Malaysia to Look Into Claim 1MDB Fugitive Jho Low Is in China
The country has not received information on the whereabouts of Low, better known as Jho Low, Prime Minister Anwar Ibrahim said on Saturday, state news agency Bernama reported. Anwar said he would need to check with the home ministry, which didn't respond to calls early Monday.
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Yahoo
22 minutes ago
- Yahoo
Why has India vowed to protect its farmers in the face of tariff threats?
By Rajendra Jadhav MUMBAI (Reuters) - U.S. President Donald Trump on Thursday slapped a 25% tariff on Indian goods after prolonged talks that got bogged down over access to India's labour-intensive agricultural sector, which New Delhi has pledged to protect. WHY IS INDIA OPPOSING THE PRODUCTS THE U.S. IS LOBBYING FOR? The United States is pressing India to open its markets to a wide range of American products, including dairy, poultry, corn, soybeans, rice, wheat, ethanol, fruits and nuts. While India is willing to provide greater access for U.S. dry fruits and apples, it is holding back on corn, soybeans, wheat, and dairy products. A key reason for this resistance is that most U.S. corn and soybeans are genetically modified (GM), and India does not permit the import of GM food crops. GM crops are widely perceived in India as harmful to human health and the environment, and several groups affiliated with Prime Minister Narendra Modi's ruling Bharatiya Janata Party (BJP) are opposing their introduction. The commercial cultivation of a high-yielding GM mustard variety that India developed itself is currently not allowed due to an ongoing legal battle. Like GM crops, dairy is also a highly sensitive issue, as it provides a livelihood for millions of farmers, including many who are landless or smallholders. The dairy industry helps sustain farmers even during erratic monsoon seasons, which can cause significant fluctuations in crop production. In India, where a large proportion of the population is vegetarian, food choices are strongly influenced by cultural and dietary preferences. Indian consumers are particularly concerned that cattle in the U.S. are often fed animal by-products - a practice that conflicts with Indian food habits. WHY ARE AGRICULTURAL IMPORTS POLITICALLY CHARGED? India is self-sufficient in most farm goods, with the exception of vegetable oils. After liberalising cooking oil imports over three decades ago, the country now has to import nearly two-thirds of its supply to meet demand. India does not want to repeat this mistake with other basic foods, which account for nearly half of its consumer price index. Though agriculture makes up just 16% of India's nearly $3.9 trillion economy, it is the lifeblood for nearly half the country's 1.4 billion people. Four years ago, this powerful voting bloc forced Modi's government into a rare retreat on a set of controversial farm laws. Some in power fear a flood of cheaper U.S. imports would bring down local prices and hand opposition parties an opportunity to sharpen its attack on the government. New Delhi is also worried that a trade deal with the U.S. could also force it to open its agricultural sector to other countries. HOW DOES FARMING IN INDIA AND THE U.S. DIFFER? The vast disparity in the scale of farming makes it difficult for Indian farmers to compete with their U.S. counterparts. The average Indian farm is a 1.08 hectares (2.67 acres), compared to 187 hectares in the U.S. For dairy farmers, the difference is even more dramatic - a small herd of two or three animals versus hundreds or more in the U.S. Many Indian farmers also rely on traditional, unmechanised techniques, while American agriculture has developed into a highly efficient, tech-driven industry. WHY IS INDIA HESITANT TO USE U.S. ETHANOL IN ITS BIOFUEL PROGRAMME? One of India's key goals with its Ethanol Blended Petrol (EBP) programme is to reduce energy imports and support domestic farmers by using sugarcane and corn for biofuel production. Indian companies have invested heavily in new distilleries, and farmers have expanded corn cultivation to meet the rising demand. India recently achieved its ambitious target of a 20% ethanol blend in petrol. With state assembly elections approaching in Bihar - a major corn-producing state in the east - allowing U.S. ethanol imports would lower local corn prices. This would probably anger farmers and turn them against the BJP ahead of the election and also undermine the growing distillery sector. 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
30 minutes ago
- Yahoo
Trump breaks tariff promise again
Trump breaks tariff promise again originally appeared on TheStreet. Even though President Donald Trump has repeatedly said that he wouldn't extend tariff arrangements beyond the Aug. 1 deadline regardless of a deal or not, he again broke his promise by extending the arrangements with Mexico for another 90 days on July 31. The crypto market, which earlier used to react sharply to such tariff announcements, seems to have grown mature over the past few months. Bitcoin was trading at $118,399.76, Ethereum was trading at $3,793.72, and XRP was trading at $3.10. After initiating the global tariff war on Apr. 2, Trump took a dramatic turn on Apr. 9 when he froze tariff hikes for nearly all the countries except China for 90 days. He boasted the U.S. would have 90 deals within the next 90 days but extended the deadline from July 9 to Aug. 1. So far, there are only eight trade deals, including with the EU, the U.K., Japan, and South Korea. The U.S. has failed to reach any final agreement with its key partners such as Canada, Australia, and India. Talks with China are still going look at how the ebbs and flows of the tariff announcements impacted the crypto market. The market cap fell from $2.74 trillion to $2.42 trillion on Apr. 8. The tariff pause announcement on Apr. 9 sent the market into a recovery mode and the cap hit $2.71 trillion on Apr. 12. Since then, the crypto market has grown fairly resilient to such macroeconomic pressures and has been growing steadily. Amid the tariff uncertainty, Bitcoin hit the record high of $123,091.61 on July 14. The crypto market cap stood at $3.86 trillion at the time of writing. Trump breaks tariff promise again first appeared on TheStreet on Jul 31, 2025 This story was originally reported by TheStreet on Jul 31, 2025, where it first appeared.
New York Times
40 minutes ago
- New York Times
Trade Fueled Inequality. Can Trump's Tariffs Reduce It?
During the three-decade heyday of globalization, goods and money ping-ponged their way to every corner of the world, generating stupendous amounts of wealth, trade and technological innovation. At the same time, the wealthiest countries experienced startling rises in inequality at home. In the United States, where the gap between the rich and everyone else is among the highest in the world, some of those hit hardest were working people without college degrees. Now, free trade believers are swimming against the tide. President Trump has raised tariffs to their highest levels in nearly a century. The president doesn't talk much about inequality. But his animating argument for tariffs — that they will pressure companies to bring well-paid manufacturing jobs back to America — is pitched to those workers who felt left behind and neglected. So, will the tariffs reduce inequality? Probably not, and here's why. Hyper globalization certainly contributed to America's rising inequality. Consumers saved hundreds of dollars on the cost of televisions, shoes and comforters. But many middle-class livelihoods and communities were destroyed when factories either relocated to countries where wages were lower or went bust because they couldn't compete with cheap imports. China's entry into the global marketplace at the beginning of this century delivered a major wallop. Between 1999 and 2011, Chinese imports were directly responsible for the loss of 2.4 million American jobs, according to researchers. It is true that more jobs were created, but many of them did not pay as well as those that were eliminated, nor were they taken by the workers who lost out. Want all of The Times? Subscribe.
