Ryanair says dropping three French airports over ticket tax
Ryanair
said on Wednesday it was dropping three
French airports
including in the eastern city of Strasbourg over French authorities' decision to maintain an extra tax on air tickets.
"This astronomical tax makes France less competitive compared to other
EU countries
such as
Ireland
,
Spain
and
Poland
, which do not impose any air taxes," the Irish airline said in a statement.
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26 minutes ago
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Indian oil refiners continue to source oil from Russia, says report: ‘Global oil prices could have surged if…'
Indian oil refiners continue to source oil from Russian suppliers, sources told news agency ANI on Saturday. The statement came hours after US President Donald Trump said, "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not." Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors, the sources revealed. Providing context for India's decision to continue sourcing oil from Russian suppliers, sources said that Russia, the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10% of global demand), is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products. Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to US $137 per barrel in March 2022. "In this challenging environment, India, as the world's third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," added sources. Earlier, United States President Donald Trump on Friday (local time) claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to conduct energy policy based on national interest. Earlier on July 31st, Reuters reported, citing its sources, that Indian state-owned refineries suspended Russian oil purchases last week amid threats of tariffs from US President Donald Trump and narrowing price discounts. Providing further historical context to its decision of sourcing Russian Oil, sources told ANI that Russian oil has never been sanctioned ; instead, it was subjected to a G7/EU price-cap mechanism designed to limit revenue while ensuring global supplies continued to flow. India acted as a responsible global energy actor, ensuring markets remain liquid and prices stable. India's purchases have remained fully legitimate and within the framework of international norms. "Had India not absorbed discounted Russian crude combined with OPEC production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide," added sources to ANI. It is also pertinent to note that Russian oil has never been sanctioned and it is still not sanctioned by either US or EU. Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US. Recently EU has recommended a price cap of $47.6 dollars for Russian crude which will be enforced from September. Commenting on European Union's import of Russian origin liquified natural gas (LNG) during this period, sources added, "EU was the largest importer of Russian liquefied natural gas (LNG) during this period, buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. Similarly, for pipeline gas, the EU remained the top buyer with a 37% share, followed by China (30%) and Turkey (27%)." Sources speaking to ANI rebutted media reports of India halting purchase of Russian Oil and after US President's latest comment echoing the claim in the media report. US President Trump made remarks while answering an ANI question, on whether he had a number in mind for the penalties on India and if he was going to speak with Prime Minister Narendra Modi., "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..." Backing their decision to continue sourcing Russian Oil, Sources added that India's energy decisions have been guided by national interest but have also contributed positively to global energy stability. India's pragmatic approach kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks.
Economic Times
26 minutes ago
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Indian Oil refiners continue to source oil from Russia
Washington: Indian oil refiners continue to source oil from Russian suppliers, sources told supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors, the sources context for India's decision to continue sourcing oil from Russian suppliers, sources said that Russia, the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10% of global demand), is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products. Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to US $137 per barrel in March 2022."In this challenging environment, India, as the world's third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," added sources. Earlier, United States President Donald Trump on Friday (local time) claimed that India may cease purchasing Russian oil, calling it "a good step" if confirmed, while India has defended its sovereign right to conduct energy policy based on national interest. Earlier on July 31st, Reuters reported, citing its sources, that Indian state-owned refineries suspended Russian oil purchases last week amid threats of tariffs from US President Donald Trump and narrowing price discounts. Providing further historical context to its decision of sourcing Russian Oil, sources told that Russian oil has never been sanctioned ; instead, it was subjected to a G7/EU price-cap mechanism designed to limit revenue while ensuring global supplies continued to flow. India acted as a responsible global energy actor, ensuring markets remain liquid and prices stable. India's purchases have remained fully legitimate and within the framework of international norms."Had India not absorbed discounted Russian crude combined with OPEC+ production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide," added sources to is also pertinent to note that Russian oil has never been sanctioned and it is still not sanctioned by either US or EU. Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US. Recently EU has recommended a price cap of $47.6 dollars for Russian crude which will be enforced from on European Union's import of Russian origin liquified natural gas (LNG) during this period, sources added, "EU was the largest importer of Russian liquefied natural gas (LNG) during this period, buying 51% of Russia's LNG exports, followed by China at 21% and Japan at 18%. Similarly, for pipeline gas, the EU remained the top buyer with a 37% share, followed by China (30%) and Turkey (27%)."Sources speaking to ANI rebutted media reports of India halting purchase of Russian Oil and after US President's latest comment echoing the claim in the media President Trump made remarks while answering an ANI question, on whether he had a number in mind for the penalties on India and if he was going to speak with Prime Minister Narendra Modi., "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens..."Backing their decision to continue sourcing Russian Oil, Sources added that India's energy decisions have been guided by national interest but have also contributed positively to global energy stability. India's pragmatic approach kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks.
Economic Times
an hour ago
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The India-Italy partnership as champions for the Global South and the Indo-Mediterranean
Agencies India-Italy partnership On the 1st of March 2006, addressing the US Congress, the then Italian Prime Minister Silvio Berlusconi warned that over the next 25 years, two billion more people would mostly be born in countries excluded from prosperity, creating a world split between six billion living in poverty and fewer than two billion in wealth. He said this imbalance would drive massive migration and risk fueling hatred and fundamentalism. The solution, he argued, was to lift poor nations out of misery by spreading democracy, good governance, human rights, and free-market economies, which he described as both a moral duty and a vital a world marked by volatility where conflicts have erupted across the Indo-Mediterranean, tensions in the Indo-Pacific escalate amid China's aggressive posture, and the persistent threat of Islamic extremism continues to challenge global stability, Berlusconi's speech now resonates with prophetic clarity. Nearly two decades after that historic address, Prime Minister Giorgia Meloni has at last crafted a strategic response aimed at addressing the very challenges Berlusconi warned of, warnings that until now successive Italian Prime Ministers and much of the global leadership had largely overlooked. Prime Minister Meloni's Piano Mattei is Italy's strategic framework for cooperation with Africa, focusing on five pillars: energy, water, agriculture, health, and education. Launched in early 2024 and rooted in 'partnership among equals,' it aims to tackle migration drivers and foster investment through public–private tools. She has successfully aligned the plan with the EU's Global Gateway, co-hosting a Rome summit with President Ursula von der Leyen in June 2025 where 11 agreements were signed. The initiative has positioned Italy as a key EU player in shaping Africa policy and development engagement, and Italy has taken the leadership of the EU's much lagging Africa outreach. Under Prime Minister Narendra Modi's leadership, India has doubled down on a Global South leadership agenda by shepherding the African Union's entry into the G20 at the New Delhi Leaders' Summit in September 2023, which elevated African representation in the forum's core deliberations. It has convened the Voice of Global South Summits (January 2023 and August 2024) to channel developing country priorities into global diplomacy. Looking ahead, New Delhi is set to host the Quad Leaders' Summit in 2025, positioning Indo Pacific security dialogues alongside development concerns of the Global South. India is also a central player in an expanded BRICS, with the 2025 leaders' meeting in Rio de Janeiro offering another platform where it engaged in dialogues on finance, development and South-South partnerships. Without directly mentioning it, both Italy and India seek to counter China's debt heavy Belt and Road Initiative (BRI) and its rising military influence in the global south, especially Africa, a young continent, rich in natural resources and full of future potential. While PM Meloni seeks to harness the might of the European Union, PM Modi uses India's centuries of goodwill, colonial era diaspora and soft power. Despite using different strategies both agree on the importance of Africa and the global south to the future of humanity. India and Italy are both firm champions of a more equal, value driven world, where trade wars, proxy wars, natural calamities and pandemics are especially taxing to the poor and the vulnerable. Italy's vision of an enlarged Mediterranean extending to the Horn of Africa aligns naturally with India's MAHASAGAR initiative (Mutual and Holistic Advancement for Security and Growth Across Regions), launched in March 2025 which starts at the Gulf of Aden. Building on its predecessor SAGAR (2015), which focused largely on the Indian Ocean Region, MAHASAGAR broadens India's engagement with the wider Global South, including East Africa, by emphasizing capacity building, sustainable blue-economy growth, trade, connectivity, and security cooperation. It has cemented India's status as the Indian Ocean's primary maritime security provider and a 'first responder' in crises. MAHASAGAR is designed to counter threats such as piracy, illegal fishing, and maritime terrorism while reinforcing India's commitment to a free and rules-based maritime order, reflecting its ambitions as a Global South leader in ocean the shared geography of the Indo-Mediterranean, Italy and India have much to gain by leveraging the synergies between their ambitious initiatives. The challenges they face are common, and both countries are signatories to the India-Middle East-Europe Economic Corridor (IMEC), a major trade route linking the Indo-Pacific with Europe and the United States through the Middle East. While IMEC, which brings together the US, EU, India, Italy, Germany, France, UAE, Saudi Arabia, Israel, and potentially Greece and Cyprus, will require time to develop its infrastructure, a dedicated Indo-Mediterranean corridor between Italy and India could serve as a vital interim upcoming entry into force of the India - European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) on 1st October 2025 underscores this need. Switzerland, the largest EFTA economy and demographically the largest member, is landlocked and heavily dependent on Italian ports for access to India. Experts and entrepreneurs point out the advantage of establishing a dedicatedItaly-India-Switzerland maritime trade corridor which would boost TEPA's implementation while laying the groundwork for IMEC's eventual operation. Just as Trieste could serve as India's gateway to Europe's industrial heartlands and Central and Eastern Europe as Europe's IMEC terminal, other Italian ports could become India's entry points into Switzerland and Lombardy, Italy's economic powerhouse. Above all, Italy's southern ports and the infrastructure projects planned under the Mattei Plan complement India's Africa-focused Mahasagar strategy. The strong personal rapport between the two prime ministers and their alignment on strategic objectives further strengthen this partnership. With the leadership of Prime Ministers Meloni and Modi, two cultural superpowers could very well be lighthouses to ships in today's storms and bring them to the shore. Senator Giulio Terzi di Sant'Agata is the President of the Italy-India Parliamentary friendship group, and Vas Shenoy is the Chief Representative for Italy of the Indian Chamber of Commerce (ICC).
