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Indian Express
01-06-2025
- Politics
- Indian Express
P Chidambaram writes: That's the way the cookie crumbles
In October 2024, Candidate Donald Trump said in an interview, 'Prime Minister Modi is the nicest human being and a total killer.' Visiting President Donald Trump in February 2025, Mr Modi said 'our vision for a developed India is to Make India Great Again or MIGA. When America and India work together, that is when it is MAGA plus MIGA, it becomes MEGA — a mega partnership for prosperity.' The two leaders exhibited the gravitas of brash school boys. Where are the dosti and bonhomie? I gather that Mr Modi and Mr Trump have not spoken to each other since May 7, 2025. The most that we know is that Vice-President J D Vance and Secretary of State Marco Rubio spoke to Mr Modi on the night of May 9 and urged him to stop the war. Mr Trump alluded to such conversation(s) when he posted on Truth Social that 'After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a full and immediate ceasefire.' That announcement at 5.25 pm on May 10 rudely awakened Indians to the reality. Mr Trump was not bluffing. The cease-fire had been agreed at 3.35 pm and had come into effect at 5.00 pm on May 10, 2025. An unsmiling Foreign Secretary confirmed the facts at 6 pm. I think it is important to explore more deeply how America claimed that it had mediated (if not muscled) a cease-fire, and why. There are many plausible reasons: 🔴 Vice-President Vance conveyed 'alarming intel' to Mr Modi on the evening of May 9. The alarming intel could only have been the threat of use of nuclear weapons by Pakistan or the role of China. Both the prime minister and the defence minister have said India will not submit to 'nuclear blackmail': why was that phrase used if there was no such threat? 🔴 On the role of China, it is absolutely clear that China had allowed Pakistan to use Chinese aircraft (J-10) and Chinese missiles (PL-15). They could not have been used without Chinese inputs and Chinese presence in Pakistan Air Force's Command Centres. (India neutralised them and repulsed the attacks.) 🔴 Two websites — and — have carried reports that Colonel-rank Pakistan Army officers had been posted in Chinese PLA's Western and Southern Theatre Commands and in the Joint Staff Command of the Central Military Commission. Chinese battlefield guidance was obviously in play. 🔴 Pakistan claimed that it had used China-made hypersonic missiles to target India's S-400 air defence system. China's official news agency Xinhua described it as the 'dawn of a new era in warfare'. (At Adampur airbase, the air defence system was intact.) Look at the four-day war and its twisted course. On May 7, India entered the era of algorithm-driven wars. No soldier crossed the land border or Line of Control. No aircraft entered the rival's airspace. The main weapons were missiles and armed drones. India had the first-mover advantage and punished Pakistan severely between May 7 and 9. At that moment of triumph, Mr Trump intervened to end the war. He cast aside his friendship with the 'nicest human being' and bullied India to stop the war. Brushing aside India's discreet protests, Mr Trump publicly claimed during his visits to Saudi Arabia and Qatar that it was his mediation and the threat of 'no trade' that brought the war to an end. It is becoming clearer by the day that the Trump family's commercial interests were the moving force behind Mr Trump's intervention. The Trump family's crypto currency firm, World Liberty Financial (WLF), had negotiated with Pakistan, met Pakistan's prime minister and army chief, and signed a deal with Pakistan Crypto Council on April 26 — barely four days after the Pahalgam terror attack. As the war intensified, Mr Trump abandoned his initial 'hands off' approach. Frenetic activity began after May 7 and concluded with Mr Trump having the last word, as he claimed. Despite the dosti, America deported Indian 'illegal' immigrants in handcuffs and leg chains. Not a word of protest from the prime minister. Steep tariffs were imposed on imports from India; not a word. The US voted in favour of IMF's loan to Pakistan; not a word. Foreign students, including Indians, were barred from Harvard University; not a word. Indian students face the threat of revocation of their visas; not a word. Student visa interviews have been suspended; not a word. The dosti lies in a shambles. The Prime Minister of India is no longer dealing with the President of the United States. Mr Modi is dealing with the head of a family that owns the multi-million dollar WLF which has concluded a commercial deal with Pakistan. He is dealing with a businessperson who will not hesitate to use the cloak, armour, resources and power of POTUS. Despite the political support within India to Operation Sindoor and despite his strong words, Mr Modi is truly stumped by the behaviour of Mr Trump. Pakistan is no longer a push over: it has China's military support and America's diplomatic support. India has to go back to the drawing board to re-draw its military strategy. India has also to go back to the drawing board to re-draw its America policy.
Yahoo
20-05-2025
- Business
- Yahoo
Mount Logan Capital Inc (NEOE:MLC) Q1 2025 Earnings Call Highlights: Strategic Moves and ...
Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Mount Logan Capital Inc (NEOE:MLC) announced a transformative all-stock combination with 180 Degree Capital, expected to close in late Q3 2025, which will enhance scale and operational efficiencies. The company reported a 25% year-over-year increase in fee-related earnings (FRE) to $8.1 million, indicating strong growth in its asset management segment. Mount Logan Capital Inc (NEOE:MLC) achieved a 1.3% spread earnings margin, exceeding its target of 1%, providing ample protection for policyholders. The company is paying its 23rd consecutive quarterly dividend, demonstrating a commitment to returning value to shareholders. Mount Logan Capital Inc (NEOE:MLC) has successfully converted its financial statements from IFRS to US GAAP, a significant step towards the business combination with 180 Degree Capital. Spread-related earnings (SRE) decreased to $7.8 million from $9.5 million in the prior year due to actuarial adjustments, indicating challenges in maintaining previous earnings levels. Asset management and incentive fees decreased to $2.9 million from $3.5 million in the prior year, primarily due to a reduction in incentive fees from the Innovations Alternative Income Fund. The company reported a basic and diluted loss per share of $0.48 for Q1 2025, compared to earnings per share in the previous quarter, reflecting financial challenges. Total expenses for the insurance business increased by $39.4 million compared to the prior quarter, driven by higher insurance finance expenses and general administrative costs. Mount Logan Capital Inc (NEOE:MLC) experienced a decrease in shareholders' equity due to a net loss during the current quarter, impacting its financial position. Warning! GuruFocus has detected 7 Warning Signs with NEOE:MLC. Q: Can you elaborate on the factors affecting the Spread Related Earnings (SRE) and your confidence in achieving $10 million SRE in 2025? A: Unidentified_3: We view SRE on a trailing 12-month basis rather than a single quarter due to the timing of actuarial updates on our long-term care block. Adjusted SRE, when normalized for these updates, shows a significant increase. We are confident in reaching the $10 million target, supported by our new MIGA flow agreement, which is not impacted by these updates. Q: How should we think about growth in Assets Under Management (AUM) this year, considering the wind-down of Ovation and the performance of Ability and SoftX? A: Unidentified_2: While Ovation is in wind-down, we expect AUM growth in Ability and our opportunistic fund, SoftX. We are confident that our overall AUM will increase this year. Q: How do you characterize the current deal flow and its quality amid market volatility? A: Unidentified_2: Despite market uncertainty and slowed private equity activity, we have a strong pipeline. Our hit rate has increased, and we face less competition as many peers have moved upmarket. Additionally, we see better relative value in Europe, leading to higher deployment there. Q: Is the timeline for the 180 Degree Capital transaction still expected for mid-2025? A: Unidentified_3: Yes, we anticipate closing by the end of Q3 2025, subject to regulatory processes. We are eager to proceed as a Nasdaq-listed entity. Q: What are the key initiatives for the insurance segment moving forward? A: Unidentified_2: Our goals are to grow the business size through new contracts and manage more of the assets internally. This will drive growth both organically and through increased asset management. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Time of India
01-05-2025
- Business
- Time of India
100 days of Donald Trump: How India has managed US-India ties amid tariffs, trade war & immigration crackdown
The first 100 days of Donald Trump 's second term in the White House have been nothing short of transformative for US-India relations, reshaping the strategic and economic landscape between the world's two largest democracies with unprecedented intensity and ambition. Tired of too many ads? go ad free now Following his unprecedent return, Trump unleashed a torrent of executive actions - 140 orders in just over three months -signaling a bold, aggressive approach to governance that has directly influenced the trajectory of US-India ties. PM Modi's visit to Washington Prime Minister Narendra Modi's landmark visit to Washington in February became a defining moment for the tectonic shift in US-India ties, cementing a "COMPACT for the 21st Century" that PM Modi described as a partnership built on "TRUST-Transforming Relationship Utilizing Strategic Technology". Capturing the spirit of this renewed alliance, PM Modi had announced: "When America's MAGA [Make America Great Again] meets India's MIGA [Make India Great Again], it creates a MEGA partnership for prosperity." Trade and tariffs The bilateral talks in February between Trump and PM Modi summit delivered concrete outcomes: A shared vision to double bilateral trade to $500 billion by 2030, an ambitious "Mission 500" that aims to rewrite the rules of engagement between the two economies. Trade has been a central theme in Trump 2.0's engagement with India. Trump, known for his hardline stance on trade, announced a reciprocal tariff policy targeting India's high tariffs, stating that the US will "charge as much as India charges", a move designed to level the playing field and protect American interests. Despite this tough posture, Trump hailed PM Modi as "doing a great job" and emphasised their "great friendship", underscoring a relationship that transcends transactional diplomacy. Tired of too many ads? go ad free now The administration imposed a 26% reciprocal tariff on Indian goods, targeting sectors such as steel, aluminum, and auto parts, while exempting pharmaceuticals, semiconductors, and energy products. This move aimed to protect US manufacturing and address perceived unfair trade practices by India. India responded by reducing tariffs on some imports to preempt harsher US tariff measures. Despite the tariffs, experts suggest India's exposure is relatively limited since most US exports to India face low import taxes. The Trump administration's directive to impose reciprocal tariffs on trading partners created pressure but also opened the door for negotiations. By late April 2025, the US and India agreed on the Terms of Reference for a Bilateral Trade Agreement (BTA), setting negotiation tracks for goods, services, digital commerce, and intellectual property protections. India offered to reduce tariffs on approximately $23 billion of US agricultural imports, while the US sought better access for manufactured goods, pharmaceuticals, and IT services. Both sides aimed to finalise the first phase of the deal by end of this year, with a goal to double bilateral trade to $500 billion by 2030. An important feature under discussion is India's potential offer of a 'forward most-favoured-nation' clause, which would grant the US any more favorable tariff terms India might extend to other countries, effectively future-proofing the agreement. Immigration crackdown Immigration remains a complex issue in Trump 2.0's India policy. While the administration has cracked down on illegal immigration, it supports legal pathways for Indian students and professionals. Approximately 3,50,000 Indian students currently study in the US, and the administration's support for green cards for international students is a positive sign. The Trump administration has intensified efforts to deport undocumented Indians, estimated at around 7,25,000, with about 20,000 already identified for repatriation. This crackdown has sparked controversy in India. The Cente has committed to legal immigration and cooperating on repatriation, and the issue was a key topic during PM Modi's and Trump's discussions in February. To address illegal immigration, both countries have agreed to combat trafficking networks exploiting Indian citizens seeking unauthorised entry into the US. Enhancements in visa processing, including opening new consulates in Bangalore and Ahmedabad, are planned to reduce visa wait times and curb illegal migration. VP JD Vance's visit JD Vance's visit to India from April 21–24, 2025, marked the first US vice-presidential visit in 12 years, underscoring the importance of the bilateral relationship. His trip coincided with a 90-day pause on US tariffs, providing a window for intensive trade talks. Vance's meetings with PM Modi and external affairs minister S. Jaishankar focused on finalising trade negotiation terms, expanding defense and technology collaborations, and reinforcing India's role in the shared Indo-Pacific vision. Defence cooperation Defense partnership has also reached new heights. The leaders committed to a decade-long framework to deepen military collaboration, with Trump offering advanced fighter jets and PM Modi affirming joint development, production, and technology transfer. Highlighting the strategic convergence amid Indo-Pacific security challenges, PM Modi said: "India's defense preparedness is crucial, and America plays a vital role in this." Trump's second term has continued to emphasise India's role as a critical partner in the Indo-Pacific strategy, particularly in counterbalancing China's growing influence. The administration has reinforced its commitment to the Quadrilateral Security Dialogue (QUAD), which includes the US, India, Japan, and Australia, focusing on regional security and economic cooperation. This alignment reflects a shared interest in maintaining a free and open Indo-Pacific, with India's strategic autonomy respected by the Trump administration, which avoids interference in India's internal affairs-a departure from the more vocal approach of some Democratic lawmakers. The Trump administration's approach to terrorism and radicalism also finds common ground with India, especially in light of recent terrorist incidents in the US and India's long-standing battle against terrorism. This shared concern has paved the way for enhanced counterterrorism cooperation between the two nations. Pahalgam attack The period was also marked by heightened regional tensions following the deadly Pahalgam terror attack on April 22, which targeted 26 tourists and was linked to Pakistan-based terrorist proxies. Following the Pahalgam terror attack in Kashmir, the Trump administration took a firm stance supporting India's right to combat terrorism and maintain regional stability. The US underscored its commitment to working with India to counter terrorism emanating from Pakistan-based groups, signaling a tougher approach towards Pakistan compared to previous administrations. A US spokesperson emphasised, 'The United States encourages all parties to work together towards a responsible resolution,' while reaffirming strong support for India's fight against terrorism. PM Modi, addressing the nation, declared, 'There is deep anguish in my heart... terrorists aimed to destabilize the region's growing prosperity and peace,' promising severe consequences for the perpetrators. This shift reflects the broader strategic realignment in South Asia, with the US increasingly viewing India as a key partner in promoting peace and security in the region. The enhanced Indo-US cooperation on counterterrorism is expected to strengthen India's position as a regional leader and contribute to stability in South Asia. Ties tested but unshaken Despite the turbulence in global trade and security, US-India ties have remained on an 'even keel,' with New Delhi skillfully navigating the complexities of tariffs, immigration, and defense cooperation under Trump's assertive second term. The relationship now stands as a pillar of stability and shared democratic values in an increasingly volatile world order.
CNBC
29-04-2025
- Business
- CNBC
Where the 'Fast Money' traders see the most promise — and problems — over President Trump's next 100 days
Over President Donald Trump's first 100 days, the S&P 500 lost more than 7% while the tech-heavy Nasdaq Composite dropped 11%. On a sector basis, consumer staples is the biggest gainer in that time period, up 5%. Consumer discretionary lost the most value, off 13%. We asked the "Fast Money" traders to share which market areas should see the most promise — and problems — over the next 100 days. No. 1: Karen Finerman Most promise: Big cap pharma. She's bullish because the group is "way oversold," and it's largely out of the tariff crossfire. Most problems: Container space. It's likely seeing benefits right now from a big pull forward in demand. If the tariff fight takes a while to get resolved, expect to see fewer containers and a reduction in full containers overall, making for a "very sad income statement." No. 2: Tim Seymour Most promise: Semiconductors and international investing. In the case of semis, they're the "ultimate cyclicals" and should be a buying opportunity built off of beaten-down valuations. He predicts supply and demand dynamics will "rage again" in the year's second half. Seymour is also bullish on international investing. His name for it: MIGA, an acronym for "Make International Great Again." He highlights Germany's DAX index outperforming the S&P 500 since late November. According to Seymour, it's a trade that should still work over at least the next 100 days because tariffs are both a wake-up call and tailwind. He lists relative valuation attractiveness and "Magnificent Seven" exhaustion among other key upside drivers. The Mag 7 index, which is comprised of Apple, Nvidia, Meta Platforms, Amazon, Alphabet, Microsoft and Tesla, is down almost 16% over President Trump's first 100 days. Most problems: Companies exposed to consumer credit and discretionary spending. Seymour expects U.S. consumers to tighten their belts due to high prices and a deteriorating jobs market. No. 3: Dan Nathan Most promise: "Cash will be king." Nathan sees little working. He notes defensive groups including utilities, consumer staples and U.S. Treasurys, which historically benefit during economic distress, will eventually slump. According to Nathan, the headwinds produced by a tariff-induced recession will punish them. Most problems: Planes, trains and automobiles. His base case scenario is a "protracted trade war" with China and possibly other key nations that will choke demand. Nathan advises consumers to "fasten their seatbelts for unexpected turbulence and bumps in the road. No. 4: Guy Adami Most promise: Retail. Most problems: Retail. He thinks retail is in an odd spot. According to Adami, there's "no way to game this out, but they seemingly have the most at stake." He told "Fast Money" on Tuesday that the unemployment rate will likely surprise to the upside. "When you have an economy that's predicated on people having jobs and feeling good about things... that becomes problematic," Adami told viewers. "I think the market is still a little expensive here."Disclaimer
Egypt Independent
28-04-2025
- Business
- Egypt Independent
Finance Minister: Egypt open to exploring innovative financing tools
Egypt is open to leveraging international expertise to explore innovative financing tools aimed at reducing debt levels and servicing costs, Finance Minister Ahmed Kouchouk said on Sunday 27/4/2025. During his meeting with Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA) Hiroshi Matano on the sidelines of the IMF and World Bank Spring Meetings in Washington, Kouchouk stressed the need for new financing instruments to attract long-term and private sector investments to emerging economies. Egypt looks forward to a greater role for investment guarantees in strengthening the ability of developing countries to secure the financing needed for development, the minister said. He also highlighted the importance of boosting cooperation with MIGA to strengthen confidence among local and foreign private investors and encourage greater investment in the Egyptian market.
