Latest news with #BloombergIndia
Yahoo
31-07-2025
- Business
- Yahoo
India Tells Oil Refiners to Draw Up Plans for Non-Russian Crude
(Bloomberg) -- India told its oil refiners to come up with plans for buying non-Russian crude, a scenario that would have far-reaching consequences for the global oil market if it ultimately meant reduced dealings with Moscow. The World's Data Center Capital Has Residents Surrounded An Abandoned Art-Deco Landmark in Buffalo Awaits Revival We Should All Be Biking Along the Beach Budapest's Most Historic Site Gets a Controversial Rebuild San Francisco in Talks With Vanderbilt for Downtown Campus The government has asked state-owned processors to prepare an outline of where alternate barrels can be sourced and at what volume if Russian flows get stopped, people familiar with the matter said, asking not to be named due to the sensitivity of the matter. One of the people said that the instruction amounted to scenario planning in case Russian crude were to become unavailable. The request came after a social-media post on Wednesday by US President Donald Trump threw the Asian nation's fuel makers into disarray. Trump said in his post that India would face 'penalties' because of ongoing purchases of Russian energy that helped to fund the war in Ukraine. India is a critical source of demand for Russian oil and Moscow would have to divert millions of barrels a month to China and other buyers if New Delhi were to halt buying. They've helped Russian barrels to keep flowing to the world — largely undisturbed — despite wide-ranging western sanctions. So far the Indian government hasn't set out its position and people with knowledge of the matter said it's still evaluating the situation and will continue to do so for several more days. India's refiners have been racing to buy barrels from elsewhere and there are tentative signs that they might be scaling back Russian cargo purchases. A senior executive at a major Indian oil refiner said the company would try to source more crude from the Middle East and Africa, while still looking to the government for guidance on how to proceed. The situation was not entirely unexpected, but would increase costs and reduce margins, said the executive, who asked not to be identified due to the sensitivity of the matter. Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. The refiners have now almost completed their monthly cycle of booking Russia's Urals cargoes for September loading and aren't buying more pending clarification from the government, according to separate people familiar with the matter, who asked not to be identified because they're not authorized to speak to the media. The processors, who have become heavily dependent on cut-price Russian energy over the past few years, were already grappling with a proposed European Union ban on their exports of diesel made from Russian oil. With Washington now taking a harder line against the Kremlin too, the race to identify alternative sources of crude is gathering pace. India is heavily dependent on imported energy, and more than a third of its overseas purchases of crude come from Russia. Along with China, it has become the most important buyer of Moscow's oil, with many of its refiners coming to rely on the discounted barrels. Trump's comments have created 'more uncertainty' for Indian refiners on their Russian crude imports, said Vandana Hari, the Singapore-based founder of Vanda Insights, an oil consultant. The uncertainty could last until Aug. 7, unless Putin makes a conciliatory move before that, she said, referring to Trump's deadline for a ceasefire in Ukraine. The shares of Indian refiners fell on Thursday. State-run Indian Oil Corp., the nation's biggest processor, dropped as much as 3.2% in Mumbai, with Bharat Petroleum down as much as 4.1%. Hindustan Petroleum Corp. lost as much as 3.7% and privately owned Reliance Industries Ltd. dipped as much as 2%. Flurry of Tenders Spokespeople at Indian Oil, Bharat Petroleum, Hindustan Petroleum, Reliance Industries and the oil ministry didn't immediately reply to requests for comment. Even in the days before Trump's announcement, state-owned refiners had been issuing buy tenders for unusually short-notice arrival dates. Indian Oil most recently issued a tender for crude arriving in late September to early October, shortly after awarding a similar one for roughly the same dates. Bharat Petroleum purchased Middle Eastern and West African grades this week, also for delivery in late-September to early-October. Typically, tenders issued at this time would be for oil arriving in mid-to-late October. Still, there's skepticism that Asian buyers of Russian oil can completely pivot to alternative supplies. 'Finding a replacement of Russian crude on the global market would be difficult, given the large volumes, faster-than-expected declines in OPEC spare capacity, and differences in crude qualities,' Goldman Sachs Group Inc. analysts including Yulia Grigsby said in a note. India bought about 1.63 million barrels a day of Russian crude last year, more than a third of its total imports, according to ship-tracking data compiled by Bloomberg. Those volumes have largely held up so far this year. 'There will be a scramble for cargoes,' said R. Ramachandran, an Indian oil industry veteran who was director of refining at Bharat Petroleum Corp. before leaving the company in 2020. 'There is plenty of crude available in the market, it's just that India will have to pay more' and it would probably take three to six months before supply lines were realigned. India, keen to keep trade talks with the US on track, is weighing options to placate the White House, including boosting US imports, according to people familiar with the matter. --With assistance from Serene Cheong and Santosh Kumar. (Updates from first paragraph with government request to identify alternative crudes.) Russia Builds a New Web Around Kremlin's Handpicked Super App Burning Man Is Burning Through Cash Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts ©2025 Bloomberg L.P.
Yahoo
18-06-2025
- Business
- Yahoo
Modi Disputes Trump's Version of India-Pakistan Ceasefire
(Bloomberg) -- Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Security Concerns Hit Some of the World's 'Most Livable Cities' How E-Scooters Conquered (Most of) Europe JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown Indian Prime Minister Narendra Modi disputed President Donald Trump's claims that trade deals were used to clinch a recent ceasefire with Pakistan, the latest sign of possible strain in the relationship between New Delhi and Washington. Modi held a 35-minute call with Trump on Tuesday night in the US after the two leaders failed to meet in person at the Group of Seven meeting in Canada, India's Foreign Secretary Vikram Misri said in a video statement. It was their first conversation since the four-day military strikes between India and Pakistan last month that brought the two neighbors close to war. Trump has consistently said the US helped broker a ceasefire and that he used trade deals as a negotiating tool, comments that Indian officials have disputed. Modi clarified India's position to Trump during the leaders' call, Misri said Wednesday. 'PM Modi clearly told President Trump that during this entire incident, at no time, at any level, were there any talks on issues like India-US trade deal or mediation between India and Pakistan through America,' he said. 'PM Modi stressed that India has never accepted mediation, does not accept it, and will never accept it.' The Indian leader's forthright comments come amid growing frustration in New Delhi over Trump's repeated claims of defusing tensions between the nuclear-armed South Asian rivals. Modi's rebuttal coincides with a tougher Indian stance in trade talks with the US, though analysts say the sharper tone is unlikely to affect negotiations or long-term ties with Washington. 'By outlining the events and India's position, Prime Minister Modi was setting the record straight with President Trump,' Harsh Vardhan Shringla, former Indian foreign secretary and envoy to the US said. 'The India-US relationship is very comprehensive and will continue to grow.' Still, the underlying discontent in New Delhi over what it sees as Trump's attempts to place India and Pakistan on equal footing — and undermine its long-standing foreign policy — is far from resolved. Modi echoed that frustration in a speech at the G-7 summit on Tuesday, where he criticized inconsistent global standards on terrorism, without naming any country specifically. 'On the one hand, we are quick to impose various sanctions based on our own preferences and interests,' he said during a session held after Trump had left Canada. 'On the other hand, nations that openly support terrorism continue to be rewarded. I have some serious questions for those present in this room.' New Delhi has said it won't hold talks with Pakistan unless that country takes action to prevent terrorist attacks. The recent military conflict between the two countries was triggered by an April 22 deadly attack on mainly Indian tourists in the Indian-controlled part of Kashmir. India called it a terrorist attack and blamed Pakistan, accusations that Islamabad have denied. In contrast to India, Pakistan has credited Trump's role in helping negotiate a peace deal and is open to mediation. In an unusual move, Trump is expected to meet with Pakistan's army chief, Asim Munir, at the White House on Wednesday. Modi's remarks during the phone call may also have been intended to clear up some of the domestic confusion. 'The PM needed to clarify this because the confusion that was caused by President Trump,' said Indrani Bagchi, chief executive officer at Ananta Centre, a Delhi-based think tank. 'It was good that the prime minister made that clear to President Trump at his level.' India's opposition groups said additional measures may be needed to address the diplomatic fallout from Trump's version of the truce. Modi remained 'silent' for too long, and the US president's assertions went unchallenged, Congress spokesperson Jairam Ramesh told ANI on Wednesday. He asked the prime minister to 'say the same things that you have supposedly told President Trump on the phone' at a special session of the parliament. Trump asked Modi to visit him in the US following his trip to Canada, but 'due to prior engagements, Prime Minister Modi expressed his inability to do so,' said Misri. Modi has a scheduled stop in Croatia for a state visit before he returns to India from the G-7. Misri said Trump accepted Modi's invitation to visit India for the annual Quad meet scheduled for later in the year. (Updated with more comments and details.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Mark Cuban Has Done Sports, Reality TV and Now Health Care. Why Not US President? How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. 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
Mint
10-06-2025
- Business
- Mint
Top India Dealmakers Earn 37% More Than Singapore Peers
(Bloomberg) -- Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Senior dealmakers in India are earning more than their counterparts in Singapore and Hong Kong, according to Bloomberg Intelligence, as global firms boost pay to attract top talent in the world's fastest-growing major economy. Heads and directors at investment banks in the South Asian nation's major financial hubs, such as Mumbai and free trade zone GIFT city, are paid 24% more than their peers in Hong Kong and 37% higher than in Singapore, according to Bloomberg Intelligence's analysis of a survey by recruiter Michael Page. For the year, India's bankers are set for pay rises of more than 9%, compared to 4-5% in the two Asian cities, Bloomberg Intelligence senior analyst Sarah Jane Mahmud wrote in a note Tuesday. The report cited survey data from consulting firm Aon. India is seeing a boost from a rebound in investments even as global trade uncertainties weigh on the country's broader outlook. Foreign lenders such as Japan's Mitsubishi UFJ Financial Group Inc. are continuing to expand in the South Asian nation, while Julius Baer Group Ltd. is seeking to triple the wealth assets it manages, the Bloomberg Intelligence report said. Investors have refocused on India's lower relative exposure to the US during the recent turbulence in global trade policy. M&A volumes have picked up and dealmakers say the country is well positioned to lure more overseas capital from private equity and sovereign wealth funds. While India has higher income tax rates than Singapore and Hong Kong, its lower cost of living may be a draw, according to the report. Pay for wealth managers in India, however, continued to lag behind that of Hong Kong and Singapore by 47-58%, only a slight improvement from last year, the report showed. (Adds detail on wealth manager pay in seventh paragraph) More stories like this are available on
Bloomberg
06-06-2025
- Business
- Bloomberg
Goldman Funds $600 Million Equity for Coca-Cola India Unit Sale
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Goldman Sachs Asset Management has provided $600 million to partially fund the equity investment needed by Indian conglomerate Jubilant Bhartia Group for its purchase of a 40% stake in The Coca-Cola Co. 's bottling unit in India, according to people familiar with the matter.
Bloomberg
06-06-2025
- Business
- Bloomberg
Gail Offers LNG Cargo Diverted Abruptly From India
Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. Gail India Ltd. is seeking to sell its contractual cargo of liquefied natural gas that's already on the water, a rare move that signals ample inventories and easing demand in the South Asia nation.
