India's Wipro beats first-quarter revenue estimates
Consolidated revenue at India's fourth-largest IT services provider stood at 221.35 billion rupees ($2.57 billion), rising 0.8 per cent from a year earlier and topping analysts' average estimate of 220.59 billion rupees, according to LSEG data.
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Straits Times
an hour ago
- Straits Times
What is the status of US tariff negotiations?
Find out what's new on ST website and app. On July 27, the US struck a framework deal with the EU, imposing a 15 per cent US import tariff on most EU goods, half the threatened rate. WASHINGTON - US tariff negotiations with key trading partners have shifted into high gear as economies race to avoid steeper duties before an Aug 1 deadline. Many of these tariff hikes were part of a package first announced in April, under which dozens of economies were due to face higher levies - up from a 10 per cent level – over their trade surpluses with the United States. The twice-postponed deadline for duties to take effect is now Friday, Aug 1 . But Washington has expanded its group of targets coming up against these tariffs, while announcing agreements with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines. A deal with the European Union unveiled on July 27 sees a 15 per cent tariff imposed on European exports to the United States, down from the 30 per cent that Mr Trump earlier threatened. Where do other US trade talks stand? South Korea: Heightened pressure Seoul is racing to reach a deal with Washington, as Tokyo's success in landing an agreement has 'amped up the pressure for South Korea,' a government source told AFP. Top stories Swipe. Select. Stay informed. Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng Singapore With regional interest in nuclear energy rising, S'pore must build capabilities too: Tan See Leng Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Singapore New Mandai North Crematorium, ash-scattering garden to open on Aug 15 World Three dead, several injured after train derails in Germany World US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war Opinion Vaping, Kpods and teenage risk-taking: An old problem in a new world Local media reported that Seoul was preparing to propose more than US$100 billion (S$128 billion) in investment as part of a broader agreement, with expected participation by major firms such as Samsung and Hyundai Motor. The South Korean government did not confirm this. But South Korean officials have outlined proposals to deepen collaboration in sectors like shipbuilding, semiconductors and batteries. National Security Advisor Wi Sung-lak has told reporters that the two countries are in 'the final and most crucial phase of negotiations' to avert Mr Trump's proposed 25 per cent duty. India: Cautious optimism Indian Commerce Minister Piyush Goyal told Bloomberg Television on July 24 that he was optimistic his country could reach an agreement with the United States to avert Washington's 26 per cent tariff threat. Mr Goyal insisted there were not any sticking points in the US-India relationship or in trade talks, and clarified that immigration rules – including those around H-1B visas for skilled workers – had not come up in negotiations. Despite Mr Goyal's remarks, local media reported the prospects of an interim deal before Aug 1 had dimmed. Taiwan: Working hard Taiwanese Premier Cho Jung-tai said on July 24 that officials are 'working hard' on negotiations, amid worries that an unfavorable tariff level could hit the self-ruled island's economy. Vice-President Hsiao Bi-khim said Taipei's negotiating team was 'working almost 24 hours a day to achieve trade balance and Taiwan's industrial interests, and even to further deepen cooperation'. Canada, Mexico: Deal unclear Although Canada and Mexico were spared from Mr Trump's 'reciprocal' tariffs announced in April, goods from both countries entering the United States generally face a separate 25 per cent duty if they fall outside a North American trade pact. This figure stands to jump to 30 per cent for Mexico come Aug 1, while the level for Canada was set at 35 per cent. Mexican President Claudia Sheinbaum said her administration was 'doing everything' possible to avert the duties and that she would speak with Mr Trump if necessary to try to reach a pact. Mr Trump told reporters on July 25 that there was no deal with Canada so far. Brazil: Political nature Brazil is girding for a virtual trade embargo on its planes, grains and other goods if Mr Trump's threatened 50 per cent tariff on its exports takes effect on Aug 1. The United States runs a trade surplus with Latin America's biggest economy, which was not originally expected to face steeper tariffs under Mr Trump's 'reciprocal' duties plan. Mr Trump has not attempted to hide the political motivation in targeting Brazil, citing a judicial 'witch hunt' against his right-wing ally, former president Jair Bolsonaro, when he unveiled the tariff rate. The political nature of the spat makes a last-minute deal appear less likely. AFP
CNA
16 hours ago
- CNA
Indian tech company TCS to cut workforce by 2%, affecting more than 12,000 jobs
BENGALURU :India's largest IT services provider Tata Consultancy Services will reduce its workforce by 2 per cent in its 2026 financial year, primarily affecting middle and senior management, the company said on Sunday. The company is retraining and redeploying staff as it enters new markets, invests in new technology and deploys AI, but about 12,200 jobs will be cut as part of the process, it said. "This transition is being planned with due care to ensure there is no impact on service delivery to our clients," the company added. India's $283 billion IT sector has had to contend with clients holding back non-essential technology spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
Straits Times
2 days ago
- Straits Times
Pakistan says it's close to US trade deal, Washington gives no timeline
WASHINGTON - Pakistani Foreign Minister Ishaq Dar said on Friday the United States and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "I think we are very close to finalizing a deal with U.S. Our teams have been here in Washington, discussing, having virtual meetings and a committee has been tasked by the prime minister to fine-tune now," Dar said in a discussion at the Atlantic Council think tank in Washington. "It's not going to be months, not even weeks, I would say (just) days," he said. Under U.S. President Donald Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The U.S. State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said the two stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. A post by Rubio on X after the meeting and the State Department's statement mentioned no timeline for finalizing a trade deal. The Pakistan foreign ministry also said Dar "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." The State Department statement did not mention India. Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. An April 22 militant attack in India-administered Kashmir killed 26 men and sparked heavy fighting between the nuclear-armed Asian neighbors in the latest escalation of a decades-old rivalry. India struck Pakistan on May 7 and the two nations exchanged hostilities, killing dozens across three days. The ceasefire was declared on May 10. New Delhi blamed the April attack on Pakistan, which denied responsibility and called for a neutral investigation. Washington condemned the attack but did not blame Islamabad. REUTERS
