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India.com
24 minutes ago
- India.com
Bad news for Mukesh Ambani as loses Rs 660000000000 due to…, not US, but EU finds way to kill Russian oil
The European Union has imposed a ban on the import of Russian oil from third countries which means no EU nation can now import Russian-origin crude or refined products irrespective of where it is processed or shipped from. This move can impact India, which was exporting around $15 billion of refined petroleum products annually to European markets. With this new restriction, that entire revenue stream is now at risk. EU's Move Hits India Hard In recent weeks, former U.S. President Donald Trump had made statements of curbing trade in Russian oil, but they had little impact on countries like India and China. However, the EU's latest decision has given a serious blow to Mukesh Ambani. On Monday, after the EU's announcement, Reliance Industries Ltd (RIL) shares declined over 3%, wiping out more than Rs 66,000 crore in market capitalisation. The new EU rule bans the import of Russian oil, even if it is refined in a third country like India. This directly affects companies like Reliance Industries, one of India's largest exporters of refined crude oil products to Europe. India's Oil Trade With Russia and Europe According to reports, India exported $19.2 billion worth of petroleum products to the EU in FY24. However, in FY25, this number dropped by 27.1% to $15 billion, after growing scrutiny over the origin of crude used. At the same time, India imported $50.3 billion of crude oil from Russia in FY25, so Russian oil now accounts for over 44% of India's total crude basket. Big Blow To Reliance Industries The impact can be seen on Reliance Industries, which has become the largest importer of Russian crude oil. In December 2024, RIL signed a 10-year deal with Russia's Rosneft to import around 500,000 barrels per day of Russian crude at around $13 billion annually. This move helped RIL to refine the cheaper Russian crude and export the high-margin products, especially diesel, to Europe. As of October 2024, Reliance was importing an average of 405,000 barrels per day from Russia which was over one-third of its total crude oil intake. With Russian crude priced $3–4 per barrel cheaper than Middle Eastern grades, RIL had been benefiting from healthy refining margins and strong demand in European markets. But the EU's ban has now threatens this business model. Reliance Industries Lost 66,000 Crore After the EU's decision, Reliance shares fell sharply. On the BSE, RIL stock closed at Rs 1,428.20, down 3.29% from the previous close. During the session, it hit a day's low of Rs 1,423.05. The stock had opened at Rs 1,474.95, slightly below its previous close of Rs 1,476.85. The decline resulted in a massive hit to Reliance's market capitalisation. On Friday, the company's market cap was at Rs 19,98,543.22 crore. By the end of Monday's trading session, it had fallen to Rs 19,32,707.74 crore which was a drop of Rs 65,835.48 crore in a single day.
Time of India
42 minutes ago
- Time of India
Trump strikes tariff deal with Japan, auto stocks surge
U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. It is the most significant of a clutch of agreements that Trump has bagged since unveiling sweeping global levies in April though, like other deals, exact details remained unclear. Explore courses from Top Institutes in Please select course: Select a Course Category Technology Public Policy Digital Marketing Management Cybersecurity Project Management Degree MCA Product Management Operations Management Data Science Leadership Data Analytics healthcare others Data Science Finance CXO Others MBA Artificial Intelligence Design Thinking PGDM Healthcare Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details As part of the deal, Japan will buy 100 Boeing planes and hike defense spending with U.S. firms to $17 billion annually, from $14 billion, a White House official said. Japan's auto sector, which accounts for more than a quarter of its U.S. exports, will see existing tariffs cut to 15% from levies totaling 27.5% previously. Duties that were due to come into effect on other Japanese goods from August 1 will also be cut to 15% from 25%. U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg Television that Japan received the 15% rate on auto tariffs "because they were willing to provide this innovative financing mechanism" that he did not think other countries could replicate. The announcement Tuesday evening sent Japan's benchmark Nikkei stock index climbing almost 4% to its highest in a year, led by stocks in automakers with Toyota up more than 14% and Honda nearly 11%. Live Events Wall Street opened higher on Wednesday, shoring up expectations of further agreements ahead of the fast-approaching August 1 deadline. The Dow Jones Industrial Average rose 158.7 points, or 0.36%, at the open to 44661.12. "I just signed the largest TRADE DEAL in history with Japan," Trump said in announcing the deal on social media. On Wednesday he said Japan and Indonesia were opening their markets to the U.S. "I will only lower tariffs if a country agrees to open its market," Trump wrote. Japanese Prime Minister Shigeru Ishiba, who denied reports on Wednesday that he had decided to quit following a bruising election defeat, praised the tariff agreement as "the lowest rate ever applied among countries that have a trade surplus with the U.S." Two-way trade between the two countries reached nearly $230 billion in 2024, with Japan running a trade surplus of nearly $70 billion. Japan is the fifth-largest U.S. trading partner in goods, U.S. Census Bureau data show. The U.S. investment package includes loans and guarantees from Japanese government-affiliated institutions of up to $550 billion to enable Japanese firms "to build resilient supply chains in key sectors like pharmaceuticals and semiconductors," Ishiba said. The White House official said Trump could, for example, select a semiconductor manufacturing project that would be built with Japanese funds, leased to operating companies and the resulting leasing profit split 90% to 10% between the U.S. and Japan. Tariffs on medicines and semiconductor chips will be negotiated separately, a White House official said. Japan will also buy $8 billion in agricultural and other products and boost rice purchases by 75%, the White House official said. Ishiba said the share of U.S. rice imports may increase under its existing framework but that the agreement did "not sacrifice" Japanese agriculture. Bank of Japan Deputy Governor Shinichi Uchida called the deal "very big progress" and said it reduces uncertainty over the economic outlook. Some economists had forecast the tariffs could have tipped Japan - the world's fourth-largest economy - into recession. Keidanren, Japan's biggest business lobby, welcomed the deal, saying it was a recognition of the significant contributions Japanese companies have made to the U.S. economy and society. The exuberance in financial markets spread to shares of South Korean and European carmakers, as the Japan deal stoked optimism that they could strike similar deals. U.S. automakers signaled their unhappiness with the deal, raising concerns about a trade regime that cuts tariffs on Japanese auto imports while leaving tariffs on imports from their plants and suppliers in Canada and Mexico at 25%. "Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American-built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers," said Matt Blunt, who heads the American Automotive Policy Council, which represents General Motors Ford and Chrysler parent Stellantis . 'MISSION COMPLETE' "#Mission Complete," Japan's top trade negotiator Ryosei Akazawa wrote on X following a meeting with Trump at the White House on Tuesday. Akazawa later said the deal does not cover Japanese exports of steel and aluminum, currently subject to a 50% tariff. As part of the agreement, Japan will drop additional safety tests currently imposed on imported U.S. cars and trucks, Akazawa added, requirements that Trump has said limit sales of American-made autos there. Some last-minute negotiations over the eye-catching investment package appear to have helped seal the deal, a photo of Akazawa's meeting with Trump posted by one of his aides showed. The photo posted on X by Trump's assistant Dan Scavino, pictured the president seated opposite Akazawa with a document titled 'Japan Invest America' in front of him. A sum of "$400B" written in large letters on the document was scored out, with "$500" hand-written above it. Japan is the largest foreign investor in the United States, according to U.S. government data, with an investment position of $819 billion at the end of 2024. Trump aides are feverishly working to close trade deals ahead of the August 1 deadline that Trump has repeatedly pushed back under pressure from markets and intense lobbying by industry. By that date, countries are set to face steep new tariffs beyond those Trump has already imposed since taking office in January. Trump has announced framework agreements with Britain, Vietnam, Indonesia and paused a tit-for-tat tariff battle with China, though details are still to be worked out with all of those countries. At the White House, Trump said negotiators from the European Union would be in Washington on Wednesday.
Time of India
an hour ago
- Time of India
White House unveils artificial intelligence policy plan
Academy Empower your mind, elevate your skills The White House on Wednesday released an artificial intelligence (AI) policy plan highlighting priorities for the US to achieve "global dominance" in the plan developed by US President Donald Trump's administration, calls for open-source and open-weight AI models to be made freely available by developers for anyone in the world to download and three core themes are accelerating AI innovation , build American AI infrastructure and lead in international AI diplomacy and Krishnan, White House advisor on AI policy, took to X to share the announcement. "There is a lot of exciting actions in here but one I'm very partial to is the focus on open source and open weights and making sure the U.S. leads in this critical area," his post AI plan calls for the Commerce Department to research Chinese AI models for alignment with Chinese Communist Party talking points and previously reported by Reuters, it adds the federal government should not allow AI-related federal funding to be directed toward states with "burdensome" regulations.(With inputs from Reuters)
