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The Star
25 minutes ago
- The Star
Trump says he will ‘substantially' raise tariffs on India over Russian oil purchases
US President Donald Trump said he will substantially raise tariffs on India. - Photo: Reuters WASHINGTON: President Donald Trump said he would raise tariffs on Indian goods "over the next 24 hours' in response to New Delhi's continued purchases of Russian oil. Trump announced a 25% duty on India's exports to the US and has threatened repeatedly to increase that rate to punish the country for buying Russian energy, an effort to pressure Russian President Vladimir Putin to end the war in Ukraine. "We settled on 25% but I think I'm going to raise that very substantially over the next 24 hours, because they're buying Russian oil,' Trump said Tuesday (Aug 5) in a CNBC interview. "They're fueling the war machine. And if they're going to do that, then I'm not going to be happy.' Trump has escalated his fight with India over trade, unilaterally imposing a tariff rate after months of negotiations failed to secure a deal. He accused New Delhi of refusing to ease access for American goods and criticizing its membership in the BRICS group of developing economies. The US president has also set an Aug. 8 deadline for Russia to reach a truce with Ukraine, with the administration threatening so-called secondary sanctions on countries that purchase energy from Moscow. Ukraine's allies say those purchases prop up Putin's war effort. Trump in the interview said that if energy prices went down it would undercut Putin's ability to continue his invasion of Ukraine - now in its fourth year. "If energy goes down low enough, Putin's going to stop killing people,' Trump said. "If you get energy down another US$10 a barrel, he's going to have no choice, because his economy stinks.' The Indian government has indicated it intends to continue talks with the US in hopes of securing lower tariffs. It has also called Trump's threat over energy purchases unjustified. India is considering ramping up natural gas purchases from the US and increasing imports of communication equipment and gold. - Bloomberg
Business Wire
26 minutes ago
- Business Wire
ReNew Launches Its Second Integrated Report, Celebrating 15th Year of Clean Energy Leadership
GURUGRAM, India--(BUSINESS WIRE)--Marking 15 years of powering India's clean energy transition, ReNew Energy Global Plc ("ReNew") (NASDAQ: RNW), the country's leading decarbonization solutions provider, today released its second Annual Integrated Report (for FY 2024-25) titled ' Scaling New India's Leap with Clean Energy Solutions: Innovating Sustainably '. The report not only highlights ReNew's ongoing leadership in advancing India's clean energy transition but also the company's evolution from a pure-play IPP in 2011 to one of the largest providers of decarbonization solutions globally, delivering scale, innovation, and impact. Speaking on this milestone, Sumant Sinha, Founder, Chairman, and CEO, ReNew, said, ' India is in the middle of a once-in-a-generation clean energy leap, one that will define the world's future. This year holds special significance as we celebrate ReNew's 15 th year. As a pioneer in the sector, we are growing with purpose, guided by a long-term view that places sustainability at the core of value creation. This Integrated Report goes beyond data; it offers a lens into how we are building a future-ready company that delivers clean energy with integrity, innovation, and real-world impact.' Steady Progress on the Net-Zero Target The company helped avoid over 18.6 million tonnes of carbon emissions in FY25 and is focused on meeting its SBTi validated net-zero target, a first for an Indian pure-play renewable energy company. In FY25, ReNew achieved an 18.2% reduction in Scope 1 and 2 emissions from its FY22 baseline, exceeding the annual target of 12.6% and maintained carbon neutrality for the fifth consecutive year. Additionally, the Company has sourced 76% of its electricity from renewables, well ahead of the 2025 target of 50%. Water stewardship remained a core focus of ReNew's sustainability strategy, and with a target to be water-positive by 2030, the company saved over 540 million litres of water, which is an increase of 50% from last year. Embedding sustainability within the supply chain The report also highlights key milestones in ReNew's efforts to enhance sustainability throughout its operations and value chain. It includes the company's first Life Cycle Assessment (LCA) and verified Environmental Product Declaration (EPD) published with the International EPD System for its solar PV modules. Additionally, ReNew has achieved 100% ESG assessment of its critical suppliers, reaffirming its commitment to a responsible and transparent supply chain. Creating Impact, fostering equity Cementing its position as a leading clean energy player, ReNew in FY25 generated over 22 billion kWh of clean energy, meeting 2% of India's electricity demand, equivalent to powering nearly 6 million households. The Company also achieved a commissioned clean energy portfolio of 10.7 GW in the last fiscal, with profits reaching INR 4.6 billion. Vaishali Nigam Sinha, Co-Founder and Chairperson - Sustainability, ReNew, said: ' At ReNew, we see sustainability not as a checklist, but as a catalyst for transformation. Over the last 15 years, we've evolved from a bold idea into India's leading decarbonization solutions provider, driven by the conviction that clean energy can power not just progress, but purpose. This Integrated Report captures how we are integrating sustainability into the way we think, build, and grow. In a world facing accelerating climate and equity challenges, companies like ours must lead with clarity and conviction. This is our blueprint for doing just that. It captures how we're moving forward: with clarity, accountability, and a long-term view.' Across diversity and inclusion, the company has achieved a 16% gender diversity rate, double that of four years ago. Women now hold 40% of its board positions, 12% of STEM roles, and 17% of management positions. The company also impacted over 1.7 million lives through its social impact initiatives. Pioneering change by aligning with global standards ReNew's Second Annual Integrated Report for FY 2024-25 follows the IIRC framework under the IFRS Foundation. It also references the GRI Standards 2021, UN SDGs, SASB, UNGC, UN WEPs, IFC Standards, Equator Principles, IFRS S2 (erstwhile TCFD), and TNFD. The Double Materiality approach is based on EFRAG under CSRD and aligns with IFRS standards. For the first time, ReNew has voluntarily mapped the BRSR, becoming one of the few Indian companies to do so. About ReNew ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~18.5 GW on a gross basis as of June 16, 2025, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalisation, storage, and carbon markets that are increasingly integral to addressing climate change. For more information, visit and follow us on LinkedIn, Facebook, Twitter, and Instagram.
Straits Times
26 minutes ago
- Straits Times
Philippines, India shore up ties amid China tensions, US tariff risks
Sign up now: Get ST's newsletters delivered to your inbox Philippine President Ferdinand Marcos Jr. (left) with Indian PM Narendra Modi at Hyderabad House in New Delhi on Aug 5. MANILA – President Ferdinand Marcos Jr's state visit to India this week marked a deepening of Philippine efforts to diversify its strategic partnerships beyond traditional allies, as Manila grapples with escalating tensions in the South China Sea and economic headwinds from Washington's protectionist turn. 'Today, our relationship enters a new epoch,' Mr Marcos said in a joint media conference in New Delhi on Aug 5 as he and Indian Prime Minister Narendra Modi formally elevated bilateral ties to a strategic partnership. 'India becomes only the fifth strategic partner of the Philippines.' The announcement came as Indian and Philippine Navy ships held on Aug 3 to 4 their first-ever joint maritime drills, notably within the Philippines' 200 nautical mile exclusive economic zone in the South China Sea, an area that Beijing also claims. The timing and location of the exercises underscore the defence dimension of the new partnership at a time when China's assertiveness in the disputed waters is intensifying. Delivering rare public remarks in English, Mr Modi framed the moment in sweeping terms. He said: 'India and the Philippines are friends by choice and partners by destiny. From the Indian Ocean to the Pacific, we are united by shared values. Ours is not just a friendship of the past; it is a promise to the future.' Aligned Indo-Pacific strategies Defence analysts say the expanding security ties reflect a broader recalibration of Manila's foreign policy under Mr Marcos, who has sought to deepen ties with middle powers that share concerns over regional security but avoid great power rivalry. 'The naval drills and state visit happening at the same time was no coincidence. It's meant to project the mutuality of the interest of the two countries in the South China Sea,' said Dr Aries Arugay, a visiting senior fellow at Singapore's ISEAS – Yusof Ishak Institute. 'India is also asserting itself as a major power not just in Asia, but globally.' The new partnership formalises coordination that has been quietly building. In 2022, the Philippines became the first foreign buyer of India's BrahMos supersonic cruise missile in a US$375 million (S$483 million) deal – India's first major arms export. The first batch was delivered in 2024. India has also publicly supported the Philippines' legal position in the South China Sea. In 2023, in a rare move by an Asian government, it called on China to comply with the 2016 arbitral ruling by the Permanent Court of Arbitration in The Hague. 'India has become more sensitive to the security interests of its partners in South-east Asia, particularly the Philippines,' said geopolitical analyst Don McLain Gill of De La Salle University in Manila. 'So this shows you also Manila's willingness to incorporate India deeper into its security calculations.' From New Delhi's perspective, Manila is no longer just a marginal partner in Asean, said Mr C. Uday Bhaskar, a retired military official and director of the Society for Policy Studies in New Delhi. 'The Philippines is important for India... because the Philippines has a distinctive maritime relevance in the region and it has taken on a definitive stand vis- a -vis China,' he said. Manila's purchase of the BrahMos system 'gave credibility' to India's ambitions as an arms supplier. Going beyond arms sales The partnership is expected to expand beyond procurement. Philippine officials have expressed interest in India's Akash surface-to-air missile system, and talks are under way for India to import Philippine nickel, a critical mineral used in steel and defence production. 'India is also pursuing its own self-reliance efforts, and it seeks to present itself not just as a partner that sells arms, but as a partner that builds capacities,' said Mr Gill. Indian Ministry of External Affairs Secretary (East) P. Kumaran said both countries are exploring cooperation on submarine infrastructure, ship design and naval modernisation. This aligns with both countries' push for self-reliant defence postures. India, traditionally non-aligned, has always been wary of China, particularly since the deadly 2020 border clash in Ladakh, which froze bilateral ties. Ties are on the mend but distrust still remains high. 'If you notice, India and the Philippines represent different points in the Indo-Pacific region. From the perspective of geopolitics, it's a big deal for the two nations to have a strategic security relationship,' said Dr Arugay. While defence was the centrepiece of Mr Marcos' visit, economic diversification was also high on the agenda. Both countries have been impacted by US President Donald Trump's protectionist trade policies: T he Philippines faces a 19 per cent tariff, while Mr Trump has threatened higher duties on Indian goods over its oil trade with Russia. Delhi and Manila are working toward s a bilateral preferential trade agreement. Philippine trade with India exceeded US$3.3 billion (S$4.25 billion) in 2024 but remains modest. Mr Kumaran cited potential cooperation in seaweed farming, rice research, biofuels and renewable energy. He also said India has offered oil and gas consultancy support, noting the Philippines' high oil import bill. Unlocking soft power cooperation Beyond defence and trade, the two leaders signed agreements covering science and technology, mutual legal assistance, digital tech, outer space, and cultural and tourism exchanges. Both sides agreed to reciprocal visa-free entry for tourists, with direct flights between Manila and New Delhi set to resume later this year. 'These soft-power agreements are ways to lock in the cooperation, so it will not just be at the level of pledges,' Dr Arugay said. 'These people-to-people, socio-cultural exchanges always have the value of complementing the defence and economic deals.' The two countries also committed to regular maritime security dialogues, alternating between New Delhi and Manila – similar to both countries' arrangements with Australia and Japan. Mr Marcos' visit caps a broader strategy of hedging. With uncertainty over future US tariffs and China's pressure in the South China Sea, the Philippines is positioning itself for a world where great power competition is fluid and unreliable. 'In the end, the Marcos administration has learn t from the past that it cannot overly rely on the US for all its security and defence needs,' said Dr Arugay. 'And it's hard to get a hook on India. So this is a big achievement.'
