China's cyberspace regulator summons Nvidia over H20 chip risks
Nvidia was required to provide explanation on "backdoor vulnerability security risks" of its H20 computing chips sold to China and submit relevant documents, the Cyberspace Administration of China said.
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First Post
11 minutes ago
- First Post
Marcos in India on first state visit day after joint maritime drill near South China Sea
Philippine President Ferdinand Marcos Jr embarks on a five-day visit to India. The trip coincides with both nations launching their first joint maritime exercises in the South China Sea amid Chinese aggression read more Philippine President Ferdinand Marcos Jr delivers his fourth State of the Nation Address (SONA), at the House of Representatives, in Quezon City, Metro Manila, Philippines, July 28, 2025. File Image/Reuters Philippine President Ferdinand Marcos embarks on a four-day visit to India today, coinciding with both nations launching their first joint maritime drills in the contentious South China Sea. What makes the visit significant is the fact that this is Marcos's first state visit to India. Philippine authorities noted that Marcos's trip would aim to deepen diplomatic and economic ties between the two countries at a time when uncertainties have taken over the international arena. The trip through Friday comes at the invitation of Indian Prime Minister Narendra Modi. STORY CONTINUES BELOW THIS AD During his four-day visit, Marcos Jr will hold talks with Indian President Droupadi Murmu, Prime Minister Modi, External Affairs Minister S Jaishankar, and Health Minister J P Nadda. He will meet the external affairs minister on August 4, and on the next day, he will be laying a wreath at Raj Ghat before holding bilateral talks with the PM in Heydrabad House. India, Philippines launch monumental Maritime Drills It is pertinent to note that the Philippine president's visit to New Delhi comes as his country conducts its first joint maritime exercises in the South China Sea, amid growing Chinese aggression in the region. The joint drills, dubbed 'maritime cooperative activity,' will be held starting Aug. 3 as visiting Indian naval ships depart Manila harbour. 'This historic visit of the Indian naval ships and the upcoming maiden maritime cooperation activity collectively set a positive tone for the state visit of President Ferdinand Marcos Jr. to India next week, underscoring the deepening partnership and expanding cooperation between our two nations,' said Philippine national security officials, diplomats, defense attaches, and other guests, at a reception aboard the INS Shakti (A57) on July 31. The Indian Navy ships guided missile destroyer INS Delhi (D61), fleet tanker INS Shakti and anti-submarine warfare corvette INS Kiltan (P30) were docked in Manila on July 30 for a port visit. Meanwhile, Surveillance ship INS Sandhayak (Yard 3025) arrived in the Philippine capital on August 1. 'The visit of the Indian naval ships to the Philippines is a powerful testament to the enduring friendship and growing maritime cooperation between the two countries. It also symbolises our shared commitment to the freedom of navigation and a free, open and rules-based Indo-Pacific region,' Jain said. In light of this, Armed Forces of the Philippines chief Gen. Romeo Brawner Jr. described the upcoming 'coordinated patrol' as 'a clear demonstration of our mutual resolve to safeguard freedom of navigation and uphold the law of the sea.' It is important to note that the island nation has carried out similar patrols with the United States, Australia, Japan, France and Canada. STORY CONTINUES BELOW THIS AD 'As we stand watch over a region vital to global trade and security, we do not do so in isolation, but in partnership with nations who share our values,' General Brawner Jr averred. Defence ties between India and the Philippines have been strong for decades. This can be reflected by the fact that the Philippines was the first overseas customer to receive the BrahMos missile system from India for a contract worth $374.9 million in January 2022.
Indian Express
11 minutes ago
- Indian Express
‘India buying Russian oil not acceptable': Top Trump aide accuses India of financing Russia's war against Ukraine
One of the top aides to US President Donald Trump has accused India of allegedly financing the Russian war against Ukraine by purchasing oil from Moscow. The development comes after the US president escalated pressure on New Delhi to stop buying Russian oil or face penalties. During an interview on Fox News' 'Sunday Morning Futures', Stephen Miller, deputy chief of staff at the White House, said, 'What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia.' Miller, who is seen as one of Trump's most influential aides, criticised India for purchasing oil from Russia and effectively financing Moscow's war against Kyiv. Miller's criticism is being viewed as one of the strongest by the Trump administration yet about one of the US' major partners in the Indo-Pacific. 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact,' Miller said, quoted Reuters. A report by Reuters quoting Indian government sources stated that New Delhi will keep purchasing oil from Moscow despite threats of penalty from President Trump. Trump announced a 25% tariff on Indian products that get imported in the United States and also threatened the countries that buy Russian oil with a 100% tariff on US imports until the Kremlin reaches a ceasefire deal with Ukraine. However, Miller added that President Trump's relationship with Prime Minister Narendra Modi has been 'tremendous'.
Economic Times
41 minutes ago
- Economic Times
US tariff worries weigh on rupee; RBI rate decision in focus
The rupee is likely to stay under pressure this week as concerns over steep U.S. tariffs on Indian exports linger, while the Reserve Bank of India's upcoming policy decision also looms large over the currency and government bonds. ADVERTISEMENT The rupee closed at 87.54 against the U.S. dollar on Friday, down 1.2% for the week, pressured by persistent foreign portfolio outflows and a 25% levy on Indian exports. While the local unit is hovering near its weakest level since February, fresh tariff announcements on dozens of U.S. trading partners also pushed other Asian currencies to multi-month lows. The dollar index, meanwhile, posted its best weekly gain since 2022 as expectations of a U.S. rate cut in September faded. The odds of a reduction in September rose to 80% after data released on Friday showed that the U.S. economy added fewer jobs than expected, while the unemployment rate rose to 4.2%. Meanwhile, the maturity of a $5 billion dollar-rupee buy/sell swap conducted by the RBI earlier this year will be in focus on Monday. ADVERTISEMENT "It would be prudent to break the swap into delivery and rollover. The rupee has probably seen its worst for this quarter and some support will bring it to a desirable level, while not disturbing liquidity, said Alok Singh, group head of treasury at CSB Bank. Traders expect the rupee to trade between 87.00 and 87.80 this week and reckon that the central bank may continue to intervene to limit excessive volatility. ADVERTISEMENT Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield , settled at 6.3680% last week, up 2 basis points (bps). Traders anticipate the yield will remain in the 6.33%-6.38% band till the RBI's policy decision on Wednesday. The range could be tested on either side, depending on policymakers' decision and guidance. ADVERTISEMENT Although some market participants expect a rate cut, a majority of economists polled by Reuters believe RBI will hold rates steady this time. "While it is a close call, our bias remains for a 25 bps rate cut at the August meeting," Citi said. ADVERTISEMENT A drop in India's retail inflation to a more-than-six-year low in June, coupled with expectations that it may slip to a record low in July, have heightened hopes of a rate cut. However, RBI Governor Sanjay Malhotra last month said that the bar for further easing is now higher than it would have been if the stance was still "accommodative". The central bank slashed rates by a steeper-than-expected 50 bps in June and shifted its policy stance to "neutral" from "accommodative". "As the RBI awaits the impact of the large easing it has already done, we believe it will stay put on repo rate changes on 6 August," HSBC said in a note. Key Factors: India ** July HSBC services PMI and composite PMI - August 5, Tuesday (10:30 a.m.) ** Reserve Bank of India's monetary policy decision - August 6, Wednesday (10:00 a.m.)(Reuters poll - no change) U.S. ** June factory orders - August 4, Monday (7:30 p.m. IST) ** June international trade - August 5, Tuesday (6:00 p.m. IST) ** July S&P Global composite PMI final - August 5, Tuesday (7:15 p.m. IST) ** July S&P Global services PMI final - August 5, Tuesday (7:15 p.m. IST) ** July ISM non-manufacturing PMI - August 5, Tuesday (7:30 p.m. IST) ** Initial weekly jobless claims for week to July 28 - August 7, Thursday (6:00 p.m. IST). (You can now subscribe to our ETMarkets WhatsApp channel)
