Yen recovers on upbeat spending data and trade hopes
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India Gazette
2 hours ago
- India Gazette
Trump signals progress on India Trade, criticizes Japan stance
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would help American companies do more business in India and reduce the high tariffs they currently face. However, he cast doubt on making a similar deal with Japan. Speaking to reporters on Air Force One, Trump said India might soon lower its trade barriers. If that happens, he said, the U.S. would not impose the 26 percent tariffs that were announced in April and paused until July 9. "Right now, India doesn't accept anybody in," Trump said. "But I think they will. If they do, we'll have a deal with much lower tariffs." U.S. Treasury Secretary Scott Bessent also said the U.S. and India are very close to a deal. He said the agreement would lower tariffs on American goods going to India and help India avoid hefty new tariffs that could begin next week. Indian officials stayed in Washington through June 30 to continue talks. According to Indian government sources, both countries are working hard to reach a trade agreement and solve remaining issues. A White House official said the Trump administration is focusing more on making a deal with India than with Japan, especially before the July 9 deadline. On that date, a 90-day pause on tariff increases ends, and India could face a new 27 percent tariff, up from the current 10 percent. Talks between India and the U.S. have had some disagreements, especially over tariffs on car parts, steel, and farm products. Indian Foreign Minister Subrahmanyam Jaishankar, speaking at an event in New York, said they are "hopefully more than halfway" through the talks. He said both sides will need to compromise. Meanwhile, Trump was more critical of Japan. He said it was unlikely the U.S. would make a deal with Japan by the deadline. Trump said Japan refuses to buy rice from the U.S., even though it sells millions of cars in the American market. He warned that if Japan doesn't agree to U.S. demands, he could impose tariffs as high as 30 percent or 35 percent on Japanese imports, higher than the 24 percent previously announced and paused until July 9. "So what I'm going to do, is I'll write them a letter saying we thank you very much, and we know you can't do the kind of things that we need, and therefore you pay a 30 percent, 35 percent or whatever the numbers that we determine," he said.
Mint
4 hours ago
- Mint
Best of the Week: Growing up with tech that talks back
We—me and others around my age—have had a front-row seat to the whirlwind of tech evolution, and wow, it's been fast. I still remember when Google first entered our lives. It quickly became the go-to for every question imaginable—whether it was a school project or a random 3 am worry spiral. Google always seemed to have the answers. I've seen people go from a simple search about a stomach ache to full-blown panic, convinced it was cancer. Good times, right? I've turned to Google for everything: awkward questions, real-life dilemmas I couldn't bring myself to ask anyone, and pretty much all my homework. And honestly, it usually came through. Then came 2022. Enter ChatGPT. Suddenly, everyone was talking about this artificial intelligence (AI) that didn't just answer questions—it had conversations. Some even said it felt so real, they started catching feelings (yep, really). And just like that, Google wasn't the only tech brain we leaned on—ChatGPT had officially entered the chat. In a way, we've grown up alongside these digital revolutions. And something tells me this is only the beginning. ITC's food play has come a long way since it set a ₹ 500 crore target in 2003. Its non-cigarette FMCG business now clocks nearly ₹ 22,000 crore in annual sales. While core brands like Aashirvaad and Sunfeast continue to grow, ITC is aggressively acquiring niche and regional players to stay ahead in a fragmented market. From Yoga Bar to 24 Mantra, the company has spent over ₹ 3,000 crore in recent years to expand its portfolio. But scaling food brands isn't easy, as taste, regional preferences, and brand trust matter. ITC's big bet is on a mix of brand extensions and strategic buys, backed by distribution muscle, that can help it thrive in India's complex food landscape. Read more. As China tightens its grip on critical mineral exports, Indian and Japanese companies met in Delhi this week to explore joint solutions to EV battery supply chain risks. Top Japanese firms like Panasonic and Sumitomo, under the Battery Association of Supply Chain (BASC), are in talks with Indian players such as Reliance and Amara Raja to discuss co-development of lithium-ion battery tech and critical mineral sourcing. While India eyes 100GWh of domestic battery capacity, progress has stalled due to raw material dependency and missed PLI milestones. Read more. Over 125 CFOs exited listed Indian companies in Q1FY26, a 25% rise from last year. This raised red flags about governance. Many, like Mastek's CFO Raghavendra Jha, cited only 'personal reasons' before abruptly leaving. Experts warn this vague phrasing often conceals deeper issues, pointing to cases like Gensol Engineering and IndusInd Bank, where financial lapses surfaced soon after CFO resignations. Despite Sebi's mandate for detailed disclosures, boards often let such resignations slide without clarity. Governance experts now urge tighter rules and greater board accountability. Read more. India's grey market for equities—an unofficial arena where IPO shares change hands before listing—is back in focus after retail investors took a hit in HDB Financial's ₹ 12,500 crore offering. Operating largely off the books and often in cash, this market is unregulated by Sebi or the stock exchanges. At the heart of it is the grey market premium (GMP), a rough gauge of investor sentiment that can swing wildly. In HDB's case, the GMP plunged 40% after the issue price was announced, rattling investor expectations. While pre-IPO trading exists in global markets too, India's grey market stands out for its opacity and high risk. Experts caution retail investors against relying solely on GMP, citing poor liquidity and the potential for price manipulation. Due diligence and a healthy dose of scepticism, they say, are essential when venturing into this murky space. Read more. Sergey Brin is back at Google, leading a crack team to reclaim AI dominance with Gemini, Google's foundational model suite that challenges OpenAI's GPT. Working from a satellite office near the Googleplex, Brin is pushing to future-proof the $350-billion giant's core business: Search. After a sluggish start in the AI race, Brin's comeback marks a turning point, shifting Google's culture toward speed and innovation. The Gemini push has narrowed the gap with OpenAI, with developer adoption soaring and Gemini now boasting 350 million users. While CEO Sundar Pichai juggles lawsuits and global operations, Brin's startup-style focus could be Google's best bet to lead the AI future and defend its legacy. Read more. Is your inflation data telling the full story—or is gold throwing it off balance? In India, gold isn't just a shiny metal; it's a trusted investment, a cultural mainstay, and, increasingly, a quiet disruptor of inflation trends. As global uncertainties push gold prices higher, they're skewing India's core inflation figures. A recent Crisil report reveals that if gold were excluded, May's core inflation would have been 3.4%—not 4.2%. That's a sizable gap. The problem? Gold's price swings are driven more by global market forces than domestic demand, making it an unpredictable component in India's inflation basket. Which raises a big question: Should India rethink how it calculates core inflation—and consider stripping gold out of the equation? Read more. Trade wars, a property slump, deflation fears—yet China's economy still managed to grow 5.4% in Q1 2025. The secret? A strategic pivot away from the US, with exports surging to India, Brazil, and Europe. Domestic indicators are also picking up: retail sales are rising, infrastructure spending is booming, and Beijing has rolled out stimulus worth 1.6% of GDP. Citi has now raised its 2025 growth forecast to 5%. But questions remain. Trade ties are still fragile, consumer confidence is shaky, and the property sector remains a drag. Can Beijing shore up household demand with stronger healthcare and social safety nets? Or will a stubborn real estate crisis and an ageing population stall the momentum? Read more. A four-day face-off between India and Pakistan in May didn't just rattle borders—it shook the skies. Airports shut down, flights grounded, and air travel took a nosedive. Air India saw the highest cancellation rate at 3.4%, while overall domestic air traffic grew a mere 1.9%—the slowest since March 2022. But the fallout wasn't just domestic. As Türkiye and Azerbaijan backed Pakistan, calls for boycotts flew thick and fast. The result? A 24% drop in Indian tourists to Türkiye, and over 21% to Azerbaijan. Was it a one-off reaction—or the start of a deeper freeze in travel ties? Read more. Ever wished you could earn from toll roads like the big players do? That might soon be possible. The NHAI is setting aside ₹ 25,000 crore worth of units in its upcoming InvIT issue exclusively for retail investors, offering a chance to earn steady income from completed highway projects. But that's just one part of a broader push. From scrapping the outdated 'lowest bidder' rule in road planning to setting up a permanent workforce for strategic border roads, the NHAI is going all-in on building world-class infrastructure. And with logistics costs still stuck in double digits, minister Nitin Gadkari is betting these reforms will bring it down to 9% by December. Read more. A $4-trillion-a-year funding gap—can the world really bridge it? That was the big question at the UN's once-in-a-decade Financing for Development summit in Seville, where global leaders gathered in search of answers. But with major donors like the US skipping the event and global aid falling 7.1% in 2024, the signs aren't promising. Poverty reduction has stalled, debt is tightening its grip on developing countries, and aid flows are increasingly shaped by geopolitics rather than need. Yet amid the gloom, India stands out—not for its deep pockets, but for its scalable ideas. From lifting 250 million people out of poverty to building digital public infrastructure and empowering MSMEs, India is offering a different kind of leadership. Can it inspire where wealthier nations waver? And will the global community finally put its money where its promises are. Read more. That's all for this week, I hope you have a pleasant weekend! If you have feedback, or have anything else to say about our journalism, write to me at or reply to this mail. You can also write to feedback@
Hindustan Times
5 hours ago
- Hindustan Times
‘Positive environment created by UP govt beneficial for Japanese companies'
LUCKNOW Ambassador of Japan to India, Ono Keiichi, paid a courtesy visit to UP chief minister Yogi Adityanath on Friday and the two discussed strengthening collaboration between Japan and Uttar Pradesh in four key areas - technical cooperation, investment, youth skill development and tourism, said a statement from the CM's office. Ambassador of Japan to India, Ono Keiichi, with UP chief minister Yogi Adityanath in Lucknow on Friday. (Sourced) Commending the positive transformation and developmental progress in UP over the past eight years, Keiichi congratulated Adityanath, saying that Japanese companies view UP as a reliable and investment-friendly destination, said the statement. It was decided that a high-level delegation from the UP government will soon visit Japan. The visit will focus on exploring opportunities for collaboration in green hydrogen, electronics and particularly the semiconductor sector. The delegation will also participate in the World Expo to be held in Osaka in the last week of July. Adityanath said: 'UP welcomes Japanese investment and technological collaboration in sectors like electronics, green energy and semiconductors.' He also mentioned that the state government is ready to adopt modern models of urban mobility along with metro projects. The meeting also included discussions on developing skills of UP's youth and providing them with international employment opportunities. With a focus on job opportunities in Japan, the CM said the state government is working with Japan to train youth so they become eligible for employment there. Both sides also agreed to strengthen ties in the tourism sector. Adityanath remarked that UP is India's spiritual centre, home to numerous significant sites related to Hinduism, Buddhism and Jainism. These are of great interest to Japanese citizens as well. Ambassador Keiichi appreciated the improvements in UP's law and order, infrastructure, road and rail networks and air connectivity. He noted that the state is fast becoming a top choice for global investors. He said the positive environment created by the UP government is highly beneficial for Japanese companies. The meeting concluded with both sides agreeing to formalise this cooperation and prepare a concrete action plan soon.
