Antonio Spurs, De'Aaron Fox agrees to four-year, $228M extension, AP source says
SAN ANTONIO (AP) — San Antonio Spurs guard De'Aaron Fox has agreed to a four-year, $228 million maximum contract extension, a person with knowledge of the situation said Monday. Fox is under contract this season for the final year of his five year, $163 million deal. The extension starts in 2026-27, said the person, who spoke with The Associated Press on condition of anonymity because the Spurs have yet to announce the agreement. ESPN first reported the deal. The move was expected after the Spurs made a big splash at the trade deadline last season by getting Fox from the Sacramento Kings. Fox has career averages of 21.5 points and 6.1 assists in eight NBA seasons. He averaged 19.8 points and 6.7 assists in 17 games with the Spurs last season. The Spurs, with Fox, Victor Wembanyama, rookie of the year Stephon Castle and this year's No. 2 pick Dylan Harper, appear poised to be a challenger in the Western Conference. ___ AP Basketball Writer Tim Reynolds contributed to this report. ___ AP NBA:
