Latest news with #EuropeanUnion
Nikkei Asia
17 minutes ago
- Politics
- Nikkei Asia
EU leaders face different prospects in Japan and China this week
European Commission President Ursula von der Leyen is meeting Japanese Prime Minister Shigeru Ishiba, right, on Wednesday, and Chinese President Xi Jinping on Thursday. (Source photos by Reuters and Sae Kamae) CLEMENT NGU BRUSSELS -- European Union heads will be in Japan and China this week where they are expected to reaffirm ties with one leader and try to mend relations with another. European Commission President Ursula von der Leyen and European Council President Antonio Costa will meet with Japanese Prime Minister Shigeru Ishiba in Tokyo on Wednesday, before traveling to Beijing to meet President Xi Jinping the following day.
Time of India
17 minutes ago
- Business
- Time of India
Oil shippers, traders avoid EU-sanctioned Nayara Energy
Shipowners and oil traders are staying away from Russia-backed Nayara Energy Ltd. as part of the fallout faced by the Indian refiner, after it was singled out in the latest round of European Union sanctions. At least one oil tanker , the Talara, u-turned and sailed away from Vadinar port on Sunday, according to Bloomberg ship-tracking data. The vessel was meant to pick up a cargo of fuel — likely diesel — from Nayara, shipbrokers said. The booking was cancelled following Friday's sanction, they said, and the cargo was not loaded. Another tanker, the Chang Hang Xing Yun, that was on its way to Vadinar this week, halted off the southwestern coast of India, ballasting, ship-tracking data and chartering fixtures show. The ship is now heading to the Arabian Gulf to pick up cargoes bound for southern Africa, after its previous plans to load products from Vadinar were cancelled yesterday, shipbrokers said. Shipbrokers added owners have become wary of dealings with Nayara this week, be it fuel exports or crude imports. Rosneft PJSC holds a 49.13% stake in the Indian processor. Global oil market observers are waiting to see if the hesitation among shipowners will spread beyond logistics to trading counterparties and even financiers. Indian refiners have been seeking more clarity from the EU in the past days on a variety of matters including Nayara's blacklist and a ban on the diesel supplies made from Russian crude. Owners from Greece to Norway control a significant portion of the world's shipping fleet, with companies likely to adhere to EU restrictions to some extent. Since the Ukraine war in 2022, however, Greek owners have played a crucial role in the Russian oil trade , particularly when barrels were below the price cap. Talara's diversion adds to the concerns surrounding Nayara, after it sought advance payment or letters of credit even before its fuel shipments are loaded. Traders said that the move could be indicative of concerns around payment difficulties after loading, among other possible financial complications. The request left market participants wondering how they could take part in future tenders from the refiner, as payments made 15-30 days after cargo loadings remain the industry norm. Nayara has said it is exploring legal and other options to protect its interests, while Rosneft has called the EU sanctions 'unjustified and illegal.'
Japan Today
an hour ago
- Automotive
- Japan Today
Tokyo's Nikkei leads Asian rally after Japan-US trade deal
Japanese car makers soared on news that US tariffs on the sector would be slashed from 25 percent to 15 percent Tokyo stocks rallied with the yen Wednesday after Japan and the United States finally hammered out a trade deal to slash Donald Trump's tariffs, including those on the crucial car sector. Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that other countries will achieve deals to avoid the worst of the US president's levies. Despite a lack of deals being made leading up to Trump's self-imposed August 1 cut-off date, equity markets have been on the march in recent weeks on optimism that governments will eventually get over the line. Japan had been one of those yet to sign, despite a string of trips to Washington by trade envoy Ryosei Akazawa, dampening investor sentiment in Tokyo. But Trump said Tuesday that officials had agreed to a "massive" deal that would include a 15 percent tariff on imports from Japan, down from the previously threatened 25 percent. The pact also saw the 25 percent levy on autos -- a major export to the United States -- slashed to 15 percent. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made," Trump announced on his Truth Social platform. "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits." He did not provide further details on the investment plan, but claimed the deal "will create Hundreds of Thousands of Jobs." Japanese Prime Minister Shigeru Ishiba said that he needed to examine the deal before commenting. Akazawa wrote on X: "Mission accomplished." Traders poured back into the market, pushing the Nikkei up more than two percent thanks to soaring automakers. Tokyo and Mitsubishi rocketed around 12 percent and Nissan jumped more than nine percent. The yen strengthened to 146.20 per dollar -- compared with close to 148 Tuesday. The unit had already enjoyed a recent tick-up after Ishiba vowed to remain in office despite a devastating weekend election loss. Trump also hailed an agreement with Manila that will see the toll on Philippine goods lowered by one percentage point to 19 percent, while tariffs on Indonesia were slashed from 32 percent to 19 percent. Shares in Manila and Jakarta rose. The announcements boosted hopes that other deals could be in the pipeline before next Friday's deadline, though talks with the European Union and South Korea remain elusive for now. Still, US Treasury Secretary Scott Bessent said he would meet his Chinese counterparts in Stockholm next week for talks, as a separate mid-August deadline approaches for US levies on Beijing to snap back to steeper levels. Elsewhere in Asia, Hong Kong built on its 2025 surge to hit its highest level since late 2021, while Shanghai, Sydney, Singapore and Taipei were also well up. Seoul was flat and Wellington dipped. The advances came after a broadly positive day on Wall Street where the S&P 500 hit another peak but the Nasdaq snapped a six-day streak of records. Eyes are also on the release of earnings from Google parent Alphabet and other tech giants including Tesla and Intel. © 2025 AFP
Euronews
an hour ago
- Euronews
Barcelona's beaches are being swallowed by sea level rise and storms
Ana García rents a shack at a beach just north of Barcelona every year, spending two months there in the summer with her daughter. But she fears summers by the sea in Montgat, about a 30-minute drive from central Barcelona, could eventually be numbered. Storms and sea level rise driven by climate change are eroding the man-made beaches in metropolitan Barcelona, with the sea swallowing swathes of coastline every year, authorities say. Compared to natural coastlines, man-made beaches erode faster. Montgat's coastline has eroded especially fast, locals and authorities say. 'Clearly, this is worrying,' García said. 'Because it's increasing more and more, and shows no signs of stopping. Our coexistence with the sea here is in danger.' From fishing town to summering spot The fishing town turned summer holiday spot is no stranger to change. Fishing was once the main economic activity in the 'Maresme,' or marshlands, north of Barcelona. Everything changed in 1986 when Spain's second-largest city was named the host of the 1992 Olympic Games. Where once there were just rocks, breakwaters and thin stretches of sand, several new beaches were constructed, helping turn the city into one of Europe's premier tourism hotspots. Climate change is threatening that transformation in small coastal towns like Montgat by intensifying storms that erode the coastline and driving sea-level rise. While authorities have responded by replacing the lost sand and building some breakwaters, the efforts haven't kept pace with the coastline's erosion. Ramon Torra, manager of Barcelona's Metropolitan Area, acknowledges that simply adding more sand isn't enough. 'What we must do first isn't just replenish the sand, but rather stop the loss of it," Torra said. 'In the case of the 'Maresme' region here, we are talking about structures such as breakwaters because they confine the beach." How are storms eroding the coastline? Europe is the world's fastest-warming continent, with temperatures increasing twice as fast as the global average since the 1980s, according to the European Union's Copernicus Climate Change Service. As the planet warms, sea levels rise, largely due to the melting of glaciers and the thermal expansion of seawater as it grows warmer. That increases the risk of coastal flooding and storm surges that lead to land loss. At Montgat and nearby beaches, the main damage takes place in the fall and winter, when destructive weather systems known locally by the Spanish acronym DANA bring powerful storms to southern Europe. The storms have wreaked havoc on Montgat's coastline in recent years. In April 2024, a storm system brought waves that climbed as high as 5 metres and left parts of Montgat virtually without a beach. A line of rocks serving as a breakwater was built after the waves reached a line of beachfront houses. Montgat Mayor Andreu Absil reckons only a third of the beach survived from a year ago, stressing its importance for local people. 'The beaches are the last democratic space we have,' Absil said. 'And they should be for all of us to use and enjoy all year long." Locals, scientists and business owners worry about the future Barcelona's authorities estimate €60 million is needed to stabilise the coastline in metropolitan Barcelona's 42 kilometres of coastline, 30 kilometres of which are beaches like Montgat. Add to that the yearly maintenance costs after storms. Scientists say the biggest problem will arrive when the sea reaches the town's infrastructure, including the train line, homes and businesses. The rate of sea level rise foreshadows more loss, academics say. Agustín Sánchez-Arcilla, a maritime engineer at the Polytechnic University of Catalonia, said current trends show sea levels along the Catalan coast are four times higher today than three decades ago. He said it has risen by 14 centimetres in 25 years, while waves are on average 30 centimetres higher. 'So we don't need to predict it will accelerate. We can say already it has multiplied by four since the 1990's,' he said, adding that he believes the time for climate adaptation is now. Those measures include building seawalls, planting vegetation as a barrier to the sea and more. Local business owners in the town depend on summer tourism and worry about what could take hold when the sea swallows up more sand. Those who come year after year for the fresh seafood and cold beer share the concern. José Luís Vélez, a retiree, has been coming to the same beach bar for years, having witnessed the changes Montgat underwent after the '92 Olympics, as well as its coastline in retreat. 'It's been great, but the sea has started to erode all the sand. And we aren't seeing people really doing something about it. So we think this could have an expiration date," Vélez said.
News18
an hour ago
- Business
- News18
What Is The India-UK FTA, How Did It Come About & Why It's Being Called A Big Win For Both Sides?
This Free Trade Agreement will be India's most significant pact with a Western economy and the UK's most expansive trade deal since exiting the European Union India and the United Kingdom have finalised a long-awaited Free Trade Agreement (FTA) that is poised to reshape their bilateral economic relationship. Finalised after nearly three years of negotiations and under multiple UK governments, the deal is set to be formally signed during Prime Minister Narendra Modi's visit to London on July 24, 2025. Once in force, it will reduce or eliminate tariffs across a broad spectrum of goods, enhance access for services, and simplify regulations that have long hindered trade between the two countries. This FTA will be India's most significant agreement with a Western economy and the UK's most expansive trade deal since exiting the European Union. The UK government has described it as 'the biggest and most economically significant bilateral trade agreement it had signed since leaving the EU in 2020," according to a report by Reuters. Commerce Minister Piyush Goyal has called it 'a watershed moment in our trade diplomacy with the West" that 'opens up enormous opportunities for Indian businesses and professionals." Here's a comprehensive look at what the India–UK FTA entails, how it came about, and what it means for businesses, workers, and consumers on both sides. How Did The India-UK FTA Come About? Talks around a deeper trade partnership between India and the UK began as early as 2021. In May that year, both countries agreed on an Enhanced Trade Partnership, which would lay the groundwork for a full-fledged FTA. Formal negotiations were launched in January 2022. The process, however, was not without its delays. Political transitions in both countries, including a change in prime ministers in the UK and India's general elections, caused pauses in the process. After Keir Starmer became British Prime Minister in mid-2024, the negotiations regained momentum. By early 2025, the final stages of the agreement were underway. On May 6, 2025, both sides announced that the agreement had been finalised. The agreement was approved by the Union Cabinet on Tuesday and is scheduled to be formally signed on July 24, 2025, during Prime Minister Modi's visit to London. The PM will be accompanied by Commerce Minister Piyush Goyal. What Are The Key Features Of The Agreement? The India-UK FTA is designed to cover more than just trade in goods. It includes commitments on services, investment facilitation, labour mobility, public procurement, and cooperation on technical standards. However, certain sectors such as agriculture and sensitive financial services have been kept out of its purview for now. One of the most important elements of the agreement is the reduction of tariffs. India has agreed to lower or eliminate duties on around 90 per cent of goods imported from the UK. In return, the UK will provide duty-free access to approximately 99 per cent of Indian exports. Among the headline announcements, India will significantly reduce tariffs on premium UK products. According to a report by Reuters, the import duty on Scotch whisky and gin will be reduced from 150 per cent to 75 per cent immediately, and further to 40 per cent over a 10-year period as part of the phased tariff schedule. British automobile exports will also benefit from a sharp reduction in tariffs, with duties dropping from over 100 per cent to 10 per cent under a specific quota. On the Indian side, sectors such as textiles, footwear, gems and jewellery, chemicals, auto components, and engineering goods will gain from zero or reduced tariffs when entering the UK market. These sectors collectively account for a large share of India's labour-intensive manufacturing base. The agreement also includes provisions for a social security exemption. Indian professionals working in the UK will now be exempt from making social security contributions for the first three years. According to government estimates, this exemption alone will save Indian workers approximately Rs 4,000 crore each year. How Will The FTA Help Indian Businesses? For Indian businesses, especially small and medium enterprises, the removal of tariffs offers a significant competitive edge. In the textiles sector, where Indian exports often face stiff competition from countries like Bangladesh and Vietnam, the new deal is expected to level the playing field. Indian exporters will now have better pricing power in the UK market, particularly in garments and home furnishings. The gems and jewellery sector, centred in cities like Surat and Mumbai, is expected to benefit from easier access and lower costs, making Indian exports more attractive in the UK's high-value market. Similarly, sectors like leather, handicrafts, and engineering goods are likely to see increased order volumes as duties drop and logistical barriers ease. Crucially, the agreement simplifies regulatory standards for various products. Technical barriers to trade, such as duplicative testing requirements or product certifications, will now be streamlined. This will reduce compliance costs and speed up market access for Indian manufacturers. India has also secured better mobility provisions for its professionals, including chefs, yoga instructors, musicians, and IT specialists. These professionals will be able to work in the UK under less restrictive visa conditions, although the exact modalities of this arrangement are expected to be outlined in a separate implementation document. What's In It For The UK? For the United Kingdom, the deal marks a strategic win in the post-Brexit landscape. As the country looks to build new trade ties outside the EU, India, with its vast consumer base and growing middle class, offers a vital market. British exporters of premium goods like whisky, high-end automobiles, and medical devices will now face significantly lower entry barriers. The UK has also secured access to India's public procurement market, which is estimated to be worth over Rs 38,000 crore annually. British firms will be able to bid for select Indian government contracts in non-sensitive sectors, a first for any trade partner. According to a report by Reuters, the UK government estimates that the agreement will add £4.8 billion a year to the UK's GDP by 2040. Separately, the World Economic Forum, in a 2025 trade insight paper, projected that bilateral trade between India and the UK could increase by up to $34 billion annually by 2040 as a direct outcome of the FTA. Consumers in the UK stand to benefit from cheaper imports of Indian textiles, processed foods, footwear, and pharmaceuticals. With tariffs removed, retailers and manufacturers can reduce prices or improve margins, potentially passing on the gains to end-users. What Has Been Left Out? While the deal covers a wide range of sectors, some sensitive areas have been consciously left out. Agriculture, in particular, has not been included, in line with India's consistent approach in trade negotiations to protect domestic producers in this politically sensitive sector. Another unresolved issue is the Carbon Border Adjustment Mechanism (CBAM), which the UK has been exploring in alignment with emerging EU practices. India has expressed concerns about the potential impact of carbon-linked tariffs on key exports like steel, aluminium, and fertilisers, especially from energy-intensive manufacturing. These climate-related trade measures are not part of the FTA and may be revisited in future dialogues. The Bilateral Investment Treaty (BIT), though discussed in parallel, remains under negotiation. While the FTA includes investment facilitation provisions, a separate, standalone BIT is expected to follow. India has generally advocated for clearer protections against investor-state dispute misuse, particularly in taxation and regulatory matters, a position that has shaped its recent treaty models. For now, the BIT will be addressed through a separate track. What Are Experts Saying? British Prime Minister Keir Starmer has described the FTA as the UK's 'most significant trade agreement since leaving the European Union," highlighting its strategic importance. Prime Minister Narendra Modi, speaking at a trade outreach in June, called it 'a new era of mutual benefit and shared prosperity" between the two democracies. The World Economic Forum's Viraj Mehta described the deal as a 'template for the kind of ambitious, pragmatic trade deals India is now willing to pursue." Some economists have observed that the FTA also aligns with broader geopolitical goals, including efforts by both nations to reduce trade dependence on China. However, not all assessments have been glowing. UK-based think tank Chatham House noted that while the agreement is commercially important, it is 'not transformative," and advised London to embed its engagement with India within a more comprehensive Indo-Pacific strategy. When Will The India-UK FTA Come Into Effect? The final signing of the India-UK Free Trade Agreement is scheduled for July 24, 2025, during Prime Minister Narendra Modi's visit to London. Once the ceremonial signing is complete, the agreement must undergo ratification by the UK Parliament under its treaty approval process. India has already granted Cabinet-level approval, and preparatory administrative work is underway on its side. Officials from both governments expect the FTA to come into force by mid-2026. In the meantime, technical working groups will be engaged in finalising implementation protocols, including phased tariff reductions, mobility arrangements, and public procurement access procedures. The Road Ahead With negotiations concluded and the signing scheduled, the India–UK Free Trade Agreement now enters its ratification and implementation phase. Both governments aim to bring the deal into force by mid-2026, following legislative approvals and administrative readiness. Technical teams from both sides will coordinate on detailed implementation plans, including tariff schedules, mobility protocols, and procurement access frameworks. top videos View all While the agreement covers a broad range of sectors, key areas such as agriculture, carbon taxation, and investment protection remain outside its current scope. These issues may be revisited in future negotiations, depending on evolving domestic and global priorities. The agreement's impact on trade volumes, sectoral competitiveness, and investment flows will depend on how efficiently the two governments execute the agreed terms and how businesses respond to the new market conditions. About the Author Karishma Jain Karishma Jain, Chief Sub Editor at writes and edits opinion pieces on a variety of subjects, including Indian politics and policy, culture and the arts, technology and social change. Follow her @ More Get Latest Updates on Movies, Breaking News On India, World, Live Cricket Scores, And Stock Market Updates. Also Download the News18 App to stay updated! tags : Free Trade Agreement India-UK Trade Deal view comments Location : New Delhi, India, India First Published: July 23, 2025, 12:30 IST News explainers What Is The India-UK FTA, How Did It Come About & Why It's Being Called A Big Win For Both Sides? Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
